Company's strategy around its cash management program has remained the same in 2013 but has resulted, and will continue to result, in a lower use of cash when compared to the amount used during the first year of implementation. Refer to the heading "Purchases of Investments and Proceeds from Disposals of Investments," below for the impact this change had on our consolidated statements of cash flows. 

Purchases of Investments and Proceeds from Disposals of Investments 

In 2013, purchases of investments were $14,782 million, and proceeds from disposals of investments were $12,791 million. This activity resulted in a net cash outflow of

$1,991 million during 2013. In 2012, purchases of investments were $14,824 million and proceeds from disposals of investments were $7,791 million, resulting in a net cash outflow of $7,033 million. In 2011, purchases of investments were $4,798 million and proceeds from disposals of investments were $5,811 million, resulting in a net cash inflow of $1,013 million. These investments include time deposits that have maturities greater than three months but less than one year and are classified in the line item short-term investments in our consolidated balance sheets. In addition, the Company made changes to its overall cash management program in 2012. In an effort to manage counterparty risk and diversify our assets, the Company shifted a large portion of its cash balances to investments in high-quality securities, primarily investments in debt securities, which were classified in the line item marketable securities in our consolidated balance sheets. Refer to Note 2 and Note 3 of Notes to Consolidated Financial Statements for additional information. 

Acquisitions of Businesses, Equity Method Investments and Nonmarketable Securities 

In 2013, the Company's acquisitions of businesses, equity method investments and nonmarketable securities totaled $353 million. These activities primarily included our acquisition of the majority of the remaining outstanding shares of innocent and a majority interest in bottling operations in Myanmar. 

In 2012, the Company's acquisitions of businesses, equity method investments and nonmarketable securities totaled $1,486 million. These activities were primarily related to the following: our investments in the existing beverage business of Aujan, one of the largest independent beverage companies in the Middle East; our investment in Mikuni, a bottling partner located in Japan; our acquisition of Sacramento Coca-Cola Bottling Co., Inc. ("Sacramento bottler"); and our acquisition of bottling operations in Vietnam, Cambodia and Guatemala. None of the Company's other acquisitions or investments was individually significant. 

In 2011, our Company's acquisitions of businesses, equity method investments and nonmarketable securities totaled $971 million. These activities were primarily related to the acquisitions of Great Plains and Honest Tea, Inc. ("Honest Tea"), and an additional investment in Coca-Cola Central Japan Company ("Central Japan"). In addition, these activities included immaterial cash payments for the finalization of working capital adjustments related to our acquisition