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FAIR VALUE (Tables)
 9 Months Ended
Sep. 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)September 30, 2024
Level 1Level 2Level 3Total
ASSETS
Trading securities$— $68 $— $68 
Available-for-sale securities:
U.S. Treasury, agencies, and corporations490 7,792 8,282 
Municipal securities1,189 1,189 
Other debt securities24 24 
Total available-for-sale490 9,005 — 9,495 
Loans held for sale58 58 
Other noninterest-bearing investments:
Bank-owned life insurance560 560 
Private equity investments 1
3 105 108 
Other assets:
Agriculture loan servicing19 19 
Deferred compensation plan assets139 139 
Derivatives382 382 
Total assets$632 $10,073 $124 $10,829 
LIABILITIES
Securities sold, not yet purchased$4 $— $— $4 
Other liabilities:
Derivatives295 295 
Total liabilities$4 $295 $— $299 
1 The Level 1 private equity investments (“PEIs”) generally relate to the portion of our Small Business Investment Company (“SBIC”) investments and other similar investments that are publicly traded.
(In millions)December 31, 2023
Level 1Level 2Level 3Total
ASSETS
Trading securities$— $48 $— $48 
Available-for-sale securities:
U.S. Treasury, agencies, and corporations492 8,467 8,959 
Municipal securities1,318 1,318 
Other debt securities23 23 
Total available-for-sale492 9,808 — 10,300 
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 EndedNine Months Ended
September 30, 2024September 30, 2023September 30, 2024September 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
$101 $20 $84 $17 $92 $19 $81 $14 
Unrealized securities gains (losses), net5 — 2 — 7 — (1)— 
Other noninterest income (expense)— (1)— — — — — 4 
Purchases1 — 3 — 10 — 9 (1)
Cost of investments sold(2)— — — (4)— — — 
Transfers out— — — — — — — — 
Balance at end of period
$105 $19 $89 $17 $105 $19 $89 $17 
Schedule of Rollforward of Level 3 Fair Value Measurements Including Realized Gains and Losses in the Income Statement
The roll-forward of Level 3 instruments includes the following realized gains and losses recognized in “Securities gains (losses), net” on the consolidated statement of income for the periods presented:
(In millions)Three Months EndedNine Months Ended
September 30, 2024September 30, 2023September 30, 2024September 30, 2023
Securities gains (losses), net$(2)$— $(1)$— 
Schedule of Carrying Values and Estimated Fair Values
The following schedule presents the carrying values and estimated fair values of certain financial instruments:
 September 30, 2024December 31, 2023
(In millions)Carrying
value
Fair value		LevelCarrying
value		Fair valueLevel
Financial assets:
Held-to-maturity investment securities$9,857 $10,024 2$10,382 $10,466 2
Loans and leases (including loans held for sale), net of allowance
58,287 55,905 357,148 54,832 3
Financial liabilities:
Time deposits11,503 11,497 29,996 9,964 2
Long-term debt548 533 2542 494 2