Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2020

Assets And Liabilities Recorded At Fair Value On A Recurring Basis

The following tables present the recorded amount of assets and liabilities measured at fair value on a recurring basis as of June 30, 2020 and December 31, 2019.


(in millions)	Total		Level 1		Level 2		Level 3
June 30, 2020

Deferred compensation plan assets	$	92	$	92	$	—	$	—
Equity securities	50		50		—		—


Investment securities available-for-sale:
U.S. Treasury and other U.S. government agency securities	2,852		2,852		—		—
Residential mortgage-backed securities (a)	9,907		—		9,907		—



Total investment securities available-for-sale	12,759		2,852		9,907		—
Derivative assets:
Interest rate contracts	649		—		605		44
Energy derivative contracts	271		—		271		—
Foreign exchange contracts	15		—		15		—
Total derivative assets	935		—		891		44
Total assets at fair value	$	13,836	$	2,994	$	10,798	$	44
Derivative liabilities:
Interest rate contracts	$	73	$	—	$	73	$	—
Energy derivative contracts	263		—		263		—
Foreign exchange contracts	15		—		15		—

Total derivative liabilities	351		—		351		—
Deferred compensation plan liabilities	92		92		—		—
Total liabilities at fair value	$	443	$	92	$	351	$	—
December 31, 2019
Deferred compensation plan assets	$	95	$	95	$	—	$	—
Equity securities	54		54		—		—

Investment securities available-for-sale:
U.S. Treasury and other U.S. government agency securities	2,792		2,792		—		—
Residential mortgage-backed securities (a)	9,606		—		9,606		—



Total investment securities available-for-sale	12,398		2,792		9,606		—
Derivative assets:
Interest rate contracts	211		—		189		22
Energy derivative contracts	96		—		96		—
Foreign exchange contracts	10		—		10		—

Total derivative assets	317		—		295		22
Total assets at fair value	$	12,864	$	2,941	$	9,901	$	22
Derivative liabilities:
Interest rate contracts	$	39	$	—	$	39	$	—
Energy derivative contracts	92		—		92		—
Foreign exchange contracts	10		—		10		—

Total derivative liabilities	141		—		141		—
Deferred compensation plan liabilities	95		95		—		—
Total liabilities at fair value	$	236	$	95	$	141	$	—

(a)Issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises.

Changes In Level 3 Assets And Liabilities Measured At Fair Value On A Recurring Basis

The following table summarizes the changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the three- and six-month periods ended June 30, 2020 and 2019.


			Net Realized/Unrealized Gains (Losses) (Pretax) Recorded in Earnings (a)
	Balance at Beginning of Period													Balance at End of Period
													Payments, Sales and Redemptions
(in millions)					Realized			Unrealized
Three Months Ended June 30, 2020






Derivative assets:
Interest rate contracts	$	43	$	—		$	1		$	—	$	44

Three Months Ended June 30, 2019






Derivative assets:
Interest rate contracts	$	14	$	—		$	7		$	—	$	21

Six Months Ended June 30, 2020






Derivative assets:
Interest rate contracts	$	22	$	—		$	22		$	—	$	44

Six Months Ended June 30, 2019






Derivative assets:
Interest rate contracts	$	9	$	—		$	12		$	—	$	21

(a)Realized and unrealized gains and losses due to changes in fair value are recorded in other noninterest income on the Consolidated Statements of Comprehensive Income.

Assets And Liabilities Recorded At Fair Value On A Nonrecurring Basis

The following table presents assets recorded at fair value on a nonrecurring basis at June 30, 2020 and December 31, 2019. No liabilities were recorded at fair value on a nonrecurring basis at June 30, 2020 and December 31, 2019.


(in millions)	Level 3
June 30, 2020


Loans:
Commercial	$	146









Total assets at fair value	$	146
December 31, 2019


Loans:
Commercial	$	70









Total assets at fair value	$	70

Estimated Fair Values Of Financial Instruments Not Recorded At Fair Value In Their Entirety On A Recurring Basis

The carrying amount and estimated fair value of financial instruments not recorded at fair value in their entirety on a recurring basis on the Corporation’s Consolidated Balance Sheets are as follows:


	Carrying Amount		Estimated Fair Value
(in millions)					Total			Level 1			Level 2			Level 3
June 30, 2020
Assets
Cash and due from banks	$	1,048	$	1,048		$	1,048		$	—		$	—

Interest-bearing deposits with banks	12,263		12,263			12,263			—			—

Loans held-for-sale	11		11			—			11			—
Total loans, net of allowance for loan losses (a)	52,439		52,273			—			—			52,273
Customers’ liability on acceptances outstanding	2		2			2			—			—
Restricted equity investments	269		269			269			—			—
Nonmarketable equity securities (b)	5		10
Liabilities
Demand deposits (noninterest-bearing)	35,582		35,582			—			35,582			—
Interest-bearing deposits	29,482		29,482			—			29,482			—
Customer certificates of deposit	2,656		2,662			—			2,662			—

Total deposits	67,720		67,726			—			67,726			—
Short-term borrowings	752		752			752			—			—
Acceptances outstanding	2		2			2			—			—
Medium- and long-term debt	6,521		6,465			—			6,465			—
Credit-related financial instruments	(81)		(81)			—			—			(81)
December 31, 2019
Assets
Cash and due from banks	$	973	$	973		$	973		$	—		$	—

Interest-bearing deposits with banks	4,845		4,845			4,845			—			—

Loans held-for-sale	6		6			—			6			—
Total loans, net of allowance for loan losses (a)	49,732		49,975			—			—			49,975
Customers’ liability on acceptances outstanding	2		2			2			—			—
Restricted equity investments	248		248			248			—			—
Nonmarketable equity securities (b)	5		10
Liabilities
Demand deposits (noninterest-bearing)	27,382		27,382			—			27,382			—
Interest-bearing deposits	26,802		26,802			—			26,802			—
Certificates of deposit	2,978		2,968			—			2,968			—
Other time deposits	133		133			—			133			—
Total deposits	57,295		57,285			—			57,285			—
Short-term borrowings	71		71			71			—			—
Acceptances outstanding	2		2			2			—			—
Medium- and long-term debt	7,269		7,316			—			7,316			—
Credit-related financial instruments	(57)		(57)			—			—			(57)

(a)Included $146 million and $70 million of loans recorded at fair value on a nonrecurring basis at June 30, 2020 and December 31, 2019, respectively.

(b)Certain investments that are measured at fair value using the net asset value have not been classified in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Balance Sheets.