Fifth Third Bank 2012 Annual Report Download - page 148
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
146 Fifth Third Bancorp
26. FAIR VALUE MEASUREMENTS
The Bancorp measures certain financial assets and liabilities at fair
value in accordance with U.S. GAAP, which defines fair value as the
price that would be received to sell an asset or paid to transfer a
liability in an orderly transaction between market participants at the
measurement date. U.S. GAAP also establishes a fair value
hierarchy, which prioritizes the inputs to valuation techniques used
to measure fair value into three broad levels. The fair value
hierarchy gives the highest priority to quoted prices in active
markets for identical assets or liabilities (Level 1) and the lowest
priority to unobservable inputs (Level 3). A financial instrument’s
categorization within the fair value hierarchy is based upon the
lowest level of input that is significant to the instrument’s fair value
measurement. For more information regarding the fair value
hierarchy and how the Bancorp measures fair value, see Note 1.
A
ssets and Liabilities Measured at Fair Value on a Recurring Basi
s
The following tables summarize assets and liabilities measured at fair value on a recurring basis, including residential mortgage loans held for sale
for which the Bancorp has elected the fair value option as of:
Fair Value Measurements Using
December 31, 2012 ($ in millions) Level 1(c) Level 2(c) Level 3 Total Fair Value
A
ssets:
Available-for-sale securities:
U.S. Treasury and Government agencies $ 41 - - 41
U.S. Government sponsored agencies - 1,911 - 1,911
Obligations of states and political subdivisions - 212 - 212
Agency mortgage-backed securities - 8,730 - 8,730
Other bonds, notes and debentures - 3,277 - 3,277
Other securities(a) 79 113 - 192
Available-for-sale securities(a) 120 14,243 - 14,363
Trading securities:
U.S. Treasury and Government agencies 1 - - 1
U.S. Government sponsored agencies - 6 - 6
Obligations of states and political subdivisions - 16 1 17
Agency mortgage-backed securities - 7 - 7
Other bonds, notes and debentures - 15 - 15
Other securities 161 - - 161
Trading securities 162 44 1 207
Residential mortgage loans held for sale - 2,856 - 2,856
Residential mortgage loans(b) - - 76 76
Derivative assets:
Interest rate contracts 2 1,445 60 1,507
Foreign exchange contracts - 201 - 201
Equity contracts - - 177 177
Commodity contracts - 87 - 87
Derivative assets 2 1,733 237 1,972
Total assets $ 284 18,876 314 19,474
Liabilities:
Derivative liabilities
Interest rate contracts $ 14 600 3 617
Foreign exchange contracts - 183 - 183
Equity contracts - - 33 33
Commodity contracts - 82 - 82
Derivative liabilities 14 865 36 915
Short positions 8 2 - 10
Total liabilities $ 22 867 36 925