Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2020

ASU 2016-13 Adoption to Allowance for Credit Losses

For more information on the impact of CECL by type of financial asset, see Table 1.1 below.

Table 1.1: ASU 2016-13 Adoption Impact to Allowance for Credit Losses (1)



				Dec 31, 2019		ASU 2016-13 Adoption Impact				Jan 1, 2020
(in billions)	Balance Outstanding		ACL Balance	Coverage		ASU 2016-13 Adoption Impact			ACL Balance	Coverage
Total commercial (2)	$	515.7	6.2	1.2	%	$	(2.9	)	3.4	0.7	%

Real estate 1-4 family mortgage (3)	323.4		0.9	0.3		—			0.9	0.3
Credit card (4)	41.0		2.3	5.5		0.7			2.9	7.1
Automobile (4)	47.9		0.5	1.0		0.3			0.7	1.5
Other revolving credit and installment (4)	34.3		0.6	1.6		0.6			1.2	3.5
Total consumer	446.5		4.2	0.9		1.5			5.7	1.3
Total loans	962.3		10.5	1.1		(1.3		)	9.1	0.9
Available-for-sale and held-to-maturity debt securities and other assets (5)	420.0		0.1	NM		—			0.1	NM
Total	$	1,382.3	10.6	NM		$	(1.3	)	9.3	NM

NM – Not meaningful


(1)	Amounts presented in this table may not equal the sum of its components due to rounding.


(2)	Decrease reflecting shorter contractual maturities given limitation to contractual terms.


(3)	Impact reflects an increase due to longer contractual terms, offset by expectation of recoveries in collateral value on mortgage loans previously written down significantly below current recovery value.


(4)	Increase due to longer contractual terms or indeterminate maturities.

(5)

Excludes other financial assets in the scope of CECL that do not have an allowance for credit losses based on the nature of the asset.

Key Economic Variables

See Table 1.2 for key economic variables used for our loan portfolios.

Table 1.2: Key Economic Variables



Loan Portfolio		Key economic variables
Total commercial		• Gross domestic product • Commercial real estate asset prices, where applicable • Unemployment rate • Corporate investment-grade bond spreads
Real estate 1-4 family mortgage		• Home price index • Unemployment rate
Other consumer (including credit card, automobile, and other revolving credit and installment)		• Unemployment rate

Supplemental Cash Flow Information

Significant noncash activities are presented in Table 1.3.

Table 1.3: Supplemental Cash Flow Information



	Quarter ended March 31,
(in millions)	2020		2019
Trading debt securities retained from securitization of mortgage loans held for sale (MLHFS)	$	7,538	8,875
Transfers from loans to MLHFS	858		1,292
Transfers from available-for-sale debt securities to held-to-maturity debt securities	—		2,407
Operating lease ROU assets acquired with operating lease liabilities (1)	197		5,127

(1)

Includes amounts attributable to new leases and changes from modified leases. First quarter 2019 also includes $4.9 billion from adoption of ASU 2016-02 – Leases (Topic 842).