| Fair Value Option Elections |
The table below provides information about the fair value carrying amount and the contractual principal outstanding of assets and liabilities accounted for under the fair value option at June 30, 2012 and December 31, 2011.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Option Elections |
|
June 30, 2012 |
|
December 31, 2011 |
(Dollars in millions) |
Fair Value
Carrying
Amount
|
|
Contractual
Principal
Outstanding
|
|
Fair Value
Carrying
Amount
Less Unpaid
Principal
|
|
Fair Value
Carrying
Amount
|
|
Contractual
Principal
Outstanding
|
|
Fair Value
Carrying
Amount
Less Unpaid
Principal
|
Loans reported as trading account assets |
$ |
1,224 |
|
|
$ |
2,144 |
|
|
$ |
(920 |
) |
|
$ |
1,151 |
|
|
$ |
2,371 |
|
|
$ |
(1,220 |
) |
Trading inventory - other |
1,277 |
|
|
n/a |
|
|
n/a |
|
|
1,173 |
|
|
n/a |
|
|
n/a |
|
Consumer and commercial loans |
8,361 |
|
|
9,365 |
|
|
(1,004 |
) |
|
8,804 |
|
|
10,823 |
|
|
(2,019 |
) |
Loans held-for-sale |
10,187 |
|
|
11,579 |
|
|
(1,392 |
) |
|
7,630 |
|
|
9,673 |
|
|
(2,043 |
) |
Securities financing agreements |
143,350 |
|
|
142,843 |
|
|
507 |
|
|
121,688 |
|
|
121,092 |
|
|
596 |
|
Other assets |
115 |
|
|
n/a |
|
|
n/a |
|
|
251 |
|
|
n/a |
|
|
n/a |
|
Long-term deposits |
2,874 |
|
|
2,654 |
|
|
220 |
|
|
3,297 |
|
|
3,035 |
|
|
262 |
|
Asset-backed secured financings |
652 |
|
|
1,218 |
|
|
(566 |
) |
|
650 |
|
|
1,271 |
|
|
(621 |
) |
Unfunded loan commitments |
948 |
|
|
n/a |
|
|
n/a |
|
|
1,249 |
|
|
n/a |
|
|
n/a |
|
Other short-term borrowings |
3,816 |
|
|
3,816 |
|
|
— |
|
|
5,908 |
|
|
5,909 |
|
|
(1 |
) |
Long-term debt (1)
|
48,345 |
|
|
52,109 |
|
|
(3,764 |
) |
|
46,239 |
|
|
55,854 |
|
|
(9,615 |
) |
|
|
(1) |
The majority of the difference between the fair value carrying amount and contractual principal outstanding at June 30, 2012 and December 31, 2011 relates to the impact of the Corporation's credit spreads as well as the fair value of the embedded derivative, where applicable.
|
n/a = not applicable
|
| Gains (Losses) Relating to Assets and Liabilities Accounted for Using Fair Value Option |
The table below provides information about where changes in the fair value of assets and liabilities accounted for under the fair value option are included in the Corporation's Consolidated Statement of Income for the three and six months ended June 30, 2012 and 2011.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains (Losses) Relating to Assets and Liabilities Accounted for Under the Fair Value Option |
|
Three Months Ended June 30, 2012 |
(Dollars in millions) |
Trading
Account
Profits
(Losses)
|
|
Mortgage
Banking
Income
(Loss)
|
|
Other
Income
(Loss)
|
|
Total |
Loans reported as trading account assets |
$ |
56 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
56 |
|
Consumer and commercial loans |
6 |
|
|
— |
|
|
(5 |
) |
|
1 |
|
Loans held-for-sale |
(7 |
) |
|
518 |
|
|
(24 |
) |
|
487 |
|
Securities financing agreements |
23 |
|
|
— |
|
|
14 |
|
|
37 |
|
Other assets |
— |
|
|
— |
|
|
(11 |
) |
|
(11 |
) |
Long-term deposits |
— |
|
|
— |
|
|
(1 |
) |
|
(1 |
) |
Asset-backed secured financings |
— |
|
|
(17 |
) |
|
— |
|
|
(17 |
) |
Unfunded loan commitments |
— |
|
|
— |
|
|
(112 |
) |
|
(112 |
) |
Other short-term borrowings |
12 |
|
|
— |
|
|
— |
|
|
12 |
|
Long-term debt |
756 |
|
|
— |
|
|
(62 |
) |
|
694 |
|
Total |
$ |
846 |
|
|
$ |
501 |
|
|
$ |
(201 |
) |
|
$ |
1,146 |
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2011 |
Loans reported as trading account assets |
$ |
4 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
4 |
|
Commercial loans |
7 |
|
|
— |
|
|
26 |
|
|
33 |
|
Loans held-for-sale |
2 |
|
|
1,511 |
|
|
31 |
|
|
1,544 |
|
Securities financing agreements |
— |
|
|
— |
|
|
98 |
|
|
98 |
|
Other assets |
— |
|
|
— |
|
|
1 |
|
|
1 |
|
Long-term deposits |
— |
|
|
— |
|
|
(40 |
) |
|
(40 |
) |
Asset-backed secured financings |
— |
|
|
(36 |
) |
|
— |
|
|
(36 |
) |
Unfunded loan commitments |
— |
|
|
— |
|
|
(76 |
) |
|
(76 |
) |
Other short-term borrowings |
37 |
|
|
— |
|
|
— |
|
|
37 |
|
Long-term debt |
(178 |
) |
|
— |
|
|
214 |
|
|
36 |
|
Total |
$ |
(128 |
) |
|
$ |
1,475 |
|
|
$ |
254 |
|
|
$ |
1,601 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains (Losses) Relating to Assets and Liabilities Accounted for Under the Fair Value Option |
|
Six Months Ended June 30, 2012 |
(Dollars in millions) |
Trading
Account
Profits
(Losses)
|
|
Mortgage
Banking
Income
(Loss)
|
|
Other
Income
(Loss)
|
|
Total |
Loans reported as trading account assets |
$ |
134 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
134 |
|
Consumer and commercial loans |
5 |
|
|
— |
|
|
297 |
|
|
302 |
|
Loans held-for-sale |
49 |
|
|
949 |
|
|
80 |
|
|
1,078 |
|
Securities financing agreements |
23 |
|
|
— |
|
|
(90 |
) |
|
(67 |
) |
Other assets |
— |
|
|
— |
|
|
7 |
|
|
7 |
|
Long-term deposits |
— |
|
|
— |
|
|
20 |
|
|
20 |
|
Asset-backed secured financings |
— |
|
|
(55 |
) |
|
— |
|
|
(55 |
) |
Unfunded loan commitments |
— |
|
|
— |
|
|
292 |
|
|
292 |
|
Other short-term borrowings |
19 |
|
|
— |
|
|
— |
|
|
19 |
|
Long-term debt |
(35 |
) |
|
— |
|
|
(3,376 |
) |
|
(3,411 |
) |
Total |
$ |
195 |
|
|
$ |
894 |
|
|
$ |
(2,770 |
) |
|
$ |
(1,681 |
) |
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2011 |
Loans reported as trading account assets |
$ |
73 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
73 |
|
Commercial loans |
(4 |
) |
|
— |
|
|
132 |
|
|
128 |
|
Loans held-for-sale |
2 |
|
|
2,383 |
|
|
252 |
|
|
2,637 |
|
Securities financing agreements |
— |
|
|
— |
|
|
(13 |
) |
|
(13 |
) |
Other assets |
— |
|
|
— |
|
|
30 |
|
|
30 |
|
Long-term deposits |
— |
|
|
— |
|
|
(35 |
) |
|
(35 |
) |
Asset-backed secured financings |
— |
|
|
(82 |
) |
|
— |
|
|
(82 |
) |
Unfunded loan commitments |
— |
|
|
— |
|
|
56 |
|
|
56 |
|
Other short-term borrowings |
93 |
|
|
— |
|
|
— |
|
|
93 |
|
Long-term debt |
(113 |
) |
|
— |
|
|
(372 |
) |
|
(485 |
) |
Total |
$ |
51 |
|
|
$ |
2,301 |
|
|
$ |
50 |
|
|
$ |
2,402 |
|
|