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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities:      
Net income before noncontrolling interests $ 519,178 $ 390,266 $ 374,820
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for loan losses 92,304 106,679 [1] 95,683 [1]
Gains on investment securities, net (64,603) (51,740) (89,445)
Depreciation and amortization 56,123 46,819 40,008
Amortization of premiums and discounts on available-for-sale securities, net 2,530 6,582 18,271
Amortization of share-based compensation 36,900 35,494 32,239
Amortization of deferred loan fees (111,738) (98,150) (89,384)
Deferred income tax (benefit) expense 25,187 (4,235) (9,133)
Excess Tax Benefit from Share-based Compensation, Operating Activities [2] (18,014) 0 0
Gain (Loss) on Disposition of Business (5,124) 0 (1,287)
Changes in other assets and liabilities:      
Accrued interest receivable and payable, net (31,372) (3,663) (8,397)
Accounts receivable and payable, net 3,481 (4,945) (24,029)
Income tax payable and receivable, net 46,168 3,672 (9,857)
Accrued compensation 31,689 (15,292) 30,293
Foreign exchange spot contracts, net (20,891) 3,093 (31,159)
Other, net 15,882 41,684 64,044
Net cash provided by operating activities 580,099 437,977 339,197
Cash flows from investing activities:      
Purchases of available-for-sale securities (2,420,741) (429,268) (4,586,680)
Proceeds from sales of available-for-sale securities 580,871 2,892,460 8,054
Proceeds from maturities and pay downs of available-for-sale securities 3,339,574 1,364,398 1,704,918
Purchases of held-to-maturity securities (5,967,223) (1,306,010) (2,888,805)
Proceeds from maturities and paydowns of held-to-maturity securities 1,708,001 1,656,580 1,495,362
Purchases of nonmarketable securities (43,994) (48,932) (39,455)
Proceeds from sales of nonmarketable securities 117,765 96,708 138,453
Net increase in loans (3,170,099) (3,157,281) (2,328,944)
Purchases of premises and equipment (50,884) (53,311) (53,918)
Proceeds from Divestiture of Businesses 3,000   39,284 [3]
Effect of deconsolidation due to adoption of ASU 2015-02 0 0 15,995
Net cash used for investing activities (5,903,730) 1,015,344 (6,495,736)
Cash flows from financing activities:      
Net increase in deposits 5,274,207 (162,908) 4,719,738
Increase (decrease) in short-term borrowings 521,062 (262,232) 767,119
Repayments of Other Long-term Debt (97,781) 0 0
Proceeds from (Payments of) Capital Calls (Distributions) from Noncontrolling Interest (23,535) (8,195) (23,518)
Proceeds from issuance of common stock, ESPP, and ESOP 27,003 26,147 22,410
Tax benefit from stock exercises [2] 0 (3,640) 16,602
Proceeds from issuance of 3.50% Senior Notes 0 0 346,431
Net cash provided by financing activities 5,700,956 (410,828) 5,848,782
Net increase (decrease) in cash and cash equivalents 377,325 1,042,493 (307,757)
Cash and cash equivalents at beginning of period 2,545,750 1,503,257 1,811,014 [3]
Cash and cash equivalents at end of period 2,923,075 2,545,750 1,503,257
Cash paid during the period for:      
Interest 45,592 42,918 35,280
Income taxes 277,823 240,752 220,484
Noncash items during the period:      
Changes in unrealized gains and losses on available-for-sale securities, net of tax (24,788) 15,873 (22,692)
Distributions Of Stock From Investments 6,807 1,315 64,503 [4]
Equity warrant assets      
Adjustments to reconcile net income to net cash provided by operating activities:      
Unrealized Gain (Loss) on Derivatives (11,862) (9,251) (54,678)
Derivative      
Adjustments to reconcile net income to net cash provided by operating activities:      
Unrealized Gain (Loss) on Derivatives $ 14,261 $ (9,036) $ 1,208
[1] Our consolidated statements of income for the years ended December 31, 2016 and 2015 were modified from prior periods’ presentation to conform to the current period's presentation, which reflects our provision for loan losses and provision for unfunded credit commitments together as our “provision for credit losses”. In prior periods, our provision for unfunded credit commitments were reported separately as a component of noninterest expense.
[2] In 2017 we adopted ASU 2016-09, Improvements to Employee Share-Based Payment Accounting on a prospective basis with no change to prior period amounts. See Note 2- "Summary of Significant Accounting Policies" of the "Notes to Consolidated Financial Statements" under Part II, Item 8 of this report for additional details.
[3] Cash and cash equivalents at December 31, 2014 included $15.0 million recognized in assets held-for-sale in conjunction with the SVBIF sale transaction. On April 13, 2015 we received net proceeds of $39.3 million consisting of the sales price of $48.6 million less $9.3 million of cash and cash equivalents held by SVBIF that were sold.
[4] For the year ended December 31, 2015, includes distributions to our noncontrolling interests of $41.5 million.