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Fair Value (Tables)
 3 Months Ended
Mar. 31, 2022
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)March 31, 2022
Level 1Level 2Level 3Total
ASSETS
Available-for-sale securities:
U.S. Treasury, agencies and corporations$503 $23,799 $— $24,302 
Municipal securities1,768 1,768 
Other debt securities75 75 
Total available-for-sale503 25,642 — 26,145 
Trading account15 367 382 
Other noninterest-bearing investments:
Bank-owned life insurance538 538 
Private equity investments 1
13 74 87 
Other assets:
Agriculture loan servicing and interest-only strips12 12 
Deferred compensation plan assets131 131 
Derivatives:
Derivatives designated as hedges29 29 
Derivatives not designated as hedges90 90 
Total assets$662 $26,666 $86 $27,414 
LIABILITIES
Securities sold, not yet purchased$101 $— $— $101 
Other liabilities:
Derivatives:
Derivatives not designated as hedges179 179 
Total liabilities$101 $179 $— $280 
1 The Level 1 private equity investments (“PEIs”) relate to the portion of our Small Business Investment Company (“SBIC”) investments that are now publicly traded.
(In millions)December 31, 2021
Level 1Level 2Level 3Total
ASSETS
Available-for-sale securities:
U.S. Treasury, agencies and corporations$134 $22,144 $— $22,278 
Municipal securities1,694 1,694 
Other debt securities76 76 
Total available-for-sale134 23,914 — 24,048 
Trading account14 358 372 
Other noninterest-bearing investments:
Bank-owned life insurance537 537 
Private equity investments 1
35 66 101 
Other assets:
Agriculture loan servicing and interest-only strips12 12 
Deferred compensation plan assets138 138 
Derivatives:
Derivatives designated as hedges10 10 
Derivatives not designated as hedges209 209 
Total assets$321 $25,028 $78 $25,427 
LIABILITIES
Securities sold, not yet purchased$254 $— $— $254 
Other liabilities:
Derivatives:
Derivatives not designated as hedges51 51 
Total liabilities$254 $51 $— $305 
1 The Level 1 private equity investments (“PEIs”) relate to the portion of our Small Business Investment Company (“SBIC”) investments that are now publicly traded.
Schedule of Assets and Liabilities Measured at Fair Value by Class on a Recurring Basis Using Level 3 Inputs
The following schedule presents a rollforward of assets and liabilities that are measured at fair value on a recurring basis using Level 3 inputs:
Level 3 Instruments
Three Months Ended
March 31, 2022March 31, 2021
(In millions)Private equity investmentsAg loan servicing & interest only stripsPrivate equity investmentsAg loan servicing & interest only strips
Balance at beginning of period
$66 $12 $80 $16 
Unrealized securities gains (losses), net5 — 1 — 
Other noninterest income (expense)— — — (1)
Purchases6 — 4 — 
Cost of investments sold(3)— (2)— 
Balance at end of period
$74 $12 $83 $15 
Schedule of Rollforward of Level 3 Fair Value Measurements Including Realized Gains and Losses in the Income Statement The rollforward Level 3 instruments includes the following realized gains and losses recognized in securities gains (losses) on the consolidated statement of income for the periods presented:
(In millions)Three Months Ended
March 31, 2022March 31, 2021
Securities gains (losses), net$(2)$(1)
Schedule of Carrying Values and Estimated Fair Values ollowing schedule summarizes of the carrying values and estimated fair values of certain financial instruments:
 March 31, 2022December 31, 2021
(In millions)Carrying
value
Fair value		LevelCarrying
value		Fair valueLevel
Financial assets:
HTM investment securities$439 $414 2$441 $443 2
Loans and leases (including loans held for sale), net of allowance
50,807 49,837 350,421 50,619 3
Financial liabilities:
Time deposits1,550 1,538 21,622 1,624 2
Long-term debt689 699 21,012 1,034 2