SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 10-Q

 

ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended March 31, 2003

 

OR

 

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from                     to                    

 

Commission File Number: 1-6862

 

Credit Suisse First Boston (USA), Inc.

(Exact name of registrant as specified in its charter)

 

 

The Registrant meets the conditions set forth in General Instruction H (1) (a) and (b) of Form 10-Q and is therefore filing this Form 10-Q with the reduced disclosure format.

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yes ý  No o

 

Indicated by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).
Yes o  No ý

 

All of the outstanding shares of common stock of the registrant, $0.10 par value, are held by Credit Suisse First Boston, Inc.

 

 

CREDIT SUISSE FIRST BOSTON (USA), INC.

 

Quarterly Report on Form 10-Q for the Quarter Ended March 31, 2003

 

PART I	FINANCIAL INFORMATION
	ITEM 1:	Condensed Consolidated Statements of Financial Condition as of March 31, 2003 (Unaudited) and December 31, 2002
		Condensed Consolidated Statements of Income (Unaudited) for the three months ended March 31, 2003 and 2002
		Condensed Consolidated Statements of Changes in Stockholders’ Equity (Unaudited) for the three months ended March 31, 2003 and 2002
		Condensed Consolidated Statements of Cash Flows (Unaudited) for the three months ended March 31, 2003 and 2002
		Notes to Condensed Consolidated Financial Statements (Unaudited)
		1. Summary of Significant Accounting Policies
		2. Discontinued Operations
		3. Merger-Related Costs
		4. Related Party Transactions
		5. Income Taxes
		6. Transfers and Servicing of Financial Assets
		7. Borrowings
		8. Private Equity and Other Long-Term Investments
		9. Net Capital
		10. Cash and Securities Segregated Under Federal and Other Regulations
		11. Derivatives Contracts
		12. Commitments
		13. Guarantees
		14. Industry Segment and Geographic Data
		15. Legal Proceedings
		Independent Accountants’ Review Report
	ITEM 2:	Management’s Discussion and Analysis of Financial Condition and Results of Operations
	ITEM 3:	Quantitative and Qualitative Disclosures About Market Risk
	ITEM 4:	Controls and Procedures
PART II	OTHER INFORMATION
	ITEM 1:	Legal Proceedings
	ITEM 5:	Other Information
	ITEM 6:	Exhibits and Reports on Form 8-K
	Signature
	Certifications

 

AVAILABLE INFORMATION

 

We file annual, quarterly and current reports and other information with the Securities and Exchange Commission, or SEC.  Our SEC filings are available to the public over the internet on the SEC’s website at www.sec.gov.  You may also view our SEC filings on our website at www.csfb.com as soon as is reasonably practicable after the report is electronically filed with, or furnished to, the SEC.  The information on our website is not incorporated by reference into this Quarterly Report.

 

1

 

PART I
FINANCIAL INFORMATION

ITEM 1:  Financial Statements

 

CREDIT SUISSE FIRST BOSTON (USA), INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Financial Condition
(Unaudited)

 

(In millions)

 

		March 31, 2003			December 31, 2002
ASSETS
Cash and cash equivalents		$	499		$	480
Collateralized short-term financings:
Securities purchased under agreements to resell		55,910			51,756
Securities borrowed		70,667			71,296
Receivables:
Customers		1,662			829
Brokers, dealers and other		8,016			7,310
Financial instruments owned:
U.S. government and agencies (includes securities pledged as collateral of  $30,192 and $26,360, respectively)		37,513			32,131
Corporate debt (includes securities pledged as collateral of $5,327 and $9,938, respectively)		11,016			12,174
Mortgage whole loans (includes loans pledged as collateral of $9,111 and  $8,556, respectively)		9,811			9,465
Equities (includes securities pledged as collateral of $5,565 and $6,305,  respectively)		7,873			9,735
Commercial paper		872			619
Private equity and other long-term investments		904			956
Derivatives contracts		4,213			3,956
Other		3,974			3,211
Net deferred tax asset		1,556			1,685
Office facilities at cost (net of accumulated depreciation and amortization of $935 and $893, respectively)		458			485
Goodwill and other intangible assets		331			329
Loans receivable from parent and affiliates		16,919			16,412
Other assets and deferred amounts		2,944			2,492
Assets held for sale		13,773			11,547
Total assets		$	248,911		$	236,868

 

See accompanying notes to condensed consolidated financial statements (unaudited).

 

2

 

CREDIT SUISSE FIRST BOSTON (USA), INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Financial Condition (Continued)
(Unaudited)

(In millions, except share data)

 

		March 31, 2003			December 31, 2002
LIABILITIES AND STOCKHOLDERS’ EQUITY
Commercial paper and short-term borrowings		$	11,753		$	11,933
Collateralized short-term financings:
Securities sold under agreements to repurchase		108,436			107,896
Securities loaned		28,324			24,178
Payables:
Customers		3,886			2,928
Brokers, dealers and other		10,532			8,689
Financial instruments sold not yet purchased:
U.S. government and agencies		23,736			22,710
Corporate debt		3,474			3,315
Equities		3,392			3,240
Derivatives contracts		3,075			2,849
Other		304			335
Obligation to return securities received as collateral		874			896
Accounts payable and accrued expenses		2,186			3,200
Other liabilities		3,374			2,927
Long-term borrowings		24,458			23,094
Liabilities held for sale		13,128			10,947
Total liabilities		240,932			229,137
Stockholders’ Equity:
Preferred stock, 50,000,000 shares authorized: Series B preferred stock, at $50.00 per share liquidation preference (88,500 shares issued and outstanding at December 31, 2002)		—			4
Common stock ($0.10 par value; 50,000 shares authorized; 1,100 shares issued and outstanding)		—			—
Paid-in capital