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Derivative Instruments (Tables)
12 Months Ended
Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Asset and Liability Management Derivative Positions of Company

The following table summarizes the asset and liability management derivative positions of the Company:

 

    Asset Derivatives     Liability Derivatives  
(Dollars in Millions)   Notional
Value
     Fair
Value
    

Weighted-Average
Remaining
Maturity

In Years

    Notional
Value
     Fair
Value
    

Weighted-Average
Remaining
Maturity

In Years

 
 

December 31, 2016

                 

Fair value hedges

                 

Interest rate contracts

                 

Receive fixed/pay floating swaps

  $ 2,550       $ 49         4.28      $ 1,250       $ 12         2.32   

Cash flow hedges

                 

Interest rate contracts

                 

Pay fixed/receive floating swaps

    3,272         108         8.63        2,787         35         .83   

Net investment hedges

                 

Foreign exchange forward contracts

    1,347         15         .04                          

Other economic hedges

                 

Interest rate contracts

                 

Futures and forwards

                 

Buy

    1,748         13         .09        1,722         18         .05   

Sell

    2,278         129         .08        4,214         43         .09   

Options

                 

Purchased

    1,565         43         8.60                          

Written

    1,073         25         .07        12         1         .06   

Receive fixed/pay floating swaps

    6,452         26         11.48        1,561         16         6.54   

Pay fixed/receive floating swaps

    4,705         13         6.51        2,320         9         7.80   

Foreign exchange forward contracts

    849         6         .02        867         6         .02   

Equity contracts

    11                 .40        102         1         .57   

Credit contracts

    1,397                 3.38        3,674         2         3.57   

Other(a)

    19                 .03        830         106         3.42   

Total

  $ 27,266       $ 427           $ 19,339       $ 249      
 

December 31, 2015

                 

Fair value hedges

                 

Interest rate contracts

                 

Receive fixed/pay floating swaps

  $ 3,050       $ 73         4.43      $       $           

Cash flow hedges

                 

Interest rate contracts

                 

Pay fixed/receive floating swaps

    1,772         7         9.22        5,009         146         1.13   

Net investment hedges

                 

Foreign exchange forward contracts

    1,140         4         .04                          

Other economic hedges

                 

Interest rate contracts

                 

Futures and forwards

                 

Buy

    3,812         17         .07        452         1         .06   

Sell

    3,201         12         .09        2,559         7         .12   

Options

                 

Purchased

    2,935                 .06                          

Written

    3,199         29         .10        5         1         .08   

Receive fixed/pay floating swaps

    3,733         42         9.98        4,748         18         10.18   

Pay fixed/receive floating swaps

    287         2         9.82        4,158         35         9.97   

Foreign exchange forward contracts

    3,023         13         .01        2,380         10         .03   

Equity contracts

    62                 .47        24         1         .82   

Credit contracts

    1,192         2         2.58        2,821         3         2.99   

Other(a)

    36                 .04        662         64         2.60   

Total

  $ 27,442       $ 201               $ 22,818       $ 286            
(a) Includes short-term underwriting purchase and sale commitments with total asset and liability notional values of $19 million and $36 million at December 31, 2016 and 2015, respectively, and derivative liability swap agreements related to the sale of a portion of the Company’s Class B common shares of Visa Inc. The Visa swap agreements had a total notional value, fair value and weighted average remaining maturity of $811 million, $106 million and 3.50 years at December 31, 2016, respectively, compared to $626 million, $64 million and 2.75 years at December 31, 2015, respectively.
Customer-Related Derivative Positions of Company

The following table summarizes the customer-related derivative positions of the Company:

 

    Asset Derivatives     Liability Derivatives  
(Dollars in Millions)   Notional
Value
     Fair
Value
     Weighted-Average
Remaining
Maturity In Years
    Notional
Value
     Fair
Value
     Weighted-Average
Remaining
Maturity In Years
 
 

December 31, 2016

                 

Interest rate contracts

                 

Receive fixed/pay floating swaps

  $ 38,501       $ 930         4.07      $ 39,403       $ 632         4.89   

Pay fixed/receive floating swaps

    36,671         612         4.99        40,324         996         4.07   

Options

                 

Purchased

    14,545         51         1.85        125         2         1.37   

Written

    125         3         1.37        13,518         50         1.70   

Futures

                 

Buy

    306                 1.96        7,111         7         .90   

Foreign exchange rate contracts

                 

Forwards, spots and swaps

    20,664         849         .58        19,640         825         .60   

Options

                 

Purchased

    2,376         98         1.67                          

Written

                           2,376         98         1.67   

Total

  $ 113,188       $ 2,543           $ 122,497       $ 2,610      
 

December 31, 2015

                 

Interest rate contracts

                 

Receive fixed/pay floating swaps

  $ 32,647       $ 1,097         5.69      $ 14,068       $ 54         4.71   

Pay fixed/receive floating swaps

    10,685         43         4.55        35,045         1,160         5.74   

Options

                 

Purchased

    8,705         10         2.61        146         1         2.23   

Written

    146         2         2.23        8,482         9         2.57   

Futures

                 

Buy

                           2,859         2         .84   

Sell

    45                 .97                          

Foreign exchange rate contracts

                 

Forwards, spots and swaps

    18,399         851         .59        17,959         830         .58   

Options

                 

Purchased

    1,485         43         1.19                          

Written

                           1,485         43         1.19   

Total

  $ 72,112       $ 2,046               $ 80,044       $ 2,099            
Summary of Effective Portion of Gains (Losses) Recognized in Other Comprehensive Income (Loss) and Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings

The table below shows the effective portion of the gains (losses) recognized in other comprehensive income (loss) and the gains (losses) reclassified from other comprehensive income (loss) into earnings (net-of-tax) for the years ended December 31:

 

    Gains (Losses) Recognized in Other
Comprehensive Income (Loss)
       Gains (Losses) Reclassified from
Other Comprehensive Income (Loss)
into Earnings
 
(Dollars in Millions)   2016        2015        2014        2016        2015        2014  
 

Asset and Liability Management Positions

                            

Cash flow hedges

                            

Interest rate contracts(a)

  $ 46         $ (15      $ (26      $ (76      $ (120      $ (115

Net investment hedges

                            

Foreign exchange forward contracts

    33           101           130                                 
Note: Ineffectiveness on cash flow and net investment hedges was not material for the years ended December 31, 2016, 2015 and 2014.
(a) Gains (Losses) reclassified from other comprehensive income (loss) into interest income on loans and interest expense on long-term debt.
Summary of Gains (Losses) Recognized in Earnings for Fair Value Hedges, Other Economic Hedges and Customer-Related Positions

The table below shows the gains (losses) recognized in earnings for fair value hedges, other economic hedges and the customer-related positions for the years ended December 31:

 

(Dollars in Millions)  

Location of Gains (Losses)

Recognized in Earnings

       2016        2015        2014  

Asset and Liability Management Positions

                

Fair value hedges(a)

                

Interest rate contracts

    Other noninterest income         $ (31      $ 7         $ 29   

Other economic hedges

                

Interest rate contracts

                

Futures and forwards

    Mortgage banking revenue           101           186           (122

Purchased and written options

    Mortgage banking revenue           331           191           287   

Receive fixed/pay floating swaps

    Mortgage banking revenue           226           139           384   

Pay fixed/receive floating swaps

    Mortgage banking revenue           (140        (33          

Foreign exchange forward contracts

    Commercial products revenue           (14        108           (29

Equity contracts

    Compensation expense           1           (1        2   

Credit contracts

    Other noninterest income           1           2             

Other

    Other noninterest income           (39                  (43

Customer-Related Positions

                

Interest rate contracts

                

Receive fixed/pay floating swaps

    Other noninterest income           (708        360           686   

Pay fixed/receive floating swaps

    Other noninterest income           769           (320        (652

Purchased and written options

    Other noninterest income           (5        3             

Futures

    Other noninterest income           (6        1             

Foreign exchange rate contracts

                

Forwards, spots and swaps

    Commercial products revenue           88           74           66   

Purchased and written options

    Commercial products revenue           (1        2           1   
(a) Gains (Losses) on items hedged by interest rate contracts included in noninterest income (expense), were $31 million, $(7) million and $(27) million for the years ended December 31, 2016, 2015 and 2014, respectively. The ineffective portion was immaterial for the years ended December 31, 2016, 2015 and 2014.