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






Question: What are the trends in operating cash flows of American Express between the years 2021 and 2023?
Answer: American Express’s operating cash flows have fluctuated over the past three years, reflecting changes in the company’s net income, provisions for credit losses, and working capital adjustments.

2021: The company generated $14,645 million in operating cash flows. 

2022: Operating cash flows rose to $21,079 million, marking a 43.9% increase. 
2023: Operating cash flows declined slightly to $18,559 million, a 12% decrease compared to 2022.

In summary, while operating cash flows grew significantly in 2022, they declined in 2023.