Fair Value (Tables)

3 Months Ended

Mar. 31, 2019

Schedule Of Assets And Liabilities Measured At Fair Value By Class On A Recurring Basis



(In millions)	March 31, 2019
	Level 1		Level 2		Level 3		Total
ASSETS
Investment securities:
Available-for-sale: ¹
U.S. Treasury, agencies and corporations	$	40	$	13,559	$	—	$	13,599
Municipal securities			1,283				1,283
Other debt securities			22				22
Total Available-for-sale	40		14,864		—		14,904
Trading account	161		155				316
Other noninterest-bearing investments:
Bank-owned life insurance			518				518
Private equity investments					107		107
Other assets:
Agriculture loan servicing and interest-only strips					17		17
Deferred compensation plan assets	107						107
Derivatives:
Derivatives designated as hedges			9				9
Derivatives not designated as hedges:
Customer-facing interest rate			69				69
Other interest rate			1				1
Foreign exchange	3						3
Total Assets	$	311	$	15,616	$	124	$	16,051
LIABILITIES
Securities sold, not yet purchased	$	52	$	—	$	—	$	52
Other liabilities:
Deferred compensation plan obligations	107						107
Derivatives:
Derivatives not designated as hedges:
Customer-facing interest rate			22				22
Other interest rate			1				1
Foreign exchange	2						2
Total Liabilities	$	161	$	23	$	—	$	184

¹ We used a third-party pricing service to measure fair value for approximately 94% of our AFS Level 2 securities.



(In millions)	December 31, 2018
	Level 1		Level 2		Level 3		Total
ASSETS
Investment securities:
Available-for-sale: ¹
U.S. Treasury, agencies and corporations	$	40	$	13,385	$	—	$	13,425
Municipal securities			1,291				1,291
Other debt securities			21				21
Total Available-for-sale	40		14,697		—		14,737
Trading account	14		92				106
Other noninterest-bearing investments:
Bank-owned life insurance			516				516
Private equity investments					102		102
Other assets:
Agriculture loan servicing and interest-only strips					18		18
Deferred compensation plan assets	95						95
Derivatives:
Derivatives not designated as hedges:
Customer-facing interest rate			40				40
Other interest rate			1				1
Foreign exchange	4						4
Total Assets	$	153	$	15,346	$	120	$	15,619
LIABILITIES
Securities sold, not yet purchased	$	85	$	—	$	—	$	85
Other liabilities:
Deferred compensation plan obligations	95						95
Derivatives:
Derivatives not designated as hedges:
Customer-facing interest rate			36				36
Other interest rate			1				1
Foreign exchange	2						2
Total Liabilities	$	182	$	37	$	—	$	219

¹ We used a third-party pricing service to measure fair value for approximately 95% of our AFS Level 2 securities.

Schedule Of Assets And Liabilities Measured At Fair Value By Class On A Recurring Basis Using Level 3 Inputs



	Level 3 Instruments
	Three Months Ended
	March 31, 2019					March 31, 2018
(In millions)	Private equity investments		Ag loan svcg and int-only strips			Private equity investments		Ag loan svcg and int-only strips

Balance at beginning of period	$	102	$	18		$	95	$	18
Securities gains (losses), net	1		—			—		—
Other noninterest income	—		(1		)	—		—
Purchases	4		—			5		—
Balance at end of period	$	107	$	17		$	100	$	18

Schedule Of Assets With Fair Value Changes On Nonrecurring Basis



(In millions)	Fair value at March 31, 2019								Fair value at December 31, 2018
(In millions)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
ASSETS
Private equity investments	$	—	$	—	$	—	$	—	$	—	$	—	$	1	$	1
Impaired loans	—		2		—		2		—		32		—		32
Other real estate owned	—		1		—		1		—		—		—		—
Total	$	—	$	3	$	—	$	3	$	—	$	32	$	1	$	33

The previous fair values may not be current as of the dates indicated, but rather as of the date the fair value change occurred, such as a charge for impairment. Accordingly, carrying values may not equal current fair value.



	Gains (losses) from fair value changes
(In millions)	Three Months Ended March 31,
(In millions)	2019			2018
ASSETS
Private equity investments	$	—		$	—
Impaired loans	(4		)	(4		)
Other real estate owned	—			(1		)
Total	$	(4	)	$	(5	)

Fair Value, by Balance Sheet Grouping [Table Text Block]



	March 31, 2019					December 31, 2018
(In millions)	Carrying value		Estimated fair value		Level	Carrying value		Estimated fair value		Level
Financial assets:
HTM investment securities	$	764	$	762	2	$	774	$	767	2
Loans and leases (including loans held for sale), net of allowance	47,178		46,197		3	46,312		45,251		3
Financial liabilities:
Time deposits	4,928		4,921		2	4,336		4,319		2
Long-term debt	1,228		1,240		2	724		727		2



	March 31, 2019
(In millions)								Gross amounts not offset in the balance sheet
Description	Gross amounts recognized		Gross amounts offset in the balance sheet			Net amounts presented in the balance sheet		Financial instruments			Cash collateral received/pledged			Net amount
Assets:
Federal funds sold and security resell agreements	$	739	$	(301	)	$	438	$	—		$	—		$	438
Derivatives (included in other assets)	82		—			82		(21		)	(5		)	56
Total assets	$	821	$	(301	)	$	520	$	(21	)	$	(5	)	$	494
Liabilities:
Federal funds and other short-term borrowings	$	5,245	$	(301	)	$	4,944	$	—		$	—		$	4,944
Derivatives (included in other liabilities)	25		—			25		(21		)	—			4
Total Liabilities	$	5,270	$	(301	)	$	4,969	$	(21	)	$	—		$	4,948



	December 31, 2018
(In millions)							Gross amounts not offset in the balance sheet
Description	Gross amounts recognized		Gross amounts offset in the balance sheet		Net amounts presented in the balance sheet		Financial instruments			Cash collateral received/pledged			Net amount
Assets:
Federal funds sold and security resell agreements	$	1,461	$	—	$	1,461	$	—		$	—		$	1,461
Derivatives (included in other assets)	45		—		45		(35		)	(3		)	7
Total assets	$	1506	$	—	$	1506	$	(35	)	$	(3	)	$	1468
Liabilities:
Federal funds and other short-term borrowings	$	5,653	$	—	$	5,653	$	—		$	—		$	5,653
Derivatives (included in other liabilities)	39		—		39		(35		)	(1		)	3
Total Liabilities	$	5,692	$	—	$	5,692	$	(35	)	$	(1	)	$	5,656