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 Value		Level 2		Level 3		Total
(Dollars in millions)	December 31, 2020
Financial assets
Loans	$	887,289	$	49,372	$	877,682	$	927,054
Loans held-for-sale	9,243		7,864		1,379		9,243
Financial liabilities
Deposits (1)	1,795,480		1,795,545		—		1,795,545
Long-term debt	262,934		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-sale	9,158		8,439		719		9,158
Financial liabilities
Deposits (1)	1,434,803		1,434,809		—		1,434,809
Long-term debt	240,856		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.