Fair Value Disclosures (Tables)

12 Months Ended

Dec. 31, 2015

Fair Value Disclosures [Abstract]

Schedule Of Assets And Liabilities Measured On Recurring Basis At Fair Value

The following is a summary of our financial instruments and trading liabilities that are accounted for at fair value on a recurring basis, excluding Investments at fair value based on NAV of $36.7 million and $42.2 million, respectively, by level within the fair value hierarchy at December 31, 2015 and 2014 (in thousands):

	December 31, 2015
	Level 1 (1)		Level 2 (1)		Level 3		Counterparty and Cash Collateral Netting (2)			Total
Assets:
Trading assets, at fair value:
Corporate equity securities	$	2,803,243	$	133,732	$	40,906	$	—		$	2,977,881
Corporate debt securities	—		2,867,165		25,876		—			2,893,041
Collateralized debt obligations	—		89,144		85,092		—			174,236
U.S. government and federal agency securities	2,555,018		90,633		—		—			2,645,651
Municipal securities	—		487,141		—		—			487,141
Sovereign obligations	1,251,366		1,407,955		120		—			2,659,441
Residential mortgage-backed securities	—		2,731,070		70,263		—			2,801,333
Commercial mortgage-backed securities	—		1,014,913		14,326		—			1,029,239
Other asset-backed securities	—		118,629		42,925		—			161,554
Loans and other receivables	—		1,123,044		189,289		—			1,312,333
Derivatives	2,253		4,406,207		19,785		(4,165,446		)	262,799
Investments at fair value	—		26,224		199,794		—			226,018
Investment in FXCM	—		—		625,689		—			625,689
Total trading assets, excluding investments at fair value based on NAV	$	6,611,880	$	14,495,857	$	1,314,065	$	(4,165,446	)	$	18,256,356
Available for sale securities:
Corporate equity securities	$	73,579	$	—	$	—	$	—		$	73,579
Corporate debt securities	—		4,744		—		—			4,744
U.S. government securities	63,945		—		—		—			63,945
Residential mortgage-backed securities	—		23,240		—		—			23,240
Commercial mortgage-backed securities	—		2,374		—		—			2,374
Other asset-backed securities	—		39,473		—		—			39,473
Total available for sale securities	$	137,524	$	69,831	$	—	$	—		$	207,355
Cash and cash equivalents	$	3,638,648	$	—	$	—	$	—		$	3,638,648
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations	$	751,084	$	—	$	—	$	—		$	751,084
Liabilities:
Trading liabilities:
Corporate equity securities	$	1,428,048	$	36,518	$	38	$	—		$	1,464,604
Corporate debt securities	—		1,556,941		—		—			1,556,941
Collateralized debt obligations	1,488,121		—		—		—			1,488,121
U.S. government and federal agency securities	837,614		505,382		—		—			1,342,996
Sovereign obligations	—		117		—		—			117
Loans	—		758,939		10,469		—			769,408
Derivatives	364		4,456,334		19,543		(4,257,998		)	218,243
Total trading liabilities	$	3,754,147	$	7,314,231	$	30,050	$	(4,257,998	)	$	6,840,430
Other secured financings	$	—	$	—	$	544	$	—		$	544

	December 31, 2014
	Level 1 (1)		Level 2 (1)		Level 3		Counterparty and Cash Collateral Netting (2)			Total
Assets:
Trading assets, at fair value:
Corporate equity securities	$	3,130,892	$	226,441	$	20,964	$	—		$	3,378,297
Corporate debt securities (3)	—		3,342,276		22,766		—			3,365,042
Collateralized debt obligations (3)	—		306,218		124,650		—			430,868
U.S. government and federal agency securities	2,694,268		81,273		—		—			2,775,541
Municipal securities	—		590,849		—		—			590,849
Sovereign obligations	1,968,747		790,764		—		—			2,759,511
Residential mortgage-backed securities	—		2,879,954		82,557		—			2,962,511
Commercial mortgage-backed securities	—		966,651		26,655		—			993,306
Other asset-backed securities	—		137,387		2,294		—			139,681
Loans and other receivables	—		1,458,760		97,258		—			1,556,018
Derivatives	65,145		5,046,278		54,190		(4,759,345		)	406,268
Investments at fair value	—		73,148		77,047		—			150,195
Physical commodities	—		62,234		—		—			62,234
Total trading assets, excluding investments at fair value based on NAV	$	7,859,052	$	15,962,233	$	508,381	$	(4,759,345	)	$	19,570,321
Available for sale securities:
Corporate equity securities	$	89,353	$	—	$	—	$	—		$	89,353
Corporate debt securities	—		30,403		—		—			30,403
U.S. government securities	593,773		—		—		—			593,773
Residential mortgage-backed securities	—		606,683		—		—			606,683
Commercial mortgage-backed securities	—		43,401		—		—			43,401
Other asset-backed securities	—		245,156		—		—			245,156
Total available for sale securities	$	683,126	$	925,643	$	—	$	—		$	1,608,769
Cash and cash equivalents	$	4,276,775	$	—	$	—	$	—		$	4,276,775
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations (4)	$	3,444,674	$	—	$	—	$	—		$	3,444,674
Securities received as collateral	$	5,418	$	—	$	—	$	—		$	5,418
Liabilities:
Trading liabilities:
Corporate equity securities	$	1,934,469	$	74,681	$	38	$	—		$	2,009,188
Corporate debt securities	—		1,611,994		223		—			1,612,217
Collateralized debt obligations	—		4,557		—		—			4,557
U.S. government and federal agency securities	2,253,055		—		—		—			2,253,055
Sovereign obligations	1,217,075		574,010		—		—			1,791,085
Loans	—		856,525		14,450		—			870,975
Derivatives	52,778		5,117,803		49,552		(4,856,618		)	363,515
Total trading liabilities	$	5,457,377	$	8,239,570	$	64,263	$	(4,856,618	)	$	8,904,592
Other secured financings	$	—	$	—	$	30,825	$	—		$	30,825
Obligation to return securities received as collateral	$	5,418	$	—	$	—	$	—		$	5,418

(1) There were no material transfers between Level 1 and Level 2 during the year ended December 31, 2015. During 2014, equity options presented within Trading assets and Trading liabilities of $6.1 million and $6.6 million, respectively, were transferred from Level 1 to Level 2 as adjustments were incorporated into the valuation approach for such contracts to estimate the point within the bid-ask range that meets the best estimate of fair value.

(2) Represents counterparty and cash collateral netting across the levels of the fair value hierarchy for positions with the same counterparty.

(3) Level 3 Collateralized debt obligations increased by $33.2 million with a corresponding decrease in Level 3 Corporate debt securities from those previously reported to correct for the classification of certain positions. The total amount of Level 3 assets remained unchanged.

(4) Securities comprise U.S. government securities segregated for regulatory purposes with a fair value of $453.7 million at December 31, 2014 and CFTC approved money market funds with a fair value of $545.0 million at December 31, 2014.

Investments Measured At Fair Value Based On Net Asset Value

The following tables present information about our investments in entities that have the characteristics of an investment company and are measured based on NAV. (in thousands).

	Fair Value (1)		Unfunded Commitments		Redemption Frequency (if currently eligible)
December 31, 2015
Equity Long/Short Hedge Funds (2)	$	482,570	$	—	(2)
Fixed Income and High Yield Hedge Funds (3)	1,703		—		—
Fund of Funds (4)	287		94		—
Equity Funds (5)	42,111		20,791		—
Convertible Bond Funds (6)	326		—		At Will
Multi-strategy Fund (7)	113,458		—		—
Total	$	640,455	$	20,885
December 31, 2014
Equity Long/Short Hedge Funds (2)	$	146,134	$	—	Monthly/Quarterly
Fixed Income and High Yield Hedge Funds (3)	2,704		—		—
Fund of Funds (4)	323		94		—
Equity Funds (5)	65,216		26,023		—
Convertible Bond Funds (6)	3,355		—		At Will
Multi-strategy Fund (7)	105,954		—		—
Total	$	323,686	$	26,117

(1) Where fair value is calculated based on NAV, fair value has been derived from each of the funds' capital statements.

(2) This category includes investments in hedge funds that invest, long and short, in equity securities in domestic and international markets in both the public and private sectors.  At December 31, 2015, investments with a fair value of $107.1 million and at December 31, 2014 substantially all of the investments in this category are redeemable with 30 to 90 days prior written notice, and includes an investment in a private asset management fund managed by us with a fair value of $52.4 million and $117.2 million at December 31, 2015 and 2014, respectively.  At December 31, 2015, this category also includes investments in two Folger Hill feeder funds that invest solely in a Folger Hill master fund that makes long/short equity investments, with broad industry and geographic diversification.  Investment in these funds is subject to a lock-up until August 15, 2019, subject to certain release events and other withdrawal rights.  Following this date, investments can be redeemed as of any calendar quarter-end with no less than 45 calendar days’ notice, subject to certain limitations.  At December 31, 2015, our investments in these two funds had an aggregate fair value of $375.5 million.

(3) Includes investments in funds that invest in loans secured by a first trust deed on property, domestic and international public high yield debt, private high yield investments, senior bank loans, public leveraged equities, distressed debt, and private equity investments.  There are no redemption provisions.  At December 31, 2015 and 2014, the underlying assets of 8% and 8%, respectively, of these funds are being liquidated and we are unable to estimate when the underlying assets will be fully liquidated.

(4) Includes investments in fund of funds that invest in various private equity funds.  At December 31, 2015 and 2014, approximately 95% and 95%, respectively, of the fair value of investments in this category is managed by us and have no redemption provisions, instead distributions are received through the liquidation of the underlying assets of the fund of funds, which are estimated to be liquidated in the next twelve months.  For the remaining investments, we have requested redemption; however, we are unable to estimate when these funds will be received.

(5) At December 31, 2015 and 2014, investments representing approximately 100% and 99%, respectively,  of the fair value of investments in this category include investments in equity funds that invest in the equity of various U.S. and foreign private companies in the energy, technology, internet service and telecommunication service industries.  These investments cannot be redeemed, instead distributions are received through the liquidation of the underlying assets of the funds which are expected to liquidate in one to eight years. 

(6) Investment in the Jefferies Umbrella Fund, an open-ended investment company managed by Jefferies that invests primarily in convertible bonds.  The remaining investments are in liquidation and we are unable to estimate when the underlying assets will be fully liquidated.

(7) Investment in private asset management fund managed by us that employs a variety of investment strategies and can invest in U.S. and non-U.S. equity and equity related securities, futures, exchange traded funds, fixed income securities, preferred securities, options, forward contracts and swaps.  Withdrawals from the fund prior to the first year anniversary of the investment are subject to a 5% withdrawal fee and withdrawals during any calendar quarter are limited to 25% of the fund’s net asset value.  Both of these restrictions can be waived by us, in our sole discretion.

Summary Of Changes In Fair Value Of Financial Assets And Liabilities Classified As Level 3

The following is a summary of changes in fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy for the year ended December 31, 2015 (in thousands):

Year Ended December 31, 2015
	Balance, December 31, 2014			Total gains (losses) (realized and unrealized) (1)			Purchases			Sales			Settlements			Issuances		Net transfers into (out of) Level 3			Balance at December 31, 2015			Changes in unrealized gains (losses) relating to instruments still held at December 31, 2015 (1)
Assets:
Trading assets:
Corporate equity securities	$	20,964		$	11,154		$	21,385		$	(6,391	)	$	—		$	—	$	(6,206	)	$	40,906		$	11,424
Corporate debt securities	22,766			(11,013		)	21,534			(14,636		)	—			—		7,225			25,876			(9,443		)
Collateralized debt obligations	124,650			(66,332		)	104,998			(107,381		)	(5,754		)	—		34,911			85,092			(48,514		)
Municipal securities	—			10			—			—			(21,551		)	—		21,541			—			—
Sovereign obligations	—			47			1,032			(1,031		)	—			—		72			120			39
Residential mortgage-backed securities	82,557			(12,951		)	18,961			(31,762		)	(597		)	—		14,055			70,263			(4,498		)
Commercial mortgage-backed securities	26,655			(3,813		)	3,480			(10,146		)	(6,861		)	—		5,011			14,326			(3,205		)
Other asset-backed securities	2,294			(990		)	42,922			(1,299		)	(2		)	—		—			42,925			(254		)
Loans and other receivables	97,258			(14,755		)	792,345			(576,536		)	(124,365		)	—		15,342			189,289			(16,802		)
Investments at fair value	77,047			62,804			5,510			(425		)	(4,093		)	—		58,951			199,794			(1,964		)
Investment in FXCM	—			491,341			279,000			—			(144,652		)	—		—			625,689			491,341
Liabilities:
Trading liabilities:
Corporate equity securities	38			—			—			—			—			—		—			38			—
Corporate debt securities	223			(110		)	(6,804		)	6,691			—			—		—			—			—
Net derivatives (2)	(4,638		)	(7,310		)	(6,705		)	13,522			37			2,437		2,415			(242		)	4,754
Loans	14,450			(163		)	(2,059		)	229			—			—		(1,988		)	10,469			104
Other secured financings	30,825			—			—			—			(15,704		)	36,995		(51,572		)	544			—

The following is a summary of changes in fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy for the year ended December 31, 2014 (in thousands):

Year Ended December 31, 2014
	Balance, December 31, 2013		Total gains (losses) (realized and unrealized) (1)			Purchases			Sales			Settlements			Issuances		Net transfers into (out of) Level 3			Balance, December 31, 2014			Changes in unrealized gains (losses) relating to instruments still held at December 31, 2014 (1)
Assets:
Trading assets:
Corporate equity securities	$	9,884	$	957		$	18,138		$	(12,826	)	$	—		$	—	$	4,811		$	20,964		$	2,324
Corporate debt securities	25,666		6,629			38,316			(40,328		)	—			—		(7,517		)	$	22,766		8,982
Collateralized debt obligations	37,216		(6,386		)	204,337			(181,757		)	(1,297		)	—		72,537			$	124,650		(1,141		)
U.S. government and federal agency securities	—		13			2,505			(2,518		)	—			—		—			$	—		—
Residential mortgage backed securities	105,492		(9,870		)	42,632			(61,689		)	(1,847		)	—		7,839			$	82,557		(4,679		)
Commercial mortgage-backed securities	17,568		(4,237		)	49,159			(51,360		)	(782		)	—		16,307			$	26,655		(2,384		)
Other asset-backed securities	12,611		1,784			4,987			(18,002		)	—			—		914			$	2,294		1,484
Loans and other receivables	145,890		(31,311		)	130,169			(92,140		)	(60,390		)	—		5,040			$	97,258		(26,864		)
Investments at fair value	66,931		17,642			32,493			(23,324		)	(1,243		)	—		(15,452		)	$	77,047		1,985
Liabilities:
Trading liabilities:
Corporate equity securities	$	38	$	—		$	—		$	—		$	—		$	—	$	—		$	38		$	—
Corporate debt securities	—		(149		)	(565		)	960			—			—		(23		)	$	223		(8		)
Net derivatives (2)	6,905		15,055			(24,682		)	1,094			322			—		(3,332		)	$	(4,638	)	(15,615		)
Loans	22,462		—			(18,332		)	11,338			—			—		(1,018		)	$	14,450		—
Other secured financings	8,711		—			—			—			(17,525		)	39,639		—			$	30,825		—

(1) Realized and unrealized gains (losses) are reported in Principal transactions in the Consolidated Statements of Operations.

(2) Net derivatives represent Trading assets - Derivatives and Trading liabilities - Derivatives.

The following is a summary of changes in fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy for the period from the Jefferies acquisition through December 31, 2013 (in thousands). There were no significant Leucadia Level 3 trading assets or liabilities prior to the Jefferies acquisition.

Period from the Jefferies Acquisition through December 31, 2013 (3)
	Beginning Balance		Total gains (losses) (realized and unrealized) (1)			Purchases			Sales			Settlements			Net transfers into (out of) Level 3			Balance at December 31, 2013		Changes in unrealized gains (losses) relating to instruments still held at December 31, 2013 (1)
Assets:
Trading assets:
Corporate equity securities	$	13,234	$	1,551		$	3,583		$	(7,141	)	$	—		$	(1,343	)	$	9,884	$	(419	)
Corporate debt securities	31,820		(2,454		)	31,014			(34,125		)	—			(589		)	$	25,666	(2,749		)
Collateralized debt obligations	24,736		(2,309		)	45,437			(32,874		)	—			2,226			$	37,216	(8,384		)
Residential mortgage-backed securities	169,426		(4,897		)	89,792			(150,807		)	(11,007		)	12,985			$	105,492	(6,932		)
Commercial mortgage-backed securities	17,794		(4,469		)	20,130			(13,538		)	(100		)	(2,249		)	$	17,568	(3,794		)
Other asset-backed securities	1,292		(4,535		)	105,291			(104,711		)	—			15,274			$	12,611	(3,497		)
Loans and other receivables	170,986		15,008			287,757			(115,231		)	(211,805		)	(825		)	$	145,890	13,402
Investments at fair value	39,693		(1,317		)	28,515			(102		)	(875		)	1,017			$	66,931	(1,290		)
Liabilities:
Trading liabilities:
Corporate equity securities	$	38	$	—		$	—		$	—		$	—		$	—		$	38	$	—
Residential mortgage-backed securities	1,542		(1,542		)	—			—			—			—			$	—	—
Net derivatives (2)	11,185		4,408			—			(300		)	(8,515		)	127			$	6,905	1,609
Loans	7,398		2,959			(16,027		)	28,065			67			—			$	22,462	(2,970		)

(1) Realized and unrealized gains (losses) are reported in Principal transactions in the Consolidated Statements of Operations.

(2) Net derivatives represent Trading assets - Derivatives and Trading liabilities - Derivatives.

(3) In addition to the above changes in the fair value of our financial assets and liabilities that have been categorized within Level 3 of the fair value hierarchy, during the period from the Jefferies acquisition through December 31, 2013, secured financings of $8.7 million were issued.

Quantitative Information About Significant Unobservable Inputs Used In Level 3 Fair Value Measurements

December 31, 2015
Financial Instruments Owned	Fair Value (in thousands)		Valuation  Technique	Significant Unobservable Input(s)	Input/Range	Weighted Average
Corporate equity securities	$	20,285
Non-exchange traded securities			Market approach	EBITDA (a) multiple	4.4	—
				Transaction level	$1	—
				Underlying stock price	$5 to $102	$19.0
Corporate debt securities	$	20,257	Convertible bond model	Discount rate/yield	86%	—
			Market approach	Transaction level	$59	—
Collateralized debt obligations	$	49,923	Discounted cash flows	Constant prepayment rate	5% to 20%	13	%
				Constant default rate	2% to 8%	2	%
				Loss severity	25% to 90%	52	%
				Yield	6% to 13%	10	%
Residential mortgage-backed securities	$	70,263	Discounted cash flows	Constant prepayment rate	0% to 50%	13	%
				Constant default rate	1% to 9%	3	%
				Loss severity	25% to 70%	39	%
				Yield	1% to 9%	6	%
Commercial mortgage-backed securities	$	14,326	Discounted cash flows	Yield	7% to 30%	16	%
				Cumulative loss rate	2% to 63%	23	%
Other asset-backed securities	$	21,463	Discounted cash flows	Constant prepayment rate	6% to 8%	7	%
				Constant default rate	3% to 5%	4	%
				Loss severity	55% to 75%	62	%
				Yield	7% to 22%	18	%
			Over-collateralization	Over-collateralization percentage	117% to 125%	118	%
Loans and other receivables	$	161,470	Comparable pricing	Comparable loan price	$99 to $100	$99.7
			Market approach	Discount rate/yield	2% to 17%	12	%
				EBITDA (a) multiple	10.0	—
			Scenario analysis	Estimated  recovery percentage	6% to 100%	83	%
Derivatives	$	19,785
Commodity forwards			Market approach	Discount rate/yield	47%	—
				Transaction level	$9,500,000	—
Unfunded commitment			Comparable pricing	Comparable loan price	$100	—
			Market approach	Credit spread	298 bps	—
Total return swap			Comparable pricing	Comparable loan price	$91.7 to $92.4	$92.1
Investments at fair value
Private equity securities	$	29,940	Market approach	Transaction Level	$64	—
				Enterprise value	$5,200,000
				Discount rate	15% to 30%	23	%
Investment in FXCM
Term loan	$	203,700	Discounted cash flows	Term based on the pay off	0 months to 1.0 year	0.4 years
Rights	422,000		Option pricing model	Volatility	110%	—
	$	625,700
Trading Liabilities	Fair Value (in thousands)		Valuation  Technique	Significant Unobservable Input(s)	Input/Range	Weighted Average
Derivatives	$	19,543
Equity options			Option model	Volatility	45%	—
			Default rate	Default probability	0%	—
Unfunded commitments			Comparable pricing	Comparable loan price	$79 to $100	$82.6
			Market approach	Discount rate/yield	3% to 10%	10	%
			Discounted cash flows	Constant prepayment rate	20%	—
				Constant default rate	2%	—
				Loss severity	25%	—
				Yield	11%	—
Total return swaps			Comparable pricing	Comparable loan price	$91.7 to $92.4	$92.1
Loans	$	10,469	Comparable pricing	Comparable loan price	$100	—

December 31, 2014
Financial Instruments Owned	Fair Value (in thousands)		Valuation  Technique	Significant Unobservable Input(s)	Input/Range	Weighted Average
Corporate equity securities	$	19,814
Non-exchange traded securities			Market approach	EBITDA (a) multiple	3.4 to 4.7	3.6
			Scenario analysis	Estimated  recovery percentage	24%	—
Corporate debt securities	$	22,766	Convertible bond model	Discount rate/yield	32%	—
Collateralized debt obligations	$	41,784	Discounted cash flows	Constant prepayment rate	0% to 20%	13	%
				Constant default rate	0% to 2%	2	%
				Loss severity	0% to 70%	39	%
				Yield	2% to 51%	16	%
Residential mortgage-backed securities	$	82,557	Discounted cash flows	Constant prepayment rate	1% to 50%	13	%
				Constant default rate	1% to 100%	14	%
				Loss severity	20% to 80%	50	%
				Yield	3% to 13%	7	%
Commercial mortgage-backed securities	$	26,655	Discounted cash flows	Yield	8% to 12%	11	%
				Cumulative loss rate	4% to 72%	15	%
			Scenario analysis	Estimated  recovery percentage	90%	—
Other asset-backed securities	$	2,294	Discounted cash flows	Constant prepayment rate	8%	—
				Constant default rate	3%	—
				Loss severity	70%	—
				Yield	7%	—
Loans and other receivables	$	88,154	Comparable pricing	Comparable loan price	$100 to $101	$100.3
			Market approach	Yield	3% to 5%	4	%
				EBITDA (a) multiple	3.4 to 8.2	7.6
			Scenario analysis	Estimated  recovery percentage	10% to 41%	36	%
Derivatives	$	54,190
Foreign exchange options			Option model	Volatility	13% to 23%	17	%
Commodity forwards			Discounted cash flows	Discount rate	17%	—
Loan commitments			Comparable pricing	Comparable loan price	$100	—
Investments at fair value
Private equity securities	$	32,323	Market approach	Transaction Level	$50	—
			Market approach	Discount rate	15% to 30%	23	%
Trading Liabilities	Fair Value (in thousands)		Valuation  Technique	Significant Unobservable Input(s)	Input/Range	Weighted Average
Derivatives	$	49,552
FX options			Option model	Volatility	13% to 23%	17	%
Unfunded commitments			Comparable pricing	Comparable loan price	$89 to $100	$92.0
				Credit spread	45 bps	—
			Market approach	Yield	5%	—
Loans	$	14,450	Comparable pricing	Comparable loan price	$100	—
Other secured financings	$	30,825	Comparable pricing	Comparable loan price	$81 to $100	$98.7

(a) Earnings before interest, taxes, depreciation and amortization (“EBITDA”).

Summary Of Gains (Losses) Due To Changes In Instrument Specific Credit Risk For Loans and Other Receivables And Loan Commitments Measured At Fair Value Under Fair Value Option

The following is a summary of gains (losses) due to changes in instrument specific credit risk on loans and other receivables and loan commitments measured at fair value under the fair value option for the years ended December 31, 2015 and 2014 and the period from the Jefferies acquisition through December 31, 2013 (in thousands):

	For the year ended December 31, 2015			For the year ended December 31, 2014			For the period  from the Jefferies acquisition through December 31, 2013
Financial Instruments Owned:
Loans and other receivables	$	(17,389	)	$	(24,785	)	$	(15,327	)
Financial Instruments Sold:
Loans	$	(162	)	$	(585	)	$	(32	)
Loan commitments	$	7,502		$	(15,459	)	$	(1,007	)

Summary Of Amount By Which Contractual Principal Exceeds Fair Value For Loans And Other Receivables Measured At Fair Value Under Fair Value Option

The following is a summary of the amount by which contractual principal exceeds fair value for loans and other receivables measured at fair value under the fair value option (in thousands):

	Balance at December 31, 2015		Balance at December 31, 2014
Loans and other receivables (1)	$	408,369	$	403,119
Loans and other receivables greater than 90 days past due (1)	$	29,720	$	5,594
Loans and other receivables on nonaccrual status (1) (2)	$	54,652	$	(22,360	)

(1) Interest income is recognized separately from other changes in fair value and is included within Interest income in the Consolidated Statements of Operations.

(2) Amount includes all loans and other receivables greater than 90 or more days past due.