Salomon Swapco Inc
Statement of Cash Flows
(Unaudited)
Dollars in thousands
Nine months ended September 30,
1996
1995
Cash flows from operating activities:
Net income adjusted for noncash items -
Net income
$ 28,324
$ 21,039
Amortization of intermediation, guarantee and sales fees, net
(29,159)
(16,781)
Total cash items included in net income
(835)
4,258
(Increase)/decrease in operating assets -
Securities purchased under agreements to resell
84,473
187,578
Investment securities and related hedge swaps
6,339
1,455
Customer derivative receivables
579,791
85,323
SBHC derivative receivables
(232,977)
99,247
Other assets
(7,437)
(2,855)
Total decrease in operating assets
430,189
370,748
Increase/(decrease) in operating liabilities -
Customer derivative payables
104,938
(417,894)
SBHC derivative payables
(121,128)
Deferred revenue
66,687
46,634
Other liabilities
(4,610)
647
Total increase/(decrease) in operating liabilities
45,887
(370,613)
Cash provided by operating activities
475,241
4,393
Cash flows from financing activities:
Capital contributions
50,000
685,000
Dividends paid
(558,000)
(630,000)
Cash (used in)/provided by financing activities
(508,000)
55,000
Cash flows from investing activities:
Proceeds from -
Sale of investment securities
48,504
124,534
Termination of hedge swaps on investment securities
3,244
3,994
Payments for -
Investment securities
(12,098)
(175,114)
Termination of hedge swaps on investment securities
(6,960)
(12,819)
Cash provided by/(used in) investing activities
32,690
(59,405)
(Decrease) in cash
(69)
(12)
Cash at beginning of period
82
21
Cash at end of period
$ 13
$ 9
The accompanying summary of Accounting Policies and Notes to Financial Statements are integral parts of this statement.
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