Fair Value

Fair-Value Measurements:

We carry trading account assets, investment securities available for sale and various types of derivative financial instruments at fair value in our consolidated statement of condition on a recurring basis. Changes in the fair values of these financial assets and liabilities are recorded either as components of our consolidated statement of income or as components of accumulated other comprehensive income, or AOCI, within shareholders' equity in our consolidated statement of condition.

We measure fair value for the above-described financial assets and liabilities in conformity with GAAP that governs the measurement of the fair value of financial instruments. Management believes that its valuation techniques and underlying assumptions used to measure fair value conform to the provisions of GAAP. We categorize the financial assets and liabilities that we carry at fair value based on a prescribed three-level valuation hierarchy. For information about our valuation techniques for financial assets and financial liabilities measured at fair value and the fair value hierarchy, refer to note 2 to the consolidated financial statements on pages 130 to 141 of the 2014 Form 10-K.

The following tables present information with respect to our financial assets and liabilities carried at fair value in our consolidated statement of condition on a recurring basis as of the dates indicated. No transfers of financial assets or liabilities between levels 1 and 2 occurred in the six months ended June 30, 2015 or the year ended December 31, 2014.



	Fair-Value Measurements on a Recurring Basis
	as of June 30, 2015
(In millions)	Quoted Market Prices in Active Markets (Level 1)		Pricing Methods with Significant Observable Market Inputs (Level 2)		Pricing Methods with Significant Unobservable Market Inputs (Level 3)		Impact of Netting⁽¹⁾			Total Net Carrying Value in Consolidated Statement of Condition
Assets:
Trading account assets:
U.S. government securities	$	29	$	—	$	—				$	29
Non-U.S. government securities	789		—		—					789
Other	19		536		—					555
Total trading account assets	837		536		—					1,373
Investment securities available for sale:
U.S. Treasury and federal agencies:
Direct obligations	12,346		556		—					12,902
Mortgage-backed securities	—		19,718		—					19,718
Asset-backed securities:
Student loans	—		8,905		234					9,139
Credit cards	—		1,569		—					1,569
Sub-prime	—		491		—					491
Other⁽²⁾	—		72		2,933					3,005
Total asset-backed securities	—		11,037		3,167					14,204
Non-U.S. debt securities:
Mortgage-backed securities	—		8,232		97					8,329
Asset-backed securities	—		2,740		193					2,933
Government securities	—		4,003		—					4,003
Other⁽³⁾	—		4,854		264					5,118
Total non-U.S. debt securities	—		19,829		554					20,383
State and political subdivisions	—		10,413		36					10,449
Collateralized mortgage obligations	—		3,769		215					3,984
Other U.S. debt securities	—		3,327		9					3,336
U.S. equity securities	—		39		—					39
Non-U.S. equity securities	—		3		—					3
U.S. money-market mutual funds	—		282		—					282
Non-U.S. money-market mutual funds	—		8		—					8
Total investment securities available for sale	12,346		68,981		3,981					85,308
Other assets:
Derivative instruments:
Foreign exchange contracts	—		10,479		60		$	(5,373	)	5,166
Interest-rate contracts	—		49		—		(48		)	1
Other derivative contracts	—		4		—		(3		)	1
Total derivative instruments	—		10,532		60		(5,424		)	5,168
Total assets carried at fair value	$	13,183	$	80,049	$	4,041	$	(5,424	)	$	91,849
Liabilities:
Accrued expenses and other liabilities:
Trading account liabilities:
U.S. government securities	$	9	$	—	$	—	$	—		$	9
Non-U.S. government securities	193		—		—		—			193
Other	—		4		—		—			4
Derivative instruments:
Foreign exchange contracts	—		9,953		50		(5,918		)	4,085
Interest-rate contracts	—		219		—		(42		)	177
Other derivative contracts	—		107		—		(3		)	104
Total derivative instruments	—		10,279		50		(5,963		)	4,366
Total liabilities carried at fair value	$	202	$	10,283	$	50	$	(5,963	)	$	4,572

⁽¹⁾Represents counterparty netting against level-2 financial assets and liabilities, where a legally enforceable master netting agreement exists between State Street and the counterparty. Netting also reflects asset and liability reductions of $701 million and $1.24 billion, respectively, for cash collateral received from and provided to derivative counterparties.

⁽²⁾As of June 30, 2015 the fair value of other asset-backed securities was primarily composed of $2.9 billion of collateralized loan obligations and approximately $72 million of automobile loan securities.

⁽³⁾As of June 30, 2015 the fair value of other non-U.S. debt securities was primarily composed of $3.3 billion of covered bonds and $863 million of corporate bonds.



	Fair-Value Measurements on a Recurring Basis
	as of December 31, 2014
(In millions)	Quoted Market Prices in Active Markets (Level 1)		Pricing Methods with Significant Observable Market Inputs (Level 2)		Pricing Methods with Significant Unobservable Market Inputs (Level 3)		Impact of Netting⁽¹⁾			Total Net Carrying Value in Consolidated Statement of Condition
Assets:
Trading account assets:
U.S. government securities	$	20	$	—	$	—				$	20
Non-U.S. government securities	378		—		—					378
Other	20		506		—					526
Total trading account assets	418		506		—					924
Investment securities available for sale:
U.S. Treasury and federal agencies:
Direct obligations	10,056		599		—					10,655
Mortgage-backed securities	—		20,714		—					20,714
Asset-backed securities:
Student loans	—		12,201		259					12,460
Credit cards	—		3,053		—					3,053
Sub-prime	—		951		—					951
Other⁽²⁾	—		365		3,780					4,145
Total asset-backed securities	—		16,570		4,039					20,609
Non-U.S. debt securities:
Mortgage-backed securities	—		9,606		—					9,606
Asset-backed securities	—		2,931		295					3,226
Government securities	—		3,909		—					3,909
Other⁽³⁾	—		5,057		371					5,428
Total non-U.S. debt securities	—		21,503		666					22,169
State and political subdivisions	—		10,782		38					10,820
Collateralized mortgage obligations	—		4,725		614					5,339
Other U.S. debt securities	—		4,100		9					4,109
U.S. equity securities	—		39		—					39
Non-U.S. equity securities	—		2		—					2
U.S. money-market mutual funds	—		449		—					449
Non-U.S. money-market mutual funds	—		8		—					8
Total investment securities available for sale	10,056		79,491		5,366					94,913
Other assets:
Derivatives instruments:
Foreign exchange contracts	—		15,054		81		$	(7,211	)	7,924
Interest-rate contracts	—		77		—		(68		)	9
Other derivative contracts	—		2		—		(1		)	1
Total derivative instruments	—		15,133		81		(7,280		)	7,934
Total assets carried at fair value	$	10,474	$	95,130	$	5,447	$	(7,280	)	$	103,771
Liabilities:
Accrued expenses and other liabilities:
Derivative instruments:
Foreign exchange contracts	$	—	$	14,851	$	74	$	(8,879	)	$	6,046
Interest-rate contracts	—		239		—		(46		)	193
Other derivative contracts	—		61		9		(1		)	69
Total derivative instruments	—		15,151		83		(8,926		)	6,308
Total liabilities carried at fair value	$	—	$	15,151	$	83	$	(8,926	)	$	6,308

⁽¹⁾Represents counterparty netting against level-2 financial assets and liabilities, where a legally enforceable master netting agreement exists between State Street and the counterparty. Netting also reflects asset and liability reductions of $983 million and $2.63 billion, respectively, for cash collateral received from and provided to derivative counterparties.

⁽²⁾As of December 31, 2014, the fair value of other asset-backed securities was primarily composed of $3.8 billion of collateralized loan obligations and approximately $315 million of automobile loan securities.

⁽³⁾As of December 31, 2014, the fair value of other non-U.S. debt securities was primarily composed of $3.3 billion of covered bonds and $1.2 billion of corporate bonds.

The following tables present activity related to our level-3 financial assets and liabilities during the three and six months ended June 30, 2015 and 2014, respectively. Transfers into and out of level 3 are reported as of the beginning of the period presented. In the three and six months ended June 30, 2015 and 2014, transfers out of level 3 were mainly related to certain mortgage- and asset-backed securities, including non-U.S. debt securities, for which fair value was measured using prices for which observable market information became available.



	Fair-Value Measurements Using Significant Unobservable Inputs
	Three Months Ended June 30, 2015
	Fair Value as of March 31, 2015		Total Realized and Unrealized Gains (Losses)						Purchases		Sales			Settlements			Transfers into Level 3		Transfers out of Level 3			Fair Value as of June 30, 2015		Change in Unrealized Gains (Losses) Related to Financial Instruments Held as of June 30, 2015
(In millions)			Recorded in Revenue			Recorded in Other Comprehensive Income
Assets:
Investment securities available for sale:
Asset-backed securities:
Student loans	$	257	$	—		$	—		$	—	$	—		$	(1	)	$	—	$	(22	)	$	234
Other	3,633		13			(6		)	—		(420		)	(287		)	—		—			2,933
Total asset-backed securities	3,890		13			(6		)	—		(420		)	(288		)	—		(22		)	3,167
Non-U.S. debt securities:
Mortgage-backed securities	43		—			—			—		—			—			97		(43		)	97
Asset-backed securities	228		—			—			—		—			(18		)	—		(17		)	193
Other	442		—			—			—		—			9			—		(187		)	264
Total Non-U.S. equity securities	713		—			—			—		—			(9		)	97		(247		)	554
State and political subdivisions	37		—			—			—		—			(1		)	—		—			36
Collateralized mortgage obligations	522		—			(1		)	—		(88		)	(29		)	—		(189		)	215
Other U.S. debt securities	9		—			—			—		—			—			—		—			9
Total investment securities available for sale	5,171		13			(7		)	—		(508		)	(327		)	97		(458		)	3,981
Other assets:
Derivative instruments:
Foreign exchange contracts	185		(96		)	—			10		—			(39		)	—		—			60		$	(30	)
Total derivative instruments	185		(96		)	—			10		—			(39		)	—		—			60		(30		)
Total assets carried at fair value	$	5,356	$	(83	)	$	(7	)	$	10	$	(508	)	$	(366	)	$	97	$	(458	)	$	4,041	$	(30	)



	Fair-Value Measurements Using Significant Unobservable Inputs
	Three Months Ended June 30, 2015
	Fair Value as of March 31, 2015		Total Realized and Unrealized (Gains) Losses			Issuances		Settlements			Fair Value as of June 30, 2015 ⁽¹⁾		Change in Unrealized (Gains) Losses Related to Financial Instruments Held as of June 30, 2015
(In millions)	Fair Value as of March 31, 2015		Recorded in Revenue			Issuances		Settlements			Fair Value as of June 30, 2015 ⁽¹⁾
Liabilities:
Accrued expenses and other liabilities:
Derivative instruments:
Foreign exchange contracts	$	172	$	(90	)	$	8	$	(40	)	$	50	$	(26	)
Other	9		—			—		(9		)	—		—
Total derivative instruments	181		(90		)	8		(49		)	50		(26		)
Total liabilities carried at fair value	$	181	$	(90	)	$	8	$	(49	)	$	50	$	(26	)

⁽¹⁾ There were no transfers of liabilities into or out of level 3 during the three months ended June 30, 2015.



	Fair Value Measurements Using Significant Unobservable Inputs
	Six months ended June 30, 2015
	Fair Value as of December 31, 2014		Total Realized and Unrealized Gains (Losses)					Purchases		Sales			Settlements			Transfers into Level 3		Transfers out of Level 3			Fair Value as of June 30, 2015		Change in Unrealized Gains (Losses) Related to Financial Instruments Held as of June 30, 2015
(In millions)			Recorded in Revenue		Recorded in Other Comprehensive Income
Assets:
Investment securities available for sale:
Asset-backed securities:
Student loans	$	259	$	—	$	1		$	—	—			$	(5	)	$	—	$	(21	)	$	234
Other	3,780		25		(18		)	—		(420		)	(434		)	—		—			2,933
Total asset-backed securities	4,039		25		(17		)	—		(420		)	(439		)	—		(21		)	3,167
Non-U.S. debt securities:
Mortgage-backed securities	—		—		—			43		—			—			97		(43		)	97
Asset-backed securities	295		1		—			—		—			(86		)	—		(17		)	193
Other	371		—		1			111		—			(32		)	—		(187		)	264
Total non-U.S. debt securities	666		1		1			154		—			(118		)	97		(247		)	554
State and political subdivisions	38		—		(1		)	—		—			(1		)	—		—			36
Collateralized mortgage obligations	614		—		(1		)	293		(88		)	(65		)	—		(538		)	215
Other U.S. debt securities	9		—		—			—		—			—			—		—			9
Total investment securities available for sale	5,366		26		(18		)	447		(508		)	(623		)	97		(806		)	3,981
Other assets:
Derivative instruments:
Derivative instruments, Foreign exchange contracts	81		45					29					(95		)						60		$	12
Total derivative instruments	81		45		—			29		—			(95		)	—		—			60		12
Total assets carried at fair value	$	5,447	$	71	$	(18	)	$	476	$	(508	)	$	(718	)	$	97	$	(806	)	$	4,041	$	12



	Fair-Value Measurements Using Significant Unobservable Inputs
	Six months ended June 30, 2015
	Fair Value as of December 31, 2014		Total Realized and Unrealized (Gains) Losses		Issuances		Settlements			Fair Value as of June 30, 2015⁽¹⁾		Change in Unrealized (Gains) Losses Related to Financial Instruments Held as of June 30, 2015
(In millions)	Fair Value as of December 31, 2014		Recorded in Revenue		Issuances		Settlements			Fair Value as of June 30, 2015⁽¹⁾
Liabilities:
Accrued expenses and other liabilities:
Derivative instruments:
Foreign exchange contracts	$	74	$	19	$	33	$	(76	)	$	50	$	1
Other	9		—		—		(9		)	—		—
Total derivative instruments	83		19		33		(85		)	50		1
Total liabilities carried at fair value	$	83	$	19	$	33	$	(85	)	$	50	$	1

⁽¹⁾ There were no transfers of liabilities into or out of level 3 during the six months ended June 30, 2015.



	Fair-Value Measurements Using Significant Unobservable Inputs
	Three Months Ended June 30, 2014
	Fair Value as of March 31, 2014		Total Realized and Unrealized Gains (Losses)						Purchases		Sales		Settlements			Transfers out of Level 3			Fair Value as of June 30, 2014⁽¹⁾		Change in Unrealized Gains (Losses) Related to Financial Instruments Held as of June 30, 2014
(In millions)			Recorded in Revenue			Recorded in Other Comprehensive Income
Assets:
Investment securities available for sale:
U.S. Treasury and federal agencies, mortgage-backed securities	$	100	$	—		$	—		$	—	$	—	$	(4	)	$	—		$	96
Asset-backed securities:
Student loans	333		1			2			—		—		(14		)	—			322
Other	4,304		13			(1		)	—		—		(255		)	—			4,061
Total asset-backed securities	4,637		14			1			—		—		(269		)	—			4,383
Non-U.S. debt securities:
Asset-backed securities	612		1			1			—		—		(56		)	(52		)	506
Other	462		—			1			55		—		(3		)	—			515
Total non-U.S. debt securities	1,074		1			2			55		—		(59		)	(52		)	1,021
State and political subdivisions	42		—			—			—		—		(1		)	—			41
Collateralized mortgage obligations	202		—			—			—		—		(6		)	—			196
Other U.S. debt securities	8		—			1			—		—		—			—			9
Total investment securities available for sale	6,063		15			4			55		—		(339		)	(52		)	5,746
Other assets:
Derivative instruments:
Derivative instruments, Foreign exchange contracts	6		(6		)	—			11		—		(1		)	—			10		$	(4	)
Total derivative instruments	6		(6		)	—			11		—		(1		)	—			10		(4		)
Total assets carried at fair value	$	6,069	$	9		$	4		$	66	$	—	$	(340	)	$	(52	)	$	5,756	$	(4	)



	Fair-Value Measurements Using Significant Unobservable Inputs
	Three Months Ended June 30, 2014
	Fair Value as of March 31, 2014		Total Realized and Unrealized Gains (Losses)			Issuances		Settlements			Fair Value as of June 30, 2014⁽¹⁾		Change in Unrealized (Gains) Losses Related to Financial Instruments Held as of June 30, 2014
(In millions)	Fair Value as of March 31, 2014		Recorded in Revenue			Issuances		Settlements			Fair Value as of June 30, 2014⁽¹⁾
Liabilities:
Accrued expenses and other liabilities:
Derivative instruments:
Foreign exchange contracts	$	8	$	(5	)	$	8	$	(1	)	$	10	$	(3	)
Other	9		—			—		—			9		—
Total derivative instruments	17		(5		)	8		(1		)	19		(3		)
Total liabilities carried at fair value	$	17	$	(5	)	$	8	$	(1	)	$	19	$	(3	)

⁽¹⁾ There were no transfers of assets into level 3 during the three months ended June 30, 2014.

⁽²⁾ There were no transfers of liabilities into or out of level 3 in the three months ended June 30, 2014.



	Fair-Value Measurements Using Significant Unobservable Inputs
	Six Months Ended June 30, 2014
	Fair Value as of December 31, 2013		Total Realized and Unrealized Gains (Losses)						Purchases		Sales			Settlements			Transfers out of Level 3			Fair Value as of June 30, 2014⁽¹⁾		Change in Unrealized Gains (Losses) Related to Financial Instruments Held as of June 30, 2014
(In millions)			Recorded in Revenue			Recorded in Other Comprehensive Income
Assets:
Investment securities available for sale:
U.S. Treasury and federal agencies, mortgage-backed securities	$	716	$	—		$	—		$	—	$	—		$	(9	)	$	(611	)	$	96
Asset-backed securities:
Student loans	423		1			3			—		—			(26		)	(79		)	322
Credit cards	24		—			—			—		—			(24		)	—			—
Other	4,532		29			(6		)	6		—			(500		)	—			4,061
Total asset-backed securities	4,979		30			(3		)	6		—			(550		)	(79		)	4,383
Non-U.S. debt securities:
Mortgage-backed securities	375		—			—			—		—			—			(375		)	—
Asset-backed securities	798		3			1			—		—			(120		)	(176		)	506
Other	464		—			1			54		(1		)	(3		)	—			515
Total non-U.S. debt securities	1,637		3			2			54		(1		)	(123		)	(551		)	1,021
State and political subdivisions	43		—			(1		)	—		—			(1		)	—			41
Collateralized mortgage obligations	162		—			—			80		(6		)	(13		)	(27		)	196
Other U.S. debt securities	8		—			1			—		—			—			—			9
Total investment securities available for sale	7,545		33			(1		)	140		(7		)	(696		)	(1,268		)	5,746
Other assets:
Derivative instruments:
Derivative instruments, Foreign exchange contracts	19		(15		)	—			15		—			(9		)	—			10		$	(7	)
Total derivative instruments	19		(15		)	—			15		—			(9		)	—			10		(7		)
Total assets carried at fair value	$	7,564	$	18		$	(1	)	$	155	$	(7	)	$	(705	)	$	(1,268	)	$	5,756	$	(7	)



	Fair-Value Measurements Using Significant Unobservable Inputs
	Six Months Ended June 30, 2014
	Fair Value as of December 31, 2013		Total Realized and Unrealized (Gains) Losses			Issuances		Settlements			Fair Value as of June 30, 2014⁽²⁾		Change in Unrealized (Gains) Losses Related to Financial Instruments Held as of June 30, 2014
(In millions)	Fair Value as of December 31, 2013		Recorded in Revenue			Issuances		Settlements			Fair Value as of June 30, 2014⁽²⁾
Liabilities:
Accrued expenses and other liabilities:
Derivative instruments:
Foreign exchange contracts	$	17	$	(14	)	$	14	$	(7	)	$	10	$	(5	)
Other	9		—			—		—			9		—
Total derivative instruments	26		(14		)	14		(7		)	19		(5		)
Total liabilities carried at fair value	$	26	$	(14	)	$	14	$	(7	)	$	19	$	(5	)

⁽¹⁾ There were no transfers of assets into level 3 during the six months ended June 30, 2014.

⁽²⁾ There were no transfers of liabilities into or out of level 3 in the six months ended June 30, 2014.

The following table presents total realized and unrealized gains and losses for our level-3 financial assets and liabilities and where they are presented in our consolidated statement of income for the periods indicated:



	Three Months Ended June 30,												Six Months Ended June 30,
	Total Realized and Unrealized Gains (Losses) Recorded in Revenue						Change in Unrealized Gains (Losses) Related to Financial Instruments Held as of June 30,						Total Realized and Unrealized Gains (Losses) Recorded in Revenue					Change in Unrealized Gains (Losses) Related to Financial instruments Held as of June 30,
(In millions)	2015			2014			2015			2014			2015		2014			2015		2014
Fee revenue:
Trading services	$	(6	)	$	(1	)	$	(4	)	$	(1	)	$	26	$	(1	)	$	11	$	(2	)
Total fee revenue	(6		)	(1		)	(4		)	(1		)	26		(1		)	11		(2		)
Net interest revenue	13			15			—			—			26		33			—		—
Total revenue	$	7		$	14		$	(4	)	$	(1	)	$	52	$	32		$	11	$	(2	)

The following table presents quantitative information, as of the dates indicated, about the valuation techniques and significant unobservable inputs used in the valuation of our level-3 financial assets and liabilities measured at fair value on a recurring basis for which we use internally-developed pricing models. The significant unobservable inputs for our level-3 financial assets and liabilities whose fair value is measured using pricing information from non-binding broker or dealer quotes are not included in the table, as the specific inputs applied are not provided by the broker/dealer.



	Quantitative Information about Level-3 Fair-Value Measurements
	Fair Value						Weighted-Average
(Dollars in millions)	As of June 30, 2015		As of December 31, 2014		Valuation Technique	Significant Unobservable Input⁽¹⁾	As of June 30, 2015		As of December 31, 2014
Significant unobservable inputs readily available to State Street:
Assets:
Asset-backed securities, other	$	47	$	59	Discounted cash flows	Credit spread	0.1	%	0.2	%
State and political subdivisions	35		38		Discounted cash flows	Credit spread	2.2		2.1
Derivative instruments, foreign exchange contracts	60		81		Option model	Volatility	12.0		9.1
Total	$	142	$	178
Liabilities:
Derivative instruments, foreign exchange contracts	$	50	$	74	Option model	Volatility	12.3		9.0
Derivative instruments, other⁽²⁾	—		9		Discounted cash flows	Participant redemptions	—		5.2
Total	$	50	$	83

⁽¹⁾Significant changes in these unobservable inputs would result in significant changes in fair value measure.

⁽²⁾ Relates to stable value wrap contracts; refer to the sensitivity discussion following the tables presented below, and to note 7.

We use internally-developed pricing models to measure the fair value of our level-3 financial assets and liabilities, which models incorporate discounted cash flow and option modeling techniques. Use of these techniques requires the determination of relevant inputs and assumptions, some of which represent significant unobservable inputs as indicated in the following table. Accordingly, changes in these unobservable inputs may have a significant impact on fair value.

The following tables present information with respect to the composition of our level-3 financial assets and liabilities, by availability of significant unobservable inputs, as of the dates indicated:



June 30, 2015	Significant Unobservable Inputs Readily Available to State Street⁽¹⁾		Significant Unobservable Inputs Not Developed by State Street and Not Readily Available⁽²⁾		Total Assets and Liabilities with Significant Unobservable Inputs
(In millions)
Assets:
Asset-backed securities, student loans	$	—	$	234	$	234
Asset-backed securities, other	47		2,886		2,933
Non-U.S. debt securities, mortgage-backed securities	—		97		97
Non-U.S. debt securities, asset-backed securities	—		193		193
Non-U.S. debt securities, other			264		264
State and political subdivisions	35		1		36
Collateralized mortgage obligations	—		215		215
Other U.S. debt securities	—		9		9
Derivative instruments, foreign exchange contracts	60		—		60
Total	$	142	$	3,899	$	4,041
Liabilities:
Derivative instruments, foreign exchange contracts	$	50	$	—	$	50
Total	$	50	$	—	$	50

⁽¹⁾Information with respect to these model-priced financial assets and liabilities is provided above in a separate table.

⁽²⁾Fair value for these financial assets is measured using non-binding broker or dealer quotes.



December 31, 2014	Significant Unobservable Inputs Readily Available to State Street⁽¹⁾		Significant Unobservable Inputs Not Developed by State Street and Not Readily Available⁽²⁾		Total Assets and Liabilities with Significant Unobservable Inputs
(In millions)
Assets:
Asset-backed securities, student loans	$	—	$	259	$	259
Asset-backed securities, other	59		3,721		3,780
Non-U.S. debt securities, asset-backed securities	—		295		295
Non-U.S. debt securities, other	—		371		371
State and political subdivisions	38		—		38
Collateralized mortgage obligations	—		614		614
Other U.S. debt securities	—		9		9
Derivative instruments, foreign exchange contracts	81		—		81
Total	$	178	$	5,269	$	5,447
Liabilities:
Derivative instruments, foreign exchange contracts	$	74	$	—	$	74
Derivative instruments, other	9		—		9
Total	$	83	$	—	$	83

⁽¹⁾Information with respect to these model-priced financial assets and liabilities is provided above in a separate table.

⁽²⁾Fair value for these financial assets is measured using non-binding broker or dealer quotes.

Fair Value Estimates:

Estimates of fair value for financial instruments not carried at fair value on a recurring basis in our consolidated statement of condition are generally subjective in nature, and are determined as of a specific point in time based on the characteristics of the financial instruments and relevant market information.

The following tables present the reported amounts and estimated fair values of the financial assets and liabilities not carried at fair value on a recurring basis, as they would be categorized within the fair-value hierarchy, as of the dates indicated.



					Fair-Value Hierarchy
June 30, 2015	Reported Amount		Estimated Fair Value		Quoted Market Prices in Active Markets (Level 1)		Pricing Methods with Significant Observable Market Inputs (Level 2)		Pricing Methods with Significant Unobservable Market Inputs (Level 3)
(In millions)
Financial Assets:
Cash and due from banks	$	3,084	$	3,084	$	3,084	$	—	$	—
Interest-bearing deposits with banks	116,728		116,728		—		116,728		—
Securities purchased under resale agreements	4,447		4,447		—		4,447		—
Investment securities held to maturity	16,155		16,198		—		16,198		—
Net loans (excluding leases)	17,617		17,606		—		17,451		155
Financial Liabilities:
Deposits:
Noninterest-bearing	$	83,120	$	83,120	$	—	$	83,120	$	—
Interest-bearing - U.S.	32,839		32,839		—		32,839		—
Interest-bearing - non-U.S.	114,632		114,632		—		114,632		—
Securities sold under repurchase agreements	10,978		10,978		—		10,978		—
Federal funds purchased	15		15		—		15		—
Other short-term borrowings	4,756		4,756		—		4,756		—
Long-term debt	9,085		9,257		—		8,451		806



					Fair-Value Hierarchy
December 31, 2014	Reported Amount		Estimated Fair Value		Quoted Market Prices in Active Markets (Level 1)		Pricing Methods with Significant Observable Market Inputs (Level 2)		Pricing Methods with Significant Unobservable Market Inputs (Level 3)
(In millions)
Financial Assets:
Cash and due from banks	$	1,855	$	1,855	$	1,855	$	—	$	—
Interest-bearing deposits with banks	93,523		93,523		—		93,523		—
Securities purchased under resale agreements	2,390		2,390		—		2,390		—
Investment securities held to maturity	17,723		17,842		—		17,842		—
Net loans (excluding leases)	17,158		17,131		—		16,964		167
Financial Liabilities:
Deposits:
Noninterest-bearing	$	70,490	$	70,490	$	—	$	70,490	$	—
Interest-bearing - U.S.	33,012		33,012		—		33,012		—
Interest-bearing - non-U.S.	105,538		105,538		—		105,538		—
Securities sold under repurchase agreements	8,925		8,925		—		8,925		—
Federal funds purchased	21		21		—		21		—
Other short-term borrowings	4,381		4,381		—		4,381		—
Long-term debt	10,042		10,229		—		9,382		847