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Fair Value Measurements
 6 Months Ended
Jun. 30, 2024
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, loans held for sale, 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 2023 Annual Report 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 June 30, 2024 and December 31, 2023.
(in millions)TotalLevel 1Level 2Level 3
June 30, 2024
Deferred compensation plan assets$110 $110 $— $— 
Equity securities46 46 — — 
Investment securities available-for-sale:
U.S. Treasury securities1,304 1,304 — — 
Residential mortgage-backed securities (a)9,678 — 9,678 — 
Commercial mortgage-backed securities (a)4,674 — 4,674 — 
Total investment securities available-for-sale15,656 1,304 14,352 — 
Derivative assets:
Interest rate contracts203 — 203 — 
Energy contracts565 — 565 — 
Foreign exchange contracts32 — 32 — 
Total derivative assets800 — 800 — 
Total assets at fair value$16,612 $1,460 $15,152 $— 
Derivative liabilities:
Interest rate contracts$480 $— $480 $— 
Energy contracts558 — 558 — 
Foreign exchange contracts22 — 22 — 
Other financial derivative liabilities6 — — 6 
Total derivative liabilities1,066 — 1,060 6 
Deferred compensation plan liabilities110 110 — — 
Total liabilities at fair value$1,176 $110 $1,060 $6 
December 31, 2023
Deferred compensation plan assets$104 $104 $— $— 
Equity securities39 39 — — 
Investment securities available-for-sale:
U.S. Treasury securities1,605 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-sale16,869 1,605 15,264 — 
Derivative assets:
Interest rate contracts225 — 225 — 
Energy contracts758 — 758 — 
Foreign exchange contracts36 — 36 — 
Total derivative assets1,019 — 1,019 — 
Total assets at fair value$18,031 $1,748 $16,283 $— 
Derivative liabilities:
Interest rate contracts$435 $— $435 $— 
Energy contracts736 — 736 — 
Foreign exchange contracts35 — 35 — 
Other financial derivative liabilities12 — — 12 
Total derivative liabilities1,218 — 1,206 12 
Deferred compensation plan liabilities104 104 — — 
Total liabilities at fair value$1,322 $104 $1,206 $12 
(a)Issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises.
    There were no transfers of assets or liabilities recorded at fair value on a recurring basis into or out of Level 3 fair value measurements during the three- and six-month periods ended June 30, 2024 and 2023.
The following table summarizes the changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the three- and six-month periods ended June 30, 2024 and 2023.
Net Realized/Unrealized Gains (Losses) (Pretax) Recorded in Earnings (a)
(in millions)Balance at Beginning of PeriodRealizedUnrealizedBalance at End of Period
Three Months Ended June 30, 2024
Derivative liabilities:
Other financial derivative liabilities$(12)$6 $— $(6)
Three Months Ended June 30, 2023
Derivative liabilities:
Other financial derivative liabilities(12)— (2)(14)
Six Months Ended June 30, 2024
Derivative liabilities:
Other financial derivative liabilities(12)6 — (6)
Six Months Ended June 30, 2023
Derivative liabilities:
Other financial derivative liabilities(12)— (2)(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 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 June 30, 2024 and December 31, 2023. No liabilities were recorded at fair value on a nonrecurring basis at June 30, 2024 and December 31, 2023.
(in millions)Level 3
June 30, 2024
Loans:
Commercial$21 
Commercial mortgage46 
International7 
Residential mortgage8 
Total loans82 
Loans held-for-sale217 
Other real estate7 
Total assets at fair value$306 
December 31, 2023
Loans:
Commercial$12 
Commercial mortgage16 
International16 
Total loans44 
Loans held-for-sale231 
Other real estate5 
Total assets at fair value$280 
Level 3 assets recorded at fair value on a nonrecurring basis at June 30, 2024 and December 31, 2023 included loans with a specific allowance and certain bank property held for sale, both measured 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. At June 30, 2024 and December 31, 2023, loans held-for-sale classified as Level 3 represented loans held-for-sale in less liquid markets requiring significant management assumptions when determining 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 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 disclosures also do not include a limited amount of nonmarketable equity securities (primarily indirect private equity and venture capital investments) that do not have a readily determinable fair value and whose fair values are based on net asset value.
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
June 30, 2024
Assets
Cash and due from banks$719 $719 $719 $— $— 
Interest-bearing deposits with banks4,093 4,093 4,093 — — 
Other short-term investments21 21 21 — — 
Total loans, net of allowance for loan losses (a)51,164 50,412 — — 50,412 
Liabilities
Demand deposits
55,785 55,785 — 55,785 — 
Time deposits
6,674 6,682 — 6,682 — 
Total deposits62,459 62,467 — 62,467 — 
Short-term borrowings1,250 1,250 1,250 — — 
Medium- and long-term debt7,112 7,190 — 7,190 — 
Credit-related financial instruments(63)(63)— — (63)
December 31, 2023
Assets
Cash and due from banks$1,443 $1,443 $1,443 $— $— 
Interest-bearing deposits with banks8,059 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 deposits66,762 66,867 — 66,867 — 
Short-term borrowings3,565 3,565 3,565 — — 
Medium- and long-term debt6,206 6,207 — 6,207 — 
Credit-related financial instruments(72)(72)— — (72)
(a)Included $82 million and $44 million of loans recorded at fair value on a nonrecurring basis at June 30, 2024 and December 31, 2023, respectively.