Citibank 2015 Annual Report Download - page 290

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272
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
initial recognition 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 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 are recognized initially at fair value. The Company has
elected fair value accounting for its mortgage servicing rights. See Note 22 to
the Consolidated Financial Statements for further discussions regarding the
accounting and reporting of MSRs.
The following table presents the changes in fair value gains and losses associated with those items for which the fair value option was elected:
Changes in fair value gains
(losses) for the years
ended December 31,
In millions of dollars 2015 2014
Assets
Federal funds sold and securities borrowed or purchased under agreements to resell
selected portfolios of securities purchased under agreements to resell and securities borrowed $(153) $(154)
Trading account assets (305) 190
Investments 57 30
Loans
Certain corporate loans (1) (192) (135)
Certain consumer loans (1) 3(41)
Total loans $(189) $(176)
Other assets
MSRs $ 104 $(344)
Certain mortgage loans held for sale (2) 331 474
Total other assets $ 435 $ 130
Total assets $(155) $ 20
Liabilities
Interest-bearing deposits $ (94) $ (77)
Federal funds purchased and securities loaned or sold under agreements to repurchase
selected portfolios of securities sold under agreements to repurchase and securities loaned 3(5)
Trading account liabilities (60) 29
Short-term borrowings (59) 8
Long-term debt 343 (307)
Total liabilities $ 133 $(352)
(1) Includes mortgage loans held by mortgage loan securitization VIEs consolidated upon the adoption of ASC 810, Consolidation (SFAS 167), on January 1, 2010.
(2) Includes gains (losses) associated with interest rate lock-commitments for those loans that have been originated and elected under the fair value option.