BB&T 2007 Annual Report Download - page 117

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BB&T CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Parent Company
Condensed Statements of Cash Flows
For the Years Ended December 31, 2007, 2006 and 2005
2007 2006 2005
(Dollars in millions)
Cash Flows From Operating Activities:
Net income $ 1,734 $ 1,528 $ 1,654
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in earnings of subsidiaries (in excess of) less than dividends from
subsidiaries (649) 109 (347)
Amortization of intangibles 3 2 2
Discount accretion and premium amortization 3 4 2
Loss on sales of securities — — (4)
(Increase) decrease in other assets (3) (9) 28
(Decrease) increase in accounts payable and accrued liabilities (39) 29 22
Other, net 22—
Net cash provided by operating activities 1,051 1,665 1,357
Cash Flows From Investing Activities:
Proceeds from sales of securities available for sale 32 14 7
Purchases of securities available for sale (136) (15) —
Investment in subsidiaries (101) (61) (25)
Advances to subsidiaries (3,984) (1,033) (519)
Proceeds from repayment of advances to subsidiaries 1,491 307 393
Net cash acquired (paid) in purchase accounting transactions 5 (15) (93)
Net cash used in investing activities (2,693) (803) (237)
Cash Flows From Financing Activities:
Net increase in long-term debt 350 599 416
Net increase in short-term borrowed funds 350 391 146
Net decrease in advances from subsidiaries — — (9)
Net proceeds from common stock issued 64 91 80
Redemption of common stock (254) (936) (486)
Cash dividends paid on common stock (962) (863) (801)
Net cash used in financing activities (452) (718) (654)
Net (Decrease) Increase in Cash and Cash Equivalents (2,094) 144 466
Cash and Cash Equivalents at Beginning of Year 2,131 1,987 1,521
Cash and Cash Equivalents at End of Year $ 37 $ 2,131 $ 1,987
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