Capital One 2011 Annual Report Download - page 241

CAPITAL ONE FINANCIAL CORPORATION
NOTES TO CONSOLIDATED STATEMENTS—(Continued)
Level 3 Instruments Only
Year Ended
December 31, 2010
(Dollars in millions) Limited Partnerships
Balance, January 1, 2010 ..................................................... $1
Total realized and unrealized losses:
Included in net income ........................................................ 0
Settlements, net ............................................................. (1)
Transfers in (out) of Level 3 ................................................... 0
Balance, December 31, 2010 .................................................. $0
Total unrealized gains (losses) included in net income related to assets still held as of
December 31, 2010 ........................................................ $0
Expected future benefit payments
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:
(Dollars in millions)
Pension
Benefits
Postretirement
Benefits
2012 ................................................................... $14 $ 4
2013 ................................................................... 13 5
2014 ................................................................... 13 5
2015 ................................................................... 13 5
2016 ................................................................... 13 5
2017 - 2021 ............................................................. 60 23
In 2012, $1 million in contributions are expected to be made to the pension plans and $2 million in contributions
are expected to be made to other postretirement benefits plans.
NOTE 18—INCOME TAXES
We account for income taxes in accordance with the accounting guidance prescribed by the FASB, recognizing
the current and deferred tax consequences of all transactions that have been recognized in the consolidated
financial statements using the provisions of enacted tax laws. Deferred tax assets and liabilities are determined
based on differences between the financial reporting and tax basis of assets and liabilities and are measured using
the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Valuation
allowances are recorded to reduce deferred tax assets to an amount that is more likely than not to be realized.
221