US Bank 2007 Annual Report Download - page 73

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U.S. Bancorp
Consolidated Statement of Cash Flows
Year Ended December 31 (Dollars in Millions) 2007 2006 2005
Operating Activities
Net income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .... $ 4,324 $ 4,751 $ 4,489
Adjustments to reconcile net income to net cash provided by operating activities
Provision for credit losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .... 792 544 666
Depreciation and amortization of premises and equipment . . . . . . . . . . . . . . . . . . . 243 233 231
Amortization of intangibles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .... 376 355 458
Provision for deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .... (97) (3) (301)
Gain on sales of securities and other assets, net . . . . . . . . . . . . . . . . . . . . . . . . . (570) (575) (316)
Loans originated for sale in the secondary market, net of repayments . . . . . . . .... (27,395) (22,231) (20,054)
Proceeds from sales of loans held for sale . . . . . . . . . . . . . . . . . . . . . . . . . .... 25,389 22,035 19,490
Other, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (460) 320 (1,186)
Net cash provided by operating activities . . . . . . . . . . . . . . . . . . . . . . . . .... 2,602 5,429 3,477
Investing Activities
Proceeds from sales of available-for-sale investment securities . . . . . . . . . . . . . . .... 2,135 1,441 5,039
Proceeds from maturities of investment securities . . . . . . . . . . . . . . . . . . . . . . . .... 4,211 5,012 10,264
Purchases of investment securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .... (9,816) (7,080) (13,148)
Net increase in loans outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8,015) (5,003) (9,095)
Proceeds from sales of loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .... 421 616 837
Purchases of loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .... (2,599) (2,922) (3,568)
Acquisitions, net of cash acquired . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (111) (600) (1,008)
Other, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,232) (313) (1,159)
Net cash used in investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . .... (15,006) (8,849) (11,838)
Financing Activities
Net increase (decrease) in deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .... 6,255 (392) 3,968
Net increase in short-term borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .... 5,371 6,612 7,116
Proceeds from issuance of long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,395 14,255 15,519
Principal payments or redemption of long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . (16,836) (13,120) (12,848)
Proceeds from issuance of preferred stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – 948 –
Proceeds from issuance of common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 427 910 371
Repurchase of common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,983) (2,798) (1,855)
Cash dividends paid on preferred stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (60) (33) –
Cash dividends paid on common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,785) (2,359) (2,245)
Net cash provided by financing activities . . . . . . . . . . . . . . . . . . . . . . . . .... 12,784 4,023 10,026
Change in cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . .... 380 603 1,665
Cash and cash equivalents at beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,805 8,202 6,537
Cash and cash equivalents at end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9,185 $ 8,805 $ 8,202
Supplemental Cash Flow Disclosures
Cash paid for income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .... $ 1,878 $ 2,263 $ 2,131
Cash paid for interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,360 5,339 3,365
Net noncash transfers to foreclosed property . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 180 145 98
Acquisitions
Assets acquired . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 635 $ 1,603 $ 1,545
Liabilities assumed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (393) (899) (393)
Net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 242 $ 704 $ 1,152
See Notes to Consolidated Financial Statements.
U.S. BANCORP 71