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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value on a Recurring Basis
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
December 31, 2020 ($ in millions)     Level 1     Level 2   Level 3     Total Fair Value
Assets:
   Available-for-sale debt and other securities:
U.S. Treasury and federal agencies securities$78 — — 78 
Obligations of states and political subdivisions securities— 17 — 17 
Mortgage-backed securities:
Agency residential mortgage-backed securities— 11,907 — 11,907 
Agency commercial mortgage-backed securities— 18,221 — 18,221 
          Non-agency commercial mortgage-backed securities— 3,590 — 3,590 
Asset-backed securities and other debt securities— 3,176 — 3,176 
Available-for-sale debt and other securities(a)
78 36,911 — 36,989 
Trading debt securities:
U.S. Treasury and federal agencies securities81 — — 81 
Obligations of states and political subdivisions securities— 10 — 10 
Agency residential mortgage-backed securities— 30 — 30 
Asset-backed securities and other debt securities— 439 — 439 
Trading debt securities81 479 — 560 
Equity securities293 20 — 313 
Residential mortgage loans held for sale— 1,481 — 1,481 
Residential mortgage loans(b)
— — 161 161 
Servicing rights— — 656 656 
Derivative assets:
Interest rate contracts1 2,227 61 2,289 
Foreign exchange contracts— 255 — 255 
Commodity contracts24 351 — 375 
Derivative assets(c)
25 2,833 61 2,919 
Total assets$477 41,724 878 43,079 
Liabilities:
Derivative liabilities:
Interest rate contracts$16 261 8 285 
Foreign exchange contracts— 227 — 227 
Equity contracts— — 201 201 
Commodity contracts55 304 — 359 
Derivative liabilities(d)
71 792 209 1,072 
Short positions:
U.S. Treasury and federal agencies securities63 — — 63 
Asset-backed securities and other debt securities— 392 — 392 
Short positions(d)
63 392 — 455 
Total liabilities$134 1,184 209 1,527 
(a)Excludes FHLB, FRB and DTCC restricted stock holdings totaling $40, $482 and $2, respectively, at December 31, 2020.
(b)Includes residential mortgage loans originated as held for sale and subsequently transferred to held for investment.
(c)Included in other assets in the Consolidated Balance Sheets.
(d)Included in other liabilities in the Consolidated Balance Sheets.
Fair Value Measurements Using
December 31, 2019 ($ in millions)Level 1Level 2Level 3Total Fair Value
Assets:
   Available-for-sale debt and other securities:
U.S. Treasury and federal agencies 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 agencies 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 agencies 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 $2, respectively, at December 31, 2019.
(b)Includes residential mortgage loans originated as held for sale and subsequently transferred to held for investment.
(c)Included in other assets in the Consolidated Balance Sheets.
(d)Included in other liabilities in the Consolidated Balance Sheets.
Reconciliation of Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3)
The following tables are a reconciliation of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3):
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
For the year ended December 31, 2020 ($ in millions)Residential Mortgage LoansServicing
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 earnings3 (565)272 (103)(393)
Purchases/originations— 228 4 — 232 
Settlements(74)— (233)65 (242)
Transfers into Level 3(b)
49 — — — 49 
Balance, end of period$161 656 53 (201)669 
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 December 31, 2020(c)
$3 (227)58 (103)(269)
(a)Net interest rate derivatives include derivative assets and liabilities of $61 and $8, respectively, as of December 31, 2020.
(b)Includes certain residential mortgage loans originated as held for sale that were transferred to held for investment.
(c)Includes interest income and expense.
(d)There were no unrealized gains or losses for the period included in other comprehensive income for instruments still held at December 31, 2020.
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
For the year ended December 31, 2019 ($ in millions)Residential Mortgage LoansServicing
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)(376)145 (107)(339)
Purchases/originations— 431 (3)— 428 
Settlements(31)— (131)69 (93)
Transfers into Level 3(b)
36 — — — 36 
Balance, end of period$183 993 10 (163)1,023 
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 December 31, 2019(c)
$(1)(250)20 (107)(338)
(a)Net interest rate derivatives include derivative assets and liabilities of $18 and $8, respectively, as of December 31, 2019.
(b)Includes certain residential mortgage loans held for sale that were transferred to held for investment.
(c)Includes interest income and expense.
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
For the year ended December 31, 2018 ($ in millions)Residential Mortgage LoansServicing
Rights
Interest Rate
Derivatives,
Net(a)
Equity
Derivatives		Total Fair Value
Balance, beginning of period$137 858 3 (137)861 
Total (losses) gains (realized/unrealized):
Included in earnings(3)(83)72 (59)(73)
Purchases/originations— 163 (5)— 158 
Settlements(19)— (71)71 (19)
Transfers into Level 3(b)
64 — — — 64 
Balance, end of period$179 938 (1)(125)991 
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 December 31, 2018(c)
$(3)(4)9 (59)(57)
(a)Net interest rate derivatives include derivative assets and liabilities of $7 and $8, respectively, as of December 31, 2018.
(b)Includes certain residential mortgage loans held for sale that were transferred to held for investment.
(c)Includes interest income and expense.
Total Gains and Losses Included in Earnings for Assets and Liabilites Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3)
The total losses and gains included in earnings for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) were recorded in the Consolidated Statements of Income for the years ended December 31, 2020, 2019 and 2018 as follows:
($ in millions)202020192018
Mortgage banking net revenue$(291)(235)(16)
Commercial banking revenue2 3 2 
Other noninterest income(104)(107)(59)
Total losses$(393)(339)(73)

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 December 31, 2020, 2019 and 2018 were recorded in the Consolidated Statements of Income as follows:
($ in millions)202020192018
Mortgage banking net revenue$(167)(233)— 
Commercial banking revenue2 2 2 
Other noninterest income(104)(107)(59)
Total losses$(269)(338)(57)
Quantitative Information About Significant Unobservable Level 3 Fair Value Measurement Inputs
The following tables present information 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 December 31, 2020 ($ in millions)
Financial InstrumentFair ValueValuation TechniqueSignificant Unobservable
Inputs		Range of InputsWeighted-Average
Residential mortgage loans$161 Loss rate modelInterest rate risk factor(8.2)-7.8%1.7 %
(a)
Credit risk factor— -25.7%0.6 %
(a)
(Fixed)17.8 %
(b)
Servicing rights656 DCFPrepayment speed0.5 -99.9%(Adjustable)22.6 %
(b)
(Fixed)723
(b)
OAS (bps)536 -1,587(Adjustable)950
(b)
IRLCs, net57 DCFLoan closing rates18.1 -97.2%60.8 %
(c)
Swap associated with the sale of Visa, Inc. Class B Shares(201)DCFTiming of the resolution of the Covered LitigationQ3 2022-Q3 2024Q2 2023
(d)
(a) Unobservable inputs were weighted by the relative carrying value of the instruments.
(b) Unobservable inputs were weighted by the relative unpaid principal balance of the instruments.
(c) Unobservable inputs were weighted by the relative notional amount of the instruments.
(d) Unobservable inputs were weighted by the probability of the final funding date of the instruments.
As of December 31, 2019 ($ in millions)
Financial InstrumentFair ValueValuation TechniqueSignificant Unobservable
Inputs		Range of InputsWeighted-Average
Residential mortgage loans$183 Loss rate modelInterest rate risk factor(9.2)-9.8%(0.2)%
Credit risk factor— -26.5%0.5 %
(Fixed)13.0 %
Servicing rights993 DCFPrepayment speed0.5 -97.0%(Adjustable)22.6 %
(Fixed)602
OAS (bps)507 -1,513(Adjustable)921
IRLCs, net18 DCFLoan closing rates7.3 -97.1%81.7 %
Swap associated with the sale of Visa, Inc. Class B Shares(163)DCFTiming of the resolution of the Covered LitigationQ1 2022-Q4 2023Q3 2022
The following tables present information as of December 31, 2020 and 2019 about significant unobservable inputs related to the Bancorp’s categories of Level 3 financial assets and liabilities measured on a nonrecurring basis:
As of December 31, 2020 ($ in millions)
Financial InstrumentFair ValueValuation TechniqueSignificant Unobservable InputsRanges of
Inputs		Weighted-Average    
Commercial loans held for sale$16 Comparable company analysisMarket comparable transactionsNMNM
Commercial and industrial loans422 Appraised valueCollateral valueNMNM
Commercial mortgage loans78 Appraised valueCollateral valueNMNM
Commercial leases4 Appraised valueCollateral valueNMNM
Consumer loans159 Appraised valueCollateral valueNMNM
OREO20 Appraised valueAppraised valueNMNM
Bank premises and equipment26 Appraised valueAppraised valueNMNM
Operating lease equipment35 Appraised valueAppraised valueNMNM
Private equity investments69 Comparable company analysisMarket comparable transactionsNMNM
As of December 31, 2019 ($ in millions)
Financial InstrumentFair ValueValuation TechniqueSignificant Unobservable InputsRanges of  
Inputs  		Weighted-Average      
Commercial and industrial loans$169 Appraised valueCollateral valueNMNM
Commercial mortgage loans12 Appraised valueCollateral valueNMNM
Commercial leases20 Appraised valueCollateral valueNMNM
OREO13 Appraised valueAppraised valueNMNM
Bank premises and equipment27 Appraised valueAppraised valueNMNM
Operating lease equipment6 Appraised valueAppraised valueNMNM
Private equity investments2 Comparable company analysisMarket comparable transactionsNMNM
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis The following tables provide the fair value hierarchy and carrying amount of all assets that were held as of December 31, 2020 and 2019 and for which a nonrecurring fair value adjustment was recorded during the years ended December 31, 2020 and 2019, and the related gains and losses from fair value adjustments on assets sold during the period as well as assets still held as of the end of the period.
Fair Value Measurements UsingTotal (Losses) Gains
As of December 31, 2020 ($ in millions)Level 1  Level 2Level 3    Total For the year ended December 31, 2020
Commercial loans held for sale$— 8 16 24 (5)
Commercial and industrial loans— — 422 422 (176)
Commercial mortgage loans— — 78 78 (54)
Commercial leases— — 4 4 (13)
Consumer loans— — 159 159 1 
OREO— — 20 20 (7)
Bank premises and equipment— — 26 26 (30)
Operating lease equipment— — 35 35 (6)
Private equity investments— 27 69 96 18 
Total$— 35 829 864 (272)
Fair Value Measurements UsingTotal (Losses) Gains
As of December 31, 2019 ($ in millions)Level 1Level 2Level 3TotalFor the year ended December 31, 2019
Commercial and industrial loans$— — 169 169 (96)
Commercial mortgage loans— — 12 12 — 
Commercial leases— — 20 20 (6)
OREO— — 13 13 (6)
Bank premises and equipment— — 27 27 (27)
Operating lease equipment— — 6 6 (3)
Private equity investments— 11 2 13 8 
Total$— 11 249 260 (130)
Difference Between the Aggregate Fair Value and the Aggregate Unpaid Principal Balance for Residential Mortgage 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:
($ in millions)Aggregate  Fair ValueAggregate Unpaid Principal BalanceDifference
December 31, 2020
Residential mortgage loans measured at fair value$1,642 1,567 75 
Past due loans of 90 days or more3 3 — 
Nonaccrual loans— — — 
December 31, 2019
Residential mortgage loans measured at fair value$1,447 1,410 37 
Past due loans of 90 days or more2 2 — 
Nonaccrual loans1 1 — 
Carrying Amounts and Estimated Fair Values for Certain Financial Instruments
The following tables summarize the carrying amounts and estimated fair values for certain financial instruments, excluding financial instruments measured at fair value on a recurring basis:
Net CarryingFair Value Measurements Using        Total
As of December 31, 2020 ($ in millions)AmountLevel 1Level 2Level 3Fair Value
Financial assets:
Cash and due from banks$3,147 3,147 — — 3,147 
Other short-term investments33,399 33,399 — — 33,399 
Other securities524 — 524 — 524 
Held-to-maturity securities11 — — 11 11 
Loans and leases held for sale3,260 — — 3,269 3,269 
Portfolio loans and leases:
Commercial and industrial loans48,764 — — 49,140 49,140 
Commercial mortgage loans10,200 — — 9,968 9,968 
Commercial construction loans5,691 — — 5,860 5,860 
Commercial leases2,886 — — 2,842 2,842 
Residential mortgage loans15,473 — — 16,884 16,884 
Home equity4,982 — — 5,275 5,275 
Indirect secured consumer loans13,522 — — 13,331 13,331 
Credit card1,755 — — 1,934 1,934 
Other consumer loans2,895 — — 3,098 3,098 
Total portfolio loans and leases, net$106,168 — — 108,332 108,332 
Financial liabilities:
Deposits$159,081 — 159,094 — 159,094 
Federal funds purchased300 300 — — 300 
Other short-term borrowings1,192 — 1,192 — 1,192 
Long-term debt14,973 15,606 923 — 16,529 
Net CarryingFair Value Measurements Using        Total
As of December 31, 2019 ($ in millions)AmountLevel 1Level 2Level 3Fair Value
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