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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

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 September 30, 2023 and December 31, 2022.

(in millions)			Total						Level 1						Level 2						Level 3
September 30, 2023
Deferred compensation plan assets			$	97					$	97					$	—					$	—
Equity securities			45						45						—						—
Investment securities available-for-sale:
U.S. Treasury securities			1,681						1,681						—						—
Residential mortgage-backed securities (a)			10,174						—						10,174						—
Commercial mortgage-backed securities (a)			4,468						—						4,468						—
Total investment securities available-for-sale			16,323						1,681						14,642						—
Derivative assets:
Interest rate contracts			303						—						303						—
Energy contracts			825						—						825						—
Foreign exchange contracts			50						—						50						—
Total derivative assets			1,178						—						1,178						—
Total assets at fair value			$	17,643					$	1,823					$	15,820					$	—
Derivative liabilities:
Interest rate contracts			$	660					$	—					$	660					$	—
Energy contracts			805						—						805						—
Foreign exchange contracts			43						—						43						—
Other financial derivative liabilities			13						—						—						13
Total derivative liabilities			1,521						—						1,508						13
Deferred compensation plan liabilities			97						97						—						—
Total liabilities at fair value			$	1,618					$	97					$	1,508					$	13
December 31, 2022
Deferred compensation plan assets			$	92					$	92					$	—					$	—
Equity securities			44						44						—						—
Investment securities available-for-sale:
U.S. Treasury securities			2,664						2,664						—						—
Residential mortgage-backed securities (a)			11,655						—						11,655						—
Commercial mortgage-backed securities (a)			4,693						—						4,693						—
Total investment securities available-for-sale			19,012						2,664						16,348						—
Derivative assets:
Interest rate contracts			206						—						206						—
Energy contracts			1,020						—						1,020						—
Foreign exchange contracts			53						—						53						—
Total derivative assets			1,279						—						1,279						—
Total assets at fair value			$	20,427					$	2,800					$	17,627					$	—
Derivative liabilities:
Interest rate contracts			$	644					$	—					$	644					$	—
Energy contracts			1,006						—						1,006						—
Foreign exchange contracts			45						—						45						—
Other financial derivative liabilities			12						—						—						12
Total derivative liabilities			1,707						—						1,695						12
Deferred compensation plan liabilities			92						92						—						—
Total liabilities at fair value			$	1,799					$	92					$	1,695					$	12

(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 nine-month periods ended September 30, 2023 and 2022.

												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 September 30, 2023
Derivative liabilities:
Other financial derivative liabilities			$	(14)								$	—					$	1														$	—											$	(13)
Three Months Ended September 30, 2022
Derivative liabilities:
Other financial derivative liabilities			(12)									—						—																		—												(12)
Nine Months Ended September 30, 2023
Derivative liabilities:
Other financial derivative liabilities			(12)									—						(1)																		—												(13)
Nine Months Ended September 30, 2022
Derivative assets:
Interest rate contracts			$	26								$	—					$	—														$	(26)											$	—
Derivative liabilities:
Other financial derivative liabilities			(13)									—						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 September 30, 2023 and December 31, 2022. No liabilities were recorded at fair value on a nonrecurring basis at September 30, 2023 and December 31, 2022.

(in millions)															Level 3
September 30, 2023
Loans:
Commercial															$	27
Real estate construction															2
Commercial mortgage															3
International															2
Total loans															34
Loans held-for-sale															236
Other real estate															5
Total assets at fair value															$	275
December 31, 2022
Loans:
Commercial															$	53
Real estate construction															2
Commercial mortgage															11
Total loans															66
Other real estate															9
Total assets at fair value															$	75

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
September 30, 2023
Assets
Cash and due from banks			$	1,228					$	1,228					$	1,228					$	—					$	—
Interest-bearing deposits with banks			6,884						6,884						6,884						—						—
Other short-term investments			24						24						24						—						—
Loans held-for-sale			2						2						—						2						—
Total loans, net of allowance for loan losses (a)			52,704						50,810						—						—						50,810
Customers’ liability on acceptances outstanding			1						1						1						—						—
Restricted equity investments			453						453						453						—						—
Nonmarketable equity securities (b)			6						12
Liabilities
Demand deposits (noninterest-bearing)			29,922						29,922						—						29,922						—
Interest-bearing deposits			28,824						28,824						—						28,824						—
Customer certificates of deposit			3,401						3,372						—						3,372						—
Other time deposits			5,011						5,106						—						5,106						—
Total deposits			67,158						67,224						—						67,224						—
Short-term borrowings			4,812						4,812						4,812						—						—
Acceptances outstanding			1						1						1						—						—
Medium- and long-term debt			6,049						5,781						—						5,781						—
Credit-related financial instruments			(73)						(73)						—						—						(73)
December 31, 2022
Assets
Cash and due from banks			$	1,758					$	1,758					$	1,758					$	—					$	—
Interest-bearing deposits with banks			4,524						4,524						4,524						—						—
Other short-term investments			19						19						19						—						—
Loans held-for-sale			2						2						—						2						—
Total loans, net of allowance for loan losses (a)			52,792						50,964						—						—						50,964
Customers’ liability on acceptances outstanding			3						3						3						—						—
Restricted equity investments			223						223						223						—						—
Nonmarketable equity securities (b)			5						12
Liabilities
Demand deposits (noninterest-bearing)			39,945						39,945						—						39,945						—
Interest-bearing deposits			29,566						29,566						—						29,566						—
Customer certificates of deposit			1,762						1,719						—						1,719						—
Other time deposits			124						124						—						124						—
Total deposits			71,397						71,354						—						71,354						—
Short-term borrowings			3,211						3,211						3,211						—						—
Acceptances outstanding			3						3						3						—						—
Medium- and long-term debt			3,024						3,071						—						3,071						—
Credit-related financial instruments			(79)						(79)						—						—						(79)

(a)Included $34 million and $66 million of loans recorded at fair value on a nonrecurring basis at September 30, 2023 and December 31, 2022, 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).

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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 the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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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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