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Fair Value Measurements
 3 Months Ended
Mar. 31, 2022
Fair Value Disclosures [Abstract]  
Fair Value Measurements FAIR VALUE MEASUREMENTS
The Corporation utilizes fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The determination of fair values of financial instruments often requires the use of estimates. In cases where quoted market values in an active market are not available, the Corporation uses present value techniques and other valuation methods to estimate the fair values of its financial instruments. These valuation methods require considerable judgment and the resulting estimates of fair value can be significantly affected by the assumptions made and methods used.
Investment securities available-for-sale, derivatives, deferred compensation plans and equity securities with readily determinable fair values (primarily money market mutual funds) are recorded at fair value on a recurring basis. Additionally, from time to time, the Corporation may be required to record other assets and liabilities at fair value on a nonrecurring basis, such as impaired loans, other real estate (primarily foreclosed property), nonmarketable equity securities and certain other assets and liabilities. These nonrecurring fair value adjustments typically involve write-downs of individual assets or application of lower of cost or fair value accounting.
Refer to Note 1 to the consolidated financial statements in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2021 for further 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 March 31, 2022 and December 31, 2021.
(in millions)TotalLevel 1Level 2Level 3
March 31, 2022
Deferred compensation plan assets$106 $106 $— $— 
Equity securities54 54 — — 
Investment securities available-for-sale:
U.S. Treasury securities2,832 2,832 — — 
Residential mortgage-backed securities (a)13,973 — 13,973 — 
Commercial mortgage-backed securities (a)2,005 — 2,005 — 
Total investment securities available-for-sale18,810 2,832 15,978 — 
Derivative assets:
Interest rate contracts131 — 119 12 
Energy contracts1,673 — 1,673 — 
Foreign exchange contracts32 — 32 — 
Total derivative assets1,836 — 1,824 12 
Total assets at fair value$20,806 $2,992 $17,802 $12 
Derivative liabilities:
Interest rate contracts$253 $— $253 $— 
Energy contracts1,669 — 1,669 — 
Foreign exchange contracts26 — 26 — 
Other financial derivative12 — — 12 
Total derivative liabilities1,960 — 1,948 12 
Deferred compensation plan liabilities106 106 — — 
Total liabilities at fair value$2,066 $106 $1,948 $12 
December 31, 2021
Deferred compensation plan assets$113 $113 $— $— 
Equity securities62 62 — — 
Investment securities available-for-sale:
U.S. Treasury securities2,993 2,993 — — 
Residential mortgage-backed securities (a)13,288 — 13,288 — 
Commercial mortgage-backed securities (a)705 — 705 — 
Total investment securities available-for-sale16,986 2,993 13,993 — 
Derivative assets:
Interest rate contracts239 — 213 26 
Energy contracts670 — 670 — 
Foreign exchange contracts19 — 19 — 
Total derivative assets928 — 902 26 
Total assets at fair value$18,089 $3,168 $14,895 $26 
Derivative liabilities:
Interest rate contracts$69 $— $69 $— 
Energy contracts662 — 662 — 
Foreign exchange contracts16 — 16 — 
Other financial derivative13 — — 13 
Total derivative liabilities760 — 747 13 
Deferred compensation plan liabilities113 113 — — 
Total liabilities at fair value$873 $113 $747 $13 
(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 each of the three-month periods ended March 31, 2022 and 2021.
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, 2022 and 2021.
Net Realized/Unrealized Gains (Losses) (Pretax) Recorded in Earnings (a)
(in millions)Balance at Beginning of PeriodRealizedUnrealizedBalance at End of Period
Three Months Ended March 31, 2022
Derivative assets:
Interest rate contracts$26 $— $(14)$12 
Derivative liabilities:
Other financial derivative(13)— 1 (12)
Three Months Ended March 31, 2021
Derivative assets:
Interest rate contracts$39 $— $(15)$24 
Derivative liabilities:
Other financial derivative(11)— — (11)
(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 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 March 31, 2022 and December 31, 2021. No liabilities were recorded at fair value on a nonrecurring basis at March 31, 2022 and December 31, 2021.
(in millions)Level 3
March 31, 2022
Loans:
Commercial$58 
Real estate construction2 
Commercial mortgage13 
Total assets at fair value$73 
December 31, 2021
Loans:
Commercial$125 
Real estate construction4 
Commercial mortgage17 
International4 
Total assets at fair value$150 
Level 3 assets recorded at fair value on a nonrecurring basis at March 31, 2022 and December 31, 2021 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 observable 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
March 31, 2022
Assets
Cash and due from banks$1,466 $1,466 $1,466 $— $— 
Interest-bearing deposits with banks12,084 12,084 12,084 — — 
Other short-term investments16 16 16 — — 
Loans held-for-sale6 6 — 6 — 
Total loans, net of allowance for loan losses (a)49,009 47,919 — — 47,919 
Customers’ liability on acceptances outstanding3 3 3 — — 
Restricted equity investments92 92 92 — — 
Nonmarketable equity securities (b)4 11 
Liabilities
Demand deposits (noninterest-bearing)42,677 42,677 — 42,677 — 
Interest-bearing deposits33,077 33,077 — 33,077 — 
Customer certificates of deposit1,854 1,838 — 1,838 — 
Total deposits77,608 77,592 — 77,592 — 
Acceptances outstanding3 3 3 — — 
Medium- and long-term debt2,682 2,709 — 2,709 — 
Credit-related financial instruments(74)(74)— — (74)
December 31, 2021
Assets
Cash and due from banks$1,236 $1,236 $1,236 $— $— 
Interest-bearing deposits with banks21,443 21,443 21,443 — — 
Other short-term investments 16 16 16 — — 
Loans held-for-sale 6 6 — 6 — 
Total loans, net of allowance for loan losses (a)48,697 49,127 — — 49,127 
Customers’ liability on acceptances outstanding5 5 5 — — 
Restricted equity investments92 92 92 — — 
Nonmarketable equity securities (b) 5 10 
Liabilities
Demand deposits (noninterest-bearing)45,800 45,800 — 45,800 — 
Interest-bearing deposits34,566 34,566 — 34,566 — 
Customer certificates of deposit1,973 1,968 — 1,968 — 
Total deposits82,339 82,334 — 82,334 — 
Acceptances outstanding5 5 5 — — 
Medium- and long-term debt2,796 2,854 — 2,854 — 
Credit-related financial instruments(59)(59)— — (59)
(a)Included $73 million and $150 million of loans recorded at fair value on a nonrecurring basis at March 31, 2022 and December 31, 2021, 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.