JP Morgan Chase 2009 Annual Report Download - page 163

JPMorgan Chase & Co./2009 Annual Report 161
The following tables present financial instruments measured at fair value as of December 31, 2009 and 2008, by major product category on
the Consolidated Balance Sheets and by the fair value hierarchy (as described above).
Assets and liabilities measured at fair value on a recurring basis
Fair value hierarchy
December 31, 2009 (in millions) Level 1 Level 2 Level 3
Netting
adjustments
Total
fair value
Federal funds sold and securities purchased under resale
agreements $ — $ 20,536 $ — $ — $ 20,536
Securities borrowed — 7,032 — — 7,032
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. government agencies(a) 33,092 8,373 260 — 41,725
Residential – nonagency(b) — 2,284 1,115 — 3,399
Commercial – nonagency(b) — 537 1,770 — 2,307
Total mortgage-backed securities 33,092 11,194 3,145 — 47,431
U.S. Treasury and government agencies(a) 23,033 227 — — 23,260
Obligations of U.S. states and municipalities — 5,681 1,971 — 7,652
Certificates of deposit, bankers’ acceptances and
commercial paper — 5,419 — — 5,419
Non-U.S. government debt securities 25,684 32,487 734 — 58,905
Corporate debt securities — 48,754 5,241 — 53,995
Loans(c) — 18,330 13,218 — 31,548
Asset-backed securities — 1,428 7,975 — 9,403
Total debt instruments 81,809 123,520 32,284 — 237,613
Equity securities 75,053 3,450 1,956 — 80,459
Physical commodities(d) 9,450 586 — — 10,036
Other — 1,884 926 — 2,810
Total debt and equity instruments 166,312 129,440 35,166 — 330,918
Derivative receivables(e) 2,344 1,516,490 46,684 (1,485,308) 80,210
Total trading assets 168,656 1,645,930 81,850 (1,485,308) 411,128
Available-for-sale securities:
Mortgage-backed securities:
U.S. government agencies(a) 158,957 8,941 — — 167,898
Residential – nonagency(b) — 14,773 25 — 14,798
Commercial – nonagency(b) — 4,590 — — 4,590
Total mortgage-backed securities 158,957 28,304 25 — 187,286
U.S. Treasury and government agencies(a) 405 29,592 — — 29,997
Obligations of U.S. states and municipalities — 6,188 349 — 6,537
Certificates of deposit — 2,650 — — 2,650
Non-U.S. government debt securities 5,506 18,997 — — 24,503
Corporate debt securities 1 62,007 — — 62,008
Asset-backed securities:
Credit card receivables — 25,742 — — 25,742
Collateralized debt and loan obligations — 5 12,144 — 12,149
Other — 6,206 588 — 6,794
Equity securities 2,466 146 87 — 2,699
Total available-for-sale securities 167,335 179,837 13,193 — 360,365
Loans — 374 990 — 1,364
Mortgage servicing rights — — 15,531 — 15,531
Other assets:
Private equity investments(f) 165 597 6,563 — 7,325
All other(g) 7,241 90 9,521 — 16,852
Total other assets 7,406 687 16,084 — 24,177
Total assets measured at fair value on a recurring
basis(h) $ 343,397 $ 1,854,396 $ 127,648 $ (1,485,308) $ 840,133
Less: Level 3 assets for which the Firm does not bear
economic exposure(i) 2,118
Total recurring level 3 assets for which the
Firm bears economic exposure $ 125,530