XML 110 R7.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Cash flows from operating activities:      
Net income before noncontrolling interests $ 546,119 $ 249,813 $ 282,793
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for loan losses 63,693 44,330 6,101
Provision for unfunded credit commitments 7,642 488 4,397
Changes in fair values of derivatives, net (31,508) (10,123) (26,202)
Gains on investment securities, net (419,408) (122,114) (195,034)
Depreciation and amortization 35,894 28,122 27,490
Amortization of premiums and discounts on available-for-sale securities, net 29,774 55,580 27,849
Tax benefit (expense) from stock exercises (1,167) 2,189 798
Amortization of share-based compensation 25,413 21,861 18,221
Amortization of deferred loan fees (73,008) (58,517) (61,158)
Deferred income tax expense 14,080 1,800 7,362
Gain on the sale of certain assets related to our equity services management business 0 (4,243) 0
Net gain from note repurchases and termination of corresponding interest rate swaps 0 0 (3,123) [1]
Losses from the write-off of premises and equipment 1,308 5,972 105
Changes in other assets and liabilities:      
Accrued interest receivable and payable, net (3,241) (6,254) (12,370)
Accounts receivable and payable, net (21) 35,221 (39,401)
Income tax payable and receivable, net (24,811) 9,631 (809)
Accrued compensation 22,925 (15,918) 35,403
Foreign exchange spot contracts, net 2,086 (50,901) 62,747
Other, net (22,684) 15,143 31,223
Net cash provided by operating activities 173,086 202,080 166,392
Cash flows from investing activities:      
Purchases of available-for-sale securities (3,336,476) (3,877,852) (7,127,525)
Proceeds from sales of available-for-sale securities 14,753 329,161 1,415,463
Proceeds from maturities and pay downs of available-for-sale securities 2,428,023 2,734,166 3,215,186
Purchases of nonmarketable securities (cost and equity method accounting) (24,847) (126,318) (59,081)
Proceeds from sales of nonmarketable securities (cost and equity method accounting) 58,828 51,246 36,589
Purchases of non-marketable and other securities (fair value accounting) (149,707) (135,362) (164,910)
Proceeds from sales and distributions of non-marketable and other securities (fair value accounting) 132,931 124,538 80,757
Net increase in loans (1,943,650) (1,964,250) (1,429,702)
Proceeds from recoveries of charged-off loans 11,161 9,693 25,123
Purchases of premises and equipment (31,312) (40,232) (30,856)
Proceeds from the sale of certain assets related to our equity services management business 0 2,870 0
Net cash used for investing activities (2,840,296) (2,892,340) (4,038,956)
Cash flows from financing activities:      
Net increase in deposits 3,296,527 2,466,916 2,372,595
(Decrease) increase in short-term borrowings (161,030) 166,110 (37,245)
Principal payments of other long term debt 0 (1,222) (4,179)
Capital contributions from noncontrolling interests, net of distributions 8,114 59,057 96,178
Tax benefit from stock exercises 6,826 5,581 6,342
Proceeds from issuance of common stock and ESPP 46,569 29,282 36,873
Principal payments of 5.70% Senior Notes 0 (141,429) 0
Payments for repurchases of portions of 5.70% Senior Notes and 6.05% Subordinated Notes, including repurchase premiums and associated fees 0 0 (346,443)
Proceeds from termination of portions of interest rate swaps associated with 5.70% Senior Notes and 6.05% Subordinated Notes 0 0 36,959
Payments for settlement of 3.875% Convertible Notes 0 0 (250,000)
Net cash provided by financing activities 3,197,006 2,584,295 1,911,080
Net increase (decrease) in cash and cash equivalents 529,796 (105,965) (1,961,484)
Cash and cash equivalents at beginning of period 1,008,983 1,114,948 3,076,432
Cash and cash equivalents at end of period 1,538,779 1,008,983 1,114,948
Cash paid during the period for:      
Interest 31,913 31,048 41,203
Income taxes 142,231 95,678 103,848
Noncash items during the period:      
Changes in unrealized gains and losses on available-for-sale securities, net of tax $ (154,013) $ 23,612 $ 65,689
[1] Represents gains from the repurchase of $109 million of our 5.70% Senior Notes and $204 million of our 6.05% Subordinated Notes and the termination of the corresponding portions of interest rate swaps in 2011. For more information, see Note 11–"Short-Term Borrowings and Long-Term Debt."