XML 46 R24.htm IDEA: XBRL DOCUMENT v3.21.2
Fair Value (Tables)
 6 Months Ended
Jun. 30, 2021
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)June 30, 2021
Level 1Level 2Level 3Total
ASSETS
Available-for-sale securities:
U.S. Treasury, agencies and corporations$128 $16,393 $— $16,521 
Municipal securities1,574 1,574 
Other debt securities75 75 
Total available-for-sale128 18,042 — 18,170 
Trading account15 166 181 
Other noninterest-bearing investments:
Bank-owned life insurance535 535 
Private equity investments 1
77 72 149 
Other assets:
Agriculture loan servicing and interest-only strips15 15 
Deferred compensation plan assets135 135 
Derivatives:
Derivatives designated as hedges9 9 
Derivatives not designated as hedges:
Interest rate272 272 
Foreign exchange4 4 
Total Assets$359 $19,024 $87 $19,470 
LIABILITIES
Securities sold, not yet purchased$62 $— $— $62 
Other liabilities:
Derivatives:
Derivatives not designated as hedges:
Interest rate40 40 
Foreign exchange4 4 
Total Liabilities$66 $40 $— $106 
1The Level 1 private equity investments relate to the portion of our SBIC investments that are now publicly traded.
(In millions)December 31, 2020
Level 1Level 2Level 3Total
ASSETS
Available-for-sale securities:
U.S. Treasury, agencies and corporations$192 $13,944 $— $14,136 
Municipal securities1,420 1,420 
Other debt securities175 175 
Total available-for-sale192 15,539 — 15,731 
Trading account111 155 266 
Other noninterest-bearing investments:
Bank-owned life insurance532 532 
Private equity investments80 80 
Other assets:
Agriculture loan servicing and interest-only strips16 16 
Deferred compensation plan assets120 120 
Derivatives:
Derivatives designated as hedges3 3 
Derivatives not designated as hedges:
Interest rate411 411 
Foreign exchange4 4 
Total Assets$427 $16,640 $96 $17,163 
LIABILITIES
Securities sold, not yet purchased$61 $— $— $61 
Other liabilities:
Derivatives:
Derivatives not designated as hedges:
Interest rate34 34 
Foreign exchange4 4 
Total Liabilities$65 $34 $— $99 
Schedule of Assets and Liabilities Measured at Fair Value by Class on a Recurring Basis Using Level 3 Inputs
The following schedule presents the changes to the assets and liabilities measured at fair value by class on a recurring basis using Level 3 inputs:
Level 3 Instruments
Three Months EndedSix Months Ended
June 30, 2021June 30, 2020June 30, 2021June 30, 2020
(In millions)Private equity investmentsAg loan svcg and int-only stripsPrivate equity investmentsAg loan svcg and int-only stripsPrivate equity investmentsAg loan svcg and int-only stripsPrivate equity investmentsAg loan svcg and int-only strips
Balance at beginning of period
$83 $15 $79 $17 $80 $16 $107 $18 
Unrealized securities gains (losses), net68 — (4)— 69 — (24)— 
Other noninterest income (expense)— — — — (1)— (1)
Purchases2 — 2 — 6 — 3 — 
Cost of investments sold(4)— — — (6)— (9)— 
Redemptions and paydowns— — — — — 
Transfers out 1
(77)— — — (77)— — — 
Balance at end of period
$72 $15 $77 $17 $72 $15 $77 $17 
1 Represents the transfer of the SBIC investment in Recursion Pharmaceuticals, Inc. out of Level 3 to Level 1.
Schedule of Rollforward of Level 3 Fair Value Measurements Including Realized Gains and Losses in the Income Statement
The rollforward of Level 3 fair value measurements includes the following realized gains and losses in the income statement:
(In millions)Three Months EndedSix Months Ended
June 30, 2021June 30, 2020June 30, 2021June 30, 2020
Securities gains (losses), net$(4)$— $(5)$15 
Schedule of Assets with Fair Value Changes on Nonrecurring Basis The following schedule presents the balances of assets at period end that had fair value changes measured on a nonrecurring basis:
(In millions)Fair value at June 30, 2021Fair value at December 31, 2020
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
ASSETS
Private equity investments$— $— $— $— $— $— $1 $1 
Collateral-dependent loans— 9 — 9 — 14 — 14 
Other real estate owned— — — — — 1 — 1 
Total$— $9 $— $9 $— $15 $1 $16 
The fair values may not be current as of the periods presented, 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. During the three and six months ended June 30, 2021 and 2020, we had less than $1 million of gains or losses from fair value changes.
Schedule of Carrying Values and Estimated Fair Values Following is a summary of the carrying values and estimated fair values of certain financial instruments:
 June 30, 2021December 31, 2020
(In millions)Carrying
value		Estimated
fair value		LevelCarrying
value		Estimated
fair value		Level
Financial assets:
HTM investment securities$620 $622 2$636 $640 2
Loans and leases (including loans held for sale), net of allowance
50,929 51,436 352,780 53,221 3
Financial liabilities:
Time deposits1,940 1,949 22,588 2,603 2
Long-term debt1,308 1,338 21,336 1,346 2