ZIONS BANCORPORATION /UT/ | 2013 | FY | 3

5.
CASH AND MONEY MARKET INVESTMENTS
Effective January 1, 2013, we adopted ASU 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, which limited the scope of ASU 2011-11, Disclosures about Offsetting Assets and Liabilities. This new guidance under ASC 210, Balance Sheet, applies to the offsetting of derivatives (including bifurcated embedded derivatives), repurchase agreements and reverse repurchase (or resell) agreements, and securities borrowing and lending transactions. The new guidance requires entities to present both gross and net information about these financial instruments, including those subject to a master netting arrangement. The change in disclosure is required on a retrospective basis for all prior periods presented.

Security resell and repurchase agreements are offset in the balance sheet according to master netting agreements. Derivative instruments may be offset under their master netting agreements; however, for accounting purposes, we present these items on a gross basis in the Company’s balance sheet. See Note 8 for further information regarding derivative instruments.

Gross and net information for selected financial instruments in the balance sheet is as follows:

 
 
December 31, 2013
(In thousands)
 
 
 
 
 
 
 
Gross amounts not offset in the balance sheet
 
 
Description
 
Gross amounts recognized
 
Gross amounts offset in the balance sheet
 
Net amounts presented in the balance sheet
 
Financial instruments
 
Cash collateral received/pledged
 
Net amount
 
 
 
 
 
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
Federal funds sold and security resell agreements
 
$
282,248

 
$
—

 
$
282,248

 
$
—

 
$
—

 
$
282,248

Derivatives (included in other assets)
 
65,683

 
—

 
65,683

 
(11,650
)
 
2,210

 
56,243

 
 
$
347,931

 
$
—

 
$
347,931

 
$
(11,650
)
 
$
2,210

 
$
338,491

 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
Federal funds purchased and security repurchase agreements
 
$
266,742

 
$
—

 
$
266,742

 
$
—

 
$
—

 
$
266,742

Derivatives (included in other liabilities)
 
68,397

 
—

 
68,397

 
(11,650
)
 
(26,997
)
 
29,750

 
 
$
335,139

 
$
—

 
$
335,139

 
$
(11,650
)

$
(26,997
)

$
296,492


 
 
December 31, 2012
(In thousands)
 
 
 
 
 
 
 
Gross amounts not offset in the balance sheet
 
 
Description
 
Gross amounts recognized
 
Gross amounts offset in the balance sheet
 
Net amounts presented in the balance sheet
 
Financial instruments
 
Cash collateral received/pledged
 
Net amount
 
 
 
 
 
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
Federal funds sold and security resell agreements
 
$
3,675,354

 
$
(900,000
)
 
$
2,775,354

 
$
—

 
$
—

 
$
2,775,354

Derivatives (included in other assets)
 
86,214

 
—

 
86,214

 
(409
)
 
—

 
85,805

 
 
$
3,761,568

 
$
(900,000
)
 
$
2,861,568

 
$
(409
)
 
$
—

 
$
2,861,159

 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
Federal funds purchased and security repurchase agreements
 
$
1,220,478

 
$
(900,000
)
 
$
320,478

 
$
—

 
$
—

 
$
320,478

Derivatives (included in other liabilities)
 
92,259

 
—

 
92,259

 
(409
)
 
(81,683
)
 
10,167

 
 
$
1,312,737

 
$
(900,000
)
 
$
412,737

 
$
(409
)
 
$
(81,683
)
 
$
330,645

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