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Fair Value Measurement and Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]  
Financial Assets and Financial Liabilities Measured at Fair Value on Recurring Basis
The following tables present financial assets and financial liabilities measured at fair value on a recurring basis at December 31, 2020 and 2019, by major category and by valuation hierarchy level.
 December 31, 2020December 31, 2019
(Dollars in millions)Level 1Level 2Level 3
Netting(1)
Fair ValueLevel 1Level 2Level 3
Netting(1)
Fair Value
Assets     
Trading account assets:     
U.S. Treasury and government agencies$— $3,118 $— $— $3,118 $— $2,393 $— $— $2,393 
Mortgage-backed:
U.S. agencies— 8,936 — — 8,936 — 5,376 — — 5,376 
Corporate debt— 838 — — 838 — 1,212 — — 1,212 
Other debt— 354 — — 354 — 306 — — 306 
Equity925 — — — 925 127 — — — 127 
Derivative contracts20 2,277 1 (431)1,867 16 1,195 8 (256)963 
Total trading account assets945 15,523 1 (431)16,038 143 10,482 8 (256)10,377 
Securities available for sale:
U.S. Treasury and government agencies— 4,473 — — 4,473 — 5,438 — — 5,438 
Mortgage-backed:
U.S. agencies— 5,922 — — 5,922 — 5,468 — — 5,468 
Residential - non-agency— 539 — — 539 — 762 — — 762 
Commercial - non-agency— 4,473 16 — 4,489 — 3,471 18 — 3,489 
Collateralized loan obligations— 1,367 — — 1,367 — 1,491 — — 1,491 
Direct bank purchase bonds— — 930 — 930 — — 936 — 936 
Other— 11 528 — 539 — 28 177 — 205 
Total securities available for sale— 16,785 1,474 — 18,259 — 16,658 1,131 — 17,789 
Other assets:
Mortgage servicing rights— — 110 — 110 — — 270 — 270 
Loans held for sale— — 43 — 43 — — 42 — 42 
Derivative contracts— 2 13 (1)14 — 10 4 (8)6 
Equity securities20 — — — 20 10 — — — 10 
Total other assets20 2 166 (1)187 10 10 316 (8)328 
Total assets$965    $32,310    $1,641    $(432)$34,484 $153 $27,150 $1,455 $(264)$28,494 
Percentage of total3 %93 %5 %(1)%100 %1 %95 %5 %(1)%100 %
Percentage of total Company assets1 %19 %1 %— %21 %— %16 %1 %— %17 %
Liabilities    
Trading account liabilities:    
U.S. Treasury and government agencies$— $2,359 $— $— $2,359 $— $2,299 $— $— $2,299 
Corporate debt— 483 — — 483 — 646 — — 646 
Other debt— — — — — — 4 — — 4 
Equity144 — — — 144 105 — — — 105 
    Derivatives contracts58 962 1 (674)347 11 499 8 (306)212 
Total trading account liabilities202 3,804 1 (674)3,333 116 3,448 8 (306)3,266 
Other liabilities:
FDIC clawback liability— — — — — — — 121 — 121 
Derivatives contracts— 3 4 (1)6 — 2 3 — 5 
Total other liabilities— 3 4 (1)6 — 2 124 — 126 
Total liabilities$202   $3,807   $5   $(675)$3,339 $116 $3,450 $132 $(306)$3,392 
Percentage of total6 %114 %— %(20)%100 %3 %102 %4 %(9)%100 %
Percentage of total Company liabilities— %3 %— %— %3 %— %2 %— %— %2 %
(1)Amounts represent the impact of legally enforceable master netting agreements between the same counterparties that allow the Company to net settle all contracts.
Fair Value Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation following tables present a reconciliation of the assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2020 and 2019. Level 3 securities available for sale at December 31, 2020 and 2019 largely consist of direct bank purchase bonds.
 For the Year Ended
 December 31, 2020December 31, 2019
(Dollars in millions)Trading Account AssetsSecurities Available for SaleOther AssetsTrading Account LiabilitiesOther LiabilitiesTrading Account AssetsSecurities Available for SaleOther AssetsTrading Account LiabilitiesOther Liabilities
Asset (liability) balance, beginning of period$8 $1,131 $316 $(8)$(124)$13 $1,331 $277 $(13)$(118)
Total gains (losses) - (realized/unrealized):
Included in income before taxes(2)— (166)2 (2)4 — (88)(4)(6)
Included in other comprehensive income— 13 — — — — 31 — — — 
Purchases/additions— 382 16 — — — 57 396 — — 
Sales— — — — — — — (269)— — 
Settlements(5)(52)— 5 122 (9)(288)— 9 — 
Asset (liability) balance, end of period$1 $1,474 $166 $(1)$(4)$8 $1,131 $316 $(8)$(124)
Changes in unrealized gains (losses) included in income before taxes for assets and liabilities still held at end of period$(2)$— $(166)$2 $(2)$4 $— $(103)$(4)$(6)
The
Significant Unobservable Inputs Level 3 Assets and Liabilities following table presents information about significant unobservable inputs related to the Company's significant Level 3 assets and liabilities at December 31, 2020.
 December 31, 2020
(Dollars in millions)Level 3
Fair Value		Valuation TechniqueSignificant Unobservable
Input(s)		Range of InputsWeighted
Average
Securities available for sale:     
Direct bank purchase bonds$930 Return on equityMarket-required return on capital8.0-10.0%10.0 %
  Probability of default0.0-8.00.4 
  Loss severity10.0-65.021.7 
Other$528 Discounted cash flowDiscount rate1.1-4.53.5 
Liquidity adjustment0.8-3.22.4 
The
Financial Assets Measured at Fair Value on Nonrecurring Basis assets measured at fair value on a nonrecurring basis during the years ended December 31, 2020 and 2019 that were still held on the consolidated balance sheet as of the respective periods ended, the following tables present the fair value of such assets by the level of valuation assumptions used to determine each fair value adjustment.
 December 31, 2020 For the Year Ended December 31, 2020
(Dollars in millions)Fair ValueLevel 1Level 2Level 3Gains (Losses)
Loans held for investment$187 $— $— $187 $(134)
Goodwill (1)
1,407 — — 1,407 (357)
Other assets89 — — 89 (72)
Total$1,683 $— $— $1,683 $(563)
(1)For further information, see Note 5 to these consolidated financial statements.

 December 31, 2019 For the Year Ended December 31, 2019
(Dollars in millions)Fair ValueLevel 1Level 2Level 3Gains (Losses)
Loans held for investment$64 $— $— $64 $(20)
Goodwill (1)
1,764 — — 1,764 (1,614)
Other assets301 — — 301 (36)
Total$2,129 $— $— $2,129 $(1,670)
(1)For further information, see Note 5 to these consolidated financial statements.
Fai
Carrying Amount and Estimated Fair Value of Financial Instruments tables below present the carrying amount and estimated fair value of certain financial instruments, all of which are accounted for at amortized cost, classified by valuation hierarchy level as of December 31, 2020 and 2019.
 December 31, 2020
(Dollars in millions)Carrying
Amount		Fair
Value		Level 1Level 2Level 3
Assets     
Cash and cash equivalents$16,414 $16,414 $16,414 $— $— 
Securities borrowed or purchased under resale agreements17,608 17,607 — 17,607 — 
Securities held to maturity7,311 7,532 — 7,532 — 
Loans held for investment (1)
79,873 81,528 — — 81,528 
Other assets31 31 31 — — 
Liabilities
Time deposits$7,419 $7,451 $— $7,451 $— 
Securities loaned or sold under repurchase agreements27,161 27,161 — 27,161 — 
Commercial paper and other short-term borrowings110 110 — 110 — 
Long-term debt14,631 14,973 — 14,973 — 
Off-Balance Sheet Instruments
Commitments to extend credit and standby and commercial letters of credit$40 $313 $— $— $313 
(1)Excludes lease financing. The carrying amount is net of the allowance for loan losses.
 December 31, 2019
(Dollars in millions)Carrying
Amount		Fair
Value		Level 1Level 2Level 3
Assets     
Cash and cash equivalents$9,641 $9,641 $9,641 $— $— 
Securities borrowed or purchased under resale agreements23,943 23,946 — 23,946 — 
Securities held to maturity9,421 9,508 — 9,508 — 
Loans held for investment (1)
86,687 87,506 — — 87,506 
Other assets54 54 54 — — 
Liabilities
Time deposits$15,651 $15,691 $— $15,691 $— 
Securities loaned or sold under repurchase agreements28,866 28,866 — 28,866 — 
Commercial paper and other short-term borrowings6,484 6,484 — 6,484 — 
Long-term debt17,129 17,344 — 17,344 — 
Off-Balance Sheet Instruments
Commitments to extend credit and standby and commercial letters of credit$87 $280 $— $— $280 
(1)Excludes lease financing. The carrying amount is net of the allowance for loan losses.