Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

Assets And Liabilities Recorded At Fair Value On A Recurring Basis

The following tables present the recorded amount of assets and liabilities measured at fair value on a recurring basis as of March 31, 2020 and December 31, 2019.



(in millions)	Total		Level 1		Level 2		Level 3
March 31, 2020
Deferred compensation plan assets	$	92	$	92	$	—	$	—
Equity securities	40		40		—		—
Investment securities available-for-sale:
U.S. Treasury and other U.S. government agency securities	2,864		2,864		—		—
Residential mortgage-backed securities (a)	10,177		—		10,177		—
Total investment securities available-for-sale	13,041		2,864		10,177		—
Derivative assets:
Interest rate contracts	605		—		562		43
Energy derivative contracts	459		—		459		—
Foreign exchange contracts	34		—		34		—
Total derivative assets	1,098		—		1,055		43
Total assets at fair value	$	14,271	$	2,996	$	11,232	$	43
Derivative liabilities:
Interest rate contracts	$	70	$	—	$	70	$	—
Energy derivative contracts	454		—		454		—
Foreign exchange contracts	27		—		27		—
Total derivative liabilities	551		—		551		—
Deferred compensation plan liabilities	92		92		—		—
Total liabilities at fair value	$	643	$	92	$	551	$	—
December 31, 2019
Deferred compensation plan assets	$	95	$	95	$	—	$	—
Equity securities	54		54		—		—
Investment securities available-for-sale:
U.S. Treasury and other U.S. government agency securities	2,792		2,792		—		—
Residential mortgage-backed securities (a)	9,606		—		9,606		—
Total investment securities available-for-sale	12,398		2,792		9,606		—
Derivative assets:
Interest rate contracts	211		—		189		22
Energy derivative contracts	96		—		96		—
Foreign exchange contracts	10		—		10		—
Total derivative assets	317		—		295		22
Total assets at fair value	$	12,864	$	2,941	$	9,901	$	22
Derivative liabilities:
Interest rate contracts	$	39	$	—	$	39	$	—
Energy derivative contracts	92		—		92		—
Foreign exchange contracts	10		—		10		—
Total derivative liabilities	141		—		141		—
Deferred compensation plan liabilities	95		95		—		—
Total liabilities at fair value	$	236	$	95	$	141	$	—

(a)

Issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises.

Changes In Level 3 Assets And Liabilities Measured At Fair Value On A Recurring Basis

The following table summarizes the changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the three-month periods ended March 31, 2020 and 2019.



			Net Realized/Unrealized Gains (Losses) (Pretax) Recorded in Earnings (a)
	Balance at Beginning of Period								Balance at End of Period
							Payments, Sales and Redemptions
(in millions)			Realized		Unrealized		Payments, Sales and Redemptions
Three Months Ended March 31, 2020
Derivative assets:
Interest rate contracts	$	22	$	—	$	21	$	—	$	43

Three Months Ended March 31, 2019
Derivative assets:
Interest rate contracts	$	9	$	—	$	5	$	—	$	14

(a)

Realized and unrealized gains and losses due to changes in fair value are recorded in other noninterest income on the Consolidated Statements of Comprehensive Income.

Assets And Liabilities Recorded At Fair Value On A Nonrecurring Basis

The following table presents assets recorded at fair value on a nonrecurring basis at March 31, 2020 and December 31, 2019. No liabilities were recorded at fair value on a nonrecurring basis at March 31, 2020 and December 31, 2019.



(in millions)	Level 3
March 31, 2020
Loans:
Commercial	$	89
Lease financing	1
Total assets at fair value	$	90
December 31, 2019
Loans:
Commercial	$	70
Total assets at fair value	$	70

Estimated Fair Values Of Financial Instruments Not Recorded At Fair Value In Their Entirety On A Recurring Basis

The carrying amount and estimated fair value of financial instruments not recorded at fair value in their entirety on a recurring basis on the Corporation’s Consolidated Balance Sheets are as follows:



	Carrying Amount			Estimated Fair Value
(in millions)				Total			Level 1		Level 2		Level 3
March 31, 2020
Assets
Cash and due from banks	$	848		$	848		$	848	$	—	$	—
Interest-bearing deposits with banks	4,007			4,007			4,007		—		—
Loans held-for-sale	5			5			—		5		—
Total loans, net of allowance for loan losses (a)	52,542			52,108			—		—		52,108
Customers’ liability on acceptances outstanding	2			2			2		—		—
Restricted equity investments	279			279			279		—		—
Nonmarketable equity securities (b)	5			10
Liabilities
Demand deposits (noninterest-bearing)	27,646			27,646			—		27,646		—
Interest-bearing deposits	26,762			26,762			—		26,762		—
Customer certificates of deposit	2,958			2,959			—		2,959		—
Total deposits	57,366			57,367			—		57,367		—
Short-term borrowings	2,263			2,263			2,263		—		—
Acceptances outstanding	2			2			2		—		—
Medium- and long-term debt	7,434			7,224			—		7,224		—
Credit-related financial instruments	(84		)	(84		)	—		—		(84		)
December 31, 2019
Assets
Cash and due from banks	$	973		$	973		$	973	$	—	$	—
Interest-bearing deposits with banks	4,845			4,845			4,845		—		—
Loans held-for-sale	6			6			—		6		—
Total loans, net of allowance for loan losses (a)	49,732			49,975			—		—		49,975
Customers’ liability on acceptances outstanding	2			2			2		—		—
Restricted equity investments	248			248			248		—		—
Nonmarketable equity securities (b)	5			10
Liabilities
Demand deposits (noninterest-bearing)	27,382			27,382			—		27,382		—
Interest-bearing deposits	26,802			26,802			—		26,802		—
Certificates of deposit	2,978			2,968			—		2,968		—
Other time deposits	133			133			—		133		—
Total deposits	57,295			57,285			—		57,285		—
Short-term borrowings	71			71			71		—		—
Acceptances outstanding	2			2			2		—		—
Medium- and long-term debt	7,269			7,316			—		7,316		—
Credit-related financial instruments	(57		)	(57		)	—		—		(57		)


(a)	Included $90 million and $70 million of loans recorded at fair value on a nonrecurring basis at March 31, 2020 and December 31, 2019, respectively.

(b)

Certain investments that are measured at fair value using the net asset value have not been classified in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Balance Sheets.