US Bank 2003 Annual Report Download - page 67

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U.S. Bancorp
Consolidated Statement of Cash Flows
Year Ended December 31 (Dollars in Millions) 2003 2002 2001
Operating Activities
Net income ************************************************************************** $ 3,732.6 $ 3,168.1 $ 1,478.8
Adjustments to reconcile net income to net cash provided by operating activities
Provision for credit losses ********************************************************** 1,254.0 1,349.0 2,528.8
Depreciation and amortization of premises and equipment ***************************** 275.2 285.3 284.0
Amortization of goodwill and other intangibles **************************************** 682.4 553.0 515.1
Provision for deferred income taxes ************************************************* 272.7 291.7 (296.1)
(Gain) loss on sales of securities and other assets, net******************************** (300.4) (411.1) (428.7)
Mortgage loans originated for sale in the secondary market, net of repayments ********** (27,665.8) (22,567.9) (15,500.2)
Proceeds from sales of mortgage loans********************************************** 30,228.4 20,756.6 13,483.0
Stock-based compensation ********************************************************* 123.4 113.3 227.7
Other, net ************************************************************************ 79.7 248.3 (110.5)
Net cash provided by (used in) operating activities ********************************* 8,682.2 3,786.3 2,181.9
Investing Activities
Proceeds from sales of investment securities ******************************************** 17,383.3 14,386.9 19,240.2
Proceeds from maturities of investment securities **************************************** 18,139.9 11,246.5 4,572.2
Purchases of investment securities ***************************************************** (51,127.3) (26,469.8) (32,278.6)
Net (increase) decrease in loans outstanding ******************************************** (4,193.3) (4,111.3) 2,532.3
Proceeds from sales of loans ********************************************************** 2,203.7 2,219.1 3,729.1
Purchases of loans ******************************************************************* (944.3) (240.2) (87.5)
Proceeds from sales of premises and equipment***************************************** 39.7 211.8 166.3
Purchases of premises and equipment************************************************** (670.1) (429.8) (299.2)
Acquisitions, net of cash acquired ****************************************************** — 1,368.8 (741.4)
Divestitures ************************************************************************** (381.8) — (340.0)
Other, net *************************************************************************** 124.7 (126.1) (143.9)
Net cash provided by (used in) investing activities ********************************* (19,425.5) (1,944.1) (3,650.5)
Financing Activities
Net increase (decrease) in deposits **************************************************** 3,449.0 7,002.3 (4,258.1)
Net increase (decrease) in short-term borrowings **************************************** 3,869.5 (7,307.0) 5,244.3
Principal payments on long-term debt*************************************************** (8,617.9) (8,367.5) (10,539.6)
Proceeds from issuance of long-term debt ********************************************** 11,467.5 10,650.9 11,702.3
Proceeds from issuance of Company-obligated mandatorily redeemable preferred securities ** — — 1,500.0
Redemption of Company-obligated mandatorily redeemable preferred securities ************* (350.0) — —
Proceeds from issuance of common stock*********************************************** 398.4 147.0 136.4
Repurchase of common stock ********************************************************* (326.3) (1,040.4) (467.9)
Cash dividends paid ****************************************************************** (1,556.8) (1,480.7) (1,235.1)
Net cash provided by (used in) financing activities ********************************* 8,333.4 (395.4) 2,082.3
Change in cash and cash equivalents ******************************************** (2,409.9) 1,446.8 613.7
Cash and cash equivalents at beginning of year ***************************************** 11,192.1 9,745.3 9,131.6
Cash and cash equivalents at end of year **************************************** $ 8,782.2 $ 11,192.1 $ 9,745.3
See Notes to Consolidated Financial Statements.
U.S. Bancorp 65