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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2020
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following tables summarize assets and liabilities measured at fair value on a recurring basis as of:
Fair Value Measurements Using
September 30, 2020 ($ in millions)Level 1Level 2Level 3Total Fair Value
Assets:
Available-for-sale debt and other securities:
U.S. Treasury and federal agency securities$78 — — 78 
Obligations of states and political subdivisions securities— 17 — 17 
Mortgage-backed securities:

Agency residential mortgage-backed securities— 12,603 — 12,603 
Agency commercial mortgage-backed securities— 17,750 — 17,750 
Non-agency commercial mortgage-backed securities— 3,575 — 3,575 
Asset-backed securities and other debt securities— 2,871 — 2,871 
Available-for-sale debt and other securities(a)
78 36,816 — 36,894 
Trading debt securities:

U.S. Treasury and federal agency securities64 20 — 84 
Obligations of states and political subdivisions securities— 39 — 39 
Agency residential mortgage-backed securities— 46 — 46 
Asset-backed securities and other debt securities— 535 — 535 
Trading debt securities64 640 — 704 
Equity securities258 19 — 277 
Residential mortgage loans held for sale— 1,472 — 1,472 
Residential mortgage loans(b)
— — 174 174 
Servicing rights— — 660 660 
Derivative assets:
Interest rate contracts2 2,466 92 2,560 
Foreign exchange contracts— 179 — 179 
Commodity contracts59 424 — 483 
Derivative assets(c)
61 3,069 92 3,222 
Total assets$461 42,016 926 43,403 
Liabilities:

Derivative liabilities:

Interest rate contracts$10 288 8 306 
Foreign exchange contracts— 136 — 136 
Equity contracts— — 188 188 
Commodity contracts63 425 — 488 
Derivative liabilities(d)
73 849 196 1,118 
Short positions:

U.S. Treasury and federal agency securities88 — — 88 
Asset-backed securities and other debt securities— 421 — 421 
Short positions(d)
88 421 — 509 
Total liabilities$161 1,270 196 1,627 
(a)Excludes FHLB, FRB and DTCC restricted stock holdings totaling $47, $482 and $2, respectively, at September 30, 2020.
(b)Includes residential mortgage loans originated as held for sale and subsequently transferred to held for investment.
(c)Included in other assets in the Condensed Consolidated Balance Sheets.
(d)Included in other liabilities in the Condensed Consolidated Balance Sheets.
Fair Value Measurements Using
December 31, 2019 ($ in millions)Level 1Level 2Level 3Total Fair Value
Assets:
Available-for-sale debt and other securities:
U.S. Treasury and federal agency securities$75 — — 75 
Obligations of states and political subdivisions securities— 18 — 18 
Mortgage-backed securities:

Agency residential mortgage-backed securities— 14,115 — 14,115 
Agency commercial mortgage-backed securities— 15,693 — 15,693 
Non-agency commercial mortgage-backed securities— 3,365 — 3,365 
Asset-backed securities and other debt securities— 2,206 — 2,206 
Available-for-sale debt and other securities(a)
75 35,397 — 35,472 
Trading debt securities:

U.S. Treasury and federal agency securities2 — — 2 
Obligations of states and political subdivisions securities— 9 — 9 
Agency residential mortgage-backed securities— 55 — 55 
Asset-backed securities and other debt securities— 231 — 231 
Trading debt securities2 295 — 297 
Equity securities554 10 — 564 
Residential mortgage loans held for sale— 1,264 — 1,264 
Residential mortgage loans(b)
— — 183 183 
Servicing rights— — 993 993 
Derivative assets:

Interest rate contracts1 1,218 18 1,237 
Foreign exchange contracts— 165 — 165 
Commodity contracts37 234 — 271 
Derivative assets(c)
38 1,617 18 1,673 
Total assets$669 38,583 1,194 40,446 
Liabilities:

Derivative liabilities:

Interest rate contracts$5 144 8 157 
Foreign exchange contracts— 151 — 151 
Equity contracts— — 163 163 
Commodity contracts17 253 — 270 
Derivative liabilities(d)
22 548 171 741 
Short positions:

U.S. Treasury and federal agency securities49 — — 49 
Asset-backed securities and other debt securities— 100 — 100 
Short positions(d)
49 100 — 149 
Total liabilities$71 648 171 890 
(a)Excludes FHLB, FRB and DTCC restricted stock holdings totaling $76, $478 and $2, respectively, at December 31, 2019.
(b)Includes residential mortgage loans originated as held for sale and subsequently transferred to held for investment.
(c)Included in other assets in the Condensed Consolidated Balance Sheets.
(d)Included in other liabilities in the Condensed Consolidated Balance Sheets.
Reconciliation of Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs
The following tables are a reconciliation of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3):
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
For the three months ended September 30, 2020 ($ in millions)
Residential
Mortgage
Loans		Servicing
Rights
Interest Rate
Derivatives,
Net(a)
Equity
Derivatives		Total
Fair Value
Balance, beginning of period$185 676 89 (183)767 
Total (losses) gains (realized/unrealized):(d)
 Included in earnings— (71)55 (22)(38)
Purchases/originations— 55 — — 55 
Settlements(21)— (60)17 (64)
Transfers into Level 3(b)
10 — — — 10 
Balance, end of period$174 660 84 (188)730 
The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains or losses relating to instruments still held at September 30, 2020(c)
$— (2)61 (22)37 
(a)Net interest rate derivatives include derivative assets and liabilities of $92 and $8, respectively, as of September 30, 2020.
(b)Includes certain residential mortgage loans originated as held for sale that were transferred to held for investment.
(c)Includes interest income and expense.
(d)There were no unrealized gains or losses for the period included in other comprehensive income for instruments still held at September 30, 2020.

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
For the three months ended September 30, 2019 ($ in millions)
Residential
Mortgage
Loans		Servicing
Rights
Interest Rate
Derivatives,
Net(a)
Equity
Derivatives		Total
Fair Value
Balance, beginning of period$192 1,039 5 (151)1,085 
Total (losses) gains (realized/unrealized):
 Included in earnings— (171)51 (11)(131)
Purchases/originations— 42 (1)— 41 
Settlements(11)— (40)16 (35)
Transfers into Level 3(b)
3 — — — 3 
Balance, end of period$184 910 15 (146)963 
The amount of total (losses) gains for the period included in earnings attributable to the change in unrealized gains or losses relating to instruments still held at September 30, 2019(c)
$— (131)24 (11)(118)
(a)Net interest rate derivatives include derivative assets and liabilities of $24 and $9, respectively, as of September 30, 2019.
(b)Includes certain residential mortgage loans originated as held for sale that were transferred to held for investment.
(c)Includes interest income and expense.

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
For the nine months ended September 30, 2020 ($ in millions)
Residential
Mortgage
Loans		Servicing
Rights
Interest Rate
Derivatives,
Net(a)
Equity
Derivatives		Total
Fair Value
Balance, beginning of period$183 993 10 (163)1,023 
Total (losses) gains (realized/unrealized):(d)
 Included in earnings2 (519)241 (73)(349)
Purchases/originations— 186 4 — 190 
Settlements(50)— (171)48 (173)
Transfers into Level 3(b)
39 — — — 39 
Balance, end of period$174 660 84 (188)730 
The amount of total (losses) gains for the period included in earnings attributable to the change in unrealized gains or losses relating to instruments still held at September 30, 2020(c)
$2 (281)88 (73)(264)
(a)Net interest rate derivatives include derivative assets and liabilities of $92 and $8, respectively, as of September 30, 2020.
(b)Includes certain residential mortgage loans originated as held for sale that were transferred to held for investment.
(c)Includes interest income and expense.
(d)There were no unrealized gains or losses for the period included in other comprehensive income for instruments still held at September 30, 2020.
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
For the nine months ended September 30, 2019 ($ in millions)
Residential
Mortgage
Loans		Servicing
Rights
Interest Rate
Derivatives,
Net(a)
Equity
Derivatives		Total
Fair Value
Balance, beginning of period$179 938 (1)(125)991 
Total (losses) gains (realized/unrealized):
 Included in earnings(1)(416)110 (63)(370)
Purchases/originations/acquisitions— 388 (3)— 385 
Settlements(22)— (91)42 (71)
Transfers into Level 3(b)
28 — — — 28 
Balance, end of period$184 910 15 (146)963 
The amount of total (losses) gains for the period included in earnings attributable to the change in unrealized gains or losses relating to instruments still held at September 30, 2019(c)
$(1)(329)25 (63)(368)
(a)Net interest rate derivatives include derivative assets and liabilities of $24 and $9, respectively, as of September 30, 2019.
(b)Includes certain residential mortgage loans originated as held for sale that were transferred to held for investment.
(c)Includes interest income and expense.
Total Gains and Losses Included in Earnings for Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs
The total losses and gains included in earnings for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) were recorded in the Condensed Consolidated Statements of Income as follows:
For the three months ended
September 30,		For the nine months ended
September 30,
($ in millions)2020201920202019
Mortgage banking net revenue$(17)(121)(278)(309)
Commercial banking revenue1 1 1 2 
Other noninterest income(22)(11)(72)(63)
Total losses$(38)(131)(349)(370)

The total losses and gains included in earnings attributable to changes in unrealized gains and losses related to Level 3 assets and liabilities still held at September 30, 2020 and 2019 were recorded in the Condensed Consolidated Statements of Income as follows:
For the three months ended
September 30,		For the nine months ended
September 30,
($ in millions)2020201920202019
Mortgage banking net revenue$58 (109)(193)(307)
Commercial banking revenue1 2 1 2 
Other noninterest income(22)(11)(72)(63)
Total (losses) gains $37 (118)(264)(368)
Quantitative Information About Significant Unobservable Level 3 Fair Value Measurement Input, Recurring
The following tables present information as of September 30, 2020 and 2019 about significant unobservable inputs related to the Bancorp’s material categories of Level 3 financial assets and liabilities measured at fair value on a recurring basis:
As of September 30, 2020 ($ in millions)
Financial InstrumentFair ValueValuation
Technique		Significant Unobservable
Inputs		Range of Inputs
Weighted-Average
Residential mortgage loans$174 Loss rate modelInterest rate risk factor(8.6)-11.0%1.1 %
(a)
Credit risk factor— -26.0%0.4 %
(a)
(Fixed)
18.2 %
(b)
Servicing rights660 DCFPrepayment speed0.5 -99.9%
(Adjustable)
21.2 %
(b)
(Fixed)
918 
(b)
OAS (bps)536 -1,537
(Adjustable)
938 
(b)
IRLCs, net85 DCFLoan closing rates7.2 -97.2%61.4 %
(c)
Swap associated with the sale of Visa, Inc. Class B Shares
(188)DCFTiming of the resolution
of the Covered Litigation		Q3 2022-Q2 2024Q1 2023
(d)
(a)Unobservable inputs were weighted by the relative carrying value of the instruments.
(b)Unobservable inputs were weighted by the relative unpaid principal balance of the instruments.
(c)Unobservable inputs were weighted by the relative notional amount of the instruments.
(d)Unobservable inputs were weighted by the probability of the final funding date of the instruments.
As of September 30, 2019 ($ in millions)
Financial InstrumentFair ValueValuation
Technique		Significant
Unobservable Inputs		Range of InputsWeighted-Average
Residential mortgage loans$184 Loss rate modelInterest rate risk factor(6.8)-6.9 %(0.2)%
Credit risk factor— -31.8 %0.5 %
(Fixed)15.4 %
Servicing rights910 DCFPrepayment speed0.5 -97.0 %(Adjustable)23.4 %
(Fixed)619 
OAS (bps)484-1,513(Adjustable)914 
IRLCs, net24 DCFLoan closing rates5.7 -96.7 %76.9 %
Swap associated with the sale of Visa, Inc. Class B Shares
(146)DCFTiming of the resolution
of the Covered Litigation		Q2 2021-Q4 2023Q1 2022
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
The following tables provide the fair value hierarchy and carrying amount of all assets that were held as of September 30, 2020 and 2019, and for which a nonrecurring fair value adjustment was recorded during the three and nine months ended September 30, 2020 and 2019, and the related gains and losses from fair value adjustments on assets sold during the period as well as assets still held as of the end of the period.
Fair Value Measurements UsingTotal (Losses) Gains
As of September 30, 2020 ($ in millions)Level 1Level 2Level 3Total
For the three months ended September 30, 2020
For the nine months ended September 30, 2020
Commercial loans held for sale$— 31 17 48 1 (4)
Commercial and industrial loans— — 534 534 (39)(182)
Commercial mortgage loans— — 82 82 (12)(45)
Commercial leases— — 12 12 2 (14)
Consumer loans— — 197 197 (1)2 
OREO— — 20 20 (2)(7)
Bank premises and equipment— — 21 21 (11)(25)
Operating lease equipment— — 9 9 — (3)
Private equity investments— — 69 69 — (9)
Total$— 31 961 992 (62)(287)
Fair Value Measurements UsingTotal (Losses) Gains
As of September 30, 2019 ($ in millions)Level 1Level 2Level 3Total
For the three months ended September 30, 2019
For the nine months ended September 30, 2019
Commercial and industrial loans$— — 116 116 (11)(45)
Commercial mortgage loans— — 12 12 — — 
Commercial leases— — 18 18 2 (9)
OREO— — 16 16 (2)(5)
Bank premises and equipment— — 23 23 (4)(26)
Private equity investments— 6 2 8 — 6 
Total$— 6 187 193 (15)(79)
Quantitative Information About Significant Unobservable Level 3 Fair Value Measurement Input, Nonrecurring
The following tables present information as of September 30, 2020 and 2019 about significant unobservable inputs related to the Bancorp’s material categories of Level 3 financial assets and liabilities measured on a nonrecurring basis:
As of September 30, 2020 ($ in millions)
Financial InstrumentFair ValueValuation TechniqueSignificant Unobservable InputsRanges of
Inputs		Weighted-Average
Commercial loans held for sale$16 Comparable company analysisMarket comparable transactionsNMNM
1 Appraised valueAppraised valueNMNM
Commercial and industrial loans534 Appraised valueCollateral valueNMNM
Commercial mortgage loans82 Appraised valueCollateral valueNMNM
Commercial leases12 Appraised valueCollateral valueNMNM
Consumer loans197 Appraised valueCollateral valueNMNM
OREO20 Appraised valueAppraised valueNMNM
Bank premises and equipment21 Appraised valueAppraised valueNMNM
Operating lease equipment9 Appraised valueAppraised valueNMNM
Private equity investments69 Comparable company analysisMarket comparable transactionsNMNM

As of September 30, 2019 ($ in millions)
Financial InstrumentFair ValueValuation TechniqueSignificant Unobservable InputsRanges of
Inputs		Weighted-Average
Commercial and industrial loans$116 Appraised valueCollateral valueNMNM
Commercial mortgage loans12 Appraised valueCollateral valueNMNM
Commercial leases18 Appraised valueCollateral valueNMNM
OREO16 Appraised valueAppraised valueNMNM
Bank premises and equipment23 Appraised valueAppraised valueNMNM
Private equity investments2 Comparable company analysisMarket comparable transactionsNMNM
Difference Between the Aggregate Fair Value and the Aggregate Unpaid Principal Balance for Residential Mortgage and Commercial Loans Measured at Fair Value
The following table summarizes the difference between the fair value and the unpaid principal balance for residential mortgage loans measured at fair value as of:
September 30, 2020 ($ in millions)
Aggregate
Fair Value
Aggregate Unpaid
Principal Balance

Difference
Residential mortgage loans measured at fair value
$1,646 1,569 77 
Past due loans of 90 days or more
3 3 — 
Nonaccrual loans
— — — 
December 31, 2019

Residential mortgage loans measured at fair value
$1,447 1,410 37 
Past due loans of 90 days or more
2 2 — 
Nonaccrual loans
1 1 — 
Carrying Amounts and Estimated Fair Values for Certain Financial Instruments
The following tables summarize the carrying amounts and estimated fair values for certain financial instruments, excluding financial instruments measured at fair value on a recurring basis:
Net Carrying
Amount		Fair Value Measurements UsingTotal
Fair Value
As of September 30, 2020 ($ in millions)Level 1Level 2Level 3
Financial assets:
Cash and due from banks$2,996 2,996 — — 2,996 
Other short-term investments31,285 31,285 — — 31,285 
Other securities531 — 531 — 531 
Held-to-maturity securities15 — — 15 15 
Loans and leases held for sale851 — — 851 851 
Portfolio loans and leases:

Commercial and industrial loans50,673 — — 50,465 50,465 
Commercial mortgage loans10,505 — — 10,366 10,366 
Commercial construction loans5,551 — — 5,711 5,711 
Commercial leases2,988 — — 2,868 2,868 
Residential mortgage loans15,687 — — 17,240 17,240 
Home equity5,244 — — 5,645 5,645 
Indirect secured consumer loans12,797 — — 12,704 12,704 
Credit card1,802 — — 1,952 1,952 
Other consumer loans2,736 — — 2,941 2,941 
Total portfolio loans and leases, net$107,983 — — 109,892 109,892 
Financial liabilities:

Deposits$156,683 — 156,697 — 156,697 
Federal funds purchased251 251 — — 251 
Other short-term borrowings1,196 — 1,196 — 1,196 
Long-term debt15,123 15,651 950 — 16,601 
Net Carrying
Amount		Fair Value Measurements UsingTotal
Fair Value
As of December 31, 2019 ($ in millions)Level 1Level 2Level 3
Financial assets:
Cash and due from banks$3,278 3,278 — — 3,278 
Other short-term investments1,950 1,950 — — 1,950 
Other securities556 — 556 — 556 
Held-to-maturity securities17 — — 17 17 
Loans and leases held for sale136 — — 136 136 
Portfolio loans and leases:
Commercial and industrial loans49,981 — — 51,128 51,128 
Commercial mortgage loans10,876 — — 10,823 10,823 
Commercial construction loans5,045 — — 5,249 5,249 
Commercial leases3,346 — — 3,133 3,133 
Residential mortgage loans16,468 — — 17,509 17,509 
Home equity6,046 — — 6,315 6,315 
Indirect secured consumer loans11,485 — — 11,331 11,331 
Credit card2,364 — — 2,774 2,774 
Other consumer loans2,683 — — 2,866 2,866 
Unallocated ALLL(121)— — — — 
Total portfolio loans and leases, net$108,173 — — 111,128 111,128 
Financial liabilities:
Deposits$127,062 — 127,059 — 127,059 
Federal funds purchased260 260 — — 260 
Other short-term borrowings1,011 — 1,011 — 1,011 
Long-term debt14,970 15,244 700 — 15,944