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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

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, 2024 and December 31, 2023.

(in millions)			Total						Level 1						Level 2						Level 3
June 30, 2024
Deferred compensation plan assets			$	110					$	110					$	—					$	—
Equity securities			46						46						—						—
Investment securities available-for-sale:
U.S. Treasury securities			1,304						1,304						—						—
Residential mortgage-backed securities (a)			9,678						—						9,678						—
Commercial mortgage-backed securities (a)			4,674						—						4,674						—
Total investment securities available-for-sale			15,656						1,304						14,352						—
Derivative assets:
Interest rate contracts			203						—						203						—
Energy contracts			565						—						565						—
Foreign exchange contracts			32						—						32						—
Total derivative assets			800						—						800						—
Total assets at fair value			$	16,612					$	1,460					$	15,152					$	—
Derivative liabilities:
Interest rate contracts			$	480					$	—					$	480					$	—
Energy contracts			558						—						558						—
Foreign exchange contracts			22						—						22						—
Other financial derivative liabilities			6						—						—						6
Total derivative liabilities			1,066						—						1,060						6
Deferred compensation plan liabilities			110						110						—						—
Total liabilities at fair value			$	1,176					$	110					$	1,060					$	6
December 31, 2023
Deferred compensation plan assets			$	104					$	104					$	—					$	—
Equity securities			39						39						—						—
Investment securities available-for-sale:
U.S. Treasury securities			1,605						1,605						—						—
Residential mortgage-backed securities (a)			10,519						—						10,519						—
Commercial mortgage-backed securities (a)			4,745						—						4,745						—
Total investment securities available-for-sale			16,869						1,605						15,264						—
Derivative assets:
Interest rate contracts			225						—						225						—
Energy contracts			758						—						758						—
Foreign exchange contracts			36						—						36						—
Total derivative assets			1,019						—						1,019						—
Total assets at fair value			$	18,031					$	1,748					$	16,283					$	—
Derivative liabilities:
Interest rate contracts			$	435					$	—					$	435					$	—
Energy contracts			736						—						736						—
Foreign exchange contracts			35						—						35						—
Other financial derivative liabilities			12						—						—						12
Total derivative liabilities			1,218						—						1,206						12
Deferred compensation plan liabilities			104						104						—						—
Total liabilities at fair value			$	1,322					$	104					$	1,206					$	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 six-month periods ended June 30, 2024 and 2023.

												Net Realized/Unrealized Gains (Losses) (Pretax) Recorded in Earnings (a)
(in millions)			Balance at Beginning of Period									Realized						Unrealized																														Balance at End of Period
Three Months Ended June 30, 2024
Derivative liabilities:
Other financial derivative liabilities			$	(12)								$	6					$	—																										$	(6)
Three Months Ended June 30, 2023
Derivative liabilities:
Other financial derivative liabilities			(12)									—						(2)																														(14)
Six Months Ended June 30, 2024
Derivative liabilities:
Other financial derivative liabilities			(12)									6						—																														(6)
Six Months Ended June 30, 2023
Derivative liabilities:
Other financial derivative liabilities			(12)									—						(2)																														(14)

(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, 2024 and December 31, 2023. No liabilities were recorded at fair value on a nonrecurring basis at June 30, 2024 and December 31, 2023.

(in millions)			Level 3
June 30, 2024
Loans:
Commercial			$	21
Commercial mortgage			46
International			7
Residential mortgage			8
Total loans			82
Loans held-for-sale			217
Other real estate			7
Total assets at fair value			$	306
December 31, 2023
Loans:
Commercial			$	12
Commercial mortgage			16
International			16
Total loans			44
Loans held-for-sale			231
Other real estate			5
Total assets at fair value			$	280

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, 2024
Assets
Cash and due from banks			$	719					$	719					$	719					$	—					$	—
Interest-bearing deposits with banks			4,093						4,093						4,093						—						—
Other short-term investments			21						21						21						—						—
Total loans, net of allowance for loan losses (a)			51,164						50,412						—						—						50,412
Liabilities
Demand deposits			55,785						55,785						—						55,785						—
Time deposits			6,674						6,682						—						6,682						—
Total deposits			62,459						62,467						—						62,467						—
Short-term borrowings			1,250						1,250						1,250						—						—
Medium- and long-term debt			7,112						7,190						—						7,190						—
Credit-related financial instruments			(63)						(63)						—						—						(63)
December 31, 2023
Assets
Cash and due from banks			$	1,443					$	1,443					$	1,443					$	—					$	—
Interest-bearing deposits with banks			8,059						8,059						8,059						—						—
Other short-term investments			24						24						24						—						—
Total loans, net of allowance for loan losses (a)			51,425						50,633						—						—						50,633
Liabilities
Demand deposits			58,476						58,476						—						58,476						—
Time deposits			8,286						8,391						—						8,391						—
Total deposits			66,762						66,867						—						66,867						—
Short-term borrowings			3,565						3,565						3,565						—						—
Medium- and long-term debt			6,206						6,207						—						6,207						—
Credit-related financial instruments			(72)						(72)						—						—						(72)

(a)Included $82 million and $44 million of loans recorded at fair value on a nonrecurring basis at June 30, 2024 and December 31, 2023, respectively.

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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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
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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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