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Table of Contents
Index to Financial Statements
STATEMENTS OF CASH FLOWS
(in thousands)
127
Year Ended December 31,
2004
2003
2002
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)
$
380,483
$
203,027
$
(186,405
)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating
activities:
Equity in undistributed income of Bank subsidiary
(215,614
)
(133,632
)
(113,514
)
Equity in undistributed (income) loss of other subsidiaries
(144,283
)
(101,262
)
34,733
Equity in net income of investments
(10,272
)
(14,584
)
(9,933
)
Depreciation and amortization
54,664
57,668
72,879
(Gain) loss on investments and impairment charges
(1,427
)
(93
)
8,356
Unrealized loss on venture fund
5,412
4,103
8,621
Non cash restructuring costs and other exit charges
14,478
30,770
29,336
Cumulative effect of accounting change
—
—
229,316
Gain on early extinguishment of debt
—
—
(
8,669
)
Other
4,645
(1,348
)
4,844
Other changes, net:
Other assets and liabilities, net
95,684
(32,691
)
95,817
Decrease in restructuring liabilities
(9,299
)
(27,389
)
(25,075
)
Net cash provided by (used in) operating activities
174,471
(15,431
)
140,306
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment
(70,206
)
(38,344
)
(110,083
)
Purchase of investments
(10,566
)
(5,800
)
(6,894
)
Proceeds from sale/maturity of investments
16,409
4,246
13,472
Advances to other subsidiaries
—
(
68,153
)
(109,699
)
Restricted deposits
—
—
71,888
Other
—
(
1,471
)
2,125
Net cash used in investing activities
(64,363
)
(109,522
)
(139,191
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sale of investments
—
4,946
—
Proceeds from issuance of common stock
43,974
51,740
13,742
Proceeds from issuance of Senior Notes
394,000
—
—
Repurchase of treasury stock
(175,776
)
—
(
43,481
)
Dividends issued by subsidiary
43,512
50,000
50,000
Payments on call of subordinated notes
(428,902
)
—
—
Payment of capital leases
(734
)
(6,031
)
(14,431
)
Other
260
9,123
(4,512
)
Net cash provided by (used in) financing activities
(123,666
)
109,778
1,318
(DECREASE) INCREASE IN CASH AND EQUIVALENTS
(13,558
)
(15,175
)
2,433
CASH AND EQUIVALENTS
—
Beginning of year
82,565
97,740
95,307
CASH AND EQUIVALENTS
—
End of year
$
69,007
$
82,565
$
97,740