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Fair Value | 9 Months Ended
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Sep. 30, 2021
Fair Value |
Fair Value | 16. Fair Value ​ The Company determines the fair values of its financial instruments based on the requirements established in Accounting Standards Codification Topic 820 (“Topic 820”), Fair Value Measurements, which provides a framework for measuring fair value under GAAP and requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Topic 820 defines fair value as the exit price, the price that would be received for an asset or paid to transfer a liability, in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date under current market conditions. ​ Fair Value Hierarchy ​ Topic 820 establishes three levels of fair values based on the markets in which the assets or liabilities are traded and the reliability of the assumptions used to determine fair value. The levels are: ​
| ◾ | Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access.
| ◾ | Level 2: Observable inputs other than Level 1 prices, such as quoted prices for similar assets and liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
| ◾ | Level 3: Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect the Company’s own estimates of assumptions that market participants would use in pricing the asset or liability (“Company-level data”). Level 3 assets and liabilities include financial instruments whose value is determined using unobservable inputs to pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.
​ Topic 820 requires that the Company disclose estimated fair values for certain financial instruments. Financial instruments include such items as investment securities, loans, deposits, interest rate and foreign exchange contracts, swaps and other instruments as defined by the standard. The Company has an organized and established process for determining and reviewing the fair value of financial instruments reported in the Company’s financial statements. The fair value measurements are reviewed to ensure they are reasonable and in line with market experience in similar asset and liability classes. ​ Additionally, the Company may be required to record at fair value other assets on a nonrecurring basis, such as other real estate owned, other customer relationships, and other intangible assets. These nonrecurring fair value adjustments typically involve the application of lower-of-cost-or-fair-value accounting or write-downs of individual assets. ​ Disclosure of fair values is not required for certain items such as lease financing, obligations for pension and other postretirement benefits, premises and equipment, prepaid expenses, deposit liabilities with no defined or contractual maturity, and income tax assets and liabilities. ​ Reasonable comparisons of fair value information with that of other financial institutions cannot necessarily be made because the standard permits many alternative calculation techniques, and numerous assumptions have been used to estimate the Company’s fair values. ​ Valuation Techniques Used in the Fair Value Measurement of Assets and Liabilities Carried at Fair Value ​ For the assets and liabilities measured at fair value on a recurring basis (categorized in the valuation hierarchy table below), the Company applies the following valuation techniques: ​ Available-for-sale securities Available-for-sale debt securities are recorded at fair value on a recurring basis. Fair value measurement is based on quoted prices, including estimates by third-party pricing services, if available. If quoted prices are not available, fair values are measured using proprietary valuation models that utilize market observable parameters from active market makers and inter-dealer brokers whereby securities are valued based upon available market data for securities with similar characteristics. Management reviews the pricing information received from the Company’s third-party pricing service to evaluate the inputs and valuation methodologies used to place securities into the appropriate level of the fair value hierarchy and transfers of securities within the fair value hierarchy are made if necessary. On a monthly basis, management reviews the pricing information received from the third-party pricing service which includes a comparison to non-binding third-party broker quotes, as well as a review of market-related conditions impacting the information provided by the third-party pricing service. Management also identifies investment securities which may have traded in illiquid or inactive markets by identifying instances of a significant decrease in the volume or frequency of trades, relative to historical levels, as well as instances of a significant widening of the bid-ask spread in the brokered markets. As of September 30, 2021 and December 31, 2020, management did not make adjustments to prices provided by the third-party pricing services as a result of illiquid or inactive markets. The Company’s third-party pricing service has also established processes for the Company to submit inquiries regarding quoted prices. Periodically, the Company will challenge the quoted prices provided by the third-party pricing service. The Company’s third-party pricing service will review the inputs to the evaluation in light of the new market data presented by the Company. The Company’s third-party pricing service may then affirm the original quoted price or may update the evaluation on a going forward basis. The Company classifies all available-for-sale securities as Level 2. ​ Derivatives Most of the Company’s derivatives are traded in over-the-counter markets where quoted market prices are not readily available. For those derivatives, the Company measures fair value on a recurring basis using proprietary valuation models that primarily use market observable inputs, such as yield curves, and option volatilities. The fair value of derivatives includes values associated with counterparty credit risk and the Company’s own credit standing. The Company classifies these derivatives, included in other assets and other liabilities, as Level 2. ​ Concurrent with the sale of the Visa Class B restricted shares, the Company entered into an agreement with the buyer that requires payment to the buyer in the event Visa reduces each member bank’s Class B conversion rate to unrestricted Class A common shares. During both 2018 and 2019, Visa funded its litigation escrow account, thereby reducing each member bank’s Class B conversion rate to unrestricted Class A common shares from 1.6483 to the current conversion rate of 1.6228. The Visa derivative of $0.9 million and $4.6 million was included in the unaudited interim consolidated balance sheets at September 30, 2021 and December 31, 2020, respectively, to provide for the fair value of this liability. The potential liability related to this funding swap agreement was determined based on management’s estimate of the timing and the amount of Visa’s litigation settlement and the resulting payments due to the counterparty under the terms of the contract. As such, the funding swap agreement is classified as Level 3 in the fair value hierarchy. The significant unobservable inputs used in the fair value measurement of the Company’s funding swap agreement are the potential future changes in the conversion rate, expected term and growth rate of the market price of Visa Class A common shares. Material increases (or decreases) in any of those inputs may result in a significantly higher (or lower) fair value measurement. ​ Assets and Liabilities Recorded at Fair Value on a Recurring Basis ​ Assets and liabilities measured at fair value on a recurring basis as of September 30, 2021 and December 31, 2020 are summarized below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Fair Value Measurements as of September 30, 2021
​ | ​ | Quoted Prices in | ​ | Significant | ​ | ​ | ​ | ​
​ | ​ | Active Markets for | ​ | Other | ​ | Significant | ​ | ​
​ | ​ | Identical Assets | ​ | Observable | ​ | Unobservable | ​ | ​
(dollars in thousands) |  | (Level 1) |  | Inputs (Level 2) |  | Inputs (Level 3) |  | Total
Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury and government agency debt securities | ​ | $ | — | ​ | $ | 187,861 | ​ | $ | — | ​ | $ | 187,861
Mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Residential - Government agency(1) | ​ | ​ | — | ​ | ​ | 98,134 | ​ | ​ | — | ​ | ​ | 98,134
Residential - Government-sponsored enterprises(1) | ​ | ​ | — | ​ | ​ | 1,458,878 | ​ | ​ | — | ​ | ​ | 1,458,878
Commercial - Government agency | ​ | ​ | — | ​ | ​ | 448,594 | ​ | ​ | — | ​ | ​ | 448,594
Commercial - Government-sponsored enterprises | ​ | ​ | — | ​ | ​ | 1,301,249 | ​ | ​ | — | ​ | ​ | 1,301,249
Collateralized mortgage obligations: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Government agency | ​ | ​ | — | ​ | ​ | 2,059,864 | ​ | ​ | — | ​ | ​ | 2,059,864
Government-sponsored enterprises | ​ | ​ | — | ​ | ​ | 2,399,147 | ​ | ​ | — | ​ | ​ | 2,399,147
Total available-for-sale securities | ​ | ​ | — | ​ | ​ | 7,953,727 | ​ | ​ | — | ​ | ​ | 7,953,727
Other assets(2) | ​ | ​ | 7,327 | ​ | ​ | 68,050 | ​ | ​ | — | ​ | ​ | 75,377
Liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other liabilities(3) | ​ | ​ | — | ​ | ​ | (856) | ​ | ​ | (852) | ​ | ​ | (1,708)
Total | ​ | $ | 7,327 | ​ | $ | 8,020,921 | ​ | $ | (852) | ​ | $ | 8,027,396
(1) | Backed by residential real estate.
(2) | Other assets classified as Level 1 include mutual funds and money market funds that have quoted prices in active markets and are related to the Company’s deferred compensation plans. Other assets classified as Level 2 include derivative assets.
(3) | Other liabilities include derivative liabilities.
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Fair Value Measurements as of December 31, 2020
​ | ​ | Quoted Prices in | ​ | Significant | ​ | ​ | ​ | ​ | ​
​ | ​ | Active Markets for | ​ | Other | ​ | Significant | ​ | ​
​ | ​ | Identical Assets | ​ | Observable | ​ | Unobservable | ​ | ​
(dollars in thousands) |  | (Level 1) |  | Inputs (Level 2) |  | Inputs (Level 3) |  | Total
Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury and government agency debt securities | ​ | $ | — | ​ | $ | 171,421 | ​ | $ | — | ​ | $ | 171,421
Mortgage-backed securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Residential - Government agency(1) | ​ | ​ | — | ​ | ​ | 160,462 | ​ | ​ | — | ​ | ​ | 160,462
Residential - Government-sponsored enterprises(1) | ​ | ​ | — | ​ | ​ | 447,200 | ​ | ​ | — | ​ | ​ | 447,200
Commercial - Government agency | ​ | ​ | — | ​ | ​ | 599,650 | ​ | ​ | — | ​ | ​ | 599,650
Commercial - Government-sponsored enterprises | ​ | ​ | — | ​ | ​ | 932,157 | ​ | ​ | — | ​ | ​ | 932,157
Collateralized mortgage obligations: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Government agency | ​ | ​ | — | ​ | ​ | 1,933,553 | ​ | ​ | — | ​ | ​ | 1,933,553
Government-sponsored enterprises | ​ | ​ | — | ​ | ​ | 1,826,972 | ​ | ​ | — | ​ | ​ | 1,826,972
Total available-for-sale securities | ​ | ​ | — | ​ | ​ | 6,071,415 | ​ | ​ | — | ​ | ​ | 6,071,415
Other assets(2) | ​ | ​ | 11,691 | ​ | ​ | 129,895 | ​ | ​ | — | ​ | ​ | 141,586
Liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other liabilities(3) | ​ | ​ | — | ​ | ​ | (1,283) | ​ | ​ | (4,554) | ​ | ​ | (5,837)
Total | ​ | $ | 11,691 | ​ | $ | 6,200,027 | ​ | $ | (4,554) | ​ | $ | 6,207,164
(1) | Backed by residential real estate.
(2) | Other assets classified as Level 1 include mutual funds and money market funds that have quoted prices in active markets and are related to the Company’s deferred compensation plans. Other assets classified as Level 2 include derivative assets.
(3) | Other liabilities include derivative liabilities.
​ Changes in Fair Value Levels ​ For the three and nine months ended September 30, 2021 and 2020, there were no transfers between fair value hierarchy levels. ​ The changes in Level 3 liabilities measured at fair value on a recurring basis for the three and nine months ended September 30, 2021 and 2020 are summarized below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Visa Derivative
(dollars in thousands) | ​ | 2021 |  | 2020
Three Months Ended September 30, | ​ | ​ | ​ | ​ | ​ | ​
Balance as of July 1, | ​ | $ | (2,132) | ​ | $ | (2,095)
Total net (losses) gains included in other noninterest income | ​ | ​ | (49) | ​ | ​ | 22
Settlements | ​ | ​ | 1,329 | ​ | ​ | 1,153
Balance as of September 30, | ​ | $ | (852) | ​ | $ | (920)
Total net (losses) gains included in net income attributable to the change in unrealized gains or losses related to liabilities still held as of September 30, | ​ | $ | (49) | ​ | $ | 22
​ | ​ | ​ | ​ | ​ | ​ | ​
Nine Months Ended September 30, | ​ | ​ | ​ | ​ | ​ | ​
Balance as of January 1, | ​ | $ | (4,554) | ​ | $ | (4,233)
Total net (losses) gains included in other noninterest income | ​ | ​ | (46) | ​ | ​ | 131
Settlements | ​ | ​ | 3,748 | ​ | ​ | 3,182
Balance as of September 30, | ​ | $ | (852) | ​ | $ | (920)
Total net (losses) gains included in net income attributable to the change in unrealized gains or losses related to liabilities still held as of September 30, | ​ | $ | (46) | ​ | $ | 131
​ Assets and Liabilities Carried at Other Than Fair Value ​ The following tables summarize for the periods indicated the estimated fair value of the Company’s financial instruments that are not required to be carried at fair value on a recurring basis, excluding leases and deposit liabilities with no defined or contractual maturity. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2021
​ | ​ | ​ | ​ | ​ | Fair Value Measurements
​ | ​ | ​ | ​ | ​ | Quoted Prices in | ​ | Significant | ​ | Significant | ​ | ​
​ | ​ | ​ | ​ | ​ | Active Markets | ​ | Other | ​ | Unobservable | ​ | ​
​ | ​ | ​ | ​ | ​ | for Identical | ​ | Observable | ​ | Inputs | ​ | ​
(dollars in thousands) |  | Book Value |  | Assets (Level 1) |  | Inputs (Level 2) |  | (Level 3) |  | Total
Financial assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents | ​ | $ | 2,399,082 | ​ | $ | 268,467 | ​ | $ | 2,130,619 | ​ | $ | — | ​ | $ | 2,399,086
Loans held for sale | ​ | ​ | 2,052 | ​ | ​ | — | ​ | ​ | 2,054 | ​ | ​ | — | ​ | ​ | 2,054
Loans(1) | ​ | ​ | 12,596,650 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 12,743,078 | ​ | ​ | 12,743,078
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Time deposits(2) | ​ | $ | 1,880,250 | ​ | $ | — | ​ | $ | 1,882,298 | ​ | $ | — | ​ | $ | 1,882,298
Long-term borrowings | ​ | ​ | 200,000 | ​ | ​ | — | ​ | ​ | 209,751 | ​ | ​ | — | ​ | ​ | 209,751
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2020
​ | ​ | ​ | ​ | ​ | Fair Value Measurements
​ | ​ | ​ | ​ | ​ | Quoted Prices in | ​ | Significant | ​ | Significant | ​ | ​
​ | ​ | ​ | ​ | ​ | Active Markets | ​ | Other | ​ | Unobservable | ​ | ​
​ | ​ | ​ | ​ | ​ | for Identical | ​ | Observable | ​ | Inputs | ​ | ​
(dollars in thousands) |  | Book Value |  | Assets (Level 1) |  | Inputs (Level 2) |  | (Level 3) |  | Total
Financial assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents | ​ | $ | 1,040,944 | ​ | $ | 303,373 | ​ | $ | 737,571 | ​ | $ | — | ​ | $ | 1,040,944
Loans held for sale | ​ | ​ | 11,579 | ​ | ​ | — | ​ | ​ | 12,018 | ​ | ​ | — | ​ | ​ | 12,018
Loans(1) | ​ | ​ | 13,033,686 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 13,255,636 | ​ | ​ | 13,255,636
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Time deposits(2) | ​ | $ | 2,348,298 | ​ | $ | — | ​ | $ | 2,357,137 | ​ | $ | — | ​ | $ | 2,357,137
Long-term borrowings(3) | ​ | ​ | 200,000 | ​ | ​ | — | ​ | ​ | 214,167 | ​ | ​ | — | ​ | ​ | 214,167
(1) | Excludes financing leases of $237.7 million at September 30, 2021 and $245.4 million at December 31, 2020.
(2) | Excludes deposit liabilities with no defined or contractual maturity of $20.2 billion as of September 30, 2021 and $16.9 billion as of December 31, 2020.
(3) | Excludes capital lease obligations of $10 thousand as of December 31, 2020.
​ Unfunded loan and lease commitments and letters of credit are not included in the tables above. As of September 30, 2021 and December 31, 2020, the Company had $6.7 billion and $6.1 billion, respectively, of unfunded loan and lease commitments and letters of credit. The Company believes that a reasonable estimate of the fair value of these instruments is the carrying value of deferred fees plus the related reserve for unfunded commitments, which totaled $46.6 million and $42.3 million at September 30, 2021 and December 31, 2020, respectively. No active trading market exists for these instruments, and the estimated fair value does not include value associated with the borrower relationship. The Company does not estimate the fair values of certain unfunded loan and lease commitments that can be canceled by providing notice to the borrower. As Company-level data is incorporated into the fair value measurement, unfunded loan and lease commitments and letters of credit are classified as Level 3. ​ Valuation Techniques Used in the Fair Value Measurement of Assets and Liabilities Carried at the Lower of Cost or Fair Value ​ The Company applies the following valuation techniques to assets measured at the lower of cost or fair value: ​ Mortgage servicing rights MSRs are carried at the lower of cost or fair value and are therefore subject to fair value measurements on a nonrecurring basis. The fair value of MSRs is determined using models which use significant unobservable inputs, such as estimates of prepayment rates, the resultant weighted average lives of the MSRs and the option-adjusted spread levels. Accordingly, the Company classifies MSRs as Level 3. ​ Collateral-dependent loans Collateral-dependent loans are those for which repayment is expected to be provided substantially through the operation or sale of the collateral. These loans are measured at fair value on a nonrecurring basis using collateral values as a practical expedient. The fair values of collateral are primarily based on real estate appraisal reports prepared by third-party appraisers less estimated selling costs. The Company measures the estimated credit losses on collateral-dependent loans by performing a lower of cost or fair value analysis. If the estimated credit losses are determined by the value of the collateral, the net carrying amount is adjusted to fair value on a nonrecurring basis as Level 3 by recognizing an ACL. ​ Other real estate owned The Company values these properties at fair value at the time the Company acquires them, which establishes their new cost basis. After acquisition, the Company carries such properties at the lower of cost or fair value less estimated selling costs on a nonrecurring basis. Fair value is measured on a nonrecurring basis using collateral values as a practical expedient. The fair values of collateral for other real estate owned are primarily based on real estate appraisal reports prepared by third-party appraisers less disposition costs, and are classified as Level 3. ​ Assets and Liabilities Recorded at Fair Value on a Nonrecurring Basis ​ The Company may be required to record certain assets at fair value on a nonrecurring basis in accordance with GAAP. These assets are subject to fair value adjustments that result from the application of lower of cost or fair value accounting or write-downs of individual assets to fair value. ​ The following table provides the level of valuation inputs used to determine each fair value adjustment and the fair value of the related individual assets or portfolio of assets with fair value adjustments on a nonrecurring basis as of September 30, 2021 and December 31, 2020: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(dollars in thousands) |  | Level 1 |  | Level 2 |  | Level 3
September 30, 2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Collateral-dependent loans | ​ | $ | — | ​ | $ | — | ​ | $ | —
December 31, 2020 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Collateral-dependent loans | ​ | $ | — | ​ | $ | — | ​ | $ | 1,840
​ Total expected credit losses recognized on collateral-dependent loans were nil for both the three months ended September 30, 2021 and 2020, and nil and $0.4 million for the nine months ended September 30, 2021 and 2020, respectively. ​ For Level 3 assets and liabilities measured at fair value on a recurring or nonrecurring basis as of September 30, 2021 and December 31, 2020, the significant unobservable inputs used in the fair value measurements were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Quantitative Information about Level 3 Fair Value Measurements at September 30, 2021
​ | ​ | ​ | ​ | ​ | ​ | ​ | Significant | ​ | ​
(dollars in thousands) | ​ | Fair value |  | Valuation Technique |  | Unobservable Input |  | Range
Visa derivative | ​ | $ | (852) | ​ | Discounted Cash Flow | ​ | Expected Conversation Rate - 1.6228(2) | ​ | 1.5977-1.6228
​ | ​ | ​ | ​ | ​ | ​ | ​ | Expected Term - 1 year(3) | ​ | 0.5 to 1.5 years
​ | ​ | ​ | ​ | ​ | ​ | ​ | Growth Rate - 13%(4) | ​ | 4% - 17%
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Quantitative Information about Level 3 Fair Value Measurements at December 31, 2020
​ | ​ | ​ | ​ | ​ | ​ | ​ | Significant | ​ | ​
(dollars in thousands) | ​ | Fair value |  | Valuation Technique |  | Unobservable Input |  | Range
Collateral-dependent loans | ​ | $ | 1,840 | ​ | Appraisal Value | ​ | Appraisal Value | ​ | n/m(1)
Visa derivative | ​ | $ | (4,554) | ​ | Discounted Cash Flow | ​ | Expected Conversation Rate - 1.6228(2) | ​ | 1.5977-1.6228
​ | ​ | ​ | ​ | ​ | ​ | ​ | Expected Term - 1 year(3) | ​ | 0.5 to 1.5 years
​ | ​ | ​ | ​ | ​ | ​ | ​ | Growth Rate - 13%(4) | ​ | 4% - 17%
(1) | The fair value of these assets is determined based on appraised values of the collateral or broker opinions, the range of which is not meaningful to disclose.
(2) | Due to the uncertainty in the movement of the conversion rate, the current conversion rate was utilized in the fair value calculation.
(3) | The expected term of 1 year was based on the median of 0.5 to 1.5 years.
(4) | The growth rate of 13% was based on the arithmetic average of analyst price targets.

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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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