Comerica 2009 Annual Report Download - page 148

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Comerica Incorporated and Subsidiaries
STATEMENTS OF CASH FLOWS — COMERICA INCORPORATED
Years Ended
December 31
2009 2008 2007
(in millions)
OPERATING ACTIVITIES
Net income ................................................. $17$ 213 $ 686
Adjustments to reconcile net income to net cash provided by operating
activities:
Undistributed (earnings) losses of subsidiaries, principally banks (including
discontinued operations) .................................... (44) 19 (98)
Depreciation and software amortization ........................... 111
Share-based compensation expense .............................. 12 18 20
Provision (benefit) for deferred income taxes ....................... 1(10) (15)
Excess tax benefits from share-based compensation arrangements ......... ——(9)
Other, net ................................................ 14 19 49
Net cash provided by operating activities ......................... 1260 634
INVESTING ACTIVITIES
Net proceeds from private equity and venture capital investments ........... —23
Capital transactions with subsidiaries ............................... —— (62)
Net increase in fixed assets ...................................... —(2) (1)
Net cash (used in) provided by investing activities .................. —— (60)
FINANCING ACTIVITIES
Proceeds from issuance of medium- and long-term debt ................. —— 665
Repayment of medium- and long-term debt .......................... —— (510)
Proceeds from issuance of common stock ............................ —189
Proceeds from issuance of preferred stock and related warrant ............. —2,250 —
Purchase of common stock for treasury ............................. (1) (1) (580)
Dividends paid on common stock ................................. (72) (395) (390)
Dividends paid on preferred stock ................................. (113) ——
Excess tax benefits from share-based compensation arrangements ........... ——9
Net cash provided by (used in) financing activities .................. (186) 1,855 (717)
Net (decrease) increase in cash and cash equivalents .................... (185) 2,115 (143)
Cash and cash equivalents at beginning of year ........................ 2,340 225 368
Cash and cash equivalents at end of year ............................ $2,155 $2,340 $ 225
Interest paid ................................................ $44$51$57
Income taxes recovered ........................................ $ (45) $ (3) $ (39)
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