KeyBank 2006 Annual Report Download - page 104

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104
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS KEYCORP AND SUBSIDIARIES
CONDENSED STATEMENTS OF CASH FLOW
Year ended December 31,
in millions 2006 2005 2004
OPERATING ACTIVITIES
Net income $ 1,055 $ 1,129 $ 954
Adjustments to reconcile net income to net cash provided by operating activities:
Net securities gains —(1) (10)
Deferred income taxes 27 23 —
Equity in net income less dividends from subsidiaries
a
18 327 (229)
Net (increase) decrease in other assets (281) (276) 43
Net increase (decrease) in other liabilities 361 25 (4)
Net decrease in accrued restructuring charges —— (6)
Other operating activities, net 113 71 (27)
NET CASH PROVIDED BY OPERATING ACTIVITIES 1,293 1,298 721
INVESTING ACTIVITIES
Cash used in acquisitions, net of cash acquired —— (195)
Net increase in interest-bearing deposits (535) (641) (294)
Purchases of securities available for sale (11) (2) (4)
Proceeds from sales, prepayments and maturities of securities available for sale 11 16
Net (increase) decrease in loans and advances to subsidiaries 80 (496) (119)
(Increase) decrease in investments in subsidiaries (28) 105 (101)
NET CASH USED IN INVESTING ACTIVITIES (493) (1,033) (697)
FINANCING ACTIVITIES
Net increase (decrease) in short-term borrowings (3) (66) 11
Net proceeds from issuance of long-term debt 1,500 861 1,330
Payments on long-term debt (1,368) (429) (505)
Purchases of treasury shares (644) (229) (512)
Net proceeds from issuance of common stock 244 129 160
Tax benefits in excess of recognized compensation cost for stock-based awards 28 ——
Cash dividends paid (557) (531) (508)
NET CASH USED IN FINANCING ACTIVITIES (800) (265) (24)
NET INCREASE (DECREASE) IN CASH AND DUE FROM BANKS — ——
CASH AND DUE FROM BANKS AT BEGINNING OF YEAR — — —
CASH AND DUE FROM BANKS AT END OF YEAR — ——
a
Includes results of discontinued operations (see Note 3 (“Acquisitions and Divestitures”), which begins on page 75).
KeyCorp paid $252 million in interest on borrowed funds in 2006, $159 million in 2005 and $96 million in 2004.
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