US Bank 2004 Annual Report Download - page 69
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Please find page 69 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.U.S. BANCORP
CONSOLIDATED 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
Provision for credit losses************************************************************* 669.6 1,254.0 1,349.0
Depreciation and amortization of premises and equipment ******************************** 244.4 275.2 285.3
Amortization of intangibles ************************************************************ 550.1 682.4 553.0
Provision for deferred income taxes **************************************************** 281.3 272.7 291.7
(Gain) loss on sales of securities and other assets, net************************************ (104.0) (300.4) (411.1)
Mortgage loans originated for sale in the secondary market, net of repayments ************** (16,007.2) (27,665.8) (22,567.9)
Proceeds from sales of mortgage loans ************************************************ 15,777.8 30,228.4 20,756.6
Stock-based compensation *********************************************************** 138.5 123.4 113.3
Other, net ************************************************************************** (492.5) 79.7 248.3
Net cash provided by (used in) operating activities ************************************ 5,224.8 8,682.2 3,786.3
Investing Activities
Proceeds from sales of available-for-sale investment securities ******************************** 8,216.2 17,383.3 14,386.9
Proceeds from maturities of investment securities ******************************************* 12,260.8 18,139.9 11,246.5
Purchases of investment securities ******************************************************** (19,623.9) (51,127.3) (26,469.8)
Net (increase) decrease in loans outstanding *********************************************** (7,680.1) (4,193.3) (4,111.3)
Proceeds from sales of loans************************************************************* 1,803.5 2,203.7 2,219.1
Purchases of loans********************************************************************** (2,718.8) (944.3) (240.2)
Proceeds from sales of premises and equipment******************************************** 50.6 39.7 211.8
Purchases of premises and equipment **************************************************** (192.0) (670.1) (429.8)
Acquisitions, net of cash acquired********************************************************* (322.1) — 1,368.8
Divestitures **************************************************************************** — (381.8) —
Other, net ***************************************************************************** (309.8) 124.7 (126.1)
Net cash provided by (used in) investing activities************************************* (8,515.6) (19,425.5) (1,944.1)
Financing Activities
Net increase (decrease) in deposits******************************************************** 1,688.8 3,449.0 7,002.3
Net increase (decrease) in short-term borrowings******************************************** 2,234.3 3,869.5 (7,307.0)
Principal payments or redemption of long-term debt***************************************** (12,682.8) (8,967.9) (8,367.5)
Proceeds from issuance of long-term debt ************************************************* 13,704.3 11,467.5 10,650.9
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************************************* 1,045.1 8,333.4 (395.4)
Change in cash and cash equivalents *********************************************** (2,245.7) (2,409.9) 1,446.8
Cash and cash equivalents at beginning of year ******************************************** 8,782.2 11,192.1 9,745.3
Cash and cash equivalents at end of year ******************************************* $ 6,536.5 $ 8,782.2 $ 11,192.1
Supplemental Cash Flow Disclosures
Cash paid for income taxes ************************************************************** $ 1,767.7 $ 1,257.8 $ 1,129.5
Cash paid for interest ******************************************************************* 2,029.8 2,077.0 2,890.1
Net noncash transfers to foreclosed property *********************************************** 104.5 110.0 89.5
Acquisitions
Assets acquired ********************************************************************* $ 436.9 $ — $ 2,068.9
Liabilities assumed******************************************************************* (113.9) — (3,821.9)
Net***************************************************************************** $ 323.0 $ — $ (1,753.0)
See Notes to Consolidated Financial Statements.
U.S. BANCORP 67