Discover 2015 Annual Report Download - page 156
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During the years ended December 31, 2015 and 2014, there were no changes to the Company's valuation
techniques that had, or are expected to have, a material impact on the Company's consolidated financial position or
results of operations.
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Assets and liabilities measured at fair value on a recurring basis are as follows (dollars in millions):
Quoted Price in
Active Markets
for Identical Assets
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3) Total
Balance at December 31, 2015
Assets
U.S. Treasury securities ................................................... $1,272 $ — $ — $ 1,272
U.S. government agency securities ................................... 494 — — 494
Residential mortgage-backed securities - Agency .............. — 1,197 — 1,197
Available-for-sale investment securities ......................... $1,766 $ 1,197 $ — $ 2,963
Mortgage loans held for sale .......................................... $ — $ — $ — $ —
Interest rate lock commitments ......................................... $ — $ — $ — $ —
Forward delivery contracts .............................................. ————
Other derivative financial instruments .............................. — 22 — 22
Derivative financial instruments .................................... $ — $ 22 $ — $ 22
Liabilities
Forward delivery contracts .............................................. $ — $ — $ — $ —
Other derivative financial instruments .............................. — 38 — 38
Derivative financial instruments .................................... $ — $ 38 $ — $ 38
Balance at December 31, 2014
Assets
U.S. Treasury securities ................................................... $1,329 $ — $ — $ 1,329
U.S. government agency securities ................................... 1,033 — — 1,033
Residential mortgage-backed securities - Agency .............. — 1,485 — 1,485
Available-for-sale investment securities ......................... $2,362 $ 1,485 $ — $ 3,847
Mortgage loans held for sale .......................................... $ — $ 122 $ — $ 122
Interest rate lock commitments ......................................... $ — $ — $ 7 $ 7
Forward delivery contracts .............................................. — 1 — 1
Other derivative financial instruments .............................. — 35 — 35
Derivative financial instruments .................................... $ — $ 36 $ 7 $ 43
Liabilities
Forward delivery contracts .............................................. $ — $ 3 $ — $ 3
Other derivative financial instruments .............................. — 20 — 20
Derivative financial instruments .................................... $ — $ 23 $ — $ 23