The Hartford 2013 Annual Report Download - page 192
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F-56
Derivative Balance Sheet Classification
The following table summarizes the balance sheet classification of the Company’s derivative related fair value amounts as well as the
gross asset and liability fair value amounts. For reporting purposes, the Company has elected to offset the fair value amounts, income
accruals, and related cash collateral receivables and payables of OTC derivative instruments executed in a legal entity and with the same
counterparty or under a master netting agreement, which provides the Company with the legal right of offset. The Company has also
elected to offset the fair value amounts, income accruals and related cash collateral receivables and payables of OTC-cleared derivative
instruments based on clearing house agreements. The fair value amounts presented below do not include income accruals or related cash
collateral receivables and payables, which are netted with derivative fair value amounts to determine balance sheet presentation.
Derivative fair value reported as liabilities after taking into account the master netting agreements, is $1.3 billion and $1.5 billion as of
December 31, 2013 and 2012 , respectively. Derivatives in the Company’s separate accounts where the associated gains and losses
accrue directly to policyholders are not included. The Company’s derivative instruments are held for risk management purposes, unless
otherwise noted in the following table. The notional amount of derivative contracts represents the basis upon which pay or receive
amounts are calculated and is presented in the table to quantify the volume of the Company’s derivative activity. Notional amounts are
not necessarily reflective of credit risk. In addition, the tables below exclude investments that contain an embedded credit derivative for
which the Company has elected the fair value option. For further discussion, see the Fair Value Option section in Note 5 - Fair Value
Measurements.
Table of Contents THE HARTFORD FINANCIAL SERVICES GROUP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
6. Investments and Derivative Instruments (continued)