US Bank 2010 Annual Report Download - page 118

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The following table summarizes the balances of assets and liabilities measured at fair value on a recurring basis:
(Dollars in Millions) Level 1 Level 2 Level 3 Netting Total
December 31, 2010
Available-for-sale securities
U.S. Treasury and agencies ......................... $ 873 $ 1,664 $ – $ – $ 2,537
Mortgage-backed securities
Residential
Agency ................................. – 37,703 – – 37,703
Non-agency
Prime . . . ............................. – – 1,103 – 1,103
Non-prime ............................. – – 947 – 947
Commercial
Agency ................................. – 197 – – 197
Non-agency . ............................. – – 50 – 50
Asset-backed securities
Collateralized debt obligations/Collateralized loan
obligations . . ............................. – 89 135 – 224
Other .................................... – 587 133 – 720
Obligations of state and political subdivisions............. – 6,417 – – 6,417
Obligations of foreign governments ................... – 6 – – 6
Corporate debt securities ......................... – 949 9 – 958
Perpetual preferred securities . ..................... – 448 – – 448
Other investments ............................. 181 18 – – 199
Total available-for-sale . ..................... 1,054 48,078 2,377 – 51,509
Mortgage loans held for sale .......................... – 8,100 – – 8,100
Mortgage servicing rights............................. – – 1,837 – 1,837
Derivative assets .................................. – 846 953 (280) 1,519
Other assets .................................... – 470 – – 470
Total ................................. $1,054 $57,494 $5,167 $ (280) $63,435
Derivative liabilities ................................. $ – $ 2,072 $ 102 $(1,163) $ 1,011
Other liabilities ................................... – 470 – – 470
Total ................................. $ – $ 2,542 $ 102 $(1,163) $ 1,481
December 31, 2009
Available-for-sale securities
U.S. Treasury and agencies ......................... $ 9 $ 3,395 $ – $ – $ 3,404
Mortgage-backed securities
Residential
Agency ................................. – 29,595 – – 29,595
Non-agency
Prime . . . ............................. – – 1,429 – 1,429
Non-prime ............................. – – 968 – 968
Commercial
Agency ................................. – 147 – – 147
Non-agency . ............................. – – 13 – 13
Asset-backed securities
Collateralized debt obligations/Collateralized loan
obligations . . ............................. – 107 98 – 205
Other .................................... – – 357 – 357
Obligations of state and political subdivisions............. – 6,693 – – 6,693
Obligations of foreign governments ................... – 6 – – 6
Corporate debt securities ......................... – 868 10 – 878
Perpetual preferred securities . ..................... – 423 – – 423
Other investments ............................. 372 – 231 – 603
Total available-for-sale . ..................... 381 41,234 3,106 – 44,721
Mortgage loans held for sale .......................... – 4,327 – – 4,327
Mortgage servicing rights............................. – – 1,749 – 1,749
Derivative assets .................................. – 713 869 (421) 1,161
Other assets .................................... – 247 – – 247
Total ................................. $ 381 $46,521 $5,724 $ (421) $52,205
Derivative liabilities ................................. $ – $ 1,800 $ 54 $ (995) $ 859
Other liabilities ................................... – 256 – – 256
Total ................................. $ – $ 2,056 $ 54 $ (995) $ 1,115
116 U.S. BANCORP