Bank of America 2010 Annual Report Download - page 37
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Cash Flows Overview
The Corporation’s operating assets and liabilities support our global markets
and lending activities. We believe that cash flows from operations, available
cash balances and our ability to generate cash through short- and long-term
debt are sufficient to fund our operating liquidity needs. Our investing activ-
ities primarily include the AFS securities portfolio and other short-term in-
vestments. In addition, our financing activities reflect cash flows related to
raising customer deposits and issuing long-term debt as well as preferred and
common stock.
Cash and cash equivalents decreased $12.9 billion during 2010 due to
repayment and maturities of certain long-term debt and net purchases of AFS
securities partially offset by deposit growth. Cash and cash equivalents
increased $88.5 billion during 2009 which reflected our strengthened liquid-
ity. The following discussion outlines the significant activities that impacted
our cash flows during 2010 and 2009.
During 2010, net cash provided by operating activities was $82.6 billion
compared to $129.7 billion in 2009. The more significant adjustments to net
income (loss) to arrive at cash provided by operating activities included the
decreases in the provision for credit losses, decreases in trading and deriv-
ative assets, and in 2010, the goodwill impairment charges.
During 2010, net cash of $30.3 billion was used in investing activities
primarily for net purchases of AFS debt securities. During 2009, net cash
provided by investing activities was $157.9 billion, in part, from net sales, pay
downs and maturities of AFS securities associated with our management of
interest rate risk, and net cash received from the acquisition of Merrill Lynch.
During 2010, the net cash used in financing activities of $65.4 billion
primarily reflected the net decreases in long-term debt as maturities outpaced
new issuances. During 2009, net cash used in financing activities was
$199.6 billion reflecting the declines in commercial paper and other short-
term borrowings due, in part to lower Federal Home Loan Bank (FHLB)
balances as a result of our strong liquidity position and a decrease in long-
term debt as maturities outpaced new issuances.
Bank of America 2010 35