Discover 2011 Annual Report Download - page 117
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105
At November 30, 2011, the Company had $2.8 million of gross unrealized losses in a continuous loss position for more
than 12 months on its held-to-maturity investment securities in states and political subdivisions of states, compared to $3.5
million of gross unrealized losses at November 30, 2010. The Company believes the unrealized loss on these investments is the
result of changes in interest rates subsequent to the Company's acquisitions of these securities and that the reduction in value is
temporary. The Company does not intend to sell these investments nor does it expect to be required to sell these investments
before recovery of their amortized cost bases, but rather expects to collect all amounts due according to the contractual terms of
these securities.
Maturities and weighted average yields of available-for-sale debt securities and held-to-maturity debt securities at
November 30, 2011 are provided in the tables below (dollars in thousands):
Available-for-sale—Amortized Cost (1)
U.S Treasury securities
U.S government agency securities
Credit card asset-backed securities of other
issuers
Corporate debt securities
Total available-for-sale investment
securities
Held-to-maturity—Amortized Cost (2)
U.S. Treasury securities
State and political subdivisions of states
Residential mortgage-backed securities
To-be-announced investment securities
Total held-to-maturity investment securities
Available-for-sale—Fair Values (1)
U.S Treasury securities
U.S government agency securities
Credit card asset-backed securities of other
issuers
Corporate debt securities
Total available-for-sale investment
securities
Held-to-maturity—Fair Values (2)
U.S. Treasury securities
State and political subdivisions of states
Residential mortgage-backed securities
To-be-announced investment securities
Total held-to-maturity investment securities
One Year
or
Less
$ 389,467
760,262
139,388
372,246
$ 1,661,363
$ 550
—
—
50,254
$ 50,804
$ 389,883
761,206
140,715
372,910
$ 1,664,714
$ 550
—
—
50,050
$ 50,600
After One
Year
Through
Five Years
$ 2,126,541
2,002,003
153,843
76,177
$ 4,358,564
$—
3,415
—
—
$ 3,415
$ 2,173,367
2,034,017
159,174
76,559
$ 4,443,117
$—
3,375
—
—
$ 3,375
After Five
Years
Through
Ten Years
$—
—
—
—
$—
$—
3,375
—
—
$ 3,375
$—
—
—
—
$—
$—
3,541
—
—
$ 3,541
After Ten
Years
$—
—
—
—
$—
$—
34,146
6,482
—
$ 40,628
$—
—
—
—
$—
$—
31,394
7,132
—
$ 38,526
Total
$ 2,516,008
2,762,265
293,231
448,423
$ 6,019,927
$ 550
40,936
6,482
50,254
$ 98,222
$ 2,563,250
2,795,223
299,889
449,469
$ 6,107,831
$ 550
38,310
7,132
50,050
$ 96,042
(1) Available-for-sale investment securities are reported at fair value.
(2) Held-to-maturity investment securities are reported at amortized cost.
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