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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2023
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, 2023 ($ 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$4,336 — — 4,336 
Obligations of states and political subdivisions securities— 2 — 2 
Mortgage-backed securities:
Agency residential mortgage-backed securities— 10,282 — 10,282 
Agency commercial mortgage-backed securities— 25,720 — 25,720 
          Non-agency commercial mortgage-backed securities— 4,445 — 4,445 
Asset-backed securities and other debt securities— 4,912 — 4,912 
Available-for-sale debt and other securities(a)
4,336 45,361 — 49,697 
Trading debt securities:
U.S. Treasury and federal agencies securities640 7 — 647 
Obligations of states and political subdivisions securities— 39 — 39 
Agency residential mortgage-backed securities— 6 — 6 
Asset-backed securities and other debt securities— 207 — 207 
Trading debt securities640 259 — 899 
Equity securities600 13 — 613 
Residential mortgage loans held for sale— 334 — 334 
Residential mortgage loans(b)
— — 116 116 
Servicing rights— — 1,737 1,737 
Derivative assets:
Interest rate contracts— 977 6 983 
Foreign exchange contracts— 643 — 643 
Commodity contracts205 846 — 1,051 
Derivative assets(c)
205 2,466 6 2,677 
Total assets$5,781 48,433 1,859 56,073 
Liabilities:
Derivative liabilities:
Interest rate contracts$5 1,202 6 1,213 
Foreign exchange contracts— 600 — 600 
Equity contracts— — 168 168 
Commodity contracts28 990 — 1,018 
Derivative liabilities(d)
33 2,792 174 2,999 
Short positions:
U.S. Treasury and federal agencies securities31 — — 31 
Asset-backed securities and other debt securities— 76 — 76 
Short positions(d)
31 76 — 107 
Total liabilities$64 2,868 174 3,106 
(a)Excludes FHLB, FRB and DTCC restricted stock holdings totaling $224, $496 and $2, respectively, at December 31, 2023.
(b)Includes residential mortgage loans originated as held for sale and subsequently transferred to held for investment.
(c)Included in other assets in the Consolidated Balance Sheets.
(d)Included in other liabilities in the Consolidated Balance Sheets.
Fair Value Measurements Using
December 31, 2022 ($ in millions)Level 1Level 2Level 3Total Fair Value
Assets:
   Available-for-sale debt and other securities:
U.S. Treasury and federal agencies securities$2,495 — — 2,495 
Obligations of states and political subdivisions securities— 18 — 18 
Mortgage-backed securities:
Agency residential mortgage-backed securities— 11,237 — 11,237 
Agency commercial mortgage-backed securities— 26,322 — 26,322 
Non-agency commercial mortgage-backed securities— 4,715 — 4,715 
Asset-backed securities and other debt securities— 5,842 — 5,842 
Available-for-sale debt and other securities(a)
2,495 48,134 — 50,629 
Trading debt securities:
U.S. Treasury and federal agencies securities23 22 — 45 
Obligations of states and political subdivisions securities— 14 — 14 
Agency residential mortgage-backed securities— 8 — 8 
Asset-backed securities and other debt securities— 347 — 347 
Trading debt securities23 391 — 414 
Equity securities306 11 — 317 
Residential mortgage loans held for sale— 600 — 600 
Residential mortgage loans(b)
— — 123 123 
Servicing rights— — 1,746 1,746 
Derivative assets:
Interest rate contracts12 1,222 7 1,241 
Foreign exchange contracts— 454 — 454 
Commodity contracts56 1,422 — 1,478 
Derivative assets(c)
68 3,098 7 3,173 
Total assets$2,892 52,234 1,876 57,002 
Liabilities:
Derivative liabilities:
Interest rate contracts$7 1,970 8 1,985 
Foreign exchange contracts— 422 — 422 
Equity contracts— — 195 195 
Commodity contracts92 1,258 — 1,350 
Derivative liabilities(d)
99 3,650 203 3,952 
Short positions:
U.S. Treasury and federal agencies securities66 — — 66 
Asset-backed securities and other debt securities— 112 — 112 
Short positions(d)
66 112 — 178 
Total liabilities$165 3,762 203 4,130 
(a)Excludes FHLB, FRB and DTCC restricted stock holdings totaling $381, $491 and $2, respectively, at December 31, 2022.
(b)Includes residential mortgage loans originated as held for sale and subsequently transferred to held for investment.
(c)Included in other assets in the Consolidated Balance Sheets.
(d)Included in other liabilities in the Consolidated Balance Sheets.
Reconciliation of Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3)
The following tables are a reconciliation of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3):
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
For the year ended December 31, 2023 ($ in millions)Residential Mortgage LoansServicing
Rights
Interest Rate
Derivatives,
Net(a)
Equity
Derivatives		Total Fair Value
Balance, beginning of period$123 1,746 (1)(195)1,673 
Total (losses) gains (realized/unrealized):(b)
Included in earnings2 (105)53 (94)(144)
Purchases/originations— 96 (3)— 93 
Settlements(15)— (49)121 57 
Transfers into Level 3(c)
6 — — — 6 
Balance, end of period$116 1,737 — (168)1,685 
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, 2023
$2 (28)5 (94)(115)
(a)Net interest rate derivatives include $6 for both derivative assets and liabilities as of December 31, 2023.
(b)There were no unrealized gains or losses for the period included in other comprehensive income for instruments still held at December 31, 2023.
(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 year ended December 31, 2022 ($ in millions)Residential Mortgage LoansServicing
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(18)177 22 (84)97 
Purchases/originations— 448 1 — 449 
Settlements(23)— (28)103 52 
Transfers into Level 3(c)
10 — — — 10 
Balance, end of period$123 1,746 (1)(195)1,673 
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 December 31, 2022
$(18)311 6 (84)215 
(a)Net interest rate derivatives include derivative assets and liabilities of $7 and $8, respectively, as of December 31, 2022.
(b)There were no unrealized gains or losses for the period included in other comprehensive income for instruments still held at December 31, 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 year ended December 31, 2021 ($ in millions)Residential Mortgage LoansServicing
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(2)(139)153 (86)(74)
Purchases/originations— 604 (3)— 601 
Settlements(54)— (199)73 (180)
Transfers into Level 3(c)
49 — — — 49 
Balance, end of period$154 1,121 4 (214)1,065 
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 December 31, 2021
$(2)78 15 (86)5 
(a)Net interest rate derivatives include derivative assets and liabilities of $12 and $8, respectively, as of December 31, 2021.
(b)There were no unrealized gains or losses for the period included in other comprehensive income for instruments still held at December 31, 2021.
(c)Includes certain residential mortgage loans originated as held for sale that were transferred to held for investment.
Total Gains and Losses Included in Earnings for Assets and Liabilites Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3)
The total losses and gains included in earnings for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) were recorded in the Consolidated Statements of Income for the years ended December 31, 2023, 2022 and 2021 as follows:
($ in millions)202320222021
Mortgage banking net revenue$(54)177 9 
Commercial banking revenue4 4 3 
Other noninterest income(94)(84)(86)
Total (losses) gains$(144)97 (74)

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, 2023, 2022 and 2021 were recorded in the Consolidated Statements of Income as follows:
($ in millions)202320222021
Mortgage banking net revenue$(25)295 88 
Commercial banking revenue4 4 3 
Other noninterest income(94)(84)(86)
Total (losses) gains$(115)215 5 
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, 2023 ($ in millions)
Financial InstrumentFair ValueValuation TechniqueSignificant Unobservable
Inputs		Range of InputsWeighted-Average
Residential mortgage loans$116 Loss rate modelInterest rate risk factor(23.4)-3.4%(11.6)%
(a)
Credit risk factor— -0.6%0.2 %
(a)
(Fixed)5.9 %
(b)
Servicing rights1,737 DCFPrepayment speed— -100.0%(Adjustable)20.3 %
(b)
(Fixed)569
(b)
OAS (bps)477-1,447(Adjustable)1,016
(b)
IRLCs, net5 DCFLoan closing rates20.9 -96.0%82.3 %
(c)
Swap associated with the sale of Visa, Inc. Class B Shares(168)DCFTiming of the resolution of the Covered LitigationQ4 2024-Q1 2027Q4 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 December 31, 2022 ($ in millions)
Financial InstrumentFair ValueValuation TechniqueSignificant Unobservable
Inputs		Range of InputsWeighted-Average
Residential mortgage loans$123 Loss rate modelInterest rate risk factor(24.1)-2.4%(12.3)%
(a)
Credit risk factor— -22.9%0.5 %
(a)
(Fixed)5.1 %
(b)
Servicing rights1,746 DCFPrepayment speed— -100.0%(Adjustable)20.3 %
(b)
(Fixed)734
(b)
OAS (bps)542-1,513(Adjustable)1,204
(b)
IRLCs, net1 DCFLoan closing rates34.7 -97.5%86.6 %
(c)
Swap associated with the sale of Visa, Inc. Class B Shares(195)DCFTiming of the resolution of the Covered LitigationQ1 2024-Q1 2027Q2 2025
(d)
(a) Unobservable inputs were weighted by the relative carrying value of the instruments.
(b) Unobservable inputs were weighted by the relative unpaid principal balance of the instruments.
(c) Unobservable inputs were weighted by the relative notional amount of the instruments.
(d) Unobservable inputs were weighted by the probability of the final funding date of the instruments.
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
The following tables provide the fair value hierarchy and carrying amount of all assets that were held as of December 31, 2023 and 2022, and for which a nonrecurring fair value adjustment was recorded during the years ended December 31, 2023 and 2022, and the related gains and losses from fair value adjustments on assets sold during the period as well as assets still held as of the end of the period.
Fair Value Measurements UsingTotal Losses
As of December 31, 2023 ($ in millions)Level 1  Level 2Level 3    Total For the year ended December 31, 2023
Commercial loans held for sale$— — 1 1 — 
Commercial loans and leases— — 163 163 (162)
Consumer and residential mortgage loans— — 189 189 (12)
OREO— — 18 18 (8)
Bank premises and equipment— — 15 15 (2)
Operating lease equipment— — 2 2 — 
Private equity investments— — — — (2)
Total$— — 388 388 (186)
Fair Value Measurements UsingTotal (Losses) Gains
As of December 31, 2022 ($ in millions)Level 1Level 2Level 3TotalFor the year ended December 31, 2022
Commercial loans held for sale$— — 40 40 (1)
Commercial loans and leases— — 162 162 (83)
Consumer and residential mortgage loans— — 109 109 1 
OREO— — 3 3 — 
Bank premises and equipment— — 19 19 (9)
Operating lease equipment— — 1 1 (2)
Private equity investments— 9 1 10 (8)
Total$— 9 335 344 (102)
Fair Values of Assets and Liabilities (Significant Unobservable Level 3 Inputs Nonrecurring Basis)
The following tables present information as of December 31, 2023 and 2022 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 December 31, 2023 ($ in millions)
Financial InstrumentFair ValueValuation TechniqueSignificant Unobservable InputsRanges of
Inputs		Weighted-Average
Commercial loans held for sale$1 Comparable company analysisMarket comparable transactionsNMNM
Commercial loans and leases163 Appraised valueCollateral valueNMNM
Consumer and residential mortgage loans189 Appraised valueCollateral valueNMNM
OREO18 Appraised valueAppraised valueNMNM
Bank premises and equipment15 Appraised valueAppraised valueNMNM
Operating lease equipment2 Appraised valueAppraised valueNMNM
Private equity investments— Comparable company analysisMarket comparable transactionsNMNM
As of December 31, 2022 ($ in millions)
Financial InstrumentFair ValueValuation TechniqueSignificant Unobservable InputsRanges of  
Inputs  		Weighted-Average
Commercial loans held for sale$40 Comparable company analysisMarket comparable transactionsNMNM
Commercial loans and leases162 Appraised valueCollateral valueNMNM
Consumer and residential mortgage loans109 Appraised valueCollateral valueNMNM
OREO3 Appraised valueAppraised valueNMNM
Bank premises and equipment19 Appraised valueAppraised valueNMNM
Operating lease equipment1 Appraised valueAppraised valueNMNM
Private equity investments1 Comparable company analysisMarket comparable transactionsNMNM
Difference Between the Aggregate Fair Value and the Aggregate Unpaid Principal Balance for Residential Mortgage Loans Measured at Fair Value
The following table summarizes the difference between the fair value and the unpaid principal balance for residential mortgage loans measured at fair value as of:
($ in millions)Aggregate  Fair ValueAggregate Unpaid Principal BalanceDifference
December 31, 2023
Residential mortgage loans measured at fair value$450 456 (6)
Past due loans of 30-89 days1 1 — 
Nonaccrual loans2 2 — 
December 31, 2022
Residential mortgage loans measured at fair value$723 733 (10)
Past due loans of 30-89 days1 1 — 
Nonaccrual loans2 2 — 
Carrying Amounts and Estimated Fair Values for Certain Financial Instruments
The following tables summarize the carrying amounts and estimated fair values for certain financial instruments, excluding financial instruments measured at fair value on a recurring basis:
Net CarryingFair Value Measurements Using        Total
As of December 31, 2023 ($ in millions)AmountLevel 1Level 2Level 3Fair Value
Financial assets:
Cash and due from banks$3,142 3,142 — — 3,142 
Other short-term investments22,082 22,082 — — 22,082 
Other securities722 — 722 — 722 
Held-to-maturity securities2 — — 2 2 
Loans and leases held for sale44 — — 44 44 
Portfolio loans and leases:
Commercial loans and leases71,616 — — 71,766 71,766 
Consumer and residential mortgage loans43,180 — — 41,410 41,410 
Total portfolio loans and leases, net$114,796 — — 113,176 113,176 
Financial liabilities:
Deposits$168,912 — 168,873 — 168,873 
Federal funds purchased193 193 — — 193 
Other short-term borrowings2,861 — 2,872 — 2,872 
Long-term debt16,418 14,481 1,903 — 16,384 
Net CarryingFair Value Measurements Using        Total
As of December 31, 2022 ($ in millions)AmountLevel 1Level 2Level 3Fair Value
Financial assets:
Cash and due from banks$3,466 3,466 — — 3,466 
Other short-term investments8,351 8,351 — — 8,351 
Other securities874 — 874 — 874 
Held-to-maturity securities5 — — 5 5 
Loans and leases held for sale407 — — 414 414 
Portfolio loans and leases:
Commercial loans and leases75,262 — — 75,104 75,104 
Consumer and residential mortgage loans43,901 — — 42,193 42,193 
Total portfolio loans and leases, net$119,163 — — 117,297 117,297 
Financial liabilities:
Deposits$163,690 — 163,634 — 163,634 
Federal funds purchased180 180 — — 180 
Other short-term borrowings4,838 — 4,829 — 4,829 
Long-term debt13,778 13,218 411 — 13,629