Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2019 | Oct. 31, 2019 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Entity Registrant Name | US BANCORP \DE\ | |
Document Period End Date | Sep. 30, 2019 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Shell Company | false | |
Entity Current Reporting Status | Yes | |
Entity Smaller Reporting Company | false | |
Entity Emerging Growth Company | false | |
Document Transition Report | false | |
Document Quarterly Report | true | |
Entity File Number | 1-6880 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 41-0255900 | |
Entity Interactive Data Current | Yes | |
Entity Address, Postal Zip Code | 55402 | |
Entity Address, City or Town | Minneapolis | |
Entity Address, State or Province | MN | |
Entity Address, Address Line One | 800 Nicollet Mall | |
City Area Code | 651 | |
Local Phone Number | 466-3000 | |
Entity Common Stock, Shares Outstanding | 1,561,859,164 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0000036104 | |
Current Fiscal Year End Date | --12-31 | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Trading Symbol | USB | |
Title of 12(b) Security | Common Stock | |
Security Exchange Name | NYSE | |
Series A Preferred Stock [Member] | ||
Document Information [Line Items] | ||
Trading Symbol | USB PrA | |
Title of 12(b) Security | Depositary Shares | |
Security Exchange Name | NYSE | |
Series B Preferred Stock [Member] | ||
Document Information [Line Items] | ||
Trading Symbol | USB PrH | |
Title of 12(b) Security | Depositary Shares | |
Security Exchange Name | NYSE | |
Series F Preferred Stock [Member] | ||
Document Information [Line Items] | ||
Trading Symbol | USB PrM | |
Title of 12(b) Security | Depositary Shares | |
Security Exchange Name | NYSE | |
Series H Preferred Stock [Member] | ||
Document Information [Line Items] | ||
Trading Symbol | USB PrO | |
Title of 12(b) Security | Depositary Shares | |
Security Exchange Name | NYSE | |
Series K Preferred Stock [Member] | ||
Document Information [Line Items] | ||
Trading Symbol | USB PrP | |
Title of 12(b) Security | Depositary Shares | |
Security Exchange Name | NYSE | |
Series X [Member] | ||
Document Information [Line Items] | ||
Trading Symbol | USB/24B | |
Title of 12(b) Security | Medium-Term Notes | |
Security Exchange Name | NYSE |
Consolidated Balance Sheet (Una
Consolidated Balance Sheet (Unaudited) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | |
Assets | |||
Cash and due from banks | $ 15,272 | $ 21,453 | |
Investment securities | |||
Held-to-maturity (fair value $46,638 and $44,964, respectively) | 46,481 | 46,050 | |
Available-for-sale ($272 and $2,057 pledged as collateral, respectively) | [1] | 74,598 | 66,115 |
Loans held for sale (including $3,852 and $2,035 of mortgage loans carried at fair value, respectively) | 4,528 | 2,056 | |
Loans | |||
Total loans | 294,638 | 286,810 | |
Less allowance for loan losses | (4,007) | (3,973) | |
Net loans | 290,631 | 282,837 | |
Premises and equipment | 3,673 | 2,457 | |
Goodwill | 9,632 | 9,369 | |
Other intangible assets | 2,983 | 3,392 | |
Other assets (including $1,068 and $843 of trading securities at fair value pledged as collateral, respectively) (a) | 39,873 | 33,645 | |
Total assets | 487,671 | 467,374 | |
Deposits | |||
Noninterest-bearing | 82,232 | 81,811 | |
Interest-bearing | [2] | 277,483 | 263,664 |
Total deposits | 359,715 | 345,475 | |
Short-term borrowings | 14,579 | 14,139 | |
Long-term debt | 41,274 | 41,340 | |
Other liabilities | 17,956 | 14,763 | |
Total liabilities | 433,524 | 415,717 | |
Shareholders' equity | |||
Preferred stock | 5,984 | 5,984 | |
Common stock, par value $0.01 a share—authorized: 4,000,000,000 shares; issued: 9/30/19 and 12/31/18—2,125,725,742 shares | 21 | 21 | |
Capital surplus | 8,490 | 8,469 | |
Retained earnings | 62,419 | 59,065 | |
Less cost of common stock in treasury: 9/30/19 - 554,582,927 shares; 12/31/18—517,391,021 shares | (22,224) | (20,188) | |
Accumulated other comprehensive income (loss) | (1,173) | (2,322) | |
Total U.S. Bancorp shareholders' equity | 53,517 | 51,029 | |
Noncontrolling interests | 630 | 628 | |
Total equity | 54,147 | 51,657 | |
Total liabilities and equity | 487,671 | 467,374 | |
Commercial | |||
Loans | |||
Total loans | 104,654 | 102,444 | |
Commercial real estate | |||
Loans | |||
Total loans | 39,268 | 39,539 | |
Residential mortgages | |||
Loans | |||
Total loans | 69,378 | 65,034 | |
Credit card | |||
Loans | |||
Total loans | 23,890 | 23,363 | |
Other retail | |||
Loans | |||
Total loans | $ 57,448 | $ 56,430 | |
[1] | Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral. | ||
[2] | Includes time deposits greater than $250,000 balances of $8.4 billion and $15.3 billion at September 30, 2019 and December 31, 2018, respectively. |
Consolidated Balance Sheet (U_2
Consolidated Balance Sheet (Unaudited) (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Held-to-maturity securities, Fair Value | $ 46,638 | $ 44,964 |
Securities, pledged as collateral | 272 | 2,100 |
Mortgage loans, carried at fair value | $ 3,852 | $ 2,035 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, share-authorized (actual number of shares) | 4,000,000,000 | 4,000,000,000 |
Common stock, shares issued (actual number of shares) | 2,125,725,742 | 2,125,725,742 |
Treasury stock, shares (actual number of shares) | 554,582,927 | 517,391,021 |
Time deposits greater than 250,000 | $ 8,400 | $ 15,300 |
Available-for-Sale Securities [Member] | ||
Securities, pledged as collateral | 272 | 2,057 |
Trading Assets, Excluding Debt and Equity Securities [Member] | ||
Securities, pledged as collateral | $ 1,068 | $ 843 |
Consolidated Statement of Incom
Consolidated Statement of Income (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Interest Income | ||||
Loans | $ 3,555 | $ 3,353 | $ 10,677 | $ 9,645 |
Loans held for sale | 48 | 36 | 107 | 108 |
Investment securities | 734 | 661 | 2,184 | 1,927 |
Other interest income | 100 | 73 | 271 | 182 |
Total interest income | 4,437 | 4,123 | 13,239 | 11,862 |
Interest Expense | ||||
Deposits | 744 | 491 | 2,201 | 1,263 |
Short-term borrowings | 97 | 104 | 281 | 265 |
Long-term debt | 315 | 277 | 912 | 718 |
Total interest expense | 1,156 | 872 | 3,394 | 2,246 |
Net interest income | 3,281 | 3,251 | 9,845 | 9,616 |
Provision for credit losses | 367 | 343 | 1,109 | 1,011 |
Net interest income after provision for credit losses | 2,914 | 2,908 | 8,736 | 8,605 |
Noninterest Income | ||||
Credit and debit card revenue | 366 | 344 | 1,035 | 1,019 |
Corporate payment products revenue | 177 | 169 | 506 | 481 |
Merchant processing services | 410 | 392 | 1,192 | 1,142 |
Trust and investment management fees | 421 | 411 | 1,235 | 1,210 |
Deposit service charges | 234 | 283 | 678 | 817 |
Treasury management fees | 139 | 146 | 438 | 451 |
Commercial products revenue | 240 | 216 | 708 | 670 |
Mortgage banking revenue | 272 | 174 | 630 | 549 |
Investment products fees | 46 | 47 | 138 | 140 |
Realized securities gains (losses), net | 25 | 10 | 47 | 25 |
Other | 284 | 226 | 788 | 600 |
Total noninterest income | 2,614 | 2,418 | 7,395 | 7,104 |
Noninterest Expense | ||||
Compensation | 1,595 | 1,529 | 4,728 | 4,594 |
Employee benefits | 324 | 294 | 971 | 923 |
Net occupancy and equipment | 279 | 270 | 837 | 797 |
Professional services | 114 | 96 | 315 | 274 |
Marketing and business development | 109 | 106 | 309 | 314 |
Technology and communications | 277 | 247 | 804 | 724 |
Postage, printing and supplies | 74 | 84 | 219 | 244 |
Other intangibles | 42 | 41 | 124 | 120 |
Other | 330 | 377 | 1,077 | 1,194 |
Total noninterest expense | 3,144 | 3,044 | 9,384 | 9,184 |
Income before income taxes | 2,384 | 2,282 | 6,747 | 6,525 |
Applicable income taxes | 467 | 460 | 1,294 | 1,263 |
Net income | 1,917 | 1,822 | 5,453 | 5,262 |
Net (income) loss attributable to noncontrolling interests | (9) | (7) | (25) | (22) |
Net income attributable to U.S. Bancorp | 1,908 | 1,815 | 5,428 | 5,240 |
Net income applicable to U.S. Bancorp common shareholders | $ 1,821 | $ 1,732 | $ 5,175 | $ 5,007 |
Earnings per common share | $ 1.16 | $ 1.06 | $ 3.26 | $ 3.05 |
Diluted earnings per common share | $ 1.15 | $ 1.06 | $ 3.25 | $ 3.04 |
Average common shares outstanding | 1,575 | 1,629 | 1,589 | 1,641 |
Average diluted common shares outstanding | 1,578 | 1,633 | 1,592 | 1,645 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 1,917 | $ 1,822 | $ 5,453 | $ 5,262 |
Other Comprehensive Income (Loss) | ||||
Changes in unrealized gains and losses on investment securities available-for-sale | 284 | (411) | 1,790 | (1,399) |
Changes in unrealized gains and losses on derivative hedges | (59) | 40 | (268) | 159 |
Foreign currency translation | 2 | 7 | 10 | 12 |
Changes in unrealized gains and losses on retirement plans | (1) | |||
Reclassification to earnings of realized gains and losses | 2 | 20 | 6 | 70 |
Income taxes related to other comprehensive income (loss) | (58) | 86 | (389) | 290 |
Total other comprehensive income (loss) | 171 | (258) | 1,149 | (869) |
Comprehensive income | 2,088 | 1,564 | 6,602 | 4,393 |
Comprehensive (income) loss attributable to noncontrolling interests | (9) | (7) | (25) | (22) |
Comprehensive income attributable to U.S. Bancorp | $ 2,079 | $ 1,557 | $ 6,577 | $ 4,371 |
Consolidated Statement of Share
Consolidated Statement of Shareholders' Equity (Unaudited) - USD ($) shares in Millions, $ in Millions | Total | Common Stock [Member] | Preferred Stock [Member] | Capital Surplus [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total U.S. Bancorp Shareholders' Equity [Member] | Noncontrolling Interests [Member] | |
Beginning Balance at Dec. 31, 2017 | $ 49,666 | $ 21 | $ 5,419 | $ 8,464 | $ 54,142 | $ (17,602) | $ (1,404) | $ 49,040 | $ 626 | |
Shares, Beginning Balance at Dec. 31, 2017 | 1,656 | |||||||||
Change in accounting principle at Dec. 31, 2017 | [1] | (1) | 299 | (300) | (1) | |||||
Net income (loss) | 5,262 | 5,240 | 5,240 | 22 | ||||||
Other comprehensive income (loss) | (869) | (869) | (869) | |||||||
Preferred stock dividends | [2] | (210) | (210) | (210) | ||||||
Common stock dividends | (1,593) | (1,593) | (1,593) | |||||||
Issuance of preferred stock | 565 | 565 | 565 | |||||||
Issuance of common and treasury stock | 77 | (130) | 207 | 77 | ||||||
Issuance of common and treasury stock, shares | 5 | |||||||||
Purchase of treasury stock | (2,019) | (2,019) | (2,019) | |||||||
Purchase of treasury stock, shares | (38) | |||||||||
Distributions to noncontrolling interests | (22) | (22) | ||||||||
Net other changes in noncontrolling interests | 6 | 6 | ||||||||
Stock option and restricted stock grants | 145 | 145 | 145 | |||||||
Ending Balance at Sep. 30, 2018 | 51,007 | $ 21 | 5,984 | 8,479 | 57,878 | (19,414) | (2,573) | 50,375 | 632 | |
Shares, Ending Balance at Sep. 30, 2018 | 1,623 | |||||||||
Beginning Balance at Jun. 30, 2018 | 50,257 | $ 21 | 5,419 | 8,468 | 56,742 | (18,707) | (2,315) | 49,628 | 629 | |
Shares, Beginning Balance at Jun. 30, 2018 | 1,636 | |||||||||
Net income (loss) | 1,822 | 1,815 | 1,815 | 7 | ||||||
Other comprehensive income (loss) | (258) | (258) | (258) | |||||||
Preferred stock dividends | [3] | (76) | (76) | (76) | ||||||
Common stock dividends | (603) | (603) | (603) | |||||||
Issuance of preferred stock | 565 | 565 | 565 | |||||||
Issuance of common and treasury stock | 29 | (17) | 46 | 29 | ||||||
Issuance of common and treasury stock, shares | 1 | |||||||||
Purchase of treasury stock | (753) | (753) | (753) | |||||||
Purchase of treasury stock, shares | (14) | |||||||||
Distributions to noncontrolling interests | (7) | (7) | ||||||||
Net other changes in noncontrolling interests | 3 | 3 | ||||||||
Stock option and restricted stock grants | 28 | 28 | 28 | |||||||
Ending Balance at Sep. 30, 2018 | 51,007 | $ 21 | 5,984 | 8,479 | 57,878 | (19,414) | (2,573) | 50,375 | 632 | |
Shares, Ending Balance at Sep. 30, 2018 | 1,623 | |||||||||
Beginning Balance at Dec. 31, 2018 | 51,657 | $ 21 | 5,984 | 8,469 | 59,065 | (20,188) | (2,322) | 51,029 | 628 | |
Shares, Beginning Balance at Dec. 31, 2018 | 1,608 | |||||||||
Change in accounting principle at Dec. 31, 2018 | 2 | 2 | 2 | |||||||
Net income (loss) | 5,453 | 5,428 | 5,428 | 25 | ||||||
Other comprehensive income (loss) | 1,149 | 1,149 | 1,149 | |||||||
Preferred stock dividends | [4] | (230) | (230) | (230) | ||||||
Common stock dividends | (1,846) | (1,846) | (1,846) | |||||||
Issuance of common and treasury stock | 52 | (127) | 179 | 52 | ||||||
Issuance of common and treasury stock, shares | 4 | |||||||||
Purchase of treasury stock | (2,215) | (2,215) | (2,215) | |||||||
Purchase of treasury stock, shares | (41) | |||||||||
Distributions to noncontrolling interests | (16) | (16) | ||||||||
Net other changes in noncontrolling interests | (7) | (7) | ||||||||
Stock option and restricted stock grants | 148 | 148 | 148 | |||||||
Ending Balance at Sep. 30, 2019 | 54,147 | $ 21 | 5,984 | 8,490 | 62,419 | (22,224) | (1,173) | 53,517 | 630 | |
Shares, Ending Balance at Sep. 30, 2019 | 1,571 | |||||||||
Beginning Balance at Jun. 30, 2019 | 53,540 | $ 21 | 5,984 | 8,465 | 61,252 | (21,465) | (1,344) | 52,913 | 627 | |
Shares, Beginning Balance at Jun. 30, 2019 | 1,584 | |||||||||
Net income (loss) | 1,917 | 1,908 | 1,908 | 9 | ||||||
Other comprehensive income (loss) | 171 | 171 | 171 | |||||||
Preferred stock dividends | [5] | (79) | (79) | (79) | ||||||
Common stock dividends | (662) | (662) | (662) | |||||||
Issuance of common and treasury stock | 28 | (8) | 36 | 28 | ||||||
Issuance of common and treasury stock, shares | 1 | |||||||||
Purchase of treasury stock | (795) | (795) | (795) | |||||||
Purchase of treasury stock, shares | (14) | |||||||||
Net other changes in noncontrolling interests | (6) | (6) | ||||||||
Stock option and restricted stock grants | 33 | 33 | 33 | |||||||
Ending Balance at Sep. 30, 2019 | $ 54,147 | $ 21 | $ 5,984 | $ 8,490 | $ 62,419 | $ (22,224) | $ (1,173) | $ 53,517 | $ 630 | |
Shares, Ending Balance at Sep. 30, 2019 | 1,571 | |||||||||
[1] | Reflects the adoption of new accounting guidance on January 1, 2018 to reclassify the impact of the reduced federal statutory rate for corporations included in 2017 tax reform legislation from accumulated other comprehensive income to retained earnings. | |||||||||
[2] | Reflects dividends declared per share on the Company’s Series A, Series B, Series F, Series H, Series I, Series J and Series K Non-Cumulative Perpetual Preferred Stock of $2,654.166, $663.54, $1,218.75, $965.64, $640.625, $1,325.00 and $232.99, respectively. | |||||||||
[3] | Reflects dividends declared per share on the Company’s Series A, Series B, Series F, Series H, Series J and Series K Non-Cumulative Perpetual Preferred Stock of $894.444, $223.61, $406.25, $321.88, $662.50 and $232.99, respectively. | |||||||||
[4] | Reflects dividends declared per share on the Company’s Series A, Series B, Series F, Series H, Series I, Series J and Series K Non-Cumulative Perpetual Preferred Stock of $2,760.506, $663.54, $1,218.75, $965.64, $640.625, $1,325.00 and $1,031.25, respectively. | |||||||||
[5] | Reflects dividends declared per share on the Company’s Series A, Series B, Series F, Series H, Series J and Series K Non-Cumulative Perpetual Preferred Stock of $894.444, $223.61, $406.25, $321.88, $662.50 and $343.75, respectively. |
Consolidated Statement of Sha_2
Consolidated Statement of Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Common stock dividends, share | $ 0.42 | $ 0.37 | $ 1.16 | $ 0.97 |
Series A [Member] | ||||
Preferred stock dividends declared per share | 894.444 | 894.444 | 2,760.506 | 2,654.166 |
Series B [Member] | ||||
Preferred stock dividends declared per share | 223.61 | 223.61 | 663.54 | 663.54 |
Series F [Member] | ||||
Preferred stock dividends declared per share | 406.25 | 406.25 | 1,218.75 | 1,218.75 |
Series H [Member] | ||||
Preferred stock dividends declared per share | 321.88 | 321.88 | 965.64 | 965.64 |
Series J [Member] | ||||
Preferred stock dividends declared per share | 662.50 | 662.50 | 1,325 | 1,325 |
Series K [Member] | ||||
Preferred stock dividends declared per share | $ 343.75 | $ 232.99 | 1,031.25 | 232.99 |
Series I [Member] | ||||
Preferred stock dividends declared per share | $ 640.625 | $ 640.625 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Operating Activities | ||
Net income attributable to U.S. Bancorp | $ 5,428 | $ 5,240 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Provision for credit losses | 1,109 | 1,011 |
Depreciation and amortization of premises and equipment | 248 | 226 |
Amortization of intangibles | 124 | 120 |
(Gain) loss on sale of loans held for sale | (504) | (330) |
(Gain) loss on sale of securities and other assets | (351) | (309) |
Loans originated for sale in the secondary market, net of repayments | (24,795) | (23,418) |
Proceeds from sales of loans held for sale | 23,146 | 23,747 |
Other, net | 546 | 1,627 |
Net cash provided by operating activities | 4,951 | 7,914 |
Investing Activities | ||
Proceeds from sales of available-for-sale investment securities | 5,776 | 1,304 |
Proceeds from maturities of held-to-maturity investment securities | 6,256 | 5,072 |
Proceeds from maturities of available-for-sale investment securities | 7,885 | 8,757 |
Purchases of held-to-maturity investment securities | (6,701) | (8,229) |
Purchases of available-for-sale investment securities | (20,383) | (6,848) |
Net increase in loans outstanding | (8,411) | (3,241) |
Proceeds from sales of loans | 1,604 | 2,608 |
Purchases of loans | (2,818) | (2,748) |
Net increase in securities purchased under agreements to resell | (3,687) | (223) |
Other, net | (892) | (672) |
Net cash used in investing activities | (21,371) | (4,220) |
Financing Activities | ||
Net increase (decrease) in deposits | 14,240 | (16,037) |
Net increase in short-term borrowings | 440 | 7,217 |
Proceeds from issuance of long-term debt | 7,968 | 10,082 |
Principal payments or redemption of long-term debt | (8,225) | (1,326) |
Proceeds from issuance of preferred stock | 565 | |
Proceeds from issuance of common stock | 51 | 73 |
Repurchase of common stock | (2,232) | (2,004) |
Cash dividends paid on preferred stock | (223) | (198) |
Cash dividends paid on common stock | (1,780) | (1,489) |
Net cash provided by (used in) financing activities | 10,239 | (3,117) |
Change in cash and due from banks | (6,181) | 577 |
Cash and due from banks at beginning of period | 21,453 | 19,505 |
Cash and due from banks at end of period | $ 15,272 | $ 20,082 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Note 1 Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q Form 10-K Accounting policies for the lines of business are generally the same as those used in preparation of the consolidated financial statements with respect to activities specifically attributable to each business line. However, the preparation of business line results requires management to establish methodologies to allocate funding costs, expenses and other financial elements to each line of business. Table 11 “Line of Business Financial Performance” included in Management’s Discussion and Analysis provides details of segment results. This information is incorporated by reference into these Notes to Consolidated Financial Statements. |
Accounting Changes
Accounting Changes | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Changes | Note 2 Accounting Changes Accounting for Leases Effective January 1, 2019, the Company adopted accounting guidance, issued by the Financial Accounting Standards Board (“FASB”) in February 2016, related to the accounting for leases. This guidance requires lessees to recognize all leases on the Consolidated Balance Sheet as lease assets and lease liabilities based primarily on the present value of future lease payments. The Company recognized approximately $1.3 billion of lease assets and related liabilities on its Consolidated Balance Sheet at the adoption date. In addition, lessors are now required to consider lease residual exposures of sales-type and direct financing leases when determining the allowance for credit losses. The adoption of this guidance was not material to the Company’s Consolidated Statement of Income. Financial Instruments — Credit Losses In June 2016, the FASB issued accounting guidance, related to the impairment of financial instruments which the Company will adopt effective January 1, 2020. This guidance changes existing impairment recognition to a model that is based on expected losses rather than incurred losses, which is intended to result in more timely recognition of credit losses. This guidance is also intended to reduce the complexity of current accounting guidance by decreasing the n The extent of the impact of this guidance will depend on economic conditions and the composition of the Company’s loan portfolio at the adoption date, as well as further refinements to the Company’s process, judgements and models to quantify credit impairment under the new standard. The Company expects the new standard to increase its allowance for credit losses by $ 1.2 When determining expected losses, the Company uses multiple economic scenarios and a three-year reasonable and supportable forecast period. After the forecast period, the Company reverts to long-term historical loss experience, adjusted for prepayments, to estimate losses over the remaining life. The estimated increase in the allowance is primarily related to the credit card, installment and other retail loan portfolios where the existing allowance for loan losses has been based primarily shorter loss period The Company does not expect its held-to-maturity available-for-sale |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Note 3 Investment Securities The Company’s held-to-maturity available-for-sale The amortized cost, other-than-temporary impairment recorded in other comprehensive income (loss), gross unrealized holding gains and losses, and fair value of held-to-maturity available-for-sale September 30, 2019 December 31, 2018 Unrealized Losses Unrealized Losses (Dollars in Millions) Amortized Unrealized Other-than- Other (b) Fair Amortized Unrealized Other-than- Other (b) Fair Value Held-to-maturity U.S. Treasury and agencies $ 4,402 $ 35 $ — $ (7) $ 4,430 $ 5,102 $ 2 $ — $ (143 ) $ 4,961 Residential agency mortgage-backed securities 42,054 289 — (162 ) 42,181 40,920 45 — (994 ) 39,971 Asset-backed securities Collateralized debt obligations/Collateralized loan — 1 — — 1 — 1 — — 1 Other 5 1 — — 6 5 2 — — 7 Obligations of state and political subdivisions 4 — — — 4 6 1 — — 7 Obligations of foreign governments 8 — — — 8 9 — — — 9 Other 8 — — — 8 8 — — — 8 Total held-to-maturity $ 46,481 $ 326 $ — $ (169) $ 46,638 $ 46,050 $ 51 $ — $ (1,137 ) $ 44,964 Available-for-sale U.S. Treasury and agencies $ 15,543 $ 57 $ — $ (47) $ 15,553 $ 19,604 $ 11 $ — $ (358 ) $ 19,257 Mortgage-backed securities Residential agency 50,817 328 — (202 ) 50,943 40,542 120 — (910 ) 39,752 Commercial agency 989 — — (5 ) 984 2 — — — 2 Other asset-backed securities 377 5 — — 382 397 6 — — 403 Obligations of state and political subdivisions 6,395 342 — (2 ) 6,735 6,836 37 — (172 ) 6,701 Obligations of foreign governments 1 — — — 1 — — — — — Total available-for-sale $ 74,122 $ 732 $ — $ (256 ) $ 74,598 $ 67,381 $ 174 $ — $ (1,440 ) $ 66,115 (a) Represents impairment not related to credit for those investment securities that have been determined to be other-than-temporarily impaired. (b) Represents unrealized losses on investment securities that have not been determined to be other-than-temporarily impaired. The weighted-average maturity of the available-for-sale held-to-maturity For amortized cost, fair value and yield by maturity date of held-to-maturity available-for-sale Investment securities with a fair value of $11.0 billion at September 30, 2019, and $10.9 billion at December 31, 2018, were pledged to secure public, private and trust deposits, repurchase agreements and for other purposes required by contractual obligation or law. Included in these amounts were securities where the Company and certain counterparties have agreements granting the counterparties the right to sell or pledge the securities. Investment securities securing these types of arrangements had a fair value of $272 million at September 30, 2019, and $2.1 billion at December 31, 2018. The following table provides inf o non-taxable Three Months Ended Nine Months Ended (Dollars in Millions) 2019 2018 2019 2018 Taxable 683 $ 605 2,023 1,763 Non-taxable 51 56 161 164 Total interest income from investment securities 734 $ 661 2,184 1,927 The following table provides information about the amount of gross gains and losses realized through the sales of available-for-sale Three Months Ended Nine Months Ended (Dollars in Millions) 2019 2018 2019 2018 Realized gains $ 25 $ 10 $ 66 $ 25 Realized losses – – (19 ) – Net realized gains (losses) $ 25 $ 10 $ 47 $ 25 Income tax (benefit) on net realized gains (losses) $ 6 $ 2 $ 12 $ 6 The Company conducts a regular assessment of its investment securities with unrealized losses to determine whether investment securities are other-than-temporarily impaired considering, among other factors, the nature of the investment securities, the credit ratings or financial condition of the issuer, the extent and duration of the unrealized loss, expected cash flows of underlying collateral, the existence of any government or agency guarantees, market conditions and whether the Company intends to sell or it is more likely than not the Company will be required to sell the investment securities. The Company determines other-than-temporary impairment recorded in earnings for investment securities not intended to be sold by estimating the future cash flows of each individual investment security, using market information where available, and discounting the cash flows at the original effective rate of the investment security. Other-than-temporary impairment recorded in other comprehensive income (loss) is measured as the difference between that discounted amount and the fair value of each investment security. The total amount of other-than-temporary impairment recorded was immaterial for the three and nine months ended September 30, 2019 and 2018. At September 30, 2019, certain investment sec u Less Than 12 Months 12 Months or Greater Total (Dollars in Millions) Fair Unrealized Fair Unrealized Fair Unrealized Held-to-maturity U.S. Treasury and agencies 954 $ (2 ) $ 642 $ (5 ) $ 1,596 $ (7 ) Residential agency mortgage-backed securities 4,610 (12 ) 11,606 (150 ) 16,216 (162 ) Other asset-backed securities – – 2 – 2 – Other 8 – – – 8 – 5,572 $ (14 ) $ 12,250 $ (155 ) $ 17,822 $ (169 ) Available-for-sale U.S. Treasury and agencies $ 2,313 $ (13 ) $ 7,362 $ (34 ) $ 9,675 $ (47 ) Residential agency mortgage-backed securities 4,377 (12 ) 14,739 (190 ) 19,116 (202 ) Commercial agency mortgage-backed securities 469 (5 ) – – 469 (5 ) Obligations of state and political subdivisions 246 (2 ) 2 – 248 (2 ) Total available-for-sale $ 7,405 $ (32 ) $ 22,103 $ (224 ) $ 29,508 $ (256 ) The Company does not consider these unrealized losses to be credit-related. These unrealized losses primarily relate to changes in interest rates and market spreads subsequent to purchase. A substantial portion of investment securities that have unrealized losses are either U.S. Treasury and agencies, agency mortgage-backed or state and political securities. In general, the issuers of the investment securities are contractually prohibited from prepayment at less than par, and the Company did not pay significant purchase premiums for these investment securities. At September 30, 2019, the Company had no plans to sell investment securities with unrealized losses, and believes it is more likely than not it would not be required to sell such investment securities before recovery of their amortized cost. |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 9 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
Loans and Allowance for Credit Losses | Note 4 Loans and Allowance for Credit Losses The composition of the loan portfolio, disaggregated by class and underl y September 30, 2019 December 31, 2018 (Dollars in Millions) Amount Percent Amount Percent Commercial Commercial $ 99,067 33.6 % $ 96,849 33.8 % Lease financing 5,587 1.9 5,595 1.9 Total commercial 104,654 35.5 102,444 35.7 Commercial Real Estate Commercial mortgages 28,664 9.7 28,596 10.0 Construction and development 10,604 3.6 10,943 3.8 Total commercial real estate 39,268 13.3 39,539 13.8 Residential Mortgages Residential mortgages 58,465 19.9 53,034 18.5 Home equity loans, first liens 10,913 3.7 12,000 4.2 Total residential mortgages 69,378 23.6 65,034 22.7 Credit Card 23,890 8.1 23,363 8.1 Other Retail Retail leasing 8,463 2.9 8,546 3.0 Home equity and second mortgages 15,453 5.2 16,122 5.6 Revolving credit 2,889 1.0 3,088 1.1 Installment 10,827 3.7 9,676 3.4 Automobile 19,583 6.6 18,719 6.5 Student 233 .1 279 .1 Total other retail 57,448 19.5 56,430 19.7 Total loans $ 294,638 100.0 % $ 286,810 100.0 % The Company had loans of $94.5 billion at September 30, 2019, and $88.7 billion at December 31, 2018, pledged at the Federal Home Loan Bank, and loans of $74.6 billion at September 30, 2019, and $70.1 billion at December 31, 2018, pledged at the Federal Reserve Bank. Originated loans are reported at the principal amount outstanding, net of unearned interest and deferred fees and costs, and any partial charge-offs recorded. Net unearned interest and deferred fees and costs amounted to $785 million at September 30, 2019 and $872 million at December 31, 2018. All purchased loans are recorded at fair value at the date of purchase. The Company evaluates purchased loans for impairment at the date of purchase in accordance with applicable authoritative accounting guidance. Purchased loans with evidence of credit deterioration since origination for which it is probable that all contractually required payments will not be collected are considered “purchased impaired loans.” All other purchased loans are considered “purchased nonimpaired loans.” The Company offers a broad array of lending products and categorizes its loan portfolio into two segments, which is the level at which it develops and documents a systematic methodology to determine the allowance for credit losses. The Company’s two loan portfolio segments are commercial lending and consumer lending. Previously, the Company categorized loans covered under loss sharing or similar credit protection agreements with the Federal Deposit Insurance Corporation (“FDIC”), along with the related indemnification asset, in a separate covered loans segment. During 2018 the majority of these loans were sold and the loss share coverage expired. Any remaining balances were reclassified to be included in their respective portfolio category. Allowance for Credit Losses The allowance for credit losses is established for probable and estimable losses incurred in the Company’s loan and lease portfolio, including unfunded credit commitments. The allowance for credit losses is increased through provisions charged to earnings and reduced by net charge-offs. Management evaluates the appropriateness of the allowance for incurred losses on a quarterly basis. The allowance recorded for loans in the commercial lending segment is based on reviews of individual credit relationships and considers the migration analysis of commercial lending segment loans and actual loss experience. For each loan type, this historical loss experience is adjusted as necessary to consider any relevant changes in portfolio composition, lending policies, underwriting standards, risk management practices or economic conditions. The results of the analysis are evaluated quarterly to confirm the selected loss experience is appropriate for each commercial loan type. The allowance recorded for impaired loans greater than $5 million in the commercial lending segment is based on an individual loan analysis utilizing expected cash flows discounted using the original effective interest rate, the observable market price of the loan, or the fair value of the collateral, less selling costs, for collateral-dependent loans, rather than the migration analysis. The allowance recorded for all other commercial lending segment loans is determined on a homogenous pool basis and includes consideration of product mix, risk characteristics of the portfolio, delinquency status, bankruptcy experience, portfolio growth and historical losses, adjusted for current trends. The Company also considers the impacts of any loan modifications made to commercial lending segment loans and any subsequent payment defaults to its expectations of cash flows, principal balance, and current expectations about the borrower’s ability to pay in determining the allowance for credit losses. The allowance recorded for Troubled Debt Restructuring (“TDR”) loans and purchased impaired loans in the consumer lending segment is determined on a homogenous pool basis utilizing expected cash flows discounted using the original effective interest rate of the pool, or the prior quarter effective rate, respectively. The allowance for collateral-dependent loans in the consumer lending segment is determined based on the fair value of the collateral less costs to sell. The allowance recorded for all other consumer lending segment loans is determined on a homogenous pool basis and includes consideration of product mix, risk characteristics of the portfolio, bankruptcy experience, delinquency status, refreshed loan-to-value In addition, subsequent payment defaults on loan modifications considered TDRs are considered in the underlying factors used in the determination of the appropriateness of the allowance for credit losses. For each loan segment, the Company estimates future loan charge-offs through a variety of analysis, trends and underlying assumptions. With respect to the commercial lending segment, TDRs may be collectively evaluated for impairment where observed performance history, including defaults, is a primary driver of the loss allocation. For commercial TDRs individually evaluated for impairment, attributes of the borrower are the primary factors in determining the allowance for credit losses. However, historical loss experience is also incorporated into the allowance methodology applied to this category of loans. With respect to the consumer lending segment, performance of the portfolio, including defaults on TDRs, is considered when estimating future cash flows. The Company’s methodology for determining the appropriate allowance for credit losses for each loan segment also considers the imprecision inherent in the methodologies used. As a result, in addition to the amounts determined under the methodologies described above, management also considers the potential impact of other qualitative factors which include, but are not limited to, economic factors; geographic and other concentration risks; delinquency and nonaccrual trends; current business conditions; changes in lending policy, underwriting standards and other relevant business practices; results of internal review; and the regulatory environment. The consideration of these items results in adjustments to allowance amounts included in the Company’s allowance for credit losses for each of the above loan segments. The Company also assesses the credit risk associated with off-balance off-balance Activity in the allowance for credit losses by portfolio class was as follows: Three Months Ended September 30 (Dollars in Millions) Commercial Commercial Residential Credit Other Covered Total 2019 Balance at beginning of period $ 1,464 $ 794 $ 438 $ 1,132 $ 638 $ – $ 4,466 Add Provision for credit losses 101 3 (10 ) 212 61 – 367 Deduct Loans charged-off 91 7 8 248 97 – 451 Less recoveries of loans charged-off (16 ) (1 ) (11 ) (37 ) (34 ) – (99 ) Net loans charged-off 75 6 (3 ) 211 63 – 352 Balance at end of period $ 1,490 $ 791 $ 431 $ 1,133 $ 636 $ – $ 4,481 2018 Balance at beginning of period $ 1,391 $ 812 $ 436 $ 1,082 $ 667 $ 23 $ 4,411 Add Provision for credit losses 88 (12 ) 8 221 41 (3 ) 343 Deduct Loans charged-off 88 1 12 231 96 – 428 Less recoveries of loans charged-off (22 ) (10 ) (8 ) (25 ) (35 ) – (100 ) Net loans charged-off 66 (9 ) 4 206 61 – 328 Balance at end of period $ 1,413 $ 809 $ 440 $ 1,097 $ 647 $ 20 $ 4,426 Nine Months Ended September 30 (Dollars in Millions) Commercial Commercial Residential Credit Other Covered Total 2019 Balance at beginning of period $ 1,454 $ 800 $ 455 $ 1,102 $ 630 $ – $ 4,441 Add Provision for credit losses 243 (2 ) (20 ) 694 194 – 1,109 Deduct Loans charged-off 300 11 27 767 283 – 1,388 Less recoveries of loans charged-off (93 ) (4 ) (23 ) (104 ) (95 ) – (319 ) Net loans charged-off 207 7 4 663 188 – 1,069 Balance at end of period $ 1,490 $ 791 $ 431 $ 1,133 $ 636 $ – $ 4,481 2018 Balance at beginning of period $ 1,372 $ 831 $ 449 $ 1,056 $ 678 $ 31 $ 4,417 Add Provision for credit losses 225 (34 ) 6 668 156 (10 ) 1,011 Deduct Loans charged-off 265 6 37 727 283 – 1,318 Less recoveries of loans charged-off (81 ) (18 ) (22 ) (100 ) (96 ) – (317 ) Net loans charged-off 184 (12 ) 15 627 187 – 1,001 Other changes (a) – – – – – (1 ) (1 ) Balance at end of period $ 1,413 $ 809 $ 440 $ 1,097 $ 647 $ 20 $ 4,426 (a) Includes net changes in credit losses to be reimbursed by the FDIC and reductions in the allowance for covered loans where the reversal of a previously recorded allowance was offset by an associated decrease in the indemnification asset, and the impact of any loan sales. Additional detail of the allowance for credit losses by portfolio class was as follows: (Dollars in Millions) Commercial Commercial Residential Credit Other Total Allowance Balance at September 30, 2019 Related to Loans individually evaluated for impairment (a) $ 19 $ 3 $ – $ – $ – $ 22 TDRs collectively evaluated for impairment 20 4 107 80 12 223 Other loans collectively evaluated for impairment 1,451 784 309 1,053 624 4,221 Loans acquired with deteriorated credit quality – – 15 – – 15 Total allowance for credit losses $ 1,490 $ 791 $ 431 $ 1,133 $ 636 $ 4,481 Allowance Balance at December 31, 2018 Related to Loans individually evaluated for impairment (a) $ 16 $ 8 $ – $ – $ – $ 24 TDRs collectively evaluated for impairment 15 3 126 69 12 225 Other loans collectively evaluated for impairment 1,423 788 314 1,033 618 4,176 Loans acquired with deteriorated credit quality – 1 15 – – 16 Total allowance for credit losses $ 1,454 $ 800 $ 455 $ 1,102 $ 630 $ 4,441 (a) Represents the allowance for credit losses related to loans greater than $5 million classified as nonperforming or TDRs. Additional detail of loan balances by portfolio class was as follows: (Dollars in Millions) Commercial Commercial Residential Credit Other Total September 30, 2019 Loans individually evaluated for impairment (a) $ 340 $ 40 $ – $ – $ – $ 380 TDRs collectively evaluated for impairment 178 142 3,168 262 190 3,940 Other loans collectively evaluated for impairment 104,136 39,052 65,950 23,628 57,258 290,024 Loans acquired with deteriorated credit quality – 34 260 – – 294 Total loans $ 104,654 $ 39,268 $ 69,378 $ 23,890 $ 57,448 $ 294,638 December 31, 2018 Loans individually evaluated for impairment (a) $ 262 $ 86 $ – $ – $ – $ 348 TDRs collectively evaluated for impairment 151 129 3,252 245 183 3,960 Other loans collectively evaluated for impairment 102,031 39,297 61,465 23,118 56,247 282,158 Loans acquired with deteriorated credit quality – 27 317 – – 344 Total loans $ 102,444 $ 39,539 $ 65,034 $ 23,363 $ 56,430 $ 286,810 (a) Represents loans greater than $5 million classified as nonperforming or TDRs. Credit Quality The credit quality of the Company’s loan portfolios is assessed as a function of net credit losses, levels of nonperforming assets and delinquencies, and credit quality ratings as defined by the Company. For all loan classes, loans are considered past due based on the number of days delinquent except for monthly amortizing loans which are classified delinquent based upon the number of contractually required payments not made (for example, two missed payments is considered 30 days delinquent). When a loan is placed on nonaccrual status, unpaid accrued interest is reversed, reducing interest income in the current period. Commercial lending segment loans are generally placed on nonaccrual status when the collection of principal and interest has become 90 days past due or is otherwise considered doubtful. Commercial lending segment loans are generally fully or partially charged down to the fair value of the collateral securing the loan, less costs to sell, when the loan is placed on nonaccrual. Consumer lending segment loans are generally charged-off 1-4 charge-off 1-4 family charged-off. charged-off 1-4 charged-off charged-off charge-off. For all loan classes, interest payments received on nonaccrual loans are generally recorded as a reduction to a loan’s carrying amount while a loan is on nonaccrual and are recognized as interest income upon payoff of the loan. However, interest income may be recognized for interest payments if the remaining carrying amount of the loan is believed to be collectible. In certain circumstances, loans in any class may be restored to accrual status, such as when a loan has demonstrated sustained repayment performance or no amounts are past due and prospects for future payment are no longer in doubt; or when the loan becomes well secured and is in the process of collection. Loans where there has been a partial charge-off charged-off) The following table provides a summary of loans by portfolio class, including the delinquency status of those that continue to accrue interest, and those that are nonperforming: Accruing (Dollars in Millions) Current 30-89 Days 90 Days or Nonperforming Total September 30, 2019 Commercial $ 103,782 $ 450 $ 103 $ 319 $ 104,654 Commercial real estate 39,126 51 2 89 39,268 Residential mortgages (a) 68,845 167 115 251 69,378 Credit card 23,296 316 278 — 23,890 Other retail 56,785 391 102 170 57,448 Total loans $ 291,834 $ 1,375 $ 600 $ 829 $ 294,638 December 31, 2018 Commercial $ 101,844 $ 322 $ 69 $ 209 $ 102,444 Commercial real estate 39,354 70 — 115 39,539 Residential mortgages (a) 64,443 181 114 296 65,034 Credit card 22,746 324 293 — 23,363 Other retail 55,722 403 108 197 56,430 Total loans $ 284,109 $ 1,300 $ 584 $ 817 $ 286,810 (a) At September 30, 2019, $391 million of loans 30–89 days past due and $1.7 billion of loans 90 days or more past due purchased from Government National Mortgage Association (“GNMA”) mortgage pools whose repayments are insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs, were classified as current, compared with $430 million and $1.7 billion at December 31, 2018, respectively. At September 30, 2019, the amount of foreclosed residential real estate held by the Company, and included in other real estate owned (“OREO”), was $80 million, compared with $106 million at December 31, 2018. These amounts exclude $ $1.2 billion related to loans purchased from Government National Mortgage Association (“GNMA”) mortgage pools whose repayments are insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs. The Company classifies its loan portfolios using internal credit quality ratings on a quarterly basis. These ratings include pass, special mention and classified, and are an important part of the Company’s overall credit risk management process and evaluation of the allowance for credit losses. Loans with a pass rating represent those loans not classified on the Company’s rating scale for problem credits, as minimal credit risk has been identified. Special mention loans are those loans that have a potential weakness deserving management’s close attention. Classified loans are those loans where a well-defined weakness has been identified that may put full collection of contractual cash flows at risk. It is possible that others, given the same information, may reach different reasonable conclusions regarding the credit quality rating classification of specific loans. The following table provides a summary of loans by portfolio class and the Company’s internal credit quality rating: Criticized (Dollars in Millions) Pass Special Classified (a) Total Total September 30, 2019 Commercial $ 102,543 $ 1,022 $ 1,089 $ 2,111 $ 104,654 Commercial real estate 38,287 625 356 981 39,268 Residential mortgages (b) 68,960 3 415 418 69,378 Credit card 23,612 – 278 278 23,890 Other retail 57,142 12 294 306 57,448 Total loans $ 290,544 $ 1,662 $ 2,432 $ 4,094 $ 294,638 Total outstanding commitments $ 614,479 $ 2,297 $ 3,076 $ 5,373 $ 619,852 December 31, 2018 Commercial $ 100,014 $ 1,149 $ 1,281 $ 2,430 $ 102,444 Commercial real estate 38,473 584 482 1,066 39,539 Residential mortgages (b) 64,570 1 463 464 65,034 Credit card 23,070 – 293 293 23,363 Other retail 56,101 6 323 329 56,430 Total loans $ 282,228 $ 1,740 $ 2,842 $ 4,582 $ 286,810 Total outstanding commitments $ 600,407 $ 2,801 $ 3,448 $ 6,249 $ 606,656 (a) Classified rating on consumer loans primarily based on delinquency status. (b) At September 30, 2019, $1.7 billion of GNMA loans 90 days or more past due and $1.7 billion of restructured GNMA loans whose repayments are insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs were classified with a pass rating, compared with $1.7 billion and $1.6 billion at December 31, 2018, respectively. For all loan classes, a loan is considered to be impaired when, based on current events or information, it is probable the Company will be unable to collect all amounts due per the contractual terms of the loan agreement. Impaired loans include all nonaccrual and TDR loans. For all loan classes, interest income on TDR loans is recognized under the modified terms and conditions if the borrower has demonstrated repayment performance at a level commensurate with the modified terms over several payment cycles. Interest income is generally not recognized on other impaired loans until the loan is paid off. However, interest income may be recognized for interest payments if the remaining carrying amount of the loan is believed to be collectible. Factors used by the Company in determining whether all principal and interest payments due on commercial and commercial real estate loans will be collected and, therefore, whether those loans are impaired include, but are not limited to, the financial condition of the borrower, collateral and/or guarantees on the loan, and the borrower’s estimated future ability to pay based on industry, geographic location and certain financial ratios. The evaluation of impairment on residential mortgages, credit card loans and other retail loans is primarily driven by delinquency status of individual loans or whether a loan has been modified, and considers any government guarantee where applicable. A summary of impaired loans, which include all nonaccrual and TDR loans, by portfolio class was as follows: (Dollars in Millions) Period-end Unpaid Valuation Commitments September 30, 2019 Commercial $ 583 $ 1,183 $ 41 $ 197 Commercial real estate 234 587 8 – Residential mortgages 1,573 1,891 74 – Credit card 262 262 80 – Other retail 322 412 14 2 Total loans, excluding loans purchased from GNMA mortgage pools 2,974 4,335 217 199 Loans purchased from GNMA mortgage pools 1,690 1,690 34 – Total $ 4,664 $ 6,025 $ 251 $ 199 December 31, 2018 Commercial $ 467 $ 1,006 $ 32 $ 106 Commercial real estate 279 511 12 2 Residential mortgages 1,709 1,879 86 – Credit card 245 245 69 – Other retail 335 418 14 5 Total loans, excluding loans purchased from GNMA mortgage pools 3,035 4,059 213 113 Loans purchased from GNMA mortgage pools 1,639 1,639 41 – Total $ 4,674 $ 5,698 $ 254 $ 113 (a) Substantially all loans classified as impaired at September 30, 2019 and December 31, 2018, had an associated allowance for credit losses. Additional information on impaired loans 2019 2018 (Dollars in Millions) Average Interest Average Interest Three Months Ended September 30 Commercial $ 552 $ 4 $ 470 $ 3 Commercial real estate 232 3 279 4 Residential mortgages 1,597 23 1,779 18 Credit card 260 – 236 1 Other retail 319 3 309 4 Covered Loans – – 23 – Total loans, excluding loans purchased from GNMA mortgage pools 2,960 33 3,096 30 Loans purchased from GNMA mortgage pools 1,644 18 1,666 12 Total $ 4,604 $ 51 $ 4,762 $ 42 Nine Months Ended September 30 Commercial $ 516 $ 7 $ 510 $ 5 Commercial real estate 251 8 263 8 Residential mortgages 1,649 70 1,846 57 Credit card 255 – 234 3 Other retail 323 9 304 12 Covered Loans – – 33 1 Total loans, excluding loans purchased from GNMA mortgage pools 2,994 94 3,190 86 Loans purchased from GNMA mortgage pools 1,613 52 1,635 36 Total $ 4,607 $ 146 $ 4,825 $ 122 Troubled Debt Restructurings In certain circumstances, the Company may modify the terms of a loan to maximize the collection of amounts due when a borrower is experiencing financial difficulties or is expected to experience difficulties in the near-term. Concessionary modifications are classified as TDRs unless the modification results in only an insignificant delay in payments to be received. The Company recognizes interest on TDRs if the borrower complies with the revised terms and conditions as agreed upon with the Company and has demonstrated repayment performance at a level commensurate with the modified terms over several payment cycles, which is generally six months or greater. To the extent a previous restructuring was insignificant, the Company considers the cumulative effect of past restructurings related to the receivable when determining whether a current restructuring is a TDR. Loans classified as TDRs are considered impaired loans for reporting and measurement purposes. The following table provides a summary of loans modified as TDRs during the periods presented by portfolio class: 2019 2018 (Dollars in Millions) Number Pre-Modification Post-Modification Number Pre-Modification Post-Modification Three Months Ended September 30 Commercial 886 $ 116 $ 100 700 $ 42 $ 33 Commercial real estate 32 23 23 38 123 125 Residential mortgages 117 17 15 144 19 17 Credit card 8,429 46 46 8,450 42 43 Other retail 814 20 19 763 17 16 Covered Loans – – – 3 1 1 Total loans, excluding loans purchased from GNMA mortgage pools 10,278 222 203 10,098 244 235 Loans purchased from GNMA mortgage pools 1,524 211 203 1,649 216 211 Total loans 11,802 $ 433 $ 406 11,747 $ 460 $ 446 Nine Months Ended September 30 Commercial 2,622 $ 242 $ 215 2,047 $ 255 $ 234 Commercial real estate 76 95 93 97 154 155 Residential mortgages 318 43 41 397 56 53 Credit card 26,018 140 141 24,457 122 124 Other retail 2,029 44 42 1,857 45 43 Covered Loans – – – 3 1 1 Total loans, excluding loans purchased from GNMA mortgage pools 31,063 564 532 28,858 633 610 Loans purchased from GNMA mortgage pools 4,617 629 606 4,785 631 619 Total loans 35,680 $ 1,193 $ 1,138 33,643 $ 1,264 $ 1,229 Residential mortgages, home equity and second mortgages, and loans purchased from GNMA mortgage pools in the table above include trial period arrangements offered to customers during the periods presented. The post-modification balances for these loans reflect the current outstanding balance until a permanent modification is made. In addition, the post-modification balances typically include capitalization of unpaid accrued interest and/or fees under the various modification programs. For those loans modified as TDRs during the third quarter of 2019, at September 30, 2019, 68 residential mortgages, 34 home equity and second mortgage loans and 1,046 loans purchased from GNMA mortgage pools with outstanding balances of $11 million, $3 million and $144 million, respectively, were in a trial period and have estimated post-modification balances of $10 million, $3 million and $141 million, respectively, assuming permanent modification occurs at the end of the trial period. The Company has implemented certain restructuring programs that may result in TDRs. However, many of the Company’s TDRs are also determined on a case-by-case For the commercial lending segment, modifications generally result in the Company working with borrowers on a case-by-case Modifications for the consumer lending segment are generally part of programs the Company has initiated. The Company modifies residential mortgage loans under Federal Housing Administration, United States Department of Veterans Affairs, or its own internal programs. Under these programs, the Company offers qualifying homeowners the opportunity to permanently modify their loan and achieve more affordable monthly payments by providing loan concessions. These concessions may include adjustments to interest rates, conversion of adjustable rates to fixed rates, extension of maturity dates or deferrals of payments, capitalization of accrued interest and/or outstanding advances, or in limited situations, partial forgiveness of loan principal. In most instances, participation in residential mortgage loan restructuring programs requires the customer to complete a short-term trial period. A permanent loan modification is contingent on the customer successfully completing the trial period arrangement, and the loan documents are not modified until that time. The Company reports loans in a trial period arrangement as TDRs and continues to report them as TDRs after the trial period. Credit card and other retail loan TDRs are generally part of distinct restructuring programs providing customers experiencing financial difficulty with modifications whereby balances may be amortized up to 60 months, and generally include waiver of fees and reduced interest rates. In addition, the Company considers secured loans to consumer borrowers that have debt discharged through bankruptcy where the borrower has not reaffirmed the debt to be TDRs. Acquired loans restructured after acquisition are not considered TDRs for accounting and disclosure purposes if the loans evidenced credit deterioration as of the acquisition date and are accounted for in pools. The following table provides a summary of TDR loans that defaulted (fully or partially charged-off 2019 2018 (Dollars in Millions) Number Amount Number Amount Three Months Ended September 30 Commercial 263 $ 9 207 $ 51 Commercial real estate 8 7 10 2 Residential mortgages 13 1 34 4 Credit card 2,025 10 1,924 9 Other retail 72 1 93 1 Total loans, excluding loans purchased from GNMA mortgage pools 2,381 28 2,268 67 Loans purchased from GNMA mortgage pools 263 33 380 50 Total loans 2,644 $ 61 2,648 $ 117 Nine Months Ended September 30 Commercial 749 $ 18 623 $ 63 Commercial real estate 23 17 26 8 Residential mortgages 124 14 148 15 Credit card 6,001 29 5,893 26 Other retail 299 9 240 3 Covered loans – – 1 – Total loans, excluding loans purchased from GNMA mortgage pools 7,196 87 6,931 115 Loans purchased from GNMA mortgage pools 697 93 1,129 148 Total loans 7,893 $ 180 8,060 $ 263 In addition to the defaults in the table above, the Company had a total of 185 and 600 residential mortgage loans, home equity and second mortgage loans and loans purchased from GNMA mortgage pools for the three months and nine months ended September 30, 2019, respectively, where borrowers did not successfully complete the trial period arrangement and, therefore, are no longer eligible for a permanent modification under the applicable modification program. These loans had aggregate outstanding balances of $25 million and $81 million for the three months and nine months ended September 30, 2019, respectively. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2019 | |
Text Block [Abstract] | |
Leases | Note 5 The Company, as a lessor, originates retail and co m relating to At lease inception, retail lease customers are provided with an end-of-term Residual values on leased assets are reviewed regularly for impairment. Residual valuations for retail leases are based on independent assessments of expected used automobile sale prices at the end of the lease term. Impairment tests are conducted based on these valuations considering the probability of the lessee returning the asset to the Company, re-marketing The Company manages its risk to changes in the residual value of leased vehicles, office and business equipment, and other assets through disciplined residual valuation setting at the inception of a lease, diversification of its leased assets, regular residual asset valuation reviews and monitoring of residual value gains or losses upon the disposition of assets. Retail lease residual value risk is mitigated further by the purchase of residual value insurance coverage and effective end-of-term off-lease The components of the net investment in sales-type and direct financing leases were as follows: (Dollars in Millions) September 30, December 31, Lease receivables $ 12,150 $ 12,207 Unguaranteed residual values accruing to the lessor’s benefit 1,873 1,877 Total net investment in sales-type and direct financing leases $ 14,023 $ 14,084 The Company, as a lessor, recorded $257 million and $742 million of revenue on its Consolidated Statement of Income for the three and nine months ended September 30, 2019, respectively, primarily consisting of interest income on sales-type and direct financing leases. The contractual future lease payments to be received by the Company at September 30, 2019, were as follows: (Dollars in Millions) Sales-type and Operating leases One Year or Less $ 4,623 $ 181 Over One Through Two Years 3,737 140 Over Two Through Three Years 2,615 104 Over Three Through Four Years 1,251 69 Over Four Through Five Years 432 52 Thereafter 501 59 Total lease payments 13,159 $ 605 Amounts representing interest (1,009 ) Lease receivables $ 12,150 The Company, as lessee, leases certain assets for use in its operations. Leased assets primarily include retail branches, operations centers and other corporate locations, and, to a lesser extent, office and computer equipment. For each lease with an original term greater than 12 months, the Company records a lease liability and a corresponding right of use (“ROU”) asset. The Company accounts for the lease and non-lease , Certain of the Company’s real estate leases include options to extend. Lease extension options are generally exercisable at market rates. Such option periods do not provide a significant incentive, and their exercise is not reasonably certain. Accordingly, the Company does not recognize payments occurring during option periods in the calculation of its ROU assets and lease liabilities. The Company’s leases do not impose significant covenants or other restrictions on the Company. Total costs incurred by the Company, as a lessee, were $99 million and $294 million for the three and nine months ended September 30, 2019, respectively, and principally related to contractual lease payments on operating leases. The following table presents amounts relevant to the Company’s assets leased for use in its operations: (Dollars in Millions) Three Months Ended Nine Months Ended Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 75 $ 226 Operating cash flows from finance leases 1 5 Financing cash flows from finance leases 3 8 Right of use assets obtained in exchange for new operating lease liabilities 27 100 Right of use assets obtained in exchange for new finance lease liabilities 5 7 The following table presents the weighted-average remaining lease terms and discount rates of the Company’s assets leased for use in its operations at September 30, 2019: Weighted-average remaining lease term of operating leases (in years) 7.5 Weighted-average remaining lease term of finance leases (in years) 10.4 Weighted-average discount rate of operating leases 3.2 % Weighted-average discount rate of finance leases 15.3 % The contractual future lease obligations of the Company at September 30, 2019, were as follows: (Dollars in Millions) Operating leases Finance leases One Year or Less $ 305 $ 17 Over One Through Two Years 255 15 Over Two Through Three Years 230 13 Over Three Through Four Years 186 11 Over Four Through Five Years 138 10 Thereafter 416 37 Total lease payments 1,530 103 Amounts representing interest (186 ) (32 ) Lease liabilities $ 1,344 $ 71 |
Accounting for Transfers and Se
Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities | Note 6 Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities The Company transfers financial assets in the normal course of business. The majority of the Company’s financial asset transfers are residential mortgage loan sales primarily to government-sponsored enterprises (“GSEs”), transfers of tax-advantaged For loans sold under participation agreements, the Company also considers whether the terms of the loan participation agreement meet the accounting definition of a participating interest. With the exception of servicing and certain performance-based guarantees, the Company’s continuing involvement with financial assets sold is minimal and generally limited to market customary representation and warranty clauses. Any gain or loss on sale depends on the previous carrying amount of the transferred financial assets, the consideration received, and any liabilities incurred in exchange for the transferred assets. Upon transfer, any servicing assets and other interests that continue to be held by the Company are initially recognized at fair value. For further information on mortgage servicing rights (“MSRs”), refer to Note 7. On a limited basis, the Company may acquire and package high-grade corporate bonds for select corporate customers, in which the Company generally has no continuing involvement with these transactions. Additionally, the Company is an authorized GNMA issuer and issues GNMA securities on a regular basis. The Company has no other asset securitizations or similar asset-backed financing arrangements that are off-balance The Company also provides financial support primarily through the use of waivers of trust and investment management fees associated with various unconsolidated registered money market funds it manages. The Company provided $8 million and $6 million of support to the funds during the three months ended September 30, 2019 and 2018, respectively , The Company is involved in various entities that are considered to be variable interest entities (“VIEs”). The Company’s investments in VIEs are primarily related to investments promoting affordable housing, community development and renewable energy sources. Some of these tax-advantaged tax-advantaged $237 million and $202 million, respectively, were included in tax expense and the remaining amounts were included in noninterest expense. The Company is not required to consolidate VIEs in which it has concluded it does not have a controlling financial interest, and thus is not the primary beneficiary. In such cases, the Company does not have both the power to direct the entities’ most significant activities and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIEs. The Company’s investments in these unconsolidated VIEs are carried in other assets on the Consolidated Balance Sheet. The Company’s unfunded capital and other commitments related to these unconsolidated VIEs are generally carried in other liabilities on the Consolidated Balance Sheet. The Company’s maximum exposure to loss from these unconsolidated VIEs include the investment recorded on the Company’s Consolidated Balance Sheet, net of unfunded capital commitments, and previously recorded tax credits which remain subject to recapture by taxing authorities based on compliance features required to be met at the project level. While the Company believes potential losses from these investments are remote, the maximum exposure was determined by assuming a scenario where the community-based business and housing projects completely fail and do not meet certain government compliance requirements resulting in recapture of the related tax credits. The following table provides a summary of investments in community development and tax-advantaged (Dollars in Millions) September 30, 2019 December 31, 2018 Investment carrying amount $ 6,079 $ 5,823 Unfunded capital and other commitments 3,037 2,778 Maximum exposure to loss 12,163 12,360 The Company also has noncontrolling financial investments in private investment funds and partnerships considered to be VIEs, which are not consolidated. The Company’s recorded investment in these entities, carried in other assets on the Consolidated Balance Sheet, was approximately $30 million at September 30, 2019 and $27 million at December 31, 2018. The maximum exposure to loss related to these VIEs was $55 million at September 30, 2019 and $52 million at December 31, 2018, representing the Company’s investment balance and its unfunded commitments to invest additional amounts. The Company’s individual net investments in unconsolidated VIEs, which exclude any unfunded capital commitments, ranged from less than $1 million to $89 million at September 30, 2019, compared with less than $1 million to $95 million at December 31, 2018. The Company is required to consolidate VIEs in which it has concluded it has a controlling financial interest. The Company sponsors entities to which it transfers its interests in tax-advantaged tax-advantaged The Company also sponsors a conduit to which it previously transferred high-grade investment securities. The Company consolidates the conduit because of its ability to manage the activities of the conduit. At September 30, 2019 and December 31, 2018, $ million of the held-to-maturity investment securities on the Company’s Consolidated Balance Sheet were related to the conduit . In addition, the Company sponsors a municipal bond securities tender option bond program. The Company controls the activities of the program’s entities, is entitled to the residual returns and provides liquidity and remarketing arrangements to the program. As a result, the Company has consolidated the program’s entities. At September 30, 2019, $2.9 billion of available-for-sale available-for-sale |
Mortgage Servicing Rights
Mortgage Servicing Rights | 9 Months Ended |
Sep. 30, 2019 | |
Text Block [Abstract] | |
Mortgage Servicing Rights | Note 7 The Company capitalizes MSRs as separate assets when loans are sold and servicing is retained. MSRs may also be purchased from others. The Company carries MSRs at fair value, with changes in the fair value recorded in earnings during the period in which they occur. The Company serviced $227.8 billion of residential mortgage loans for others at September 30, 2019, and $231.5 billion at December 31, 2018, including subserviced mortgages with no corresponding MSR asset. Included in mortgage banking revenue are the MSR fair value changes arising from market rate and model assumption changes, net of the value change in derivatives used to economically hedge MSRs. Changes in fair value of capitalized MSRs are s u Three Months Ended Nine Months Ended (Dollars in Millions) 2019 2018 2019 2018 Balance at beginning of period $ 2,458 $ 2,844 $ 2,791 $ 2,645 Rights purchased 6 2 13 6 Rights capitalized 168 109 373 306 Rights sold (a) 4 (15 ) 4 (15 ) Changes in fair value of MSRs Due to fluctuations in market interest rates ( b (243 ) 68 (573 ) 220 Due to revised assumptions or models ( c 15 2 30 52 Other changes in fair value ( d (112 ) (93 ) (342 ) (297 ) Balance at end of period $ 2,296 $ 2,917 $ 2,296 $ 2,917 (a) MSRs sold in 2019 include those having a negative fair value, resulting from the related loans being severely delinquent. (b) Includes changes in MSR value associated with changes in market interest rates, including estimated prepayment rates and anticipated earnings on escrow deposits. (c) Includes changes in MSR value not caused by changes in market interest rates, such as changes in cost to service, ancillary income and option adjusted spread, as well as the impact of any model changes. (d) Primarily represents changes due to realization of expected cash flows over time (decay). The estimated sensitivity to changes in interest rates of the fair value of the MSR portfolio and the related derivative instruments was as follows: September 30, 2019 December 31, 2018 (Dollars in Millions) Down Down Down Up Up Up Down Down Down Up Up Up MSR portfolio $ (696 ) $ (337 ) $ (165 ) $ 153 $ 294 $ 537 $ (501 ) $ (223 ) $ (105 ) $ 92 $ 171 $ 295 Derivative instrument hedges 691 340 167 (156 ) (307 ) (615 ) 455 215 104 (94 ) (177 ) (321 ) Net sensitivity $ (5 ) $ 3 $ 2 $ (3 ) $ (13 ) $ (78 ) $ (46 ) $ (8 ) $ (1 ) $ (2 ) $ (6 ) $ (26 ) The fair value of MSRs and their sensitivity to changes in interest rates is influenced by the mix of the servicing portfolio and characteristics of each segment of the portfolio. The Company’s servicing portfolio consists of the distinct portfolios of government-insured mortgages, conventional mortgages and Housing Finance Agency (“HFA”) mortgages. The servicing portfolios are predominantly comprised of fixed-rate agency loans with limited adjustable-rate or jumbo mortgage loans. The HFA servicing portfolio is comprised of loans originated under state and local housing authority program guidelines which assist purchases by first-time or low- A summary of the Company’s MSRs and relat e September 30, 2019 December 31, 2018 (Dollars in Millions) HFA Government Conventional (d) Total HFA Government Conventional (d) Total Servicing portfolio (a) $ 44,968 $ 35,634 $ 144,797 $ 225,399 $ 44,384 $ 35,990 $ 148,910 $ 229,284 Fair value $ 453 $ 414 $ 1,429 $ 2,296 $ 526 $ 465 $ 1,800 $ 2,791 Value (bps) (b) 101 116 99 102 119 129 121 122 Weighted-average servicing fees (bps) 34 38 28 31 34 36 27 30 Multiple (value/servicing fees) 2.94 3.05 3.57 3.33 3.45 3.63 4.52 4.11 Weighted-average note rate 4.66 % 4.01 % 4.08 % 4.18 % 4.59 % 3.97 % 4.06 % 4.15 % Weighted-average age (in years) 3.6 4.8 4.8 4.6 3.3 4.7 4.5 4.3 Weighted-average expected prepayment (constant prepayment rate) 13.6 % 15.4 % 14.7 % 14.6 % 9.8 % 11.0 % 9.1 % 9.5 % Weighted-average expected life (in years) 6.0 5.2 5.2 5.4 7.7 6.7 7.1 7.2 Weighted-average option adjusted spread (c) 8.4 % 8.0 % 7.0 % 7.4 % 8.6 % 8.3 % 7.2 % 7.6 % (a) Represents principal balance of mortgages having corresponding MSR asset. (b) Calculated as fair value divided by the servicing portfolio. (c) Option adjusted spread is the incremental spread added to the risk-free rate to reflect optionality and other risk inherent in the MSRs. (d) Represents loans sold primarily to GSEs. |
Preferred Stock
Preferred Stock | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Preferred Stock | Note 8 Preferred Stock At September 30, 2019 and December 31, 2018, the Company had authority to issue 50 million shares of preferred stock. The number of shares issued and outstanding and the carrying amount of each outstanding series of the Company’s preferred stock were as follows: September 30, 2019 December 31, 2018 (Dollars in Millions) Shares Liquidation Discount Carrying Shares Liquidation Discount Carrying Series A 12,510 $ 1,251 $ 145 $ 1,106 12,510 $ 1,251 $ 145 $ 1,106 Series B 40,000 1,000 – 1,000 40,000 1,000 – 1,000 Series F 44,000 1,100 12 1,088 44,000 1,100 12 1,088 Series H 20,000 500 13 487 20,000 500 13 487 Series I 30,000 750 5 745 30,000 750 5 745 Series J 40,000 1,000 7 993 40,000 1,000 7 993 Series K 23,000 575 10 565 23,000 575 10 565 Total preferred stock (a) 209,510 $ 6,176 $ 192 $ 5,984 209,510 $ 6,176 $ 192 $ 5,984 (a) The par value of all shares issued and outstanding at September 30, 2019 and December 31, 2018, was $1.00 per share. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Note 9 Accumulated Other Comprehensive Income (Loss) Shareholders’ equity is affected by transactions and valuations of asset and liability positions that require adjustments to accumulated other comprehensive income (loss). The reconciliation of the transactions affecting accumulated other comprehensive income (loss) included in shareholders’ equity is as follows: Three Months Ended September 30 (Dollars in Millions) Unrealized Gains Available-For- Sale Unrealized Gains Available-For-Sale to Held-To- Maturity Unrealized Gains Unrealized Gains Foreign Total 2019 Balance at beginning of period $ 163 $ 11 $ (55 ) $ (1,385 ) $ (78 ) $ (1,344 ) Changes in unrealized gains and losses 284 – (59 ) – – 225 Foreign currency translation adjustment (a) – – – – 2 2 Reclassification to earnings of realized gains and losses (25 ) (1 ) 6 22 – 2 Applicable income taxes (66 ) – 14 (6 ) – (58 ) Balance at end of period $ 356 $ 10 $ (94 ) $ (1,369 ) $ (76 ) $ (1,173 ) 2018 Balance at beginning of period $ (1,183 ) $ 17 $ 176 $ (1,244 ) $ (81 ) $ (2,315 ) Changes in unrealized gains and losses (411 ) – 40 – – (371 ) Foreign currency translation adjustment (a) – – – – 7 7 Reclassification to earnings of realized gains and losses (10 ) (2 ) (2 ) 34 – 20 Applicable income taxes 107 – (10 ) (9 ) (2 ) 86 Balance at end of period $ (1,497 ) $ 15 $ 204 $ (1,219 ) $ (76 ) $ (2,573 ) (a) Represents the impact of changes in foreign currency exchange rates on the Company’s investment in foreign operations and related hedges. Nine Months Ended September 30 (Dollars in Millions) Unrealized Gains Available-For- Sale Unrealized Gains Available-For-Sale to Held-To- Maturity Unrealized Gains Unrealized Gains Foreign Total 2019 Balance at beginning of period $ (946 ) $ 14 $ 112 $ (1,418 ) $ (84 ) $ (2,322 ) Changes in unrealized gains and losses 1,790 – (268 ) – – 1,522 Foreign currency translation adjustment (a) – – – – 10 10 Reclassification to earnings of realized gains and losses (47 ) (5 ) (8 ) 66 – 6 Applicable income taxes (441 ) 1 70 (17 ) (2 ) (389 ) Balance at end of period $ 356 $ 10 $ (94 ) $ (1,369 ) $ (76 ) $ (1,173 ) 2018 Balance at beginning of period $ (357 ) $ 17 $ 71 $ (1,066 ) $ (69 ) $ (1,404 ) Revaluation of tax related balances (b) (77 ) 4 15 (229 ) (13 ) (300 ) Changes in unrealized gains and losses (1,399 ) – 159 (1 ) – (1,241 ) Foreign currency translation adjustment (a) – – – – 12 12 Reclassification to earnings of realized gains and losses (25 ) (7 ) (1 ) 103 – 70 Applicable income taxes 361 1 (40 ) (26 ) (6 ) 290 Balance at end of period $ (1,497 ) $ 15 $ 204 $ (1,219 ) $ (76 ) $ (2,573 ) (a) Represents the impact of changes in foreign currency exchange rates on the Company’s investment in foreign operations and related hedges. (b) Reflects the adoption of new accounting guidance on January 1, 2018 to reclassify the impact of the reduced federal statutory rate for corporations included in 2017 tax reform legislation from accumulated other comprehensive income to retained earnings. Additional detail a b o ut the im p act to net income for items reclassified out of accumulated other comprehensive income (loss) and into earnings is as follows: Impact to Net Income Affected Line Item in the Consolidated Statement of Income Three Months Ended September 30 Nine Months Ended September 30 (Dollars in Millions) 2019 2018 2019 2018 Unrealized gains (losses) on investment securities available-for-sale Realized gains (losses) on sale of investment securities $ 25 $ 10 $ 47 $ 25 Total securities gains (losses), net (6 ) (2 ) (12 ) (6 ) Applicable income taxes 19 8 35 19 Net-of-tax Unrealized gains (losses) on investment securities transferred from available-for-sale to held-to-maturity Amortization of unrealized gains 1 2 5 7 Interest income – – (1 ) (1 ) Applicable income taxes 1 2 4 6 Net-of-tax Unrealized gains (losses) on derivative hedges Realized gains (losses) on derivative hedges (6 ) 2 8 1 Interest expense 1 (1 ) (2 ) (1 ) Applicable income taxes (5 ) 1 6 – Net-of-tax Unrealized gains (losses) on retirement plans Actuarial gains (losses) and prior service cost (credit) amortization (22 ) (34 ) (66 ) (103 ) Other noninterest expense 6 8 17 26 Applicable income taxes (16 ) (26 ) (49 ) (77 ) Net-of-tax Total impact to net income $ (1 ) $ (15 ) $ (4 ) $ (52 ) |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 10 Earnings Per Share The components of earnings per share were: Three Months Ended Nine Months Ended (Dollars and Shares in Millions, Except Per Share Data) 2019 2018 2019 2018 Net income attributable to U.S. Bancorp $ 1,908 $ 1,815 $ 5,428 $ 5,240 Preferred dividends (79 ) (76 ) (230 ) (210 ) Earnings allocated to participating stock awards (8 ) (7 ) (23 ) (23 ) Net income applicable to U.S. Bancorp common shareholders $ 1,821 $ 1,732 $ 5,175 $ 5,007 Average common shares outstanding 1,575 1,629 1,589 1,641 Net effect of the exercise and assumed purchase of stock awards 3 4 3 4 Average diluted common shares outstanding 1,578 1,633 1,592 1,645 Earnings per common share $ 1.16 $ 1.06 $ 3.26 $ 3.05 Diluted earnings per common share $ 1.15 $ 1.06 $ 3.25 $ 3.04 Options outstanding at September 30, 2019, to purchase 1 million common shares for the three months and nine months ended September 30, 2019, and outstanding at September 30, 2018, to purchase 1 million common shares for the three months and nine months ended September 30, 2018, were not included in the computation of diluted earnings per share because they were antidilutive. |
Employee Benefits
Employee Benefits | 9 Months Ended |
Sep. 30, 2019 | |
Retirement Benefits [Abstract] | |
Employee Benefits | Note 11 Employee Benefits The components of net periodic benefit cost for the Company’s retirement plans were: Three Months Ended September 30 Nine Months Ended September 30 Pension Plans Postretirement Pension Plans Postretirement (Dollars in Millions) 2019 2018 2019 2018 2019 2018 2019 2018 Service cost $ 48 $ 52 $ – $ – $ 144 $ 156 $ – $ – Interest cost 63 56 1 – 187 168 2 1 Expected return on plan assets (96 ) (95 ) (1 ) – (287 ) (284 ) (2 ) (2 ) Prior service cost (credit) amortization – – (1 ) (1 ) – – (3 ) (2 ) Actuarial loss (gain) amortization 24 36 (1 ) (1 ) 73 109 (4 ) (4 ) Net periodic benefit cost (a) $ 39 $ 49 $ (2 ) $ (2 ) $ 117 $ 149 $ (7 ) $ (7 ) (a) Service cost is included in employee benefits expense on the Consolidated Statement of Income. All other components are included in other noninterest expense on the Consolidated Statement of Income. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 12 Income Taxes The components of income tax expense were: Three Months Ended Nine Months Ended (Dollars in Millions) 2019 2018 2019 2018 Federal Current $ 414 $ 385 $ 1,002 $ 931 Deferred (59 ) (53 ) 26 (17 ) Federal income tax 355 332 1,028 914 State Current 140 141 280 295 Deferred (28 ) (13 ) (14 ) 54 State income tax 112 128 266 349 Total income tax provision $ 467 $ 460 $ 1,294 $ 1,263 A reconciliation of expected income tax expense at the federal statutory rate of 21 percent to the Company’s applicable income tax expense follows: Three Months Ended Nine Months Ended (Dollars in Millions) 2019 2018 2019 2018 Tax at statutory rate $ 501 $ 479 $ 1,417 $ 1,370 State income tax, at statutory rates, net of federal tax benefit 99 102 277 287 Tax effect of Tax credits and benefits, net of related expenses (97 ) (122 ) (307 ) (369 ) Exam resolutions – – (49 ) (49 ) Tax-exempt (29 ) (33 ) (92 ) (98 ) Noncontrolling interests (1 ) (2 ) (5 ) (5 ) Other items (6 ) 36 53 127 Applicable income taxes $ 467 $ 460 $ 1,294 $ 1,263 The Company’s income tax returns are subject to review and examination by federal, state, local and foreign government authorities. On an ongoing basis, numerous federal, state, local and foreign examinations are in progress and cover multiple tax years. As of September 30, 2019, federal tax examinations for all years ending through December 31, 2010, and years ending December 31, 2013, and December 31, 2014 are completed and resolved. The Company’s tax returns for the years ended December 31, 2011, 2012, 2015, and 2016 are under examination by the Internal Revenue Service. The years open to examination by foreign, state and local government authorities vary by jurisdiction. The Company’s net deferred tax asset was $ million at September , and $ million at December , . |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Note 13 Derivative Instruments In the ordinary course of business, the Company enters into derivative transactions to manage various risks and to accommodate the business requirements of its customers. The Company recognizes all derivatives on the Consolidated Balance Sheet at fair value in other assets or in other liabilities. On the date the Company enters into a derivative contract, the derivative is designated as either a fair value hedge, cash flow hedge, net investment hedge, or a designation is not made as it is a customer-related transaction, an economic hedge for asset/liability risk management purposes or another stand-alone derivative created through the Company’s operations (“free-standing derivative”). When a derivative is designated as a fair value, cash flow or net investment hedge, the Company performs an assessment, at inception and, at a minimum, quarterly thereafter, to determine the effectiveness of the derivative in offsetting changes in the value or cash flows of the hedged item(s). Fair Value Hedges These derivatives are interest rate swaps the Company uses to hedge the change in fair value related to interest rate changes of its underlying fixed-rate debt. Changes in the fair value of derivatives designated as fair value hedges, and changes in the fair value of the hedged items, are recorded in earnings. Cash Flow Hedges These derivatives are interest rate swaps the Company uses to hedge the forecasted cash flows from its underlying variable-rate debt. Changes in the fair value of derivatives designated as cash flow hedges are recorded in other comprehensive income (loss) until the cash flows of the hedged items are realized. If a derivative designated as a cash flow hedge is terminated or ceases to be highly effective, the gain or loss in other comprehensive income (loss) is amortized to earnings over the period the forecasted hedged transactions impact earnings. If a hedged forecasted transaction is no longer probable, hedge accounting is ceased and any gain or loss included in other comprehensive income (loss) is reported in earnings immediately, unless the forecasted transaction is at least reasonably possible of occurring, whereby the amounts remain within other comprehensive income (loss). At September 30, 2019, the Company had $94 million (net-of-tax) (net-of-tax) (net-of-tax) (net-of-tax), Net Investment Hedges The Company uses forward commitments to sell specified amounts of certain foreign currencies, and non-derivative non-derivative Other Derivative Positions The Company enters into free-standing derivatives to mitigate interest rate risk and for other risk management purposes. These derivatives include forward commitments to sell to-be-announced non-derivative For additional information on the Company’s purpose for entering into derivative transactions and its overall risk management strategies, refer to “Management Discussion and Analysis — Use of Derivatives to Manage Interest Rate and Other Risks”, which is incorporated by reference into these Notes to Consolidated Financial Statements. The following table summarizes the asset and liability management derivative positions of the Company: Asset Derivatives Liability Derivatives (Dollars in Millions) Notional Fair Weighted- In Notional Fair Weighted- September 30, 2019 Fair value hedges Interest rate contracts Receive fixed/pay floating swaps $ 15,300 $ – 4.91 $ 1,900 $ – 3.97 Cash flow hedges Interest rate contracts Pay fixed/receive floating swaps 500 – .21 9,202 4 2.90 Net investment hedges Foreign exchange forward contracts 447 4 .05 – – – Other economic hedges Interest rate contracts Futures and forwards Buy 7,373 21 .06 14,083 52 .09 Sell 5,169 13 .03 22,883 20 .79 Options Purchased 9,300 57 2.19 200 – 1.01 Written 1,959 47 .10 4,010 76 1.81 Receive fixed/pay floating swaps 5,762 – 8.54 5,202 – 10.35 Pay fixed/receive floating swaps 964 – 6.94 5,220 – 5.93 Foreign exchange forward contracts 242 1 .04 437 1 .05 Equity contracts 18 1 .64 126 2 .64 Other (a) 675 6 .01 2,394 58 .54 Total $ 47,709 $ 150 $ 65,657 $ 213 December 31, 2018 Cash flow hedges Interest rate contracts Pay fixed/receive floating swaps $ 7,422 $ 8 3.11 $ 4,320 $ – 1.77 Net investment hedges Foreign exchange forward contracts 209 5 .05 223 1 .05 Other economic hedges Interest rate contracts Futures and forwards Buy 2,839 27 .07 1,140 5 .05 Sell 994 3 .06 13,968 30 .72 Options Purchased 5,080 88 10.77 – – – Written 584 16 .09 3 – .09 Receive fixed/pay floating swaps 3,605 – 14.80 4,333 – 6.97 Pay fixed/receive floating swaps 4,333 – 6.97 1,132 – 7.64 Foreign exchange forward contracts 549 7 .03 75 1 .05 Equity contracts 19 1 .82 104 2 .45 Other (a) 1 – .01 1,458 84 1.50 Total $ 25,635 $ 155 $ 26,756 $ 123 (a) Includes derivative liability swap agreements related to the sale of a portion of the Company’s Class B common shares of Visa Inc. The Visa swap agreements had a total notional value, fair value and weighted-average remaining maturity of $1.7 billion, $52 million and .75 years at September 30, 2019, respectively, compared to $1.5 billion, $84 million and 1.50 years at December 31, 2018, respectively. In addition, includes short-term underwriting purchase and sale commitments with total asset and liability notional values of $675 million at September 30, 2019, and $1 million at December 31, 2018. The following table summarizes the customer-related derivative positions of the Company: Asset Derivatives Liability Derivatives (Dollars in Millions) Notional Fair Weighted- Notional Fair Weighted- September 30, 2019 Interest rate contracts Receive fixed/pay floating swaps $ 116,162 $ 2,435 5.20 $ 18,102 $ 29 3.09 Pay fixed/receive floating swaps 17,918 22 3.04 111,998 932 4.98 Other (a) 6,156 2 3.10 7,345 3 3.26 Options Purchased 45,207 52 1.54 6,567 121 2.85 Written 5,600 124 3.42 43,346 47 1.41 Futures Buy 647 – .21 525 – .62 Sell – – – 3,723 2 1.49 Foreign exchange rate contracts Forwards, spots and swaps 29,935 811 1.09 30,808 786 1.25 Options Purchased 1,364 28 .60 – – – Written – – – 1,364 28 .60 Credit contracts 2,670 1 3.40 6,926 6 4.07 Total $ 225,659 $ 3,475 $ 230,704 $ 1,954 December 31, 2018 Interest rate contracts Receive fixed/pay floating swaps $ 42,054 $ 754 6.73 $ 60,731 $ 456 4.32 Pay fixed/receive floating swaps 60,970 288 3.90 40,499 420 6.57 Other (a) 5,777 2 3.77 6,496 2 2.72 Options Purchased 41,711 51 1.54 1,940 30 1.98 Written 2,060 32 2.07 39,538 51 1.44 Futures Buy 460 – 1.58 – – – Sell – – – 6,190 1 .59 Foreign exchange rate contracts Forwards, spots and swaps 26,210 681 .91 25,571 663 .88 Options Purchased 2,779 47 .75 – – – Written – – – 2,779 47 .75 Credit contracts 2,318 – 3.50 4,923 2 4.04 Total $ 184,339 $ 1,855 $ 188,667 $ 1,672 (a) Primarily represents floating rate interest rate swaps that pay based on differentials between specified interest rate indexes. 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): Three Months Ended September 30 Nine Months Ended September 30 Gains (Losses) (Loss) Gains (Losses) (Loss) into Earnings Gains (Losses) (Loss) Gains (Losses) (Loss) into Earnings (Dollars in Millions) 2019 2018 2019 2018 2019 2018 2019 2018 Asset and Liability Management Positions Cash flow hedges Interest rate contracts $ (44 ) $ 29 $ (5 ) $ 1 $ (200 ) $ 118 $ 6 $ – Net investment hedges Foreign exchange forward contracts 10 – – – 8 28 – – Non-derivative 37 6 – – 42 22 – – Note: The Company does not exclude components from effectiveness testing for cash flow and net investment hedges. The table below shows the effect of fair value and cash flow hedge accounting included in interest expense on the Consolidated Statement of Income: Three Months Ended Nine Months (Dollars in Millions) 2019 2018 2019 2018 Total amount of interest expense presented in the Consolidated Statement of Income $ 1,156 $ 872 $ 3,394 $ 2,246 Asset and Liability Management Positions Fair value hedges Interest rate contract derivatives (183 ) – (234 ) 5 Hedged items 181 – 232 (5 ) Cash Flow hedges Interest rate contract derivatives 6 (2 ) (8 ) (1 ) Note: The Company does not exclude components from effectiveness testing for fair value and cash flow hedges. The Company did not reclassify gains or losses into earnings as a result of the discontinuance of cash flow hedges during the three and nine months ended September 30, 2019 and 2018. The table below shows cumulative hedging adjustments and the carrying amount of assets (liabilities) designated in fair value hedges: Carrying Amount of the Hedged Assets Cumulative Hedging Adjustment (a) (Dollars in Millions) September 30, 2019 December 31, 2018 September 30, 2019 December 31, 2018 Line Item in the Consolidated Balance Sheet Long-term Debt $ 16,639 $ – $ 221 $ (27 ) (a) The cumulative hedging adjustment related to discontinued hedging relationships at September 30, 2019 and December 31, 2018 was $(11) million and $(27) million, respectively. The table below shows the gains (losses) recognized in earnings for other economic hedges and the customer-related Location of Gains (Losses) Recognized in Earnings Three Months Ended Nine Months Ended (Dollars in Millions) 2019 2018 2019 2018 Asset and Liability Management Positions Other economic hedges Interest rate contracts Futures and forwards Mortgage banking revenue $ 20 $ 23 $ (20 ) $ 96 Purchased and written options Mortgage banking revenue 154 46 347 144 Swaps Mortgage banking revenue 215 (68 ) 513 (224 ) Foreign exchange forward contracts Other noninterest income (3 ) (9 ) (18 ) 18 Equity contracts Compensation expense – – (2 ) (1 ) Other Other noninterest income – – – 1 Customer-Related Positions Interest rate contracts Swaps Commercial products revenue 26 16 61 33 Purchased and written options Commercial products revenue 2 (1 ) 11 1 Futures Commercial products revenue (3 ) 3 (7 ) 14 Foreign exchange rate contracts Forwards, spots and swaps Commercial products revenue 20 20 59 65 Purchased and written options Commercial products revenue 1 – 1 – Credit contracts Commercial products revenue (4 ) 1 (12 ) 3 Derivatives are subject to credit risk associated with counterparties to the derivative contracts. The Company measures that credit risk using a credit valuation adjustment and includes it within the fair value of the derivative. The Company manages counterparty credit risk through diversification of its derivative positions among various counterparties, by entering into derivative positions that are centrally cleared through clearinghouses, by entering into master netting arrangements and, where possible, by requiring collateral arrangements. A master netting arrangement allows two counterparties, who have multiple derivative contracts with each other, the ability to net settle amounts under all contracts, including any related collateral, through a single payment and in a single currency. Collateral arrangements generally require the counterparty to deliver collateral (typically cash or U.S. Treasury and agency securities) equal to the Company’s net derivative receivable, subject to minimum transfer and credit rating requirements. The Company’s collateral arrangements are predominately bilateral and, therefore, contain provisions that require collateralization of the Company’s net liability derivative positions. Required collateral coverage is based on net |
Netting Arrangements for Certai
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities | 9 Months Ended |
Sep. 30, 2019 | |
Text Block [Abstract] | |
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities | Note 14 Netting Arrangements for Certain Financial Instruments and Securities Financing Activities The Company’s derivative portfolio consists of bilateral over-the-counter over-the-counter As part of the Company’s treasury and broker-dealer operations, the Company executes transactions that are treated as securities sold under agreements to repurchase or securities purchased under agreements to resell, both of which are accounted for as collateralized financings. Securities sold under agreements to repurchase include repurchase agreements and securities loaned transactions. Securities purchased under agreements to resell include reverse repurchase agreements and securities borrowed transactions. For securities sold under agreements to repurchase, the Company records a liability for the cash received, which is included in short-term borrowings on the Consolidated Balance Sheet. For securities purchased under agreements to resell, the Company records a receivable for the cash paid, which is included in other assets on the Consolidated Balance Sheet. Securities transferred to counterparties under repurchase agreements and securities loaned transactions continue to be recognized on the Consolidated Balance Sheet, are measured at fair value, and are included in investment securities or other assets. Securities received from counterparties under reverse repurchase agreements and securities borrowed transactions are not recognized on the Consolidated Balance Sheet unless the counterparty defaults. The securities transferred under repurchase and reverse repurchase transactions typically are U.S. Treasury and agency securities, residential agency mortgage-backed securities or corporate debt securities. The securities loaned or borrowed typically are corporate debt securities traded by the Company’s broker-dealer subsidiary. In general, the securities transferred can be sold, repledged or otherwise used by the party in possession. No restrictions exist on the use of cash collateral by either party. Repurchase/reverse repurchase and securities loaned/borrowed transactions expose the Company to counterparty risk. The Company manages this risk by performing assessments, independent of business line managers, and establishing concentration limits on each counterparty. Additionally, these transactions include collateral arrangements that require the fair values of the underlying securities to be determined daily, resulting in cash being obtained or refunded to counterparties to maintain specified collateral levels. The following table summarizes the maturities by category of collateral pledged for repurchase agreements and securities loaned transactions: (Dollars in Millions) Overnight and Less Than 30-89 Greater Than Total September 30, 2019 Repurchase agreements U.S. Treasury and agencies $ 278 $ – $ – $ – $ 278 Residential agency mortgage-backed securities 270 – – – 270 Corporate debt securities 676 – – – 676 Total repurchase agreements 1,224 – – – 1,224 Securities loaned Corporate debt securities 107 – – – 107 Total securities loaned 107 – – – 107 Gross amount of recognized liabilities $ 1,331 $ – $ – $ – $ 1,331 December 31, 2018 Repurchase agreements U.S. Treasury and agencies $ 134 $ – $ – $ – $ 134 Residential agency mortgage-backed securities 565 – 945 470 1,980 Corporate debt securities 480 – – – 480 Total repurchase agreements 1,179 – 945 470 2,594 Securities loaned Corporate debt securities 227 – – – 227 Total securities loaned 227 – – – 227 Gross amount of recognized liabilities $ 1,406 $ – $ 945 $ 470 $ 2,821 The Company executes its derivative, repurchase/reverse repurchase and securities loaned/borrowed transactions under the respective industry standard agreements. These agreements include master netting arrangements that allow for multiple contracts executed with the same counterparty to be viewed as a single arrangement. This allows for net settlement of a single amount on a daily basis. In the event of default, the master netting arrangement provides for close-out The Company has elected to offset the assets and liabilities under netting arrangements for the balance sheet presentation of the majority of its derivative counterparties. The netting occurs at the counterparty level, and includes all assets and liabilities related to the derivative contracts, including those associated with cash collateral received or delivered. The Company has not elected to offset the assets and liabilities under netting arrangements for the balance sheet presentation of repurchase/reverse repurchase and securities loaned/borrowed transactions. The following tables provide information on the Company’s netting adjustments, and items not offset on the Consolidated Balance Sheet but available for offset in the event of default: Gross Recognized Gross Amounts Consolidated Net Amounts Consolidated Gross Amounts Not Offset on the (Dollars in Millions) Financial Collateral Net Amount September 30, 2019 Derivative assets (d) $ 3,563 $ (1,324 ) $ 2,239 $ (61 ) $ (156 ) $ 2,022 Reverse repurchase agreements 3,893 – 3,893 (169 ) (3,724 ) – Securities borrowed 1,499 – 1,499 – (1,452 ) 47 Total $ 8,955 $ (1,324 ) $ 7,631 $ (230 ) $ (5,332 ) $ 2,069 December 31, 2018 Derivative assets (d) $ 1,987 $ (942 ) $ 1,045 $ (106 ) $ (16 ) $ 923 Reverse repurchase agreements 205 – 205 (114 ) (91 ) – Securities borrowed 1,069 – 1,069 – (1,039 ) 30 Total $ 3,261 $ (942 ) $ 2,319 $ (220 ) $ (1,146 ) $ 953 (a) Includes $760 million and $236 million of cash collateral related payables that were netted against derivative assets at September 30, 2019 and December 31, 2018, respectively. (b) For derivative assets this includes any derivative liability fair values that could be offset in the event of counterparty default; for reverse repurchase agreements this includes any repurchase agreement payables that could be offset in the event of counterparty default; for securities borrowed this includes any securities loaned payables that could be offset in the event of counterparty default. (c) Includes the fair value of securities received by the Company from the counterparty. These securities are not included on the Consolidated Balance Sheet unless the counterparty defaults. (d) Excludes $62 million and $23 million at September 30, 2019 and December 31, 2018, respectively, of derivative assets not subject to netting arrangements. (Dollars in Millions) Gross Recognized Gross Amounts Consolidated Net Amounts Consolidated Gross Amounts Not Offset on the Net Amount Financial Collateral September 30, 2019 Derivative liabilities (d) $ 2,105 $ (1,093 ) $ 1,012 $ (61 ) $ – $ 951 Repurchase agreements 1,224 – 1,224 (169 ) (1,055 ) – Securities loaned 107 – 107 – (106 ) 1 Total $ 3,436 $ (1,093 ) $ 2,343 $ (230 ) $ (1,161 ) $ 952 December 31, 2018 Derivative liabilities (d) $ 1,710 $ (946 ) $ 764 $ (106 ) $ – $ 658 Repurchase agreements 2,594 – 2,594 (114 ) (2,480 ) – Securities loaned 227 – 227 – (224 ) 3 Total $ 4,531 $ (946 ) $ 3,585 $ (220 ) $ (2,704 ) $ 661 (a) Includes $529 million and $240 million of cash collateral related receivables that were netted against derivative liabilities at September 30, 2019 and December 31, 2018, respectively. (b) For derivative liabilities this includes any derivative asset fair values that could be offset in the event of counterparty default; for repurchase agreements this includes any reverse repurchase agreement receivables that could be offset in the event of counterparty default; for securities loaned this includes any securities borrowed receivables that could be offset in the event of counterparty default. (c) Includes the fair value of securities pledged by the Company to the counterparty. These securities are included on the Consolidated Balance Sheet unless the Company defaults. (d) Excludes $62 million and $85 million at September 30, 2019 and December 31, 2018, respectively, of derivative liabilities not subject to netting arrangements. |
Fair Values of Assets and Liabi
Fair Values of Assets and Liabilities | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Values of Assets and Liabilities | Note 15 Fair Values of Assets and Liabilities The Company uses fair value measurements for the initial recording of certain assets and liabilities, periodic remeasurement of certain assets and liabilities, and disclosures. Derivatives, trading and available-for-sale lower-of-cost-or-fair Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A fair value measurement reflects all of the assumptions that market participants would use in pricing the asset or liability, including assumptions about the risk inherent in a particular valuation technique, the effect of a restriction on the sale or use of an asset and the risk of nonperformance. The Company groups its assets and liabilities measured at fair value into a three-level hierarchy for valuation techniques used to measure financial assets and financial liabilities at fair value. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are: • Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 1 includes U.S. Treasury securities, as well as exchange-traded instruments. • Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 includes debt securities that are traded less frequently than exchange-traded instruments and which are typically valued using third party pricing services; derivative contracts and other assets and liabilities, including securities, whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data; and MLHFS whose values are determined using quoted prices for similar assets or pricing models with inputs that are observable in the market or can be corroborated by observable market data. • Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose values are determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. This category includes MSRs and certain derivative contracts. Valuation Methodologies The valuation methodologies used by the Company to measure financial assets and liabilities at fair value are described below. In addition, the following section includes an indication of the level of the fair value hierarchy in which the assets or liabilities are classified. Where appropriate, the descriptions include information about the valuation models and key inputs to those models. During the nine months ended September 30, 2019 and 2018, there were no significant changes to the valuation techniques used by the Company to measure fair value. Available-For-Sale When quoted market prices for identical securities are available in an active market, these prices are used to determine fair value and these securities are classified within Level 1 of the fair value hierarchy. Level 1 investment securities include U.S. Treasury and exchange-traded securities. For other securities, quoted market prices may not be readily available for the specific securities. When possible, the Company determines fair value based on market observable information, including quoted market prices for similar securities, inactive transaction prices, and broker quotes. These securities are classified within Level 2 of the fair value hierarchy. Level 2 valuations are generally provided by a third party pricing service. Level 2 investment securities are predominantly agency mortgage-backed securities, certain other asset-backed securities, obligations of state and political subdivisions and agency debt securities. Mortgage Loans Held For Sale MLHFS measured at fair value, for which an active secondary market and readily available market prices exist, are initially valued at the transaction price and are subsequently valued by comparison to instruments with similar collateral and risk profiles. MLHFS are classified within Level 2. Included in mortgage banking revenue was a $10 million net gain and a $4 million net loss for the three months ended September 30, 2019 and 2018, respectively, and a $53 million net gain and a $61 million net loss for the nine months ended September 30, 2019 and 2018, respectively, from the changes to fair value of these MLHFS under fair value option accounting guidance. Changes in fair value due to instrument specific credit risk were immaterial. Interest income for MLHFS is measured based on contractual interest rates and reported as interest income on the Consolidated Statement of Income. Electing to measure MLHFS at fair value reduces certain timing differences and better matches changes in fair value of these assets with changes in the value of the derivative instruments used to economically hedge them without the burden of complying with the requirements for hedge accounting. Mortgage Servicing Rights MSRs are valued using a discounted cash flow methodology, and are classified within Level 3. The Company determines fair value of the MSRs by projecting future cash flows for different interest rate scenarios using prepayment rates and other assumptions, and discounts these cash flows using a risk adjusted rate based on option adjusted spread levels. There is minimal observable market activity for MSRs on comparable portfolios and, therefore, the determination of fair value requires significant management judgment. Refer to Note 7 for further information on MSR valuation assumptions. Derivatives The majority of derivatives held by the Company are executed over-the-counter The Company also has other derivative contracts that are created through its operations, including commitments to purchase and originate mortgage loans and swap agreements executed in conjunction with the sale of a portion of its Class B common shares of Visa Inc. (the “Visa swaps”). The mortgage loan commitments are valued by pricing models that include market observable and unobservable inputs, which result in the commitments being classified within Level 3 of the fair value hierarchy. The unobservable inputs include assumptions about the percentage of commitments that actually become a closed loan and the MSR value that is inherent in the underlying loan value. The Visa swaps require payments by either the Company or the purchaser of the Visa Inc. Class B common shares when there are changes in the conversion rate of the Visa Inc. Class B common shares to Visa Inc. Class A common shares, as well as quarterly payments to the purchaser based on specified terms of the agreements. Management reviews and updates the Visa swaps fair value in conjunction with its review of Visa Inc. related litigation contingencies, and the associated escrow funding. The expected litigation resolution impacts the Visa Inc. Class B common share to Visa Inc. Class A common share conversion rate, as well as the ultimate termination date for the Visa swaps. Accordingly, the Visa swaps are classified within Level 3. Refer to Note 16 for further information on the Visa Inc. restructuring and related card association litigation. Significant Unobservable Inputs of Level 3 Assets and Liabilities The following section provides information to facilitate an understanding of the uncertainty in the fair value measurements for the Company’s Level 3 assets and liabilities recorded at fair value on the Consolidated Balance Sheet. This section includes a description of the significant inputs used by the Company and a description of any interrelationships between these inputs. The discussion below excludes nonrecurring fair value measurements of collateral value used for impairment measures for loans and OREO. These valuations utilize third party appraisal or broker price opinions, and are classified as Level 3 due to the significant judgment involved. Mortgage Servicing Rights The significant unobservable inputs used in the fair value measurement of the Company’s MSRs are expected prepayments and the option adjusted spread that is added to the risk-free rate to discount projected cash flows. Significant increases in either of these inputs in isolation would have resulted in a significantly lower fair value measurement. Significant decreases in either of these inputs in isolation would have resulted in a significantly higher fair value measurement. There is no direct interrelationship between prepayments and option adjusted spread. Prepayment rates generally move in the opposite direction of market interest rates. Option adjusted spread is generally impacted by changes in market return requirements. The following table shows the significant valuation assumption ranges for MSRs at September 30, 2019: Minimum Maximum Weighted - Expected prepayment 10 % 21 % 15 % Option adjusted spread 7 10 7 (a) Determined based on the relative fair value of the related mortgage loans serviced. Derivatives The Company has two distinct Level 3 derivative portfolios: (i) the Company’s commitments to purchase and originate mortgage loans that meet the requirements of a derivative and (ii) the Company’s asset/liability and customer-related derivatives that are Level 3 due to unobservable inputs related to measurement of risk of nonperformance by the counterparty. In addition, the Company’s Visa swaps are classified within Level 3. The significant unobservable inputs used in the fair value measurement of the Company’s derivative commitments to purchase and originate mortgage loans are the percentage of commitments that actually become a closed loan and the MSR value that is inherent in the underlying loan value. A significant increase in the rate of loans that close would have resulted in a larger derivative asset or liability. A significant increase in the inherent MSR value would have resulted in an increase in the derivative asset or a reduction in the derivative liability. Expected loan close rates and the inherent MSR values are directly impacted by changes in market rates and will generally move in the same direction as interest rates. The following table shows the significant valuation assumption ranges for the Company’s derivative commitments to purchase and originate mortgage loans at September 30, 2019: Minimum Maximum Weighted - Expected loan close rate 13 % 100 % 78 % Inherent MSR value (basis points per loan) 50 199 118 (a) Determined based on the relative fair value of the related mortgage loans. The significant unobservable input used in the fair value measurement of certain of the Company’s asset/liability and customer-related derivatives is the credit valuation adjustment related to the risk of counterparty nonperformance. A significant increase in the credit valuation adjustment would have resulted in a lower fair value measurement. A significant decrease in the credit valuation adjustment would have resulted in a higher fair value measurement. The credit valuation adjustment is impacted by changes in market rates, volatility, market implied credit spreads, and loss recovery rates, as well as the Company’s assessment of the counterparty’s credit position. At September 30, 2019, the minimum, maximum and weighted - The significant unobservable inputs used in the fair value measurement of the Visa swaps are management’s estimate of the probability of certain litigation scenarios, and the timing of the resolution of the related litigation loss estimates in excess, or shortfall, of the Company’s proportional share of escrow funds. An increase in the loss estimate or a delay in the resolution of the related litigation would have resulted in an increase in the derivative liability. A decrease in the loss estimate or an acceleration of the resolution of the related litigation would have resulted in a decrease in the derivative liability. The following table summarizes the balances of assets and liabilities measured at fair value on a recurring basis: (Dollars in Millions) Level 1 Level 2 Level 3 Netting Total September 30, 2019 Available-for-sale U.S. Treasury and agencies $ 15,141 $ 412 $ – $ – $ 15,553 Mortgage-backed securities Residential agency – 50,943 – – 50,943 Commercial agency – 984 – – 984 Other asset-backed securities – 382 – – 382 Obligations of state and political subdivisions – 6,735 – – 6,735 Obligations of foreign governments – 1 – – 1 Total available-for-sale 15,141 59,457 – – 74,598 Mortgage loans held for sale – 3,852 – – 3,852 Mortgage servicing rights – – 2,296 – 2,296 Derivative assets 7 1,998 1,620 (1,324 ) 2,301 Other assets 322 2,065 – – 2,387 Total $ 15,470 $ 67,372 $ 3,916 $ (1,324 ) $ 85,434 Derivative liabilities $ 2 $ 1,831 $ 334 $ (1,093 ) $ 1,074 Short-term borrowings and other liabilities (a) 144 1,460 – – 1,604 Total $ 146 $ 3,291 $ 334 $ (1,093 ) $ 2,678 December 31, 2018 Available-for-sale $ 18,585 $ 672 $ – $ – $ 19,257 Mortgage-backed securities Residential agency – 39,752 – – 39,752 Commercial agency – 2 – – 2 Other asset-backed securities – 403 – – 403 Obligations of state and political subdivisions – 6,701 – – 6,701 Total available-for-sale 18,585 47,530 – – 66,115 Mortgage loans held for sale – 2,035 – – 2,035 Mortgage servicing rights – – 2,791 – 2,791 Derivative assets – 1,427 583 (942 ) 1,068 Other assets 392 1,273 – – 1,665 Total $ 18,977 $ 52,265 $ 3,374 $ (942 ) $ 73,674 Derivative liabilities $ 1 $ 1,291 $ 503 $ (946 ) $ 849 Short-term borrowings and other liabilities (a) 199 1,019 – – 1,218 Total $ 200 $ 2,310 $ 503 $ (946 ) $ 2,067 Note: Excluded from the table above are equity investments without readily determinable fair values. The Company has elected to carry these investments at historical cost, adjusted for impairment and any changes resulting from observable price changes for identical or similar investments of the issuer. The aggregate carrying amount of these equity investments was $88 million and $86 million at September 30, 2019 and December 31, 2018, respectively. The Company has not recorded impairments or adjustments for observable price changes on these equity investments during the first nine months of 2019 and 2018, or on a cumulative basis. (a) Primarily represents the Company’s obligation on securities sold short required to be accounted for at fair value per applicable accounting guidance. The following table presents the changes in fair value for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the t 30: (Dollars in Millions) Beginning of Period Balance Net Gains (Losses) Included in Net Income Purchases Sales Issuances Settlements End of Period Balance Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period 2019 Mortgage servicing rights $ 2,458 $ (340 ) (a) $ 6 $ 4 $ 168 (c) $ – $ 2,296 $ (340 ) (a) Net derivative assets and liabilities 1,045 313 (b) 1 (1 ) – (72 ) 1,286 322 (d) 2018 Mortgage servicing rights $ 2,844 $ (23 ) (a) $ 2 $ (15 ) $ 109 (c) $ – $ 2,917 $ (23 ) (a) Net derivative assets and liabilities (256 ) (81 ) (e) 2 (13 ) – (10 ) (358 ) (81 ) (f) (a) Included in mortgage banking revenue. (b) Approximately $169 million included in other noninterest income and $144 (c) Represents MSRs capitalized during the period. (d) Approximately $273 million included in other noninterest income and $49 million included in mortgage banking revenue. (e) Approximately $(122) million included in other noninterest income and $41 million included in mortgage banking revenue. (f) Approximately $(97) million included in other noninterest income and $16 million included in mortgage banking revenue. The following table presents the changes in fair value for all assets and liabilities m e (Dollars in Millions) Beginning Net Gains Purchases Sales Issuances Settlements End Net Change in and Liabilities 2019 Mortgage servicing rights $ 2,791 $ (885 ) (a) $ 13 $ 4 $ 373 (c) $ – $ 2,296 $ (885 ) (a) Net derivative assets and liabilities 80 1,244 (b) 55 (9 ) – (84 ) 1,286 1,256 (d) 2018 Mortgage servicing rights $ 2,645 $ (25 ) (a) $ 6 $ (15 ) $ 306 (c) $ – $ 2,917 $ (25 ) Net derivative assets and liabilities 107 (426 ) (e) 3 (35 ) – (7 ) (358 ) (402 ) (a) Included in mortgage banking revenue. (b) Approximately $881 million included in other noninterest income and $363 million included in mortgage banking revenue. (c) Represents MSRs capitalized during the period. (d) Approximately $1.2 b (e) Approximately $(537) million included in other noninterest income and $111 million included in mortgage banking revenue. (f) Approximately $(418) million included in other noninterest income and $16 million included in mortgage banking revenue. The Company is also requi r lower-of-cost-or-fair The following table summarizes the balances as of the measurement date of assets measured at fair value on a nonrecurring basis, and still held as of the reporting date: September 30, 2019 December 31, 2018 (Dollars in Millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Loans (a) $ – $ – $ 270 $ 270 $ – $ – $ 40 $ 40 Other assets (b) – – 42 42 – – 57 57 (a) Represents the carrying value of loans for which adjustments were based on the fair value of the collateral, excluding loans fully charged-off. (b) Primarily represents the fair value of foreclosed properties that were measured at fair value based on an appraisal or broker price opinion of the collateral subsequent to their initial acquisition. The following table summarizes losses recognized related to nonrecurring fair value measurements of individual assets or portfolios: Three Months Ended Nine Months Ended (Dollars in Millions) 2019 2018 2019 2018 Loans (a) $ 20 $ 25 $ 93 $ 66 Other assets (b) 6 5 12 18 (a) Represents write-downs of loans which were based on the fair value of the collateral, excluding loans fully charged-off. (b) Primarily represents related losses of foreclosed properties that were measured at fair value subsequent to their initial acquisition. Fair Value Option The following table summarizes the differences between the aggregate fair value carrying amount of MLHFS for which the fair value option has been elected and the aggregate unpaid principal amount that the Company is contractually obligated to receive at maturity: September 30, 2019 December 31, 2018 (Dollars in Millions) Fair Aggregate Carrying Fair Aggregate Carrying Total loans $ 3,852 $ 3,729 $ 123 $ 2,035 $ 1,972 $ 63 Nonaccrual loans 1 1 – 2 2 – Loans 90 days or more past due – – – – – – Fair Value of Financial Instruments The following section summarizes the estimated fair value for financial instruments accounted for at amortized cost as of September 30, 2019 and December 31, 2018. In accordance with disclosure guidance related to fair values of financial instruments, the Company did not include assets and liabilities that are not financial instruments, such as the value of goodwill, long-term relationships with deposit, credit card, merchant processing and trust customers, other purchased intangibles, premises and equipment, deferred taxes and other liabilities. Additionally, in accordance with the disclosure guidance, receivables and payables due in one year or less, insurance contracts, equity investments not accounted for at fair value, and deposits with no defined or contractual maturities are excluded. The estimated fair values of the Company’s financial instruments are shown in the table below: September 30, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value (Dollars in Millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial Assets Cash and due from banks $ 15,272 $ 15,272 $ – $ – $ 15,272 $ 21,453 $ 21,453 $ – $ – $ 21,453 Federal funds sold and securities purchased under resale agreements 3,907 – 3,907 – 3,907 306 – 306 – 306 Investment securities held-to-maturity 46,481 4,106 42,523 9 46,638 46,050 4,594 40,359 11 44,964 Loans held for sale (a) 676 – – 676 676 21 – – 21 21 Loans 290,631 – – 294,850 294,850 282,837 – – 284,790 284,790 Other 1,873 – 941 932 1,873 2,412 – 1,241 1,171 2,412 Financial Liabilities Time deposits 40,219 – 40,147 – 40,147 44,554 – 44,140 – 44,140 Short-term borrowings (b) 12,975 – 12,813 – 12,813 12,921 – 12,678 – 12,678 Long-term debt 41,274 – 41,902 – 41,902 41,340 – 41,003 – 41,003 Other 3,636 – 1,344 2,292 3,636 1,726 – – 1,726 1,726 (a) Excludes mortgages held for sale for which the fair value option under applicable accounting guidance was elected. (b) Excludes the Company’s obligation on securities sold short required to be accounted for at fair value per applicable accounting guidance. The fair value of unfunded commitments, deferred non-yield non-yield |
Guarantees and Contingent Liabi
Guarantees and Contingent Liabilities | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Guarantees and Contingent Liabilities | Note 16 Guarantees and Contingent Liabilities Visa Restructuring and Card Association Litigation The Company’s payment services business issues credit and debit cards and acquires credit and debit card transactions through the Visa U.S.A. Inc. card association or its affiliates (collectively “Visa”). In 2007, Visa completed a restructuring and issued shares of Visa Inc. common stock to its financial institution members in contemplation of its initial public offering (“IPO”) completed in the first quarter of 2008 (the “Visa Reorganization”). As a part of the Visa Reorganization, the Company received its proportionate number of shares of Visa Inc. common stock, which were subsequently converted to Class B shares of Visa Inc. (“Class B shares”). Visa U.S.A. Inc. (“Visa U.S.A.”) and MasterCard International (collectively, the “Card Associations”) are defendants in antitrust lawsuits challenging the practices of the Card Associations (the “Visa Litigation”). Visa U.S.A. member banks have a contingent obligation to indemnify Visa Inc. under the Visa U.S.A. bylaws (which were modified at the time of the restructuring in October 2007) for potential losses arising from the Visa Litigation. The indemnification by the Visa U.S.A. member banks has no specific maximum amount. Using proceeds from its IPO and through reductions to the conversion ratio applicable to the Class B shares held by Visa U.S.A. member banks, Visa Inc. has funded an escrow account for the benefit of member financial institutions to fund their indemnification obligations associated with the Visa Litigation. The receivable related to the escrow account is classified in other liabilities as a direct offset to the related Visa Litigation contingent liability. In October 2012, Visa signed a settlement agreement to resolve class action claims associated with the multi-district interchange litigation pending in the United States District Court for the Eastern District of New York (the “Multi-District Litigation”). The U.S. Court of Appeals for the Second Circuit reversed the approval of that settlement and remanded the matter to the district court. In September 2018, Visa signed a new settlement agreement, superseding the original settlement agreement, to resolve class action claims associated with the Multi-District Litigation. The new settlement is still subject to court approval. During the three and nine months ended September 30, 2019, the Company sold 0.3 million and 1.0 million, respectively, of its Class B shares. Upon final settlement of the Visa Litigation, the remaining 0.3 million Class B shares held by the Company will be eligible for conversion to Class A shares of Visa Inc., which are publicly traded. The Class B shares are excluded from the Company’s financial instruments disclosures included in Note 15. Other Guarantees and Contingent Liabilities The following table is a summary of other guarantees and contingent liabilities of the Company at September 30, 2019: (Dollars in Millions) Collateral Carrying Maximum Standby letters of credit $ — $ 50 $ 10,608 Third party borrowing arrangements — — 13 Securities lending indemnifications 6,383 — 6,263 Asset sales — 75 7,361 (a) Merchant processing 666 60 112,766 Tender option bond program guarantee 2,868 — 2,595 Minimum revenue guarantees — — 3 Other — 71 1,481 (a) The maximum potential future payments do not include loan sales where the Company provides standard representation and warranties to the buyer against losses related to loan underwriting documentation defects that may have existed at the time of sale that generally are identified after the occurrence of a triggering event such as delinquency. For these types of loan sales, the maximum potential future payments is generally the unpaid principal balance of loans sold measured at the end of the current reporting period. Actual losses will be significantly less than the maximum exposure, as only a fraction of loans sold will have a representation and warranty breach, and any losses on repurchase would generally be mitigated by any collateral held against the loans. Merchant Processing The Company, through its subsidiaries, provides merchant processing services. Under the rules of credit card associations, a merchant processor retains a contingent liability for credit card transactions processed. This contingent liability arises in the event of a billing dispute between the merchant and a cardholder that is ultimately resolved in the cardholder’s favor. In this situation, the transaction is “charged-back” to the merchant and the disputed amount is credited or otherwise refunded to the cardholder. If the Company is unable to collect this amount from the merchant, it bears the loss for the amount of the refund paid to the cardholder. The Company currently processes card transactions in the United States, Canada, Europe and Mexico through wholly-owned subsidiaries and a network of other financial institutions. In the event a merchant was unable to fulfill product or services subject to future delivery, such as airline tickets, the Company could become financially liable for refunding the purchase price of such products or services purchased through the credit card associations under the charge-back provisions. Charge-back risk related to these merchants is evaluated in a manner similar to credit risk assessments and, as such, merchant processing contracts contain various provisions to protect the Company in the event of default. At September 30, 2019, the value of airline tickets purchased to be delivered at a future date through card transactions processed by the Company was $9.0 billion. The Company held collateral of $581 m Asset Sales The Company regularly sells loans to GSEs as part of its mortgage banking activities. The Company provides customary representations and warranties to GSEs in conjunction with these sales. These representations and warranties generally require the Company to repurchase assets if it is subsequently determined that a loan did not meet specified criteria, such as a documentation deficiency or rescission of mortgage insurance. If the Company is unable to cure or refute a repurchase request, the Company is generally obligated to repurchase the loan or otherwise reimburse the GSE , and December , , the Company had reserved $ million for potential losses from representation and warranty obligations. The Company’s reserve reflects management’s best estimate of losses for representation and warranty obligations. The Company’s repurchase reserve is modeled at the loan level, taking into consideration the individual credit quality and borrower activity that has transpired since origination. The model applies credit quality and economic risk factors to derive a probability of default and potential repurchase that are based on the Company’s historical loss experience, and estimates loss severity based on expected collateral value. The Company also considers qualitative factors that may result in anticipated losses differing from historical loss trends. As of September 30, 2019 and December 31, 2018, the Company had $11 million and $15 million, respectively, of unresolved representation and warranty claims from GSEs. The Company does not have a significant amount of unresolved claims from investors other than GSEs. Litigation and Regulatory Matters The Company is subject to various litigation and regulatory matters that arise in the ordinary course of its business. The Company establishes reserves for such matters when potential losses become probable and can be reasonably estimated. The Company believes the ultimate resolution of existing legal and regulatory matters will not have a material adverse effect on the financial condition, results of operations or cash flows of the Company. However, in light of the uncertainties inherent in these matters, it is possible that the ultimate resolution of one or more of these matters may have a material adverse effect on the Company’s results from operations for a particular period, and future changes in circumstances or additional information could result in additional accruals or resolution in excess of established accruals, which could adversely affect the Company’s results from operations, potentially materially. Residential Mortgage-Backed Securities Litigation In the last several years, the Company and other large financial institutions have been sued in their capacity as trustee for residential mortgage–backed securities trusts. In the lawsuits brought against the Company, the investors allege that the Company’s banking subsidiary, U.S. Bank National Association (“U.S. Bank”), as trustee caused them to incur substantial losses by failing to enforce loan repurchase obligations and failing to abide by appropriate standards of care after events of default allegedly occurred. The plaintiffs in these matters seek monetary damages in unspecified amounts and most also seek equitable relief. Regulatory Matters The Company is continually subject to examinations, inquiries and investigations in areas of heightened regulatory scrutiny, such as compliance, risk management, third party risk management and consumer protection. For example, the Company is currently subject to examinations, inquiries and investigations by government agencies and bank regulators concerning mortgage-related practices, including those related to lender-placed insurance, and notices and filings in bankruptcy cases. The Company is cooperating fully with all pending examinations, inquiries and investigations, any of which could lead to administrative or legal proceedings or settlements. Remedies in these proceedings or settlements may include fines, penalties, restitution or alterations in the Company’s business practices (which may increase the Company’s operating expenses and decrease its revenue). In February 2018, the Company entered into a deferred prosecution agreement (the “DPA”) with the United States Attorney’s Office in Manhattan that resolved its investigation of the Company concerning a legacy banking relationship between U.S. Bank and payday lending businesses associated with a former customer and U.S. Bank’s legacy Bank Secrecy Act/anti-money laundering compliance program. The DPA defers prosecution for a period of two years, subject to the Company’s compliance with its terms, which include ongoing efforts to implement and maintain an adequate Bank Secrecy Act/anti-money laundering compliance program. If the Company violates the DPA, its term could be extended up to an additional one year, or the Company could be subject to a prosecution or civil action based on the matters that are the subject of the DPA. In addition, the Company and certain of its affiliates entered into related regulatory settlements with the Financial Crimes Enforcement Network and the Board of Governors of the Federal Reserve System. If the Company and its affiliates fail to satisfy ongoing obligations under these regulatory settlements, which include ongoing commitments to provide resources to, and enhance, the Company’s firm wide Bank Secrecy Act/anti-money laundering compliance program, the Company and its affiliates may be required to enter into further orders and settlements, pay additional fines or penalties, or modify their business practices (which may increase operating expenses and decrease revenue). Outlook Due to their complex nature, it can be years before litigation and regulatory matters are resolved. The Company may be unable to develop an estimate or range of loss where matters are in early stages, there are significant factual or legal issues to be resolved, damages are unspecified or uncertain, or there is uncertainty as to a litigation class being certified or the outcome of pending motions, appeals or proceedings. For those litigation and regulatory matters where the Company has information to develop an estimate or range of loss, the Company believes the upper end of the range of reasonably possible losses in aggregate, in excess of any reserves established for matters where a loss is considered probable, will not be material to its financial condition, results of operations or cash flows. The Company’s estimates are subject to significant judgment and uncertainties, and the matters underlying the estimates will change from time to time. Actual results may vary significantly from the current estimates. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 17 Subsequent Events The Company has evaluated the impact of events that have occurred subsequent to September 30, 2019 through the date the consolidated financial statements were filed with the United States Securities and Exchange Commission. Based on this evaluation, the Company has determined none of these events were required to be recognized or disclosed in the consolidated financial statements and related notes. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The accompanying consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q Form 10-K Accounting policies for the lines of business are generally the same as those used in preparation of the consolidated financial statements with respect to activities specifically attributable to each business line. However, the preparation of business line results requires management to establish methodologies to allocate funding costs, expenses and other financial elements to each line of business. Table 11 “Line of Business Financial Performance” included in Management’s Discussion and Analysis provides details of segment results. This information is incorporated by reference into these Notes to Consolidated Financial Statements. |
Accounting Changes | Accounting for Leases Effective January 1, 2019, the Company adopted accounting guidance, issued by the Financial Accounting Standards Board (“FASB”) in February 2016, related to the accounting for leases. This guidance requires lessees to recognize all leases on the Consolidated Balance Sheet as lease assets and lease liabilities based primarily on the present value of future lease payments. The Company recognized approximately $1.3 billion of lease assets and related liabilities on its Consolidated Balance Sheet at the adoption date. In addition, lessors are now required to consider lease residual exposures of sales-type and direct financing leases when determining the allowance for credit losses. The adoption of this guidance was not material to the Company’s Consolidated Statement of Income. Financial Instruments — Credit Losses In June 2016, the FASB issued accounting guidance, related to the impairment of financial instruments which the Company will adopt effective January 1, 2020. This guidance changes existing impairment recognition to a model that is based on expected losses rather than incurred losses, which is intended to result in more timely recognition of credit losses. This guidance is also intended to reduce the complexity of current accounting guidance by decreasing the n The extent of the impact of this guidance will depend on economic conditions and the composition of the Company’s loan portfolio at the adoption date, as well as further refinements to the Company’s process, judgements and models to quantify credit impairment under the new standard. The Company expects the new standard to increase its allowance for credit losses by $ 1.2 When determining expected losses, the Company uses multiple economic scenarios and a three-year reasonable and supportable forecast period. After the forecast period, the Company reverts to long-term historical loss experience, adjusted for prepayments, to estimate losses over the remaining life. The estimated increase in the allowance is primarily related to the credit card, installment and other retail loan portfolios where the existing allowance for loan losses has been based primarily shorter loss period The Company does not expect its held-to-maturity available-for-sale |
Loans and Allowance for Credit Losses | Allowance for Credit Losses The allowance for credit losses is established for probable and estimable losses incurred in the Company’s loan and lease portfolio, including unfunded credit commitments. The allowance for credit losses is increased through provisions charged to earnings and reduced by net charge-offs. Management evaluates the appropriateness of the allowance for incurred losses on a quarterly basis. The allowance recorded for loans in the commercial lending segment is based on reviews of individual credit relationships and considers the migration analysis of commercial lending segment loans and actual loss experience. For each loan type, this historical loss experience is adjusted as necessary to consider any relevant changes in portfolio composition, lending policies, underwriting standards, risk management practices or economic conditions. The results of the analysis are evaluated quarterly to confirm the selected loss experience is appropriate for each commercial loan type. The allowance recorded for impaired loans greater than $5 million in the commercial lending segment is based on an individual loan analysis utilizing expected cash flows discounted using the original effective interest rate, the observable market price of the loan, or the fair value of the collateral, less selling costs, for collateral-dependent loans, The allowance recorded for Troubled Debt Restructuring (“TDR”) loans and purchased impaired loans in the consumer lending segment is determined on a homogenous pool basis utilizing expected cash flows discounted using the original effective interest rate of the pool, or the prior quarter effective rate, respectively. The allowance for collateral-dependent loans in the consumer lending segment is determined based on the fair value of the collateral less costs to sell. The allowance recorded for all other consumer lending segment loans is determined on a homogenous pool basis and includes consideration of product mix, risk characteristics of the portfolio, bankruptcy experience, delinquency status, refreshed loan-to-value In addition, subsequent payment defaults on loan modifications considered TDRs are considered in the underlying factors used in the determination of the appropriateness of the allowance for credit losses. For each loan segment, the Company estimates future loan charge-offs through a variety of analysis, trends and underlying assumptions. With respect to the commercial lending segment, TDRs may be collectively evaluated for impairment where observed performance history, including defaults, is a primary driver of the loss allocation. For commercial TDRs individually evaluated for impairment, attributes of the borrower are the primary factors in determining the allowance for credit losses. However, historical loss experience is also incorporated into the allowance methodology applied to this category of loans. With respect to the consumer lending segment, performance of the portfolio, including defaults on TDRs, is considered when estimating future cash flows. The Company’s methodology for determining the appropriate allowance for credit losses for each loan segment also considers the imprecision inherent in the methodologies used. As a result, in addition to the amounts determined under the methodologies described above, management also considers the potential impact of other qualitative factors which include, but are not limited to, economic factors; geographic and other concentration risks; delinquency and nonaccrual trends; current business conditions; changes in lending policy, underwriting standards and other relevant business practices; results of internal review; and the regulatory environment. The consideration of these items results in adjustments to allowance amounts included in the Company’s allowance for credit losses for each of the above loan segments. The Company also assesses the credit risk associated with off-balance off-balance Credit Quality The credit quality of the Company’s loan portfolios is assessed as a function of net credit losses, levels of nonperforming assets and delinquencies, and credit quality ratings as defined by the Company. For all loan classes, loans are considered past due based on the number of days delinquent except for monthly amortizing loans which are classified delinquent based upon the number of contractually required payments not made (for example, two missed payments is considered 30 days delinquent). When a loan is placed on nonaccrual status, unpaid accrued interest is reversed, reducing interest income in the current period. Commercial lending segment loans are generally placed on nonaccrual status when the collection of principal and interest has become 90 days past due or is otherwise considered doubtful. Commercial lending segment loans are generally fully or partially charged down to the fair value of the collateral securing the loan, less costs to sell, when the loan is placed on nonaccrual. Consumer lending segment loans are generally charged-off 1-4 charge-off 1-4 family charged-off. charged-off 1-4 charged-off charged-off charge-off. For all loan classes, interest payments received on nonaccrual loans are generally recorded as a reduction to a loan’s carrying amount while a loan is on nonaccrual and are recognized as interest income upon payoff of the loan. However, interest income may be recognized for interest payments if the remaining carrying amount of the loan is believed to be collectible. In certain circumstances, loans in any class may be restored to accrual status, such as when a loan has demonstrated sustained repayment performance or no amounts are past due and prospects for future payment are no longer in doubt; or when the loan becomes well secured and is in the process of collection. Loans where there has been a partial charge-off charged-off) The Company classifies its loan portfolios using internal credit quality ratings on a quarterly basis. These ratings include pass, special mention and classified, and are an important part of the Company’s overall credit risk management process and evaluation of the allowance for credit losses. Loans with a pass rating represent those loans not classified on the Company’s rating scale for problem credits, as minimal credit risk has been identified. Special mention loans are those loans that have a potential weakness deserving management’s close attention. Classified loans are those loans where a well-defined weakness has been identified that may put full collection of contractual cash flows at risk. It is possible that others, given the same information, may reach different reasonable conclusions regarding the credit quality rating classification of specific loans. For all loan classes, a loan is considered to be impaired when, based on current events or information, it is probable the Company will be unable to collect all amounts due per the contractual terms of the loan agreement. Impaired loans include all nonaccrual and TDR loans. For all loan classes, interest income on TDR loans is recognized under the modified terms and conditions if the borrower has demonstrated repayment performance at a level commensurate with the modified terms over several payment cycles. Interest income is generally not recognized on other impaired loans until the loan is paid off. However, interest income may be recognized for interest payments if the remaining carrying amount of the loan is believed to be collectible. Factors used by the Company in determining whether all principal and interest payments due on commercial and commercial real estate loans will be collected and, therefore, whether those loans are impaired include, but are not limited to, the financial condition of the borrower, collateral and/or guarantees on the loan, and the borrower’s estimated future ability to pay based on industry, geographic location and certain financial ratios. The evaluation of impairment on residential mortgages, credit card loans and other retail loans is primarily driven by delinquency status of individual loans or whether a loan has been modified, and considers any government guarantee where applicable. Troubled Debt Restructurings In certain circumstances, the Company may modify the terms of a loan to maximize the collection of amounts due when a borrower is experiencing financial difficulties or is expected to experience difficulties in the near-term. Concessionary modifications are classified as TDRs unless the modification results in only an insignificant delay in payments to be received. The Company recognizes interest on TDRs if the borrower complies with the revised terms and conditions as agreed upon with the Company and has demonstrated repayment performance at a level commensurate with the modified terms over several payment cycles, which is generally six months or greater. To the extent a previous restructuring was insignificant, the Company considers the cumulative effect of past restructurings related to the receivable when determining whether a current restructuring is a TDR. Loans classified as TDRs are considered impaired loans for reporting and measurement purposes. The Company has implemented certain restructuring programs that may result in TDRs. However, many of the Company’s TDRs are also determined on a case-by-case For the commercial lending segment, modifications generally result in the Company working with borrowers on a case-by-case Modifications for the consumer lending segment are generally part of programs the Company has initiated. The Company modifies residential mortgage loans under Federal Housing Administration, United States Department of Veterans Affairs, or its own internal programs. Under these programs, the Company offers qualifying homeowners the opportunity to permanently modify their loan and achieve more affordable monthly payments by providing loan concessions. These concessions may include adjustments to interest rates, conversion of adjustable rates to fixed rates, extension of maturity dates or deferrals of payments, capitalization of accrued interest and/or outstanding advances, or in limited situations, partial forgiveness of loan principal. In most instances, participation in residential mortgage loan restructuring programs requires the customer to complete a short-term trial period. A permanent loan modification is contingent on the customer successfully completing the trial period arrangement, and the loan documents are not modified until that time. The Company reports loans in a trial period arrangement as TDRs and continues to report them as TDRs after the trial period. Credit card and other retail loan TDRs are generally part of distinct restructuring programs providing customers experiencing financial difficulty with modifications whereby balances may be amortized up to 60 months, and generally include waiver of fees and reduced interest rates. In addition, the Company considers secured loans to consumer borrowers that have debt discharged through bankruptcy where the borrower has not reaffirmed the debt to be TDRs. Acquired loans restructured after acquisition are not considered TDRs for accounting and disclosure purposes if the loans evidenced credit deterioration as of the acquisition date and are accounted for in pools. |
Accounting for Transfers and Servicing of Financial Assets | In accordance with the accounting guidance for asset transfers, the Company considers any ongoing involvement with transferred assets in determining whether the assets can be derecognized from the balance sheet.For loans sold under participation agreements, the Company also considers whether the terms of the loan participation agreement meet the accounting definition of a participating interest. With the exception of servicing and certain performance-based guarantees, the Company’s continuing involvement with financial assets sold is minimal and generally limited to market customary representation and warranty clauses. Any gain or loss on sale depends on the previous carrying amount of the transferred financial assets, the consideration received, and any liabilities incurred in exchange for the transferred assets. Upon transfer, any servicing assets and other interests that continue to be held by the Company are initially recognized at fair value. |
Variable Interest Entities | The Company is not required to consolidate VIEs in which it has concluded it does not have a controlling financial interest, and thus is not the primary beneficiary. In such cases, the Company does not have both the power to direct the entities’ most significant activities and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIEs. The Company’s investments in these unconsolidated VIEs are carried in other assets on the Consolidated Balance Sheet. The Company’s unfunded capital and other commitments related to these unconsolidated VIEs are generally carried in other liabilities on the Consolidated Balance Sheet. The Company’s maximum exposure to loss from these unconsolidated VIEs include the investment recorded on the Company’s Consolidated Balance Sheet, net of unfunded capital commitments, and previously recorded tax credits which remain subject to recapture by taxing authorities based on compliance features required to be met at the project level. While the Company believes potential losses from these investments are remote, the maximum exposure was determined by assuming a scenario where the community-based business and housing projects completely fail and do not meet certain government compliance requirements resulting in recapture of the related tax credits. tax-advantaged |
Netting Arrangements for Certain Financial Instruments | The Company’s derivative contracts typically include offsetting rights (referred to as netting arrangements), and depending on expected volume, credit risk, and counterparty preference, collateral maintenance may be required. For all derivatives under collateral support arrangements, fair value is determined daily and, depending on the collateral maintenance requirements, the Company and a counterparty may receive or deliver collateral, based upon the net fair value of all derivative positions between the Company and the counterparty. Collateral is typically cash, but securities may be allowed under collateral arrangements with certain counterparties. Receivables and payables related to cash collateral are included in other assets and other liabilities on the Consolidated Balance Sheet, along with the related derivative asset and liability fair values. Any securities pledged to counterparties as collateral remain on the Consolidated Balance Sheet. Securities received from counterparties as collateral are not recognized on the Consolidated Balance Sheet, unless the counterparty defaults. In general, securities used as collateral can be sold, repledged or otherwise used by the party in possession. No restrictions exist on the use of cash collateral by either party. As part of the Company’s treasury and broker-dealer operations, the Company executes transactions that are treated as securities sold under agreements to repurchase or securities purchased under agreements to resell, both of which are accounted for as collateralized financings. Securities sold under agreements to repurchase include repurchase agreements and securities loaned transactions. Securities purchased under agreements to resell include reverse repurchase agreements and securities borrowed transactions. For securities sold under agreements to repurchase, the Company records a liability for the cash received, which is included in short-term borrowings on the Consolidated Balance Sheet. For securities purchased under agreements to resell, the Company records a receivable for the cash paid, which is included in other assets on the Consolidated Balance Sheet. Securities transferred to counterparties under repurchase agreements and securities loaned transactions continue to be recognized on the Consolidated Balance Sheet, are measured at fair value, and are included in investment securities or other assets. Securities received from counterparties under reverse repurchase agreements and securities borrowed transactions are not recognized on the Consolidated Balance Sheet unless the counterparty defaults. The securities transferred under repurchase and reverse repurchase transactions typically are U.S. Treasury and agency securities, residential agency mortgage-backed securities or corporate debt securities. The securities loaned or borrowed typically are corporate debt securities traded by the Company’s broker-dealer subsidiary. In general, the securities transferred can be sold, repledged or otherwise used by the party in possession. No restrictions exist on the use of cash collateral by either party. Repurchase/reverse repurchase and securities loaned/borrowed transactions expose the Company to counterparty risk. The Company manages this risk by performing assessments, independent of business line managers, and establishing concentration limits on each counterparty. Additionally, these transactions include collateral arrangements that require the fair values of the underlying securities to be determined daily, resulting in cash being obtained or refunded to counterparties to maintain specified collateral levels. The Company executes its derivative, repurchase/reverse repurchase and securities loaned/borrowed transactions under the respective industry standard agreements. These agreements include master netting arrangements that allow for multiple contracts executed with the same counterparty to be viewed as a single arrangement. This allows for net settlement of a single amount on a daily basis. In the event of default, the master netting arrangement provides for close-out The Company has elected to offset the assets and liabilities under netting arrangements for the balance sheet presentation of the majority of its derivative counterparties. The netting occurs at the counterparty level, and includes all assets and liabilities related to the derivative contracts, including those associated with cash collateral received or delivered. The Company has not elected to offset the assets and liabilities under netting arrangements for the balance sheet presentation of repurchase/reverse repurchase and securities loaned/borrowed transactions. |
Fair Values of Assets and Liabilities | The Company uses fair value measurements for the initial recording of certain assets and liabilities, periodic remeasurement of certain assets and liabilities, and disclosures. Derivatives, trading and available-for-sale lower-of-cost-or-fair Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A fair value measurement reflects all of the assumptions that market participants would use in pricing the asset or liability, including assumptions about the risk inherent in a particular valuation technique, the effect of a restriction on the sale or use of an asset and the risk of nonperformance. The Company groups its assets and liabilities measured at fair value into a three-level hierarchy for valuation techniques used to measure financial assets and financial liabilities at fair value. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are: • Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 1 includes U.S. Treasury securities, as well as exchange-traded instruments. • Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 includes debt securities that are traded less frequently than exchange-traded instruments and which are typically valued using third party pricing services; derivative contracts and other assets and liabilities, including securities, whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data; and MLHFS whose values are determined using quoted prices for similar assets or pricing models with inputs that are observable in the market or can be corroborated by observable market data. • Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose values are determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. This category includes MSRs and certain derivative contracts. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Line of Business Financial Performance | Table 11 Line of Business Financial Performance Corporate and Consumer and Three Months Ended September 30 2019 2018 Percent 2018 Percent Condensed Income Statement Net interest income (taxable-equivalent basis) $ 709 $ 741 (4.3 ) $ 1,580 $ 1,554 1.7 % Noninterest income 213 200 6.5 668 583 14.6 Securities gains (losses), net – – – – – – Total net revenue 922 941 (2.0 ) 2,248 2,137 5.2 Noninterest expense 394 383 2.9 1,321 1,302 1.5 Other intangibles 1 1 – 5 7 (28.6 ) Total noninterest expense 395 384 2.9 1,326 1,309 1.3 Income before provision and income taxes 527 557 (5.4 ) 922 828 11.4 Provision for credit losses 40 35 14.3 69 54 27.8 Income before income taxes 487 522 (6.7 ) 853 774 10.2 Income taxes and taxable-equivalent adjustment 122 131 (6.9 ) 213 194 9.8 Net income 365 391 (6.6 ) 640 580 10.3 Net (income) loss attributable to noncontrolling interests – – – – – – Net income attributable to U.S. Bancorp $ 365 $ 391 (6.6 ) $ 640 $ 580 10.3 Average Balance Sheet Commercial $ 78,241 $ 74,828 4.6 % $ 9,711 $ 9,985 (2.7 ) % Commercial real estate 18,014 18,527 (2.8 ) 16,055 16,234 (1.1 ) Residential mortgages 4 6 (33.3 ) 64,632 58,624 10.2 Credit card – – – – – – Other retail 1 1 – 55,495 53,750 3.2 Covered loans – – – – 2,756 * Total loans 96,260 93,362 3.1 145,893 141,349 3.2 Goodwill 1,647 1,647 – 3,475 3,631 (4.3 ) Other intangible assets 8 10 (20.0 ) 2,442 2,974 (17.9 ) Assets 107,156 102,143 4.9 160,814 155,537 3.4 Noninterest-bearing deposits 28,863 32,376 (10.9 ) 28,630 28,196 1.5 Interest checking 11,641 9,623 21.0 51,054 50,327 1.4 Savings products 43,825 40,375 8.5 62,672 61,588 1.8 Time deposits 16,595 18,571 (10.6 ) 15,942 13,634 16.9 Total deposits 100,924 100,945 – 158,298 153,745 3.0 Total U.S. Bancorp shareholders’ equity 10,381 10,426 ( .4 ) 11,666 11,841 (1.5 ) Corporate and Consumer and Nine Months Ended September 30 (Dollars in Millions) 2019 2018 Percent 2019 2018 Percent Condensed Income Statement Net interest income (taxable-equivalent basis) $ 2,153 $ 2,189 (1.6 ) % $ 4,720 $ 4,581 3.0 % Noninterest income 667 630 5.9 1,770 1,754 .9 Securities gains (losses), net – – – – – – Total net revenue 2,820 2,819 – 6,490 6,335 2.4 Noninterest expense 1,214 1,190 2.0 3,927 3,930 ( .1 ) Other intangibles 3 3 – 15 21 (28.6 ) Total noninterest expense 1,217 1,193 2.0 3,942 3,951 ( .2 ) Income before provision and income taxes 1,603 1,626 (1.4 ) 2,548 2,384 6.9 Provision for credit losses 27 37 (27.0 ) 218 164 32.9 Income before income taxes 1,576 1,589 ( .8 ) 2,330 2,220 5.0 Income taxes and taxable-equivalent adjustment 395 398 ( .8 ) 583 555 5.0 Net income 1,181 1,191 ( .8 ) 1,747 1,665 4.9 Net (income) loss attributable to noncontrolling interests – – – – – – Net income attributable to U.S. Bancorp $ 1,181 $ 1,191 ( .8 ) $ 1,747 $ 1,665 4.9 Average Balance Sheet Commercial $ 78,025 $ 74,781 4.3 % $ 9,625 $ 9,811 (1.9 ) % Commercial real estate 18,389 18,780 (2.1 ) 16,035 16,320 (1.7 ) Residential mortgages 5 6 (16.7 ) 63,214 57,756 9.5 Credit card – – – – – – Other retail 1 1 – 54,935 54,001 1.7 Covered loans – – – – 2,900 * Total loans 96,420 93,568 3.0 143,809 140,788 2.1 Goodwill 1,647 1,647 – 3,475 3,631 (4.3 ) Other intangible assets 9 11 (18.2 ) 2,679 2,926 (8.4 ) Assets 106,335 102,414 3.8 157,655 155,184 1.6 Noninterest-bearing deposits 29,242 33,305 (12.2 ) 27,433 27,607 ( .6 ) Interest checking 11,314 9,552 18.4 51,190 50,055 2.3 Savings products 42,451 42,241 .5 62,035 61,616 .7 Time deposits 17,528 17,829 (1.7 ) 15,409 12,997 18.6 Total deposits 100,535 102,927 (2.3 ) 156,067 152,275 2.5 Total U.S. Bancorp shareholders’ equity 10,391 10,447 ( .5 ) 11,714 11,843 (1.1 ) * Not meaningful (a) Presented net of related rewards and rebate costs and certain partner payments of $572 million and $539 million for the three months ended September 30, 2019 and 2018, respectively, and $1.7 billion and $1.6 billion for the nine months ended September 30, 2019 and 2018, respectively. (b) Includes revenue generated from certain contracts with customers of $1.9 billion and $1.8 billion for the three months ended September 30, 2019 and 2018, respectively, and $ both m Wealth Management and Payment Treasury and Consolidated 2019 2018 Percent 2019 2018 Percent 2019 2018 Percent 2019 2018 Percent $ 294 $ 284 3.5 % $ 634 $ 619 2.4 % $ 89 $ 83 7.2 % $ 3,306 $ 3,281 .8 % 452 444 1.8 957 (a) 910 (a) 5.2 299 271 10.3 2,589 (b) 2,408 (b) 7.5 – – – – – – 25 10 * 25 10 * 746 728 2.5 1,591 1,529 4.1 413 364 13.5 5,920 5,699 3.9 430 429 .2 743 713 4.2 214 176 21.6 3,102 3,003 3.3 3 4 (25.0 ) 33 29 13.8 – – – 42 41 2.4 433 433 – 776 742 4.6 214 176 21.6 3,144 3,044 3.3 313 295 6.1 815 787 3.6 199 188 5.9 2,776 2,655 4.6 1 (3 ) * 260 264 (1.5 ) (3 ) (7 ) 57.1 367 343 7.0 312 298 4.7 555 523 6.1 202 195 3.6 2,409 2,312 4.2 78 75 4.0 139 131 6.1 (60 ) (41 ) (46.3 ) 492 490 .4 234 223 4.9 416 392 6.1 262 236 11.0 1,917 1,822 5.2 – – – – – – (9 ) (7 ) (28.6 ) (9 ) (7 ) (28.6 ) $ 234 $ 223 4.9 $ 416 $ 392 6.1 $ 253 $ 229 10.5 $ 1,908 $ 1,815 5.1 $ 4,110 $ 3,783 8.6 % $ 10,017 $ 9,272 8.0 % $ 1,581 $ 1,180 34.0 % $ 103,660 $ 99,048 4.7 % 523 529 (1.1 ) – – – 4,398 4,252 3.4 38,990 39,542 (1.4 ) 3,972 3,408 16.5 – – – – 4 * 68,608 62,042 10.6 – – – 23,681 21,774 8.8 – – – 23,681 21,774 8.8 1,655 1,755 (5.7 ) 346 397 (12.8 ) – – – 57,497 55,903 2.9 – – – – – – – – – – 2,756 * 10,260 9,475 8.3 34,044 31,443 8.3 5,979 5,436 10.0 292,436 281,065 4.0 1,617 1,618 ( .1 ) 2,825 2,563 10.2 – – – 9,564 9,459 1.1 47 61 (23.0 ) 550 400 37.5 – – – 3,047 3,445 (11.6 ) 13,543 12,655 7.0 40,171 37,125 8.2 159,770 149,456 6.9 481,454 456,916 5.4 13,575 13,184 3.0 1,200 1,064 12.8 2,326 2,372 (1.9 ) 74,594 77,192 (3.4 ) 9,080 9,345 (2.8 ) – – – 232 35 * 72,007 69,330 3.9 53,360 42,694 25.0 115 108 6.5 851 771 10.4 160,823 145,536 10.5 3,418 3,882 (12.0 ) 2 3 (33.3 ) 6,552 1,973 * 42,509 38,063 11.7 79,433 69,105 14.9 1,317 1,175 12.1 9,961 5,151 93.4 349,933 330,121 6.0 2,530 2,486 1.8 7,058 6,583 7.2 21,657 18,802 15.2 53,292 50,138 6.3 Wealth Management and Investment Services Payment Treasury and Consolidated 2019 2018 Percent 2019 2018 Percent 2019 2018 Percent 2019 2018 Percent $ 888 $ 844 5.2 % $ 1,848 $ 1,821 1.5 % $ 315 $ 269 17.1 % $ 9,924 $ 9,704 2.3 % 1,327 1,305 1.7 2,758 (a) 2,660 (a) 3.7 826 730 13.2 7,348 (b) 7,079 (b) 3.8 – – – – – – 47 25 88.0 47 25 88.0 2,215 2,149 3.1 4,606 4,481 2.8 1,188 1,024 16.0 17,319 16,808 3.0 1,297 1,304 ( .5 ) 2,190 2,116 3.5 632 524 20.6 9,260 9,064 2.2 9 12 (25.0 ) 97 84 15.5 – – – 124 120 3.3 1,306 1,316 ( .8 ) 2,287 2,200 4.0 632 524 20.6 9,384 9,184 2.2 909 833 9.1 2,319 2,281 1.7 556 500 11.2 7,935 7,624 4.1 – (2 ) * 841 817 2.9 23 (5 ) * 1,109 1,011 9.7 909 835 8.9 1,478 1,464 1.0 533 505 5.5 6,826 6,613 3.2 227 210 8.1 370 367 .8 (202 ) (179 ) (12.8 ) 1,373 1,351 1.6 682 625 9.1 1,108 1,097 1.0 735 684 7.5 5,453 5,262 3.6 – – – – – – (25 ) (22 ) (13.6 ) (25 ) (22 ) (13.6 ) $ 682 $ 625 9.1 $ 1,108 $ 1,097 1.0 $ 710 $ 662 7.3 $ 5,428 $ 5,240 3.6 $ 3,995 $ 3,727 7.2 % $ 9,850 $ 8,866 11.1 % $ 1,462 $ 1,110 31.7 % $ 102,957 $ 98,295 4.7 % 507 520 (2.5 ) – – – 4,343 4,298 1.0 39,274 39,918 (1.6 ) 3,800 3,256 16.7 – – – – 5 * 67,019 61,023 9.8 – – – 23,040 21,428 7.5 – – – 23,040 21,428 7.5 1,691 1,721 (1.7 ) 361 410 (12.0 ) – 2 * 56,988 56,135 1.5 – – – – – – – – – – 2,900 * 9,993 9,224 8.3 33,251 30,704 8.3 5,805 5,415 7.2 289,278 279,699 3.4 1,617 1,619 ( .1 ) 2,815 2,547 10.5 – – – 9,554 9,444 1.2 50 66 (24.2 ) 532 396 34.3 – – – 3,270 3,399 (3.8 ) 13,302 12,306 8.1 39,432 36,610 7.7 155,492 148,727 4.5 472,216 455,241 3.7 13,478 14,101 (4.4 ) 1,168 1,092 7.0 2,390 2,441 (2.1 ) 73,711 78,546 (6.2 ) 8,862 10,219 (13.3 ) – – – 173 39 * 71,539 69,865 2.4 47,992 42,519 12.9 112 106 5.7 833 741 12.4 153,423 147,223 4.2 3,654 3,824 (4.4 ) 2 3 (33.3 ) 8,297 2,872 * 44,890 37,525 19.6 73,986 70,663 4.7 1,282 1,201 6.7 11,693 6,093 91.9 343,563 333,159 3.1 2,525 2,472 2.1 7,046 6,602 6.7 20,770 18,069 14.9 52,446 49,433 6.1 |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Table 4 Investment Securities Available-for-Sale Held-to-Maturity At September 30, 2019 (Dollars in Millions) Amortized Fair Value Weighted- Amortized Fair Value Weighted- Weighted- U.S. Treasury and Agencies Maturing in one year or less $ 2,544 $ 2,540 .6 1.54 % $ – $ – – – % Maturing after one year through five years 11,608 11,628 2.1 1.68 3,897 3,913 3.6 1.70 Maturing after five years through ten years 1,391 1,385 8.4 1.82 505 517 6.2 2.43 Maturing after ten years – – – – – – – – Total $ 15,543 $ 15,553 2.4 1.67 % $ 4,402 $ 4,430 3.9 1.79 % Mortgage-Backed Securities (a) Maturing in one year or less $ 26 $ 26 .5 3.01 % $ 228 $ 228 .7 2.19 % Maturing after one year through five years 41,747 41,856 3.5 2.59 36,288 36,406 3.5 2.48 Maturing after five years through ten years 9,120 9,128 6.3 2.58 5,428 5,437 5.5 2.54 Maturing after ten years 913 917 11.3 3.06 110 110 12.7 2.95 Total $ 51,806 $ 51,927 4.1 2.60 % $ 42,054 $ 42,181 3.8 2.49 % Asset-Backed Securities (a) Maturing in one year or less $ – $ – – – % $ – $ – – – % Maturing after one year through five years 377 382 3.2 3.37 4 6 3.3 2.74 Maturing after five years through ten years – – – – 1 – 6.3 2.85 Maturing after ten years – – – – – 1 15.5 2.67 Total $ 377 $ 382 3.2 3.37 % $ 5 $ 7 3.7 2.75 % Obligations of State and Political Maturing in one year or less $ 97 $ 98 .2 5.71 % $ – $ – .3 7.33 % Maturing after one year through five years 697 726 3.3 4.50 – – 2.8 6.38 Maturing after five years through ten years 5,555 5,861 7.3 4.27 4 4 6.4 1.95 Maturing after ten years 46 50 11.3 4.52 – – – – Total $ 6,395 $ 6,735 6.8 4.32 % $ 4 $ 4 6.0 2.45 % Other Maturing in one year or less $ 1 $ 1 .1 2.55 % $ 16 $ 16 .4 3.12 % Maturing after one year through five years – – – – – – – – Maturing after five years through ten years – – – – – – – – Maturing after ten years – – – – – – – – Total $ 1 $ 1 .1 2.55 % $ 16 $ 16 .4 3.12 % Total investment securities (d) $ 74,122 $ 74,598 4.0 2.56 % $ 46,481 $ 46,638 3.8 2.42 % (a) Information related to asset and mortgage-backed securities included above is presented based upon weighted-average maturities that take into account anticipated future prepayments. (b) Information related to obligations of state and political subdivisions is presented based upon yield to first optional call date if the security is purchased at a premium, and yield to maturity if the security is purchased at par or a discount. (c) Maturity calculations for obligations of state and political subdivisions are based on the first optional call date for securities with a fair value above par and the contractual maturity date for securities with a fair value equal to or below par. (d) The weighted-average maturity of the available-for-sale held-to-maturity (e) Weighted-average yields for obligations of state and political subdivisions are presented on a fully-taxable equivalent basis based on a federal income tax rate of 21 percent. Yields on available-for-sale held-to-maturity available-for-sale held-to-maturity. September 30, 2019 December 31, 2018 (Dollars in Millions) Amortized Percent Amortized Percent U.S. Treasury and agencies $ 19,945 16.6 % $ 24,706 21.8 % Mortgage-backed securities 93,860 77.8 81,464 71.8 Asset-backed securities 382 .3 402 .4 Obligations of state and political subdivisions 6,399 5.3 6,842 6.0 Other 17 – 17 – Total investment securities $ 120,603 100.0 % $ 113,431 100.0 % |
Investment Securities Available-for-Sale and Held-to-Maturity | The amortized cost, other-than-temporary impairment recorded in other comprehensive income (loss), gross unrealized holding gains and losses, and fair value of held-to-maturity available-for-sale September 30, 2019 December 31, 2018 Unrealized Losses Unrealized Losses (Dollars in Millions) Amortized Unrealized Other-than- Other (b) Fair Amortized Unrealized Other-than- Other (b) Fair Value Held-to-maturity U.S. Treasury and agencies $ 4,402 $ 35 $ — $ (7) $ 4,430 $ 5,102 $ 2 $ — $ (143 ) $ 4,961 Residential agency mortgage-backed securities 42,054 289 — (162 ) 42,181 40,920 45 — (994 ) 39,971 Asset-backed securities Collateralized debt obligations/Collateralized loan — 1 — — 1 — 1 — — 1 Other 5 1 — — 6 5 2 — — 7 Obligations of state and political subdivisions 4 — — — 4 6 1 — — 7 Obligations of foreign governments 8 — — — 8 9 — — — 9 Other 8 — — — 8 8 — — — 8 Total held-to-maturity $ 46,481 $ 326 $ — $ (169) $ 46,638 $ 46,050 $ 51 $ — $ (1,137 ) $ 44,964 Available-for-sale U.S. Treasury and agencies $ 15,543 $ 57 $ — $ (47) $ 15,553 $ 19,604 $ 11 $ — $ (358 ) $ 19,257 Mortgage-backed securities Residential agency 50,817 328 — (202 ) 50,943 40,542 120 — (910 ) 39,752 Commercial agency 989 — — (5 ) 984 2 — — — 2 Other asset-backed securities 377 5 — — 382 397 6 — — 403 Obligations of state and political subdivisions 6,395 342 — (2 ) 6,735 6,836 37 — (172 ) 6,701 Obligations of foreign governments 1 — — — 1 — — — — — Total available-for-sale $ 74,122 $ 732 $ — $ (256 ) $ 74,598 $ 67,381 $ 174 $ — $ (1,440 ) $ 66,115 (a) Represents impairment not related to credit for those investment securities that have been determined to be other-than-temporarily impaired. (b) Represents unrealized losses on investment securities that have not been determined to be other-than-temporarily impaired. |
Amount of Interest Income from Taxable and Non-Taxable Investment Securities | The following table provides inf o non-taxable Three Months Ended Nine Months Ended (Dollars in Millions) 2019 2018 2019 2018 Taxable 683 $ 605 2,023 1,763 Non-taxable 51 56 161 164 Total interest income from investment securities 734 $ 661 2,184 1,927 |
Amount of Gross Gains and Losses Realized through Sales of Available-for-Sale Investment Securities | The following table provides information about the amount of gross gains and losses realized through the sales of available-for-sale Three Months Ended Nine Months Ended (Dollars in Millions) 2019 2018 2019 2018 Realized gains $ 25 $ 10 $ 66 $ 25 Realized losses – – (19 ) – Net realized gains (losses) $ 25 $ 10 $ 47 $ 25 Income tax (benefit) on net realized gains (losses) $ 6 $ 2 $ 12 $ 6 |
Gross Unrealized Losses and Fair Value of Company's Investment Securities | The following table shows the gross unrealized losses and fair value of the Company’s investment securities with unrealized losses, aggregated by investment category and length of time the individual investment securities have been in continuous unrealized loss positions, at Less Than 12 Months 12 Months or Greater Total (Dollars in Millions) Fair Unrealized Fair Unrealized Fair Unrealized Held-to-maturity U.S. Treasury and agencies 954 $ (2 ) $ 642 $ (5 ) $ 1,596 $ (7 ) Residential agency mortgage-backed securities 4,610 (12 ) 11,606 (150 ) 16,216 (162 ) Other asset-backed securities – – 2 – 2 – Other 8 – – – 8 – 5,572 $ (14 ) $ 12,250 $ (155 ) $ 17,822 $ (169 ) Available-for-sale U.S. Treasury and agencies $ 2,313 $ (13 ) $ 7,362 $ (34 ) $ 9,675 $ (47 ) Residential agency mortgage-backed securities 4,377 (12 ) 14,739 (190 ) 19,116 (202 ) Commercial agency mortgage-backed securities 469 (5 ) – – 469 (5 ) Obligations of state and political subdivisions 246 (2 ) 2 – 248 (2 ) Total available-for-sale $ 7,405 $ (32 ) $ 22,103 $ (224 ) $ 29,508 $ (256 ) |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
Composition of Loan Portfolio | The composition of the loan portfolio, disaggregated by class and underl y September 30, 2019 December 31, 2018 (Dollars in Millions) Amount Percent Amount Percent Commercial Commercial $ 99,067 33.6 % $ 96,849 33.8 % Lease financing 5,587 1.9 5,595 1.9 Total commercial 104,654 35.5 102,444 35.7 Commercial Real Estate Commercial mortgages 28,664 9.7 28,596 10.0 Construction and development 10,604 3.6 10,943 3.8 Total commercial real estate 39,268 13.3 39,539 13.8 Residential Mortgages Residential mortgages 58,465 19.9 53,034 18.5 Home equity loans, first liens 10,913 3.7 12,000 4.2 Total residential mortgages 69,378 23.6 65,034 22.7 Credit Card 23,890 8.1 23,363 8.1 Other Retail Retail leasing 8,463 2.9 8,546 3.0 Home equity and second mortgages 15,453 5.2 16,122 5.6 Revolving credit 2,889 1.0 3,088 1.1 Installment 10,827 3.7 9,676 3.4 Automobile 19,583 6.6 18,719 6.5 Student 233 .1 279 .1 Total other retail 57,448 19.5 56,430 19.7 Total loans $ 294,638 100.0 % $ 286,810 100.0 % |
Activity in Allowance for Credit Losses by Portfolio Class | Activity in the allowance for credit losses by portfolio class was as follows: Three Months Ended September 30 (Dollars in Millions) Commercial Commercial Residential Credit Other Covered Total 2019 Balance at beginning of period $ 1,464 $ 794 $ 438 $ 1,132 $ 638 $ – $ 4,466 Add Provision for credit losses 101 3 (10 ) 212 61 – 367 Deduct Loans charged-off 91 7 8 248 97 – 451 Less recoveries of loans charged-off (16 ) (1 ) (11 ) (37 ) (34 ) – (99 ) Net loans charged-off 75 6 (3 ) 211 63 – 352 Balance at end of period $ 1,490 $ 791 $ 431 $ 1,133 $ 636 $ – $ 4,481 2018 Balance at beginning of period $ 1,391 $ 812 $ 436 $ 1,082 $ 667 $ 23 $ 4,411 Add Provision for credit losses 88 (12 ) 8 221 41 (3 ) 343 Deduct Loans charged-off 88 1 12 231 96 – 428 Less recoveries of loans charged-off (22 ) (10 ) (8 ) (25 ) (35 ) – (100 ) Net loans charged-off 66 (9 ) 4 206 61 – 328 Balance at end of period $ 1,413 $ 809 $ 440 $ 1,097 $ 647 $ 20 $ 4,426 Nine Months Ended September 30 (Dollars in Millions) Commercial Commercial Residential Credit Other Covered Total 2019 Balance at beginning of period $ 1,454 $ 800 $ 455 $ 1,102 $ 630 $ – $ 4,441 Add Provision for credit losses 243 (2 ) (20 ) 694 194 – 1,109 Deduct Loans charged-off 300 11 27 767 283 – 1,388 Less recoveries of loans charged-off (93 ) (4 ) (23 ) (104 ) (95 ) – (319 ) Net loans charged-off 207 7 4 663 188 – 1,069 Balance at end of period $ 1,490 $ 791 $ 431 $ 1,133 $ 636 $ – $ 4,481 2018 Balance at beginning of period $ 1,372 $ 831 $ 449 $ 1,056 $ 678 $ 31 $ 4,417 Add Provision for credit losses 225 (34 ) 6 668 156 (10 ) 1,011 Deduct Loans charged-off 265 6 37 727 283 – 1,318 Less recoveries of loans charged-off (81 ) (18 ) (22 ) (100 ) (96 ) – (317 ) Net loans charged-off 184 (12 ) 15 627 187 – 1,001 Other changes (a) – – – – – (1 ) (1 ) Balance at end of period $ 1,413 $ 809 $ 440 $ 1,097 $ 647 $ 20 $ 4,426 (a) Includes net changes in credit losses to be reimbursed by the FDIC and reductions in the allowance for covered loans where the reversal of a previously recorded allowance was offset by an associated decrease in the indemnification asset, and the impact of any loan sales. |
Additional Detail of Allowance for Credit Losses and Related Loan Balances by Portfolio Class | Additional detail of the allowance for credit losses by portfolio class was as follows: (Dollars in Millions) Commercial Commercial Residential Credit Other Total Allowance Balance at September 30, 2019 Related to Loans individually evaluated for impairment (a) $ 19 $ 3 $ – $ – $ – $ 22 TDRs collectively evaluated for impairment 20 4 107 80 12 223 Other loans collectively evaluated for impairment 1,451 784 309 1,053 624 4,221 Loans acquired with deteriorated credit quality – – 15 – – 15 Total allowance for credit losses $ 1,490 $ 791 $ 431 $ 1,133 $ 636 $ 4,481 Allowance Balance at December 31, 2018 Related to Loans individually evaluated for impairment (a) $ 16 $ 8 $ – $ – $ – $ 24 TDRs collectively evaluated for impairment 15 3 126 69 12 225 Other loans collectively evaluated for impairment 1,423 788 314 1,033 618 4,176 Loans acquired with deteriorated credit quality – 1 15 – – 16 Total allowance for credit losses $ 1,454 $ 800 $ 455 $ 1,102 $ 630 $ 4,441 (a) Represents the allowance for credit losses related to loans greater than $5 million classified as nonperforming or TDRs. Additional detail of loan balances by portfolio class was as follows: (Dollars in Millions) Commercial Commercial Residential Credit Other Total September 30, 2019 Loans individually evaluated for impairment (a) $ 340 $ 40 $ – $ – $ – $ 380 TDRs collectively evaluated for impairment 178 142 3,168 262 190 3,940 Other loans collectively evaluated for impairment 104,136 39,052 65,950 23,628 57,258 290,024 Loans acquired with deteriorated credit quality – 34 260 – – 294 Total loans $ 104,654 $ 39,268 $ 69,378 $ 23,890 $ 57,448 $ 294,638 December 31, 2018 Loans individually evaluated for impairment (a) $ 262 $ 86 $ – $ – $ – $ 348 TDRs collectively evaluated for impairment 151 129 3,252 245 183 3,960 Other loans collectively evaluated for impairment 102,031 39,297 61,465 23,118 56,247 282,158 Loans acquired with deteriorated credit quality – 27 317 – – 344 Total loans $ 102,444 $ 39,539 $ 65,034 $ 23,363 $ 56,430 $ 286,810 (a) Represents loans greater than $5 million classified as nonperforming or TDRs. |
Summary of Loans by Portfolio Class, Including Delinquency Status of those that Continue to Accrue Interest and are Nonperforming | The following table provides a summary of loans by portfolio class, including the delinquency status of those that continue to accrue interest, and those that are nonperforming: Accruing (Dollars in Millions) Current 30-89 Days 90 Days or Nonperforming Total September 30, 2019 Commercial $ 103,782 $ 450 $ 103 $ 319 $ 104,654 Commercial real estate 39,126 51 2 89 39,268 Residential mortgages (a) 68,845 167 115 251 69,378 Credit card 23,296 316 278 — 23,890 Other retail 56,785 391 102 170 57,448 Total loans $ 291,834 $ 1,375 $ 600 $ 829 $ 294,638 December 31, 2018 Commercial $ 101,844 $ 322 $ 69 $ 209 $ 102,444 Commercial real estate 39,354 70 — 115 39,539 Residential mortgages (a) 64,443 181 114 296 65,034 Credit card 22,746 324 293 — 23,363 Other retail 55,722 403 108 197 56,430 Total loans $ 284,109 $ 1,300 $ 584 $ 817 $ 286,810 (a) At September 30, 2019, $391 million of loans 30–89 days past due and $1.7 billion of loans 90 days or more past due purchased from Government National Mortgage Association (“GNMA”) mortgage pools whose repayments are insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs, were classified as current, compared with $430 million and $1.7 billion at December 31, 2018, respectively. |
Summary of Loans by Portfolio Class and Company's Internal Credit Quality Rating | The following table provides a summary of loans by portfolio class and the Company’s internal credit quality rating: Criticized (Dollars in Millions) Pass Special Classified (a) Total Total September 30, 2019 Commercial $ 102,543 $ 1,022 $ 1,089 $ 2,111 $ 104,654 Commercial real estate 38,287 625 356 981 39,268 Residential mortgages (b) 68,960 3 415 418 69,378 Credit card 23,612 – 278 278 23,890 Other retail 57,142 12 294 306 57,448 Total loans $ 290,544 $ 1,662 $ 2,432 $ 4,094 $ 294,638 Total outstanding commitments $ 614,479 $ 2,297 $ 3,076 $ 5,373 $ 619,852 December 31, 2018 Commercial $ 100,014 $ 1,149 $ 1,281 $ 2,430 $ 102,444 Commercial real estate 38,473 584 482 1,066 39,539 Residential mortgages (b) 64,570 1 463 464 65,034 Credit card 23,070 – 293 293 23,363 Other retail 56,101 6 323 329 56,430 Total loans $ 282,228 $ 1,740 $ 2,842 $ 4,582 $ 286,810 Total outstanding commitments $ 600,407 $ 2,801 $ 3,448 $ 6,249 $ 606,656 (a) Classified rating on consumer loans primarily based on delinquency status. (b) At September 30, 2019, $1.7 billion of GNMA loans 90 days or more past due and $1.7 billion of restructured GNMA loans whose repayments are insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs were classified with a pass rating, compared with $1.7 billion and $1.6 billion at December 31, 2018, respectively. |
Summary of Impaired Loans, which Include Nonaccrual and TDR Loans, by Portfolio Class | A summary of impaired loans, which include all nonaccrual and TDR loans, by portfolio class was as follows: (Dollars in Millions) Period-end Unpaid Valuation Commitments September 30, 2019 Commercial $ 583 $ 1,183 $ 41 $ 197 Commercial real estate 234 587 8 – Residential mortgages 1,573 1,891 74 – Credit card 262 262 80 – Other retail 322 412 14 2 Total loans, excluding loans purchased from GNMA mortgage pools 2,974 4,335 217 199 Loans purchased from GNMA mortgage pools 1,690 1,690 34 – Total $ 4,664 $ 6,025 $ 251 $ 199 December 31, 2018 Commercial $ 467 $ 1,006 $ 32 $ 106 Commercial real estate 279 511 12 2 Residential mortgages 1,709 1,879 86 – Credit card 245 245 69 – Other retail 335 418 14 5 Total loans, excluding loans purchased from GNMA mortgage pools 3,035 4,059 213 113 Loans purchased from GNMA mortgage pools 1,639 1,639 41 – Total $ 4,674 $ 5,698 $ 254 $ 113 (a) Substantially all loans classified as impaired at September 30, 2019 and December 31, 2018, had an associated allowance for credit losses. |
Impaired Loans Average Recorded Investment and Interest Income Recognized | Additional information on impaired loans 2019 2018 (Dollars in Millions) Average Interest Average Interest Three Months Ended September 30 Commercial $ 552 $ 4 $ 470 $ 3 Commercial real estate 232 3 279 4 Residential mortgages 1,597 23 1,779 18 Credit card 260 – 236 1 Other retail 319 3 309 4 Covered Loans – – 23 – Total loans, excluding loans purchased from GNMA mortgage pools 2,960 33 3,096 30 Loans purchased from GNMA mortgage pools 1,644 18 1,666 12 Total $ 4,604 $ 51 $ 4,762 $ 42 Nine Months Ended September 30 Commercial $ 516 $ 7 $ 510 $ 5 Commercial real estate 251 8 263 8 Residential mortgages 1,649 70 1,846 57 Credit card 255 – 234 3 Other retail 323 9 304 12 Covered Loans – – 33 1 Total loans, excluding loans purchased from GNMA mortgage pools 2,994 94 3,190 86 Loans purchased from GNMA mortgage pools 1,613 52 1,635 36 Total $ 4,607 $ 146 $ 4,825 $ 122 |
Summary of Loans Modified as TDRs | The following table provides a summary of loans modified as TDRs during the periods presented by portfolio class: 2019 2018 (Dollars in Millions) Number Pre-Modification Post-Modification Number Pre-Modification Post-Modification Three Months Ended September 30 Commercial 886 $ 116 $ 100 700 $ 42 $ 33 Commercial real estate 32 23 23 38 123 125 Residential mortgages 117 17 15 144 19 17 Credit card 8,429 46 46 8,450 42 43 Other retail 814 20 19 763 17 16 Covered Loans – – – 3 1 1 Total loans, excluding loans purchased from GNMA mortgage pools 10,278 222 203 10,098 244 235 Loans purchased from GNMA mortgage pools 1,524 211 203 1,649 216 211 Total loans 11,802 $ 433 $ 406 11,747 $ 460 $ 446 Nine Months Ended September 30 Commercial 2,622 $ 242 $ 215 2,047 $ 255 $ 234 Commercial real estate 76 95 93 97 154 155 Residential mortgages 318 43 41 397 56 53 Credit card 26,018 140 141 24,457 122 124 Other retail 2,029 44 42 1,857 45 43 Covered Loans – – – 3 1 1 Total loans, excluding loans purchased from GNMA mortgage pools 31,063 564 532 28,858 633 610 Loans purchased from GNMA mortgage pools 4,617 629 606 4,785 631 619 Total loans 35,680 $ 1,193 $ 1,138 33,643 $ 1,264 $ 1,229 |
Summary of Loans Modified as TDRs in the Past Twelve Months that have Subsequently Defaulted | The following table provides a summary of TDR loans that defaulted (fully or partially charged-off 2019 2018 (Dollars in Millions) Number Amount Number Amount Three Months Ended September 30 Commercial 263 $ 9 207 $ 51 Commercial real estate 8 7 10 2 Residential mortgages 13 1 34 4 Credit card 2,025 10 1,924 9 Other retail 72 1 93 1 Total loans, excluding loans purchased from GNMA mortgage pools 2,381 28 2,268 67 Loans purchased from GNMA mortgage pools 263 33 380 50 Total loans 2,644 $ 61 2,648 $ 117 Nine Months Ended September 30 Commercial 749 $ 18 623 $ 63 Commercial real estate 23 17 26 8 Residential mortgages 124 14 148 15 Credit card 6,001 29 5,893 26 Other retail 299 9 240 3 Covered loans – – 1 – Total loans, excluding loans purchased from GNMA mortgage pools 7,196 87 6,931 115 Loans purchased from GNMA mortgage pools 697 93 1,129 148 Total loans 7,893 $ 180 8,060 $ 263 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Text Block [Abstract] | |
Components of Net Investment in Sales-Type and Direct Financing Leases | The components of the net investment in sales-type and direct financing leases were as follows: (Dollars in Millions) September 30, December 31, Lease receivables $ 12,150 $ 12,207 Unguaranteed residual values accruing to the lessor’s benefit 1,873 1,877 Total net investment in sales-type and direct financing leases $ 14,023 $ 14,084 |
Contractual Future Lease Payments to be Received | The contractual future lease payments to be received by the Company at September 30, 2019, were as follows: (Dollars in Millions) Sales-type and Operating leases One Year or Less $ 4,623 $ 181 Over One Through Two Years 3,737 140 Over Two Through Three Years 2,615 104 Over Three Through Four Years 1,251 69 Over Four Through Five Years 432 52 Thereafter 501 59 Total lease payments 13,159 $ 605 Amounts representing interest (1,009 ) Lease receivables $ 12,150 |
Summary of Amounts Relevant to Company's Assets Leased for Use in its Operations | The following table presents amounts relevant to the Company’s assets leased for use in its operations: (Dollars in Millions) Three Months Ended Nine Months Ended Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 75 $ 226 Operating cash flows from finance leases 1 5 Financing cash flows from finance leases 3 8 Right of use assets obtained in exchange for new operating lease liabilities 27 100 Right of use assets obtained in exchange for new finance lease liabilities 5 7 |
Summary of Weighted-Average Remaining Lease Terms and Discount Rates | The following table presents the weighted-average remaining lease terms and discount rates of the Company’s assets leased for use in its operations at September 30, 2019: Weighted-average remaining lease term of operating leases (in years) 7.5 Weighted-average remaining lease term of finance leases (in years) 10.4 Weighted-average discount rate of operating leases 3.2 % Weighted-average discount rate of finance leases 15.3 % |
Schedule of Contractual Future Lease Obligations | The contractual future lease obligations of the Company at September 30, 2019, were as follows: (Dollars in Millions) Operating leases Finance leases One Year or Less $ 305 $ 17 Over One Through Two Years 255 15 Over Two Through Three Years 230 13 Over Three Through Four Years 186 11 Over Four Through Five Years 138 10 Thereafter 416 37 Total lease payments 1,530 103 Amounts representing interest (186 ) (32 ) Lease liabilities $ 1,344 $ 71 |
Accounting for Transfers and _2
Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Investments in Community Development and Tax-advantaged VIEs | The following table provides a summary of investments in community development and tax-advantaged (Dollars in Millions) September 30, 2019 December 31, 2018 Investment carrying amount $ 6,079 $ 5,823 Unfunded capital and other commitments 3,037 2,778 Maximum exposure to loss 12,163 12,360 |
Mortgage Servicing Rights (Tabl
Mortgage Servicing Rights (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Text Block [Abstract] | |
Changes in Fair Value of Capitalized MSRs | Changes in fair value of capitalized MSRs are s u Three Months Ended Nine Months Ended (Dollars in Millions) 2019 2018 2019 2018 Balance at beginning of period $ 2,458 $ 2,844 $ 2,791 $ 2,645 Rights purchased 6 2 13 6 Rights capitalized 168 109 373 306 Rights sold (a) 4 (15 ) 4 (15 ) Changes in fair value of MSRs Due to fluctuations in market interest rates ( b (243 ) 68 (573 ) 220 Due to revised assumptions or models ( c 15 2 30 52 Other changes in fair value ( d (112 ) (93 ) (342 ) (297 ) Balance at end of period $ 2,296 $ 2,917 $ 2,296 $ 2,917 (a) MSRs sold in 2019 include those having a negative fair value, resulting from the related loans being severely delinquent. (b) Includes changes in MSR value associated with changes in market interest rates, including estimated prepayment rates and anticipated earnings on escrow deposits. (c) Includes changes in MSR value not caused by changes in market interest rates, such as changes in cost to service, ancillary income and option adjusted spread, as well as the impact of any model changes. (d) Primarily represents changes due to realization of expected cash flows over time (decay). |
Sensitivity to Changes in Interest Rates of the Fair Value of MSR Portfolio and Related Derivative Instruments | The estimated sensitivity to changes in interest rates of the fair value of the MSR portfolio and the related derivative instruments was as follows: September 30, 2019 December 31, 2018 (Dollars in Millions) Down Down Down Up Up Up Down Down Down Up Up Up MSR portfolio $ (696 ) $ (337 ) $ (165 ) $ 153 $ 294 $ 537 $ (501 ) $ (223 ) $ (105 ) $ 92 $ 171 $ 295 Derivative instrument hedges 691 340 167 (156 ) (307 ) (615 ) 455 215 104 (94 ) (177 ) (321 ) Net sensitivity $ (5 ) $ 3 $ 2 $ (3 ) $ (13 ) $ (78 ) $ (46 ) $ (8 ) $ (1 ) $ (2 ) $ (6 ) $ (26 ) |
MSRs and Related Characteristics by Portfolio | A summary of the Company’s MSRs and relat e September 30, 2019 December 31, 2018 (Dollars in Millions) HFA Government Conventional (d) Total HFA Government Conventional (d) Total Servicing portfolio (a) $ 44,968 $ 35,634 $ 144,797 $ 225,399 $ 44,384 $ 35,990 $ 148,910 $ 229,284 Fair value $ 453 $ 414 $ 1,429 $ 2,296 $ 526 $ 465 $ 1,800 $ 2,791 Value (bps) (b) 101 116 99 102 119 129 121 122 Weighted-average servicing fees (bps) 34 38 28 31 34 36 27 30 Multiple (value/servicing fees) 2.94 3.05 3.57 3.33 3.45 3.63 4.52 4.11 Weighted-average note rate 4.66 % 4.01 % 4.08 % 4.18 % 4.59 % 3.97 % 4.06 % 4.15 % Weighted-average age (in years) 3.6 4.8 4.8 4.6 3.3 4.7 4.5 4.3 Weighted-average expected prepayment (constant prepayment rate) 13.6 % 15.4 % 14.7 % 14.6 % 9.8 % 11.0 % 9.1 % 9.5 % Weighted-average expected life (in years) 6.0 5.2 5.2 5.4 7.7 6.7 7.1 7.2 Weighted-average option adjusted spread (c) 8.4 % 8.0 % 7.0 % 7.4 % 8.6 % 8.3 % 7.2 % 7.6 % (a) Represents principal balance of mortgages having corresponding MSR asset. (b) Calculated as fair value divided by the servicing portfolio. (c) Option adjusted spread is the incremental spread added to the risk-free rate to reflect optionality and other risk inherent in the MSRs. (d) Represents loans sold primarily to GSEs. |
Preferred Stock (Tables)
Preferred Stock (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Number of Shares Issued and Outstanding and Carrying Amount of Preferred Stock | The number of shares issued and outstanding and the carrying amount of each outstanding series of the Company’s preferred stock were as follows: September 30, 2019 December 31, 2018 (Dollars in Millions) Shares Liquidation Discount Carrying Shares Liquidation Discount Carrying Series A 12,510 $ 1,251 $ 145 $ 1,106 12,510 $ 1,251 $ 145 $ 1,106 Series B 40,000 1,000 – 1,000 40,000 1,000 – 1,000 Series F 44,000 1,100 12 1,088 44,000 1,100 12 1,088 Series H 20,000 500 13 487 20,000 500 13 487 Series I 30,000 750 5 745 30,000 750 5 745 Series J 40,000 1,000 7 993 40,000 1,000 7 993 Series K 23,000 575 10 565 23,000 575 10 565 Total preferred stock (a) 209,510 $ 6,176 $ 192 $ 5,984 209,510 $ 6,176 $ 192 $ 5,984 (a) The par value of all shares issued and outstanding at September 30, 2019 and December 31, 2018, was $1.00 per share. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Reconciliation of Transactions Affecting Accumulated Other Comprehensive Income (Loss) Included in Shareholders' Equity | Shareholders’ equity is affected by transactions and valuations of asset and liability positions that require adjustments to accumulated other comprehensive income (loss). The reconciliation of the transactions affecting accumulated other comprehensive income (loss) included in shareholders’ equity is as follows: Three Months Ended September 30 (Dollars in Millions) Unrealized Gains Available-For- Sale Unrealized Gains Available-For-Sale to Held-To- Maturity Unrealized Gains Unrealized Gains Foreign Total 2019 Balance at beginning of period $ 163 $ 11 $ (55 ) $ (1,385 ) $ (78 ) $ (1,344 ) Changes in unrealized gains and losses 284 – (59 ) – – 225 Foreign currency translation adjustment (a) – – – – 2 2 Reclassification to earnings of realized gains and losses (25 ) (1 ) 6 22 – 2 Applicable income taxes (66 ) – 14 (6 ) – (58 ) Balance at end of period $ 356 $ 10 $ (94 ) $ (1,369 ) $ (76 ) $ (1,173 ) 2018 Balance at beginning of period $ (1,183 ) $ 17 $ 176 $ (1,244 ) $ (81 ) $ (2,315 ) Changes in unrealized gains and losses (411 ) – 40 – – (371 ) Foreign currency translation adjustment (a) – – – – 7 7 Reclassification to earnings of realized gains and losses (10 ) (2 ) (2 ) 34 – 20 Applicable income taxes 107 – (10 ) (9 ) (2 ) 86 Balance at end of period $ (1,497 ) $ 15 $ 204 $ (1,219 ) $ (76 ) $ (2,573 ) (a) Represents the impact of changes in foreign currency exchange rates on the Company’s investment in foreign operations and related hedges. Nine Months Ended September 30 (Dollars in Millions) Unrealized Gains Available-For- Sale Unrealized Gains Available-For-Sale to Held-To- Maturity Unrealized Gains Unrealized Gains Foreign Total 2019 Balance at beginning of period $ (946 ) $ 14 $ 112 $ (1,418 ) $ (84 ) $ (2,322 ) Changes in unrealized gains and losses 1,790 – (268 ) – – 1,522 Foreign currency translation adjustment (a) – – – – 10 10 Reclassification to earnings of realized gains and losses (47 ) (5 ) (8 ) 66 – 6 Applicable income taxes (441 ) 1 70 (17 ) (2 ) (389 ) Balance at end of period $ 356 $ 10 $ (94 ) $ (1,369 ) $ (76 ) $ (1,173 ) 2018 Balance at beginning of period $ (357 ) $ 17 $ 71 $ (1,066 ) $ (69 ) $ (1,404 ) Revaluation of tax related balances (b) (77 ) 4 15 (229 ) (13 ) (300 ) Changes in unrealized gains and losses (1,399 ) – 159 (1 ) – (1,241 ) Foreign currency translation adjustment (a) – – – – 12 12 Reclassification to earnings of realized gains and losses (25 ) (7 ) (1 ) 103 – 70 Applicable income taxes 361 1 (40 ) (26 ) (6 ) 290 Balance at end of period $ (1,497 ) $ 15 $ 204 $ (1,219 ) $ (76 ) $ (2,573 ) (a) Represents the impact of changes in foreign currency exchange rates on the Company’s investment in foreign operations and related hedges. (b) Reflects the adoption of new accounting guidance on January 1, 2018 to reclassify the impact of the reduced federal statutory rate for corporations included in 2017 tax reform legislation from accumulated other comprehensive income to retained earnings. |
Impact to Net Income for Items Reclassified out of Accumulated Other Comprehensive Income and into Earnings | Additional detail a b o ut the im p act to net income for items reclassified out of accumulated other comprehensive income (loss) and into earnings is as follows: Impact to Net Income Affected Line Item in the Consolidated Statement of Income Three Months Ended September 30 Nine Months Ended September 30 (Dollars in Millions) 2019 2018 2019 2018 Unrealized gains (losses) on investment securities available-for-sale Realized gains (losses) on sale of investment securities $ 25 $ 10 $ 47 $ 25 Total securities gains (losses), net (6 ) (2 ) (12 ) (6 ) Applicable income taxes 19 8 35 19 Net-of-tax Unrealized gains (losses) on investment securities transferred from available-for-sale to held-to-maturity Amortization of unrealized gains 1 2 5 7 Interest income – – (1 ) (1 ) Applicable income taxes 1 2 4 6 Net-of-tax Unrealized gains (losses) on derivative hedges Realized gains (losses) on derivative hedges (6 ) 2 8 1 Interest expense 1 (1 ) (2 ) (1 ) Applicable income taxes (5 ) 1 6 – Net-of-tax Unrealized gains (losses) on retirement plans Actuarial gains (losses) and prior service cost (credit) amortization (22 ) (34 ) (66 ) (103 ) Other noninterest expense 6 8 17 26 Applicable income taxes (16 ) (26 ) (49 ) (77 ) Net-of-tax Total impact to net income $ (1 ) $ (15 ) $ (4 ) $ (52 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Components of Earnings Per Share | The components of earnings per share were: Three Months Ended Nine Months Ended (Dollars and Shares in Millions, Except Per Share Data) 2019 2018 2019 2018 Net income attributable to U.S. Bancorp $ 1,908 $ 1,815 $ 5,428 $ 5,240 Preferred dividends (79 ) (76 ) (230 ) (210 ) Earnings allocated to participating stock awards (8 ) (7 ) (23 ) (23 ) Net income applicable to U.S. Bancorp common shareholders $ 1,821 $ 1,732 $ 5,175 $ 5,007 Average common shares outstanding 1,575 1,629 1,589 1,641 Net effect of the exercise and assumed purchase of stock awards 3 4 3 4 Average diluted common shares outstanding 1,578 1,633 1,592 1,645 Earnings per common share $ 1.16 $ 1.06 $ 3.26 $ 3.05 Diluted earnings per common share $ 1.15 $ 1.06 $ 3.25 $ 3.04 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Benefit Cost | The components of net periodic benefit cost for the Company’s retirement plans were: Three Months Ended September 30 Nine Months Ended September 30 Pension Plans Postretirement Pension Plans Postretirement (Dollars in Millions) 2019 2018 2019 2018 2019 2018 2019 2018 Service cost $ 48 $ 52 $ – $ – $ 144 $ 156 $ – $ – Interest cost 63 56 1 – 187 168 2 1 Expected return on plan assets (96 ) (95 ) (1 ) – (287 ) (284 ) (2 ) (2 ) Prior service cost (credit) amortization – – (1 ) (1 ) – – (3 ) (2 ) Actuarial loss (gain) amortization 24 36 (1 ) (1 ) 73 109 (4 ) (4 ) Net periodic benefit cost (a) $ 39 $ 49 $ (2 ) $ (2 ) $ 117 $ 149 $ (7 ) $ (7 ) (a) Service cost is included in employee benefits expense on the Consolidated Statement of Income. All other components are included in other noninterest expense on the Consolidated Statement of Income. |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Components of Income Tax Expense | The components of income tax expense were: Three Months Ended Nine Months Ended (Dollars in Millions) 2019 2018 2019 2018 Federal Current $ 414 $ 385 $ 1,002 $ 931 Deferred (59 ) (53 ) 26 (17 ) Federal income tax 355 332 1,028 914 State Current 140 141 280 295 Deferred (28 ) (13 ) (14 ) 54 State income tax 112 128 266 349 Total income tax provision $ 467 $ 460 $ 1,294 $ 1,263 |
Reconciliation of Expected Income Tax Expense at Federal Statutory Rate of 21 Percent to Company's Applicable Income Tax Expense | A reconciliation of expected income tax expense at the federal statutory rate of 21 percent to the Company’s applicable income tax expense follows: Three Months Ended Nine Months Ended (Dollars in Millions) 2019 2018 2019 2018 Tax at statutory rate $ 501 $ 479 $ 1,417 $ 1,370 State income tax, at statutory rates, net of federal tax benefit 99 102 277 287 Tax effect of Tax credits and benefits, net of related expenses (97 ) (122 ) (307 ) (369 ) Exam resolutions – – (49 ) (49 ) Tax-exempt (29 ) (33 ) (92 ) (98 ) Noncontrolling interests (1 ) (2 ) (5 ) (5 ) Other items (6 ) 36 53 127 Applicable income taxes $ 467 $ 460 $ 1,294 $ 1,263 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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: Asset Derivatives Liability Derivatives (Dollars in Millions) Notional Fair Weighted- In Notional Fair Weighted- September 30, 2019 Fair value hedges Interest rate contracts Receive fixed/pay floating swaps $ 15,300 $ – 4.91 $ 1,900 $ – 3.97 Cash flow hedges Interest rate contracts Pay fixed/receive floating swaps 500 – .21 9,202 4 2.90 Net investment hedges Foreign exchange forward contracts 447 4 .05 – – – Other economic hedges Interest rate contracts Futures and forwards Buy 7,373 21 .06 14,083 52 .09 Sell 5,169 13 .03 22,883 20 .79 Options Purchased 9,300 57 2.19 200 – 1.01 Written 1,959 47 .10 4,010 76 1.81 Receive fixed/pay floating swaps 5,762 – 8.54 5,202 – 10.35 Pay fixed/receive floating swaps 964 – 6.94 5,220 – 5.93 Foreign exchange forward contracts 242 1 .04 437 1 .05 Equity contracts 18 1 .64 126 2 .64 Other (a) 675 6 .01 2,394 58 .54 Total $ 47,709 $ 150 $ 65,657 $ 213 December 31, 2018 Cash flow hedges Interest rate contracts Pay fixed/receive floating swaps $ 7,422 $ 8 3.11 $ 4,320 $ – 1.77 Net investment hedges Foreign exchange forward contracts 209 5 .05 223 1 .05 Other economic hedges Interest rate contracts Futures and forwards Buy 2,839 27 .07 1,140 5 .05 Sell 994 3 .06 13,968 30 .72 Options Purchased 5,080 88 10.77 – – – Written 584 16 .09 3 – .09 Receive fixed/pay floating swaps 3,605 – 14.80 4,333 – 6.97 Pay fixed/receive floating swaps 4,333 – 6.97 1,132 – 7.64 Foreign exchange forward contracts 549 7 .03 75 1 .05 Equity contracts 19 1 .82 104 2 .45 Other (a) 1 – .01 1,458 84 1.50 Total $ 25,635 $ 155 $ 26,756 $ 123 (a) Includes derivative liability swap agreements related to the sale of a portion of the Company’s Class B common shares of Visa Inc. The Visa swap agreements had a total notional value, fair value and weighted-average remaining maturity of $1.7 billion, $52 million and .75 years at September 30, 2019, respectively, compared to $1.5 billion, $84 million and 1.50 years at December 31, 2018, respectively. In addition, includes short-term underwriting purchase and sale commitments with total asset and liability notional values of $675 million at September 30, 2019, and $1 million at December 31, 2018. |
Customer-Related Derivative Positions of Company | The following table summarizes the customer-related derivative positions of the Company: Asset Derivatives Liability Derivatives (Dollars in Millions) Notional Fair Weighted- Notional Fair Weighted- September 30, 2019 Interest rate contracts Receive fixed/pay floating swaps $ 116,162 $ 2,435 5.20 $ 18,102 $ 29 3.09 Pay fixed/receive floating swaps 17,918 22 3.04 111,998 932 4.98 Other (a) 6,156 2 3.10 7,345 3 3.26 Options Purchased 45,207 52 1.54 6,567 121 2.85 Written 5,600 124 3.42 43,346 47 1.41 Futures Buy 647 – .21 525 – .62 Sell – – – 3,723 2 1.49 Foreign exchange rate contracts Forwards, spots and swaps 29,935 811 1.09 30,808 786 1.25 Options Purchased 1,364 28 .60 – – – Written – – – 1,364 28 .60 Credit contracts 2,670 1 3.40 6,926 6 4.07 Total $ 225,659 $ 3,475 $ 230,704 $ 1,954 December 31, 2018 Interest rate contracts Receive fixed/pay floating swaps $ 42,054 $ 754 6.73 $ 60,731 $ 456 4.32 Pay fixed/receive floating swaps 60,970 288 3.90 40,499 420 6.57 Other (a) 5,777 2 3.77 6,496 2 2.72 Options Purchased 41,711 51 1.54 1,940 30 1.98 Written 2,060 32 2.07 39,538 51 1.44 Futures Buy 460 – 1.58 – – – Sell – – – 6,190 1 .59 Foreign exchange rate contracts Forwards, spots and swaps 26,210 681 .91 25,571 663 .88 Options Purchased 2,779 47 .75 – – – Written – – – 2,779 47 .75 Credit contracts 2,318 – 3.50 4,923 2 4.04 Total $ 184,339 $ 1,855 $ 188,667 $ 1,672 (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): Three Months Ended September 30 Nine Months Ended September 30 Gains (Losses) (Loss) Gains (Losses) (Loss) into Earnings Gains (Losses) (Loss) Gains (Losses) (Loss) into Earnings (Dollars in Millions) 2019 2018 2019 2018 2019 2018 2019 2018 Asset and Liability Management Positions Cash flow hedges Interest rate contracts $ (44 ) $ 29 $ (5 ) $ 1 $ (200 ) $ 118 $ 6 $ – Net investment hedges Foreign exchange forward contracts 10 – – – 8 28 – – Non-derivative 37 6 – – 42 22 – – 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 included in interest expense on the Consolidated Statement of Income: Three Months Ended Nine Months (Dollars in Millions) 2019 2018 2019 2018 Total amount of interest expense presented in the Consolidated Statement of Income $ 1,156 $ 872 $ 3,394 $ 2,246 Asset and Liability Management Positions Fair value hedges Interest rate contract derivatives (183 ) – (234 ) 5 Hedged items 181 – 232 (5 ) Cash Flow hedges Interest rate contract derivatives 6 (2 ) (8 ) (1 ) Note: The Company does not exclude components from effectiveness testing for fair value and cash flow hedges. The Company did not reclassify gains or losses into earnings as a result of the discontinuance of cash flow hedges during the three and nine months ended September 30, 2019 and 2018. |
Summary of Cumulative Hedging Adjustments and the Carrying Amount of Assets (Liabilities) Designated in Fair Value Hedges | The table below shows cumulative hedging adjustments and the carrying amount of assets (liabilities) designated in fair value hedges: Carrying Amount of the Hedged Assets Cumulative Hedging Adjustment (a) (Dollars in Millions) September 30, 2019 December 31, 2018 September 30, 2019 December 31, 2018 Line Item in the Consolidated Balance Sheet Long-term Debt $ 16,639 $ – $ 221 $ (27 ) (a) The cumulative hedging adjustment related to discontinued hedging relationships at September 30, 2019 and December 31, 2018 was $(11) million and $(27) million, 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 Location of Gains (Losses) Recognized in Earnings Three Months Ended Nine Months Ended (Dollars in Millions) 2019 2018 2019 2018 Asset and Liability Management Positions Other economic hedges Interest rate contracts Futures and forwards Mortgage banking revenue $ 20 $ 23 $ (20 ) $ 96 Purchased and written options Mortgage banking revenue 154 46 347 144 Swaps Mortgage banking revenue 215 (68 ) 513 (224 ) Foreign exchange forward contracts Other noninterest income (3 ) (9 ) (18 ) 18 Equity contracts Compensation expense – – (2 ) (1 ) Other Other noninterest income – – – 1 Customer-Related Positions Interest rate contracts Swaps Commercial products revenue 26 16 61 33 Purchased and written options Commercial products revenue 2 (1 ) 11 1 Futures Commercial products revenue (3 ) 3 (7 ) 14 Foreign exchange rate contracts Forwards, spots and swaps Commercial products revenue 20 20 59 65 Purchased and written options Commercial products revenue 1 – 1 – Credit contracts Commercial products revenue (4 ) 1 (12 ) 3 |
Netting Arrangements for Cert_2
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Text Block [Abstract] | |
Summary of Maturities by Category of Collateral Pledged for Repurchase Agreements and Securities Loaned Transactions | The following table summarizes the maturities by category of collateral pledged for repurchase agreements and securities loaned transactions: (Dollars in Millions) Overnight and Less Than 30-89 Greater Than Total September 30, 2019 Repurchase agreements U.S. Treasury and agencies $ 278 $ – $ – $ – $ 278 Residential agency mortgage-backed securities 270 – – – 270 Corporate debt securities 676 – – – 676 Total repurchase agreements 1,224 – – – 1,224 Securities loaned Corporate debt securities 107 – – – 107 Total securities loaned 107 – – – 107 Gross amount of recognized liabilities $ 1,331 $ – $ – $ – $ 1,331 December 31, 2018 Repurchase agreements U.S. Treasury and agencies $ 134 $ – $ – $ – $ 134 Residential agency mortgage-backed securities 565 – 945 470 1,980 Corporate debt securities 480 – – – 480 Total repurchase agreements 1,179 – 945 470 2,594 Securities loaned Corporate debt securities 227 – – – 227 Total securities loaned 227 – – – 227 Gross amount of recognized liabilities $ 1,406 $ – $ 945 $ 470 $ 2,821 |
Information on Company's Accounting Netting Adjustments and Items Not Offset in Consolidated Balance Sheet Assets But Available for Offset in Event of Default | The following tables provide information on the Company’s netting adjustments, and items not offset on the Consolidated Balance Sheet but available for offset in the event of default: Gross Recognized Gross Amounts Consolidated Net Amounts Consolidated Gross Amounts Not Offset on the (Dollars in Millions) Financial Collateral Net Amount September 30, 2019 Derivative assets (d) $ 3,563 $ (1,324 ) $ 2,239 $ (61 ) $ (156 ) $ 2,022 Reverse repurchase agreements 3,893 – 3,893 (169 ) (3,724 ) – Securities borrowed 1,499 – 1,499 – (1,452 ) 47 Total $ 8,955 $ (1,324 ) $ 7,631 $ (230 ) $ (5,332 ) $ 2,069 December 31, 2018 Derivative assets (d) $ 1,987 $ (942 ) $ 1,045 $ (106 ) $ (16 ) $ 923 Reverse repurchase agreements 205 – 205 (114 ) (91 ) – Securities borrowed 1,069 – 1,069 – (1,039 ) 30 Total $ 3,261 $ (942 ) $ 2,319 $ (220 ) $ (1,146 ) $ 953 (a) Includes $760 million and $236 million of cash collateral related payables that were netted against derivative assets at September 30, 2019 and December 31, 2018, respectively. (b) For derivative assets this includes any derivative liability fair values that could be offset in the event of counterparty default; for reverse repurchase agreements this includes any repurchase agreement payables that could be offset in the event of counterparty default; for securities borrowed this includes any securities loaned payables that could be offset in the event of counterparty default. (c) Includes the fair value of securities received by the Company from the counterparty. These securities are not included on the Consolidated Balance Sheet unless the counterparty defaults. (d) Excludes $62 million and $23 million at September 30, 2019 and December 31, 2018, respectively, of derivative assets not subject to netting arrangements. |
Information on Company's Accounting Netting Adjustments and Items Not Offset in Consolidated Balance Sheet Liabilities But Available for Offset in Event of Default | (Dollars in Millions) Gross Recognized Gross Amounts Consolidated Net Amounts Consolidated Gross Amounts Not Offset on the Net Amount Financial Collateral September 30, 2019 Derivative liabilities (d) $ 2,105 $ (1,093 ) $ 1,012 $ (61 ) $ – $ 951 Repurchase agreements 1,224 – 1,224 (169 ) (1,055 ) – Securities loaned 107 – 107 – (106 ) 1 Total $ 3,436 $ (1,093 ) $ 2,343 $ (230 ) $ (1,161 ) $ 952 December 31, 2018 Derivative liabilities (d) $ 1,710 $ (946 ) $ 764 $ (106 ) $ – $ 658 Repurchase agreements 2,594 – 2,594 (114 ) (2,480 ) – Securities loaned 227 – 227 – (224 ) 3 Total $ 4,531 $ (946 ) $ 3,585 $ (220 ) $ (2,704 ) $ 661 (a) Includes $529 million and $240 million of cash collateral related receivables that were netted against derivative liabilities at September 30, 2019 and December 31, 2018, respectively. (b) For derivative liabilities this includes any derivative asset fair values that could be offset in the event of counterparty default; for repurchase agreements this includes any reverse repurchase agreement receivables that could be offset in the event of counterparty default; for securities loaned this includes any securities borrowed receivables that could be offset in the event of counterparty default. (c) Includes the fair value of securities pledged by the Company to the counterparty. These securities are included on the Consolidated Balance Sheet unless the Company defaults. (d) Excludes $62 million and $85 million at September 30, 2019 and December 31, 2018, respectively, of derivative liabilities not subject to netting arrangements. |
Fair Values of Assets and Lia_2
Fair Values of Assets and Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Valuation Assumption Ranges for MSRs | The following table shows the significant valuation assumption ranges for MSRs at September 30, 2019: Minimum Maximum Weighted - Expected prepayment 10 % 21 % 15 % Option adjusted spread 7 10 7 (a) Determined based on the relative fair value of the related mortgage loans serviced. |
Valuation Assumption Ranges for Derivative Commitments | The following table shows the significant valuation assumption ranges for the Company’s derivative commitments to purchase and originate mortgage loans at September 30, 2019: Minimum Maximum Weighted - Expected loan close rate 13 % 100 % 78 % Inherent MSR value (basis points per loan) 50 199 118 (a) Determined based on the relative fair value of the related mortgage loans. |
Balances of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table summarizes the balances of assets and liabilities measured at fair value on a recurring basis: (Dollars in Millions) Level 1 Level 2 Level 3 Netting Total September 30, 2019 Available-for-sale U.S. Treasury and agencies $ 15,141 $ 412 $ – $ – $ 15,553 Mortgage-backed securities Residential agency – 50,943 – – 50,943 Commercial agency – 984 – – 984 Other asset-backed securities – 382 – – 382 Obligations of state and political subdivisions – 6,735 – – 6,735 Obligations of foreign governments – 1 – – 1 Total available-for-sale 15,141 59,457 – – 74,598 Mortgage loans held for sale – 3,852 – – 3,852 Mortgage servicing rights – – 2,296 – 2,296 Derivative assets 7 1,998 1,620 (1,324 ) 2,301 Other assets 322 2,065 – – 2,387 Total $ 15,470 $ 67,372 $ 3,916 $ (1,324 ) $ 85,434 Derivative liabilities $ 2 $ 1,831 $ 334 $ (1,093 ) $ 1,074 Short-term borrowings and other liabilities (a) 144 1,460 – – 1,604 Total $ 146 $ 3,291 $ 334 $ (1,093 ) $ 2,678 December 31, 2018 Available-for-sale $ 18,585 $ 672 $ – $ – $ 19,257 Mortgage-backed securities Residential agency – 39,752 – – 39,752 Commercial agency – 2 – – 2 Other asset-backed securities – 403 – – 403 Obligations of state and political subdivisions – 6,701 – – 6,701 Total available-for-sale 18,585 47,530 – – 66,115 Mortgage loans held for sale – 2,035 – – 2,035 Mortgage servicing rights – – 2,791 – 2,791 Derivative assets – 1,427 583 (942 ) 1,068 Other assets 392 1,273 – – 1,665 Total $ 18,977 $ 52,265 $ 3,374 $ (942 ) $ 73,674 Derivative liabilities $ 1 $ 1,291 $ 503 $ (946 ) $ 849 Short-term borrowings and other liabilities (a) 199 1,019 – – 1,218 Total $ 200 $ 2,310 $ 503 $ (946 ) $ 2,067 Note: Excluded from the table above are equity investments without readily determinable fair values. The Company has elected to carry these investments at historical cost, adjusted for impairment and any changes resulting from observable price changes for identical or similar investments of the issuer. The aggregate carrying amount of these equity investments was $88 million and $86 million at September 30, 2019 and December 31, 2018, respectively. The Company has not recorded impairments or adjustments for observable price changes on these equity investments during the first nine months of 2019 and 2018, or on a cumulative basis. (a) Primarily represents the Company’s obligation on securities sold short required to be accounted for at fair value per applicable accounting guidance. |
Changes in Fair Value for All Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3) | The following table presents the changes in fair value for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the t 30: (Dollars in Millions) Beginning of Period Balance Net Gains (Losses) Included in Net Income Purchases Sales Issuances Settlements End of Period Balance Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period 2019 Mortgage servicing rights $ 2,458 $ (340 ) (a) $ 6 $ 4 $ 168 (c) $ – $ 2,296 $ (340 ) (a) Net derivative assets and liabilities 1,045 313 (b) 1 (1 ) – (72 ) 1,286 322 (d) 2018 Mortgage servicing rights $ 2,844 $ (23 ) (a) $ 2 $ (15 ) $ 109 (c) $ – $ 2,917 $ (23 ) (a) Net derivative assets and liabilities (256 ) (81 ) (e) 2 (13 ) – (10 ) (358 ) (81 ) (f) (a) Included in mortgage banking revenue. (b) Approximately $169 million included in other noninterest income and $144 (c) Represents MSRs capitalized during the period. (d) Approximately $273 million included in other noninterest income and $49 million included in mortgage banking revenue. (e) Approximately $(122) million included in other noninterest income and $41 million included in mortgage banking revenue. (f) Approximately $(97) million included in other noninterest income and $16 million included in mortgage banking revenue. The following table presents the changes in fair value for all assets and liabilities m e (Dollars in Millions) Beginning Net Gains Purchases Sales Issuances Settlements End Net Change in and Liabilities 2019 Mortgage servicing rights $ 2,791 $ (885 ) (a) $ 13 $ 4 $ 373 (c) $ – $ 2,296 $ (885 ) (a) Net derivative assets and liabilities 80 1,244 (b) 55 (9 ) – (84 ) 1,286 1,256 (d) 2018 Mortgage servicing rights $ 2,645 $ (25 ) (a) $ 6 $ (15 ) $ 306 (c) $ – $ 2,917 $ (25 ) Net derivative assets and liabilities 107 (426 ) (e) 3 (35 ) – (7 ) (358 ) (402 ) (a) Included in mortgage banking revenue. (b) Approximately $881 million included in other noninterest income and $363 million included in mortgage banking revenue. (c) Represents MSRs capitalized during the period. (d) Approximately $1.2 b (e) Approximately $(537) million included in other noninterest income and $111 million included in mortgage banking revenue. (f) Approximately $(418) million included in other noninterest income and $16 million included in mortgage banking revenue. |
Adjusted Carrying Values for Assets Measured at Fair Value on Nonrecurring Basis | The following table summarizes the balances as of the measurement date of assets measured at fair value on a nonrecurring basis, and still held as of the reporting date: September 30, 2019 December 31, 2018 (Dollars in Millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Loans (a) $ – $ – $ 270 $ 270 $ – $ – $ 40 $ 40 Other assets (b) – – 42 42 – – 57 57 (a) Represents the carrying value of loans for which adjustments were based on the fair value of the collateral, excluding loans fully charged-off. (b) Primarily represents the fair value of foreclosed properties that were measured at fair value based on an appraisal or broker price opinion of the collateral subsequent to their initial acquisition. |
Losses Recognized Related to Nonrecurring Fair Value Measurements of Individual Assets or Portfolios | The following table summarizes losses recognized related to nonrecurring fair value measurements of individual assets or portfolios: Three Months Ended Nine Months Ended (Dollars in Millions) 2019 2018 2019 2018 Loans (a) $ 20 $ 25 $ 93 $ 66 Other assets (b) 6 5 12 18 (a) Represents write-downs of loans which were based on the fair value of the collateral, excluding loans fully charged-off. (b) Primarily represents related losses of foreclosed properties that were measured at fair value subsequent to their initial acquisition. |
Differences Between Aggregate Fair Value Carrying Amount of MLHFS for which Fair Value Option has been Elected and Aggregate Unpaid Principal Amount Contractually Obligated to Receive at Maturity | The following table summarizes the differences between the aggregate fair value carrying amount of MLHFS for which the fair value option has been elected and the aggregate unpaid principal amount that the Company is contractually obligated to receive at maturity: September 30, 2019 December 31, 2018 (Dollars in Millions) Fair Aggregate Carrying Fair Aggregate Carrying Total loans $ 3,852 $ 3,729 $ 123 $ 2,035 $ 1,972 $ 63 Nonaccrual loans 1 1 – 2 2 – Loans 90 days or more past due – – – – – – |
Estimated Fair Values of Financial Instruments | The estimated fair values of the Company’s financial instruments are shown in the table below: September 30, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value (Dollars in Millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial Assets Cash and due from banks $ 15,272 $ 15,272 $ – $ – $ 15,272 $ 21,453 $ 21,453 $ – $ – $ 21,453 Federal funds sold and securities purchased under resale agreements 3,907 – 3,907 – 3,907 306 – 306 – 306 Investment securities held-to-maturity 46,481 4,106 42,523 9 46,638 46,050 4,594 40,359 11 44,964 Loans held for sale (a) 676 – – 676 676 21 – – 21 21 Loans 290,631 – – 294,850 294,850 282,837 – – 284,790 284,790 Other 1,873 – 941 932 1,873 2,412 – 1,241 1,171 2,412 Financial Liabilities Time deposits 40,219 – 40,147 – 40,147 44,554 – 44,140 – 44,140 Short-term borrowings (b) 12,975 – 12,813 – 12,813 12,921 – 12,678 – 12,678 Long-term debt 41,274 – 41,902 – 41,902 41,340 – 41,003 – 41,003 Other 3,636 – 1,344 2,292 3,636 1,726 – – 1,726 1,726 (a) Excludes mortgages held for sale for which the fair value option under applicable accounting guidance was elected. (b) Excludes the Company’s obligation on securities sold short required to be accounted for at fair value per applicable accounting guidance. |
Guarantees and Contingent Lia_2
Guarantees and Contingent Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Other Guarantees and Contingent Liabilities | The following table is a summary of other guarantees and contingent liabilities of the Company at September 30, 2019: (Dollars in Millions) Collateral Carrying Maximum Standby letters of credit $ — $ 50 $ 10,608 Third party borrowing arrangements — — 13 Securities lending indemnifications 6,383 — 6,263 Asset sales — 75 7,361 (a) Merchant processing 666 60 112,766 Tender option bond program guarantee 2,868 — 2,595 Minimum revenue guarantees — — 3 Other — 71 1,481 (a) The maximum potential future payments do not include loan sales where the Company provides standard representation and warranties to the buyer against losses related to loan underwriting documentation defects that may have existed at the time of sale that generally are identified after the occurrence of a triggering event such as delinquency. For these types of loan sales, the maximum potential future payments is generally the unpaid principal balance of loans sold measured at the end of the current reporting period. Actual losses will be significantly less than the maximum exposure, as only a fraction of loans sold will have a representation and warranty breach, and any losses on repurchase would generally be mitigated by any collateral held against the loans. |
Basis of Presentation - Line of
Basis of Presentation - Line of Business Financial Performance (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Condensed Income Statement | |||||
Net interest income (taxable-equivalent basis) | $ 3,306 | $ 3,281 | $ 9,924 | $ 9,704 | |
Net interest income (taxable-equivalent basis), Percent change | 0.80% | 2.30% | |||
Noninterest income | [1] | $ 2,589 | 2,408 | $ 7,348 | 7,079 |
Noninterest income, Percent change | 7.50% | 3.80% | |||
Securities gains (losses), net | $ 25 | 10 | $ 47 | 25 | |
Securities gains (losses), net, Percent change | 88.00% | ||||
Total net revenue | $ 5,920 | 5,699 | $ 17,319 | 16,808 | |
Total net revenue, Percent change | 3.90% | 3.00% | |||
Noninterest expense | $ 3,102 | 3,003 | $ 9,260 | 9,064 | |
Noninterest expense, Percent change | 3.30% | 2.20% | |||
Other intangibles | $ 42 | 41 | $ 124 | 120 | |
Other intangibles, Percent change | 2.40% | 3.30% | |||
Total noninterest expense | $ 3,144 | 3,044 | $ 9,384 | 9,184 | |
Total noninterest expense, Percent change | 3.30% | 2.20% | |||
Income before provision and income taxes | $ 2,776 | 2,655 | $ 7,935 | 7,624 | |
Income before provision and income taxes, Percent change | 4.60% | 4.10% | |||
Provision for credit losses | $ 367 | 343 | $ 1,109 | 1,011 | |
Provision for credit losses, Percent change | 7.00% | 9.70% | |||
Income before income taxes | $ 2,409 | 2,312 | $ 6,826 | 6,613 | |
Income before income taxes, Percent change | 4.20% | 3.20% | |||
Income taxes and taxable-equivalent adjustment | $ 492 | 490 | $ 1,373 | 1,351 | |
Income taxes and taxable-equivalent adjustment, Percent change | 0.40% | 1.60% | |||
Net income | $ 1,917 | 1,822 | $ 5,453 | 5,262 | |
Net income, Percent change | 5.20% | 3.60% | |||
Net (income) loss attributable to noncontrolling interests | $ (9) | (7) | $ (25) | (22) | |
Net (income) loss attributable to noncontrolling interests, Percent change | (28.60%) | (13.60%) | |||
Net income attributable to U.S. Bancorp | $ 1,908 | 1,815 | $ 5,428 | 5,240 | |
Net income attributable to U.S. Bancorp, Percent change | 5.10% | 3.60% | |||
Average Balance Sheet | |||||
Commercial | $ 103,660 | 99,048 | $ 102,957 | 98,295 | |
Commercial, Percent change | 4.70% | 4.70% | |||
Commercial real estate | $ 38,990 | 39,542 | $ 39,274 | 39,918 | |
Commercial real estate, Percent change | (1.40%) | (1.60%) | |||
Residential mortgages | $ 68,608 | 62,042 | $ 67,019 | 61,023 | |
Residential mortgages, Percent change | 10.60% | 9.80% | |||
Credit card | $ 23,681 | 21,774 | $ 23,040 | 21,428 | |
Credit card, Percent change | 8.80% | 7.50% | |||
Other retail | $ 57,497 | 55,903 | $ 56,988 | 56,135 | |
Other retail, Percent change | 2.90% | 1.50% | |||
Covered loans | $ 2,756 | 2,900 | |||
Total loans | $ 292,436 | 281,065 | $ 289,278 | 279,699 | |
Total loans, Percent change | 4.00% | 3.40% | |||
Goodwill | $ 9,564 | 9,459 | $ 9,554 | 9,444 | |
Goodwill, Percent change | 1.10% | 1.20% | |||
Other intangible assets | $ 3,047 | 3,445 | $ 3,270 | 3,399 | |
Other intangible assets, Percent change | (11.60%) | (3.80%) | |||
Assets | $ 481,454 | 456,916 | $ 472,216 | 455,241 | |
Assets, Percent change | 5.40% | 3.70% | |||
Noninterest-bearing deposits | $ 74,594 | 77,192 | $ 73,711 | 78,546 | |
Noninterest-bearing deposits, Percent change | (3.40%) | (6.20%) | |||
Interest checking | $ 72,007 | 69,330 | $ 71,539 | 69,865 | |
Interest checking, Percent change | 3.90% | 2.40% | |||
Savings products | $ 160,823 | 145,536 | $ 153,423 | 147,223 | |
Savings products, Percent change | 10.50% | 4.20% | |||
Time deposits | $ 42,509 | 38,063 | $ 44,890 | 37,525 | |
Time deposits, Percent change | 11.70% | 19.60% | |||
Total deposits | $ 349,933 | 330,121 | $ 343,563 | 333,159 | |
Total deposits, Percent change | 6.00% | 3.10% | |||
Total U.S. Bancorp shareholders' equity | $ 53,292 | 50,138 | $ 52,446 | 49,433 | |
Total U.S. Bancorp shareholders' equity, Percent change | 6.30% | 6.10% | |||
Corporate and Commercial Banking [Member] | |||||
Condensed Income Statement | |||||
Net interest income (taxable-equivalent basis) | $ 709 | 741 | $ 2,153 | 2,189 | |
Net interest income (taxable-equivalent basis), Percent change | (4.30%) | (1.60%) | |||
Noninterest income | $ 213 | 200 | $ 667 | 630 | |
Noninterest income, Percent change | 6.50% | 5.90% | |||
Total net revenue | $ 922 | 941 | $ 2,820 | 2,819 | |
Total net revenue, Percent change | (2.00%) | ||||
Noninterest expense | $ 394 | 383 | $ 1,214 | 1,190 | |
Noninterest expense, Percent change | 2.90% | 2.00% | |||
Other intangibles | $ 1 | 1 | $ 3 | 3 | |
Total noninterest expense | $ 395 | 384 | $ 1,217 | 1,193 | |
Total noninterest expense, Percent change | 2.90% | 2.00% | |||
Income before provision and income taxes | $ 527 | 557 | $ 1,603 | 1,626 | |
Income before provision and income taxes, Percent change | (5.40%) | (1.40%) | |||
Provision for credit losses | $ 40 | 35 | $ 27 | 37 | |
Provision for credit losses, Percent change | 14.30% | (27.00%) | |||
Income before income taxes | $ 487 | 522 | $ 1,576 | 1,589 | |
Income before income taxes, Percent change | (6.70%) | (0.80%) | |||
Income taxes and taxable-equivalent adjustment | $ 122 | 131 | $ 395 | 398 | |
Income taxes and taxable-equivalent adjustment, Percent change | (6.90%) | (0.80%) | |||
Net income | $ 365 | 391 | $ 1,181 | 1,191 | |
Net income, Percent change | (6.60%) | (0.80%) | |||
Net income attributable to U.S. Bancorp | $ 365 | 391 | $ 1,181 | 1,191 | |
Net income attributable to U.S. Bancorp, Percent change | (6.60%) | (0.80%) | |||
Average Balance Sheet | |||||
Commercial | $ 78,241 | 74,828 | $ 78,025 | 74,781 | |
Commercial, Percent change | 4.60% | 4.30% | |||
Commercial real estate | $ 18,014 | 18,527 | $ 18,389 | 18,780 | |
Commercial real estate, Percent change | (2.80%) | (2.10%) | |||
Residential mortgages | $ 4 | 6 | $ 5 | 6 | |
Residential mortgages, Percent change | (33.30%) | (16.70%) | |||
Other retail | $ 1 | 1 | $ 1 | 1 | |
Total loans | $ 96,260 | 93,362 | $ 96,420 | 93,568 | |
Total loans, Percent change | 3.10% | 3.00% | |||
Goodwill | $ 1,647 | 1,647 | $ 1,647 | 1,647 | |
Other intangible assets | $ 8 | 10 | $ 9 | 11 | |
Other intangible assets, Percent change | (20.00%) | (18.20%) | |||
Assets | $ 107,156 | 102,143 | $ 106,335 | 102,414 | |
Assets, Percent change | 4.90% | 3.80% | |||
Noninterest-bearing deposits | $ 28,863 | 32,376 | $ 29,242 | 33,305 | |
Noninterest-bearing deposits, Percent change | (10.90%) | (12.20%) | |||
Interest checking | $ 11,641 | 9,623 | $ 11,314 | 9,552 | |
Interest checking, Percent change | 21.00% | 18.40% | |||
Savings products | $ 43,825 | 40,375 | $ 42,451 | 42,241 | |
Savings products, Percent change | 8.50% | 0.50% | |||
Time deposits | $ 16,595 | 18,571 | $ 17,528 | 17,829 | |
Time deposits, Percent change | (10.60%) | (1.70%) | |||
Total deposits | $ 100,924 | 100,945 | $ 100,535 | 102,927 | |
Total deposits, Percent change | (2.30%) | ||||
Total U.S. Bancorp shareholders' equity | $ 10,381 | 10,426 | $ 10,391 | 10,447 | |
Total U.S. Bancorp shareholders' equity, Percent change | (0.40%) | (0.50%) | |||
Consumer and Business Banking [Member] | |||||
Condensed Income Statement | |||||
Net interest income (taxable-equivalent basis) | $ 1,580 | 1,554 | $ 4,720 | 4,581 | |
Net interest income (taxable-equivalent basis), Percent change | 1.70% | 3.00% | |||
Noninterest income | $ 668 | 583 | $ 1,770 | 1,754 | |
Noninterest income, Percent change | 14.60% | 0.90% | |||
Total net revenue | $ 2,248 | 2,137 | $ 6,490 | 6,335 | |
Total net revenue, Percent change | 5.20% | 2.40% | |||
Noninterest expense | $ 1,321 | 1,302 | $ 3,927 | 3,930 | |
Noninterest expense, Percent change | 1.50% | (0.10%) | |||
Other intangibles | $ 5 | 7 | $ 15 | 21 | |
Other intangibles, Percent change | (28.60%) | (28.60%) | |||
Total noninterest expense | $ 1,326 | 1,309 | $ 3,942 | 3,951 | |
Total noninterest expense, Percent change | 1.30% | (0.20%) | |||
Income before provision and income taxes | $ 922 | 828 | $ 2,548 | 2,384 | |
Income before provision and income taxes, Percent change | 11.40% | 6.90% | |||
Provision for credit losses | $ 69 | 54 | $ 218 | 164 | |
Provision for credit losses, Percent change | 27.80% | 32.90% | |||
Income before income taxes | $ 853 | 774 | $ 2,330 | 2,220 | |
Income before income taxes, Percent change | 10.20% | 5.00% | |||
Income taxes and taxable-equivalent adjustment | $ 213 | 194 | $ 583 | 555 | |
Income taxes and taxable-equivalent adjustment, Percent change | 9.80% | 5.00% | |||
Net income | $ 640 | 580 | $ 1,747 | 1,665 | |
Net income, Percent change | 10.30% | 4.90% | |||
Net income attributable to U.S. Bancorp | $ 640 | 580 | $ 1,747 | 1,665 | |
Net income attributable to U.S. Bancorp, Percent change | 10.30% | 4.90% | |||
Average Balance Sheet | |||||
Commercial | $ 9,711 | 9,985 | $ 9,625 | 9,811 | |
Commercial, Percent change | (2.70%) | (1.90%) | |||
Commercial real estate | $ 16,055 | 16,234 | $ 16,035 | 16,320 | |
Commercial real estate, Percent change | (1.10%) | (1.70%) | |||
Residential mortgages | $ 64,632 | 58,624 | $ 63,214 | 57,756 | |
Residential mortgages, Percent change | 10.20% | 9.50% | |||
Other retail | $ 55,495 | 53,750 | $ 54,935 | 54,001 | |
Other retail, Percent change | 3.20% | 1.70% | |||
Covered loans | 2,756 | 2,900 | |||
Total loans | $ 145,893 | 141,349 | $ 143,809 | 140,788 | |
Total loans, Percent change | 3.20% | 2.10% | |||
Goodwill | $ 3,475 | 3,631 | $ 3,475 | 3,631 | |
Goodwill, Percent change | (4.30%) | (4.30%) | |||
Other intangible assets | $ 2,442 | 2,974 | $ 2,679 | 2,926 | |
Other intangible assets, Percent change | (17.90%) | (8.40%) | |||
Assets | $ 160,814 | 155,537 | $ 157,655 | 155,184 | |
Assets, Percent change | 3.40% | 1.60% | |||
Noninterest-bearing deposits | $ 28,630 | 28,196 | $ 27,433 | 27,607 | |
Noninterest-bearing deposits, Percent change | 1.50% | (0.60%) | |||
Interest checking | $ 51,054 | 50,327 | $ 51,190 | 50,055 | |
Interest checking, Percent change | 1.40% | 2.30% | |||
Savings products | $ 62,672 | 61,588 | $ 62,035 | 61,616 | |
Savings products, Percent change | 1.80% | 0.70% | |||
Time deposits | $ 15,942 | 13,634 | $ 15,409 | 12,997 | |
Time deposits, Percent change | 16.90% | 18.60% | |||
Total deposits | $ 158,298 | 153,745 | $ 156,067 | 152,275 | |
Total deposits, Percent change | 3.00% | 2.50% | |||
Total U.S. Bancorp shareholders' equity | $ 11,666 | 11,841 | $ 11,714 | 11,843 | |
Total U.S. Bancorp shareholders' equity, Percent change | (1.50%) | (1.10%) | |||
Wealth Management and Investment Services [Member] | |||||
Condensed Income Statement | |||||
Net interest income (taxable-equivalent basis) | $ 294 | 284 | $ 888 | 844 | |
Net interest income (taxable-equivalent basis), Percent change | 3.50% | 5.20% | |||
Noninterest income | $ 452 | 444 | $ 1,327 | 1,305 | |
Noninterest income, Percent change | 1.80% | 1.70% | |||
Total net revenue | $ 746 | 728 | $ 2,215 | 2,149 | |
Total net revenue, Percent change | 2.50% | 3.10% | |||
Noninterest expense | $ 430 | 429 | $ 1,297 | 1,304 | |
Noninterest expense, Percent change | 0.20% | (0.50%) | |||
Other intangibles | $ 3 | 4 | $ 9 | 12 | |
Other intangibles, Percent change | (25.00%) | (25.00%) | |||
Total noninterest expense | $ 433 | 433 | $ 1,306 | 1,316 | |
Total noninterest expense, Percent change | (0.80%) | ||||
Income before provision and income taxes | $ 313 | 295 | $ 909 | 833 | |
Income before provision and income taxes, Percent change | 6.10% | 9.10% | |||
Provision for credit losses | $ 1 | (3) | (2) | ||
Income before income taxes | $ 312 | 298 | $ 909 | 835 | |
Income before income taxes, Percent change | 4.70% | 8.90% | |||
Income taxes and taxable-equivalent adjustment | $ 78 | 75 | $ 227 | 210 | |
Income taxes and taxable-equivalent adjustment, Percent change | 4.00% | 8.10% | |||
Net income | $ 234 | 223 | $ 682 | 625 | |
Net income, Percent change | 4.90% | 9.10% | |||
Net income attributable to U.S. Bancorp | $ 234 | 223 | $ 682 | 625 | |
Net income attributable to U.S. Bancorp, Percent change | 4.90% | 9.10% | |||
Average Balance Sheet | |||||
Commercial | $ 4,110 | 3,783 | $ 3,995 | 3,727 | |
Commercial, Percent change | 8.60% | 7.20% | |||
Commercial real estate | $ 523 | 529 | $ 507 | 520 | |
Commercial real estate, Percent change | (1.10%) | (2.50%) | |||
Residential mortgages | $ 3,972 | 3,408 | $ 3,800 | 3,256 | |
Residential mortgages, Percent change | 16.50% | 16.70% | |||
Other retail | $ 1,655 | 1,755 | $ 1,691 | 1,721 | |
Other retail, Percent change | (5.70%) | (1.70%) | |||
Total loans | $ 10,260 | 9,475 | $ 9,993 | 9,224 | |
Total loans, Percent change | 8.30% | 8.30% | |||
Goodwill | $ 1,617 | 1,618 | $ 1,617 | 1,619 | |
Goodwill, Percent change | (0.10%) | (0.10%) | |||
Other intangible assets | $ 47 | 61 | $ 50 | 66 | |
Other intangible assets, Percent change | (23.00%) | (24.20%) | |||
Assets | $ 13,543 | 12,655 | $ 13,302 | 12,306 | |
Assets, Percent change | 7.00% | 8.10% | |||
Noninterest-bearing deposits | $ 13,575 | 13,184 | $ 13,478 | 14,101 | |
Noninterest-bearing deposits, Percent change | 3.00% | (4.40%) | |||
Interest checking | $ 9,080 | 9,345 | $ 8,862 | 10,219 | |
Interest checking, Percent change | (2.80%) | (13.30%) | |||
Savings products | $ 53,360 | 42,694 | $ 47,992 | 42,519 | |
Savings products, Percent change | 25.00% | 12.90% | |||
Time deposits | $ 3,418 | 3,882 | $ 3,654 | 3,824 | |
Time deposits, Percent change | (12.00%) | (4.40%) | |||
Total deposits | $ 79,433 | 69,105 | $ 73,986 | 70,663 | |
Total deposits, Percent change | 14.90% | 4.70% | |||
Total U.S. Bancorp shareholders' equity | $ 2,530 | 2,486 | $ 2,525 | 2,472 | |
Total U.S. Bancorp shareholders' equity, Percent change | 1.80% | 2.10% | |||
Payment Services [Member] | |||||
Condensed Income Statement | |||||
Net interest income (taxable-equivalent basis) | $ 634 | 619 | $ 1,848 | 1,821 | |
Net interest income (taxable-equivalent basis), Percent change | 2.40% | 1.50% | |||
Noninterest income | [2] | $ 957 | 910 | $ 2,758 | 2,660 |
Noninterest income, Percent change | 5.20% | 3.70% | |||
Total net revenue | $ 1,591 | 1,529 | $ 4,606 | 4,481 | |
Total net revenue, Percent change | 4.10% | 2.80% | |||
Noninterest expense | $ 743 | 713 | $ 2,190 | 2,116 | |
Noninterest expense, Percent change | 4.20% | 3.50% | |||
Other intangibles | $ 33 | 29 | $ 97 | 84 | |
Other intangibles, Percent change | 13.80% | 15.50% | |||
Total noninterest expense | $ 776 | 742 | $ 2,287 | 2,200 | |
Total noninterest expense, Percent change | 4.60% | 4.00% | |||
Income before provision and income taxes | $ 815 | 787 | $ 2,319 | 2,281 | |
Income before provision and income taxes, Percent change | 3.60% | 1.70% | |||
Provision for credit losses | $ 260 | 264 | $ 841 | 817 | |
Provision for credit losses, Percent change | (1.50%) | 2.90% | |||
Income before income taxes | $ 555 | 523 | $ 1,478 | 1,464 | |
Income before income taxes, Percent change | 6.10% | 1.00% | |||
Income taxes and taxable-equivalent adjustment | $ 139 | 131 | $ 370 | 367 | |
Income taxes and taxable-equivalent adjustment, Percent change | 6.10% | 0.80% | |||
Net income | $ 416 | 392 | $ 1,108 | 1,097 | |
Net income, Percent change | 6.10% | 1.00% | |||
Net income attributable to U.S. Bancorp | $ 416 | 392 | $ 1,108 | 1,097 | |
Net income attributable to U.S. Bancorp, Percent change | 6.10% | 1.00% | |||
Average Balance Sheet | |||||
Commercial | $ 10,017 | 9,272 | $ 9,850 | 8,866 | |
Commercial, Percent change | 8.00% | 11.10% | |||
Credit card | $ 23,681 | 21,774 | $ 23,040 | 21,428 | |
Credit card, Percent change | 8.80% | 7.50% | |||
Other retail | $ 346 | 397 | $ 361 | 410 | |
Other retail, Percent change | (12.80%) | (12.00%) | |||
Total loans | $ 34,044 | 31,443 | $ 33,251 | 30,704 | |
Total loans, Percent change | 8.30% | 8.30% | |||
Goodwill | $ 2,825 | 2,563 | $ 2,815 | 2,547 | |
Goodwill, Percent change | 10.20% | 10.50% | |||
Other intangible assets | $ 550 | 400 | $ 532 | 396 | |
Other intangible assets, Percent change | 37.50% | 34.30% | |||
Assets | $ 40,171 | 37,125 | $ 39,432 | 36,610 | |
Assets, Percent change | 8.20% | 7.70% | |||
Noninterest-bearing deposits | $ 1,200 | 1,064 | $ 1,168 | 1,092 | |
Noninterest-bearing deposits, Percent change | 12.80% | 7.00% | |||
Savings products | $ 115 | 108 | $ 112 | 106 | |
Savings products, Percent change | 6.50% | 5.70% | |||
Time deposits | $ 2 | 3 | $ 2 | 3 | |
Time deposits, Percent change | (33.30%) | (33.30%) | |||
Total deposits | $ 1,317 | 1,175 | $ 1,282 | 1,201 | |
Total deposits, Percent change | 12.10% | 6.70% | |||
Total U.S. Bancorp shareholders' equity | $ 7,058 | 6,583 | $ 7,046 | 6,602 | |
Total U.S. Bancorp shareholders' equity, Percent change | 7.20% | 6.70% | |||
Treasury and Corporate Support [Member] | |||||
Condensed Income Statement | |||||
Net interest income (taxable-equivalent basis) | $ 89 | 83 | $ 315 | 269 | |
Net interest income (taxable-equivalent basis), Percent change | 7.20% | 17.10% | |||
Noninterest income | $ 299 | 271 | $ 826 | 730 | |
Noninterest income, Percent change | 10.30% | 13.20% | |||
Securities gains (losses), net | $ 25 | 10 | $ 47 | 25 | |
Securities gains (losses), net, Percent change | 88.00% | ||||
Total net revenue | $ 413 | 364 | $ 1,188 | 1,024 | |
Total net revenue, Percent change | 13.50% | 16.00% | |||
Noninterest expense | $ 214 | 176 | $ 632 | 524 | |
Noninterest expense, Percent change | 21.60% | 20.60% | |||
Total noninterest expense | $ 214 | 176 | $ 632 | 524 | |
Total noninterest expense, Percent change | 21.60% | 20.60% | |||
Income before provision and income taxes | $ 199 | 188 | $ 556 | 500 | |
Income before provision and income taxes, Percent change | 5.90% | 11.20% | |||
Provision for credit losses | $ (3) | (7) | $ 23 | (5) | |
Provision for credit losses, Percent change | 57.10% | ||||
Income before income taxes | $ 202 | 195 | $ 533 | 505 | |
Income before income taxes, Percent change | 3.60% | 5.50% | |||
Income taxes and taxable-equivalent adjustment | $ (60) | (41) | $ (202) | (179) | |
Income taxes and taxable-equivalent adjustment, Percent change | (46.30%) | (12.80%) | |||
Net income | $ 262 | 236 | $ 735 | 684 | |
Net income, Percent change | 11.00% | 7.50% | |||
Net (income) loss attributable to noncontrolling interests | $ (9) | (7) | $ (25) | (22) | |
Net (income) loss attributable to noncontrolling interests, Percent change | (28.60%) | (13.60%) | |||
Net income attributable to U.S. Bancorp | $ 253 | 229 | $ 710 | 662 | |
Net income attributable to U.S. Bancorp, Percent change | 10.50% | 7.30% | |||
Average Balance Sheet | |||||
Commercial | $ 1,581 | 1,180 | $ 1,462 | 1,110 | |
Commercial, Percent change | 34.00% | 31.70% | |||
Commercial real estate | $ 4,398 | 4,252 | $ 4,343 | 4,298 | |
Commercial real estate, Percent change | 3.40% | 1.00% | |||
Residential mortgages | 4 | 5 | |||
Other retail | 2 | ||||
Total loans | $ 5,979 | 5,436 | $ 5,805 | 5,415 | |
Total loans, Percent change | 10.00% | 7.20% | |||
Assets | $ 159,770 | 149,456 | $ 155,492 | 148,727 | |
Assets, Percent change | 6.90% | 4.50% | |||
Noninterest-bearing deposits | $ 2,326 | 2,372 | $ 2,390 | 2,441 | |
Noninterest-bearing deposits, Percent change | (1.90%) | (2.10%) | |||
Interest checking | $ 232 | 35 | $ 173 | 39 | |
Savings products | $ 851 | 771 | $ 833 | 741 | |
Savings products, Percent change | 10.40% | 12.40% | |||
Time deposits | $ 6,552 | 1,973 | $ 8,297 | 2,872 | |
Total deposits | $ 9,961 | 5,151 | $ 11,693 | 6,093 | |
Total deposits, Percent change | 93.40% | 91.90% | |||
Total U.S. Bancorp shareholders' equity | $ 21,657 | $ 18,802 | $ 20,770 | $ 18,069 | |
Total U.S. Bancorp shareholders' equity, Percent change | 15.20% | 14.90% | |||
[1] | Includes revenue generated from certain contracts with customers of $1.9 billion and $1.8 billion for the three months ended September 30, 2019 and 2018, respectively, and $5.5 billion for both the nine months ended September 30, 2019 and 2018, respectively. | ||||
[2] | Presented net of related rewards and rebate costs and certain partner payments of $572 million and $539 million for the three months ended September 30, 2019 and 2018, respectively, and $1.7 billion and $1.6 billion for the nine months ended September 30, 2019 and 2018, respectively. |
Basis of Presentation - Line _2
Basis of Presentation - Line of Business Financial Performance (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Line Of Business Financial Performance [Line Items] | ||||
Revenue generated from certain contracts with customers included in non-interest income | $ 1,900 | $ 1,800 | $ 5,500 | $ 5,500 |
Payment Services [Member] | ||||
Line Of Business Financial Performance [Line Items] | ||||
Rewards and rebate costs and certain partner payments included in noninterest income | $ 572 | $ 539 | $ 1,700 | $ 1,600 |
Accounting Changes - Additional
Accounting Changes - Additional Information (Detail) - USD ($) $ in Billions | Jan. 01, 2020 | Sep. 30, 2019 |
Increase in lease assets related to adoption of accounting guidance | $ 1.3 | |
Increase in lease related liabilities related to adoption of accounting guidance | $ 1.3 | |
Accounting Standards Update 2016-13 [Member] | Minimum [Member] | Forecast [Member] | ||
Increase in allowance for credit losses | $ 1.2 | |
Accounting Standards Update 2016-13 [Member] | Maximum [Member] | Forecast [Member] | ||
Increase in allowance for credit losses | $ 1.6 |
Investment Securities - Investm
Investment Securities - Investment Securities (Detail) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | ||
Contractual Maturities of Investment Securities [Line Items] | |||
Available-for-sale securities, Amortized Cost | $ 74,122 | $ 67,381 | |
Amortized Cost of Investment Securities | $ 120,603 | $ 113,431 | |
Amortized Cost of Investment Securities, Percentage | 100.00% | 100.00% | |
Available-for-sale securities, total, fair value | [1] | $ 74,598 | $ 66,115 |
Available-for-sale securities, total, weighted-average maturity in years | 4 years | 5 years 4 months 24 days | |
Available-for-sale securities, total, weighted-average yield | 2.56% | 2.57% | |
Held-to-maturity securities, Amortized Cost | $ 46,481 | $ 46,050 | |
Held-to-maturity securities, total, fair value | $ 46,638 | $ 44,964 | |
Held-to-maturity securities, total, weighted-average maturity in years | 3 years 9 months 18 days | 5 years 2 months 12 days | |
Held-to-maturity securities, total, weighted-average yield | 2.42% | 2.46% | |
U.S. Treasury and Agencies [Member] | |||
Contractual Maturities of Investment Securities [Line Items] | |||
Available-for-sale securities, maturing in one year or less, amortized cost | $ 2,544 | ||
Available-for-sale securities, maturing after one year through five years, amortized cost | 11,608 | ||
Available-for-sale securities, maturing after five years through ten years, amortized cost | 1,391 | ||
Available-for-sale securities, Amortized Cost | 15,543 | $ 19,604 | |
Available-for-sale securities, maturing in one year or less, fair value | 2,540 | ||
Amortized Cost of Investment Securities | 19,945 | $ 24,706 | |
Available-for-sale securities, maturing after one year through five years, fair value | $ 11,628 | ||
Amortized Cost of Investment Securities, Percentage | 16.60% | 21.80% | |
Available-for-sale securities, maturing after five years through ten years, fair value | $ 1,385 | ||
Available-for-sale securities, total, fair value | $ 15,553 | $ 19,257 | |
Available-for-sale securities, maturing in one year or less, weighted-average maturity in years | 7 months 6 days | ||
Available-for-sale securities, maturing after one year through five years, weighted-average maturity in years | 2 years 1 month 6 days | ||
Available-for-sale securities, maturing after five years through ten years, weighted-average maturity in years | 8 years 4 months 24 days | ||
Available-for-sale securities, total, weighted-average maturity in years | 2 years 4 months 24 days | ||
Available-for-sale securities, maturing in one year or less, weighted-average yield | 1.54% | ||
Available-for-sale securities, maturing after one year through five years, weighted-average yield | 1.68% | ||
Available-for-sale securities, maturing after five years through ten years, weighted-average yield | 1.82% | ||
Available-for-sale securities, total, weighted-average yield | 1.67% | ||
Held-to-maturity securities, maturing after one year through five years, amortized cost | $ 3,897 | ||
Held-to-maturity securities, maturing after five years through ten years, amortized cost | 505 | ||
Held-to-maturity securities, Amortized Cost | 4,402 | 5,102 | |
Held-to-maturity securities, maturing after one year through five years, fair value | 3,913 | ||
Held-to-maturity securities, maturing after five years through ten years, fair value | 517 | ||
Held-to-maturity securities, total, fair value | $ 4,430 | 4,961 | |
Held-to-maturity securities, maturing after one year through five years, weighted-average maturity in years | 3 years 7 months 6 days | ||
Held-to-maturity securities, maturing after five years through ten years, weighted-average maturity in years | 6 years 2 months 12 days | ||
Held-to-maturity securities, total, weighted-average maturity in years | 3 years 10 months 24 days | ||
Held-to-maturity securities, maturing after one year through five years, weighted-average yield | 1.70% | ||
Held-to-maturity securities, maturing after five years through ten years, weighted-average yield | 2.43% | ||
Held-to-maturity securities, total, weighted-average yield | 1.79% | ||
Mortgage-Backed Securities [Member] | |||
Contractual Maturities of Investment Securities [Line Items] | |||
Available-for-sale securities, maturing in one year or less, amortized cost | $ 26 | ||
Available-for-sale securities, maturing after one year through five years, amortized cost | 41,747 | ||
Available-for-sale securities, maturing after five years through ten years, amortized cost | 9,120 | ||
Available-for-sale securities, maturing after ten years, amortized cost | 913 | ||
Available-for-sale securities, Amortized Cost | 51,806 | ||
Available-for-sale securities, maturing in one year or less, fair value | 26 | ||
Amortized Cost of Investment Securities | 93,860 | $ 81,464 | |
Available-for-sale securities, maturing after one year through five years, fair value | $ 41,856 | ||
Amortized Cost of Investment Securities, Percentage | 77.80% | 71.80% | |
Available-for-sale securities, maturing after five years through ten years, fair value | $ 9,128 | ||
Available-for-sale securities, maturing after ten years, fair value | 917 | ||
Available-for-sale securities, total, fair value | $ 51,927 | ||
Available-for-sale securities, maturing in one year or less, weighted-average maturity in years | 6 months | ||
Available-for-sale securities, maturing after one year through five years, weighted-average maturity in years | 3 years 6 months | ||
Available-for-sale securities, maturing after five years through ten years, weighted-average maturity in years | 6 years 3 months 18 days | ||
Available-for-sale securities, maturing after ten years, weighted- average maturity in years | 11 years 3 months 18 days | ||
Available-for-sale securities, total, weighted-average maturity in years | 4 years 1 month 6 days | ||
Available-for-sale securities, maturing in one year or less, weighted-average yield | 3.01% | ||
Available-for-sale securities, maturing after one year through five years, weighted-average yield | 2.59% | ||
Available-for-sale securities, maturing after five years through ten years, weighted-average yield | 2.58% | ||
Available-for-sale securities, maturing after ten years, weighted-average yield | 3.06% | ||
Available-for-sale securities, total, weighted-average yield | 2.60% | ||
Held-to-maturity securities, maturing in one year or less, amortized cost | $ 228 | ||
Held-to-maturity securities, maturing after one year through five years, amortized cost | 36,288 | ||
Held-to-maturity securities, maturing after five years through ten years, amortized cost | 5,428 | ||
Held-to-maturity securities, maturing after ten years, amortized cost | 110 | ||
Held-to-maturity securities, Amortized Cost | 42,054 | ||
Held-to-maturity securities, maturing in one year or less, fair value | 228 | ||
Held-to-maturity securities, maturing after one year through five years, fair value | 36,406 | ||
Held-to-maturity securities, maturing after five years through ten years, fair value | 5,437 | ||
Held-to-maturity securities, maturing after ten years, fair value | 110 | ||
Held-to-maturity securities, total, fair value | $ 42,181 | ||
Held-to-maturity securities, maturing in one year or less, weighted-average maturity in years | 8 months 12 days | ||
Held-to-maturity securities, maturing after one year through five years, weighted-average maturity in years | 3 years 6 months | ||
Held-to-maturity securities, maturing after five years through ten years, weighted-average maturity in years | 5 years 6 months | ||
Held-to-maturity securities, maturing after ten years, weighted-average maturity in years | 12 years 8 months 12 days | ||
Held-to-maturity securities, total, weighted-average maturity in years | 3 years 9 months 18 days | ||
Held-to-maturity securities, maturing in one year or less, weighted-average yield | 2.19% | ||
Held-to-maturity securities, maturing after one year through five years, weighted-average yield | 2.48% | ||
Held-to-maturity securities, maturing after five years through ten years, weighted-average yield | 2.54% | ||
Held-to-maturity securities, maturing after ten years, weighted-average yield | 2.95% | ||
Held-to-maturity securities, total, weighted-average yield | 2.49% | ||
Asset-Backed Securities [Member] | |||
Contractual Maturities of Investment Securities [Line Items] | |||
Available-for-sale securities, maturing after one year through five years, amortized cost | $ 377 | ||
Available-for-sale securities, Amortized Cost | 377 | ||
Amortized Cost of Investment Securities | 382 | $ 402 | |
Available-for-sale securities, maturing after one year through five years, fair value | $ 382 | ||
Amortized Cost of Investment Securities, Percentage | 0.30% | 0.40% | |
Available-for-sale securities, total, fair value | $ 382 | ||
Available-for-sale securities, maturing after one year through five years, weighted-average maturity in years | 3 years 2 months 12 days | ||
Available-for-sale securities, total, weighted-average maturity in years | 3 years 2 months 12 days | ||
Available-for-sale securities, maturing after one year through five years, weighted-average yield | 3.37% | ||
Available-for-sale securities, total, weighted-average yield | 3.37% | ||
Held-to-maturity securities, maturing after one year through five years, amortized cost | $ 4 | ||
Held-to-maturity securities, maturing after five years through ten years, amortized cost | 1 | ||
Held-to-maturity securities, Amortized Cost | 5 | ||
Held-to-maturity securities, maturing after one year through five years, fair value | 6 | ||
Held-to-maturity securities, maturing after ten years, fair value | 1 | ||
Held-to-maturity securities, total, fair value | $ 7 | ||
Held-to-maturity securities, maturing after one year through five years, weighted-average maturity in years | 3 years 3 months 18 days | ||
Held-to-maturity securities, maturing after five years through ten years, weighted-average maturity in years | 6 years 3 months 18 days | ||
Held-to-maturity securities, maturing after ten years, weighted-average maturity in years | 15 years 6 months | ||
Held-to-maturity securities, total, weighted-average maturity in years | 3 years 8 months 12 days | ||
Held-to-maturity securities, maturing after one year through five years, weighted-average yield | 2.74% | ||
Held-to-maturity securities, maturing after five years through ten years, weighted-average yield | 2.85% | ||
Held-to-maturity securities, maturing after ten years, weighted-average yield | 2.67% | ||
Held-to-maturity securities, total, weighted-average yield | 2.75% | ||
Obligations of State and Political Subdivisions [Member] | |||
Contractual Maturities of Investment Securities [Line Items] | |||
Available-for-sale securities, maturing in one year or less, amortized cost | $ 97 | ||
Available-for-sale securities, maturing after one year through five years, amortized cost | 697 | ||
Available-for-sale securities, maturing after five years through ten years, amortized cost | 5,555 | ||
Available-for-sale securities, maturing after ten years, amortized cost | 46 | ||
Available-for-sale securities, Amortized Cost | 6,395 | $ 6,836 | |
Available-for-sale securities, maturing in one year or less, fair value | 98 | ||
Amortized Cost of Investment Securities | 6,399 | $ 6,842 | |
Available-for-sale securities, maturing after one year through five years, fair value | $ 726 | ||
Amortized Cost of Investment Securities, Percentage | 5.30% | 6.00% | |
Available-for-sale securities, maturing after five years through ten years, fair value | $ 5,861 | ||
Available-for-sale securities, maturing after ten years, fair value | 50 | ||
Available-for-sale securities, total, fair value | $ 6,735 | $ 6,701 | |
Available-for-sale securities, maturing in one year or less, weighted-average maturity in years | 2 months 12 days | ||
Available-for-sale securities, maturing after one year through five years, weighted-average maturity in years | 3 years 3 months 18 days | ||
Available-for-sale securities, maturing after five years through ten years, weighted-average maturity in years | 7 years 3 months 18 days | ||
Available-for-sale securities, maturing after ten years, weighted- average maturity in years | 11 years 3 months 18 days | ||
Available-for-sale securities, total, weighted-average maturity in years | 6 years 9 months 18 days | ||
Available-for-sale securities, maturing in one year or less, weighted-average yield | 5.71% | ||
Available-for-sale securities, maturing after one year through five years, weighted-average yield | 4.50% | ||
Available-for-sale securities, maturing after five years through ten years, weighted-average yield | 4.27% | ||
Available-for-sale securities, maturing after ten years, weighted-average yield | 4.52% | ||
Available-for-sale securities, total, weighted-average yield | 4.32% | ||
Held-to-maturity securities, maturing after five years through ten years, amortized cost | $ 4 | ||
Held-to-maturity securities, Amortized Cost | 4 | 6 | |
Held-to-maturity securities, maturing after five years through ten years, fair value | 4 | ||
Held-to-maturity securities, total, fair value | $ 4 | 7 | |
Held-to-maturity securities, maturing in one year or less, weighted-average maturity in years | 3 months 18 days | ||
Held-to-maturity securities, maturing after one year through five years, weighted-average maturity in years | 2 years 9 months 18 days | ||
Held-to-maturity securities, maturing after five years through ten years, weighted-average maturity in years | 6 years 4 months 24 days | ||
Held-to-maturity securities, total, weighted-average maturity in years | 6 years | ||
Held-to-maturity securities, maturing in one year or less, weighted-average yield | 7.33% | ||
Held-to-maturity securities, maturing after one year through five years, weighted-average yield | 6.38% | ||
Held-to-maturity securities, maturing after five years through ten years, weighted-average yield | 1.95% | ||
Held-to-maturity securities, total, weighted-average yield | 2.45% | ||
Other Debt Securities and Obligations of Foreign Governments [Member] | |||
Contractual Maturities of Investment Securities [Line Items] | |||
Available-for-sale securities, maturing in one year or less, amortized cost | $ 1 | ||
Available-for-sale securities, Amortized Cost | 1 | ||
Available-for-sale securities, maturing in one year or less, fair value | 1 | ||
Amortized Cost of Investment Securities | 17 | $ 17 | |
Available-for-sale securities, total, fair value | $ 1 | ||
Available-for-sale securities, maturing in one year or less, weighted-average maturity in years | 1 month 6 days | ||
Available-for-sale securities, total, weighted-average maturity in years | 1 month 6 days | ||
Available-for-sale securities, maturing in one year or less, weighted-average yield | 2.55% | ||
Available-for-sale securities, total, weighted-average yield | 2.55% | ||
Held-to-maturity securities, maturing in one year or less, amortized cost | $ 16 | ||
Held-to-maturity securities, Amortized Cost | 16 | ||
Held-to-maturity securities, maturing in one year or less, fair value | 16 | ||
Held-to-maturity securities, total, fair value | $ 16 | ||
Held-to-maturity securities, maturing in one year or less, weighted-average maturity in years | 4 months 24 days | ||
Held-to-maturity securities, total, weighted-average maturity in years | 4 months 24 days | ||
Held-to-maturity securities, maturing in one year or less, weighted-average yield | 3.12% | ||
Held-to-maturity securities, total, weighted-average yield | 3.12% | ||
[1] | Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral. |
Investment Securities - Inves_2
Investment Securities - Investment Securities (Parenthetical) (Detail) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Contractual Maturities of Investment Securities [Abstract] | ||
Federal statutory rate | 21.00% | 21.00% |
Weighted-average maturity of available-for-sale investment securities | 4 years | 5 years 4 months 24 days |
Weighted-average yield of available-for-sale investment securities | 2.56% | 2.57% |
Weighted-average maturity of held-to-maturity investment securities | 3 years 9 months 18 days | 5 years 2 months 12 days |
Weighted-average yield of held-to-maturity investment securities | 2.42% | 2.46% |
Investment Securities - Inves_3
Investment Securities - Investment Securities Held-to-Maturity (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, Amortized Cost | $ 46,481 | $ 46,050 |
Held-to-maturity securities, Unrealized Gains | 326 | 51 |
Held-to-maturity securities, Unrealized Losses Other | (169) | (1,137) |
Held-to-maturity securities, Fair Value | 46,638 | 44,964 |
U.S. Treasury and Agencies [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, Amortized Cost | 4,402 | 5,102 |
Held-to-maturity securities, Unrealized Gains | 35 | 2 |
Held-to-maturity securities, Unrealized Losses Other | (7) | (143) |
Held-to-maturity securities, Fair Value | 4,430 | 4,961 |
Residential Mortgage-Backed Securities [Member] | Agency [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, Amortized Cost | 42,054 | 40,920 |
Held-to-maturity securities, Unrealized Gains | 289 | 45 |
Held-to-maturity securities, Unrealized Losses Other | (162) | (994) |
Held-to-maturity securities, Fair Value | 42,181 | 39,971 |
Asset-Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, Amortized Cost | 5 | |
Held-to-maturity securities, Fair Value | 7 | |
Asset-Backed Securities [Member] | Collateralized Loan Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, Unrealized Gains | 1 | 1 |
Held-to-maturity securities, Fair Value | 1 | 1 |
Asset-Backed Securities [Member] | Other Asset-Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, Amortized Cost | 5 | 5 |
Held-to-maturity securities, Unrealized Gains | 1 | 2 |
Held-to-maturity securities, Fair Value | 6 | 7 |
Obligations of State and Political Subdivisions [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, Amortized Cost | 4 | 6 |
Held-to-maturity securities, Unrealized Gains | 1 | |
Held-to-maturity securities, Fair Value | 4 | 7 |
Obligations of Foreign Governments [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, Amortized Cost | 8 | 9 |
Held-to-maturity securities, Fair Value | 8 | 9 |
Other [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, Amortized Cost | 8 | 8 |
Held-to-maturity securities, Fair Value | $ 8 | $ 8 |
Investment Securities - Inves_4
Investment Securities - Investment Securities Available-for-Sale (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, Amortized Cost | $ 74,122 | $ 67,381 | |
Available-for-sale securities, Unrealized Gains | 732 | 174 | |
Available-for-sale securities, Unrealized Losses Other | (256) | (1,440) | |
Available-for-sale securities, Fair Value | [1] | 74,598 | 66,115 |
U.S. Treasury and Agencies [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, Amortized Cost | 15,543 | 19,604 | |
Available-for-sale securities, Unrealized Gains | 57 | 11 | |
Available-for-sale securities, Unrealized Losses Other | (47) | (358) | |
Available-for-sale securities, Fair Value | 15,553 | 19,257 | |
Residential Mortgage-Backed Securities [Member] | Agency [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, Amortized Cost | 50,817 | 40,542 | |
Available-for-sale securities, Unrealized Gains | 328 | 120 | |
Available-for-sale securities, Unrealized Losses Other | (202) | (910) | |
Available-for-sale securities, Fair Value | 50,943 | 39,752 | |
Commercial [Member] | Agency [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, Amortized Cost | 989 | 2 | |
Available-for-sale securities, Unrealized Losses Other | (5) | ||
Available-for-sale securities, Fair Value | 984 | 2 | |
Asset-Backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, Amortized Cost | 377 | ||
Available-for-sale securities, Fair Value | 382 | ||
Asset-Backed Securities [Member] | Other Asset-Backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, Amortized Cost | 377 | 397 | |
Available-for-sale securities, Unrealized Gains | 5 | 6 | |
Available-for-sale securities, Fair Value | 382 | 403 | |
Obligations of State and Political Subdivisions [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, Amortized Cost | 6,395 | 6,836 | |
Available-for-sale securities, Unrealized Gains | 342 | 37 | |
Available-for-sale securities, Unrealized Losses Other | (2) | (172) | |
Available-for-sale securities, Fair Value | 6,735 | $ 6,701 | |
Obligations of Foreign Governments [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, Amortized Cost | 1 | ||
Available-for-sale securities, Fair Value | $ 1 | ||
[1] | Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral. |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | ||
Weighted-average maturity of available-for-sale investment securities | 4 years | 5 years 4 months 24 days |
Weighted-average yields of available-for-sale investment securities | 2.56% | 2.57% |
Weighted-average maturity of held-to-maturity investment securities | 3 years 9 months 18 days | 5 years 2 months 12 days |
Weighted-average yields of held-to-maturity investment securities | 2.42% | 2.46% |
Fair value of securities pledged | $ 11,000 | $ 10,900 |
Fair value of securities pledged as collateral where counterparty has right to repledge or resell | $ 272 | $ 2,100 |
Investment Securities - Amount
Investment Securities - Amount of Interest Income from Taxable and Non-Taxable Investment Securities (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Interest Income, Securities, Operating, by Taxable Status [Abstract] | ||||
Taxable | $ 683 | $ 605 | $ 2,023 | $ 1,763 |
Non-taxable | 51 | 56 | 161 | 164 |
Total interest income from investment securities | $ 734 | $ 661 | $ 2,184 | $ 1,927 |
Investment Securities - Amoun_2
Investment Securities - Amount of Gross Gains and Losses Realized through Sales of Available-for-Sale Investment Securities (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Debt Securities, Available-for-sale, Realized Gain (Loss), Excluding Other-than-temporary Impairment [Abstract] | ||||
Realized gains | $ 25 | $ 10 | $ 66 | $ 25 |
Realized losses | (19) | |||
Net realized gains (losses) | 25 | 10 | 47 | 25 |
Income tax (benefit) on net realized gains (losses) | $ 6 | $ 2 | $ 12 | $ 6 |
Investment Securities - Gross U
Investment Securities - Gross Unrealized Losses and Fair Value of Company's Investment Securities (Detail) $ in Millions | Sep. 30, 2019USD ($) |
Continuous Gross Unrealized Losses And Fair Value [Abstract] | |
Fair Value Less Than 12 Months | $ 5,572 |
Unrealized Losses Less Than 12 Months | (14) |
Fair Value 12 Months or Greater | 12,250 |
Unrealized Losses 12 Months or Greater | (155) |
Fair Value Total | 17,822 |
Unrealized Losses Total | (169) |
Fair Value Less Than 12 Months | 7,405 |
Unrealized Losses Less Than 12 Months | (32) |
Fair Value 12 Months or Greater | 22,103 |
Unrealized Losses 12 Months or Greater | (224) |
Fair Value Total | 29,508 |
Unrealized Losses Total | (256) |
Other Asset-Backed Securities [Member] | |
Continuous Gross Unrealized Losses And Fair Value [Abstract] | |
Fair Value Less Than 12 Months | 8 |
Fair Value Total | 8 |
U.S. Treasury and Agencies [Member] | |
Continuous Gross Unrealized Losses And Fair Value [Abstract] | |
Fair Value Less Than 12 Months | 954 |
Unrealized Losses Less Than 12 Months | (2) |
Fair Value 12 Months or Greater | 642 |
Unrealized Losses 12 Months or Greater | (5) |
Fair Value Total | 1,596 |
Unrealized Losses Total | (7) |
Fair Value Less Than 12 Months | 2,313 |
Unrealized Losses Less Than 12 Months | (13) |
Fair Value 12 Months or Greater | 7,362 |
Unrealized Losses 12 Months or Greater | (34) |
Fair Value Total | 9,675 |
Unrealized Losses Total | (47) |
Residential Mortgage-Backed Securities [Member] | |
Continuous Gross Unrealized Losses And Fair Value [Abstract] | |
Fair Value Less Than 12 Months | 4,610 |
Unrealized Losses Less Than 12 Months | (12) |
Fair Value 12 Months or Greater | 11,606 |
Unrealized Losses 12 Months or Greater | (150) |
Fair Value Total | 16,216 |
Unrealized Losses Total | (162) |
Fair Value Less Than 12 Months | 4,377 |
Unrealized Losses Less Than 12 Months | (12) |
Fair Value 12 Months or Greater | 14,739 |
Unrealized Losses 12 Months or Greater | (190) |
Fair Value Total | 19,116 |
Unrealized Losses Total | (202) |
Commercial agency mortgage-backed securities [Member] | |
Continuous Gross Unrealized Losses And Fair Value [Abstract] | |
Fair Value Less Than 12 Months | 469 |
Unrealized Losses Less Than 12 Months | (5) |
Fair Value Total | 469 |
Unrealized Losses Total | (5) |
Asset-Backed Securities [Member] | Other Asset-Backed Securities [Member] | |
Continuous Gross Unrealized Losses And Fair Value [Abstract] | |
Fair Value 12 Months or Greater | 2 |
Fair Value Total | 2 |
Obligations of Foreign Governments [Member] | |
Continuous Gross Unrealized Losses And Fair Value [Abstract] | |
Fair Value Less Than 12 Months | 246 |
Unrealized Losses Less Than 12 Months | (2) |
Fair Value 12 Months or Greater | 2 |
Fair Value Total | 248 |
Unrealized Losses Total | $ (2) |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses - Composition of Loan Portfolio (Detail) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 294,638 | $ 286,810 |
Loans, percentage | 100.00% | 100.00% |
Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 99,067 | $ 96,849 |
Loans, percentage | 33.60% | 33.80% |
Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 104,654 | $ 102,444 |
Loans, percentage | 35.50% | 35.70% |
Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 39,268 | $ 39,539 |
Loans, percentage | 13.30% | 13.80% |
Residential Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 69,378 | $ 65,034 |
Loans, percentage | 23.60% | 22.70% |
Other Retail [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 57,448 | $ 56,430 |
Loans, percentage | 19.50% | 19.70% |
Lease Financing [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 5,587 | $ 5,595 |
Loans, percentage | 1.90% | 1.90% |
Commercial Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 28,664 | $ 28,596 |
Loans, percentage | 9.70% | 10.00% |
Construction and Development [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 10,604 | $ 10,943 |
Loans, percentage | 3.60% | 3.80% |
Residential Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 58,465 | $ 53,034 |
Loans, percentage | 19.90% | 18.50% |
Home Equity Loans, First Liens [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 10,913 | $ 12,000 |
Loans, percentage | 3.70% | 4.20% |
Credit Card [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 23,890 | $ 23,363 |
Loans, percentage | 8.10% | 8.10% |
Retail Leasing [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 8,463 | $ 8,546 |
Loans, percentage | 2.90% | 3.00% |
Home Equity and Second Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 15,453 | $ 16,122 |
Loans, percentage | 5.20% | 5.60% |
Revolving Credit [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 2,889 | $ 3,088 |
Loans, percentage | 1.00% | 1.10% |
Installment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 10,827 | $ 9,676 |
Loans, percentage | 3.70% | 3.40% |
Automobile [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 19,583 | $ 18,719 |
Loans, percentage | 6.60% | 6.50% |
Student [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 233 | $ 279 |
Loans, percentage | 0.10% | 0.10% |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses - Additional Information (Detail) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2019USD ($)MortgageLoan | Sep. 30, 2019USD ($)MortgageLoanSecurityLoan | Dec. 31, 2018USD ($) | |
Loans and Allowance for Credit Losses [Line Items] | |||
Loans pledged at the Federal Home Loan Bank | $ 94,500 | $ 94,500 | $ 88,700 |
Loans pledged at the Federal Reserve Bank | 74,600 | 74,600 | 70,100 |
Unearned interest and deferred fees and costs on originated loans | 785 | 785 | 872 |
Foreclosed residential real estate property included in other real estate owned | 80 | 80 | 106 |
Foreclosed residential real estate related to mortgage loans whose payments are insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs | 177 | 177 | 235 |
Residential mortgage loans secured by residential real estate in process of foreclosure | $ 1,500 | $ 1,500 | $ 1,500 |
Number of residential mortgage loans, home equity and second mortgage loans, and GNMA loans where trial period was unsuccessful and no longer eligible for a permanent modification | MortgageLoan | 185 | 600 | |
Outstanding balance of residential mortgage loans, home equity and second mortgage loans, and GNMA loans where trial period was unsuccessful and no longer eligible for a permanent modification | $ 25 | $ 81 | |
Government National Mortgage Association [Member] | |||
Loans and Allowance for Credit Losses [Line Items] | |||
Residential mortgage loans secured by residential real estate in process of foreclosure | $ 1,200 | $ 1,200 | |
Home Equity and Second Mortgages [Member] | |||
Loans and Allowance for Credit Losses [Line Items] | |||
Number of loans in trial period | SecurityLoan | 34 | ||
Outstanding balance of loans in trial period | $ 3 | ||
Estimated post-modification balance of loans in trial period | $ 3 | ||
Residential Mortgages [Member] | |||
Loans and Allowance for Credit Losses [Line Items] | |||
Number of loans in trial period | SecurityLoan | 68 | ||
Outstanding balance of loans in trial period | $ 11 | ||
Estimated post-modification balance of loans in trial period | $ 10 | ||
Government National Mortgage Association [Member] | |||
Loans and Allowance for Credit Losses [Line Items] | |||
Number of loans in trial period | SecurityLoan | 1,046 | ||
Outstanding balance of loans in trial period | $ 144 | ||
Estimated post-modification balance of loans in trial period | $ 141 |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses - Activity in Allowance for Credit Losses by Portfolio Class (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance at beginning of period | $ 4,466 | $ 4,411 | $ 4,441 | $ 4,417 |
Provision for credit losses | 367 | 343 | 1,109 | 1,011 |
Loans charged-off | 451 | 428 | 1,388 | 1,318 |
Less recoveries of loans charged-off | (99) | (100) | (319) | (317) |
Net loans charged-off | 352 | 328 | 1,069 | 1,001 |
Other changes | (1) | |||
Balance at end of period | 4,481 | 4,426 | 4,481 | 4,426 |
Commercial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance at beginning of period | 1,464 | 1,391 | 1,454 | 1,372 |
Provision for credit losses | 101 | 88 | 243 | 225 |
Loans charged-off | 91 | 88 | 300 | 265 |
Less recoveries of loans charged-off | (16) | (22) | (93) | (81) |
Net loans charged-off | 75 | 66 | 207 | 184 |
Balance at end of period | 1,490 | 1,413 | 1,490 | 1,413 |
Commercial Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance at beginning of period | 794 | 812 | 800 | 831 |
Provision for credit losses | 3 | (12) | (2) | (34) |
Loans charged-off | 7 | 1 | 11 | 6 |
Less recoveries of loans charged-off | (1) | (10) | (4) | (18) |
Net loans charged-off | 6 | (9) | 7 | (12) |
Balance at end of period | 791 | 809 | 791 | 809 |
Residential Mortgages [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance at beginning of period | 438 | 436 | 455 | 449 |
Provision for credit losses | (10) | 8 | (20) | 6 |
Loans charged-off | 8 | 12 | 27 | 37 |
Less recoveries of loans charged-off | (11) | (8) | (23) | (22) |
Net loans charged-off | (3) | 4 | 4 | 15 |
Balance at end of period | 431 | 440 | 431 | 440 |
Other Retail [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance at beginning of period | 638 | 667 | 630 | 678 |
Provision for credit losses | 61 | 41 | 194 | 156 |
Loans charged-off | 97 | 96 | 283 | 283 |
Less recoveries of loans charged-off | (34) | (35) | (95) | (96) |
Net loans charged-off | 63 | 61 | 188 | 187 |
Balance at end of period | 636 | 647 | 636 | 647 |
Credit Card [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance at beginning of period | 1,132 | 1,082 | 1,102 | 1,056 |
Provision for credit losses | 212 | 221 | 694 | 668 |
Loans charged-off | 248 | 231 | 767 | 727 |
Less recoveries of loans charged-off | (37) | (25) | (104) | (100) |
Net loans charged-off | 211 | 206 | 663 | 627 |
Balance at end of period | $ 1,133 | 1,097 | $ 1,133 | 1,097 |
Covered Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance at beginning of period | 23 | 31 | ||
Provision for credit losses | (3) | (10) | ||
Other changes | (1) | |||
Balance at end of period | $ 20 | $ 20 |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses - Additional Detail of Allowance for Credit Losses and Related Loan Balances by Portfolio Class (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Allowance Balance at End of Period | ||||||
Loans individually evaluated for impairment | $ 22 | $ 24 | ||||
TDRs collectively evaluated for impairment | 223 | 225 | ||||
Other loans collectively evaluated for impairment | 4,221 | 4,176 | ||||
Loans acquired with deteriorated credit quality | 15 | 16 | ||||
Total allowance for credit losses | 4,481 | $ 4,466 | 4,441 | $ 4,426 | $ 4,411 | $ 4,417 |
Loan Balance at End of Period | ||||||
Loans individually evaluated for impairment | 380 | 348 | ||||
TDRs collectively evaluated for impairment | 3,940 | 3,960 | ||||
Other loans collectively evaluated for impairment | 290,024 | 282,158 | ||||
Loans acquired with deteriorated credit quality | 294 | 344 | ||||
Total loans | 294,638 | 286,810 | ||||
Commercial [Member] | ||||||
Allowance Balance at End of Period | ||||||
Loans individually evaluated for impairment | 19 | 16 | ||||
TDRs collectively evaluated for impairment | 20 | 15 | ||||
Other loans collectively evaluated for impairment | 1,451 | 1,423 | ||||
Total allowance for credit losses | 1,490 | 1,464 | 1,454 | 1,413 | 1,391 | 1,372 |
Loan Balance at End of Period | ||||||
Loans individually evaluated for impairment | 340 | 262 | ||||
TDRs collectively evaluated for impairment | 178 | 151 | ||||
Other loans collectively evaluated for impairment | 104,136 | 102,031 | ||||
Total loans | 104,654 | 102,444 | ||||
Commercial Real Estate [Member] | ||||||
Allowance Balance at End of Period | ||||||
Loans individually evaluated for impairment | 3 | 8 | ||||
TDRs collectively evaluated for impairment | 4 | 3 | ||||
Other loans collectively evaluated for impairment | 784 | 788 | ||||
Loans acquired with deteriorated credit quality | 1 | |||||
Total allowance for credit losses | 791 | 794 | 800 | 809 | 812 | 831 |
Loan Balance at End of Period | ||||||
Loans individually evaluated for impairment | 40 | 86 | ||||
TDRs collectively evaluated for impairment | 142 | 129 | ||||
Other loans collectively evaluated for impairment | 39,052 | 39,297 | ||||
Loans acquired with deteriorated credit quality | 34 | 27 | ||||
Total loans | 39,268 | 39,539 | ||||
Residential Mortgages [Member] | ||||||
Allowance Balance at End of Period | ||||||
TDRs collectively evaluated for impairment | 107 | 126 | ||||
Other loans collectively evaluated for impairment | 309 | 314 | ||||
Loans acquired with deteriorated credit quality | 15 | 15 | ||||
Total allowance for credit losses | 431 | 438 | 455 | 440 | 436 | 449 |
Loan Balance at End of Period | ||||||
TDRs collectively evaluated for impairment | 3,168 | 3,252 | ||||
Other loans collectively evaluated for impairment | 65,950 | 61,465 | ||||
Loans acquired with deteriorated credit quality | 260 | 317 | ||||
Total loans | 69,378 | 65,034 | ||||
Other Retail [Member] | ||||||
Allowance Balance at End of Period | ||||||
TDRs collectively evaluated for impairment | 12 | 12 | ||||
Other loans collectively evaluated for impairment | 624 | 618 | ||||
Total allowance for credit losses | 636 | 638 | 630 | 647 | 667 | 678 |
Loan Balance at End of Period | ||||||
TDRs collectively evaluated for impairment | 190 | 183 | ||||
Other loans collectively evaluated for impairment | 57,258 | 56,247 | ||||
Total loans | 57,448 | 56,430 | ||||
Credit Card [Member] | ||||||
Allowance Balance at End of Period | ||||||
TDRs collectively evaluated for impairment | 80 | 69 | ||||
Other loans collectively evaluated for impairment | 1,053 | 1,033 | ||||
Total allowance for credit losses | 1,133 | $ 1,132 | 1,102 | $ 1,097 | $ 1,082 | $ 1,056 |
Loan Balance at End of Period | ||||||
TDRs collectively evaluated for impairment | 262 | 245 | ||||
Other loans collectively evaluated for impairment | 23,628 | 23,118 | ||||
Total loans | $ 23,890 | $ 23,363 |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses - Summary of Loans by Portfolio Class, Including Delinquency Status of those that Continue to Accrue Interest and are Nonperforming (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | $ 291,834 | $ 284,109 |
Accruing 30-89 Days Past Due | 1,375 | 1,300 |
Accruing 90 Days or More Past Due | 600 | 584 |
Nonperforming | 829 | 817 |
Total loans | 294,638 | 286,810 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 103,782 | 101,844 |
Accruing 30-89 Days Past Due | 450 | 322 |
Accruing 90 Days or More Past Due | 103 | 69 |
Nonperforming | 319 | 209 |
Total loans | 104,654 | 102,444 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 39,126 | 39,354 |
Accruing 30-89 Days Past Due | 51 | 70 |
Accruing 90 Days or More Past Due | 2 | |
Nonperforming | 89 | 115 |
Total loans | 39,268 | 39,539 |
Residential Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 68,845 | 64,443 |
Accruing 30-89 Days Past Due | 167 | 181 |
Accruing 90 Days or More Past Due | 115 | 114 |
Nonperforming | 251 | 296 |
Total loans | 69,378 | 65,034 |
Other Retail [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 56,785 | 55,722 |
Accruing 30-89 Days Past Due | 391 | 403 |
Accruing 90 Days or More Past Due | 102 | 108 |
Nonperforming | 170 | 197 |
Total loans | 57,448 | 56,430 |
Credit Card [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 23,296 | 22,746 |
Accruing 30-89 Days Past Due | 316 | 324 |
Accruing 90 Days or More Past Due | 278 | 293 |
Total loans | $ 23,890 | $ 23,363 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses - Summary of Loans by Portfolio Class, Including Delinquency Status of those that Continue to Accrue Interest and are Nonperforming (Parenthetical) (Detail) - Government National Mortgage Association [Member] - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-89 days past due purchased from Government National Mortgage Association mortgage pools, classified as current | $ 391 | $ 430 |
Loans 90 days or more past due purchased from Government National Mortgage Association mortgage pools, classified as current | $ 1,700 | $ 1,700 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses - Summary of Loans by Portfolio Class and Company's Internal Credit Quality Rating (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 294,638 | $ 286,810 |
Total outstanding commitments | 619,852 | 606,656 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 290,544 | 282,228 |
Total outstanding commitments | 614,479 | 600,407 |
Special Mention Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,662 | 1,740 |
Total outstanding commitments | 2,297 | 2,801 |
Classified Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,432 | 2,842 |
Total outstanding commitments | 3,076 | 3,448 |
Total Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 4,094 | 4,582 |
Total outstanding commitments | 5,373 | 6,249 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 104,654 | 102,444 |
Commercial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 102,543 | 100,014 |
Commercial [Member] | Special Mention Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,022 | 1,149 |
Commercial [Member] | Classified Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,089 | 1,281 |
Commercial [Member] | Total Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,111 | 2,430 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 39,268 | 39,539 |
Commercial Real Estate [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 38,287 | 38,473 |
Commercial Real Estate [Member] | Special Mention Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 625 | 584 |
Commercial Real Estate [Member] | Classified Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 356 | 482 |
Commercial Real Estate [Member] | Total Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 981 | 1,066 |
Residential Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 69,378 | 65,034 |
Residential Mortgages [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 68,960 | 64,570 |
Residential Mortgages [Member] | Special Mention Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 3 | 1 |
Residential Mortgages [Member] | Classified Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 415 | 463 |
Residential Mortgages [Member] | Total Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 418 | 464 |
Other Retail [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 57,448 | 56,430 |
Other Retail [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 57,142 | 56,101 |
Other Retail [Member] | Special Mention Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 12 | 6 |
Other Retail [Member] | Classified Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 294 | 323 |
Other Retail [Member] | Total Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 306 | 329 |
Credit Card [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 23,890 | 23,363 |
Credit Card [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 23,612 | 23,070 |
Credit Card [Member] | Classified Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 278 | 293 |
Credit Card [Member] | Total Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 278 | $ 293 |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses - Summary of Loans by Portfolio Class and Company's Internal Credit Quality Rating (Parenthetical) (Detail) - Government National Mortgage Association [Member] - USD ($) $ in Billions | Sep. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment [Line Items] | ||
Restructured GNMA loans,classified with a pass rating | $ 1.7 | $ 1.6 |
GNMA loans 90 days or more past due, classified with a pass rating | $ 1.7 | $ 1.7 |
Loans and Allowance for Cred_11
Loans and Allowance for Credit Losses - Summary of Impaired Loans, which Include Nonaccrual and TDR Loans, by Portfolio Class (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Impaired [Line Items] | ||
Period-end Recorded Investment | $ 4,664 | $ 4,674 |
Unpaid Principal Balance | 6,025 | 5,698 |
Valuation Allowance | 251 | 254 |
Commitments to Lend Additional Funds | 199 | 113 |
Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Period-end Recorded Investment | 583 | 467 |
Unpaid Principal Balance | 1,183 | 1,006 |
Valuation Allowance | 41 | 32 |
Commitments to Lend Additional Funds | 197 | 106 |
Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Period-end Recorded Investment | 234 | 279 |
Unpaid Principal Balance | 587 | 511 |
Valuation Allowance | 8 | 12 |
Commitments to Lend Additional Funds | 2 | |
Residential Mortgages [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Period-end Recorded Investment | 1,573 | 1,709 |
Unpaid Principal Balance | 1,891 | 1,879 |
Valuation Allowance | 74 | 86 |
Other Retail [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Period-end Recorded Investment | 322 | 335 |
Unpaid Principal Balance | 412 | 418 |
Valuation Allowance | 14 | 14 |
Commitments to Lend Additional Funds | 2 | 5 |
Credit Card [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Period-end Recorded Investment | 262 | 245 |
Unpaid Principal Balance | 262 | 245 |
Valuation Allowance | 80 | 69 |
Total Loans, Excluding Loans Purchased from GNMA Mortgage Pools [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Period-end Recorded Investment | 2,974 | 3,035 |
Unpaid Principal Balance | 4,335 | 4,059 |
Valuation Allowance | 217 | 213 |
Commitments to Lend Additional Funds | 199 | 113 |
Government National Mortgage Association [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Period-end Recorded Investment | 1,690 | 1,639 |
Unpaid Principal Balance | 1,690 | 1,639 |
Valuation Allowance | 34 | $ 41 |
Commitments to Lend Additional Funds | $ 0 |
Loans and Allowance for Cred_12
Loans and Allowance for Credit Losses - Impaired Loans Average Recorded Investment and Interest Income Recognized (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | $ 4,604 | $ 4,762 | $ 4,607 | $ 4,825 |
Interest Income Recognized | 51 | 42 | 146 | 122 |
Commercial [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 552 | 470 | 516 | 510 |
Interest Income Recognized | 4 | 3 | 7 | 5 |
Commercial Real Estate [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 232 | 279 | 251 | 263 |
Interest Income Recognized | 3 | 4 | 8 | 8 |
Residential Mortgages [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 1,597 | 1,779 | 1,649 | 1,846 |
Interest Income Recognized | 23 | 18 | 70 | 57 |
Other Retail [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 319 | 309 | 323 | 304 |
Interest Income Recognized | 3 | 4 | 9 | 12 |
Credit Card [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 260 | 236 | 255 | 234 |
Interest Income Recognized | 1 | 3 | ||
Covered Loans [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 23 | 33 | ||
Interest Income Recognized | 1 | |||
Total Loans, Excluding Loans Purchased from GNMA Mortgage Pools [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 2,960 | 3,096 | 2,994 | 3,190 |
Interest Income Recognized | 33 | 30 | 94 | 86 |
Government National Mortgage Association [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 1,644 | 1,666 | 1,613 | 1,635 |
Interest Income Recognized | $ 18 | $ 12 | $ 52 | $ 36 |
Loans and Allowance for Cred_13
Loans and Allowance for Credit Losses - Summary of Loans Modified as TDRs (Detail) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019USD ($)SecurityLoan | Sep. 30, 2018USD ($)SecurityLoan | Sep. 30, 2019USD ($)SecurityLoan | Sep. 30, 2018USD ($)SecurityLoan | |
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | SecurityLoan | 11,802 | 11,747 | 35,680 | 33,643 |
Pre-Modification Outstanding Loan Balance | $ 433 | $ 460 | $ 1,193 | $ 1,264 |
Post-Modification Outstanding Loan Balance | $ 406 | $ 446 | $ 1,138 | $ 1,229 |
Commercial [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | SecurityLoan | 886 | 700 | 2,622 | 2,047 |
Pre-Modification Outstanding Loan Balance | $ 116 | $ 42 | $ 242 | $ 255 |
Post-Modification Outstanding Loan Balance | $ 100 | $ 33 | $ 215 | $ 234 |
Commercial Real Estate [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | SecurityLoan | 32 | 38 | 76 | 97 |
Pre-Modification Outstanding Loan Balance | $ 23 | $ 123 | $ 95 | $ 154 |
Post-Modification Outstanding Loan Balance | $ 23 | $ 125 | $ 93 | $ 155 |
Residential Mortgages [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | SecurityLoan | 117 | 144 | 318 | 397 |
Pre-Modification Outstanding Loan Balance | $ 17 | $ 19 | $ 43 | $ 56 |
Post-Modification Outstanding Loan Balance | $ 15 | $ 17 | $ 41 | $ 53 |
Other Retail [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | SecurityLoan | 814 | 763 | 2,029 | 1,857 |
Pre-Modification Outstanding Loan Balance | $ 20 | $ 17 | $ 44 | $ 45 |
Post-Modification Outstanding Loan Balance | $ 19 | $ 16 | $ 42 | $ 43 |
Credit Card [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | SecurityLoan | 8,429 | 8,450 | 26,018 | 24,457 |
Pre-Modification Outstanding Loan Balance | $ 46 | $ 42 | $ 140 | $ 122 |
Post-Modification Outstanding Loan Balance | $ 46 | $ 43 | $ 141 | $ 124 |
Covered Loans [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | SecurityLoan | 3 | 3 | ||
Pre-Modification Outstanding Loan Balance | $ 1 | $ 1 | ||
Post-Modification Outstanding Loan Balance | $ 1 | $ 1 | ||
Total Loans, Excluding Loans Purchased from GNMA Mortgage Pools [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | SecurityLoan | 10,278 | 10,098 | 31,063 | 28,858 |
Pre-Modification Outstanding Loan Balance | $ 222 | $ 244 | $ 564 | $ 633 |
Post-Modification Outstanding Loan Balance | $ 203 | $ 235 | $ 532 | $ 610 |
Government National Mortgage Association [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | SecurityLoan | 1,524 | 1,649 | 4,617 | 4,785 |
Pre-Modification Outstanding Loan Balance | $ 211 | $ 216 | $ 629 | $ 631 |
Post-Modification Outstanding Loan Balance | $ 203 | $ 211 | $ 606 | $ 619 |
Loans and Allowance for Cred_14
Loans and Allowance for Credit Losses - Summary of Loans Modified as TDRs in the Past Twelve Months that have Subsequently Defaulted (Detail) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019USD ($)SecurityLoan | Sep. 30, 2018USD ($)SecurityLoan | Sep. 30, 2019USD ($)SecurityLoan | Sep. 30, 2018USD ($)SecurityLoan | |
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | 2,644 | 2,648 | 7,893 | 8,060 |
Amount Defaulted | $ | $ 61 | $ 117 | $ 180 | $ 263 |
Commercial [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | 263 | 207 | 749 | 623 |
Amount Defaulted | $ | $ 9 | $ 51 | $ 18 | $ 63 |
Commercial Real Estate [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | 8 | 10 | 23 | 26 |
Amount Defaulted | $ | $ 7 | $ 2 | $ 17 | $ 8 |
Residential Mortgages [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | 13 | 34 | 124 | 148 |
Amount Defaulted | $ | $ 1 | $ 4 | $ 14 | $ 15 |
Other Retail [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | 72 | 93 | 299 | 240 |
Amount Defaulted | $ | $ 1 | $ 1 | $ 9 | $ 3 |
Credit Card [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | 2,025 | 1,924 | 6,001 | 5,893 |
Amount Defaulted | $ | $ 10 | $ 9 | $ 29 | $ 26 |
Covered Loans [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | 1 | |||
Total Loans, Excluding Loans Purchased from GNMA Mortgage Pools [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | 2,381 | 2,268 | 7,196 | 6,931 |
Amount Defaulted | $ | $ 28 | $ 67 | $ 87 | $ 115 |
Government National Mortgage Association [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | 263 | 380 | 697 | 1,129 |
Amount Defaulted | $ | $ 33 | $ 50 | $ 93 | $ 148 |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019USD ($) | Sep. 30, 2019USD ($) | |
Operating Leased Assets [Line Items] | ||
Lease revenue | $ 257 | $ 742 |
Right of use lease assets | 1,200 | 1,200 |
Lease liabilities | 1,344 | 1,344 |
Lease cost | $ 99 | $ 294 |
Minimum [Member] | Retail Leasing [Member] | ||
Operating Leased Assets [Line Items] | ||
Lease term | 3 years | |
Maximum [Member] | Retail Leasing [Member] | ||
Operating Leased Assets [Line Items] | ||
Lease term | 5 years |
Leases - Components of Net Inve
Leases - Components of Net Investment in Sales - Type and Direct Financing Leases (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Net Investment in Leases [Abstract] | ||
Lease receivables | $ 12,150 | $ 12,207 |
Unguaranteed residual values accruing to the lessor's benefit | 1,873 | 1,877 |
Total net investment in sales-type and direct financing leases | $ 14,023 | $ 14,084 |
Leases - Contractual Future Lea
Leases - Contractual Future Lease Payments to be Received (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Leases [Abstract] | ||
Sales-type and direct finance leases, One Year or Less | $ 4,623 | |
Sales-type and direct finance leases, Over One Through Two Years | 3,737 | |
Sales-type and direct finance leases, Over Two Through Three Years | 2,615 | |
Sales-type and direct finance leases, Over Three Through Four Years | 1,251 | |
Sales-type and direct finance leases, Over Four Through Five Years | 432 | |
Sales-type and direct finance leases, thereafter | 501 | |
Sales-type and direct finance leases, lease payments | 13,159 | |
Sales-type and direct finance leases, amounts representing interest | (1,009) | |
Sales-type and direct finance leases, lease receivables | 12,150 | $ 12,207 |
Operating leases, One Year or Less | 181 | |
Operating leases, Over One Through Two Years | 140 | |
Operating leases, Over Two Through Three Years | 104 | |
Operating leases, Over Three Through Four Years | 69 | |
Operating leases, Over Four Through Five Years | 52 | |
Operating leases, thereafter | 59 | |
Operating leases, lease payments | $ 605 |
Leases - Summary of Amounts Rel
Leases - Summary of Amounts Relevant to Company's Assets Leased for Use in its Operations (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Cash paid for amounts included in the measurement of lease liabilities | ||
Operating cash flows from operating leases | $ 75 | $ 226 |
Operating cash flows from finance leases | 1 | 5 |
Financing cash flows from finance leases | 3 | 8 |
Right of use assets obtained in exchange for new operating lease liabilities | 27 | 100 |
Right of use assets obtained in exchange for new finance lease liabilities | $ 5 | $ 7 |
Leases - Summary of Weighted-Av
Leases - Summary of Weighted-Average Remaining Lease Terms and Discount Rates (Detail) | Sep. 30, 2019 |
Leases [Abstract] | |
Weighted-average remaining lease term of operating leases (in years) | 7 years 6 months |
Weighted-average remaining lease term of finance leases (in years) | 10 years 4 months 24 days |
Weighted-average discount rate of operating leases | 3.20% |
Weighted-average discount rate of finance leases | 15.30% |
Leases - Schedule of Contractua
Leases - Schedule of Contractual Future Lease Obligations (Detail) $ in Millions | Sep. 30, 2019USD ($) |
Contractual Obligation, Fiscal Year Maturity Schedule [Abstract] | |
Operating leases, One year or Less | $ 305 |
Operating leases, Over One Through Two Years | 255 |
Operating leases, Over Two Through Three Years | 230 |
Operating leases, Over Three Through Four Years | 186 |
Operating leases, Over Four Through Five Years | 138 |
Operating leases, Thereafter | 416 |
Operating leases | 1,530 |
Operating leases, amounts representing interest | (186) |
Operating leases, lease liabilities | 1,344 |
Finance leases, One Year or Less | 17 |
Finance leases, Over One Through Two Years | 15 |
Finance leases, Over Two Through Three Years | 13 |
Finance leases, Over Three Through Four Years | 11 |
Finance leases, Over Four Through Five Years | 10 |
Finance leases, thereafter | 37 |
Finance leases | 103 |
Finance leases, Amounts representing interest | (32) |
Finance leases, lease liabilities | $ 71 |
Accounting for Transfers and _3
Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Minimum [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Aggregate amount of investments in unconsolidated VIEs | $ 1 | $ 1 | $ 1 | ||
Maximum [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Aggregate amount of investments in unconsolidated VIEs | 89 | 89 | 95 | ||
Financial Support Waived Fees [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Financial or other support to money market funds | 8 | $ 6 | 22 | $ 18 | |
Private Investment Funds and Partnerships [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Investment carrying amount | 30 | 30 | 27 | ||
Maximum exposure to loss | 55 | 55 | 52 | ||
Community Development and Tax Advantaged Investments [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Federal and state income tax credits recognized in tax expense | 132 | 150 | 423 | 486 | |
Expense related to investments | 122 | 133 | 391 | 434 | |
Investment tax credits | 80 | 90 | 326 | 368 | |
Expenses related to investments recognized in tax expense | 80 | $ 67 | 237 | $ 202 | |
Investment carrying amount | 6,079 | 6,079 | 5,823 | ||
Maximum exposure to loss | 12,163 | 12,163 | 12,360 | ||
Assets related to consolidated VIEs | 3,900 | 3,900 | 3,900 | ||
Liabilities related to consolidated VIEs | 3,100 | 3,100 | 2,700 | ||
Conduit [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Assets related to consolidated VIEs | 14 | 14 | 14 | ||
Tender Option Bond Program [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Assets related to consolidated VIEs | 2,900 | 2,900 | 2,400 | ||
Liabilities related to consolidated VIEs | $ 2,600 | $ 2,600 | $ 2,300 |
Accounting for Transfers and _4
Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities - Summary of Investments in Community Development and Tax-advantaged VIEs (Detail) - Community Development and Tax Advantaged Investments [Member] - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Variable Interest Entity [Line Items] | ||
Investment carrying amount | $ 6,079 | $ 5,823 |
Unfunded capital and other commitments | 3,037 | 2,778 |
Maximum exposure to loss | $ 12,163 | $ 12,360 |
Mortgage Servicing Rights - Add
Mortgage Servicing Rights - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Transfers and Servicing of Financial Assets [Abstract] | |||||
Residential mortgage loans serviced for others including subserviced mortgages with no corresponding MSRs asset | $ 227,800 | $ 227,800 | $ 231,500 | ||
Gain (Loss) on fair value changes of MSRs due to changes in valuation assumptions and derivatives used to economically hedge MSRs | (2) | $ 1 | (5) | $ 44 | |
Loan servicing and ancillary fees | $ 188 | $ 182 | $ 547 | $ 557 |
Mortgage Servicing Rights - Cha
Mortgage Servicing Rights - Changes in Fair Value of Capitalized MSRs (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Transfers and Servicing of Financial Assets [Abstract] | ||||
Balance at beginning of period | $ 2,458 | $ 2,844 | $ 2,791 | $ 2,645 |
Rights purchased | 6 | 2 | 13 | 6 |
Rights capitalized | 168 | 109 | 373 | 306 |
Rights sold | 4 | (15) | 4 | (15) |
Changes in fair value of MSRs | ||||
Due to fluctuations in market interest rates | (243) | 68 | (573) | 220 |
Due to revised assumptions or models | 15 | 2 | 30 | 52 |
Other changes in fair value | (112) | (93) | (342) | (297) |
Balance at end of period | $ 2,296 | $ 2,917 | $ 2,296 | $ 2,917 |
Mortgage Servicing Rights - Sen
Mortgage Servicing Rights - Sensitivity to Changes in Interest Rates of the Fair Value of MSR Portfolio and Related Derivative Instruments (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Down Scenario [Member] | Mortgage Servicing Rights [Member] | ||
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ||
Net fair value 100 basis points | $ (696) | $ (501) |
Net fair value 50 basis points | (337) | (223) |
Net fair value 25 basis points | (165) | (105) |
Down Scenario [Member] | Derivative [Member] | ||
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ||
Net fair value 100 basis points | 691 | 455 |
Net fair value 50 basis points | 340 | 215 |
Net fair value 25 basis points | 167 | 104 |
Down Scenario [Member] | Net Sensitivity [Member] | ||
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ||
Net fair value 100 basis points | (5) | (46) |
Net fair value 50 basis points | 3 | (8) |
Net fair value 25 basis points | 2 | (1) |
Up Scenario [Member] | Mortgage Servicing Rights [Member] | ||
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ||
Net fair value 100 basis points | 537 | 295 |
Net fair value 50 basis points | 294 | 171 |
Net fair value 25 basis points | 153 | 92 |
Up Scenario [Member] | Derivative [Member] | ||
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ||
Net fair value 100 basis points | (615) | (321) |
Net fair value 50 basis points | (307) | (177) |
Net fair value 25 basis points | (156) | (94) |
Up Scenario [Member] | Net Sensitivity [Member] | ||
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ||
Net fair value 100 basis points | (78) | (26) |
Net fair value 50 basis points | (13) | (6) |
Net fair value 25 basis points | $ (3) | $ (2) |
Mortgage Servicing Rights - MSR
Mortgage Servicing Rights - MSRs and Related Characteristics by Portfolio (Detail) $ in Millions | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2019USD ($)BasisPointMultiple | Dec. 31, 2018USD ($)BasisPointMultiple | Jun. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2017USD ($) | |
Servicing Assets at Fair Value [Line Items] | ||||||
Fair value | $ 2,296 | $ 2,791 | $ 2,458 | $ 2,917 | $ 2,844 | $ 2,645 |
Mortgage Servicing Rights [Member] | ||||||
Servicing Assets at Fair Value [Line Items] | ||||||
Servicing portfolio | 225,399 | 229,284 | ||||
Fair value | $ 2,296 | $ 2,791 | ||||
Value (bps) | BasisPoint | 102 | 122 | ||||
Weighted-average servicing fees (bps) | BasisPoint | 31 | 30 | ||||
Multiple (value/servicing fees) | Multiple | 3.33 | 4.11 | ||||
Weighted-average note rate | 4.18% | 4.15% | ||||
Weighted-average age (in years) | 4 years 7 months 6 days | 4 years 3 months 18 days | ||||
Weighted-average expected prepayment (constant prepayment rate) | 14.60% | 9.50% | ||||
Weighted-average expected life (in years) | 5 years 4 months 24 days | 7 years 2 months 12 days | ||||
Weighted-average option adjusted spread | 7.40% | 7.60% | ||||
HFA [Member] | Mortgage Servicing Rights [Member] | ||||||
Servicing Assets at Fair Value [Line Items] | ||||||
Servicing portfolio | $ 44,968 | $ 44,384 | ||||
Fair value | $ 453 | $ 526 | ||||
Value (bps) | BasisPoint | 101 | 119 | ||||
Weighted-average servicing fees (bps) | BasisPoint | 34 | 34 | ||||
Multiple (value/servicing fees) | Multiple | 2.94 | 3.45 | ||||
Weighted-average note rate | 4.66% | 4.59% | ||||
Weighted-average age (in years) | 3 years 7 months 6 days | 3 years 3 months 18 days | ||||
Weighted-average expected prepayment (constant prepayment rate) | 13.60% | 9.80% | ||||
Weighted-average expected life (in years) | 6 years | 7 years 8 months 12 days | ||||
Weighted-average option adjusted spread | 8.40% | 8.60% | ||||
Government Insured [Member] | Mortgage Servicing Rights [Member] | ||||||
Servicing Assets at Fair Value [Line Items] | ||||||
Servicing portfolio | $ 35,634 | $ 35,990 | ||||
Fair value | $ 414 | $ 465 | ||||
Value (bps) | BasisPoint | 116 | 129 | ||||
Weighted-average servicing fees (bps) | BasisPoint | 38 | 36 | ||||
Multiple (value/servicing fees) | Multiple | 3.05 | 3.63 | ||||
Weighted-average note rate | 4.01% | 3.97% | ||||
Weighted-average age (in years) | 4 years 9 months 18 days | 4 years 8 months 12 days | ||||
Weighted-average expected prepayment (constant prepayment rate) | 15.40% | 11.00% | ||||
Weighted-average expected life (in years) | 5 years 2 months 12 days | 6 years 8 months 12 days | ||||
Weighted-average option adjusted spread | 8.00% | 8.30% | ||||
Conventional [Member] | Mortgage Servicing Rights [Member] | ||||||
Servicing Assets at Fair Value [Line Items] | ||||||
Servicing portfolio | $ 144,797 | $ 148,910 | ||||
Fair value | $ 1,429 | $ 1,800 | ||||
Value (bps) | BasisPoint | 99 | 121 | ||||
Weighted-average servicing fees (bps) | BasisPoint | 28 | 27 | ||||
Multiple (value/servicing fees) | Multiple | 3.57 | 4.52 | ||||
Weighted-average note rate | 4.08% | 4.06% | ||||
Weighted-average age (in years) | 4 years 9 months 18 days | 4 years 6 months | ||||
Weighted-average expected prepayment (constant prepayment rate) | 14.70% | 9.10% | ||||
Weighted-average expected life (in years) | 5 years 2 months 12 days | 7 years 1 month 6 days | ||||
Weighted-average option adjusted spread | 7.00% | 7.20% |
Preferred Stock - Additional In
Preferred Stock - Additional Information (Detail) - shares | Sep. 30, 2019 | Dec. 31, 2018 |
Equity [Abstract] | ||
Number of preferred stock shares authorized | 50,000,000 | 50,000,000 |
Preferred Stock - Number of Sha
Preferred Stock - Number of Shares Issued and Outstanding and Carrying Amount of Preferred Stock (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Class of Stock [Line Items] | ||
Shares Issued and Outstanding | 209,510 | 209,510 |
Liquidation Preference | $ 6,176 | $ 6,176 |
Discount | 192 | 192 |
Carrying Amount | $ 5,984 | $ 5,984 |
Series A [Member] | ||
Class of Stock [Line Items] | ||
Shares Issued and Outstanding | 12,510 | 12,510 |
Liquidation Preference | $ 1,251 | $ 1,251 |
Discount | 145 | 145 |
Carrying Amount | $ 1,106 | $ 1,106 |
Series B [Member] | ||
Class of Stock [Line Items] | ||
Shares Issued and Outstanding | 40,000 | 40,000 |
Liquidation Preference | $ 1,000 | $ 1,000 |
Carrying Amount | $ 1,000 | $ 1,000 |
Series F [Member] | ||
Class of Stock [Line Items] | ||
Shares Issued and Outstanding | 44,000 | 44,000 |
Liquidation Preference | $ 1,100 | $ 1,100 |
Discount | 12 | 12 |
Carrying Amount | $ 1,088 | $ 1,088 |
Series H [Member] | ||
Class of Stock [Line Items] | ||
Shares Issued and Outstanding | 20,000 | 20,000 |
Liquidation Preference | $ 500 | $ 500 |
Discount | 13 | 13 |
Carrying Amount | $ 487 | $ 487 |
Series I [Member] | ||
Class of Stock [Line Items] | ||
Shares Issued and Outstanding | 30,000 | 30,000 |
Liquidation Preference | $ 750 | $ 750 |
Discount | 5 | 5 |
Carrying Amount | $ 745 | $ 745 |
Series J [Member] | ||
Class of Stock [Line Items] | ||
Shares Issued and Outstanding | 40,000 | 40,000 |
Liquidation Preference | $ 1,000 | $ 1,000 |
Discount | 7 | 7 |
Carrying Amount | $ 993 | $ 993 |
Series K Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Shares Issued and Outstanding | 23,000 | 23,000 |
Liquidation Preference | $ 575 | $ 575 |
Discount | 10 | 10 |
Carrying Amount | $ 565 | $ 565 |
Preferred Stock - Number of S_2
Preferred Stock - Number of Shares Issued and Outstanding and Carrying Amount of Preferred Stock (Parenthetical) (Detail) - $ / shares | Sep. 30, 2019 | Dec. 31, 2018 |
Equity [Abstract] | ||
Preferred stock, par value | $ 1 | $ 1 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Reconciliation of Transactions Affecting Accumulated Other Comprehensive Income (Loss) Included in Shareholders' Equity (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of period | $ (1,344) | $ (2,315) | $ (2,322) | $ (1,404) |
Revaluation of tax related balances | (300) | |||
Changes in unrealized gains and losses | 284 | (411) | 1,790 | (1,399) |
Changes in unrealized gains and losses | (59) | 40 | (268) | 159 |
Changes in unrealized gains and losses | (1) | |||
Changes in unrealized gains and losses | 225 | (371) | 1,522 | (1,241) |
Foreign currency translation adjustment | 2 | 7 | 10 | 12 |
Reclassification to earnings of realized gains and losses | 2 | 20 | 6 | 70 |
Applicable income taxes | (58) | 86 | (389) | 290 |
Balance at end of period | (1,173) | (2,573) | (1,173) | (2,573) |
Foreign Currency Translation [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of period | (78) | (81) | (84) | (69) |
Revaluation of tax related balances | (13) | |||
Changes in unrealized gains and losses | 0 | |||
Foreign currency translation adjustment | 2 | 7 | 10 | 12 |
Reclassification to earnings of realized gains and losses | 0 | |||
Applicable income taxes | (2) | (2) | (6) | |
Balance at end of period | (76) | (76) | (76) | (76) |
Unrealized Gains (Losses) on Retirement Plans [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of period | (1,385) | (1,244) | (1,418) | (1,066) |
Revaluation of tax related balances | (229) | |||
Changes in unrealized gains and losses | 0 | (1) | ||
Foreign currency translation adjustment | 0 | |||
Reclassification to earnings of realized gains and losses | 22 | 34 | 66 | 103 |
Applicable income taxes | (6) | (9) | (17) | (26) |
Balance at end of period | (1,369) | (1,219) | (1,369) | (1,219) |
Unrealized Gains (Losses) on Derivative Hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of period | (55) | 176 | 112 | 71 |
Revaluation of tax related balances | 15 | |||
Changes in unrealized gains and losses | (59) | 40 | (268) | 159 |
Foreign currency translation adjustment | 0 | |||
Reclassification to earnings of realized gains and losses | 6 | (2) | (8) | (1) |
Applicable income taxes | 14 | (10) | 70 | (40) |
Balance at end of period | (94) | 204 | (94) | 204 |
Unrealized Gains (Losses) on Investment Securities Transferred From Available For Sale to Held To Maturity [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of period | 11 | 17 | 14 | 17 |
Revaluation of tax related balances | 4 | |||
Changes in unrealized gains and losses | 0 | |||
Foreign currency translation adjustment | 0 | |||
Reclassification to earnings of realized gains and losses | (1) | (2) | (5) | (7) |
Applicable income taxes | 1 | 1 | ||
Balance at end of period | 10 | 15 | 10 | 15 |
Unrealized Gains (Losses) on Investment Securities Available-For-Sale [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of period | 163 | (1,183) | (946) | (357) |
Revaluation of tax related balances | (77) | |||
Changes in unrealized gains and losses | 284 | (411) | 1,790 | (1,399) |
Foreign currency translation adjustment | 0 | |||
Reclassification to earnings of realized gains and losses | (25) | (10) | (47) | (25) |
Applicable income taxes | (66) | 107 | (441) | 361 |
Balance at end of period | $ 356 | $ (1,497) | $ 356 | $ (1,497) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Impact to Net Income for Items Reclassified out of Accumulated Other Comprehensive Income and into Earnings (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Realized gains (losses) on sale of investment securities | $ 25 | $ 10 | $ 47 | $ 25 |
Amortization of unrealized gains on securities transferred from available-for-sale to held-to-maturity, Interest income | 4,437 | 4,123 | 13,239 | 11,862 |
Realized gains (losses) on derivative hedges | (1,156) | (872) | (3,394) | (2,246) |
Actuarial gains (losses) and prior service cost (credit) amortization | (330) | (377) | (1,077) | (1,194) |
Applicable income taxes | (467) | (460) | (1,294) | (1,263) |
Net income | 1,917 | 1,822 | 5,453 | 5,262 |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net income | (1) | (15) | (4) | (52) |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | Unrealized Gains (Losses) on Investment Securities Available-For-Sale [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Realized gains (losses) on sale of investment securities | 25 | 10 | 47 | 25 |
Applicable income taxes | (6) | (2) | (12) | (6) |
Net income | 19 | 8 | 35 | 19 |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | Unrealized Gains (Losses) on Investment Securities Transferred From Available For Sale to Held To Maturity [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Amortization of unrealized gains on securities transferred from available-for-sale to held-to-maturity, Interest income | 1 | 2 | 5 | 7 |
Applicable income taxes | 0 | (1) | (1) | |
Net income | 1 | 2 | 4 | 6 |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | Unrealized Gains (Losses) on Derivative Hedges [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Realized gains (losses) on derivative hedges | (6) | 2 | 8 | 1 |
Applicable income taxes | 1 | (1) | (2) | (1) |
Net income | (5) | 1 | 6 | |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | Unrealized Gains (Losses) on Retirement Plans [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Actuarial gains (losses) and prior service cost (credit) amortization | (22) | (34) | (66) | (103) |
Applicable income taxes | 6 | 8 | 17 | 26 |
Net income | $ (16) | $ (26) | $ (49) | $ (77) |
Earnings Per Share - Components
Earnings Per Share - Components of Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |||||
Earnings Per Share [Abstract] | ||||||||
Net income attributable to U.S. Bancorp | $ 1,908 | $ 1,815 | $ 5,428 | $ 5,240 | ||||
Preferred dividends | (79) | [1] | (76) | [2] | (230) | [3] | (210) | [4] |
Earnings allocated to participating stock awards | (8) | (7) | (23) | (23) | ||||
Net income applicable to U.S. Bancorp common shareholders | $ 1,821 | $ 1,732 | $ 5,175 | $ 5,007 | ||||
Average common shares outstanding | 1,575 | 1,629 | 1,589 | 1,641 | ||||
Net effect of the exercise and assumed purchase of stock awards | 3 | 4 | 3 | 4 | ||||
Average diluted common shares outstanding | 1,578 | 1,633 | 1,592 | 1,645 | ||||
Earnings per common share | $ 1.16 | $ 1.06 | $ 3.26 | $ 3.05 | ||||
Diluted earnings per common share | $ 1.15 | $ 1.06 | $ 3.25 | $ 3.04 | ||||
[1] | Reflects dividends declared per share on the Company’s Series A, Series B, Series F, Series H, Series J and Series K Non-Cumulative Perpetual Preferred Stock of $894.444, $223.61, $406.25, $321.88, $662.50 and $343.75, respectively. | |||||||
[2] | Reflects dividends declared per share on the Company’s Series A, Series B, Series F, Series H, Series J and Series K Non-Cumulative Perpetual Preferred Stock of $894.444, $223.61, $406.25, $321.88, $662.50 and $232.99, respectively. | |||||||
[3] | Reflects dividends declared per share on the Company’s Series A, Series B, Series F, Series H, Series I, Series J and Series K Non-Cumulative Perpetual Preferred Stock of $2,760.506, $663.54, $1,218.75, $965.64, $640.625, $1,325.00 and $1,031.25, respectively. | |||||||
[4] | Reflects dividends declared per share on the Company’s Series A, Series B, Series F, Series H, Series I, Series J and Series K Non-Cumulative Perpetual Preferred Stock of $2,654.166, $663.54, $1,218.75, $965.64, $640.625, $1,325.00 and $232.99, respectively. |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Stock Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Options outstanding of common shares | 1 | 1 | 1 | 1 |
Employee Benefits - Components
Employee Benefits - Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Pension Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 48 | $ 52 | $ 144 | $ 156 |
Interest cost | 63 | 56 | 187 | 168 |
Expected return on plan assets | (96) | (95) | (287) | (284) |
Actuarial loss (gain) amortization | 24 | 36 | 73 | 109 |
Net periodic benefit cost | 39 | 49 | 117 | 149 |
Postretirement Welfare Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | 1 | 2 | 1 | |
Expected return on plan assets | (1) | (2) | (2) | |
Prior service cost (credit) amortization | (1) | (1) | (3) | (2) |
Actuarial loss (gain) amortization | (1) | (1) | (4) | (4) |
Net periodic benefit cost | $ (2) | $ (2) | $ (7) | $ (7) |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Federal | ||||
Current | $ 414 | $ 385 | $ 1,002 | $ 931 |
Deferred | (59) | (53) | 26 | (17) |
Federal income tax | 355 | 332 | 1,028 | 914 |
State | ||||
Current | 140 | 141 | 280 | 295 |
Deferred | (28) | (13) | (14) | 54 |
State income tax | 112 | 128 | 266 | 349 |
Applicable income taxes | $ 467 | $ 460 | $ 1,294 | $ 1,263 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Income Taxes Additional Information [Abstract] | ||
Federal statutory rate | 21.00% | 21.00% |
Net deferred tax asset | $ 409 | $ 809 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Expected Income Tax Expense at Federal Statutory Rate of 21 Percent to Company's Applicable Income Tax Expense (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ||||
Tax at statutory rate | $ 501 | $ 479 | $ 1,417 | $ 1,370 |
State income tax, at statutory rates, net of federal tax benefit | 99 | 102 | 277 | 287 |
Tax credits and benefits, net of related expenses | (97) | (122) | (307) | (369) |
Exam resolutions | (49) | (49) | ||
Tax-exempt income | (29) | (33) | (92) | (98) |
Noncontrolling interests | (1) | (2) | (5) | (5) |
Other items | (6) | 36 | 53 | 127 |
Applicable income taxes | $ 467 | $ 460 | $ 1,294 | $ 1,263 |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2019 | Sep. 30, 2019 | Sep. 30, 2020 | Dec. 31, 2018 | |
Derivative [Line Items] | ||||
Realized and unrealized gains (losses) on derivatives classified as cash flow hedges recorded in other comprehensive income (loss) | $ 94 | $ 112 | ||
Fair value of derivatives under collateral agreements in a net liability position | 770 | |||
Collateral posted by company netted against net liability position | 529 | |||
Forward commitments to sell mortgage loans | 5,800 | |||
Hedged mortgage loans held for sale | 2,900 | |||
Unfunded mortgage loan commitments | 3,900 | |||
Net Investment Hedging [Member] | ||||
Derivative [Line Items] | ||||
Non-derivative debt instruments designated as net investment hedges | $ 1,100 | $ 1,100 | ||
Scenario, Forecast [Member] | ||||
Derivative [Line Items] | ||||
Estimated gain to be reclassified from other comprehensive income (loss) into earnings | $ 14 | $ 30 |
Derivative Instruments - Asset
Derivative Instruments - Asset and Liability Management Derivative Positions of Company (Detail) - Asset and Liability Management Positions [Member] - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Derivative [Line Items] | ||
Notional Value, Assets | $ 47,709 | $ 25,635 |
Fair Value, Assets | 150 | 155 |
Notional Value, Liabilities | 65,657 | 26,756 |
Fair Value, Liabilities | 213 | 123 |
Other Derivatives [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | 675 | $ 1 |
Fair Value, Assets | $ 6 | |
Derivative Asset Average Remaining Maturity Period | 3 days | 3 days |
Notional Value, Liabilities | $ 2,394 | $ 1,458 |
Fair Value, Liabilities | $ 58 | $ 84 |
Derivative Liability Average Remaining Maturity Period | 6 months 14 days | 1 year 6 months |
Other Economic Hedges [Member] | Interest Rate Contracts [Member] | Receive Fixed/Pay Floating Swaps [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 5,762 | $ 3,605 |
Derivative Asset Average Remaining Maturity Period | 8 years 6 months 14 days | 14 years 9 months 18 days |
Notional Value, Liabilities | $ 5,202 | $ 4,333 |
Derivative Liability Average Remaining Maturity Period | 10 years 4 months 6 days | 6 years 11 months 19 days |
Other Economic Hedges [Member] | Interest Rate Contracts [Member] | Pay Fixed/Receive Floating Swaps [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 964 | $ 4,333 |
Derivative Asset Average Remaining Maturity Period | 6 years 11 months 8 days | 6 years 11 months 19 days |
Notional Value, Liabilities | $ 5,220 | $ 1,132 |
Derivative Liability Average Remaining Maturity Period | 5 years 11 months 4 days | 7 years 7 months 20 days |
Other Economic Hedges [Member] | Interest Rate Contracts [Member] | Futures and Forwards [Member] | Purchased [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 7,373 | $ 2,839 |
Fair Value, Assets | $ 21 | $ 27 |
Derivative Asset Average Remaining Maturity Period | 21 days | 25 days |
Notional Value, Liabilities | $ 14,083 | $ 1,140 |
Fair Value, Liabilities | $ 52 | $ 5 |
Derivative Liability Average Remaining Maturity Period | 1 month 2 days | 18 days |
Other Economic Hedges [Member] | Interest Rate Contracts [Member] | Futures and Forwards [Member] | Written [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 5,169 | $ 994 |
Fair Value, Assets | $ 13 | $ 3 |
Derivative Asset Average Remaining Maturity Period | 10 days | 21 days |
Notional Value, Liabilities | $ 22,883 | $ 13,968 |
Fair Value, Liabilities | $ 20 | $ 30 |
Derivative Liability Average Remaining Maturity Period | 9 months 14 days | 8 months 19 days |
Other Economic Hedges [Member] | Interest Rate Contracts [Member] | Options [Member] | Purchased [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 9,300 | $ 5,080 |
Fair Value, Assets | $ 57 | $ 88 |
Derivative Asset Average Remaining Maturity Period | 2 years 2 months 8 days | 10 years 9 months 7 days |
Notional Value, Liabilities | $ 200 | |
Derivative Liability Average Remaining Maturity Period | 1 year 3 days | |
Other Economic Hedges [Member] | Interest Rate Contracts [Member] | Options [Member] | Written [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 1,959 | $ 584 |
Fair Value, Assets | $ 47 | $ 16 |
Derivative Asset Average Remaining Maturity Period | 1 month 6 days | 1 month 2 days |
Notional Value, Liabilities | $ 4,010 | $ 3 |
Fair Value, Liabilities | $ 76 | |
Derivative Liability Average Remaining Maturity Period | 1 year 9 months 21 days | 1 month 2 days |
Other Economic Hedges [Member] | Foreign Exchange Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 242 | $ 549 |
Fair Value, Assets | $ 1 | $ 7 |
Derivative Asset Average Remaining Maturity Period | 14 days | 10 days |
Notional Value, Liabilities | $ 437 | $ 75 |
Fair Value, Liabilities | $ 1 | $ 1 |
Derivative Liability Average Remaining Maturity Period | 18 days | 18 days |
Other Economic Hedges [Member] | Equity Contracts [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 18 | $ 19 |
Fair Value, Assets | $ 1 | $ 1 |
Derivative Asset Average Remaining Maturity Period | 7 months 20 days | 9 months 25 days |
Notional Value, Liabilities | $ 126 | $ 104 |
Fair Value, Liabilities | $ 2 | $ 2 |
Derivative Liability Average Remaining Maturity Period | 7 months 20 days | 5 months 12 days |
Fair Value Hedges [Member] | Interest Rate Contracts [Member] | Receive Fixed/Pay Floating Swaps [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 15,300 | |
Derivative Asset Average Remaining Maturity Period | 4 years 10 months 28 days | |
Notional Value, Liabilities | $ 1,900 | |
Derivative Liability Average Remaining Maturity Period | 3 years 11 months 19 days | |
Cash Flow Hedges [Member] | Interest Rate Contracts [Member] | Pay Fixed/Receive Floating Swaps [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 500 | $ 7,422 |
Fair Value, Assets | $ 8 | |
Derivative Asset Average Remaining Maturity Period | 2 months 15 days | 3 years 1 month 9 days |
Notional Value, Liabilities | $ 9,202 | $ 4,320 |
Fair Value, Liabilities | $ 4 | |
Derivative Liability Average Remaining Maturity Period | 2 years 10 months 24 days | 1 year 9 months 7 days |
Net Investment Hedges [Member] | Foreign Exchange Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 447 | $ 209 |
Fair Value, Assets | $ 4 | $ 5 |
Derivative Asset Average Remaining Maturity Period | 18 days | 18 days |
Notional Value, Liabilities | $ 223 | |
Fair Value, Liabilities | $ 1 | |
Derivative Liability Average Remaining Maturity Period | 18 days |
Derivative Instruments - Asse_2
Derivative Instruments - Asset and Liability Management Derivative Positions of Company (Parenthetical) (Detail) - Asset and Liability Management Positions [Member] - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Derivative [Line Items] | ||
Notional Value, Assets | $ 47,709 | $ 25,635 |
Notional Value, Liabilities | 65,657 | 26,756 |
Fair Value, Liabilities | 213 | 123 |
Swap [Member] | Visa Class B Shares [Member] | ||
Derivative [Line Items] | ||
Notional Value, Liabilities | 1,700 | 1,500 |
Fair Value, Liabilities | $ 52 | $ 84 |
Derivative Liability Average Remaining Maturity Period | 9 months | 1 year 6 months |
Underwriting Purchase and Sale Commitments [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 675 | $ 1 |
Notional Value, Liabilities | $ 675 | $ 1 |
Derivative Instruments - Custom
Derivative Instruments - Customer-Related Derivative Positions of Company (Detail) - Customer-Related Positions [Member] - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Derivative [Line Items] | ||
Notional Value, Assets | $ 225,659 | $ 184,339 |
Fair Value, Assets | 3,475 | 1,855 |
Notional Value, Liabilities | 230,704 | 188,667 |
Fair Value, Liabilities | 1,954 | 1,672 |
Interest Rate Contracts [Member] | Receive Fixed/Pay Floating Swaps [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | 116,162 | 42,054 |
Fair Value, Assets | $ 2,435 | $ 754 |
Derivative Asset Average Remaining Maturity Period | 5 years 2 months 12 days | 6 years 8 months 23 days |
Notional Value, Liabilities | $ 18,102 | $ 60,731 |
Fair Value, Liabilities | $ 29 | $ 456 |
Derivative Liability Average Remaining Maturity Period | 3 years 1 month 2 days | 4 years 3 months 25 days |
Interest Rate Contracts [Member] | Pay Fixed/Receive Floating Swaps [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 17,918 | $ 60,970 |
Fair Value, Assets | $ 22 | $ 288 |
Derivative Asset Average Remaining Maturity Period | 3 years 14 days | 3 years 10 months 24 days |
Notional Value, Liabilities | $ 111,998 | $ 40,499 |
Fair Value, Liabilities | $ 932 | $ 420 |
Derivative Liability Average Remaining Maturity Period | 4 years 11 months 23 days | 6 years 6 months 25 days |
Interest Rate Contracts [Member] | Other Derivatives [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 6,156 | $ 5,777 |
Fair Value, Assets | $ 2 | $ 2 |
Derivative Asset Average Remaining Maturity Period | 3 years 1 month 6 days | 3 years 9 months 7 days |
Notional Value, Liabilities | $ 7,345 | $ 6,496 |
Fair Value, Liabilities | $ 3 | $ 2 |
Derivative Liability Average Remaining Maturity Period | 3 years 3 months 3 days | 2 years 8 months 19 days |
Interest Rate Contracts [Member] | Options [Member] | Purchased [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 45,207 | $ 41,711 |
Fair Value, Assets | $ 52 | $ 51 |
Derivative Asset Average Remaining Maturity Period | 1 year 6 months 14 days | 1 year 6 months 14 days |
Notional Value, Liabilities | $ 6,567 | $ 1,940 |
Fair Value, Liabilities | $ 121 | $ 30 |
Derivative Liability Average Remaining Maturity Period | 2 years 10 months 6 days | 1 year 11 months 23 days |
Interest Rate Contracts [Member] | Options [Member] | Written [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 5,600 | $ 2,060 |
Fair Value, Assets | $ 124 | $ 32 |
Derivative Asset Average Remaining Maturity Period | 3 years 5 months 1 day | 2 years 25 days |
Notional Value, Liabilities | $ 43,346 | $ 39,538 |
Fair Value, Liabilities | $ 47 | $ 51 |
Derivative Liability Average Remaining Maturity Period | 1 year 4 months 28 days | 1 year 5 months 8 days |
Interest Rate Contracts [Member] | Futures [Member] | Purchased [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 647 | $ 460 |
Derivative Asset Average Remaining Maturity Period | 2 months 15 days | 1 year 6 months 29 days |
Notional Value, Liabilities | $ 525 | |
Derivative Liability Average Remaining Maturity Period | 7 months 13 days | |
Interest Rate Contracts [Member] | Futures [Member] | Written [Member] | ||
Derivative [Line Items] | ||
Notional Value, Liabilities | $ 3,723 | $ 6,190 |
Fair Value, Liabilities | $ 2 | $ 1 |
Derivative Liability Average Remaining Maturity Period | 1 year 5 months 26 days | 7 months 2 days |
Foreign Exchange Rate Contracts [Member] | Forwards, Spots and Swaps [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 29,935 | $ 26,210 |
Fair Value, Assets | $ 811 | $ 681 |
Derivative Asset Average Remaining Maturity Period | 1 year 1 month 2 days | 10 months 28 days |
Notional Value, Liabilities | $ 30,808 | $ 25,571 |
Fair Value, Liabilities | $ 786 | $ 663 |
Derivative Liability Average Remaining Maturity Period | 1 year 3 months | 10 months 17 days |
Foreign Exchange Option [Member] | Purchased [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 1,364 | $ 2,779 |
Fair Value, Assets | $ 28 | $ 47 |
Derivative Asset Average Remaining Maturity Period | 7 months 6 days | 9 months |
Foreign Exchange Option [Member] | Written [Member] | ||
Derivative [Line Items] | ||
Notional Value, Liabilities | $ 1,364 | $ 2,779 |
Fair Value, Liabilities | $ 28 | $ 47 |
Derivative Liability Average Remaining Maturity Period | 7 months 6 days | 9 months |
Credit Contracts [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 2,670 | $ 2,318 |
Fair Value, Assets | $ 1 | |
Derivative Asset Average Remaining Maturity Period | 3 years 4 months 24 days | 3 years 6 months |
Notional Value, Liabilities | $ 6,926 | $ 4,923 |
Fair Value, Liabilities | $ 6 | $ 2 |
Derivative Liability Average Remaining Maturity Period | 4 years 25 days | 4 years 14 days |
Derivative Instruments - Summar
Derivative Instruments - Summary of Effective Portion of Gains (Losses) Recognized in Other Comprehensive Income (Loss) and Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings (Detail) - Asset and Liability Management Positions [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Cash Flow Hedges [Member] | Interest Rate Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Losses) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ (44) | $ 29 | $ (200) | $ 118 |
Derivative Instruments, Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings | (5) | 1 | 6 | |
Net Investment Hedges [Member] | Foreign Exchange Forward Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Losses) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 10 | 8 | 28 | |
Net Investment Hedges [Member] | Non Derivative Debt Instruments [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Losses) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ 37 | $ 6 | $ 42 | $ 22 |
Derivative Instruments - Effect
Derivative Instruments - Effect of Fair Value and Cash Flow Hedge Accounting Included in Interest Expense on Consolidated Statement of Income (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total amount of interest expense presented in the Consolidated Statement of Income | $ 1,156 | $ 872 | $ 3,394 | $ 2,246 |
Asset and Liability Management Positions [Member] | Fair Value Hedges [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gains (Losses) Recognized in Earnings related to fair value hedged item | 181 | 232 | (5) | |
Asset and Liability Management Positions [Member] | Fair Value Hedges [Member] | Interest Rate Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gains (Losses) Recognized in Earnings related to fair value hedge | (183) | (234) | 5 | |
Asset and Liability Management Positions [Member] | Cash Flow Hedges [Member] | Interest Rate Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gains (Losses) Recognized in Earnings related to cash flow hedge | $ 6 | $ (2) | $ (8) | $ (1) |
Derivative Instruments - Summ_2
Derivative Instruments - Summary of Cumulative Hedging Adjustments and the Carrying Amount of Assets (Liabilities) Designated in Fair Value Hedges (Detail) - Fair Value Hedges [Member] - Long-term Debt Securities [Member] - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Carrying amount of the hedged assets (liabilities), Long-term debt | $ 16,639 | |
Cumulative hedging Adjustment included in the carrying amount of the hedged assets (liabilities) | $ 221 | $ (27) |
Derivative Instruments - Summ_3
Derivative Instruments - Summary of Cumulative Hedging Adjustments and the Carrying Amount of Assets (Liabilities) Designated in Fair Value Hedges (Parenthetical) (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value Hedges [Member] | Long-term Debt Securities [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Cumulative hedging adjustment related to discontinued hedging relationships | $ (11) | $ (27) |
Derivative Instruments - Summ_4
Derivative Instruments - Summary of Gains (Losses) Recognized in Earnings for Other Economic Hedges and Customer-Related Positions (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Customer-Related Positions [Member] | Interest Rate Contracts [Member] | Commercial Products Revenue [Member] | Options [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in earnings | $ 2 | $ (1) | $ 11 | $ 1 |
Customer-Related Positions [Member] | Interest Rate Contracts [Member] | Commercial Products Revenue [Member] | Futures [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in earnings | (3) | 3 | (7) | 14 |
Customer-Related Positions [Member] | Swaps [Member] | Commercial Products Revenue [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in earnings | 26 | 16 | 61 | 33 |
Customer-Related Positions [Member] | Credit Contracts [Member] | Commercial Products Revenue [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in earnings | (4) | 1 | (12) | 3 |
Customer-Related Positions [Member] | Foreign Exchange Rate Contracts [Member] | Commercial Products Revenue [Member] | Options [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in earnings | 1 | 1 | ||
Customer-Related Positions [Member] | Foreign Exchange Rate Contracts [Member] | Commercial Products Revenue [Member] | Forwards, Spots and Swaps [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in earnings | 20 | 20 | 59 | 65 |
Asset and Liability Management Positions [Member] | Other Economic Hedges [Member] | Interest Rate Contracts [Member] | Mortgage Banking Revenue [Member] | Futures and Forwards [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in earnings | 20 | 23 | (20) | 96 |
Asset and Liability Management Positions [Member] | Other Economic Hedges [Member] | Interest Rate Contracts [Member] | Mortgage Banking Revenue [Member] | Options [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in earnings | 154 | 46 | 347 | 144 |
Asset and Liability Management Positions [Member] | Other Economic Hedges [Member] | Swaps [Member] | Mortgage Banking Revenue [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in earnings | 215 | (68) | 513 | (224) |
Asset and Liability Management Positions [Member] | Other Economic Hedges [Member] | Foreign Exchange Forward Contracts [Member] | Other Noninterest Income [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in earnings | $ (3) | $ (9) | (18) | 18 |
Asset and Liability Management Positions [Member] | Other Economic Hedges [Member] | Equity Contracts [Member] | Compensation Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in earnings | $ (2) | (1) | ||
Asset and Liability Management Positions [Member] | Other Economic Hedges [Member] | Other Derivatives [Member] | Other Noninterest Income [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in earnings | $ 1 |
Netting Arrangements for Cert_3
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities - Additional Information (Detail) $ in Billions | Sep. 30, 2019USD ($) |
Derivative [Line Items] | |
Notional amount of derivative | $ 569.7 |
Over the Counter Trades [Member] | |
Derivative [Line Items] | |
Notional amount of derivative | 269.3 |
Exchange Cleared [Member] | |
Derivative [Line Items] | |
Notional amount of derivative | 276.3 |
Exchange Traded [Member] | |
Derivative [Line Items] | |
Notional amount of derivative | $ 24.1 |
Netting Arrangements for Cert_4
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities - Summary of Maturities by Category of Collateral Pledged for Repurchase Agreements and Securities Loaned Transactions (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | $ 1,224 | $ 2,594 |
Securities loaned | 107 | 227 |
Gross amount of recognized liabilities for repurchase agreements and securities loaned | 1,331 | 2,821 |
Overnight and Continuous [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 1,224 | 1,179 |
Securities loaned | 107 | 227 |
Gross amount of recognized liabilities for repurchase agreements and securities loaned | 1,331 | 1,406 |
30-89 Days [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 945 | |
Gross amount of recognized liabilities for repurchase agreements and securities loaned | 945 | |
Greater than 90 Days [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 470 | |
Gross amount of recognized liabilities for repurchase agreements and securities loaned | 470 | |
U.S. Treasury and Agencies [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 278 | 134 |
U.S. Treasury and Agencies [Member] | Overnight and Continuous [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 278 | 134 |
Residential Mortgage-Backed Securities [Member] | Agency [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 270 | 1,980 |
Residential Mortgage-Backed Securities [Member] | Overnight and Continuous [Member] | Agency [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 270 | 565 |
Residential Mortgage-Backed Securities [Member] | 30-89 Days [Member] | Agency [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 945 | |
Residential Mortgage-Backed Securities [Member] | Greater than 90 Days [Member] | Agency [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 470 | |
Corporate Debt Securities [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 676 | 480 |
Securities loaned | 107 | 227 |
Corporate Debt Securities [Member] | Overnight and Continuous [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 676 | 480 |
Securities loaned | $ 107 | $ 227 |
Netting Arrangements for Cert_5
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities - Information on Company's Accounting Netting Adjustments and Items Not Offset in Consolidated Balance Sheet Assets But Available for Offset in Event of Default (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Offsetting [Abstract] | ||
Derivative assets Gross Recognized Assets | $ 3,563 | $ 1,987 |
Reverse repurchase agreements Gross Recognized Assets | 3,893 | 205 |
Securities borrowed Gross Recognized Assets | 1,499 | 1,069 |
Total Gross Recognized Assets | 8,955 | 3,261 |
Derivative assets Gross amounts assets offset in consolidated balance sheet | (1,324) | (942) |
Total Gross amounts assets offset in consolidated balance sheet | (1,324) | (942) |
Derivative assets Net Amounts Presented in the Consolidated Balance Sheet | 2,239 | 1,045 |
Reverse repurchase agreements Net Amounts Presented in the Consolidated Balance Sheet | 3,893 | 205 |
Securities borrowed Net Amounts Presented in the Consolidated Balance Sheet | 1,499 | 1,069 |
Total Net Amounts Presented in the Consolidated Balance Sheet | 7,631 | 2,319 |
Derivative assets Gross financial instrument asset amounts not offset in consolidated balance sheet | (61) | (106) |
Reverse repurchase agreements Gross financial instrument asset amounts not offset in consolidated balance sheet | (169) | (114) |
Total Gross financial instrument asset amounts not offset in consolidated balance sheet | (230) | (220) |
Derivative assets Gross collateral received amounts not offset in consolidated balance sheet | (156) | (16) |
Reverse repurchase agreements Gross collateral received amounts not offset in consolidated balance sheet | (3,724) | (91) |
Securities borrowed Gross collateral received amounts not offset in consolidated balance sheet | (1,452) | (1,039) |
Total Gross collateral received amounts not offset in consolidated balance sheet | (5,332) | (1,146) |
Derivative assets Net Amount | 2,022 | 923 |
Securities borrowed Net Amount | 47 | 30 |
Total Net Amount Assets | $ 2,069 | $ 953 |
Netting Arrangements for Cert_6
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities - Information on Company's Accounting Netting Adjustments and Items Not Offset in Consolidated Balance Sheet Assets But Available for Offset in Event of Default (Parenthetical) (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Offsetting [Abstract] | ||
Cash collateral netted against derivative assets | $ 760 | $ 236 |
Derivative assets not subject to netting arrangements | $ 62 | $ 23 |
Netting Arrangements for Cert_7
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities - Information on Company's Accounting Netting Adjustments and Items Not Offset in Consolidated Balance Sheet Liabilities But Available for Offset in Event of Default (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Offsetting [Abstract] | ||
Derivative liabilities Gross recognized liabilities | $ 2,105 | $ 1,710 |
Repurchase agreements Gross recognized liabilities | 1,224 | 2,594 |
Securities loaned Gross recognized liabilities | 107 | 227 |
Total Gross recognized liabilities | 3,436 | 4,531 |
Derivative liabilities Gross amounts liabilities offset in consolidated balance sheet | (1,093) | (946) |
Total Gross amounts liabilities offset in consolidated balance sheet | (1,093) | (946) |
Derivative liabilities Net amounts liabilities presented in consolidated balance sheet | 1,012 | 764 |
Repurchase agreements Net amounts liabilities presented in consolidated balance sheet | 1,224 | 2,594 |
Securities loaned Net amounts liabilities presented in consolidated balance sheet | 107 | 227 |
Total Net amounts liabilities presented in consolidated balance sheet | 2,343 | 3,585 |
Derivative liabilities Gross financial instrument liability amounts not offset in consolidated balance sheet | (61) | (106) |
Repurchase agreements Gross financial instrument liability amounts not offset in consolidated balance sheet | (169) | (114) |
Total Gross financial instrument liability amounts not offset in consolidated balance sheet | (230) | (220) |
Repurchase agreements Gross collateral pledged amounts not offset in consolidated balance sheet | (1,055) | (2,480) |
Securities loaned Gross collateral pledged amounts not offset in consolidated balance sheet | (106) | (224) |
Total Gross collateral pledged amounts not offset in consolidated balance sheet | (1,161) | (2,704) |
Derivative liabilities Net Amount | 951 | 658 |
Securities loaned Net Amount | 1 | 3 |
Total Net Amount Liabilities | $ 952 | $ 661 |
Netting Arrangements for Cert_8
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities - Information on Company's Accounting Netting Adjustments and Items Not Offset in Consolidated Balance Sheet Liabilities But Available for Offset in Event of Default (Parenthetical) (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Offsetting [Abstract] | ||
Cash collateral netted against derivative liabilities | $ 529 | $ 240 |
Derivative liabilities not subject to netting arrangements | $ 62 | $ 85 |
Fair Values of Assets and Lia_3
Fair Values of Assets and Liabilities - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |||||
Mortgage loans held for sale measured at fair value, net gain (loss) | $ 10 | $ (4) | $ 53 | $ (61) | |
Carrying value of unfunded commitments, deferred non-yield related loan fees and standby letters of credit | 533 | 533 | $ 532 | ||
Other guarantees carrying value | $ 206 | $ 206 | $ 263 | ||
Minimum [Member] | |||||
Fair Value Disclosures [Abstract] | |||||
Assumed credit valuation adjustment as percentage of derivative contract fair value | 0.00% | ||||
Maximum [Member] | |||||
Fair Value Disclosures [Abstract] | |||||
Assumed credit valuation adjustment as percentage of derivative contract fair value | 905.00% | ||||
Weighted Average [Member] | |||||
Fair Value Disclosures [Abstract] | |||||
Assumed credit valuation adjustment as percentage of derivative contract fair value | 1.00% |
Fair Values of Assets and Lia_4
Fair Values of Assets and Liabilities - Valuation Assumption Ranges for MSRs (Detail) - Mortgage Servicing Rights [Member] | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Expected prepayment | 14.60% | 9.50% |
Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Expected prepayment | 10.00% | |
Option adjusted spread | 7.00% | |
Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Expected prepayment | 21.00% | |
Option adjusted spread | 10.00% | |
Weighted Average [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Expected prepayment | 15.00% | |
Option adjusted spread | 7.00% |
Fair Values of Assets and Lia_5
Fair Values of Assets and Liabilities - Valuation Assumption Ranges for Derivative Commitments (Detail) - Derivative Mortgage Loans Commitments [Member] | Sep. 30, 2019 |
Minimum [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Expected loan close rate | 13.00% |
Inherent MSR value (basis points per loan) | 50.00% |
Maximum [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Expected loan close rate | 100.00% |
Inherent MSR value (basis points per loan) | 199.00% |
Weighted Average [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Expected loan close rate | 78.00% |
Inherent MSR value (basis points per loan) | 118.00% |
Fair Values of Assets and Lia_6
Fair Values of Assets and Liabilities - Balances of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative liabilities netting | $ (1,093) | $ (946) | |||||
Derivative assets netting | (1,324) | (942) | |||||
Available-for-sale securities | [1] | 74,598 | 66,115 | ||||
Mortgage loans held for sale | 3,852 | 2,035 | |||||
Mortgage servicing rights | 2,296 | $ 2,458 | 2,791 | $ 2,917 | $ 2,844 | $ 2,645 | |
Residential Mortgage-Backed Securities [Member] | Agency [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Available-for-sale securities | 50,943 | 39,752 | |||||
Commercial [Member] | Agency [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Available-for-sale securities | 984 | 2 | |||||
Asset-Backed Securities [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Available-for-sale securities | 382 | ||||||
Asset-Backed Securities [Member] | Other Asset-Backed Securities [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Available-for-sale securities | 382 | 403 | |||||
Obligations of Foreign Governments [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Available-for-sale securities | 1 | ||||||
Fair Value, Measurements, Recurring [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative liabilities total | 1,074 | 849 | |||||
Derivative assets total | 2,301 | 1,068 | |||||
Available-for-sale securities | 74,598 | 66,115 | |||||
Mortgage loans held for sale | 3,852 | 2,035 | |||||
Mortgage servicing rights | 2,296 | 2,791 | |||||
Other assets | 2,387 | 1,665 | |||||
Total | 85,434 | 73,674 | |||||
Short-term borrowings and other liabilities | 1,604 | 1,218 | |||||
Total | 2,678 | 2,067 | |||||
Fair Value, Measurements, Recurring [Member] | Netting and Collateral One [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative liabilities netting | (1,093) | (946) | |||||
Derivative assets netting | (1,324) | (942) | |||||
Total | (1,324) | (942) | |||||
Total | (1,093) | (946) | |||||
Fair Value, Measurements, Recurring [Member] | U.S. Treasury and Agencies [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Available-for-sale securities | 15,553 | 19,257 | |||||
Fair Value, Measurements, Recurring [Member] | Obligations of State and Political Subdivisions [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Available-for-sale securities | 6,735 | 6,701 | |||||
Fair Value, Measurements, Recurring [Member] | Residential Mortgage-Backed Securities [Member] | Agency [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Available-for-sale securities | 50,943 | 39,752 | |||||
Fair Value, Measurements, Recurring [Member] | Commercial [Member] | Agency [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Available-for-sale securities | 984 | 2 | |||||
Fair Value, Measurements, Recurring [Member] | Asset-Backed Securities [Member] | Other Asset-Backed Securities [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Available-for-sale securities | 382 | 403 | |||||
Fair Value, Measurements, Recurring [Member] | Obligations of Foreign Governments [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Available-for-sale securities | 1 | ||||||
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative liabilities before netting | 2 | 1 | |||||
Derivative assets total | 7 | ||||||
Available-for-sale securities | 15,141 | 18,585 | |||||
Other assets | 322 | 392 | |||||
Total | 15,470 | 18,977 | |||||
Short-term borrowings and other liabilities | 144 | 199 | |||||
Total | 146 | 200 | |||||
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | U.S. Treasury and Agencies [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Available-for-sale securities | 15,141 | 18,585 | |||||
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative liabilities before netting | 1,831 | 1,291 | |||||
Derivative assets before netting | 1,998 | 1,427 | |||||
Available-for-sale securities | 59,457 | 47,530 | |||||
Mortgage loans held for sale | 3,852 | 2,035 | |||||
Other assets | 2,065 | 1,273 | |||||
Total | 67,372 | 52,265 | |||||
Short-term borrowings and other liabilities | 1,460 | 1,019 | |||||
Total | 3,291 | 2,310 | |||||
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | U.S. Treasury and Agencies [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Available-for-sale securities | 412 | 672 | |||||
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Obligations of State and Political Subdivisions [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Available-for-sale securities | 6,735 | 6,701 | |||||
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Residential Mortgage-Backed Securities [Member] | Agency [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Available-for-sale securities | 50,943 | 39,752 | |||||
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Commercial [Member] | Agency [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Available-for-sale securities | 984 | 2 | |||||
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Asset-Backed Securities [Member] | Other Asset-Backed Securities [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Available-for-sale securities | 382 | 403 | |||||
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Obligations of Foreign Governments [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Available-for-sale securities | 1 | ||||||
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative liabilities before netting | 334 | 503 | |||||
Derivative assets before netting | 1,620 | 583 | |||||
Mortgage servicing rights | 2,296 | 2,791 | |||||
Total | 3,916 | 3,374 | |||||
Total | $ 334 | $ 503 | |||||
[1] | Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral. |
Fair Values of Assets and Lia_7
Fair Values of Assets and Liabilities - Balances of Assets and Liabilities Measured at Fair Value on Recurring Basis (Parenthetical) (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value Disclosures [Abstract] | ||
Equity investments without readily determinable fair values | $ 88 | $ 86 |
Fair Values of Assets and Lia_8
Fair Values of Assets and Liabilities - Changes in Fair Value for All Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Mortgage Servicing Rights [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning of Period Balance | $ 2,458 | $ 2,844 | $ 2,791 | $ 2,645 |
Net Gains (Losses) Included in Net Income | (340) | (23) | (885) | (25) |
Purchases | 6 | 2 | 13 | 6 |
Sales | 4 | (15) | 4 | (15) |
Issuances | 168 | 109 | 373 | 306 |
End of Period Balance | 2,296 | 2,917 | 2,296 | 2,917 |
Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period | (340) | (23) | (885) | (25) |
Derivative [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning of Period Balance | 1,045 | (256) | 80 | 107 |
Net Gains (Losses) Included in Net Income | 313 | (81) | 1,244 | (426) |
Purchases | 1 | 2 | 55 | 3 |
Sales | (1) | (13) | (9) | (35) |
Settlements | (72) | (10) | (84) | (7) |
End of Period Balance | 1,286 | (358) | 1,286 | (358) |
Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period | $ 322 | $ (81) | $ 1,256 | $ (402) |
Fair Values of Assets and Lia_9
Fair Values of Assets and Liabilities - Changes in Fair Value for All Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3) (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Other Noninterest Income [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net gains and (losses) on net derivative assets and liabilities included in net income | $ 169 | $ (122) | $ 881 | $ (537) |
Net Change in net derivative asset and liability unrealized gains (losses) relating to assets still held at end of period | 273 | (97) | 1,200 | (418) |
Mortgage Banking Revenue [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Net gains and (losses) on net derivative assets and liabilities included in net income | 144 | 41 | 363 | 111 |
Net Change in net derivative asset and liability unrealized gains (losses) relating to assets still held at end of period | $ 49 | $ 16 | $ 49 | $ 16 |
Fair Values of Assets and Li_10
Fair Values of Assets and Liabilities - Adjusted Carrying Values for Assets Measured at Fair Value on Nonrecurring Basis (Detail) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | $ 270 | $ 40 |
Other assets | 42 | 57 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 270 | 40 |
Other assets | $ 42 | $ 57 |
Fair Values of Assets and Li_11
Fair Values of Assets and Liabilities - Losses Recognized Related to Nonrecurring Fair Value Measurements of Individual Assets or Portfolios (Detail) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Loans Receivable [Member] | ||||
Fair Value Assets Measured On Nonrecurring Basis Losses Recognized [Line Items] | ||||
Losses recognized related to nonrecurring fair value measurements | $ 20 | $ 25 | $ 93 | $ 66 |
Other Assets [Member] | ||||
Fair Value Assets Measured On Nonrecurring Basis Losses Recognized [Line Items] | ||||
Losses recognized related to nonrecurring fair value measurements | $ 6 | $ 5 | $ 12 | $ 18 |
Fair Values of Assets and Li_12
Fair Values of Assets and Liabilities - Differences Between Aggregate Fair Value Carrying Amount of MLHFS for which Fair Value Option has been Elected and Aggregate Unpaid Principal Amount Contractually Obligated to Receive at Maturity (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value Disclosures [Abstract] | ||
Fair value carrying amount, total loans | $ 3,852 | $ 2,035 |
Fair value carrying amount, nonaccrual loans | 1 | 2 |
Aggregate unpaid principal, total loans | 3,729 | 1,972 |
Aggregate unpaid principal, nonaccrual loans | 1 | 2 |
Carrying amount over (under) unpaid principal, total loans | $ 123 | $ 63 |
Fair Values of Assets and Li_13
Fair Values of Assets and Liabilities - Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 |
Financial Assets | ||||
Cash and due from banks | $ 15,272 | $ 21,453 | $ 20,082 | $ 19,505 |
Investment securities held-to-maturity | 46,481 | 46,050 | ||
Loans | 290,631 | 282,837 | ||
Financial Liabilities | ||||
Long-term debt | 41,274 | 41,340 | ||
Carrying Amount [Member] | ||||
Financial Assets | ||||
Cash and due from banks | 15,272 | 21,453 | ||
Federal funds sold and securities purchased under resale agreements | 3,907 | 306 | ||
Investment securities held-to-maturity | 46,481 | 46,050 | ||
Loans held for sale | 676 | 21 | ||
Loans | 290,631 | 282,837 | ||
Other | 1,873 | 2,412 | ||
Financial Liabilities | ||||
Time deposits | 40,219 | 44,554 | ||
Short-term borrowings | 12,975 | 12,921 | ||
Long-term debt | 41,274 | 41,340 | ||
Other | 3,636 | 1,726 | ||
Fair Value [Member] | ||||
Financial Assets | ||||
Cash and due from banks | 15,272 | 21,453 | ||
Federal funds sold and securities purchased under resale agreements | 3,907 | 306 | ||
Investment securities held-to-maturity | 46,638 | 44,964 | ||
Loans held for sale | 676 | 21 | ||
Loans | 294,850 | 284,790 | ||
Other | 1,873 | 2,412 | ||
Financial Liabilities | ||||
Time deposits | 40,147 | 44,140 | ||
Short-term borrowings | 12,813 | 12,678 | ||
Long-term debt | 41,902 | 41,003 | ||
Other | 3,636 | 1,726 | ||
Fair Value [Member] | Level 1 [Member] | ||||
Financial Assets | ||||
Cash and due from banks | 15,272 | 21,453 | ||
Investment securities held-to-maturity | 4,106 | 4,594 | ||
Fair Value [Member] | Level 2 [Member] | ||||
Financial Assets | ||||
Federal funds sold and securities purchased under resale agreements | 3,907 | 306 | ||
Investment securities held-to-maturity | 42,523 | 40,359 | ||
Other | 941 | 1,241 | ||
Financial Liabilities | ||||
Time deposits | 40,147 | 44,140 | ||
Short-term borrowings | 12,813 | 12,678 | ||
Long-term debt | 41,902 | 41,003 | ||
Other | 1,344 | |||
Fair Value [Member] | Level 3 [Member] | ||||
Financial Assets | ||||
Investment securities held-to-maturity | 9 | 11 | ||
Loans held for sale | 676 | 21 | ||
Loans | 294,850 | 284,790 | ||
Other | 932 | 1,171 | ||
Financial Liabilities | ||||
Other | $ 2,292 | $ 1,726 |
Guarantees and Contingent Lia_3
Guarantees and Contingent Liabilities - Additional Information (Detail) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | |
Airline Processing Arrangements [Member] | |||
Guarantees And Contingent Liabilities (Textual) [Abstract] | |||
Value of airline tickets purchased to deliver at future date through card transactions | $ 9,000 | $ 9,000 | |
Representation and Warranty [Member] | |||
Guarantees And Contingent Liabilities (Textual) [Abstract] | |||
Representation and warranty reserve | 10 | 10 | $ 10 |
Unresolved representation and warranty claims from GSEs | 11 | 11 | $ 15 |
Escrow Deposits Letters of Credit Indemnities [Member] | Airline Processing Arrangements [Member] | |||
Guarantees And Contingent Liabilities (Textual) [Abstract] | |||
Company held collateral in escrow deposits, letters of credit and indemnities from financial institutions and liens on various assets | 581 | 581 | |
Merchant Escrow Deposits [Member] | Airline Processing Arrangements [Member] | |||
Guarantees And Contingent Liabilities (Textual) [Abstract] | |||
Company held collateral in escrow deposits, letters of credit and indemnities from financial institutions and liens on various assets | $ 44 | $ 44 | |
Visa Class B Shares [Member] | |||
Guarantees And Contingent Liabilities (Textual) [Abstract] | |||
Number of shares sold | 0.3 | 1 | |
Remaining shares held by the Company | 0.3 | 0.3 |
Guarantees and Contingent Lia_4
Guarantees and Contingent Liabilities - Summary of Other Guarantees and Contingent Liabilities (Detail) $ in Millions | Sep. 30, 2019USD ($) |
Standby Letters of Credit [Member] | |
Guarantor Obligations [Line Items] | |
Carrying Amount | $ 50 |
Maximum Potential Future Payments | 10,608 |
Third Party Borrowing Arrangements [Member] | |
Guarantor Obligations [Line Items] | |
Maximum Potential Future Payments | 13 |
Securities Lending Indemnifications [Member] | |
Guarantor Obligations [Line Items] | |
Collateral Held | 6,383 |
Maximum Potential Future Payments | 6,263 |
Asset Sales [Member] | |
Guarantor Obligations [Line Items] | |
Carrying Amount | 75 |
Maximum Potential Future Payments | 7,361 |
Merchant Processing [Member] | |
Guarantor Obligations [Line Items] | |
Collateral Held | 666 |
Carrying Amount | 60 |
Maximum Potential Future Payments | 112,766 |
Tender Option Bond Program Guarantee [Member] | |
Guarantor Obligations [Line Items] | |
Collateral Held | 2,868 |
Maximum Potential Future Payments | 2,595 |
Minimum Revenue Guarantees [Member] | |
Guarantor Obligations [Line Items] | |
Maximum Potential Future Payments | 3 |
Other Guarantees [Member] | |
Guarantor Obligations [Line Items] | |
Carrying Amount | 71 |
Maximum Potential Future Payments | $ 1,481 |