Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2021

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, 2021 and 2020 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, 2021
Financial assets
Loans	$	946,142	$	53,544	$	919,980	$	973,524
Loans held-for-sale	15,635		15,016		627		15,643
Financial liabilities
Deposits (1)	2,064,446		2,064,438		—		2,064,438
Long-term debt	280,117		286,802		1,288		288,090
Commercial unfunded lending commitments (2)	1,554		97		6,384		6,481
	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

(1) Includes demand deposits of $1.0 trillion and $799.0 billion with no stated maturities at December 31, 2021 and 2020.

(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.