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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 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
September 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$92 — — 92 
Obligations of states and political subdivisions securities— 18 — 18 
Mortgage-backed securities:

Agency residential mortgage-backed securities— 9,652 — 9,652 
Agency commercial mortgage-backed securities— 19,364 — 19,364 
Non-agency commercial mortgage-backed securities— 3,979 — 3,979 
Asset-backed securities and other debt securities— 4,247 — 4,247 
Available-for-sale debt and other securities(a)
92 37,260 — 37,352 
Trading debt securities:

U.S. Treasury and federal agencies securities91 2 — 93 
Obligations of states and political subdivisions securities— 50 — 50 
Agency residential mortgage-backed securities— 89 — 89 
Asset-backed securities and other debt securities— 453 — 453 
Trading debt securities91 594 — 685 
Equity securities317 12 — 329 
Residential mortgage loans held for sale— 1,532 — 1,532 
Residential mortgage loans(b)
— — 156 156 
Servicing rights— — 943 943 
Derivative assets:
Interest rate contracts21 1,505 27 1,553 
Foreign exchange contracts— 285 — 285 
Commodity contracts29 2,094 — 2,123 
Derivative assets(c)
50 3,884 27 3,961 
Total assets$550 43,282 1,126 44,958 
Liabilities:

Derivative liabilities:

Interest rate contracts$4 215 8 227 
Foreign exchange contracts— 251 — 251 
Equity contracts— — 211 211 
Commodity contracts547 1,502 — 2,049 
Derivative liabilities(d)
551 1,968 219 2,738 
Short positions:

U.S. Treasury and federal agencies securities107 — — 107 
Asset-backed securities and other debt securities— 379 — 379 
Short positions(d)
107 379 — 486 
Total liabilities$658 2,347 219 3,224 
(a)Excludes FHLB, FRB and DTCC restricted stock holdings totaling $31, $485 and $2, respectively, at September 30, 2021.
(b)Includes residential mortgage loans originated as held for sale and subsequently transferred to held for investment.
(c)Included in other assets in the Condensed Consolidated Balance Sheets.
(d)Included in other liabilities in the Condensed Consolidated Balance Sheets.
Fair Value Measurements Using
December 31, 2020 ($ 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 $2, respectively, at December 31, 2020.
(b)Includes residential mortgage loans originated as held for sale and subsequently transferred to held for investment.
(c)Included in other assets in the Condensed Consolidated Balance Sheets.
(d)Included in other liabilities in the Condensed Consolidated Balance Sheets.
Reconciliation of Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs
The following tables are a reconciliation of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3):
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
For the three months ended September 30, 2021 ($ in millions)
Residential
Mortgage
Loans		Servicing
Rights
Interest Rate
Derivatives,
Net(a)
Equity
Derivatives		Total
Fair Value
Balance, beginning of period$151 818 31 (213)787 
Total (losses) gains (realized/unrealized):(b)
 Included in earnings— (44)44 (17)(17)
Purchases/originations— 169 — — 169 
Settlements(13)— (56)19 (50)
Transfers into Level 3(c)
18 — — — 18 
Balance, end of period$156 943 19 (211)907 
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, 2021
$— 19 25 (17)27 
(a)Net interest rate derivatives include derivative assets and liabilities of $27 and $8, respectively, as of September 30, 2021.
(b)There were no unrealized gains or losses for the period included in other comprehensive income for instruments still held at September 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 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):(b)
 Included in earnings— (71)55 (22)(38)
Purchases/originations— 55 — — 55 
Settlements(21)— (60)17 (64)
Transfers into Level 3(c)
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
$— (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)There were no unrealized gains or losses for the period included in other comprehensive income for instruments still held at September 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 nine months ended September 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)(95)136 (67)(27)
Purchases/originations— 382 (2)— 380 
Settlements(42)— (168)57 (153)
Transfers into Level 3(c)
38 — — — 38 
Balance, end of period$156 943 19 (211)907 
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, 2021
$(1)77 28 (67)37 
(a)Net interest rate derivatives include derivative assets and liabilities of $27 and $8, respectively, as of September 30, 2021.
(b)There were no unrealized gains or losses for the period included in other comprehensive income for instruments still held at September 30, 2021.
(c)Includes certain residential mortgage loans originated as held for sale that were transferred to held for investment.
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
For the nine months ended September 30, 2020 ($ 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):(b)
 Included in earnings2 (519)241 (73)(349)
Purchases/originations— 186 4 — 190 
Settlements(50)— (171)48 (173)
Transfers into Level 3(c)
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
$2 (281)88 (73)(264)
(a)Net interest rate derivatives include derivative assets and liabilities of $92 and $8, respectively, as of September 30, 2020.
(b)There were no unrealized gains or losses for the period included in other comprehensive income for instruments still held at September 30, 2020.
(c)Includes certain residential mortgage loans originated as held for sale that were transferred to held for investment.
Total Gains and Losses Included in Earnings for Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs
The total losses and gains included in earnings for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) were recorded in the Condensed Consolidated Statements of Income as follows:
For the three months ended
September 30,		For the nine months ended
September 30,
($ in millions)2021202020212020
Mortgage banking net revenue$— (17)38 (278)
Commercial banking revenue— 1 2 1 
Other noninterest income(17)(22)(67)(72)
Total losses$(17)(38)(27)(349)

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 September 30, 2021 and 2020 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)2021202020212020
Mortgage banking net revenue$44 58 102 (193)
Commercial banking revenue— 1 2 1 
Other noninterest income(17)(22)(67)(72)
Total gains (losses)$27 37 37 (264)
Quantitative Information About Significant Unobservable Level 3 Fair Value Measurement Input, Recurring
The following tables present information as of September 30, 2021 and 2020 about significant unobservable inputs related to the Bancorp’s material categories of Level 3 financial assets and liabilities measured at fair value on a recurring basis:
As of September 30, 2021 ($ in millions)
Financial InstrumentFair ValueValuation
Technique		Significant
Unobservable Inputs		Range of Inputs
Weighted-Average
Residential mortgage loans$156 Loss rate modelInterest rate risk factor(7.5)-8.6%1.1 %
(a)
Credit risk factor— -28.3%0.3 %
(a)
(Fixed)
11.3 %
(b)
Servicing rights943 DCFPrepayment speed— -100.0%
(Adjustable)
22.5 %
(b)
(Fixed)
757 
(b)
OAS (bps)536 -1,587
(Adjustable)
990 
(b)
IRLCs, net27 DCFLoan closing rates24.3 -97.2%76.5 %
(c)
Swap associated with the sale of Visa, Inc. Class B Shares(211)DCFTiming of the resolution
   of the Covered Litigation		Q1 2023-Q1 2025Q1 2024
(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, 2020 ($ in millions)
Financial InstrumentFair ValueValuation
Technique		Significant
Unobservable Inputs		Range of InputsWeighted-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.
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, 2021 and 2020, and for which a nonrecurring fair value adjustment was recorded during the three and nine months ended September 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 September 30, 2021 ($ in millions)Level 1Level 2Level 3Total
For the three months ended September 30, 2021
For the nine months ended September 30, 2021
Commercial loans held for sale$— — 2 2 — 2 
Commercial loans and leases— — 268 268 7 (37)
Consumer and residential mortgage loans— — 126 126 — (1)
OREO— — 9 9 — (6)
Bank premises and equipment— — 11 11 (3)(6)
Operating lease equipment— — 31 31 — (25)
Private equity investments— 1 14 15 8 8 
Total$— 1 461 462 12 (65)
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$— 31 17 48 1 (4)
Commercial loans and leases— — 628 628 (49)(241)
Consumer and residential mortgage loans— — 197 197 (1)2 
OREO— — 20 20 (2)(7)
Bank premises and equipment— — 21 21 (11)(25)
Operating lease equipment— — 9 9 — (3)
Private equity investments— — 69 69 — (9)
Total$— 31 961 992 (62)(287)
Quantitative Information About Significant Unobservable Level 3 Fair Value Measurement Input, Nonrecurring
The following tables present information as of September 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 September 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 leases268 Appraised valueCollateral valueNMNM
Consumer and residential mortgage loans126 Appraised valueCollateral valueNMNM
OREO9 Appraised valueAppraised valueNMNM
Bank premises and equipment11 Appraised valueAppraised valueNMNM
Operating lease equipment31 Appraised valueAppraised valueNMNM
Private equity investments14 Comparable company analysisMarket comparable transactionsNMNM

As of September 30, 2020 ($ in millions)
Financial InstrumentFair ValueValuation TechniqueSignificant Unobservable InputsRanges of
Inputs		Weighted-Average
Commercial loans held for sale$16 Comparable company analysisMarket comparable transactionsNMNM
1 Appraised valueAppraised valueNMNM
Commercial loans and leases628 Appraised valueCollateral valueNMNM
Consumer and residential mortgage loans197 Appraised valueCollateral valueNMNM
OREO20 Appraised valueAppraised valueNMNM
Bank premises and equipment21 Appraised valueAppraised valueNMNM
Operating lease equipment9 Appraised valueAppraised valueNMNM
Private equity investments69 Comparable company analysisMarket comparable transactionsNMNM
Difference Between the Fair Value and the Unpaid Principal Balance for Loans
The following table summarizes the difference between the fair value and the unpaid principal balance for residential mortgage loans measured at fair value as of:
September 30, 2021 ($ in millions)
Aggregate
Fair Value
Aggregate Unpaid
Principal Balance

Difference
Residential mortgage loans measured at fair value
$1,688 1,642 46 
Past due loans of 90 days or more
3 3 — 
Nonaccrual loans
— — — 
December 31, 2020

Residential mortgage loans measured at fair value
$1,642 1,567 75 
Past due loans of 90 days or more
3 3 — 
Nonaccrual loans
— — — 
Carrying Amounts and Estimated Fair Values for Certain Financial Instruments
The following tables summarize the carrying amounts and estimated fair values for certain financial instruments, excluding financial instruments measured at fair value on a recurring basis:
Net Carrying
Amount		Fair Value Measurements UsingTotal
Fair Value
As of September 30, 2021 ($ in millions)Level 1Level 2Level 3
Financial assets:
Cash and due from banks$3,213 3,213 — — 3,213 
Other short-term investments34,203 34,203 — — 34,203 
Other securities518 — 518 — 518 
Held-to-maturity securities8 — — 8 8 
Loans and leases held for sale3,671 — — 3,679 3,679 
Portfolio loans and leases:

Commercial loans and leases65,553 — — 66,235 66,235 
Consumer and residential mortgage loans40,248 — — 41,389 41,389 
Total portfolio loans and leases, net$105,801 — — 107,624 107,624 
Financial liabilities:

Deposits$165,108 — 165,107 — 165,107 
Federal funds purchased309 309 — — 309 
Other short-term borrowings949 — 949 — 949 
Long-term debt11,419 11,818 825 — 12,643 
Net Carrying
Amount		Fair Value Measurements UsingTotal
Fair Value
As of December 31, 2020 ($ 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 and residential mortgage 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