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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2022
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, 2022 ($ in millions)Level 1Level 2Level 3Total Fair Value
Assets:
Available-for-sale debt and other securities:
U.S. Treasury and federal agencies securities$2,377 — — 2,377 
Obligations of states and political subdivisions securities— 18 — 18 
Mortgage-backed securities:

Agency residential mortgage-backed securities— 11,232 — 11,232 
Agency commercial mortgage-backed securities— 25,889 — 25,889 
Non-agency commercial mortgage-backed securities— 4,708 — 4,708 
Asset-backed securities and other debt securities— 6,191 — 6,191 
Available-for-sale debt and other securities(a)
2,377 48,038 — 50,415 
Trading debt securities:

U.S. Treasury and federal agencies securities73 9 — 82 
Obligations of states and political subdivisions securities— 36 — 36 
Agency residential mortgage-backed securities— 7 — 7 
Asset-backed securities and other debt securities— 289 — 289 
Trading debt securities73 341 — 414 
Equity securities306 9 — 315 
Residential mortgage loans held for sale— 1,107 — 1,107 
Residential mortgage loans(b)
— — 125 125 
Servicing rights— — 1,732 1,732 
Derivative assets:
Interest rate contracts70 1,142 7 1,219 
Foreign exchange contracts— 753 — 753 
Commodity contracts89 2,278 — 2,367 
Derivative assets(c)
159 4,173 7 4,339 
Total assets$2,915 53,668 1,864 58,447 
Liabilities:

Derivative liabilities:

Interest rate contracts$8 2,070 14 2,092 
Foreign exchange contracts— 705 — 705 
Equity contracts— — 174 174 
Commodity contracts217 1,964 — 2,181 
Derivative liabilities(d)
225 4,739 188 5,152 
Short positions:

U.S. Treasury and federal agencies securities78 — — 78 
Asset-backed securities and other debt securities— 222 — 222 
Short positions(d)
78 222 — 300 
Total liabilities$303 4,961 188 5,452 
(a)Excludes FHLB, FRB and DTCC restricted stock holdings totaling $382, $490 and $2, respectively, at September 30, 2022.
(b)Includes residential mortgage loans originated as held for sale and subsequently transferred to held for investment.
(c)Included in other assets in the Condensed Consolidated Balance Sheets.
(d)Included in other liabilities in the Condensed Consolidated Balance Sheets.
Fair Value Measurements Using
December 31, 2021 ($ in millions)Level 1Level 2Level 3Total Fair Value
Assets:
Available-for-sale debt and other securities:
U.S. Treasury and federal agencies securities$86 — — 86 
Obligations of states and political subdivisions securities— 18 — 18 
Mortgage-backed securities:
Agency residential mortgage-backed securities— 8,782 — 8,782 
Agency commercial mortgage-backed securities— 18,951 — 18,951 
Non-agency commercial mortgage-backed securities— 4,479 — 4,479 
Asset-backed securities and other debt securities— 5,275 — 5,275 
Available-for-sale debt and other securities(a)
86 37,505 — 37,591 
Trading debt securities:
U.S. Treasury and federal agencies securities72 12 — 84 
Obligations of states and political subdivisions securities— 32 — 32 
Agency residential mortgage-backed securities— 105 — 105 
Asset-backed securities and other debt securities— 291 — 291 
Trading debt securities72 440 — 512 
Equity securities365 11 — 376 
Residential mortgage loans held for sale— 1,023 — 1,023 
Residential mortgage loans(b)
— — 154 154 
Servicing rights— — 1,121 1,121 
Derivative assets:
Interest rate contracts2 1,245 12 1,259 
Foreign exchange contracts— 323 — 323 
Commodity contracts26 1,300 — 1,326 
Derivative assets(c)
28 2,868 12 2,908 
Total assets$551 41,847 1,287 43,685 
Liabilities:
Derivative liabilities:
Interest rate contracts$2 231 8 241 
Foreign exchange contracts— 298 — 298 
Equity contracts— — 214 214 
Commodity contracts285 975 — 1,260 
Derivative liabilities(d)
287 1,504 222 2,013 
Short positions:
U.S. Treasury and federal agencies securities96 — — 96 
Asset-backed securities and other debt securities— 201 — 201 
Short positions(d)
96 201 — 297 
Total liabilities$383 1,705 222 2,310 
(a)Excludes FHLB, FRB and DTCC restricted stock holdings totaling $30, $486 and $3, respectively, at December 31, 2021.
(b)Includes residential mortgage loans originated as held for sale and subsequently transferred to held for investment.
(c)Included in other assets in the Condensed Consolidated Balance Sheets.
(d)Included in other liabilities in the Condensed Consolidated Balance Sheets.
Reconciliation of Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs
The following tables are a reconciliation of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3):
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
For the three months ended September 30, 2022 ($ in millions)
Residential
Mortgage
Loans		Servicing
Rights
Interest Rate
Derivatives,
Net(a)
Equity
Derivatives		Total
Fair Value
Balance, beginning of period$133 1,582 8 (199)1,524 
Total gains (losses) (realized/unrealized):(b)
 Included in earnings(7)48 (5)(17)19 
Purchases/originations— 102 (1)— 101 
Settlements(4)— (9)42 29 
Transfers into Level 3(c)
3 — — — 3 
Balance, end of period$125 1,732 (7)(174)1,676 
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, 2022
$(7)80 (2)(17)54 
(a)Net interest rate derivatives include derivative assets and liabilities of $7 and $14, respectively, as of September 30, 2022.
(b)There were no unrealized gains or losses for the period included in other comprehensive income for instruments still held at September 30, 2022.
(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, 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 nine months ended September 30, 2022 ($ in millions)
Residential
Mortgage
Loans		Servicing
Rights
Interest Rate
Derivatives,
Net(a)
Equity
Derivatives		Total
Fair Value
Balance, beginning of period$154 1,121 4 (214)1,065 
Total gains (losses) (realized/unrealized):(b)
 Included in earnings(20)217 8 (46)159 
Purchases/originations/acquisitions— 394 1 — 395 
Settlements(19)— (20)86 47 
Transfers into Level 3(c)
10 — — — 10 
Balance, end of period$125 1,732 (7)(174)1,676 
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, 2022
$(20)338 1 (46)273 
(a)Net interest rate derivatives include derivative assets and liabilities of $7 and $14, respectively, as of September 30, 2022.
(b)There were no unrealized gains or losses for the period included in other comprehensive income for instruments still held at September 30, 2022.
(c)Includes certain residential mortgage loans originated as held for sale that were transferred to held for investment.
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
For the nine months ended September 30, 2021 ($ 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 $8, respectively, as of September 30, 2021.
(b)There were no unrealized gains or losses for the period included in other comprehensive income for instruments still held at September 30, 2021.
(c)Includes certain residential mortgage loans originated as held for sale that were transferred to held for investment.
Total Gains and Losses Included in Earnings for Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs
The total gains and losses included in earnings for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) were recorded in the Condensed Consolidated Statements of Income as follows:
For the three months ended
September 30,		For the nine months ended
September 30,
($ in millions)2022202120222021
Mortgage banking net revenue$35 — 202 38 
Commercial banking revenue1 — 3 2 
Other noninterest income(17)(17)(46)(67)
Total gains (losses)$19 (17)159 (27)

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, 2022 and 2021 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)2022202120222021
Mortgage banking net revenue$70 44 316 102 
Commercial banking revenue1 — 3 2 
Other noninterest income(17)(17)(46)(67)
Total gains (losses)$54 27 273 37 
Quantitative Information About Significant Unobservable Level 3 Fair Value Measurement Input, Recurring
The following tables present information as of September 30, 2022 and 2021 about significant unobservable inputs related to the Bancorp’s material categories of Level 3 financial assets and liabilities measured at fair value on a recurring basis:
As of September 30, 2022 ($ in millions)
Financial InstrumentFair ValueValuation
Technique		Significant
Unobservable Inputs		Range of Inputs
Weighted-Average
Residential mortgage loans$125 Loss rate modelInterest rate risk factor(24.6)-2.6%(13.1)%
(a)
Credit risk factor— -23.1%0.4 %
(a)
(Fixed)
5.2 %
(b)
Servicing rights1,732 DCFPrepayment speed— -100%
(Adjustable)
20.3 %
(b)
(Fixed)
723 
(b)
OAS (bps)615 -1,513
(Adjustable)
1,204 
(b)
IRLCs, net(3)DCFLoan closing rates48.9 -98.6%90.1 %
(c)
Swap associated with the sale of Visa, Inc. Class B Shares(174)DCFTiming of the resolution
   of the Covered Litigation		Q4 2023-Q3 2026Q1 2025
(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, 2021 ($ in millions)
Financial InstrumentFair ValueValuation
Technique		Significant
Unobservable Inputs		Range of InputsWeighted-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.
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, 2022 and 2021, and for which a nonrecurring fair value adjustment was recorded during the three and nine months ended September 30, 2022 and 2021, 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
As of September 30, 2022 ($ in millions)Level 1Level 2Level 3Total
For the three months ended September 30, 2022
For the nine months ended September 30, 2022
Commercial loans and leases$— — 161 161 (42)(89)
Consumer and residential mortgage loans— — 120 120 — — 
OREO— — 3 3 — — 
Bank premises and equipment— — 3 3 (1)(2)
Operating lease equipment— — 2 2 — (2)
Private equity investments— 9 1 10 (1)(8)
Total$— 9 290 299 (44)(101)
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)
Quantitative Information About Significant Unobservable Level 3 Fair Value Measurement Input, Nonrecurring
The following tables present information as of September 30, 2022 and 2021 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, 2022 ($ in millions)
Financial InstrumentFair ValueValuation TechniqueSignificant Unobservable InputsRanges of
Inputs		Weighted-Average
Commercial loans and leases$161 Appraised valueCollateral valueNMNM
Consumer and residential mortgage loans120 Appraised valueCollateral valueNMNM
OREO3 Appraised valueAppraised valueNMNM
Bank premises and equipment3 Appraised valueAppraised valueNMNM
Operating lease equipment2 Appraised valueAppraised valueNMNM
Private equity investments1 Comparable company analysisMarket comparable transactionsNMNM

As of September 30, 2021 ($ in millions)
Financial InstrumentFair ValueValuation TechniqueSignificant Unobservable InputsRanges of
Inputs		Weighted-Average
Commercial loans held for sale$2 Comparable company analysisMarket comparable transactionsNMNM
Commercial loans and leases268 Appraised valueCollateral valueNMNM
Consumer and residential mortgage loans126 Appraised valueCollateral valueNMNM
OREO9 Appraised valueAppraised valueNMNM
Bank premises and equipment11 Appraised valueAppraised valueNMNM
Operating lease equipment31 Appraised valueAppraised valueNMNM
Private equity investments14 Comparable company analysisMarket comparable transactionsNMNM
Difference Between the Fair Value and the Unpaid Principal Balance for Loans
The following table summarizes the difference between the fair value and the unpaid principal balance for residential mortgage loans measured at fair value as of:
September 30, 2022 ($ in millions)
Aggregate
Fair Value
Aggregate Unpaid
Principal Balance

Difference
Residential mortgage loans measured at fair value$1,232 1,281 (49)
Past due loans of 90 days or more1 1 — 
Nonaccrual loans2 2 — 
December 31, 2021

Residential mortgage loans measured at fair value
$1,177 1,149 28 
Past due loans of 90 days or more
3 3 — 
Nonaccrual loans
— — — 
Carrying Amounts and Estimated Fair Values for Certain Financial Instruments
The following tables summarize the carrying amounts and estimated fair values for certain financial instruments, excluding financial instruments measured at fair value on a recurring basis:
Net Carrying
Amount		Fair Value Measurements UsingTotal
Fair Value
As of September 30, 2022 ($ in millions)Level 1Level 2Level 3
Financial assets:
Cash and due from banks$3,068 3,068 — — 3,068 
Other short-term investments6,594 6,594 — — 6,594 
Other securities874 — 874 — 874 
Held-to-maturity securities5 — — 5 5 
Loans and leases held for sale833 — — 837 837 
Portfolio loans and leases:

Commercial loans and leases74,620 — — 74,090 74,090 
Consumer and residential mortgage loans43,155 — — 40,819 40,819 
Total portfolio loans and leases, net$117,775 — — 114,909 114,909 
Financial liabilities:

Deposits$161,652 — 161,606 — 161,606 
Federal funds purchased212 212 — — 212 
Other short-term borrowings6,378 — 6,365 — 6,365 
Long-term debt11,808 11,032 403 — 11,435 
Net Carrying
Amount		Fair Value Measurements UsingTotal
Fair Value
As of December 31, 2021 ($ in millions)Level 1Level 2Level 3
Financial assets:
Cash and due from banks$2,994 2,994 — — 2,994 
Other short-term investments34,572 34,572 — — 34,572 
Other securities519 — 519 — 519 
Held-to-maturity securities8 — — 8 8 
Loans and leases held for sale3,392 — — 3,405 3,405 
Portfolio loans and leases:
Commercial loans and leases69,166 — — 69,924 69,924 
Consumer and residential mortgage loans40,838 — — 41,632 41,632 
Total portfolio loans and leases, net$110,004 — — 111,556 111,556 
Financial liabilities:
Deposits$169,324 — 169,316 — 169,316 
Federal funds purchased281 281 — — 281 
Other short-term borrowings980 — 980 — 980 
Long-term debt11,425 12,091 387 — 12,478