American Express 2012 Annual Report Download - page 114

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AMERICAN EXPRESS COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Parent Company — Condensed Statements of Cash Flows
Years Ended December 31 (Millions) 2012 2011 2010
Cash Flows from Operating Activities
Net income $ 4,482 $ 4,935 $ 4,057
Adjustments to reconcile net income to cash provided by operating activities:
Equity in net income of subsidiaries and affiliates:
— Continuing operations (4,966) (5,385) (4,530)
— Discontinued operations —(36) —
Dividends received from subsidiaries and affiliates 3,355 3,773 1,999
Gain on sale of securities (121) (15) —
Other operating activities, primarily with subsidiaries and affiliates 196 671 (39)
Premium paid on debt exchange (541) ——
Net cash provided by operating activities 2,405 3,943 1,487
Cash Flows from Investing Activities
Sale/redemption of investments 118 20 9
Premises and equipment (38) (35) (32)
Loans to subsidiaries and affiliates (1,601) (189) (1,064)
Purchase of investments —(2) (3)
Investments in subsidiaries and affiliates (11) (18) —
Net cash used in investing activities (1,532) (224) (1,090)
Cash Flows from Financing Activities
Principal payment of debt —(400) —
Short-term debt of subsidiaries and affiliates 1,421 895 —
Long-term debt of subsidiaries and affiliates —— (15)
Issuance of American Express common shares and other 443 594 663
Repurchase of American Express common shares (3,952) (2,300) (590)
Dividends paid (902) (861) (867)
Net cash used in financing activities (2,990) (2,072) (809)
Net change in cash and cash equivalents (2,117) 1,647 (412)
Cash and cash equivalents at beginning of year 6,914 5,267 5,679
Cash and cash equivalents at end of year $ 4,797 $ 6,914 $ 5,267
Supplemental cash flow information
Non-cash financing activities
Impact of the debt exchange on long-term debt $ 439 $—$—
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