Goldman Sachs 2009 Annual Report Download - page 90

Goldman Sachs 2009 Annual Report
88
Consolidated Statements of Cash Flows
Year Ended
(inmillions)
December
2009
November
2008
November
2007
Cash  ows from operating activities
Net earnings $ 13,385 $ 2,322 $ 11,599
Non-cash items included in net earnings
Depreciation and amortization 1,943 1,625 1,167
Deferred income taxes (431) (1,763) 129
Share-based compensation 2,009 1,611 4,465
Changes in operating assets and liabilities
Cash and securities segregated for regulatory and other purposes 76,531 12,995 (39,079)
Net receivables from brokers, dealers and clearing organizations 6,265 (6,587) (3,811)
Net payables to customers and counterparties (47,414) (50) 53,857
Securities borrowed, net of securities loaned 7,033 85,054 (51,655)
Securities sold under agreements to repurchase, net of securities purchased
under agreements to resell and federal funds sold (146,807) (130,999) 6,845
Trading assets, at fair value 186,295 97,723 (118,864)
Trading liabilities, at fair value (57,010) (39,051) 57,938
Other, net 7,076 (20,986) 7,962
Net cash provided by/(used for) operating activities 48,875 1,894 (69,447)
Cash  ows from investing activities
Purchase of property, leasehold improvements and equipment (1,556) (2,027) (2,130)
Proceeds from sales of property, leasehold improvements and equipment 82 121 93
Business acquisitions, net of cash acquired (221) (2,613) (1,900)
Proceeds from sales of investments 303 624 4,294
Purchase of available-for-sale securities (2,722) (3,851) (872)
Proceeds from sales of available-for-sale securities 2,553 3,409 911
Net cash provided by/(used for) investing activities (1,561) (4,337) 396
Cash  ows from  nancing activities
Unsecured short-term borrowings, net (9,790) (19,295) 12,262
Other secured  nancings (short-term), net (10,451) (8,727) 2,780
Proceeds from issuance of other secured  nancings (long-term) 4,767 12,509 21,703
Repayment of other secured  nancings (long-term), including the current portion (6,667) (20,653) (7,355)
Proceeds from issuance of unsecured long-term borrowings 25,363 37,758 57,516
Repayment of unsecured long-term borrowings, including the current portion (29,018) (25,579) (14,823)
Preferred stock repurchased (9,574) ––
Repurchase of common stock warrants (1,100) ––
Derivative contracts with a  nancing element, net 2,168 781 4,814
Deposits, net 7,288 12,273 4,673
Common stock repurchased (2) (2,034) (8,956)
Dividends and dividend equivalents paid on common stock, preferred stock and
restricted stock units (2,205) (850) (831)
Proceeds from issuance of common stock, including stock option exercises 6,260 6,105 791
Proceeds from issuance of preferred stock, net of issuance costs –13,366 –
Proceeds from issuance of common stock warrants –1,633 –
Excess tax bene t related to share-based compensation 135 614 817
Cash settlement of share-based compensation (2) – (1)
Net cash provided by/(used for)  nancing activities (22,828) 7,901 73,390
Net increase in cash and cash equivalents 24,486 5,458 4,339
Cash and cash equivalents, beginning of year 13,805 10,282 5,943
Cash and cash equivalents, end of year $ 38,291 $ 15,740 $ 10,282
Supplemental Disclosures:
Cash payments for interest, net of capitalized interest, were $7.32billion, $32.37billion and $40.74billion for the years ended December2009, November2008
and November2007, respectively.
Cash payments for income taxes, net of refunds, were $4.78billion, $3.47billion and $5.78billion for the years ended December2009, November2008 and
November2007, respectively.
Non-cash activities:
The  rm assumed $16million, $790million and $409million of debt in connection with business acquisitions for the years ended December2009,
November2008 and November2007, respectively.
See page 90 for consolidated  nancial statements for the one month ended December 2008.
The accompanying notes are an integral part of these consolidated  nancial statements.