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Fair Value Measurements
 12 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]  
Fair Value Measurements FAIR VALUE MEASUREMENTS
Note 1 contains information about the fair value hierarchy, descriptions of the valuation methodologies and key inputs used to measure financial assets and liabilities recorded at fair value, as well as a description of the methods and significant assumptions used to estimate fair value disclosures for financial instruments not recorded at fair value in their entirety on a recurring basis.
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 December 31, 2020 and 2019.
(in millions)TotalLevel 1Level 2Level 3
December 31, 2020
Deferred compensation plan assets$107 $107 $— $— 
Equity securities60 60 — — 
Investment securities available-for-sale:
U.S. Treasury and other U.S. government agency securities4,658 4,658 — — 
Residential mortgage-backed securities (a)10,370 — 10,370 — 
Total investment securities available-for-sale15,028 4,658 10,370 — 
Derivative assets:
Interest rate contracts531 — 492 39 
Energy derivative contracts151 — 151 — 
Foreign exchange contracts18 — 18 — 
Total derivative assets700 — 661 39 
Total assets at fair value$15,895 $4,825 $11,031 $39 
Derivative liabilities:
Interest rate contracts$61 $— $61 $— 
Energy derivative contracts149 — 149 — 
Foreign exchange contracts19 — 19 — 
Total derivative liabilities229 — 229 — 
Deferred compensation plan liabilities107 107 — — 
Total liabilities at fair value$336 $107 $229 $— 
(a)Issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises.
(Table continues on following page)
(in millions)TotalLevel 1Level 2Level 3
December 31, 2019
Deferred compensation plan assets$95 $95 $— $— 
Equity and other non-debt securities54 54 — — 
Investment securities available-for-sale:
U.S. Treasury and other U.S. government agency securities2,792 2,792 — — 
Residential mortgage-backed securities (a)9,606 — 9,606 — 
Total investment securities available-for-sale12,398 2,792 9,606 — 
Derivative assets:
Interest rate contracts211 — 189 22 
Energy derivative contracts96 — 96 — 
Foreign exchange contracts10 — 10 — 
Total derivative assets317 — 295 22 
Total assets at fair value$12,864 $2,941 $9,901 $22 
Derivative liabilities:
Interest rate contracts$39 $— $39 $— 
Energy derivative contracts92 — 92 — 
Foreign exchange contracts10 — 10 — 
Total derivative liabilities141 — 141 — 
Deferred compensation plan liabilities95 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.
There were no transfers of assets or liabilities recorded at fair value on a recurring basis into or out of Level 3 fair value measurements during the year ended December 31, 2020 and 2019.
The following table summarizes the changes in Level 3 assets measured at fair value on a recurring basis for the year ended December 31, 2020 and 2019.
Net Realized/Unrealized Gains (Pretax) Recorded in Earnings (a)
Balance at Beginning of PeriodSalesBalance at End of Period
(in millions)RealizedUnrealized
Year Ended December 31, 2020
Derivative assets:
Interest rate contracts$22 $— $17 $— $39 
Year Ended December 31, 2019
Derivative assets:
Interest rate contracts$9 $1 $13 $(1)$22 
(a)Realized and unrealized gains and losses due to changes in fair value recorded in other noninterest income on the Consolidated Statements of Income.
Assets and Liabilities Recorded at Fair Value on a Nonrecurring Basis
The Corporation may be required to record certain assets and liabilities at fair value on a nonrecurring basis. These include assets that are recorded at the lower of cost or fair value, and were recognized at fair value since it was less than cost at the end of the period.
The following table presents assets recorded at fair value on a nonrecurring basis at December 31, 2020 and 2019. No liabilities were recorded at fair value on a nonrecurring basis at December 31, 2020 and 2019.
(in millions)Level 3
December 31, 2020
Loans:
Commercial $134 
Commercial mortgage 16 
Total assets at fair value$150 
December 31, 2019
Loans:
Commercial$70 
Total assets at fair value$70 
Level 3 assets recorded at fair value on a nonrecurring basis at December 31, 2020 and 2019 included both nonaccrual loans and TDRs for which a specific allowance was established based on the fair value of collateral. The unobservable inputs were the additional adjustments applied by management to the appraised values to reflect such factors as non-current appraisals and revisions to estimated time to sell. These adjustments are determined based on qualitative judgments made by management on a case-by-case basis and are not quantifiable inputs, although they are used in the determination of fair value.
Estimated Fair Values of Financial Instruments Not Recorded at Fair Value on a Recurring Basis
The Corporation typically holds the majority of its financial instruments until maturity and thus does not expect to realize many of the estimated fair value amounts disclosed. The disclosures also do not include estimated fair value amounts for items that are not defined as financial instruments, but which have significant value. These include such items as core deposit intangibles, the future earnings potential of significant customer relationships and the value of trust operations and other fee generating businesses. The Corporation believes the imprecision of an estimate could be significant.
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)TotalLevel 1Level 2Level 3
December 31, 2020
Assets
Cash and due from banks$1,031 $1,031 $1,031 $— $— 
Interest-bearing deposits with banks14,736 14,736 14,736 — — 
Loans held-for-sale5 5 — 5 — 
Total loans, net of allowance for loan losses (a)51,343 50,601 — — 50,601 
Customers’ liability on acceptances outstanding1 1 1 — — 
Restricted equity investments207 207 207 — — 
Nonmarketable equity securities (b)5 9 
Liabilities
Demand deposits (noninterest-bearing)39,420 39,420 — 39,420 — 
Interest-bearing deposits31,316 31,316 — 31,316 — 
Customer certificates of deposit2,133 2,133 — 2,133 — 
Total deposits72,869 72,869 — 72,869 — 
Acceptances outstanding1 1 1 — — 
Medium- and long-term debt5,728 5,790 — 5,790 — 
Credit-related financial instruments(68)(68)— — (68)
December 31, 2019
Assets
Cash and due from banks$973 $973 $973 $— $— 
Interest-bearing deposits with banks4,845 4,845 4,845 — — 
Loans held-for-sale6 6 — 6 — 
Total loans, net of allowance for loan losses (a)49,732 49,975 — — 49,975 
Customers’ liability on acceptances outstanding2 2 2 — — 
Restricted equity investments248 248 248 — — 
Nonmarketable equity securities (b) 5 10 
Liabilities
Demand deposits (noninterest-bearing)27,382 27,382 — 27,382 — 
Interest-bearing deposits26,802 26,802 — 26,802 — 
Customer certificates of deposit2,978 2,968 — 2,968 — 
Other time deposits133 133 — 133 — 
Total deposits57,295 57,285 — 57,285 — 
Short-term borrowings71 71 71 — — 
Acceptances outstanding2 2 2 — — 
Medium- and long-term debt7,269 7,316 — 7,316 — 
Credit-related financial instruments(57)(57)— — (57)
(a)Included $150 million and $70 million of loans recorded at fair value on a nonrecurring basis at December 31, 2020 and 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.