Home Depot 2007 Annual Report Download - page 64

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Impact of Adjustments
The impact of each of the items noted above, net of tax, on fiscal 2006 beginning balances are presented below (amounts in millions):
4. INTANGIBLE ASSETS
The Company's intangible assets at the end of fiscal 2007 and 2006, which are included in Other Assets in the accompanying Consolidated
Balance Sheets, consisted of the following (amounts in millions):
The decrease in intangible assets from January 28, 2007 to February 3, 2008 was a result of the sale of HD Supply. Amortization expense related
to intangible assets in continuing operations was $9 million, $10 million and less than $1 million for fiscal 2007, 2006 and 2005, respectively.
Estimated future amortization expense for intangible assets recorded as of February 3, 2008 is $8 million, $8 million, $8 million, $5 million and
$4 million for fiscal 2008 through fiscal 2012, respectively.
5. DEBT
The Company has commercial paper programs that allow for borrowings up to $3.25 billion. All of the Company's short-term borrowings in
fiscal 2007 and 2006 were under these commercial paper programs. In connection with the commercial paper programs, the Company has a
back-up credit facility with a consortium of banks for borrowings up to $3.0 billion. The credit facility, which expires in December 2010,
contains various restrictions, none of which is expected to materially impact the Company's liquidity or capital resources.
Short-Term Debt under the commercial paper program was as follows (dollars in millions):
47
Cumulative Effect as of January 30, 2006
Stock Option
Practices
Vendor
Credits
Total
Merchandise Inventories
$
—
$
9
$
9
Accounts Payable
—
(
59
)
(59
)
Deferred Income Taxes
11
20
31
Other Accrued Expenses
(37
)
—
(
37
)
Paid
-
In Capital
(201
)
—
(
201
)
Retained Earnings
227
30
257
Total
$
—
$
—
$
—
February 3,
2008
January 28,
2007
Customer relationships
$
11
$
756
Trademarks and franchises
83
106
Other
29
67
Less accumulated amortization
(23
)
(151
)
Total
$
100
$
778
February 3,
2008
January 28,
2007
Balance outstanding at fiscal year
-
end
$
1,747
$
—
Maximum amount outstanding at any month
-
end
$
1,747
$
1,470
Average daily short
-
term borrowings
$
526
$
300
Weighted average interest rate
5.0
%
5.1
%