Capital One 2005 Annual Report Download - page 109

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A
ccounts receivable from securitizations
he carrying amount approximates fair value. T
Derivatives
The carrying amount of derivatives approximates fair value and was estimated using present value valuation techniques. This
value generally reflects the estimated amounts that the Company would have received to terminate the interest rate swaps,
currency swaps and forward foreign currency exchange (“f/x”) contracts at the respective dates, taking into account the
forward yield curve on the swaps and the forward rates on the currency swaps and f/x contracts. These derivatives are
included in other assets on the balance sheet.
Financial Liabilities
Non-interest bearing deposits
he carrying amount approximates fair value. T
terest-bearing deposits In
The fair value of interest-bearing deposits was calculated by discounting the future cash flows using estimates of market rates
for corresponding contractual terms.
Other borrowings
The carrying amount of federal funds purchased and resale agreements, FHLB advances, and other short-term borrowings
approximates fair value. The fair value of secured borrowings was calculated by discounting the future cash flows using
estimates of market rates for corresponding contractual terms and assumed maturities when no stated final maturity was
available. The fair value of the junior subordinated capital income securities and junior subordinated debentures were
determined based on quoted market prices.
S
enior and subordinated notes
he fair value of senior and subordinated notes was determined based on quoted market prices. T
In
terest payable
The carrying amount approximates the fair value of this liability due to its relatively short-term nature.
Derivatives
The carrying amount of derivatives approximates fair value and was estimated using present value valuation techniques. This
value generally reflects the estimated amounts that the Corporation would have paid to terminate the interest rate swaps,
100