Other assets (Tables)

9 Months Ended

Sep. 30, 2021

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	Sept. 30, 2021		Dec. 31, 2020
(in millions)
Corporate/bank-owned life insurance	$	5,349	$	5,301
Accounts receivable	4,187		3,619
Fails to deliver	3,531		1,371
Software	1,999		1,884
Prepaid pension assets	1,683		1,556
Equity in a joint venture and other investments	1,409		1,259
Qualified affordable housing project investments	1,104		1,145
Renewable energy investments	1,066		1,206
Income taxes receivable	610		599
Assets of consolidated investment management funds	505		487
Prepaid expense	488		477
Federal Reserve Bank stock	470		479
Seed capital	255		215
Fair value of hedging derivatives	238		19
Other (a)	1,904		1,338
Total other assets	$	24,798	$	20,955

(a)    At Sept. 30, 2021 and Dec. 31, 2020, other assets include $7 million and $7 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)	3Q21		2Q21		3Q20		YTD21		YTD20
Upward adjustments	$	55	$	6	$	4	$	61	$	10	$	114
Downward adjustments	—		—		—		—		—		(4)
Net adjustments	$	55	$	6	$	4	$	61	$	10	$	110

Summary of Investments Valued Using NAV

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

Investments valued using NAV	Sept. 30, 2021					Dec. 31, 2020
(in millions)	Fair value		Unfunded  commitments			Fair value		Unfunded commitments
Seed capital (a)	$	59		$	25	$	52		$	22
Private equity investments (b)	114			61		102			52
Other (c)	46			—		47			—
Total	$	219		$	86	$	201		$	74

(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 three to 11 years at both Sept. 30, 2021 and Dec. 31, 2020, are liquidated.

(b)    Private equity investments primarily 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.