Huntington Bancshares Incorporated Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Fair Values of Assets and Liabilities (Tables)

Fair Values of Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2013

Fair Values of Assets and Liabilities [Abstract]

Assets and liabilities measured at fair value on a recurring basis

Assets and Liabilities measured at fair value on a recurring basis

Assets and liabilities measured at fair value on a recurring basis at March 31, 2013 and December 31, 2012 are summarized below:

Fair Value Measurements at Reporting Date Using									Netting		Balance at
(dollar amounts in thousands)			Level 1		Level 2		Level 3	Adjustments (1)			March 31, 2013
Assets
Loans held for sale		$	---	$	415,126	$	---	$	---	$	415,126

Trading account securities:
	U.S. Treasury securities		---		---		---		---		---
	Federal agencies: Mortgage-backed		---		96		---		---		96
	Federal agencies: Other agencies		---		---		---		---		---
	Municipal securities		---		6,835		---		---		6,835
	Other securities		78,953		636		---		---		79,589
			78,953		7,567		---		---		86,520

Available-for-sale and other securities:
	U.S. Treasury securities		52,066		---		---		---		52,066
	Federal agencies: Mortgage-backed		---		4,176,933		---		---		4,176,933
	Federal agencies: Other agencies		---		354,491		---		---		354,491
	Municipal securities		---		531,967		59,098		---		591,065
	Private-label CMO		---		21,434		45,546		---		66,980
	Asset-backed securities		---		983,408		115,455		---		1,098,863
	Covered bonds		---		289,409		---		---		289,409
	Corporate debt		---		541,715		---		---		541,715
	Other securities		16,979		4,400		---		---		21,379
			69,045		6,903,757		220,099		---		7,192,901

Automobile loans			---		---		116,039		---		116,039

MSRs			---		---		35,582		---		35,582

Derivative assets			8,511		412,383		9,530		(99,693)		330,731

Liabilities
Derivative liabilities			8,794		200,453		524		(71,491)		138,280

Other liabilities			---		278		---		---		278

Fair Value Measurements at Reporting Date Using									Netting		Balance at
(dollar amounts in thousands)			Level 1		Level 2		Level 3	Adjustments (1)			December 31, 2012
Assets
Mortgage loans held for sale		$	---	$	452,949	$	---	$	---	$	452,949

Trading account securities:
	U.S. Treasury securities		---		---		---		---		---
	Federal agencies: Mortgage-backed		---		---		---		---		---
	Federal agencies: Other agencies		---		---		---		---		---
	Municipal securities		---		15,218		---		---		15,218
	Other securities		75,729		258		---		---		75,987
			75,729		15,476		---		---		91,205

Available-for-sale and other securities:
	U.S. Treasury securities		52,311		---		---		---		52,311
	Federal agencies: Mortgage-backed		---		4,264,670		---		---		4,264,670
	Federal agencies: Other agencies		---		359,626		---		---		359,626
	Municipal securities		---		439,772		61,228		---		501,000
	Private-label CMO		---		22,793		48,775		---		71,568
	Asset-backed securities		---		919,046		110,037		---		1,029,083
	Covered bonds		---		290,625		---		---		290,625
	Corporate debt		---		668,142		---		---		668,142
	Other securities		17,177		3,898		---		---		21,075
			69,488		6,968,572		220,040		---		7,258,100

Automobile loans			---		---		142,762		---		142,762

MSRs			---		---		35,202		---		35,202

Derivative assets			6,368		465,517		13,180		(99,368)		385,697

Liabilities
Derivative liabilities			6,813		228,312		478		(83,415)		152,188

Other liabilities			---		---		---		---		---

Rollforward of financial instruments measured on a recurring basis and classified as Level 3

			Level 3 Fair Value Measurements
			Three Months Ended March 31, 2013
							Available-for-sale securities
											Asset-
					Derivative		Municipal		Private-		backed		Automobile
(dollar amounts in thousands)			MSRs		instruments		securities		label CMO		securities		loans
Opening balance		$	35,202	$	12,702	$	61,228	$	48,775	$	110,037	$	142,762
Transfers into Level 3			---		---		---		---		---		---
Transfers out of Level 3			---		---		---		---		---		---
Total gains/losses for the period:
	Included in earnings		380		(1,482)		---		(270)		(738)		1,137
	Included in OCI		---		---		155		891		12,789		---
Purchases			---		---		---		---		---		---
Sales			---		---		---		---		---		---
Repayments			---		---		---		---		---		(27,860)
Issues			---		---		---		---		---		---
Settlements			---		(2,214)		(2,285)		(3,850)		(6,633)		---
Closing balance		$	35,582	$	9,006	$	59,098	$	45,546	$	115,455	$	116,039

Change in unrealized gains
	or losses for the period
	included in earnings
	(or changes in net assets)
	for assets held at
	end of the reporting date	$	380	$	(3,696)	$	155	$	891	$	12,789	$	1,137


			Level 3 Fair Value Measurements
			Three Months Ended March 31, 2012
							Available-for-sale securities
											Asset-
					Derivative		Municipal		Private-		backed		Automobile
(dollar amounts in thousands)			MSRs		instruments		securities		label CMO		securities		loans
Opening balance		$	65,001	$	(169)	$	95,092	$	72,364	$	121,698	$	296,250
Transfers into Level 3			---		---		---		---		---		---
Transfers out of Level 3			---		---		---		---		---		---
Total gains/losses for the period:
	Included in earnings		(2,547)		725		---		(990)		(176)		(92)
	Included in OCI		---		---		---		4,173		7,793		---
Purchases			---		---		---		---		---		---
Sales			---		---		---		---		---		---
Repayments			---		---		---		---		---		(45,384)
Issues			---		---		---		---		---		---
Settlements			---		6,887		(9,645)		(5,316)		(3,619)		---
Closing balance		$	62,454	$	7,443	$	85,447	$	70,231	$	125,696	$	250,774

Change in unrealized gains
	or losses for the period
	included in earnings
	(or changes in net assets)
	for assets held at
	end of the reporting date	$	(2,547)	$	559	$	---	$	(4,178)	$	(7,793)	$	(92)

Classification of gains and losses due to changes in fair value, recorded in earnings for Level 3 assets and liabilities

The table below summarizes the classification of gains and losses due to changes in fair value, recorded in earnings for Level 3 assets and liabilities for the three-month periods ended March 31, 2013 and 2012:

		Level 3 Fair Value Measurements
		Three Months Ended March 31, 2013
						Available-for-sale securities
										Asset-
				Derivative		Municipal		Private-		backed		Automobile
(dollar amounts in thousands)		MSRs		instruments		securities		label CMO		securities		loans
Classification of gains and losses in earnings:

Mortgage banking income (loss)	$	380	$	(1,482)	$	---	$	---	$	---	$	---
Securities gains (losses)		---		---		---		(336)		(359)		---
Interest and fee income		---		---		---		66		(379)		(859)
Noninterest income		---		---		---		---		---		1,996
Total	$	380	$	(1,482)	$	---	$	(270)	$	(738)	$	1,137

		Level 3 Fair Value Measurements
		Three Months Ended March 31, 2012
						Available-for-sale securities
										Asset-
				Derivative		Municipal		Private-		backed		Automobile
(dollar amounts in thousands)		MSRs		instruments		securities		label CMO		securities		loans
Classification of gains and losses in earnings:

Mortgage banking income (loss)	$	(2,547)	$	1,393	$	---	$	---	$	---	$	---
Securities gains (losses)		---		---		---		(1,237)		---		---
Interest and fee income		---		---		---		247		(176)		(2,024)
Noninterest income		---		(668)		---		---		---		1,932
Total	$	(2,547)	$	725	$	---	$	(990)	$	(176)	$	(92)

Assets and liabilities under the fair value option

The following table presents the fair value and aggregate principal balance of certain assets and liabilities under the fair value option:

			March 31, 2013						December 31, 2012
			Fair value		Aggregate				Fair value		Aggregate
			carrying		unpaid				carrying		unpaid
			amount		principal		Difference		amount		principal		Difference
Assets
	Mortgage loans held for sale	$	415,126	$	405,095	$	10,031	$	452,949	$	438,254	$	14,695
	Automobile loans		116,039		113,056		2,983		142,762		140,916		1,846
Liabilities

The following tables present the net gains (losses) from fair value changes, including net gains (losses) associated with instrument specific credit risk for the three-month periods ended March 31, 2013 and 2012:

		Net gains (losses) from fair value changes
			Three Months Ended
			March 31,
(dollar amounts in thousands)			2013		2012

Assets
	Mortgage loans held for sale	$	(4,663)	$	(4,895)
	Automobile loans		1,137		(93)
Liabilities
	Securitization trust notes payable		---		(1,344)

		Gains (losses) included
		in fair value changes associated
		with instrument specific credit risk
			Three Months Ended
			March 31,
(dollar amounts in thousands)			2013		2012
Assets
	Automobile loans	$	326	$	566

Assets measured at fair value on a nonrecurring basis

At March 31, 2013, assets measured at fair value on a nonrecurring basis were as follows:

Fair Value Measurements Using

Quoted Prices

Significant

Total

In Active

Other

Gains/(Losses)

Markets for

Observable

Unobservable

For the Three

Fair Value at

Identical Assets

Inputs

Months Ended

(dollar amounts in thousands)

March 31, 2013

(Level 1)

(Level 2)

(Level 3)

March 31, 2013

Impaired loans

13,122

---

13,122

(3,320)

Accrued income and other assets

25,139

---

25,139

(1,159)

Quantitative information about significant unobservable level 3 fair value measurement inputs

Quantitative Information about Level 3 Fair Value Measurements
				Significant
		Fair Value at	Valuation	Unobservable	Range
(dollar amounts in thousands)		March 31, 2013	Technique	Input	(Weighted Average)
MSRs	$	35,582	Discounted cash flow	Constant prepayment rate (CPR)	7.0% - 37.0% (16.0%)
				Spread over forward interest rate swap rates	-499 - 4,609 (1,306)

Derivative assets		9,530	Consensus Pricing	Net market price	-2.6% - 12.3% (2.5%)
Derivative liabilities		524		Estimated Pull thru %	38.0% - 89.0% (73.0%)

Municipal securities		59,098	Discounted cash flow	Discount rate	1.7% - 12.0% (3.2%)

Private-label CMO		45,546	Discounted cash flow	Discount rate	3.0% - 7.9% (5.9%)
				Constant prepayment rate (CPR)	5.1% - 26.7% (14.3%)
				Probability of default	0.1% - 4.0% (1.3%)
				Loss Severity	0.0% - 64.0% (26.5%)

Asset-backed securities		115,455	Discounted cash flow	Discount rate	4.3% - 16.3% (8.9%)
				Constant prepayment rate (CPR)	5.1% - 5.1% (5.1%)
				Cumulative prepayment rate	0.0% - 100.0% (16.5%)
				Constant default	1.5% - 4.0% (2.7%)
				Cumulative default	0.9% - 100.0% (18.6%)
				Loss given default	85.0% - 100.0% (94.4%)
				Cure given deferral	0.0% - 75.0% (35.4%)
				Loss severity	69.0% - 69.0% (69.0%)

Automobile loans		116,039	Discounted cash flow	Constant prepayment rate (CPR)	15.6%
				Discount rate	0.2% - 5.0% (1.3%)

Impaired loans		13,122	Appraisal value	NA	NA

Other real estate owned		25,139	Appraisal value	NA	NA

Quantitative Information about Level 3 Fair Value Measurements
		Fair Value at	Valuation	Significant	Range
(dollar amounts in thousands)		December 31, 2012	Technique	Unobservable Input	(Weighted Average)
MSRs	$	35,202	Discounted cash flow	Constant prepayment rate (CPR)	10.0% - 31.0% (20.0%)
				Spread over forward interest rate swap rates	-568 - 4,552 (1,288)

Derivative assets		13,180	Consensus Pricing	Net market price	-2.3% - 10.8% (3.0%)
Derivative liabilities		478		Estimated Pull thru %	38.0% - 89.0% (75.0%)

Municipal securities		61,228	Discounted cash flow	Discount rate	1.7% - 12.0% (3.1%)

Private-label CMO		48,775	Discounted cash flow	Discount rate	3.0% - 8.5% (6.2%)
				Constant prepayment rate (CPR)	5.1% - 26.7% (14.8%)
				Probability of default	0.1% - 4.0% (1.0%)
				Loss Severity	0.0% - 64.0% (27.8%)

Asset-backed securities		110,037	Discounted cash flow	Discount rate	4.5% - 16.6% (9.0%)
				Constant prepayment rate (CPR)	5.1% - 9.8% (5.3%)
				Cumulative prepayment rate	0.0% - 100.0% (6.9%)
				Constant default	0.3% - 4.0% (2.8%)
				Cumulative default	1.1% - 100.0% (20.1%)
				Loss given default	85.0% - 100.0% (92.4%)
				Cure given deferral	0.0% - 90.0% (34.7%)
				Loss severity	20.0% - 72.0% (64.9%)

Automobile loans		142,762	Discounted cash flow	Constant prepayment rate (CPR)	15.6%
				Discount rate	0.8% - 5.0% (4.0%)

Impaired loans		150,873	Appraisal value	---	---

Other real estate owned		28,097	Appraisal value	---	---

Carrying amounts and estimated fair values of financial instruments

The following table provides the carrying amounts and estimated fair values of Huntington's financial instruments that are carried either at fair value or cost at March 31, 2013 and December 31, 2012:

			March 31, 2013				December 31, 2012
			Carrying		Fair		Carrying		Fair
(dollar amounts in thousands)			Amount		Value		Amount		Value
Financial Assets:
	Cash and short-term assets	$	900,005	$	900,005	$	1,333,727	$	1,333,727
	Trading account securities		86,520		86,520		91,205		91,205
	Loans held for sale		729,707		737,211		764,309		773,013
	Available-for-sale and other securities		7,504,639		7,504,639		7,566,175		7,566,175
	Held-to-maturity securities		1,693,074		1,733,454		1,743,876		1,794,105
	Net loans and leases		40,536,755		38,811,780		39,959,350		38,401,965
	Derivatives		330,731		330,731		385,697		385,697

Financial Liabilities:
	Deposits		46,867,141		46,953,781		46,252,683		46,330,715
	Short-term borrowings		732,705		726,310		589,814		584,671
	Federal Home Loan Bank advances		183,491		183,491		1,008,959		1,008,959
	Other long-term debt		156,301		154,156		158,784		156,719
	Subordinated notes		1,188,674		1,184,891		1,197,091		1,183,827
	Derivatives		138,280		138,280		152,188		152,188

Estimated Fair Value Measurements at Reporting Date Using									Balance at
(dollar amounts in thousands)			Level 1		Level 2		Level 3		March 31, 2013

Financial Assets
	Loans held for sale	$	---	$	---	$	314,807	$	314,807
	Held-to-maturity securities		---		1,733,454		---		1,733,454
	Net loans and leases		---		---		38,695,741		38,695,741
Financial liabilities
	Deposits		---		40,136,635		6,817,146		46,953,781
	Short-term borrowings		---		---		726,310		726,310
	Other long-term debt		---		---		154,156		154,156
	Subordinated notes		---		---		1,184,891		1,184,891

Estimated Fair Value Measurements at Reporting Date Using									Balance at
(dollar amounts in thousands)			Level 1		Level 2		Level 3		December 31, 2012

Financial Assets
	Loans held for sale	$	---	$	---	$	316,007	$	316,007
	Held-to-maturity securities		---		1,794,105		---		1,794,105
	Net loans and leases		---		---		38,259,203		38,259,203
Financial liabilities
	Deposits		---		39,136,127		7,194,588		46,330,715
	Short-term borrowings		---		---		584,671		584,671
	Other long-term debt		---		2,124		154,595		156,719
	Subordinated notes		---		---		1,183,827		1,183,827

- Definition

Tabular disclosure of the amount of gains or losses for the period included in earnings or resulted in a change to net assets, have arisen from the use of significant unobservable inputs (level 3) to measure the fair value of assets, liabilities, and financial instruments classified in shareholders' equity.

+ References + Details

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 14

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

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-Name Statement of Financial Accounting Standard (FAS)

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Reference 3: http://www.xbrl.org/2003/role/presentationRef

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-Number 107

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-Subparagraph b-d

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Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 10

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Reference 11: http://www.xbrl.org/2003/role/presentationRef

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+ Details

- Definition

Tabular disclosure of the application of the fair value option for measurement and reporting of eligible financial assets and liabilities (as defined), as well as certain other eligible items (as defined) included in the statement of financial position, whether such option is elected for a single eligible item or a group of similar eligible items and is in addition to other disclosures concerning fair value which the company may be required to provide. Such disclosure might be expected to include: (1) for items included in the statement of financial position: (a) for each line item in the statement of financial position that includes an item or items for which the fair value option has been elected, provide the aggregate carrying amount of ineligible items included in each line item in the balance sheet, if any; (b) the difference between the aggregate fair value and the aggregate unpaid principal balance (assuming contractual principal amounts and fair value option elected) of: (i) loans and long-term receivables (other than securities otherwise reported at fair value) and (ii) long-term debt instruments; (c) for loans held as assets for which the fair value option has been elected: (i) the aggregate fair value of loans that are 90 days or more past due, (ii) if the policy is to recognize interest income separately from other changes in fair value, the aggregate fair value of loans in nonaccrual status, and (iii) the difference between the aggregate fair value and the aggregate unpaid principal balance for loans that are 90 days or more past due, in nonaccrual status, or both; (2) for items included in the income statement: (a) the amounts of gains and losses from fair value changes included in earnings and in which line in the income statement those gains and losses are reported whether or not combined with gains and losses from items required to be accounted for at fair value; (b) for loans and other receivables held as assets, the estimated amount of gains or losses included in earnings attributable to changes in instrument-specific credit risk; (c) for liabilities with fair values that have been significantly affected during the reporting period by changes in the instrument-specific credit risk, the estimated amount of gains and losses from fair value changes included in earnings that are attributable to changes in the instrument-specific credit risk; and (3) certain other disclosures as required or determined to be provided.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 159

-Paragraph 22

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

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-Paragraph 19

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 159

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

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Reference 6: http://www.xbrl.org/2003/role/presentationRef

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Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 159

-Paragraph 18

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

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Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 159

-Paragraph 19

-Subparagraph d(1)

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 159

-Paragraph 19

-Subparagraph c(1)

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

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-Section 50

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-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14217-108612

+ Details