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FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2019

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 changes in fair value for assets where the Company has elected the fair value option:

	Three Months Ended June 30,								Six Months Ended June 30,
(in millions)	2019				2018				2019				2018			Affected Line Item in the Consolidated Statements of Operations
Residential mortgage loans held for sale, at fair value		$10				$4				$9				$1		Mortgage banking fees
Commercial and commercial real estate loans held for sale, at fair value	1				(1		)		4				—			Other income

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, 2019:

(in millions)	Total			Level 1			Level 2			Level 3
Debt securities available for sale:
Mortgage-backed securities		$21,603			$—			$21,603			$—
State and political subdivisions	5			—			5			—
U.S. Treasury and other	90			90			—			—
Total debt securities available for sale	21,698			90			21,608			—
Loans held for sale, at fair value:
Residential loans held for sale	1,615			—			1,615			—
Commercial loans held for sale	135			—			135			—
Total loans held for sale, at fair value	1,750			—			1,750			—
Mortgage servicing rights	531			—			—			531
Derivative assets:
Interest rate contracts	808			—			808			—
Foreign exchange contracts	132			—			132			—
Other contracts	29			—			4			25
Total derivative assets	969			—			944			25
Equity securities, at fair value:
Money market mutual fund investments	47			47			—			—
Total equity securities, at fair value	47			47			—			—
Total assets		$24,995			$137			$24,302			$556
Derivative liabilities:
Interest rate contracts		$130			$—			$130			$—
Foreign exchange contracts	116			—			116			—
Other contracts	34			—			34			—
Total derivative liabilities	280			—			280			—
Total liabilities		$280			$—			$280			$—

The following table presents assets and liabilities measured at fair value, including gross derivative assets and liabilities on a recurring basis at December 31, 2018:

(in millions)	Total			Level 1			Level 2			Level 3
Debt securities available for sale:
Mortgage-backed securities		$19,866			$—			$19,866			$—
State and political subdivisions	5			—			5			—
U.S. Treasury and other	24			24			—			—
Total debt securities available for sale	19,895			24			19,871			—
Loans held for sale, at fair value:
Residential loans held for sale	967			—			967			—
Commercial loans held for sale	252			—			252			—
Total loans held for sale, at fair value	1,219			—			1,219			—
Mortgage servicing rights	600			—			—			600
Derivative assets:
Interest rate contracts	306			—			306			—
Foreign exchange contracts	129			—			129			—
Other contracts	14			—			14			—
Total derivative assets	449			—			449			—
Equity securities, at fair value:
Money market mutual fund investments	181			181			—			—
Total equity securities, at fair value	181			181			—			—
Total assets		$22,344			$205			$21,539			$600
Derivative liabilities:
Interest rate contracts		$277			$—			$277			$—
Foreign exchange contracts	113			—			113			—
Other contracts	25			—			25			—
Total derivative liabilities	415			—			415			—
Total liabilities		$415			$—			$415			$—

Assets measured at fair value on recurring basis and classified as Level 3

The following tables present a rollforward of the balance sheet amounts for assets measured at fair value on a recurring basis and classified as Level 3 for the three and six months ended June 30, 2019. There were no assets measured at fair value on a recurring basis and classified as Level 3 for the three and six months ended June 30, 2018.

	Three Months Ended June 30,								Six Months Ended June 30, 2019
(in millions)	Mortgage Servicing Rights				Other Derivative Contracts				Mortgage Servicing Rights				Other Derivative Contracts
Beginning balance		$563				$18				$600				$—
Issuances	57				43				92				43
Settlements (1)	(31		)		(43		)		(57		)		(43		)
Changes in fair value during the period recognized in earnings (2)	(58		)		7				(104		)		7
Transfers from Level 2 to Level 3(3)	—				—				—				18
Ending balance		$531				$25				$531				$25

⁽¹⁾ Represents changes in value of the MSRs due to i) passage of time including the impact from both regularly scheduled loan principal payments and partial

paydowns, and ii) loans that paid off during the period.

⁽²⁾ Represents changes in value primarily driven by market conditions. These changes are recorded in mortgage banking fees in the Consolidated Statements of Operations.

⁽³⁾ Reflects changes in the significance of unobservable inputs on derivative contracts associated with mortgage origination activities.

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)	2019				2018				2019				2018
Impaired collateral-dependent loans		($24	)			($4	)			($28	)			($6	)
MSRs	(14		)		—				(14		)		3
Foreclosed assets	(1		)		—				(1		)		(1		)
Leased assets	—				(2		)		(3		)		(2		)

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, 2019													December 31, 2018
(in millions)	Total			Level 1			Level 2			Level 3				Total			Level 1			Level 2			Level 3
Impaired collateral-dependent loans		$300			$—			$300			$—				$338			$—			$338			$—
MSRs	193			—			—			193				243			—			—			243
Foreclosed assets	27			—			27			—				29			—			29			—
Leased assets	61			—			61			—				92			—			92			—

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, 2019
	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		$3,447			$3,441				$—			$—				$3,447			$3,441				$—			$—
Equity securities, at cost	706			706				—			—				706			706				—			—
Other loans held for sale	455			455				—			—				—			—				455			455
Loans and leases	116,838			117,494				—			—				300			300				116,538			117,194
Financial liabilities:
Deposits	124,004			124,028				—			—				124,004			124,028				—			—
Federal funds purchased and securities sold under agreements to repurchase	1,132			1,132				—			—				1,132			1,132				—			—
Other short-term borrowed funds	309			309				—			—				309			309				—			—
Long-term borrowed funds	11,538			11,639				—			—				11,538			11,639				—			—

	December 31, 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		$4,165			$4,041				$—			$—				$4,165			$4,041				$—			$—
Equity securities, at cost	834			834				—			—				834			834				—			—
Other loans held for sale	101			101				—			—				—			—				101			101
Loans and leases	116,660			116,627				—			—				338			338				116,322			116,289
Financial liabilities:
Deposits	119,575			119,503				—			—				119,575			119,503				—			—
Federal funds purchased and securities sold under agreements to repurchase	1,156			1,156				—			—				1,156			1,156				—			—
Other short-term borrowed funds	161			161				—			—				161			161				—			—
Long-term borrowed funds	15,925			15,877				—			—				15,925			15,877				—			—

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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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