Following are comparative statements of cash flows, as reported by The Coca-Cola Company in its 2008 annual report:

Required:
a. Briefly review the consolidated statements of cash flows, and then provide an overall evaluation of the €œbig picture€ during the three years presented for Coca-Cola. Have operating cash flows been sufficient to meet investing needs and to pay dividends?
b. Were there significant changes to any of the specific line-item details that you think would require further explanation oranalysis?

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THE COCA-COLA COMPANY AND SUBSIDIARIES Consolidated Statements of Cash Flows Year Ended December 31 (in millions) 2007 Operating Activities (details omitted) $5,957 Net cash provided by operating activities... S7,571 Investing Activities $7,150 and bottling companies and trademarks..(759) Proceeds from disposals of bottling companies Purchases of property, plant, and equipment(1,968) (901) (82) (240) 1,648) 1,407) Proceeds from disposals of property, plant, 112 Other investing activities . . Net cash used in investing activities. . . 2,363) Financing Activities 9,979 (5,638) 1,619 (1,838) 617 (2,021) 148 2,416) 2,911) 973 (6,583) Issuances of stock Purchases of stock for treasury . .1,079) Net cash provided by (used in) financing activities. (3,985 Effect of Exchange Rate Changes on 249 Cash and Cash Equivalents Net increase (decrease) during the year .. Balance at beginning of the year . 4,093 2,261) 4,701 $4,093 2,440 1,653 2,440 Balance at end of year. 4,701