American Express 2009 Annual Report Download - page 128
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
AMERICAN EXPRESS COMPANY
Parent Company – Condensed Statements of Cash Flows
Years Ended December 31
(Millions) 2009 2008 2007
Cash Flows from Operating Activities
Net income $ 2,130 $ 2,699 $ 4,012
Adjustments to reconcile net income to cash provided by operating activities:
Equity in net (income) loss of subsidiaries and affiliates:
— Continuing operations (2,450) (3,113) (4,350)
— Discontinued operations 7172 114
Dividends received from subsidiaries and affiliates 1,103 2,340 3,708
Gain on sale of investments (211) ——
Loan to affiliate in discontinued operations —(238) —
Other operating activities, primarily with subsidiaries 2,911 (1,915) (242)
Net cash provided by (used in) operating activities 3,490 (55) 3,242
Cash Flows from Investing Activities
Sale/redemption of investments 361 ——
Premises and equipment (20) (14) (10)
Investments in subsidiaries and affiliates —(58) (550)
Net cash provided by (used in) investing activities 341 (72) (560)
Cash Flows from Financing Activities
Issuance of debt 3,000 3,000 1,500
Issuance of American Express Series A preferred shares and warrants 3,389 ——
Repurchase of American Express Series A preferred shares (3,389) ——
Principal payment of debt (505) (1,995) (750)
Issuance of American Express common shares and other 614 176 852
Repurchase of American Express common shares —(218) (3,572)
Repurchase of American Express stock warrants (340) ——
Dividends paid (924) (836) (712)
Net cash provided by (used in) financing activities 1,845 127 (2,682)
Net change in cash and cash equivalents 5,676 ——
Cash and cash equivalents at beginning of year 333
Cash and cash equivalents at end of year $ 5,679 $3$3
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