v3.22.0.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Fair Value, Assets Measured on Recurring Basis [Table Text Block]
The following table presents assets and liabilities measured at estimated fair value on a recurring basis as of December 31:
 20212020
 Level 1Level 2
Level 3 (1)
Total
Estimated Fair Value		Level 1Level 2
Level 3 (1)
Total
Estimated Fair Value
 (In millions)
Recurring fair value measurements
Debt securities available for sale:
U.S. Treasury securities$1,132 $— $— $1,132 $183 $— $— $183 
Federal agency securities— 92 — 92 — 105 — 105 
Obligations of states and political subdivisions— 4 — 4 — — — — 
Mortgage-backed securities (MBS):
Residential agency— 18,962 — 18,962 — 19,076 — 19,076 
Residential non-agency— — 1 1 — — 1 1 
Commercial agency— 6,373 — 6,373 — 5,999 — 5,999 
Commercial non-agency— 536 — 536 — 586 — 586 
Corporate and other debt securities— 1,380 1 1,381 — 1,200 4 1,204 
Total debt securities available for sale$1,132 $27,347 $2 $28,481 $183 $26,966 $5 $27,154 
Loans held for sale$— $693 $90 $783 $— $1,446 $— $1,446 
Marketable equity securities$464 $— $— $464 $388 $— $— $388 
Residential mortgage servicing rights$— $— $418 $418 $— $— $296 $296 
Derivative assets (2):
Interest rate swaps$— $919 $— $919 $— $2,750 $— $2,750 
Interest rate options— 36 12 48 — 477 43 520 
Interest rate futures and forward commitments— 11 — 11 — 11 — 11 
Other contracts— 132 1 133 2 65 1 68 
Total derivative assets$— $1,098 $13 $1,111 $2 $3,303 $44 $3,349 
Equity investments$— $— $— $— $— $74 $— $74 
Derivative liabilities (2):
Interest rate swaps$— $855 $— $855 $— $1,464 $— $1,464 
Interest rate options— 19 — 19 — 28 — 28 
Interest rate futures and forward commitments— 3 — 3 — 26 — 26 
Other contracts— 132 3 135 2 72 6 80 
Total derivative liabilities$— $1,009 $3 $1,012 $2 $1,590 $6 $1,598 
_________
(1)All following disclosures related to Level 3 recurring assets do not include those deemed to be immaterial.
(2)As permitted under U.S. GAAP, variation margin collateral payments made or received for derivatives that are centrally cleared are legally characterized as settled. As such, these derivative assets and derivative liabilities and the related variation margin collateral are presented on a net basis on the balance sheet.
Rollforward For Assets And Liabilities Measured At Fair Value On A Recurring Basis With Level 3 Significant Unobservable Inputs
The following tables illustrate additional information for residential MSRs and commercial mortgage loans held for sale, which are the only material assets or liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3).
The following table shows a rollforward of residential MSRs for the years ended December 31, 2021, 2020 and 2019, respectively.
 Residential mortgage servicing rights
For the Years Ended December 31
20212020 2019
(In millions)
Carrying value, beginning of period$296 $345 $418 
Total realized/unrealized gains (losses) included in earnings (1)
(27)(157)(115)
Additions149 108 42 
Carrying value, end of period$418 $296 $345 
_______
(1) Included in mortgage income. Amounts presented exclude offsetting impact from related derivatives.
In the fourth quarter of 2021, the Company acquired commercial mortgage loans held for sale that are considered Level 3 fair value measurements. The following table provides a rollfoward for the year ended December 31, 2021.
 Commercial mortgage loans held for sale
For the Year Ended December 31, 2021
(In millions)
Carrying value, beginning of period$— 
Purchases47 
Additions (1)
43 
Carrying value, end of period$90 
_______
(1) Additions represent originations after the initial fourth quarter 2021 acquisition of commercial mortgage loans held for sale.
Summary Of Quantitative Information About Level 3 Measurements
The following tables present detailed information regarding material assets and liabilities measured at fair value using significant unobservable inputs (Level 3) as of December 31, 2021, 2020 and 2019. The tables include the valuation techniques and the significant unobservable inputs utilized. The range of each significant unobservable input as well as the weighted-average within the range utilized at December 31, 2021, 2020 and 2019 are included. Following the tables are descriptions of the valuation techniques and the sensitivity of the techniques to changes in the significant unobservable inputs.
 December 31, 2021
 
Level 3
Estimated Fair Value at
December 31, 2021
Valuation
Technique		Unobservable
Input(s)		Quantitative Range of
Unobservable Inputs and
(Weighted-Average)
 (Dollars in millions)
Recurring fair value measurements:
Residential mortgage servicing rights (1)
$418Discounted cash flowWeighted-average CPR (%)
7.2% - 22.2% (10.5%)
OAS (%)
3.7% - 7.7% (4.5%)
Commercial mortgage loans held for sale$90Discounted cash flowCredit spreads for bonds in the
commercial MBS
0.2% - 19.4% (1.3%)
 December 31, 2020
 
Level 3
Estimated Fair Value at
December 31, 2020
Valuation
Technique		Unobservable
Input(s)		Quantitative Range of
Unobservable Inputs and
(Weighted-Average)
 (Dollars in millions)
Recurring fair value measurements:
Residential mortgage servicing rights (1)
$296Discounted cash flowWeighted-average CPR (%)
8.1% - 31.2% (15.6%)
OAS (%)
4.8% - 9.5% (5.6%)
 December 31, 2019
 
Level 3
Estimated Fair Value at
December 31, 2019
Valuation
Technique		Unobservable
Input(s)		Quantitative Range of
Unobservable Inputs and
(Weighted-Average)
 (Dollars in millions)
Recurring fair value measurements:
Residential mortgage servicing rights (1)
$345Discounted cash flowWeighted-average CPR (%)
7.4% -26.1% (12.0%)
OAS (%)
5.2% - 10.2% (6.2%)
_________
(1)See Note 6 for additional disclosures related to assumptions used in the fair value calculation for residential mortgage servicing rights.
Fair Value Option, Fair Value and Unpaid Principal Balance
The following table summarizes the difference between the aggregate fair value and the aggregate unpaid principal balance for mortgage loans held for sale measured at fair value at December 31:
 20212020
 Aggregate
Fair Value		Aggregate
Unpaid
Principal		Aggregate Fair
Value Less
Aggregate
Unpaid
Principal		Aggregate
Fair Value		Aggregate
Unpaid
Principal		Aggregate Fair
Value Less
Aggregate
Unpaid
Principal
 (In millions)
Residential mortgage loans held for sale, at fair value$680 $659 $21 $1,439 $1,362 $77 
Commercial mortgage loans held for sale, at fair value$90 $90 $— $— $— $— 
Interest income on mortgage loans held for sale is recognized based on contractual rates and is reflected in interest income on loans held for sale. The following table details net gains and losses resulting from changes in fair value of these loans, which were recorded in mortgage income for the years presented. These changes in fair value are mostly offset by economic hedging activities. An immaterial portion of these amounts was attributable to changes in instrument-specific credit risk.
 20212020
 (In millions)
Net gains (losses) resulting from changes in fair value of residential mortgage loans held for sale$(56)$63 
Schedule Of Carrying Amounts And Estimated Fair Values Of Financial Instruments
The carrying amounts and estimated fair values, as well as the level within the fair value hierarchy, of the Company’s financial instruments as of December 31, 2021 are as follows:
 2021
 Carrying
Amount
Estimated
Fair
Value(1)
Level 1Level 2Level 3
 (In millions)
Financial assets:
Cash and cash equivalents$29,411 $29,411 $29,411 $— $— 
Debt securities held to maturity899 950 — 950 — 
Debt securities available for sale28,481 28,481 1,132 27,347 2 
Loans held for sale1,003 1,003 — 899 104 
Loans (excluding leases), net of unearned income and allowance for loan losses(2)(3)
84,866 85,086 — — 85,086 
Other earning assets(4)
1,104 1,104 464 640 — 
Derivative assets1,111 1,111 — 1,098 13 
Financial liabilities:
Derivative liabilities1,012 1,012 — 1,009 3 
Deposits139,072 139,101 — 139,101 — 
Long-term borrowings2,407 2,847 — 2,845 2 
Loan commitments and letters of credit123 123 — — 123 
_________
(1)Estimated fair values are consistent with an exit price concept. The assumptions used to estimate the fair values are intended to approximate those that a market participant would use in a hypothetical orderly transaction. In estimating fair value, the Company makes adjustments for estimated changes in interest rates, market liquidity and credit spreads in the periods they are deemed to have occurred.
(2)The estimated fair value of portfolio loans assumes sale of the loans to a third-party financial investor. Accordingly, the value to the Company if the loans were held to maturity is not reflected in the fair value estimate. The fair value premium on the loan portfolio's net carrying amount at December 31, 2021 was $220 million or 0.3 percent.
(3)Excluded from this table is the sales-type, direct financing, and leveraged lease carrying amount of $1.4 billion at December 31, 2021.
(4)Excluded from this table is the operating lease carrying amount of $83 million at December 31, 2021.
The carrying amounts and estimated fair values, as well as the level within the fair value hierarchy, of the Company's financial instruments as of December 31, 2020 are as follows:
 2020
 Carrying
Amount
Estimated
Fair
Value(1)
Level 1Level 2Level 3
 (In millions)
Financial assets:
Cash and cash equivalents$17,956 $17,956 $17,956 $— $— 
Debt securities held to maturity1,122 1,215 — 1,215 — 
Debt securities available for sale27,154 27,154 183 26,966 5 
Loans held for sale1,905 1,905 — 1,901 4 
Loans (excluding leases), net of unearned income and allowance for loan losses(2)(3)
81,597 82,773 — — 82,773 
Other earning assets (4)
1,017 1,017 388 629 — 
Derivative assets3,349 3,349 2 3,303 44 
Equity Investments74 74 — 74 — 
Financial liabilities:
Derivative liabilities1,598 1,598 2 1,590 6 
Deposits122,479 122,511 — 122,511 — 
Long-term borrowings3,569 4,063 — 3,592 471 
Loan commitments and letters of credit151 151 — — 151 
_________
(1)Estimated fair values are consistent with an exit price concept. The assumptions used to estimate the fair values are intended to approximate those that a market participant would use in a hypothetical orderly transaction. In estimating fair value, the Company makes adjustments for estimated changes in interest rates, market liquidity and credit spreads in the periods they are deemed to have occurred.
(2)The estimated fair value of portfolio loans assumes sale of the loans to a third-party financial investor. Accordingly, the value to the Company if the loans were held to maturity is not reflected in the fair value estimate. The fair value premium on the loan portfolio's net carrying amount at December 31, 2020 was $1.2 billion or 1.4 percent.
(3)Excluded from this table is the sales-type, direct financing, and leveraged lease carrying amount of $1.5 billion at December 31, 2020.
(4)Excluded from this table is the operating lease carrying amount of $200 million at December 31, 2020.