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Derivative Instruments (Tables)
 3 Months Ended
Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Asset and Liability Management Derivative Positions of Company
The following table summarizes the asset and liability management derivative positions of the Company:
 
    March 31, 2022              December 31, 2021  
   
Notional
Value
      Fair Value             
Notional
Value
      Fair Value  
(Dollars in Millions)    Assets      Liabilities              Assets      Liabilities  
Fair value hedges
                                 
 
                           
Interest rate contracts
                                 
 
                           
Receive fixed/pay floating swaps
   $ 2,250      $ —      $ —         
 
    $ 12,350      $ —      $ —  
Pay fixed/receive floating swaps
     8,600        —        —         
 
      16,650        —        —  
Net investment hedges
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign exchange forward contracts
     807        —        7         
 
      793        —        4  
Other economic hedges
                                 
 
                           
Interest rate contracts
                                 
 
                           
Futures and forwards
                                 
 
                           
Buy
     16,432        54        179         
 
      9,322        10        16  
Sell
     12,509        193        60         
 
      29,348        25        27  
Options
                                 
 
                           
Purchased
     9,310        281        —         
 
      18,570        256        —  
Written
     10,783        15        165         
 
      9,662        52        231  
Receive fixed/pay floating swaps
     10,829        —        —         
 
      9,653        —        —  
Pay fixed/receive floating swaps
     13,666        —        —         
 
      7,033        —        —  
Foreign exchange forward contracts
     647        1        5         
 
      735        2        6  
Equity contracts
     212        4        1         
 
      209        5        —  
Other (a)
     2,753        5        100         
 
      1,792        —        125  
Total
   $   88,798      $    553      $    517     
 
 
 
    $ 116,117      $    350      $ 409  
 
(a)
Includes derivative liability swap agreements related to the sale of a portion of the Company’s Class B common and preferred shares of Visa Inc. The Visa swap agreements had a total notional value and fair value of $1.8 billion and $95 million at March 31, 2022, respectively, compared to $1.8 billion and $125 million at December 31, 2021, respectively. In addition, includes short-term underwriting purchase and sale commitments with total notional values of $973 million at March 31, 2022, and $8 million at December 31, 2021.
Customer-Related Derivative Positions of Company
The following table summarizes the customer-related derivative positions of the Company:
 
    March 31, 2022              December 31, 2021  
   
Notional
Value
      Fair Value             
Notional
Value
      Fair Value  
(Dollars in Millions)    Assets      Liabilities              Assets      Liabilities  
Interest rate contracts
                                 
 
                           
Receive fixed/pay floating swaps
   $ 189,323      $ 752      $ 2,028         
 
    $ 178,701      $ 2,007      $ 438  
Pay fixed/receive floating swaps
     181,909        831        341         
 
      174,176        134        670  
Other (a)
     17,471        1        3         
 
      16,267        1        2  
Options
                                 
 
                           
Purchased
     87,564        667        2         
 
      89,679        194        36  
Written
     84,177        2        649         
 
      85,211        36        176  
Futures
                                 
 
                           
Buy
     291        —        —         
 
      3,607        —        —  
Sell
     5,185        —        —         
 
      3,941        —        —  
Foreign exchange rate contracts
                                 
 
                           
Forwards, spots and swaps
     102,688        1,468        1,473         
 
      89,321        1,145        1,143  
Options
                                 
 
                           
Purchased
     910        25        —         
 
      805        19        —  
Written
     910        —        25         
 
      805        —        19  
Credit contracts
     9,537        1        10         
 
      9,331        1        5  
Total
   $ 679,965      $ 3,747      $ 4,531     
 
 
 
    $ 651,844      $ 3,537      $ 2,489  
 
(a)
Primarily represents floating rate interest rate swaps that pay based on differentials between specified interest rate indexes.
Summary of Effective Portion of Gains (Losses) Recognized in Other Comprehensive Income (Loss) and Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings
The table below shows the effective portion of the gains (losses) recognized in other comprehensive income (loss) and the gains (losses) reclassified from other comprehensive income (loss) into earnings
(net-of-tax)
for the three months ended March 31:
 
   
Gains (Losses)
Recognized in
Other
Comprehensive
Income
(Loss)
             
Gains (Losses)
Reclassified
from Other
Comprehensive
Income (Loss)
into Earnings
  
(Dollars in Millions)   2022     2021              2022     2021  
Asset and Liability Management Positions
                       
 
                 
Cash flow hedges
                       
 
                 
Interest rate contracts
   $ —     $ 74         
 
    $ (8 )    $ (3 ) 
Net investment hedges
                       
 
                 
Foreign exchange forward contracts
     (1 )      7         
 
      —       —  
Non-derivative
debt instruments
     20       48     
 
 
 
      —       —  
 
Note:
The Company does not exclude components from effectiveness testing for cash flow and net investment hedges.
Effect of Fair Value and Cash Flow Hedge Accounting Included in Interest Expense on Consolidated Statement of Income
The table below shows the effect of fair value and cash flow hedge accounting on the Consolidated Statement of Income for the three months ended March 31:
 
    Interest Income             Interest Expense  
(Dollars in Millions)   2022     2021             2022     2021  
Total amount of income and expense line items presented in the Consolidated Statement of Income in which the effects of fair value or cash flow hedges are recorded
   $ 3,418     $ 3,341        
 
    $ 245     $ 278  
           
Asset and Liability Management Positions
                      
 
                 
Fair value hedges
                      
 
                 
Interest rate contract derivatives
     517       (1 )       
 
      72       55  
Hedged items
     (518 )      1        
 
      (71 )      (55 ) 
Cash flow hedges
                      
 
                 
Interest rate contract derivatives
     —       —    
 
 
 
      11       4  
 
Note:
The Company does not exclude components from effectiveness testing for fair value and cash flow hedges. The Company reclassified losses of $11 million and $15 million into earnings during the three months ended March 31, 2022 and 2021, respectively, as a result of realized cash flows on discontinued cash flow hedges. No amounts were reclassified into earnings on discontinued cash flow hedges because it is probable the original hedged forecasted cash flows will not occur.
Summary of Cumulative Hedging Adjustments and the Carrying Amount of Assets and Liabilities Designated in Fair Value Hedges
The table below shows cumulative hedging adjustments and the carrying amount of assets and liabilities designated in fair value hedges:
 
    Carrying Amount of the Hedged Assets and
Liabilities		              Cumulative Hedging Adjustment (a)  
At December 31 (Dollars in Millions)   March 31, 2022      December 31, 2021              March 31, 2022     December 31, 2021  
Line Item in the Consolidated Balance Sheet
                        
 
                 
Available-for-sale
investment securities
   $ 7,962      $ 16,445         
 
    $ (579 )    $ (26 ) 
Long-term debt
     2,148        12,278     
 
 
 
      382       585  
 
(a)
The cumulative hedging adjustment related to discontinued hedging relationships on
available-for-sale
investment securities and long-term debt was $
(40
) million and $509 million, respectively, at March 31, 2022, compared with $(6) million and $640 million at December 31, 2021, respectively.
Summary of Gains (Losses) Recognized in Earnings for Other Economic Hedges and Customer-Related Positions
The table below shows the gains (losses) recognized in earnings for other economic hedges and the customer-related positions for the three months ended March 31:
 
(Dollars in Millions)  
Location of Gains (Losses)
Recognized in Earnings
        2022       2021  
Asset and Liability Management Positions
                         
Other economic hedges
                         
Interest rate contracts
                         
Futures and forwards
     Mortgage banking revenue      $ 223     $ 430  
Purchased and written options
     Mortgage banking revenue        (47 )      12  
Swaps
     Mortgage banking revenue        (204 )      (390 ) 
Foreign exchange forward contracts
     Other noninterest income        (3 )      (3 ) 
Equity contracts
     Compensation expense        (2 )      4  
Other
     Other noninterest income        (1 )      —  
Customer-Related Position
s
                         
Interest rate contracts
                         
Swaps
     Commercial products revenue        17       27  
Purchased and written options
     Commercial products revenue        4       (7 ) 
Futures
     Commercial products revenue        16       —  
Foreign exchange rate contracts
                         
Forwards, spots and swaps
     Commercial products revenue        15       19  
Credit contracts
     Commercial products revenue        5       2