Charles Schwab 2013 Annual Report Download - page 104

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THE CHARLES SCHWAB CORPORATION
Notes to Consolidated Financial Statements
(Tabular Amounts in Millions, Except Per Share Data, Option Price Amounts, Ratios, or as Noted)
- 93 -
Condensed Statements of Cash Flows
Year Ended December 31, 2013 2012 2011
Cash Flows from Operating Activities
N
et income $ 1,071 $ 928 $ 864
Adjustments to reconcile net income to net cash provided by
operating activities:
Equity in undistributed earnings of subsidiaries (830) (662) (591)
Provision for deferred income taxes (11) 9 3
Other (4) 39 1
N
et change in:
Other securities owned (5) 3 6
Other assets 29 (21) 26
Accrued expenses and other liabilities 13 (5) (76)
N
et cash provided by operating activities 263 291 233
Cash Flows from Investing Activities
Due from subsidiaries – net (546) 43 24
Increase in investments in subsidiaries (225) (307) (366)
Other investing activities (1) - 8
N
et cash used fo
r
investing activities (772) (264) (334)
Cash Flows from Financing Activities
Issuance of commercial paper - 300 -
Repayment of commercial paper (300) - -
Issuance of long-term debt 275 350 -
Repayment of long-term debt - (727) -
Premium paid on debt exchange - (19) -
N
et proceeds from preferred stock offering - 863 -
Dividends paid (368) (337) (295)
Proceeds from stock options exercised and other 258 35 96
Other financing activities 5 (5) 3
N
et cash (used for) provided by financing activities (130) 460 (196)
(Decrease) Increase in Cash and Cash Equivalents (639) 487 (297)
Cash and Cash Equivalents at Beginning of Year 1,339 852 1,149
Cash and Cash Equivalents at End of Year $ 700 $ 1,339 $ 852