Wells Fargo 2014 Annual Report Download - page 224

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Note 17: Fair Values of Assets and Liabilities (continued)
(continued from previous page)
The following table presents gross purchases, sales, issuances and settlements related to the changes in Level 3 assets and liabilities
measured at fair value on a recurring basis for the year ended December 31, 2013.
(in millions) Purchases Sales Issuances Settlements Net
Year ended December 31, 2013
Trading assets (excluding derivatives):
Securities of U.S. states and political subdivisions $ 127 (136) — (1) (10)
Collateralized loan and other debt obligations 1,030 (1,064) — (3) (37)
Corporate debt securities 117 (117) — (1) (1)
Mortgage-backed securities 429 (420) — — 9
Asset-backed securities 53 (45) — (43) (35)
Equity securities — (3) — — (3)
Total trading securities 1,756 (1,785) — (48) (77)
Other trading assets — — — — —
Total trading assets (excluding derivatives) 1,756 (1,785) — (48) (77)
Available-for-sale securities:
Securities of U.S. states and political subdivisions — (69) 648 (761) (182)
Mortgage-backed securities:
Residential — (37) — (3) (40)
Commercial — (1) — (57) (58)
Total mortgage-backed securities — (38) — (60) (98)
Corporate debt securities — — 20 (33) (13)
Collateralized loan and other debt obligations 1,008 (14) — (369) 625
Asset-backed securities:
Auto loans and leases 1,751 — 1,047 (3,865) (1,067)
Home equity loans — (5) — — (5)
Other asset-backed securities 1,164 (36) 1,116 (2,213) 31
Total asset-backed securities 2,915 (41) 2,163 (6,078) (1,041)
Total debt securities 3,923 (162) 2,831 (7,301) (709)
Marketable equity securities:
Perpetual preferred securities — (20) — (53) (73)
Other marketable equity securities — — — — —
Total marketable equity securities — (20) — (53) (73)
Total available-for-sale securities 3,923 (182) 2,831 (7,354) (782)
Mortgages held for sale 286 (574) — (586) (874)
Loans 23 — 452 (369) 106
Mortgage servicing rights (residential) — (583) 3,469 — 2,886
Net derivative assets and liabilities:
Interest rate contracts — — — (39) (39)
Commodity contracts — — — (66) (66)
Equity contracts — (148) — 285 137
Foreign exchange contracts — — — 1 1
Credit contracts 7 (5) (4) 807 805
Other derivative contracts — — — — —
Total derivative contracts 7 (153) (4) 988 838
Other assets 1,064 (2) — (36) 1,026
Short sale liabilities 8 (8) — — —
Other liabilities (excluding derivatives) — — (4) 11 7
222