| 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 June 30, 2013. 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, 2013 |
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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)
|
$ |
20,224 |
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|
$ |
511 |
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|
$ |
19,606 |
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|
$ |
20,117 |
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Financial liabilities |
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Deposits |
11,253 |
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|
11,253 |
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— |
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11,253 |
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Long-term borrowings (2)
|
85,370 |
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|
88,436 |
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|
1,082 |
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|
89,518 |
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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, 2012:
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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 |
|
Level 3 |
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Total |
Financial assets |
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Loans, notes and mortgages(1)
|
$ |
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 |
|
|
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). |
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