1. Based on your review of the financing section of your company's cash flow statement for the last 2 fiscal years, what appears to be their financing strategy and has it changed in the most recent year? Please quote amounts from the financing section of the statement in your summary. Your summary can be as long or short as is necessary to describe their financing strategy.

2. What 2 questions would you ask management regarding their financing strategy for the next fiscal year?

	2022		2021		2020
CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES
Net earnings	$	2,726			$	4,314			$	3,569
Adjustments to reconcile net earnings to operating cash flows:
Depreciation and amortization	1,107			1,113			1,116
Stock-based compensation expense	120			121			126
Deferred income tax provision/(benefit)	(42)			205			(70)
Asset impairments and accelerated depreciation	233			128			136
Loss on early extinguishment of debt	38			110			185
Net gain on acquisition and divestitures				(8)
Loss/(gain) on equity method investment transactions	22			(742)			(989)
Equity method investment net earnings	(385)			(393)			(421)
Distributions from equity method investments	184			172			246
Mark-to-market and other non-cash items, net	426			(230)			243
Change in assets and liabilities, net of acquisitions and divestitures:
Receivables, net	(719)			(197)			59
Inventories, net	(635)			(170)			(24)
Accounts payable	715			702			436
Other current assets	(286)			(169)			(207)
Other current liabilities	630			(502)			(208)
Change in pension and postretirement assets and liabilities, net	(226)			(313)			(233)
Net cash provided by operating activities	3,908			4,141			3,964
CASH PROVIDED BY/(USED IN) INVESTING ACTIVITIES
Capital expenditures	(906)			(965)			(863)
Acquisitions, net of cash received	(5,286)			(833)			(1,136)
Proceeds from divestitures including equity method investments	601			1,539			2,489
Proceeds from derivative settlements and other	703			233			10
Net cash (used in)/provided by investing activities	(4,888)			(26)			500
CASH PROVIDED BY/(USED IN) FINANCING ACTIVITIES
Issuances of commercial paper, maturities greater than 90 days							677
Repayments of commercial paper, maturities greater than 90 days							(1,174)
Net issuances/(repayments) of short-term borrowings	1,914			194			(2,116)
Long-term debt proceeds	4,490			5,921			7,213
Long-term debt repayments	(3,032)			(6,247)			(3,878)
Repurchases of Common Stock	(2,017)			(2,110)			(1,390)
Dividends paid	(1,985)			(1,826)			(1,678)
Other	174			(1)			131
Net cash used in financing activities	(456)			(4,069)			(2,215)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(169)			(143)			73
Cash, cash equivalents and restricted cash:
(Decrease)/increase	(1,605)			(97)			2,322
Balance at beginning of period	3,553			3,650			1,328
Balance at end of period	$	1,948			$	3,553			$	3,650
Cash paid:
Interest	$	551			$	426			$	413
Income taxes	$	1,103			$	1,556			$	1,264