Annual report pursuant to Section 13 and 15(d)

Consolidated Statement of Cash Flows

v3.20.4
Consolidated Statement of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Operating activities      
Net income $ 17,894 $ 27,430 $ 28,147
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for credit losses 11,320 3,590 3,282
Gains on sales of debt securities (411) (217) (154)
Depreciation and amortization 1,843 1,729 2,063
Net amortization of premium/discount on debt securities 4,101 2,066 1,824
Deferred income taxes (1,737) 2,435 3,041
Stock-based compensation 2,031 1,974 1,729
Impairment of equity method investment 0 2,072 0
Loans held-for-sale:      
Originations and purchases (19,657) (28,874) (28,071)
Proceeds from sales and paydowns of loans originally classified as held for sale and instruments from related securitization activities 19,049 30,191 28,972
Net change in:      
Trading and derivative assets/liabilities 16,942 7,920 (23,673)
Other assets (12,883) (11,113) 11,920
Accrued expenses and other liabilities (4,385) 16,363 13,010
Other operating activities, net 3,886 6,211 (2,570)
Net cash provided by operating activities 37,993 61,777 39,520
Investing activities      
Time deposits placed and other short-term investments 561 387 3,659
Federal funds sold and securities borrowed or purchased under agreements to resell (29,461) (13,466) (48,384)
Debt securities carried at fair value:      
Proceeds from sales 77,524 52,006 5,117
Proceeds from paydowns and maturities 91,084 79,114 78,513
Purchases (194,877) (152,782) (76,640)
Held-to-maturity debt securities:      
Proceeds from paydowns and maturities 93,835 34,770 18,789
Purchases (257,535) (37,115) (35,980)
Loans and leases:      
Proceeds from sales of loans originally classified as held for investment and instruments from related securitization activities 13,351 12,201 21,365
Purchases (5,229) (5,963) (4,629)
Other changes in loans and leases, net 36,571 (46,808) (31,292)
Other investing activities, net (3,489) (2,974) (1,986)
Net cash used in investing activities (177,665) (80,630) (71,468)
Financing activities      
Deposits 360,677 53,327 71,931
Federal funds purchased and securities loaned or sold under agreements to repurchase 5,214 (21,879) 10,070
Short-term borrowings (4,893) 4,004 (12,478)
Long-term debt:      
Proceeds from issuance 57,013 52,420 64,278
Retirement (47,948) (50,794) (53,046)
Preferred stock:      
Proceeds from issuance 2,181 3,643 4,515
Redemption (1,072) (2,568) (4,512)
Common stock repurchased (7,025) (28,144) (20,094)
Cash dividends paid (7,727) (5,934) (6,895)
Other financing activities, net (601) (698) (651)
Net cash provided by financing activities 355,819 3,377 53,118
Effect of exchange rate changes on cash and cash equivalents 2,756 (368) (1,200)
Net increase (decrease) in cash and cash equivalents 218,903 (15,844) 19,970
Cash and cash equivalents at January 1 161,560 177,404 157,434
Cash and cash equivalents at December 31 380,463 161,560 177,404
Supplemental cash flow disclosures      
Interest paid 8,662 22,196 19,087
Income taxes paid, net $ 2,894 $ 4,359 $ 2,470