Other assets (Tables)

3 Months Ended

Mar. 31, 2020

Other Assets [Abstract]

Summary of Other Assets Presented on the Consolidated Balance Sheet

The following table provides the components of other assets presented on the consolidated balance sheet.

Other assets	March 31, 2020			Dec. 31, 2019
(in millions)
Fails to deliver	$	8,200	(a)	$	1,671
Corporate/bank-owned life insurance	5,240			5,219
Accounts receivable	4,649			3,802
Software	1,678			1,590
Prepaid pension assets	1,502			1,464
Renewable energy investments	1,119			1,144
Equity in a joint venture and other investments	1,091			1,102
Qualified affordable housing project investments	993			1,024
Prepaid expense	515			491
Federal Reserve Bank stock	466			466
Fair value of hedging derivatives	187			21
Seed capital	141			184
Income taxes receivable	47			388
Other (b)	1,618			1,655
Total other assets	$	27,446		$	20,221

(a) The increase at March 31, 2020 primarily reflects higher trade volumes in the current macroeconomic environment.

(b)

At March 31, 2020 and Dec. 31, 2019, other assets include $20 million and $22 million, respectively, of Federal Home Loan Bank stock, at cost.

Equity Securities without Readily Determinable Fair Value

The following table presents the adjustments on the non-readily marketable equity securities.

Non-readily marketable equity securities								Life-to-date
(in millions)	1Q20		4Q19			1Q19
Upward adjustments	$	4	$	1		$	—	$	36
Downward adjustments	—		(2		)	—		(4		)
Net adjustments	$	4	$	(1	)	$	—	$	32

Summary of Investments Valued Using NAV

The table below presents information on our investments valued using NAV.

Investments valued using NAV	March 31, 2020					Dec. 31, 2019
(in millions)	Fair value		Unfunded  commitments			Fair value		Unfunded commitments
Seed capital (a)	$	51		$	—	$	59		$	—
Private equity investments (SBICs) (b)	80			52		89			55
Other (c)	27			—		33			—
Total	$	158		$	52	$	181		$	55

(a) Primarily includes leveraged loans and structured credit funds, which are generally not redeemable. Distributions from such investments will be received as the underlying investments in the funds, which have a life of six years, are liquidated.

(b) Private equity investments include Volcker Rule-compliant investments in SBICs that invest in various sectors of the economy. Private equity investments do not have redemption rights. Distributions from such investments will be received as the underlying investments in the private equity investments, which have a life of 10 years, are liquidated.

(c) Primarily includes investments in funds that relate to deferred compensation arrangements with employees. Investments in funds can be redeemed on a quarterly basis with redemption notice periods of up to 95 days.