Discover 2010 Annual Report Download - page 65

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As of and for the Year Ended November 30,
Total Credit Card Loans 2009 2008 2007 2006
(dollars in thousands)
Charge-offs
GAAP ........................................................................................................................ $(2,096,573) $(1,139,176) $ (837,210) $ (848,645)
Adjustments for Statement No. 167 ................................................................................. (2,208,036) (1,713,409) (1,366,949) (1,331,501)
As Adjusted................................................................................................................. $(4,304,609) $(2,852,585) $(2,204,159) $(2,180,146)
Recoveries
GAAP ........................................................................................................................ $ 185,616 $ 165,694 $ 160,202 $ 153,006
Adjustments for Statement No. 167 ................................................................................. 212,100 240,422 247,439 274,793
As Adjusted................................................................................................................. $ 397,716 $ 406,116 $ 407,641 $ 427,799
Net charge-offs
GAAP ........................................................................................................................ $(1,910,957) $ (973,482) $ (677,008) $ (695,639)
Adjustments for Statement No. 167 ................................................................................. (1,995,936) (1,472,987) (1,119,510) (1,056,708)
As Adjusted................................................................................................................. $(3,906,893) $(2,446,469) $(1,796,518) $(1,752,347)
Allowance for loan losses (end of period)
GAAP ........................................................................................................................ $ 1,647,086 $ 1,317,811 $ 750,786 $ 701,162
Adjustments for Statement No. 167 ................................................................................. 2,144,461 1,379,772 971,730 928,374
As Adjusted................................................................................................................. $ 3,791,547 $ 2,697,583 $ 1,722,516 $ 1,629,536
Net charge-offs %
GAAP ........................................................................................................................ 7.87% 4.73% 3.41% 3.64%
Adjustments for Statement No. 167 ................................................................................. 0.13 0.34 0.43 0.32
As Adjusted................................................................................................................. 8.00% 5.07% 3.84% 3.96%
Delinquency Rate (over 30 days)
GAAP ........................................................................................................................ 5.52% 4.55% 3.28% 3.05%
Adjustments for Statement No. 167 ................................................................................. 0.08 0.11 0.31 0.34
As Adjusted................................................................................................................. 5.60% 4.66% 3.59% 3.39%
Delinquency Rate (over 90 days)
GAAP ........................................................................................................................ 2.92% 2.16% 1.53% 1.44%
Adjustments for Statement No. 167 ................................................................................. 0.02 0.06 0.15 0.15
As Adjusted................................................................................................................. 2.94% 2.22% 1.68% 1.59%
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