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Variable Interest Entities | 3 Months Ended
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Mar. 31, 2014
Variable Interest Entities [Abstract] |
Variable Interest Entities | Note 14 – Variable Interest Entities ASC 810 defines a VIE as an entity where the equity investors, as a group, lack either (1) the power through voting rights, or similar rights, to direct the activities of an entity that most significantly impact the entity's economic performance, (2) the obligation to absorb the expected losses of the entity, (3) the right to receive the expected residual returns of the entity, or (4) when the equity investors, as a group, do not have sufficient equity at risk for the entity to finance its activities by itself. A variable interest is a contractual ownership, or other interest, that fluctuates with changes in the fair value of the VIE's net assets exclusive of variable interests. Under ASC 810, as amended, a primary beneficiary is required to consolidate a VIE when it has a variable interest in a VIE that provides it with a controlling financial interest. For such purposes, the determination of whether a controlling financial interest exists is based on whether a single party has both the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant. Consolidated Variable Interest Entities FHN h olds variable interests in proprietary residential mortgage securitization trusts it established prior to 2008 as a source of liquidity for its mortgage banking and consumer lending operations. Based on their restrictive nature, the trusts are considered VIEs as the holders of equity at risk do not have the power through voting rights or similar rights to direct the activities that most significantly impact the trusts' economic performance. In situations where the retention of MSR and other retained interests, including residual interests and subordinated bonds, results in FHN potentially absorbing losses or receiving benefits that are significant to the trusts, FHN is considered the primary beneficiary, as it is also assumed to have the power as servicer to most significantly impact the activities of such VIEs. Consolidation of the trusts results in the recognition of the trusts' proceeds as restricted borrowings since the cash flows on the securitized loans can only be used to settle the obligations due to the holders of the trusts' securities. In third quarter 2013, FHN agreed to sell the servicing related to one of these securitization trusts that was previously consolidated. Upon closing of this sale in January 2014, the securitization trust was de-consolidated and prospectively considered a non-consolidated VIE. Except for recourse due to breaches of representations and warranties made by FHN in connection with the sale of the loans to the trusts, the creditors of the trusts hold no recourse to the assets of FHN. The only trust i ncluded in the March 31, 2014 balance of consolidated proprietary residential mortgage securitizations is a HELOC securitization trust that has entered a rapid amortization period and for which FHN is obligate d to provide subordinated funding. During this period, cash payments from borrowers are accumulated to repay outstanding debt securities while FHN continues to make advances to borrowers when they draw on their lines of credit. FHN then transfers the newly generated receivables into the securitization trust and is reimbursed only after other parties in the securitization have received all of the cash flows to which they are entitled. If loan losses requiring draws on the related monoline insurers' policies, which protect bondholders in the securitization, exceed a certain level, FHN may not receive reimbursement for all of the funds advanced to borrowers, as the senior bondholders and the monoline insurers typically have priority for repayment. This securitization trust is currently consolidated by FHN due to FHN's status as the Master Servicer for the securitization and the retention of a significant residual interest. Because the trust is consolidated, amounts funded from monoline insurance policies are considered as additional restricted term borrowing s in FHN's Consolidated Condensed Statements of Condition. FHN has established certain rabbi trusts related to deferred compensation plans offered to its employees. FHN contributes employee cash compensation deferrals to the trusts and directs the underlying investments made by the trusts. The assets of these trusts are available to FHN's creditors only in the event that FHN becomes insolvent. These trusts are considered VIEs as there is no equity at risk in the trusts since FHN provided the equity interest to its employees in exchange for services rendered. FHN is considered the primary beneficiary of the rabbi trusts as it has the power to direct the activities that most significantly impact the economic performance of the rabbi trusts through its ability to direct the underlying investments made by the trusts. Additionally, FHN could potentially receive benefits or absorb losses that are significant to the trusts due to its right to receive any asset values in excess of liability payoffs and its obligation to fund any liabilities to employees that are in excess of a rabbi trust's assets.
The following table summarizes VIEs consolidated by FHN as of March 31, 2014 and 2013:
|  |  |  | March 31, 2014 |  | March 31, 2013 |
|  |  |  | On-Balance Sheet |  | Rabbi Trusts |  | On-Balance Sheet |  | Rabbi Trusts |
|  |  |  | Consumer Loan Securitization |  | Used for Deferred Compensation Plans |  | Consumer Loan Securitizations |  | Used for Deferred Compensation Plans |
(Dollars in thousands) |  | Carrying Value |  | Carrying Value |  | Carrying Value |  | Carrying Value |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks |  |  | $ | - |  |  |  | N/A |  |  | $ | 243 |  |  |  | N/A |
Loans, net of unearned income |  |  |  | 86,685 |  |  |  | N/A |  |  |  | 114,505 |  |  |  | N/A |
| Less: Allowance for loan losses |  |  |  | 1,954 |  |  |  | N/A |  |  |  | 3,712 |  |  |  | N/A |
|  | Total net loans |  |  |  | 84,731 |  |  |  | N/A |  |  |  | 110,793 |  |  |  | N/A |
Other assets |  |  |  | 888 |  |  | $ | 64,217 |  |  |  | 1,647 |  |  | $ | 62,053 |
Total assets |  |  | $ | 85,619 |  |  | $ | 64,217 |  |  | $ | 112,683 |  |  | $ | 62,053 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Term borrowings |  |  | $ | 77,119 |  |  |  | N/A |  |  | $ | 104,875 |  |  |  | N/A |
Other liabilities |  |  |  | 5 |  |  | $ | 50,423 |  |  |  | 24 |  |  | $ | 49,720 |
Total liabilities |  |  | $ | 77,124 |  |  | $ | 50,423 |  |  | $ | 104,899 |  |  | $ | 49,720 |
Nonconsolidated Variable Interest Entities Low Income Housing Partnerships. First Tennessee Housing Corporation (“FTHC”), a wholly-owned subsidiary of FTBNA, makes equity investments as a limited partner in various partnerships that sponsor affordable housing projects utilizing the Low Income Housing Tax Credit (“LIHTC”) pursuant to Section 42 of the Internal Revenue Code. The purpose of these investments is to achieve a satisfactory return on capital and to support FHN's community reinvestment initiatives. The activities of the limited partnerships include the identification, development, and operation of multi-family housing that is leased to qualifying residential tenants generally within FHN's primary geographic region. LIHTC partnerships are considered VIEs as FTHC, the holder of the equity investment at risk, does not have the ability to direct the activities that most significantly affect the performance of the entity through voting rights or similar rights. FTHC could absorb losses that are significant to the LIHTC partnerships as it has a risk of loss for its initial capital contributions and funding commitments to each partnership. The general partners are considered the primary beneficiaries as managerial functions give them the power to direct the activities that most significantly impact the partnerships' economic performance and the general partners are exposed to all losses beyond FTHC's initial capital contributions and funding commitments. New Market Tax Credit LLCs. First Tennessee New Markets Corporation (“FTNMC”), a wholly-owned subsidiary of FTB NA, makes equity investments through wholly-owned subsidiaries as a limited member in various limited liability companies (“LLCs”) that sponsor community development projects utilizing the New Market Tax Credit (“NMTC”) pursuant to Section 45 of the Internal Revenue Code. The purpose of these investments is to achieve a satisfactory return on capital and to support FHN's community reinvestment initiatives. The activities of the LLCs include providing investment capital for low-income communities within FHN's primary geographic region. A portion of the fun ding of FTNMC's investment in a NMTC LLC is obtained via a loan from an unrelated third-party that is typically a community development enterprise. The NMTC LLCs are considered VIEs as FTNMC, the holder of the equity investment at risk, does not have the ability to direct the activities that most significantly affect the performance of the entity through voting rights or similar rights. While FTNMC could absorb losses that are significant to the NMTC LLCs as it has a risk of loss for its initial capital contributions, the managing members are considered t he primary beneficiaries as managerial functions give them the power to direct the activities that most significantly impact the NMTC LLCs' economic performance and the managing members are exposed to all losses beyond FTNMC's initial capital contributions. Small Issuer Trust Preferred Holdings. FTBNA holds variable interests in trusts which have issued mandatorily redeemable preferred capital securities (“trust preferreds”) for smaller banking and insurance enterprises. FTBNA has no voting rights for the trusts' activities. The trusts' only assets are junior subordinated debentures of the issuing enterprises. The creditors of the trusts hold no recourse to the assets o f FTBNA. These trusts meet the definition of a VIE as the holders of the equity investment at risk do not have the power through voting rights, or similar rights, to direct the activities that most significantly impact the trusts' economic performance. Based on the nature of the trusts' activities and the size of FTBNA's holdings, FTBNA could potentially receive benefits or absorb losses that are significant to the trusts regardless of whether a majority of a trust's securities are held by FTBNA. However, since FTBNA is solely a holder of the trusts' securities, it has no rights which would give it the power to direct the activities that most significantly impact the trusts' economic performance and thus it is not considered the primary beneficiary of the trusts. FTBNA has no contractual requirements to provide financial support to the trusts. On-Balance Sheet Trust Preferred Securitization. In 2007, FTBNA executed a securitization of certain small issuer trust preferreds for which the underlying trust meets the definition of a VIE as the holders of the equity investment at risk do not have the power through voting rights, or similar rights, to direct the activities that most significantly impact the entity's economic performance. FTBNA could potentially receive benefits or absorb losses that are significant to the trust based on the size and priority of the interests it retained in the securities issued by the trust. However, since FTBNA did not retain servicing or other decision making rights, FTBNA is not the primary beneficiary as it does not have the power to direct the activities that most significantly impact the trust's economic performance. Accordingly, FTBNA has accounted for the funds received through the securitization as a term borrowing in its Consolidated Condensed Statements of Condition. FTBNA has no contractual requirement s to provide financial support to the trust. Proprietary Trust Preferred Issuances. FHN has previously issued junior subordinated debt to First Tennessee Capital II (“Capital II”). Capital II is considered a VIE as FHN's capital contributions to this trust are not considered “at risk” in evaluating whether the holders of the equity investments at risk in the trust have the power through voting rights, or similar rights, to direct the activities that most significantly impact the entity's economic performance. FHN is not the trust's primary beneficiary as FHN's capital contributions to the trust are not considered variable interests as they are not “at risk”. Consequently, Capital II is not consolidated by FHN. Proprietar y Residential Mortgage Securitizations. FHN holds variable interests in proprietary residential mortgage securitization trusts it established prior to 2008 as a source of liquidity for its mortgage banking operations. Except for recourse due to breaches of representations and warranties made by FHN in connection with the sale of the loans to the trusts, the creditors of the trusts hold no recourse to the assets of FHN. Additionally, FHN has no contractual requirements to provide financial support to the trusts. Based on their restrictive nature, the trusts are considered VIEs as the holders of equity at risk do not have the power through voting rights, or similar rights, to direct the activities that most significantly impact the trusts' economic performance. While FHN is assumed to have the power as servicer to most significantly impact the activities of such VIEs in situations where FHN does not have the ability to participate in significant portions of a securitization trust's cash flows, it is not considered the primary beneficiary of the trust. Therefore, these trusts are not consolidated by FHN. Upon closing of the servicing sales in first quarter 2014, FHN's interests in these securitizations decline d substantially. Agency Residential Mortgage Securitizations. During fourth quarter 2013, FHN completed the sale of substantially all servicing for Agency securitizations resulting in the de-recognition of its interests in these trusts. Prior to third quarter 2008, FHN transferred first lien mortgages that were included in Agency-sponsored securitization s and retained MSR and in certain situations various other interests. Except for recourse due to breaches of standard representations and warranties made by FHN in connection with the sale of the loans to the trusts, the creditors of the trusts h e ld no recourse to the assets of FHN. Additionally, FHN ha d no contractual requirements to provide financial support to the trusts. The Agencies' or designated third parties' status as Master Servicer and the rights they hold consistent with their guarantees on the securities issued provide them with the power to direct the activities that most significantly impact the trusts' economic performance. Thus, such trusts were not consolidated by FHN as it was not considered the primary beneficiary even in situations where it could potentially receive benefits or absorb losses that were significant to the trusts. In relation to certain A gency securitizations, FHN pur chased the servicing rights on securitized loans from the loan originator and h e ld other retained interests. Based on their restrictive nature, the trusts meet the definition of a VIE since the holders of the equity investments at risk do not have the power through voting rights, or similar rights, to direct the activities that most significantly impact the trusts' economic performance. As the A gencies serve as Master Servicer for the securitized loans and hold rights consistent with their guarantees on the securities issued, they have the power to direct the activities that most significantly impact the trusts' economic performance. Thus, FHN was not considered the primary beneficiary even in situations where it could potentially receive benefits or absorb losses that were significant to the trusts. FHN ha d no contractual requirements to provide financial support to the trusts. On-Balan c e Sheet Consumer Loan Securitizations. Prior to March 31, 2014 FHN h e ld variable interests in proprietary residential mortgage securitization trusts it established prior to 2008 as a source of liquidity for its consumer lending operations. Except for recourse due to breaches of representations and warranties made by FHN in connection with the sale of the loans to the trusts, the creditors of the trusts h e ld no recourse to the assets of FHN. Based on their restrictive nature, the trusts were considered VIEs as the holders of equity at risk d id not have the power through voting rights or similar rights to direct the activities that most significantly impact the trusts' economic performance. The non consolidated proprietary residential mortgage securitizations as of March 31, 2013, consist ed of two HELOC securitization trusts that ha d entered a rapid amortization period and for which FHN was obligated to provide subordinated funding. These securitization trusts were not consolidated by FHN as it was not the Master Servicer for the securitizations. FHN's holding of a unilateral call right to reclaim specifi c assets in the trusts precluded sale accounting for the related securitization transactions. Thus, even though FHN was not the Master Servicer, the related transactions were accounted for as secured borrowings, with the associated loans and secur ed debt remaining within FHN's Consolidated Condensed Financial S tatements. These trusts were collapsed in first quarter 2014 as the collateral (loan s) of the trust were repurchased and FHN reduced the associated secured borrowing on the Consolidated C ondensed S tatements of C ondition. Holdings & Short Positions in Agency Mortgage-Backed Securities. FHN holds securities issued by various A gency securitization trusts. Based on their restrictive nature, the trusts meet the definition of a VIE since the holders of the equity investments at risk do not have the power through voting rights, or similar rights, to direct the activities that most significantly impact the entities' economic performance. FHN could potentially receive benefits or absorb losses that are significant to the trusts based on the nature of the trusts' activities and the size of FHN's holdings. However, FHN is solely a holder of the trusts' securities and does not have the power to direct the activities that most significantly impact the trusts' economic performance, and is not considered the primary beneficiary of the trusts. FHN has no contractual requirements to provide financial support to the trusts. Commercial Loan Troubled Debt Restructurings. For certain troubled commercial loans, FTBNA restructures the terms of the borrower's debt in an effort to increase the probability of receipt of amounts contractually due. Following a troubled debt restructuring, the borrower entity typically meets the definition of a VIE as the initial determination of whether an entity is a VIE must be reconsidered as events have proven that the entity's equity is not sufficient to permit it to finance its activities without additional subordinated financial support or a restructuring of the terms of its financing. As FTBNA does not have the power to direct the activities that most significantly impact such troubled commercial borrowers' operations, it is not considered the primary beneficiary even in situations where, based on the size of the financing provided, FTBNA is exposed to potentially significant benefits and losses of the borrowing entity. FTBNA has no contractual requirements to provide financial support to the borrowing entities beyond certain funding commitments established upon restructuring of the terms of the debt that allows for preparation of the underlying collateral for sale. Managed Discretionary Trusts. FHN serves as manager over certain discretionary trusts, for which it makes investment decisions on behalf of the trusts' beneficiaries in return for a reasonable management fee. The trusts meet the definition of a VIE since the holders of the equity investments at risk do not have the power, through voting rights or similar rights, to direct the activities that most significantly impact the entities' economic performance. The management fees FHN receives are not considered variable interests in the trusts as all of the requirements related to permitted levels of decision maker fees are met. Therefore, the VIEs are not consolidated by FHN as it is not the trusts' primary beneficiary. FHN has no contractual requirements to provide financial support to the trusts.
The following table summarizes FHN’s nonconsolidated VIEs as of March 31, 2014: |
|  | Maximum |  | Liability |  |  |
(Dollars in thousands) |  | Loss Exposure | Recognized | Classification |
Type |  |  |  |  |  |  |  |  |  |
Low income housing partnerships (a) (b) |  | $ | 48,067 |  |  | $ | - |  | Other assets |
New market tax credit LLCs (b) (c) |  |  | 22,492 |  |  |  | - |  | Other assets |
Small issuer trust preferred holdings (d) |  |  | 375,247 |  |  |  | - |  | Loans, net of unearned income |
On-balance sheet trust preferred securitization |  |  | 53,463 |  |  |  | 60,711 |  | (e) |
Proprietary trust preferred issuances (f) |  |  | N/A |  |  |  | 206,186 |  | Term borrowings |
Proprietary and agency residential mortgage securitizations |  |  | 54,559 |  |  |  | - |  | (g) |
Holdings of agency mortgage-backed securities (d) |  |  | 3,861,630 |  |  |  | - |  | (h) |
Short positions in agency mortgage-backed securities (f) |  |  | N/A |  |  |  | 1,586 |  | Trading liabilities |
Commercial loan troubled debt restructurings (i) (j) |  |  | 58,736 |  |  |  | - |  | Loans, net of unearned income |
Managed discretionary trusts (f) |  |  | N/A |  |  |  | N/A |  | N/A |
Maximum loss exposure represents $4 1.7 million of current investments and $6.3 million of contractual funding commitments. Only the current investment amount is included in Other assets. A lia bility is not recognized as investments are written down over the life of the related tax credit. Maximum loss exposure represents current investment balance. Of the initial investment, $1 8.0 million was funded through loans from community development enterprises. Maximum loss exposure represents the value of current investments. A liability is not recognized as FHN is solely a holder of the trusts' securities. Includes $112.5 million classified as Loans, net of unearned income, and $1.7 million classified as Trading securities which are offset by $60.7 million classified as Term borrowings. No exposure to loss due to the nature of FHN's involvement. Includes $1.4 million and $1.0 million classified as MSR related to proprietary and agency residential mortgage securitizations, respect ively, and $6.6 million classified as Trading securities related to proprietary residential mortgage securitizations. Aggregate servicing advances of $45.5 million are classified as Other assets. Includes $537.3 million classified as Trading securities and $3.3 billion cla ssified as Securities available-for-sale. Maximum loss exposure represents $5 7.2 million of current receivables and $1.5 million of contractual funding commitments on loans related to commercial borrowers involved in a troubled debt restructuring. A liability is not recognized as the loans are the only variable interests held in the troubled commercial borrowers' operations.
The following table summarizes FHN's nonconsolidated VIEs as of March 31, 2013:
|  | Maximum |  | Liability |  |  |
(Dollars in thousands) |  | Loss Exposure | Recognized | Classification |
Type |  |  |  |  |  |  |  |  |
Low income housing partnerships (a) (b) |  | $ | 52,528 |  | $ | - |  | Other assets |
New market tax credit LLCs (b) (c) |  |  | 23,494 |  |  | - |  | Other assets |
Small issuer trust preferred holdings (d) |  |  | 418,404 |  |  | - |  | Loans, net of unearned income |
On-balance sheet trust preferred securitization |  |  | 54,577 |  |  | 59,597 |  | (e) |
Proprietary trust preferred issuances (f) |  |  | N/A |  |  | 206,186 |  | Term borrowings |
Proprietary and agency residential mortgage securitizations |  |  | 416,648 |  |  | - |  | (g) |
On-balance sheet consumer loan securitizations |  |  | 14,477 |  |  | 270,385 |  | (h) |
Holdings of agency mortgage-backed securities (d) |  |  | 3,584,187 |  |  | - |  | (i) |
Short positions in agency mortgage-backed securities (f) |  |  | N/A |  |  | 51,108 |  | Trading liabilities |
Commercial loan troubled debt restructurings (j) (k) |  |  | 68,921 |  |  | - |  | Loans, net of unearned income |
Managed discretionary trusts (f) |  |  | N/A |  |  | N/A |  | N/A |
Maximum loss exposure represents $5 0.6 million of current investments and $1.9 million of contractual funding commitments. Only the current investment amount is included in Other a ssets. A liability is not recognized as investments are written down over the life of the related tax credit. Maximum loss exposure represents current investment balance. Of the initial investment $1 8.0 million was funded through loans from community development enterprises. Maximum loss exposure represents the value of current investments. A liability is not recognized as FHN is solely a holder of the trusts' securities. Includes $112.5 million classified as Loans, net of unearned income, and $1.7 million classified as Trading securities which are offset by $5 9.6 million classified as Term borrowings. No exposure to loss due to the nature of FHN's involveme nt. Includes $6 6.6 million and $28.7 million classified as MSR and $7.6 million and $8.8 million classified as Trading securities related to proprietary and agency residential mortgage securitizations, respectively. Aggregate servicing advances of $3 0 4.8 million are classified as Other assets. Includes $2 84.9 million classified as Loans, net of unearned income which are offset by $2 70.4 million classified as Term borrowings. Includes $669.3 million classified as Trading securities and $2.9 billion cla ssified as Securities available-for-sale. Maximum loss exposure represents $65.7 million of current receivables and $3.2 million of contractual funding commitments on loans related to commercial borrowers involved in a troubled debt restructuring. A liability is not recognized as the loans are the only variable interests held in the troubled commercial borrowers' operations. Prior to 2009, FHN utilized loan sales and securitizations as a significant source of liquidity for its mortgage banking operations. FHN no longer retains financial interests in loans it tra nsfers to third parties. Retained Interests With the sales of substantially all servicing by the end of first quarter 2014, prior transfers of financial assets which FHN has continuing involvement are no longer significant. See Note 11 – Contingencies and Other Disclosures for information regarding FHN's repurchase exposure for claims that FHN breached its standard representations and warranties made in connection with the sale of loans to proprietary and agency residential mortgage securitization trusts.
For the three months ended March 31, 2013, cash flows received and paid related to loan sales and securitizations where FHN had continuing involvement were as follows: |
| Three Months Ended |
(Dollars in thousands) | March 31, 2013 |
Proceeds from initial sales | $ | 10,843 |
Servicing fees retained (a) |  | 12,589 |
Purchases of GNMA guaranteed mortgages |  | 39,041 |
Purchases of previously transferred financial assets (b) (c) |  | 144,737 |
Other cash flows received on retained interests |  | 1,413 |
I nclude d servicing fees on MSR associated w ith loan sales and purchased MSR. Include d repurchases of delinquent and performing loans, foreclosed assets, and make-whole payments for economic losse s incurred by purchaser. Also included buyouts from GSEs in order to facilitate foreclosures. I nclude d $74.7 million of cash paid related to clean-up calls exercised by FHN.
The principal amount of loans transferred through loan sales and securitizations and other loans managed with them in which FHN had continuing involvement, the principal amount of delinquent loans, and the net credit losses during first quarter 2013 are as follows:
| Principal Amount of Residential Real | Net Credit Losses (c) |
| Estate Loans (a) (b) (c) |  | Three months ended |
(Dollars in thousands) | March 31, 2013 |  | March 31, 2013 |
Total loans managed or transferred | $ |  | 14,403,257 |  | $ |  | 62,627 |
Amounts represent real estate residential loans in FHN's portfolio, held-for-sale, and loans that have been transferred in proprietary securitizations and whole loan sales in which FHN ha d a retained interest other than servicing rights. Also include d $5.3 billion of loans transferred to GSEs with any type of retained interest other than servicing rights. I ncludes $.7 billion where the principal amount is 90 days or more past due or nonaccrual. Included in th is amount was $40.5 million of GNMA g uaranteed mortgages. No delinquency or net credit loss data is provided for the loans transferred to FNMA or FHLMC because these agencie s retain credit risk. See Note 1 1 - Contingencies and Other Disclosures for discussion related to repurchase obligatio ns for loans transferred to GSE s or private investors.

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- Definition Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=28200181&loc=d3e5710-111685 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=28200181&loc=SL6759159-111685 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=28200181&loc=d3e5747-111685 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=28200181&loc=d3e5728-111685 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=28200181&loc=SL6228884-111685 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Variable Interest Entity -URI http://asc.fasb.org/extlink&oid=6528138 + Details
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