| 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 March 31, 2013. See Note 4 for further information regarding the fair value hierarchy:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in millions) |
|
|
|
|
|
|
|
|
|
|
Fair Value Measurement |
|
|
|
As of March 31, 2013 |
|
Carrying Value |
|
Level 2 |
|
Level 3 |
|
Total |
Financial assets |
|
|
|
|
|
|
|
Loans, notes and mortgages (1)
|
$ |
20,105 |
|
|
$ |
514 |
|
|
$ |
19,673 |
|
|
$ |
20,187 |
|
Financial liabilities |
|
|
|
|
|
|
|
Deposits |
11,802 |
|
|
11,802 |
|
|
— |
|
|
11,802 |
|
Long-term borrowings (2)
|
93,920 |
|
|
98,823 |
|
|
1,285 |
|
|
100,108 |
|
|
|
(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, 2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in millions) |
|
|
|
|
|
|
|
|
|
|
Fair Value Measurement |
|
|
|
As of December 31, 2012 |
|
Carrying Value |
|
Level 2 |
|
Level 3 |
|
Total |
Financial assets |
|
|
|
|
|
|
|
|
|
Loans, notes and mortgages(1)
|
$ |
19,545 |
|
|
$ |
896 |
|
|
$ |
18,721 |
|
|
$ |
19,617 |
|
Financial liabilities |
|
|
|
|
|
|
|
|
|
Deposits |
12,873 |
|
|
12,873 |
|
|
— |
|
|
12,873 |
|
Long-term borrowings (2)
|
96,058 |
|
|
99,528 |
|
|
1,316 |
|
|
100,844 |
|
|
|
(1) |
Loans are presented net of the allowance for loan losses. |
|
|
(2) |
Includes junior subordinated notes (related to trust preferred securities). |
|