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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2022
Fair Value Disclosures [Abstract] |
Schedule Of Assets And Liabilities At Fair Value Measured On A Recurring Basis And Non-Recurring Basis | The following table presents assets and liabilities measured at estimated fair value on a recurring basis:
| June 30, 2022 |  |  | December 31, 2021 |
| Level 1 |  | Level 2 |  | Level 3(1) |  | Total Estimated Fair Value |  |  | Level 1 |  | Level 2 |  | Level 3(1) |  | Total Estimated Fair Value |
| (In millions) |
Recurring fair value measurements |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities | $ | 1,252 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,252 |  |  |  | $ | 1,132 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,132 |  |
Federal agency securities | — |  |  | 683 |  |  | — |  |  | 683 |  |  |  | — |  |  | 92 |  |  | — |  |  | 92 |  |
Obligations of states and political subdivisions | — |  |  | 3 |  |  | — |  |  | 3 |  |  |  | — |  |  | 4 |  |  | — |  |  | 4 |  |
Mortgage-backed securities (MBS): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential agency | — |  |  | 19,007 |  |  | — |  |  | 19,007 |  |  |  | — |  |  | 18,962 |  |  | — |  |  | 18,962 |  |
Residential non-agency | — |  |  | — |  |  | 1 |  |  | 1 |  |  |  | — |  |  | — |  |  | 1 |  |  | 1 |  |
Commercial agency | — |  |  | 6,607 |  |  | — |  |  | 6,607 |  |  |  | — |  |  | 6,373 |  |  | — |  |  | 6,373 |  |
Commercial non-agency | — |  |  | 315 |  |  | — |  |  | 315 |  |  |  | — |  |  | 536 |  |  | — |  |  | 536 |  |
Corporate and other debt securities | — |  |  | 1,183 |  |  | 1 |  |  | 1,184 |  |  |  | — |  |  | 1,380 |  |  | 1 |  |  | 1,381 |  |
Total debt securities available for sale | $ | 1,252 |  |  | $ | 27,798 |  |  | $ | 2 |  |  | $ | 29,052 |  |  |  | $ | 1,132 |  |  | $ | 27,347 |  |  | $ | 2 |  |  | $ | 28,481 |  |
Loans held for sale | $ | — |  |  | $ | 312 |  |  | $ | 57 |  |  | $ | 369 |  |  |  | $ | — |  |  | $ | 693 |  |  | $ | 90 |  |  | $ | 783 |  |
Marketable equity securities | $ | 583 |  |  | $ | — |  |  | $ | — |  |  | $ | 583 |  |  |  | $ | 464 |  |  | $ | — |  |  | $ | — |  |  | $ | 464 |  |
Residential mortgage servicing rights | $ | — |  |  | $ | — |  |  | $ | 770 |  |  | $ | 770 |  |  |  | $ | — |  |  | $ | — |  |  | $ | 418 |  |  | $ | 418 |  |
Derivative assets(2): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps | $ | — |  |  | $ | 1,490 |  |  | $ | — |  |  | $ | 1,490 |  |  |  | $ | — |  |  | $ | 919 |  |  | $ | — |  |  | $ | 919 |  |
Interest rate options | — |  |  | 77 |  |  | 10 |  |  | 87 |  |  |  | — |  |  | 36 |  |  | 12 |  |  | 48 |  |
Interest rate futures and forward commitments | — |  |  | 11 |  |  | — |  |  | 11 |  |  |  | — |  |  | 11 |  |  | — |  |  | 11 |  |
Other contracts | — |  |  | 301 |  |  | — |  |  | 301 |  |  |  | — |  |  | 132 |  |  | 1 |  |  | 133 |  |
Total derivative assets | $ | — |  |  | $ | 1,879 |  |  | $ | 10 |  |  | $ | 1,889 |  |  |  | $ | — |  |  | $ | 1,098 |  |  | $ | 13 |  |  | $ | 1,111 |  |
Derivative liabilities(2): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps | $ | — |  |  | $ | 2,091 |  |  | $ | — |  |  | $ | 2,091 |  |  |  | $ | — |  |  | $ | 855 |  |  | $ | — |  |  | $ | 855 |  |
Interest rate options | — |  |  | 63 |  |  | 1 |  |  | 64 |  |  |  | — |  |  | 19 |  |  | — |  |  | 19 |  |
Interest rate futures and forward commitments | — |  |  | 4 |  |  | — |  |  | 4 |  |  |  | — |  |  | 3 |  |  | — |  |  | 3 |  |
Other contracts | — |  |  | 264 |  |  | 3 |  |  | 267 |  |  |  | — |  |  | 132 |  |  | 3 |  |  | 135 |  |
Total derivative liabilities | $ | — |  |  | $ | 2,422 |  |  | $ | 4 |  |  | $ | 2,426 |  |  |  | $ | — |  |  | $ | 1,009 |  |  | $ | 3 |  |  | $ | 1,012 |  |
_________ (1)All following disclosures related to Level 3 recurring assets do not include those deemed to be immaterial. (2)As permitted under U.S. GAAP, variation margin collateral payments made or received for derivatives that are centrally cleared are legally characterized as settled. As such, these derivative assets and derivative liabilities and the related variation margin collateral are presented on a net basis on the balance sheet.
Rollforward For Assets And Liabilities Measured At Fair Value On A Recurring Basis With Level 3 Significant Unobservable Inputs | The following tables present an analysis for residential MSRs for the three and six months ended June 30, 2022 and 2021, respectively. An analysis of commercial mortgage loans held for sale is also presented for the three and six months ended June 30, 2022.
| Residential mortgage servicing rights
| Three Months Ended June 30 |  | Six Months Ended June 30
| 2022 |  | 2021 |  | 2022 |  | 2021
| (In millions)
Carrying value, beginning of period | $ | 542 |  |  | $ | 401 |  |  | $ | 418 |  |  | $ | 296 |
Total realized/unrealized gains (losses) included in earnings(1) | 37 |  |  | (54) |  |  | 67 |  |  | 19 |
Additions | 10 |  |  | 19 |  |  | 29 |  |  | 40 |
Purchases | 181 |  |  | 26 |  |  | 256 |  |  | 37 |
Carrying value, end of period | $ | 770 |  |  | $ | 392 |  |  | $ | 770 |  |  | $ | 392 |
_________ (1)Included in mortgage income. Amounts presented exclude offsetting impact from related derivatives.
| Commercial mortgage loans held for sale
| Three Months Ended June 30 |  | Six Months Ended June 30
| 2022 |  | 2022
| (In millions)
Carrying value, beginning of period | $ | 12 |  |  | $ | 90 |
Total realized/unrealized gains (losses) included in earnings(1) | (2) |  |  | (5) |
Additions | 47 |  |  | 97 |
Sales | — |  |  | (125) |
Carrying value, end of period | $ | 57 |  |  | $ | 57 |
_________ (1)Included in capital markets income.
Summary Of Quantitative Information About Level 3 Measurements | The following tables present detailed information regarding material assets and liabilities measured at fair value using significant unobservable inputs (Level 3) as of June 30, 2022, and December 31, 2021. The tables include the valuation techniques and the significant unobservable inputs utilized. The range of each significant unobservable input as well as the weighted-average within the range utilized at June 30, 2022, and December 31, 2021, are included. Following the tables are descriptions of the valuation techniques and the sensitivity of the techniques to changes in the significant unobservable inputs.
| June 30, 2022
| Level 3 Estimated Fair Value at June 30, 2022 |  | Valuation Technique |  | Unobservable Input(s) |  | Quantitative Range of Unobservable Inputs and (Weighted-Average)
| (Dollars in millions)
Recurring fair value measurements: |  |  |  |  |  |  |
Residential mortgage servicing rights(1) | $770 |  | Discounted cash flow |  | Weighted-average CPR (%) |  | 6.2% - 18.1% (7.9%)
|  |  |  |  | OAS (%) |  | 4.4% - 8.2% (4.8%)
_________ (1)See Note 4 for additional disclosures related to assumptions used in the fair value calculation for residential mortgage servicing rights.
| December 31, 2021
| Level 3 Estimated Fair Value at December 31, 2021 |  | Valuation Technique |  | Unobservable Input(s) |  | Quantitative Range of Unobservable Inputs and (Weighted-Average)
| (Dollars in millions)
Recurring fair value measurements: |  |  |  |  |  |  |
Residential mortgage servicing rights(1) | $418 |  | Discounted cash flow |  | Weighted-average CPR (%) |  | 7.2% - 22.2% (10.5%)
|  |  |  |  | OAS (%) |  | 3.7% - 7.7% (4.5%)
Commercial mortgage loans held for sale | $90 |  | Discounted cash flow |  | Credit spreads for bonds in the commercial MBS |  | 0.2% - 19.4% (1.3%)
_________ (1)See Note 6 to the consolidated financial statements of the Annual Report on Form 10-K for the year ended December 31, 2021 for additional disclosures related to assumptions used in the fair value calculation for residential mortgage servicing rights.
Fair Value Option, Fair Value and Unpaid Principal Balance | The following table summarizes the difference between the aggregate fair value and the aggregate unpaid principal balance for residential first mortgage loans held for sale measured at fair value:
| June 30, 2022 |  | December 31, 2021
| Aggregate Fair Value |  | Aggregate Unpaid Principal |  | Aggregate Fair Value Less Aggregate Unpaid Principal |  | Aggregate Fair Value |  | Aggregate Unpaid Principal |  | Aggregate Fair Value Less Aggregate Unpaid Principal
| (In millions)
Residential first mortgage loans held for sale, at fair value | $ | 292 |  |  | $ | 287 |  |  | $ | 5 |  |  | $ | 680 |  |  | $ | 659 |  |  | $ | 21 |
Interest income on mortgage loans held for sale is recognized based on contractual rates and is reflected in interest income on loans held for sale. The following table details net gains and losses resulting from changes in fair value of residential mortgage loans held for sale, which were recorded in mortgage income in the consolidated statements of income during the three and six months ended June 30, 2022 and 2021. These changes in fair value are mostly offset by economic hedging activities. An immaterial portion of these amounts was attributable to changes in instrument-specific credit risk.
| Three Months Ended June 30 |  | Six Months Ended June 30
| 2022 |  | 2021 |  | 2022 |  | 2021
| (In millions) |  |  |  |
Net gains (losses) resulting for the change in fair value of residential first mortgage loans held for sale | $ | (16) |  |  | $ | 10 |  |  | $ | (39) |  |  | $ | (40) |
NON-RECURRING FAIR VALUE MEASUREMENTS Items measured at fair value on a non-recurring basis include loans held for sale for which the fair value option has not been elected, foreclosed property and other real estate and equity investments without a readily determinable fair value; all of which may be considered either Level 2 or Level 3 valuation measurements. Non-recurring fair value adjustments related to loans held for sale, foreclosed property and other real estate are typically a result of the application of lower of cost or fair value accounting during the period. Non-recurring fair value adjustments related to equity investments without readily determinable fair values are the result of impairments or price changes from observable transactions. The balances of each of these assets, as well as the related fair value adjustments during the periods, were immaterial at both June 30, 2022 and December 31, 2021. FAIR VALUE OF FINANCIAL INSTRUMENTS
Schedule Of Carrying Amounts And Estimated Fair Values Of Financial Instruments | The carrying amounts and estimated fair values, as well as the level within the fair value hierarchy, of the Company’s financial instruments as of June 30, 2022 are as follows:
| June 30, 2022
| Carrying Amount |  | Estimated Fair Value(1) |  | Level 1 |  | Level 2 |  | Level 3
| (In millions)
Financial assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 20,500 |  |  | $ | 20,500 |  |  | $ | 20,500 |  |  | $ | — |  |  | $ | — |
Debt securities held to maturity | 836 |  |  | 817 |  |  | — |  |  | 817 |  |  | — |
Debt securities available for sale | 29,052 |  |  | 29,052 |  |  | 1,252 |  |  | 27,798 |  |  | 2 |
Loans held for sale | 612 |  |  | 612 |  |  | — |  |  | 552 |  |  | 60 |
Loans (excluding leases), net of unearned income and allowance for loan losses(2)(3) | 90,576 |  |  | 86,989 |  |  | — |  |  | — |  |  | 86,989 |
Other earning assets | 1,428 |  |  | 1,428 |  |  | 583 |  |  | 845 |  |  | — |
Derivative assets | 1,889 |  |  | 1,889 |  |  | — |  |  | 1,879 |  |  | 10 |
Financial liabilities: |  |  |  |  |  |  |  |  |
Derivative liabilities | 2,426 |  |  | 2,426 |  |  | — |  |  | 2,422 |  |  | 4 |
Deposits(4) | 138,263 |  |  | 138,213 |  |  | — |  |  | 138,213 |  |  | — |
Long-term borrowings | 2,319 |  |  | 2,462 |  |  | — |  |  | 2,460 |  |  | 2 |
Loan commitments and letters of credit | 119 |  |  | 119 |  |  | — |  |  | — |  |  | 119 |
_________ (1)Estimated fair values are consistent with an exit price concept. The assumptions used to estimate the fair values are intended to approximate those that a market participant would use in a hypothetical orderly transaction. In estimating fair value, the Company makes adjustments for estimated changes in interest rates, market liquidity and credit spreads in the periods they are deemed to have occurred. (2)The estimated fair value of portfolio loans assumes sale of the loans to a third-party financial investor. Accordingly, the value to the Company if the loans were held to maturity is not reflected in the fair value estimate. The fair value discount on the loan portfolio's net carrying amount at June 30, 2022 was $3.6 billion or 4.0 percent. (3)Excluded from this table is the sales-type, direct financing, and leveraged lease carrying amount of $1.5 billion at June 30, 2022. (4)The fair value of non-interest-bearing demand accounts, interest-bearing checking accounts, savings accounts, money market accounts and certain other time deposit accounts is the amount payable on demand at the reporting date (i.e., the carrying amount). Fair values for certificates of deposit are estimated by using discounted cash flow analyses, based on market spreads to benchmark rates. The carrying amounts and estimated fair values, as well as the level within the fair value hierarchy, of the Company's financial instruments as of December 31, 2021 are as follows:
| December 31, 2021
| Carrying Amount |  | Estimated Fair Value(1) |  | Level 1 |  | Level 2 |  | Level 3
| (In millions)
Financial assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 29,411 |  |  | $ | 29,411 |  |  | $ | 29,411 |  |  | $ | — |  |  | $ | — |
Debt securities held to maturity | 899 |  |  | 950 |  |  | — |  |  | 950 |  |  | — |
Debt securities available for sale | 28,481 |  |  | 28,481 |  |  | 1,132 |  |  | 27,347 |  |  | 2 |
Loans held for sale | 1,003 |  |  | 1,003 |  |  | — |  |  | 899 |  |  | 104 |
Loans (excluding leases), net of unearned income and allowance for loan losses(2)(3) | 84,866 |  |  | 85,086 |  |  | — |  |  | — |  |  | 85,086 |
Other earning assets(4) | 1,104 |  |  | 1,104 |  |  | 464 |  |  | 640 |  |  | — |
Derivative assets | 1,111 |  |  | 1,111 |  |  | — |  |  | 1,098 |  |  | 13 |
Financial liabilities: |  |  |  |  |  |  |  |  |
Derivative liabilities | 1,012 |  |  | 1,012 |  |  | — |  |  | 1,009 |  |  | 3 |
Deposits(5) | 139,072 |  |  | 139,101 |  |  | — |  |  | 139,101 |  |  | — |
Long-term borrowings | 2,407 |  |  | 2,847 |  |  | — |  |  | 2,845 |  |  | 2 |
Loan commitments and letters of credit | 123 |  |  | 123 |  |  | — |  |  | — |  |  | 123 |
_________ (1)Estimated fair values are consistent with an exit price concept. The assumptions used to estimate the fair values are intended to approximate those that a market participant would use in a hypothetical orderly transaction. In estimating fair value, the Company makes adjustments for estimated changes in interest rates, market liquidity and credit spreads in the periods they are deemed to have occurred. (2)The estimated fair value of portfolio loans assumes sale of the loans to a third-party financial investor. Accordingly, the value to the Company if the loans were held to maturity is not reflected in the fair value estimate. The fair value premium on the loan portfolio's net carrying amount at December 31, 2021 was $220 million or 0.3 percent. (3)Excluded from this table is the sales-type, direct financing, and leveraged lease carrying amount of $1.4 billion at December 31, 2021. (4)Excluded from this table is the operating lease carrying amount of $83 million at December 31, 2021. (5)The fair value of non-interest-bearing demand accounts, interest-bearing checking accounts, savings accounts, money market accounts and certain other time deposit accounts is the amount payable on demand at the reporting date (i.e., the carrying amount). Fair values for certificates of deposit are estimated by using discounted cash flow analyses, based on market spreads to benchmark rates.

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- Definition Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19279-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI https://asc.fasb.org/extlink&oid=126976982&loc=SL7498348-110258 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bb) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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