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JPMorgan Chase & Co./2015 Annual Report 197
Fair value measurements using significant unobservable inputs
Year ended
December 31, 2014
(in millions)
Fair value
at January
1, 2014
Total
realized/
unrealized
gains/
(losses)
Transfers into
and/or out of
level 3(i)
Fair value at
Dec. 31,
2014
Change in
unrealized gains/
(losses) related
to financial
instruments held
at Dec. 31, 2014Purchases(g) Sales Settlements(h)
Assets:
Trading assets:
Debt instruments:
Mortgage-backed securities:
U.S. government agencies $ 1,005 $ (97) $ 351 $ (186) $ (121) $ (30) $ 922 $ (92)
Residential – nonagency 726 66 827 (761) (41) (154) 663 (15)
Commercial – nonagency 432 17 980 (914) (60) (149) 306 (12)
Total mortgage-backed
securities 2,163 (14) 2,158 (1,861) (222) (333) 1,891 (119)
Obligations of U.S. states and
municipalities 1,382 90 298 (358) (139) — 1,273 (27)
Non-U.S. government debt
securities 143 24 719 (617) (3) 36 302 10
Corporate debt securities 5,920 210 5,854 (3,372) (4,531) (1,092) 2,989 379
Loans 13,455 387 13,551 (7,917) (4,623) (1,566) 13,287 123
Asset-backed securities 1,272 19 2,240 (2,126) (283) 142 1,264 (30)
Total debt instruments 24,335 716 24,820 (16,251) (9,801) (2,813) 21,006 336
Equity securities 867 113 248 (259) (286) (252) 431 46
Physical commodities 4 (1) — — (1) — 2 —
Other 2,000 239 1,426 (276) (201) (2,138) 1,050 329
Total trading assets – debt and
equity instruments 27,206 1,067 (c) 26,494 (16,786) (10,289) (5,203) 22,489 711 (c)
Net derivative receivables:(a)
Interest rate 2,379 184 198 (256) (1,771) (108) 626 (853)
Credit 95 (149) 272 (47) 92 (74) 189 (107)
Foreign exchange (1,200) (137) 139 (27) 668 31 (526) (62)
Equity (1,063) 154 2,044 (2,863) 10 (67) (1,785) 583
Commodity 115 (465) 1 (113) (109) 6 (565) (186)
Total net derivative receivables 326 (413) (c) 2,654 (3,306) (1,110) (212) (2,061) (625) (c)
Available-for-sale securities:
Asset-backed securities 1,088 (41) 275 (2) (101) (311) 908 (40)
Other 1,234 (19) 122 — (223) (985) 129 (2)
Total available-for-sale securities 2,322 (60) (d) 397 (2) (324) (1,296) 1,037 (42) (d)
Loans 1,931 (254) (c) 3,258 (845) (1,549) — 2,541 (234) (c)
Mortgage servicing rights 9,614 (1,826) (e) 768 (209) (911) — 7,436 (1,826) (e)
Other assets:
Private equity investments 5,816 400 (c) 145 (1,967) (197) (1,972) 2,225 33 (c)
All other 1,382 83 (f) 10 (357) (159) — 959 59 (f)
Fair value measurements using significant unobservable inputs
Year ended
December 31, 2014
(in millions)
Fair value
at January
1, 2014
Total
realized/
unrealized
(gains)/
losses
Transfers into
and/or out of
level 3(i)
Fair value at
Dec. 31,
2014
Change in
unrealized
(gains)/losses
related to
financial
instruments held
at Dec. 31, 2014Purchases(g) Sales Issuances Settlements(h)
Liabilities:(b)
Deposits $ 2,255 $ 149 (c) $ — $ — $ 1,578 $ (197) $ (926) $ 2,859 $ 130 (c)
Other borrowed funds 2,074 (596) (c) — — 5,377 (6,127) 725 1,453 (415) (c)
Trading liabilities – debt and equity
instruments 113 (5) (c) (305) 323 — (5) (49) 72 2 (c)
Accounts payable and other
liabilities —27
(c) ———(1)—26—
Beneficial interests issued by
consolidated VIEs 1,240 (4) (c) — — 775 (763) (102) 1,146 (22) (c)
Long-term debt 10,008 (40) (c) — — 7,421 (5,231) (281) 11,877 (9) (c)