eTrade 2006 Annual Report Download - page 126
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Early Extinguishment of Debt
In 2006, the Company called the entire remaining $185.2 million principal amount of its 6.00% Notes for
redemption. The Company recorded a $0.7 million loss on early extinguishment of debt relating to the write-off
of the unamortized debt offering costs. The Company did not have any early extinguishments of debt in 2005. In
2004, the Company recorded a $19.4 million loss on early extinguishment of debt related to corporate debt,
which included $12.6 million loss from the retirement of the 6.75% convertible subordinated notes due May
2008 and $6.8 million loss from the retirement of the 6.00% Notes.
Other Corporate Debt
The Company also has multiple term loans from financial institutions. These loans are collateralized by
equipment and are included within other borrowings on the consolidated balance sheet. See Note 16—Securities
Sold Under Agreement to Repurchase and Other Borrowings.
Future Maturities of Corporate Debt
For the years subsequent to December 31, 2006, scheduled principal payments of corporate debt as of
December 31, 2006 are as follows (dollars in thousands):
Years ending December 31,
2007 $ —
2008 —
2009 —
2010 —
2011 500,000
Thereafter 1,350,000
Total future principal payments of corporate debt 1,850,000
Unamortized discount, net (7,831)
Total corporate debt $1,842,169
NOTE 18—ACCOUNTS PAYABLE, ACCRUED AND OTHER LIABILITIES
Accounts payable, accrued and other liabilities consist of the following (dollars in thousands):
December 31,
2006 2005
Accounts payable and accrued expenses $335,117 $272,402
Derivative liabilities 78,710 38,072
Deferred tax liabilities 58,485 —
Subserviced loan advances 44,780 27,765
Restructuring liabilities 26,892 52,808
Senior and convertible debt accrued interest 20,125 24,396
Other 124,555 131,221
Total accounts payable, accrued and other liabilities $688,664 $546,664
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