KeyBank 2013 Annual Report Download - page 167

December 31, 2012
in millions Level 1 Level 2 Level 3 Total
ASSETS MEASURED ON A RECURRING BASIS
Short term investments:
Securities purchased under resale agreements — $ 271 — $ 271
Trading account assets:
U.S. Treasury, agencies and corporations — 383 — 383
States and political subdivisions — 21 $ 3 24
Collateralized mortgage obligations — 8 — 8
Other mortgage-backed securities — 4 — 4
Other securities $ 2 175 — 177
Total trading account securities 2 591 3 596
Commercial loans —9—9
Total trading account assets 2 600 3 605
Securities available for sale:
States and political subdivisions — 49 — 49
Collateralized mortgage obligations — 11,464 — 11,464
Other mortgage-backed securities — 538 — 538
Other securities 43 — — 43
Total securities available for sale 43 12,051 — 12,094
Other investments:
Principal investments:
Direct — — 191 191
Indirect — — 436 436
Total principal investments — — 627 627
Equity and mezzanine investments:
Direct ————
Indirect — — 41 41
Total equity and mezzanine investments — — 41 41
Total other investments — — 668 668
Derivative assets:
Interest rate — 1,705 19 1,724
Foreign exchange 54 21 — 75
Commodity — 154 2 156
Credit —358
Equity ————
Derivative assets 54 1,883 26 1,963
Netting adjustments (a) — — — (1,270)
Total derivative assets 54 1,883 26 693
Accrued income and other assets — 3 — 3
Total assets on a recurring basis at fair value $ 99 $ 14,808 $ 697 $ 14,334
LIABILITIES MEASURED ON A RECURRING BASIS
Federal funds purchased and securities sold under repurchase agreements:
Securities sold under repurchase agreements — $ 228 — $ 228
Bank notes and other short-term borrowings:
Short positions — 287 — 287
Derivative liabilities:
Interest rate — 1,152 — 1,152
Foreign exchange $55 20 — 75
Commodity — 149 $ 1 150
Credit —9110
Equity ————
Derivative liabilities 55 1,330 2 1,387
Netting adjustments (a) — — — (803)
Total derivative liabilities 55 1,330 2 584
Accrued expense and other liabilities — 49 — 49
Total liabilities on a recurring basis at fair value $ 55 $ 1,894 $ 2 $ 1,148
(a) Netting adjustments represent the amounts recorded to convert our derivative assets and liabilities from a gross basis to a net basis in
accordance with applicable accounting guidance. The net basis takes into account the impact of bilateral collateral and master netting
agreements that allow us to settle all derivative contracts with a single counterparty on a net basis and to offset the net derivative position
with the related cash collateral. Total derivative assets and liabilities include these netting adjustments.
152