Other assets (Tables)

9 Months Ended

Sep. 30, 2020

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	Sept. 30, 2020		Dec. 31, 2019
(in millions)
Corporate/bank-owned life insurance	$	5,276	$	5,219
Accounts receivable	3,549		3,802
Fails to deliver	2,192		1,671
Software	1,832		1,590
Prepaid pension assets	1,599		1,464
Equity in a joint venture and other investments	1,190		1,102
Renewable energy investments	1,057		1,144
Qualified affordable housing project investments	997		1,024
Prepaid expense	522		491
Federal Reserve Bank stock	478		466
Income taxes receivable	332		388
Seed capital	200		184
Fair value of hedging derivatives	56		21
Other (a)	1,499		1,655
Total other assets	$	20,779	$	20,221

(a) At Sept. 30, 2020 and Dec. 31, 2019, other assets include $8 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.


Adjustments on non-readily marketable equity securities											Life-to-date
(in millions)	3Q20		2Q20		3Q19		YTD20		YTD19		Life-to-date
Upward adjustments	$	4	$	2	$	1	$	10	$	3	$	42
Downward adjustments	—		—		—		—		(1)		(4)
Net adjustments	$	4	$	2	$	1	$	10	$	2	$	38

Summary of Investments Valued Using NAV

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


Investments valued using NAV	Sept. 30, 2020					Dec. 31, 2019
(in millions)	Fair value		Unfunded commitments			Fair value		Unfunded commitments
Seed capital (a)	$	44		$	11	$	59		$	—
Private equity investments (SBICs) (b)	97			55		89			55
Other (c)	43			—		33			—
Total	$	184		$	66	$	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 lives of six to 11 years at Sept. 30, 2020 and lives of six years at Dec. 31, 2019, 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 monthly to quarterly basis with redemption notice periods of up to 95 days.