American Express 2001 Annual Report Download - page 52

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axp_50
CONSOLIDATED FINANCIAL STATEMENTS
Consolidated Statements of Cash Flows
AMERICAN EXPRESS COMPANY
Years Ended December 31, (Millions) 2001 2000 1999
Cash Flows from Operating Activities
Net income $ 1,311 $ 2,810 $ 2,475
Adjustments to reconcile net income
to net cash provided by operating activities:
Provisions for losses and benefits 3,283 2,697 2,392
Depreciation, amortization, deferred taxes and other 1,196 393 13
Non-cash portion of restructuring charges 580
——
Non-cash portion of disaster recovery charge 20
——
Changes in operating assets and liabilities, net of
effects of acquisitions and dispositions:
Accounts receivable and accrued interest 455 (1,623) (1,079)
Other assets (216)(426) (294)
Accounts payable and other liabilities (1,456)2,377 2,371
(Decrease) increase in Travelers Cheques outstanding (89)(82) 392
Increase in insurance reserves 240 207 173
Net cash provided by operating activities 5,324 6,353 6,443
Cash Flows from Investing Activities
Sale of investments 11,049 3,117 3,031
Maturity and redemption of investments 6,182 5,295 5,279
Purchase of investments (19,912) (9,121) (11,287)
Net increase in Cardmember loans/receivables (3,147) (10,661) (11,787)
Cardmember loans/receivables sold to trust, net 3,465 3,338 3,586
Proceeds from repayment of loans 23,937 24,288 21,002
Issuance of loans (23,345) (24,587) (20,762)
Purchase of land, buildings and equipment (859) (919) (737)
Sale of land, buildings and equipment 22 35 11
(Acquisitions) dispositions, net of cash acquired/sold (165) 212 (82)
Net cash used in investing activities (2,773) (9,003) (11,746)
Cash Flows from Financing Activities
Net increase in customers’ deposits 988 954 2,853
Sale of annuities and investment certificates 5,506 5,588 5,719
Redemption of annuities and investment certificates (4,761) (5,641) (5,504)
Net (decrease) increase in debt with maturities of three months or less (4,220) 7,117 305
Issuance of debt 15,083 12,559 18,623
Principal payments on debt (15,318) (15,362) (12,049)
Issuance of American Express common shares 84 226 233
Repurchase of American Express common shares (626) (1,377) (1,120)
Dividends paid (424) (421) (404)
Net cash (used in) provided by financing activities (3,688) 3,643 8,656
Effect of exchange rate changes on cash (128) 23 26
Net (decrease) increase in cash and cash equivalents (1,265) 1,016 3,379
Cash and cash equivalents at beginning of year 8,487 7,471 4,092
Cash and cash equivalents at end of year $ 7,222 $ 8,487 $ 7,471
See notes to consolidated financial statements.