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Long-Term Debt
 12 Months Ended
Dec. 31, 2021
Long-term Debt, Unclassified [Abstract]  
Long-Term Debt Long-Term Debt
(Dollars in millions)As of December 31,
Issuance DateMaturity DateCoupon RateSeniorityInterest Due Dates20212020
Parent Company and Non-Banking Subsidiary Issuances
August 18, 2015August 18, 20253.55 %Senior notes
2/18; 8/18(1)
$1,370 $1,413 
November 19, 2013November 20, 20233.7 %Senior notes
5/20; 11/20(1)
1,043 1,070 
December 15, 2014December 16, 20243.3 %Senior notes
6/16; 12/16(1)
1,040 1,075 
May 15, 2013
May 15, 2023(2)
3.1 %Subordinated notes5/15; 11/151,022 1,039 
November 1, 2019November 1, 20252.354 %Fixed-to-floating rate senior notes
5/1; 11/1(1)
1,019 1,047 
March 3, 2021March 3, 20312.2 %Senior subordinated notes3/3; 9/3843 — 
January 24, 2020January 24, 20302.400 %Senior notes1/24, 7/24803 821 
May 19, 2016May 19, 20262.65 %Senior notes
5/19; 11/19(1)
779 796 
May 15, 2017May 15, 20232.653 %Fixed-to-floating rate senior notes5/15; 11/15754 766 
March 30, 2020March 30, 20232.825 %Fixed-to-floating rate senior notes3/30, 9/30749 748 
December 3, 2018December 3, 20294.141 %Fixed-to-floating rate senior notes6/3; 12/3583 594 
November 1, 2019
November 1, 2034(2)
3.031 %Fixed-to-floating rate senior subordinated notes5/1; 11/1541 546 
December 3, 2018December 3, 20243.776 %Fixed-to-floating rate senior notes
6/3; 12/3(1)
523 538 
April 30, 2007June 15, 2047Floating-rateJunior subordinated debentures3/15; 6/15; 9/15; 12/15499 499 
March 30, 2020March 30, 20262.901 %Fixed-to-floating rate senior notes3/30, 9/30498 498 
March 30, 2020March 30, 20313.152 %Fixed-to-floating rate senior notes3/30, 9/30498 497 
November 18, 2021November 18, 20271.684 %Fixed-to-floating rate senior notes5/18; 11/18497 — 
June 21, 1996
June 15, 2026(3)
7.35 %Senior notes6/15; 12/15150 150 
May 15, 1998May 15, 2028Floating-rateJunior subordinated debentures2/15; 5/15; 8/15; 11/15100 100 
March 7, 2011March 7, 20214.375 %Senior notes
3/7; 9/7(1)
— 752 
May 19, 2016May 19, 20211.95 %Senior notes
5/19; 11/19(1)
— 753 
Parent Company and Banking Subsidiaries
Long-term finance leases164 103 
Total long-term debt$13,475 $13,805 
(1) We have entered into interest rate swap agreements, recorded as fair value hedges, to modify our interest expense on these senior and subordinated notes from a fixed rate to a floating rate. As of December 31, 2021 and 2020, the carrying value of long-term debt associated with these fair value hedges was $450 million and $691 million, respectively. Refer to Note 10 for additional information about fair value hedges.
(2) The subordinated notes qualify for inclusion in tier 2 regulatory capital under current federal regulatory capital guidelines.
(3) We may not redeem notes prior to their maturity.
Parent Company and Banking Subsidiaries
As of December 31, 2021 and 2020, long-term finance leases included $164 million and $103 million, respectively, related to information technology equipment leases entered into in 2021 and our One Lincoln Street headquarters building and related underground parking garage. Refer to Note 20 for additional information.