US Bank 2001 Annual Report Download - page 63

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Investment Securities
The detail of the amortized cost, gross unrealized holding gains and losses, and fair value of held-to-maturity and available-
for-sale securities at December 31 was as follows:
2001 2000
Gross Gross Gross Gross
Unrealized Unrealized Unrealized Unrealized
Amortized Holding Holding Fair Amortized Holding Holding Fair
(Dollars in Millions) Cost Gains Losses Value Cost Gains Losses Value
Held-to-maturity
Asset-backed securities ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 28 $ Ì $ Ì $ 28 $ 36 $ Ì $ Ì $ 36
Obligations of state and political
subdivisions ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 271 9 (2) 278 216 5 Ì 221
Total held-to-maturity securitiesÏÏÏÏÏÏÏ $ 299 $ 9 $ (2) $ 306 $ 252 $ 5 $ Ì $ 257
Available-for-sale
U.S. Treasuries and agenciesÏÏÏÏÏÏÏÏÏ $ 439 $ 10 $ Ì $ 449 $ 1,600 $ 27 $ (3) $ 1,624
Asset-backed securities ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 24,028 114 (114) 24,028 11,800 128 (35) 11,893
Obligations of state and political
subdivisions ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 877 16 (2) 891 2,370 41 (2) 2,409
Other ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 950 35 (44) 941 1,472 21 (29) 1,464
Total available-for-sale securities ÏÏ $26,294 $175 $(160) $26,309 $17,242 $217 $(69) $17,390
Securities carried at $18.1 billion at December 31, 2001, and $13.3 billion at December 31, 2000, were pledged to
secure public, private and trust deposits and for other purposes required by law. Securities sold under agreements to
repurchase were collateralized by securities and securities purchased under agreements to resell with an amortized cost of
$3.0 billion and $1.0 billion at December 31, 2001, and 2000, respectively.
The following table provides information as to the amount of gross gains and losses realized through the sales of available-
for-sale investment securities.
(Dollars in Millions) 2001 2000 1999
Gross realized gains ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $333.1 $ 23.1 $ 31.1
Gross realized losses(a) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (4.0) (15.0) (195.6)
Net realized gains (losses) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $329.1 $ 8.1 $(164.5)
Income tax (beneÑt) on realized gains (losses) ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $115.2 $ 2.8 $ (57.9)
(a) Included in the gross realized losses for 1999 is $177.7 million related to the Mercantile balance sheet restructuring. These losses were included in merger and restructuring-
related expense.
For amortized cost, fair value and yield by maturity date of held-to-maturity and available-for-sale securities outstanding
as of December 31, 2001, see Table 11 included in Management's Discussion and Analysis which is incorporated by
reference into these Notes to Consolidated Financial Statements.
U.S. Bancorp
Note 6
61