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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2021
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
June 30, 2021 ($ in millions)Level 1Level 2Level 3Total Fair Value
Assets:
Available-for-sale debt and other securities:
U.S. Treasury and federal agencies securities$107 — — 107 
Obligations of states and political subdivisions securities— 18 — 18 
Mortgage-backed securities:

Agency residential mortgage-backed securities— 10,809 — 10,809 
Agency commercial mortgage-backed securities— 19,294 — 19,294 
Non-agency commercial mortgage-backed securities— 3,479 — 3,479 
Asset-backed securities and other debt securities— 3,785 — 3,785 
Available-for-sale debt and other securities(a)
107 37,385 — 37,492 
Trading debt securities:

U.S. Treasury and federal agencies securities96 — — 96 
Obligations of states and political subdivisions securities— 63 — 63 
Agency residential mortgage-backed securities— 69 — 69 
Asset-backed securities and other debt securities— 483 — 483 
Trading debt securities96 615 — 711 
Equity securities329 12 — 341 
Residential mortgage loans held for sale— 1,633 — 1,633 
Residential mortgage loans(b)
— — 151 151 
Servicing rights— — 818 818 
Derivative assets:
Interest rate contracts1 1,642 39 1,682 
Foreign exchange contracts— 286 — 286 
Commodity contracts27 1,213 — 1,240 
Derivative assets(c)
28 3,141 39 3,208 
Total assets$560 42,786 1,008 44,354 
Liabilities:

Derivative liabilities:

Interest rate contracts$8 223 8 239 
Foreign exchange contracts— 246 — 246 
Equity contracts— — 213 213 
Commodity contracts397 812 — 1,209 
Derivative liabilities(d)
405 1,281 221 1,907 
Short positions:

U.S. Treasury and federal agencies securities110 — — 110 
Asset-backed securities and other debt securities— 417 — 417 
Short positions(d)
110 417 — 527 
Total liabilities$515 1,698 221 2,434 
(a)Excludes FHLB, FRB and DTCC restricted stock holdings totaling $33, $485 and $2, respectively, at June 30, 2021.
(b)Includes residential mortgage loans originated as held for sale and subsequently transferred to held for investment.
(c)Included in other assets in the Condensed Consolidated Balance Sheets.
(d)Included in other liabilities in the Condensed Consolidated Balance Sheets.
Fair Value Measurements Using
December 31, 2020 ($ in millions)Level 1Level 2Level 3Total 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 $2, respectively, at December 31, 2020.
(b)Includes residential mortgage loans originated as held for sale and subsequently transferred to held for investment.
(c)Included in other assets in the Condensed Consolidated Balance Sheets.
(d)Included in other liabilities in the Condensed Consolidated Balance Sheets.
Reconciliation of Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs
The following tables are a reconciliation of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3):
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
For the three months ended June 30, 2021 ($ in millions)
Residential
Mortgage
Loans		Servicing
Rights
Interest Rate
Derivatives,
Net(a)
Equity
Derivatives		Total
Fair Value
Balance, beginning of period$153 784 30 (195)772 
Total (losses) gains (realized/unrealized):(b)
 Included in earnings— (122)57 (37)(102)
Purchases/originations— 156 — — 156 
Settlements(12)— (56)19 (49)
Transfers into Level 3(c)
10 — — — 10 
Balance, end of period$151 818 31 (213)787 
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 June 30, 2021
$— (56)37 (37)(56)
(a)Net interest rate derivatives include derivative assets and liabilities of $39 and $8, respectively, as of June 30, 2021.
(b)There were no unrealized gains or losses for the period included in other comprehensive income for instruments still held at June 30, 2021.
(c)Includes certain residential mortgage loans originated as held for sale that were transferred to held for investment.

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
For the three months ended June 30, 2020 ($ in millions)
Residential
Mortgage
Loans		Servicing
Rights
Interest Rate
Derivatives,
Net(a)
Equity
Derivatives		Total
Fair Value
Balance, beginning of period$185 685 61 (171)760 
Total (losses) gains (realized/unrealized):(b)
 Included in earnings(2)(70)83 (29)(18)
Purchases/originations— 61 5 — 66 
Settlements(20)— (60)17 (63)
Transfers into Level 3(c)
22 — — — 22 
Balance, end of period$185 676 89 (183)767 
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 June 30, 2020
$(2)(23)85 (29)31 
(a)Net interest rate derivatives include derivative assets and liabilities of $98 and $9, respectively, as of June 30, 2020.
(b)There were no unrealized gains or losses for the period included in other comprehensive income for instruments still held at June 30, 2020.
(c)Includes certain residential mortgage loans originated as held for sale that were transferred to held for investment.

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
For the six months ended June 30, 2021 ($ in millions)
Residential
Mortgage
Loans		Servicing
Rights
Interest Rate
Derivatives,
Net(a)
Equity
Derivatives		Total
Fair Value
Balance, beginning of period$161 656 53 (201)669 
Total (losses) gains (realized/unrealized):(b)
 Included in earnings(1)(50)91 (50)(10)
Purchases/originations— 212 (1)— 211 
Settlements(29)— (112)38 (103)
Transfers into Level 3(c)
20 — — — 20 
Balance, end of period$151 818 31 (213)787 
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 June 30, 2021
$(1)69 40 (50)58 
(a)Net interest rate derivatives include derivative assets and liabilities of $39 and $8, respectively, as of June 30, 2021.
(b)There were no unrealized gains or losses for the period included in other comprehensive income for instruments still held at June 30, 2021.
(c)Includes certain residential mortgage loans originated as held for sale that were transferred to held for investment.
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
For the six months ended June 30, 2020 ($ 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):(b)
 Included in earnings2 (448)186 (51)(311)
Purchases/originations— 131 4 — 135 
Settlements(29)— (111)31 (109)
Transfers into Level 3(c)
29 — — — 29 
Balance, end of period$185 676 89 (183)767 
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 June 30, 2020
$2 (331)93 (51)(287)
(a)Net interest rate derivatives include derivative assets and liabilities of $98 and $9, respectively, as of June 30, 2020.
(b)There were no unrealized gains or losses for the period included in other comprehensive income for instruments still held at June 30, 2020.
(c)Includes certain residential mortgage loans originated as held for sale that were transferred to held for investment.
Total Gains and Losses Included in Earnings for Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs
The total losses and gains included in earnings for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) were recorded in the Condensed Consolidated Statements of Income as follows:
For the three months ended
June 30,		For the six months ended
June 30,
($ in millions)2021202020212020
Mortgage banking net revenue$(66)10 39 (261)
Commercial banking revenue1 1 1 1 
Other noninterest income(37)(29)(50)(51)
Total losses$(102)(18)(10)(311)

The total gains and losses included in earnings attributable to changes in unrealized gains and losses related to Level 3 assets and liabilities still held at June 30, 2021 and 2020 were recorded in the Condensed Consolidated Statements of Income as follows:
For the three months ended
June 30,		For the six months ended
June 30,
($ in millions)2021202020212020
Mortgage banking net revenue$(20)59 107 (237)
Commercial banking revenue1 1 1 1 
Other noninterest income(37)(29)(50)(51)
Total gains (losses)$(56)31 58 (287)
Quantitative Information About Significant Unobservable Level 3 Fair Value Measurement Input, Recurring
The following tables present information as of June 30, 2021 and 2020 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 June 30, 2021 ($ in millions)
Financial InstrumentFair ValueValuation
Technique		Significant
Unobservable Inputs		Range of Inputs
Weighted-Average
Residential mortgage loans$151 Loss rate modelInterest rate risk factor(9.2)-9.0%1.1 %
(a)
Credit risk factor— -24.8%0.5 %
(a)
(Fixed)
14.5 %
(b)
Servicing rights818 DCFPrepayment speed— -100.0%
(Adjustable)
21.6 %
(b)
(Fixed)
542 
(b)
OAS (bps)406 -1,587
(Adjustable)
978 
(b)
IRLCs, net39 DCFLoan closing rates10.0 -97.2%76.5 %
(c)
Swap associated with the sale of Visa, Inc. Class B Shares(213)DCFTiming of the resolution
   of the Covered Litigation		Q1 2023-Q1 2025Q4 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 June 30, 2020 ($ in millions)
Financial InstrumentFair ValueValuation
Technique		Significant
Unobservable Inputs		Range of InputsWeighted-Average
Residential mortgage loans$185 Loss rate modelInterest rate risk factor(7.4)-11.6 %0.7 %
(a)
Credit risk factor— -26.4 %0.4 %
(a)
(Fixed)20.1 %
(b)
Servicing rights676 DCFPrepayment speed0.5 -99.6 %(Adjustable)23.4 %
(b)
(Fixed)784 
(b)
OAS (bps)536-1,386(Adjustable)934 
(b)
IRLCs, net91 DCFLoan closing rates7.2 -97.2 %65.7 %
(c)
Swap associated with the sale of Visa, Inc. Class B Shares
(183)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.
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 June 30, 2021 and 2020, and for which a nonrecurring fair value adjustment was recorded during the three and six months ended June 30, 2021 and 2020, 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 June 30, 2021 ($ in millions)Level 1Level 2Level 3Total
For the three months ended June 30, 2021
For the six months ended June 30, 2021
Commercial loans held for sale$— — 2 2 — 1 
Commercial loans and leases— — 313 313 (39)(44)
Consumer and residential mortgage loans— — 140 140 1 (1)
OREO— — 6 6 — (6)
Bank premises and equipment— — 7 7 (1)(2)
Operating lease equipment— — 34 34 — (25)
Private equity investments— 1 — 1 — — 
Total$— 1 502 503 (39)(77)
Fair Value Measurements UsingTotal (Losses) Gains
As of June 30, 2020 ($ in millions)Level 1Level 2Level 3Total
For the three months ended June 30, 2020
For the six months ended June 30, 2020
Commercial loans held for sale$— 37 17 54 (1)(4)
Commercial loans and leases— — 569 569 (118)(192)
Consumer and residential mortgage loans— — 186 186 2 3 
OREO— — 18 18 (1)(6)
Bank premises and equipment— — 14 14 (12)(14)
Operating lease equipment— — 10 10 — (3)
Private equity investments— — 70 70 — (9)
Total$— 37 884 921 (130)(225)
Quantitative Information About Significant Unobservable Level 3 Fair Value Measurement Input, Nonrecurring
The following tables present information as of June 30, 2021 and 2020 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 June 30, 2021 ($ in millions)
Financial InstrumentFair ValueValuation TechniqueSignificant Unobservable InputsRanges of
Inputs		Weighted-Average
Commercial loans held for sale$2 Comparable company analysisMarket comparable transactionsNMNM
Commercial loans and leases313 Appraised valueCollateral valueNMNM
Consumer and residential mortgage loans140 Appraised valueCollateral valueNMNM
OREO6 Appraised valueAppraised valueNMNM
Bank premises and equipment7 Appraised valueAppraised valueNMNM
Operating lease equipment34 Appraised valueAppraised valueNMNM

As of June 30, 2020 ($ in millions)
Financial InstrumentFair ValueValuation TechniqueSignificant Unobservable InputsRanges of
Inputs		Weighted-Average
Commercial loans held for sale$16 Comparable company analysisMarket comparable transactionsNMNM
1 Appraised valueAppraised valueNMNM
Commercial loans and leases569 Appraised valueCollateral valueNMNM
Consumer and residential mortgage loans186 Appraised valueCollateral valueNMNM
OREO18 Appraised valueAppraised valueNMNM
Bank premises and equipment14 Appraised valueAppraised valueNMNM
Operating lease equipment10 Appraised valueAppraised valueNMNM
Private equity investments70 Comparable company analysisMarket comparable transactionsNMNM
Difference Between the Fair Value and the Unpaid Principal Balance for Loans
The following table summarizes the difference between the fair value and the unpaid principal balance for residential mortgage loans measured at fair value as of:
June 30, 2021 ($ in millions)
Aggregate
Fair Value
Aggregate Unpaid
Principal Balance

Difference
Residential mortgage loans measured at fair value
$1,784 1,725 59 
Past due loans of 90 days or more
2 3 (1)
Nonaccrual loans
— — — 
December 31, 2020

Residential mortgage loans measured at fair value
$1,642 1,567 75 
Past due loans of 90 days or more
3 3 — 
Nonaccrual loans
— — — 
Carrying Amounts and Estimated Fair Values for Certain Financial Instruments
The following tables summarize the carrying amounts and estimated fair values for certain financial instruments, excluding financial instruments measured at fair value on a recurring basis:
Net Carrying
Amount		Fair Value Measurements UsingTotal
Fair Value
As of June 30, 2021 ($ in millions)Level 1Level 2Level 3
Financial assets:
Cash and due from banks$3,285 3,285 — — 3,285 
Other short-term investments32,409 32,409 — — 32,409 
Other securities520 — 520 — 520 
Held-to-maturity securities10 — — 10 10 
Loans and leases held for sale4,097 — — 4,104 4,104 
Portfolio loans and leases:

Commercial loans and leases65,796 — — 66,498 66,498 
Consumer and residential mortgage loans39,753 — — 40,941 40,941 
Total portfolio loans and leases, net$105,549 — — 107,439 107,439 
Financial liabilities:

Deposits$162,283 — 162,285 — 162,285 
Federal funds purchased338 338 — — 338 
Other short-term borrowings1,130 — 1,130 — 1,130 
Long-term debt12,364 12,821 850 — 13,671 
Net Carrying
Amount		Fair Value Measurements UsingTotal
Fair Value
As of December 31, 2020 ($ in millions)Level 1Level 2Level 3
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 loans and leases67,541 — — 67,810 67,810 
Consumer loans38,627 — — 40,522 40,522 
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