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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following tables summarize assets and liabilities measured at fair value on a recurring basis as of:
Fair Value Measurements Using
December 31, 2024 ($ in millions)     Level 1     Level 2   Level 3     Total Fair Value
Assets:
   Available-for-sale debt and other securities:
U.S. Treasury and federal agencies securities$4,360 — — 4,360 
Obligations of states and political subdivisions securities— — — — 
Mortgage-backed securities:
Agency residential mortgage-backed securities— 5,681 — 5,681 
Agency commercial mortgage-backed securities— 20,832 — 20,832 
          Non-agency commercial mortgage-backed securities— 4,167 — 4,167 
Asset-backed securities and other debt securities— 3,729 — 3,729 
Available-for-sale debt and other securities(a)
4,360 34,409 — 38,769 
Trading debt securities:
U.S. Treasury and federal agencies securities591 35 — 626 
Obligations of states and political subdivisions securities— 120 — 120 
Agency residential mortgage-backed securities— 10 — 10 
Asset-backed securities and other debt securities— 429 — 429 
Trading debt securities591 594 — 1,185 
Equity securities307 34 — 341 
Residential mortgage loans held for sale— 574 — 574 
Residential mortgage loans(b)
— — 108 108 
Servicing rights— — 1,704 1,704 
Derivative assets:
Interest rate contracts7 721 2 730 
Foreign exchange contracts— 1,167 — 1,167 
Commodity contracts75 500 — 575 
Derivative assets(c)
82 2,388 2 2,472 
Total assets$5,340 37,999 1,814 45,153 
Liabilities:
Derivative liabilities:
Interest rate contracts$— 939 5 944 
Foreign exchange contracts— 1,120 — 1,120 
Equity contracts— — 170 170 
Commodity contracts57 507 — 564 
Derivative liabilities(d)
57 2,566 175 2,798 
Short positions:
U.S. Treasury and federal agencies securities139 — — 139 
Asset-backed securities and other debt securities— 156 — 156 
Equity securities21 — — 21 
Short positions(d)
160 156 — 316 
Total liabilities$217 2,722 175 3,114 
(a)Excludes FHLB, FRB and DTCC restricted stock holdings totaling $276, $500 and $2, respectively, at December 31, 2024.
(b)Includes residential mortgage loans originated as held for sale and subsequently transferred to held for investment.
(c)Included in other assets in the Consolidated Balance Sheets.
(d)Included in other liabilities in the Consolidated Balance Sheets.
Fair Value Measurements Using
December 31, 2023 ($ in millions)Level 1Level 2Level 3Total Fair Value
Assets:
   Available-for-sale debt and other securities:
U.S. Treasury and federal agencies securities$4,336 — — 4,336 
Obligations of states and political subdivisions securities— 2 — 2 
Mortgage-backed securities:
Agency residential mortgage-backed securities— 10,282 — 10,282 
Agency commercial mortgage-backed securities— 25,720 — 25,720 
Non-agency commercial mortgage-backed securities— 4,445 — 4,445 
Asset-backed securities and other debt securities— 4,912 — 4,912 
Available-for-sale debt and other securities(a)
4,336 45,361 — 49,697 
Trading debt securities:
U.S. Treasury and federal agencies securities640 7 — 647 
Obligations of states and political subdivisions securities— 39 — 39 
Agency residential mortgage-backed securities— 6 — 6 
Asset-backed securities and other debt securities— 207 — 207 
Trading debt securities640 259 — 899 
Equity securities600 13 — 613 
Residential mortgage loans held for sale— 334 — 334 
Residential mortgage loans(b)
— — 116 116 
Servicing rights— — 1,737 1,737 
Derivative assets:
Interest rate contracts— 977 6 983 
Foreign exchange contracts— 643 — 643 
Commodity contracts205 846 — 1,051 
Derivative assets(c)
205 2,466 6 2,677 
Total assets$5,781 48,433 1,859 56,073 
Liabilities:
Derivative liabilities:
Interest rate contracts$5 1,202 6 1,213 
Foreign exchange contracts— 600 — 600 
Equity contracts— — 168 168 
Commodity contracts28 990 — 1,018 
Derivative liabilities(d)
33 2,792 174 2,999 
Short positions:
U.S. Treasury and federal agencies securities31 — — 31 
Asset-backed securities and other debt securities— 76 — 76 
Short positions(d)
31 76 — 107 
Total liabilities$64 2,868 174 3,106 
(a)Excludes FHLB, FRB and DTCC restricted stock holdings totaling $224, $496 and $2, respectively, at December 31, 2023.
(b)Includes residential mortgage loans originated as held for sale and subsequently transferred to held for investment.
(c)Included in other assets in the Consolidated Balance Sheets.
(d)Included in other liabilities in the Consolidated Balance Sheets.
Reconciliation of Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3)
The following tables are a reconciliation of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3):
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
For the year ended December 31, 2024 ($ in millions)Residential Mortgage LoansServicing
Rights
Interest Rate
Derivatives,
Net(a)
Equity
Derivatives		Total Fair Value
Balance, beginning of period$116 1,737 — (168)1,685 
Total (losses) gains (realized/unrealized):(b)
Included in earnings(1)(77)41 (138)(175)
Purchases/originations— 49 (1)— 48 
Sales— (5)— — (5)
Settlements(11)— (43)136 82 
Transfers into Level 3(c)
4 — — — 4 
Balance, end of period$108 1,704 (3)(170)1,639 
The amount of total (losses) gains for the period
   included in earnings attributable to the change in
   unrealized gains or losses relating to instruments
   still held at December 31, 2024
$(1)14 6 (138)(119)
(a)Net interest rate derivatives include derivative assets and liabilities of $2 and $5, respectively, as of December 31, 2024.
(b)There were no unrealized gains or losses for the period included in other comprehensive income for instruments still held at December 31, 2024.
(c)Includes certain residential mortgage loans originated as held for sale that were transferred to held for investment.

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
For the year ended December 31, 2023 ($ in millions)Residential Mortgage LoansServicing
Rights
Interest Rate
Derivatives,
Net(a)
Equity
Derivatives		Total Fair Value
Balance, beginning of period$123 1,746 (1)(195)1,673 
Total (losses) gains (realized/unrealized):(b)
Included in earnings2 (105)53 (94)(144)
Purchases/originations— 96 (3)— 93 
Settlements(15)— (49)121 57 
Transfers into Level 3(c)
6 — — — 6 
Balance, end of period$116 1,737 — (168)1,685 
The amount of total (losses) gains for the period
   included in earnings attributable to the change in
   unrealized gains or losses relating to instruments
   still held at December 31, 2023
$2 (28)5 (94)(115)
(a)Net interest rate derivatives include $6 for both derivative assets and liabilities as of December 31, 2023.
(b)There were no unrealized gains or losses for the period included in other comprehensive income for instruments still held at December 31, 2023.
(c)Includes certain residential mortgage loans originated as held for sale that were transferred to held for investment.

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
For the year ended December 31, 2022 ($ in millions)Residential Mortgage LoansServicing
Rights
Interest Rate
Derivatives,
Net(a)
Equity
Derivatives		Total Fair Value
Balance, beginning of period$154 1,121 4 (214)1,065 
Total gains (losses) (realized/unrealized):(b)
Included in earnings(18)177 22 (84)97 
Purchases/originations— 448 1 — 449 
Settlements(23)— (28)103 52 
Transfers into Level 3(c)
10 — — — 10 
Balance, end of period$123 1,746 (1)(195)1,673 
The amount of total gains (losses) for the period
   included in earnings attributable to the change in
   unrealized gains or losses relating to instruments
   still held at December 31, 2022
$(18)311 6 (84)215 
(a)Net interest rate derivatives include derivative assets and liabilities of $7 and $8, respectively, as of December 31, 2022.
(b)There were no unrealized gains or losses for the period included in other comprehensive income for instruments still held at December 31, 2022.
(c)Includes certain residential mortgage loans originated as held for sale that were transferred to held for investment.
Total Gains and Losses Included in Earnings for Assets and Liabilites Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3)
The total losses and gains included in earnings for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) were recorded in the Consolidated Statements of Income for the years ended December 31, 2024, 2023 and 2022 as follows:
($ in millions)202420232022
Mortgage banking net revenue$(38)(54)177 
Capital markets fees2 4 4 
Other noninterest income(139)(94)(84)
Total (losses) gains$(175)(144)97 

The total losses and gains included in earnings attributable to changes in unrealized gains and losses related to Level 3 assets and liabilities still held at December 31, 2024, 2023 and 2022 were recorded in the Consolidated Statements of Income as follows:
($ in millions)202420232022
Mortgage banking net revenue$18 (25)295 
Capital markets fees2 4 4 
Other noninterest income(139)(94)(84)
Total (losses) gains$(119)(115)215 
Quantitative Information About Significant Unobservable Level 3 Fair Value Measurement Inputs
The following tables present information as of December 31, 2024 and 2023 about significant unobservable inputs related to the Bancorp’s material categories of Level 3 financial assets and liabilities measured at fair value on a recurring basis:
As of December 31, 2024 ($ in millions)
Financial InstrumentFair ValueValuation TechniqueSignificant Unobservable
Inputs		Range of InputsWeighted-Average
Residential mortgage loans$108 Loss rate modelInterest rate risk factor(51.9)-4.6%(13.3)%
(a)
Credit risk factor— -0.5%0.2 %
(a)
Servicing rights1,704 DCFPrepayment speed— -100.0%(Fixed)5.8 %
(b)
(Adjustable)16.9 %
(b)
OAS (bps)420-1,823(Fixed)459
(b)
(Adjustable)731
(b)
IRLCs, net2 DCFLoan closing rates20.8 -96.0%83.5 %
(c)
Swap associated with the sale of Visa, Inc. Class B Shares(170)DCFTiming of the resolution of the Covered LitigationQ2 2027-Q1 2028Q4 2027
(d)
(a)Unobservable inputs were weighted by the relative carrying value of the instruments.
(b)Unobservable inputs were weighted by the relative unpaid principal balance of the instruments.
(c)Unobservable inputs were weighted by the relative notional amount of the instruments.
(d)Unobservable inputs were weighted by the probability of the final funding date of the instruments.
As of December 31, 2023 ($ in millions)
Financial InstrumentFair ValueValuation TechniqueSignificant Unobservable
Inputs		Range of InputsWeighted-Average
Residential mortgage loans$116 Loss rate modelInterest rate risk factor(23.4)-3.4%(11.6)%
(a)
Credit risk factor— -0.6%0.2 %
(a)
Servicing rights1,737 DCFPrepayment speed— -100.0%(Fixed)5.9 %
(b)
(Adjustable)20.3 %
(b)
OAS (bps)477-1,447(Fixed)569
(b)
(Adjustable)1,016
(b)
IRLCs, net5 DCFLoan closing rates20.9 -96.0%82.3 %
(c)
Swap associated with the sale of Visa, Inc. Class B Shares(168)DCFTiming of the resolution of the Covered LitigationQ4 2024-Q1 2027Q4 2025
(d)
(a)Unobservable inputs were weighted by the relative carrying value of the instruments
(b)Unobservable inputs were weighted by the relative unpaid principal balance of the instruments.
(c)Unobservable inputs were weighted by the relative notional amount of the instruments.
(d)Unobservable inputs were weighted by the probability of the final funding date of the instruments.
The following tables present information as of December 31, 2024 and 2023 about significant unobservable inputs related to the Bancorp’s material categories of Level 3 financial assets and liabilities measured on a nonrecurring basis:
As of December 31, 2024 ($ in millions)
Financial InstrumentFair ValueValuation TechniqueSignificant Unobservable InputsRanges of
Inputs		Weighted-Average
Commercial loans held for sale$6 Comparable company analysisMarket comparable transactionsNMNM
Commercial loans and leases168 Appraised valueCollateral valueNMNM
Consumer and residential mortgage loans215 Appraised valueCollateral valueNMNM
OREO2 Appraised valueAppraised valueNMNM
Bank premises and equipment7 Appraised valueAppraised valueNMNM
As of December 31, 2023 ($ in millions)
Financial InstrumentFair ValueValuation TechniqueSignificant Unobservable InputsRanges of  
Inputs  		Weighted-Average
Commercial loans held for sale$1 Comparable company analysisMarket comparable transactionsNMNM
Commercial loans and leases163 Appraised valueCollateral valueNMNM
Consumer and residential mortgage loans189 Appraised valueCollateral valueNMNM
OREO18 Appraised valueAppraised valueNMNM
Bank premises and equipment15 Appraised valueAppraised valueNMNM
Operating lease equipment2 Appraised valueAppraised valueNMNM
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
The following tables provide the fair value hierarchy and carrying amount of all assets that were held as of December 31, 2024 and 2023, and for which a nonrecurring fair value adjustment was recorded during the years ended December 31, 2024 and 2023, and the related gains and losses from fair value adjustments on assets sold during the period as well as assets still held as of the end of the period.
Fair Value Measurements UsingTotal (Losses) Gains
As of December 31, 2024 ($ in millions)Level 1  Level 2Level 3    Total For the year ended December 31, 2024
Commercial loans held for sale$— — 6 6 (1)
Commercial loans and leases— — 168 168 (245)
Consumer and residential mortgage loans— — 215 215 (17)
OREO— — 2 2 (2)
Bank premises and equipment— — 7 7 (1)
Private equity investments— 3 — 3 11 
Total$— 3 398 401 (255)
Fair Value Measurements UsingTotal Losses
As of December 31, 2023 ($ in millions)Level 1Level 2Level 3TotalFor the year ended December 31, 2023
Commercial loans held for sale$— — 1 1 — 
Commercial loans and leases— — 163 163 (162)
Consumer and residential mortgage loans— — 189 189 (12)
OREO— — 18 18 (8)
Bank premises and equipment— — 15 15 (2)
Operating lease equipment— — 2 2 — 
Private equity investments— — — — (2)
Total$— — 388 388 (186)
Difference Between the Aggregate Fair Value and the Aggregate Unpaid Principal Balance for Residential Mortgage Loans Measured at Fair Value
The following table summarizes the difference between the fair value and the unpaid principal balance for residential mortgage loans measured at fair value as of:
($ in millions)Aggregate  Fair ValueAggregate Unpaid Principal BalanceDifference
December 31, 2024
Residential mortgage loans measured at fair value$682 693 (11)
Past due loans of 30-89 days1 1 — 
Past due loans of 90 days or more1 1 — 
Nonaccrual loans2 2 — 
December 31, 2023
Residential mortgage loans measured at fair value$450 456 (6)
Past due loans of 30-89 days1 1 — 
Nonaccrual loans2 2 — 
Carrying Amounts and Estimated Fair Values for Certain Financial Instruments
The following tables summarize the carrying amounts and estimated fair values for certain financial instruments, excluding financial instruments measured at fair value on a recurring basis:
Net CarryingFair Value Measurements Using        Total
As of December 31, 2024 ($ in millions)AmountLevel 1Level 2Level 3Fair Value
Financial assets:
Cash and due from banks$3,014 3,014 — — 3,014 
Other short-term investments17,120 17,120 — — 17,120 
Other securities778 — 778 — 778 
Held-to-maturity securities11,278 2,344 8,619 2 10,965 
Loans and leases held for sale66 — — 66 66 
Portfolio loans and leases:
Commercial loans and leases72,139 — — 72,319 72,319 
Consumer and residential mortgage loans45,192 — — 42,155 42,155 
Total portfolio loans and leases, net$117,331 — — 114,474 114,474 
Financial liabilities:
Deposits$167,252 — 167,353 — 167,353 
Federal funds purchased204 204 — — 204 
Other short-term borrowings4,450 — 4,459 — 4,459 
Long-term debt14,440 3,753 10,835 — 14,588 
Net CarryingFair Value Measurements Using        Total
As of December 31, 2023 ($ in millions)AmountLevel 1Level 2Level 3Fair Value
Financial assets:
Cash and due from banks$3,142 3,142 — — 3,142 
Other short-term investments22,082 22,082 — — 22,082 
Other securities722 — 722 — 722 
Held-to-maturity securities2 — — 2 2 
Loans and leases held for sale44 — — 44 44 
Portfolio loans and leases:
Commercial loans and leases71,616 — — 71,766 71,766 
Consumer and residential mortgage loans43,180 — — 41,410 41,410 
Total portfolio loans and leases, net$114,796 — — 113,176 113,176 
Financial liabilities:
Deposits$168,912 — 168,873 — 168,873 
Federal funds purchased193 193 — — 193 
Other short-term borrowings2,861 — 2,872 — 2,872 
Long-term debt16,418 14,481 1,903 — 16,384