US Bank 2007 Annual Report Download - page 88

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Below is the estimated amortization expense for the next five years:
(Dollars in Millions)
2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $332
2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 287
2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 224
2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 172
2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128
The following table reflects the changes in the carrying value of goodwill for the years ended December 31, 2007 and 2006:
(Dollars in Millions)
Wholesale
Banking
Consumer
Banking
Wealth
Management
Payment
Services
Consolidated
Company
Balance at December 31, 2005 . . . . . . . . . . . . . . . . . . . . . $1,330 $2,106 $1,374 $2,195 $7,005
Goodwill acquired . . . . . . . . . . . . . . . . . . . . . . . . . . . . – 70 171 265 506
Other (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – – – 27 27
Balance at December 31, 2006 . . . . . . . . . . . . . . . . . . . . . $1,330 $2,176 $1,545 $2,487 $7,538
Goodwill acquired . . . . . . . . . . . . . . . . . . . . . . . . . . . . – 41 19 24 84
Other (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – – – 25 25
Balance at December 31, 2007 . . . . . . . . . . . . . . . . . . . . . $1,330 $2,217 $1,564 $2,536 $7,647
(a) Other changes in goodwill include the effect of foreign exchange translation.
Note 11 SHORT-TERM BORROWINGS (a)
The following table is a summary of short-term borrowings for the last three years:
(Dollars in Millions) Amount Rate Amount Rate Amount Rate
2007 2006 2005
At year-end
Federal funds purchased . . . . . . . . . . . . . . . . . . . . . . . . $ 2,817 1.88% $ 2,554 4.97% $ 3,133 3.93%
Securities sold under agreements to repurchase . . . . . . . . 10,541 4.11 9,763 4.57 10,854 3.65
Commercial paper. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,229 4.17 9,974 4.90 4,419 3.89
Other short-term borrowings . . . . . . . . . . . . . . . . . . . . . . 7,783 5.04 4,642 3.95 1,794 3.89
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $32,370 4.16% $26,933 4.62% $20,200 3.76%
Average for the year
Federal funds purchased (b) . . . . . . . . . . . . . . . . . . . . . . $ 2,731 9.63% $ 3,458 8.30% $ 2,916 6.63%
Securities sold under agreements to repurchase . . . . . . . . 10,939 4.53 10,680 4.24 11,849 2.93
Commercial paper. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,265 4.75 6,631 4.72 3,326 3.11
Other short-term borrowings . . . . . . . . . . . . . . . . . . . . . . 5,990 5.54 3,653 5.17 1,291 3.57
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $28,925 5.29% $24,422 5.08% $19,382 3.56%
Maximum month-end balance
Federal funds purchased . . . . . . . . . . . . . . . . . . . . . . . . $ 4,419 $ 5,886 $ 4,659
Securities sold under agreements to repurchase . . . . . . . . 12,181 13,988 14,931
Commercial paper. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,229 9,974 4,419
Other short-term borrowings . . . . . . . . . . . . . . . . . . . . . . 7,783 6,620 1,794
(a) Interest and rates are presented on a fully taxable-equivalent basis utilizing a tax rate of 35 percent.
(b) Average federal funds purchased rates include compensation expense for corporate card and corporate trust balances.
86 U.S. BANCORP