Fair Value (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value by Class on a Recurring Basis

The following schedule presents assets and liabilities measured at fair value on a recurring basis:

(In millions)	December 31, 2023
	Level 1		Level 2		Level 3		Total
ASSETS
Available-for-sale securities:
U.S. Treasury, agencies, and corporations	$	492	$	8,467	$	—	$	8,959
Municipal securities			1,318				1,318
Other debt securities			23				23
Total available-for-sale	492		9,808		—		10,300
Trading securities			48				48
Other noninterest-bearing investments:
Bank-owned life insurance			553				553
Private equity investments 1	3				92		95
Other assets:
Agriculture loan servicing					19		19
Loans held for sale			43				43
Deferred compensation plan assets	124						124
Derivatives			420				420
Total assets	$	619	$	10,872	$	111	$	11,602
LIABILITIES
Securities sold, not yet purchased	$	65	$	—	$	—	$	65
Other liabilities:
Derivatives			333				333
Total liabilities	$	65	$	333	$	—	$	398

1 The level 1 PEIs relate to the portion of our SBIC investments that are publicly traded.

(In millions)	December 31, 2022
	Level 1		Level 2		Level 3		Total
ASSETS
Available-for-sale securities:
U.S. Treasury, agencies, and corporations	$	393	$	9,815	$	—	$	10,208
Municipal securities			1,634				1,634
Other debt securities			73				73
Total available-for-sale	393		11,522		—		11,915
Trading securities	395		70				465
Other noninterest-bearing investments:
Bank-owned life insurance			546				546
Private equity investments 1	4				81		85
Other assets:
Agriculture loan servicing					14		14
Deferred compensation plan assets	114						114
Derivatives			386				386
Total assets	$	906	$	12,524	$	95	$	13,525
LIABILITIES
Securities sold, not yet purchased	$	187	$	—	$	—	$	187
Other liabilities:
Derivatives			451				451
Total liabilities	$	187	$	451	$	—	$	638

1 The level 1 PEIs relate to the portion of our SBIC investments that are 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 roll-forward of assets and liabilities that are measured at fair value on a recurring basis using Level 3 inputs:

	Level 3 Instruments
	December 31, 2023				December 31, 2022				December 31, 2021
(In millions)	Private equity investments		Ag loan servicing		Private equity investments		Ag loan servicing		Private equity investments		Ag loan servicing
Balance at beginning of year	$	81	$	14	$	66	$	12	$	80	$	16
Unrealized securities gains (losses), net	(2)		—		3		—		71		—
Other noninterest income (expense) 1	—		5		—		2		—		(3)
Purchases	14		—		16		—		17		—
Cost of investments sold	(1)		—		(3)		—		(24)		—
Redemptions and paydowns	—		—		—		—		—		(1)
Transfers out 2	—		—		(1)		—		(78)		—
Balance at end of year	$	92	$	19	$	81	$	14	$	66	$	12

1 Represents the valuation adjustments related to the agricultural loan servicing asset.

2 Represents the transfer of SBIC investments out of Level 3 and into Level 1 because they are publicly traded.

Schedule of Realized Gain (Loss)

The roll-forward of Level 3 instruments includes the following realized gains and losses included in “Securities gains (losses), net” on the consolidated statement of income for the periods presented:

(In millions)	Year Ended December 31,
	2023		2022		2021
Securities gains (losses), net	$	(1)	$	(2)	$	31

Schedule of Carrying Values and Estimated Fair Values of Financial Instruments

The following schedule presents the carrying values and estimated fair values of certain financial instruments:

	December 31, 2023					December 31, 2022
(In millions)	Carrying value		Fair value		Level	Carrying value		Fair value		Level
Financial assets:
Held-to-maturity investment securities	$	10,382	$	10,466	2	$	11,126	$	11,239	2
Loans and leases (including loans held for sale), net of allowance	57,148		54,832		3	55,086		53,093		3
Financial liabilities:
Time deposits	9,996		9,964		2	2,309		2,269		2
Long-term debt	542		494		2	651		635		2