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AMERICAN EXPRESS COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
PARENT COMPANY — CONDENSED STATEMENTS OF CASH FLOWS
Years Ended December 31 (Millions) 2013 2012 2011
Cash Flows from Operating Activities
Net income $ 5,359 $ 4,482 $ 4,935
Adjustments to reconcile net income to cash provided by operating activities:
Equity in net income of subsidiaries and affiliates:
– Continuing operations (5,838) (4,966) (5,385)
– Discontinued operations —— (36)
Dividends received from subsidiaries and affiliates 4,768 3,355 3,773
Gain on sale of securities (135) (121) (15)
Other operating activities, primarily with subsidiaries and affiliates 324 196 671
Premium paid on debt exchange —(541) —
Net cash provided by operating activities 4,478 2,405 3,943
Cash Flows from Investing Activities
Sale of investments 157 118 20
Purchase of investments —— (2)
Purchase of premises and equipment (39) (38) (35)
Loans to subsidiaries and affiliates 1,498 (1,601) (189)
Investments in subsidiaries and affiliates —(11) (18)
Net cash provided by (used in) investing activities 1,616 (1,532) (224)
Cash Flows from Financing Activities
Issuance/(principal payments) of/on long-term debt 843 — (400)
Short-term debt of subsidiaries and affiliates (1,497) 1,421 895
Issuance of American Express common shares and other 721 443 594
Repurchase of American Express common shares (3,943) (3,952) (2,300)
Dividends paid (939) (902) (861)
Net cash used in financing activities (4,815) (2,990) (2,072)
Net increase (decrease) in cash and cash equivalents 1,279 (2,117) 1,647
Cash and cash equivalents at beginning of year 4,797 6,914 5,267
Cash and cash equivalents at end of year $ 6,076 $ 4,797 $ 6,914
Supplemental cash flow information
Non-cash financing activities
Impact of debt exchange on long-term debt $—$ 439 $ —
106