US Bank 2004 Annual Report Download - page 90
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Please find page 90 of the 2004 US Bank 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.The following table is a summary of the Debentures included in long-term debt as of December 31, 2004:
Trust
Preferred Earliest
Issuance Securities Debentures Rate Maturity Redemption
Issuance Trust (Dollars in Millions) Date Amount Amount (a) Type (b) Rate Date Date
Retail
USB Capital V ******************** December 2001 $300 $309 Fixed 7.25% December 2031 December 7, 2006
USB Capital IV ******************** November 2001 500 515 Fixed 7.35 November 2031 November 1, 2006
USB Capital III ******************** May 2001 700 722 Fixed 7.75 May 2031 May 4, 2006
Institutional
Star Capital I********************** June 1997 150 155 Variable 3.26 June 2027 June 15, 2007
Mercantile Capital Trust I *********** February 1997 150 155 Variable 3.01 February 2027 February 1, 2007
USB Capital I ********************* December 1996 300 309 Fixed 8.27 December 2026 December 15, 2006
Firstar Capital Trust I *************** December 1996 150 155 Fixed 8.32 December 2026 December 15, 2006
FBS Capital I ********************* November 1996 300 309 Fixed 8.09 November 2026 November 15, 2006
(a) Junior subordinated debentures issued to unconsolidated subsidiary trusts that are designated in fair value hedges at December 31, 2004, are recorded on the balance sheet at fair value.
Carrying value includes a fair value adjustment of $43 million related to hedges on certain junior subordinated debentures, as well as prepaid issuance fees of $(3) million.
(b) The variable-rate Trust Preferred Securities and Debentures reprice quarterly based on three-month LIBOR.
Shareholders’ Equity
At December 31, 2004 and 2003, the Company had completed without interference from the plan. Until a right
authority to issue 4 billion shares of common stock and is exercised, the holder of a right has no rights as a
10 million shares of preferred stock. The Company had shareholder of the Company. The rights expire on
1,857.6 million and 1,922.9 million shares of common February 27, 2011.
stock outstanding at December 31, 2004 and 2003, On December 18, 2001, the Board of Directors
respectively. At December 31, 2004, the Company had approved an authorization to repurchase 100 million shares
170.5 million shares of common stock reserved for future of common stock through 2003. In 2003, the Company
issuances, primarily under stock option plans. repurchased 7.0 million shares of common stock under the
The Company has a preferred share purchase rights plan, which expired in December of 2003. On
plan intended to preserve the long-term value of the December 16, 2003, the Board of Directors approved an
Company by discouraging a hostile takeover of the authorization to repurchase 150 million shares of common
Company. Under the plan, each share of common stock stock during the following 24 months. During 2003, the
carries a right to purchase one one-thousandth of a share of Company repurchased 8.0 million shares of common stock
preferred stock. The rights become exercisable in certain under the December 2003 plan. In 2004, the Company
limited circumstances involving a potential business repurchased 88.8 million shares of common stock under the
combination transaction or an acquisition of shares of the plan. On December 21, 2004, the Board of Directors
Company and are exercisable at a price of $100 per right, approved an authorization to repurchase 150 million shares
subject to adjustment. Following certain other events, each of common stock during the following 24 months. This new
right entitles its holder to purchase for $100 an amount of repurchase program replaces the Company’s December 16,
common stock of the Company, or, in certain 2003 program. In 2004, the Company repurchased
circumstances, securities of the acquirer, having a then- 5.0 million shares of common stock under the plan.
current market value of twice the exercise price of the right. The following table summarizes the Company’s common
The dilutive effect of the rights on the acquiring company is stock repurchased in each of the last three years:
intended to encourage it to negotiate with the Company’s (Dollars and Shares in Millions) Shares Value
Board of Directors prior to attempting a takeover. If the
2004 ******************************* 93.8 $2,656
Board of Directors believes a proposed acquisition is in the 2003 ******************************* 15.0 417
best interests of the Company and its shareholders, the 2002 ******************************* 45.3 1,040
Board may amend the plan or redeem the rights for a
nominal amount in order to permit the acquisition to be
88 U.S. BANCORP
Note 17