Wells Fargo 2015 Annual Report Download - page 235
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Assets and Liabilities Recorded at Fair Value on a
Nonrecurring Basis
We may be required, from time to time, to measure certain
assets at fair value on a nonrecurring basis in accordance with
GAAP. These adjustments to fair value usually result from
application of LOCOM accounting or write-downs of individual
Table 17.12: Fair Value on a Nonrecurring Basis
assets. Table 17.12 provides the fair value hierarchy and carrying
amount of all assets that were still held as of December 31,
2015, and 2014, and for which a nonrecurring fair value
adjustment was recorded during the years then ended.
December 31, 2015 December 31, 2014
(in millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
Mortgages held for sale (LOCOM) (1) $ — 4,667 1,047 5,714 — 2,197 1,098 3,295
Loans held for sale — 279 — 279 — — — —
Loans:
Commercial — 191 — 191 — 243 — 243
Consumer — 1,406 7 1,413 — 2,018 5 2,023
Total loans (2) — 1,597 7 1,604 — 2,261 5 2,266
Other assets (3) — 280 654 934 — 417 460 877
(1) Consists of commercial mortgages and residential real estate 1-4 family first mortgage loans.
(2) Represents carrying value of loans for which adjustments are based on the appraised value of the collateral.
(3) Includes the fair value of foreclosed real estate, other collateral owned and nonmarketable equity investments.
Table 17.13 presents the increase (decrease) in value of
certain assets for which a nonrecurring fair value adjustment
was recognized during the periods presented.
Table 17.13: Change in Value of Assets with Nonrecurring Fair
Value Adjustment
Year ended December 31,
(in millions) 2015 2014
Mortgages held for sale (LOCOM) $ (3) 33
Loans held for sale (3) —
Loans:
Commercial (165) (125)
Consumer (1,001) (1,336)
Total loans (1) (1,166) (1,461)
Other assets (2) (396) (341)
Total $ (1,568) (1,769)
(1) Represents write-downs of loans based on the appraised value of the
collateral.
(2) Includes the losses on foreclosed real estate and other collateral owned that
were measured at fair value subsequent to their initial classification as
foreclosed assets. Also includes impairment losses on nonmarketable equity
investments.
Wells Fargo & Company
233