eTrade 2003 Annual Report Download - page 41
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Table of Contents
Index to Financial Statements
Contractual Obligations
The following summarizes our contractual obligations at December 31, 2003 and the effect such obligations are expected to have on our
liquidity and cash flow in future periods (dollars in thousands):
At December 31, 2003, the Bank also had commitments of $1.0 billion of unused lines of credit available to customers under HELOCs
and $1.3 billion of unused credit card lines. Since these lines may be used at the customers’ discretion, there are no scheduled maturities or
payments.
33
Due in
Thereafter
Total
2004
2005
2006
2007
2008
General obligations:
Convertible subordinated notes(1)
$
44,157
$
44,157
$
44,157
$
403,377
$
335,969
$
—
$
871,817
Operating lease payments
26,823
22,446
21,802
20,581
19,951
46,929
158,532
Purchase commitments(2)
25,500
—
—
—
—
—
25,500
Venture capital funding commitments(3)
11,970
10,000
10,000
6,755
—
—
38,725
Facilities offered for sublease, less estimated future
sublease income(4)
11,999
8,390
5,033
4,945
4,444
6,467
41,278
Capital lease payments
774
163
—
—
—
—
937
Other commitments(5)
1,500
680
—
—
—
—
2,180
Total general obligations
122,723
85,836
80,992
435,658
360,364
53,396
1,138,969
Banking obligations:
Mandatorily redeemable preferred securities(1)
11,757
11,891
11,891
11,891
11,891
266,539
325,860
Certificates of deposit(6)(7)
2,501,404
825,041
269,042
193,793
99,029
14,631
3,902,940
Other borrowings by bank subsidiary(7)
5,855,939
321,588
107,423
52,612
—
201,665
6,539,227
Loan commitments:
Originate loans(8)
767,962
—
—
—
—
—
767,962
Purchase loans
236,656
—
—
—
—
—
236,656
Sell mortgages
(303,711
) —
—
—
—
—
(
303,711
)
Security commitments:
Purchase securities
2,054,016
—
—
—
—
—
2,054,016
Sell securities
(3,013,853
) —
—
—
—
—
(
3,013,853
)
Total banking obligations
8,110,170
1,158,520
388,356
258,296
110,920
482,835
10,509,097
Total contractual obligations
$
8,232,893
$
1,244,356
$
469,348
$
693,954
$
471,284
$
536,231
$
11,648,066
(1) Includes annual interest or dividend payments; does not assume early redemption under current call provisions.
(2) Commitments to purchase property and equipment.
(3)
Estimated based on investment plans of the venture capital funds.
(4) Included in the facilities restructuring accrual.
(5) Remaining payments for our acquisition of Trading Relationships.
(6)
Does not include demand deposit, money market or passbook savings accounts, as there are no maturities and/or scheduled contractual payments.
(7) Includes annual interest based on the contractual features of each transaction, using market rates at December 31, 2003. Interest rates were assumed to remain flat over the life of all
adjustable rate instruments.
(8)
Contains optional commitment to originate.