 |
| Statement of Cash Flows |
|
Years Ended December 31
|
| (In thousands) |
2000
|
1999
|
1998
|
|
| OPERATING
ACTIVITIES |
|
|
|
|
|
Net income |
$ 329,127 |
$ 340,468 |
$ 474,074 |
|
Adjustments
to reconcile net income to net |
|
|
|
|
|
cash
provided by operating activities: |
|
|
|
|
|
Net losses
(gains) on sales of |
|
|
|
|
|
|
available-for-sale
securities |
4,110 |
(6,303) |
(4) |
|
|
Amortization
of goodwill |
2,385 |
2,406 |
2,386 |
|
|
Other
amortization and depreciation |
732 |
953 |
9,002 |
|
|
Net decrease
(increase) in accrued interest |
|
|
|
|
|
|
receivable and
other assets |
12,875 |
80,259 |
(26,563) |
|
|
Net decrease
(increase) in accrued expenses |
|
|
|
|
|
|
and other liabilities |
(47,655) |
52,205 |
(17,170) |
|
|
Dividends
in excess of (equity in undistributed) |
|
|
|
|
|
|
subsidiaries’ annual
earnings |
223,950 |
(108,710) |
(111,750) |
|
|
Provision
for deferred income taxes |
-0- |
707 |
2,277 |
|
|
Other
operating activities, net |
-0- |
(294) |
(355) |
|
|
|
|
|
 |
|
|
Net cash provided
by operating activities |
525,524 |
361,691 |
331,897 |
|
|
|
|
|
| INVESTING
ACTIVITIES |
|
|
|
|
Net decrease
(increase) in |
|
|
|
|
|
available-for-sale
securities |
49,241 |
(34,230) |
(38,342) |
|
Net decrease
(increase) in |
|
|
|
|
|
other
interest-earning assets |
40,465 |
(159,664) |
-0- |
|
Net sales
of premises and equipment |
-0- |
-0- |
5,751 |
|
Net decrease
(increase) in loans |
-0- |
390 |
(227) |
|
Net decrease
in securities purchased under |
|
|
|
|
|
agreements
to resell |
-0- |
61,315 |
30,359 |
|
Net cash
provided by acquisitions, liquidations |
|
|
|
|
|
and funding
of subsidiaries |
-0- |
-0- |
8,268 |
|
|
|
|
|
|
|
|
Net cash provided
(used) by investing activities |
89,706 |
(132,189) |
5,809 |
|
|
|
|
|
| FINANCING
ACTIVITIES |
|
|
|
|
Net increase
(decrease) in commercial paper |
3,745 |
(1,290) |
1,653 |
|
Net decrease
in other borrowed funds |
-0- |
(6,389) |
(230) |
|
Issuance
of long-term debt |
-0- |
174,539 |
-0- |
|
Payments
for maturing long-term debt |
-0- |
(100,000) |
-0- |
|
Cash
dividends paid |
(305,383) |
(183,848) |
(195,560) |
|
Proceeds
from employee stock plans and |
|
|
|
|
|
dividend
reinvestment plan |
62,066 |
53,564 |
45,943 |
|
Purchases
of common stock |
(375,822) |
(166,475) |
(201,898) |
|
|
|
|
|
|
|
|
Net cash used by
financing activities |
(615,394) |
(229,899) |
(350,092) |
|
|
|
|
|
|
Decrease
in cash |
(164) |
(397) |
(12,386) |
|
Cash
at beginning of year |
622 |
1,019 |
13,405 |
|
|
|
|
|
|
Cash
at end of year |
$ 458 |
$ 622 |
$ 1,019 |
|
|
|
|
