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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2011

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, including residential mortgage loans held for sale for which the Bancorp has elected the fair value option as of:

	Fair Value Measurements Using
December 31, 2011 ($ in millions)		Level 1	Level 2	Level 3	Total Fair Value
Assets:
Available-for-sale securities:
U.S. Treasury and Government agencies	$	171	-	-	171
U.S. Government sponsored agencies		-	1,962	-	1,962
Obligations of states and political subdivisions		-	101	-	101
Agency mortgage-backed securities		-	10,284	-	10,284
Other bonds, notes and debentures		-	1,812	-	1,812
Other securities^(a)		185	5	-	190
Available-for-sale securities^(a)		356	14,164	-	14,520

Trading securities:
Obligations of states and political subdivisions		-	8	1	9
Agency mortgage-backed securities		-	11	-	11
Other bonds, notes and debentures		-	13	-	13
Other securities		144	-	-	144
Trading securities		144	32	1	177

Residential mortgage loans held for sale		-	2,751	-	2,751
Residential mortgage loans^(b)		-	-	65	65
Derivative assets:
Interest rate contracts		8	1,773	34	1,815
Foreign exchange contracts		-	294	-	294
Equity contracts		-	-	113	113
Commodity contracts		-	134	-	134
Derivative assets		8	2,201	147	2,356
Total assets	$	508	19,148	213	19,869

Liabilities:
Derivative liabilities
Interest rate contracts	$	54	802	2	858
Foreign exchange contracts		-	275	-	275
Equity contracts		-	-	81	81
Commodity contracts		-	130	-	130
Derivative liabilities		54	1,207	83	1,344

Short positions		2	4	-	6
Total liabilities	$	56	1,211	83	1,350

	Fair Value Measurements Using
December 31, 2010 ($ in millions)		Level 1	Level 2	Level 3	Total Fair Value
Assets:
Available-for-sale securities:
U.S. Treasury and Government agencies	$	230	-	-	230
U.S. Government sponsored agencies		-	1,645	-	1,645
Obligations of states and political subdivisions		-	172	-	172
Agency mortgage-backed securities		-	10,973	-	10,973
Other bonds, notes and debentures		-	1,342	-	1,342
Other securities^(a)		180	4	-	184
Available-for-sale securities^(a)		410	14,136	-	14,546

Trading securities:
U.S. Treasury and Government agencies		1	-	-	1
Obligations of states and political subdivisions		-	20	1	21
Agency mortgage-backed securities		-	8	-	8
Other bonds, notes and debentures		-	115	5	120
Other securities		47	97	-	144
Trading securities		48	240	6	294

Residential mortgage loans held for sale		-	1,892	-	1,892
Residential mortgage loans^(b)		-	-	46	46
Derivative assets:
Interest rate contracts		90	1,448	13	1,551
Foreign exchange contracts		-	343	-	343
Equity contracts		-	-	81	81
Commodity contracts		-	99	-	99
Derivative assets		90	1,890	94	2,074
Total assets	$	548	18,158	146	18,852

Liabilities:
Derivative liabilities
Interest rate contracts	$	14	846	11	871
Foreign exchange contracts		-	323	-	323
Equity contracts		-	-	28	28
Commodity contracts		-	92	-	92
Derivative liabilities		14	1,261	39	1,314

Short positions		1	1	-	2
Total liabilities	$	15	1,262	39	1,316

(a) Excludes FHLB and FRB restricted stock totaling $497 and $345, respectively, at December 31, 2011, $524 and $344, respectively, at December 31, 2010.

(b) Includes residential mortgage loans originated as held for sale and subsequently transferred to held for investment.

Fair Value And Fair Value Assumptions For Options Granted [Text Block]

The assumptions utilized in the models are summarized in the following table as of December 31:

	2011							2010
	Warrants				Put Options (b)			Warrants				Put Options
Expected term (years)	7.5	-	17.5			2.0		8.5	-	18.5		0.5	-	3.0
Expected volatility^(a)	35.4	-	35.5	%		31.5	%	36.0	-	37.0	%	25.6	-	44.6	%
Risk free rate	1.57	-	2.88	%		0.31	%	3.06	-	4.18	%	0.23	-	1.05	%
Expected dividend rate			0	%		0	%			0	%			0	%

Based on historical and implied volatilities of comparable companies assuming similar expected terms.
Historically, three scenarios have been used to estimate the fair value of the put options. Two of the scenarios' terms expired prior to December 31, 2011. Therefore, the assumptions at December 31, 2011 only include one scenario.

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)
			Residential	Interest Rate	Equity
For the year ended December 31, 2011		Trading	Mortgage	Derivatives,	Derivatives,		Total
($ in millions)		Securities	Loans	Net^(a)	Net^(a)		Fair Value
Beginning balance	$	6	46	2	53	$	107
Total gains or losses (realized/unrealized):
Included in earnings		-	4	205	(43)		166
Purchases		-	-	-	2		2
Sales		(5)	-	-	-		(5)
Settlements		-	(9)	(175)	20		(164)
Transfers into Level 3^(b)		-	24	-	-		24
Ending balance	$	1	65	32	32	$	130
The amount of total gains or losses for the period
included in earnings attributable to the change in
unrealized gains or losses relating to assets
still held at December 31, 2011^(c)	$	-	4	32	(43)	$	(7)

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
		Residual		Residential	Interest Rate	Equity
For the year ended December 31, 2010		Interests in	Trading	Mortgage	Derivatives,	Derivatives,		Total
($ in millions)		Securitizations	Securities	Loans	Net^(a)	Net^(a)		Fair Value
Beginning balance	$	174	13	26	(2)	11	$	222
Total gains or losses (realized/unrealized):
Included in earnings		-	3	-	187	(14)		176
Purchases, sales, issuances, and settlements, net		(174)^(d)	(10)	(6)	(183)	56		(317)
Transfers into Level 3^(b)		-	-	26	-	-		26
Ending balance	$	-	6	46	2	53	$	107
The amount of total gains or losses for the period
included in earnings attributable to the change in
unrealized gains or losses relating to assets
still held at December 31, 2010^(c)	$	-	-	-	60	(14)	$	46

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
		Residual		Residential
For the year ended December 31, 2009		Interests in	Trading	Mortgage	Derivatives,		Total
($ in millions)		Securitizations	Securities	Loans	Net^(e)		Fair Value
Beginning balance	$	146	-	7	24	$	177
Total gains or losses (realized/unrealized):
Included in earnings		10	(4)	(2)	145		149
Included in other comprehensive income		3	-	-	-		3
Purchases, sales, issuances, and settlements, net		15	17	(8)	(160)		(136)
Transfers into Level 3^(b)		-	-	29	-		29
Ending balance	$	174	13	26	9	$	222
The amount of total gains or losses for the period
included in earnings attributable to the change in
unrealized gains or losses relating to assets
still held at December 31, 2009^(c)	$	6	(4)	(2)	16	$	16

(a) Net interest rate derivatives include derivative assets and liabilities of $34 and $2, respectively, as of December 31, 2011 and $13 and $11, respectively, as of December 31, 2010. Net equity derivatives include derivative assets and liabilities of $113 and $81, respectively, as of December 31, 2011, and $81 and $28, respectively, as of December 31, 2010.

(b) Includes residential mortgage loans held for sale that were transferred to held for investment.

(d) Due to a change in U.S. GAAP adopted by the Bancorp on January 1, 2010, all residual interests in securitizations were eliminated concurrent with the consolidation of the related VIEs.

(e) Net derivatives include derivative assets and liabilities of $84 and $75, respectively, at December 31, 2009.

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 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 Consolidated Statements of Income as follows:

($ in millions)		2011	2010	2009
Interest income	$	-	-	15
Mortgage banking net revenue		210	187	127
Corporate banking revenue		2	1	1
Other noninterest income		(46)	(15)	15
Securities gains (losses), net		-	3	(5)
Other noninterest expense		-	-	(4)
Total gains	$	166	176	149

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 December 31, 2011, 2010 and 2009 were recorded in the Consolidated Statements of Income as follows:

($ in millions)		2011	2010	2009
Interest income	$	-	-	11
Mortgage banking net revenue		37	60	(7)
Corporate banking revenue		1	1	1
Other noninterest income		(45)	(15)	20
Securities losses, net		-	-	(5)
Other noninterest expense		-	-	(4)
Total (losses) gains	$	(7)	46	16

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

The following tables represent those assets that were subject to fair value adjustments during the years ended December 31, 2011 and 2010 and still held as of the end of the period, and the related 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 Using				Total Losses
($ in millions)		Level 1	Level 2	Level 3	Total	2011
Commercial loans held for sale^(a)	$	-	-	27	27	(67)
Commercial and industrial loans		-	-	101	101	(328)
Commercial mortgage loans		-	-	85	85	(124)
Commercial construction loans		-	-	55	55	(60)
MSRs		-	-	681	681	(242)
OREO property		-	-	224	224	(171)
Total	$	-	-	1,173	1,173	(992)

		Fair Value Measurements Using				Total Losses
($ in millions)		Level 1	Level 2	Level 3	Total	2010
Commercial loans held for sale^(a)	$	120	-	770	890	(448)
Commercial and industrial loans		-	-	272	272	(470)
Commercial mortgage loans		-	-	234	234	(207)
Commercial construction loans		-	-	109	109	(159)
Residential mortgage loans		-	-	3	3	(6)
Other consumer loans		-	71	10	81	(12)
MSRs		-	-	822	822	(36)
OREO property		-	-	527	527	(264)
Total	$	120	71	2,747	2,938	(1,602)

(a) Includes commercial nonaccrual loans held for sale.

Aggregate Fair Values And Principal Balances On Residential Mortgage Loans [Text Block]

The following table summarizes the difference between the fair value and the principal balance for residential mortgage loans measured at fair value as of:

($ in millions)		Fair Value	Principal Balance	Difference
December 31, 2011
Residential mortgage loans measured at fair value	$	2,816	2,693	123
Past due loans of 90 days or more		4	5	(1)
Nonaccrual loans		-	-	-

December 31, 2010
Residential mortgage loans measured at fair value	$	1,938	1,913	25
Past due loans of 90 days or more		5	6	(1)
Nonaccrual loans		1	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 Carrying
As of December 31, 2011 ($ in millions)		Amount	Fair Value
Financial assets:
Cash and due from banks	$	2,663	2,663
Other securities		842	842
Held-to-maturity securities		322	322
Other short-term investments		1,781	1,781
Loans held for sale		203	203
Portfolio loans and leases:
Commercial and industrial loans		29,854	30,300
Commercial mortgage loans		9,697	8,870
Commercial construction loans		943	791
Commercial leases		3,451	3,237
Residential mortgage loans^(a)		10,380	9,978
Home equity		10,524	9,737
Automobile loans		11,784	11,747
Credit card		1,872	1,958
Other consumer loans and leases		329	346
Unallocated allowance for loan and lease losses		(136)	-
Total portfolio loans and leases, net^(a)		78,698	76,964
Financial liabilities:
Deposits		85,710	85,599
Federal funds purchased		346	346
Other short-term borrowings		3,239	3,239
Long-term debt		9,682	10,197

(a) Excludes $65 of residential mortgage loans measured at fair value on a recurring basis.

		Net Carrying
As of December 31, 2010 ($ in millions)		Amount	Fair Value
Financial assets:
Cash and due from banks	$	2,159	2,159
Other securities		868	868
Held-to-maturity securities		353	353
Other short-term investments		1,515	1,515
Loans held for sale		324	324
Portfolio loans and leases:
Commercial and industrial loans		26,068	27,322
Commercial mortgage loans		10,248	9,513
Commercial construction loans		1,890	1,471
Commercial leases		3,267	2,934
Residential mortgage loans^(a)		8,600	7,577
Home equity		11,248	9,366
Automobile loans		10,910	10,975
Credit card		1,738	1,786
Other consumer loans and leases		622	682
Unallocated allowance for loan and lease losses		(150)	-
Total portfolio loans and leases, net^(a)		74,441	71,626
Financial liabilities:
Deposits		81,648	81,860
Federal funds purchased		279	279
Other short-term borrowings		1,574	1,574
Long-term debt		9,558	9,921

(a) Excludes $46 of residential mortgage loans measured at fair value on a recurring basis.

- Definition

Tabular disclosure of the total amount of gains or losses for the period which are included in earnings or resulted in a change to net assets which gains or losses have arisen from the use of significant unobservable inputs (Level 3) to measure the fair value of assets and liabilities. Such gains or losses are attributable to the change in unrealized gains or losses relating to those assets and liabilities so valued which are still held at the reporting date and which change are also considered for disclosure; it may be expected that a description of where those unrealized gains or losses are reported in the statement of income or the statement of financial position would also be disclosed.

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- Definition

Tabular disclosure of assets and liabilities by class, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). The disclosures that may be required or desired include: (a) the fair value measurements recorded during the period and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets or liabilities (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

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- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income, and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issuances, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

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