Bank of America 2005 Annual Report Download - page 189
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BANK OF AMERICA CORPORATION AND SUBSIDIARIES
Notes to Consolidated Financial Statements—(Continued)
Condensed Statement of Cash Flows
Year Ended December 31
(Dollars in millions) 2005 2004
(Restated) 2003
(Restated)
Operating activities
Netincome ........................................................................... $ 16,465 $13,947 $10,762
Reconciliation of net income to net cash provided by operating activities:
Equity in undistributed losses of subsidiaries .......................................... (7,390) (6,739) (2,318)
Other operating activities, net ....................................................... (1,035) (1,487) 295
Net cash provided by operating activities .......................................... 8,040 5,721 8,739
Investing activities
Net (purchases) sales of securities ........................................................ 403 (1,348) (59)
Net payments from (to) subsidiaries ...................................................... (3,145) 821 (1,160)
Other investing activities, net ........................................................... (3,001) 3,348 (1,598)
Net cash provided by (used in) investing activities .................................. (5,743) 2,821 (2,817)
Financing activities
Net increase (decrease) in commercial paper and other short-term borrowings ................. (292) 15,937 2,482
Proceeds from issuance of long-term debt ................................................. 20,477 19,965 14,713
Retirement of long-term debt ............................................................ (11,053) (9,220) (5,928)
Proceeds from issuance of common stock .................................................. 3,077 3,939 4,249
Common stock repurchased ............................................................. (5,765) (6,286) (9,766)
Cash dividends paid .................................................................... (7,683) (6,468) (4,281)
Other financing activities, net ........................................................... 1,474 293 201
Net cash provided by financing activities .......................................... 235 18,160 1,670
Net increase in cash held at bank subsidiaries ............................................. 2,532 26,702 7,592
Cash held at bank subsidiaries at January 1 .............................................. 47,138 20,436 12,844
Cash held at bank subsidiaries at December 31 ................................... $ 49,670 $47,138 $20,436
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