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Fair Value Measurements
 12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Fair Value Measurements FAIR VALUE MEASUREMENTSNote 1 contains information about the fair value hierarchy, descriptions of the valuation methodologies and key inputs used to measure financial assets and liabilities recorded at fair value, as well as a description of the methods and significant assumptions used to estimate fair value disclosures for financial instruments not recorded at fair value in their entirety on a recurring basis.
Assets and Liabilities Recorded at Fair Value on a Recurring Basis
The following tables present the recorded amount of assets and liabilities measured at fair value on a recurring basis as of December 31, 2021 and 2020.
(in millions)TotalLevel 1Level 2Level 3
December 31, 2021
Deferred compensation plan assets$113 $113 $— $— 
Equity securities62 62 — — 
Investment securities available-for-sale:
U.S. Treasury securities2,993 2,993 — — 
Residential mortgage-backed securities (a)13,288 — 13,288 — 
Commercial mortgage-backed securities (a)705 — 705 — 
Total investment securities available-for-sale16,986 2,993 13,993 — 
Derivative assets:
Interest rate contracts239 — 213 26 
Energy contracts670 — 670 — 
Foreign exchange contracts19 — 19 — 
Total derivative assets928 — 902 26 
Total assets at fair value$18,089 $3,168 $14,895 $26 
Derivative liabilities:
Interest rate contracts$69 $— $69 $— 
Energy contracts662 — 662 — 
Foreign exchange contracts16 — 16 — 
Other financial derivative13 — — 13 
Total derivative liabilities760 — 747 13 
Deferred compensation plan liabilities113 113 — — 
Total liabilities at fair value$873 $113 $747 $13 
December 31, 2020
Deferred compensation plan assets$107 $107 $— $— 
Equity securities50 50 — — 
Investment securities available-for-sale:
U.S. Treasury securities4,658 4,658 — — 
Residential mortgage-backed securities (a)10,370 — 10,370 — 
Total investment securities available-for-sale15,028 4,658 10,370 — 
Derivative assets:
Interest rate contracts531 — 492 39 
Energy contracts151 — 151 — 
Foreign exchange contracts18 — 18 — 
Total derivative assets700 — 661 39 
Total assets at fair value$15,885 $4,815 $11,031 $39 
Derivative liabilities:
Interest rate contracts$61 $— $61 $— 
Energy contracts149 — 149 — 
Foreign exchange contracts19 — 19 — 
Other financial derivative11 — — 11 
Total derivative liabilities240 — 229 11 
Deferred compensation plan liabilities107 107 — — 
Total liabilities at fair value$347 $107 $229 $11 
(a)Issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises.
There were no transfers of assets or liabilities recorded at fair value on a recurring basis into or out of Level 3 fair value measurements during the years ended December 31, 2021 and 2020.
The following table summarizes the changes in Level 3 assets measured at fair value on a recurring basis for the years ended December 31, 2021 and 2020.
Net Realized/Unrealized Gains (Pretax) Recorded in Earnings (a)
Balance at Beginning of PeriodSalesBalance at End of Period
(in millions)RealizedUnrealized
Year Ended December 31, 2021
Derivative assets:
Interest rate contracts$39 $— $(13)$— $26 
Derivative liabilities:
Other financial derivative(11)— (2)— (13)
Year Ended December 31, 2020
Derivative assets:
Interest rate contracts$22 — $17 — $39 
Derivative liabilities:
Other financial derivative(9)— (2)— (11)
(a)Realized and unrealized gains and losses due to changes in fair value recorded in other noninterest income on the Consolidated Statements of Income.
Assets and Liabilities Recorded at Fair Value on a Nonrecurring Basis
The Corporation may be required to record certain assets and liabilities at fair value on a nonrecurring basis. These include assets that are recorded at the lower of cost or fair value, and were recognized at fair value since it was less than cost at the end of the period.
The following table presents assets recorded at fair value on a nonrecurring basis at December 31, 2021 and 2020. No liabilities were recorded at fair value on a nonrecurring basis at December 31, 2021 and 2020.
(in millions)Level 3
December 31, 2021
Loans:
Commercial $125 
Real estate construction4 
Commercial mortgage 17 
International4 
Total assets at fair value$150 
December 31, 2020
Loans:
Commercial$134 
Commercial mortgage16 
Total assets at fair value$150 
Level 3 assets recorded at fair value on a nonrecurring basis at December 31, 2021 and 2020 included both nonaccrual loans and TDRs for which a specific allowance was established based on the fair value of collateral. The unobservable inputs were the additional adjustments applied by management to the appraised values to reflect such factors as non-current appraisals and revisions to estimated time to sell. These adjustments are determined based on qualitative judgments made by management on a case-by-case basis and are not observable inputs, although they are used in the determination of fair value.
Estimated Fair Values of Financial Instruments Not Recorded at Fair Value on a Recurring Basis
The Corporation typically holds the majority of its financial instruments until maturity and thus does not expect to realize many of the estimated fair value amounts disclosed. The disclosures also do not include estimated fair value amounts for items that are not defined as financial instruments, but which have significant value. These include such items as core deposit intangibles, the future earnings potential of significant customer relationships and the value of trust operations and other fee generating businesses. The Corporation believes the imprecision of an estimate could be significant.
The carrying amount and estimated fair value of financial instruments not recorded at fair value in their entirety on a recurring basis on the Corporation’s Consolidated Balance Sheets are as follows:
 Carrying
Amount		Estimated Fair Value
(in millions)TotalLevel 1Level 2Level 3
December 31, 2021
Assets
Cash and due from banks$1,236 $1,236 $1,236 $— $— 
Interest-bearing deposits with banks21,443 21,443 21,443 — — 
Other short-term investments16 16 16 — — 
Loans held-for-sale6 6 — 6 — 
Total loans, net of allowance for loan losses (a)48,697 49,127 — — 49,127 
Customers’ liability on acceptances outstanding5 5 5 — — 
Restricted equity investments92 92 92 — — 
Nonmarketable equity securities (b)5 10 
Liabilities
Demand deposits (noninterest-bearing)45,800 45,800 — 45,800 — 
Interest-bearing deposits34,566 34,566 — 34,566 — 
Customer certificates of deposit1,973 1,968 — 1,968 — 
Total deposits82,339 82,334 — 82,334 — 
Acceptances outstanding5 5 5 — — 
Medium- and long-term debt2,796 2,854 — 2,854 — 
Credit-related financial instruments(59)(59)— — (59)
December 31, 2020
Assets
Cash and due from banks$1,031 $1,031 $1,031 $— $— 
Interest-bearing deposits with banks14,736 14,736 14,736 — — 
Other short-term investments10 10 10 — — 
Loans held-for-sale5 5 — 5 — 
Total loans, net of allowance for loan losses (a)51,343 50,601 — — 50,601 
Customers’ liability on acceptances outstanding1 1 1 — — 
Restricted equity investments207 207 207 — — 
Nonmarketable equity securities (b) 5 9 
Liabilities
Demand deposits (noninterest-bearing)39,420 39,420 — 39,420 — 
Interest-bearing deposits31,316 31,316 — 31,316 — 
Customer certificates of deposit2,133 2,133 — 2,133 — 
Total deposits72,869 72,869 — 72,869 — 
Acceptances outstanding1 1 1 — — 
Medium- and long-term debt5,728 5,790 — 5,790 — 
Credit-related financial instruments(74)(74)— — (74)
(a)Included $150 million of loans recorded at fair value on a nonrecurring basis at both December 31, 2021 and 2020.
(b)Certain investments that are measured at fair value using the net asset value have not been classified in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Balance Sheets.