American Express 2015 Annual Report Download - page 115

CONSOLIDATED STATEMENTS OF CASH FLOWS
Years Ended December 31 (Millions) 2015 2014 2013
Cash Flows from Operating Activities
Net income ................................................................. $ 5,163 $ 5,885 $ 5,359
Adjustments to reconcile net income to net cash provided by operating activities:
Provisions for losses ....................................................... 1,988 2,044 1,832
Depreciation and amortization .............................................. 1,043 1,012 1,020
Deferred taxes and other ................................................... 506 (941) (5)
Stock-based compensation ................................................. 234 290 350
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
Other receivables ....................................................... (673) (56) (73)
Other assets ............................................................ 2,058 650 335
Accounts payable and other liabilities ...................................... 1,020 2,594 88
Travelers Cheques and other prepaid products .............................. (367) (488) (359)
Net cash provided by operating activities ....................................... 10,972 10,990 8,547
Cash Flows from Investing Activities
Sales of available-for-sale investment securities ................................. 12 242 217
Maturities and redemptions of available-for-sale investment securities ............. 2,091 1,116 1,292
Sales of other investments ................................................... —990 —
Purchase of investments ..................................................... (1,713) (886) (1,348)
Net increase in Card Member receivables and loans, including held for sale .......... (6,967) (8,077) (6,301)
Purchase of premises and equipment, net of sales: 2015, $42; 2014, $3; 2013, $72 . . . (1,341) (1,195) (1,006)
Acquisitions/dispositions, net of cash acquired ................................. (155) (229) (195)
Net (increase) decrease in restricted cash ...................................... (120) 72 72
Net cash used in investing activities ............................................ (8,193) (7,967) (7,269)
Cash Flows from Financing Activities
Net increase in customer deposits ............................................. 10,878 2,459 1,195
Net increase (decrease) in short-term borrowings ............................... 1,395 (1,374) 1,843
Issuance of long-term debt ................................................... 9,926 16,020 11,995
Principal payments on long-term debt .......................................... (19,610) (12,768) (14,763)
Issuance of American Express preferred shares ................................. 841 742 —
Issuance of American Express common shares .................................. 193 362 721
Repurchase of American Express common shares ............................... (4,480) (4,389) (3,943)
Dividends paid .............................................................. (1,172) (1,041) (939)
Net cash (used in) provided by financing activities ............................... (2,029) 11 (3,891)
Effect of foreign currency exchange rates on cash and cash equivalents ............ (276) (232) (151)
Net increase (decrease) in cash and cash equivalents ............................ 474 2,802 (2,764)
Cash and cash equivalents at beginning of year .................................. 22,288 19,486 22,250
Cash and cash equivalents at end of year ....................................... $ 22,762 $ 22,288 $ 19,486
Supplemental cash flow information
Non-cash investing activities
Transfer of Card Member loans and receivables, during the fourth quarter of 2015,
to Card Member loans and receivables held for sale, net of reserves. ............ $ 14,524 $—$—
Non-cash financing activities
Gain on business travel joint venture transaction ............................... $—$ 630 $ —
See Notes to Consolidated Financial Statements.
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