Fair Value (Tables)

3 Months Ended

Mar. 31, 2024

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)	March 31, 2024
	Level 1		Level 2		Level 3		Total
ASSETS
Available-for-sale securities:
U.S. Treasury, agencies, and corporations	$	481	$	8,167	$	—	$	8,648
Municipal securities			1,259				1,259
Other debt securities			24				24
Total available-for-sale	481		9,450		—		9,931
Trading securities			59				59
Other noninterest-bearing investments:
Bank-owned life insurance			555				555
Private equity investments 1	3				98		101
Other assets:
Agriculture loan servicing					19		19
Deferred compensation plan assets	130						130
Derivatives			481				481
Total assets	$	614	$	10,545	$	117	$	11,276
LIABILITIES
Securities sold, not yet purchased	$	76	$	—	$	—	$	76
Other liabilities:
Derivatives			388				388
Total liabilities	$	76	$	388	$	—	$	464

1 The Level 1 private equity investments (“PEIs”) relate to the portion of our Small Business Investment Company (“SBIC”) investments that are publicly traded.

(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.

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
	Three Months Ended
	March 31, 2024				March 31, 2023
(In millions)	Private equity investments		Ag loan servicing		Private equity investments		Ag loan servicing
Balance at beginning of period	$	92	$	19	$	81	$	14
Other noninterest income (expense)	—		—		—		4
Purchases	7		—		1		—
Cost of investments sold	(1)		—		—		—
Transfers out	—		—		—		—
Balance at end of period	$	98	$	19	$	82	$	18

Schedule of Rollforward of Level 3 Fair Value Measurements Including Realized Gains and Losses in the Income Statement

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

(In millions)	Three Months Ended
	March 31, 2024		March 31, 2023
Securities gains (losses), net	$	2	$	—

Schedule of Carrying Values and Estimated Fair Values

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

	March 31, 2024					December 31, 2023
(In millions)	Carrying value		Fair value		Level	Carrying value		Fair value		Level
Financial assets:
Held-to-maturity investment securities	$	10,209	$	10,105	2	$	10,382	$	10,466	2
Loans and leases (including loans held for sale), net of allowance	57,422		55,502		3	57,148		54,832		3
Financial liabilities:
Time deposits	10,221		10,179		2	9,996		9,964		2
Long-term debt	544		498		2	542		494		2