Bank of America 2014 Annual Report Download - page 244

242 Bank of America 2014
December 31, 2013
Fair Value Measurements
(Dollars in millions) Level 1 Level 2 Level 3
Netting
Adjustments (1)
Assets/Liabilities
at Fair Value
Assets
Federal funds sold and securities borrowed or purchased under
agreements to resell $ — $ 68,656 $ — $ — $ 68,656
Trading account assets:
U.S. government and agency securities (2) 34,222 14,625 — — 48,847
Corporate securities, trading loans and other 1,147 27,746 3,559 — 32,452
Equity securities 41,324 22,741 386 — 64,451
Non-U.S. sovereign debt 24,357 12,399 468 — 37,224
Mortgage trading loans and ABS — 13,388 4,631 — 18,019
Total trading account assets 101,050 90,899 9,044 — 200,993
Derivative assets (3) 2,374 910,602 7,277 (872,758) 47,495
AFS debt securities:
U.S. Treasury and agency securities 6,591 2,363 — — 8,954
Mortgage-backed securities:
Agency — 164,935 — — 164,935
Agency-collateralized mortgage obligations — 22,492 — — 22,492
Non-agency residential — 6,239 — — 6,239
Commercial — 2,480 — — 2,480
Non-U.S. securities 3,698 3,415 107 — 7,220
Corporate/Agency bonds — 873 — — 873
Other taxable securities 20 12,963 3,847 — 16,830
Tax-exempt securities — 5,122 806 — 5,928
Total AFS debt securities 10,309 220,882 4,760 — 235,951
Other debt securities carried at fair value:
U.S. Treasury and agency securities 4,062 — — — 4,062
Mortgage-backed securities:
Agency — 16,500 — — 16,500
Agency-collateralized mortgage obligations — 218 — — 218
Commercial — 749 — — 749
Non-U.S. securities 7,457 3,858 — — 11,315
Total other debt securities carried at fair value 11,519 21,325 — — 32,844
Loans and leases — 6,985 3,057 — 10,042
Mortgage servicing rights — — 5,042 — 5,042
Loans held-for-sale — 5,727 929 — 6,656
Other assets 14,474 1,912 1,669 — 18,055
Total assets (4) $139,726 $ 1,326,988 $ 31,778 $ (872,758) $ 625,734
Liabilities
Interest-bearing deposits in U.S. offices $ — $ 1,899 $ — $ — $ 1,899
Federal funds purchased and securities loaned or sold under
agreements to repurchase — 26,500 — — 26,500
Trading account liabilities:
U.S. government and agency securities 26,915 348 — — 27,263
Equity securities 23,874 3,711 — — 27,585
Non-U.S. sovereign debt 20,755 1,387 — — 22,142
Corporate securities and other 518 5,926 35 — 6,479
Total trading account liabilities 72,062 11,372 35 — 83,469
Derivative liabilities (3) 1,968 896,907 7,501 (868,969) 37,407
Short-term borrowings — 1,520 — — 1,520
Accrued expenses and other liabilities 10,130 1,093 10 — 11,233
Long-term debt — 45,045 1,990 — 47,035
Total liabilities (4) $ 84,160 $ 984,336 $ 9,536 $ (868,969) $ 209,063
(1) Amounts represent the impact of legally enforceable master netting agreements and also cash collateral held or placed with the same counterparties.
(2) Includes $15.6 billion of government-sponsored enterprise obligations.
(3) For further disaggregation of derivative assets and liabilities, see Note 2 – Derivatives.
(4) During 2013, $500 million of other assets were transferred from Level 1 to Level 2 primarily due to a restriction that became effective for a private equity investment that was subsequently sold
once the restriction was lifted.