(Millions of dollars) 2020 2019 2018 Cash inflow (outflow) Change in credit facility borrowings $ (485) $ 485  $ —  Proceeds from long-term debt and term loans $ 3,389  $ 2,224  $ 5,086  Payments of debt and term loans $ (4,664) $ (4,744) $ (3,996) Proceeds from issuances of equity securities $ 2,917  $ —  $ —  Dividends paid $ (1,026) $ (984) $ (927) 2020 2019 2018 Total debt (Millions of dollars) $ 17,931  $ 19,390  $ 21,496  Short-term debt as a percentage of total debt 3.9  % 6.8  % 12.1  % Weighted average cost of total debt 2.8  % 2.9  % 3.2  % Total debt as a percentage of total capital (a) 41.3  % 45.6  % 47.8  % The decreases in our total debt at September 30, 2020 and September 30, 2019 reflected repayments and redemptions of certain notes, partially offset by issuances of long-term notes in 2020 and 2019. Additional disclosures regarding our debt instruments are provided in Note 16 to the consolidated financial statements contained in Item 8. Financial Statements and Supplementary Data. (a) Represents shareholders’ equity, net non-current deferred income tax liabilities, and debt. 37 Net Cash Flows from Investing Activities Net Cash Flows from Financing Activities Table of Contents Our investments in capital expenditures are focused on projects that enhance our cost structure and manufacturing capabilities, and support our strategy of geographic expansion with select investments in growing markets. Capital expenditures of $810 million, $957 million and $895 million in 2020, 2019 and 2018, respectively, primarily related to manufacturing capacity expansions. Details of spending by segment are contained in Note 7 to the consolidated financial statements contained in Item 8. Financial Statements and Supplementary Data. Cash outflows for acquisitions in 2020 primarily reflected our acquisition of Straub Medical AG in the third quarter of 2020. Cash outflows for acquisitions in 2018 primarily related to our acquisition of Bard. For further discussion regarding the Bard acquisition, refer to Note 10 to the consolidated financial statements contained in Item 8. Financial Statements and Supplementary Data. Cash inflows relating to divestitures in 2019 and 2018 were $477 million and $534 million, respectively. For further discussion, refer to Note 11 to the consolidated financial statements contained in Item 8. Financial Statements and Supplementary Data. Net cash from financing activities in 2020, 2019 and 2018 included the following significant cash flows: Additional disclosures regarding the equity and debt-related financing activities detailed above are provided in Notes 3 and 16 to the consolidated financial statements contained in Item 8. Financial Statements and Supplementary Data. Certain measures relating to our total debt were as follows: Debt-Related Activities Divestitures Acquisitions Capital expenditures