JP Morgan Chase 2003 Annual Report Download - page 125

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J.P. Morgan Chase & Co. / 2003 Annual Report 123
The follow ing table presents the carrying value and estimated fair value of financial assets and liabilities valued under SFAS 107.
Accordingly, certain amounts w hich are not considered financial instruments are excluded from the table.
2003 2002
Carrying Estimated Appreciation/ Carrying Estimated Appreciation/
December 31, (in billions) value fair value (depreciation) value fair value (depreciation)
Financial assets
Assets for which fair value approximates carrying value $84.6 $ 84.6 $ — $ 76.4 $ 76.4 $ —
Federal funds sold and securities purchased under resale agreements 76.9 77.2 0.3 65.8 66.0 0.2
Trading assets 252.9 252.9 — 248.3 248.3 —
Securities available-for-sale 60.1 60.1 — 84.0 84.0 —
Securities held-to-maturity 0.2 0.2 — 0.4 0.4 —
Loans:
Commercial, net of allowance for loan losses 80.8 82.1 1.3 88.6 88.7(a) 0.1
Consumer, net of allowance for loan losses 134.2 135.4 1.2 122.4 124.7 2.3
Other assets 61.0 61.5 0.5 53.3 53.5 0.2
Total financial assets $750.7 $ 754.0 $ 3.3 $ 739.2 $ 742.0 $ 2.8
Financial liabilit ies
Liabilities for which fair value approximates carrying value $146.6 $ 146.6 $ — $ 145.1 $ 145.1 $ —
Interest-bearing deposits 247.0 247.1 (0.1) 222.7 223.1 (0.4)
Federal funds purchased and securities sold under repurchase agreements 113.5 113.6 (0.1) 169.5 169.5 —
Trading liabilities 149.4 149.4 — 133.1 133.1 —
Beneficial interests issued by consolidated VIEs 12.3 12.3 — — — —
Long-term debt-related instruments 54.8 57.0 (2.2) 45.2 45.5 (0.3)
Total financial liabilities $723.6 $ 726.0 $ (2.4) $ 715.6 $ 716.3 $ (0.7)
Net appreciation $0.9 $ 2.1
(a) The fair value has been revised to reflect current valuation methodologies.