SunTrust 2011 Annual Report Download - page 145
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Please find page 145 of the 2011 SunTrust annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.Notes to Consolidated Financial Statements (Continued)
129
Various Company facilities are leased under both capital and noncancelable operating leases with initial remaining terms in excess
of one year. Minimum payments, by year and in aggregate, as of December 31, 2011 were as follows:
(Dollars in millions)
2012
2013
2014
2015
2016
Thereafter
Total minimum lease payments
Amounts representing interest
Present value of net minimum lease payments
Operating
Leases
$214
205
194
177
169
509
$1,468
Capital
Leases
$2
2
2
2
2
6
16
4
$12
Net premises and equipment included $7 million related to capital leases as of both December 31, 2011 and 2010. Aggregate rent
expense (principally for offices), including contingent rent expense and sublease income, totaled $184 million, $179 million, and
$171 million for the years ended December 31, 2011, 2010, and 2009, respectively. Depreciation/amortization expense for the
years ended December 31, 2011, 2010, and 2009 totaled $181 million, $177 million, and $182 million, respectively.
NOTE 9 – GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill
Goodwill is required to be tested for impairment on an annual basis or as events occur or circumstances change that would more
likely than not reduce the fair value of a reporting unit below its carrying amount or indicate that it is more likely than not that a
goodwill impairment exists when the carrying amount of a reporting unit is zero or negative. As of December 31, 2011 and 2010,
the Company's reporting units with goodwill balances were Branch Banking, Diversified Commercial Banking, CIB, and W&IM.
Based on our annual impairment analysis of goodwill as of September 30, 2011, we determined there is no goodwill impairment
as the fair value for all reporting units is in excess of the respective reporting unit's carrying value by the following percentages:
Branch Banking 12%
Diversified Commercial Banking 27%
CIB 36%
W&IM 150%
The Company monitored events and circumstances during the fourth quarter of 2011, and it determined that there is no goodwill
impairment as of December 31, 2011. The changes in the carrying amount of goodwill by reportable segment for the year ended
December 31 are as follows:
(Dollars in millions)
Balance, January 1, 2011
Contingent consideration
Acquisition of certain additional assets of
CSI Capital Management
Balance, December 31, 2011
Balance, January 1, 2010
Intersegment transfers
Contingent consideration
Balance, December 31, 2010
Retail &
Commercial
$—
—
—
$—
$5,739
(5,739)
—
$—
Retail
Banking
$4,854
—
—
$4,854
$—
4,854
—
$4,854
Diversified
Commercial
Banking
$928
—
—
$928
$—
928
—
$928
CIB
$180
—
—
$180
$223
(43)
—
$180
W&IM
$361
1
20
$382
$357
—
4
$361
Total
$6,323
1
20
$6,344
$6,319
—
4
$6,323