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FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended
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Jun. 30, 2018
Fair Value Disclosures [Abstract] |
Summary of difference between aggregated fair value and unpaid principal balance of loans held for sale | The following table presents the difference between the aggregate fair value and the aggregate unpaid principal balance of loans held for sale measured at fair value:
| June 30, 2018 |  | December 31, 2017
(in millions) | 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
Residential mortgage loans held for sale, at fair value |  | $365 |  |  | $365 |  |  | $— |  |  |  | $326 |  |  | $326 |  |  | $— |
Commercial and commercial real estate loans held for sale, at fair value | 156 |  | 156 |  | — |  |  | 171 |  | 171 |  | — |
Assets and liabilities measured on recurring basis | The following table presents assets and liabilities measured at fair value, including gross derivative assets and liabilities on a recurring basis at June 30, 2018:
(in millions) | Total |  | Level 1 |  | Level 2 |  | Level 3 |
Debt securities available for sale: |  |  |  |
Mortgage-backed securities |  | $20,139 |  |  | $— |  |  | $20,139 |  |  | $— |
State and political subdivisions | 6 |  | — |  | 6 |  | — |
U.S. Treasury and other | 12 |  | 12 |  | — |  | — |
Total debt securities available for sale | 20,157 |  | 12 |  | 20,145 |  | — |
Loans held for sale, at fair value: |  |  |  |
Residential loans held for sale | 365 |  | — |  | 365 |  | — |
Commercial loans held for sale | 156 |  | — |  | 156 |  | — |
Total loans held for sale, at fair value | 521 |  | — |  | 521 |  | — |
Derivative assets: |  |  |  |
Interest rate swaps | 206 |  | — |  | 206 |  | — |
Foreign exchange contracts | 143 |  | — |  | 143 |  | — |
Other contracts | 8 |  | — |  | 8 |  | — |
Total derivative assets | 357 |  | — |  | 357 |  | — |
Equity securities, at fair value: |  |  |  |
Money market mutual fund investments | 170 |  | 170 |  | — |  | — |
Other investments | — |  | — |  | — |  | — |
Total equity securities, at fair value | 170 |  | 170 |  | — |  | — |
Total assets |  | $21,205 |  |  | $182 |  |  | $21,023 |  |  | $— |
Derivative liabilities: |  |  |  |
Interest rate swaps |  | $436 |  |  | $— |  |  | $436 |  |  | $— |
Foreign exchange contracts | 126 |  | — |  | 126 |  | — |
Other contracts | 6 |  | — |  | 6 |  | — |
Total derivative liabilities | 568 |  | — |  | 568 |  | — |
Total liabilities |  | $568 |  |  | $— |  |  | $568 |  |  | $— |
The following table presents assets and liabilities measured at fair value, including gross derivative assets and liabilities on a recurring basis at December 31, 2017:
(in millions) | Total |  | Level 1 |  | Level 2 |  | Level 3 |
Debt securities available for sale: |  |  |  |
Mortgage-backed securities |  | $20,139 |  |  | $— |  |  | $20,139 |  |  | $— |
State and political subdivisions | 6 |  | — |  | 6 |  | — |
U.S. Treasury and other | 12 |  | 12 |  | — |  | — |
Total debt securities available for sale | 20,157 |  | 12 |  | 20,145 |  | — |
Loans held for sale, at fair value: |  |  |  |
Residential loans held for sale | 326 |  | — |  | 326 |  | — |
Commercial loans held for sale | 171 |  | — |  | 171 |  | — |
Total loans held for sale, at fair value | 497 |  | — |  | 497 |  | — |
Derivative assets: |  |  |  |
Interest rate swaps | 538 |  | — |  | 538 |  | — |
Foreign exchange contracts | 148 |  | — |  | 148 |  | — |
Other contracts | 7 |  | — |  | 7 |  | — |
Total derivative assets | 693 |  | — |  | 693 |  | — |
Equity securities, at fair value: |  |  |  |
Money market mutual fund investments | 165 |  | 165 |  | — |  | — |
Other investments | 4 |  | — |  | 4 |  | — |
Total equity securities, at fair value | 169 |  | 165 |  | 4 |  | — |
Total assets |  | $21,516 |  |  | $177 |  |  | $21,339 |  |  | $— |
Derivative liabilities: |  |  |  |
Interest rate swaps |  | $379 |  |  | $— |  |  | $379 |  |  | $— |
Foreign exchange contracts | 149 |  | — |  | 149 |  | — |
Other contracts | 5 |  | — |  | 5 |  | — |
Total derivative liabilities | 533 |  | — |  | 533 |  | — |
Total liabilities |  | $533 |  |  | $— |  |  | $533 |  |  | $— |
Gains (losses) on assets and liabilities measured on a nonrecurring basis included in earnings | The following table presents gains (losses) on assets and liabilities measured at fair value on a nonrecurring basis and recorded in earnings:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in millions) | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
Impaired collateral-dependent loans |  | ($4 | ) |  |  | ($8 | ) |  |  | ($6 | ) |  |  | ($27 | )
MSRs | — |  |  | 1 |  |  | 3 |  |  | 1 |
Foreclosed assets | — |  |  | (1 | ) |  | (1 | ) |  | (2 | )
Leased assets | (2 | ) |  | (15 | ) |  | (2 | ) |  | (15 | )
Fair value of assets and liabilities measured on a nonrecurring basis | The following table presents assets and liabilities measured at fair value on a nonrecurring basis:
| June 30, 2018 |  | December 31, 2017
(in millions) | Total |  | Level 1 |  | Level 2 |  | Level 3 |  |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |
Impaired collateral-dependent loans |  | $408 |  |  | $— |  |  | $408 |  |  | $— |  |  |  | $393 |  |  | $— |  |  | $393 |  |  | $— |
MSRs | 254 |  | — |  | — |  | 254 |  |  | 218 |  | — |  | — |  | 218 |
Foreclosed assets | 25 |  | — |  | 25 |  | — |  |  | 31 |  | — |  | 31 |  | — |
Leased assets | 108 |  | — |  | 108 |  | — |  |  | 112 |  | — |  | 112 |  | — |
Assets and liabilities measured at fair value | The following table presents the estimated fair value for financial instruments not recorded at fair value in the unaudited interim Consolidated Financial Statements. The carrying amounts are recorded in the Consolidated Balance Sheets under the indicated captions:
| June 30, 2018
| Total |  | Level 1 |  | Level 2 |  | Level 3
(in millions) | Carrying Value | Estimated Fair Value |  | Carrying Value | Estimated Fair Value |  | Carrying Value | Estimated Fair Value |  | Carrying Value | Estimated Fair Value
Financial Assets: |  |  |  |  |  |  |  |  |  |  |
Securities held to maturity |  | $4,417 |  |  | $4,260 |  |  |  | $— |  |  | $— |  |  |  | $4,417 |  |  | $4,260 |  |  |  | $— |  |  | $— |
Equity securities, at cost | 769 |  | 769 |  |  | — |  | — |  |  | 769 |  | 769 |  |  | — |  | — |
Other loans held for sale | 189 |  | 189 |  |  | — |  | — |  |  | — |  | — |  |  | 189 |  | 189 |
Loans and leases | 113,407 |  | 112,637 |  |  | — |  | — |  |  | 408 |  | 408 |  |  | 112,999 |  | 112,229 |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |
Deposits | 117,073 |  | 116,907 |  |  | — |  | — |  |  | 117,073 |  | 116,907 |  |  | — |  | — |
Federal funds purchased and securities sold under agreements to repurchase | 326 |  | 326 |  |  | — |  | — |  |  | 326 |  | 326 |  |  | — |  | — |
Other short-term borrowed funds | 1,499 |  | 1,499 |  |  | — |  | — |  |  | 1,499 |  | 1,499 |  |  | — |  | — |
Long-term borrowed funds | 13,641 |  | 13,643 |  |  | — |  | — |  |  | 13,641 |  | 13,643 |  |  | — |  | — |
| December 31, 2017
| Total |  | Level 1 |  | Level 2 |  | Level 3
(in millions) | Carrying Value | Estimated Fair Value |  | Carrying Value | Estimated Fair Value |  | Carrying Value | Estimated Fair Value |  | Carrying Value | Estimated Fair Value
Financial Assets: |  |  |  |  |  |  |  |  |  |  |
Securities held to maturity |  | $4,685 |  |  | $4,668 |  |  |  | $— |  |  | $— |  |  |  | $4,685 |  |  | $4,668 |  |  |  | $— |  |  | $— |
Equity securities, at cost | 722 |  | 722 |  |  | — |  | — |  |  | 722 |  | 722 |  |  | — |  | — |
Other loans held for sale | 221 |  | 221 |  |  | — |  | — |  |  | — |  | — |  |  | 221 |  | 221 |
Loans and leases | 110,617 |  | 111,168 |  |  | — |  | — |  |  | 393 |  | 393 |  |  | 110,224 |  | 110,775 |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |
Deposits | 115,089 |  | 115,039 |  |  | — |  | — |  |  | 115,089 |  | 115,039 |  |  | — |  | — |
Federal funds purchased and securities sold under agreements to repurchase | 815 |  | 815 |  |  | — |  | — |  |  | 815 |  | 815 |  |  | — |  | — |
Other short-term borrowed funds | 1,856 |  | 1,856 |  |  | — |  | — |  |  | 1,856 |  | 1,856 |  |  | — |  | — |
Long-term borrowed funds | 11,765 |  | 11,891 |  |  | — |  | — |  |  | 11,765 |  | 11,891 |  |  | — |  | — |

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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19190-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=77997519&loc=d3e13476-108611 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=77997519&loc=d3e13467-108611 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=75026489&loc=d3e13220-108610 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14172-108612 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=77997519&loc=d3e13433-108611 + Details
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- Definition Tabular disclosure of the application of the fair value option for measurement and reporting of eligible financial assets and liabilities (as defined), as well as certain other eligible items (as defined) included in the statement of financial position, whether such option is elected for a single eligible item or a group of similar eligible items and is in addition to other disclosures concerning fair value which the company may be required to provide. Such disclosure might be expected to include: (1) for items included in the statement of financial position: (a) for each line item in the statement of financial position that includes an item or items for which the fair value option has been elected, provide the aggregate carrying amount of ineligible items included in each line item in the balance sheet, if any; (b) the difference between the aggregate fair value and the aggregate unpaid principal balance (assuming contractual principal amounts and fair value option elected) of: (i) loans and long-term receivables (other than securities otherwise reported at fair value) and (ii) long-term debt instruments; (c) for loans held as assets for which the fair value option has been elected: (i) the aggregate fair value of loans that are 90 days or more past due, (ii) if the policy is to recognize interest income separately from other changes in fair value, the aggregate fair value of loans in nonaccrual status, and (iii) the difference between the aggregate fair value and the aggregate unpaid principal balance for loans that are 90 days or more past due, in nonaccrual status, or both; (2) for items included in the income statement: (a) the amounts of gains and losses from fair value changes included in earnings and in which line in the income statement those gains and losses are reported whether or not combined with gains and losses from items required to be accounted for at fair value; (b) for loans and other receivables held as assets, the estimated amount of gains or losses included in earnings attributable to changes in instrument-specific credit risk; (c) for liabilities with fair values that have been significantly affected during the reporting period by changes in the instrument-specific credit risk, the estimated amount of gains and losses from fair value changes included in earnings that are attributable to changes in the instrument-specific credit risk; and (3) certain other disclosures as required or determined to be provided. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14172-108612 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14217-108612 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 28 -Subparagraph (c)(2),(d),(e) -URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (a),(c)(1),(d)(1) -URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14172-108612 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19190-110258 + Details
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