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Fair Value Measurements
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements FAIR VALUE MEASUREMENTS
Note 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, 2024 and 2023.

(in millions)TotalLevel 1Level 2Level 3
December 31, 2024
Deferred compensation plan assets$89 $89 $— $— 
Equity securities46 46 — — 
Investment securities available-for-sale:
U.S. Treasury securities1,277 1,277 — — 
Residential mortgage-backed securities (a)9,076 — 9,076 — 
Commercial mortgage-backed securities (a)4,692 — 4,692 — 
Total investment securities available-for-sale15,045 1,277 13,768 — 
Derivative assets:
Interest rate contracts177 — 177 — 
Energy contracts416 — 416 — 
Foreign exchange contracts73 — 73 — 
Total derivative assets666 — 666 — 
Total assets at fair value$15,846 $1,412 $14,434 $— 
Derivative liabilities:
Interest rate contracts$335 $— $335 $— 
Energy contracts400 — 400 — 
Foreign exchange contracts59 — 59 — 
Other financial derivative liabilities6 — — 6 
Total derivative liabilities800 — 794 6 
Deferred compensation plan liabilities91 91 — — 
Total liabilities at fair value$891 $91 $794 $6 
December 31, 2023
Deferred compensation plan assets$104 $104 $— $— 
Equity securities39 39 — — 
Investment securities available-for-sale:
U.S. Treasury securities1,605 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-sale16,869 1,605 15,264 — 
Derivative assets:
Interest rate contracts225 — 225 — 
Energy contracts758 — 758 — 
Foreign exchange contracts36 — 36 — 
Total derivative assets1,019 — 1,019 — 
Total assets at fair value$18,031 $1,748 $16,283 $— 
Derivative liabilities:
Interest rate contracts$435 $— $435 $— 
Energy contracts736 — 736 — 
Foreign exchange contracts35 — 35 — 
Other financial derivative liabilities12 — — 12 
Total derivative liabilities1,218 — 1,206 12 
Deferred compensation plan liabilities104 104 — — 
Total liabilities at fair value$1,322 $104 $1,206 $12 
(a)Issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises.
There were no transfers of assets or liabilities recorded at fair value on a recurring basis into or out of Level 3 fair value measurements during the years ended December 31, 2024 and 2023.
The following table summarizes the changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the years ended December 31, 2024 and 2023.
Net Realized/Unrealized Gains (Pretax) Recorded in Earnings (a)
Balance at Beginning of PeriodBalance at End of Period
(in millions)RealizedUnrealized
Year Ended December 31, 2024
Derivative liabilities:
Other financial derivative liabilities$(12)$6 $— $(6)
Year Ended December 31, 2023
Derivative liabilities:
Other financial derivative liabilities$(12)$— $— $(12)
(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, 2024 and 2023. No liabilities were recorded at fair value on a nonrecurring basis at December 31, 2024 and 2023.
(in millions)Level 3
December 31, 2024
Loans:
Commercial$69 
Commercial mortgage86 
Residential mortgage3 
Total loans158 
Loans held-for-sale216 
Other real estate3 
Total assets at fair value$377 
December 31, 2023
Loans:
Commercial$12 
Commercial mortgage16 
International16 
Total loans44 
Loans held-for-sale231 
Other real estate5 
Total assets at fair value$280 
Level 3 assets recorded at fair value on a nonrecurring basis at December 31, 2024 and December 31, 2023 included loans with a specific allowance and certain bank property held for sale, both measured 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. At December 31, 2024 and December 31, 2023, loans held-for-sale classified as Level 3 represented loans held-for-sale in less liquid markets requiring significant management assumptions when determining 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 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 disclosures also do not include a limited amount of nonmarketable equity securities (primarily indirect private equity and venture capital investments) that do not have a readily determinable fair value and whose fair values are based on net asset value.
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, 2024
Assets
Cash and due from banks$850 $850 $850 $— $— 
Interest-bearing deposits with banks5,954 5,954 5,954 — — 
Other short-term investments21 21 21 — — 
Total loans, net of allowance for loan losses (a)49,849 49,436 — — 49,436 
Liabilities
Demand deposits
59,277 59,277 — 59,277 — 
Time deposits
4,534 4,555 — 4,555 — 
Total deposits63,811 63,832 — 63,832 — 
Medium- and long-term debt6,673 6,780 — 6,780 — 
Credit-related financial instruments(64)(64)— — (64)
December 31, 2023
Assets
Cash and due from banks$1,443 $1,443 $1,443 $— $— 
Interest-bearing deposits with banks8,059 8,059 8,059 — — 
Other short-term investments24 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 deposits66,762 66,867 — 66,867 — 
Short-term borrowings3,565 3,565 3,565 — — 
Medium- and long-term debt6,206 6,207 — 6,207 — 
Credit-related financial instruments(72)(72)— — (72)
(a)Included $158 million and $44 million of loans recorded at fair value on a nonrecurring basis at December 31, 2024 and 2023, respectively.