Management of Taylor Enterprises is also interested in understanding more about the specific financial information of a competitor, Braun Corporation. The relevant pieces of financial information are a Statement of Shareholder's Equity and three years of Statements of Cashflows. Each is presented below. 2023 Statement of Shareholder's Equity for Braun Corporation (dollars in millions) Accumulated Other Common Activity Shares Retained Stock Earnings Treasury Total Comprehensive Income (Loss) Stock Equity Opening Balance 1,773 33,440 47,758 (1,187) (34,582) 45,429 Comprehensive Income 12,700 (781) 11,919 Equity compensation activity 18 844 844 Common stock repurchases (20) (1,571) (1,571) Dividends Closing Balance (5,804) (5,804) 1,771 34,284 54,654 (1,968) (36,153) 50,817 Three Years of Consolidated Statements of Cash Flows of Braun Corp. Revenues (Dollars in Millions) Cash flows from operating activities Net earnings $56,811 $56,182 $58,123 2023 2022 2021 $12,700 $11,526 $11,892 Adjustments to reconcile net earnings to cash flows from operating activities: Depreciation and amortization of property and intangibles Gain or loss on sale of investments Deferred tax provision Effect of changes in assets and liabilities: Change in accounts receivable Change in inventories Change in accounts payable Change in other operating assets Change in other onerating liabilities 2,939 2,774 2,832 614 628 627 356 (436) 22 (195) 511 (650) (196) 95 (101) 20 (507) (272) (1,419) 661 (574) 81 1,209 192 Additions to property, plant and equipment Proceeds from the disposal of assets (3,653) (4,835) (4,280) 524 154 785 Purchases of investments (15,788) (10,040) (3,668) Sales of investments 11,101 7,232 3,059 Other (primarily intangibles) (38) (109) (83) Net cash flows from investing activities (7,854) (7,598) (4,187) Cash flows from financing activities Dividends to shareholders Repurchase of common stock (5,804) (5,327) (5,024) (1,571) (1,248) (5,165) Proceeds from short-term debt Payments of short-term debt Proceeds from long-term debt 7,874 9,484 8,430 (6,565) (6,791) (7,319) 1,118 9 1,638 Payments of long-term debt (32) (219) (24) Net cash flows from financing activities (4,980) (4,092) (7,464) Increase in cash and cash equivalents 2,911 4,302 1,941 Cash and cash equivalents, beginning of year 15,613 11,311 9,370 Cash and cash equivalents, end of year 18,524 15,613 11,311