BB&T 2014 Annual Report Download - page 142
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Table of Contents
Assets and liabilities related to derivatives are presented on a gross basis in the Consolidated Balance Sheets. The fair value of derivatives in a gain or loss
position is included in other assets or liabilities, respectively, on the Consolidated Balance Sheets. Cash collateral posted for derivatives in a loss position is
reported as restricted cash. Derivatives with dealer counterparties at both the bank and the parent company are governed by the terms of ISDA Master netting
agreements and Credit Support Annexes. The ISDA Master agreements allow counterparties to offset trades in a gain against trades in a loss to determine net
exposure and allows for the right of setoff in the event of either a default or an additional termination event. Credit Support Annexes govern the terms of
daily collateral posting practices. Collateral practices mitigate the potential loss impact to affected parties by requiring liquid collateral to be posted on a
scheduled basis to secure the aggregate net unsecured exposure. In addition to collateral, the right of setoff allows counterparties to offset net derivative
values with a defaulting party against certain other contractual receivables from or obligations due to the defaulting party in determining the net termination
amount. No portion of the change in fair value of derivatives designated as hedges has been excluded from effectiveness testing. The ineffective portion was
immaterial for all periods presented.
Cash Flow Hedges:
Interest rate contracts $ (172) $ 204 $ (84) Total interest income $ ― $ ― $ 11
Total interest expense (82) (77) (72)
$ (82) $ (77) $ (61)
Fair Value Hedges:
Interest rate contracts Total interest income $ (22) $ (21) $ (21)
Total interest expense 233 141 288
$ 211 $ 120 $ 267
Not Designated as Hedges:
Client-related and other risk management:
Interest rate contracts Other income $ 18 $ 26 $ 35
Foreign exchange contracts Other income 16 11 9
Mortgage Banking:
Interest rate contracts Mortgage banking income (16) (27) 59
MSRs:
Interest rate contracts Mortgage banking income 251 (197) 128
$ 269 $ (187) $ 231
141
Source: BB&T CORP, 10-K, February 25, 2015 Powered by Morningstar® Document Research℠
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