Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023 and 2022.


(in millions)	Total		Level 1		Level 2		Level 3
December 31, 2023

Deferred compensation plan assets	$	104	$	104	$	—	$	—
Equity securities	39		39		—		—


Investment securities available-for-sale:
U.S. Treasury securities	1,605		1,605		—		—
Residential mortgage-backed securities (a)	10,519		—		10,519		—
Commercial mortgage-backed securities (a)	4,745		—		4,745		—



Total investment securities available-for-sale	16,869		1,605		15,264		—
Derivative assets:
Interest rate contracts	225		—		225		—
Energy contracts	758		—		758		—
Foreign exchange contracts	36		—		36		—
Total derivative assets	1,019		—		1,019		—
Total assets at fair value	$	18,031	$	1,748	$	16,283	$	—
Derivative liabilities:
Interest rate contracts	$	435	$	—	$	435	$	—
Energy contracts	736		—		736		—
Foreign exchange contracts	35		—		35		—
Other financial derivative liabilities	12		—		—		12
Total derivative liabilities	1,218		—		1,206		12
Deferred compensation plan liabilities	104		104		—		—
Total liabilities at fair value	$	1,322	$	104	$	1,206	$	12
December 31, 2022
Deferred compensation plan assets	$	92	$	92	$	—	$	—
Equity securities	44		44		—		—

Investment securities available-for-sale:
U.S. Treasury securities	2,664		2,664		—		—
Residential mortgage-backed securities (a)	11,655		—		11,655		—



Commercial mortgage-backed securities (a)	4,693		—		4,693		—
Total investment securities available-for-sale	19,012		2,664		16,348		—
Derivative assets:
Interest rate contracts	206		—		206		—
Energy contracts	1,020		—		1,020		—
Foreign exchange contracts	53		—		53		—

Total derivative assets	1,279		—		1,279		—
Total assets at fair value	$	20,427	$	2,800	$	17,627	$	—
Derivative liabilities:
Interest rate contracts	$	644	$	—	$	644	$	—
Energy contracts	1,006		—		1,006		—
Foreign exchange contracts	45		—		45		—
Other financial derivative liabilities	12		—		—		12
Total derivative liabilities	1,707		—		1,695		12
Deferred compensation plan liabilities	92		92		—		—
Total liabilities at fair value	$	1,799	$	92	$	1,695	$	12

(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 years ended December 31, 2023 and 2022.


				Net Realized/Unrealized Gains (Pretax) Recorded in Earnings (a)
	Balance at Beginning of Period								Settlements			Balance at End of Period
(in millions)			Realized			Unrealized




















Year Ended December 31, 2023








Derivative liabilities:
Other financial derivative	$	(12)		$	—		$	—		$	—			$	(12)

Year Ended December 31, 2022






Derivative assets:
Interest rate contracts	$	26		$	—		$	—	(26)			$	—
Derivative liabilities:
Other financial derivative	(13)			—			1			—				(12)

(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 following table presents assets recorded at fair value on a nonrecurring basis at December 31, 2023 and 2022. No liabilities were recorded at fair value on a nonrecurring basis at December 31, 2023 and 2022.


(in millions)	Level 3
December 31, 2023


Loans:
Commercial	$	12

Commercial mortgage	16

International	16


Total loans	44

Loans held-for-sale	231
Other real estate	5
Total assets at fair value	$	280
December 31, 2022


Loans:
Commercial	$	53
Real estate construction	2
Commercial mortgage	11


Total loans	66
Other real estate	9



Total assets at fair value	$	75

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
December 31, 2023
Assets
Cash and due from banks	$	1,443	$	1,443	$	1,443	$	—	$	—

Interest-bearing deposits with banks	8,059		8,059		8,059		—		—
Other short-term investments	24		24		24		—		—

Total loans, net of allowance for loan losses (a)	51,425		50,633		—		—		50,633
Liabilities


Demand deposits	58,476		58,476		—		58,476		—


Time deposits	8,286		8,391		—		8,391		—
Total deposits	66,762		66,867		—		66,867		—
Short-term borrowings	3,565		3,565		3,565		—		—
Medium- and long-term debt	6,206		6,207		—		6,207		—
Liabilities for credit-related financial instruments	(72)		(72)		—		—		(72)
December 31, 2022
Assets
Cash and due from banks	$	1,758	$	1,758	$	1,758	$	—	$	—

Interest-bearing deposits with banks	4,524		4,524		4,524		—		—
Other short-term investments	19		19		19		—		—
Total loans, net of allowance for loan losses (a)	52,792		50,964		—		—		50,964
Liabilities


Demand deposits	69,460		69,460		—		69,460		—


Time deposits	1,937		1,894		—		1,894		—
Total deposits	71,397		71,354		—		71,354		—
Short-term borrowings	3,211		3,211		3,211		—		—
Medium- and long-term debt	3,024		3,071		—		3,071		—
Liabilities for credit-related financial instruments	(79)		(79)		—		—		(79)

(a)Included $44 million and $66 million of loans recorded at fair value on a nonrecurring basis at December 31, 2023 and 2022, respectively.