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Then, additional adjustments were made to reflect results as if the trusts used in our securitization activities had been
fully consolidated in our historical results. These adjustments include:
• Elimination of interest income and interest expense related to certificated retained interests classified as investment
securities and associated intercompany debt;
• An adjustment to the provision for loan losses for the change in securitized loan receivables;
• Elimination of the revaluation gains or losses associated with the interest-only strip receivable, which was
derecognized upon adoption; and
• An adjustment to reflect the income tax effects related to these adjustments.
The impacts of Statements No. 166 and 167 on our effective tax rate, loan receivables and average balance sheet
information and certain other selected financial data are reflected in one step, rather than two, in the reconciliations of
GAAP to as adjusted data set forth in the tables below as there is no meaningful difference between such information on
a historical managed basis as compared to on an as adjusted basis.
Earnings Summary and Reconciliation
For the Year Ended November 30, 2009
As
Reported
Securitization
Adjustments Managed
Additional
Adjustments
As
Adjusted
(dollars in thousands)
Interest income........................................................................................... $3,145,080 $3,315,992 $6,461,072 $ (25,920)(A) $6,435,152
Interest expense ......................................................................................... 1,251,284 397,136 1,648,420 (42,921)(B) 1,605,499
Net interest income.................................................................................. 1,893,796 2,918,856 4,812,652 17,001 4,829,653
Provision for loan losses .............................................................................. 2,362,405 1,995,936 4,358,341 764,689(C) 5,123,030
Net interest income after provision for loan losses ........................................ (468,609) 922,920 454,311 (747,688) (293,377)
Antitrust litigation settlement......................................................................... 1,891,698 — 1,891,698 (1,891,698)(D) —
Other income ............................................................................................ 2,948,897 (922,920) 2,025,977 160,087(E) 2,186,064
Total other income................................................................................... 4,840,595 (922,920) 3,917,675 (1,731,611) 2,186,064
Total other expense ................................................................................. 2,251,088 — 2,251,088 (28,992)(F) 2,222,096
Income (loss) before income tax expense........................................................ 2,120,898 — 2,120,898 (2,450,307) (329,409)
Income tax expense (benefit) ........................................................................ 844,713 — 844,713 (936,838)(G) (92,125)
Net income (loss)........................................................................................ $1,276,185 $ — $1,276,185 $(1,513,469) $ (237,284)
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