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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2022
Fair Value Disclosures [Abstract] |
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 June 30, 2022 and December 31, 2021.
(in millions) | Total |  | Level 1 |  | Level 2 |  | Level 3 |
June 30, 2022 |  |  |  |  |  |  |  |
Deferred compensation plan assets | $ | 91 |  |  | $ | 91 |  |  | $ | — |  |  | $ | — |  |
Equity securities | 51 |  |  | 51 |  |  | — |  |  | — |  |
Investment securities available-for-sale: |  |  |  |  |  |  |  |
U.S. Treasury securities | 2,802 |  |  | 2,802 |  |  | — |  |  | — |  |
Residential mortgage-backed securities (a) | 13,165 |  |  | — |  |  | 13,165 |  |  | — |  |
Commercial mortgage-backed securities (a) | 4,862 |  |  | — |  |  | 4,862 |  |  | — |  |
Total investment securities available-for-sale | 20,829 |  |  | 2,802 |  |  | 18,027 |  |  | — |  |
Derivative assets: |  |  |  |  |  |  |  |
Interest rate contracts | 126 |  |  | — |  |  | 126 |  |  | — |  |
Energy contracts | 1,591 |  |  | — |  |  | 1,591 |  |  | — |  |
Foreign exchange contracts | 45 |  |  | — |  |  | 45 |  |  | — |  |
Total derivative assets | 1,762 |  |  | — |  |  | 1,762 |  |  | — |  |
Total assets at fair value | $ | 22,733 |  |  | $ | 2,944 |  |  | $ | 19,789 |  |  | $ | — |  |
Derivative liabilities: |  |  |  |  |  |  |  |
Interest rate contracts | $ | 401 |  |  | $ | — |  |  | $ | 401 |  |  | $ | — |  |
Energy contracts | 1,583 |  |  | — |  |  | 1,583 |  |  | — |  |
Foreign exchange contracts | 35 |  |  | — |  |  | 35 |  |  | — |  |
Other financial derivative | 12 |  |  | — |  |  | — |  |  | 12 |  |
Total derivative liabilities | 2,031 |  |  | — |  |  | 2,019 |  |  | 12 |  |
Deferred compensation plan liabilities | 91 |  |  | 91 |  |  | — |  |  | — |  |
Total liabilities at fair value | $ | 2,122 |  |  | $ | 91 |  |  | $ | 2,019 |  |  | $ | 12 |  |
December 31, 2021 |  |  |  |  |  |  |  |
Deferred compensation plan assets | $ | 113 |  |  | $ | 113 |  |  | $ | — |  |  | $ | — |  |
Equity securities | 62 |  |  | 62 |  |  | — |  |  | — |  |
Investment securities available-for-sale: |  |  |  |  |  |  |  |
U.S. Treasury securities | 2,993 |  |  | 2,993 |  |  | — |  |  | — |  |
Residential mortgage-backed securities (a) | 13,288 |  |  | — |  |  | 13,288 |  |  | — |  |
Commercial mortgage-backed securities (a) | 705 |  |  | — |  |  | 705 |  |  | — |  |
Total investment securities available-for-sale | 16,986 |  |  | 2,993 |  |  | 13,993 |  |  | — |  |
Derivative assets: |  |  |  |  |  |  |  |
Interest rate contracts | 239 |  |  | — |  |  | 213 |  |  | 26 |  |
Energy contracts | 670 |  |  | — |  |  | 670 |  |  | — |  |
Foreign exchange contracts | 19 |  |  | — |  |  | 19 |  |  | — |  |
Total derivative assets | 928 |  |  | — |  |  | 902 |  |  | 26 |  |
Total assets at fair value | $ | 18,089 |  |  | $ | 3,168 |  |  | $ | 14,895 |  |  | $ | 26 |  |
Derivative liabilities: |  |  |  |  |  |  |  |
Interest rate contracts | $ | 69 |  |  | $ | — |  |  | $ | 69 |  |  | $ | — |  |
Energy contracts | 662 |  |  | — |  |  | 662 |  |  | — |  |
Foreign exchange contracts | 16 |  |  | — |  |  | 16 |  |  | — |  |
Other financial derivative | 13 |  |  | — |  |  | — |  |  | 13 |  |
Total derivative liabilities | 760 |  |  | — |  |  | 747 |  |  | 13 |  |
Deferred compensation plan liabilities | 113 |  |  | 113 |  |  | — |  |  | — |  |
Total liabilities at fair value | $ | 873 |  |  | $ | 113 |  |  | $ | 747 |  |  | $ | 13 |  |
(a)Issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises.
Changes In Level 3 Assets And Liabilities Measured At Fair Value On A Recurring Basis | The following table summarizes the changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the three- and six-month periods ended June 30, 2022 and 2021.
|  |  |  | Net Realized/Unrealized Gains (Losses) (Pretax) Recorded in Earnings (a) |  |  |  |  |  |  |  |  |  |
(in millions) | Balance at Beginning of Period |  |  | Realized |  | Unrealized |  |  |  |  |  | Settlements |  |  |  | Balance at End of Period
Three Months Ended June 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts | $ | 12 |  |  |  | $ | — |  |  | $ | — |  |  |  |  |  | $ | (12) |  |  |  |  | $ | — |
Derivative liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other financial derivative | (12) |  |  |  | — |  |  | — |  |  |  |  |  | — |  |  |  |  | (12) |
Three Months Ended June 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts | $ | 24 |  |  |  | $ | — |  |  | $ | 5 |  |  |  |  |  | $ | — |  |  |  |  | $ | 29 |
Derivative liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other financial derivative | (11) |  |  |  | — |  |  | (1) |  |  |  |  |  |  | — |  |  |  |  | (12) |
Six Months Ended June 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts | $ | 26 |  |  |  | $ | — |  |  | $ | — |  |  |  |  |  | $ | (26) |  |  |  |  | $ | — |
Derivative liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other financial derivative | (13) |  |  |  | — |  |  | 1 |  |  |  |  |  |  | — |  |  |  |  | (12) |
Six Months Ended June 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts | $ | 39 |  |  |  | $ | — |  |  | $ | (10) |  |  |  |  |  | $ | — |  |  |  |  | $ | 29 |
Derivative liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other financial derivative | (11) |  |  |  | — |  |  | (1) |  |  |  |  |  |  | — |  |  |  |  | (12) |
(a)Realized and unrealized gains and losses due to changes in fair value are recorded in other noninterest income on the Consolidated Statements of Comprehensive Income.
Assets And Liabilities Recorded At Fair Value On A Nonrecurring Basis | The following table presents assets recorded at fair value on a nonrecurring basis at June 30, 2022 and December 31, 2021. No liabilities were recorded at fair value on a nonrecurring basis at June 30, 2022 and December 31, 2021.
(in millions) |  |  |  |  | Level 3
June 30, 2022 |  |  |  |  |
Loans: |  |  |  |  |
Commercial |  |  |  |  | $ | 63 |
Real estate construction |  |  |  |  | 2 |
Commercial mortgage |  |  |  |  | 16 |
Total assets at fair value |  |  |  |  | $ | 81 |
December 31, 2021 |  |  |  |  |
Loans: |  |  |  |  |
Commercial |  |  |  |  | $ | 125 |
Real estate construction |  |  |  |  | 4 |
Commercial mortgage |  |  |  |  | 17 |
International |  |  |  |  | 4 |
Total assets at fair value |  |  |  |  | $ | 150 |
Estimated Fair Values Of Financial Instruments Not Recorded At Fair Value In Their Entirety On A Recurring Basis | 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) |  | Total |  | Level 1 |  | Level 2 |  | Level 3
June 30, 2022 |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |
Cash and due from banks | $ | 1,631 |  |  | $ | 1,631 |  |  | $ | 1,631 |  |  | $ | — |  |  | $ | — |
Interest-bearing deposits with banks | 5,902 |  |  | 5,902 |  |  | 5,902 |  |  | — |  |  | — |
Other short-term investments | 13 |  |  | 13 |  |  | 13 |  |  | — |  |  | — |
Loans held-for-sale | 4 |  |  | 4 |  |  | — |  |  | 4 |  |  | — |
Total loans, net of allowance for loan losses (a) | 50,891 |  |  | 48,582 |  |  | — |  |  | — |  |  | 48,582 |
Customers’ liability on acceptances outstanding | 4 |  |  | 4 |  |  | 4 |  |  | — |  |  | — |
Restricted equity investments | 92 |  |  | 92 |  |  | 92 |  |  | — |  |  | — |
Nonmarketable equity securities (b) | 5 |  |  | 11 |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |
Demand deposits (noninterest-bearing) | 42,308 |  |  | 42,308 |  |  | — |  |  | 42,308 |  |  | — |
Interest-bearing deposits | 31,771 |  |  | 31,771 |  |  | — |  |  | 31,771 |  |  | — |
Customer certificates of deposit | 1,686 |  |  | 1,659 |  |  | — |  |  | 1,659 |  |  | — |
Total deposits | 75,765 |  |  | 75,738 |  |  | — |  |  | 75,738 |  |  | — |
Acceptances outstanding | 4 |  |  | 4 |  |  | 4 |  |  | — |  |  | — |
Medium- and long-term debt | 2,630 |  |  | 2,630 |  |  | — |  |  | 2,630 |  |  | — |
Credit-related financial instruments | (75) |  |  | (75) |  |  | — |  |  | — |  |  | (75) |
December 31, 2021 |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |
Cash and due from banks | $ | 1,236 |  |  | $ | 1,236 |  |  | $ | 1,236 |  |  | $ | — |  |  | $ | — |
Interest-bearing deposits with banks | 21,443 |  |  | 21,443 |  |  | 21,443 |  |  | — |  |  | — |
Other short-term investments | 16 |  |  | 16 |  |  | 16 |  |  | — |  |  | — |
Loans held-for-sale | 6 |  |  | 6 |  |  | — |  |  | 6 |  |  | — |
Total loans, net of allowance for loan losses (a) | 48,697 |  |  | 49,127 |  |  | — |  |  | — |  |  | 49,127 |
Customers’ liability on acceptances outstanding | 5 |  |  | 5 |  |  | 5 |  |  | — |  |  | — |
Restricted equity investments | 92 |  |  | 92 |  |  | 92 |  |  | — |  |  | — |
Nonmarketable equity securities (b) | 5 |  |  | 10 |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |
Demand deposits (noninterest-bearing) | 45,800 |  |  | 45,800 |  |  | — |  |  | 45,800 |  |  | — |
Interest-bearing deposits | 34,566 |  |  | 34,566 |  |  | — |  |  | 34,566 |  |  | — |
Customer certificates of deposit | 1,973 |  |  | 1,968 |  |  | — |  |  | 1,968 |  |  | — |
Total deposits | 82,339 |  |  | 82,334 |  |  | — |  |  | 82,334 |  |  | — |
Acceptances outstanding | 5 |  |  | 5 |  |  | 5 |  |  | — |  |  | — |
Medium- and long-term debt | 2,796 |  |  | 2,854 |  |  | — |  |  | 2,854 |  |  | — |
Credit-related financial instruments | (59) |  |  | (59) |  |  | — |  |  | — |  |  | (59) |
(a)Included $81 million and $150 million of loans recorded at fair value on a nonrecurring basis at June 30, 2022 and December 31, 2021, respectively. (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.

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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://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 2 -Subparagraph (bbb) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 3: 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 + 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/disclosureRef -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://www.xbrl.org/2003/role/disclosureRef -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 + Details
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