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Financial Derivatives (Tables) | 12 Months Ended
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Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Total Gross Derivatives | The following table presents the notional amounts and gross fair values of all derivative assets and liabilities held by us: Table 90: Total Gross Derivatives (a)
| December 31, 2020 | December 31, 2019
In millions | Notional /Contract Amount | Asset Fair Value (b) | Liability Fair Value (c) | Notional /Contract Amount | Asset Fair Value (b) | Liability Fair Value (c)
Derivatives used for hedging |  |  |  |  |  |
Interest rate contracts (d): |  |  |  |  |  |
Fair value hedges | $ | 24,153 |  |  |  | $ | 30,663 |  |  |
Cash flow hedges | 22,875 |  | $ | 14 |  |  | 23,642 |  | $ | 6 |  |
Foreign exchange contracts: |  |  |  |  |  |
Net investment hedges | 1,075 |  |  | $ | 22 |  | 1,102 |  |  | $ | 6 |
Total derivatives designated for hedging | $ | 48,103 |  | $ | 14 |  | $ | 22 |  | $ | 55,407 |  | $ | 6 |  | $ | 6 |
Derivatives not used for hedging |  |  |  |  |  |
Derivatives used for mortgage banking activities (e): |  |  |  |  |  |
Interest rate contracts: |  |  |  |  |  |
Swaps | $ | 50,511 |  |  |  | $ | 52,007 |  | $ | 1 |  |
Futures (f) | 2,841 |  |  |  | 3,487 |  |  |
Mortgage-backed commitments | 11,288 |  | $ | 147 |  | $ | 77 |  | 7,738 |  | 60 |  | $ | 44 |
Other | 1,831 |  | 11 |  | 2 |  | 3,134 |  | 32 |  | 23 |
Total interest rate contracts | 66,471 |  | 158 |  | 79 |  | 66,366 |  | 93 |  | 67 |
Derivatives used for customer-related activities: |  |  |  |  |  |
Interest rate contracts: |  |  |  |  |  |
Swaps | 280,125 |  | 5,475 |  | 1,601 |  | 249,075 |  | 2,769 |  | 1,187 |
Futures (f) | 1,235 |  |  |  | 703 |  |  |
Mortgage-backed commitments | 4,178 |  | 11 |  | 14 |  | 3,721 |  | 2 |  | 6 |
Other | 20,125 |  | 193 |  | 88 |  | 21,379 |  | 113 |  | 33 |
Total interest rate contracts | 305,663 |  | 5,679 |  | 1,703 |  | 274,878 |  | 2,884 |  | 1,226 |
Commodity contracts: |  |  |  |  |  |
Swaps | 6,149 |  | 350 |  | 323 |  | 5,204 |  | 234 |  | 229 |
Other | 2,770 |  | 61 |  | 61 |  | 4,203 |  | 72 |  | 72 |
Total commodity contracts | 8,919 |  | 411 |  | 384 |  | 9,407 |  | 306 |  | 301 |
Foreign exchange contracts and other | 26,620 |  | 267 |  | 243 |  | 27,120 |  | 204 |  | 162 |
Total derivatives for customer-related activities | 341,202 |  | 6,357 |  | 2,330 |  | 311,405 |  | 3,394 |  | 1,689 |
Derivatives used for other risk management activities: |  |  |  |  |  |
Foreign exchange contracts and other | 10,931 |  | 4 |  | 325 |  | 10,201 |  | 9 |  | 257 |
Total derivatives not designated for hedging | $ | 418,604 |  | $ | 6,519 |  | $ | 2,734 |  | $ | 387,972 |  | $ | 3,496 |  | $ | 2,013 |
Total gross derivatives | $ | 466,707 |  | $ | 6,533 |  | $ | 2,756 |  | $ | 443,379 |  | $ | 3,502 |  | $ | 2,019 |
Less: Impact of legally enforceable master netting agreements |  | 720 |  | 720 |  |  | 690 |  | 690 |
Less: Cash collateral received/paid |  | 1,434 |  | 1,452 |  |  | 616 |  | 790 |
Total derivatives |  | $ | 4,379 |  | $ | 584 |  |  | $ | 2,196 |  | $ | 539 |
(a)Centrally cleared derivatives are settled in cash daily and result in no derivative asset or derivative liability being recognized on our Consolidated Balance Sheet. (b)Included in Other assets on our Consolidated Balance Sheet. (c)Included in Other liabilities on our Consolidated Balance Sheet. (d)Represents primarily swaps. (e)Includes both residential and commercial mortgage banking activities. (f)Futures contracts are settled in cash daily and result in no derivative asset or derivative liability being recognized on our Consolidated Balance Sheet.
Schedule of Gains (losses) Recognized on Fair Value and Cash Flow Hedges in Consolidated Income Statement | Further detail regarding gains (losses) related to our fair value and cash flow hedge derivatives is presented in the following table: Table 91: Gains (Losses) Recognized on Fair Value and Cash Flow Hedges in the Consolidated Income Statement (a) (b)
| Location and Amount of Gains (Losses) Recognized in Income
| Interest Income | Interest Expense | Noninterest Income
In millions | Loans | Investment Securities | Borrowed Funds | Other
Year ended December 31, 2020 |  |  |  |
Total amounts on the Consolidated Income Statement | $ | 8,927 |  | $ | 2,041 |  | $ | 718 |  | $ | 1,364 |
Gains (losses) on fair value hedges recognized on: |  |  |  |
Hedged items (c) |  | $ | 208 |  | $ | (1,059) |  |
Derivatives |  | $ | (202) |  | $ | 959 |  |
Amounts related to interest settlements on derivatives |  | $ | (9) |  | $ | 480 |  |
Gains (losses) on cash flow hedges (d): |  |  |  |
Amount of derivative gains (losses) reclassified from AOCI | $ | 375 |  | $ | 40 |  |  | $ | 6 |
Year ended December 31, 2019 |  |  |  |
Total amounts on the Consolidated Income Statement | $ | 10,525 |  | $ | 2,426 |  | $ | 1,811 |  | $ | 1,473 |
Gains (losses) on fair value hedges recognized on: |  |  |  |
Hedged items (c) |  | $ | 187 |  | $ | (808) |  |
Derivatives |  | $ | (178) |  | $ | 659 |  |
Amounts related to interest settlements on derivatives |  | $ | 13 |  | $ | 79 |  |
Gains (losses) on cash flow hedges (d): |  |  |  |
Amount of derivative gains (losses) reclassified from AOCI | $ | 9 |  | $ | 9 |  |  | $ | 19 |
Year ended December 31, 2018 |  |  |  |
Total amounts on the Consolidated Income Statement | $ | 9,580 |  | $ | 2,261 |  | $ | 1,632 |  | $ | 1,205 |
Gains (losses) on fair value hedges recognized on: |  |  |  |
Hedged items (c) |  | $ | (53) |  | $ | 151 |  |
Derivatives |  | $ | 60 |  | $ | (262) |  |
Amounts related to interest settlements on derivatives |  | $ | 3 |  | $ | 80 |  |
Gains (losses) on cash flow hedges (d): |  |  |  |
Amount of derivative gains (losses) reclassified from AOCI | $ | 41 |  | $ | 11 |  |  | $ | 8 |
(a)For all periods presented, there were no components of derivative gains or losses excluded from the assessment of hedge effectiveness for any of the fair value or cash flow hedge strategies. (b)All cash flow and fair value hedge derivatives were interest rate contracts for the periods presented. (c)Includes an insignificant amount of fair value hedge adjustments related to discontinued hedge relationships. (d)For all periods presented, there were no gains or losses from cash flow hedge derivatives reclassified to income because it became probable that the original forecasted transaction would not occur.
Schedule of Hedged Items - Fair Value Hedges | Detail regarding the impact of fair value hedge accounting on the carrying value of the hedged items is presented in the following table: Table 92: Hedged Items - Fair Value Hedges
| December 31, 2020 |  | December 31, 2019
In millions | Carrying Value of the Hedged Items |  | Cumulative Fair Value Hedge Adjustment included in the Carrying Value of Hedged Items (a) |  | Carrying Value of the Hedged Items |  | Cumulative Fair Value Hedge Adjustment included in the Carrying Value of Hedged Items (a)
Investment securities - available for sale (b) | $ | 2,785 |  |  | $ | 30 |  |  | $ | 5,666 |  |  | $ | 59 |
Borrowed funds | $ | 25,797 |  |  | $ | 1,611 |  |  | $ | 28,616 |  |  | $ | 548 |
(a)Includes $(0.1) billion and $(0.3) billion of fair value hedge adjustments primarily related to discontinued borrowed funds hedge relationships at December 31, 2020 and 2019, respectively. (b)Carrying value shown represents amortized cost.
Gains (Losses) on Derivatives Not Designated as Hedging Instruments under GAAP | Further detail regarding the gains (losses) on derivatives not designated in hedging relationships is presented in the following table: Table 93: Gains (Losses) on Derivatives Not Designated for Hedging
| Year ended December 31 |
In millions | 2020 |  | 2019 |  | 2018 |
Derivatives used for mortgage banking activities: |  |  |  |  |  |
Interest rate contracts (a) | $ | 792 |  |  | $ | 405 |  |  | $ | (56) |  |
Derivatives used for customer-related activities: |  |  |  |  |  |
Interest rate contracts | 210 |  |  | 125 |  |  | 99 |  |
Foreign exchange contracts and other | 156 |  |  | 114 |  |  | 104 |  |
Gains (losses) from customer-related activities (b) | 366 |  |  | 239 |  |  | 203 |  |
Derivatives used for other risk management activities: |  |  |  |  |  |
Foreign exchange contracts and other (b) | (338) |  |  | (137) |  |  | 268 |  |
Total gains (losses) from derivatives not designated as hedging instruments | $ | 820 |  |  | $ | 507 |  |  | $ | 415 |  |
(a)Included in Residential mortgage, Corporate services and Other noninterest income on our Consolidated Income Statement. (b)Included in Other noninterest income on our Consolidated Income Statement.
Derivative Assets And Liabilities Offsetting | Table 94: Derivative Assets and Liabilities Offsetting
In millions | Gross Fair Value |  | Amounts Offset on the Consolidated Balance Sheet |  | Net Fair Value |  | Securities Collateral Held /Pledged Under Master Netting Agreements |  | Net Amounts
Fair Value Offset Amount |  | Cash Collateral |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |
Derivative assets |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts: |  |  |  |  |  |  |  |  |  |  |
Over-the-counter cleared | $ | 48 |  |  |  |  |  |  | $ | 48 |  |  |  |  | $ | 48 |
Over-the-counter | 5,803 |  |  | $ | 430 |  |  | $ | 1,426 |  |  | 3,947 |  |  | $ | 531 |  |  | 3,416 |
Commodity contracts | 411 |  |  | 209 |  |  | 4 |  |  | 198 |  |  |  |  | 198 |
Foreign exchange and other contracts | 271 |  |  | 81 |  |  | 4 |  |  | 186 |  |  | 1 |  | 185 |
Total derivative assets | $ | 6,533 |  |  | $ | 720 |  |  | $ | 1,434 |  |  | $ | 4,379 |  | (a) | $ | 532 |  |  | $ | 3,847 |
Derivative liabilities |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts: |  |  |  |  |  |  |  |  |  |  |
Over-the-counter cleared | $ | 42 |  |  |  |  |  |  | $ | 42 |  |  |  |  | $ | 42 |
Over-the-counter | 1,740 |  |  | $ | 462 |  |  | $ | 1,179 |  |  | 99 |  |  |  |  | 99 |
Commodity contracts | 384 |  |  | 182 |  |  | 103 |  |  | 99 |  |  |  |  | 99 |
Foreign exchange and other contracts | 590 |  |  | 76 |  |  | 170 |  |  | 344 |  |  |  |  | 344 |
Total derivative liabilities | $ | 2,756 |  |  | $ | 720 |  |  | $ | 1,452 |  |  | $ | 584 |  | (b) |  |  | $ | 584 |
December 31, 2019 |  |  |  |  |  |  |  |  |  |  |
Derivative assets |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts: |  |  |  |  |  |  |  |  |  |  |
Over-the-counter cleared | $ | 14 |  |  |  |  |  |  | $ | 14 |  |  |  |  | $ | 14 |
Over-the-counter | 2,969 |  |  | $ | 365 |  |  | $ | 593 |  |  | 2,011 |  |  | $ | 215 |  |  | 1,796 |
Commodity contracts | 306 |  |  | 198 |  |  | 18 |  |  | 90 |  |  |  |  | 90 |
Foreign exchange and other contracts | 213 |  |  | 127 |  |  | 5 |  |  | 81 |  |  |  |  | 81 |
Total derivative assets | $ | 3,502 |  |  | $ | 690 |  |  | $ | 616 |  |  | $ | 2,196 |  | (a) | $ | 215 |  |  | $ | 1,981 |
Derivative liabilities |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts: |  |  |  |  |  |  |  |  |  |  |
Over-the-counter cleared | $ | 14 |  |  |  |  |  |  | $ | 14 |  |  |  |  | $ | 14 |
Over-the-counter | 1,279 |  |  | $ | 475 |  |  | $ | 692 |  |  | 112 |  |  |  |  | 112 |
Commodity contracts | 301 |  |  | 152 |  |  | 17 |  |  | 132 |  |  |  |  | 132 |
Foreign exchange and other contracts | 425 |  |  | 63 |  |  | 81 |  |  | 281 |  |  |  |  | 281 |
Total derivative liabilities | $ | 2,019 |  |  | $ | 690 |  |  | $ | 790 |  |  | $ | 539 |  | (b) |  |  | $ | 539 |
(a)Represents the net amount of derivative assets included in Other assets on our Consolidated Balance Sheet. (b)Represents the net amount of derivative liabilities included in Other liabilities on our Consolidated Balance Sheet.

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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41641-113959 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5579240-113959 + Details
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