The following table provides the impact of credit and funding adjustments on Principal transactions revenue in the respective periods, excluding the effect of any associated hedging activities.
## Table 0 ##
(a) Included derivatives DVA of $(1) million, $(115) million and $(590) million for the years ended December 31, 2014, 2013 and 2012, respectively.
(b) Included structured notes DVA of $20 million, $(337) million and $(340) million for the years ended December 31, 2014, 2013 and 2012, respectively.
Assets and liabilities measured at fair value on a nonrecurring basis At December 31, 2014 and 2013, assets measured at fair value on a nonrecurring basis were $4.5 billion and $6.2 billion, respectively, comprised predominantly of loans that had fair value adjustments for the year ended December 31, 2014.
At December 31, 2014, $1.3 billion and $3.2 billion of these assets were classified in levels 2 and 3 of the fair value hierarchy, respectively.
At December 31, 2013, $339 million and $5.8 billion of these assets were classified in levels 2 and 3 of the fair value hierarchy, respectively.
Liabilities measured at fair value on a nonrecurring basis were not significant at December 31, 2014 and 2013.
For the years ended December 31, 2014, 2013 and 2012, there were no significant transfers between levels 1, 2 and 3.
Of the $3.2 billion of the level 3 assets measured at fair value on a nonrecurring basis as of December 31, 2014: ?
$1.6 billion related to consumer loans that were reclassified to held-for-sale during the fourth quarter of 2014 subject to a lower of cost or fair value adjustment.
These loans were classified as level 3, as they are valued based on the Firm’s internal valuation methodology; ?
$809 million related to residential real estate loans carried at the net realizable value of the underlying collateral (i. e. , collateral-dependent loans and other loans charged off in accordance with regulatory guidance).
These amounts are classified as level 3, as they are valued using a broker’s price opinion and discounted based upon the Firm’s experience with actual liquidation values.
These discounts to the broker price opinions ranged from 8% to 66%, with a weighted average of 26%.
The total change in the recorded value of assets and liabilities for which a fair value adjustment has been included in the Consolidated statements of income for the years ended December 31, 2014, 2013 and 2012, related to financial instruments held at those dates were losses of $992 million, $789 million and $1.6 billion, respectively; these reductions were predominantly associated with loans.
For further information about the measurement of impaired collateral-dependent loans, and other loans where the carrying value is based on the fair value of the underlying collateral (e. g. , residential mortgage loans charged off in accordance with regulatory guidance), see Note 14.
Additional disclosures about the fair value of financial instruments that are not carried on the Consolidated balance sheets at fair value U. S.  GAAP requires disclosure of the estimated fair value of certain financial instruments, and the methods and significant assumptions used to estimate their fair value.
Financial instruments within the scope of these disclosure requirements are included in the following table.
However, certain financial instruments and all nonfinancial instruments are excluded from the scope of these disclosure requirements.
Accordingly, the fair value disclosures provided in the following table include only a partial estimate of the fair value of JPMorgan Chase’s assets and liabilities.
For example, the Firm has developed long-term relationships with its customers through its deposit base and credit card accounts, commonly referred to as core deposit intangibles and credit card relationships.
In the opinion of management, these items, in the aggregate, add significant value to JPMorgan Chase, but their fair value is not disclosed in this Note.
Financial instruments for which carrying value approximates fair value Certain financial instruments that are not carried at fair value on the Consolidated balance sheets are carried at amounts that approximate fair value, due to their shortterm nature and generally negligible credit risk.
These instruments include cash and due from banks; deposits with banks; federal funds sold; securities purchased under resale agreements and securities borrowed with short-dated maturities; short-term receivables and accrued interest receivable; commercial paper; federal funds purchased; securities loaned and sold under repurchase agreements with short-dated maturities; other borrowed funds; accounts payable; and accrued liabilities.
In addition, U. S.  GAAP requires that the fair value of deposit liabilities with no stated maturity (i. e. , demand, savings and certain money market deposits) be equal to their carrying value; recognition of the inherent funding value of these instruments is not permitted.
The following table presents, as of December 31, 2014 and 2013, the gross and net derivative payables by contract and settlement type.
Derivative payables have been netted on the Consolidated balance sheets against derivative receivables and cash collateral receivables from the same counterparty with respect to derivative contracts for which the Firm has obtained an appropriate legal opinion with respect to the master netting agreement.
Where such a legal opinion has not been either sought or obtained, the payables are not eligible under U. S.  GAAP for netting on the Consolidated balance sheets, and are shown separately in the table below.
## Table 1 ##
(a) Exchange-traded derivative balances that relate to futures contracts are settled daily.
(b) Included cash collateral netted of $64.2 billion and $52.1 billion related to OTC and OTC-cleared derivatives at December 31, 2014, and 2013, respectively.
In addition to the cash collateral received and transferred that is presented on a net basis with net derivative receivables and payables, the Firm receives and transfers additional collateral (financial instruments and cash).
These amounts mitigate counterparty credit risk associated with the Firm’s derivative instruments but are not eligible for net presentation, because (a) the collateral is comprised of non-cash financial instruments (generally U. S.  government and agency securities and other G7 government bonds), (b) the amount of collateral held or transferred exceeds the fair value exposure, at the individual counterparty level, as of the date presented, or (c) the collateral relates to derivative receivables or payables where an appropriate legal opinion has not been either sought or obtained.
Loan securitizations The Firm has securitized and sold a variety of loans, including residential mortgage, credit card, automobile, student and commercial (primarily related to real estate) loans, as well as debt securities.
The primary purposes of these securitization transactions were to satisfy investor demand and to generate liquidity for the Firm.
For loan securitizations in which the Firm is not required to consolidate the trust, the Firm records the transfer of the loan receivable to the trust as a sale when the accounting criteria for a sale are met.
Those criteria are: (1) the transferred financial assets are legally isolated from the Firm’s creditors; (2) the transferee or beneficial interest holder can pledge or exchange the transferred financial assets; and (3) the Firm does not maintain effective control over the transferred financial assets (e. g. , the Firm cannot repurchase the transferred assets before their maturity and it does not have the ability to unilaterally cause the holder to return the transferred assets).
For loan securitizations accounted for as a sale, the Firm recognizes a gain or loss based on the difference between the value of proceeds received (including cash, beneficial interests, or servicing assets received) and the carrying value of the assets sold.
Gains and losses on securitizations are reported in noninterest revenue.
Securitization activity The following table provides information related to the Firm’s securitization activities for the years ended December 31, 2014, 2013 and 2012, related to assets held in JPMorgan Chase-sponsored securitization entities that were not consolidated by the Firm, and where sale accounting was achieved based on the accounting rules in effect at the time of the securitization.
## Table 2 ##
(a) Excludes re-securitization transactions.
(b) Proceeds from residential mortgage securitizations were received in the form of securities.
During 2014, $2.4 billion of residential mortgage securitizations were received as securities and classified in level 2, and $185 million were in level 3 of the fair value hierarchy.
During 2013, $1.4 billion of residential mortgage securitizations were received as securities and classified in level 2 of the fair value hierarchy.
Proceeds from commercial mortgage securitizations were received as securities and cash.
During 2014, $11.4 billion of proceeds from commercial mortgage securitizations were received as securities and classified in level 2, and $130 million of proceeds were classified as level 3 of the fair value hierarchy; and $568 million of proceeds from commercial mortgage securitizations were received as cash.
During 2013, $11.3 billion of commercial mortgage securitizations were classified in level 2 of the fair value hierarchy, and $207 million of proceeds from commercial mortgage securitizations were received as cash.
During 2012, $5.7 billion of commercial mortgage securitizations were classified in level 2 of the fair value hierarchy.
(c) Includes cash paid by the Firm to reacquire assets from off–balance sheet, nonconsolidated entities – for example, loan repurchases due to representation and warranties and servicer clean-up calls.
(d) Includes prime, Alt-A, subprime, and option ARMs.
Excludes certain loan securitization transactions entered into with Ginnie Mae, Fannie Mae and Freddie Mac.
(e) Key assumptions used to measure residential mortgage retained interests originated during the year included weighted-average life (in years) of 5.9 and 3.9 for the years ended December 31, 2014 and 2013, respectively, and weighted-average discount rate of 3.4% and 2.5% for the years ended December 31, 2014 and 2013, respectively.
There were no residential mortgage securitizations during 2012.
Key assumptions used to measure commercial and other retained interests originated during the year included weighted-average life (in years) of 6.5, 8.3 and 8.8 for the years ended December 31, 2014, 2013, and 2012, respectively, and weighted-average discount rate of 4.8%, 3.2% and 3.6% for the years ended December 31, 2014, 2013 and 2012, respectively.
(f) Includes commercial and student loan securitizations.
Loans and excess MSRs sold to the GSEs, loans in securitization transactions pursuant to Ginnie Mae guidelines, and other third-party-sponsored securitization entities In addition to the amounts reported in the securitization activity tables above, the Firm, in the normal course of business, sells originated and purchased mortgage loans and certain originated excess MSRs on a nonrecourse basis, predominantly to Fannie Mae and Freddie Mac (the “GSEs”).
These loans and excess MSRs are sold primarily for the purpose of securitization by the GSEs, who provide certain guarantee provisions (e. g. , credit enhancement of the loans).
The Firm also sells loans into securitization transactions pursuant to Ginnie Mae guidelines; these loans are typically insured or guaranteed by another U. S.  government agency.
The Firm does not consolidate the securitization vehicles underlying these transactions as it is not the primary beneficiary.
For a limited number of loan sales, the Firm is obligated to share a portion of the credit risk associated with the sold loans with the purchaser.
See Note 29 for additional information about the Firm’s loan sales- and securitization-related indemnifications.
Management’s discussion and analysis 68 JPMorgan Chase & Co. /2014 Annual Report CONSOLIDATED RESULTS OF OPERATIONS The following section provides a comparative discussion of JPMorgan Chase’s Consolidated Results of Operations on a reported basis for the three-year period ended December 31, 2014.
Factors that relate primarily to a single business segment are discussed in more detail within that business segment.
For a discussion of the Critical Accounting Estimates Used by the Firm that affect the Consolidated Results of Operations, see pages 161–165.

Tables referenced above, in order (Table 0 first):
<table><tr><td>Year ended December 31,(in millions)</td><td>2014</td><td>2013</td><td>2012</td></tr><tr><td>Credit adjustments:</td><td></td><td></td><td></td></tr><tr><td>Derivatives CVA</td><td>$-322</td><td>$1,886</td><td>$2,698</td></tr><tr><td>Derivatives DVA and FVA<sup>(a)</sup></td><td>-58</td><td>-1,152</td><td>-590</td></tr><tr><td>Structured notes DVA and FVA<sup>(b)</sup></td><td>200</td><td>-760</td><td>-340</td></tr></table>
<table><tr><td></td><td colspan="4">2014</td><td colspan="4">2013</td></tr><tr><td>December 31, (in millions)</td><td>Gross derivative payables</td><td colspan="2">Amounts netted on the Consolidated balance sheets</td><td>Net derivative payables</td><td>Gross derivative payables</td><td colspan="2">Amounts netted on the Consolidated balance sheets</td><td>Net derivative payables</td></tr><tr><td>U.S. GAAP nettable derivative payables</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest rate contracts:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>OTC</td><td>$522,170</td><td>$-509,650</td><td></td><td>$12,520</td><td>$467,850</td><td>$-458,081</td><td></td><td>$9,769</td></tr><tr><td>OTC–cleared</td><td>398,518</td><td>-397,250</td><td></td><td>1,268</td><td>354,698</td><td>-353,990</td><td></td><td>708</td></tr><tr><td>Exchange-traded<sup>(a)</sup></td><td>—</td><td>—</td><td></td><td>—</td><td>—</td><td>—</td><td></td><td>—</td></tr><tr><td>Total interest rate contracts</td><td>920,688</td><td>-906,900</td><td></td><td>13,788</td><td>822,548</td><td>-812,071</td><td></td><td>10,477</td></tr><tr><td>Credit contracts:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>OTC</td><td>65,432</td><td>-64,904</td><td></td><td>528</td><td>65,223</td><td>-63,671</td><td></td><td>1,552</td></tr><tr><td>OTC–cleared</td><td>9,398</td><td>-9,398</td><td></td><td>—</td><td>16,506</td><td>-16,450</td><td></td><td>56</td></tr><tr><td>Total credit contracts</td><td>74,830</td><td>-74,302</td><td></td><td>528</td><td>81,729</td><td>-80,121</td><td></td><td>1,608</td></tr><tr><td>Foreign exchange contracts:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>OTC</td><td>211,732</td><td>-195,312</td><td></td><td>16,420</td><td>155,110</td><td>-144,119</td><td></td><td>10,991</td></tr><tr><td>OTC–cleared</td><td>66</td><td>-66</td><td></td><td>—</td><td>61</td><td>-59</td><td></td><td>2</td></tr><tr><td>Exchange-traded<sup>(a)</sup></td><td>—</td><td>—</td><td></td><td>—</td><td>—</td><td>—</td><td></td><td>—</td></tr><tr><td>Total foreign exchange contracts</td><td>211,798</td><td>-195,378</td><td></td><td>16,420</td><td>155,171</td><td>-144,178</td><td></td><td>10,993</td></tr><tr><td>Equity contracts:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>OTC</td><td>27,908</td><td>-23,036</td><td></td><td>4,872</td><td>33,295</td><td>-28,520</td><td></td><td>4,775</td></tr><tr><td>OTC–cleared</td><td>—</td><td>—</td><td></td><td>—</td><td>—</td><td>—</td><td></td><td>—</td></tr><tr><td>Exchange-traded<sup>(a)</sup></td><td>17,167</td><td>-15,789</td><td></td><td>1,378</td><td>17,349</td><td>-11,415</td><td></td><td>5,934</td></tr><tr><td>Total equity contracts</td><td>45,075</td><td>-38,825</td><td></td><td>6,250</td><td>50,644</td><td>-39,935</td><td></td><td>10,709</td></tr><tr><td>Commodity contracts:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>OTC</td><td>25,129</td><td>-13,211</td><td></td><td>11,918</td><td>21,993</td><td>-15,318</td><td></td><td>6,675</td></tr><tr><td>OTC–cleared</td><td>—</td><td>—</td><td></td><td>—</td><td>—</td><td>—</td><td></td><td>—</td></tr><tr><td>Exchange-traded<sup>(a)</sup></td><td>18,486</td><td>-15,344</td><td></td><td>3,142</td><td>12,367</td><td>-11,212</td><td></td><td>1,155</td></tr><tr><td>Total commodity contracts</td><td>43,615</td><td>-28,555</td><td></td><td>15,060</td><td>34,360</td><td>-26,530</td><td></td><td>7,830</td></tr><tr><td>Derivative payables with appropriate legal opinions</td><td>$1,296,006</td><td>$-1,243,960</td><td><sup>(b)</sup></td><td>$52,046</td><td>$1,144,452</td><td>$-1,102,835</td><td><sup>(b)</sup></td><td>$41,617</td></tr><tr><td>Derivative payables where an appropriate legal opinion has not been either sought or obtained</td><td>19,070</td><td></td><td></td><td>19,070</td><td>15,697</td><td></td><td></td><td>15,697</td></tr><tr><td>Total derivative payables recognized on the Consolidated balance sheets</td><td>$1,315,076</td><td></td><td></td><td>$71,116</td><td>$1,160,149</td><td></td><td></td><td>$57,314</td></tr></table>
<table><tr><td></td><td colspan="2">2014</td><td colspan="2">2013</td><td colspan="2">2012</td></tr><tr><td>Year ended December 31,(in millions, except rates)<sup>(a)</sup></td><td>Residential mortgage<sup>(d)(e)</sup></td><td>Commercial and other<sup>(e)(f)</sup></td><td>Residential mortgage<sup>(d)(e)</sup></td><td>Commercial and other<sup>(e)(f)</sup></td><td>Residential mortgage<sup>(d)(e)</sup></td><td>Commercial and other<sup>(e)(f)</sup></td></tr><tr><td>Principal securitized</td><td>$2,558</td><td>$11,911</td><td>$1,404</td><td>$11,318</td><td>$—</td><td>$5,421</td></tr><tr><td>All cash flows during the period:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Proceeds from new securitizations<sup>(b)</sup></td><td>$2,569</td><td>$12,079</td><td>$1,410</td><td>$11,507</td><td>$—</td><td>$5,705</td></tr><tr><td>Servicing fees collected</td><td>557</td><td>4</td><td>576</td><td>5</td><td>662</td><td>4</td></tr><tr><td>Purchases of previously transferred financial assets (or the underlying collateral)<sup>(c)</sup></td><td>121</td><td>—</td><td>294</td><td>—</td><td>222</td><td>—</td></tr><tr><td>Cash flows received on interests</td><td>179</td><td>578</td><td>156</td><td>325</td><td>185</td><td>163</td></tr></table>

Question: What's the average of the Principal securitized in the years where OTC is positive?
Answer: 6797.75
Reasoning program: add(2558,11911), add(#0,1404), add(#1,11318), divide(#2,const_4)