Citibank 2011 Annual Report Download - page 277

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255
26. FAIR VALUE ELECTIONS
The Company may elect to report most financial instruments and certain
other items at fair value on an instrument-by-instrument basis with changes
in fair value reported in earnings. The election is made upon the acquisition
of an eligible financial asset, financial liability or firm commitment or
when certain specified reconsideration events occur. The fair value election
may not be revoked once an election is made. The changes in fair value are
The following table presents, as of December 31, 2011 and 2010, the fair value of those positions selected for fair value accounting, as well as the changes in
fair value gains and losses for the years ended December 31, 2011 and 2010:
Fair value at
Changes in fair value gains
(losses) for the years
ended December 31,
In millions of dollars
December 31,
2011
$ECEMBERæææ
 2011 
Assets
&EDERALæFUNDSæSOLDæANDæSECURITIESæBORROWEDæORæPURCHASEDæUNDERæAGREEMENTSæTOæRESELLæ
3ELECTEDæPORTFOLIOSæOFæSECURITIESæPURCHASEDæUNDERæAGREEMENTSæTOæRESELLæANDæSECURITIESæBORROWEDæ $142,862   $ (138) 
4RADINGæACCOUNTæASSETS 14,179  (1,775) 
)NVESTMENTS 526  233 
,OANS
#ERTAINæ#ORPORATEæLOANSæ 3,939  82 
#ERTAINæ#ONSUMERæLOANSæ 1,326  (281) 
4OTALæLOANS $ 5,265   $ (199)  
/THERæASSETS
-32Sæ $ 2,569   $(1,465) 
#ERTAINæMORTGAGEæLOANSæ(&3 6,213  172
#ERTAINæEQUITYæMETHODæINVESTMENTS 47  (17) 
4OTALæOTHERæASSETS $ 8,829   $(1,310) 
Total assets $171,661  $(3,189)  
Liabilities
)NTERESTBEARINGæDEPOSITS $ 1,326   $ 121 
&EDERALæFUNDSæPURCHASEDæANDæSECURITIESæLOANEDæORæSOLDæUNDERæAGREEMENTSæTOæREPURCHASE
3ELECTEDæPORTFOLIOSæOFæSECURITIESæSOLDæUNDERæAGREEMENTSæTOæREPURCHASEæANDæSECURITIESæLOANEDæ 112,770  (108) 
4RADINGæACCOUNTæLIABILITIES 1,763  872 
3HORTTERMæBORROWINGSæ 1,354  370 
,ONGTERMæDEBT 24,172  2,559 
Total $141,385  $ 3,814  æ
æ 2EFLECTSæNETTINGæOFæTHEæAMOUNTSæDUEæFROMæSECURITIESæPURCHASEDæUNDERæAGREEMENTSæTOæRESELLæANDæTHEæAMOUNTSæOWEDæUNDERæSECURITIESæSOLDæUNDERæAGREEMENTSæTOæREPURCHASE
æ )NCLUDESæMORTGAGEæLOANSæHELDæBYæMORTGAGEæLOANæSECURITIZATIONæ6)%SæCONSOLIDATEDæUPONæTHEæADOPTIONæOFæ3&!3ææONæ*ANUARYææ
recorded in current earnings. Additional discussion regarding the applicable
areas in which fair value elections were made is presented in Note 25 to the
Consolidated Financial Statements.
All servicing rights must now be recognized initially at fair value. The
Company has elected fair value accounting for its mortgage servicing rights.
See Notes 1 and 22 to the Consolidated Financial Statements for further
discussions regarding the accounting and reporting of MSRs.