Citibank 2010 Annual Report Download - page 158

156
CONSOLIDATED STATEMENT OF CASH FLOWS Citigroup Inc. and Subsidiaries
Year ended December 31,
In millions of dollars 2010 2009 2008
Cash flows from operating activities of continuing operations
Net income (loss) before attribution of noncontrolling interests $ 10,883 $ (1,511) $ (28,027)
Net income (loss) attributable to noncontrolling interests 281 95 (343)
Citigroup’s net income (loss) $ 10,602 $ (1,606) $ (27,684)
Income (loss) from discontinued operations, net of taxes 215 (402) 1,070
Gain (loss) on sale, net of taxes (283) (43) 2,932
Income (loss) from continuing operations—excluding noncontrolling interests $ 10,670 $ (1,161) $ (31,686)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities of continuing operations
Amortization of deferred policy acquisition costs and present value of future profits $ 302 $ 434 $ 206
(Additions)/reductions to deferred policy acquisition costs (98) (461) (397)
Depreciation and amortization 2,664 2,853 2,466
Deferred tax benefit (964) (7,709) (20,535)
Provision for credit losses 25,077 39,004 33,311
Change in trading account assets 15,601 25,864 123,845
Change in trading account liabilities (8,458) (25,382) (14,604)
Change in federal funds sold and securities borrowed or purchased under agreements to resell (24,695) (43,726) 89,933
Change in federal funds purchased and securities loaned or sold under agreements to repurchase 35,277 (47,669) (98,950)
Change in brokerage receivables net of brokerage payables (6,676) 1,847 (954)
Realized gains from sales of investments (2,411) (1,996) (679)
Change in loans held-for-sale 2,483 (1,711) 29,009
Other, net (13,086) 5,203 (13,279)
Total adjustments $ 25,016 $ (53,449) $ 129,372
Net cash provided by (used in) operating activities of continuing operations $ 35,686 $ (54,610) $ 97,686
Cash flows from investing activities of continuing operations
Change in deposits with banks $ 4,977 $ 2,519 $(100,965)
Change in loans 60,730 (148,651) (270,521)
Proceeds from sales and securitizations of loans 9,918 241,367 313,808
Purchases of investments (406,046) (281,115) (344,336)
Proceeds from sales of investments 183,688 85,395 93,666
Proceeds from maturities of investments 189,814 133,614 209,312
Capital expenditures on premises and equipment and capitalized software (2,363) (2,264) (3,780)
Proceeds from sales of premises and equipment, subsidiaries and affiliates, and repossessed assets 2,619 6,303 23,966
Net cash provided by (used in) investing activities of continuing operations $ 43,337 $ 37,168 $ (78,850)
Cash flows from financing activities of continuing operations
Dividends paid $ (9) $ (3,237) $ (7,526)
Issuance of common stock —17,514 6,864
Issuances (redemptions) of preferred stock, net —— 70,626
Issuances of T-DECs—APIC —2,784 —
Issuance of ADIA Upper Decs equity units purchase contract 3,750 — —
Treasury stock acquired (6) (3) (7)
Stock tendered for payment of withholding taxes (806) (120) (400)
Issuance of long-term debt 33,677 110,088 90,414
Payments and redemptions of long-term debt (75,910) (123,743) (132,901)
Change in deposits 9,065 61,718 (37,811)
Change in short-term borrowings (47,189) (51,995) (13,796)
Net cash (used in) provided by financing activities of continuing operations $ (77,428) $ 13,006 $ (24,537)
Effect of exchange rate changes on cash and cash equivalents $ 691 $ 632 $ (2,948)
Discontinued operations
Net cash provided by (used in) discontinued operations $ 214 $ 23 $ (304)
Change in cash and due from banks $ 2,500 $ (3,781) $ (8,953)
Cash and due from banks at beginning of period 25,472 29,253 38,206
Cash and due from banks at end of period $ 27,972 $ 25,472 $ 29,253
Supplemental disclosure of cash flow information for continuing operations
Cash paid/(received) during the year for income taxes $ 4,307 $ (289) $ 3,170
Cash paid during the year for interest $ 23,209 $ 28,389 $ 55,678
Non-cash investing activities
Transfers to OREO and other repossessed assets $ 2,595 $ 2,880 $ 3,439
Transfers to investments (held-to-maturity) from trading account assets —— 33,258
Transfers to investments (available-for-sale) from trading account assets —— 4,654
Transfers to trading account assets from investments 12,001 — —
Transfers to loans held for investment (loans) from loans held-for-sale —— 15,891
See Notes to the Consolidated Financial Statements.