US Bank 2004 Annual Report Download - page 106
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Please find page 106 of the 2004 US Bank annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.Condensed Statement of Cash Flows
Year Ended December 31 (Dollars in Millions) 2004 2003 2002
Operating Activities
Net income ******************************************************************************** $ 4,166.8 $ 3,732.6 $ 3,168.1
Adjustments to reconcile net income to net cash provided by operating activities
(Equity) deficiency in undistributed income of subsidiaries ************************************* 779.3 (3,899.7) (209.4)
Other, net ****************************************************************************** 43.6 172.2 43.8
Net cash provided by (used in) operating activities **************************************** 4,989.7 5.1 3,002.5
Investing Activities
Proceeds from sales and maturities of investment securities ************************************** 76.1 20.9 113.1
Purchases of investment securities************************************************************ (76.4) (73.0) (52.9)
Investments in subsidiaries******************************************************************* (.1) (283.9) (536.4)
Equity distributions from subsidiaries ********************************************************** 1,915.9 536.5 1,200.0
Net (increase) decrease in short-term advances to subsidiaries *********************************** 10.8 35.5 415.1
Long-term advances to subsidiaries*********************************************************** — — (410.0)
Principal collected on long-term advances to subsidiaries **************************************** — 572.6 1,770.0
Other, net ********************************************************************************* (11.5) 130.7 44.5
Net cash provided by (used in) investing activities **************************************** 1,914.8 939.3 2,543.4
Financing Activities
Net increase (decrease) in short-term advances from subsidiaries ********************************* — (117.2) 48.4
Net increase (decrease) in short-term borrowings *********************************************** (15.8) 318.5 (72.3)
Principal payments or redemptions of long-term debt******************************************** (909.0) (1,954.3) (2,537.5)
Proceeds from issuance of long-term debt ***************************************************** — 1,150.0 2,075.0
Proceeds from issuance of common stock ***************************************************** 580.6 398.4 147.0
Repurchase of common stock *************************************************************** (2,659.6) (326.3) (1,040.4)
Cash dividends paid ************************************************************************ (1,820.5) (1,556.8) (1,480.7)
Net cash provided by (used in) financing activities **************************************** (4,824.3) (2,087.7) (2,860.5)
Change in cash and cash equivalents*************************************************** 2,080.2 (1,143.3) 2,685.4
Cash and cash equivalents at beginning of year ************************************************ 4,725.7 5,869.0 3,183.6
Cash and cash equivalents at end of year *********************************************** $ 6,805.9 $ 4,725.7 $ 5,869.0
Transfer of funds (dividends, loans or advances) from total dividends by a national bank in any calendar year
bank subsidiaries to the Company is restricted. Federal law exceed the bank’s net income for that year combined with
prohibits loans unless they are secured and generally limits its retained net income for the preceding two calendar years
any loan to the Company or individual affiliate to or if the bank’s retained earnings are less than zero.
10 percent of each bank’s unimpaired capital and surplus. Furthermore, dividends are restricted by the Comptroller of
In aggregate, loans to the Company and all affiliates cannot the Currency’s minimum capital constraints for all national
exceed 20 percent of each bank’s unimpaired capital and banks. Within these guidelines, all bank subsidiaries have
surplus. the ability to pay dividends without prior regulatory
Dividend payments to the Company by its subsidiary approval. The amount of dividends available to the parent
banks are subject to regulatory review and statutory company from the bank subsidiaries at December 31, 2004,
limitations and, in some instances, regulatory approval. The was approximately $1.2 billion.
approval of the Comptroller of the Currency is required if
104 U.S. BANCORP