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Fair Value (Tables)
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value by Class on a Recurring Basis
The following schedule presents assets and liabilities measured at fair value on a recurring basis:
(In millions)June 30, 2024
Level 1Level 2Level 3Total
ASSETS
Available-for-sale securities:
U.S. Treasury, agencies, and corporations$461 $7,787 $— $8,248 
Municipal securities1,211 1,211 
Other debt securities24 24 
Total available-for-sale461 9,022 — 9,483 
Trading securities24 24 
Loans held for sale58 58 
Other noninterest-bearing investments:
Bank-owned life insurance558 558 
Private equity investments 1
3 101 104 
Other assets:
Agriculture loan servicing20 20 
Deferred compensation plan assets133 133 
Derivatives481 481 
Total assets$597 $10,143 $121 $10,861 
LIABILITIES
Securities sold, not yet purchased$25 $— $— $25 
Other liabilities:
Derivatives382 382 
Total liabilities$25 $382 $— $407 
1 The Level 1 private equity investments (“PEIs”) generally relate to the portion of our Small Business Investment Company (“SBIC”) investments and other similar investments that are publicly traded.
(In millions)December 31, 2023
Level 1Level 2Level 3Total
ASSETS
Available-for-sale securities:
U.S. Treasury, agencies, and corporations$492 $8,467 $— $8,959 
Municipal securities1,318 1,318 
Other debt securities23 23 
Total available-for-sale492 9,808 — 10,300 
Trading securities48 48 
Loans held for sale43 43 
Other noninterest-bearing investments:
Bank-owned life insurance553 553 
Private equity investments 1
3 92 95 
Other assets:
Agriculture loan servicing19 19 
Deferred compensation plan assets124 124 
Derivatives420 420 
Total assets$619 $10,872 $111 $11,602 
LIABILITIES
Securities sold, not yet purchased$65 $— $— $65 
Other liabilities:
Derivatives333 333 
Total liabilities$65 $333 $— $398 
1 The Level 1 PEIs generally relate to the portion of our SBIC investments and other similar investments that are publicly traded.
Schedule of Assets and Liabilities Measured at Fair Value by Class on a Recurring Basis Using Level 3 Inputs
The following schedule presents a roll-forward of assets and liabilities that are measured at fair value on a recurring basis using Level 3 inputs:
Level 3 Instruments
Three Months EndedSix Months Ended
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
(In millions)Private equity investmentsAg loan servicingPrivate equity investmentsAg loan servicingPrivate equity investmentsAg loan servicingPrivate equity investmentsAg loan servicing
Balance at beginning of period
$98 $19 $82 $18 $92 $19 $81 $14 
Unrealized securities gains (losses), net2 — (3)— 2 — (3)— 
Other noninterest income (expense)— 1 — (1)— 1 — 3 
Purchases2 — 5 — 9 — 6 — 
Cost of investments sold(1)— — — (2)— — — 
Transfers out— — — — — — — — 
Balance at end of period
$101 $20 $84 $17 $101 $20 $84 $17 
Schedule of Rollforward of Level 3 Fair Value Measurements Including Realized Gains and Losses in the Income Statement
The roll-forward of Level 3 instruments includes the following realized gains and losses recognized in “Securities gains (losses), net” on the consolidated statement of income for the periods presented:
(In millions)Three Months EndedSix Months Ended
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
Securities gains (losses), net$(1)$— $1 $— 
Schedule of Carrying Values and Estimated Fair Values
The following schedule presents the carrying values and estimated fair values of certain financial instruments:
 June 30, 2024December 31, 2023
(In millions)Carrying
value
Fair value		LevelCarrying
value		Fair valueLevel
Financial assets:
Held-to-maturity investment securities$10,065 $9,891 2$10,382 $10,466 2
Loans and leases (including loans held for sale), net of allowance
57,831 55,592 357,148 54,832 3
Financial liabilities:
Time deposits10,443 10,419 29,996 9,964 2
Long-term debt546 507 2542 494 2