Capital One 2009 Annual Report Download - page 115

102
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended December 31 (In Thousands)
2009 2008
2007
Operating Activities:
Income from continuing operations, net of tax ................................................................... $ 986,617 $ 84,517 $ 2,591,719
Loss from discontinued operations, net of tax .................................................................... (102,836) (130,515) (1,021,387)
N
et income (loss) ................................................................................................................ 883,781 (45,998) 1,570,332
Adjustments to reconcile net income to cash provided by operating activities:
Provision for loan and lease losses ........................................................................... 4,230,111 5,101,040 2,636,502
Depreciation and amortization, net .......................................................................... 682,603 691,430 678,757
Net gains on sales of securities available for sale .................................................... (218,355) (12,791) (69,976)
Goodwill impairment ............................................................................................... — 810,876 —
Gains on sales of auto loans ..................................................................................... — (2,428) (10,960)
Gains on extinguishment/repurchase of debt/senior notes ....................................... — (53,860) (17,444)
Loans held for sale: ..................................................................................................
Transfers in and originations ......................................................................... (1,194,239) (1,949,263) (404,831)
(Gains) losses on sales ................................................................................... 399 (31,016) (87,521)
Proceeds from sales ....................................................................................... 1,228,468 2,211,225 6,171,912
Stock plan compensation expense ............................................................................ 145,831 111,646 229,228
Changes in assets and liabilities, net of effects from purchase of companies
acquired: .............................................................................................................
(Increase) decrease in interest receivable ...................................................... (108,237) 11,408 (35,017)
(Increase) in accounts receivable from securitizations .................................. (1,286,843) (1,624,875) (130,439)
(Increase) decrease in other assets ................................................................. 572,820 (3,107,565) (2,257,798)
Increase (decrease) in interest payable .......................................................... (167,293) 44,789 56,846
Increase (decrease) in other liabilities ........................................................... (1,955,446) 1,201,973 1,277,833
Net cash provided by (used in) operating activities attributable to discontinued
operations ........................................................................................................... (16,653) 126,384 3,293,456
Net cash provided by operating activities ........................................... 2,796,947 3,482,975 12,900,880
Investing Activities:
Purchases of securities available for sale ............................................................................ (27,827,065) (21,697,629) (12,717,204)
Proceeds from maturities of securities available for sale .................................................... 9,540,958 6,676,800 6,026,680
Proceeds from sales of securities available for sale ............................................................ 13,410,010 2,627,973 2,307,825
Proceeds from securitizations of loans ............................................................................... 12,068,309 10,046,699 12,641,050
N
et (increase) decrease in loans held for investment .......................................................... 1,932,677 (13,588,497) (18,895,193)
Principal recoveries of loans previously charged off .......................................................... 774,389 669,938 619,678
Additions of premises and equipment ................................................................................. (231,624) (356,327) (437,545)
N
et cash acquired from (paid for) acquisitions ................................................................... 778,166 — (10,464)
N
et cash provided by investing activities attributable to discontinued
operations ...................................................................................................................... 602 11,642 —
Net cash provided by (used in) investing activities ............................. 10,446,422 (15,609,401) (10,465,173)
Financing Activities:
N
et increase (decrease) in deposits ..................................................................................... (6,368,332) 25,859,613 (3,009,716)
N
et increase (decrease) in other borrowings ....................................................................... (5,911,914) (11,930,014) 6,853,338
Maturities of senior notes ................................................................................................... (1,447,365) (1,802,395) (462,500)
Repurchases of senior notes ................................................................................................ — (1,120,724) (150,000)
Redemptions of acquired company debt and noncontrolling interest ................................. (464,915) — —
Issuance of senior and subordinated notes and junior subordinated
debentures ..................................................................................................................... 4,500,000 — 1,495,740
Purchases of treasury stock ................................................................................................. (14,572) (12,501) (3,024,969)
Dividends paid-common stock ........................................................................................... (213,669) (568,255) (42,055)
Dividends paid-preferred stock ........................................................................................... (105,175) — —
N
et proceeds from issuances of common stoc
k
.................................................................. 1,537,363 772,017 43,493
N
et (payments)/proceeds from issuance/(redemption) of preferred stock and warrants ..... (3,555,199) 3,555,199 —
Proceeds from share based payment activities .................................................................... (6,881) 59,283 301,911
N
et cash provided by (used in) financing activities attributable to discontinued
operations ...................................................................................................................... 571 (15,863) (4,280,036)
Net cash provided by (used in) financing activities ............................ (12,050,088) 14,796,360 (2,274,794)
Increase in cash and cash equivalents ................................................................................. 1,193,281 2,669,934 160,913
Cash and cash equivalents at beginning of year .................................................................. 7,491,343 4,821,409 4,660,496
Cash and cash equivalents at end of year ............................................................................ $ 8,684,624 $ 7,491,343 $ 4,821,409
See Notes to Consolidated Financial Statements.