Dow--Special Purpose & Related Entities for 2004
Company SPE Type
3M (MMM) None.
Alcoa (AA) No material VIEs.
Altria (MO)* None specified.
American Express Securitized credit card receivables through trust; VIEs for CDOs
(AXP) & securitized loan trusts.
American SPEs for collateralized bonds & loan obligation trusts; VIEs for
International Group real estate partnerships.
Boeing (BA) Various VIEs.
Caterpillar (CAT) Cat Financial: securitized trade receivables, originally QSPE for
collateralized trust obligations; VIE consolidated $2.6 billion in
Citigroup (C) QSPEs for securitized credit card receivables, mortgages, auto
loans, student loans, & corporate debt. VIEs for commercial
paper conduits, structured finance, collateralized debt
obligations, & investment vehicles.
Coca Cola (KO) Some bottlers now considered VIEs, some consolidated.
Du Pont (DD) Minor use of VIEs.
Exxon-Mobil VIEs mentioned.
General Electric SPEs for securitizing commercial & residential real estate, credit
(GE) card receivables, & GE trade receivables.
General Motors Synthetic leases, consumer finance receivables, wholesale lines
(GM) of credit, mortgage funding, & construction & real estate
Hewlett-Packard No material VIEs.
Home Depot (HD) Synthetic leases.
Honeywell (HON) No material VIEs.
IBM (IBM) No material VIEs.
Intel (INTC) No material VIEs.
J.P. Morgan ((JPM) QSPEs for residential & commercial mortgages, credit card
receivables, & auto loans. VIEs used for synthetic leases &
Johnson & Johnson No material VIEs.
McDonald’s None listed.
Merck (MRK) None listed.
Microsoft (MSFT) No material VIEs.
Pfizer (PFE) No material VIEs.
Procter & Gamble No material VIEs.
SBC Comm. (SBC) VIE for real estate leases.
United Technology Only states that controlled entities are consolidated.
Verizon (VZ) No material VIEs.
Wal-Mart (WMT) No material VIEs.
Walt Disney (DIS) VIEs for foreign minority interest in Euro Disney & Hong Kong
International Theme Park.