Fair Value Disclosures (Tables)

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Fair Value Disclosures (Tables)	3 Months Ended
	Mar. 31, 2013
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	(dollars in millions)   Fair Value Measurements on a Recurring Basis   as of December 31, 2012   Level 1   Level 2   Level 3   Netting Adj(1)   Total Assets:                   Securities segregated for regulatory purposes or deposited with clearing organizations:                   Non-U.S. governments and agencies $ —   $ 1,833   $ —   $ —   $ 1,833 U.S. Government and agencies 3,558   250   —   —   3,808 Total securities segregated for regulatory purposes or deposited with clearing organizations 3,558   2,083   —   —   5,641 Receivables under resale agreements —   93,715   —   —   93,715 Receivables under securities borrowed transactions —   961   —   —   961 Trading assets, excluding derivative contracts:                   Equities 23,813   12,340   178   —   36,331 Convertible debentures —   4,272   15   —   4,287 Non-U.S. governments and agencies 26,834   2,936   353   —   30,123 Corporate debt —   16,068   1,900   —   17,968 Preferred stock —   116   253   —   369 Mortgages, mortgage-backed and asset-backed —   5,799   4,814   —   10,613 U.S. Government and agencies 26,201   28,363   —   —   54,564 Municipals and money markets 1,292   9,201   1,295   —   11,788 Physical commodities and other —   692   —   —   692  Total trading assets, excluding derivative contracts 78,140   79,787   8,808   —   166,735   Derivative contracts(2) 2,691   657,621   5,677   (641,138 )   24,851 Investment securities available-for-sale:                   U.S. Government and agencies 390   —   —   —   390 Securities, mortgage-backed and asset backed                        Non-agency MBS —   40   —   —   40      Corporate ABS —   218   8   —   226 Total investment securities available-for-sale 390   258   8   —   656 Other debt securities carried at fair value (3)                       Non-U.S. governments and agencies 7,422   300   —   —   7,722 Total other debt securities carried at fair value 7,422   300   —   —   7,722 Investment securities non-qualifying 2,254   1,056   287   —   3,597 Total investment securities 10,066   1,614   295   —   11,975 Securities received as collateral 15,426   587   —   —   16,013 Loans, notes and mortgages —   1,396   1,681   —   3,077 Other —   12   1,534   —   1,546 Liabilities:                   Payables under repurchase agreements —   42,639   —   —   42,639 Short-term borrowings —   3,283   —   —   3,283 Trading liabilities, excluding derivative contracts:                   Equities 16,225   2,557   —   —   18,782 Convertible debentures —   175   —   —   175 Non-U.S. governments and agencies 18,382   1,325   —   —   19,707 Corporate debt —   7,912   31   —   7,943 Preferred stock —   83   —   —   83 U.S. Government and agencies 19,276   910   —   —   20,186 Municipals, money markets and other 487   43   32   —   562 Total trading liabilities, excluding derivative contracts 54,370   13,005   63   —   67,438 Derivative contracts(2) 2,449   659,271   4,133   (645,285 )   20,568 Obligation to return securities received as collateral 15,426   587   —   —   16,013 Other payables — interest and other —   50   7   —   57 Long-term borrowings —   29,559   1,316   —   30,875                     (1)  Represents counterparty and cash collateral netting. (2)  See Note 6 for product level detail. (3)  Certain assets that are used for liquidity management purposes were reclassified from Trading assets to Other debt securities carried at fair value during the three months ended March 31, 2013. Prior period amounts have been reclassified to conform with the current period presentation. (dollars in millions)   Fair Value Measurements on a Recurring Basis   as of March 31, 2013   Level 1   Level 2   Level 3   Netting Adj(1)   Total Assets:                   Securities segregated for regulatory purposes or deposited with clearing organizations:                   Non-U.S. governments and agencies $ —   $ 2,680   $ —   $ —   $ 2,680 U.S. Government and agencies 4,425   250   —   —   4,675 Total securities segregated for regulatory purposes or deposited with clearing organizations 4,425   2,930   —   —   7,355 Receivables under resale agreements —   89,969   —   —   89,969 Receivables under securities borrowed transactions —   1,282   —   —   1,282 Trading assets, excluding derivative contracts:                   Equities 24,421   11,298   175   —   35,894 Convertible debentures —   3,898   14   —   3,912 Non-U.S. governments and agencies 31,441   3,395   417   —   35,253 Corporate debt —   15,592   1,840   —   17,432 Preferred stock —   169   208   —   377 Mortgages, mortgage-backed and asset-backed —   6,197   4,368   —   10,565 U.S. Government and agencies 20,258   23,593   —   —   43,851 Municipals and money markets 1,580   8,468   1,079   —   11,127 Physical commodities and other —   647   —   —   647 Total trading assets, excluding derivative contracts 77,700   73,257   8,101   —   159,058 Derivative contracts(2) 5,043   576,851   5,437   (559,824 )   27,507 Investment securities available-for-sale:                   U.S. Government and agencies 403   —   —   —   403 Securities, mortgage-backed and asset backed                        Non-agency MBS —   37   —   —   37      Corporate ABS —   167   8   —   175 Total investment securities available-for-sale 403   204   8   —   615 Other debt securities carried at fair value (3)                       Non-U.S. governments and agencies 7,202   300   —   —   7,502     Corporate debt —   10   —   —   10 Total other debt securities carried at fair value 7,202   310   —   —   7,512 Investment securities non-qualifying 1,777   1,320   288   —   3,385 Total investment securities 9,382   1,834   296   —   11,512 Securities received as collateral 12,016   1,350   —   —   13,366 Loans, notes and mortgages —   657   1,436   —   2,093    Other —   —   1,086   —   1,086 Liabilities:                   Payables under repurchase agreements —   47,842   —   —   47,842 Short-term borrowings —   2,401   —   —   2,401 Trading liabilities, excluding derivative contracts:                   Equities 17,799   2,747   —   —   20,546 Convertible debentures —   157   —   —   157 Non-U.S. governments and agencies 27,483   1,409   —   —   28,892 Corporate debt —   9,642   16   —   9,658 Preferred stock —   216   —   —   216 U.S. Government and agencies 18,388   447   —   —   18,835 Municipals, money markets and other 574   25   42   —   641 Total trading liabilities, excluding derivative contracts 64,244   14,643   58   —   78,945  Derivative contracts(2) 3,834   577,207   4,255   (561,389 )   23,907 Obligation to return securities received as collateral 12,016   1,350   —   —   13,366 Other payables — interest and other —   45   4   —   49 Long-term borrowings —   32,283   1,285   —   33,568                     (1)  Represents counterparty and cash collateral netting. (2)  See Note 6 for product level detail. (3)  Certain assets that are used for liquidity management purposes were reclassified from Trading assets to Other debt securities carried at fair value during the three months ended March 31, 2013. Prior period amounts have been reclassified to conform with the current period presentation.
Fair Value, Assets and Liabilities Measured on Recurring Basis, Gain (Loss) Included in Earnings	(dollars in millions)                                                     Level 3 Financial Assets and Liabilities Three Months Ended March 31, 2013       Total Realized and Unrealized Gains or (Losses) included in Income   Total Realized and Unrealized Gains or (Losses) included in Income   Unrealized Gains or (Losses) to OCI   Sales   Purchases   Issuances   Settlements               Beginning Balance   Principal Transactions   Other Revenue   Interest               Transfers In   Transfers Out   Ending Balance Assets:                                                   Trading assets, excluding derivative contracts:                                                   Equities $ 178   $ 20   $ —   $ —   $ 20   $ —   (50 )   23   $ —   —   $ 7   $ (3 )   $ 175 Convertible debentures 15   —   —   —   —   —   (2 )   —   —   —   2   (1 )   14 Non-U.S. governments and agencies 353   51   —   —   51   —   (1 )   15   —   —   —   (1 )   417 Corporate debt 1,900   54   —   —   54   —   (235 )   187   —   (121 )   158   (103 )   1,840 Preferred stock 253   22   —   —   22   —   (59 )   6   —   —   1   (15 )   208 Mortgages, mortgage-backed and asset-backed 4,814   162   —   —   162   —   (635 )   653   —   (629 )   3   —   4,368 Municipals and money markets 1,295   25   —   —   25   —   (651 )   355   —   (1 )   56   —   1,079 Total trading assets, excluding derivative contracts 8,808   334   —   —   334   —   (1,633 )   1,239   —   (751 )   227   (123 )   8,101 Derivative contracts, net 1,544   (186 )   —   —   (186 )   —   (226 )   92   —   (91 )   76   (27 )   1,182 Investment securities available-for-sale :                                                   Corporate ABS 8   —   —   —   —   —   —   —   —   —   —   —   8 Total investment securities available-for-sale 8   —   —   —   —   —   —   —   —   —   —   —   8 Investment securities non-qualifying 287   —   (3 )   —   (3 )   —   (7 )   11   —   —   —   —   288 Total investment securities 295   —   (3 )   —   (3 )   —   (7 )   11   —   —   —   —   296 Loans, notes and mortgages 1,681   —   (52 )   7   (45 )   —   (186 )   —   —   (14 )   —   —   1,436 Other 1,534   —   (448 )   —   (448 )   —   —   —   —   —   —   —   1,086 Liabilities:                                                   Trading liabilities, excluding derivative contracts:                                                   Corporate debt 31   —   —   —   —   —   2   (5 )   —   —   8   (20 )   16 Municipals, money markets and other 32   —   —   —   —   —   11   (2 )   1   —   —   —   42 Total trading liabilities, excluding derivative contracts 63   —   —   —   —   —   13   (7 )   1   —   8   (20 )   58 Other payables - interest and other 7   —   —   —   —   —   —   —   —   (2 )   —   (1 )   4 Long-term borrowings 1,316   22   (4 )   —   18   —   4   (69 )   36   (47 )   185   (122 )   1,285                                                     Transfers in and out for corporate debt primarily relate to changes in market liquidity for certain corporate loans and securities. Transfers in and out related to long-term borrowings are primarily due to changes in the impact of unobservable inputs on the value of certain equity-linked structured notes.   (dollars in millions)                                                     Level 3 Financial Assets and Liabilities Three Months Ended March 31, 2012       Total Realized and Unrealized Gains or (Losses) included in Income   Total Realized and Unrealized Gains or (Losses) included in Income   Unrealized Gains or (Losses) to OCI   Sales   Purchases   Issuances   Settlements               Beginning Balance   Principal Transactions   Other Revenue   Interest               Transfers In   Transfers Out   Ending Balance Assets:                                                   Trading assets, excluding derivative contracts:                                                   Equities $ 179   $ 1   $ —   $ —   $ 1   $ —   $ (39 )   $ 41   $ —   $ (9 )   $ 7   $ (2 )   $ 178 Convertible debentures 99   2   —   —   2   —   (53 )   —   —   —   5   (10 )   43 Non-U.S. governments and agencies 342   24   —   —   24   —   (81 )   273   —   —   —   (12 )   546 Corporate debt 3,962   85   —   —   85   —   (523 )   368   —   (154 )   56   (376 )   3,418 Preferred stock 227   12   —   —   12   —   (70 )   38   —   (1 )   1   —   207 Mortgages, mortgage-backed and asset-backed 3,199   90   —   —   90   —   (230 )   166   —   (80 )   736   (113 )   3,768 Municipals and money markets 2,047   (6 )   —   —   (6 )   —   (132 )   134   —   (11 )   —   (23 )   2,009 Total trading assets, excluding derivative contracts 10,055   208   —   —   208   —   (1,128 )   1,020   —   (255 )   805   (536 )   10,169 Derivative contracts, net 4,495   (701 )   —   —   (701 )   —   (258 )   353   —   (375 )   59   (366 )   3,207 Investment securities available-for-sale :                                                   Corporate ABS 47   —   (2 )   —   (2 )   —   —   —   —   —   —   —   45 Total investment securities available-for-sale 47   —   (2 )   —   (2 )   —   —   —   —   —   —   —   45 Investment securities non-qualifying 574   —   (7 )   —   (7 )   —   (13 )   9   —   (142 )   —   —   421 Total investment securities 621   —   (9 )   —   (9 )   —   (13 )   9   —   (142 )   —   —   466 Loans, notes and mortgages 1,726   —   95   7   102   —   —   4   —   (23 )   —   —   1,809     Other assets 1,349   —   (47 )   —   (47 )   —   —   —   —   —   —   —   1,302 Liabilities:                                                   Trading liabilities, excluding derivative contracts:                                                   Corporate debt 52   —   —   —   —   —   19   (38 )   —   —   1   (34 )   — Preferred stock 16   (2 )   —   —   (2 )   —   —   (4 )   —   —   —   —   14 Municipals, money markets and other 45   1   —   —   1   —   6   (6 )   1   —   —   —   45 Total trading liabilities, excluding derivative contracts 113   (1 )   —   —   (1 )   —   25   (48 )   1   —   1   (34 )   59 Other payables - interest and other 10   —   3   —   3   —   —   (1 )   —   —   —   (3 )   3 Long-term borrowings 2,186   (139 )   (44 )   —   (183 )   —   33   (68 )   28   (377 )   222   (464 )   1,743
Fair Value, Measured on Recurring Basis, Unrecognized Gain (Loss) Included in Earnings on Assets and Liabilities related to Level 3 Still Held	The following tables provide the portion of gains or losses included in income for the three months ended March 31, 2013 and March 31, 2012 attributable to unrealized gains or losses relating to those Level 3 assets and liabilities held at March 31, 2013 and March 31, 2012, respectively. (dollars in millions)               Unrealized Gains or (Losses) for Level 3 Assets and Liabilities Still Held     Three Months ended March 31, 2013     Principal Transactions   Other Revenue   Total Assets:             Trading assets, excluding derivative contracts:             Equities   $ 21   $ —   $ 21 Non-U.S. governments and agencies   51   —   51 Corporate debt   38   —   38 Preferred stock   12   —   12 Mortgages, mortgage-backed and asset-backed   89   —   89 Municipals and money markets   8   —   8 Total trading assets, excluding derivative contracts   219   —   219 Derivative contracts, net   (245 )   —   (245 ) Investment securities non-qualifying   —   (3 )   (3 ) Loans, notes and mortgages   —   (53 )   (53 ) Other   —   (448 )   (448 ) Liabilities:             Long-term borrowings   21   (4 )   17 (dollars in millions)               Unrealized Gains or (Losses) for Level 3 Assets and Liabilities Still Held     Three Months Ended March 31, 2012     Principal Transactions   Other Revenue   Total Assets:             Trading assets, excluding derivative contracts:             Equities   $ 6   $ —   $ 6 Convertible debentures   2   —   2 Non-U.S. governments and agencies   13   —   13 Corporate debt   62   —   62 Preferred stock   3   —   3 Mortgages, mortgage-backed and asset-backed   50   —   50 Municipals and money markets   (8 )   —   (8 ) Total trading assets, excluding derivative contracts   128   —   128 Derivative contracts, net   (613 )   —   (613 ) Investment securities non-qualifying   —   (10 )   (10 ) Total investment securities   —   (10 )   (10 ) Loans, notes and mortgages   —   96   96 Other assets   —   (47 )   (47 )               Liabilities:             Trading liabilities, excluding derivative contracts:             Preferred Stock   (2 )   —   (2 ) Municipals, money markets and other   1   —   1 Total trading liabilities, excluding derivative contracts   (1 )   —   (1 ) Other payables — interest and other   —   3   3 Long-term borrowings   (129 )   (44 )   (173 )
Fair Value Inputs, Assets and Liabilities, Quantitative Information	The following tables present information about significant unobservable inputs related to material components of Merrill Lynch's Level 3 financial assets and liabilities at March 31, 2013 and December 31, 2012. Quantitative Information about Level 3 Fair Value Measurements at March 31, 2013 (dollars in millions)           Financial Instrument Fair Value Valuation Techniques Significant Unobservable Inputs Ranges of Inputs Weighted Average Loans and Securities           Instruments backed by residential real estate assets $ 1,337 Discounted Cash Flow Yield 2% to 25% 7 % Loans, notes and mortgages 972 Prepayment Speeds (CPR) 6% to 8% 7 % Trading assets - Mortgages, mortgage-backed and asset-backed 365 Default Rates (CDR) 1% to 3% 2 %   Loss Severities 35% to 45% 41 % Instruments backed by commercial real estate assets Discounted Cash Flow Yield 5% 5 % Other $ 1,086 Loss Severities 51% to 100% 80 % Commercial loans, debt securities and other $ 6,307 Discounted Cash Flow, Market Comparables Yield 0% to 33% 5 % Loans, notes and mortgages 464 Enterprise Value/EBITDA multiple 2x to 17x 6 x Trading assets - Mortgages, mortgage-backed and asset-backed 4,003 Prepayment Speed 5% to 40% 20 % Trading assets - Corporate debt 1,840 Default Rates 1% to 5% 4 %   Loss Severity 25% to 40% 35 % Auction Rate Securities Market Comparables Trading assets - Municipals and money markets $ 1,079 Projected tender price / re-financing level 50% to 100% 92 % Long-term borrowings $ 1,285 Industry Standard Derivative Pricing (1) Equity Correlation 30% to 97% 73 %   Long- Dated Volatilities 15% to 115% 26 % (1) Includes models such as Monte Carlo simulation and Black-Scholes. CPR = Constant Prepayment Rate CDR = Constant Default Rate Quantitative Information about Level 3 Fair Value Measurements at March 31, 2013 (dollars in millions)       Financial Instrument Fair Value Valuation Techniques Significant Unobservable Inputs Ranges of Inputs Weighted Average Net Derivative Contracts          Credit derivatives $ 1,448 Discounted Cash Flow, Stochastic Recovery Correlation Model Yield 2% to 25% 13 %   Credit spreads 37bps to 346bps 200 bps   Upfront points 12 to 100 points 64 points   Spread to index -1,657 bps to 1,988bps 421 bps   Credit correlation 21% to 75% 41 %   Prepayment speed (CPR) 4% to 30% 8 %   Default rates (CDR) 1% to 5% 4 %   Loss severity 25% to 40% 35 %    Equity derivatives $ (880 ) Industry Standard Derivative Pricing (1) Equity Correlation 30% to 97% 73 %   Long-Dated Volatilities 15% to 115% 26 %    Commodity derivatives $ (4 ) Discounted Cash Flow Natural gas forward price $3/MMBtu to $12/MMBtu $7/MMBtu    Interest rate derivatives $ 618 Industry Standard Derivative Pricing (1) Correlation (IR/IR) 19% to 99% 62 %   Correlation (FX/IR) -65% to 50% 2 %   Long-Dated Inflation Rates 2% to 3% 2 %   Long-Dated Inflation Volatilities 0% to 2% 1 % Total net derivative contracts $ 1,182         (1)  Includes models such as Monte Carlo simulation, Black-Scholes and other methods that model the joint dynamics of interest, inflation and foreign exchange rates. IR = Interest Rate FX = Foreign Exchange CPR = Constant Prepayment Rate CDR = Constant Default Rate MMBtu = Million British thermal units (dollars in millions)           Financial Instrument Fair Value Valuation Techniques Significant Unobservable Inputs Ranges of Inputs Weighted Average Loans and Securities           Instruments backed by residential real estate assets $ 1,608 Discounted Cash Flow Yield 4% to 25% 7 % Loans, notes and mortgages 1,231 Prepayment Speeds (CPR) 3% to 10% 7 % Trading assets - Mortgages, mortgage-backed and asset-backed 377 Default Rates (CDR) 1% to 3% 2 %     Loss Severities 35% to 45% 41 % Instruments backed by commercial real estate assets Discounted Cash Flow Yield 5% 5 % Other $ 1,534 Loss Severities 51% to 100% 88 %             Commercial loans, debt securities and other $ 6,787 Discounted Cash Flow, Market Comparables Yield 0% to 25% 5 % Loans, notes and mortgages 450 Enterprise Value/EBITDA multiple 2x to 11x 6 x Trading assets - Mortgages, mortgage-backed and asset-backed 4,437 Prepayment Speed 5% to 30% 20 % Trading assets - Corporate debt 1,900 Default Rates 1% to 5% 4 %     Loss Severity 25% to 40% 35 % Auction Rate Securities   Market Comparables       Trading assets - Municipals and money markets $ 1,295 Projected tender price / re-financing level 50% to 100% 90 %             Long-term borrowings $ 1,316 Industry Standard Derivative Pricing (1) Equity Correlation 30% to 97% (2)      Long- Dated Volatilities 20% to 70% (2)  (1) Includes models such as Monte Carlo simulation and Black-Scholes. (2) For further information on the ranges of inputs for equity correlation and long-dated volatilities, see the qualitative equity derivatives disclosure below. CPR = Constant Prepayment Rate CDR = Constant Default Rate Quantitative Information about Level 3 Fair Value Measurements at December 31, 2012 (dollars in millions)         Financial Instrument Fair Value Valuation Techniques Significant Unobservable Inputs Ranges of Inputs Net Derivative Contracts            Credit derivatives $1,632 Discounted Cash Flow, Stochastic Recovery Correlation Model Yield 2% to 25%     Credit spreads 58bps to 615bps     Upfront points 25 to 99 points     Spread to index -2,080bps to 1,972bps     Credit correlation 19% to 75%     Prepayment speed (CPR) 3% to 30%     Default rates (CDR) 1% to 5%     Loss severity 25% to 40%    Equity derivatives $ (814 ) Industry Standard Derivative Pricing (1) Equity Correlation 30% to 97%     Long-Dated Volatilities 20% to 70%    Commodity derivatives $ (5 ) Discounted Cash Flow Natural gas forward price $3/MMBtu to $12/MMBtu    Interest rate derivatives $ 731 Industry Standard Derivative Pricing (1) Correlation (IR/IR) 15% to 99%     Correlation (FX/IR) -65% to 50%     Long-Dated Inflation Rates 2% to 3%     Long-Dated Inflation Volatilities 0% to 1%     Long-Dated Volatilities (FX) 5% to 36%     Long-Dated Swap Rates 8% to 10% Total net derivative contracts $ 1,544       (1)  Includes models such as Monte Carlo simulation, Black-Scholes and other methods that model the joint dynamics of interest, inflation and foreign exchange rates. IR = Interest Rate FX = Foreign Exchange CPR = Constant Prepayment Rate CDR = Constant Default Rate MMBtu = Million British thermal units
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis	(dollars in millions)         Non-Recurring Basis   Gains/(Losses)   Gains/(Losses)   as of March 31, 2013   Three Months Ended   Three Months Ended     Level 2   Level 3   Total   March 31, 2013   March 31, 2012 Assets:                     Loans, notes and mortgages   $ —   $ 144   $ 144   $ (82 )   $ 12 Other   —   2   2   —   — (dollars in millions)   Non-Recurring Basis   as of December 31, 2012     Level 2   Level 3   Total Assets:             Loans, notes and mortgages   $ 1   $ 221   $ 222 Other   —   2   2
Fair Value Option	The following tables provide information about the line items in the Condensed Consolidated Statements of Loss where changes in fair values of assets and liabilities, for which the fair value option election has been made, are included for the three months ended March 31, 2013 and March 31, 2012. (dollars in millions)   Changes in Fair Value For the Three Months Ended March 31, 2013, for Items Measured at Fair Value Pursuant to the Fair Value Option Election     Changes in Fair Value For the Three Months Ended March 31, 2012, for Items Measured at Fair Value Pursuant to the Fair Value Option Election   Gains (Losses) Principal Transactions   Gains (Losses) Other Revenues   Total Changes in Fair Value     Gains (Losses) Principal Transactions   Gains (Losses) Other Revenues   Total Changes in Fair Value Assets:                         Receivables under resale agreements $ 38   $ —   $ 38     $ (34 )   $ —   $ (34 ) Investment securities —   —   —     —   5   5 Loans 15   (56 )   (41 )     26   92   118 Other —   3   3               Liabilities:                         Payables under repurchase agreements (20 )   —   (20 )     (34 )   —   (34 ) Short-term borrowings (39 )   —   (39 )     7   —   7 Other payables — interest and other —   13   13     —   49   49 Long-term borrowings (932 )   —   (932 )     (2,433 )   —   (2,433 )
Schedule Of Fair Value Option Elections	The following tables present the difference between fair values and the aggregate contractual principal amounts of receivables under resale agreements, receivables under securities borrowed transactions, loans and long-term borrowings for which the fair value option election has been made as of March 31, 2013 and December 31, 2012. (dollars in millions)             Fair Value at   Principal Amount Due Upon Maturity       March 31, 2013     Difference Assets:           Receivables under resale agreements $ 89,969   $ 89,608   $ 361 Receivables under securities borrowed transactions 1,282   1,272   10 Loans (1) 3,108   3,802   (694 ) Liabilities:           Long-term borrowings (2) 33,568   34,023   (455 ) (1)  Includes trading loans with a fair value of $742 million and margin loans with a fair value of $273 million. (2)  The majority of the difference between the fair value and principal amount due upon maturity at March 31, 2013 relates to the impact of changes in Merrill Lynch's credit spreads, as well as the fair value of the embedded derivative, where applicable. (dollars in millions)             Fair Value at   Principal Amount Due Upon Maturity       December 31, 2012     Difference Assets:           Receivables under resale agreements $ 93,715   $ 93,433   $ 282 Receivables under securities borrowed transactions 961   892   69 Loans (1) 4,063   4,835   (772 ) Liabilities:           Long-term borrowings(2) 30,875   32,151   (1,276 ) (1)  Includes trading loans with a fair value of $715 million and margin loans with a fair value of $271 million. (2)  The difference between the fair value and principal amount due upon maturity at December 31, 2012 relates to the impact of changes in Merrill Lynch's credit spreads, as well as the fair value of the embedded derivative, where applicable.