KeyBank 2014 Annual Report Download - page 166

December 31, 2013
in millions Level 1 Level 2 Level 3 Total
ASSETS MEASURED ON A RECURRING BASIS
Trading account assets:
U.S. Treasury, agencies and corporations — $ 471 — $ 471
States and political subdivisions — 23 — 23
Collateralized mortgage obligations — 9 — 9
Other mortgage-backed securities — 120 — 120
Other securities $ 4 108 — 112
Total trading account securities 4 731 — 735
Commercial loans —3—3
Total trading account assets 4 734 — 738
Securities available for sale:
States and political subdivisions — 40 — 40
Collateralized mortgage obligations — 11,000 — 11,000
Other mortgage-backed securities — 1,286 — 1,286
Other securities 20 — — 20
Total securities available for sale 20 12,326 — 12,346
Other investments:
Principal investments:
Direct — — $ 141 141
Indirect — — 413 413
Total principal investments — — 554 554
Equity and mezzanine investments:
Direct ————
Indirect — — 23 23
Total equity and mezzanine investments — — 23 23
Total other investments — — 577 577
Derivative assets:
Interest rate — 1,014 25 1,039
Foreign exchange 56 7 — 63
Commodity — 112 — 112
Credit —145
Derivative assets 56 1,134 29 1,219
Netting adjustments (a) — — — (812)
Total derivative assets 56 1,134 29 407
Accrued income and other assets — 1 — 1
Total assets on a recurring basis at fair value $ 80 $ 14,195 $ 606 $ 14,069
LIABILITIES MEASURED ON A RECURRING BASIS
Bank notes and other short-term borrowings:
Short positions $ 2 $ 341 — $ 343
Derivative liabilities:
Interest rate — 739 — 739
Foreign exchange 49 8 — 57
Commodity — 106 — 106
Credit —11$112
Derivative liabilities 49 864 1 914
Netting adjustments (a) — — — (500)
Total derivative liabilities 49 864 1 414
Accrued expense and other liabilities — 1 — 1
Total liabilities on a recurring basis at fair value $ 51 $ 1,206 $ 1 $ 758
(a) Netting adjustments represent the amounts recorded to convert our derivative assets and liabilities from a gross basis to a net basis in
accordance with applicable accounting guidance. The net basis takes into account the impact of bilateral collateral and master netting
agreements that allow us to settle all derivative contracts with a single counterparty on a net basis and to offset the net derivative position
with the related cash collateral. Total derivative assets and liabilities include these netting adjustments.
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