US Bank 2009 Annual Report Download - page 122

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$39 million gain related to the effective repurchase of a
portion of its Class B shares.
At December 31, 2009, the carrying amount of the
Company’s liability related to the remaining Visa Litigation,
was $115 million. The remaining Class B shares held by the
Company will be eligible for conversion to Class A shares
three years after the IPO or upon settlement of the Visa
litigation, whichever is later.
Patent Infringement Litigation In the ordinary course of
business, the Company makes use of various technologies
and business processes to provide products and services to its
customers. From time to time the Company is the target of
claims of persons alleging patent infringement with respect
to these processes or products. Currently, the Company is a
named defendant in a case filed in the U.S. District Court for
the Eastern District of Texas, DataTreasury Corp. v. Wells
Fargo & Co., et al. The plaintiff in that case alleges that the
Company infringed on six patents involving digital imaging
technology and processes related to check imaging. Because,
among other things, similar technologies existed prior to the
filing of these patents and the Company’s technology and
business processes differ from the plaintiff’s patents, the
Company believes the claims are without merit.
Other The Company is subject to various other litigation,
investigations and legal and administrative cases and
proceedings that arise in the ordinary course of its
businesses. Due to their complex nature, it may be years
before some matters are resolved. While it is impossible to
ascertain the ultimate resolution or range of financial
liability with respect to these contingent matters, including
the DataTreasury case, discussed above, the Company
believes that the aggregate amount of such liabilities will not
have a material adverse effect on the financial condition,
results of operations or cash flows of the Company.
Note 23 U.S. Bancorp (Parent Company)
Condensed Balance Sheet
December 31 (Dollars in Millions) 2009 2008
Assets
Due from banks, principally interest-bearing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $10,568 $12,082
Available-for-sale securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,554 1,842
Investments in bank subsidiaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,798 21,305
Investments in nonbank subsidiaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 854 703
Advances to bank subsidiaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,500 700
Advances to nonbank subsidiaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 918 745
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,511 2,161
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $41,703 $39,538
Liabilities and Shareholders’ Equity
Short-term funds borrowed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 842 $ 1,234
Long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,538 10,831
Other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 360 1,173
Shareholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,963 26,300
Total liabilities and shareholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $41,703 $39,538
120 U.S. BANCORP