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PNC » Topics » R ESTATEMENT O F T HE 2006 C ONSOLIDATED S TATEMENT O F C ASH F LOWS

This excerpt taken from the PNC 10-K filed Feb 4, 2008.

RESTATEMENT OF THE 2006 CONSOLIDATED STATEMENT OF CASH FLOWS

Subsequent to the issuance of our 2006 Consolidated Financial Statements, we determined that the Consolidated Statement of Cash Flows for the year ended December 31, 2006 should be restated. The restatement resulted from the misclassification of cash flows related to our fourth quarter 2006 issuance of perpetual trust securities (see Note 3). The cash flows related to the issuance of these securities totaling $489 million had previously been classified within the “Operating Activities” section of the Consolidated Statement of Cash Flows. We have concluded that the cash flows of this transaction should have been classified within the “Financing Activities” section of the Consolidated Statement of Cash Flows. As a result, we have restated the accompanying Consolidated Statement of Cash Flows for the year ended December 31, 2006.

 

The effect of the restatement on the 2006 Consolidated Statement of Cash Flows is as follows:

 

      As Previously
Reported		    As
Restated		  

Operating Activities:

      

Net change in – Other

    40    (449 )

Net cash provided (used) by operating activities

    2,648    2,159  

Financing Activities:

      

Sales/issuances – Perpetual trust securities

    —      489  

Net cash provided by financing activities

    2,719    3,208  

The restatement had no impact on the “Net Increase In Cash And Due From Banks” set forth in the Consolidated Statement of Cash Flows for the year ended December 31, 2006 or the balance of “Cash and due from banks” in the Consolidated Balance Sheet as of December 31, 2006.

The restatement does not affect our Consolidated Income Statement, Consolidated Balance Sheet or Consolidated Statement of Shareholders’ Equity as of or for the year ended December 31, 2006. Accordingly, our previously reported revenues, net income, earnings per share, total assets and regulatory capital as of and for the year ended December 31, 2006 remain unchanged. In addition, the restatement did not impact our Consolidated Income Statements, the Consolidated Statements of Cash Flows or the Consolidated Statements of Shareholders’ Equity for the years ended December 31, 2005 or 2004 or the Consolidated Balance Sheet as of December 31, 2005.

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