Bank of America 2004 Annual Report Download - page 150
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BANK OF AMERICA 2004 149
Condensed Statement of Cash Flows
Year Ended December 31
(Dollars in millions) 2004 2003 2002
Operating activities
Net income $ 14,143 $ 10,810 $ 9,249
Reconciliation of net income to net cash provided by operating activities:
Equity in undistributed earnings (losses) of subsidiaries (7,254) (2,187) 1,867
Other operating activities, net (1,168) 40 (2,537)
Net cash provided by operating activities 5,721 8,663 8,579
Investing activities
Net purchases of securities (1,348) (59) (428)
Net payments from (to) subsidiaries 821 (1,160) (2,025)
Other investing activities, net 3,348 (1,597) (158)
Net cash provided by (used in) investing activities 2,821 (2,816) (2,611)
Financing activities
Net increase (decrease) in commercial paper and other short-term borrowings 16,332 2,482 (7,505)
Proceeds from issuance of long-term debt 19,965 14,713 8,753
Retirement of long-term debt (9,220) (5,928) (1,464)
Proceeds from issuance of common stock 3,939 4,249 2,632
Common stock repurchased (6,286) (9,766) (7,466)
Cash dividends paid (6,468) (4,281) (3,709)
Other financing activities, net (102) 276 (338)
Net cash provided by (used in) financing activities 18,160 1,745 (9,097)
Net increase (decrease) in cash held at bank subsidiaries 26,702 7,592 (3,129)
Cash held at bank subsidiaries at January 1 20,436 12,844 15,973
Cash held at bank subsidiaries at December 31 $ 47,138 $ 20,436 $ 12,844