Fair Values of Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2022

Table 15.1 presents the balances of assets and liabilities recorded at fair value on a recurring basis.

Table 15.1: Fair Value on a Recurring Basis


	September 30, 2022						December 31, 2021
(in millions)	Level 1		Level 2	Level 3	Total		Level 1	Level 2	Level 3	Total
Trading debt securities:
Securities of U.S. Treasury and federal agencies	$	29,417	4,768	—	34,185		27,607	2,249	—	29,856
Collateralized loan obligations	—		660	167	827		—	655	211	866
Corporate debt securities	—		10,154	15	10,169		—	9,987	18	10,005
Federal agency mortgage-backed securities	—		32,921	—	32,921		—	40,350	—	40,350
Non-agency mortgage-backed securities	—		1,409	—	1,409		—	1,531	11	1,542
Other debt securities	—		6,255	—	6,255		—	5,645	1	5,646
Total trading debt securities	29,417		56,167	182	85,766		27,607	60,417	241	88,265
Available-for-sale debt securities:
Securities of U.S. Treasury and federal agencies	44,730		—	—	44,730		39,661	—	—	39,661
Non-U.S. government securities	—		162	—	162		—	71	—	71
Securities of U.S. states and political subdivisions	—		10,127	539	10,666		—	16,832	85	16,917
Federal agency mortgage-backed securities	—		50,351	—	50,351		—	105,886	—	105,886
Non-agency mortgage-backed securities	—		3,426	—	3,426		—	4,522	10	4,532
Collateralized loan obligations	—		4,134	—	4,134		—	5,708	—	5,708
Other debt securities	—		2,192	174	2,366		—	4,378	91	4,469
Total available-for-sale debt securities	44,730		70,392	713	115,835		39,661	137,397	186	177,244
Loans held for sale	—		5,051	1,074	6,125		—	14,862	1,033	15,895
Mortgage servicing rights (residential)	—		—	9,828	9,828		—	—	6,920	6,920
Derivative assets (gross):
Interest rate contracts	508		44,681	176	45,365		52	22,296	190	22,538
Commodity contracts	—		9,811	245	10,056		—	5,902	63	5,965
Equity contracts	5,472		9,683	566	15,721		6,402	9,350	2,019	17,771
Foreign exchange contracts	95		24,390	90	24,575		8	6,573	7	6,588
Credit contracts	—		44	18	62		—	32	14	46

Total derivative assets (gross)	6,075		88,609	1,095	95,779		6,462	44,153	2,293	52,908
Equity securities:
Marketable	16,092		222	3	16,317		29,968	82	4	30,054
Nonmarketable (1)	—		8,366	15	8,381		—	57	8,906	8,963
Total equity securities	16,092		8,588	18	24,698		29,968	139	8,910	39,017
Total assets prior to derivative netting	$	96,314	228,807	12,910	338,031		103,698	256,968	19,583	380,249
Derivative netting (2)					(66,526)					(31,430)
Total assets after derivative netting					$	271,505				348,819
Derivative liabilities (gross):
Interest rate contracts	$	(309)	(44,193)	(2,646)	(47,148)		(28)	(17,712)	(63)	(17,803)
Commodity contracts	—		(5,357)	(120)	(5,477)		—	(2,351)	(66)	(2,417)
Equity contracts	(3,550)		(5,261)	(1,709)	(10,520)		(5,820)	(10,753)	(2,448)	(19,021)
Foreign exchange contracts	(87)		(27,943)	(28)	(28,058)		(8)	(6,654)	(10)	(6,672)
Credit contracts	—		(33)	(2)	(35)		—	(40)	(3)	(43)

Total derivative liabilities (gross)	(3,946)		(82,787)	(4,505)	(91,238)		(5,856)	(37,510)	(2,590)	(45,956)






Short-sale and other trading liabilities	(20,592)		(6,380)	—	(26,972)		(15,436)	(5,249)	—	(20,685)
Total liabilities prior to derivative netting	$	(24,538)	(89,167)	(4,505)	(118,210)		(21,292)	(42,759)	(2,590)	(66,641)
Derivative netting (2)					67,838					36,532
Total liabilities after derivative netting					$	(50,372)				(30,109)

(1)Excludes $81 million of nonmarketable equity securities as of December 31, 2021 that are measured at fair value using non-published NAV per share (or its equivalent) as a practical expedient that are not classified in the fair value hierarchy.

(2)Represents balance sheet netting of derivative asset and liability balances, related cash collateral and portfolio level counterparty valuation adjustments. See Note 14 (Derivatives) for additional information.

Changes in Level 3 Fair Value Assets and Liabilities on a Recurring Basis

Table 15.2 presents the changes in Level 3 assets and liabilities measured at fair value on a recurring basis.

Table 15.2: Changes in Level 3 Fair Value Assets and Liabilities on a Recurring Basis


										Net unrealized gains (losses) related to assets and liabilities held at period end
(in millions)	Balance, beginning of period		Net gains/(losses) (1)	Purchases (2)	Sales	Settlements	Transfers into Level 3 (3)	Transfers out of Level 3 (4)	Balance, end of period		(5)
Quarter ended September 30, 2022
Trading debt securities	$	169	(15)	68	(43)	—	—	3	182	(15)	(6)
Available-for-sale debt securities	167		(9)	225	—	(4)	334	—	713	—	(6)
Loans held for sale	1,072		(55)	114	(36)	(45)	28	(4)	1,074	(55)	(7)
Mortgage servicing rights (residential) (8)	9,163		460	204	1	—	—	—	9,828	750	(7)
Net derivative assets and liabilities:
Interest rate contracts	(571)		(2,220)	—	—	132	188	1	(2,470)	(1,905)
Equity contracts	(1,503)		(137)	—	—	249	12	236	(1,143)	131
Other derivative contracts	137		28	13	(8)	28	—	5	203	70
Total derivative contracts	(1,937)		(2,329)	13	(8)	409	200	242	(3,410)	(1,704)	(9)
Equity securities	31		(1)	1	(1)	—	(3)	(9)	18	(1)	(6)

Quarter ended September 30, 2021
Trading debt securities	$	192	1	130	(101)	(2)	—	(6)	214	(3)	(6)
Available-for-sale debt securities	2,805		1	362	—	(49)	—	(816)	2,303	7	(6)
Loans held for sale	1,069		(8)	117	(79)	(83)	106	(131)	991	(10)	(7)
Mortgage servicing rights (residential) (8)	6,717		(232)	379	(2)	—	—	—	6,862	275	(7)
Net derivative assets and liabilities:
Interest rate contracts	314		110	—	—	(260)	—	—	164	16
Equity contracts	(425)		(493)	—	—	595	(58)	46	(335)	45
Other derivative contracts	35		(68)	1	(3)	25	(2)	—	(12)	(25)
Total derivative contracts	(76)		(451)	1	(3)	360	(60)	46	(183)	36	(9)
Equity securities	9,660		(487)	—	—	—	4	—	9,177	(487)	(6)
Nine months ended September 30, 2022
Trading debt securities	$	241	(52)	161	(135)	(6)	5	(32)	182	(48)	(6)
Available-for-sale debt securities	186		(35)	279	(25)	(14)	460	(138)	713	(1)	(6)
Loans held for sale	1,033		(173)	293	(106)	(175)	214	(12)	1,074	(163)	(7)
Mortgage servicing rights (residential) (8)	6,920		2,289	868	(249)	—	—	—	9,828	3,223	(7)
Net derivative assets and liabilities:
Interest rate contracts	127		(3,179)	—	—	778	(197)	1	(2,470)	(2,348)
Equity contracts	(429)		(158)	—	—	1,118	(584)	(1,090)	(1,143)	503
Other derivative contracts	5		94	13	(8)	100	—	(1)	203	179
Total derivative contracts	(297)		(3,243)	13	(8)	1,996	(781)	(1,090)	(3,410)	(1,666)	(9)
Equity securities	8,910		3	1	(3)	—	2	(8,895)	18	(2)	(6)

Nine months ended September 30, 2021
Trading debt securities	$	173	21	422	(403)	(7)	22	(14)	214	2	(6)
Available-for-sale debt securities	2,994		22	386	—	(237)	253	(1,115)	2,303	(13)	(6)
Loans held for sale	1,234		(12)	377	(458)	(300)	284	(134)	991	(13)	(7)
Mortgage servicing rights (residential) (8)	6,125		(523)	1,270	(10)	—	—	—	6,862	1,057	(7)
Net derivative assets and liabilities:
Interest rate contracts	446		27	—	—	(304)	—	(5)	164	(14)
Equity contracts	(314)		(819)	—	—	755	(95)	138	(335)	(154)
Other derivative contracts	39		(108)	3	(4)	57	(2)	3	(12)	(10)
Total derivative contracts	171		(900)	3	(4)	508	(97)	136	(183)	(178)	(9)
Equity securities	9,233		(58)	—	(5)	—	7	—	9,177	(59)	(6)

(1)Includes net gains (losses) included in both net income and other comprehensive income. All amounts represent net gains (losses) included in net income except for $(9) million and $(36) million and included in other comprehensive income from AFS debt securities for the third quarter and first nine months of 2022, respectively. The corresponding amounts for the third quarter and first nine months of 2021 were $(2) million and $34 million, respectively.

(2)Includes originations of mortgage servicing rights and loans held for sale.

(3)All assets and liabilities transferred into Level 3 were previously classified within Level 2.

(4)All assets and liabilities transferred out of Level 3 are classified as Level 2. During first quarter 2022, we transferred $8.9 billion of non-marketable equity securities and $1.4 billion of related economic hedging derivative assets (equity contracts) out of Level 3 due to our election to measure fair value of these instruments as a portfolio. Under this election, the unit of valuation is the portfolio-level, rather than each individual instrument. The unobservable inputs previously significant to the valuation of the instruments individually are no longer significant, as those unobservable inputs offset under the portfolio election.

(5)Includes net unrealized gains (losses) related to assets and liabilities held at period end included in both net income and other comprehensive income. All amounts represent net unrealized gains (losses) included in net income except for $5 million and $(3) million included in other comprehensive income from AFS debt securities for the third quarter and first nine months of 2021, respectively.

(6)Included in net gains from trading and securities in the consolidated statement of income.

(7)Included in mortgage banking income in the consolidated statement of income.

(8)For additional information on the changes in mortgage servicing rights, see Note 9 (Mortgage Banking Activities).

(9)Included in mortgage banking income, net gains from trading and securities, and other noninterest income in the consolidated statement of income.

Valuation Techniques - Recurring Basis

Table 15.3 provides quantitative information about the valuation techniques and significant unobservable inputs used in the valuation of our Level 3 assets and liabilities measured at fair value on a recurring basis.

The significant unobservable inputs for Level 3 assets inherent in the fair values obtained from third-party vendors are not included in the table, as the specific inputs applied are not

provided by the vendor (for additional information on vendor-developed valuations, see Note 17 (Fair Values of Assets and Liabilities) in our 2021 Form 10-K).

Weighted averages of inputs are calculated using outstanding unpaid principal balance for cash instruments, such as loans and securities, and notional amounts for derivative instruments.

Table 15.3: Valuation Techniques – Recurring Basis


($ in millions, except cost to service amounts)	Fair Value Level 3			Valuation Technique	Significant Unobservable Input	Range of Inputs					Weighted Average
September 30, 2022
Trading and available-for-sale debt securities	$	585		Discounted cash flow	Discount rate	3.0		-	12.5	%	4.4

	182			Market comparable pricing	Comparability adjustment	(26.8)		-	48.0		0.7
	128			Market comparable pricing	Multiples	1.1x		-	7.4x		4.1x
Loans held for sale	1,074			Discounted cash flow	Default rate	0.0		-	33.4	%	0.7
					Discount rate	2.3		-	13.7		7.8
					Loss severity	0.0		-	54.7		17.4
					Prepayment rate	3.7		-	15.0		11.2
Mortgage servicing rights (residential)	9,828			Discounted cash flow	Cost to service per loan (1)	$	52	-	563		102
					Discount rate	8.8		-	13.3	%	9.1
					Prepayment rate (2)	8.1		-	19.7		9.3
Net derivative assets and (liabilities):
Interest rate contracts	(2,082)			Discounted cash flow	Discount rate	3.1		-	4.3		3.9
	(102)			Discounted cash flow	Default rate	0.4		-	5.0		2.2
					Loss severity	50.0		-	50.0		50.0
					Prepayment rate	2.8		-	22.0		18.6
Interest rate contracts: derivative loan commitments	(286)			Discounted cash flow	Fall-out factor	1.0		-	99.0		20.5
					Initial-value servicing	(43.2)		-	276.0	bps	5.5
Equity contracts	(948)			Discounted cash flow	Conversion factor	(13.9)		-	0.0	%	(10.3)
					Weighted average life	0.3		-	2.3	yrs	1.0
	(195)			Option model	Correlation factor	(77.0)		-	99.0	%	50.8
					Volatility factor	6.5		-	85.0		39.9


Insignificant Level 3 assets, net of liabilities	221
Total Level 3 assets, net of liabilities	$	8,405	(3)
December 31, 2021
Trading and available-for-sale debt securities	$	136		Discounted cash flow	Discount rate	0.4		-	12.5	%	5.5
	11			Vendor priced
	280			Market comparable pricing	Comparability adjustment	(30.2)		-	19.2		(4.6)

Loans held for sale	1,033			Discounted cash flow	Default rate	0.0		-	29.2	%	1.2
					Discount rate	1.6		-	11.9		5.1
					Loss severity	0.0		-	46.9		15.4
					Prepayment rate	7.5		-	18.2		13.1
Mortgage servicing rights (residential)	6,920			Discounted cash flow	Cost to service per loan (1)	$	54	-	585		106
					Discount rate	5.8		-	8.8	%	6.4
					Prepayment rate (2)	12.5		-	21.1		14.7
Net derivative assets and (liabilities):
Interest rate contracts	87			Discounted cash flow	Default rate	0.0		-	5.0		2.1
					Loss severity	50.0		-	50.0		50.0
					Prepayment rate	2.8		-	22.0		18.7
Interest rate contracts: derivative loan commitments	40			Discounted cash flow	Fall-out factor	1.0		-	99.0		16.8
					Initial-value servicing	(74.8)		-	146.0	bps	50.9
Equity contracts	253			Discounted cash flow	Conversion factor	(10.2)		-	0.0	%	(9.7)
					Weighted average life	0.5		-	2.0	yrs	1.1
	(682)			Option model	Correlation factor	(77.0)		-	99.0	%	23.2
					Volatility factor	6.5		-	72.0		29.1
Nonmarketable equity securities	8,906			Market comparable pricing	Comparability adjustment	(21.6)		-	(7.7)		(15.5)
Insignificant Level 3 assets, net of liabilities	9
Total Level 3 assets, net of liabilities	$	16,993	(3)

(1)The high end of the range of inputs is for servicing modified loans. For non-modified loans the range is $52 - $181 at September 30, 2022, and $54 - $199 at December 31, 2021.

(2)Includes a blend of prepayment speeds and expected defaults. Prepayment speeds are influenced by mortgage interest rates as well as our estimation of drivers of borrower behavior.

(3)Consists of total Level 3 assets of $12.9 billion and $19.6 billion and total Level 3 liabilities of $4.5 billion and $2.6 billion, before netting of derivative balances, at September 30, 2022, and December 31, 2021, respectively.

Fair Value on a Nonrecurring Basis

Table 15.4 provides the fair value hierarchy and fair value at the date of the nonrecurring fair value adjustment for all assets that were still held as of September 30, 2022, and December 31, 2021, and for which a nonrecurring fair value adjustment was recorded during the nine months ended September 30, 2022, and year ended December 31, 2021.

Table 15.4: Fair Value on a Nonrecurring Basis


	September 30, 2022				December 31, 2021
(in millions)	Level 2		Level 3	Total	Level 2	Level 3	Total
Loans held for sale (1)	$	840	1,513	2,353	3,911	1,407	5,318
Loans:
Commercial	206		—	206	476	—	476
Consumer	491		—	491	380	—	380
Total loans	697		—	697	856	—	856
Mortgage servicing rights (commercial)	—		75	75	—	567	567
Nonmarketable equity securities	1,566		3,666	5,232	6,262	765	7,027
Other assets	1,560		243	1,803	1,373	175	1,548
Total assets at fair value on a nonrecurring basis	$	4,663	5,497	10,160	12,402	2,914	15,316

(1)Predominantly consists of commercial mortgages and residential mortgage – first lien loans.

Gains (Losses) on Assets with Nonrecurring Fair Value Adjustment

Table 15.5 presents the gains (losses) on certain assets held at the end of the reporting periods presented for which a nonrecurring fair value adjustment was recognized in earnings during the respective periods.

Table 15.5: Gains (Losses) on Assets with Nonrecurring Fair Value Adjustment


	Nine months ended September 30,
(in millions)	2022		2021
Loans held for sale	$	(87)	28
Loans:
Commercial	(72)		(254)
Consumer	(544)		(409)
Total loans	(616)		(663)
Mortgage servicing rights (commercial)	4		36
Nonmarketable equity securities (1)	(357)		2,974

Other assets (2)	(319)		(84)
Total	$	(1,375)	2,291

(1)Includes impairment of nonmarketable equity securities and observable price changes related to nonmarketable equity securities accounted for under the measurement alternative.

(2)Includes impairment of operating lease ROU assets, valuation of physical commodities, valuation losses on foreclosed real estate and other collateral owned, and impairment of private equity and venture capital investments in consolidated portfolio companies.

Valuation Techniques - Nonrecurring Basis

Table 15.6 provides quantitative information about the valuation techniques and significant unobservable inputs used in the valuation of our Level 3 assets that are measured at fair value on a nonrecurring basis and determined using an internal model. The table is limited to financial instruments that had nonrecurring fair value adjustments during the periods presented. Weighted averages of inputs are calculated using outstanding unpaid principal balance for cash instruments, such as loans, and carrying value prior to the nonrecurring fair value measurement for nonmarketable equity securities and private equity and venture capital investments in consolidated portfolio companies.

Table 15.6: Valuation Techniques – Nonrecurring Basis


($ in millions)	Fair Value Level 3		Valuation Technique (1)	Significant Unobservable Input (1)		Range of Inputs Positive (Negative)					Weighted Average
September 30, 2022
Loans held for sale (2)	$	1,513	Discounted cash flow	Default rate	(3)	0.2		-	89.8	%	15.9
				Discount rate		0.6		-	13.9		4.1
				Loss severity		0.4		-	49.8		3.9
				Prepayment rate	(4)	2.7		-	100.0		37.1

Mortgage servicing rights (commercial)	75		Discounted cash flow	Cost to service per loan		$	3,775	-	3,775		3,775
				Discount rate		5.2		-	5.2	%	5.2
				Prepayment rate		0.0		-	20.6		6.7
Nonmarketable equity securities	1,992		Market comparable pricing	Comparability adjustment		(100.0)		-	(4.0)		(23.0)

	1,666		Market comparable pricing	Multiples		0.8x		-	24.2x		16.7x




Other assets (5)	234		Market comparable pricing	Multiples		6.4		-	8.0		7.1
Insignificant Level 3 assets	17
Total	$	5,497
December 31, 2021
Loans held for sale (2)	$	1,407	Discounted cash flow	Default rate	(3)	0.2		-	78.3	%	25.6
				Discount rate		0.6		-	12.0		3.3
				Loss severity		0.4		-	45.6		4.8
				Prepayment rate	(4)	5.4		-	100.0		38.9

Mortgage servicing rights (commercial)	567		Discounted cash flow	Cost to service per loan		$	150	-	3,381		2,771
				Discount rate		4.0		-	4.5	%	4.0
				Prepayment rate		0.0		-	20.6		5.5
Nonmarketable equity securities	745		Market comparable pricing	Comparability adjustment		(100.0)		-	(33.0)		(59.0)
	15		Market comparable pricing	Multiples		2.0x		-	3.3x		2.8x
	5		Discounted cash flow	Discount rate		10.5		-	10.5	%	10.5
Other assets	175		Discounted cash flow	Discount rate		0.2		-	4.4		2.9
Total	$	2,914

(1)See Note 17 (Fair Values of Assets and Liabilities) in our 2021 Form 10-K for additional information on the valuation technique and significant unobservable inputs used in the valuation of Level 3 assets.

(2)Consists of approximately $1.3 billion and $1.2 billion of government insured/guaranteed loans purchased from GNMA-guaranteed mortgage securitizations at September 30, 2022, and December 31, 2021, respectively, and approximately $200 million of other mortgage loans that are not government insured/guaranteed at both September 30, 2022, and December 31, 2021.

(3)Applies only to non-government insured/guaranteed loans.

(4)Includes the impact on prepayment rate of expected defaults for government insured/guaranteed loans, which impact the frequency and timing of early resolution of loans.

(5)Represents private equity and venture capital investments in consolidated portfolio companies.

Fair Value Option

Table 15.7 reflects differences between the fair value carrying amount of the assets for which we have elected the fair value option and the contractual aggregate unpaid principal amount at maturity. Nonaccrual loans and loans 90 days or more past due and still accruing included in LHFS for which we have elected the fair value option were insignificant at September 30, 2022, and December 31, 2021.

Table 15.7: Fair Value Option


	September 30, 2022				December 31, 2021
(in millions)	Fair value carrying amount		Aggregate unpaid principal	Fair value carrying amount less aggregate unpaid principal	Fair value carrying amount	Aggregate unpaid principal	Fair value carrying amount less aggregate unpaid principal
Loans held for sale	$	6,125	6,612	(487)	15,895	15,750	145

Fair Value Estimates for Financial Instruments

Table 15.8 presents a summary of fair value estimates for financial instruments that are not carried at fair value on a recurring basis. Some financial instruments are excluded from the scope of this table, such as certain insurance contracts, certain nonmarketable equity securities, and leases. This table also excludes assets and liabilities that are not financial instruments such as the value of the long-term relationships with our deposit, credit card and trust customers, MSRs, premises and equipment, goodwill and deferred taxes.

Loan commitments, standby letters of credit and commercial and similar letters of credit are not included in

Table 15.8. A reasonable estimate of the fair value of these instruments is the carrying value of deferred fees plus the allowance for unfunded credit commitments, which totaled $800 million and $1.4 billion at September 30, 2022, and December 31, 2021, respectively.

The total of the fair value calculations presented does not represent, and should not be construed to represent, the underlying fair value of the Company.

Table 15.8: Fair Value Estimates for Financial Instruments


			Estimated fair value
(in millions)	Carrying amount		Level 1	Level 2	Level 3	Total
September 30, 2022
Financial assets
Cash and due from banks (1)	$	27,634	27,634	—	—	27,634
Interest-earning deposits with banks (1)	137,821		137,618	203	—	137,821
Federal funds sold and securities purchased under resale agreements (1)	55,840		—	55,840	—	55,840
Held-to-maturity debt securities	300,434		14,358	238,580	2,633	255,571
Loans held for sale	3,309		—	1,652	1,707	3,359
Loans, net (2)	918,780		—	58,172	828,320	886,492
Nonmarketable equity securities (cost method)	4,301		—	—	4,363	4,363
Total financial assets	$	1,448,119	179,610	354,447	837,023	1,371,080
Financial liabilities
Deposits (3)	$	39,194	—	25,093	13,051	38,144
Short-term borrowings	48,222		—	48,237	—	48,237
Long-term debt (4)	155,634		—	151,895	1,022	152,917
Total financial liabilities	$	243,050	—	225,225	14,073	239,298
December 31, 2021
Financial assets
Cash and due from banks (1)	$	24,616	24,616	—	—	24,616
Interest-earning deposits with banks (1)	209,614		209,452	162	—	209,614
Federal funds sold and securities purchased under resale agreements (1)	66,223		—	66,223	—	66,223
Held-to-maturity debt securities	272,022		16,825	252,717	2,844	272,386
Loans held for sale	7,722		—	6,300	1,629	7,929
Loans, net (2)	868,278		—	63,404	820,559	883,963
Nonmarketable equity securities (cost method)	3,584		—	—	3,646	3,646
Total financial assets	$	1,452,059	250,893	388,806	828,678	1,468,377
Financial liabilities
Deposits (3)	$	30,012	—	14,401	15,601	30,002
Short-term borrowings	34,409		—	34,409	—	34,409
Long-term debt (4)	160,660		—	166,682	1,402	168,084
Total financial liabilities	$	225,081	—	215,492	17,003	232,495

(1)Amounts consist of financial instruments for which carrying value approximates fair value.

(2)Excludes lease financing with a carrying amount of $14.4 billion and $14.5 billion at September 30, 2022, and December 31, 2021, respectively.

(3)Excludes deposit liabilities with no defined or contractual maturity of $1.4 trillion and $1.5 trillion at September 30, 2022, and December 31, 2021, respectively.

(4)Excludes obligations under finance leases of $23 million and $26 million at September 30, 2022, and December 31, 2021, respectively.