Goldman Sachs 2004 Annual Report Download - page 75

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GOLDMAN฀SAC H S ฀ 2004฀ A N N U A L ฀ R E P ORT ฀ ฀ ฀ 7 3
consolidated฀statements฀of฀cash฀flows
GOLDMAN฀SAC H S ฀ 2004฀ A N N U A L ฀ R E P ORT ฀ ฀ ฀ 7 3
฀ ฀ YEAR฀ENDED฀NOVEMBER
(IN฀MILLIONS)฀ 2004฀ 2003฀ 2002
Cash flows from operating activities
Net earnings $฀฀฀4,553฀ $฀฀฀3,005฀ $฀฀฀2,114
Noncash items included in net earnings
Depreciation and amortization 499฀ 562฀ 617
Amortization of identifiable intangible assets 125฀ 319฀ 127
Deferred income taxes 1,040฀ 93฀ 230
Stock-based compensation 1,224฀ 711฀ 639
Changes in operating assets and liabilities
Cash and securities segregated in compliance with
U.S. federal and other regulations (18,437)฀ (9,311)฀ 1,745
Net receivables from brokers, dealers and clearing organizations (776)฀ (1,797)฀ (2,423)
Net payables to customers and counterparties 36,669฀ 7,826฀ 5,265
Securities borrowed, net of securities loaned (24,102)฀ (10,249)฀ (7,039)
Securities sold under agreements to repurchase, net of
securities purchased under agreements to resell (12,912)฀ 2,081฀ 2,429
Financial instruments owned, at fair value (52,366)฀ (30,264)฀ (20,878)
Financial instruments sold, but not yet purchased, at fair value 29,429฀ 19,227฀ 8,756
Other, net 1,442฀ 794฀ (1,686)
Net cash used for operating activities (33,612)฀ (17,003)฀ (10,104)
Cash flows from investing activities
Purchase of property, leasehold improvements and equipment (608)฀ (592)฀ (1,008)
Business combinations, net of cash acquired (255)฀ (697)฀ (68)
Purchase of other investments —฀ (24)฀ —
Net cash used for investing activities (863)฀ (1,313)฀ (1,076)
Cash flows from financing activities
Short-term borrowings, net 3,901฀ 729฀ 6,354
Issuance of long-term borrowings 39,283฀ 28,238฀ 12,740
Repayment of long-term borrowings, including the
current portion of long-term borrowings (10,198)฀ (7,471)฀ (8,358)
Derivative contracts with a financing element, net 548฀ 231฀ —
Common stock repurchased (1,805)฀ (939)฀ (1,475)
Dividends paid (497)฀ (350)฀ (228)
Proceeds from issuance of common stock 521฀ 143฀ 60
Net cash provided by financing activities 31,753฀ 20,581฀ 9,093
Net (decrease)/increase in cash and cash equivalents (2,722)฀ 2,265฀ (2,087)
Cash and cash equivalents, beginning of year 7,087฀ 4,822฀ 6,909
Cash and cash equivalents, end of year $฀฀฀4,365฀ $฀฀฀7,087฀ $฀฀฀4,822
SUPPLEMENTAL฀DISCLOSURES:฀ ฀ ฀ ฀ ฀
Cash฀payments฀for฀interest,฀net฀of฀capitalized฀interest,฀were฀$ 8.55฀billion,฀$7.21฀billion฀and฀$ 8.92฀billion฀for฀the฀years฀ended฀November฀2004,฀November฀2003฀
and฀November฀2002,฀respectively.
Cash฀payments฀for฀income฀taxes,฀net฀of฀refunds,฀were฀$1.02฀billion,฀$846฀million฀and฀$1.22฀billion฀for฀the฀years฀ended฀November฀2004,฀November฀2003฀and฀
November฀2002,฀respectively.
Noncash activities:
The฀firm฀assumed฀$1.63฀billion฀and฀$584฀million฀of฀debt฀in฀connection฀with฀business฀combinations฀for฀the฀years฀ended฀November฀2004฀and฀November฀2003,฀
respectively.
The฀ value฀ of฀ common฀ stock฀ issued฀ in฀ connection฀ with฀ business฀ combinations฀ was฀ $165฀ million฀ and฀ $ 47฀ million฀ for฀ the฀ years฀ ended฀ November฀ 20 03฀ and฀
November฀2002,฀respectively.
The฀accompanying฀notes฀are฀an฀integral฀part฀of฀these฀consolidated฀financial฀statements.
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