SunTrust 2006 Annual Report Download - page 62

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to loss related to its affordable housing limited partner investments consists of the limited partnership
equity investments, unfunded equity commitments, and debt issued by the Company to the limited
partnerships.
SunTrust is the managing general partner of a number of private investment limited partnerships which
have been established to provide alternative investment strategies for its clients. In reviewing the
partnerships for consolidation, SunTrust determined that these were voting interest entities and
accordingly considered the consolidation guidance contained in Emerging Issues Task Force (“EITF”)
Issue No. 04-5, “Determining Whether a General Partner, or the General Partners as a Group, Controls a
Limited Partnership or Similar Entity When the Limited Partners Have Certain Rights.” Under the terms
of SunTrust’s non-registered investment limited partnerships, the limited partnerships have certain
rights, such as the right to remove the general partner, or “kick-out rights”, as indicated in EITF Issue
No. 04-5. Therefore, SunTrust, as the general partner, is precluded from consolidating the limited
partnerships.
TABLE 14 - Unfunded Lending Commitments
(Dollars in millions)
December 31
2006
December 31
2005
Unused lines of credit
Commercial $40,764.3 $40,584.6
Mortgage commitments128,232.1 21,216.7
Home equity lines 18,959.8 15,712.3
Commercial real estate 7,187.0 6,818.0
Commercial paper conduit 8,022.3 7,190.3
Commercial credit card 1,519.7 1,165.7
Total unused lines of credit $104,685.2 $92,687.6
Letters of credit
Financial standby $12,540.6 $13,005.0
Performance standby 334.0 328.1
Commercial 123.4 177.3
Total letters of credit $12,998.0 $13,510.4
1Includes $6.2 billion and $3.1 billion in interest rate locks accounted for as derivatives as of December 31, 2006 and December 31, 2005, respectively.
CONTRACTUAL COMMITMENTS
In the normal course of business, the Company enters into certain contractual obligations. Such
obligations include obligations to make future payments on debt and lease arrangements, contractual
commitments for capital expenditures, and service contracts. Table 15 summarizes the Company’s
significant contractual obligations at December 31, 2006, except for pension and postretirement benefit
plans, included in Note 16, “Employee Benefit Plans,” to the Consolidated Financial Statements.
Additional information with respect to the obligations is presented in tables included in Note 16 to the
Consolidated Financial Statements.
TABLE 15 - Contractual Commitments
As of December 31, 2006
(Dollars in millions) 1 year or less 1-3 years 3-5 years After 5 years Total
Time deposit maturities1$42,254 $10,295 $467 $317 $53,333
Short-term borrowings113,881 - - - 13,881
Long-term debt1870 4,600 4,644 8,859 18,973
Operating lease obligations 139 237 173 375 924
Capital lease obligations1-121720
Purchase obligations257 43 102 1 203
Total $57,201 $15,176 $5,388 $9,569 $87,334
1Amounts do not include accrued interest.
2Includes contracts with a minimum annual payment of $5 million.
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