Goldman Sachs 2002 Annual Report Download - page 67

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Consolidated Statem ents of Cash Flow s
64 G O L D M A N SA CH S 2002 AN N UA L R EPO RT
YEAR ENDED NOVEMBER
(IN MILLIONS) 2002 2001 2000
Cash flows from operating activities
Net earnings $ 2,114 $ 2,310 $ 3,067
Noncash items included in net earnings
Depreciation and amortization 617 613 441
Amortization of goodwill and identifiable intangible assets 127 260 45
Deferred income taxes 230 52 (352)
Stock-based compensation 639 789 1,345
Changes in operating assets and liabilities
Cash and securities segregated in compliance with
U.S. federal and other regulations 1,745 (5,002) (5,389)
Net receivables from brokers, dealers and clearing organizations (2,423) 931 336
Net payables to customers and counterparties 5,265 20,056 14,570
Securities borrowed, net of securities loaned (7,039) (21,098) (916)
Securities sold under agreements to repurchase, net of
agreements to resell 2,429 18,046 (9,528)
Financial instruments owned, at fair value (20,977) (14,390) (8,386)
Financial instruments sold, but not yet purchased, at fair value 8,756 1,809 5,507
Other, net (1,560) (1,511) 867
Net cash (used for)/provided by operating activities (10,077) 2,865 1,607
Cash flows from investing activities
Property, leasehold improvements and equipment (1,008) (1,370) (1,552)
Business combinations, net of cash acquired (68) (314) (1,988)
Other, net (27) (225) (116)
Net cash used for investing activities (1,103) (1,909) (3,656)
Cash flows from financing activities
Short-term borrowings, net 6,354 1,261 (726)
Issuance of long-term borrowings 12,740 6,694 16,060
Repayment of long-term borrowings, including the
current portion of long-term borrowings (8,358) (4,208) (11,606)
Common stock repurchased (1,475) (1,438) (648)
Dividends paid (228) (231) (217)
Proceeds from issuance of common stock 60 51
Net cash provided by financing activities 9,093 2,083 2,864
Net (decrease)/increase in cash and cash equivalents (2,087) 3,039 815
Cash and cash equivalents, beginning of year 6,909 3,870 3,055
Cash and cash equivalents, end of year $ 4,822 $ 6,909 $ 3,870
SUPPLEMENTAL DISCLOSURES:
Cash payments for interest approximated the related expense for each of the fiscal years presented.
Payments of income taxes were $1.22 billion, $1.30 billion and $1.96 billion for the years ended November 2002, November 2001 and November
2000, respectively.
Noncash activities:
The value of common stock issued in connection with business combinations was $47 million, $223 million and $3.41 billion for the years ended
November 2002, November 2001 and November 2000, respectively.
The accompanying notes are an integral part of these consolidated financial statements.