Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2021

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 June 30, 2021 and December 31, 2020.


(in millions)	Total		Level 1		Level 2		Level 3
June 30, 2021

Deferred compensation plan assets	$	112	$	112	$	—	$	—
Equity securities	63		63		—		—


Investment securities available-for-sale:
U.S. Treasury and other U.S. government agency securities	3,844		3,844		—		—
Residential mortgage-backed securities (a)	11,993		—		11,993		—



Total investment securities available-for-sale	15,837		3,844		11,993		—
Derivative assets:
Interest rate contracts	367		—		338		29
Energy contracts	573		—		573		—
Foreign exchange contracts	15		—		15		—
Total derivative assets	955		—		926		29
Total assets at fair value	$	16,967	$	4,019	$	12,919	$	29
Derivative liabilities:
Interest rate contracts	$	67	$	—	$	67	$	—
Energy contracts	570		—		570		—
Foreign exchange contracts	10		—		10		—

Total derivative liabilities	647		—		647		—
Deferred compensation plan liabilities	112		112		—		—
Total liabilities at fair value	$	759	$	112	$	647	$	—
December 31, 2020
Deferred compensation plan assets	$	107	$	107	$	—	$	—
Equity securities	60		60		—		—

Investment securities available-for-sale:
U.S. Treasury and other U.S. government agency securities	4,658		4,658		—		—
Residential mortgage-backed securities (a)	10,370		—		10,370		—



Total investment securities available-for-sale	15,028		4,658		10,370		—
Derivative assets:
Interest rate contracts	531		—		492		39
Energy contracts	151		—		151		—
Foreign exchange contracts	18		—		18		—

Total derivative assets	700		—		661		39
Total assets at fair value	$	15,895	$	4,825	$	11,031	$	39
Derivative liabilities:
Interest rate contracts	$	61	$	—	$	61	$	—
Energy contracts	149		—		149		—
Foreign exchange contracts	19		—		19		—

Total derivative liabilities	229		—		229		—
Deferred compensation plan liabilities	107		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.

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- and six-month periods ended June 30, 2021 and 2020.


			Net Realized/Unrealized Gains (Losses) (Pretax) Recorded in Earnings (a)
	Balance at Beginning of Period											Balance at End of Period
									Sales
(in millions)			Realized		Unrealized
Three Months Ended June 30, 2021






Derivative assets:
Interest rate contracts	$	24	$	—	$	5	$	—		$	29

Three Months Ended June 30, 2020






Derivative assets:
Interest rate contracts	$	43	$	—	$	1	$	—		$	44

Six Months Ended June 30, 2021






Derivative assets:
Interest rate contracts	$	39	$	—	$	(10)	$	—		$	29

Six Months Ended June 30, 2020






Derivative assets:
Interest rate contracts	$	22	$	—	$	22	$	—		$	44

(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 June 30, 2021 and December 31, 2020. No liabilities were recorded at fair value on a nonrecurring basis at June 30, 2021 and December 31, 2020.


(in millions)	Level 3
June 30, 2021


Loans:
Commercial	$	114
Real estate construction	3
Commercial mortgage	14







Total assets at fair value	$	131
December 31, 2020


Loans:
Commercial	$	134

Commercial mortgage	16







Total assets at fair value	$	150

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
June 30, 2021
Assets
Cash and due from banks	$	1,008	$	1,008	$	1,008	$	—	$	—

Interest-bearing deposits with banks	15,493		15,493		15,493		—		—

Loans held-for-sale	8		8		—		8		—
Total loans, net of allowance for loan losses (a)	49,576		50,187		—		—		50,187
Customers’ liability on acceptances outstanding	4		4		4		—		—
Restricted equity investments	92		92		92		—		—
Nonmarketable equity securities (b)	6		10
Liabilities
Demand deposits (noninterest-bearing)	40,514		40,514		—		40,514		—
Interest-bearing deposits	33,437		33,437		—		33,437		—
Customer certificates of deposit	2,115		2,114		—		2,114		—
Total deposits	76,066		76,065		—		76,065		—

Acceptances outstanding	4		4		4		—		—
Medium- and long-term debt	2,854		2,919		—		2,919		—
Credit-related financial instruments	(51)		(51)		—		—		(51)
December 31, 2020
Assets
Cash and due from banks	$	1,031	$	1,031	$	1,031	$	—	$	—

Interest-bearing deposits with banks	14,736		14,736		14,736		—		—

Loans held-for-sale	5		5		—		5		—
Total loans, net of allowance for loan losses (a)	51,343		50,601		—		—		50,601
Customers’ liability on acceptances outstanding	1		1		1		—		—
Restricted equity investments	207		207		207		—		—
Nonmarketable equity securities (b)	5		9
Liabilities
Demand deposits (noninterest-bearing)	39,420		39,420		—		39,420		—
Interest-bearing deposits	31,316		31,316		—		31,316		—
Customer certificates of deposit	2,133		2,133		—		2,133		—

Total deposits	72,869		72,869		—		72,869		—

Acceptances outstanding	1		1		1		—		—
Medium- and long-term debt	5,728		5,790		—		5,790		—
Credit-related financial instruments	(68)		(68)		—		—		(68)

(a)Included $131 million and $150 million of loans recorded at fair value on a nonrecurring basis at June 30, 2021 and December 31, 2020, 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.