Citibank 2013 Annual Report Download - page 300
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282
• Transfers of $3.7 billion of U.S. government-sponsored agency guaranteed
mortgage-backed securities in Investments from Level 3 to Level 2
consisting mainly of securities that were newly issued during the year. At
issuance, these securities had limited trading activity and were previously
classified as Level 3. As trading activity in these securities increased and
pricing became observable, these positions were transferred to Level 2.
•Transfers of Long-term debt in the amounts of $2.5 billion from Level
2 to Level 3 and $2.7 billion from Level 3 to Level 2 were the result of
Citi’s conforming and refining the application of the fair value level
classification methodologies to certain structured debt instruments
containing embedded derivatives, as well as certain underlying market
inputs becoming less or more observable.
In addition, 2012 included sales of non-marketable equity securities
classified as Investments of $2.8 billion relating to the sale of EMI Music and
EMI Music Publishing.