Capital One 2009 Annual Report Download - page 93

80
Funding Obligations and Borrowing Capacity The Company manages its funding across a range of maturities as part of its ongoing
market risk management efforts. Table 28: Contractual Funding Obligations provides a summary of the contractual maturities of the
Company’s on and off-balance sheet funding. Additional information on the Company’s market risk management activities is included
in Item IX. Market Risk Management.
Table 28: Contractual Funding Obligations
As of December 31, 2009
(Dollars in thousands) Total Up to 1 year 1-3 years 4-5 years After 5 years
Interest-bearing time deposits(1) .......................... $ 34,304,835 $ 17,922,108 $ 8,813,169 $ 5,786,987 $ 1,782,571
Senior and subordinated notes ............................ 9,045,470 679,321 1,570,429 2,173,605 4,622,115
Other borrowings(2) ............................................. 11,968,461 4,896,744 2,338,555 966,776 3,766,386
Operating leases .................................................. 1,617,885 170,889 313,190 284,598 849,208
Off-balance sheet securitization
amortization(3) ................................................ 42,782,812 17,840,071 16,669,679 3,323,062 4,950,000
Total obligations ................................................. $ 99,719,463 $ 41,509,133 $ 29,705,022 $ 12,535,028 $ 15,970,280
(1) Includes only those interest bearing deposits which have a contractual maturity date.
(2) Other borrowings includes secured borrowings for the Company’s on-balance sheet auto loan securitizations, junior
subordinated capital securities and debentures, FHLB advances, federal funds purchased and resale agreements and other short-
term borrowings.
(3) Includes scheduled maturities of the external investors’ interest in securitizations.
As of December 31, 2009, the Company had an effective shelf registration statement under which the Corporation from time to time
may offer and sell an indeterminate aggregate amount of senior or subordinated debt securities, preferred stock, depositary shares
representing preferred stock, common stock, warrants, trust preferred securities, junior subordinated debt securities, guarantees of trust
preferred securities and certain back-up obligations, purchase contracts and units. There is no limit under this shelf registration
statement to the amount or number of such securities that the Corporation may offer and sell. Under SEC rules, the Automatic Shelf
Registration Statement expires three years after filing. Accordingly, the Corporation must file a new Automatic Shelf Registration
Statement at least every three years. The Automatic Shelf Registration Statement was last updated in May 2009. On May 11, 2009, the
Company raised approximately $1.5 billion in proceeds through the issuance of 56 million shares of common stock at $27.75 per
share.
In addition to issuance capacity under the Automatic Shelf Registration Statement, the Company has access to other borrowing
programs. Table 29: Borrowing Capacity provides summary information related to the Global Bank Note Program, FHLB Advance
capacity, securitization conduits and government programs as of December 31, 2009.
Table 29: Borrowing Capacity
(Dollars or dollar equivalents in millions)
Effective/
Issue Date Capacity (1) Outstanding Availability(1)
Final
Maturity(2)
Senior and Subordinated Global Bank Note Program ............. 6/05 $ 3,123 $ 1,323 $ 1,800 —
FHLB Advances (3) .................................................................. — $ 11,612 $ 3,224 $ 8,388 —
Committed Securitization Conduits(4) ...................................... — $ 10,070 $ 7,157 $ 2,913 11/11
Federal Reserve Discount Window .......................................... — $ 5,459 $ — $ 5,459 —
Federal Reserve Term Auction Facility ................................... — $ 2,730 $ — $ 2,730 —
(1) All funding sources are non-revolving. Funding availability under all other sources is subject to market conditions. Capacity is
the maximum amount that can be borrowed. Availability is the amount that can still be borrowed against the facility.
(2) Maturity date refers to the date the facility terminates, where applicable.
(3) There are no effective or final maturity dates on the available lines for FHLB Advances. The ability to draw down funding is
based on membership status, and the amount is dependent upon the Banks’ ability to post collateral.
(4) Securitization committed capacity was established at various dates and is scheduled to terminate through 11/11.