American Express 2011 Annual Report Download - page 106

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AMERICAN EXPRESS COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Parent Company — Condensed Statements of Cash Flows
Years Ended December 31 (Millions) 2011 2010 2009
Cash Flows from Operating Activities
Net income $ 4,935 $ 4,057 $ 2,130
Adjustments to reconcile net income to cash provided by operating activities:
Equity in net (income) loss of subsidiaries and affiliates:
– Continuing operations (5,385) (4,530) (2,450)
– Discontinued operations (36) –7
Dividends received from subsidiaries and affiliates 3,773 1,999 1,103
Gain on sale of securities (15) – (211)
Other operating activities, primarily with subsidiaries 671 (39) 246
Net cash provided by operating activities 3,943 1,487 825
Cash Flows from Investing Activities
Sale/redemption of investments 20 9 361
Premises and equipment (35) (32) (20)
Loans to affiliates (189) (1,064) 2,665
Purchase of investments (2) (3) –
Investments in affiliates (18) ––
Net cash (used in) provided by investing activities (224) (1,090) 3,006
Cash Flows from Financing Activities
Issuance of debt –– 3,000
Principal payment of debt (400) – (505)
Short-term affiliate debt 895 ––
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 594 663 614
Repurchase of American Express Series A preferred shares –– (3,389)
Repurchase of American Express stock warrants –– (340)
Repurchase of American Express common shares (2,300) (590) –
Dividends paid (861) (867) (924)
Net cash (used in) provided by financing activities (2,072) (809) 1,845
Net change in cash and cash equivalents 1,647 (412) 5,676
Cash and cash equivalents at beginning of year 5,267 5,679 3
Cash and cash equivalents at end of year $ 6,914 $ 5,267 $ 5,679
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