US Bank 2015 Annual Report Download - page 114

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The following table reflects the changes in the carrying value of goodwill for the years ended December 31, 2015, 2014 and 2013:
(Dollars in Millions)
Wholesale Banking and
Commercial Real Estate
Consumer and Small
Business Banking
Wealth Management and
Securities Services
Payment
Services
Treasury and
Corporate Support
Consolidated
Company
Balance at December 31, 2012 .... $1,605 $3,514 $1,528 $2,496 $– $9,143
Goodwill acquired ............... – – 37 20 – 57
Other(a) ........................ – – – 5 – 5
Balance at December 31, 2013 .... $1,605 $3,514 $1,565 $2,521 $– $9,205
Goodwill acquired ............... 43 166 8 – – 217
Other(a) ........................ – – (3) (30) – (33)
Balance at December 31, 2014 .... $1,648 $3,680 $1,570 $2,491 $– $9,389
Other(a) ........................ (1) 1 (3) (25) – (28)
Balance at December 31, 2015 .... $1,647 $3,681 $1,567 $2,466 $– $9,361
(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:
2015 2014 2013
(Dollars in Millions) Amount Rate Amount Rate Amount Rate
At year-end
Federal funds purchased ............................. $ 647 .23% $ 886 .12% $ 594 .11%
Securities sold under agreements to repurchase .......... 1,092 .02 948 .05 2,057 5.34
Commercial paper .................................. 22,022 .21 22,197 .12 19,400 .11
Other short-term borrowings .......................... 4,116 .69 5,862 .51 5,557 .19
Total ........................................... $27,877 .27% $29,893 .19% $27,608 .52%
Average for the year
Federal funds purchased(b) ........................... $ 1,169 15.05% $ 2,366 7.94% $ 1,879 9.72%
Securities sold under agreements to repurchase .......... 973 .10 798 1.07 2,403 4.65
Commercial paper .................................. 21,892 .12 21,227 .12 17,467 .12
Other short-term borrowings .......................... 3,926 1.13 5,861 .78 5,934 .72
Total(b) .......................................... $27,960 .89% $30,252 .88% $27,683 1.29%
Maximum month-end balance
Federal funds purchased ............................. $ 1,868 $ 3,258 $ 3,569
Securities sold under agreements to repurchase .......... 1,124 948 3,121
Commercial paper .................................. 23,101 22,322 19,400
Other short-term borrowings .......................... 7,656 7,417 6,301
(a) Interest and rates are presented on a fully taxable-equivalent basis utilizing a tax rate of 35 percent.
(b) Average federal funds purchased and total short-term borrowings rates include amounts paid by the Company to certain corporate card customers for paying outstanding noninterest-bearing
corporate card balances within certain timeframes per specific agreements. These activities reduce the Company’s short-term funding needs, and if they did not occur, the Company would use
other funding alternatives, including the use of federal funds purchased. The amount of this compensation expense paid by the Company and included in federal funds purchased and total
short-term borrowings rates for 2015, 2014 and 2013 was $175 million, $186 million and $181 million, respectively.
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