Derivative And Credit-Related Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2013

Derivative And Credit-Related Financial Instruments [Abstract]

The following table presents the composition of the Corporation’s derivative instruments held or issued for risk management purposes or in connection with customer-initiated and other activities at December 31, 2013 and 2012. The table excludes commitments, warrants accounted for as derivatives and a derivative related to the Corporation’s 2008 sale of its remaining ownership of Visa shares.



	December 31, 2013								December 31, 2012
			Fair Value								Fair Value
(in millions)	Notional/ Contract Amount (a)		Gross Derivative Assets			Gross Derivative Liabilities			Notional/ Contract Amount (a)		Gross Derivative Assets			Gross Derivative Liabilities
Risk management purposes
Derivatives designated as hedging instruments
Interest rate contracts:
Swaps - fair value - receive fixed/pay floating	$	1,450	$	198		$	—		$	1,450	$	290		$	—
Derivatives used as economic hedges
Foreign exchange contracts:
Spot, forwards and swaps	253		1			—			475		1			—
Total risk management purposes	1,703		199			—			1,925		291			—
Customer-initiated and other activities
Interest rate contracts:
Caps and floors written	277		—			1			545		—			3
Caps and floors purchased	277		1			—			545		3			—
Swaps	11,143		181			132			10,952		263			215
Total interest rate contracts	11,697		182			133			12,042		266			218
Energy contracts:
Caps and floors written	1,325		1			48			1,873		—			112
Caps and floors purchased	1,325		48			1			1,873		112			—
Swaps	2,724		56			53			1,815		61			60
Total energy contracts	5,374		105			102			5,561		173			172
Foreign exchange contracts:
Spot, forwards, options and swaps	1,764		14			14			2,253		20			18
Total customer-initiated and other activities	18,835		301			249			19,856		459			408
Total gross derivatives	$	20,538	500			249			$	21,781	750			408
Amounts offset in the consolidated balance sheets:
Netting adjustment - Offsetting derivative assets/liabilities			(187		)	(187		)			(279		)	(279		)
Netting adjustment - Cash collateral received/posted			(2		)	(10		)			(11		)	—
Net derivatives included in the consolidated balance sheets (b)			311			52					460			129
Amounts not offset in the consolidated balance sheets:
Marketable securities pledged under bilateral collateral agreements			(138		)	(10		)			(180		)	(56		)
Net derivatives after deducting amounts not offset in the consolidated balance sheets			$	173		$	42				$	280		$	73


(a)	Notional or contractual amounts, which represent the extent of involvement in the derivatives market, are used to determine the contractual cash flows required in accordance with the terms of the agreement. These amounts are typically not exchanged, significantly exceed amounts subject to credit or market risk and are not reflected in the consolidated balance sheets.

(b)

Net derivative assets are included in “accrued income and other assets” and net derivative liabilities are included in “accrued expenses and other liabilities” on the consolidated balance sheets. Included in the fair value of net derivative assets and net derivative liabilities are credit valuation adjustments reflecting counterparty credit risk and credit risk of the Corporation. The fair value of net derivative assets included credit valuation adjustments for counterparty credit risk of $2 million and $4 million at December 31, 2013 and 2012, respectively.

Schedule Of Weighted Average Maturity And Interest Rates On Risk Management Interest Rate Swaps

The following table summarizes the expected weighted average remaining maturity of the notional amount of risk management interest rate swaps and the weighted average interest rates associated with amounts expected to be received or paid on interest rate swap agreements as of December 31, 2013 and 2012.



			Weighted Average
(dollar amounts in millions)	Notional Amount		Remaining Maturity (in years)	Receive Rate		Pay Rate (a)
December 31, 2013
Swaps - fair value - receive fixed/pay floating rate
Medium- and long-term debt designation	$	1,450	3.4	5.45	%	0.38	%
December 31, 2012
Swaps - fair value - receive fixed/pay floating rate
Medium- and long-term debt designation	1,450		4.4	5.45		0.62


(a)	Variable rates paid on receive fixed swaps are based on six-month LIBOR rates in effect at December 31, 2013 and 2012.

Schedule Of Net Gains Recognized In Income On Customer-Initiated Derivatives

The net gains recognized in income on customer-initiated derivative instruments, net of the impact of offsetting positions, were as follows.



(in millions)
Years Ended December 31	Location of Gain	2013		2012
Interest rate contracts	Other noninterest income	$	22	$	22
Energy contracts	Other noninterest income	3		3
Foreign exchange contracts	Foreign exchange income	35		35
Total		$	60	$	60

Schedule Of Financial Instruments With Off-Balance Sheet Credit Risk

The Corporation’s credit risk associated with these instruments is represented by the contractual amounts indicated in the following table.



(in millions)
December 31	2013		2012
Unused commitments to extend credit:
Commercial and other	$	27,728	$	25,659
Bankcard, revolving check credit and home equity loan commitments	1,889		1,681
Total unused commitments to extend credit	$	29,617	$	27,340
Standby letters of credit	$	4,297	$	4,985
Commercial letters of credit	103		78
Other credit-related financial instruments	2		1

Summary Of Internally Classified Watch List Letters Of Credit

The following table presents a summary of criticized standby and commercial letters of credit at December 31, 2013 and December 31, 2012. The Corporation's criticized loan list is consistent with the Special mention, Substandard and Doubtful categories defined by regulatory authorities. The Corporation manages credit risk through underwriting, periodically reviewing and approving its credit exposures using Board committee approved credit policies and guidelines.



(dollar amounts in millions)	December 31, 2013			December 31, 2012
Total criticized standby and commercial letters of credit	$	69		$	133
As a percentage of total outstanding standby and commercial letters of credit	1.6		%	2.6		%