Bank of America 2012 Annual Report Download - page 278

276 Bank of America 2012
Condensed Statement of Cash Flows
(Dollars in millions) 2012 2011 2010
Operating activities
Net income (loss) $ 4,188 $ 1,446 $ (2,238)
Reconciliation of net income (loss) to net cash provided by operating activities:
Equity in undistributed losses of subsidiaries 1,754 5,544 4,702
Other operating activities, net (3,432)6,716 (996)
Net cash provided by operating activities 2,510 13,706 1,468
Investing activities
Net sales of securities 13 8,444 5,972
Net payments from subsidiaries 12,973 5,780 3,531
Other investing activities, net 445 (8) 2,592
Net cash provided by investing activities 13,431 14,216 12,095
Financing activities
Net increase (decrease) in commercial paper and other short-term borrowings (616)(13,172) 8,052
Proceeds from issuance of long-term debt 17,176 16,047 29,275
Retirement of long-term debt (63,851) (21,742) (27,176)
Proceeds from issuance of preferred stock and warrants 667 5,000 —
Cash dividends paid (1,909)(1,738) (1,762)
Other financing activities, net 9,432 (4,450) 3,280
Net cash provided by (used in) financing activities (39,101) (20,055) 11,669
Net increase (decrease) in cash held at bank subsidiaries (23,160) 7,867 25,232
Cash held at bank subsidiaries at January 1 124,991 117,124 91,892
Cash held at bank subsidiaries at December 31 $ 101,831 $124,991 $ 117,124
NOTE 28 Performance by Geographical Area
Since the Corporation’s operations are highly integrated, certain asset, liability, income and expense amounts must be allocated to
arrive at total assets, total revenue, net of interest expense, income (loss) before income taxes and net income (loss) by geographic
area. The Corporation identifies its geographic performance based on the business unit structure used to manage the capital or expense
deployed in the region as applicable. This requires certain judgments related to the allocation of revenue so that revenue can be
appropriately matched with the related expense or capital deployed in the region.
December 31 Year Ended December 31
(Dollars in millions) Year Total Assets (1)
Total Revenue,
Net of Interest
Expense (2)
Income (Loss)
Before Income
Taxes
Net Income
(Loss)
U.S. (3) 2012 $ 1,902,946 $ 72,175 $ 1,867 $ 4,116
2011 1,856,654 73,613 (9,261) (3,471)
2010 95,115 (5,676) (4,727)
Asia (4) 2012 102,492 3,478 353 282
2011 95,776 10,890 7,598 4,787
2010 4,187 1,372 864
Europe, Middle East and Africa 2012 171,209 6,011 323 (543)
2011 151,956 7,320 1,009 (137)
2010 8,490 1,549 723
Latin America and the Caribbean 2012 33,327 1,670 529 333
2011 24,660 1,631 424 267
2010 2,428 1,432 902
Total Non-U.S. 2012 307,028 11,159 1,205 72
2011 272,392 19,841 9,031 4,917
2010 15,105 4,353 2,489
Total Consolidated 2012 $ 2,209,974 $ 83,334 $ 3,072 $ 4,188
2011 2,129,046 93,454 (230) 1,446
2010 110,220 (1,323) (2,238)
(1) Total assets include long-lived assets, which are primarily located in the U.S.
(2) There were no material intercompany revenues between geographic regions for any of the periods presented.
(3) Includes the Corporation’s Canadian operations, which had total assets of $8.3 billion and $8.1 billion at December 31, 2012 and 2011; total revenue, net of interest expense of $317 million, $1.3
billion and $1.3 billion; income before income taxes of $202 million, $621 million and $458 million; and net income of $141 million, $528 million and $328 million for 2012, 2011 and 2010,
respectively.
(4) Amounts include pre-tax gains of $6.5 billion ($4.1 billion net-of-tax) on the sale of common shares of the Corporation’s investment in CCB during 2011.