Excerpts from The ABC Company statement of cash flows, as adapted, appear as follows:

As the chief executive officer of The ABC Company, your duty is to write the management letter to your stockholders explaining ABCs major investing activities during 2011. Compare the company€™s level of investment with previous years and indicate how the company financed its investments during 2011. Net income for 2011 was $3,971million.

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The ABC Company and Subsidiaries Consolidated Statement of Cash Flows (Adapted) Years Ended December 31 (In millions) 2011 2009 Operating Activities S 4,222 $ 1,170 Net cash provided by operating activiti Investing Activities Purchases of property, plant, and equipment Acquisitions and investments, principally trademarks and (782) (743) bottling compani Purchases of investments Proceeds from disposals of investments Proceeds from disposals of property, plant, and equipment Other investing activities (665) (461) 475 100 143 (1,190) (407) (522) 300 56 139 (1,177) Net cash used in investing activities Financing Activities Issuances of debt (borrowing) Payments of debt Issuances of stock Purchases of stock for treasury Dividends 3,021 (4,017) 172 (280) (1,795) (2,899) 3,675 (4,279) 342 (145) (1,697) (2,104) Net cash used in financing activiti