Derivative And Credit-Related Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2016

Derivative Instruments and Hedging Activities Disclosure [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 September 30, 2016 and December 31, 2015. The table excludes commitments and warrants accounted for as derivatives.



	September 30, 2016								December 31, 2015
			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	$	2,525	$	172		$	—		$	2,525	$	147		$	—
Derivatives used as economic hedges
Foreign exchange contracts:
Spot, forwards and swaps	720		—			1			593		3			—
Total risk management purposes	3,245		172			1			3,118		150			—
Customer-initiated and other activities
Interest rate contracts:
Caps and floors written	386		—			—			253		—			—
Caps and floors purchased	386		—			—			253		—			—
Swaps	12,481		217			170			11,722		139			92
Total interest rate contracts	13,253		217			170			12,228		139			92
Energy contracts:
Caps and floors written	471		1			41			536		—			85
Caps and floors purchased	471		41			—			536		85			—
Swaps	1,236		150			149			2,055		390			387
Total energy contracts	2,178		192			190			3,127		475			472
Foreign exchange contracts:
Spot, forwards, options and swaps	1,760		39			29			2,291		54			46
Total customer-initiated and other activities	17,191		448			389			17,646		668			610
Total gross derivatives	$	20,436	620			390			$	20,764	818			610
Amounts offset in the consolidated balance sheets:
Netting adjustment - Offsetting derivative assets/liabilities			(108		)	(108		)			(127		)	(127		)
Netting adjustment - Cash collateral received/posted			(85		)	(8		)			(291		)	(3		)
Net derivatives included in the consolidated balance sheets (b)			427			274					400			480
Amounts not offset in the consolidated balance sheets:
Marketable securities pledged under bilateral collateral agreements			(32		)	(41		)			(137		)	(3		)
Net derivatives after deducting amounts not offset in the consolidated balance sheets			$	395		$	233				$	263		$	477


(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 $11 million and $5 million at September 30, 2016 and December 31, 2015, 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 September 30, 2016 and December 31, 2015.



			Weighted Average
(dollar amounts in millions)	Notional Amount		Remaining Maturity (in years)	Receive Rate		Pay Rate (a)
September 30, 2016
Swaps - fair value - receive fixed/pay floating rate
Medium- and long-term debt designation	$	2,525	4.3	3.89	%	1.59	%
December 31, 2015
Swaps - fair value - receive fixed/pay floating rate
Medium- and long-term debt designation	2,525		5.1	3.89		1.11


(a)	Variable rates paid on receive fixed swaps are based on six-month LIBOR rates in effect at September 30, 2016 and December 31, 2015.

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.



		Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	Location of Gain	2016		2015		2016		2015
Interest rate contracts	Other noninterest income	$	6	$	4	$	14	$	11
Energy contracts	Other noninterest income	—		1		1		2
Foreign exchange contracts	Foreign exchange income	11		9		30		27
Total		$	17	$	14	$	45	$	40

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)	September 30, 2016		December 31, 2015
Unused commitments to extend credit:
Commercial and other	$	24,115	$	26,115
Bankcard, revolving check credit and home equity loan commitments	2,638		2,414
Total unused commitments to extend credit	$	26,753	$	28,529
Standby letters of credit	$	3,757	$	3,985
Commercial letters of credit	33		41

Summary Of Criticized Letters Of Credit

The following table presents a summary of criticized standby and commercial letters of credit at September 30, 2016 and December 31, 2015. The Corporation's criticized list is generally 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)	September 30, 2016			December 31, 2015
Total criticized standby and commercial letters of credit	$	136		$	110
As a percentage of total outstanding standby and commercial letters of credit	3.6		%	2.7		%