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Fair Value Measurements (Tables)

6 Months Ended

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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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).

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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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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).

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