The following table presents the carrying value and fair value, by fair value hierarchy, of Merrill Lynch's loans, notes and mortgages, deposits and long-term borrowings at June 30, 2012. See Note 4 for further information regarding the fair value hierarchy:
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(dollars in millions) |
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Fair Value Measurement |
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As of June 30, 2012 |
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Carrying Value |
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Level 2 |
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Level 3 |
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Total |
Financial assets |
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Loans, notes and mortgages (1)
|
$ |
19,859 |
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|
$ |
538 |
|
|
$ |
19,236 |
|
|
$ |
19,774 |
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Financial liabilities |
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|
|
|
|
|
|
Deposits |
12,289 |
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|
12,289 |
|
|
— |
|
|
12,289 |
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Long-term borrowings (2)
|
99,857 |
|
|
98,823 |
|
|
1,469 |
|
|
100,292 |
|
|
|
(1) |
Loans are presented net of the allowance for loan losses. |
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(2) |
Includes junior subordinated notes (related to trust preferred securities). |
The following table presents the carrying value and fair value of loans, notes and mortgages, deposits and long-term borrowings at December 31, 2011:
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(dollars in millions) |
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December 31, 2011 |
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Carrying Value |
|
Fair Value |
Financial assets |
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|
|
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Loans, notes and mortgages(1)
|
$ |
20,574 |
|
|
$ |
20,048 |
|
Financial liabilities |
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|
|
|
|
Deposits |
12,364 |
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|
12,364 |
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Long-term borrowings (2)
|
110,718 |
|
|
102,339 |
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|
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(1) |
Loans are presented net of the allowance for loan losses. |
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|
(2) |
Includes junior subordinated notes (related to trust preferred securities). |
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