Quarterly report pursuant to Section 13 or 15(d)

Fair Value of Financial Instruments (Tables)

v2.4.0.6
Fair Value of Financial Instruments (Tables)
9 Months Ended
Sep. 30, 2012
Investments, All Other Investments [Abstract]  
Carrying and fair value of financial instruments
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 September 30, 2012. See Note 4 for further information regarding the fair value hierarchy:
(dollars in millions)
 
 
 
 
 
 
 
 
 
 
Fair Value Measurement
 
 
 
As of September 30, 2012
 
Carrying Value
 
Level 2
 
Level 3
 
Total
Financial assets
 
 
 
 
 
 
 
Loans, notes and mortgages (1)
$
19,564

 
$
563

 
$
18,991

 
$
19,554

Financial liabilities
 
 
 
 
 
 
 
Deposits
12,529

 
12,529

 

 
12,529

Long-term borrowings (2)
97,352

 
97,475

 
1,455

 
98,930

(1)
Loans are presented net of the allowance for loan losses.
(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:

(dollars in millions)
 
December 31, 2011
 
Carrying Value
 
Fair Value
Financial assets
 

 
 

Loans, notes and mortgages(1)
$
20,574

 
$
20,048

Financial liabilities
 

 
 

Deposits
12,364

 
12,364

Long-term borrowings (2)
110,718

 
102,339

(1)
Loans are presented net of the allowance for loan losses.
(2)
Includes junior subordinated notes (related to trust preferred securities).