US Bank 2005 Annual Report Download - page 67

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U.S. BANCORP
CONSOLIDATED STATEMENT OF CASH FLOWS
Year Ended December 31 (Dollars in Millions) 2005 2004 2003
Operating Activities
Net income*************************************************************************** $ 4,489 $ 4,167 $ 3,733
Adjustments to reconcile net income to net cash provided by operating activities
Provision for credit losses *********************************************************** 666 669 1,254
Depreciation and amortization of premises and equipment ******************************* 231 244 275
Amortization of intangibles ********************************************************** 458 550 682
Provision for deferred income taxes*************************************************** (301) 281 273
(Gain) loss on sales of securities and other assets, net ********************************** (316) (104) (300)
Mortgage loans originated for sale in the secondary market, net of repayments************* (19,245) (16,007) (27,666)
Proceeds from sales of mortgage loans *********************************************** 18,616 15,778 30,228
Stock-based compensation ********************************************************* 83 139 123
Other, net************************************************************************* (1,269) (492) 80
Net cash provided by operating activities******************************************* 3,412 5,225 8,682
Investing Activities
Proceeds from sales of available-for-sale investment securities ****************************** 5,039 8,216 17,383
Proceeds from maturities of investment securities****************************************** 10,264 12,261 18,140
Purchases of investment securities ****************************************************** (13,148) (19,624) (51,127)
Net (increase) decrease in loans outstanding ********************************************** (9,904) (7,680) (4,193)
Proceeds from sales of loans *********************************************************** 1,711 1,804 2,204
Purchases of loans ******************************************************************** (3,568) (2,719) (944)
Acquisitions, net of cash acquired ******************************************************* (1,008) (322) —
Divestitures*************************************************************************** — — (382)
Other, net **************************************************************************** (1,159) (451) (506)
Net cash used in investing activities *********************************************** (11,773) (8,515) (19,425)
Financing Activities
Net increase (decrease) in deposits ****************************************************** 3,968 1,689 3,449
Net increase (decrease) in short-term borrowings ****************************************** 7,116 2,234 3,869
Principal payments or redemption of long-term debt *************************************** (12,848) (12,683) (8,968)
Proceeds from issuance of long-term debt************************************************ 15,519 13,704 11,468
Proceeds from issuance of common stock *********************************************** 371 581 398
Repurchase of common stock ********************************************************** (1,855) (2,660) (326)
Cash dividends paid ******************************************************************* (2,245) (1,820) (1,557)
Net cash provided by financing activities ******************************************* 10,026 1,045 8,333
Change in cash and cash equivalents ********************************************* 1,665 (2,245) (2,410)
Cash and cash equivalents at beginning of year ******************************************* 6,537 8,782 11,192
Cash and cash equivalents at end of year****************************************** $ 8,202 $ 6,537 $ 8,782
Supplemental Cash Flow Disclosures
Cash paid for income taxes ************************************************************ $ 2,131 $ 1,768 $ 1,258
Cash paid for interest****************************************************************** 3,365 2,030 2,077
Net noncash transfers to foreclosed property ********************************************* 98 104 110
Acquisitions
Assets acquired ******************************************************************* $ 1,545 $ 437 $ —
Liabilities assumed ***************************************************************** (393) (114) —
Net *************************************************************************** $ 1,152 $ 323 $ —
See Notes to Consolidated Financial Statements.
U.S. BANCORP 65