Charles Schwab 2014 Annual Report Download - page 110

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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)
- 92 -
Condensed Statements of Cash Flows
Year Ended December 31, 2014 2013 2012
Cash Flows from Operating Activities
N
et income $ 1,321 $ 1,071 $ 928
Adjustments to reconcile net income to net cash provided by
operating activities:
Equity in undistributed earnings of subsidiaries (1,157) (830) (662)
Provision for deferred income taxes 4 (11) 9
Other (23) (4) 39
N
et change in:
Other securities owned 5 (5) 3
Other assets (9) 29 (21)
Accrued expenses and other liabilities (1) 13 (5)
N
et cash provided by operating activities 140 263 291
Cash Flows from Investing Activities
Due from (Due to) subsidiaries – net 607 (546) 43
Increase in investments in subsidiaries (249) (225) (307)
Other investing activities - (1) -
N
et cash provided by (used for) investing activities 358 (772) (264)
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 (373) (368) (337)
Proceeds from stock options exercised and other 189 258 35
Other financing activities 29 5 (5)
N
et cash (used for) provided by financing activities (155) (130) 460
Increase (Decrease) in Cash and Cash Equivalents 343 (639) 487
Cash and Cash Equivalents at Beginning of Year 700 1,339 852
Cash and Cash Equivalents at End of Year $ 1,043 $ 700 $ 1,339