Capital One 2008 Annual Report Download - page 103

85
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended December 31 (In Thousands) 2008
2007 2006
Operating Activities:
Income from continuing operations, net of tax............................................................ $ 84,517 $ 2,591,719 $ 2,426,377
Loss from discontinued operations, net of tax............................................................. (130,515) (1,021,387) (11,884)
Net income (loss) ........................................................................................................ (45,998) 1,570,332 2,414,493
Adjustments to reconcile net income to cash provided by operating activities:
Provision for loan and lease losses.................................................................... 5,101,040 2,636,502 1,476,438
Depreciation and amortization, net.................................................................... 691,430 678,757 542,090
(Gains) losses on sales of securities available for sale ...................................... (12,791) (69,976) 29,203
Goodwill impairment ........................................................................................ 810,876  
Gains on sales of auto loans .............................................................................. (2,428) (10,960) (28,609)
Gains on extinguishment of debt.......................................................................  (17,444) 
Gains on repurchase of senior notes.................................................................. (53,860)  
Mortgage loans held for sale: ............................................................................
Transfers in and originations................................................................... (1,949,263) (404,831) (4,625,378)
Gains on sales.......................................................................................... (31,016) (87,521) (77,285)
Proceeds from sales................................................................................. 2,211,225 6,171,912 3,060,657
Stock plan compensation expense ..................................................................... 111,646 338,778 211,117
Changes in assets and liabilities, net of effects from purchase of companies
acquired:.......................................................................................................
(Increase) decrease in interest receivable ................................................ 11,408 (35,017) (45,311)
(Increase) decrease in accounts receivable from securitizations ............. (1,624,875) (130,439) 314,425
(Increase) decrease in other assets........................................................... (3,107,565) (2,257,798) 158,060
Increase in interest payable ..................................................................... 44,789 56,846 87,005
Increase (decrease) in other liabilities ..................................................... 1,201,973 1,277,833 (913,446)
Net cash provided by operating activities attributable to discontinued
operations ..................................................................................................... 126,384 3,293,456 773,279
Net cash provided by operating activities...................................... 3,482,975 13,010,430 3,376,738
Investing Activities:
Purchases of securities available for sale .................................................................... (21,697,629) (12,717,204) (7,777,082)
Proceeds from maturities of securities available for sale ............................................ 6,676,800 6,026,680 4,289,139
Proceeds from sales of securities available for sale..................................................... 2,627,973 2,307,825 6,891,187
Proceeds from securitizations of loans ........................................................................ 10,046,699 12,641,050 12,343,771
Net increase in loans held for investment.................................................................... (13,588,497) (18,895,193) (19,073,474)
Principal recoveries of loans previously charged off................................................... 669,938 619,678 547,304
Additions of premises and equipment, net .................................................................. (356,327) (437,545) (712,190)
Net payment for companies acquired ..........................................................................  (10,464) (3,635,356)
Net cash provided by investing activities attributable to discontinued operations ...... 11,642  
Net cash used in investing activities.............................................. (15,609,401) (10,465,173) (7,126,701)
Financing Activities:
Net increase (decrease) in deposits.............................................................................. 25,859,613 (3,009,716) (24,116)
Net increase (decrease) in other borrowings ............................................................... (11,930,014) 6,624,052 2,215,047
Issuances of senior notes .............................................................................................  1,495,740 3,185,272
Maturities of senior notes............................................................................................ (1,802,395) (462,500) (1,226,882)
Repurchases of senior notes ........................................................................................ (1,120,724) (150,000) (31,296)
Purchases of treasury stock ......................................................................................... (12,501) (3,024,969) (21,615)
Dividends paid ............................................................................................................ (568,255) (42,055) (32,324)
Net proceeds from issuances of common stock........................................................... 772,017 43,493 36,751
Net proceeds from issuance of preferred stock and warrant........................................ 3,555,199  
Proceeds from share based payment activities ............................................................ 59,283 301,911 238,355
Net cash used in financing activities attributable to discontinued operations ............. (15,863) (4,280,036) 
Net cash provided by (used in) financing activities....................... 14,796,360 (2,274,794) 4,339,192
Increase in cash and cash equivalents.......................................................................... 2,669,934 160,913 589,229
Cash and cash equivalents at beginning of year .......................................................... 4,821,409 4,660,496 4,071,267
Cash and cash equivalents at end of year .................................................................... $ 7,491,343 $ 4,821,409 $ 4,660,496
See Notes to Consolidated Financial Statements.