Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows (USD $)
In Millions, unless otherwise specified
 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Cash flows from operating activities:      
Net earnings (loss) $ 290 $ (1,647) $ 3,880
Adjustments to reconcile net earnings (loss) to cash provided by operating activities      
Representations and warranties (754) 2,731 (120)
Depreciation and amortization 576 731 900
Share-based compensation expense 1,531 1,919 1,483
Gains on repurchases of long-term borrowings (405) 0 0
Fair Value, Option, Changes in Fair Value, Gain (Loss) 3,207 (2,030) 31
Deferred taxes (2,785) 3,081 637
Earnings from equity method investments (265) (347) (625)
Other 498 2,033 (159)
Changes in operating assets and liabilities:      
Trading assets (26,565) 16,528 7,758
Cash and securities segregated for regulatory purposes or deposited with clearing organizations (2,274) 667 2,506
Receivables from Bank of America 18,346 9,612 5,657
Receivables under resale agreements (5,326) (5,272) (37,956)
Receivables under securities borrowed transactions (2,883) 2,349 17,590
Customer receivables 247 1,561 12,205
Brokers and dealers receivables (13,103) 7,794 (3,226)
Proceeds from loans, notes, and mortgages held for sale 1,079 4,455 8,456
Other changes in loans, notes, and mortgages held for sale (662) (2,465) (4,713)
Trading liabilities 8,184 (17,061) 11,561
Payables under repurchase agreements 45,943 (9,991) (1,989)
Payables under securities loaned transactions 6,845 (3,791) (10,314)
Payables to Bank of America (22,979) 8,787 (8,155)
Customer payables 11,900 1,108 (1,413)
Brokers and dealers payables (3,919) (4,228) (6,008)
Other, net 1,056 (2,636) 7,034
Cash provided by operating activities 17,782 13,888 5,020
Proceeds from (payments for):      
Paydowns and maturities of available-for-sale securities 1,214 1,734 1,615
Sales of available-for-sale securities 22 4,290 15,472
Purchases of available-for-sale securities (1,236) (1,672) (5,136)
Sales and maturities of held-to-maturity securities 0 250 0
Sale of office buildings 578 0 0
Equipment and facilities, net (266) (95) (377)
Loans, notes, and mortgages held for investment 1,010 2,793 6,927
Other investments 1,600 6,169 11,787
Cash provided by investing activities 2,922 13,469 30,288
Proceeds from (payments for):      
Short-term borrowings (2,675) (9,197) (4,623)
Issuance and resale of long-term borrowings 7,518 9,169 8,553
Settlement and repurchases of long-term borrowings (26,975) (29,876) (34,914)
Deposits 509 (462) (2,361)
Derivative financing transactions 101 36 (1)
Dividends 0 0 (134)
Cash used for financing activities (21,522) (30,330) (33,480)
Effect of exchange rate changes on cash and cash equivalents (4) (516) 251
(Decrease) increase in cash and cash equivalents (822) (3,489) 2,079
Cash and cash equivalents, beginning of period 13,733 17,222 15,143
Cash and cash equivalents, end of period 12,911 13,733 17,222
Supplemental Disclosure of Cash Flow Information:      
Income taxes paid 448 428 2,577
Income taxes refunded(1) (4,753) (2,047) (4,232)
Interest paid $ 6,355 $ 7,399 $ 7,846