AMERICAN EXPRESS CO 10-K form for the fiscal year ended 2023-12-31, page 97: 
CONSOLIDATED STATEMENTS OF CASH FLOWS
|    |                                                                                               |          |        |      |          |      |        |          |    |        |
|---:|:----------------------------------------------------------------------------------------------|:---------|:-------|:-----|:---------|:-----|:-------|:---------|:---|:-------|
|  1 | Years Ended December 31 (Millions)                                                            | 2023     |        | 2022 |          | 2021 |        |          |    |        |
|  2 | Cash Flows from Operating Activities                                                          |          |        |      |          |      |        |          |    |        |
|  3 | Net income                                                                                    | $        | 8,374  |      |          | $    | 7,514  |          | $  | 8,060  |
|  4 | Adjustments to reconcile net income to net cash provided by operating activities:             |          |        |      |          |      |        |          |    |        |
|  5 | Provisions for credit losses                                                                  | 4,923    |        |      | 2,182    |      |        | (1,419)  |    |        |
|  6 | Depreciation and amortization                                                                 | 1,651    |        |      | 1,626    |      |        | 1,695    |    |        |
|  7 | Stock-based compensation                                                                      | 450      |        |      | 375      |      |        | 330      |    |        |
|  8 | Deferred taxes                                                                                | (1,329)  |        |      | (1,189)  |      |        | 294      |    |        |
|  9 | Other items (a)                                                                               | 664      |        |      | 365      |      |        | (772)    |    |        |
| 10 | Originations of loans held-for-sale                                                           | (54)     |        |      | (277)    |      |        | -        |    |        |
| 11 | Proceeds from sales of loans held-for-sale                                                    | 59       |        |      | 277      |      |        | -        |    |        |
| 12 | Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: |          |        |      |          |      |        |          |    |        |
| 13 | Other assets                                                                                  | (1,244)  |        |      | 1,391    |      |        | 1,068    |    |        |
| 14 | Accounts payable & other liabilities                                                          | 5,065    |        |      | 8,815    |      |        | 5,389    |    |        |
| 15 | Net cash provided by operating activities                                                     | 18,559   |        |      | 21,079   |      |        | 14,645   |    |        |
| 16 | Cash Flows from Investing Activities                                                          |          |        |      |          |      |        |          |    |        |
| 17 | Sale of investments                                                                           | 2        |        |      | 26       |      |        | 62       |    |        |
| 18 | Maturities and redemptions of investments                                                     | 3,888    |        |      | 1,892    |      |        | 20,032   |    |        |
| 19 | Purchase of investments                                                                       | (1,572)  |        |      | (4,175)  |      |        | (1,517)  |    |        |
| 20 | Net increase in Card Member loans and receivables, and other loans (b)                        | (25,124) |        |      | (29,562) |      |        | (27,557) |    |        |
| 21 | Purchase of premises and equipment, net of sales: 2023, $2; 2022, $1; 2021, $88               | (1,563)  |        |      | (1,855)  |      |        | (1,550)  |    |        |
| 22 | Net (Acquisitions)/dispositions, net of cash acquired                                         | (64)     |        |      | (15)     |      |        | 1        |    |        |
| 24 | Net cash used in investing activities                                                         | (24,433) |        |      | (33,689) |      |        | (10,529) |    |        |
| 25 | Cash Flows from Financing Activities                                                          |          |        |      |          |      |        |          |    |        |
| 26 | Net increase (decrease) in customer deposits                                                  | 18,915   |        |      | 25,902   |      |        | (2,468)  |    |        |
| 27 | Net (decrease) increase in short-term borrowings (b)                                          | (105)    |        |      | (706)    |      |        | 461      |    |        |
| 28 | Proceeds from long-term debt                                                                  | 15,674   |        |      | 23,230   |      |        | 7,788    |    |        |
| 29 | Payments of long-term debt                                                                    | (10,703) |        |      | (18,906) |      |        | (11,662) |    |        |
| 30 | Issuance of American Express preferred shares                                                 | -        |        |      | -        |      |        | 1,584    |    |        |
| 31 | Redemption of American Express preferred shares                                               | -        |        |      | -        |      |        | (1,600)  |    |        |
| 32 | Issuance of American Express common shares                                                    | 28       |        |      | 56       |      |        | 64       |    |        |
| 33 | Repurchase of American Express common shares and other                                        | (3,650)  |        |      | (3,502)  |      |        | (7,652)  |    |        |
| 34 | Dividends paid                                                                                | (1,780)  |        |      | (1,565)  |      |        | (1,448)  |    |        |
| 35 | Net cash provided by (used in) financing activities                                           | 18,379   |        |      | 24,509   |      |        | (14,933) |    |        |
| 36 | Effect of foreign currency exchange rates on cash and cash equivalents                        | 177      |        |      | (13)     |      |        | (120)    |    |        |
| 37 | Net increase (decrease) in cash and cash equivalents                                          | 12,682   |        |      | 11,886   |      |        | (10,937) |    |        |
| 38 | Cash and cash equivalents at beginning of year                                                | 33,914   |        |      | 22,028   |      |        | 32,965   |    |        |
| 39 | Cash and cash equivalents at end of year                                                      | $        | 46,596 |      |          | $    | 33,914 |          | $  | 22,028 |
(a)Includes gains and losses on fair value hedges, losses on tax credit investments, net gains and losses on Amex Ventures investments and changes in equity method investments.
(b)Excludes an increase of $117 million related to non-cash activity during 2023.
Net income taxes paid during 2023, 2022 and 2021 were $3.3 billion, $3.0 billion and $1.6 billion, respectively, and interest paid primarily related to Debt and Customer deposits for the same periods were $6.4 billion, $2.2 billion and $1.1 billion, respectively.

See Notes to Consolidated Financial Statements.

97




, Discover Financial Services 10-K form for the fiscal year ended 2023-12-31, page 89: 
DISCOVER FINANCIAL SERVICES


Consolidated Statements of Cash Flows


(dollars in millions)
|    |                                                                                   |                                  |        |      |          |      |       |         |    |        |
|---:|:----------------------------------------------------------------------------------|:---------------------------------|:-------|:-----|:---------|:-----|:------|:--------|:---|:-------|
|  1 |                                                                                   | For the Years Ended December 31, |        |      |          |      |       |         |    |        |
|  2 |                                                                                   | 2023                             |        | 2022 |          | 2021 |       |         |    |        |
|  3 | Cash flows provided by operating activities                                       |                                  |        |      |          |      |       |         |    |        |
|  4 | Net income                                                                        | $                                | 2,940  |      |          | $    | 4,374 |         | $  | 5,422  |
|  5 | Adjustments to reconcile net income to net cash provided by operating activities: |                                  |        |      |          |      |       |         |    |        |
|  6 | Provision for credit losses                                                       | 6,018                            |        |      | 2,359    |      |       | 218     |    |        |
|  7 | Deferred income taxes                                                             | (626)                            |        |      | (433)    |      |       | 318     |    |        |
|  8 | Depreciation and amortization                                                     | 458                              |        |      | 561      |      |       | 531     |    |        |
|  9 | Amortization of deferred revenues                                                 | (468)                            |        |      | (365)    |      |       | (295)   |    |        |
| 10 | Net losses (gains) on investments and other assets                                | 50                               |        |      | 261      |      |       | (382)   |    |        |
| 11 | Other, net                                                                        | 110                              |        |      | 125      |      |       | 257     |    |        |
| 12 | Changes in assets and liabilities:                                                |                                  |        |      |          |      |       |         |    |        |
| 13 | Increase in other assets                                                          | (658)                            |        |      | (846)    |      |       | (496)   |    |        |
| 14 | Increase in accrued expenses and other liabilities                                | 739                              |        |      | 1,104    |      |       | 446     |    |        |
| 15 | Net cash provided by operating activities                                         | 8,563                            |        |      | 7,140    |      |       | 6,019   |    |        |
| 17 | Cash flows provided by (used for) investing activities                            |                                  |        |      |          |      |       |         |    |        |
| 18 | Maturities of other short-term investments                                        | -                                |        |      | -        |      |       | 2,200   |    |        |
| 20 | Maturities of available-for-sale investment securities                            | 1,831                            |        |      | 2,084    |      |       | 2,727   |    |        |
| 21 | Purchases of available-for-sale investment securities                             | (2,996)                          |        |      | (7,682)  |      |       | (9)     |    |        |
| 22 | Maturities of held-to-maturity investment securities                              | 16                               |        |      | 32       |      |       | 82      |    |        |
| 23 | Purchases of held-to-maturity investment securities                               | (49)                             |        |      | (50)     |      |       | (28)    |    |        |
| 24 | Net change in principal on loans originated for investment                        | (19,934)                         |        |      | (19,961) |      |       | (4,574) |    |        |
| 25 | Proceeds from the sale of available for sale securities                           | -                                |        |      | -        |      |       | 5       |    |        |
| 26 | Proceeds from the sale of other investments                                       | 44                               |        |      | 336      |      |       | 1       |    |        |
| 27 | Purchases of other investments                                                    | (100)                            |        |      | (169)    |      |       | (170)   |    |        |
| 28 | Proceeds from sale of premises and equipment                                      | -                                |        |      | 9        |      |       | -       |    |        |
| 29 | Purchases of premises and equipment                                               | (303)                            |        |      | (236)    |      |       | (194)   |    |        |
| 30 | Net cash (used for) provided by investing activities                              | (21,491)                         |        |      | (25,637) |      |       | 40      |    |        |
| 32 | Cash flows (used for) provided by financing activities                            |                                  |        |      |          |      |       |         |    |        |
| 33 | Net change in short-term borrowings                                               | 750                              |        |      | (1,750)  |      |       | 1,750   |    |        |
| 34 | Net change in deposits                                                            | 17,250                           |        |      | 19,208   |      |       | (4,533) |    |        |
| 35 | Proceeds from issuance of securitized debt                                        | 2,230                            |        |      | 5,620    |      |       | 1,727   |    |        |
| 36 | Maturities and repayment of securitized debt                                      | (1,494)                          |        |      | (4,395)  |      |       | (3,451) |    |        |
| 37 | Proceeds from issuance of other long-term borrowings                              | 2,041                            |        |      | 1,265    |      |       | -       |    |        |
| 38 | Maturities and repayments of other long-term borrowings                           | (2,340)                          |        |      | (834)    |      |       | (922)   |    |        |
| 39 | Proceeds from issuance of common stock                                            | 12                               |        |      | 10       |      |       | 9       |    |        |
| 42 | Dividends paid on common and preferred stock                                      | (752)                            |        |      | (703)    |      |       | (636)   |    |        |
| 43 | Purchases of treasury stock                                                       | (1,938)                          |        |      | (2,359)  |      |       | (2,260) |    |        |
| 44 | Net cash provided by (used for) financing activities                              | 15,759                           |        |      | 16,062   |      |       | (8,316) |    |        |
| 45 | Net increase (decrease) in cash, cash equivalents and restricted cash             | 2,831                            |        |      | (2,435)  |      |       | (2,257) |    |        |
| 46 | Cash, cash equivalents and restricted cash, at the beginning of the period        | 8,897                            |        |      | 11,332   |      |       | 13,589  |    |        |
| 47 | Cash, cash equivalents and restricted cash, at the end of the period              | $                                | 11,728 |      |          | $    | 8,897 |         | $  | 11,332 |
| 49 | Reconciliation of cash, cash equivalents and restricted cash                      |                                  |        |      |          |      |       |         |    |        |
| 50 | Cash and cash equivalents                                                         | $                                | 11,685 |      |          | $    | 8,856 |         | $  | 8,750  |
| 51 | Restricted cash                                                                   | 43                               |        |      | 41       |      |       | 2,582   |    |        |
| 52 | Cash, cash equivalents and restricted cash, at the end of the period              | $                                | 11,728 |      |          | $    | 8,897 |         | $  | 11,332 |
| 54 | Supplemental disclosures of cash flow information:                                |                                  |        |      |          |      |       |         |    |        |
| 55 | Cash paid during the period for:                                                  |                                  |        |      |          |      |       |         |    |        |
| 56 | Interest expense                                                                  | $                                | 4,508  |      |          | $    | 1,666 |         | $  | 1,077  |
| 57 | Income taxes, net of income tax refunds                                           | $                                | 1,605  |      |          | $    | 1,865 |         | $  | 1,305  |

See Notes to the Consolidated Financial Statements.

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Question: Compare the net cash provided by operating activities of American Express and Discover Financial Services for the year 2023.
Answer: In 2023, American Express reported net cash provided by operating activities of $18,559 million. Discover Financial Services reported net cash provided by operating activities of $8,563 million. American Express has significantly higher net cash provided by operating activities compared to Discover Financial Services, indicating stronger cash flow generation from its core operations.