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{ 52 } Fannie Mae 2001 Annual Report
Statements of Cash Flows
Year Ended December 31,
Dollars in millions 2001 2000 1999
Cash flows from operating activities:
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $5,894 $4,448 $ 3,912
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Amortization of discount/premium . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11,561 10,025 7,730
Negative provision for losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (115) (120) (120)
Gain (loss) on early extinguishment of debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 524 (49) 14
Cumulative effect of change in accounting principle (net of tax) . . . . . . . . . . . . . . . . . . . . . (168) ——
Purchased options expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37 ——
Other (decreases) increases, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,032) (913) 1,307
Net cash provided by operating activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,701 13,391 12,843
Cash flows from investing activities:
Purchases of mortgages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (270,609) (152,075) (193,434)
Proceeds from sales of mortgages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,967 10,599 5,950
Mortgage principal repayments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 164,408 56,568 77,402
Net proceeds from disposition of foreclosed properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,035 2,019 2,462
Net (increase) decrease in held-to-maturity investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,839) (12,172) 20,639
Net (increase) in available-for-sale investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (14,770) (3,057) (1,847)
Net cash used in investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (114,808) (98,118) (88,828)
Cash flows from financing activities:
Proceeds from issuance of long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 249,454 110,298 138,491
Payments to redeem long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (196,931) (50,320) (62,464)
Proceeds from issuance of short-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,746,381 1,130,698 1,129,246
Payments to redeem short-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,690,805) (1,104,694) (1,125,754)
Net payments to purchase or settle hedge instruments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5,569) (1,245) (629)
Net payments from stock activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,522) (1,492) (1,549)
Net cash provided by financing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101,008 83,245 77,341
Net increase (decrease) in cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 901 (1,482) 1,356
Cash and cash equivalents at beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .617 2,099 743
Cash and cash equivalents at end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,518 $617 $ 2,099
Supplemental disclosures of cash flow information:
Cash paid during the year for:
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $40,361 $34,863 $ 28,447
Income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,088 1,595 1,276
See Notes to Financial Statements.