Table of Contents As previously discussed, cash flows from operating activities in 2019, 2018 and 2017 reflected losses recorded upon our extinguishment of certain long-term notes which are included within  Other, net . 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 $957 million, $895 million and $727 million in 2019, 2018 and 2017, 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 2018 primarily related to our acquisition of Bard. Cash outflows for acquisitions in 2017 included payments for acquisitions which were immaterial both individually and in the aggregate. For further discussion, 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, 2018 and 2017 were $477 million, $534 million and $165 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 2019, 2018 and 2017 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. Net Cash Flows from Investing Activities Capital expenditures Acquisitions of Businesses Divestitures Net Cash Flows from Financing Activities (Millions of dollars) 2019 2018 2017 Cash inflow (outflow) Change in credit facility borrowings $ 485 $ — $ (200 ) Proceeds from long-term debt and term loans $ 2,224 $ 5,086 $ 11,462 Payments of debt and term loans $ (4,744 ) $ (3,996 ) $ (3,980 ) Proceeds from issuances of equity securities $ — $ — $ 4,827 Share repurchases under accelerated share repurchase agreement $ — $ — $ (220 ) Dividends paid $ (984) $ (927) $ (677) 35