v3.26.1
Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements
Note 11:  Fair Value Measurements
We use fair value measurements to recognize fair value adjustments to certain assets and liabilities and to fulfill fair value disclosure requirements. Assets and liabilities recognized at fair value on a recurring basis are presented in Table 11.1 in this Note. Additionally, from time to time, we recognize fair value adjustments on a nonrecurring basis. These nonrecurring adjustments typically involve application of an accounting method such as lower of cost or fair value (LOCOM) and the measurement alternative, or write-downs of individual assets. Assets recognized at fair value on a nonrecurring basis are presented in Table 11.4 in this Note. We provide in Table 11.9 estimates of fair value for financial instruments that are not recognized at fair value, such as loans and debt liabilities carried at amortized cost.

See Note 1 (Summary of Significant Accounting Policies) in our 2025 Form 10-K for a discussion of how we determine fair value. For descriptions of the valuation methodologies we use for assets and liabilities recorded at fair value on a recurring or nonrecurring basis, see Note 14 (Fair Value Measurements) in our 2025 Form 10-K.
FAIR VALUE HIERARCHY. We classify our assets and liabilities recognized at fair value as either Level 1, 2, or 3 in the fair value hierarchy. The highest priority (Level 1) is assigned to valuations based on unadjusted quoted prices in active markets and the lowest priority (Level 3) is assigned to valuations that include one or more significant unobservable inputs. See Note 1 (Summary of Significant Accounting Policies) in our 2025 Form 10-K for a detailed description of the fair value hierarchy.

In the determination of the classification of financial instruments in Level 2 or Level 3 of the fair value hierarchy, we consider all available information, including observable market data, indications of market liquidity and orderliness of transactions, and our understanding of the valuation techniques and significant inputs used. This determination is ultimately based upon the specific facts and circumstances of each instrument or instrument category and judgments are made regarding the significance of the unobservable inputs to the instruments’ fair value measurement in its entirety. If one or more unobservable inputs is considered significant, the instrument is classified as Level 3.

We do not classify nonmarketable equity securities in the fair value hierarchy if we use the non-published net asset value (NAV) per share (or its equivalent) as a practical expedient to measure fair value. Marketable equity securities with published NAVs are classified in the fair value hierarchy.
Assets and Liabilities Recognized at Fair Value on a Recurring Basis
Table 11.1 presents the balances of assets and liabilities recognized at fair value on a recurring basis.
Table 11.1: Fair Value on a Recurring Basis
June 30, 2026December 31, 2025
(in millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Trading assets:
Debt securities:
Securities of U.S. Treasury and federal agencies$63,428 4,929 8 68,365 51,376 3,421 — 54,797 
Collateralized loan obligations— 904 85 989 — 859 77 936 
Corporate debt securities— 17,078 17 17,095 — 19,349 15 19,364 
Federal agency mortgage-backed securities— 67,804 — 67,804 — 69,836 — 69,836 
Non-agency mortgage-backed securities— 1,919 1 1,920 — 1,692 1 1,693 
Other debt securities— 6,276 3 6,279 — 7,236 — 7,236 
Total trading debt securities63,428 98,910 114 162,452 51,376 102,393 93 153,862 
Equity securities (1)33,926 4,029 437,959 32,322 5,948 4 38,274 
Physical commodities inventory
5,379 7,599 — 12,978 3,430 5,677 — 9,107 
Trading loans
— 4,821 210 5,031 — 4,813 69 4,882 
Derivative assets (gross):
Interest rate contracts17 19,958 200 20,175 58 21,985 300 22,343 
Commodity contracts272 6,840 131 7,243 38 3,096 113 3,247 
Equity contracts— 27,694 500 28,194 — 20,636 152 20,788 
Foreign exchange contracts— 57,356 7 57,363 — 38,069 2 38,071 
Credit contracts— 129 6 135 — 51 30 81 
Total derivative assets (gross)289 111,977 844 113,110 96 83,837 597 84,530 
Total trading assets prior to derivative netting$103,022 227,336 1,172 331,530 87,224 202,668 763 290,655 
Derivative netting (2)(88,362)(62,720)
Total trading assets after derivative netting$243,168 227,935 
Available-for-sale debt securities:
Securities of U.S. Treasury and federal agencies$81,122 — — 81,122 51,809 — — 51,809 
Securities of U.S. states and political subdivisions— 10,463 12 10,475 — 10,383 14 10,397 
Federal agency mortgage-backed securities— 146,572 — 146,572 — 140,080 — 140,080 
Non-agency mortgage-backed securities— 1,800 2 1,802 — 2,124 2 2,126 
Collateralized loan obligations— 9,806 — 9,806 — 7,904 — 7,904 
Other debt securities— 333 216 549 — 1,040 217 1,257 
Total available-for-sale debt securities81,122 168,974 230 250,326 51,809 161,531 233 213,573 
Loans held for sale (3)— 856 57 913 — 721 107 828 
Mortgage servicing rights (residential) (3)— — 5,343 5,343 — — 5,696 5,696 
Equity securities (1)2,302 20 72 2,394 1,941 — 67 2,008 
Other assets345 — 181 526 311 — 161 472 
Total assets measured at fair value on a recurring basis$186,791 397,186 7,055 591,032 141,285 364,920 7,027 513,232 
Trading liabilities:
Securities sold, not yet purchased
$(33,433)(7,977)— (41,410)(24,581)(7,261)(2)(31,844)
Derivative liabilities gross:
Interest rate contracts(7)(21,254)(544)(21,805)(65)(22,268)(442)(22,775)
Commodity contracts(275)(3,940)(104)(4,319)(79)(4,265)(61)(4,405)
Equity contracts — (28,431)(1,436)(29,867)— (21,438)(1,276)(22,714)
Foreign exchange contracts— (55,997)(34)(56,031)— (36,975)(2)(36,977)
Credit contracts— (86)(24)(110)— (57)(28)(85)
Total derivative liabilities (gross)(282)(109,708)(2,142)(112,132)(144)(85,003)(1,809)(86,956)
Total trading liabilities prior to derivative netting(33,715)(117,685)(2,142)(153,542)(24,725)(92,264)(1,811)(118,800)
Derivative netting (2)96,911 73,332 
Total trading liabilities after derivative netting$(56,631)(45,468)
Long-term debt— (12,435)(206)(12,641)— (7,082)— (7,082)
Other liabilities
— (345)(42)(387)— (311)(46)(357)
Total liabilities measured at fair value on a recurring basis$(33,715)(130,465)(2,390)(166,570)(24,725)(99,657)(1,857)(126,239)
(1)Trading equity securities includes $900 million of securities acquired in second quarter 2026 subject to a contractual lock-up period restricting the sale of the securities until third quarter 2026. See Note 4 (Equity Securities) for information on contractual lock-up periods related to non-trading equity securities.
(2)Represents balance sheet netting of derivative asset and liability balances, related cash collateral, and portfolio level valuation adjustments. See Note 10 (Derivatives) for additional information.
(3)Loans held for sale and mortgage servicing rights are included in other assets on our consolidated balance sheet.
Level 3 Assets and Liabilities Recognized at Fair Value on a Recurring Basis
Table 11.2 presents the changes in Level 3 assets and liabilities recognized at fair value on a recurring basis.
Table 11.2: 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 (2)(6)
(in millions)Balance,
beginning
of period		Net gains/(losses) (1)(2)Purchases (3)SalesSettlementsTransfers 
into 
Level 3 (4)		Transfers
out of
Level 3 (5)		Balance,
end of
period
Quarter ended June 30, 2026
Trading assets (7):
Debt instruments (8)$215 (8)72 (58)(6)115 (6)324 (10)
Net derivative assets and liabilities:
Interest rate contracts(271)(114)— — 25 — 16 (344)(113)
Equity contracts(833)(419)6 (8)225 (74)167 (936)(262)
Other derivative contracts9 (34)3 (1)21 — (16)(18)(33)
Total derivative contracts(1,095)(567)9 (9)271 (74)167 (1,298)(408)
Available-for-sale debt securities225 6 1 — (2)— — 230 6 
Mortgage servicing rights (residential) (9)5,608 (60)22 (227)— — — 5,343 102 
Long-term debt— 4 (210)— — — — (206)4 
Other (7)150 76 8 (32)(2)5 (9)196 73 
Quarter ended June 30, 2025
Trading assets (7):
Debt instruments (8)$153 (11)10 (20)(5)13 (7)133 (8)
Net derivative assets and liabilities:
Interest rate contracts(2,330)230 — — 24 — 1,896 (180)178 
Equity contracts(1,124)(121)— — 139 (57)118 (1,045)(77)
Other derivative contracts(96)(28)6 (1)(41)— 136 (24)18 
Total derivative contracts(3,550)81 6 (1)122 (57)2,150 (1,249)119 
Available-for-sale debt securities211 (2)— — — — — 209 (1)
Mortgage servicing rights (residential) (9)6,536 (108)26 (37)— — — 6,417 88 
Long-term debt— — — — — — — — — 
Other (7)163 33 11 — (4)5 (10)198 33 
Six months ended June 30, 2026
Trading assets (7):
Debt instruments (8)$162 (24)299 (287)(12)199 (13)324 (39)
Net derivative assets and liabilities:
Interest rate contracts(142)(277)— — 30 — 45 (344)(242)
Equity contracts(1,124)(237)6 (8)432 (309)304 (936)20 
Other derivative contracts54 (49)5 (5)12 (2)(33)(18)(18)
Total derivative contracts(1,212)(563)11 (13)474 (311)316 (1,298)(240)
Available-for-sale debt securities233 (3)6 — (6)— — 230 (3)
Mortgage servicing rights (residential) (9)5,696 (166)39 (226)— — — 5,343 158 
Long-term debt
— 4 (210)— — — — (206)4 
Other (7)222 21 17 (62)(5)14 (11)196 20 
Six months ended June 30, 2025
Trading assets (7):
Debt instruments (8)$144 (18)23 (27)(15)41 (15)133 (16)
Net derivative assets and liabilities:
Interest rate contracts(3,603)1,098 — — 429 — 1,896 (180)293 
Equity contracts(1,167)(67)— — 259 (197)127 (1,045)1 
Other derivative contracts(33)55 8 (1)(189)— 136 (24)24 
Total derivative contracts(4,803)1,086 8 (1)499 (197)2,159 (1,249)318 
Available-for-sale debt securities216 (1)3 — (9)— — 209 (1)
Mortgage servicing rights (residential) (9)6,844 (365)51 (113)— — — 6,417 20 
Long-term debt— — — — — — — — — 
Other (7)278 (43)16 — (7)10 (56)198 (43)
(1)All amounts represent net gains (losses) included in net income except for AFS debt securities and other assets and liabilities which also included net gains (losses) in other comprehensive income (OCI). Net gains (losses) included in OCI for AFS debt securities were $7 million and $(2) million for the second quarter and first half of 2026, respectively, and $(1) million for both the second quarter and first half of 2025. Net gains (losses) included in OCI for other assets and liabilities were $(5) million and $2 million for the second quarter and first half of 2026, respectively, and $(10) million and $(9) million for the second quarter and first half of 2025, respectively.
(2)On our consolidated statement of income, gains and losses from the following instruments are reported as indicated: trading debt instruments and available-for-sale debt securities in net gains from trading and securities; derivative contracts in mortgage banking income, net gains from trading and securities, and other noninterest income; mortgage servicing rights in mortgage banking income; long-term debt in interest expense and net gains from trading and securities; and other fair value instruments in mortgage banking income and other noninterest income.
(3)Includes originations of mortgage servicing rights and loans held for sale and issuances of long-term debt.
(4)All assets and liabilities transferred into Level 3 were previously classified as Level 2.
(5)All assets and liabilities transferred out of Level 3 are classified as Level 2.
(6)All amounts represent net unrealized gains (losses) related to assets and liabilities held at period end included in net income except for AFS debt securities and other assets and liabilities which also included net unrealized gains (losses) related to assets and liabilities held at period end in OCI. Net unrealized gains (losses) included in OCI for AFS debt securities were $7 million and $(2) million for the second quarter and first half of 2026, respectively, and $(1) million for both the second quarter and first half of 2025. Net unrealized gains (losses) included in OCI for other assets and liabilities were $(5) million and $2 million for the second quarter and first half of 2026, respectively, and $(10) million and $(9) million for the second quarter and first half of 2025, respectively.
(7)In fourth quarter 2025, we changed the presentation of certain items on our consolidated balance sheet, including trading assets and liabilities and short-term borrowings, with corresponding changes to our consolidated statement of income. Prior period balances have been revised to conform with the current period presentation. For additional information, see Note 1 (Summary of Significant Accounting Policies).
(8)Includes trading debt securities and trading loans.
(9)For additional information on the changes in mortgage servicing rights, see Note 6 (Mortgage Banking Activities).
Table 11.3 provides quantitative information about the valuation techniques and significant unobservable inputs used in the valuation of our Level 3 assets and liabilities measured at fair value on a recurring basis.
Weighted averages of inputs are calculated using outstanding unpaid principal balances of loans serviced for residential MSRs and notional amounts for derivative instruments.
Table 11.3: Valuation Techniques – Recurring Basis
($ in millions, except cost to service amounts)Fair Value Level 3Valuation TechniqueSignificant
Unobservable Input		Range of Inputs Weighted
Average
June 30, 2026
Mortgage servicing rights (residential)$5,343 Discounted cash flowCost to service per loan (1)$62 -435 89 
Discount rate9.2 -11.9 %9.4 
Prepayment rate (2)5.5 -23.5 7.6 
Net derivative assets and (liabilities):
Interest rate contracts(344)Discounted cash flowDiscount rate2.3 -7.4 3.9 
Equity contracts(355)Discounted cash flowConversion factor(0.3)-0.0 (0.2)
Weighted average life0.5-3.5yrs1.2
(581)Option modelCorrelation factor(66.5)-98.0 %57.9 
Volatility factor10.7 -97.6 51.7 
December 31, 2025
Mortgage servicing rights (residential)$5,696 Discounted cash flowCost to service per loan (1)$61 -446 96 
Discount rate8.8 -12.5 %9.1 
Prepayment rate (2)5.7 -23.0 8.0 
Net derivative assets and (liabilities):
Interest rate contracts(139)Discounted cash flowDiscount rate2.5 -3.5 3.4 
(3)Discounted cash flowDefault rate0.4 -12.0 2.4 
Loss severity50.0 -50.0 50.0 
Equity contracts(579)Discounted cash flowConversion factor(0.3)-0.0 (0.2)
Weighted average life1.0-4.0 yrs 1.7
(545)Option modelCorrelation factor(20.0)-98.5 %77.1 
Volatility factor8.0 -105.0 42.7 
(1)The high end of the range of inputs is for servicing modified loans. For non-modified loans, the range is $62 - $120 at June 30, 2026, and $61 - $112 at December 31, 2025.
(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.
For additional information on the valuation techniques and significant unobservable inputs used in the valuation of our Level 3 assets and liabilities, including how changes in these inputs affect fair value estimates, see Note 14 (Fair Value Measurements) in our 2025 Form 10-K.
Assets and Liabilities Recognized at Fair Value on a
Nonrecurring Basis
Table 11.4 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 June 30, 2026, and December 31, 2025, and for which a nonrecurring fair value adjustment was recognized during the six months ended June 30, 2026, and the year ended December 31, 2025.
Table 11.4: Fair Value on a Nonrecurring Basis
June 30, 2026December 31, 2025
(in millions)Level 2 Level 3 Total Level 2 Level 3 Total 
Loans held for sale (1)$599 9 608 1,846 240 2,086 
Loans:
Commercial417 — 417 1,161 — 1,161 
Consumer67 — 67 96 — 96 
Total loans484 — 484 1,257 — 1,257 
Equity securities652 2,780 3,432 1,001 1,791 2,792 
Other assets
46 1 47 89 9 98 
Total assets at fair value on a nonrecurring basis$1,781 2,790 4,571 4,193 2,040 6,233 
(1)Consists of commercial mortgages and residential mortgage – first lien loans.
Table 11.5 presents the gains (losses) on all 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 11.5: Gains (Losses) on Assets with Nonrecurring Fair Value Adjustments
Six months ended June 30,
(in millions)20262025
Loans held for sale$1 8 
Loans:
Commercial(197)(273)
Consumer(196)(213)
Total loans(393)(486)
Equity securities (1)344 (249)
Other assets (2)(3)(15)(34)
Total$(63)(761)
(1)Includes impairment of equity securities and observable price changes related to equity securities accounted for under the measurement alternative.
(2)Includes impairment of operating lease ROU assets and valuation losses on foreclosed real estate and other collateral owned.
(3)In fourth quarter 2025, we changed the presentation of certain items on our consolidated balance sheet, including trading assets and liabilities, with corresponding changes to our consolidated statement of income. Prior period balances have been revised to conform with the current period presentation. For additional information, see Note 1 (Summary of Significant Accounting Policies).
Table 11.6 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. Weighted averages of inputs for equity securities are calculated using carrying value prior to the nonrecurring fair value measurement.
Table 11.6: Valuation Techniques – Nonrecurring Basis

($ in millions)
Fair Value
Level 3		Valuation
Technique (1)		Significant
Unobservable Input (1)		Range of Inputs
Positive (Negative)		Weighted
Average
June 30, 2026
Equity securities$1,566 Market comparable pricing
Comparability adjustment
(100.0)-(15.0)%(59.9)
1,214 Market comparable pricingMultiples1.1x-28.0x7.6x
December 31, 2025
Equity securities393 Market comparable pricingComparability adjustment(100.0)-(4.9)%(49.1)
1,398 Market comparable pricingMultiples1.1x-44.1x12.3x
(1)See Note 14 (Fair Value Measurements) in our 2025 Form 10-K for additional information on the valuation technique(s) and significant unobservable inputs used in the valuation of Level 3 assets.
Fair Value Option
The fair value option is an irrevocable election, generally only permitted upon initial recognition of financial assets or liabilities, to measure eligible financial instruments at fair value with changes in fair value reflected in earnings. We may elect the fair value option to align the measurement model with how the financial assets or liabilities are managed or to reduce complexity or accounting asymmetry. Following is a discussion of the portfolios for which we elected the fair value option. For
additional information, including the basis for our fair value option elections, see Note 14 (Fair Value Measurements) in our 2025 Form 10-K.

Table 11.7 reflects differences between the fair value carrying amount of the assets and liabilities for which we have elected the fair value option and the contractual aggregate unpaid principal amount at maturity.
Table 11.7: Fair Value Option
June 30, 2026December 31, 2025
(in millions)Fair value carrying amountAggregate unpaid principalFair value
carrying amount
less aggregate unpaid principal		Fair value carrying amountAggregate unpaid principalFair value
carrying amount
less aggregate
unpaid principal
Trading assets (1)
$5,031 5,516 (485)4,882 5,180 (298)
Other assets (1)
913 922 (9)828 846 (18)
Other liabilities(345)— (345)(311)— (311)
Long-term debt (2)
(12,641)(13,444)803 (7,082)(7,647)565 
(1)Trading assets consists of trading loans and other assets consists of loans held for sale accounted for under the fair value option. Nonaccrual loans and loans 90 days or more past due and still accruing were insignificant at June 30, 2026, and December 31, 2025.
(2)Includes zero coupon notes for which the aggregate unpaid principal amount reflects the contractual principal due at maturity.
Table 11.8 reflects amounts included in earnings related to initial measurement and subsequent changes in fair value, by income statement line item, for assets and liabilities for which the fair
value option was elected. Amounts recognized in net interest income are excluded from the table below.
Table 11.8: Gains (Losses) on Changes in Fair Value Included in Earnings
20262025
(in millions)Mortgage banking noninterest income
Net gains from trading and securities (1)
Other noninterest incomeMortgage banking noninterest income
Net gains from trading and securities
Other noninterest income
Quarter ended June 30,
Trading assets (1)$— 18 3 — 12 — 
Other assets (1)11 — — 20 — — 
Other liabilities— — (28)— — (22)
Long-term debt— 130 — — 3 — 
Six months ended June 30,
Trading assets (1)$— (35)3 — 9 — 
Other assets (1)11 — — 41 — — 
Other liabilities— — (34)— — (19)
Long-term debt— 229 — — (23)— 
(1)In fourth quarter 2025, we changed the presentation of certain items on our consolidated balance sheet, including trading assets and liabilities, with corresponding changes to our consolidated statement of income. Prior period balances have been revised to conform with the current period presentation. For additional information, see Note 1 (Summary of Significant Accounting Policies).
For performing loans, instrument-specific credit risk gains or losses are derived principally by determining the change in fair value of the loans due to changes in the observable or implied credit spread. Credit spread is the market yield on the loans less the relevant risk-free benchmark interest rate. For nonperforming loans, we attribute all changes in fair value to instrument-specific credit risk. For trading loans and loans held for sale accounted for under the fair value option, which are included in trading assets and other assets, respectively, on our consolidated balance sheet, instrument-specific credit gains or losses were insignificant for the second quarter and first half of both 2026 and 2025.

For long-term debt, instrument-specific credit risk gains or losses represent the impact of changes in fair value due to changes in our credit spread and are generally derived using observable secondary bond market information. These impacts are recognized within the debit valuation adjustments (DVA) in OCI. See Note 20 (Other Comprehensive Income) for additional information.
Disclosures about Fair Value of Financial Instruments
Table 11.9 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 11.9. 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 $606 million and $639 million at June 30, 2026, and December 31, 2025, 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 11.9: Fair Value Estimates for Financial Instruments
Estimated fair value 
(in millions)Carrying amountLevel 1 Level 2 Level 3 Total
June 30, 2026
Financial assets
Cash and due from banks (1)$42,161 42,161 — — 42,161 
Interest-earning deposits with banks (1) 161,214 160,878 336 — 161,214 
Federal funds sold and securities borrowed or purchased under resale agreements (1)205,345 — 205,345 — 205,345 
Held-to-maturity debt securities198,573 2,043 160,842 3,280 166,165 
Loans held for sale (2)1,890 — 1,741 158 1,899 
Loans, net (2)1,001,739 — 720 974,592 975,312 
Equity securities (cost method)4,621 — — 4,726 4,726 
Total financial assets$1,615,543 205,082 368,984 982,756 1,556,822 
Financial liabilities
Deposits (3)$197,259 — 110,055 87,073 197,128 
Federal funds purchased and securities loaned or sold under repurchase agreements (1)
251,804 — 251,804 — 251,804 
Short-term borrowings
25,132 — 25,171 — 25,171 
Long-term debt (4)
169,487 — 173,285 1,277 174,562 
Total financial liabilities$643,682 — 560,315 88,350 648,665 
December 31, 2025
Financial assets
Cash and due from banks (1)$39,182 39,182 — — 39,182 
Interest-earning deposits with banks (1)135,028 134,695 333 — 135,028 
Federal funds sold and securities borrowed or purchased under resale agreements (1)193,929 — 193,929 — 193,929 
Held-to-maturity debt securities208,023 2,051 170,490 3,256 175,797 
Loans held for sale2,618 — 2,418 263 2,681 
Loans, net (2)957,037 — 820 931,108 931,928 
Equity securities (cost method)4,323 — — 4,415 4,415 
Total financial assets$1,540,140 175,928 367,990 939,042 1,482,960 
Financial liabilities
Deposits (3)$166,686 — 75,728 90,379 166,107 
Federal funds purchased and securities loaned or sold under repurchase agreements (1)
232,687 — 232,687 — 232,687 
Short-term borrowings
18,323 — 18,331 — 18,331 
Long-term debt (4)
167,618 — 172,563 1,390 173,953 
Total financial liabilities$585,314 — 499,309 91,769 591,078 
(1)Amounts consist of financial instruments for which carrying value approximates fair value.
(2)Excludes lease financing in loans and loans held for sale, net of allowance for credit losses, of $15.5 billion and $16.4 billion at June 30, 2026, and December 31, 2025, respectively.
(3)Excludes deposit liabilities with no defined or contractual maturity of $1.3 trillion at both June 30, 2026, and December 31, 2025.
(4)Excludes obligations under finance leases of $11 million and $12 million at June 30, 2026, and December 31, 2025, respectively.