a. What was the major investment activity undertaken by IBM in the year 2019? Did they have sufficient internally generated funds to make these investments? If not, how did they source additional funds?
B. How much cash dividend did IBM pay out to shareholders in 2019? 
2019 2018 2017 $ 9,431 $ 8,728 $ 5,753 4.209 1,850 679 (1,527) (1,096) 3,127 1,353 510 853 123 3,021 1,520 534 (931) 14 502 301 67 858 (503) 14,770 1,006 1,368 (127) (1,819) 126 15,247 1,297 1,014 18 4,437 47 16,724 Consolidated Statement of Cash Flows #International Business Machines Corporation and Subsidiary Companies ($ in millions) For the year ended December 31: Cash flows from operating activities Net income Adjustments to reconcile net income to cash provided by operating activities Depreciation Amortization of intangibles Stock-based compensation Deferred taxes Net (gain) loss on asset sales and other Change in operating assets and liabilities, net of acquisitions/divestitures Receivables (including financing receivables) Retirement related Inventory Other assets/other liabilities Accounts payable Net cash provided by operating activities Cash flows from investing activities Payments for property, plant and equipment Proceeds from disposition of property, plant and equipment Investment in software Purchases of marketable securities and other investments Proceeds from disposition of marketable securities and other investments Non-operating finance receivables net Acquisition of businesses, net of cash acquired Divestiture of businesses, net of cash transferred Net cash provided by/(used in) investing activities Cash flows from financing activities Proceeds from new debt Payments to settle debt Short-term borrowings/(repayments) less than 90 days-net Common stock repurchases Common stock repurchases for tax withholdings Financing other Cash dividends paid Net cash provided by/(used in) financing activities Effect of exchange rate changes on cash, cash equivalents and restricted cash Net change in cash, cash equivalents and restricted cash Cash, cash equivalents and restricted cash at January 1 Cash, cash equivalents and restricted cash at December 31 (2,286) 537 (621) (3,693) 3,961 6,720 (32,630) 1,076 (26,936) (3,395) 248 (569) (7,041) 6,487 (503) (139) (3,229) 460 (544) (4,949) 3,910 (2,028) (496) (205) (7,081) (4,913) 31,825 (12,944) (2,597) (1,361) (272) 99 (5,707) 9,042 6,891 (8,533) 1,341 (4,443) (171) 111 (5,666) (10,469) 9,643 (6,816) 620 (4,340) (193) 175 (5,506) (6,418) (167) (3,290) 11,604 $ 8,314 (495) 937 (630) 4,161 12,234 8,073 $ 11,604 S 12,234
