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Fair Value of Financial Instruments (Tables)
12 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]  
Carrying and Fair Value of Financial Instruments
The carrying values and fair values by fair value hierarchy of certain financial instruments where only a portion of the ending balance was carried at fair value at December 31, 2020 and 2019 are presented in the following table.
Fair Value of Financial Instruments
Fair Value
Carrying ValueLevel 2Level 3Total
(Dollars in millions)December 31, 2020
Financial assets
Loans
$887,289 $49,372 $877,682 $927,054 
Loans held-for-sale9,243 7,864 1,379 9,243 
Financial liabilities
Deposits (1)
1,795,480 1,795,545  1,795,545 
Long-term debt262,934 271,315 1,164 272,479 
Commercial unfunded lending commitments (2)
1,977 99 5,159 5,258 
December 31, 2019
Financial assets
Loans
$950,093 $63,633 $914,597 $978,230 
Loans held-for-sale9,158 8,439 719 9,158 
Financial liabilities
Deposits (1)
1,434,803 1,434,809 — 1,434,809 
Long-term debt240,856 247,376 1,149 248,525 
Commercial unfunded lending commitments (2)
903 90 4,777 4,867 
(1)    Includes demand deposits of $799.0 billion and $545.5 billion with no stated maturities at December 31, 2020 and 2019.
(2)    The carrying value of commercial unfunded lending commitments is included in accrued expenses and other liabilities on the Consolidated Balance Sheet. The Corporation does not estimate the fair value of consumer unfunded lending commitments because, in many instances, the Corporation can reduce or cancel these commitments by providing notice to the borrower. For more information on commitments, see Note 12 – Commitments and Contingencies.