Wells Fargo 2015 Annual Report Download - page 228

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Note 17: Fair Values of Assets and Liabilities (continued)
(continued from previous page)
Table 17.7 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, 2014.
Table 17.7: Gross Purchases, Sales, Issuances and Settlements – Level 3 – 2014
(in millions) Purchases Sales Issuances Settlements Net
Year ended December 31, 2014
Trading assets (excluding derivatives):
Securities of U.S. states and political subdivisions $ 10 (12) — — (2)
Collateralized loan and other debt obligations 1,057 (1,174) — (4) (121)
Corporate debt securities 85 (106) — — (21)
Mortgage-backed securities 3 (1) — — 2
Asset-backed securities 17 (47) — (40) (70)
Equity securities — — — (3) (3)
Total trading securities 1,172 (1,340) — (47) (215)
Other trading assets 11 (1) 1 — 11
Total trading assets (excluding derivatives) 1,183 (1,341) 1 (47) (204)
Available-for-sale securities:
Securities of U.S. states and political subdivisions 73 (144) 336 (834) (569)
Mortgage-backed securities:
Residential — (44) — (2) (46)
Commercial — (31) — (6) (37)
Total mortgage-backed securities — (75) — (8) (83)
Corporate debt securities 21 (32) 10 (28) (29)
Collateralized loan and other debt obligations 134 (34) — (503) (403)
Asset-backed securities:
Auto loans and leases — — — (214) (214)
Home equity loans — — — — —
Other asset-backed securities 117 (16) 522 (996) (373)
Total asset-backed securities 117 (16) 522 (1,210) (587)
Total debt securities 345 (301) 868 (2,583) (1,671)
Marketable equity securities:
Perpetual preferred securities — — — (45) (45)
Other marketable equity securities — (4) — — (4)
Total marketable equity securities — (4) — (45) (49)
Total available-for-sale securities 345 (305) 868 (2,628) (1,720)
Mortgages held for sale 208 (276) 167 (375) (276)
Loans 76 — 438 (618) (104)
Mortgage servicing rights (residential) — (7) 1,196 — 1,189
Net derivative assets and liabilities:
Interest rate contracts — — — (1,255) (1,255)
Commodity contracts — — — (2) (2)
Equity contracts — (116) — (98) (214)
Foreign exchange contracts — — — (14) (14)
Credit contracts 3 (2) — 159 160
Other derivative contracts — — — — —
Total derivative contracts 3 (118) — (1,210) (1,325)
Other assets 608 (1) — (31) 576
Short sale liabilities 20 (27) — — (7)
Other liabilities (excluding derivatives) — — — 21 21
Wells Fargo & Company
226