US Bank 2008 Annual Report Download - page 88

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The following table reflects the changes in the carrying value of goodwill for the years ended December 31, 2008 and 2007:
(Dollars in Millions)
Wholesale
Banking
Consumer
Banking
Wealth
Management
Payment
Services
Consolidated
Company
Balance at December 31, 2006 . . . . . . . . . . . . . . . . . . . . . $1,330 $2,379 $1,545 $2,284 $7,538
Goodwill acquired . . . . . . . . . . . . . . . . . . . . . . . . . . . . – 41 19 24 84
Other (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – – – 25 25
Balance at December 31, 2007 . . . . . . . . . . . . . . . . . . . . . $1,330 $2,420 $1,564 $2,333 $7,647
Goodwill acquired . . . . . . . . . . . . . . . . . . . . . . . . . . . . 145 813 (2) 12 968
Other (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – – – (44) (44)
Balance at December 31, 2008 . . . . . . . . . . . . . . . . . . . . . $1,475 $3,233 $1,562 $2,301 $8,571
(a) Other changes in goodwill include the effect of foreign exchange translation.
Note 12 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
2008 2007 2006
At year-end
Federal funds purchased . . . . . . . . . . . . . . . . . . . . . . . . $ 2,369 .17% $ 2,817 1.88% $ 2,554 4.97%
Securities sold under agreements to repurchase . . . . . . . . 9,493 2.65 10,541 4.11 9,763 4.57
Commercial paper. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,061 .22 11,229 4.17 9,974 4.90
Other short-term borrowings . . . . . . . . . . . . . . . . . . . . . . 12,060 1.87 7,783 5.04 4,642 3.95
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $33,983 1.48% $32,370 4.16% $26,933 4.62%
Average for the year
Federal funds purchased (b) . . . . . . . . . . . . . . . . . . . . . . $ 3,834 5.19% $ 2,731 9.63% $ 3,458 8.30%
Securities sold under agreements to repurchase . . . . . . . . 11,982 3.07 10,939 4.53 10,680 4.24
Commercial paper. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,532 1.91 9,265 4.75 6,631 4.72
Other short-term borrowings . . . . . . . . . . . . . . . . . . . . . . 11,889 3.16 5,990 5.54 3,653 5.17
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $38,237 2.99% $28,925 5.29% $24,422 5.08%
Maximum month-end balance
Federal funds purchased . . . . . . . . . . . . . . . . . . . . . . . . $ 9,681 $ 4,419 $ 5,886
Securities sold under agreements to repurchase . . . . . . . . 15,198 12,181 13,988
Commercial paper. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,440 11,229 9,974
Other short-term borrowings . . . . . . . . . . . . . . . . . . . . . . 17,642 7,783 6,620
(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