US Bank 2013 Annual Report Download - page 142

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Condensed Statement of Cash Flows
Year Ended December 31 (Dollars in Millions) 2013 2012 2011
Operating Activities
Net income attributable to U.S. Bancorp ............................................................. $ 5,836 $ 5,647 $ 4,872
Adjustments to reconcile net income to net cash provided by operating activities
Equity in undistributed (income) losses of subsidiaries ............................................ 139 (5,578) (3,551)
Other, net .......................................................................................... (40) (35) 12
Net cash provided by operating activities ....................................................... 5,935 34 1,333
Investing Activities
Proceeds from sales and maturities of investment securities ......................................... 75 979 297
Purchases of investment securities ................................................................... (118) (35) (36)
Equity distributions from subsidiaries ................................................................. 12 845 77
Net (increase) decrease in short-term advances to subsidiaries ..................................... 4,543 207 (4,613)
Long-term advances to subsidiaries ................................................................. (750) (500) –
Other, net ............................................................................................. (9) (22) (3)
Net cash provided by (used in) investing activities ............................................. 3,753 1,474 (4,278)
Financing Activities
Net increase (decrease) in short-term borrowings .................................................... 4 105 (31)
Proceeds from issuance of long-term debt ........................................................... 1,500 3,550 2,426
Principal payments or redemption of long-term debt ................................................. (2,850) (5,412) (851)
Proceeds from issuance of preferred stock .......................................................... 487 2,163 676
Proceeds from issuance of common stock ........................................................... 524 395 180
Redemption of preferred stock ....................................................................... (500) – –
Repurchase of common stock ........................................................................ (2,282) (1,856) (514)
Cash dividends paid on preferred stock ............................................................. (254) (204) (118)
Cash dividends paid on common stock .............................................................. (1,576) (1,347) (817)
Net cash provided by (used in) financing activities ............................................. (4,947) (2,606) 951
Change in cash and due from banks............................................................ 4,741 (1,098) (1,994)
Cash and due from banks at beginning of year ...................................................... 3,630 4,728 6,722
Cash and due from banks at end of year........................................................ $ 8,371 $ 3,630 $ 4,728
Transfer of funds (dividends, loans or advances) from
bank subsidiaries to the Company is restricted. Federal law
requires loans to the Company or its affiliates to be secured
and generally limits loans to the Company or an individual
affiliate to 10 percent of each bank’s unimpaired capital and
surplus. In the aggregate, loans to the Company and all
affiliates cannot exceed 20 percent of each bank’s
unimpaired capital and surplus.
Dividend payments to the Company by its subsidiary
bank are subject to regulatory review and statutory
limitations and, in some instances, regulatory approval. In
general, dividends by the Company’s bank subsidiary to the
parent company are limited by rules which compare
dividends to net income for regulatorily-defined periods.
Furthermore, dividends are restricted by regulatory minimum
capital constraints for all national banks.
NOTE 24 Subsequent Events
The Company has evaluated the impact of events that have
occurred subsequent to December 31, 2013 through the
date the consolidated financial statements were filed with the
United States Securities and Exchange Commission. Based
on this evaluation, the Company has determined none of
these events were required to be recognized or disclosed in
the consolidated financial statements and related notes.
140 U.S. BANCORP