Wells Fargo 2007 Annual Report Download - page 94

91
(in millions) Year ended December 31,
2007 2006 2005
Net gains from private equity
investments $598 $393 $351
Net gains from all other nonmarketable
equity investments 4 20 43
Net gains from nonmarketable
equity investments $602 $413 $394
Note 7: Premises, Equipment, Lease Commitments and Other Assets
Operating lease rental expense (predominantly for premises),
net of rental income, was $673 million, $631 million and
$583 million in 2007, 2006 and 2005, respectively.
The components of other assets were:
Depreciation and amortization expense for premises and
equipment was $828 million, $737 million and $810 million
in 2007, 2006 and 2005, respectively.
Net gains on dispositions of premises and equipment,
included in noninterest expense, were $3 million, $13 million
and $56 million in 2007, 2006 and 2005, respectively.
We have obligations under a number of noncancelable
operating leases for premises and equipment. The terms
of these leases are predominantly up to 15 years, with the
longest up to 72 years, and many provide for periodic
adjustment of rentals based on changes in various economic
indicators. Some leases also include a renewal option. The
following table provides the future minimum payments under
capital leases and noncancelable operating leases, net of
sublease rentals, with terms greater than one year as of
December 31, 2007. Income related to nonmarketable equity investments was:
(in millions) December 31,
2007 2006
Land $ 707 $ 657
Buildings 4,088 3,891
Furniture and equipment 4,526 3,786
Leasehold improvements 1,258 1,117
Premises and equipment leased
under capital leases 67 60
Total premises and equipment 10,646 9,511
Less: Accumulated depreciation
and amortization 5,524 4,813
Net book value, premises and equipment $ 5,122 $4,698
(in millions) Operating Capital
leases leases
Year ended December 31,
2008 $ 618 $ 4
2009 533 5
2010 443 5
2011 365 2
2012 316 1
Thereafter 1,408 14
Total minimum lease payments $3,683 31
Executory costs (2)
Amounts representing interest (9)
Present value of net minimum
lease payments $20
(in millions) December 31,
2007 2006
Nonmarketable equity investments:
Private equity investments $ 2,024 $ 1,671
Federal bank stock 1,925 1,326
All other 2,981 2,240
Total nonmarketable equity
investments (1) 6,930 5,237
Operating lease assets 2,218 3,091
Accounts receivable 10,913 7,522
Interest receivable 2,977 2,570
Core deposit intangibles 435 383
Foreclosed assets:
GNMA loans (2) 535 322
Other 649 423
Due from customers on acceptances 62 103
Other 12,426 9,892
Total other assets $37,145 $29,543
(1) At December 31, 2007 and 2006, $5.9 billion and $4.5 billion, respectively,
of nonmarketable equity investments, including all federal bank stock,
were accounted for at cost.
(2) Consistent with regulatory reporting requirements, foreclosed assets include
foreclosed real estate securing GNMA loans. Both principal and interest for
GNMA loans secured by the foreclosed real estate are collectible because
the GNMA loans are insured by the Federal Housing Administration or
guaranteed by the Department of Veterans Affairs.