Which of the Following Statements Is False

Which of the following statements is false?

A) In a share repurchase, the firm uses excess cash to buy back its own stock.
B) The discounted free cash flow model begins by determining the value of the firm's equity.
C) The discounted free cash flow model focuses on the cash flows to all of the firm's investors, both debt and equity holders, and allows us to avoid estimating the impact of the firm's borrowing decisions on earnings.
D) In recent years an increasing number of firms have replaced dividend payouts with share repurchases.