KeyBank 2013 Annual Report Download - page 197
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The following tables present the assets and liabilities of the consolidated securitization trusts measured at fair
value, as well as the portfolio loans that are measured at fair value on a recurring basis at December 31, 2013,
and 2012.
December 31, 2013
in millions Level 1 Level 2 Level 3 Total
ASSETS MEASURED ON A RECURRING BASIS
Portfolio loans — — $ 147 $ 147
Trust loans — — 1,960 1,960
Trust other assets — — 20 20
Total assets on a recurring basis at fair value — — $ 2,127 $ 2,127
LIABILITIES MEASURED ON A RECURRING BASIS
Trust securities — — $ 1,834 $ 1,834
Trust other liabilities — — 20 20
Total liabilities on a recurring basis at fair value — — $ 1,854 $ 1,854
December 31, 2012
in millions Level 1 Level 2 Level 3 Total
ASSETS MEASURED ON A RECURRING BASIS
Portfolio loans — — $ 157 $ 157
Trust loans — — 2,369 2,369
Trust other assets — — 26 26
Total assets on a recurring basis at fair value — — $ 2,552 $ 2,552
LIABILITIES MEASURED ON A RECURRING BASIS
Trust securities — — $ 2,159 $ 2,159
Trust other liabilities — — 22 22
Total liabilities on a recurring basis at fair value — — $ 2,181 $ 2,181
The following table shows the change in the fair values of the Level 3 consolidated education loan securitization
trusts and portfolio loans for the years ended December 31, 2013, and 2012.
in millions
Portfolio
Student
Loans
Trust
Student
Loans
Trust
Other
Assets
Trust
Securities
Trust
Other
Liabilities
Balance at December 31, 2011 $ 76 $ 2,726 $ 34 $ 2,522 $ 28
Gains (losses) recognized in earnings (a) 3 83 — 143 —
Purchases 86 — — — —
Sales — (86) — — —
Issuances — — — — —
Settlements (8) (354) (8) (506) (6)
Balance at December 31, 2012 $ 157 $ 2,369 $ 26 $ 2,159 $ 22
Gains (losses) recognized in earnings (a) — 53 — 191 —
Purchases 152 —— ——
Sales (147) (152) — — —
Issuances —————
Settlements (15) (310) (6) (516) (2)
Balance at December 31, 2013 $ 147 $ 1,960 $ 20 $ 1,834 $ 20
(a) Gains (losses) were driven primarily by fair value adjustments.
182