Derivative financial instruments (Tables)

6 Months Ended

Jun. 30, 2022

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Information about Interest Rate Swap Agreements

Information about interest rate swap agreements entered into for interest rate risk management purposes summarized by type of financial instrument the swap agreements were intended to hedge follows:

					Weighted-						Estimated
	Notional		Average		Average Rate						Fair Value
	Amount		Maturity		Fixed			Variable			Gain (Loss) (a)
	(In thousands)		(In years)								(In thousands)
June 30, 2022
Fair value hedges:
Fixed rate long-term borrowings (b)	$	1,000,000		3.1		3.10	%		2.20	%	$	4,338
Cash flow hedges:
Interest payments on variable rate          commercial real estate loans (b)(c)		18,250,000		1.5		1.72	%		1.63	%		37,079
Total	$	19,250,000		1.6							$	41,417
December 31, 2021
Fair value hedges:
Fixed rate long-term borrowings (b)	$	1,650,000		2.3		2.86	%		0.74	%	$	41
Cash flow hedges:
Interest payments on variable rate          commercial real estate loans (b)(d)		21,700,000		0.6		1.24	%		0.09	%		(248	)
Total	$	23,350,000		0.7							$	(207	)

(a)Certain clearinghouse exchanges consider payments by counterparties for variation margin on derivative instruments to be settlements of those positions. The impact of such payments for interest rate swap agreements designated as fair value hedges was a net settlement of losses of $24.8mm at June 30, 2022 and a net settlement of gains of $43.5 at December 31, 2021. The impact of such payments on interest rate swap agreements designated as cash flow hedges was a net settlement of losses of $181.5 million at June 30, 2022 and a net settlement of gains of $88.2 million at December 31,2021.

(b)Under the terms of these agreements, the Company receives settlement amounts at a fixed rate and pays at a variable rate.

(c)Includes notional amount and terms of $3.3 billion of forward-starting interest rate swap agreements that become effective in 2023.

(d)Includes notional amount and terms of $8.4 billion of forward-starting interest rate swap agreements that become effective in 2022.

Information about Fair Values of Derivative Instruments in Consolidated Balance Sheet

Information about the fair values of derivative instruments in the Company’s consolidated balance sheet and consolidated statement of income follows:

	Asset Derivatives				Liability Derivatives
	Fair Value				Fair Value
	June 30,		December 31,		June 30,		December 31,
	2022		2021		2022		2021
	(In thousands)
Derivatives designated and qualifying as hedging instruments (a)
Interest rate swap agreements	$	41,417	$	258	$	—	$	465
Commitments to sell real estate loans		13,892		4,044		135		548
		55,309		4,302		135		1,013
Derivatives not designated and qualifying as hedging instruments (a)
Mortgage banking:
Mortgage-related commitments to originate real estate loans for sale		6,524		11,728		30,705		5,288
Commitments to sell real estate loans		37,090		8,137		3,376		4,108
Other:
Interest rate contracts (b)		121,112		410,056		754,154		76,278
Foreign exchange and other option and futures contracts		23,729		8,230		20,069		7,156
		188,455		438,151		808,304		92,830
Total derivatives	$	243,764	$	442,453	$	808,439	$	93,843

(a)Asset derivatives are reported in other assets and liability derivatives are reported in other liabilities.

(b)The impact of variation margin payments at June 30, 2022 and December 31, 2021 was a reduction of the estimated fair value of interest rate contracts not designated as hedging instruments in an asset position of $777.8 million and $54.4 million, respectively, and in a liability position of $18.7 million and $305.1 million, respectively.

	Carrying Amount of the Hedged Item				Cumulative Amount of Fair Value Hedging Adjustment Increasing (Decreasing) the Carrying Amount of the Hedged Item
	June 30, 2022		December 31, 2021		June 30, 2022			December 31, 2021
	(In thousands)
Location in the Consolidated Balance Sheet    of the Hedged Items in Fair Value Hedges
Long-term debt	$	979,471	$	1,692,943	$	(20,150	)	$	43,610

Information about Fair Values of Derivative Instruments in Consolidated Statement of Income

	Amount of Gain (Loss) Recognized
	Three Months Ended June 30
	2022					2021
	Derivative			Hedged Item		Derivative			Hedged Item
	(In thousands)
Derivatives in fair value hedging relationships
Interest rate swap agreements:
Fixed rate long-term borrowings (a)	$	(20,683	)		20,762	$	154			(78	)
Derivatives not designated as hedging instruments
Interest rate contracts (b)	$	5,808				$	2,771
Foreign exchange and other option and futures contracts (b)		4,493					1,618
Total	$	10,301				$	4,389
	Amount of Gain (Loss) Recognized
	Six Months Ended June 30
	2022					2021
	Derivative			Hedged Item		Derivative			Hedged Item
	(In thousands)
Derivatives in fair value hedging relationships
Interest rate swap agreements:
Fixed rate long-term borrowings (a)	$	(63,956	)		63,760	$	(32,504	)		31,820
Derivatives not designated as hedging instruments
Interest rate contracts (b)	$	10,961				$	5,979
Foreign exchange and other option and futures contracts (b)		6,239					3,226
Total	$	17,200				$	9,205