Capital One 2009 Annual Report Download - page 154
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141
The following table summarizes the Company’s intangible assets subject to amortization.
December 31, 2009
Gross
Carrying
Amount Accumulated
Amortization
Net
Carrying
Amount
Remaining
Amortization
Period
Core deposit intangibles ............................................................................
.
$ 1,561,920 $ (713,119) $ 848,801 8.0 years
Lease intangibles .......................................................................................
.
53,992 (22,845) 31,147 22.7 years
Trust intangibles .......................................................................................
.
10,500 (4,256) 6,244 13.9 years
Other intangibles .......................................................................................
.
35,148 (15,414) 19,734 3.2 years
Total ................................................................................................
.
$ 1,661,560 $ (755,634) $ 905,926
December 31, 2008
Gross
Carrying
Amount Accumulated
Amortization
Net
Carrying
Amount
Remaining
Amortization
Period
Core deposit intangibles ............................................................................
.
$ 1,320,000 $ (497,178) $ 822,822 9.1 years
Lease intangibles .......................................................................................
.
44,862 (16,695) 28,167 18.9 years
Trust intangibles .......................................................................................
.
10,500 (3,326) 7,174 14.9 years
Other intangibles .......................................................................................
.
7,947 (3,850) 4,097 9.9 years
Total ................................................................................................
.
$ 1,383,309 $ (521,049) $ 862,260
Intangibles are amortized on an accelerated basis using the sum of digits methodology over their respective estimated useful lives.
Intangible assets are recorded in other assets on the balance sheet. Amortization expense for intangibles of $234.6 million, $200.6
million and $235.1 million, is recorded to non-interest expense for the year ended December 31, 2009, 2008 and 2007, respectively.
The weighted average amortization period for all purchase accounting intangibles is 8.4 years.
The following table summarizes the Company’s estimated future amortization expense for intangible assets as of December 31, 2009:
Years ended December 31
Estimated Future Amortization Amounts
2010 .........................................................................................
.
$ 215,484
2011 .........................................................................................
.
183,188
2012 .........................................................................................
.
150,731
2013 .........................................................................................
.
121,790
2014 .........................................................................................
.
93,791
Thereafter ................................................................................
.
140,942
Total ........................................................................................
.
$ 905,926