US Bank 2015 Annual Report Download - page 151

Download and view the complete annual report

Please find page 151 of the 2015 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.

Page out of 173

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173

CONDENSED STATEMENT OF CASH FLOWS
Year Ended December 31 (Dollars in Millions) 2015 2014 2013
Operating Activities
Net income attributable to U.S. Bancorp ..................................................... $ 5,879 $ 5,851 $ 5,836
Adjustments to reconcile net income to net cash provided by operating activities
Equity in undistributed (income) losses of subsidiaries ........................................ (1,991) (2,107) 139
Other, net ............................................................................ 507 48 (40)
Net cash provided by operating activities ................................................. 4,395 3,792 5,935
Investing Activities
Proceeds from sales and maturities of investment securities ..................................... 153 46 75
Purchases of investment securities ......................................................... (47) (39) (118)
Net (increase) decrease in short-term advances to subsidiaries ................................... (273) 984 4,543
Long-term advances to subsidiaries ........................................................ (500) (1,800) (750)
Principal collected on long-term advances to subsidiaries ....................................... – 1,400 –
Other, net ............................................................................. (6) (52) 3
Net cash (used in) provided by investing activities .......................................... (673) 539 3,753
Financing Activities
Net (decrease) increase in short-term borrowings .............................................. (152) 39 4
Proceeds from issuance of long-term debt ................................................... – 3,250 1,500
Principal payments or redemption of long-term debt ........................................... (1,750) (1,500) (2,850)
Proceeds from issuance of preferred stock ................................................... 745 – 487
Proceeds from issuance of common stock ................................................... 295 453 524
Redemption of preferred stock ............................................................. – – (500)
Repurchase of common stock ............................................................. (2,190) (2,200) (2,282)
Cash dividends paid on preferred stock ..................................................... (242) (243) (254)
Cash dividends paid on common stock ...................................................... (1,777) (1,726) (1,576)
Net cash used in financing activities ..................................................... (5,071) (1,927) (4,947)
Change in cash and due from banks .................................................... (1,349) 2,404 4,741
Cash and due from banks at beginning of year ................................................ 10,775 8,371 3,630
Cash and due from banks at end of year ................................................. $ 9,426 $10,775 $ 8,371
Transfer of funds (dividends, loans or advances) from bank
subsidiaries to the Company is restricted. Federal law requires
loans to the Company or its affiliates to be secured and
generally limits loans to the Company or an individual affiliate
to 10 percent of each bank’s unimpaired capital and surplus.
In the aggregate, loans to the Company and all affiliates
cannot exceed 20 percent of each bank’s unimpaired capital
and surplus.
Dividend payments to the Company by its subsidiary bank
are subject to regulatory review and statutory limitations and,
in some instances, regulatory approval. In general, dividends
by the Company’s bank subsidiary to the parent company are
limited by rules which compare dividends to net income for
regulatorily-defined periods. Furthermore, dividends are
restricted by minimum capital constraints for all national
banks.
NOTE 25 SUBSEQUENT EVENTS
The Company has evaluated the impact of events that have
occurred subsequent to December 31, 2015 through the date
the consolidated financial statements were filed with the
United States Securities and Exchange Commission. Based
on this evaluation, the Company has determined none of
these events were required to be recognized or disclosed in
the consolidated financial statements and related notes.
—149 —