Wells Fargo 2009 Annual Report Download - page 182
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Note 24: Condensed Consolidating Financial Statements
Following are the condensed consolidating financial state-
ments of the Parent and Wells Fargo Financial, Inc. and its
wholly-owned subsidiaries (WFFI). In 2002, the Parent issued
a full and unconditional guarantee of all outstanding term
debt securities and commercial paper of WFFI. WFFI ceased
filing periodic reports under the Securities Exchange Act
of 1934 and is no longer a separately rated company. The
Parent also guaranteed all outstanding term debt securities of
Wells Fargo Financial Canada Corporation (WFFCC), WFFI’s
wholly-owned Canadian subsidiary. WFFCC has continued to
issue term debt securities and commercial paper in Canada,
unconditionally guaranteed by the Parent.
Condensed Consolidating Statement of Income
Other
consolidating Consolidated
(in millions) Parent WFFI subsidiaries Eliminations Company
Year ended December 31, 2009
Dividends from subsidiaries:
Bank $ 6,974 — — (6,974) —
Nonbank 528 — — (528) —
Interest income from loans — 3,467 38,140 (18) 41,589
Interest income from subsidiaries 2,126 — — (2,126) —
Other interest income 424 111 14,150 — 14,685
Total interest income 10,052 3,578 52,290 (9,646) 56,274
Deposits — — 3,774 — 3,774
Short-term borrowings 174 38 782 (772) 222
Long-term debt 3,391 1,305 2,458 (1,372) 5,782
Other interest expense — — 172 — 172
Total interest expense 3,565 1,343 7,186 (2,144) 9,950
Net interest income 6,487 2,235 45,104 (7,502) 46,324
Provision for credit losses — 1,901 19,767 — 21,668
Net interest income after provision for credit losses 6,487 334 25,337 (7,502) 24,656
Noninterest income
Fee income – nonaffiliates — 148 22,815 — 22,963
Other 738 169 19,135 (643) 19,399
Total noninterest income 738 317 41,950 (643) 42,362
Noninterest expense
Salaries and benefits 320 129 26,018 — 26,467
Other 521 711 21,964 (643) 22,553
Total noninterest expense 841 840 47,982 (643) 49,020
Income (loss) before income tax expense (benefit)
and equity in undistributed income of subsidiaries 6,384 (189) 19,305 (7,502) 17,998
Income tax expense (benefit) (164) (86) 5,581 — 5,331
Equity in undistributed income of subsidiaries 5,727 — — (5,727) —
Net income (loss) before noncontrolling interests 12,275 (103) 13,724 (13,229) 12,667
Less: Net income from noncontrolling interests — 1 391 — 392
Parent, WFFI, Other and Wells Fargo net income (loss) $12,275 (104) 13,333 (13,229) 12,275