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Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of Commitments and Contingencies

The following table summarizes certain tax credit and certain equity investments:


(Dollars in millions)	Balance Sheet Location	Dec 31, 2023		Dec 31, 2022
Investments in affordable housing projects and other qualified tax credits:
Carrying amount	Other assets	$	6,754	$	5,869
Amount of future funding commitments included in carrying amount	Other liabilities	2,473		1,762
Lending exposure	Loans and leases for funded amounts	1,981		1,547

Renewable energy investments:
Carrying amount	Other assets	285		264
Amount of future funding commitments not included in carrying amount	NA	747		361
SBIC and certain other equity method investments:
Carrying amount	Other assets	758		596
Amount of future funding commitments not included in carrying amount	NA	589		532

Summary of Tax Credits and Amortization, Tax Credit Investment Activity

The following table presents a summary of tax credits and amortization expense associated with the Company’s tax credit investment activity. Activity related to the Company’s renewable energy investments was immaterial.


		Year Ended December 31,
(Dollars in millions)	Income Statement Location		2023		2022		2021
Tax credits:


Investments in affordable housing projects, other qualified tax credits, and other community development investments	Provision for income taxes		$	624	$	583	$	580

Amortization and other changes in carrying amount:
Investments in affordable housing projects and other qualified tax credits(1)	Provision for income taxes		$	586	$	487	$	472
Other community development investments(1)	Other noninterest income		11		81		86

(1)In the first quarter of 2023, the Company adopted the Investments in Tax Credit Structures accounting standard. As a result, amortization related to these tax credits started being recognized in the Provision for income taxes as of the adoption of this standard. This activity was previously recognized in Other income. Refer to “Note 1. Basis of Presentation” for additional information.

Schedule of Off-Balance Sheet

The following is a summary of selected notional amounts of off-balance sheet financial instruments:


(Dollars in millions)	Dec 31, 2023		Dec 31, 2022
Commitments to extend, originate, or purchase credit and other commitments	$	207,285	$	216,838
Residential mortgage loans sold with recourse	173		200
CRE mortgages serviced for others covered by recourse provisions	9,661		9,955
Other loans serviced for others covered by recourse and other provisions	1,032		723
Letters of credit	6,239		6,030

Schedule of Variable Interest Entities

The following table provides a summary of the TRS transactions with VIE purchases. VIE assets include trading loans and bonds:


(Dollars in millions)	Dec 31, 2023		Dec 31, 2022
Total return swaps:
VIE assets	$	1,641	$	1,830
Trading loans and bonds	1,572		1,790
VIE liabilities	50		163

Schedule of Pledged Assets

The following table provides the total carrying amount of pledged assets by asset type:


(Dollars in millions)	Dec 31, 2023		Dec 31, 2022
Pledged securities	$	41,270	$	38,012

Pledged loans:
FRB	73,898		71,234
FHLB	67,748		68,988
Unused borrowing capacity:
FRB	55,252		49,250
FHLB	24,712		20,770

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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