| 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 December 31, 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 December 31, 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)
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$ |
19,545 |
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|
$ |
896 |
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|
$ |
18,721 |
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$ |
19,617 |
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Financial liabilities |
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Deposits |
12,873 |
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|
12,873 |
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— |
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12,873 |
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Long-term borrowings (2)
|
96,058 |
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|
99,528 |
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|
1,316 |
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|
100,844 |
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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). |
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 |
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Fair Value |
Financial assets |
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Loans, notes and mortgages(1)
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$ |
20,574 |
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$ |
20,048 |
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Financial liabilities |
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Deposits |
12,364 |
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12,364 |
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Long-term borrowings (2)
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110,718 |
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|
102,339 |
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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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