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Fair Value (Tables)
 9 Months Ended
Sep. 30, 2018
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
 
Fair Value Measurements on a Recurring Basis
 
As of September 30, 2018
(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
$
33

 
$
—

 
$
—

 
 
 
$
33

Non-U.S. government securities
151

 
180

 
—

 
 
 
331

Other
109

 
528

 
—

 
 
 
637

Total trading account assets
293

 
708

 
—

 
 
 
1,001

AFS investment securities:
 
 
 
 
 
 
 
 
 
U.S. Treasury and federal agencies:
 
 
 
 
 
 
 
 
 
Direct obligations
11

 
—

 
—

 
 
 
11

Mortgage-backed securities
—

 
15,473

 
—

 
 
 
15,473

Total U.S. Treasury and federal agencies
11

 
15,473

 
—

 
 
 
15,484

Asset-backed securities:
 
 
 
 
 
 
 
 
 
Student loans
—

 
1,441

 
—

 
 
 
1,441

Credit cards
—

 
616

 
—

 
 
 
616

CLOs
—

 
—

 
611

 
 
 
611

Total asset-backed securities
—

 
2,057

 
611

 

 
2,668

Non-U.S. debt securities:
 
 
 
 
 
 
 
 
 
Mortgage-backed securities
—

 
2,348

 
—

 
 
 
2,348

Asset-backed securities
—

 
930

 
591

 
 
 
1,521

Government securities
—

 
12,973

 
—

 
 
 
12,973

Other(2)
—

 
4,640

 
104

 
 
 
4,744

Total non-U.S. debt securities
—

 
20,891

 
695

 
 
 
21,586

State and political subdivisions
—

 
4,035

 
—

 
 
 
4,035

Collateralized mortgage obligations
—

 
295

 
8

 
 
 
303

Other U.S. debt securities
—

 
2,026

 
—

 
 
 
2,026

Total AFS investment securities
11

 
44,777

 
1,314

 

 
46,102

Other assets:
 
 
 
 
 
 
 
 
 
Derivative instruments:
 
 
 
 
 
 
 
 
 
Foreign exchange contracts
—

 
15,059

 
2

 
$
(10,351
)
 
4,710

Interest-rate contracts
4

 
—

 
—

 
—

 
4

Other derivative contracts
2

 
11

 
—

 
—

 
13

Total derivative instruments
6

 
15,070

 
2

 
(10,351
)
 
4,727

Other
—

 
390

 
—

 
—

 
390

Total assets carried at fair value
$
310

 
$
60,945

 
$
1,316

 
$
(10,351
)
 
$
52,220

Liabilities:
 
 
 
 
 
 
 
 
 
Accrued expenses and other liabilities:
 
 
 
 
 
 
 
 
 
Trading account liabilities:
 
 
 
 
 
 
 
 
 
Other
$
107

 
$
—

 
$
—

 
$
—

 
$
107

Derivative instruments:
 
 
 
 
 
 
 
 
 
Foreign exchange contracts
—

 
14,933

 
2

 
(10,557
)
 
4,378

Interest-rate contracts
1

 
91

 
—

 
—

 
92

Other derivative contracts
2

 
250

 
—

 
—

 
252

Total derivative instruments
3

 
15,274

 
2

 
(10,557
)
 
4,722

Total liabilities carried at fair value
$
110

 
$
15,274

 
$
2

 
$
(10,557
)
 
$
4,829

 
 
 
 
(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 $1,191 million and $1,397 million, respectively, for cash collateral received from and provided to derivative counterparties.
(2) As of September 30, 2018, the fair value of other non-U.S. debt securities was primarily composed of $1,929 million of covered bonds and $1,782 million of corporate bonds.
 
Fair Value Measurements on a Recurring Basis
 
As of December 31, 2017
(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
$
39

 
$
—

 
$
—

 
 
 
$
39

Non-U.S. government securities
389

 
93

 
—

 
 
 
482

Other
44

 
528

 
—

 
 
 
572

Total trading account assets
472

 
621

 
—

 
 
 
1,093

AFS investment securities:




 
 
 


U.S. Treasury and federal agencies:




 
 
 


Direct obligations
11


212


—

 
 

223

Mortgage-backed securities
—


10,872


—

 
 

10,872

Total U.S. Treasury and federal agencies
11


11,084


—

 
 

11,095

Asset-backed securities:




 
 
 


Student loans
—


3,358


—

 
 

3,358

Credit cards
—


1,542


—

 
 

1,542

CLOs
—


89


1,358

 
 

1,447

Total asset-backed securities
—


4,989


1,358

 
 

6,347

Non-U.S. debt securities:






 
 
 



Mortgage-backed securities
—


6,576


119

 
 

6,695

Asset-backed securities
—


2,545


402

 
 

2,947

Government securities
—


10,721


—

 
 

10,721

Other(2)
—


5,904


204

 
 

6,108

Total non-U.S. debt securities
—


25,746


725

 
 

26,471

State and political subdivisions
—


9,108


43

 
 

9,151

Collateralized mortgage obligations
—


1,054


—

 
 

1,054

Other U.S. debt securities
—


2,560


—

 
 

2,560

U.S. equity securities
—


46


—

 
 

46

U.S. money-market mutual funds
—


397


—

 
 

397

Total AFS investment securities
11


54,984


2,126

 
 

57,121

Other assets:




 
 
 
 
 
Derivatives instruments:




 
 
 
 
 
Foreign exchange contracts
—


11,596


1

 
$
(7,593
)
 
4,004

Interest-rate contracts
8


—


—

 
—

 
8

Other derivative contracts
1


—


—

 
—

 
1

Total derivative instruments
9


11,596


1

 
(7,593
)
 
4,013

Total assets carried at fair value
$
492


$
67,201


$
2,127

 
$
(7,593
)
 
$
62,227

Liabilities:





 
 
 
 
Accrued expenses and other liabilities:





 
 
 
 
Trading account liabilities:





 
 
 
 
Other
$
39


$
—


$
—

 
$
—

 
$
39

Derivative instruments:





 
 
 
 
Foreign exchange contracts
—


11,467


1

 
(5,970
)
 
5,498

Interest-rate contracts
—


100


—

 
—

 
100

Other derivative contracts
1


283


—

 
—

 
284

Total derivative instruments
1


11,850


1

 
(5,970
)
 
5,882

Total liabilities carried at fair value
$
40


$
11,850


$
1

 
$
(5,970
)
 
$
5,921

 
 
 
 
(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 $2,045 million and $422 million, respectively, for cash collateral received from and provided to derivative counterparties.
(2) As of December 31, 2017, the fair value of other non-U.S. debt securities was primarily composed of $3,537 million of covered bonds and $1,885 million of corporate bonds.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following tables present activity related to our level 3 financial assets during the three and nine months ended September 30, 2018 and 2017, respectively, including total realized and unrealized gains and losses. 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, 2018 and 2017, transfers into level 3 were mainly related to certain CMO, MBS and ABS, including non-U.S. debt securities, for which fair value was measured using information obtained from third-party sources, including non-binding broker/dealer quotes. During the three and nine months ended September 30, 2018 and 2017, transfers out of level 3 were mainly related to certain CMO, MBS and ABS, 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, 2018
 
Fair Value
as of
June 30,
2018
 
Total Realized and
Unrealized Gains (Losses)
 
Purchases
 
Settlements
 
Transfers into
Level 3
 
Transfers
out of
Level 3
 
Fair Value 
as of
September 30,
2018(1)
 
Change in Unrealized Gains (Losses) Related to Financial Instruments
Held as of
September 30,
2018
(In millions)
Recorded in Revenue(1)
 
Recorded in Other Comprehensive Income(1)
 
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
AFS Investment securities:



 

 



 

 


 
 
 
Asset-backed securities:

 

 

 

 

 

 


 
 
 
CLOs
$
851

 
$
1

 
$
(2
)
 
$
—

 
$
(239
)
 
$
—

 
$
—


$
611

 
 
Total asset-backed securities
851

 
1

 
(2
)
 
—

 
(239
)
 
—

 
—


611

 
 
Non-U.S. debt securities:


 


 


 


 


 


 



 
 
 
Asset-backed securities
474

 
—

 
(2
)
 
76

 
(3
)
 
46

 
—


591

 
 
Other
169

 
—

 
—

 
—

 
(1
)
 
—

 
(64
)

104

 
 
Total non-U.S. debt securities
643

 
—

 
(2
)
 
76

 
(4
)
 
46

 
(64
)

695

 
 
CMOs
—

 
—

 
—

 
—

 
—

 
8

 
—


8

 
 
Total AFS investment securities
1,494

 
1

 
(4
)
 
76

 
(243
)
 
54

 
(64
)

1,314

 
 
Derivative instruments:

 

 

 

 

 

 


 
 
 
Foreign exchange contracts
7

 
(2
)
 
—

 
3

 
(6
)
 
—

 
—


2

 
$
(2
)
Total derivative instruments
7

 
(2
)
 
—

 
3

 
(6
)
 
—

 
—

 
2

 
(2
)
Total assets carried at fair value
$
1,501


$
(1
)

$
(4
)

$
79


$
(249
)

$
54


$
(64
)

$
1,316

 
$
(2
)
 
 
 
 
(1) Total realized and unrealized gains (losses) on AFS investment securities are included within gains (losses) related to investment securities, net. Total realized and unrealized gains (losses) on derivative instruments are included within trading services.  
 
Fair Value Measurements Using Significant Unobservable Inputs
 
Nine Months Ended September 30, 2018
 
Fair Value  as of
December 31,
2017
 
Total Realized and
Unrealized Gains (Losses)
 
Purchases
 
Sales
 
Settlements
 
Transfers into
Level 3
 
Transfers
out of Level 3
 
Fair Value 
as of September 30,
2018(1)
 
Change in Unrealized Gains (Losses) Related to Financial Instruments
Held as of
September 30, 2018
(In millions)
 
Recorded in Revenue(1)
 
Recorded in Other Comprehensive Income(1)
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
AFS Investment securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Asset-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CLOs
$
1,358

 
$
3

 
$
(5
)
 
$
319

 
$
(636
)
 
$
(219
)
 
$
—

 
$
(209
)
 
$
611

 
 
Total asset-backed securities
1,358

 
3

 
(5
)
 
319

 
(636
)
 
(219
)
 
—

 
(209
)
 
611

 
 
Non-U.S. debt securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage-backed securities
119

 
—

 
—

 
—

 
—

 
—

 
—

 
(119
)
 
—

 
 
Asset-backed securities
402

 
—

 
(3
)
 
455

 
(310
)
 
(67
)
 
114

 
—

 
591

 
 
Other
204

 
—

 
—

 
—

 
—

 
(36
)
 
—

 
(64
)
 
104

 
 
Total non-U.S. debt securities
725

 
—

 
(3
)
 
455

 
(310
)
 
(103
)
 
114

 
(183
)
 
695

 
 
State and political subdivisions
43

 
—

 
—

 
—

 
(37
)
 
(1
)
 
—

 
(5
)
 
—

 
 
CMOs
—

 
—

 
—

 
—

 
—

 
—

 
8

 
—

 
8

 
 
Total AFS investment securities
2,126

 
3

 
(8
)
 
774

 
(983
)
 
(323
)
 
122

 
(397
)
 
1,314

 
 
Derivative instruments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign exchange contracts
1

 
(3
)
 
—

 
4

 
—

 
—

 
—

 
—

 
2

 
$
(2
)
Total derivative instruments
1

 
(3
)
 
—

 
4

 
—

 
—

 
—

 
—

 
2

 
(2
)
Total assets carried at fair value
$
2,127

 
$
—

 
$
(8
)
 
$
778

 
$
(983
)
 
$
(323
)
 
$
122

 
$
(397
)
 
$
1,316

 
$
(2
)




(1) Total realized and unrealized gains (losses) on AFS investment securities are included within gains (losses) related to investment securities, net. Total realized and unrealized gains (losses) on derivative instruments are included within trading services.


Fair Value Measurements Using Significant Unobservable Inputs
 
Three Months Ended September 30, 2017
 
Fair Value
as of
June 30,
2017

Total Realized and
Unrealized Gains (Losses)

Purchases

Sales

Settlements

Transfers
into
Level 3

Fair Value 
as of
September 30,
2017

Change in Unrealized Gains (Losses) Related to Financial Instruments
Held as of
September 30,
2017
(In millions)
Recorded
in
Revenue(1)

Recorded
in Other
Comprehensive
Income(1)

Assets:

















AFS Investment securities:

















   Mortgage-backed securities
$
—


$
—


$
—


$
—


$
—


$
—


$
25


$
25



Asset-backed securities:

















Student loans
—


—


—


200


—


—


—


200



Other
951


1


1


60


—


(2
)

175


1,186



Total asset-backed securities
951


1


1


260


—


(2
)

175


1,386



Non-U.S. debt securities:

























Mortgage-backed securities
—


—


—


118


—


—


—


118



Asset-backed securities
63


—


—


29


(10
)

—


15


97



Other
274


—


—


—


(80
)

7


—


201



Total non-U.S. debt securities
337


—


—


147


(90
)

7


15


416



State and political subdivisions
38


—


—


—


—


—


—


38



Other U.S. debt securities
19


—


—


—


—


—


—


19



Total AFS investment securities
1,345


1


1


407


(90
)

5


215


1,884



Derivative instruments:

















Foreign exchange contracts
5


—


—


2


—


(5
)

—


2


$
(2
)
Total derivative instruments
5


—


—


2


—


(5
)

—


2


(2
)
Total assets carried at fair value
$
1,350


$
1


$
1


$
409


$
(90
)

$
—


$
215


$
1,886


$
(2
)





(1) Total realized and unrealized gains (losses) on AFS investment securities are included within gains (losses) related to investment securities, net. Total realized and unrealized gains (losses) on derivative instruments are included within trading services.
 
Fair Value Measurements Using Significant Unobservable Inputs
 
Nine Months Ended September 30, 2017
 
Fair Value
as of
December 31,
2016
 
Total Realized and
Unrealized Gains (Losses)
 
Purchases
 
Sales
 
Settlements
 
Transfers
into
Level 3
 
Transfers
out of
Level 3
 
Fair Value 
as of
September 30,
2017
 
Change in Unrealized Gains (Losses) Related to Financial Instruments
Held as of
September 30, 2017
(In millions)
 
Recorded
in
Revenue(1)
 
Recorded
in Other
Comprehensive
Income(1)
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
AFS Investment securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Mortgage-backed securities
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
25

 
$
—

 
$
25

 
 
Asset-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Student loans
97

 
—

 
1

 
200

 
—

 
—

 
—

 
(98
)
 
200

 
 
Other
905

 
2

 
—

 
415

 
—

 
(412
)
 
276

 
—

 
1,186

 
 
Total asset-backed securities
1,002

 
2

 
1

 
615

 
—

 
(412
)
 
276

 
(98
)
 
1,386

 
 
Non-U.S. debt securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage-backed securities
—

 
—

 
—

 
118

 
—

 
—

 
—

 
—

 
118

 
 
Asset-backed securities
32

 
1

 
(1
)
 
60

 
(10
)
 
(21
)
 
67

 
(31
)
 
97

 
 
Other
248

 
—

 
—

 
5

 
(80
)
 
28

 
—

 
—

 
201

 
 
Total non-U.S. debt securities
280

 
1

 
(1
)
 
183

 
(90
)
 
7

 
67

 
(31
)
 
416

 
 
State and political subdivisions
39

 
—

 
—

 
—

 
—

 
(1
)
 
—

 
—

 
38

 
 
CMOs
16

 
—

 
—

 
23

 
—

 
—

 
—

 
(39
)
 
—

 
 
Other U.S. debt securities
—

 
—

 
—

 
19

 
—

 
—

 
—

 
—

 
19

 
 
Total AFS investment securities
1,337


3


—


840

 
(90
)

(406
)

368


(168
)

1,884

 
 
Derivative instruments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign exchange contracts
8

 
(6
)
 
—

 
4

 
—

 
(4
)
 
—

 
—

 
2

 
$
(1
)
Total derivative instruments
8

 
(6
)
 
—

 
4

 
—

 
(4
)
 
—

 
—

 
2

 
(1
)
Total assets carried at fair value
$
1,345

 
$
(3
)
 
$
—

 
$
844

 
$
(90
)
 
$
(410
)
 
$
368

 
$
(168
)
 
$
1,886

 
$
(1
)





(1) Total realized and unrealized gains (losses) on AFS investment securities are included within gains (losses) related to investment securities, net. Total realized and unrealized gains (losses) on derivative instruments are included within trading services.
Fair Value Inputs, Assets, Quantitative Information
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/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 September 30, 2018
 
As of December 31, 2017
 
Valuation Technique
 
Significant
Unobservable Input(1)
 
As of September 30, 2018
 
As of December 31, 2017
Significant unobservable inputs readily available to State Street:
 
 
 
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
 
 
 
Derivative instruments, foreign exchange contracts
$
2

 
$
1

 
Option model
 
Volatility
 
10.9
%
 
7.2
%
Total
$
2

 
$
1

 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
Derivative instruments, foreign exchange contracts
$
2

 
$
1

 
Option model
 
Volatility
 
11.8
%
 
7.2
%
Total
$
2

 
$
1

 
 
 
 
 
 
 
 
 
 
 
 
(1) Significant changes in these unobservable inputs would result in significant changes in fair value measurement.
Fair Value Inputs, Liabilities, Quantitative Information
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/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 September 30, 2018
 
As of December 31, 2017
 
Valuation Technique
 
Significant
Unobservable Input(1)
 
As of September 30, 2018
 
As of December 31, 2017
Significant unobservable inputs readily available to State Street:
 
 
 
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
 
 
 
Derivative instruments, foreign exchange contracts
$
2

 
$
1

 
Option model
 
Volatility
 
10.9
%
 
7.2
%
Total
$
2

 
$
1

 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
Derivative instruments, foreign exchange contracts
$
2

 
$
1

 
Option model
 
Volatility
 
11.8
%
 
7.2
%
Total
$
2

 
$
1

 
 
 
 
 
 
 
 
 
 
 
 
(1) Significant changes in these unobservable inputs would result in significant changes in fair value measurement.
Carrying Value and Estimated Fair Value of Financial Instruments by Fair Value Hierarchy
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
(In millions)
 
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)
September 30, 2018
 
 
 
 
 
 
 
 
 
 
Financial Assets:
 
 
 
 
 
 
 
 
 
 
Cash and due from banks
 
$
4,145

 
$
4,145

 
$
4,145

 
$
—

 
$
—

Interest-bearing deposits with banks
 
63,618

 
63,618

 
—

 
63,618

 
—

Securities purchased under resale agreements
 
4,195

 
4,195

 
—

 
4,195

 
—

Investment securities held-to-maturity
 
40,567

 
39,591

 
14,785

 
24,623

 
183

Net loans (excluding leases)(1)
 
23,062

 
23,058

 
—

 
23,018

 
40

Other(2)
 
8,505

 
8,505

 
—

 
8,505

 
—

Financial Liabilities:
 
 
 
 
 
 
 
 
 
 
Deposits:
 
 
 
 
 
 
 
 
 
 
     Non-interest-bearing
 
$
41,893

 
$
41,893

 
$
—

 
$
41,893

 
$
—

     Interest-bearing - U.S.
 
63,661

 
63,661

 
—

 
63,661

 
—

     Interest-bearing - non-U.S.
 
62,644

 
62,644

 
—

 
62,644

 
—

Securities sold under repurchase agreements
 
1,690

 
1,690

 
—

 
1,690

 
—

Other short-term borrowings
 
1,009

 
1,009

 
—

 
1,009

 
—

Long-term debt
 
10,335

 
10,549

 
—

 
10,309

 
240

Other(2)
 
8,505

 
8,505

 
—

 
8,505

 
—


 
 
 
 
(1) Includes $33 million of loans classified as held-for-sale that were measured at fair value on a non-recurring basis as of September 30, 2018.
(2) Represents a portion of underlying client assets related to our enhanced custody business, which assets clients have allowed us to transfer and re-pledge.
 
 
 
 
 
 
Fair Value Hierarchy
(In millions)
 
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)
December 31, 2017
 
 
 
 
 
 
 
 
 
 
Financial Assets:
 
 
 
 
 
 
 
 
 
 
Cash and due from banks
 
$
2,107

 
$
2,107

 
$
2,107

 
$
—

 
$
—

Interest-bearing deposits with banks
 
67,227

 
67,227

 
—

 
67,227

 
—

Securities purchased under resale agreements
 
3,241

 
3,241

 
—

 
3,241

 
—

Investment securities held-to-maturity
 
40,458

 
40,255

 
16,814

 
23,318

 
123

Net loans (excluding leases)(1)
 
22,577

 
22,482

 
—

 
22,431

 
51

Financial Liabilities:
 
 
 
 
 
 
 
 
 
 
Deposits:
 
 
 
 
 
 
 
 
 
 
     Non-interest-bearing
 
$
47,175

 
$
47,175

 
$
—

 
$
47,175

 
$
—

     Interest-bearing - U.S.
 
50,139

 
50,139

 
—

 
50,139

 
—

     Interest-bearing - non-U.S.
 
87,582

 
87,582

 
—

 
87,582

 
—

Securities sold under repurchase agreements
 
2,842

 
2,842

 
—

 
2,842

 
—

Other short-term borrowings
 
1,144

 
1,144

 
—

 
1,144

 
—

Long-term debt
 
11,620

 
11,919

 
—

 
11,639

 
280


 
 
 
 
(1) Includes $3 million of loans classified as held-for-sale that were measured at fair value on a non-recurring basis as of December 31, 2017.