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Fair value measurement | 9 Months Ended
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Sep. 30, 2018
Fair Value Disclosures |
Fair Value Measurement | Note 25 – Fair value measurement ASC Subtopic 820-10 “Fair Value Measurements and Disclosures” establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels in order to increase consistency and comparability in fair value measurements and disclosures. The hierarchy is broken down into three levels based on the reliability of inputs as follows: Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Corporation has the ability to access at the measurement date. Valuation on these instruments does not necessitate a significant degree of judgment since valuations are based on quoted prices that are readily available in an active market. Level 2 - Quoted prices other than those inc luded in Level 1 that are observable either directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or ot her inputs that are observable or that can be corroborated by observable market data for substantially the full term of the financial instrument. Level 3 - Inputs are unobservable and significant to the fair value measurement. Unobservable inputs reflect t he Corporation’s own assumptions about assumptions that market participants would use in pricing the asset or liability. The Corporation maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the observable in puts be used when available. Fair value is based upon quoted market prices when available. If listed prices or quotes are not available, the Corporation employs internally-developed models that primarily use market-based inputs including yield curves, inte rest rates, volatilities, and credit curves, among others. Valuation adjustments are limited to those necessary to ensure that the financial instrument’s fair value is adequately representative of the price that would be received or paid in the marketplace. These adjustments include amounts that reflect counterparty credit quality, the Corporation’s credit standing, constraints on liquidity and unobservable parameters that are applied consistently. There have been no changes in the Corporation’s methodolog ies used to estimate the fair value of assets and liabilities from those disclosed in the 2017 Form 10-K. The estimated fair value may be subjective in nature and may involve uncertainties and matters of significant judgment for certain financial instrumen ts. Changes in the underlying assumptions used in calculating fair value could significantly affect the results. Fair Value on a Recurring and Nonrecurring Basis The following fair value hierarchy tables present information about the Corporation’s assets and liabilities measured at fair value on a recurring basis at September 30, 2018 and December 31, 2017
At September 30, 2018
(In thousands) | Level 1 | Level 2 | Level 3 | Total
RECURRING FAIR VALUE MEASUREMENTS |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |
Debt securities available-for-sale: |  |  |  |  |  |  |  |
U.S. Treasury securities | $ | 2,496,517 | $ | 5,365,445 | $ | - | $ | 7,861,962
Obligations of U.S. Government sponsored entities |  | - |  | 403,794 |  | - |  | 403,794
Obligations of Puerto Rico, States and political subdivisions |  | - |  | 6,679 |  | - |  | 6,679
Collateralized mortgage obligations - federal agencies |  | - |  | 758,612 |  | - |  | 758,612
Mortgage-backed securities |  | - |  | 4,014,750 |  | 1,263 |  | 4,016,013
Other |  | - |  | 557 |  | - |  | 557
Total debt securities available-for-sale | $ | 2,496,517 | $ | 10,549,837 | $ | 1,263 | $ | 13,047,617
Trading account debt securities, excluding derivatives: |  |  |  |  |  |  |  |
U.S. Treasury securities | $ | 5,183 | $ | - | $ | - | $ | 5,183
Obligations of Puerto Rico, States and political subdivisions |  | - |  | 143 |  | - |  | 143
Collateralized mortgage obligations |  | - |  | 48 |  | 644 |  | 692
Mortgage-backed securities |  | - |  | 28,194 |  | 43 |  | 28,237
Other |  | - |  | 2,978 |  | 498 |  | 3,476
Total trading account debt securities, excluding derivatives | $ | 5,183 | $ | 31,363 | $ | 1,185 | $ | 37,731
Equity securities | $ | - | $ | 14,154 | $ | - | $ | 14,154
Mortgage servicing rights |  | - |  | - |  | 162,779 |  | 162,779
Derivatives |  | - |  | 18,977 |  | - |  | 18,977
Total assets measured at fair value on a recurring basis | $ | 2,501,700 | $ | 10,614,331 | $ | 165,227 | $ | 13,281,258
Liabilities |  |  |  |  |  |  |  |
Derivatives | $ | - | $ | (16,554) | $ | - | $ | (16,554)
Total liabilities measured at fair value on a recurring basis | $ | - | $ | (16,554) | $ | - | $ | (16,554)
At December 31, 2017
(In thousands) | Level 1 | Level 2 | Level 3 | Total
RECURRING FAIR VALUE MEASUREMENTS |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |
Debt securities available-for-sale: |  |  |  |  |  |  |  |
U.S. Treasury securities | $ | 503,385 | $ | 3,424,779 | $ | - | $ | 3,928,164
Obligations of U.S. Government sponsored entities |  | - |  | 608,933 |  | - |  | 608,933
Obligations of Puerto Rico, States and political subdivisions |  | - |  | 6,609 |  | - |  | 6,609
Collateralized mortgage obligations - federal agencies |  | - |  | 943,753 |  | - |  | 943,753
Mortgage-backed securities |  | - |  | 4,687,374 |  | 1,288 |  | 4,688,662
Other |  | - |  | 802 |  | - |  | 802
Total debt securities available-for-sale | $ | 503,385 | $ | 9,672,250 | $ | 1,288 | $ | 10,176,923
Trading account debt securities, excluding derivatives: |  |  |  |  |  |  |  |
U.S. Treasury securities | $ | 261 | $ | - | $ | - | $ | 261
Obligations of Puerto Rico, States and political subdivisions |  | - |  | 159 |  | - |  | 159
Collateralized mortgage obligations |  | - |  | - |  | 529 |  | 529
Mortgage-backed securities |  | - |  | 29,237 |  | 43 |  | 29,280
Other |  | - |  | 2,988 |  | 529 |  | 3,517
Total trading account debt securities, excluding derivatives | $ | 261 | $ | 32,384 | $ | 1,101 | $ | 33,746
Equity securities | $ | - | $ | 11,076 | $ | - | $ | 11,076
Mortgage servicing rights |  | - |  | - |  | 168,031 |  | 168,031
Derivatives |  | - |  | 16,719 |  | - |  | 16,719
Total assets measured at fair value on a recurring basis | $ | 503,646 | $ | 9,732,429 | $ | 170,420 | $ | 10,406,495
Liabilities |  |  |  |  |  |  |  |
Derivatives | $ | - | $ | (14,431) | $ | - | $ | (14,431)
Contingent consideration |  | - |  | - |  | (164,858) |  | (164,858)
Total liabilities measured at fair value on a recurring basis | $ | - | $ | (14,431) | $ | (164,858) | $ | (179,289)
The fair value information included in the following tables is not as of period end, but as of the date that the fair value measurement was recorded during the quarters and nine months ended September 30, 2018 and 2017 and excludes nonrecurring fair value measurements of assets no longer outstanding as of the reporting date.
Nine months ended September 30, 2018
(In thousands) | Level 1 | Level 2 | Level 3 | Total |  |
NONRECURRING FAIR VALUE MEASUREMENTS |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  | Write-downs
| Loans[1] | $ | - | $ | - | $ | 79,347 | $ | 79,347 | $ | (28,769)
| Other real estate owned[2] |  | - |  | - |  | 42,572 |  | 42,572 |  | (8,744)
| Other foreclosed assets[2] |  | - |  | - |  | 2,596 |  | 2,596 |  | (957)
Total assets measured at fair value on a nonrecurring basis | $ | - | $ | - | $ | 124,515 | $ | 124,515 | $ | (38,470)
1] Relates mostly to certain impaired collateral dependent loans. The impairment was measured based on the fair value of the collateral, which is derived from appraisals that take into consideration prices in observed transactions involving similar assets in similar locations, in accordance with the provisions of ASC Section 310-10-35. Costs to sell are excluded from the reported fair value amount [2] Represents the fair value of foreclosed real estate and other collateral owned that were written d own to their fair value. Costs to sell are excluded from the reported fair value amount.
Nine moths ended September 30, 2017
(In thousands) | Level 1 | Level 2 | Level 3 | Total |  |
NONRECURRING FAIR VALUE MEASUREMENTS |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  | Write-downs
| Loans[1] | $ | - | $ | - | $ | 66,221 | $ | 66,221 | $ | (16,282)
| Other real estate owned[2] [3] |  | - |  | - |  | 89,825 |  | 89,825 |  | (17,405)
| Other foreclosed assets[2] |  | - |  | - |  | 2,223 |  | 2,223 |  | (475)
Total assets measured at fair value on a nonrecurring basis | $ | - | $ | - | $ | 158,269 | $ | 158,269 | $ | (34,162)
[1] Relates mostly to certain impaired collateral dependent loans. The impairment was measured based on the fair value of the collateral, which is derived from appraisals that take into consideration prices in observed transactions involving similar assets in similar locations, in accordance with the provisions of ASC Section 310-10-35. Costs to sell are excluded from the reported fair value amount. [2] Represents the fair value of foreclosed real estate and other collateral owned that were written d own to their fair value. Costs to sell are excluded from the reported fair value amount. [3] Write-downs include $2.7 million related to estimated damages caused by Hurricanes Irma and Maria based on the sample of properties examined. The following tables present the changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the quarters and nine months ended September 30, 2018 and 2017.
| Quarter ended September 30, 2018
|  | MBS | CMOs |  |  | Other |  |  |  |
|  | classified | classified |  |  | securities |  |  |  |
|  | as debt | as trading | MBS | classified |  |  |  |
|  | securities | account | classified as | as trading | Mortgage |
|  | available- | debt | trading account | account debt | servicing | Total
(In thousands) | for-sale | securities | debt securities | securities | rights | assets
Balance at June 30, 2018 | $ | 1,264 | $ | 670 | $ | 43 | $ | 506 | $ | 164,025 | $ | 166,508
Gains (losses) included in earnings |  | - |  | - |  | - |  | (8) |  | (4,194) |  | (4,202)
Gains (losses) included in OCI |  | (1) |  | - |  | - |  | - |  | - |  | (1)
Additions |  | - |  | 7 |  | - |  | - |  | 2,946 |  | 2,953
Settlements |  | - |  | (33) |  | - |  | - |  | - |  | (33)
Balance at September 30, 2018 | $ | 1,263 | $ | 644 | $ | 43 | $ | 498 | $ | 162,777 | $ | 165,225
Changes in unrealized gains (losses) |  |  |  |  |  |  |  |  |  |  |  |
| included in earnings relating to assets still held |  |  |  |  |  |  |  |  |  |  |  |
| at September 30, 2018 | $ | - | $ | - | $ | - | $ | 3 | $ | - | $ | 3
| Nine months ended September 30, 2018
|  | MBS |  |  |  |  | Other |  |  |  |  |  |  |  |
|  | classified | CMOs |  |  | securities |  |  |  |  |  |  |  |
|  | as investment | classified | MBS | classified |  |  |  |  |  |  |  |
|  | securities | as trading | classified as | as trading | Mortgage |  |  |  |
|  | available- | account | trading account | account | servicing | Total | Contingent | Total
(In thousands) | for-sale | securities | securities | securities | rights | assets | consideration[1] | liabilities
Balance at January 1, 2018 | $ | 1,288 | $ | 529 | $ | 43 | $ | 529 | $ | 168,031 | $ | 170,420 | $ | (164,858) | $ | (164,858)
Gains (losses) included in earnings |  | - |  | 6 |  | - |  | (31) |  | (13,123) |  | (13,148) |  | (6,112) |  | (6,112)
Gains (losses) included in OCI |  | 1 |  | - |  | - |  | - |  | - |  | 1 |  | - |  | -
Additions |  | - |  | 260 |  | - |  | - |  | 7,869 |  | 8,129 |  | - |  | -
Settlements |  | (26) |  | (151) |  | - |  | - |  | - |  | (177) |  | 170,970 |  | 170,970
Balance at September 30, 2018 | $ | 1,263 | $ | 644 | $ | 43 | $ | 498 | $ | 162,777 | $ | 165,225 | $ | - | $ | -
Changes in unrealized gains |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| (losses) included in earnings |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| relating to assets still held |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| at September 30, 2018 | $ | - | $ | 6 | $ | - | $ | 14 | $ | - | $ | 20 | $ | - | $ | -
[1] Effective May 22, 2018, the Corporation entered into a Termination Agreement with the FDIC to terminate the Corporation’s loss share arrangement ahead of their contractual maturities. Refer to Note 10 for additional information.
| Quarter ended September 30, 2017
|  | MBS | CMOs |  |  | Other |  |  |  |  |  |  |  |
|  | classified | classified | MBS | securities |  |  |  |  |  |  |  |
|  | as debt | as trading | classified as | classified |  |  |  |  |  |  |  |
|  | securities | account | trading | as trading | Mortgage |  |  |  |
|  | available- | debt | account debt | account debt | servicing | Total | Contingent | Total
(In thousands) | for-sale | securities | securities | securities | rights | assets | consideration | liabilities
Balance at June 30, 2017 | $ | 1,289 | $ | 858 | $ | 4,334 | $ | 557 | $ | 188,728 | $ | 195,766 | $ | (163,668) | $ | (163,668)
Gains (losses) included in earnings |  | - |  | 5 |  | (77) |  | (8) |  | (10,262) |  | (10,342) |  | (3,208) |  | (3,208)
Gains (losses) included in OCI |  | (1) |  | - |  | - |  | - |  | - |  | (1) |  | - |  | -
Additions |  | - |  | 31 |  | - |  | - |  | 1,691 |  | 1,722 |  | - |  | -
Settlements |  | - |  | (46) |  | (326) |  | - |  | - |  | (372) |  | - |  | -
Transfers out of Level 3 |  | - |  | (276) |  | (3,888) |  | - |  | - |  | (4,164) |  | - |  | -
Balance at September 30, 2017 | $ | 1,288 | $ | 572 | $ | 43 | $ | 549 | $ | 180,157 | $ | 182,609 | $ | (166,876) | $ | (166,876)
Changes in unrealized gains |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| (losses) included in earnings |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| relating to assets still held |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| at September 30, 2017 | $ | - | $ | 1 | $ | - | $ | 1 | $ | (6,241) | $ | (6,239) | $ | (3,208) | $ | (3,208)
| Nine months ended September 30, 2017
|  | MBS |  |  |  |  | Other |  |  |  |  |  |  |  |
|  | classified | CMOs |  |  | securities |  |  |  |  |  |  |  |
|  | as investment | classified | MBS | classified |  |  |  |  |  |  |  |
|  | securities | as trading | classified as | as trading | Mortgage |  |  |  |
|  | available- | account | trading account | account | servicing | Total | Contingent | Total
(In thousands) | for-sale | securities | securities | securities | rights | assets | consideration | liabilities
Balance at January 1, 2017 | $ | 1,392 | $ | 1,321 | $ | 4,755 | $ | 602 | $ | 196,889 | $ | 204,959 | $ | (153,158) | $ | (153,158)
Gains (losses) included in earnings |  | - |  | - |  | (124) |  | (53) |  | (24,262) |  | (24,439) |  | (13,718) |  | (13,718)
Gains (losses) included in OCI |  | 9 |  | - |  | - |  | - |  | - |  | 9 |  | - |  | -
Additions |  | - |  | 39 |  | 332 |  | - |  | 7,530 |  | 7,901 |  | - |  | -
Sales |  | - |  | (365) |  | (156) |  | - |  | - |  | (521) |  | - |  | -
Settlements |  | (25) |  | (147) |  | (876) |  | - |  | - |  | (1,048) |  | - |  | -
Transfers out of Level 3 |  | (88) |  | (276) |  | (3,888) |  | - |  | - |  | (4,252) |  | - |  | -
Balance at September 30, 2017 | $ | 1,288 | $ | 572 | $ | 43 | $ | 549 | $ | 180,157 | $ | 182,609 | $ | (166,876) | $ | (166,876)
Changes in unrealized gains |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| (losses) included in earnings |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| relating to assets still held |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| at September 30, 2017 | $ | - | $ | (5) | $ | (23) | $ | 22 | $ | (9,863) | $ | (9,869) | $ | (13,718) | $ | (13,718)
There were no transfers in and / or out of Level 1, Level 2, or Level 3 for financial instruments measured at fair value on a rec urring basis during the quarter and nine months ended September 30, 2018. During the quarter and nine months ended September 30, 2017, certain MBS and CMO’s amounting to $4.2 million and $4.3 million, respectively, were transferred from Level 3 to Level 2 due to a change in valuation technique from an internally-prepared pricing matrix and discontinued cash flow model, respectively, to a bond’s theoretical value. Gains and losses (realized and unrealized) included in earnings for the quarter s and nine months ended September 30, 2018 and 2017 for Level 3 assets and liabilities included in the previous tables are reported in the consolidated statement of operations as follows:
| Quarter ended September 30, 2018 | Nine months ended September 30, 2018
|  |  | Changes in unrealized |  |  | Changes in unrealized
| Total gains | gains (losses) relating to | Total gains | gains (losses) relating to
| (losses) included | assets still held at | (losses) included | assets still held at
(In thousands) | in earnings | reporting date | in earnings | reporting date
FDIC loss share expense | $ | - | $ | - | $ | (6,112) | $ | -
Mortgage banking activities |  | (4,194) |  | - |  | (13,123) |  | -
Trading account profit (loss) |  | (8) |  | 3 |  | (25) |  | 20
Total | $ | (4,202) | $ | 3 | $ | (19,260) | $ | 20
| Quarter ended September 30, 2017 | Nine months ended September 30, 2017
|  |  | Changes in unrealized |  |  | Changes in unrealized
| Total gains | gains (losses) relating to | Total gains | gains (losses) relating to
| (losses) included | assets still held at | (losses) included | assets still held at
(In thousands) | in earnings | reporting date | in earnings | reporting date
FDIC loss share expense | $ | (3,208) | $ | (3,208) | $ | (13,718) | $ | (13,718)
Mortgage banking activities |  | (10,262) |  | (6,241) |  | (24,262) |  | (9,863)
Trading account profit (loss) |  | (80) |  | 2 |  | (177) |  | (6)
Total | $ | (13,550) | $ | (9,447) | $ | (38,157) | $ | (23,587)
The following table includes quantitative information about significant unobservable inputs used to derive the fair value of Level 3 instruments, excluding those instruments for which the unobservable inputs were not developed by the Corporation such as prices of prior transactions and/or unadjusted third-party pricing sources.
|  |  | Fair value |  |  |  |
|  | at September 30, |  |  |  |
(In thousands) |  | 2018 | Valuation technique | Unobservable inputs | Weighted average (range) |
CMO's - trading | $ | 644 | Discounted cash flow model | Weighted average life | 1.9 years (1.3 - 2.2 years) |
|  |  |  |  | Yield | 3.8% (3.7% - 4.2%) |
|  |  |  |  | Prepayment speed | 18.9% (16.3% - 20.8%) |
Other - trading | $ | 498 | Discounted cash flow model | Weighted average life | 5.2 | years
|  |  |  |  | Yield | 12.0 | %
|  |  |  |  | Prepayment speed | 10.8 | %
Mortgage servicing rights | $ | 162,779 | Discounted cash flow model | Prepayment speed | 5.3% (0.1% - 16.9%) |
|  |  |  |  | Weighted average life | 8.0 years (0.1 - 16.0 years) |
|  |  |  |  | Discount rate | 11.2% (9.5% - 15.0%) |
Loans held-in-portfolio | $ | 66,710 [1] | External appraisal | Haircut applied on |  |
|  |  |  |  | external appraisals | 10.2% (10.0%-11.8%) |
Other real estate owned | $ | 36,989 [2] | External appraisal | Haircut applied on |  |
|  |  |  |  | external appraisals | 23.8% (15.0% - 30.0%) |
[1] Loans held-in-portfolio in which haircuts were not applied to external appraisals were excluded from this table. [2] Other real estate owned in which haircuts were not applied to external appraisals were excluded from this table. The significant unobservable inputs used in the fair value measurement of the Corporation’s collateralized mortgage obligations and interest-only collateralized mortgage obligation (reported as “other”), which are classified in the “trading” category, are yield, constant prepayment rate, and weighted average life. Significant increases (decreases) in any of those inputs in isolation would result in significantly lower (higher) fair value measurement. Generally, a change in the assumption used for the const ant prepayment rate will generate a directionally opposite change in the weighted average life. For example, as the average life is reduced by a higher constant prepayment rate, a lower yield will be realized, and when there is a reduction in the constant prepayment rate, the average life of these collateralized mortgage obligations will extend, thus resulting in a higher yield. These particular financial instruments are valued internally by the Corporation’s investment banking and broker-dealer unit utiliz ing internal valuation techniques. The unobservable inputs incorporated into the internal discounted cash flow models used to derive the fair value of collateralized mortgage obligations and interest-only collateralized mortgage obligation (reported as “ot her”), which are classified in the “trading” category, are reviewed by the Corporation’s Corporate Treasury unit on a quarterly basis. In the case of Level 3 financial instruments which fair value is based on broker quotes, the Corporation’s Corporate Trea sury unit reviews the inputs used by the broker-dealers for reasonableness utilizing information available from other published sources and validates that the fair value measurements were developed in accordance with ASC Topic 820. The Corporate Treasury u nit also substantiates the inputs used by validating the prices with other broker-dealers, whenever possible. The significant unobservable inputs used in the fair value measurement of the Corporation’s mortgage servicing rights are constant prepayment rate s and discount rates. I ncreases in interest rates may result in lower prepayments. Discount rates vary according to products and / or portfolios depending on the perceived risk. Increases in discount rates result in a lower fair value measurement. The Corp oration’s Corporate Comptroller’s unit is responsible for determining the fair value of MSRs, which is based on discounted cash flow methods based on assumptions developed by an external service provider, except for prepayment speeds, which are adjusted in ternally for the local market based on historical experience. The Corporation’s Corporate Treasury unit validates the economic assumptions developed by the external service provider on a quarterly basis. In addition, an analytical review of prepayment spee ds is performed quarterly by the Corporate Comptroller’s unit. The Corporation’s MSR Committee analyzes changes in fair value measurements of MSRs and approves the valuation assumptions at each reporting period. Changes in valuation assumptions must also be approved by the MSR Committee. The fair value of MSRs are compared with those of the external service provider on a quarterly basis in order to validate if the fa ir values are within the materiality thresholds established by management to monitor and investigate material deviations. Back-testing is performed to compare projected cash flows with actual historical data to ascertain the reasonability of the projected net cash flow results.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -URI http://asc.fasb.org/topic&trid=2155941 + Details
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