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Fair Value Accounting | 9 Months Ended
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Sep. 30, 2020
Fair Value Disclosures [Abstract] |
Fair Value Accounting | Note 7 - Fair Value Accounting Fair value accounting guidance defines fair value as the exchange price that would be received to sell an asset or paid to transfer a liability (an "exit price") in the principal or most advantageous market available to the entity in an orderly transaction between market participants, on the measurement date. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" of Synovus' 2019 Form 10-K for a description of how fair value measurements are determined. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following tables present all financial instruments measured at fair value on a recurring basis as of September 30, 2020 and December 31, 2019.
| September 30, 2020
(in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total Assets and Liabilities at Fair Value
Assets |  |  |  |  |  |  |
Trading securities: |  |  |  |  |  |  |
Mortgage-backed securities issued by U.S. Government agencies | $ | — |  |  | $ | 18 |  |  | $ | — |  |  | $ | 18 |
Collateralized mortgage obligations issued by U.S. Government sponsored enterprises | — |  |  | 604 |  |  | — |  |  | 604 |
Other mortgage-backed securities | — |  |  | 673 |  |  | — |  |  | 673 |
State and municipal securities | — |  |  | 579 |  |  | — |  |  | 579 |
Asset-backed securities | — |  |  | 2,497 |  |  | — |  |  | 2,497 |
Total trading securities | $ | — |  |  | $ | 4,371 |  |  | $ | — |  |  | $ | 4,371 |
Investment securities available for sale: |  |  |  |  |  |  |
U.S. Treasury securities | $ | 20,254 |  |  | $ | — |  |  | $ | — |  |  | $ | 20,254 |
U.S. Government agency securities | — |  |  | 156,614 |  |  | — |  |  | 156,614 |
Mortgage-backed securities issued by U.S. Government agencies | — |  |  | 1,129,392 |  |  | — |  |  | 1,129,392 |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | — |  |  | 4,540,386 |  |  | — |  |  | 4,540,386 |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | — |  |  | 1,345,284 |  |  | — |  |  | 1,345,284 |
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | — |  |  | 354,157 |  |  | — |  |  | 354,157 |
State and municipal securities | — |  |  | 501 |  |  | — |  |  | 501 |
Corporate debt securities and other debt securities | — |  |  | 18,137 |  |  | 1,800 |  |  | 19,937 |
Total investment securities available for sale | $ | 20,254 |  |  | $ | 7,544,471 |  |  | $ | 1,800 |  |  | $ | 7,566,525 |
Mortgage loans held for sale | — |  |  | 285,899 |  |  | — |  |  | 285,899 |
Private equity investments | — |  |  | — |  |  | 958 |  |  | 958 |
Mutual funds and mutual funds held in rabbi trusts | 35,174 |  |  | — |  |  | — |  |  | 35,174 |
GGL/SBA loans servicing asset | — |  |  | — |  |  | 3,100 |  |  | 3,100 |
Derivative assets | — |  |  | 463,028 |  |  | — |  |  | 463,028 |
Liabilities |  |  |  |  |  |  |
Earnout liability | $ | — |  |  | $ | — |  |  | $ | 15,924 |  |  | $ | 15,924 |
Derivative liabilities | — |  |  | 178,508 |  |  | 1,460 |  |  | 179,968 |
| December 31, 2019
(in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total Assets and Liabilities at Fair Value
Assets |  |  |  |  |  |  |
Trading securities: |  |  |  |  |  |  |
Collateralized mortgage obligations issued by U.S. Government sponsored enterprises | $ | — |  |  | $ | 2,486 |  |  | $ | — |  |  | $ | 2,486 |
Other mortgage-backed securities | — |  |  | 1,284 |  |  | — |  |  | 1,284 |
State and municipal securities | — |  |  | 65 |  |  | — |  |  | 65 |
Asset-backed securities | — |  |  | 3,227 |  |  | — |  |  | 3,227 |
Other investments | — |  |  | 150 |  |  | — |  |  | 150 |
Total trading securities | $ | — |  |  | $ | 7,212 |  |  | $ | — |  |  | $ | 7,212 |
Investment securities available for sale: |  |  |  |  |  |  |
U.S. Treasury securities | $ | 19,855 |  |  | $ | — |  |  | $ | — |  |  | $ | 19,855 |
U.S. Government agency securities | — |  |  | 36,541 |  |  | — |  |  | 36,541 |
Mortgage-backed securities issued by U.S. Government agencies | — |  |  | 56,816 |  |  | — |  |  | 56,816 |
Mortgage-backed securities issued by U.S. Government sponsored enterprises | — |  |  | 5,180,815 |  |  | — |  |  | 5,180,815 |
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | — |  |  | 636,851 |  |  | — |  |  | 636,851 |
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | — |  |  | 371,592 |  |  | — |  |  | 371,592 |
State and municipal securities | — |  |  | 2,075 |  |  | — |  |  | 2,075 |
Asset-backed securities | — |  |  | 327,400 |  |  | — |  |  | 327,400 |
Corporate debt securities and other debt securities | — |  |  | 144,620 |  |  | 2,105 |  |  | 146,725 |
Total investment securities available for sale | $ | 19,855 |  |  | $ | 6,756,710 |  |  | $ | 2,105 |  |  | $ | 6,778,670 |
Mortgage loans held for sale | — |  |  | 115,173 |  |  | — |  |  | 115,173 |
Private equity investments | 15,502 |  |  | — |  |  | 3,887 |  |  | 19,389 |
Mutual funds and mutual funds held in rabbi trusts | 32,348 |  |  | — |  |  | — |  |  | 32,348 |
GGL/SBA loans servicing asset | — |  |  | — |  |  | 3,040 |  |  | 3,040 |
Derivative assets | — |  |  | 140,016 |  |  | — |  |  | 140,016 |
Liabilities |  |  |  |  |  |  |
Trading liability for short positions | $ | 1,560 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,560 |
Earnout liability | — |  |  | — |  |  | 11,016 |  |  | 11,016 |
Derivative liabilities | — |  |  | 34,732 |  |  | 2,339 |  |  | 37,071 |
Fair Value Option Synovus has elected the fair value option for mortgage loans held for sale primarily to ease the operational burden required to maintain hedge accounting for these loans. Synovus is still able to achieve effective economic hedges on mortgage loans held for sale without the time and expense needed to manage a hedge accounting program. The following table summarizes the difference between the fair value and the UPB of mortgage loans held for sale and the changes in fair value of these loans. An immaterial portion of these changes in fair value was attributable to changes in instrument-specific credit risk.
Mortgage Loans Held for Sale |
(in thousands) | As of September 30, 2020 |  | As of December 31, 2019
Fair value | $ | 285,899 |  |  | $ | 115,173 |
Unpaid principal balance | 276,709 |  |  | 112,218 |
Fair value less aggregate unpaid principal balance | $ | 9,190 |  |  | $ | 2,955 |
Changes in Fair Value Included in Net Income |  |  |  |  |  |  |
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands) | 2020 |  | 2019 |  | 2020 |  | 2019
Mortgage loans held for sale | $ | 251 |  |  | $ | 892 |  |  | $ | 6,235 |  |  | $ | 1,593 |
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) During the three and nine months ended September 30, 2020, Synovus did not have any transfers in or out of Level 3 in the fair value hierarchy. During t he nine months ended September 30, 2019, Synovus had transfers out of Level 3 into Level 1 in the fair value hierarchy as certain funds within private equity investments became public with traded securities.
| Three Months Ended September 30, 2020
(in thousands) | Investment Securities Available for Sale |  | Private Equity Investments |  | GGL / SBA Loans Servicing Asset |  | Earnout Liability |  | Visa Derivative
Beginning balance, July 1, 2020 | $ | 1,662 |  |  | $ | 698 |  |  | $ | 3,019 |  |  | $ | (15,924) |  |  | $ | (1,755) |
Total gains (losses) realized/unrealized: |  |  |  |  |  |  |  |  |
Included in earnings | — |  |  | 260 |  |  | (187) |  |  | — |  |  | — |
Unrealized gains (losses) included in OCI | 138 |  |  | — |  |  | — |  |  | — |  |  | — |
Additions | — |  |  | — |  |  | 268 |  |  | — |  |  | — |
Settlements | — |  |  | — |  |  | — |  |  | — |  |  | 295 |
Ending balance, September 30, 2020 | $ | 1,800 |  |  | $ | 958 |  |  | $ | 3,100 |  |  | $ | (15,924) |  |  | $ | (1,460) |
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at September 30, 2020 | $ | — |  |  | $ | 260 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
| Three Months Ended September 30, 2019
(in thousands) | Investment Securities Available for Sale |  | Private Equity Investments |  | GGL / SBA Loans Servicing Asset |  | Earnout Liability |  | Visa Derivative
Beginning balance, July 1, 2019 | $ | 2,017 |  |  | $ | 13,341 |  |  | $ | 3,326 |  |  | $ | (14,353) |  |  | $ | (1,049) |
Total gains (losses) realized/unrealized: |  |  |  |  |  |  |  |  |
Included in earnings | — |  |  | 1,194 |  |  | (298) |  |  | (10,457) |  |  | (2,500) |
Unrealized gains (losses) included in OCI | (26) |  |  | — |  |  | — |  |  | — |  |  | — |
Additions | — |  |  | — |  |  | 322 |  |  | — |  |  | — |
Settlements | — |  |  | (3,246) |  |  | — |  |  | — |  |  | 214 |
Ending balance, September 30, 2019 | $ | 1,991 |  |  | $ | 11,289 |  |  | $ | 3,350 |  |  | $ | (24,810) |  |  | $ | (3,335) |
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at September 30, 2019 | $ | — |  |  | $ | 777 |  |  | $ | — |  |  | $ | (10,457) |  |  | $ | (2,500) |
| Nine Months Ended September 30, 2020
(in thousands) | Investment Securities Available for Sale |  | Private Equity Investments |  | GGL / SBA Loans Servicing Asset |  | Earnout Liability |  | Visa Derivative
Beginning balance, January 1, 2020 | $ | 2,105 |  |  | $ | 3,887 |  |  | $ | 3,040 |  |  | $ | (11,016) |  |  | $ | (2,339) |
Total gains (losses) realized/unrealized: |  |  |  |  |  |  |  |  |
Included in earnings |  |  | (2,929) |  |  | (742) |  |  | (4,908) |  |  | — |
Unrealized gains (losses) included in OCI | (305) |  |  | — |  |  | — |  |  | — |  |  | — |
Additions | — |  |  | — |  |  | 802 |  |  | — |  |  | — |
Settlements | — |  |  | — |  |  | — |  |  | — |  |  | 879 |
Ending balance, September 30, 2020 | $ | 1,800 |  |  | $ | 958 |  |  | $ | 3,100 |  |  | $ | (15,924) |  |  | $ | (1,460) |
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at September 30, 2020 | $ | — |  |  | $ | (2,929) |  |  | $ | — |  |  | $ | (4,908) |  |  | $ | — |
| Nine Months Ended September 30, 2019
(in thousands) | Investment Securities Available for Sale |  | Private Equity Investments |  | GGL / SBA Loans Servicing Asset |  | Earnout Liability |  | Visa Derivative
Beginning balance, January 1, 2019 | $ | 1,785 |  |  | $ | 11,028 |  |  | $ | 3,729 |  |  | $ | (14,353) |  |  | $ | (1,673) |
Total (losses) gains realized/unrealized: |  |  |  |  |  |  |  |  |
Included in earnings | — |  |  | 3,507 |  |  | (1,091) |  |  | (10,457) |  |  | (2,500) |
Unrealized gains (losses) included in OCI | 206 |  |  | — |  |  | — |  |  | — |  |  | — |
Additions | — |  |  | — |  |  | 712 |  |  | — |  |  | — |
Settlements | — |  |  | (3,246) |  |  | — |  |  | — |  |  | 838 |
Ending balance, September 30, 2019 | $ | 1,991 |  |  | $ | 11,289 |  |  | $ | 3,350 |  |  | $ | (24,810) |  |  | $ | (3,335) |
Total net gains (losses) for the period included in earnings attributable to the change in unrealized losses relating to assets/liabilities still held at September 30, 2019 | $ | — |  |  | $ | 3,090 |  |  | $ | — |  |  | $ | (10,457) |  |  | $ | (2,500) |
The table below provides an overview of the valuation techniques and significant unobservable inputs used in those techniques to measure financial instruments that are classified within Level 3 of the valuation hierarchy and are measured at fair value on a recurring basis. The range of sensitivities that management utilized in its fair value calculations is deemed acceptable in the industry with respect to the identified financial instruments.
|  |  |  |  |  | September 30, 2020
(dollars in thousands) |  | Valuation Technique |  | Significant Unobservable Input |  | Level 3 Fair Value |  | Rate/Range
Assets measured at fair value on a recurring basis |  |  |  |  |  |  |  |
Investment Securities Available for Sale - Corporate debt and other debt securities - trust preferred security |  | Discounted cash flow analysis |  | Discount rate Forecasted average Prime reset rate |  | $1,800 |  | 5.83% 3.79%
Private equity investments |  | Individual analysis of each investee company |  | Multiple factors, including but not limited to, current operations, financial condition, cash flows, evaluation of business management and financial plans, and recently executed financing transactions related to the investee companies |  | $958 |  | N/A
GGL/SBA loans servicing asset |  | Discounted cash flow analysis |  | Discount rate Prepayment speeds |  | $3,100 |  | 9.68% 19.20%
Earnout liability |  | Option pricing methods and Monte Carlo simulation |  | Financial projections of Global One |  | $15,924 |  | N/A
Visa derivative liability |  | Discounted cash flow analysis |  | Estimated timing of resolution of Covered Litigation and future cumulative deposits to the litigation escrow for settlement of the Covered Litigation |  | $1,460 |  | 0-1.2 years (4Q 2021)
Assets Measured at Fair Value on a Non-recurring Basis Certain assets are required to be measured at fair value on a nonrecurring basis subsequent to their initial recognition. These assets and liabilities are not measured at fair value on an ongoing basis; however, they are subject to fair value adjustments in certain circumstances, such as when there is evidence of impairment. The following table presents assets measured at fair value on a non-recurring basis as of the dates indicated for which there was a fair value adjustment.
| September 30, 2020 |  | December 31, 2019
(in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Loans(1) | $ | — |  |  | $ | — |  |  | $ | 27,440 |  |  | $ | 27,440 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,461 |  |  | $ | 1,461 |
Other real estate | — |  |  | — |  |  | 1,750 |  |  | 1,750 |  |  | — |  |  | — |  |  | 8,023 |  |  | 8,023 |
MPS receivable | — |  |  | — |  |  | 17,915 |  |  | 17,915 |  |  | — |  |  | — |  |  | 21,437 |  |  | 21,437 |
Other assets held for sale | — |  |  | — |  |  | 1,634 |  |  | 1,634 |  |  | — |  |  | — |  |  | 1,238 |  |  | 1,238 |
(1) Collateral-dependent loans that were written down to fair value of collateral. ORE properties are included in other assets on the consolidated balance sheets. The carrying value of ORE at September 30, 2020 and December 31, 2019 was $5.4 million and $14.4 million, respectively. The following table presents fair value adjustments recognized in earnings for the three and nine months ended September 30, 2020 and 2019 for assets measured at fair value on a non-recurring basis still held at period-end.
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands) | 2020 |  | 2019 |  | 2020 |  | 2019
Loans(1) | $ | 5,661 |  |  | $ | 4,170 |  |  | $ | 20,412 |  |  | $ | 4,718 |
Other real estate | 107 |  |  | 74 |  |  | 138 |  |  | 569 |
MPS receivable | — |  |  | — |  |  | 2,663 |  |  | — |
Other assets held for sale | — |  |  | — |  |  | 2,120 |  |  | 91 |
(1) Collateral-dependent loans that were written down to fair value of collateral. The table below provides an overview of the valuation techniques and significant unobservable inputs used in those techniques to measure financial instruments that are classified within Level 3 of the valuation hierarchy and are measured at fair value on a non-recurring basis.
|  |  |  |  |  | September 30, 2020
|  | Valuation Technique |  | Significant Unobservable Input |  | Range (Weighted Average)(1)
Assets measured at fair value on a non-recurring basis |  |  |  |  |  |
Loans |  | Third-party appraised value of collateral less estimated selling costs |  | Discount to appraised value Estimated selling costs |  | 0%-36% (28%) 0%-10% (7%)
Other real estate |  | Third-party appraised value of real estate less estimated selling costs |  | Discount to appraised value Estimated selling costs |  | 0%-20% (10%) 0%-10% (7%)
MPS receivable(2) |  | Third-party appraised value of business less estimated selling costs |  | Discount to appraised value Estimated selling costs |  | N/A
Other assets held for sale |  | Third-party appraised value less estimated selling costs or BOV |  | Discount to appraised value Estimated selling costs |  | 0%-66% (53%) 0%-10% (7%)
(1) The weighted average is the measure of central tendencies; it is not the value that management is using for the asset or liability. (2) See "Part I - Item 1. Notes to Unaudited Interim Financial Statements - Note 10 - Commitments and Contingencies" of this Report for more information on this receivable which was classified as a NPA at September 30, 2020 and December 31, 2019. Fair Value of Financial Instruments The following tables present the carrying and estimated fair values of financial instruments at September 30, 2020 and December 31, 2019. The fair values represent management’s best estimates based on a range of methodologies and assumptions. See "Part II - Item 8. Financial Statements and Supplementary Data - Note 1 - Summary of Significant Accounting Policies" to the consolidated financial statements of Synovus' 2019 Form 10-K for a description of how fair value measurements are determined.
| September 30, 2020
(in thousands) | Carrying Value |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Financial assets |  |  |  |  |  |  |  |  |
Total cash, cash equivalents, restricted cash, and restricted cash equivalents | $ | 1,985,363 |  |  | $ | 1,985,363 |  |  | $ | 1,985,363 |  |  | $ | — |  |  | $ | — |
Trading securities | 4,371 |  |  | 4,371 |  |  | — |  |  | 4,371 |  |  | — |
Investment securities available for sale | 7,566,525 |  |  | 7,566,525 |  |  | 20,254 |  |  | 7,544,471 |  |  | 1,800 |
Loans held for sale | 745,160 |  |  | 744,615 |  |  | — |  |  | 285,899 |  |  | 458,716 |
Private equity investments | 958 |  |  | 958 |  |  | — |  |  | — |  |  | 958 |
Mutual funds and mutual funds held in rabbi trusts | 35,174 |  |  | 35,174 |  |  | 35,174 |  |  | — |  |  | — |
Loans, net | 38,946,047 |  |  | 38,923,265 |  |  | — |  |  | — |  |  | 38,923,265 |
GGL/SBA loans servicing asset | 3,100 |  |  | 3,100 |  |  | — |  |  | — |  |  | 3,100 |
Derivative assets | 463,028 |  |  | 463,028 |  |  | — |  |  | 463,028 |  |  | — |
Financial liabilities |  |  |  |  |  |  |  |  |
Non-interest-bearing deposits | $ | 13,075,081 |  |  | $ | 13,075,081 |  |  | $ | — |  |  | $ | 13,075,081 |  |  | $ | — |
Non-time interest-bearing deposits | 24,831,480 |  |  | 24,831,480 |  |  | — |  |  | 24,831,480 |  |  | — |
Time deposits | 6,759,343 |  |  | 6,797,139 |  |  | — |  |  | 6,797,139 |  |  | — |
Total deposits | $ | 44,665,904 |  |  | $ | 44,703,700 |  |  | $ | — |  |  | $ | 44,703,700 |  |  | $ | — |
Federal funds purchased and securities sold under repurchase agreements | 202,344 |  |  | 202,344 |  |  | 202,344 |  |  | — |  |  | — |
Other short-term borrowings | 400,000 |  |  | 400,000 |  |  | — |  |  | 400,000 |  |  | — |
Long-term debt | 1,628,385 |  |  | 1,687,448 |  |  | — |  |  | 1,687,448 |  |  | — |
Earnout liability | 15,924 |  |  | 15,924 |  |  | — |  |  | — |  |  | 15,924 |
Derivative liabilities | 179,968 |  |  | 179,968 |  |  | — |  |  | 178,508 |  |  | 1,460 |
| December 31, 2019
(in thousands) | Carrying Value |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Financial assets |  |  |  |  |  |  |  |  |
Total cash, cash equivalents, restricted cash, and restricted cash equivalents | $ | 1,186,918 |  |  | $ | 1,186,918 |  |  | $ | 1,186,918 |  |  | $ | — |  |  | $ | — |
Trading securities | 7,212 |  |  | 7,212 |  |  | — |  |  | 7,212 |  |  | — |
Investment securities available for sale | 6,778,670 |  |  | 6,778,670 |  |  | 19,855 |  |  | 6,756,710 |  |  | 2,105 |
Mortgage loans held for sale | 115,173 |  |  | 115,173 |  |  | — |  |  | 115,173 |  |  | — |
Private equity investments | 19,389 |  |  | 19,389 |  |  | 15,502 |  |  | — |  |  | 3,887 |
Mutual funds and mutual funds held in rabbi trusts | 32,348 |  |  | 32,348 |  |  | 32,348 |  |  | — |  |  | — |
Loans, net | 36,881,048 |  |  | 36,931,256 |  |  | — |  |  | — |  |  | 36,931,256 |
GGL/SBA loans servicing asset | 3,040 |  |  | 3,040 |  |  | — |  |  | — |  |  | 3,040 |
Derivative assets | 140,016 |  |  | 140,016 |  |  | — |  |  | 140,016 |  |  | — |
Financial liabilities |  |  |  |  |  |  |  |  |
Non-interest-bearing deposits | $ | 9,439,485 |  |  | $ | 9,439,485 |  |  | $ | — |  |  | $ | 9,439,485 |  |  | $ | — |
Non-time interest-bearing deposits | 19,891,711 |  |  | 19,891,711 |  |  | — |  |  | 19,891,711 |  |  | — |
Time deposits | 9,074,308 |  |  | 9,112,459 |  |  | — |  |  | 9,112,459 |  |  | — |
Total deposits | $ | 38,405,504 |  |  | $ | 38,443,655 |  |  | $ | — |  |  | $ | 38,443,655 |  |  | $ | — |
Federal funds purchased and securities sold under repurchase agreements | 165,690 |  |  | 165,690 |  |  | 165,690 |  |  | — |  |  | — |
Trading liability for short positions | 1,560 |  |  | 1,560 |  |  | 1,560 |  |  | — |  |  | — |
Other short-term borrowings | 1,752,000 |  |  | 1,752,000 |  |  | — |  |  | 1,752,000 |  |  | — |
Long-term debt | 2,153,897 |  |  | 2,185,717 |  |  | — |  |  | 2,185,717 |  |  | — |
Earnout liability | 11,016 |  |  | 11,016 |  |  | — |  |  | — |  |  | 11,016 |
Derivative liabilities | 37,071 |  |  | 37,071 |  |  | — |  |  | 34,732 |  |  | 2,339 |

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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