Morgan Stanley 2015 Annual Report Download - page 253

MORGAN STANLEY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Parent Company Only
Condensed Statements of Cash Flows
(dollars in millions)
2015 2014 2013
CASH FLOWS FROM OPERATING ACTIVITIES
Net income .................................................................... $ 6,127 $ 3,467 $ 2,932
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
Deferred income taxes ....................................................... 63 98 (303)
Compensation payable in common stock and options ............................... 1,104 1,260 1,180
Amortization ............................................................... (83) (182) (47)
Undistributed gain of subsidiaries .............................................. (1,298) (1,383) (3,528)
Changes in assets and liabilities:
Trading assets, net of Trading liabilities ......................................... (2,958) 2,307 (7,332)
Other assets ................................................................ 1,474 (490) (165)
Other liabilities and accrued expenses ........................................... (1,711) 488 (4,192)
Net cash provided by (used for) operating activities .................................... 2,718 5,565 (11,455)
CASH FLOWS FROM INVESTING ACTIVITIES
Advances to and investments in subsidiaries ...................................... 1,364 (7,790) 7,458
Securities purchased under agreement to resell with affiliates ......................... (5,459) (7,853) 14,745
Net cash provided by (used for) investing activities .................................... (4,095) (15,643) 22,203
CASH FLOWS FROM FINANCING ACTIVITIES
Net proceeds from (payments for) short-term borrowings ............................ (655) 189 279
Proceeds from:
Excess tax benefits associated with stock-based awards ............................. 211 101 10
Issuance of preferred stock, net of issuance costs .................................. 1,493 2,782 1,696
Issuance of long-term borrowings .............................................. 28,575 33,031 22,944
Payments for:
Long-term borrowings ....................................................... (22,803) (28,917) (31,928)
Repurchases of common stock and employee tax withholdings ....................... (2,773) (1,458) (691)
Cash dividends ............................................................. (1,455) (904) (475)
Net cash provided by (used for) financing activities .................................... 2,593 4,824 (8,165)
Effect of exchange rate changes on cash and cash equivalents ............................ (65) (208) (100)
Net increase (decrease) in cash and cash equivalents .................................... 1,151 (5,462) 2,483
Cash and cash equivalents, at beginning of period ...................................... 10,750 16,212 13,729
Cash and cash equivalents, at end of period ........................................... $ 11,901 $ 10,750 $ 16,212
Cash and cash equivalents include:
Cash and due from banks ....................................................... $5,169 $ 5,068 $ 2,296
Deposits with banking subsidiaries ............................................... 4,311 4,556 7,070
Interest bearing deposits with banks ............................................... 2,421 1,126 6,846
Cash and cash equivalents, at end of period ........................................... $ 11,901 $ 10,750 $ 16,212
Supplemental Disclosure of Cash Flow Information.
Cash payments for interest were $3,959 million, $3,652 million and $3,733 million for 2015, 2014 and 2013, respectively.
Cash payments for income taxes, net of refunds, were $255 million, $187 million and $268 million for 2015, 2014 and 2013,
respectively.
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