Fair Value

Fair-Value Measurements:

We carry trading account assets, AFS investment securities 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 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 U.S. 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 U.S. 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 132 to 142 of our 2015 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 nine months ended September 30, 2016 or the year ended December 31, 2015.



	Fair-Value Measurements on a Recurring Basis
	as of September 30, 2016
(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	$	57	$	—	$	—				$	57
Non-U.S. government securities	425		—		—					425
Other	44		537		—					581
Total trading account assets	526		537		—					1,063
AFS Investment securities:
U.S. Treasury and federal agencies:
Direct obligations	4,846		456		—					5,302
Mortgage-backed securities	—		17,945		50					17,995
Asset-backed securities:
Student loans	—		7,115		192					7,307
Credit cards	—		1,375		—					1,375
Sub-prime	—		354		—					354
Other⁽²⁾	—		—		1,273					1,273
Total asset-backed securities	—		8,844		1,465					10,309
Non-U.S. debt securities:
Mortgage-backed securities	—		7,071		90					7,161
Asset-backed securities	—		2,391		138					2,529
Government securities	—		5,984		—					5,984
Other⁽³⁾	—		5,461		458					5,919
Total non-U.S. debt securities	—		20,907		686					21,593
State and political subdivisions	—		10,716		40					10,756
Collateralized mortgage obligations	—		2,704		102					2,806
Other U.S. debt securities	—		2,338		—					2,338
U.S. equity securities	—		41		—					41
Non-U.S. equity securities	—		3		—					3
U.S. money-market mutual funds	—		361		—					361
Non-U.S. money-market mutual funds	—		16		—					16
Total investment securities available-for-sale	4,846		64,331		2,343					71,520
Other assets:
Derivative instruments:
Foreign exchange contracts	—		8,137		—		$	(4,679	)	3,458
Interest-rate contracts	—		239		—		(194		)	45
Other derivative contracts	—		3		—		(3		)	—
Total derivative instruments	—		8,379		—		(4,876		)	3,503
Other	409		—		—		—			409
Total assets carried at fair value	$	5,781	$	73,247	$	2,343	$	(4,876	)	$	76,495
Liabilities:
Accrued expenses and other liabilities:
Trading account liabilities:
U.S. government securities	$	15	$	—	$	—	$	—		$	15
Non-U.S. government securities	60		—		—		—			60
Other	32		6		—		—			38
Derivative instruments:
Foreign exchange contracts	—		7,901		—		(4,636		)	3,265
Interest-rate contracts	—		189		—		(39		)	150
Other derivative contracts	—		150		—		(3		)	147
Total derivative instruments	—		8,240		—		(4,678		)	3,562
Other	409		—		—		—			409
Total liabilities carried at fair value	$	516	$	8,246	$	—	$	(4,678	)	$	4,084

⁽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 $929 million and $731 million, respectively, for cash collateral received from and provided to derivative counterparties.

⁽²⁾As of September 30, 2016, the fair value of other asset-backed securities was primarily composed of $1.27 billion of collateralized loan obligations.

⁽³⁾As of September 30, 2016, the fair value of other non-U.S. debt securities was primarily composed of $3.98 billion of covered bonds and $981 million of corporate bonds.



	Fair-Value Measurements on a Recurring Basis
	as of December 31, 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	$	32	$	—	$	—				$	32
Non-U.S. government securities	479		—		—					479
Other	10		328		—					338
Total trading account assets	521		328		—					849
AFS Investment securities:
U.S. Treasury and federal agencies:
Direct obligations	5,206		512		—					5,718
Mortgage-backed securities	—		18,165		—					18,165
Asset-backed securities:
Student loans	—		6,987		189					7,176
Credit cards	—		1,341		—					1,341
Sub-prime	—		419		—					419
Other⁽²⁾	—		—		1,764					1,764
Total asset-backed securities	—		8,747		1,953					10,700
Non-U.S. debt securities:
Mortgage-backed securities	—		7,071		—					7,071
Asset-backed securities	—		3,093		174					3,267
Government securities	—		4,355		—					4,355
Other⁽³⁾	—		4,579		255					4,834
Total non-U.S. debt securities	—		19,098		429					19,527
State and political subdivisions	—		9,713		33					9,746
Collateralized mortgage obligations	—		2,948		39					2,987
Other U.S. debt securities	—		2,614		10					2,624
U.S. equity securities	—		39		—					39
Non-U.S. equity securities	—		3		—					3
U.S. money-market mutual funds	—		542		—					542
Non-U.S. money-market mutual funds	—		19		—					19
Total investment securities available-for-sale	5,206		62,400		2,464					70,070
Other assets:
Derivatives instruments:
Foreign exchange contracts	—		11,311		5		$	(6,562	)	4,754
Interest-rate contracts	—		135		—		(115		)	20
Other derivative contracts	—		5		—		(2		)	3
Total derivative instruments	—		11,451		5		(6,679		)	4,777
Other	2		—		—		—			2
Total assets carried at fair value	$	5,729	$	74,179	$	2,469	$	(6,679	)	$	75,698
Liabilities:
Accrued expenses and other liabilities:
Trading account liabilities:
U.S. government securities	$	5	$	—	$	—	$	—		$	5
Non-U.S. government securities	76		—		—		—			76
Other	5		13		—		—			18
Derivative instruments:
Foreign exchange contracts	—		10,863		5		(6,995		)	3,873
Interest-rate contracts	—		182		—		(24		)	158
Other derivative contracts	—		103		—		(2		)	101
Total derivative instruments	—		11,148		5		(7,021		)	4,132
Other	2		—		—		—			2
Total liabilities carried at fair value	$	88	$	11,161	$	5	$	(7,021	)	$	4,233

⁽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 $776 million and $1.12 billion, respectively, for cash collateral received from and provided to derivative counterparties.

⁽²⁾As of December 31, 2015, the fair value of other asset-backed securities was primarily composed of $1.76 billion of collateralized loan obligations.

⁽³⁾As of December 31, 2015, the fair value of other non-U.S. debt securities was primarily composed of $3.18 billion of covered bonds and $613 million of corporate bonds.

The following tables present activity related to our level-3 financial assets and liabilities during the three and nine months ended September 30, 2016 and 2015, respectively. Transfers into and out of level 3 are reported as of the beginning of the period presented. During the three and nine months ended September 30, 2016 and 2015, 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 September 30, 2016
	Fair Value as of June 30, 2016		Total Realized and Unrealized Gains (Losses)					Purchases		Settlements			Transfers out of Level 3			Fair Value as of September 30, 2016⁽¹⁾		Change in Unrealized Gains (Losses) Related to Financial Instruments Held as of September 30, 2016
(In millions)			Recorded in Revenue		Recorded in Other Comprehensive Income
Assets:
AFS Investment securities:
U.S. Treasury and federal agencies, mortgage-backed securities	$	25	$	—	$	—		$	25	$	—		$	—		$	50
Asset-backed securities:
Student loans	190		—		2			—		—			—			192
Other	1,710		13		(8		)	118		(560		)	—			1,273
Total asset-backed securities	1,900		13		(6		)	118		(560		)	—			1,465
Non-U.S. debt securities:
Mortgage-backed securities	—		—		—			90		—			—			90
Asset-backed securities	111		—		—			90		(9		)	(54		)	138
Other	261		—		—			194		3			—			458
Total non-U.S. debt securities	372		—		—			374		(6		)	(54		)	686
State and political subdivisions	33		—		7			—		—			—			40
Collateralized mortgage obligations	68		—		1			36		(3		)	—			102
Total AFS investment securities	2,398		13		2			553		(569		)	(54		)	2,343
Total assets carried at fair value	$	2,398	$	13	$	2		$	553	$	(569	)	$	(54	)	$	2,343	$	—

⁽¹⁾ There were no transfers of assets into level 3 during the three months ended September 30, 2016.

There was no activity related to our level-3 financial liabilities during the three months ended September 30, 2016.



	Fair Value Measurements Using Significant Unobservable Inputs
	Nine Months Ended September 30, 2016
	Fair Value as of December 31, 2015		Total Realized and Unrealized Gains (Losses)					Purchases		Settlements			Transfers out of Level 3			Fair Value as of September 30, 2016⁽¹⁾		Change in Unrealized Gains (Losses) Related to Financial Instruments Held as of September 30, 2016
(In millions)			Recorded in Revenue		Recorded in Other Comprehensive Income
Assets:
AFS Investment securities:
U.S. Treasury and federal agencies, mortgage-backed securities	$	—	$	—	$	—		$	325	$	—		$	(275	)	$	50
Asset-backed securities:
Student loans	189		1		2			—		—			—			192
Other	1,764		29		(21		)	250		(749		)	—			1,273
Total asset-backed securities	1,953		30		(19		)	250		(749		)	—			1,465
Non-U.S. debt securities:
Mortgage-backed securities	—		—		—			90		—			—			90
Asset-backed securities	174		—		(1		)	196		(43		)	(188		)	138
Other	255		—		—			223		9			(29		)	458
Total Non-U.S. debt securities	429		—		(1		)	509		(34		)	(217		)	686
State and political subdivisions	33		—		9			—		(2		)	—			40
Collateralized mortgage obligations	39		—		2			86		(25		)	—			102
Other U.S. debt securities	10		—		—			—		(10		)	—			—
Total AFS investment securities	2,464		30		(9		)	1,170		(820		)	(492		)	2,343
Other assets:
Derivative instruments:
Foreign exchange contracts	5		3		—			—		(8		)	—			—		$	—
Total derivative instruments	5		3		—			—		(8		)	—			—		—
Total assets carried at fair value	$	2,469	$	33	$	(9	)	$	1,170	$	(828	)	$	(492	)	$	2,343	$	—



	Fair Value Measurements Using Significant Unobservable Inputs
	Nine Months Ended September 30, 2016
	Fair Value as of December 31, 2015		Total Realized and Unrealized Gains (Losses)		Settlements			Fair Value as of September 30, 2016⁽²⁾		Change in Unrealized Gains (Losses) Related to Financial Instruments Held as of September 30, 2016
(In millions)	Fair Value as of December 31, 2015		Recorded in Revenue		Settlements			Fair Value as of September 30, 2016⁽²⁾
Liabilities:
Accrued expenses and other liabilities:
Derivative instruments:
Foreign exchange contracts	$	5	$	5	$	(10	)	$	—	$	—
Total derivative instruments	5		5		(10		)	—		—
Total liabilities carried at fair value	$	5	$	5	$	(10	)	$	—	$	—

⁽¹⁾There were no transfers of assets into level 3 during the nine months ended September 30, 2016.

⁽²⁾ There were no transfers of liabilities into or out of level 3 during the nine months ended September 30, 2016.



	Fair Value Measurements Using Significant Unobservable Inputs
	Three Months Ended September 30, 2015
	Fair Value as of June 30, 2015		Total Realized and Unrealized Gains (Losses)						Purchases		Sales			Settlements			Transfers out of Level 3			Fair Value as of September 30, 2015⁽¹⁾		Change in Unrealized Gains (Losses) Related to Financial Instruments Held as of September 30, 2015
(In millions)			Recorded in Revenue			Recorded in Other Comprehensive Income
Assets:
AFS Investment securities:
Asset-backed securities:
Student loans	$	234	$	—		$	(3	)	$	—	$	—		$	(1	)	$	—		$	230
Other	2,933		22			(19		)	—		(686		)	(307		)	—			1,943
Total asset-backed securities	3,167		22			(22		)	—		(686		)	(308		)	—			2,173
Non-U.S. debt securities:
Mortgage-backed securities	97		—			—			—		—			—			(97		)	—
Asset-backed securities	193		—			(1		)	168		—			(83		)	—			277
Other	264		—			(1		)	—		—			—			—			263
Total Non-U.S. debt securities	554		—			(2		)	168		—			(83		)	(97		)	540
State and political subdivisions	36		—			(1		)	—		—			—			—			35
Collateralized mortgage obligations	215		—			(1		)	—					(17		)	(49		)	148
Other U.S. debt securities	9		—			—			—		—			—			—			9
Total investment securities available-for-sale	3,981		22			(26		)	168		(686		)	(408		)	(146		)	2,905
Other assets:
Derivative instruments:
Foreign exchange contracts	60		(5		)	—			1		—			(35		)	—			21		$	—
Total derivative instruments	60		(5		)	—			1		—			(35		)	—			21		—
Total assets carried at fair value	$	4,041	$	17		$	(26	)	$	169	$	(686	)	$	(443	)	$	(146	)	$	2,926	$	—



	Fair Value Measurements Using Significant Unobservable Inputs
	Three Months Ended September 30, 2015
	Fair Value as of June 30, 2015		Total Realized and Unrealized Gains (Losses)			Issuances		Settlements			Fair Value as of September 30, 2015⁽²⁾		Change in Unrealized (Gains) Losses Related to Financial Instruments Held as of September 30, 2015
(In millions)	Fair Value as of June 30, 2015		Recorded in Revenue			Issuances		Settlements			Fair Value as of September 30, 2015⁽²⁾
Liabilities:
Accrued expenses and other liabilities:
Derivative instruments:
Foreign exchange contracts	$	50	$	(3	)	$	1	$	(26	)	$	22	$	1
Total derivative instruments	50		(3		)	1		(26		)	22		1
Total liabilities carried at fair value	$	50	$	(3	)	$	1	$	(26	)	$	22	$	1

⁽¹⁾ There were no transfers of assets into level 3 during the three months ended September 30, 2015.

⁽²⁾ There were no transfers of liabilities into or out of level 3 during the three months ended September 30, 2015.



	Fair-Value Measurements Using Significant Unobservable Inputs
	Nine Months Ended September 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 September 30, 2015		Change in Unrealized Gains (Losses) Related to Financial Instruments Held as of September 30, 2015
(In millions)			Recorded in Revenue		Recorded in Other Comprehensive Income
Assets:
Investment securities available-for-sale:
Asset-backed securities:
Student loans	$	259	$	—	$	(2	)	$	—	$	—		$	(6	)	$	—	$	(21	)	$	230
Other	3,780		47		(37		)	—		(1,106		)	(741		)	—		—			1,943
Total asset-backed securities	4,039		47		(39		)	—		(1,106		)	(747		)	—		(21		)	2,173
Non-U.S. debt securities:
Mortgage-backed securities	—		—		—			43		—			—			97		(140		)	—
Asset-backed securities	295		1		(1		)	168		—			(169		)	—		(17		)	277
Other	371		—		—			111		—			(32		)	—		(187		)	263
Total non-U.S. debt securities	666		1		(1		)	322		—			(201		)	97		(344		)	540
State and political subdivisions	38		—		(2		)	—		—			(1		)	—		—			35
Collateralized mortgage obligations	614		—		(2		)	293		(88		)	(82		)	—		(587		)	148
Other U.S. debt securities	9		—		—			—		—			—			—		—			9
Total investment securities available-for-sale	5,366		48		(44		)	615		(1,194		)	(1,031		)	97		(952		)	2,905
Other assets:
Derivative instruments:
Derivative instruments, foreign exchange contracts	81		49		—			17		—			(126		)	—		—			21		$	—
Total derivative instruments	81		49		—			17		—			(126		)	—		—			21		—
Total assets carried at fair value	$	5,447	$	97	$	(44	)	$	632	$	(1,194	)	$	(1,157	)	$	97	$	(952	)	$	2,926	$	—



	Fair-Value Measurements Using Significant Unobservable Inputs
	Nine Months Ended September 30, 2015
	Fair Value as of December 31, 2014		Total Realized and Unrealized (Gains) Losses		Issuances		Settlements			Fair Value as of September 30, 2015⁽¹⁾		Change in Unrealized Gains (Losses) Related to Financial Instruments Held as of September 30, 2015
(In millions)	Fair Value as of December 31, 2014		Recorded in Revenue		Issuances		Settlements			Fair Value as of September 30, 2015⁽¹⁾
Liabilities:
Accrued expenses and other liabilities:
Derivative instruments:
Foreign exchange contracts	$	74	$	24	$	19	$	(95	)	$	22	$	(2	)
Other	9		—		—		(9		)	—		—
Total derivative instruments	83		24		19		(104		)	22		(2		)
Total liabilities carried at fair value	$	83	$	24	$	19	$	(104	)	$	22	$	(2	)

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

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 September 30,										Nine Months Ended September 30,
	Total Realized and Unrealized Gains (Losses) Recorded in Revenue					Change in Unrealized Gains (Losses) Related to Financial Instruments Held as of September 30,					Total Realized and Unrealized Gains (Losses) Recorded in Revenue					Change in Unrealized Gains (Losses) Related to Financial Instruments Held as of September 30,
(In millions)	2016		2015			2016		2015			2016			2015		2016		2015
Fee revenue:
Trading services	$	—	$	(1	)	$	—	$	(1	)	$	(2	)	$	25	$	—	$	2
Total fee revenue	—		(1		)	—		(1		)	(2		)	25		—		2
Net interest revenue	13		21			—		—			30			48		—		—
Total revenue	$	13	$	20		$	—	$	(1	)	$	28		$	73	$	—	$	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, except where otherwise noted)	As of September 30, 2016		As of December 31, 2015		Valuation Technique	Significant Unobservable Input⁽¹⁾	As of September 30, 2016		As of December 31, 2015
Significant unobservable inputs readily available to State Street:
Assets:
Asset-backed securities, other	$	14	$	28	Discounted cash flows	Credit spread	0.7	%	(0.1	)%
State and political subdivisions	40		33		Discounted cash flows	Credit spread	2.0		2.2
Derivative instruments, foreign exchange contracts	—		5		Option model	Volatility	—		9.3
Total	$	54	$	66
Liabilities:
Derivative instruments, foreign exchange contracts	$	—	$	5	Option model	Volatility	—		9.2
Total	$	—	$	5

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

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:



September 30, 2016	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:
U.S. Treasury and federal agencies, mortgage-backed securities	$	—	$	50	$	50
Asset-backed securities, student loans	—		192		192
Asset-backed securities, other	14		1,259		1,273
Non-U.S. debt securities, mortgage-backed securities	—		90		90
Non-U.S. debt securities, asset-backed securities	—		138		138
Non-U.S. debt securities, other	—		458		458
State and political subdivisions	40		—		40
Collateralized mortgage obligations	—		102		102
Total	$	54	$	2,289	$	2,343

⁽¹⁾Information with respect to these model-priced financial assets are provided in a separate table.

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



December 31, 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	$	—	$	189	$	189
Asset-backed securities, other	28		1,736		1,764
Non-U.S. debt securities, asset-backed securities	—		174		174
Non-U.S. debt securities, other	—		255		255
State and political subdivisions	33		—		33
Collateralized mortgage obligations	—		39		39
Other U.S. debt securities	—		10		10
Derivative instruments, foreign exchange contracts	5		—		5
Total	$	66	$	2,403	$	2,469
Liabilities:
Derivative instruments, foreign exchange contracts	$	5	$	—	$	5
Total	$	5	$	—	$	5

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

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

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

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
September 30, 2016	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	$	3,490	$	3,490	$	3,490	$	—	$	—
Interest-bearing deposits with banks	79,090		79,090		—		79,090		—
Securities purchased under resale agreements	2,442		2,442		—		2,442		—
Investment securities held-to-maturity	28,368		28,780		17,795		10,910		75
Net loans (excluding leases)⁽¹⁾	20,605		20,610		—		20,509		101
Financial Liabilities:
Deposits:
Noninterest-bearing	$	60,545	$	60,545	$	—	$	60,545	$	—
Interest-bearing - U.S.	33,767		33,767		—		33,767		—
Interest-bearing - non-U.S.	104,454		104,454		—		104,454		—
Securities sold under repurchase agreements	4,364		4,364		—		4,364		—
Federal funds purchased	28		28		—		28		—
Other short-term borrowings	1,385		1,385		—		1,385		—
Long-term debt	11,834		12,015		—		11,657		358

⁽¹⁾Includes $14 million of loans classified as held-for-sale that were measured at fair value on a non-recurring basis as of September 30, 2016 .



					Fair-Value Hierarchy
December 31, 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	$	1,207	$	1,207	$	1,207	$	—	$	—
Interest-bearing deposits with banks	75,338		75,338		—		75,338		—
Securities purchased under resale agreements	3,404		3,404		—		3,404		—
Investment securities held-to-maturity	29,952		29,798		—		29,798		—
Net loans (excluding leases)⁽¹⁾	17,838		17,792		—		17,667		125
Financial Liabilities:
Deposits:
Noninterest-bearing	$	65,800	$	65,800	$	—	$	65,800	$	—
Interest-bearing - U.S.	29,958		29,958		—		29,958		—
Interest-bearing - non-U.S.	95,869		95,869		—		95,869		—
Securities sold under repurchase agreements	4,499		4,499		—		4,499		—
Federal funds purchased	6		6		—		6		—
Other short-term borrowings	1,748		1,748		—		1,748		—
Long-term debt	11,497		11,604		—		11,215		389

⁽¹⁾Includes $14 million of loans classified as held-for-sale that were measured at fair value on a non-recurring basis as of December 31, 2015 .