Fair Value (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

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

Assets and liabilities measured at fair value by class on a recurring basis are summarized as follows:

(In millions)	September 30, 2020
	Level 1		Level 2		Level 3		Total
ASSETS
Available-for-sale securities:
U.S. Treasury, agencies and corporations	$	199	$	13,068	$	—	$	13,267
Municipal securities			1,320				1,320
Other debt securities			75				75
Total Available-for-sale	199		14,463		—		14,662
Trading account	26		172				198
Other noninterest-bearing investments:
Bank-owned life insurance			534				534
Private equity investments1	6				81		87
Other assets:
Agriculture loan servicing and interest-only strips					17		17
Deferred compensation plan assets	109						109
Derivatives:
Derivatives not designated as hedges:
Interest rate			464				464
Foreign exchange	3						3
Total Assets	$	343	$	15,633	$	98	$	16,074
LIABILITIES
Securities sold, not yet purchased	$	71	$	—	$	—	$	71
Other liabilities:
Derivatives:
Derivatives not designated as hedges:
Interest rate			34				34
Foreign exchange	2						2
Total Liabilities	$	73	$	34	$	—	$	107

1 The level 1 PEI amount relates to the portion of our SBIC investments that is now publicly traded.

(In millions)	December 31, 2019
	Level 1		Level 2		Level 3		Total
ASSETS
Available-for-sale securities:
U.S. Treasury, agencies and corporations	$	25	$	12,356	$	—	$	12,381
Municipal securities			1,319				1,319
Other debt securities			25				25
Total Available-for-sale	25		13,700		—		13,725
Trading account	65		117				182
Other noninterest-bearing investments:
Bank-owned life insurance			525				525
Private equity investments1	9				107		116
Other assets:
Agriculture loan servicing and interest-only strips					18		18
Deferred compensation plan assets	113						113
Derivatives:
Derivatives not designated as hedges:
Interest rate			149				149
Foreign exchange	4						4
Total Assets	$	216	$	14,491	$	125	$	14,832
LIABILITIES
Securities sold, not yet purchased	$	66	$	—	$	—	$	66
Other liabilities:
Derivatives:
Derivatives not designated as hedges:
Interest rate			15				15
Foreign exchange	4						4
Total Liabilities	$	70	$	15	$	—	$	85

1 The level 1 PEI amount relates to the portion of our SBIC investments that is now publicly traded.

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

The following reconciles the beginning and ending balances of assets and liabilities that are measured at fair value by class on a recurring basis using Level 3 inputs:

	Level 3 Instruments
	Three Months Ended								Nine Months Ended
	September 30, 2020				September 30, 2019				September 30, 2020				September 30, 2019
(In millions)	Private equity investments		Ag loan svcg and int-only strips		Private equity investments		Ag loan svcg and int-only strips		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	$	77	$	17	$	105	$	19	$	107	$	18	$	102	$	18
Securities gains (losses), net	1		—		1		—		(8)		—		—		—
Other noninterest income (expense)	—		—		—		—		—		(1)		—		1
Purchases	3		—		1		—		7		—		5		—
Other	—		—		—		—		(25)		—		—		—
Balance at end of period	$	81	$	17	$	107	$	19	$	81	$	17	$	107	$	19

Schedule Of Assets With Fair Value Changes On Nonrecurring Basis

Included in the balance sheet amounts are the following amounts of assets that had fair value changes measured on a nonrecurring basis.

(In millions)	Fair value at September 30, 2020								Fair value at December 31, 2019
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
ASSETS
Private equity investments	$	—	$	—	$	1	$	1	$	—	$	—	$	1	$	1
Collateral-dependent loans	—		1		—		1		—		—		—		—
Other real estate owned	—		4		—		4		—		—		—		—
Total	$	—	$	5	$	1	$	6	$	—	$	—	$	1	$	1

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 September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
ASSETS
Private equity investments	$	—	$	(1)	$	—	$	(1)
Collateral-dependent loans	1		—		1		(9)
Other real estate owned	—		—		—		(1)
Total	$	1	$	(1)	$	1	$	(11)

Schedule of Carrying Values and Estimated Fair Values

Following is a summary of the carrying values and estimated fair values of certain financial instruments:

	September 30, 2020					December 31, 2019
(In millions)	Carrying value		Estimated fair value		Level	Carrying value		Estimated fair value		Level
Financial assets:
HTM investment securities	$	592	$	596	2	$	592	$	597	2
Loans and leases (including loans held for sale), net of allowance	53,981		54,154		3	48,343		47,958		3
Financial liabilities:
Time deposits	3,451		3,471		2	4,719		4,725		2
Long-term debt	1,347		1,332		2	1,723		1,751		2