Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2015

Fair Value of Assets and Liabilities Measured on Recurring Basis

Certain assets and liabilities are measured at fair value on a recurring basis in accordance with GAAP. The following tables present these assets and liabilities at September 30, 2015, December 31, 2014, and September 30, 2014.

September 30, 2015
in millions	Level 1		Level 2		Level 3		Total
ASSETS MEASURED ON A RECURRING BASIS
Trading account assets:
U.S. Treasury, agencies and corporations		—	$	694		—	$	694
States and political subdivisions		—		35		—		35
Collateralized mortgage obligations		—		—		—		—
Other mortgage-backed securities		—		46		—		46
Other securities	$	4		23		—		27
Total trading account securities		4		798		—		802
Commercial loans		—		9		—		9
Total trading account assets		4		807		—		811
Securities available for sale:
States and political subdivisions		—		15		—		15
Collateralized mortgage obligations		—		12,003		—		12,003
Other mortgage-backed securities		—		2,330		—		2,330
Other securities		11		—	$	17		28
Total securities available for sale		11		14,348		17		14,376
Other investments:
Principal investments:
Direct		—		—		66		66
Indirect		—		—		271		271
Total principal investments		—		—		337		337
Equity and mezzanine investments:
Direct		—		—		—		—
Indirect		—		—		9		9
Total equity and mezzanine investments		—		—		9		9
Other		—		—		4		4
Total other investments		—		—		350		350
Derivative assets:
Interest rate		—		1,097		22		1,119
Foreign exchange		120		10		—		130
Commodity		—		482		—		482
Credit		—		4		3		7
Derivative assets		120		1,593		25		1,738
Netting adjustments (a)		—		—		—		(945	)
Total derivative assets		120		1,593		25		793
Accrued income and other assets		—		2		—		2
Total assets on a recurring basis at fair value	$	135	$	16,750	$	392	$	16,332
LIABILITIES MEASURED ON A RECURRING BASIS
Bank notes and other short-term borrowings:
Short positions		—	$	677		—	$	677
Derivative liabilities:
Interest rate		—		656		—		656
Foreign exchange	$	102		10		—		112
Commodity		—		469		—		469
Credit		—		5		—		5
Derivative liabilities		102		1,140		—		1,242
Netting adjustments (a)		—		—		—		(566	)
Total derivative liabilities		102		1,140		—		676
Accrued expense and other liabilities		—		2		—		2
Total liabilities on a recurring basis at fair value	$	102	$	1,819		—	$	1,355

(a) Netting adjustments represent the amounts recorded to convert our derivative assets and liabilities from a gross basis to a net basis in accordance with applicable accounting guidance. The net basis takes into account the impact of bilateral collateral and master netting agreements that allow us to settle all derivative contracts with a single counterparty on a net basis and to offset the net derivative position with the related cash collateral. Total derivative assets and liabilities include these netting adjustments.

December 31, 2014
in millions	Level 1		Level 2		Level 3		Total
ASSETS MEASURED ON A RECURRING BASIS
Trading account assets:
U.S. Treasury, agencies and corporations		—	$	555		—	$	555
States and political subdivisions		—		38		—		38
Collateralized mortgage obligations		—		—		—		—
Other mortgage-backed securities		—		124		—		124
Other securities	$	2		29		—		31
Total trading account securities		2		746		—		748
Commercial loans		—		2		—		2
Total trading account assets		2		748		—		750
Securities available for sale:
States and political subdivisions		—		23		—		23
Collateralized mortgage obligations		—		11,270		—		11,270
Other mortgage-backed securities		—		2,035		—		2,035
Other securities		22		—	$	10		32
Total securities available for sale		22		13,328		10		13,360
Other investments:
Principal investments:
Direct		2		—		102		104
Indirect		—		—		302		302
Total principal investments		2		—		404		406
Equity and mezzanine investments:
Direct		—		—		—		—
Indirect		—		—		10		10
Total equity and mezzanine investments		—		—		10		10
Other		—		—		4		4
Total other investments		2		—		418		420
Derivative assets:
Interest rate		—		924		13		937
Foreign exchange		91		2		—		93
Commodity		—		608		—		608
Credit		—		2		3		5
Derivative assets		91		1,536		16		1,643
Netting adjustments (a)		—		—		—		(1,034	)
Total derivative assets		91		1,536		16		609
Accrued income and other assets		—		—		—		—
Total assets on a recurring basis at fair value	$	117	$	15,612	$	444	$	15,139
LIABILITIES MEASURED ON A RECURRING BASIS
Bank notes and other short-term borrowings:
Short positions		—	$	423		—	$	423
Derivative liabilities:
Interest rate		—		644		—		644
Foreign exchange	$	77		4		—		81
Commodity		—		594		—		594
Credit		—		6	$	1		7
Derivative liabilities		77		1,248		1		1,326
Netting adjustments (a)		—		—		—		(542	)
Total derivative liabilities		77		1,248		1		784
Accrued expense and other liabilities		—		—		—		—
Total liabilities on a recurring basis at fair value	$	77	$	1,671	$	1	$	1,207

(a) Netting adjustments represent the amounts recorded to convert our derivative assets and liabilities from a gross basis to a net basis in accordance with applicable accounting guidance. The net basis takes into account the impact of bilateral collateral and master netting agreements that allow us to settle all derivative contracts with a single counterparty on a net basis and to offset the net derivative position with the related cash collateral. Total derivative assets and liabilities include these netting adjustments.

September 30, 2014
in millions	Level 1		Level 2		Level 3		Total
ASSETS MEASURED ON A RECURRING BASIS
Trading account assets:
U.S. Treasury, agencies and corporations		—	$	596		—	$	596
States and political subdivisions		—		24		—		24
Collateralized mortgage obligations		—		—		—		—
Other mortgage-backed securities		—		186		—		186
Other securities	$	13		145		—		158
Total trading account securities		13		951		—		964
Commercial loans		—		1		—		1
Total trading account assets		13		952		—		965
Securities available for sale:
States and political subdivisions		—		27		—		27
Collateralized mortgage obligations		—		10,009		—		10,009
Other mortgage-backed securities		—		2,177		—		2,177
Other securities		22		—	$	10		32
Total securities available for sale		22		12,213		10		12,245
Other investments:
Principal investments:
Direct		—		—		115		115
Indirect		—		—		353		353
Total principal investments		—		—		468		468
Equity and mezzanine investments:
Direct		—		—		—		—
Indirect		—		—		13		13
Total equity and mezzanine investments		—		—		13		13
Other		—		—		4		4
Total other investments		—		—		485		485
Derivative assets:
Interest rate		—		827		19		846
Foreign exchange		73		8		—		81
Commodity		—		95		—		95
Credit		—		1		3		4
Derivative assets		73		931		22		1,026
Netting adjustments (a)		—		—		—		(613	)
Total derivative assets		73		931		22		413
Accrued income and other assets		—		—		—		—
Total assets on a recurring basis at fair value	$	108	$	14,096	$	517	$	14,108
LIABILITIES MEASURED ON A RECURRING BASIS
Bank notes and other short-term borrowings:
Short positions	$	6	$	490		—	$	496
Derivative liabilities:
Interest rate		—		616		—		616
Foreign exchange		55		9		—		64
Commodity		—		89	$	1		90
Credit		—		7		—		7
Derivative liabilities		55		721		1		777
Netting adjustments (a)		—		—		—		(393	)
Total derivative liabilities		55		721		1		384
Accrued expense and other liabilities		—		—		—		—
Total liabilities on a recurring basis at fair value	$	61	$	1,211	$	1	$	880

(a) Netting adjustments represent the amounts recorded to convert our derivative assets and liabilities from a gross basis to a net basis in accordance with applicable accounting guidance. The net basis takes into account the impact of bilateral collateral and master netting agreements that allow us to settle all derivative contracts with a single counterparty on a net basis and to offset the net derivative position with the related cash collateral. Total derivative assets and liabilities include these netting adjustments.

Change in Fair Values of Level 3 Financial Instruments

Changes in Level 3 Fair Value Measurements

The following table shows the change in the fair values of our Level 3 financial instruments for the three and nine months ended September 30, 2015, and September 30, 2014. We mitigate the credit risk, interest rate risk, and risk of loss related to many of these Level 3 instruments by using securities and derivative positions classified as Level 1 or Level 2. Level 1 and Level 2 instruments are not included in the following table. Therefore, the gains or losses shown do not include the impact of our risk management activities.

in millions	Beginning of Period Balance		Gains (Losses) Included in Earnings			Purchases		Sales			Settlements			Transfers into Level 3 (d)			Transfers out of Level 3 (d)			End of Period Balance (f)		Unrealized Gains (Losses) Included in Earnings
Nine months ended September 30, 2015
Securities available for sale
Other securities	$	10		—		$	7		—			—			—			—		$	17		—
Other investments
Principal investments
Direct		102	$	20	(b)		5	$	(61	)		—			—			—			66		—
Indirect		302		33	(b)		6		(70	)		—			—			—			271	$	(23	) (b)
Equity and mezzanine investments
Direct		—		2	(b)		—		(2	)		—			—			—			—		2	(b)
Indirect		10		6	(b)		—		(7	)		—			—			—			9		6	(b)
Other		4		—			—		—			—			—			—			4		—
Derivative instruments (a)
Interest rate		13		5	(c)		1		—			—		$	10	(e)	$	(7	) (e)		22		—
Commodity		—		—			—		—			—			—			—			—		—
Credit		2		(7	) (c)		—		8			—			—			—			3		—
Three months ended September 30, 2015
Securities available for sale
Other securities	$	10		—		$	7		—			—			—			—		$	17		—
Other investments
Principal investments
Direct		70	$	4	(b)		3	$	(11	)		—			—			—			66	$	3	(b)
Indirect		282		8	(b)		2		(21	)		—			—			—			271		(8	) (b)
Equity and mezzanine investments
Direct		—		—			—		—			—			—			—			—		—
Indirect		9		—			—		—			—			—			—			9		—
Other		4		—			—		—			—			—			—			4		—
Derivative instruments(a)
Interest rate		16		6	(c)		—		—			—		$	2	(e)	$	(2	) (e)		22		—
Commodity		—		—			—		—			—			—			—			—		—
Credit		3		(3	) (c)		—		8		$	(5	)		—			—			3		—

in millions	Beginning of Period Balance		Gains (Losses) Included in Earnings			Purchases			Sales			Settlements		Transfers into Level 3 (d)			Transfers out of Level 3 (d)			End of Period Balance (f)			Unrealized Gains (Losses) Included in Earnings
Nine months ended September 30, 2014
Securities available for sale
Other securities		—		—		$	10			—			—		—			—		$	10			—
Other investments
Principal investments
Direct	$	141	$	9	(b)		1		$	(36	)		—		—			—			115		$	18	(b)
Indirect		413		49	(b)		8			(117	)		—		—			—			353			8	(b)
Equity and mezzanine investments
Direct		—		—			—			—			—		—			—			—			—
Indirect		23		(1	) (b)		—			(9	)		—		—			—			13			(1	) (b)
Other		4		—			—			—			—		—			—			4			—
Derivative instruments (a)
Interest rate		25		2	(c)		3			(2	)		—	$	7	(e)	$	(16	) (e)		19			—
Commodity		—		—			(1	)		—			—		1	(e)		(1	) (e)		(1	)		—
Credit		3		(7	) (c)		—			—		$	7		—			—			3			—
Three months ended September 30, 2014
Securities available for sale
Other securities		—		—		$	10			—			—		—			—		$	10			—
Other investments
Principal investments
Direct	$	146	$	(2	) (b)		—		$	(29	)		—		—			—			115		$	(2	) (b)
Indirect		399		9	(b)		3			(58	)		—		—			—			353			(4	) (b)
Equity and mezzanine investments
Direct		—		—			—			—			—		—			—			—			—
Indirect		16		—			—			(3	)		—		—			—			13			—
Other		4		—			—			—			—		—			—			4			—
Derivative instruments(a)
Interest rate		20		—			—			—			—	$	2	(e)	$	(3	) (e)		19			—
Commodity		1		—			(1	)		—			—		—			(1	) (e)		(1	)		—
Credit		3		(2	) (c)		—			—		$	2		—			—			3			—

(a) Amounts represent Level 3 derivative assets less Level 3 derivative liabilities.

(b) Realized and unrealized gains and losses on principal investments are reported in “net gains (losses) from principal investing” on the income statement. Realized and unrealized losses on other and private equity and mezzanine investments are reported in “other income” on the income statement.

(c) Realized and unrealized gains and losses on derivative instruments are reported in “corporate services income” and “other income” on the income statement.

(d) Our policy is to recognize transfers into and transfers out of Level 3 as of the end of the reporting period.

(e) Certain derivatives previously classified as Level 2 were transferred to Level 3 because Level 3 unobservable inputs became significant. Certain derivatives previously classified as Level 3 were transferred to Level 2 because Level 3 unobservable inputs became less significant.

(f) There were no issuances for the nine-month periods ended September 30, 2015, and September 30, 2014.

Assets and Liabilities Measured at Fair Value on Nonrecurring Basis

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

Certain assets and liabilities are measured at fair value on a nonrecurring basis in accordance with GAAP. The adjustments to fair value generally result from the application of accounting guidance that requires assets and liabilities to be recorded at the lower of cost or fair value, or assessed for impairment. There were no liabilities measured at fair value on a nonrecurring basis at September 30, 2015, December 31, 2014, and September 30, 2014. The following table presents our assets measured at fair value on a nonrecurring basis at September 30, 2015, December 31, 2014, and September 30, 2014:

	September 30, 2015
in millions	Level 1		Level 2		Level 3		Total
ASSETS MEASURED ON A NONRECURRING BASIS
Impaired loans		—		—	$	3	$	3
Loans held for sale (a)		—		—		—		—
Accrued income and other assets		—		—		6		6
Total assets on a nonrecurring basis at fair value		—		—	$	9	$	9
	December 31, 2014
in millions	Level 1		Level 2		Level 3		Total
ASSETS MEASURED ON A NONRECURRING BASIS
Impaired loans		—		—	$	5	$	5
Loans held for sale (a)		—		—		—		—
Accrued income and other assets		—		—		7		7
Total assets on a nonrecurring basis at fair value		—		—	$	12	$	12
	September 30, 2014
in millions	Level 1		Level 2		Level 3		Total
ASSETS MEASURED ON A NONRECURRING BASIS
Impaired loans		—		—	$	6	$	6
Loans held for sale (a)		—		—		—		—
Accrued income and other assets		—		—		4		4
Total assets on a nonrecurring basis at fair value		—		—	$	10	$	10

(a) During the first nine months of 2015, we transferred $24 million of commercial and consumer loans and leases at their current fair value from held-for-sale status to the held-to-maturity portfolio, compared to $11 million during 2014, and $10 million during the first nine months of 2014.

Quantitative Information about Level 3 Fair Value Measurements

Quantitative Information about Level 3 Fair Value Measurements

The range and weighted-average of the significant unobservable inputs used to fair value our material Level 3 recurring and nonrecurring assets at September 30, 2015, December 31, 2014, and September 30, 2014, along with the valuation techniques used, are shown in the following table:

September 30, 2015 dollars in millions	Fair Value of Level 3 Assets		Valuation Technique	Significant Unobservable Input	Range (Weighted-Average)
Recurring
Other investments — principal investments — direct:	$	66	Individual analysis of the condition of each investment
Debt instruments				EBITDA multiple		N/A (5.40	)
Equity instruments of private companies				EBITDA multiple (where applicable)		5.40 - 6.50 (6.40	)
Equity instruments of public companies			Market approach	Discount		N/A (6.00	)
Nonrecurring
Impaired loans		3	Fair value of underlying collateral	Discount		00.00 - 50.00% (14.00%	)
Goodwill		1,060	Discounted cash flow and market data	Earnings multiple of peers		11.40 - 15.90 (12.92	)
				Equity multiple of peers		1.20 - 1.22 (1.21	)
				Control premium		10.00 - 30.00% (19.70%	)
				Weighted-average cost of capital		13.00 - 14.00% (13.52%	)
December 31, 2014 dollars in millions	Fair Value of Level 3 Assets		Valuation Technique	Significant Unobservable Input	Range (Weighted-Average)
Recurring
Other investments — principal investments — direct:	$	102	Individual analysis of the condition of each investment
Debt instruments				EBITDA multiple		5.40 - 6.00 (5.50	)
Equity instruments of private companies				EBITDA multiple (where applicable)		5.50 - 6.20 (5.80	)
				Revenue multiple (where applicable)		4.30 - 4.30 (4.30	)
Nonrecurring
Impaired loans		5	Fair value of underlying collateral	Discount		10.00 - 64.00% (62.00%	)
Goodwill		1,057	Discounted cash flow and market data	Earnings multiple of peers		11.40 - 15.90 (12.92	)
				Equity multiple of peers		1.20 - 1.22 (1.21	)
				Control premium		10.00 - 30.00% (19.70%	)
				Weighted-average cost of capital		13.00 - 14.00% (13.52%	)
September 30, 2014 dollars in millions	Fair Value of Level 3 Assets		Valuation Technique	Significant Unobservable Input	Range (Weighted-Average)
Recurring
Other investments — principal investments — direct:	$	115	Individual analysis of the condition of each investment
Debt instruments				EBITDA multiple		6.00 - 6.40 (6.30	)
Equity instruments of private companies				EBITDA multiple (where applicable)		5.50 - 6.00 (5.70	)
				Revenue multiple (where applicable)		4.30 - 4.30 (4.30	)
Nonrecurring
Impaired loans		6	Fair value of underlying collateral	Discount		10.00 - 90.00% (24.00%	)
Goodwill		1,051	Discounted cash flow and market data	Earnings multiple of peers		10.10 - 14.40 (11.59	)
				Equity multiple of peers		1.17 - 1.29 (1.24	)
				Control premium		N/A (35.00%	)
				Weighted-average cost of capital		N/A (13.00%	)

Fair Value Disclosures of Financial Instruments

Fair Value Disclosures of Financial Instruments

The levels in the fair value hierarchy ascribed to our financial instruments and the related carrying amounts at September 30, 2015, December 31, 2014, and September 30, 2014, are shown in the following table.

	September 30, 2015
			Fair Value
in millions	Carrying Amount		Level 1		Level 2		Level 3		Netting Adjustment			Total
ASSETS
Cash and short-term investments (a)	$	2,434	$	2,434		—		—		—		$	2,434
Trading account assets (b)		811		4	$	807		—		—			811
Securities available for sale (b)		14,376		11		14,348	$	17		—			14,376
Held-to-maturity securities (c)		4,936		—		4,940		—		—			4,940
Other investments (b)		691		—		—		691		—			691
Loans, net of allowance (d)		59,295		—		—		57,497		—			57,497
Loans held for sale (b)		916		—		—		916		—			916
Derivative assets (b)		793		120		1,593		25	$	(945	) (f)		793
LIABILITIES
Deposits with no stated maturity (a)	$	65,624		—	$	65,624		—		—		$	65,624
Time deposits (e)		5,449	$	427		5,075		—		—			5,502
Short-term borrowings (a)		1,084		—		677		—		—			677
Long-term debt (e)		10,310		10,146		463		—		—			10,609
Derivative liabilities (b)		676		102		1,140		—	$	(566	) (f)		676
	December 31, 2014
			Fair Value
in millions	Carrying Amount		Level 1		Level 2		Level 3		Netting Adjustment			Total
ASSETS
Cash and short-term investments (a)	$	4,922	$	4,922		—		—		—		$	4,922
Trading account assets (b)		750		2	$	748		—		—			750
Securities available for sale (b)		13,360		22		13,328	$	10		—			13,360
Held-to-maturity securities (c)		5,015		—		4,974		—		—			4,974
Other investments (b)		760		2		—		758		—			760
Loans, net of allowance (d)		56,587		—		—		54,993		—			54,993
Loans held for sale (b)		734		—		—		734		—			734
Derivative assets (b)		609		91		1,536		16	$	(1,034	) (f)		609
LIABILITIES
Deposits with no stated maturity (a)	$	66,135		—	$	66,135		—		—		$	66,135
Time deposits (e)		5,863	$	564		5,361		—		—			5,925
Short-term borrowings (a)		998		—		998		—		—			998
Long-term debt (e)		7,875		7,625		626		—		—			8,251
Derivative liabilities (b)		784		77		1,248	$	1	$	(542	) (f)		784
	September 30, 2014
			Fair Value
in millions	Carrying Amount		Level 1		Level 2		Level 3		Netting Adjustment			Total
ASSETS
Cash and short-term investments (a)	$	2,993	$	2,993		—		—		—		$	2,993
Trading account assets (b)		965		13	$	952		—		—			965
Securities available for sale (b)		12,245		22		12,213	$	10		—			12,245
Held-to-maturity securities (c)		4,997		—		4,911		—		—			4,911
Other investments (b)		822		—		—		822		—			822
Loans, net of allowance (d)		55,351		—		—		53,996		—			53,996
Loans held for sale (b)		784		—		—		784		—			784
Mortgage servicing assets (e)		308		—		—		370		—			370
Derivative assets (b)		413		73		931		22	$	(613	) (f)		413
LIABILITIES
Deposits with no stated maturity (a)	$	62,028		—	$	62,028		—		—		$	62,028
Time deposits (e)		6,428	$	556		5,937		—		—			6,493
Short-term borrowings (a)		1,653		6		1,647		—		—			1,653
Long-term debt (e)		7,172		6,854		1,202		—		—			8,056
Derivative liabilities (b)		384		55		721	$	1	$	(393	) (f)		384

Valuation Methods and Assumptions

(a) Fair value equals or approximates carrying amount. The fair value of deposits with no stated maturity does not take into consideration the value ascribed to core deposit intangibles.

(b) Information pertaining to our methodology for measuring the fair values of these assets and liabilities is included in the sections entitled “Qualitative Disclosures of Valuation Techniques” and “Assets Measured at Fair Value on a Nonrecurring Basis” in this note.

(c) Fair values of held-to-maturity securities are determined by using models that are based on security-specific details, as well as relevant industry and economic factors. The most significant of these inputs are quoted market prices, interest rate spreads on relevant benchmark securities, and certain prepayment assumptions. We review the valuations derived from the models to ensure they are reasonable and consistent with the values placed on similar securities traded in the secondary markets.

(d) The fair value of loans is based on the present value of the expected cash flows. The projected cash flows are based on the contractual terms of the loans, adjusted for prepayments and use of a discount rate based on the relative risk of the cash flows, taking into account the loan type, maturity of the loan, liquidity risk, servicing costs, and a required return on debt and capital. In addition, an incremental liquidity discount is applied to certain loans, using historical sales of loans during periods of similar economic conditions as a benchmark. The fair value of loans includes lease financing receivables at their aggregate carrying amount, which is equivalent to their fair value.

(e) Fair values of time deposits and long-term debt are based on discounted cash flows utilizing relevant market inputs.

(f) Netting adjustments represent the amounts recorded to convert our derivative assets and liabilities from a gross basis to a net basis in accordance with applicable accounting guidance. The net basis takes into account the impact of bilateral collateral and master netting agreements that allow us to settle all derivative contracts with a single counterparty on a net basis and to offset the net derivative position with the related cash collateral. Total derivative assets and liabilities include these netting adjustments.

Private Equity and Mezzanine Investments [Member]

Fair Value of Direct and Indirect Investments, Related Unfunded Commitments and Financial Support Provided

The following table presents the fair value of our indirect investments and related unfunded commitments at September 30, 2015. We did not provide any financial support to investees related to our direct and indirect investments for the nine months ended September 30, 2015, and September 30, 2014.

September 30, 2015			Unfunded
in millions	Fair Value		Commitments
INVESTMENT TYPE
Indirect investments
Passive funds (a)	$	9	$	1
Total	$	9	$	1

(a) We invest in passive funds, which are multi-investor private equity funds. These investments can never be redeemed. Instead, distributions are received through the liquidation of the underlying investments in the funds. Some funds have no restrictions on sale, while others require investors to remain in the fund until maturity. The funds will be liquidated over a period of one to four years. The purpose of KREEC’s funding is to allow funds to make additional investments and keep a certain market value threshold in the funds. KREEC is obligated to provide financial support, as all investors are required, to fund based on their ownership percentage, as noted in the Limited Partnership Agreements.

Principal Investments [Member]

Fair Value of Direct and Indirect Investments, Related Unfunded Commitments and Financial Support Provided

The following table presents the fair value of our direct and indirect principal investments and related unfunded commitments at September 30, 2015, as well as financial support provided for the three and nine months ended September 30, 2015, and September 30, 2014:

					Financial support provided
					Three months ended September 30,								Nine months ended September 30,
	September 30, 2015				2015				2014				2015				2014
	Fair		Unfunded		Funded		Funded		Funded		Funded		Funded		Funded		Funded		Funded
in millions	Value		Commitments		Commitments		Other		Commitments		Other		Commitments		Other		Commitments		Other
INVESTMENT TYPE
Direct investments (a)	$	66		—		—	$	—		—		—		—	$	2		—	$	2
Indirect investments (b)		271	$	53	$	2		—	$	3		—	$	7		—	$	10		—
Total	$	337	$	53	$	2	$	—	$	3		—	$	7	$	2	$	10	$	2

(a) Our direct investments consist of equity and debt investments directly in independent business enterprises. Operations of the business enterprises are handled by management of the portfolio company. The purpose of funding these enterprises is to provide financial support for business development and acquisition strategies. We infuse equity capital based on an initial contractual cash contribution and later from additional requests on behalf of the companies’ management.

(b) Our indirect investments consist of buyout funds, venture capital funds, and fund of funds. These investments are generally not redeemable. Instead, distributions are received through the liquidation of the underlying investments of the fund. An investment in any one of these funds typically can be sold only with the approval of the fund’s general partners. We estimate that the underlying investments of the funds will be liquidated over a period of one to nine years. The purpose of funding our capital commitments to these investments is to allow the funds to make additional follow-on investments and pay fund expenses until the fund dissolves. We, and all other investors in the fund, are obligated to fund the full amount of our respective capital commitments to the fund based on our and their respective ownership percentages, as noted in the applicable Limited Partnership Agreement.