US Bank 2003 Annual Report Download - page 88

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Long-Term Debt
Long-term debt (debt with original maturities of more than one year) at December 31 consisted of the following:
(Dollars in Millions) 2003 2002
U.S. Bancorp (Parent Company)
Fixed-rate subordinated notes
7.00% due 2003************************************************************************************* $ — $ 150
6.625% due 2003************************************************************************************ — 100
7.25% due 2003************************************************************************************* —32
8.00% due 2004************************************************************************************* 73 73
7.625% due 2005************************************************************************************ 120 120
6.75% due 2005************************************************************************************* 191 191
6.875% due 2007************************************************************************************ 220 220
7.30% due 2007************************************************************************************* 200 200
7.50% due 2026************************************************************************************* 200 200
Senior contingent convertible debt 1.50% due 2021 ******************************************************** —57
Medium-term notes ************************************************************************************* 4,025 4,127
Capitalized lease obligations, mortgage indebtedness and other ********************************************* 171 225
Subtotal ***************************************************************************************** 5,200 5,695
Subsidiaries
Fixed-rate subordinated notes
6.00% due 2003************************************************************************************* —79
6.375% due 2004************************************************************************************ 75 75
6.375% due 2004************************************************************************************ 150 150
7.55% due 2004************************************************************************************* 100 100
8.35% due 2004************************************************************************************* 100 100
7.30% due 2005************************************************************************************* 100 100
6.875% due 2006************************************************************************************ 70 70
6.625% due 2006************************************************************************************ 100 100
6.50% due 2008************************************************************************************* 300 300
6.30% due 2008************************************************************************************* 300 300
5.70% due 2008************************************************************************************* 400 400
7.125% due 2009************************************************************************************ 500 500
7.80% due 2010************************************************************************************* 300 300
6.375% due 2011************************************************************************************ 1,500 1,500
6.30% due 2014************************************************************************************* 1,000 1,000
4.80% due 2015************************************************************************************* 500 —
Federal Home Loan Bank advances ********************************************************************** 8,595 9,255
Bank notes********************************************************************************************* 10,870 7,302
Euro medium-term notes due 2004 *********************************************************************** 400 400
Capitalized lease obligations, mortgage indebtedness and other ********************************************* 655 862
Subtotal ***************************************************************************************** 26,015 22,893
Total ******************************************************************************************** $31,215 $28,588
In April 2003, the Company’s subsidiary U.S. Bank Federal Home Loan Bank (‘‘FHLB’’) advances
National Association issued $500 million of fixed-rate outstanding at December 31, 2003, mature from February
subordinated notes due April 15, 2015. The interest rate is 2004 through October 2026. The advances bear fixed or
4.80 percent per annum. floating interest rates ranging from .50 percent to
Medium-term notes (‘‘MTNs’’) outstanding at 8.25 percent. The Company has an arrangement with the
December 31, 2003, mature from May 2004 through FHLB whereby based on collateral available (residential and
March 2008. The MTNs bear fixed or floating interest rates commercial mortgages), the Company could have borrowed
ranging from 1.28 percent to 7.05 percent. The weighted- an additional $7.0 billion at December 31, 2003. The
average interest rate of MTNs at December 31, 2003, was weighted-average interest rate of FHLB advances at
3.87 percent. December 31, 2003, was 2.25 percent.
86 U.S. Bancorp
Note 14