eTrade 2007 Annual Report Download - page 106
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all of which has been recorded in the retail segment. The Company expects to incur charges in future periods as it
periodically evaluates the estimates made in connection with this activity; however, the Company does not
expect those costs to be significant.
For the year ended December 31, 2005, other exit activities were primarily related to the liquidation of the
E*TRADE Money Market Funds, partially offset by the revision of previous estimates of various exit activities.
The liquidation costs primarily related to customer notification, severance and reimbursement of losses taken on
sales of securities.
Facility Consolidation Obligations
The components of the facility consolidation restructuring liabilities for the 2003 and 2001 Restructuring
Plans and other exit activities at December 31, 2007 and their timing are as follows (dollars in thousands):
Facilities
Obligations
Sublease Income Discounted
Rents and
Sublease NetContracted Estimate
Years ending December 31,
2008 $15,722 $(1,837) $ (2,431) $ (818) $10,636
2009 11,533 (1,683) (4,530) (386) 4,934
2010 7,861 (838) (3,977) (121) 2,925
2011 1,694 — (1,502) (35) 157
2012 1,708 — (1,518) (21) 169
Thereafter 773 — (627) (5) 141
Total future facility consolidation
obligations $39,291 $(4,358) $(14,585) $(1,386) $18,962
NOTE 5—OPERATING INTEREST INCOME AND OPERATING INTEREST EXPENSE
The following table shows the components of operating interest income and operating interest expense
(dollars in thousands):
Year Ended December 31,
2007 2006 2005
Operating interest income:
Loans, net $ 1,986,034 $ 1,364,873 $ 828,717
Mortgage-backed and investment securities 880,217 754,340 524,243
Margin receivables 519,099 474,500 159,442
Other 184,361 180,966 137,862
Total operating interest income 3,569,711 2,774,679 1,650,264
Operating interest expense:
Deposits (821,955) (531,217) (232,312)
Repurchase agreements and other borrowings (643,382) (549,085) (374,337)
FHLB advances (364,442) (165,545) (126,495)
Other (130,877) (128,800) (46,020)
Total operating interest expense (1,960,656) (1,374,647) (779,164)
Net operating interest income $ 1,609,055 $ 1,400,032 $ 871,100
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