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AMERICAN EXPRESS COMPANY
CONSOLIDATED 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
Income from discontinued operations, net of tax —— (36)
Income from continuing operations 5,359 4,482 4,899
Adjustments to reconcile income from continuing operations to net cash provided by operating activities:
Provisions for losses 2,110 1,990 1,112
Depreciation and amortization 1,020 991 918
Deferred taxes and other (283) 218 818
Stock-based compensation 350 297 301
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
Other receivables (73) 153 663
Other assets 335 390 (635)
Accounts payable and other liabilities 88 (358) 2,186
Travelers Cheques and other prepaid products (359) (540) (494)
Premium paid on debt exchange —(541) —
Net cash provided by operating activities 8,547 7,082 9,768
Cash Flows from Investing Activities
Sale of investments 217 525 1,176
Maturity and redemption of investments 1,292 1,562 6,074
Purchase of investments (1,348) (473) (1,158)
Net increase in Card Member loans/receivables (6,301) (6,671) (8,358)
Purchase of premises and equipment, net of sales: 2013, $72; 2012, $3; 2011, $16 (1,006) (1,053) (1,189)
Acquisitions/dispositions, net of cash acquired/sold (195) (466) (610)
Net decrease in restricted cash 72 31 3,574
Net cash used in investing activities (7,269) (6,545) (491)
Cash Flows from Financing Activities
Net increase in customer deposits 1,195 2,300 8,232
Net increase (decrease) in short-term borrowings 1,843 (1,015) 705
Issuance of long-term debt 11,995 13,934 13,982
Principal payments on long-term debt (14,763) (14,076) (21,029)
Issuance of American Express common shares 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 (3,891) (3,268) (677)
Effect of exchange rate changes on cash and cash equivalents (151) 88 (63)
Net (decrease) increase in cash and cash equivalents (2,764) (2,643) 8,537
Cash and cash equivalents at beginning of year 22,250 24,893 16,356
Cash and cash equivalents at end of year $ 19,486 $ 22,250 $ 24,893
Supplemental cash flow information
Non-cash financing activities
Impact of debt exchange on long-term debt $—$ 439 $ —
See Notes to Consolidated Financial Statements.
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