I need help with question #3 .. Please ignore #1 and #2. These are just for reference.

Review the Statement of Cash Flows for the company you selected in Week 3 for the previous 3 years.

1. Has total cash flow been increasing or decreasing?
2. What is the largest adjustment to reconcile net income to net cash provided by operating activities
3. Review the investing and financing activities along with corresponding Note to the Financial Statement. What activities have been taking place to affect these two categories? Please answer only question # 3. Thank you.

Operating Activities Fiscal year is February-January. All values USD millions. 2016 2017 2018 2019 2020 5-year trend + Net Income before Extraordinaries 3.36B 2.74B 2.91B 2.93B 3.27B Depreciation, Depletion & Amortization 2.21B 2.3B 2.48B 2.47B 2.6B Depreciation and Depletion 2.19B 2.28B 2.46B 2.46B 2.59B Amortization of Intangible Assets 23M 18M 14M 14M 13M Deferred Taxes & Investment Tax Credit (322M) 41M (188M) 322M 178M Deferred Taxes (322M) 41M (188M) 322M 178M Investment Tax Credit Other Funds 145M 574M 517M 230M 204M IL. ********** Funds from Operations 5.4B 5.65B 5.71B 5.96B 6.26B Extraordinaries Changes in Working Capital 445M (214M) 1.22B 17M 862M Receivables Accounts Payable 534M (543M) 1.31B 1.13B 140M Other Assets/Liabilities 227M 36M (156M) (299M) 18M + Net Operating Cash Flow 5.84B 5.44B 6.94B 5.97B 7.12B Other Assets/Liabilities 227M 36M (156M) (299M) 18M + Net Operating Cash Flow 5.84B 5.44B 6.94B 5.97B 7.12B ulul Investing Activities 2016 2017 2018 2019 2020 5-year trend # Capital Expenditures (1.44B) (1.55B) (2.53B) (3.52B) (3.03B) " Capital Expenditures (Fixed Assets) (1.440) (1.558) (2.53B) (3.52B) (3.03B) Capital Expenditures Other Assets) Net Assets from Acquisitions (518M) Sale of Fixed Assets & Businesses 1.9B 46M 31M 85M 63M Purchase/Sale of Investments 24M 28M (55M) 15M 20M Purchase of Investments (55M) Sale/Maturity of Investments 24M 28M 15M 20M Other Uses Other Sources 19M + Net Investing Cash Flow 508M (1.47B) (3.08B) (3.42B) (2.94B) Financing Activities 2016 2017 2018 2019 2020 5-year trend Cash Dividends Paid - Total (1.36B) (1.35B) (1.34B) (1.34B (1.33B) Common Dividends (1.36B) (1.350) (1.348) (1.34B) (1.33B) Preferred Dividends Change in Capital Stock (3.44B) (3.49B) (938M) (2.03B) (1.49B) Repurchase of Common & Preferred Stk. 3.448) (3.44B) (3.71B (1.05B) (2.12B (1.57B) Sale of Common & Preferred Stock 221M 108M 96M 73M Proceeds from Stock Options - Other Proceeds from Sale of Stock 221M 108M 96M 73M Issuance/Reduction of Debt, Net (85M) (664M) (1.45B) (281M) (330M) T Change in Current Debt Change in Long-Term Debt (85M) (664M) (1.45B) (281M) (330M) T Issuance of Long-Term Debt 1.98B 739M 1.74B LI Reduction in Long-Term Debt (85M) (2.640) (2.19B) (281M) (2.07B) Other Funds 369M Other Uses Other Sources 369M + Net Financing Cash Flow (4.52B) (5.5B) (3.73B) (3.64B) (3.15B) Exchange Rate Effect Miscellaneous Funds Net Change in Cash 1.84B (1.53B) 131M (1.09B 1.02B + Free Cash Flow 4.41B 3.89B 4.4B 2.46B 4.09B Copyright 2020 FactSet Research Systems Inc. All rights reserved. Source FactSet Fundamentals. Operating Activities Fiscal year is February-January. All values USD millions. 2016 2017 2018 2019 2020 5-year trend + Net Income before Extraordinaries 3.36B 2.74B 2.91B 2.93B 3.27B Depreciation, Depletion & Amortization 2.21B 2.3B 2.48B 2.47B 2.6B Depreciation and Depletion 2.19B 2.28B 2.46B 2.46B 2.59B Amortization of Intangible Assets 23M 18M 14M 14M 13M Deferred Taxes & Investment Tax Credit (322M) 41M (188M) 322M 178M Deferred Taxes (322M) 41M (188M) 322M 178M Investment Tax Credit Other Funds 145M 574M 517M 230M 204M IL. ********** Funds from Operations 5.4B 5.65B 5.71B 5.96B 6.26B Extraordinaries Changes in Working Capital 445M (214M) 1.22B 17M 862M Receivables Accounts Payable 534M (543M) 1.31B 1.13B 140M Other Assets/Liabilities 227M 36M (156M) (299M) 18M + Net Operating Cash Flow 5.84B 5.44B 6.94B 5.97B 7.12B Other Assets/Liabilities 227M 36M (156M) (299M) 18M + Net Operating Cash Flow 5.84B 5.44B 6.94B 5.97B 7.12B ulul Investing Activities 2016 2017 2018 2019 2020 5-year trend # Capital Expenditures (1.44B) (1.55B) (2.53B) (3.52B) (3.03B) " Capital Expenditures (Fixed Assets) (1.440) (1.558) (2.53B) (3.52B) (3.03B) Capital Expenditures Other Assets) Net Assets from Acquisitions (518M) Sale of Fixed Assets & Businesses 1.9B 46M 31M 85M 63M Purchase/Sale of Investments 24M 28M (55M) 15M 20M Purchase of Investments (55M) Sale/Maturity of Investments 24M 28M 15M 20M Other Uses Other Sources 19M + Net Investing Cash Flow 508M (1.47B) (3.08B) (3.42B) (2.94B) Financing Activities 2016 2017 2018 2019 2020 5-year trend Cash Dividends Paid - Total (1.36B) (1.35B) (1.34B) (1.34B (1.33B) Common Dividends (1.36B) (1.350) (1.348) (1.34B) (1.33B) Preferred Dividends Change in Capital Stock (3.44B) (3.49B) (938M) (2.03B) (1.49B) Repurchase of Common & Preferred Stk. 3.448) (3.44B) (3.71B (1.05B) (2.12B (1.57B) Sale of Common & Preferred Stock 221M 108M 96M 73M Proceeds from Stock Options - Other Proceeds from Sale of Stock 221M 108M 96M 73M Issuance/Reduction of Debt, Net (85M) (664M) (1.45B) (281M) (330M) T Change in Current Debt Change in Long-Term Debt (85M) (664M) (1.45B) (281M) (330M) T Issuance of Long-Term Debt 1.98B 739M 1.74B LI Reduction in Long-Term Debt (85M) (2.640) (2.19B) (281M) (2.07B) Other Funds 369M Other Uses Other Sources 369M + Net Financing Cash Flow (4.52B) (5.5B) (3.73B) (3.64B) (3.15B) Exchange Rate Effect Miscellaneous Funds Net Change in Cash 1.84B (1.53B) 131M (1.09B 1.02B + Free Cash Flow 4.41B 3.89B 4.4B 2.46B 4.09B Copyright 2020 FactSet Research Systems Inc. All rights reserved. Source FactSet Fundamentals