American Express 2010 Annual Report Download - page 120

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Parent Company — Condensed Statements of Cash Flows
Years Ended December 31 (Millions) 2010 2009 2008
Cash Flows from Operating Activities
Net income $ 4,057 $ 2,130 $ 2,699
Adjustments to reconcile net income to cash provided by operating activities:
Equity in net (income) loss of subsidiaries and affiliates:
— Continuing operations (4,530) (2,450) (3,113)
— Discontinued operations —7 172
Dividends received from subsidiaries and affiliates 1,999 1,103 2,340
Gain on sale of securities —(211) —
Other operating activities, primarily with subsidiaries (39) 246 93
Net cash provided by operating activities 1,487 825 2,191
Cash Flows from Investing Activities
Sale/redemption of investments 9361 —
Premises and equipment (32) (20) (14)
Loans to affiliates (1,064) 2,665 (2,008)
Loan, affiliate in discontinued operations —— (238)
Purchase of investments (3) ——
Investments in affiliates —— (58)
Net cash (used in) provided by investing activities (1,090) 3,006 (2,318)
Cash Flows from Financing Activities
Issuance of debt —3,000 3,000
Principal payment of debt —(505) (1,995)
Long-term affiliate debt (15) ——
Issuance of American Express Series A preferred shares and warrants —3,389 —
Issuance of American Express common shares and other 663 614 176
Repurchase of American Express Series A preferred shares —(3,389) —
Repurchase of American Express stock warrants —(340) —
Repurchase of American Express common shares (590) — (218)
Dividends paid (867) (924) (836)
Net cash (used in) provided by financing activities (809) 1,845 127
Net change in cash and cash equivalents (412) 5,676 —
Cash and cash equivalents at beginning of year 5,679 33
Cash and cash equivalents at end of year $ 5,267 $ 5,679 $ 3
118
AMERICAN EXPRESS COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS