American Express 2009 Annual Report Download - page 73

Download and view the complete annual report

Please find page 73 of the 2009 American Express annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 134

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134

CONSOLIDATED STATEMENTS OF CASH FLOWS
AMERICAN EXPRESS COMPANY
Years Ended December 31 (Millions) 2009 2008 2007
Cash Flows from Operating Activities
Net income $ 2,130 $ 2,699 $ 4,012
Loss from discontinued operations, net of tax 7172 114
Income from continuing operations 2,137 2,871 4,126
Adjustments to reconcile income from continuing operations to net cash provided by operating activities
Provisions for losses 5,313 5,798 4,103
Depreciation and amortization 1,070 712 648
Deferred taxes, acquisition costs and other (1,429 ) 442 (851)
Stock-based compensation 202 229 276
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
Other receivables (730 ) 101 (927)
Other assets 526 (2,256) (226)
Accounts payable and other liabilities (23 ) 885 1,013
Travelers Cheques outstanding (449) (770) (22 )
Net cash (used in) provided by operating activities attributable to discontinued operations (233 ) 129 (129 )
Net cash provided by operating activities 6,384 8,141 8,011
Cash Flows from Investing Activities
Sale of investments 2,930 4,657 3,034
Maturity and redemption of investments 2,900 9,620 6,154
Purchase of investments (13,719) (14,724) (9,592)
Net decrease (increase) in cardmember loans/receivables 6,154 5,940 (20,377)
Proceeds from cardmember loan securitizations 2,244 9,619 7,825
Maturities of cardmember loan securitizations (4,800) (4,670) (3,500)
Purchase of premises and equipment (772) (977) (938)
Sale of premises and equipment 50 27 55
Acquisitions, net of cash acquired —(4,589) (124)
Net (increase) decrease in restricted cash (1,935 ) 33 56
Net cash provided by investing activities attributable to discontinued operations 196 2,625 786
Net cash (used in) provided by investing activities (6,752 ) 7,561 (16,621)
Cash Flows from Financing Activities
Net change in interest-bearing deposits 11,037 358 3,361
Net (decrease) increase in short-term borrowings (6,574) (8,693) 2,682
Issuance of long-term debt 6,697 19,213 20,833
Principal payments on long-term debt (15,197) (13,787) (9,214)
Issuance of American Express Series A preferred shares and warrants 3,389 ——
Issuance of American Express common shares 614 176 852
Repurchase of American Express Series A preferred shares (3,389) ——
Repurchase of American Express stock warrants (340) ——
Repurchase of American Express common shares —(218) (3,572)
Dividends paid (924) (836) (712)
Net cash provided by (used in) financing activities attributable to discontinued operations 40 (6,653) 1,236
Net cash (used in) provided by financing activities (4,647) (10,440) 15,466
Effect of exchange rate changes on cash 720 166
Net (decrease) increase in cash and cash equivalents (5,008 ) 5,282 7,022
Cash and cash equivalents at beginning of year includes cash of discontinued operations: 2009, $3; 2008,
$6,390; 2007, $4,445 20,550 15,268 8,246
Cash and cash equivalents at end of year includes cash of discontinued operations: 2009, $0; 2008, $3; 2007,
$6,390 $ 15,542 $ 20,550 $ 15,268
See Notes to Consolidated Financial Statements.
71