Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2019 | Jan. 31, 2020 | Jun. 30, 2019 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Entity Registrant Name | US BANCORP \DE\ | ||
Document Period End Date | Dec. 31, 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 Annual 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 | 1,522,494,686 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0000036104 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Public Float | $ 83 | ||
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
Consolidated Balance Sheet - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | ||
Assets | ||||
Cash and due from banks | $ 22,405 | $ 21,453 | ||
Investment securities | ||||
Held-to-maturity (2018 fair value $44,964) | 46,050 | |||
Available-for-sale ($269 and $2,057 pledged as collateral, respectively) | [1] | 122,613 | [2] | 66,115 |
Loans held for sale (including $5,533 and $2,035 of mortgage loans carried at fair value, respectively) | 5,578 | 2,056 | ||
Loans | ||||
Total loans | 296,102 | 286,810 | ||
Less allowance for loan losses | (4,020) | (3,973) | ||
Net loans | 292,082 | 282,837 | ||
Premises and equipment | 3,702 | 2,457 | ||
Goodwill | 9,655 | 9,369 | ||
Other intangible assets | 3,223 | 3,392 | ||
Other assets (including $951 and $843 of trading securities at fair value pledged as collateral, respectively) | 36,168 | 33,645 | ||
Total assets | 495,426 | 467,374 | ||
Deposits | ||||
Noninterest-bearing | 75,590 | 81,811 | ||
Interest-bearing | [3] | 286,326 | 263,664 | |
Total deposits | 361,916 | 345,475 | ||
Short-term borrowings | 23,723 | 14,139 | ||
Long-term debt | 40,167 | 41,340 | ||
Other liabilities | 17,137 | 14,763 | ||
Total liabilities | 442,943 | 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: 2019 and 2018 — 2,125,725,742 shares | 21 | 21 | ||
Capital surplus | 8,475 | 8,469 | ||
Retained earnings | 63,186 | 59,065 | ||
Less cost of common stock in treasury: 2019 — 591,570,506 shares; 2018 — 517,391,021 shares | (24,440) | (20,188) | ||
Accumulated other comprehensive income (loss) | (1,373) | (2,322) | ||
Total U.S. Bancorp shareholders' equity | 51,853 | 51,029 | ||
Noncontrolling interests | 630 | 628 | ||
Total equity | 52,483 | 51,657 | ||
Total liabilities and equity | 495,426 | 467,374 | ||
Commercial | ||||
Loans | ||||
Total loans | 103,863 | 102,444 | ||
Commercial real estate | ||||
Loans | ||||
Total loans | 39,746 | 39,539 | ||
Residential mortgages | ||||
Loans | ||||
Total loans | 70,586 | 65,034 | ||
Credit card | ||||
Loans | ||||
Total loans | 24,789 | 23,363 | ||
Other retail | ||||
Loans | ||||
Total loans | $ 57,118 | $ 56,430 | ||
[1] | Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral. | |||
[2] | The weighted-average maturity of total available-for-sale and held-to-maturity investment securities was 5.3 years at December 31, 2018, with a corresponding weighted-average yield of 2.53 percent. | |||
[3] | lncludes time deposits greater than $250,000 balances of $7.8 billion and $15.3 billion at December 31, 2019 and 2018, respectively. |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Held-to-maturity securities, Fair Value | $ 44,964 | |
Securities, pledged as collateral | $ 269 | 2,100 |
Mortgage loans, carried at fair value | $ 5,533 | $ 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) | 591,570,506 | 517,391,021 |
Time deposits greater than 250,000 | $ 7,800 | $ 15,300 |
Available-for-Sale Securities [Member] | ||
Securities, pledged as collateral | 269 | 2,057 |
Trading Assets, Excluding Debt and Equity Securities [Member] | ||
Securities, pledged as collateral | $ 951 | $ 843 |
Consolidated Statement of Incom
Consolidated Statement of Income - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Interest Income | |||
Loans | $ 14,099 | $ 13,120 | $ 11,788 |
Loans held for sale | 162 | 165 | 144 |
Investment securities | 2,893 | 2,616 | 2,232 |
Other interest income | 340 | 272 | 182 |
Total interest income | 17,494 | 16,173 | 14,346 |
Interest Expense | |||
Deposits | 2,855 | 1,869 | 1,041 |
Short-term borrowings | 360 | 378 | 141 |
Long-term debt | 1,227 | 1,007 | 784 |
Total interest expense | 4,442 | 3,254 | 1,966 |
Net interest income | 13,052 | 12,919 | 12,380 |
Provision for credit losses | 1,504 | 1,379 | 1,390 |
Net interest income after provision for credit losses | 11,548 | 11,540 | 10,990 |
Noninterest Income | |||
Credit and debit card revenue | 1,413 | 1,401 | 1,289 |
Corporate payment products revenue | 664 | 644 | 575 |
Merchant processing services | 1,601 | 1,531 | 1,486 |
Trust and investment management fees | 1,673 | 1,619 | 1,522 |
Deposit service charges | 909 | 1,070 | 1,035 |
Treasury management fees | 578 | 594 | 618 |
Commercial products revenue | 934 | 895 | 954 |
Mortgage banking revenue | 874 | 720 | 834 |
Investment products fees | 186 | 188 | 173 |
Realized securities gains (losses), net | 73 | 30 | 57 |
Other | 926 | 910 | 774 |
Total noninterest income | 9,831 | 9,602 | 9,317 |
Noninterest Expense | |||
Compensation | 6,325 | 6,162 | 5,746 |
Employee benefits | 1,286 | 1,231 | 1,134 |
Net occupancy and equipment | 1,123 | 1,063 | 1,019 |
Professional services | 454 | 407 | 419 |
Marketing and business development | 426 | 429 | 542 |
Technology and communications | 1,095 | 978 | 903 |
Postage, printing and supplies | 290 | 324 | 323 |
Other intangibles | 168 | 161 | 175 |
Other | 1,618 | 1,709 | 2,529 |
Total noninterest expense | 12,785 | 12,464 | 12,790 |
Income before income taxes | 8,594 | 8,678 | 7,517 |
Applicable income taxes | 1,648 | 1,554 | 1,264 |
Net income | 6,946 | 7,124 | 6,253 |
Net (income) loss attributable to noncontrolling interests | (32) | (28) | (35) |
Net income attributable to U.S. Bancorp | 6,914 | 7,096 | 6,218 |
Net income applicable to U.S. Bancorp common shareholders | $ 6,583 | $ 6,784 | $ 5,913 |
Earnings per common share | $ 4.16 | $ 4.15 | $ 3.53 |
Diluted earnings per common share | $ 4.16 | $ 4.14 | $ 3.51 |
Average common shares outstanding | 1,581 | 1,634 | 1,677 |
Average diluted common shares outstanding | 1,583 | 1,638 | 1,683 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 6,946 | $ 7,124 | $ 6,253 |
Other Comprehensive Income (Loss) | |||
Changes in unrealized gains and losses on investment securities available-for-sale | 1,693 | (656) | 178 |
Unrealized gains and losses on held-to-maturity investment securities transferred to available-for-sale | 141 | ||
Changes in unrealized gains and losses on derivative hedges | (229) | 39 | (5) |
Foreign currency translation | 26 | 3 | (2) |
Changes in unrealized gains and losses on retirement plans | (380) | (302) | (41) |
Reclassification to earnings of realized gains and losses | 20 | 93 | 77 |
Income taxes related to other comprehensive income (loss) | (322) | 205 | (76) |
Total other comprehensive income (loss) | 949 | (618) | 131 |
Comprehensive income | 7,895 | 6,506 | 6,384 |
Comprehensive (income) loss attributable to noncontrolling interests | (32) | (28) | (35) |
Comprehensive income attributable to U.S. Bancorp | $ 7,863 | $ 6,478 | $ 6,349 |
Consolidated Statement of Share
Consolidated Statement of Shareholders' Equity - 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, 2016 | $ 47,933 | $ 21 | $ 5,501 | $ 8,440 | $ 50,151 | $ (15,280) | $ (1,535) | $ 47,298 | $ 635 | |
Shares, Beginning Balance at Dec. 31, 2016 | 1,697 | |||||||||
Net income (loss) | 6,253 | 6,218 | 6,218 | 35 | ||||||
Other comprehensive income (loss) | 131 | 131 | 131 | |||||||
Preferred stock dividends | [1] | (267) | (267) | (267) | ||||||
Common stock dividends | (1,950) | (1,950) | (1,950) | |||||||
Issuance of preferred stock | 993 | 993 | 993 | |||||||
Redemption of preferred stock | (1,085) | (1,075) | (10) | (1,085) | ||||||
Issuance of common and treasury stock | 162 | (138) | 300 | 162 | ||||||
Issuance of common and treasury stock, shares | 8 | |||||||||
Purchase of treasury stock | $ (2,622) | (2,622) | (2,622) | |||||||
Purchase of treasury stock, shares | (49) | (49) | ||||||||
Distributions to noncontrolling interests | $ (47) | (47) | ||||||||
Net other changes in noncontrolling interests | 3 | 3 | ||||||||
Stock option and restricted stock grants | 162 | 162 | 162 | |||||||
Ending Balance at Dec. 31, 2017 | 49,666 | $ 21 | 5,419 | 8,464 | 54,142 | (17,602) | (1,404) | 49,040 | 626 | |
Shares, Ending Balance at Dec. 31, 2017 | 1,656 | |||||||||
Change in accounting principle at Dec. 31, 2017 | [2] | (1) | 299 | (300) | (1) | |||||
Net income (loss) | 7,124 | 7,096 | 7,096 | 28 | ||||||
Other comprehensive income (loss) | (618) | (618) | (618) | |||||||
Preferred stock dividends | [3] | (282) | (282) | (282) | ||||||
Common stock dividends | (2,190) | (2,190) | (2,190) | |||||||
Issuance of preferred stock | 565 | 565 | 565 | |||||||
Issuance of common and treasury stock | 91 | (167) | 258 | 91 | ||||||
Issuance of common and treasury stock, shares | 6 | |||||||||
Purchase of treasury stock | $ (2,844) | (2,844) | (2,844) | |||||||
Purchase of treasury stock, shares | (54) | (54) | ||||||||
Distributions to noncontrolling interests | $ (31) | (31) | ||||||||
Net other changes in noncontrolling interests | 5 | 5 | ||||||||
Stock option and restricted stock grants | 172 | 172 | 172 | |||||||
Ending Balance at Dec. 31, 2018 | $ 51,657 | $ 21 | 5,984 | 8,469 | 59,065 | (20,188) | (2,322) | 51,029 | 628 | |
Shares, Ending Balance at Dec. 31, 2018 | 1,600 | 1,608 | ||||||||
Change in accounting principle at Dec. 31, 2018 | $ 2 | 2 | 2 | |||||||
Net income (loss) | 6,946 | 6,914 | 6,914 | 32 | ||||||
Other comprehensive income (loss) | 949 | 949 | 949 | |||||||
Preferred stock dividends | [4] | (302) | (302) | (302) | ||||||
Common stock dividends | (2,493) | (2,493) | (2,493) | |||||||
Issuance of common and treasury stock | 89 | (174) | 263 | 89 | ||||||
Issuance of common and treasury stock, shares | 7 | |||||||||
Purchase of treasury stock | $ (4,515) | (4,515) | (4,515) | |||||||
Purchase of treasury stock, shares | (81) | (81) | ||||||||
Distributions to noncontrolling interests | $ (31) | (31) | ||||||||
Net other changes in noncontrolling interests | 1 | 1 | ||||||||
Stock option and restricted stock grants | 180 | 180 | 180 | |||||||
Ending Balance at Dec. 31, 2019 | $ 52,483 | $ 21 | $ 5,984 | $ 8,475 | $ 63,186 | $ (24,440) | $ (1,373) | $ 51,853 | $ 630 | |
Shares, Ending Balance at Dec. 31, 2019 | 1,500 | 1,534 | ||||||||
[1] | Reflects dividends declared per share on the Company’s Series A, Series B, Series F, Series G, Series H, Series I and Series J Non-Cumulative Perpetual Preferred Stock of $3,548.61, $887.15, $1,625.00, $375.00, $1,287.52, $1,281.25 and $890.69, respectively. | |||||||||
[2] | Reflects the adoption of new accounting guidance on January 1, 2018 to reclassify the impact of the reduced federal statutory tax rate for corporations included in 2017 tax reform legislation from accumulated other comprehensive income to retained earnings. | |||||||||
[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 $3,548.61, $887.15, $1,625.00, $1,287.52, $1,281.25, $1,325.00 and $576.74, 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 $3,654.95, $887.15, $1,625.00, $1,287.52, $1,281.25, $1,325.00 and $1,375.00, respectively. |
Consolidated Statement of Sha_2
Consolidated Statement of Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Common stock dividends, share | $ 1.58 | $ 1.34 | $ 1.16 |
Series A [Member] | |||
Preferred stock dividends declared per share | 3,654.95 | 3,548.61 | 3,548.61 |
Series B [Member] | |||
Preferred stock dividends declared per share | 887.15 | 887.15 | 887.15 |
Series F [Member] | |||
Preferred stock dividends declared per share | 1,625 | 1,625 | 1,625 |
Series G [Member] | |||
Preferred stock dividends declared per share | 375 | ||
Series H [Member] | |||
Preferred stock dividends declared per share | 1,287.52 | 1,287.52 | 1,287.52 |
Series I [Member] | |||
Preferred stock dividends declared per share | 1,281.25 | 1,281.25 | 1,281.25 |
Series J [Member] | |||
Preferred stock dividends declared per share | 1,325 | 1,325 | $ 890.69 |
Series K [Member] | |||
Preferred stock dividends declared per share | $ 1,375 | $ 576.74 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Activities | |||
Net income attributable to U.S. Bancorp | $ 6,914 | $ 7,096 | $ 6,218 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Provision for credit losses | 1,504 | 1,379 | 1,390 |
Depreciation and amortization of premises and equipment | 334 | 306 | 293 |
Amortization of intangibles | 168 | 161 | 175 |
(Gain) loss on sale of loans held for sale | (762) | (394) | (772) |
(Gain) loss on sale of securities and other assets | (469) | (510) | (502) |
Loans originated for sale in the secondary market, net of repayments | (36,561) | (29,214) | (35,743) |
Proceeds from sales of loans held for sale | 33,303 | 30,730 | 37,462 |
Other, net | 458 | 1,010 | (2,049) |
Net cash provided by operating activities | 4,889 | 10,564 | 6,472 |
Investing Activities | |||
Proceeds from sales of available-for-sale investment securities | 11,252 | 1,400 | 3,084 |
Proceeds from maturities of held-to-maturity investment securities | 9,137 | 6,619 | 8,306 |
Proceeds from maturities of available-for-sale investment securities | 11,454 | 11,411 | 13,042 |
Purchases of held-to-maturity investment securities | (6,701) | (9,793) | (9,712) |
Purchases of available-for-sale investment securities | (33,814) | (10,077) | (17,860) |
Net increase in loans outstanding | (9,871) | (9,234) | (8,054) |
Proceeds from sales of loans | 2,899 | 4,862 | 2,458 |
Purchases of loans | (3,805) | (3,694) | (3,040) |
Net increase (decrease) in securities purchased under agreements to resell | (816) | (182) | 54 |
Other, net | (1,295) | (289) | (404) |
Net cash used in investing activities | (21,560) | (8,977) | (12,126) |
Financing Activities | |||
Net increase (decrease) in deposits | 16,441 | (1,740) | 12,625 |
Net increase (decrease) in short-term borrowings | 9,584 | (2,512) | 2,688 |
Proceeds from issuance of long-term debt | 9,899 | 12,078 | 9,434 |
Principal payments or redemption of long-term debt | (11,119) | (2,928) | (10,517) |
Proceeds from issuance of preferred stock | 565 | 993 | |
Proceeds from issuance of common stock | 88 | 86 | 159 |
Repurchase of preferred stock | (1,085) | ||
Repurchase of common stock | (4,525) | (2,822) | (2,631) |
Cash dividends paid on preferred stock | (302) | (274) | (284) |
Cash dividends paid on common stock | (2,443) | (2,092) | (1,928) |
Net cash used in financing activities | 17,623 | 361 | 9,454 |
Change in cash and due from banks | 952 | 1,948 | 3,800 |
Cash and due from banks at beginning of period | 21,453 | 19,505 | 15,705 |
Cash and due from banks at end of period | 22,405 | 21,453 | 19,505 |
Supplemental Cash Flow Disclosures | |||
Cash paid for income taxes | 941 | 365 | 555 |
Cash paid for interest | 4,404 | 3,056 | 2,086 |
Noncash transfer of held-to-maturity investment securities to available-for-sale | 43,596 | ||
Net noncash transfers to foreclosed property | $ 60 | $ 115 | $ 163 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | NOTE 1 Significant Accounting Policies U.S. Bancorp is a multi-state financial services holding company headquartered in Minneapolis, Minnesota. U.S. Bancorp and its subsidiaries (the “Company”) provide a full range of financial services, including lending and depository services through banking offices principally in the Midwest and West regions of the United States. The Company also engages in credit card, merchant, and ATM processing, mortgage banking, cash management, capital markets, insurance, trust and investment management, brokerage, and leasing activities, principally in domestic markets. Basis of Presentation Uses of Estimates Securities Realized gains or losses on securities are determined on a trade date basis based on the specific amortized cost of the investments sold. Trading Securities Available-for-sale Held-to-maturity Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase Equity Investments Equity investments in entities where the Company has a significant influence (generally between 20 percent and 50 percent ownership), but does not control the entity, are accounted for using the equity method. Investments in limited partnerships and similarly structured limited liability companies where the Company’s ownership interest is greater than 5 percent are accounted for using the equity method. Equity investments not using the equity method are accounted for at fair value with changes in fair value and realized gains or losses reported in noninterest income, unless fair value is not readily determinable, in which case the investment is carried at cost subject to adjustments for any observable market transactions on the same or similar instruments of the investee. Most of the Company’s equity investments do not have readily determinable fair values. All equity investments are evaluated for impairment at least annually and more frequently if certain criteria are met. 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 two three The Company’s accounting methods for loans differ depending on whether the loans are originated or purchased, and for purchased loans, whether the loans were acquired at a discount related to evidence of credit deterioration since date of origination. Originated Loans Held for Investment Purchased Loans (non-impaired non-impaired In determining the acquisition date fair value of purchased impaired loans, and in subsequent accounting, the Company generally aggregates purchased consumer loans and certain smaller balance commercial loans into pools of loans with common risk characteristics, while accounting for larger balance commercial loans individually. Expected cash flows at the purchase date in excess of the fair value of loans are recorded as interest income over the life of the loans if the timing and amount of the future cash flows is reasonably estimable. Subsequent to the purchase date, increases in cash flows over those expected at the purchase date are recognized as interest income prospectively. The present value of any decreases in expected cash flows, other than from decreases in variable interest rates, after the purchase date is recognized by recording an allowance for credit losses. Revolving loans, including lines of credit and credit cards loans, and leases are excluded from purchased impaired loans accounting. For purchased loans acquired after January 1, 2009 that are not deemed impaired at acquisition, credit discounts representing the principal losses expected over the life of the loan are a component of the initial fair value. Subsequent to the purchase date, the methods utilized to estimate the required allowance for credit losses for these loans is similar to originated loans; however, the Company records a provision for credit losses only when the required allowance exceeds any remaining credit discounts. The remaining differences between the purchase price and the unpaid principal balance at the date of acquisition are recorded in interest income over the life of the loans. Commitments to Extend Credit changes in fair value recorded in noninterest income. All other unfunded loan commitments are not considered derivatives and are not reported on the Consolidated Balance Sheet. For loans purchased after January 1, 2009, the fair value of the unfunded credit commitments is generally considered in the determination of the fair value of the loans recorded at the date of acquisition. Reserves for credit exposure on all other unfunded credit commitments are recorded in other liabilities. Allowance for Credit Losses 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 portfolio growth and historical losses, adjusted for current trends. The Company also considers any modifications made to consumer lending segment loans including the impacts of any subsequent payment defaults since modification in determining the allowance for credit losses, such as the borrower’s ability to pay under the restructured terms, and the timing and amount of payments. 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 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) recognized until the timing and amount of the future cash flows can be reasonably estimated. 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. Troubled Debt Restructurings 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 mo dify their loan and ments 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. Impaired Loans 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. Leases have 3 to 5 year terms. Commercial lease s may include high dollar assets such as aircraft or lower cost items such as office equipment. 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 end-of-term off-lease 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. Other Real Estate Loans Held For Sale Loans held for sale (“LHFS”) represent mortgage loans intended to be sold in the secondary market and other loans that management has an active plan to sell. LHFS are carried at the lower-of-cost-or-fair Where an election is made to carry the LHFS at fair value, any change in fair value is recognized in noninterest income. Where an election is made to carry LHFS at lower-of-cost-or-fair Derivative Financial 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. Derivative instruments are reported in other assets or other liabilities at fair value. Changes in a derivative’s fair value are recognized currently in earnings unless specific hedge accounting criteria are met. All derivative instruments that qualify and are designated for hedge accounting are recorded at fair value and classified as either a hedge of the fair value of a recognized asset or liability (“fair value hedge”); a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”); or a hedge of the volatility of a net investment in foreign operations driven by changes in foreign currency exchange rates (“net investment hedge”). Changes in the fair value of a derivative that is highly effective and designated as a fair value hedge, and the offsetting changes in the fair value of the hedged item, are recorded in earnings. Changes in the fair value of a derivative that is highly effective and designated as a cash flow hedge are recorded in other comprehensive income (loss) until cash flows of the hedged item are realized. Changes in the fair value of net investment hedges that are highly effective are recorded in other comprehensive income (loss). 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). 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 ( l reported in earnings immediately , Revenue Recognition In the ordinary course of business, the Company recognizes income derived from various revenue generating activities. Certain revenues are generated from contracts where they are recognized when, or as services or products are transferred to customers for amounts the Company expects to be entitled. Revenue generating activities related to financial assets and liabilities are also recognized; including mortgage servicing fees, loan commitment fees, foreign currency remeasurements, and gains and losses on securities, equity investments and unconsolidated subsidiaries. Certain specific policies include the following: Credit and Debit Card Revenue Corporate Payment Products Revenue commercial card products processed through card association networks and revenue from proprietary network transactions. The Company records corporate payment products revenue as services are provided. Certain payments to credit card associations and customers are also recorded within corporate payment products revenue as services are provided. Corporate payment products revenue is recorded within the Payment Services line of business. Merchant Processing Services processing revenue also includes revenues related to point-of-sale shipped or as earned for equipment rentals. The Company records merchant processing services revenue within the Payment Services line of business. Trust and Investment Management Fees Deposit Service Charges Treasury Management Fees Commercial Products Revenue non-yield for the underwriting group. The Company recognizes only those fees and expenses related to its underwriting commitment. Mortgage Banking Revenue Mortgage banking revenue includes revenue derived from mortgages originated and subsequently sold, generally with servicing retained. The primary components include: gains and losses on mortgage sales; servicing revenue; changes in fair value for mortgage loans originated with the intent to sell and measured at fair value under the fair value option; changes in fair value for derivative commitments to purchase and originate mortgage loans; changes in the fair value of mortgage servicing rights (“MSRs”); and the impact of risk management activities associated with the mortgage origination pipeline, funded loans and MSRs. Net interest income from mortgage loans is recorded in interest income. Refer to Other Significant Policies in Note , as well as Note and Note for a further discussion of MSRs. Mortgage banking revenue is reported within the Consumer and Business Banking line of business. Investment Products Fees Investment products fees include commissions related to the execution of requested security trades, distribution fees from sale of mutual funds, and investment advisory fees. Commissions and investment advisory fees are recognized as services are delivered to and utilized by the customer. Distribution fees are received over time, are dependent on the consumer maintaining their mutual fund asset position and the value of such position. These revenues are estimated and recognized at the point a significant reversal of revenue becomes remote. Investment products fees are predominately reported within the Wealth Management and Investment Services line of business. Other Noninterest Income Other noninterest income is primarily related to financial assets including income on unconsolidated subsidiaries and equity method investments, gains on sale of other investments and corporate owned life insurance proceeds. The Company reports other noninterest income across all lines of business. Other Significant Policies Goodwill and Other Intangible Assets includes assessing the current implied fair value of the reporting unit as if it were being acquired in a business combination and comparing it to the carrying amount of the reporting unit’s goodwill. Determining the amount of other intangible asset impairment, if any, includes assessing the present value of the estimated future cash flows associated with the intangible asset and comparing it to the carrying amount of the asset. I ncome Taxes Deferred taxes are recorded to reflect the tax consequences on future years of differences between the tax basis of assets and liabilities and their financial reporting carrying amounts. The Company uses the deferral method of accounting on investments that generate investment tax credits. Under this method, the investment tax credits are recognized as a reduction to the related asset. For certain investments in qualified affordable housing projects, the Company presents the expense in tax expense rather than noninterest expense. Mortgage Servicing Rights - Pensions year-end plan assets is based on fair value adjusted for the difference between expected returns and actual performance of plan assets. The unrealized difference between actual experience and expected returns is included in expense over a period of approximately fifteen years. The overfunded or underfunded status of the plans is recorded as an asset or liability on the Consolidated Balance Sheet, with changes in that status recognized through other comprehensive income (loss). Premises and Equipment The Company, as lessee, records an ROU asset for each lease with an original term greater than 12 months. ROU assets are included in premises and equipment, with the corresponding lease liabilities included in long-term debt and other liabilities. Stock-Based Compensation Per Share Calculations two-class two-class |
Accounting Changes
Accounting Changes | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Changes | NOTE 2 Accounting for Leases 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 Effective 1, 2020, the Company adopted accounting guidance, issued by the FASB in June 2016, related to the impairment of financial instruments. This guidance changes 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 accounting guidance by decreasing the number of credit impairment models that entities use to account for debt instruments. In addition, the guidance requires additional credit quality disclosures for loans. Upon adoption, the Company increased its allowance for credit losses by approximately $ billion and reduced retained earnings net of deferred tax balances. When determining expected losses, the Company uses multiple economic scenarios and a three-year reasonable and supportable forecast period, which incorporates historical loss experience in years two and three. After the forecast period, the Company fully reverts to long-term historical loss experience, adjusted for prepayments, to estimate losses over the remaining life. The increase in the allowance was primarily related to the commercial , credit card, installment and other retail loan portfolios where the allowance for loan losses had not previously considered the full term of the loans . The adoption of this guidance did not have a material impact on the Company’s available-for-sale securities as most of this portfolio consists of U.S. Treasury and residential agency mortgage-backed securities that inherently have an immaterial risk of loss. |
Restrictions on Cash and Due fr
Restrictions on Cash and Due from Banks | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Restrictions on Cash and Due from Banks | NOTE 3 Banks Banking regulators require bank subsidiaries to maintain minimum average reserve balances, either in the form of vault cash or reserve balances held with central banks or other financial institutions. The amount of required reserve balances were approximately $3.2 billion and $3.1 billion at December 31, 2019 and 2018, respectively, and primarily represent those required to be held at the Federal Reserve Bank. In addition to vault cash, the Company held balances at the Federal Reserve Bank and other financial institutions of $8.0 billion and $7.5 billion at December 31, 2019 and 2018, respectively, to meet these requirements. These balances are included in cash and due from banks on the Consolidated Balance Sheet. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | NOTE 4 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 2019 2018 Unrealized Losses Unrealized Losses (Dollars in Millions) Amortized Unrealized Other-than- (a) Other (b) Fair Value Amortized Unrealized Other-than- (a) Other (b) Fair Value Held-to-maturity U.S. Treasury and agencies $ – $ – $ – $ – $ – $ 5,102 $ 2 $ – $ (143 ) $ 4,961 Residential agency mortgage-backed securities – – – – – 40,920 45 – (994 ) 39,971 Asset-backed securities Collateralized debt obligations/Collateralized loan obligations – – – – – – 1 – – 1 Other – – – – – 5 2 – – 7 Obligations of state and political subdivisions – – – – – 6 1 – – 7 Obligations of foreign governments – – – – – 9 – – – 9 Other – – – – – 8 – – – 8 Total held-to-maturity $ – $ – $ – $ – $ – $ 46,050 $ 51 $ – $ (1,137 ) $ 44,964 Available-for-sale U.S. Treasury and agencies $ 19,845 $ 61 $ – $ (67 ) $ 19,839 $ 19,604 $ 11 $ – $ (358 ) $ 19,257 Mortgage-backed securities Residential agency 93,903 557 – (349 ) 94,111 40,542 120 – (910 ) 39,752 Commercial agency 1,482 – – (29 ) 1,453 2 – – – 2 Asset-backed securities Colla teralized de b g g – 1 – – 1 – – – – – Other 375 7 – – 382 397 6 – – 403 Obligations of state and political subdivisions 6,499 318 – (3 ) 6,814 6,836 37 – (172 ) 6,701 Obligations of foreign governments 9 – – – 9 – – – – – Corporate debt securities 4 – – – 4 – – – – – Total available-for-sale $ 122,117 $ 944 $ – $ (448 ) $ 122,613 $ 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. On December 31, 2019, the Company transferred all $43.6 billion of its held-to-maturity available-for-sale as a result of changes to regulatory capital requirements promulgated in 2019 . In addition, the Company recognized $ million of net unrealized gains on its Consolidated Balance Sheet as a result of the transfer. Investment securities with a fair value of $8.4 billion at December 31, 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 $269 m The following table provides information about the amount of interest income from taxable and non-taxable Year Ended December 31 (Dollars in Millions) 2019 2018 2017 Taxable $ 2,680 $ 2,396 $ 2,043 Non-taxable 213 220 189 Total interest income from investment securities $ 2,893 $ 2,616 $ 2,232 The following table provides information about the amount of gross gains and losses realized through the sales of available-for-sale Year Ended December 31 (Dollars in Millions) 2019 2018 2017 Realized gains $ 99 $ 30 $ 75 Realized losses (26 ) – (18 ) Net realized gains (losses) $ 73 $ 30 $ 57 Income tax (benefit) on net realized gains (losses) $ 18 $ 7 $ 22 At December 31, 2019, certain investment securities had a fair value below amortized cost. available -for-sale Less Than 12 Months 12 Months or Greater Total (Dollars in Millions) Fair Unrealized Fair Unrealized Fair Unrealized U.S. Treasury and agencies $ 3,869 $ (40 ) $ 6,265 $ (27 ) $ 10,134 $ (67 ) Residential agency mortgage-backed securities 16,292 (46 ) 24,346 (303 ) 40,638 (349 ) Commercial agency mortgage-backed securities 1,453 (29 ) – – 1,453 (29 ) Other asset-backed securities – – 2 – 2 – Obligations of state and political subdivisions 365 (3 ) – – 365 (3 ) Corporate debt securities 4 – – – 4 – Total investment securities $ 21,983 $ (118 ) $ 30,613 $ (330 ) $ 52,596 $ (448 ) The following table provides information about the amortized cost, fair value and yield by maturity date of the available-for-sale (Dollars in Millions) Amortized Fair Weighted- in Weighted- (e) U.S. Treasury and Agencies Maturing in one year or less $ 4,243 $ 4,242 .6 1.61 % Maturing after one year through five years 12,881 12,901 2.4 1.65 Maturing after five years through ten years 2,721 2,696 7.5 1.95 Maturing after ten years – – – – Total $ 19,845 $ 19,839 2.7 1.68 % Mortgage-Backed Securities (a) Maturing in one year or less $ 197 $ 197 .7 2.28 % Maturing after one year through five years 66,940 67,102 3.6 2.30 Maturing after five years through ten years 27,339 27,349 6.0 2.58 Maturing after ten years 909 916 11.4 2.76 Total $ 95,385 $ 95,564 4.4 2.39 % Asset-Backed Securities (a) Maturing in one year or less $ – $ – – — % Maturing after one year through five years 374 381 3.1 3.09 Maturing after five years through ten years 1 1 6.1 2.56 Maturing after ten years – 1 15.3 2.41 Total $ 375 $ 383 3.1 3.09 % Obligations of State and Political Subdivisions (b)(c) Maturing in one year or less $ 66 $ 66 .1 5.81 % Maturing after one year through five years 695 722 3.0 4.50 Maturing after five years through ten years 5,720 6,004 7.1 4.24 Maturing after ten years 18 22 14.0 6.15 Total $ 6,499 $ 6,814 6.6 4.29 % Other Maturing in one year or less $ 13 $ 13 .3 2.66 % Maturing after one year through five years – – – – Maturing after five years through ten years – – – – Maturing after ten years – – – – Total $ 13 $ 13 .3 2.66 % Total investment securities (d) $ 122,117 $ 122,613 4.2 2.38 % (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 total available-for-sale and held-to-maturity investment securities was 5.3 years at December 31, 2018, with a corresponding weighted-average yield of 2.52 percent. (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 investment securities are computed based on amortized cost balances, excluding any premiums or discounts recorded related to the transfer of investment securities at fair value from available-for-sale to held-to-maturity. |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Loans and Allowance for Credit Losses | NOTE 5 The composition of the loan portfolio at December 31, disaggregated by class and underlying specific portfolio type, was as follows: (Dollars in Millions) 2019 2018 Commercial Commercial $ 98,168 $ 96,849 Lease financing 5,695 5,595 Total commercial 103,863 102,444 Commercial Real Estate Commercial mortgages 29,404 28,596 Construction and development 10,342 10,943 Total commercial real estate 39,746 39,539 Residential Mortgages Residential mortgages 59,865 53,034 Home equity loans, first liens 10,721 12,000 Total residential mortgages 70,586 65,034 Credit Card 24,789 23,363 Other Retail Retail leasing 8,490 8,546 Home equity and second mortgages 15,036 16,122 Revolving credit 2,899 3,088 Installment 11,038 9,676 Automobile 19,435 18,719 Student 220 279 Total other retail 57,118 56,430 Total loans $ 296,102 $ 286,810 The Company had loans of $96.2 billion at December 31, 2019, and $88.7 billion at December 31, 2018, pledged at the Federal Home Loan Bank, and loans of $76.3 billion at December 31, 2019, and $ 70.1 The Company offers a broad array of lending products to consumer and commercial customers, in various industries, across several geographical locations, predominately in the states in which it has Consumer and Business Banking offices. Collateral for commercial and commercial real estate loans may include marketable securities, accounts receivable, inventory, equipment, real estate, or the related property. 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 $781 million at December 31, 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.” Allowance for Credit Losses Activity in the allowance for credit losses by portfolio class was as follows: (Dollars in Millions) Commercial Commercial Residential Credit Other Covered Total Balance at December 31 , 2018 Balance at beginning of period $ 1,454 $ 800 $ 455 $ 1,102 $ 630 $ – $ 4,441 Add Provision for credit losses 315 13 (19 ) 919 276 – 1,504 Deduct Loans charged-off 399 21 34 1,028 385 – 1,867 Less recoveries of loans charged-off (114 ) (7 ) (31 ) (135 ) (126 ) – (413 ) Net loans charged-off 285 14 3 893 259 – 1,454 Balance at December 31 , 2019 $ 1,484 $ 799 $ 433 $ 1,128 $ 647 $ – $ 4,491 Balance at December 31 , 2017 Balance at beginning of period $ 1,372 $ 831 $ 449 $ 1,056 $ 678 $ 31 $ 4,417 Add Provision for credit losses 333 (50 ) 23 892 211 (30 ) 1,379 Deduct Loans charged-off 350 9 48 970 383 – 1,760 Less recoveries of loans charged-off (99 ) (28 ) (31 ) (124 ) (124 ) – (406 ) Net loans charged-off 251 (19 ) 17 846 259 – 1,354 Other changes (a) – – – – – (1 ) (1 ) Balance at December 31 , 2018 $ 1,454 $ 800 $ 455 $ 1,102 $ 630 $ – $ 4,441 Balance at December 31 , 2016 Balance at beginning of period $ 1,450 $ 812 $ 510 $ 934 $ 617 $ 34 $ 4,357 Add Provision for credit losses 186 19 (24 ) 908 304 (3 ) 1,390 Deduct Loans charged-off 414 30 65 887 355 – 1,751 Less recoveries of loans charged-off (150 ) (30 ) (28 ) (101 ) (112 ) – (421 ) Net loans charged-off 264 – 37 786 243 – 1,330 Balance at December 31 , 2017 $ 1,372 $ 831 $ 449 $ 1,056 $ 678 $ 31 $ 4,417 (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 December 31, 2019 Related to Loans individually evaluated for impairment (a) $ 16 $ 3 $ – $ – $ – $ 19 TDRs collectively evaluated for impairment 20 3 109 81 10 223 Other loans collectively evaluated for impairment 1,448 793 309 1,047 637 4,234 Loans acquired with deteriorated credit quality – – 15 – – 15 Total allowance for credit losses $ 1,484 $ 799 $ 433 $ 1,128 $ 647 $ 4,491 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 Loans December 31 , 2019 Loans individually evaluated for impairment (a) $ 253 $ 61 $ – $ – $ – $ 314 TDRs collectively evaluated for impairment 163 138 3,044 263 185 3,793 Other loans collectively evaluated for impairment 103,447 39,513 67,315 24,526 56,933 291,734 Loans acquired with deteriorated credit quality – 34 227 – – 261 Total loans $ 103,863 $ 39,746 $ 70,586 $ 24,789 $ 57,118 $ 296,102 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 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 December 31, 2019 Commercial $ 103,273 $ 307 $ 79 $ 204 $ 103,863 Commercial real estate 39,627 34 3 82 39,746 Residential mortgages (a) 70,071 154 120 241 70,586 Credit card 24,162 321 306 – 24,789 Other retail 56,463 393 97 165 57,118 Total loans $ 293,596 $ 1,209 $ 605 $ 692 $ 296,102 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 December 31, 2019, $ 428 430 1.7 At December 31, 2019, total nonperforming assets held by the Company OREO , At December 31, 2019, the amount of foreclosed residential real estate held by the Company, and included in OREO, was $74 million, compared with $106 million at December 31, 2018. These amounts exclude $ 155 December 31, 2019 and 2018, respectively, of foreclosed 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 December 31 , 2019 Commercial $ 101,850 $ 1,147 $ 866 $ 2,013 $ 103,863 Commercial real estate 38,872 484 390 874 39,746 Residential mortgages (b) 70,174 2 410 412 70,586 Credit card 24,483 – 306 306 24,789 Other retail 56,825 10 283 293 57,118 Total loans $ 292,204 $ 1,643 $ 2,255 $ 3,898 $ 296,102 Total outstanding commitments $ 619,224 $ 2,451 $ 2,873 $ 5,324 $ 624,548 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 December 31, 2019, $1.7 billion of GNMA loans 90 days or more past due and $1.6 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, unchanged f rom . 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. A summary of impaired loans, which include all nonaccrual and TDR loans, by portfolio class was as follows: (Dollars in Millions) Period-end (a) Unpaid Valuation Commitments December 31, 2019 Commercial $ 483 $ 1,048 $ 39 $ 158 Commercial real estate 242 603 7 – Residential mortgages 1,515 1,827 71 – Credit card 263 263 81 – Other retail 318 417 12 2 Total loans, excluding loans purchased from GNMA mortgage pools 2,821 4,158 210 160 Loans purchased from GNMA mortgage pools 1,622 1,622 39 – Total $ 4,443 $ 5,780 $ 249 $ 160 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 December 31, 2019 and 2018, had an associated allowance for credit losses. The total amount of interest income recognized during 2019 on loans classified as impaired at December 31, 2019, excluding those acquired with deteriorated credit quality, was $ 194 246 Additional information on impaired loans follows for the years ended December 31 follows: (Dollars in Millions) Average Interest 2019 Commercial $ 520 $ 9 Commercial real estate 248 11 Residential mortgages 1,622 92 Credit card 257 – Other retail 323 12 Total loans, excluding loans purchased from GNMA mortgage pools 2,970 124 Loans purchased from GNMA mortgage pools 1,638 70 Total $ 4,608 $ 194 2018 Commercial $ 497 $ 8 Commercial real estate 273 13 Residential mortgages 1,817 76 Credit card 236 3 Other retail 309 16 Covered Loans 25 1 Total loans, excluding loans purchased from GNMA mortgage pools 3,157 117 Loans purchased from GNMA mortgage pools 1,640 47 Total $ 4,797 $ 164 2017 Commercial $ 683 $ 7 Commercial real estate 273 11 Residential mortgages 2,135 103 Credit card 229 3 Other retail 287 14 Covered Loans 37 1 Total loans, excluding loans purchased from GNMA mortgage pools 3,644 139 Loans purchased from GNMA mortgage pools 1,672 65 Total $ 5,316 $ 204 Troubled Debt Restructurings (Dollars in Millions) Number Pre-Modification Balance Post- Modification Outstanding Balance 2019 Commercial 3,445 $ 376 $ 359 Commercial real estate 136 129 125 Residential mortgages 417 55 54 Credit card 34,247 185 186 Other retail 2,952 63 61 Total loans, excluding loans purchased from GNMA mortgage pools 41,197 808 785 Loans purchased from GNMA mortgage pools 6,257 856 827 Total loans 47,454 $ 1,664 $ 1,612 2018 Commercial 2,824 $ 336 $ 311 Commercial real estate 127 168 169 Residential mortgages 526 73 69 Credit card 33,318 169 171 Other retail 2,462 58 55 Covered Loans 3 1 1 Total loans, excluding loans purchased from GNMA mortgage pools 39,260 805 776 Loans purchased from GNMA mortgage pools 6,268 821 803 Total loans 45,528 $ 1,626 $ 1,579 2017 Commercial 2,758 $ 380 $ 328 Commercial real estate 128 82 78 Residential mortgages 800 90 88 Credit card 33,615 161 162 Other retail 3,881 79 68 Covered Loans 11 2 2 Total loans, excluding loans purchased from GNMA mortgage pools 41,193 794 726 Loans purchased from GNMA mortgage pools 6,791 881 867 Total loans 47,984 $ 1,675 $ 1,593 The following table provides a summary of TDR loans that defaulted (fully or partially charged-off (Dollars in Millions) Number Amount 2019 Commercial 1,040 $ 46 Commercial real estate 36 24 Residential mortgages 137 15 Credit card 8,273 40 Other retail 380 10 Total loans, excluding loans purchased from GNMA mortgage pools 9,866 135 Loans purchased from GNMA mortgage pools 997 131 Total loans 10,863 $ 266 2018 Commercial 836 $ 71 Commercial real estate 39 15 Residential mortgages 191 18 Credit card 8,012 35 Other retail 334 5 Covered loans 1 – Total loans, excluding loans purchased from GNMA mortgage pools 9,413 144 Loans purchased from GNMA mortgage pools 1,447 187 Total loans 10,860 $ 331 2017 Commercial 724 $ 53 Commercial real estate 36 9 Residential mortgages 374 41 Credit card 8,372 36 Other retail 415 5 Covered loans 4 – Total loans, excluding loans purchased from GNMA mortgage pools 9,925 144 Loans purchased from GNMA mortgage pools 1,369 177 Total loans 11,294 $ 321 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Leases | NOTE 6 The Company, as a lessor, originates retail and commercial leases either directly to the consumer or indirectly through dealer networks. Retail leases consist primarily of while c such The components of the net investment in sales-type and direct financing leases, at December 31, were as follows: (Dollars in Millions) 2019 2018 Lease receivables $ 12,324 $ 12,207 Unguaranteed residual values accruing to the lessor’s benefit 1,834 1,877 Total net investment in sales-type and direct financing leases $ 14,158 $ 14,084 The contractual future lease payments to be received by the Company, at December 31, 2019, were as follows: (Dollars in Millions) Sales-type and Operating leases 2020 $ 4,755 $ 176 2021 3,729 142 2022 2,766 103 2023 1,248 69 2024 382 50 Thereafter 483 52 Total lease payments 13,363 $ 592 Amounts representing interest (1,039 ) Lease receivables $ 12,324 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. At December 31, 2019, the Company’s ROU assets included in premises and equipment and lease liabilities included in long-term debt and other liabilities, were $1.3 billion and $1.4 billion, respectively. Total costs incurred by the Company, as a lessee, were $394 million for the year ended December 31, 2019, and principally related to contractual lease payments on operating leases. The Company’s leases do not impose significant covenants or other restrictions on the Company. The following table presents amounts relevant to the Company’s assets leased for use in its operations for the year ended December 31, 2019 (Dollars in Millions) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 302 Operating cash flows from finance leases 7 Financing cash flows from finance leases 10 Right of use assets obtained in exchange for new operating lease liabilities 134 Right of use assets obtained in exchange for new finance lease liabilities 10 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 December 31, 2019: Weighted-average remaining lease term of operating leases (in years) 7.4 Weighted-average remaining lease term of finance leases (in years) 10.7 Weighted-average discount rate of operating leases 3.2 % Weighted-average discount rate of finance leases 14.3 % The contractual future lease obligations of the Company at December 31, 2019, were as follows: (Dollars in Millions) Operating leases Finance leases 2020 $ 296 $ 17 2021 267 15 2022 226 13 2023 180 12 2024 132 10 Thereafter 391 38 Total lease payments 1,492 105 Amounts representing interest (150 ) (31 ) Lease liabilities $ 1,342 $ 74 |
Accounting for Transfers and Se
Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities | NOTE 7 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 MSRs, refer to Note 9. 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 $30 million, $25 million, and $23 million of support to the funds during the years ended December 31, 2019, 2018 and 2017, respectively. The Company is involved in various entities that are considered to be 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 , respectively, 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 At December 31 (Dollars in Millions) 2019 2018 Investment carrying amount $ 6,148 $ 5,823 Unfunded capital and other commitments 2,938 2,778 Maximum exposure to loss 12,118 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 $31 million at December 31, 2019 and $27 million at December 31, 2018. The maximum exposure to loss related to these VIEs was $55 million at December 31, 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 $87 million at December 31, 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 tax-advantage d 2019, approximately $4.0 billion of the Company’s assets and $3.2 billion of its liabilities included on the Consolidated Balance Sheet were related to community development and 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 December 31, 2019, $12 million of the available-for-sale of the held-to-maturity investment securities 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 December 31, 2019, $3.0 billion of available-for-sale available-for-sale |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | NOTE 8 Premises and equipment at December 31 consisted of the following: (Dollars in Millions) 2019 2018 Land $ 504 $ 515 Buildings and improvements 3,513 3,481 Furniture, fixtures and equipment 3,366 3,110 Right of use assets on operating leases 1,141 – Right of use assets on finance leases 111 121 Construction in progress 21 20 8,656 7,247 Less accumulated depreciation and amortization (4,954 ) (4,790 ) Total $ 3,702 $ 2,457 |
Mortgage Servicing Rights
Mortgage Servicing Rights | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Mortgage Servicing Rights | NOTE 9 from market rate and model assumption changes, net of the value change in derivatives used to economically hedge MSRs. These changes resulted in a net loss of $24 million and net gains of $47 million and $15 million for the years ended December 31, 2019, 2018 and Changes in fair value of capitalized MSRs for the years ended December 31, are summarized as follows: (Dollars in Millions) 2019 2018 2017 Balance at beginning of period $ 2,791 $ 2,645 $ 2,591 Rights purchased 20 8 13 Rights capitalized 559 397 445 Rights sold (a) 5 (27 ) – Changes in fair value of MSRs Due to fluctuations in market interest rates ( b (390 ) 98 (23 ) Due to revised assumptions or models ( c 23 56 18 Other changes in fair value ( d (462 ) (386 ) (399 ) Balance at end of period $ 2,546 $ 2,791 $ 2,645 (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 as of December 31 follows: 2019 2018 (Dollars in Millions) Down Down Down Up Up Up 100 bps Down Down Down Up Up Up MSR portfolio $ (663 ) $ (316 ) $ (153 ) $ 141 $ 269 $ 485 $ (501 ) $ (223 ) $ (105 ) $ 92 $ 171 $ 295 Derivative instrument hedges 613 306 152 (143 ) (279 ) (550 ) 455 215 104 (94 ) (177 ) (321 ) Net sensitivity $ (50 ) $ (10 ) $ (1 ) $ (2 ) $ (10 ) $ (65 ) $ (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 related characteristics by portfolio as of December 31 follows: 2019 2018 (Dollars in Millions) HFA Government Conventional (d) Total HFA Government Conventional (d) Total Servicing portfolio (a) $ 44,906 $ 35,302 $ 143,310 $ 223,518 $ 44,384 $ 35,990 $ 148,910 $ 229,284 Fair value $ 486 $ 451 $ 1,609 $ 2,546 $ 526 $ 465 $ 1,800 $ 2,791 Value (bps) (b) 108 128 112 114 119 129 121 122 Weighted-average servicing fees (bps) 34 39 28 31 34 36 27 30 Multiple (value/servicing fees) 3.15 3.29 4.00 3.67 3.45 3.63 4.52 4.11 Weighted-average note rate 4.65 % 3.99 % 4.07 % 4.17 % 4.59 % 3.97 % 4.06 % 4.15 % Weighted-average age (in years) 3.7 4.9 4.8 4.6 3.3 4.7 4.5 4.3 Weighted-average expected prepayment (constant prepayment rate) 12.2 % 13.7 % 12.2 % 12.4 % 9.8 % 11.0 % 9.1 % 9.5 % Weighted-average expected life (in years) 6.5 5.7 5.9 6.0 7.7 6.7 7.1 7.2 Weighted-average option adjusted spread (c) 8.4 % 7.9 % 6.9 % 7.3 % 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. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | NOTE 10 Intangible assets consisted of the following: At December 31 (Dollars in Millions) Estimated Life (a) Amortization Method (b) Balance 2019 2018 Goodwill (c) $ 9,655 $ 9,369 Merchant processing contracts 6 years/7 years SL/AC 225 155 Core deposit benefits 22 years/5 years SL/AC 82 104 Mortgage servicing rights (c) 2,546 2,791 Trust relationships 10 years/7 years SL/AC 27 34 Other identified intangibles 6 years/4 years SL/AC 343 308 Total $ 12,878 $ 12,761 (a) Estimated life represents the amortization period for assets subject to the straight line method and the weighted - (b) Amortization methods: SL = straight line method AC = accelerated methods generally based on cash flows (c) Goodwill is evaluated for impairment, but not amortized. Mortgage servicing rights are recorded at fair value, and are not amortized. Aggregate amortization expense consisted of the following: Year Ended December 31 (Dollars in Millions) 2019 2018 2017 Merchant processing contracts $ 45 $ 24 $ 24 Core deposit benefits 22 26 30 Trust relationships 10 11 14 Other identified intangibles 91 100 107 Total $ 168 $ 161 $ 175 The estimated amortization expense for the next five years is as follows: (Dollars in Millions) 2020 $ 155 2021 130 2022 109 2023 76 2024 60 The following table reflects the changes in the carrying value of goodwill for the years ended December 31, 2019, 2018 and 2017: (Dollars in Millions) Corporate and Consumer and Wealth Management and Payment Treasury and Consolidated Balance at December 31, 2016 $ 1,647 $ 3,681 $ 1,566 $ 2,450 $ – $ 9,344 Goodwill acquired – – – 62 – 62 Foreign exchange translation and other – – 3 25 – 28 Balance at December 31, 2017 $ 1,647 $ 3,681 $ 1,569 $ 2,537 $ – $ 9,434 Goodwill acquired – – – 105 – 105 Disposal – (155 ) – – – (155 ) Foreign exchange translation and other – (51 ) 49 (13 ) – (15 ) Balance at December 31, 2018 $ 1,647 $ 3,475 $ 1,618 $ 2,629 $ – $ 9,369 Goodwill acquired – – – 285 – 285 Foreign exchange translation and other – – (1 ) 2 – 1 Balance at December 31, 2019 $ 1,647 $ 3,475 $ 1,617 $ 2,916 $ – $ 9,655 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2019 | |
Banking and Thrift [Abstract] | |
Deposits | NOTE 11 The composition of deposits at December 31 was as follows: (Dollars in Millions) 2019 2018 Noninterest-bearing deposits $ 75,590 $ 81,811 Interest-bearing deposits Interest checking 75,949 73,994 Money market savings 120,082 100,396 Savings accounts 47,401 44,720 Time deposits 42,894 44,554 Total interest-bearing deposits 286,326 263,664 Total deposits $ 361,916 $ 345,475 The maturities of time deposits outstanding at December 31, 2019 were as follows: (Dollars in Millions) 2020 $ 37,731 2021 2,700 2022 1,183 2023 673 2024 602 Thereafter 5 Total $ 42,894 |
Short-Term Borrowings
Short-Term Borrowings | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Short-Term Borrowings | NOTE 12 Short-Term Borrowings (a) The following table is a summary of short-term borrowings for the last three years: 2019 2018 2017 (Dollars in Millions) Amount Rate Amount Rate Amount Rate At year-end Federal funds purchased $ 828 1.45 % $ 458 2.05 % $ 252 . 77 % Securities sold under agreements to repurchase 1,165 1.41 2,582 2.20 803 . 61 Commercial paper 7,576 1.07 6,940 1.35 8,303 . 68 Other short-term borrowings 14,154 1.94 4,159 2.68 7,293 2.13 Total $ 23,723 1.62 % $ 14,139 1.92 % $ 16,651 1.31 % Average for the year Federal funds purchased $ 1,457 1.94 % $ 1,070 1.70 % $ 528 . 86 % Securities sold under agreements to repurchase 1,770 2.00 2,279 1.87 917 . 44 Commercial paper 8,186 1.45 6,929 . 94 8,236 . 49 Other short-term borrowings 6,724 2.78 11,512 2.27 5,341 1.90 Total $ 18,137 2.04 % $ 21,790 1.78 % $ 15,022 1.00 % Maximum month-end Federal funds purchased $ 3,629 $ 4,532 $ 600 Securities sold under agreements to repurchase 2,755 3,225 927 Commercial paper 9,431 7,846 9,950 Other short-term borrowings 14,154 16,588 7,293 (a) Interest and rates are presented on a fully taxable-equivalent basis utilizing a tax rate of 21 percent for 2019 and 2018 and 35 percent for 2017. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | NOTE 13 Long-Term Debt Long-term debt (debt with original one consisted (Dollars in Millions) Rate Rate (a) Maturity Date 2019 2018 U.S. Bancorp (Parent Company) Subordinated notes Fixed 2.950 % 2022 $ 1,300 $ 1,300 Fixed 3.600 % 2024 1,000 1,000 Fixed 7.500 % 2026 199 199 Fixed 3.100 % 2026 1,000 1,000 Fixed 3.000 % 2029 1,000 – Medium-term notes Fixed .850 % 2021 2028 13,820 12,345 Floating 2.576 % 2022 250 500 Other (b) 33 (53 ) Subtotal 18,602 16,291 Subsidiaries Federal Home Loan Bank advances Fixed 1.250% - 8.250 % 2020 2026 1,106 307 Floating 2.165% - 2.461 % 2022 2026 3,272 4,272 Bank notes Fixed 1.950% - 3.450 % 2020 2025 9,550 11,600 Floating .600 % 2020 2059 6,789 7,864 Other (c) 848 1,006 Subtotal 21,565 25,049 Total $ 40,167 $ 41,340 (a) Weighted-average interest rates of medium-term notes, Federal Home Loan Bank advances and bank notes were 2.87 percent, 2.42 percent and 2.54 percent, respectively. (b) Includes debt issuance fees and unrealized gains and losses and deferred amounts relating to derivative instruments. (c) Includes consolidated community development and tax-advantaged finance The Company has arrangements with the Federal Ho m $ 97.4 $ 98.8 Maturities of long-term debt outstanding at December 31, 2019, were: (Dollars in Millions) Parent Consolidated 2020 $ – $ 3,772 2021 2,696 9,430 2022 3,790 6,298 2023 – 2,799 2024 5,657 5,663 Thereafter 6,459 12,205 Total $ 18,602 $ 40,167 |
Shareholder' Equity
Shareholder' Equity | 12 Months Ended |
Dec. 31, 2019 | |
Federal Home Loan Banks [Abstract] | |
Shareholders' Equity | NOTE 14 At December 31, 2019 and 2018, the Company had authority to issue 4 billion shares of common stock and 50 million shares of preferred stock. The Company had 1.5 billion and 1.6 billion shares of common stock outstanding at December 31, 2019 and 2018, respectively. The Company ha d 45 The number of shares issued and outstanding and the carrying amount of each outstanding series of the Company’s preferred stock were as follows: 2019 2018 At December 31 (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 December 31, 2019 and 2018, was $1.00 per share. During 2018, the Company issued depositary shares representing an ownership interest in 23,000 shares of Series K Non-Cumulative October 15, 2023 During 2017, the Company issued depositary shares representing an ownership interest in 40,000 shares of Series J Non-Cumulative the London Interbank Offered Rate (“ ”) April 15, 2027 Company to treat the full liquidation value of the Series J Preferred Stock as Tier 1 capital for purposes of the capital adequacy guidelines of the Federal Reserve Board. During 2015, the Company issued depositary shares representing an ownership interest in 30,000 shares of Series I Non-Cumulative January 15, 2021 During 2013, the Company issued depositary shares representing an ownership interest in 20,000 shares of Series H Non-Cumulative During 2012, the Company issued depositary shares representing an ownership interest in 44,000 shares of Series F Non-Cumulative January 15, 2022 During 2010, the Company issued depositary shares representing an ownership interest in 5,746 shares of Series A Non-Cumulative interest in 6,764 shares of Series A Preferred Stock to USB Capital IX, thereby settling the stock purchase contract established between the Company and USB Capital IX as part of the 2006 issuance of USB Capital IX Income Trust Securities. The preferred shares were issued to USB Capital IX for the purchase price specified in the stock forward purchase contract. The Series A Preferred Stock has a liquidation preference of $100,000 per share, no stated maturity and will not be subject to any sinking fund or other obligation of the Company. Dividends, if declared, will accrue and be payable quarterly, in arrears, at a rate per annum equal to the greater of three-month LIBOR plus 1.02 percent or 3.50 percent. The Series A Preferred Stock is redeemable at the Company’s option, subject to prior approval by the Federal Reserve Board. During 2006, the Company issued depositary shares representing an ownership interest in 40,000 shares of Series B Non-Cumulative .60 Dividends for certain of the Company’s outstanding series of preferred stock described above are, or will in the future be, calculated by reference to LIBOR. The outstanding series contain fallback provisions in the event that LIBOR is no longer published or quoted, but these fallback provisions have not yet been utilized. During 2019, 2018 and 2017, the Company repurchased shares of its common stock under various authorizations approved by its Board of Directors. As of December 31, 2019, the approximate dollar value of shares that may yet be purchased by the Company under the current Board of Directors approved authorization was $2.4 billion. The following table summarizes the Company’s common stock repurchased in each of the last three years: (Dollars and Shares in Millions) Shares Value 2019 81 $ 4,515 2018 54 2,844 2017 49 2,622 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 for the years ended December 31, is as follows: (Dollars in Millions) Unrealized Gains Available-For-Sale Unrealized Gains From Available-For-Sale Held-To-Maturity Unrealized Gains Unrealized Gains Foreign Currency Total 2019 Balance at beginning of period $ (946 ) $ 14 $ 112 $ (1,418 ) $ (84 ) $ (2,322 ) Changes in unrealized gains and losses 1,693 – (229 ) (380 ) – 1,084 Unrealized gains and losses on 150 (9 ) – – – 141 Foreign currency translation adjustment (a) – – – – 26 26 Reclassification to earnings of realized gains and losses (73 ) (7 ) 11 89 – 20 Applicable income taxes (445 ) 2 55 73 (7 ) (322 ) Balance at end of period $ 379 $ – $ (51 ) $ (1,636 ) $ (65 ) $ (1,373 ) 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 (656 ) – 39 (302 ) – (919 ) Foreign currency translation adjustment (a) – – – – 3 3 Reclassification to earnings of realized gains and losses (30 ) (9 ) (5 ) 137 – 93 Applicable income taxes 174 2 (8 ) 42 (5 ) 205 Balance at end of period $ (946 ) $ 14 $ 112 $ (1,418 ) $ (84 ) $ (2,322 ) 2017 Balance at beginning of period $ (431 ) $ 25 $ 55 $ (1,113 ) $ (71 ) $ (1,535 ) Changes in unrealized gains and losses 178 – (5 ) (41 ) – 132 Foreign currency translation adjustment ( a – – – – (2 ) (2 ) Reclassification to earnings of realized gains and losses (57 ) (13 ) 30 117 – 77 Applicable income taxes (47 ) 5 (9 ) (29 ) 4 (76 ) Balance at end of period $ (357 ) $ 17 $ 71 $ (1,066 ) $ (69 ) $ (1,404 ) (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 about the impact to net income for items reclassified out of accumulated other comprehensive income (loss) and into earnings for the years ended December 31, is as follows: Impact to Net Income Affected Line Item in the (Dollars in Millions) 2019 2018 2017 Unrealized gains (losses) on investment securities available-for-sale Realized gains (losses) on sale of investment securities $ 73 $ 30 $ 57 Total securities gains (losses), net (18 ) (7 ) (22 ) Applicable income taxes 55 23 35 Net-of-tax Unrealized gains (losses) on investment securities transferred from available-for-sale held-to-maturity Amortization of unrealized gains 7 9 13 Interest income (2 ) (2 ) (5 ) Applicable income taxes 5 7 8 Net-of-tax Unrealized gains (losses) on derivative hedges Realized gains (losses) on derivative hedges (11 ) 5 (30 ) Interest expense 3 (2 ) 11 Applicable income taxes (8 ) 3 (19 ) Net-of-tax Unrealized gains (losses) on retirement plans Actuarial gains (losses) and prior service cost (credit) amortization (89 ) (137 ) (117 ) Other noninterest expense 22 35 45 Applicable income taxes (67 ) (102 ) (72 ) Net-of-tax Total impact to net income $ (15 ) $ (69 ) $ (48 ) Regulatory Capital - Tier 1 capital is considered core capital and includes common shareholders’ equity adjusted for the aggregate impact of certain items included in other comprehensive income (loss) (“common equity tier 1 capital”), plus qualifying preferred stock, trust preferred securities and noncontrolling interests in consolidated subsidiaries subject to certain limitations. Total risk-based capital includes Tier 1 capital and other items such as subordinated debt and the allowance for credit losses. Capital measures are stated as a percentage of risk-weighted assets, which are measured based on their perceived credit and operational risks and include certain off-balance on- off-balance The following tables provide in effect, along with the actual components and ratios for the Company and its bank subsidiary , at December 31, 2019 and 2018 : U.S. Bancorp U.S. Bank National (Dollars in Millions) 2019 2018 2019 2018 Basel III standardized approach: Common shareholders’ equity $ 45,869 $ 45,045 $ 48,592 $ 47,728 Less intangible assets Goodwill (net of deferred tax liability) (8,788 ) (8,549 ) (8,806 ) (8,566 ) Other disallowed intangible assets (677 ) (601 ) (710 ) (732 ) Other (a) (691 ) (1,171 ) 38 (112 ) Total common equity tier 1 capital 35,713 34,724 39,114 38,318 Qualifying preferred stock 5,984 5,984 – – Noncontrolling interests eligible for tier 1 capital 28 36 28 36 Other (b) (4 ) (3 ) (4 ) (3 ) Total tier 1 capital 41,721 40,741 39,138 38,351 Eligible portion of allowance for credit losses 4,491 4,441 4,491 4,441 Subordinated debt and noncontrolling interests eligible for tier 2 capital 3,532 2,996 3,365 3,168 Total tier 2 capital 8,023 7,437 7,856 7,609 Total risk-based capital $ 49,744 $ 48,178 $ 46,994 $ 45,960 Risk-weighted assets $ 391,269 $ 381,661 $ 383,560 $ 374,299 Common equity tier 1 capital as a percent of risk-weighted assets 9.1 % 9.1 % 10.2 % 10.2 % Tier 1 capital as a percent of risk-weighted assets 10.7 10.7 10.2 10.2 Total risk-based capital as a percent of risk-weighted assets 12.7 12.6 12.3 12.3 Tier 1 capital as a percent of adjusted quarterly average assets (leverage ratio) 8.8 9.0 8.4 8.6 Basel III advanced approaches (c) : Common shareholders’ equity $ 45,045 $ 47,728 Less intangible assets Goodwill (net of deferred tax liability) (8,549 ) (8,566 ) Other disallowed intangible assets (601 ) (732 ) Other (a) (1,171 ) (112 ) Total common equity tier 1 capital 34,724 38,318 Qualifying preferred stock 5,984 – Noncontrolling interests eligible for tier 1 capital 36 36 Other (b) (3 ) (3 ) Total tier 1 capital 40,741 38,351 Eligible portion of allowance for credit losses 1,399 1,364 Subordinated debt and noncontrolling interests eligible for tier 2 capital 2,996 3,168 Total tier 2 capital 4,395 4,532 Total risk-based capital $ 45,136 $ 42,883 Risk-weighted assets $ 295,002 $ 287,897 Common equity tier 1 capital as a percent of risk-weighted assets 11.8 % 13.3 % Tier 1 capital as a percent of risk-weighted assets 13.8 13.3 Total risk-based capital as a percent of risk-weighted assets 15.3 14.9 Tier 1 capital as a percent of total on- off-balance 7.0 % 7.2 6.7 % 6.9 (a) Includes the impact of items included in other comprehensive income (loss), such as unrealized gains (losses) on available-for-sale (b) Includes the remaining portion of deferred tax assets not eligible for total tier 1 capital. (c) Effective December 31, 2019, the Company is no longer subject to calculating its , or its , Minimum (a) Well- Capitalized Bank Regulatory Capital Requirements 2019 Common equity tier 1 capital as a percent of risk-weighted assets 7.000 % 6.500 % Tier 1 capital as a percent of risk-weighted assets 8.500 8.000 Total risk-based capital as a percent of risk-weighted assets 10.500 10.000 Tier 1 capital as a percent of adjusted quarterly average assets (leverage ratio) 4.000 5.000 Tier 1 capital as a percent of total on- off-balance 3.000 3.000 2018 Common equity tier 1 capital as a percent of risk-weighted assets 6.375 % 6.500 % Tier 1 capital as a percent of risk-weighted assets 7.875 8.000 Total risk-based capital as a percent of risk-weighted assets 9.875 10.000 Tier 1 capital as a percent of adjusted quarterly average assets (leverage ratio) 4.000 5.000 Tier 1 capital as a percent of total on- off-balance 3.000 3.000 (a) The minimum common equity tier 1 capital, tier 1 capital and total risk-based capital ratio requirements reflect a capital conservation buffer requirement of 2.5 percent and 1.875 percent for 2019 and 2018, respectively. Banks and financial services holding companies must maintain minimum capital levels, including a capital conservation buffer requirement, to avoid limitations on capital distributions and certain discretionary compensation payments. Noncontrolling interests principally represent third - Fixed-to-Floating Non-cumulative - dividend period, such dividend shall not be cumulative and shall cease to accrue and be payable, and USB Realty Corp. will have no obligation to pay dividends accrued for such dividend period, whether or not dividends on the Series A Preferred Securities are declared for any future dividend period. The Series A Preferred Securities will be redeemable, in whole or in part, at the option of USB Realty Corp. on each fifth anniversary after the dividend payment date occurring in January 2012. Any redemption will be subject to the approval of the Office of the Comptroller of the Currency. During 2016, the Company purchased 500 shares of the Series A Preferred Securities held by third - . |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 15 The components of earnings per share were: Year Ended December 31 (Dollars and Shares in Millions, Except Per Share Data) 2019 2018 2017 Net income attributable to U.S. Bancorp $ 6,914 $ 7,096 $ 6,218 Preferred dividends (302 ) (282 ) (267 ) Impact of preferred stock redemption (a) – – (10 ) Earnings allocated to participating stock awards (29 ) (30 ) (28 ) Net income applicable to U.S. Bancorp common shareholders $ 6,583 $ 6,784 $ 5,913 Average common shares outstanding 1,581 1,634 1,677 Net effect of the exercise and assumed purchase of stock awards 2 4 6 Average diluted common shares outstanding 1,583 1,638 1,683 Earnings per common share $ 4.16 $ 4.15 $ 3.53 Diluted earnings per common share $ 4.16 $ 4.14 $ 3.51 (a) Represents stock issuance costs originally recorded in preferred stock upon the issuance of the Company’s Series G Preferred Stock that were reclassified to retained earnings on the date the Company announced its intent to redeem the outstanding shares. Options outstanding at December 31, 2019, 2018 and 2017, to purchase 1 million common shares, were not included in the computation of diluted earnings per share for the years ended December 31, 2019, 2018 and 2017, because they were antidilutive. |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Employee Benefits | NOTE 16 Employee Retirement Savings Plan four Pension Plans three years In general, the Company’s qualified pension plan’s funding objectives include maintaining a funded status sufficient to meet participant benefit obligations over time while reducing long-term funding requirements and pension costs. The Company has an established process for evaluating the plan, its performance and significant plan assumptions, including the assumed discount rate and the long-term rate of return (“LTROR”). Company’s Compensation and Human Resources Committee (the “Committee”), assisted by outside consultants, evaluates plan objectives, funding policies and plan investment policies considering its long-term investment time horizon and asset allocation strategies. The process also evaluates significant plan assumptions. Although plan assumptions are established annually, the Company may update its analysis on an interim basis in order to be responsive to significant events that occur during the year, such as plan mergers and amendments. The Company’s funding policy is to contribute amounts to its plan sufficient to meet the minimum funding requirements of the Employee Retirement Income Security Act of 1974, as amended by the Pension Protection Act, plus such additional amounts as the Company determines to be appropriate. The Company did no expects to contribute approximately $125 million to the plan in 2020. Any contributions made to the qualified plan are invested in accordance with established investment policies and asset allocation strategies. In addition to the funded qualified pension plan, the Company maintains a non-qualified approximately non-qualified Postretirement Welfare Plan approximately $4 million to its postretirement welfare plan in 2020. The following table summarizes the changes in benefit obligations and plan assets for the years ended December 31, and the funded status and amounts recognized in the Consolidated Balance Sheet at December 31 for the retirement plans: Pension Plans Postretirement (Dollars in Millions) 2019 2018 2019 2018 Change In Projected Benefit Obligation (a) Benefit obligation at beginning of measurement period $ 5,507 $ 5,720 $ 54 $ 68 Service cost 192 208 – – Interest cost 249 224 2 2 Participants’ contributions – – 7 8 Actuarial loss (gain) 1,100 (440 ) (4 ) (7 ) Lump sum settlements (56 ) (50 ) – – Benefit payments (163 ) (155 ) (13 ) (18 ) Federal subsidy on benefits paid – – 1 1 Benefit obligation at end of measurement period (b) $ 6,829 $ 5,507 $ 47 $ 54 Change In Fair Value Of Plan Assets (c) Fair value at beginning of measurement period $ 4,936 $ 5,482 $ 81 $ 87 Actual return on plan assets 1,095 (365 ) 6 – Employer contributions 26 24 4 5 Participants’ contributions – – 6 7 Lump sum settlements (56 ) (50 ) – – Benefit payments (163 ) (155 ) (13 ) (18 ) Fair value at end of measurement period $ 5,838 $ 4,936 $ 84 $ 81 Funded (Unfunded) Status $ (991 ) $ (571 ) $ 37 $ 27 Components Of The Consolidated Balance Sheet Noncurrent benefit asset $ – $ – $ 37 $ 27 Current benefit liability (25 ) (23 ) – – Noncurrent benefit liability (966 ) (548 ) – – Recognized amount $ (991 ) $ (571 ) $ 37 $ 27 Accumulated Other Comprehensive Income (Loss), Pretax Net actuarial gain (loss) $ (2,271 ) $ (1,981 ) $ 68 $ 66 Net prior service credit (cost) – – 14 18 Recognized amount $ (2,271 ) $ (1,981 ) $ 82 $ 84 (a) The increase and the decrease in the projected benefit obligation for 2019 and 2018, respectively, were primarily due to discount rate changes. (b) At December 31, 2019 and 2018, the accumulated benefit obligation for all pension plans was $6.2 billion and $5.0 billion. (c) The increase and the decrease in the fair value of plan assets for 2019 and 2018, respectively, were primary due to market conditions. The following table provides information for pension plans with benefit obligations in excess of plan assets at December 31: (Dollars in Millions) 2019 2018 Pension Plans with Projected Benefit Obligations in Excess of Plan Assets Projected benefit obligation $ 6,829 $ 5,507 Fair value of plan assets 5,838 4,936 Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets Accumulated benefit obligation $ 553 $ 467 Fair value of plan assets – – The following table sets forth the components of net periodic benefit cost and other amounts recognized in accumulated other comprehensive income (loss) for the years ended December 31 for the retirement plans: Pension Plans Postretirement Welfare Plan (Dollars in Millions) 2019 2018 2017 2019 2018 2017 Components Of Net Periodic Benefit Cost Service cost $ 192 $ 208 $ 187 $ – $ – $ – Interest cost 249 224 220 2 2 2 Expected return on plan assets (383 ) (379 ) (284 ) (3 ) (3 ) (3 ) Prior service cost (credit) and transition obligation (asset) amortization – – (2 ) (3 ) (3 ) (3 ) Actuarial loss (gain) amortization 98 146 127 (6 ) (6 ) (5 ) Net periodic benefit cost $ 156 $ 199 $ 248 $ (10 ) $ (10 ) $ (9 ) Other Changes In Plan Assets And Benefit Obligations Recognized In Other Comprehensive Income (Loss) Net actuarial gain (loss) arising during the year $ (388 ) $ (305 ) $ (48 ) $ 7 $ 3 $ 7 Net actuarial loss (gain) amortized during the year 98 146 127 (6 ) (6 ) (5 ) Net prior service cost (credit) and transition obligation (asset) amortized during the year – – (2 ) (3 ) (3 ) (3 ) Total recognized in other comprehensive income (loss) $ (290 ) $ (159 ) $ 77 $ (2 ) $ (6 ) $ (1 ) Total recognized in net periodic benefit cost and other comprehensive income (loss) $ (446 ) $ (358 ) $ (171 ) $ 8 $ 4 $ 8 The following table sets forth weighted - Pension Plans Postretirement (Dollars in Millions) 2019 2018 2019 2018 Discount rate (a) 3.40 % 4.45 % 2.80 % 4.05 % Cash balance interest crediting rate 3.00 3.00 * * Rate of compensation increase (b) 3.56 3.52 * * Health care cost trend rate (c) Prior to age 65 6.25 % 6.50 % After age 65 6.25 % 10.00 % (a) The discount rates were developed using a cash flow matching bond model with a modified duration for the qualified pension plan, non-qualified (b) Determined on an active liability-weighted basis. (c) The 2019 and pre-65 post-65 both * Not applicable The following table sets forth weighted - Pension Plans Postretirement Welfare Plan (Dollars in Millions) 2019 2018 2017 2019 2018 2017 Discount rate (a) 4.45 % 3.84 % 4.27 % 4.05 % 3.34 % 3.57 % Cash balance interest crediting rate 3.00 3.00 3.00 * * * Expected return on plan assets (b) 7.25 7.25 7.25 3.50 3.50 3.50 Rate of compensation increase (c) 3.52 3.56 3.58 * * * Health care cost trend rate (d) Prior to age 65 6.50 % 6.75 % 7.00 % After age 65 10.00 6.75 7.00 (a) The discount rates were developed using a cash flow matching bond model with a modified duration for the qualified pension plan, non-qualified (b) With the help of an independent pension consultant, the Company considers several sources when developing its expected long-term rates of return on plan assets assumptions, including, but not limited to, past returns and estimates of future returns given the plans’ asset allocation, economic conditions, and peer group LTROR information. The Company determines its expected long-term rates of return reflecting current economic conditions and plan assets. (c) Determined on an active liability weighted basis. (d) The 2019, 2018 and 2017 pre-65 post-65 both * Not applicable Investment Policies and Asset Allocation Generally, based on historical performance of the various investment asset classes, investments in equities have outperformed other investment classes but are subject to higher volatility. In an effort to minimize volatility, while recognizing the long-term up-side mid-small At December 31, 2019 and 2018, plan assets included an asset management arrangement with a In accordance with authoritative accounting guidance, the Company groups plan assets into a three-level hierarchy for valuation techniques used to measure their fair value based on whether the valuation inputs are observable or unobservable. Refer to Note 21 for further discussion on these levels. The assets of the qualified pension plan include investments in equity and U.S. Treasury securities whose fair values are determined based on quoted prices in active markets and are classified within Level 1 of the fair value hierarchy. The qualified pension plan also invests in U.S. agency, corporate and municipal debt securities, which are all valued based on observable market prices or data by third - The following table summarizes plan investment assets measured at fair value at December 31: Qualified Pension Plan Postretirement 2019 2018 2019 2018 (Dollars in Millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Level 1 Level 1 Cash and cash equivalents $ 58 $ – $ – $ 58 $ 54 $ – $ – $ 54 $ 40 $ 42 Debt securities 727 1,073 – 1,800 631 904 – 1,535 – – Corporate s Real estate equity securities (a) – – – – 109 – – 109 – – Mutual funds Debt securities – 304 – 304 – 295 – 295 – – Emerging markets equity securities – 136 – 136 – 113 – 113 – – Other – – 3 3 – – 3 3 – – $ 785 $ 1,513 $ 3 2,301 $ 794 $ 1,312 $ 3 2,109 40 42 Plan investment assets not classified in fair value hierarchy (b) Collective investment funds Domestic equity securities 1,328 1,183 27 24 Mid-small (c) 323 340 – – International equity securities 752 643 17 15 Real e 547 146 – – Hedge funds (d) 283 290 – – Private equity funds (e) 304 225 – – Total plan investment assets at fair value $ 5,838 $ 4,936 $ 84 $ 81 (a) At December 31, 2018, securities included $ 56 53 (b) These investments are valued based on net asset value per share as a practical expedient; fair values are provided to reconcile to total investment assets of the plans at fair value. (c) At December 31, 2019 and 2018, securities included $ 323 340 (d) This category consists of several investment strategies diversified across several hedge fund managers. (e) This category consists of several investment strategies diversified across several private equity fund managers. The following table summarizes the changes in fair value for qualified pension plan investment assets measured at fair value using significant unobservable inputs (Level 3) for the years ended December 31: 2019 2018 2017 (Dollars in Millions) Other Other Other Balance at beginning of period $ 3 $ 2 $ 1 Unrealized gains (losses) relating to assets still held at end of year – – – Purchases, sales, and settlements, net – 1 1 Balance at end of period $ 3 $ 3 $ 2 The following benefit payments are expected to be paid from the retirement plans for the years ended December 31: (Dollars in Millions) Pension Postretirement (a) Medicare 2020 $ 233 $ 7 $ 1 2021 254 6 1 2022 267 6 1 2023 294 6 1 2024 306 5 1 2025-2029 1,811 19 2 (a) Net of expected retiree contributions and before Medicare Part D subsidy. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | NOTE 17 As part of its employee and director compensation programs, the Company currently may grant certain stock awards under the provisions of its stock incentive plan. The plan provides for grants of options to purchase shares of common stock at a fixed price equal to the fair value of the underlying stock at the date of grant. Option grants are generally exercisable up to ten years from the date of grant. In addition, the plan provides for grants of shares of common stock or stock units that are subject to restriction on transfer prior to vesting. Most stock and unit awards vest over three Stock Option Awards The following is a summary of stock options outstanding and exercised under prior and existing stock incentive plans of the Company: Year Ended December 31 Stock Weighted- Weighted-Average Aggregate 2019 Number outstanding at beginning of period 9,115,010 $ 34.52 Granted (a) — — Exercised (3,333,467 ) 26.36 Cancelled (b) (63,287 ) 36.74 Number outstanding at end of period (c) 5,718,256 $ 39.25 4.4 $ 115 Exercisable at end of period 4,869,805 $ 37.67 4.0 $ 105 2018 Number outstanding at beginning of period 12,668,467 $ 32.15 Granted (a) — — Exercised (3,443,494 ) 25.41 Cancelled (b) (109,963 ) 46.72 Number outstanding at end of period (c) 9,115,010 $ 34.52 4.3 $ 102 Exercisable at end of period 7,372,036 $ 31.61 3.5 $ 104 2017 Number outstanding at beginning of period 17,059,241 $ 29.95 Granted 1,066,188 54.97 Exercised (5,389,741 ) 29.58 Cancelled (b) (67,221 ) 43.31 Number outstanding at end of period (c) 12,668,467 $ 32.15 4.5 $ 272 Exercisable at end of period 9,647,937 $ 27.87 3.3 $ 248 (a) The Company did not grant any stock option awards during 2019 and 2018. (b) Options cancelled include both non-vested (c) Outstanding options include stock-based awards that may be forfeited in future periods. The impact of the estimated forfeitures is reflected in compensation expense. Stock-based compensation expense is based on the estimated fair value of the award at the date of grant or modification. The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model, requiring the use of subjective assumptions. Because employee stock options have characteristics that differ from those of traded options, including vesting provisions and trading limitations that impact their liquidity, the determined value used to measure compensation expense may vary from the actual fair value of the employee stock options. The following table includes the weighted-average estimated fair value of stock options granted and the assumptions utilized by the Company for newly issued grants for the year ended December 31, 2017: Year Ended December 31 2017 Estimated fair value $ 14.66 Risk-free interest rates 2.0 % Dividend yield 2.6 % Stock volatility factor . 35 Expected life of options (in years) 5.5 Expected stock volatility is based on several factors including the historical volatility of the Company’s common stock, implied volatility determined from traded options and other factors. The Company uses historical data to estimate option exercises and employee terminations to estimate the expected life of options. The risk-free interest rate for the expected life of the options is based on the U.S. Treasury yield curve in effect on the date of grant. The expected dividend yield is based on the Company’s expected dividend yield over the life of the options. The following summarizes certain stock option activity of the Company: Year Ended December 31 (Dollars in Millions) 2019 2018 2017 Fair value of options vested $ 10 $ 14 $ 13 Intrinsic value of options exercised 95 97 127 Cash received from options exercised 88 87 159 Tax benefit realized from options exercised 24 24 49 To satisfy option exercises, the Company predominantly uses treasury stock. Additional information regarding stock options outstanding as of December 31, 2019, is as follows: Outstanding Options Exercisable Options Range of Exercise Prices Shares Weighted- Weighted- Shares Weighted- $23.36—$25.00 236,661 .2 $ 23.82 236,661 $ 23.82 $25.01—$30.00 1,277,726 1.8 28.65 1,277,726 28.65 $30.01—$35.00 537,881 3.1 33.98 537,881 33.98 $35.01—$40.00 1,251,397 6.1 39.49 885,968 39.49 $40.01—$45.00 1,454,651 4.7 42.42 1,454,068 42.43 $45.01—$50.00 — — — — — $50.01—$55.01 959,940 7.1 54.97 477,501 54.97 5,718,256 4.4 $ 39.25 4,869,805 $ 37.67 Restricted Stock and Unit Awards A summary of the status of the Company’s restricted shares of stock and unit awards is presented below: 2019 2018 2017 Year Ended December 31 Shares Weighted- Value Shares Weighted- Value Shares Weighted- Value Outstanding at beginning of period 6,719,298 $ 48.17 7,446,955 $ 44.49 8,265,507 $ 39.50 Granted 3,519,474 50.45 3,213,023 55.03 2,850,927 54.45 Vested (3,270,778 ) 48.69 (3,373,323 ) 46.42 (3,295,376 ) 40.66 Cancelled (361,161 ) 50.55 (567,357 ) 49.07 (374,103 ) 43.91 Outstanding at end of period 6,606,833 $ 48.99 6,719,298 $ 48.17 7,446,955 $ 44.49 The total fair value of shares vested was $175 million, $182 million and $180 million for the years ended December 31, 2019, 2018 and 2017, respectively. Stock-based compensation expense was $178 million, $174 million and $163 million for the years ended December 31, 2019, 2018 and 2017, respectively. On an after-tax December 31, 2019, 2018 and 2017, respectively. As of December 31, 2019, there was $143 million of total unrecognized compensation cost related to nonvested share-based arrangements granted under the plans. That cost is expected to be recognized over a weighted-average period of 1.7 years as compensation expense. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 18 The components of income tax expense were: Year Ended December 31 (Dollars in Millions) 2019 2018 2017 Federal Current $ 1,162 $ 1,287 $ 2,086 Deferred 166 (148 ) (1,180 ) Federal income tax 1,328 1,139 906 State Current 379 395 201 Deferred (59 ) 20 157 State income tax 320 415 358 Total income tax provision $ 1,648 $ 1,554 $ 1,264 A reconciliation of expected income tax expense at the federal statutory rate of 21 percent for 2019 and 2018 and 35 percent for 2017 to the Company’s applicable income tax expense follows: Year Ended December 31 (Dollars in Millions) 2019 2018 2017 Tax at statutory rate $ 1,805 $ 1,822 $ 2,631 State income tax, at statutory rates, net of federal tax benefit 355 352 281 Tax effect of Revaluation of tax related assets and liabilities (a) — — (910 ) Tax credits and benefits, net of related expenses (424 ) (513 ) (774 ) Tax-exempt (120 ) (130 ) (200 ) Nondeductible legal and regulatory expenses 23 52 213 Other items (b) 9 (29 ) 23 Applicable income taxes $ 1,648 $ 1,554 $ 1,264 (a) In late 2017, tax legislation was enacted that, among other provisions, reduced the federal statutory rate for corporations from 35 percent to 21 percent effective in 2018. In accordance with generally accepted accounting principles, the Company revalued its deferred tax assets and liabilities at December 31, 2017, resulting in an estimated net tax benefit of $910 million, which the Company recorded in 2017. (b) Includes excess tax benefits associated with stock-based compensation and adjustments related to deferred tax assets and liabilities. The tax effects of fair value adjustments on securities available-for-sale, In preparing its tax returns, the Company is required to interpret complex tax laws and regulations and utilize income and cost allocation methods to determine its taxable income. On an ongoing basis, the Company is subject to examinations by federal, state, local and foreign taxing authorities that may give rise to differing interpretations of these complex laws, regulations December 31, 2011, 2012, 2015 and 2016 A reconciliation of the changes in the federal, state and foreign un certain Year Ended December 31 (Dollars in Millions) 2019 2018 2017 Balance at beginning of period $ 335 $ 287 $ 302 Additions for tax positions taken in prior years 168 93 3 Additions for tax positions taken in the current year 6 10 9 Exam resolutions (62 ) (51 ) (23 ) Statute expirations (15 ) (4 ) (4 ) Balance at end of period $ 432 $ 335 $ 287 The total amount of un certain certain certain 2019, 2018 and 2017 the Company recorded approximately $7 million, $(25) million and $16 million, respectively, in interest and penalties on uncertain tax positions. Deferred income tax assets and liabilities reflect the tax effect of estimated temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for the same items for income tax reporting purposes. The significant components of the Company’s net deferred tax asset (liability) follows: At December 31 (Dollars in Millions) 201 9 2018 Deferred Tax Assets Federal, state and foreign net operating loss and credit carryforwards $ 2,592 $ 2,699 Allowance for credit losses 1,155 1,141 Accrued expenses 485 508 Obligation for operating leases 328 — Pension and postretirement benefits 193 85 Partnerships and other investment assets 91 69 Stock compensation 78 79 Fixed assets 2 58 Securities available-for-sale and financial instruments — 278 Other deferred tax assets, net 257 268 Gross deferred tax assets 5,181 5,185 Deferred Tax Liabilities Leasing activities (2,700 ) (2,652 ) Goodwill and other intangible assets (763 ) (703 ) Mortgage servicing rights (546 ) (642 ) Right of use assets (282 ) — Loans (139 ) (168 ) Securities available-for-sale and financial instruments (111 ) — Other deferred tax liabilities, net (131 ) (102 ) Gross deferred tax liabilities (4,672 ) (4,267 ) Valuation allowance (127 ) (109 ) Net Deferred Tax Asset $ 382 $ 809 The Company has approximately $2.0 billion of federal, state and foreign net operating loss carryforwards which expire at various times beginning in 2020 prior years, future reversals of existing taxable temporary differences and future taxable income. In addition, the Company has $2.5 billion of federal credit carryforwards which expire at various times through 2039 At December 31, 2019, retained earnings included approximately $102 million of base year reserves of acquired thrift institutions, for which no deferred federal income tax liability has been recognized. These base year reserves would be recaptured if certain subsidiaries of the Company cease to qualify as a bank for federal income tax purposes. The base year reserves also remain subject to income tax penalty provisions that, in general, require recapture upon certain stock redemptions of, and excess distributions to, stockholders. |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | NOTE 19 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 Cash Flow Hedges (net-of-tax) losses (net-of-tax) 2018. The estimated amount to be reclassified from other comprehensive income (loss) into earnings during the next 12 months is a loss (net-of-tax). Net Investment Hedges non-derivative non-derivative Other Derivative Positions to-be-announced non-derivative and preferred The following table summarizes the asset and liability management derivative positions of the Company: Asset Derivatives Liability Derivatives (Dollars in Millions) Notional Fair Weighted-Average Notional Fair Weighted-Average December 31, 2019 Fair value hedges Interest rate contracts Receive fixed/pay floating swaps $ 18,300 $ – 3.89 $ 4,900 $ – 3.49 Cash flow hedges Interest rate contracts Pay fixed/receive floating swaps 1,532 – 6.06 7,150 10 2.11 Net investment hedges Foreign exchange forward contracts – – – 287 3 .04 Other economic hedges Interest rate contracts Futures and forwards Buy 5,409 17 .08 5,477 11 .07 Sell 16,333 13 .81 8,113 25 .03 Options Purchased 10,180 79 2.97 – – – Written 1,270 30 .08 4,238 81 2.07 Receive fixed/pay floating swaps 4,408 – 5.99 5,316 – 13.04 Pay fixed/receive floating swaps 1,259 – 5.67 4,497 – 6.03 Foreign exchange forward contracts 113 1 .05 467 6 .04 Equity contracts 128 2 .45 20 – 1.06 Other (a) 34 – .01 1,823 165 2.45 Total $ 58,966 $ 142 $ 42,288 $ 301 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 and preferred shares of Visa Inc. The Visa swap agreements had a total notional value, fair value and weighted-average remaining maturity of $ 1.8 165 2.50 1.5 84 34 1 The following table summarizes the customer-related derivative positions of the Company: Asset Derivatives Liability Derivatives (Dollars in Millions) Notional Fair Weighted-Average Notional Fair Weighted-Average December 31, 2019 Interest rate contracts Receive fixed/pay floating swaps $ 108,560 $ 1,865 4.83 $ 31,544 $ 88 3.83 Pay fixed/receive floating swaps 28,150 30 3.83 101,078 753 4.55 Other (a) 6,895 1 3.45 6,218 2 2.98 Options Purchased 46,406 43 2.06 12,804 47 1.25 Written 6,901 49 1.93 49,741 41 1.82 Futures Buy 894 – .21 – – – Sell 3,874 1 1.18 1,995 – 1.04 Foreign exchange rate contracts Forwards, spots and swaps 36,350 748 .97 36,671 729 1.07 Options Purchased 1,354 17 .54 – – – Written – – – 1,354 17 .54 Credit contracts 2,879 1 3.28 7,488 5 4.33 Total $ 242,263 $ 2,755 $ 248,893 $ 1,682 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) Gains (Losses) Recognized in Other Gains (Losses) Reclassified from (Dollars in Millions) 2019 2018 2017 2019 2018 2017 Asset and Liability Management Positions Cash flow hedges Interest rate contracts $ (171 ) $ 29 $ (3 ) $ (8 ) $ 3 $ (19 ) Net investment hedges Foreign exchange forward contracts 3 39 (56 ) – – – Non-derivative 13 32 (46 ) – – – 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 on the Consolidated Statement of Income for the years ended December 31: Other Noninterest Income Interest Expense (Dollars in Millions) 2019 2018 2017 2019 2018 2017 Total amount of income and expense line items presented in the Consolidated Statement of Income in which the effects of fair value or cash flow hedges are recorded $ 926 $ 910 $ 774 $ 4,442 $ 3,254 $ 1,966 Asset and Liability Management Positions Fair value hedges Interest rate contract derivatives – – (28 ) (44 ) 5 – Hedged items – – 28 44 (5 ) – Cash Flow hedges Interest rate contract derivatives – – – 11 (5 ) 30 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 years ended December 31, 2019, 2018 and 2017. The table below shows cumulative hedging adjustments and the carrying amount of assets (liabilities) designated in fair value hedges: Carrying Amount of the Cumulative Hedging (a) At December 31 (Dollars in Millions) 2019 2018 2019 2018 Line Item in the Consolidated Balance Sheet Long-term Debt $ 23,195 $ – $ 35 $ (27 ) (a) The cumulative hedging adjustment related to discontinued hedging relationships at December 31, 2019 and 2018 was $(7) million and $(27) million, respectively. The table below shows the gains (losses) recognized in earnings for other economic hedges and the customer-related positions for the years ended December 31: (Dollars in Millions) Location of Gains (Losses) 2019 2018 2017 Asset and Liability Management Positions Other economic hedges Interest rate contracts Futures and forwards Mortgage banking revenue $ 34 $ 110 $ 24 Purchased and written options Mortgage banking revenue 432 188 237 Swaps Mortgage banking revenue 316 (111 ) 35 Foreign exchange forward contracts Other noninterest income (24 ) 39 (69 ) Equity contracts Compensation expense – (4 ) 1 Other Other noninterest income (140 ) 2 (1 ) Customer-Related Positions Interest rate contracts Swaps Commercial products revenue 82 47 67 Purchased and written options Commercial products revenue 10 2 (24 ) Futures Commercial products revenue (5 ) 9 (3 ) Foreign exchange rate contracts Forwards, spots and swaps Commercial products revenue 82 84 92 Purchased and written options Commercial products revenue 1 – 2 Credit contracts Commercial products revenue (18 ) 2 3 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 liability thresholds and may be contingent upon the Company’s credit rating from two of the nationally recognized statistical rating organizations. If the Company’s credit rating were to fall below credit ratings thresholds established in the collateral arrangements, the counterparties to the derivatives could request immediate additional collateral coverage up to and including full collateral coverage for derivatives in a net liability position. The aggregate fair value of all derivatives under collateral arrangements that were in a net liability position at December 31, 2019, was $717 million. At December 31, 2019, the Company had $514 million of cash posted as collateral against this net liability position. |
Netting Arrangements for Certai
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities | NOTE 20 Activities The Company’s derivative portfolio consists of bilateral over-the-counter trades, certain interest rate derivatives and credit contracts required to be centrally cleared through clearinghouses per current regulations, and exchange-traded positions which may include U.S. Treasury and Eurodollar futures or options on U.S. Treasury futures. Of the Company’s $592.4 billion total notional amount of derivative positions at December 31 , 2019 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 December 31, 2019 Repurchase agreements U.S. Treasury and agencies $ 289 $ — $ — $ — $ 289 Residential agency mortgage-backed securities 266 — — — 266 Corporate debt securities 610 — — — 610 Total repurchase agreements 1,165 — — — 1,165 Securities loaned Corporate debt securities 50 — — — 50 Total securities loaned 50 — — — 50 Gross amount of recognized liabilities $ 1,215 $ — $ — $ — $ 1,215 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 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 (a) Net Amounts Consolidated Gross Amounts Not Offset on (Dollars in Millions) Financial (b) Collateral (c) Net Amount December 31, 2019 Derivative assets (d) $ 2,857 $ (982 ) $ 1,875 $ (80 ) $ (116 ) $ 1,679 Reverse repurchase agreements 1,021 — 1,021 (152 ) (869 ) — Securities borrowed 1,624 — 1,624 — (1,569 ) 55 Total $ 5,502 $ (982 ) $ 4,520 $ (232 ) $ (2,554 ) $ 1,734 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 $429 million and $236 million of cash collateral related payables that were netted against derivative assets at December 31, 2019 and 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 $40 million and $23 million at December 31, 2019 and 2018, respectively, of derivative assets not subject to netting arrangements. Gross Recognized Liabilities Gross Amounts Offset on the Consolidated Balance Sheet (a) Net Amounts Presented on the Consolidated Balance Sheet Gross Amounts Not Offset on (Dollars in Millions) Financial Instruments (b) Collateral Pledged (c) Net Amount December 31, 2019 Derivative liabilities (d) $ 1,816 $ (1,067 ) $ 749 $ (80 ) $ – $ 669 Repurchase agreements 1,165 – 1,165 (152 ) (1,012 ) 1 Securities loaned 50 – 50 – (49 ) 1 Total $ 3,031 $ (1,067 ) $ 1,964 $ (232 ) $ (1,061 ) $ 671 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 $514 million and $240 million of cash collateral related receivables that were netted against derivative liabilities at December 31, 2019 and 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 $167 million and $85 million at December 31, 2019 and 2018, respectively, of derivative liabilities not subject to netting arrangements. |
Fair Values of Assets and Liabi
Fair Values of Assets and Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Values of Assets and Liabilities | NOTE 21 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 - – 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 years ended December 31, 2019, 2018 and 2017, there were no significant changes to the valuation techniques used by the Company to measure fair value. Available-For-Sale 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 - Mortgage Loans Held For Sale Mortgage Servicing Rights Derivatives over-the-counter including external assessments of credit risk. The Company monitors and manages its nonperformance risk by considering its ability to net derivative positions under master netting arrangements, as well as collateral received or provided under collateral arrangements. Accordingly, the Company has elected to measure the fair value of derivatives, at a counterparty level, on a net basis. The majority of the derivatives are classified within Level 2 of the fair value hierarchy, as the significant inputs to the models, including nonperformance risk, are observable. However, certain derivative transactions are with counterparties where risk of nonperformance cannot be observed in the market and, therefore, the credit valuation adjustments result in these derivatives being classified within Level 3 of the fair value hierarchy. 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 and preferred 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 and preferred shares when there are changes in the conversion rate of the Visa Inc. Class B common and preferred shares to Visa Inc. Class A common and preferred shares, respectively, 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 22 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 - Mortgage Servicing Rights 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 December 31, 2019: Minimum Maximum Weighted (a) Expected prepayment 9 % 22 % 12 % Option adjusted spread 6 10 7 (a) Determined based on the relative fair value of the related mortgage loans serviced. Derivatives The significant unobservable inputs used in the fair value measurement of the Company’s derivative commitments to The following table shows the significant valuation assumption ranges for the Company’s derivative commitments to purchase and originate mortgage loans at December 31, 2019: Minimum Maximum Weighted (a) Expected loan close rate 12 % 100 % 78 % Inherent MSR value (basis points per loan) 56 221 130 (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 December 31, 2019, the minimum, maximum and weighted - derivative contract fair value prior to adjustment was 0 percent, 671 percent and 1 percent, respectively. 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 December 31, 2019 Available-for-sale U.S. Treasury and agencies $ 18,986 $ 853 $ – $ – $ 19,839 Mortgage-backed securities Residential agency – 94,111 – – 94,111 Commercial agency – 1,453 – – 1,453 Asset-backed securities Collateralized debt obligations/Collateralized loan obligations – – 1 – 1 Other – 375 7 – 382 Obligations of state and political subdivisions – 6,813 1 – 6,814 Obligations of foreign governments – 9 – – 9 Corporate debt securities – 4 – – 4 Total available-for-sale 18,986 103,618 9 – 122,613 Mortgage loans held for sale – 5,533 – – 5,533 Mortgage servicing rights – – 2,546 – 2,546 Derivative assets 9 1,707 1,181 (982 ) 1,915 Other assets 312 1,563 – – 1,875 Total $ 19,307 $ 112,421 $ 3,736 $ (982 ) $ 134,482 Derivative liabilities $ – $ 1,612 $ 371 $ (1,067 ) $ 916 Short-term borrowings and other liabilities (a) 50 1,578 – – 1,628 Total $ 50 $ 3,190 $ 371 $ (1,067 ) $ 2,544 December 31, 2018 Available-for-sale U.S. Treasury and agencies $ 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 $91 million and $86 million at December 31, 2019 and (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 years ended December 31: (Dollars in Millions) Beginning Net Gains Net Gains Purchases Sales Principal Issuances Settlements Transfers into End of Net Change Held at End of Period 2019 Available-for-sale Asset-backed securities Collateralized debt obligations/Collateralized loan obligations $ – $ – $ – $ – $ – $ – $ – $ – $ 1 $ 1 $ – Other – – – – – – – – 7 7 – Obligations of state and political subdivisions – – – – – – – – 1 1 – Total available-for-sale – – – – – – – – 9 9 – Mortgage servicing rights 2,791 (829 ) (c) – 20 5 – 559 (e) – – 2,546 (829 ) (c) Net derivative assets and liabilities 80 769 (d) – 142 (9 ) – – (172 ) – 810 782 (f) 2018 Mortgage servicing rights $ 2,645 $ (232 ) (c) $ – $ 8 $ (27 ) $ – $ 397 (e) $ – $ – $ 2,791 $ (232 ) (c) Net derivative assets and liabilities 107 21 (g) – 13 (41 ) – – (20 ) – 80 34 (h) 2017 Available-for-sale Residential non-agency Prime (a) $ 242 $ – $ (2 ) $ – $ (234 ) $ (6 ) $ – $ – $ – $ – $ – Non-prime (b) 195 – (17 ) – (175 ) (3 ) – – – – – Other asset-backed securities 2 – – – (2 ) – – – – – – Corporate debt securities 9 – 2 – (11 ) – – – – – – Total available-for-sale 448 – (17 ) (i) – (422 ) (9 ) – – – – – Mortgage servicing rights 2,591 (404 ) (c) – 13 – – 445 (e) – – 2,645 (404 ) (c) Net derivative assets and liabilities 171 317 (j) – 1 (10 ) – – (372 ) – 107 (52 ) (k) (a) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, (b) Includes all securities not meeting the conditions to be designated as prime. (c) Included in mortgage banking revenue. (d) Approximately $287 million included in other noninterest income and $482 million included in mortgage banking revenue. (e) Represents MSRs capitalized during the period. (f) Approximately $747 million included in other noninterest income and $35 million included in mortgage banking revenue. (g) Approximately $(139) million included in other noninterest income and $160 million included in mortgage banking revenue. (h) Approximately $14 million included in other noninterest income and $20 million included in mortgage banking revenue. (i) Included in changes in unrealized gains and losses on investment securities available-for-sale. (j) Approximately $21 million included in other noninterest income and $296 million included in mortgage banking revenue. (k) Approximately $(77) million included in other noninterest income and $25 million included in mortgage banking revenue. The Company is also required periodically to measure certain other financial assets at fair value on a nonrecurring basis. These measurements of fair value usually result from the application of 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 December 31: 2019 2018 (Dollars in Millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Loans (a) $ – $ – $ 136 $ 136 $ – $ – $ 40 $ 40 Other assets (b) – – 46 46 – – 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 for the years ended December 31: (Dollars in Millions) 2019 2018 2017 Loans (a) $ 122 $ 83 $ 171 Other assets (b) 17 26 20 (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 as of December 31: 2019 2018 (Dollars in Millions) Fair Value Aggregate Carrying Fair Value Aggregate Carrying Total loans $ 5,533 $ 5,366 $ 167 $ 2,035 $ 1,972 $ 63 Nonaccrual loans 1 1 – 2 2 – Loans 90 days or more past due 1 1 – – – – Fair Value of Financial Instruments The following section summarizes the estimated fair value for financial instruments accounted for at amortized cost as of December 31, 2019 and 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-ter m 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 as of December 31, are shown in the table below: 2019 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 $ 22,405 $ 22,405 $ – $ – $ 22,405 $ 21,453 $ 21,453 $ – $ – $ 21,453 Federal funds sold and securities purchased under resale agreements 1,036 – 1,036 – 1,036 306 – 306 – 306 Investment securities held-to-maturity – – – – – 46,050 4,594 40,359 11 44,964 Loans held for sale (a) 45 – – 43 43 21 – – 21 21 Loans 292,082 – – 297,241 297,241 282,837 – – 284,790 284,790 Other 1,923 – 929 994 1,923 2,412 – 1,241 1,171 2,412 Financial Liabilities Time deposits 42,894 – 42,831 – 42,831 44,554 – 44,140 – 44,140 Short-term borrowings (b) 22,095 – 21,461 – 21,461 12,921 – 12,678 – 12,678 Long-term debt 40,167 – 41,077 – 41,077 41,340 – 41,003 – 41,003 Other 3,678 – 1,342 2,336 3,678 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 standby letters of credit was $528 million and $532 million at December 31, 2019 and 2018, respectively. The carrying value of other guarantees was $200 million and $263 million at December 31, 2019 and 2018, respectively. |
Guarantees and Contingent Liabi
Guarantees and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Guarantees and Contingent Liabilities | NOTE 22 Visa Restructuring and Card Association Litigation 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. Commitments to Extend Credit The contract or notional amounts of unfunded commitments to extend credit at December 31, 2019, excluding those commitments considered derivatives, were as follows: Term (Dollars in Millions) Less Than Greater Year Total Commercial and commercial real estate loans $ 31,235 $ 108,303 $ 139,538 Corporate and purchasing card loans (a) 29,296 – 29,296 Residential mortgages 416 1 417 Retail credit card loans (a) 111,773 – 111,773 Other retail loans 12,614 24,183 36,797 Other 6,325 – 6,325 (a) Primarily cancelable at the Company’s discretion. Other Guarantees and Contingent Liabilities The following table is a summary of other guarantees and contingent liabilities of the Company at December 31, 2019: (Dollars in Millions) Collateral Carrying Amount Maximum Standby letters of credit $ – $ 48 $ 10,258 Third - – – 7 Securities lending indemnifications 4,564 – 4,468 Asset sales – 68 5,069 Merchant processing 589 61 108,875 Tender option bond program guarantee 2,994 – 2,725 Minimum revenue guarantees – – 3 Other – 71 1,461 Letters of Credit expects its liquidity requirements to be less than the total outstanding commitments. The maximum potential future payments guaranteed by the Company under standby letter of credit arrangements at December 31, 2019, were approximately $10.3 billion with a weighted-average term of approximately 21 months. The estimated fair value of standby letters of credit was approximately $48 million at December 31, 2019. The contract or notional amount of letters of credit at December 31, 2019, were as follows: Term (Dollars in Millions) Less Than Greater Total Standby $ 4,676 $ 5,582 $ 10,258 Commercial 339 28 367 Guarantees - - buy-back Third - Commitments from Securities Lending Asset Sales tax-advantaged buy-back tax-qualifying future payments guaranteed by the Company under these arrangements were approximately $5.1 billion at December 31, 2019, and represented the proceeds received from the buyer or the guaranteed portion in these transactions where the buy-back tax-advantaged 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. 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 for losses. At December 31, 2019, the Company had reserved $9 million for potential losses from representation and warranty obligations, compared with $10 million at December 31, 2018. 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 December 31, 2019 and 2018, the Company had $10 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. Merchant Processing 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. A cardholder, through its issuing bank, generally has until the later of up to four months after the date the transaction is processed or the receipt of the product or service to present a charge-back to the Company as the merchant processor. The absolute maximum potential liability is estimated to be the total volume of credit card transactions that meet the associations’ requirements to be valid charge-back transactions at any given time. Management estimates that the maximum potential exposure for charge-backs would approximate the total amount of merchant transactions processed through the credit card associations for the last four months. For the last four months of 2019 this amount totaled approximately $108.9 billion. In most cases, this contingent liability is unlikely to arise, as most products and services are delivered when purchased and amounts are refunded when items are returned to merchants. However, where the product or service has been purchased but is not provided until a future date (“future delivery”), the potential for this contingent liability increases. To mitigate this risk, the Company may require the merchant to make an escrow deposit, place maximum volume limitations on future delivery transactions processed by the merchant at any point in time, or require various credit enhancements (including letters of credit and bank guarantees). Also, merchant processing contracts may include event triggers to provide the Company more financial and operational control in the event of financial deterioration of the merchant. 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 December 31, 2019, the value of airline tickets purchased to be delivered at a future date through card transactions processed by the Company was $8.3 billion. The Company held collateral of $496 million in escrow deposits, letters of credit and indemnities from financial institutions, and liens on various assets. In addition to specific collateral or other credit enhancements, the Company maintains a liability for its implied guarantees associated with future delivery. At December 31, 2019, the liability was $44 million primarily related to these airline processing arrangements. In the normal course of business, the Company has unresolved charge-backs. The Company assesses the likelihood of its potential liability based on the extent and nature of unresolved charge-backs and its historical loss experience. At December 31, 2019, the Company held $89 million of merchant escrow deposits as collateral and had a recorded liability for potential losses of $17 million. Tender Option Bond Program Guarantee available-for-sale Minimum Revenue Guarantees - Other Guarantees and Commitments - - The Company has also made other financial performance guarantees and commitments primarily related to the operations of its subsidiaries. At December 31, 2019, the maximum potential future payments guaranteed or committed by the Company under these arrangements were approximately $781 million. 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 Regulatory Matters - 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 deferred prosecution for a period of two years, subject to the Company’s compliance with its terms, which included ongoing efforts to implement and maintain an adequate Bank Secrecy Act/anti-money laundering compliance program. The United States Attorney’s Office filed a motion to dismiss all charges under the DPA with the United States District Court for the Southern District of New York and that motion was granted by the court on February 13, 2020. In related actions taken in February 2018, the Company and one of its affiliates entered into a regulatory settlement with the Board of Governors of the Federal Reserve System (the “Federal Reserve”) and U.S. Bank entered into a regulatory settlement with the Financial Crimes Enforcement Network (“FinCEN”). In December 2019, the Federal Reserve terminated the order that it had entered into with the Company and its affiliate and thereby terminated the ongoing obligations under that settlement. Additionally, U.S. Bank’s ongoing obligations under its settlement agreement with FinCEN will expire on February 22, 2020, in accordance with the terms of that agreement. Outlook |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Business Segments | NOTE 23 Within the Company, financial performance is measured by major lines of business based on the products and services provided to customers through its distribution channels. These operating segments are components of the Company about which financial information is prepared and is evaluated regularly by management in deciding how to allocate resources and assess performance. The Company has five reportable operating segments: Corporate and Commercial Banking non-profit Consumer and Business Banking on-line Wealth Management and Investment Services Payment Services Treasury and Corporate Support tax-advantaged Basis of Presentation capital is allocated to the business segments to support evaluation of business performance. Business segments are allocated capital on a risk-adjusted basis considering economic and regulatory capital requirements. Generally, the determination of the amount of capital allocated to each business segment includes credit and operational capital allocations following a Basel III regulatory framework. Interest income and expense is determined based on the assets and liabilities managed by the business segment. Because funding and asset liability management is a central function, funds transfer-pricing methodologies are utilized to allocate a cost of funds used or credit for funds provided to all business segment assets and liabilities, respectively, using a matched funding concept. Also, each business unit is allocated the taxable-equivalent benefit of tax-exempt charge-off. Designations, assignments and allocations change from time to time as management systems are enhanced, methods of evaluating performance or product lines change or business segments are realigned to better respond to the Company’s diverse customer base. During 2019, certain organization and methodology changes were made and, accordingly, 2018 results were restated and presented on a comparable basis. Business segment results for the years ended December 31 were as follows: Corporate and Commercial Banking Consumer and Business Banking Wealth Management and Investment Services Year Ended December 31 (Dollars in Millions) 2019 2018 2019 2018 2019 2018 Condensed Income Statement Net interest income (taxable-equivalent basis) $ 2,871 $ 2,936 $ 6,261 $ 6,156 $ 1,157 $ 1,131 Noninterest income 867 843 2,387 2,316 1,799 1,748 Securities gains (losses), net – – – – – – Total net revenue 3,738 3,779 8,648 8,472 2,956 2,879 Noninterest expense 1,607 1,591 5,285 5,232 1,752 1,778 Other intangibles 4 4 20 27 13 16 Total noninterest expense 1,611 1,595 5,305 5,259 1,765 1,794 Income before provision and income taxes 2,127 2,184 3,343 3,213 1,191 1,085 Provision for credit losses 78 65 310 232 (3 ) (2 ) Income before income taxes 2,049 2,119 3,033 2,981 1,194 1,087 Income taxes and taxable-equivalent adjustment 513 531 759 745 299 273 Net income 1,536 1,588 2,274 2,236 895 814 Net (income) loss attributable to noncontrolling interests – – – – – – Net income attributable to U.S. Bancorp $ 1,536 $ 1,588 $ 2,274 $ 2,236 $ 895 $ 814 Average Balance Sheet Loans $ 96,608 $ 93,854 $ 144,595 $ 140,875 $ 10,080 $ 9,364 Other earning assets 3,751 3,072 3,989 3,501 282 184 Goodwill 1,647 1,647 3,475 3,604 1,617 1,618 Other intangible assets 8 11 2,617 2,953 49 63 Assets 106,716 102,801 158,884 155,267 13,330 12,437 Noninterest-bearing deposits 29,152 32,938 27,876 27,691 13,195 14,006 Interest-bearing deposits 72,780 69,913 129,289 124,934 62,031 56,000 Total deposits 101,932 102,851 157,165 152,625 75,226 70,006 Total U.S. Bancorp shareholders’ equity 10,399 10,463 11,713 11,812 2,525 2,476 Payment Services Treasury and Corporate Support Consolidated Company Year Ended December 31 (Dollars in Millions) 2019 2018 2019 2018 2019 2018 Condensed Income Statement Net interest income (taxable-equivalent basis) $ 2,493 $ 2,443 $ 373 $ 369 $ 13,155 $ 13,035 Noninterest income 3,707 (a) 3,599 (a) 998 1,066 9,758 (b) 9,572 (b) Securities gains (losses), net – – 73 30 73 30 Total net revenue 6,200 6,042 1,444 1,465 22,986 22,637 Noninterest expense 2,940 2,859 1,033 843 12,617 12,303 Other intangibles 131 114 – – 168 161 Total noninterest expense 3,071 2,973 1,033 843 12,785 12,464 Income before provision and income taxes 3,129 3,069 411 622 10,201 10,173 Provision for credit losses 1,108 1,081 11 3 1,504 1,379 Income before income taxes 2,021 1,988 400 619 8,697 8,794 Income taxes and taxable-equivalent adjustment 505 497 (325 ) (376 ) 1,751 1,670 Net income 1,516 1,491 725 995 6,946 7,124 Net (income) loss attributable to noncontrolling interests – – (32 ) (28 ) (32 ) (28 ) Net income attributable to U.S. Bancorp $ 1,516 $ 1,491 $ 693 $ 967 $ 6,914 $ 7,096 Average Balance Sheet Loans $ 33,566 $ 31,102 $ 5,837 $ 5,506 $ 290,686 $ 280,701 Other earning assets 348 291 131,481 127,318 139,851 134,366 Goodwill 2,839 2,570 – – 9,578 9,439 Other intangible assets 538 406 – – 3,212 3,433 Assets 39,743 36,912 156,980 149,597 475,653 457,014 Noninterest-bearing deposits 1,205 1,099 2,435 2,462 73,863 78,196 Interest-bearing d 115 110 8,734 4,309 272,949 255,266 Total deposits 1,320 1,209 11,169 6,771 346,812 333,462 Total U.S. Bancorp shareholders’ equity 7,084 6,629 20,902 18,383 52,623 49,763 (a) Presented net of related rewards and rebate costs and certain partner payments of $2.2 billion for 2019 and 2018. (b) Includes revenue generated from certain contracts with customers of $7.3 billion and $7.4 billion for 2019 and 2018, respectively. |
U.S. Bancorp (Parent Company)
U.S. Bancorp (Parent Company) | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
U.S. Bancorp (Parent Company) | NOTE 24 Condensed Balance Sheet At December 31 (Dollars in Millions) 2019 2018 Assets Due from banks, principally interest-bearing $ 11,583 $ 9,969 Available-for-sale 1,631 921 Investments in bank subsidiaries 48,518 47,549 Investments in nonbank subsidiaries 3,128 2,568 Advances to bank subsidiaries 3,850 3,800 Advances to nonbank subsidiaries 1,465 2,543 Other assets 1,211 813 Total assets $ 71,386 $ 68,163 Liabilities and Shareholders’ Equity Short-term funds borrowed $ 8 $ – Long-term debt 18,602 16,291 Other liabilities 923 843 Shareholders’ equity 51,853 51,029 Total liabilities and shareholders’ equity $ 71,386 $ 68,163 Condensed Income Statement Year Ended December 31 (Dollars in Millions) 2019 2018 2017 Income Dividends from bank subsidiaries $ 7,100 $ 5,300 $ 4,800 Dividends from nonbank subsidiaries 6 6 5 Interest from subsidiaries 317 220 159 Other income 25 33 41 Total income 7,448 5,559 5,005 Expense Interest expense 551 471 402 Other expense 140 133 124 Total expense 691 604 526 Income before income taxes and equity in undistributed income of subsidiaries 6,757 4,955 4,479 Applicable income taxes (92 ) (91 ) (176 ) Income of parent company 6,849 5,046 4,655 Equity in undistributed income of subsidiaries 65 2,050 1,563 Net income attributable to U.S. Bancorp $ 6,914 $ 7,096 $ 6,218 Condensed Statement of Cash Flows Year Ended December 31 (Dollars in Millions) 2019 2018 2017 Operating Activities Net income attributable to U.S. Bancorp $ 6,914 $ 7,096 $ 6,218 Adjustments to reconcile net income to net cash provided by operating activities Equity in undistributed income of subsidiaries (65 ) (2,050 ) (1,563 ) Other, net 231 359 (125 ) Net cash provided by operating activities 7,080 5,405 4,530 Investing Activities Proceeds from sales and maturities of investment securities 291 39 100 Purchases of investment securities (1,013 ) (10 ) (844 ) Net (increase) decrease in short-term advances to subsidiaries 578 (488 ) (790 ) Long-term advances to subsidiaries (2,600 ) (500 ) – Principal collected on long-term advances to subsidiaries 2,550 – 500 Other, net (341 ) 304 (12 ) Net cash used in investing activities (535 ) (655 ) (1,046 ) Financing Activities Net increase (decrease) in short-term borrowings 8 (1 ) (21 ) Proceeds from issuance of long-term debt 3,743 2,100 3,920 Principal payments or redemption of long-term debt (1,500 ) (1,500 ) (1,250 ) Proceeds from issuance of preferred stock – 565 993 Proceeds from issuance of common stock 88 86 159 Repurchase of preferred stock – – (1,085 ) Repurchase of common stock (4,525 ) (2,822 ) (2,631 ) Cash dividends paid on preferred stock (302 ) (274 ) (284 ) Cash dividends paid on common stock (2,443 ) (2,092 ) (1,928 ) Net cash used in financing activities (4,931 ) (3,938 ) (2,127 ) Change in cash and due from banks 1,614 812 1,357 Cash and due from banks at beginning of year 9,969 9,157 7,800 Cash and due from banks at end of year $ 11,583 $ 9,969 $ 9,157 Transfer of funds (dividends, loans or advances) from bank subsidiaries to the Company is restricted. Federal law requires loans to the Company or its affiliates to be secured and generally limits loans to the Company or an individual affiliate to 10 percent of each bank’s unimpaired capital and surplus. In the aggregate, loans to the Company and all affiliates cannot exceed 20 percent of each bank’s unimpaired capital and surplus. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 25 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation |
Uses of Estimates | Uses of Estimates |
Securities | Securities Realized gains or losses on securities are determined on a trade date basis based on the specific amortized cost of the investments sold. Trading Securities Available-for-sale Held-to-maturity Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase |
Equity Investments | Equity Investments Equity investments in entities where the Company has a significant influence (generally between 20 percent and 50 percent ownership), but does not control the entity, are accounted for using the equity method. Investments in limited partnerships and similarly structured limited liability companies where the Company’s ownership interest is greater than 5 percent are accounted for using the equity method. Equity investments not using the equity method are accounted for at fair value with changes in fair value and realized gains or losses reported in noninterest income, unless fair value is not readily determinable, in which case the investment is carried at cost subject to adjustments for any observable market transactions on the same or similar instruments of the investee. Most of the Company’s equity investments do not have readily determinable fair values. All equity investments are evaluated for impairment at least annually and more frequently if certain criteria are met. |
Loans | 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 two three The Company’s accounting methods for loans differ depending on whether the loans are originated or purchased, and for purchased loans, whether the loans were acquired at a discount related to evidence of credit deterioration since date of origination. Originated Loans Held for Investment Purchased Loans (non-impaired non-impaired In determining the acquisition date fair value of purchased impaired loans, and in subsequent accounting, the Company generally aggregates purchased consumer loans and certain smaller balance commercial loans into pools of loans with common risk characteristics, while accounting for larger balance commercial loans individually. Expected cash flows at the purchase date in excess of the fair value of loans are recorded as interest income over the life of the loans if the timing and amount of the future cash flows is reasonably estimable. Subsequent to the purchase date, increases in cash flows over those expected at the purchase date are recognized as interest income prospectively. The present value of any decreases in expected cash flows, other than from decreases in variable interest rates, after the purchase date is recognized by recording an allowance for credit losses. Revolving loans, including lines of credit and credit cards loans, and leases are excluded from purchased impaired loans accounting. For purchased loans acquired after January 1, 2009 that are not deemed impaired at acquisition, credit discounts representing the principal losses expected over the life of the loan are a component of the initial fair value. Subsequent to the purchase date, the methods utilized to estimate the required allowance for credit losses for these loans is similar to originated loans; however, the Company records a provision for credit losses only when the required allowance exceeds any remaining credit discounts. The remaining differences between the purchase price and the unpaid principal balance at the date of acquisition are recorded in interest income over the life of the loans. Commitments to Extend Credit changes in fair value recorded in noninterest income. All other unfunded loan commitments are not considered derivatives and are not reported on the Consolidated Balance Sheet. For loans purchased after January 1, 2009, the fair value of the unfunded credit commitments is generally considered in the determination of the fair value of the loans recorded at the date of acquisition. Reserves for credit exposure on all other unfunded credit commitments are recorded in other liabilities. Allowance for Credit Losses 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 portfolio growth and historical losses, adjusted for current trends. The Company also considers any modifications made to consumer lending segment loans including the impacts of any subsequent payment defaults since modification in determining the allowance for credit losses, such as the borrower’s ability to pay under the restructured terms, and the timing and amount of payments. 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 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) recognized until the timing and amount of the future cash flows can be reasonably estimated. 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. Troubled Debt Restructurings 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 mo dify their loan and ments 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. Impaired Loans 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. Leases have 3 to 5 year terms. Commercial lease s may include high dollar assets such as aircraft or lower cost items such as office equipment. 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 end-of-term off-lease 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. Other Real Estate |
Loans Held For Sale | Loans Held For Sale Loans held for sale (“LHFS”) represent mortgage loans intended to be sold in the secondary market and other loans that management has an active plan to sell. LHFS are carried at the lower-of-cost-or-fair Where an election is made to carry the LHFS at fair value, any change in fair value is recognized in noninterest income. Where an election is made to carry LHFS at lower-of-cost-or-fair |
Derivative Financial Instruments | Derivative Financial 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. Derivative instruments are reported in other assets or other liabilities at fair value. Changes in a derivative’s fair value are recognized currently in earnings unless specific hedge accounting criteria are met. All derivative instruments that qualify and are designated for hedge accounting are recorded at fair value and classified as either a hedge of the fair value of a recognized asset or liability (“fair value hedge”); a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”); or a hedge of the volatility of a net investment in foreign operations driven by changes in foreign currency exchange rates (“net investment hedge”). Changes in the fair value of a derivative that is highly effective and designated as a fair value hedge, and the offsetting changes in the fair value of the hedged item, are recorded in earnings. Changes in the fair value of a derivative that is highly effective and designated as a cash flow hedge are recorded in other comprehensive income (loss) until cash flows of the hedged item are realized. Changes in the fair value of net investment hedges that are highly effective are recorded in other comprehensive income (loss). 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). 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 ( l reported in earnings immediately , |
Revenue Recognition | Revenue Recognition In the ordinary course of business, the Company recognizes income derived from various revenue generating activities. Certain revenues are generated from contracts where they are recognized when, or as services or products are transferred to customers for amounts the Company expects to be entitled. Revenue generating activities related to financial assets and liabilities are also recognized; including mortgage servicing fees, loan commitment fees, foreign currency remeasurements, and gains and losses on securities, equity investments and unconsolidated subsidiaries. Certain specific policies include the following: Credit and Debit Card Revenue Corporate Payment Products Revenue commercial card products processed through card association networks and revenue from proprietary network transactions. The Company records corporate payment products revenue as services are provided. Certain payments to credit card associations and customers are also recorded within corporate payment products revenue as services are provided. Corporate payment products revenue is recorded within the Payment Services line of business. Merchant Processing Services processing revenue also includes revenues related to point-of-sale shipped or as earned for equipment rentals. The Company records merchant processing services revenue within the Payment Services line of business. Trust and Investment Management Fees Deposit Service Charges Treasury Management Fees Commercial Products Revenue non-yield for the underwriting group. The Company recognizes only those fees and expenses related to its underwriting commitment. Mortgage Banking Revenue Mortgage banking revenue includes revenue derived from mortgages originated and subsequently sold, generally with servicing retained. The primary components include: gains and losses on mortgage sales; servicing revenue; changes in fair value for mortgage loans originated with the intent to sell and measured at fair value under the fair value option; changes in fair value for derivative commitments to purchase and originate mortgage loans; changes in the fair value of mortgage servicing rights (“MSRs”); and the impact of risk management activities associated with the mortgage origination pipeline, funded loans and MSRs. Net interest income from mortgage loans is recorded in interest income. Refer to Other Significant Policies in Note , as well as Note and Note for a further discussion of MSRs. Mortgage banking revenue is reported within the Consumer and Business Banking line of business. Investment Products Fees Investment products fees include commissions related to the execution of requested security trades, distribution fees from sale of mutual funds, and investment advisory fees. Commissions and investment advisory fees are recognized as services are delivered to and utilized by the customer. Distribution fees are received over time, are dependent on the consumer maintaining their mutual fund asset position and the value of such position. These revenues are estimated and recognized at the point a significant reversal of revenue becomes remote. Investment products fees are predominately reported within the Wealth Management and Investment Services line of business. Other Noninterest Income Other noninterest income is primarily related to financial assets including income on unconsolidated subsidiaries and equity method investments, gains on sale of other investments and corporate owned life insurance proceeds. The Company reports other noninterest income across all lines of business. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets includes assessing the current implied fair value of the reporting unit as if it were being acquired in a business combination and comparing it to the carrying amount of the reporting unit’s goodwill. Determining the amount of other intangible asset impairment, if any, includes assessing the present value of the estimated future cash flows associated with the intangible asset and comparing it to the carrying amount of the asset. |
Income Taxes | I ncome Taxes Deferred taxes are recorded to reflect the tax consequences on future years of differences between the tax basis of assets and liabilities and their financial reporting carrying amounts. The Company uses the deferral method of accounting on investments that generate investment tax credits. Under this method, the investment tax credits are recognized as a reduction to the related asset. For certain investments in qualified affordable housing projects, the Company presents the expense in tax expense rather than noninterest expense. |
Mortgage Servicing Rights | Mortgage Servicing Rights - |
Pensions | Pensions year-end plan assets is based on fair value adjusted for the difference between expected returns and actual performance of plan assets. The unrealized difference between actual experience and expected returns is included in expense over a period of approximately fifteen years. The overfunded or underfunded status of the plans is recorded as an asset or liability on the Consolidated Balance Sheet, with changes in that status recognized through other comprehensive income (loss). |
Premises and Equipment | Premises and Equipment The Company, as lessee, records an ROU asset for each lease with an original term greater than 12 months. ROU assets are included in premises and equipment, with the corresponding lease liabilities included in long-term debt and other liabilities. |
Stock-Based Compensation | Stock-Based Compensation |
Per Share Calculations | Per Share Calculations two-class two-class |
Accounting Changes | Accounting for Leases 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 Effective 1, 2020, the Company adopted accounting guidance, issued by the FASB in June 2016, related to the impairment of financial instruments. This guidance changes 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 accounting guidance by decreasing the number of credit impairment models that entities use to account for debt instruments. In addition, the guidance requires additional credit quality disclosures for loans. Upon adoption, the Company increased its allowance for credit losses by approximately $ billion and reduced retained earnings net of deferred tax balances. When determining expected losses, the Company uses multiple economic scenarios and a three-year reasonable and supportable forecast period, which incorporates historical loss experience in years two and three. After the forecast period, the Company fully reverts to long-term historical loss experience, adjusted for prepayments, to estimate losses over the remaining life. The increase in the allowance was primarily related to the commercial , credit card, installment and other retail loan portfolios where the allowance for loan losses had not previously considered the full term of the loans . The adoption of this guidance did not have a material impact on the Company’s available-for-sale securities as most of this portfolio consists of U.S. Treasury and residential agency mortgage-backed securities that inherently have an immaterial risk of loss. |
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. |
Netting Arrangements for Certain Financial Instruments | The Company’s derivative portfolio consists of bilateral over-the-counter trades, certain interest rate derivatives and credit contracts required to be centrally cleared through clearinghouses per current regulations, and exchange-traded positions which may include U.S. Treasury and Eurodollar futures or options on U.S. Treasury futures. 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. Refer to Note 19 for further discussion of the Company’s derivatives, including collateral arrangements.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 |
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 - – 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. |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities Available-for-Sale and Held-to-Maturity | 2019 2018 Unrealized Losses Unrealized Losses (Dollars in Millions) Amortized Unrealized Other-than- (a) Other (b) Fair Value Amortized Unrealized Other-than- (a) Other (b) Fair Value Held-to-maturity U.S. Treasury and agencies $ – $ – $ – $ – $ – $ 5,102 $ 2 $ – $ (143 ) $ 4,961 Residential agency mortgage-backed securities – – – – – 40,920 45 – (994 ) 39,971 Asset-backed securities Collateralized debt obligations/Collateralized loan obligations – – – – – – 1 – – 1 Other – – – – – 5 2 – – 7 Obligations of state and political subdivisions – – – – – 6 1 – – 7 Obligations of foreign governments – – – – – 9 – – – 9 Other – – – – – 8 – – – 8 Total held-to-maturity $ – $ – $ – $ – $ – $ 46,050 $ 51 $ – $ (1,137 ) $ 44,964 Available-for-sale U.S. Treasury and agencies $ 19,845 $ 61 $ – $ (67 ) $ 19,839 $ 19,604 $ 11 $ – $ (358 ) $ 19,257 Mortgage-backed securities Residential agency 93,903 557 – (349 ) 94,111 40,542 120 – (910 ) 39,752 Commercial agency 1,482 – – (29 ) 1,453 2 – – – 2 Asset-backed securities Colla teralized de b g g – 1 – – 1 – – – – – Other 375 7 – – 382 397 6 – – 403 Obligations of state and political subdivisions 6,499 318 – (3 ) 6,814 6,836 37 – (172 ) 6,701 Obligations of foreign governments 9 – – – 9 – – – – – Corporate debt securities 4 – – – 4 – – – – – Total available-for-sale $ 122,117 $ 944 $ – $ (448 ) $ 122,613 $ 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 information about the amount of interest income from taxable and non-taxable Year Ended December 31 (Dollars in Millions) 2019 2018 2017 Taxable $ 2,680 $ 2,396 $ 2,043 Non-taxable 213 220 189 Total interest income from investment securities $ 2,893 $ 2,616 $ 2,232 |
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 Year Ended December 31 (Dollars in Millions) 2019 2018 2017 Realized gains $ 99 $ 30 $ 75 Realized losses (26 ) – (18 ) Net realized gains (losses) $ 73 $ 30 $ 57 Income tax (benefit) on net realized gains (losses) $ 18 $ 7 $ 22 |
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 available -for-sale Less Than 12 Months 12 Months or Greater Total (Dollars in Millions) Fair Unrealized Fair Unrealized Fair Unrealized U.S. Treasury and agencies $ 3,869 $ (40 ) $ 6,265 $ (27 ) $ 10,134 $ (67 ) Residential agency mortgage-backed securities 16,292 (46 ) 24,346 (303 ) 40,638 (349 ) Commercial agency mortgage-backed securities 1,453 (29 ) – – 1,453 (29 ) Other asset-backed securities – – 2 – 2 – Obligations of state and political subdivisions 365 (3 ) – – 365 (3 ) Corporate debt securities 4 – – – 4 – Total investment securities $ 21,983 $ (118 ) $ 30,613 $ (330 ) $ 52,596 $ (448 ) |
Amortized cost, fair value and yield by maturity date of held-to-maturity and available-for-sale investment securities | The following table provides information about the amortized cost, fair value and yield by maturity date of the available-for-sale (Dollars in Millions) Amortized Fair Weighted- in Weighted- (e) U.S. Treasury and Agencies Maturing in one year or less $ 4,243 $ 4,242 .6 1.61 % Maturing after one year through five years 12,881 12,901 2.4 1.65 Maturing after five years through ten years 2,721 2,696 7.5 1.95 Maturing after ten years – – – – Total $ 19,845 $ 19,839 2.7 1.68 % Mortgage-Backed Securities (a) Maturing in one year or less $ 197 $ 197 .7 2.28 % Maturing after one year through five years 66,940 67,102 3.6 2.30 Maturing after five years through ten years 27,339 27,349 6.0 2.58 Maturing after ten years 909 916 11.4 2.76 Total $ 95,385 $ 95,564 4.4 2.39 % Asset-Backed Securities (a) Maturing in one year or less $ – $ – – — % Maturing after one year through five years 374 381 3.1 3.09 Maturing after five years through ten years 1 1 6.1 2.56 Maturing after ten years – 1 15.3 2.41 Total $ 375 $ 383 3.1 3.09 % Obligations of State and Political Subdivisions (b)(c) Maturing in one year or less $ 66 $ 66 .1 5.81 % Maturing after one year through five years 695 722 3.0 4.50 Maturing after five years through ten years 5,720 6,004 7.1 4.24 Maturing after ten years 18 22 14.0 6.15 Total $ 6,499 $ 6,814 6.6 4.29 % Other Maturing in one year or less $ 13 $ 13 .3 2.66 % Maturing after one year through five years – – – – Maturing after five years through ten years – – – – Maturing after ten years – – – – Total $ 13 $ 13 .3 2.66 % Total investment securities (d) $ 122,117 $ 122,613 4.2 2.38 % (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 total available-for-sale and held-to-maturity investment securities was 5.3 years at December 31, 2018, with a corresponding weighted-average yield of 2.52 percent. (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 investment securities are computed based on amortized cost balances, excluding any premiums or discounts recorded related to the transfer of investment securities at fair value from available-for-sale to held-to-maturity. |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Composition of Loan Portfolio | The composition of the loan portfolio at December 31, disaggregated by class and underlying specific portfolio type, was as follows: (Dollars in Millions) 2019 2018 Commercial Commercial $ 98,168 $ 96,849 Lease financing 5,695 5,595 Total commercial 103,863 102,444 Commercial Real Estate Commercial mortgages 29,404 28,596 Construction and development 10,342 10,943 Total commercial real estate 39,746 39,539 Residential Mortgages Residential mortgages 59,865 53,034 Home equity loans, first liens 10,721 12,000 Total residential mortgages 70,586 65,034 Credit Card 24,789 23,363 Other Retail Retail leasing 8,490 8,546 Home equity and second mortgages 15,036 16,122 Revolving credit 2,899 3,088 Installment 11,038 9,676 Automobile 19,435 18,719 Student 220 279 Total other retail 57,118 56,430 Total loans $ 296,102 $ 286,810 |
Activity in Allowance for Credit Losses by Portfolio Class | Activity in the allowance for credit losses by portfolio class was as follows: (Dollars in Millions) Commercial Commercial Residential Credit Other Covered Total Balance at December 31 , 2018 Balance at beginning of period $ 1,454 $ 800 $ 455 $ 1,102 $ 630 $ – $ 4,441 Add Provision for credit losses 315 13 (19 ) 919 276 – 1,504 Deduct Loans charged-off 399 21 34 1,028 385 – 1,867 Less recoveries of loans charged-off (114 ) (7 ) (31 ) (135 ) (126 ) – (413 ) Net loans charged-off 285 14 3 893 259 – 1,454 Balance at December 31 , 2019 $ 1,484 $ 799 $ 433 $ 1,128 $ 647 $ – $ 4,491 Balance at December 31 , 2017 Balance at beginning of period $ 1,372 $ 831 $ 449 $ 1,056 $ 678 $ 31 $ 4,417 Add Provision for credit losses 333 (50 ) 23 892 211 (30 ) 1,379 Deduct Loans charged-off 350 9 48 970 383 – 1,760 Less recoveries of loans charged-off (99 ) (28 ) (31 ) (124 ) (124 ) – (406 ) Net loans charged-off 251 (19 ) 17 846 259 – 1,354 Other changes (a) – – – – – (1 ) (1 ) Balance at December 31 , 2018 $ 1,454 $ 800 $ 455 $ 1,102 $ 630 $ – $ 4,441 Balance at December 31 , 2016 Balance at beginning of period $ 1,450 $ 812 $ 510 $ 934 $ 617 $ 34 $ 4,357 Add Provision for credit losses 186 19 (24 ) 908 304 (3 ) 1,390 Deduct Loans charged-off 414 30 65 887 355 – 1,751 Less recoveries of loans charged-off (150 ) (30 ) (28 ) (101 ) (112 ) – (421 ) Net loans charged-off 264 – 37 786 243 – 1,330 Balance at December 31 , 2017 $ 1,372 $ 831 $ 449 $ 1,056 $ 678 $ 31 $ 4,417 (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 December 31, 2019 Related to Loans individually evaluated for impairment (a) $ 16 $ 3 $ – $ – $ – $ 19 TDRs collectively evaluated for impairment 20 3 109 81 10 223 Other loans collectively evaluated for impairment 1,448 793 309 1,047 637 4,234 Loans acquired with deteriorated credit quality – – 15 – – 15 Total allowance for credit losses $ 1,484 $ 799 $ 433 $ 1,128 $ 647 $ 4,491 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 Loans December 31 , 2019 Loans individually evaluated for impairment (a) $ 253 $ 61 $ – $ – $ – $ 314 TDRs collectively evaluated for impairment 163 138 3,044 263 185 3,793 Other loans collectively evaluated for impairment 103,447 39,513 67,315 24,526 56,933 291,734 Loans acquired with deteriorated credit quality – 34 227 – – 261 Total loans $ 103,863 $ 39,746 $ 70,586 $ 24,789 $ 57,118 $ 296,102 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 December 31, 2019 Commercial $ 103,273 $ 307 $ 79 $ 204 $ 103,863 Commercial real estate 39,627 34 3 82 39,746 Residential mortgages (a) 70,071 154 120 241 70,586 Credit card 24,162 321 306 – 24,789 Other retail 56,463 393 97 165 57,118 Total loans $ 293,596 $ 1,209 $ 605 $ 692 $ 296,102 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 December 31, 2019, $ 428 430 1.7 |
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 December 31 , 2019 Commercial $ 101,850 $ 1,147 $ 866 $ 2,013 $ 103,863 Commercial real estate 38,872 484 390 874 39,746 Residential mortgages (b) 70,174 2 410 412 70,586 Credit card 24,483 – 306 306 24,789 Other retail 56,825 10 283 293 57,118 Total loans $ 292,204 $ 1,643 $ 2,255 $ 3,898 $ 296,102 Total outstanding commitments $ 619,224 $ 2,451 $ 2,873 $ 5,324 $ 624,548 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 December 31, 2019, $1.7 billion of GNMA loans 90 days or more past due and $1.6 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, unchanged f rom . |
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 (a) Unpaid Valuation Commitments December 31, 2019 Commercial $ 483 $ 1,048 $ 39 $ 158 Commercial real estate 242 603 7 – Residential mortgages 1,515 1,827 71 – Credit card 263 263 81 – Other retail 318 417 12 2 Total loans, excluding loans purchased from GNMA mortgage pools 2,821 4,158 210 160 Loans purchased from GNMA mortgage pools 1,622 1,622 39 – Total $ 4,443 $ 5,780 $ 249 $ 160 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 December 31, 2019 and 2018, had an associated allowance for credit losses. The total amount of interest income recognized during 2019 on loans classified as impaired at December 31, 2019, excluding those acquired with deteriorated credit quality, was $ 194 246 |
Impaired Loans Average Recorded Investment and Interest Income Recognized | Additional information on impaired loans follows for the years ended December 31 follows: (Dollars in Millions) Average Interest 2019 Commercial $ 520 $ 9 Commercial real estate 248 11 Residential mortgages 1,622 92 Credit card 257 – Other retail 323 12 Total loans, excluding loans purchased from GNMA mortgage pools 2,970 124 Loans purchased from GNMA mortgage pools 1,638 70 Total $ 4,608 $ 194 2018 Commercial $ 497 $ 8 Commercial real estate 273 13 Residential mortgages 1,817 76 Credit card 236 3 Other retail 309 16 Covered Loans 25 1 Total loans, excluding loans purchased from GNMA mortgage pools 3,157 117 Loans purchased from GNMA mortgage pools 1,640 47 Total $ 4,797 $ 164 2017 Commercial $ 683 $ 7 Commercial real estate 273 11 Residential mortgages 2,135 103 Credit card 229 3 Other retail 287 14 Covered Loans 37 1 Total loans, excluding loans purchased from GNMA mortgage pools 3,644 139 Loans purchased from GNMA mortgage pools 1,672 65 Total $ 5,316 $ 204 |
Summary of Loans Modified as TDRs | The following table provides a summary of loans modified as TDRs for the years ended December 31, by portfolio class: (Dollars in Millions) Number Pre-Modification Balance Post- Modification Outstanding Balance 2019 Commercial 3,445 $ 376 $ 359 Commercial real estate 136 129 125 Residential mortgages 417 55 54 Credit card 34,247 185 186 Other retail 2,952 63 61 Total loans, excluding loans purchased from GNMA mortgage pools 41,197 808 785 Loans purchased from GNMA mortgage pools 6,257 856 827 Total loans 47,454 $ 1,664 $ 1,612 2018 Commercial 2,824 $ 336 $ 311 Commercial real estate 127 168 169 Residential mortgages 526 73 69 Credit card 33,318 169 171 Other retail 2,462 58 55 Covered Loans 3 1 1 Total loans, excluding loans purchased from GNMA mortgage pools 39,260 805 776 Loans purchased from GNMA mortgage pools 6,268 821 803 Total loans 45,528 $ 1,626 $ 1,579 2017 Commercial 2,758 $ 380 $ 328 Commercial real estate 128 82 78 Residential mortgages 800 90 88 Credit card 33,615 161 162 Other retail 3,881 79 68 Covered Loans 11 2 2 Total loans, excluding loans purchased from GNMA mortgage pools 41,193 794 726 Loans purchased from GNMA mortgage pools 6,791 881 867 Total loans 47,984 $ 1,675 $ 1,593 |
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 (Dollars in Millions) Number Amount 2019 Commercial 1,040 $ 46 Commercial real estate 36 24 Residential mortgages 137 15 Credit card 8,273 40 Other retail 380 10 Total loans, excluding loans purchased from GNMA mortgage pools 9,866 135 Loans purchased from GNMA mortgage pools 997 131 Total loans 10,863 $ 266 2018 Commercial 836 $ 71 Commercial real estate 39 15 Residential mortgages 191 18 Credit card 8,012 35 Other retail 334 5 Covered loans 1 – Total loans, excluding loans purchased from GNMA mortgage pools 9,413 144 Loans purchased from GNMA mortgage pools 1,447 187 Total loans 10,860 $ 331 2017 Commercial 724 $ 53 Commercial real estate 36 9 Residential mortgages 374 41 Credit card 8,372 36 Other retail 415 5 Covered loans 4 – Total loans, excluding loans purchased from GNMA mortgage pools 9,925 144 Loans purchased from GNMA mortgage pools 1,369 177 Total loans 11,294 $ 321 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 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, at December 31, were as follows: (Dollars in Millions) 2019 2018 Lease receivables $ 12,324 $ 12,207 Unguaranteed residual values accruing to the lessor’s benefit 1,834 1,877 Total net investment in sales-type and direct financing leases $ 14,158 $ 14,084 |
Contractual Future Lease Payments to be Received | The contractual future lease payments to be received by the Company, at December 31, 2019, were as follows: (Dollars in Millions) Sales-type and Operating leases 2020 $ 4,755 $ 176 2021 3,729 142 2022 2,766 103 2023 1,248 69 2024 382 50 Thereafter 483 52 Total lease payments 13,363 $ 592 Amounts representing interest (1,039 ) Lease receivables $ 12,324 |
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 for the year ended December 31, 2019 (Dollars in Millions) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 302 Operating cash flows from finance leases 7 Financing cash flows from finance leases 10 Right of use assets obtained in exchange for new operating lease liabilities 134 Right of use assets obtained in exchange for new finance lease liabilities 10 |
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 December 31, 2019: Weighted-average remaining lease term of operating leases (in years) 7.4 Weighted-average remaining lease term of finance leases (in years) 10.7 Weighted-average discount rate of operating leases 3.2 % Weighted-average discount rate of finance leases 14.3 % |
Schedule of Contractual Future Lease Obligations | The contractual future lease obligations of the Company at December 31, 2019, were as follows: (Dollars in Millions) Operating leases Finance leases 2020 $ 296 $ 17 2021 267 15 2022 226 13 2023 180 12 2024 132 10 Thereafter 391 38 Total lease payments 1,492 105 Amounts representing interest (150 ) (31 ) Lease liabilities $ 1,342 $ 74 |
Accounting for Transfers and _2
Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 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 At December 31 (Dollars in Millions) 2019 2018 Investment carrying amount $ 6,148 $ 5,823 Unfunded capital and other commitments 2,938 2,778 Maximum exposure to loss 12,118 12,360 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | Premises and equipment at December 31 consisted of the following: (Dollars in Millions) 2019 2018 Land $ 504 $ 515 Buildings and improvements 3,513 3,481 Furniture, fixtures and equipment 3,366 3,110 Right of use assets on operating leases 1,141 – Right of use assets on finance leases 111 121 Construction in progress 21 20 8,656 7,247 Less accumulated depreciation and amortization (4,954 ) (4,790 ) Total $ 3,702 $ 2,457 |
Mortgage Servicing Rights (Tabl
Mortgage Servicing Rights (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Changes in Fair Value of Capitalized MSRs | Changes in fair value of capitalized MSRs for the years ended December 31, are summarized as follows: (Dollars in Millions) 2019 2018 2017 Balance at beginning of period $ 2,791 $ 2,645 $ 2,591 Rights purchased 20 8 13 Rights capitalized 559 397 445 Rights sold (a) 5 (27 ) – Changes in fair value of MSRs Due to fluctuations in market interest rates ( b (390 ) 98 (23 ) Due to revised assumptions or models ( c 23 56 18 Other changes in fair value ( d (462 ) (386 ) (399 ) Balance at end of period $ 2,546 $ 2,791 $ 2,645 (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 as of December 31 follows: 2019 2018 (Dollars in Millions) Down Down Down Up Up Up 100 bps Down Down Down Up Up Up MSR portfolio $ (663 ) $ (316 ) $ (153 ) $ 141 $ 269 $ 485 $ (501 ) $ (223 ) $ (105 ) $ 92 $ 171 $ 295 Derivative instrument hedges 613 306 152 (143 ) (279 ) (550 ) 455 215 104 (94 ) (177 ) (321 ) Net sensitivity $ (50 ) $ (10 ) $ (1 ) $ (2 ) $ (10 ) $ (65 ) $ (46 ) $ (8 ) $ (1 ) $ (2 ) $ (6 ) $ (26 ) |
MSRs and Related Characteristics by Portfolio | A summary of the Company’s MSRs and related characteristics by portfolio as of December 31 follows: 2019 2018 (Dollars in Millions) HFA Government Conventional (d) Total HFA Government Conventional (d) Total Servicing portfolio (a) $ 44,906 $ 35,302 $ 143,310 $ 223,518 $ 44,384 $ 35,990 $ 148,910 $ 229,284 Fair value $ 486 $ 451 $ 1,609 $ 2,546 $ 526 $ 465 $ 1,800 $ 2,791 Value (bps) (b) 108 128 112 114 119 129 121 122 Weighted-average servicing fees (bps) 34 39 28 31 34 36 27 30 Multiple (value/servicing fees) 3.15 3.29 4.00 3.67 3.45 3.63 4.52 4.11 Weighted-average note rate 4.65 % 3.99 % 4.07 % 4.17 % 4.59 % 3.97 % 4.06 % 4.15 % Weighted-average age (in years) 3.7 4.9 4.8 4.6 3.3 4.7 4.5 4.3 Weighted-average expected prepayment (constant prepayment rate) 12.2 % 13.7 % 12.2 % 12.4 % 9.8 % 11.0 % 9.1 % 9.5 % Weighted-average expected life (in years) 6.5 5.7 5.9 6.0 7.7 6.7 7.1 7.2 Weighted-average option adjusted spread (c) 8.4 % 7.9 % 6.9 % 7.3 % 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. |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible assets consisted of the following: At December 31 (Dollars in Millions) Estimated Life (a) Amortization Method (b) Balance 2019 2018 Goodwill (c) $ 9,655 $ 9,369 Merchant processing contracts 6 years/7 years SL/AC 225 155 Core deposit benefits 22 years/5 years SL/AC 82 104 Mortgage servicing rights (c) 2,546 2,791 Trust relationships 10 years/7 years SL/AC 27 34 Other identified intangibles 6 years/4 years SL/AC 343 308 Total $ 12,878 $ 12,761 (a) Estimated life represents the amortization period for assets subject to the straight line method and the weighted - (b) Amortization methods: SL = straight line method AC = accelerated methods generally based on cash flows (c) Goodwill is evaluated for impairment, but not amortized. Mortgage servicing rights are recorded at fair value, and are not amortized. |
Aggregate Amortization Expense | Aggregate amortization expense consisted of the following: Year Ended December 31 (Dollars in Millions) 2019 2018 2017 Merchant processing contracts $ 45 $ 24 $ 24 Core deposit benefits 22 26 30 Trust relationships 10 11 14 Other identified intangibles 91 100 107 Total $ 168 $ 161 $ 175 |
Estimated Amortization Expense | The estimated amortization expense for the next five years is as follows: (Dollars in Millions) 2020 $ 155 2021 130 2022 109 2023 76 2024 60 |
Changes in Carrying Value of Goodwill | The following table reflects the changes in the carrying value of goodwill for the years ended December 31, 2019, 2018 and 2017: (Dollars in Millions) Corporate and Consumer and Wealth Management and Payment Treasury and Consolidated Balance at December 31, 2016 $ 1,647 $ 3,681 $ 1,566 $ 2,450 $ – $ 9,344 Goodwill acquired – – – 62 – 62 Foreign exchange translation and other – – 3 25 – 28 Balance at December 31, 2017 $ 1,647 $ 3,681 $ 1,569 $ 2,537 $ – $ 9,434 Goodwill acquired – – – 105 – 105 Disposal – (155 ) – – – (155 ) Foreign exchange translation and other – (51 ) 49 (13 ) – (15 ) Balance at December 31, 2018 $ 1,647 $ 3,475 $ 1,618 $ 2,629 $ – $ 9,369 Goodwill acquired – – – 285 – 285 Foreign exchange translation and other – – (1 ) 2 – 1 Balance at December 31, 2019 $ 1,647 $ 3,475 $ 1,617 $ 2,916 $ – $ 9,655 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Banking and Thrift [Abstract] | |
Composition of Deposits | The composition of deposits at December 31 was as follows: (Dollars in Millions) 2019 2018 Noninterest-bearing deposits $ 75,590 $ 81,811 Interest-bearing deposits Interest checking 75,949 73,994 Money market savings 120,082 100,396 Savings accounts 47,401 44,720 Time deposits 42,894 44,554 Total interest-bearing deposits 286,326 263,664 Total deposits $ 361,916 $ 345,475 |
Maturities of Time Deposits Outstanding | The maturities of time deposits outstanding at December 31, 2019 were as follows: (Dollars in Millions) 2020 $ 37,731 2021 2,700 2022 1,183 2023 673 2024 602 Thereafter 5 Total $ 42,894 |
Short-Term Borrowings (Tables)
Short-Term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Summary of Short-Term Borrowings | The following table is a summary of short-term borrowings for the last three years: 2019 2018 2017 (Dollars in Millions) Amount Rate Amount Rate Amount Rate At year-end Federal funds purchased $ 828 1.45 % $ 458 2.05 % $ 252 . 77 % Securities sold under agreements to repurchase 1,165 1.41 2,582 2.20 803 . 61 Commercial paper 7,576 1.07 6,940 1.35 8,303 . 68 Other short-term borrowings 14,154 1.94 4,159 2.68 7,293 2.13 Total $ 23,723 1.62 % $ 14,139 1.92 % $ 16,651 1.31 % Average for the year Federal funds purchased $ 1,457 1.94 % $ 1,070 1.70 % $ 528 . 86 % Securities sold under agreements to repurchase 1,770 2.00 2,279 1.87 917 . 44 Commercial paper 8,186 1.45 6,929 . 94 8,236 . 49 Other short-term borrowings 6,724 2.78 11,512 2.27 5,341 1.90 Total $ 18,137 2.04 % $ 21,790 1.78 % $ 15,022 1.00 % Maximum month-end Federal funds purchased $ 3,629 $ 4,532 $ 600 Securities sold under agreements to repurchase 2,755 3,225 927 Commercial paper 9,431 7,846 9,950 Other short-term borrowings 14,154 16,588 7,293 (a) Interest and rates are presented on a fully taxable-equivalent basis utilizing a tax rate of 21 percent for 2019 and 2018 and 35 percent for 2017. |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Summary of Long-term Debt | Long-term debt (debt with original one consisted (Dollars in Millions) Rate Rate (a) Maturity Date 2019 2018 U.S. Bancorp (Parent Company) Subordinated notes Fixed 2.950 % 2022 $ 1,300 $ 1,300 Fixed 3.600 % 2024 1,000 1,000 Fixed 7.500 % 2026 199 199 Fixed 3.100 % 2026 1,000 1,000 Fixed 3.000 % 2029 1,000 – Medium-term notes Fixed .850 % 2021 2028 13,820 12,345 Floating 2.576 % 2022 250 500 Other (b) 33 (53 ) Subtotal 18,602 16,291 Subsidiaries Federal Home Loan Bank advances Fixed 1.250% - 8.250 % 2020 2026 1,106 307 Floating 2.165% - 2.461 % 2022 2026 3,272 4,272 Bank notes Fixed 1.950% - 3.450 % 2020 2025 9,550 11,600 Floating .600 % 2020 2059 6,789 7,864 Other (c) 848 1,006 Subtotal 21,565 25,049 Total $ 40,167 $ 41,340 (a) Weighted-average interest rates of medium-term notes, Federal Home Loan Bank advances and bank notes were 2.87 percent, 2.42 percent and 2.54 percent, respectively. (b) Includes debt issuance fees and unrealized gains and losses and deferred amounts relating to derivative instruments. (c) Includes consolidated community development and tax-advantaged finance |
Maturities of Long-term Debt Outstanding | Maturities of long-term debt outstanding at December 31, 2019, were: (Dollars in Millions) Parent Consolidated 2020 $ – $ 3,772 2021 2,696 9,430 2022 3,790 6,298 2023 – 2,799 2024 5,657 5,663 Thereafter 6,459 12,205 Total $ 18,602 $ 40,167 |
Shareholder' Equity (Tables)
Shareholder' Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Federal Home Loan Banks [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: 2019 2018 At December 31 (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 December 31, 2019 and 2018, was $1.00 per share. |
Common Stock Repurchased | The following table summarizes the Company’s common stock repurchased in each of the last three years: (Dollars and Shares in Millions) Shares Value 2019 81 $ 4,515 2018 54 2,844 2017 49 2,622 |
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 for the years ended December 31, is as follows: (Dollars in Millions) Unrealized Gains Available-For-Sale Unrealized Gains From Available-For-Sale Held-To-Maturity Unrealized Gains Unrealized Gains Foreign Currency Total 2019 Balance at beginning of period $ (946 ) $ 14 $ 112 $ (1,418 ) $ (84 ) $ (2,322 ) Changes in unrealized gains and losses 1,693 – (229 ) (380 ) – 1,084 Unrealized gains and losses on 150 (9 ) – – – 141 Foreign currency translation adjustment (a) – – – – 26 26 Reclassification to earnings of realized gains and losses (73 ) (7 ) 11 89 – 20 Applicable income taxes (445 ) 2 55 73 (7 ) (322 ) Balance at end of period $ 379 $ – $ (51 ) $ (1,636 ) $ (65 ) $ (1,373 ) 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 (656 ) – 39 (302 ) – (919 ) Foreign currency translation adjustment (a) – – – – 3 3 Reclassification to earnings of realized gains and losses (30 ) (9 ) (5 ) 137 – 93 Applicable income taxes 174 2 (8 ) 42 (5 ) 205 Balance at end of period $ (946 ) $ 14 $ 112 $ (1,418 ) $ (84 ) $ (2,322 ) 2017 Balance at beginning of period $ (431 ) $ 25 $ 55 $ (1,113 ) $ (71 ) $ (1,535 ) Changes in unrealized gains and losses 178 – (5 ) (41 ) – 132 Foreign currency translation adjustment ( a – – – – (2 ) (2 ) Reclassification to earnings of realized gains and losses (57 ) (13 ) 30 117 – 77 Applicable income taxes (47 ) 5 (9 ) (29 ) 4 (76 ) Balance at end of period $ (357 ) $ 17 $ 71 $ (1,066 ) $ (69 ) $ (1,404 ) (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 about the impact to net income for items reclassified out of accumulated other comprehensive income (loss) and into earnings for the years ended December 31, is as follows: Impact to Net Income Affected Line Item in the (Dollars in Millions) 2019 2018 2017 Unrealized gains (losses) on investment securities available-for-sale Realized gains (losses) on sale of investment securities $ 73 $ 30 $ 57 Total securities gains (losses), net (18 ) (7 ) (22 ) Applicable income taxes 55 23 35 Net-of-tax Unrealized gains (losses) on investment securities transferred from available-for-sale held-to-maturity Amortization of unrealized gains 7 9 13 Interest income (2 ) (2 ) (5 ) Applicable income taxes 5 7 8 Net-of-tax Unrealized gains (losses) on derivative hedges Realized gains (losses) on derivative hedges (11 ) 5 (30 ) Interest expense 3 (2 ) 11 Applicable income taxes (8 ) 3 (19 ) Net-of-tax Unrealized gains (losses) on retirement plans Actuarial gains (losses) and prior service cost (credit) amortization (89 ) (137 ) (117 ) Other noninterest expense 22 35 45 Applicable income taxes (67 ) (102 ) (72 ) Net-of-tax Total impact to net income $ (15 ) $ (69 ) $ (48 ) |
Components of regulatory capital and summary of regulatory capital requirements and ratios | The following tables provide in effect, along with the actual components and ratios for the Company and its bank subsidiary , at December 31, 2019 and 2018 : U.S. Bancorp U.S. Bank National (Dollars in Millions) 2019 2018 2019 2018 Basel III standardized approach: Common shareholders’ equity $ 45,869 $ 45,045 $ 48,592 $ 47,728 Less intangible assets Goodwill (net of deferred tax liability) (8,788 ) (8,549 ) (8,806 ) (8,566 ) Other disallowed intangible assets (677 ) (601 ) (710 ) (732 ) Other (a) (691 ) (1,171 ) 38 (112 ) Total common equity tier 1 capital 35,713 34,724 39,114 38,318 Qualifying preferred stock 5,984 5,984 – – Noncontrolling interests eligible for tier 1 capital 28 36 28 36 Other (b) (4 ) (3 ) (4 ) (3 ) Total tier 1 capital 41,721 40,741 39,138 38,351 Eligible portion of allowance for credit losses 4,491 4,441 4,491 4,441 Subordinated debt and noncontrolling interests eligible for tier 2 capital 3,532 2,996 3,365 3,168 Total tier 2 capital 8,023 7,437 7,856 7,609 Total risk-based capital $ 49,744 $ 48,178 $ 46,994 $ 45,960 Risk-weighted assets $ 391,269 $ 381,661 $ 383,560 $ 374,299 Common equity tier 1 capital as a percent of risk-weighted assets 9.1 % 9.1 % 10.2 % 10.2 % Tier 1 capital as a percent of risk-weighted assets 10.7 10.7 10.2 10.2 Total risk-based capital as a percent of risk-weighted assets 12.7 12.6 12.3 12.3 Tier 1 capital as a percent of adjusted quarterly average assets (leverage ratio) 8.8 9.0 8.4 8.6 Basel III advanced approaches (c) : Common shareholders’ equity $ 45,045 $ 47,728 Less intangible assets Goodwill (net of deferred tax liability) (8,549 ) (8,566 ) Other disallowed intangible assets (601 ) (732 ) Other (a) (1,171 ) (112 ) Total common equity tier 1 capital 34,724 38,318 Qualifying preferred stock 5,984 – Noncontrolling interests eligible for tier 1 capital 36 36 Other (b) (3 ) (3 ) Total tier 1 capital 40,741 38,351 Eligible portion of allowance for credit losses 1,399 1,364 Subordinated debt and noncontrolling interests eligible for tier 2 capital 2,996 3,168 Total tier 2 capital 4,395 4,532 Total risk-based capital $ 45,136 $ 42,883 Risk-weighted assets $ 295,002 $ 287,897 Common equity tier 1 capital as a percent of risk-weighted assets 11.8 % 13.3 % Tier 1 capital as a percent of risk-weighted assets 13.8 13.3 Total risk-based capital as a percent of risk-weighted assets 15.3 14.9 Tier 1 capital as a percent of total on- off-balance 7.0 % 7.2 6.7 % 6.9 (a) Includes the impact of items included in other comprehensive income (loss), such as unrealized gains (losses) on available-for-sale (b) Includes the remaining portion of deferred tax assets not eligible for total tier 1 capital. (c) Effective December 31, 2019, the Company is no longer subject to calculating its , or its , Minimum (a) Well- Capitalized Bank Regulatory Capital Requirements 2019 Common equity tier 1 capital as a percent of risk-weighted assets 7.000 % 6.500 % Tier 1 capital as a percent of risk-weighted assets 8.500 8.000 Total risk-based capital as a percent of risk-weighted assets 10.500 10.000 Tier 1 capital as a percent of adjusted quarterly average assets (leverage ratio) 4.000 5.000 Tier 1 capital as a percent of total on- off-balance 3.000 3.000 2018 Common equity tier 1 capital as a percent of risk-weighted assets 6.375 % 6.500 % Tier 1 capital as a percent of risk-weighted assets 7.875 8.000 Total risk-based capital as a percent of risk-weighted assets 9.875 10.000 Tier 1 capital as a percent of adjusted quarterly average assets (leverage ratio) 4.000 5.000 Tier 1 capital as a percent of total on- off-balance 3.000 3.000 (a) The minimum common equity tier 1 capital, tier 1 capital and total risk-based capital ratio requirements reflect a capital conservation buffer requirement of 2.5 percent and 1.875 percent for 2019 and 2018, respectively. Banks and financial services holding companies must maintain minimum capital levels, including a capital conservation buffer requirement, to avoid limitations on capital distributions and certain discretionary compensation payments. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Components of Earnings Per Share | The components of earnings per share were: Year Ended December 31 (Dollars and Shares in Millions, Except Per Share Data) 2019 2018 2017 Net income attributable to U.S. Bancorp $ 6,914 $ 7,096 $ 6,218 Preferred dividends (302 ) (282 ) (267 ) Impact of preferred stock redemption (a) – – (10 ) Earnings allocated to participating stock awards (29 ) (30 ) (28 ) Net income applicable to U.S. Bancorp common shareholders $ 6,583 $ 6,784 $ 5,913 Average common shares outstanding 1,581 1,634 1,677 Net effect of the exercise and assumed purchase of stock awards 2 4 6 Average diluted common shares outstanding 1,583 1,638 1,683 Earnings per common share $ 4.16 $ 4.15 $ 3.53 Diluted earnings per common share $ 4.16 $ 4.14 $ 3.51 (a) Represents stock issuance costs originally recorded in preferred stock upon the issuance of the Company’s Series G Preferred Stock that were reclassified to retained earnings on the date the Company announced its intent to redeem the outstanding shares. |
Employee Benefits (Tables)
Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Summary of Changes in Projected Benefit Obligation, Plan Assets, Funded Status, Amounts Recognized in Consolidated Balance Sheet and Accumulated Other Comprehensive Income (Loss) | The following table summarizes the changes in benefit obligations and plan assets for the years ended December 31, and the funded status and amounts recognized in the Consolidated Balance Sheet at December 31 for the retirement plans: Pension Plans Postretirement (Dollars in Millions) 2019 2018 2019 2018 Change In Projected Benefit Obligation (a) Benefit obligation at beginning of measurement period $ 5,507 $ 5,720 $ 54 $ 68 Service cost 192 208 – – Interest cost 249 224 2 2 Participants’ contributions – – 7 8 Actuarial loss (gain) 1,100 (440 ) (4 ) (7 ) Lump sum settlements (56 ) (50 ) – – Benefit payments (163 ) (155 ) (13 ) (18 ) Federal subsidy on benefits paid – – 1 1 Benefit obligation at end of measurement period (b) $ 6,829 $ 5,507 $ 47 $ 54 Change In Fair Value Of Plan Assets (c) Fair value at beginning of measurement period $ 4,936 $ 5,482 $ 81 $ 87 Actual return on plan assets 1,095 (365 ) 6 – Employer contributions 26 24 4 5 Participants’ contributions – – 6 7 Lump sum settlements (56 ) (50 ) – – Benefit payments (163 ) (155 ) (13 ) (18 ) Fair value at end of measurement period $ 5,838 $ 4,936 $ 84 $ 81 Funded (Unfunded) Status $ (991 ) $ (571 ) $ 37 $ 27 Components Of The Consolidated Balance Sheet Noncurrent benefit asset $ – $ – $ 37 $ 27 Current benefit liability (25 ) (23 ) – – Noncurrent benefit liability (966 ) (548 ) – – Recognized amount $ (991 ) $ (571 ) $ 37 $ 27 Accumulated Other Comprehensive Income (Loss), Pretax Net actuarial gain (loss) $ (2,271 ) $ (1,981 ) $ 68 $ 66 Net prior service credit (cost) – – 14 18 Recognized amount $ (2,271 ) $ (1,981 ) $ 82 $ 84 (a) The increase and the decrease in the projected benefit obligation for 2019 and 2018, respectively, were primarily due to discount rate changes. (b) At December 31, 2019 and 2018, the accumulated benefit obligation for all pension plans was $6.2 billion and $5.0 billion. (c) The increase and the decrease in the fair value of plan assets for 2019 and 2018, respectively, were primary due to market conditions. |
Pension Plans with Benefit Obligations in Excess of Plan Assets | The following table provides information for pension plans with benefit obligations in excess of plan assets at December 31: (Dollars in Millions) 2019 2018 Pension Plans with Projected Benefit Obligations in Excess of Plan Assets Projected benefit obligation $ 6,829 $ 5,507 Fair value of plan assets 5,838 4,936 Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets Accumulated benefit obligation $ 553 $ 467 Fair value of plan assets – – |
Components of Net Periodic Benefit Cost and Other Amounts Recognized in Accumulated Other Comprehensive Income (Loss) | The following table sets forth the components of net periodic benefit cost and other amounts recognized in accumulated other comprehensive income (loss) for the years ended December 31 for the retirement plans: Pension Plans Postretirement Welfare Plan (Dollars in Millions) 2019 2018 2017 2019 2018 2017 Components Of Net Periodic Benefit Cost Service cost $ 192 $ 208 $ 187 $ – $ – $ – Interest cost 249 224 220 2 2 2 Expected return on plan assets (383 ) (379 ) (284 ) (3 ) (3 ) (3 ) Prior service cost (credit) and transition obligation (asset) amortization – – (2 ) (3 ) (3 ) (3 ) Actuarial loss (gain) amortization 98 146 127 (6 ) (6 ) (5 ) Net periodic benefit cost $ 156 $ 199 $ 248 $ (10 ) $ (10 ) $ (9 ) Other Changes In Plan Assets And Benefit Obligations Recognized In Other Comprehensive Income (Loss) Net actuarial gain (loss) arising during the year $ (388 ) $ (305 ) $ (48 ) $ 7 $ 3 $ 7 Net actuarial loss (gain) amortized during the year 98 146 127 (6 ) (6 ) (5 ) Net prior service cost (credit) and transition obligation (asset) amortized during the year – – (2 ) (3 ) (3 ) (3 ) Total recognized in other comprehensive income (loss) $ (290 ) $ (159 ) $ 77 $ (2 ) $ (6 ) $ (1 ) Total recognized in net periodic benefit cost and other comprehensive income (loss) $ (446 ) $ (358 ) $ (171 ) $ 8 $ 4 $ 8 |
Weighted Average Assumptions to Determine Projected Benefit Obligations | The following table sets forth weighted - Pension Plans Postretirement (Dollars in Millions) 2019 2018 2019 2018 Discount rate (a) 3.40 % 4.45 % 2.80 % 4.05 % Cash balance interest crediting rate 3.00 3.00 * * Rate of compensation increase (b) 3.56 3.52 * * Health care cost trend rate (c) Prior to age 65 6.25 % 6.50 % After age 65 6.25 % 10.00 % (a) The discount rates were developed using a cash flow matching bond model with a modified duration for the qualified pension plan, non-qualified (b) Determined on an active liability-weighted basis. (c) The 2019 and pre-65 post-65 both * Not applicable |
Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost | The following table sets forth weighted - Pension Plans Postretirement Welfare Plan (Dollars in Millions) 2019 2018 2017 2019 2018 2017 Discount rate (a) 4.45 % 3.84 % 4.27 % 4.05 % 3.34 % 3.57 % Cash balance interest crediting rate 3.00 3.00 3.00 * * * Expected return on plan assets (b) 7.25 7.25 7.25 3.50 3.50 3.50 Rate of compensation increase (c) 3.52 3.56 3.58 * * * Health care cost trend rate (d) Prior to age 65 6.50 % 6.75 % 7.00 % After age 65 10.00 6.75 7.00 (a) The discount rates were developed using a cash flow matching bond model with a modified duration for the qualified pension plan, non-qualified (b) With the help of an independent pension consultant, the Company considers several sources when developing its expected long-term rates of return on plan assets assumptions, including, but not limited to, past returns and estimates of future returns given the plans’ asset allocation, economic conditions, and peer group LTROR information. The Company determines its expected long-term rates of return reflecting current economic conditions and plan assets. (c) Determined on an active liability weighted basis. (d) The 2019, 2018 and 2017 pre-65 post-65 both * Not applicable |
Summary of Plan Investment Assets Measured at Fair Value | The following table summarizes plan investment assets measured at fair value at December 31: Qualified Pension Plan Postretirement 2019 2018 2019 2018 (Dollars in Millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Level 1 Level 1 Cash and cash equivalents $ 58 $ – $ – $ 58 $ 54 $ – $ – $ 54 $ 40 $ 42 Debt securities 727 1,073 – 1,800 631 904 – 1,535 – – Corporate s Real estate equity securities (a) – – – – 109 – – 109 – – Mutual funds Debt securities – 304 – 304 – 295 – 295 – – Emerging markets equity securities – 136 – 136 – 113 – 113 – – Other – – 3 3 – – 3 3 – – $ 785 $ 1,513 $ 3 2,301 $ 794 $ 1,312 $ 3 2,109 40 42 Plan investment assets not classified in fair value hierarchy (b) Collective investment funds Domestic equity securities 1,328 1,183 27 24 Mid-small (c) 323 340 – – International equity securities 752 643 17 15 Real e 547 146 – – Hedge funds (d) 283 290 – – Private equity funds (e) 304 225 – – Total plan investment assets at fair value $ 5,838 $ 4,936 $ 84 $ 81 (a) At December 31, 2018, securities included $ 56 53 (b) These investments are valued based on net asset value per share as a practical expedient; fair values are provided to reconcile to total investment assets of the plans at fair value. (c) At December 31, 2019 and 2018, securities included $ 323 340 (d) This category consists of several investment strategies diversified across several hedge fund managers. (e) This category consists of several investment strategies diversified across several private equity fund managers. |
Summarizes the Changes for Qualified Pension Plan Assets Measured at Fair Value Using Significant Unobservable Inputs (Level 3) | The following table summarizes the changes in fair value for qualified pension plan investment assets measured at fair value using significant unobservable inputs (Level 3) for the years ended December 31: 2019 2018 2017 (Dollars in Millions) Other Other Other Balance at beginning of period $ 3 $ 2 $ 1 Unrealized gains (losses) relating to assets still held at end of year – – – Purchases, sales, and settlements, net – 1 1 Balance at end of period $ 3 $ 3 $ 2 |
Expected Future Benefit Payments | The following benefit payments are expected to be paid from the retirement plans for the years ended December 31: (Dollars in Millions) Pension Postretirement (a) Medicare 2020 $ 233 $ 7 $ 1 2021 254 6 1 2022 267 6 1 2023 294 6 1 2024 306 5 1 2025-2029 1,811 19 2 (a) Net of expected retiree contributions and before Medicare Part D subsidy. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Stock Options Outstanding and Exercised Under Prior and Existing Stock Incentive Plans | The following is a summary of stock options outstanding and exercised under prior and existing stock incentive plans of the Company: Year Ended December 31 Stock Weighted- Weighted-Average Aggregate 2019 Number outstanding at beginning of period 9,115,010 $ 34.52 Granted (a) — — Exercised (3,333,467 ) 26.36 Cancelled (b) (63,287 ) 36.74 Number outstanding at end of period (c) 5,718,256 $ 39.25 4.4 $ 115 Exercisable at end of period 4,869,805 $ 37.67 4.0 $ 105 2018 Number outstanding at beginning of period 12,668,467 $ 32.15 Granted (a) — — Exercised (3,443,494 ) 25.41 Cancelled (b) (109,963 ) 46.72 Number outstanding at end of period (c) 9,115,010 $ 34.52 4.3 $ 102 Exercisable at end of period 7,372,036 $ 31.61 3.5 $ 104 2017 Number outstanding at beginning of period 17,059,241 $ 29.95 Granted 1,066,188 54.97 Exercised (5,389,741 ) 29.58 Cancelled (b) (67,221 ) 43.31 Number outstanding at end of period (c) 12,668,467 $ 32.15 4.5 $ 272 Exercisable at end of period 9,647,937 $ 27.87 3.3 $ 248 (a) The Company did not grant any stock option awards during 2019 and 2018. (b) Options cancelled include both non-vested (c) Outstanding options include stock-based awards that may be forfeited in future periods. The impact of the estimated forfeitures is reflected in compensation expense. |
Weighted-Average Estimated Fair Value of Stock Options Granted and Assumptions Utilized by Company for Newly Issued Grants | The following table includes the weighted-average estimated fair value of stock options granted and the assumptions utilized by the Company for newly issued grants for the year ended December 31, 2017: Year Ended December 31 2017 Estimated fair value $ 14.66 Risk-free interest rates 2.0 % Dividend yield 2.6 % Stock volatility factor . 35 Expected life of options (in years) 5.5 |
Summary of Certain Stock Option Activity | The following summarizes certain stock option activity of the Company: Year Ended December 31 (Dollars in Millions) 2019 2018 2017 Fair value of options vested $ 10 $ 14 $ 13 Intrinsic value of options exercised 95 97 127 Cash received from options exercised 88 87 159 Tax benefit realized from options exercised 24 24 49 |
Stock Options Outstanding Additional Information | Additional information regarding stock options outstanding as of December 31, 2019, is as follows: Outstanding Options Exercisable Options Range of Exercise Prices Shares Weighted- Weighted- Shares Weighted- $23.36—$25.00 236,661 .2 $ 23.82 236,661 $ 23.82 $25.01—$30.00 1,277,726 1.8 28.65 1,277,726 28.65 $30.01—$35.00 537,881 3.1 33.98 537,881 33.98 $35.01—$40.00 1,251,397 6.1 39.49 885,968 39.49 $40.01—$45.00 1,454,651 4.7 42.42 1,454,068 42.43 $45.01—$50.00 — — — — — $50.01—$55.01 959,940 7.1 54.97 477,501 54.97 5,718,256 4.4 $ 39.25 4,869,805 $ 37.67 |
Summary of Company's Restricted Shares of Stock and Unit Awards | A summary of the status of the Company’s restricted shares of stock and unit awards is presented below: 2019 2018 2017 Year Ended December 31 Shares Weighted- Value Shares Weighted- Value Shares Weighted- Value Outstanding at beginning of period 6,719,298 $ 48.17 7,446,955 $ 44.49 8,265,507 $ 39.50 Granted 3,519,474 50.45 3,213,023 55.03 2,850,927 54.45 Vested (3,270,778 ) 48.69 (3,373,323 ) 46.42 (3,295,376 ) 40.66 Cancelled (361,161 ) 50.55 (567,357 ) 49.07 (374,103 ) 43.91 Outstanding at end of period 6,606,833 $ 48.99 6,719,298 $ 48.17 7,446,955 $ 44.49 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Components of Income Tax Expense | The components of income tax expense were: Year Ended December 31 (Dollars in Millions) 2019 2018 2017 Federal Current $ 1,162 $ 1,287 $ 2,086 Deferred 166 (148 ) (1,180 ) Federal income tax 1,328 1,139 906 State Current 379 395 201 Deferred (59 ) 20 157 State income tax 320 415 358 Total income tax provision $ 1,648 $ 1,554 $ 1,264 |
Reconciliation of Expected Income Tax Expense at Federal Statutory Rate of 21 Percent and 35 Percent to Company's Applicable Income Tax Expense | A reconciliation of expected income tax expense at the federal statutory rate of 21 percent for 2019 and 2018 and 35 percent for 2017 to the Company’s applicable income tax expense follows: Year Ended December 31 (Dollars in Millions) 2019 2018 2017 Tax at statutory rate $ 1,805 $ 1,822 $ 2,631 State income tax, at statutory rates, net of federal tax benefit 355 352 281 Tax effect of Revaluation of tax related assets and liabilities (a) — — (910 ) Tax credits and benefits, net of related expenses (424 ) (513 ) (774 ) Tax-exempt (120 ) (130 ) (200 ) Nondeductible legal and regulatory expenses 23 52 213 Other items (b) 9 (29 ) 23 Applicable income taxes $ 1,648 $ 1,554 $ 1,264 (a) In late 2017, tax legislation was enacted that, among other provisions, reduced the federal statutory rate for corporations from 35 percent to 21 percent effective in 2018. In accordance with generally accepted accounting principles, the Company revalued its deferred tax assets and liabilities at December 31, 2017, resulting in an estimated net tax benefit of $910 million, which the Company recorded in 2017. (b) Includes excess tax benefits associated with stock-based compensation and adjustments related to deferred tax assets and liabilities. |
Reconciliation of Changes in Federal, State and Foreign Unrecognized Tax Position Balances | A reconciliation of the changes in the federal, state and foreign un certain Year Ended December 31 (Dollars in Millions) 2019 2018 2017 Balance at beginning of period $ 335 $ 287 $ 302 Additions for tax positions taken in prior years 168 93 3 Additions for tax positions taken in the current year 6 10 9 Exam resolutions (62 ) (51 ) (23 ) Statute expirations (15 ) (4 ) (4 ) Balance at end of period $ 432 $ 335 $ 287 |
Significant Components of the Company's Net Deferred Tax Asset (Liability) | The significant components of the Company’s net deferred tax asset (liability) follows: At December 31 (Dollars in Millions) 201 9 2018 Deferred Tax Assets Federal, state and foreign net operating loss and credit carryforwards $ 2,592 $ 2,699 Allowance for credit losses 1,155 1,141 Accrued expenses 485 508 Obligation for operating leases 328 — Pension and postretirement benefits 193 85 Partnerships and other investment assets 91 69 Stock compensation 78 79 Fixed assets 2 58 Securities available-for-sale and financial instruments — 278 Other deferred tax assets, net 257 268 Gross deferred tax assets 5,181 5,185 Deferred Tax Liabilities Leasing activities (2,700 ) (2,652 ) Goodwill and other intangible assets (763 ) (703 ) Mortgage servicing rights (546 ) (642 ) Right of use assets (282 ) — Loans (139 ) (168 ) Securities available-for-sale and financial instruments (111 ) — Other deferred tax liabilities, net (131 ) (102 ) Gross deferred tax liabilities (4,672 ) (4,267 ) Valuation allowance (127 ) (109 ) Net Deferred Tax Asset $ 382 $ 809 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 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-Average Notional Fair Weighted-Average December 31, 2019 Fair value hedges Interest rate contracts Receive fixed/pay floating swaps $ 18,300 $ – 3.89 $ 4,900 $ – 3.49 Cash flow hedges Interest rate contracts Pay fixed/receive floating swaps 1,532 – 6.06 7,150 10 2.11 Net investment hedges Foreign exchange forward contracts – – – 287 3 .04 Other economic hedges Interest rate contracts Futures and forwards Buy 5,409 17 .08 5,477 11 .07 Sell 16,333 13 .81 8,113 25 .03 Options Purchased 10,180 79 2.97 – – – Written 1,270 30 .08 4,238 81 2.07 Receive fixed/pay floating swaps 4,408 – 5.99 5,316 – 13.04 Pay fixed/receive floating swaps 1,259 – 5.67 4,497 – 6.03 Foreign exchange forward contracts 113 1 .05 467 6 .04 Equity contracts 128 2 .45 20 – 1.06 Other (a) 34 – .01 1,823 165 2.45 Total $ 58,966 $ 142 $ 42,288 $ 301 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 and preferred shares of Visa Inc. The Visa swap agreements had a total notional value, fair value and weighted-average remaining maturity of $ 1.8 165 2.50 1.5 84 34 1 |
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-Average Notional Fair Weighted-Average December 31, 2019 Interest rate contracts Receive fixed/pay floating swaps $ 108,560 $ 1,865 4.83 $ 31,544 $ 88 3.83 Pay fixed/receive floating swaps 28,150 30 3.83 101,078 753 4.55 Other (a) 6,895 1 3.45 6,218 2 2.98 Options Purchased 46,406 43 2.06 12,804 47 1.25 Written 6,901 49 1.93 49,741 41 1.82 Futures Buy 894 – .21 – – – Sell 3,874 1 1.18 1,995 – 1.04 Foreign exchange rate contracts Forwards, spots and swaps 36,350 748 .97 36,671 729 1.07 Options Purchased 1,354 17 .54 – – – Written – – – 1,354 17 .54 Credit contracts 2,879 1 3.28 7,488 5 4.33 Total $ 242,263 $ 2,755 $ 248,893 $ 1,682 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) Gains (Losses) Recognized in Other Gains (Losses) Reclassified from (Dollars in Millions) 2019 2018 2017 2019 2018 2017 Asset and Liability Management Positions Cash flow hedges Interest rate contracts $ (171 ) $ 29 $ (3 ) $ (8 ) $ 3 $ (19 ) Net investment hedges Foreign exchange forward contracts 3 39 (56 ) – – – Non-derivative 13 32 (46 ) – – – Note: The Company does not exclude components from effectiveness testing for cash flow and net investment hedges. |
Effect of Fair Value and Cash Flow Hedge Accounting Included in Interest Expense on Consolidated Statement of Income | The table below shows the effect of fair value and cash flow hedge accounting on the Consolidated Statement of Income for the years ended December 31: Other Noninterest Income Interest Expense (Dollars in Millions) 2019 2018 2017 2019 2018 2017 Total amount of income and expense line items presented in the Consolidated Statement of Income in which the effects of fair value or cash flow hedges are recorded $ 926 $ 910 $ 774 $ 4,442 $ 3,254 $ 1,966 Asset and Liability Management Positions Fair value hedges Interest rate contract derivatives – – (28 ) (44 ) 5 – Hedged items – – 28 44 (5 ) – Cash Flow hedges Interest rate contract derivatives – – – 11 (5 ) 30 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 years ended December 31, 2019, 2018 and 2017. |
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 Cumulative Hedging (a) At December 31 (Dollars in Millions) 2019 2018 2019 2018 Line Item in the Consolidated Balance Sheet Long-term Debt $ 23,195 $ – $ 35 $ (27 ) (a) The cumulative hedging adjustment related to discontinued hedging relationships at December 31, 2019 and 2018 was $(7) 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 positions for the years ended December 31: (Dollars in Millions) Location of Gains (Losses) 2019 2018 2017 Asset and Liability Management Positions Other economic hedges Interest rate contracts Futures and forwards Mortgage banking revenue $ 34 $ 110 $ 24 Purchased and written options Mortgage banking revenue 432 188 237 Swaps Mortgage banking revenue 316 (111 ) 35 Foreign exchange forward contracts Other noninterest income (24 ) 39 (69 ) Equity contracts Compensation expense – (4 ) 1 Other Other noninterest income (140 ) 2 (1 ) Customer-Related Positions Interest rate contracts Swaps Commercial products revenue 82 47 67 Purchased and written options Commercial products revenue 10 2 (24 ) Futures Commercial products revenue (5 ) 9 (3 ) Foreign exchange rate contracts Forwards, spots and swaps Commercial products revenue 82 84 92 Purchased and written options Commercial products revenue 1 – 2 Credit contracts Commercial products revenue (18 ) 2 3 |
Netting Arrangements for Cert_2
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2019 Repurchase agreements U.S. Treasury and agencies $ 289 $ — $ — $ — $ 289 Residential agency mortgage-backed securities 266 — — — 266 Corporate debt securities 610 — — — 610 Total repurchase agreements 1,165 — — — 1,165 Securities loaned Corporate debt securities 50 — — — 50 Total securities loaned 50 — — — 50 Gross amount of recognized liabilities $ 1,215 $ — $ — $ — $ 1,215 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 (a) Net Amounts Consolidated Gross Amounts Not Offset on (Dollars in Millions) Financial (b) Collateral (c) Net Amount December 31, 2019 Derivative assets (d) $ 2,857 $ (982 ) $ 1,875 $ (80 ) $ (116 ) $ 1,679 Reverse repurchase agreements 1,021 — 1,021 (152 ) (869 ) — Securities borrowed 1,624 — 1,624 — (1,569 ) 55 Total $ 5,502 $ (982 ) $ 4,520 $ (232 ) $ (2,554 ) $ 1,734 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 $429 million and $236 million of cash collateral related payables that were netted against derivative assets at December 31, 2019 and 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 $40 million and $23 million at December 31, 2019 and 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 | Gross Recognized Liabilities Gross Amounts Offset on the Consolidated Balance Sheet (a) Net Amounts Presented on the Consolidated Balance Sheet Gross Amounts Not Offset on (Dollars in Millions) Financial Instruments (b) Collateral Pledged (c) Net Amount December 31, 2019 Derivative liabilities (d) $ 1,816 $ (1,067 ) $ 749 $ (80 ) $ – $ 669 Repurchase agreements 1,165 – 1,165 (152 ) (1,012 ) 1 Securities loaned 50 – 50 – (49 ) 1 Total $ 3,031 $ (1,067 ) $ 1,964 $ (232 ) $ (1,061 ) $ 671 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 $514 million and $240 million of cash collateral related receivables that were netted against derivative liabilities at December 31, 2019 and 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 $167 million and $85 million at December 31, 2019 and 2018, respectively, of derivative liabilities not subject to netting arrangements. |
Fair Values of Assets and Lia_2
Fair Values of Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Valuation Assumption Ranges for MSRs | The following table shows the significant valuation assumption ranges for MSRs at December 31, 2019: Minimum Maximum Weighted (a) Expected prepayment 9 % 22 % 12 % Option adjusted spread 6 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 December 31, 2019: Minimum Maximum Weighted (a) Expected loan close rate 12 % 100 % 78 % Inherent MSR value (basis points per loan) 56 221 130 (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 December 31, 2019 Available-for-sale U.S. Treasury and agencies $ 18,986 $ 853 $ – $ – $ 19,839 Mortgage-backed securities Residential agency – 94,111 – – 94,111 Commercial agency – 1,453 – – 1,453 Asset-backed securities Collateralized debt obligations/Collateralized loan obligations – – 1 – 1 Other – 375 7 – 382 Obligations of state and political subdivisions – 6,813 1 – 6,814 Obligations of foreign governments – 9 – – 9 Corporate debt securities – 4 – – 4 Total available-for-sale 18,986 103,618 9 – 122,613 Mortgage loans held for sale – 5,533 – – 5,533 Mortgage servicing rights – – 2,546 – 2,546 Derivative assets 9 1,707 1,181 (982 ) 1,915 Other assets 312 1,563 – – 1,875 Total $ 19,307 $ 112,421 $ 3,736 $ (982 ) $ 134,482 Derivative liabilities $ – $ 1,612 $ 371 $ (1,067 ) $ 916 Short-term borrowings and other liabilities (a) 50 1,578 – – 1,628 Total $ 50 $ 3,190 $ 371 $ (1,067 ) $ 2,544 December 31, 2018 Available-for-sale U.S. Treasury and agencies $ 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 $91 million and $86 million at December 31, 2019 and (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 years ended December 31: (Dollars in Millions) Beginning Net Gains Net Gains Purchases Sales Principal Issuances Settlements Transfers into End of Net Change Held at End of Period 2019 Available-for-sale Asset-backed securities Collateralized debt obligations/Collateralized loan obligations $ – $ – $ – $ – $ – $ – $ – $ – $ 1 $ 1 $ – Other – – – – – – – – 7 7 – Obligations of state and political subdivisions – – – – – – – – 1 1 – Total available-for-sale – – – – – – – – 9 9 – Mortgage servicing rights 2,791 (829 ) (c) – 20 5 – 559 (e) – – 2,546 (829 ) (c) Net derivative assets and liabilities 80 769 (d) – 142 (9 ) – – (172 ) – 810 782 (f) 2018 Mortgage servicing rights $ 2,645 $ (232 ) (c) $ – $ 8 $ (27 ) $ – $ 397 (e) $ – $ – $ 2,791 $ (232 ) (c) Net derivative assets and liabilities 107 21 (g) – 13 (41 ) – – (20 ) – 80 34 (h) 2017 Available-for-sale Residential non-agency Prime (a) $ 242 $ – $ (2 ) $ – $ (234 ) $ (6 ) $ – $ – $ – $ – $ – Non-prime (b) 195 – (17 ) – (175 ) (3 ) – – – – – Other asset-backed securities 2 – – – (2 ) – – – – – – Corporate debt securities 9 – 2 – (11 ) – – – – – – Total available-for-sale 448 – (17 ) (i) – (422 ) (9 ) – – – – – Mortgage servicing rights 2,591 (404 ) (c) – 13 – – 445 (e) – – 2,645 (404 ) (c) Net derivative assets and liabilities 171 317 (j) – 1 (10 ) – – (372 ) – 107 (52 ) (k) (a) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, (b) Includes all securities not meeting the conditions to be designated as prime. (c) Included in mortgage banking revenue. (d) Approximately $287 million included in other noninterest income and $482 million included in mortgage banking revenue. (e) Represents MSRs capitalized during the period. (f) Approximately $747 million included in other noninterest income and $35 million included in mortgage banking revenue. (g) Approximately $(139) million included in other noninterest income and $160 million included in mortgage banking revenue. (h) Approximately $14 million included in other noninterest income and $20 million included in mortgage banking revenue. (i) Included in changes in unrealized gains and losses on investment securities available-for-sale. (j) Approximately $21 million included in other noninterest income and $296 million included in mortgage banking revenue. (k) Approximately $(77) million included in other noninterest income and $25 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 December 31: 2019 2018 (Dollars in Millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Loans (a) $ – $ – $ 136 $ 136 $ – $ – $ 40 $ 40 Other assets (b) – – 46 46 – – 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 for the years ended December 31: (Dollars in Millions) 2019 2018 2017 Loans (a) $ 122 $ 83 $ 171 Other assets (b) 17 26 20 (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 as of December 31: 2019 2018 (Dollars in Millions) Fair Value Aggregate Carrying Fair Value Aggregate Carrying Total loans $ 5,533 $ 5,366 $ 167 $ 2,035 $ 1,972 $ 63 Nonaccrual loans 1 1 – 2 2 – Loans 90 days or more past due 1 1 – – – – |
Estimated Fair Values of Financial Instruments | The estimated fair values of the Company’s financial instruments as of December 31, are shown in the table below: 2019 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 $ 22,405 $ 22,405 $ – $ – $ 22,405 $ 21,453 $ 21,453 $ – $ – $ 21,453 Federal funds sold and securities purchased under resale agreements 1,036 – 1,036 – 1,036 306 – 306 – 306 Investment securities held-to-maturity – – – – – 46,050 4,594 40,359 11 44,964 Loans held for sale (a) 45 – – 43 43 21 – – 21 21 Loans 292,082 – – 297,241 297,241 282,837 – – 284,790 284,790 Other 1,923 – 929 994 1,923 2,412 – 1,241 1,171 2,412 Financial Liabilities Time deposits 42,894 – 42,831 – 42,831 44,554 – 44,140 – 44,140 Short-term borrowings (b) 22,095 – 21,461 – 21,461 12,921 – 12,678 – 12,678 Long-term debt 40,167 – 41,077 – 41,077 41,340 – 41,003 – 41,003 Other 3,678 – 1,342 2,336 3,678 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) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contract or Notional Amounts of Unfunded Commitments to Extend Credit | The contract or notional amounts of unfunded commitments to extend credit at December 31, 2019, excluding those commitments considered derivatives, were as follows: Term (Dollars in Millions) Less Than Greater Year Total Commercial and commercial real estate loans $ 31,235 $ 108,303 $ 139,538 Corporate and purchasing card loans (a) 29,296 – 29,296 Residential mortgages 416 1 417 Retail credit card loans (a) 111,773 – 111,773 Other retail loans 12,614 24,183 36,797 Other 6,325 – 6,325 (a) Primarily cancelable at the Company’s discretion. |
Summary of Other Guarantees and Contingent Liabilities | The following table is a summary of other guarantees and contingent liabilities of the Company at December 31, 2019: (Dollars in Millions) Collateral Carrying Amount Maximum Standby letters of credit $ – $ 48 $ 10,258 Third - – – 7 Securities lending indemnifications 4,564 – 4,468 Asset sales – 68 5,069 Merchant processing 589 61 108,875 Tender option bond program guarantee 2,994 – 2,725 Minimum revenue guarantees – – 3 Other – 71 1,461 |
Contract or Notional Amount of Letters of Credit | The contract or notional amount of letters of credit at December 31, 2019, were as follows: Term (Dollars in Millions) Less Than Greater Total Standby $ 4,676 $ 5,582 $ 10,258 Commercial 339 28 367 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Business Segments Reporting Information Details | Business segment results for the years ended December 31 were as follows: Corporate and Commercial Banking Consumer and Business Banking Wealth Management and Investment Services Year Ended December 31 (Dollars in Millions) 2019 2018 2019 2018 2019 2018 Condensed Income Statement Net interest income (taxable-equivalent basis) $ 2,871 $ 2,936 $ 6,261 $ 6,156 $ 1,157 $ 1,131 Noninterest income 867 843 2,387 2,316 1,799 1,748 Securities gains (losses), net – – – – – – Total net revenue 3,738 3,779 8,648 8,472 2,956 2,879 Noninterest expense 1,607 1,591 5,285 5,232 1,752 1,778 Other intangibles 4 4 20 27 13 16 Total noninterest expense 1,611 1,595 5,305 5,259 1,765 1,794 Income before provision and income taxes 2,127 2,184 3,343 3,213 1,191 1,085 Provision for credit losses 78 65 310 232 (3 ) (2 ) Income before income taxes 2,049 2,119 3,033 2,981 1,194 1,087 Income taxes and taxable-equivalent adjustment 513 531 759 745 299 273 Net income 1,536 1,588 2,274 2,236 895 814 Net (income) loss attributable to noncontrolling interests – – – – – – Net income attributable to U.S. Bancorp $ 1,536 $ 1,588 $ 2,274 $ 2,236 $ 895 $ 814 Average Balance Sheet Loans $ 96,608 $ 93,854 $ 144,595 $ 140,875 $ 10,080 $ 9,364 Other earning assets 3,751 3,072 3,989 3,501 282 184 Goodwill 1,647 1,647 3,475 3,604 1,617 1,618 Other intangible assets 8 11 2,617 2,953 49 63 Assets 106,716 102,801 158,884 155,267 13,330 12,437 Noninterest-bearing deposits 29,152 32,938 27,876 27,691 13,195 14,006 Interest-bearing deposits 72,780 69,913 129,289 124,934 62,031 56,000 Total deposits 101,932 102,851 157,165 152,625 75,226 70,006 Total U.S. Bancorp shareholders’ equity 10,399 10,463 11,713 11,812 2,525 2,476 Payment Services Treasury and Corporate Support Consolidated Company Year Ended December 31 (Dollars in Millions) 2019 2018 2019 2018 2019 2018 Condensed Income Statement Net interest income (taxable-equivalent basis) $ 2,493 $ 2,443 $ 373 $ 369 $ 13,155 $ 13,035 Noninterest income 3,707 (a) 3,599 (a) 998 1,066 9,758 (b) 9,572 (b) Securities gains (losses), net – – 73 30 73 30 Total net revenue 6,200 6,042 1,444 1,465 22,986 22,637 Noninterest expense 2,940 2,859 1,033 843 12,617 12,303 Other intangibles 131 114 – – 168 161 Total noninterest expense 3,071 2,973 1,033 843 12,785 12,464 Income before provision and income taxes 3,129 3,069 411 622 10,201 10,173 Provision for credit losses 1,108 1,081 11 3 1,504 1,379 Income before income taxes 2,021 1,988 400 619 8,697 8,794 Income taxes and taxable-equivalent adjustment 505 497 (325 ) (376 ) 1,751 1,670 Net income 1,516 1,491 725 995 6,946 7,124 Net (income) loss attributable to noncontrolling interests – – (32 ) (28 ) (32 ) (28 ) Net income attributable to U.S. Bancorp $ 1,516 $ 1,491 $ 693 $ 967 $ 6,914 $ 7,096 Average Balance Sheet Loans $ 33,566 $ 31,102 $ 5,837 $ 5,506 $ 290,686 $ 280,701 Other earning assets 348 291 131,481 127,318 139,851 134,366 Goodwill 2,839 2,570 – – 9,578 9,439 Other intangible assets 538 406 – – 3,212 3,433 Assets 39,743 36,912 156,980 149,597 475,653 457,014 Noninterest-bearing deposits 1,205 1,099 2,435 2,462 73,863 78,196 Interest-bearing d 115 110 8,734 4,309 272,949 255,266 Total deposits 1,320 1,209 11,169 6,771 346,812 333,462 Total U.S. Bancorp shareholders’ equity 7,084 6,629 20,902 18,383 52,623 49,763 (a) Presented net of related rewards and rebate costs and certain partner payments of $2.2 billion for 2019 and 2018. (b) Includes revenue generated from certain contracts with customers of $7.3 billion and $7.4 billion for 2019 and 2018, respectively. |
U.S. Bancorp (Parent Company) (
U.S. Bancorp (Parent Company) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Statement of Financial Position of Parent Company Only | Condensed Balance Sheet At December 31 (Dollars in Millions) 2019 2018 Assets Due from banks, principally interest-bearing $ 11,583 $ 9,969 Available-for-sale 1,631 921 Investments in bank subsidiaries 48,518 47,549 Investments in nonbank subsidiaries 3,128 2,568 Advances to bank subsidiaries 3,850 3,800 Advances to nonbank subsidiaries 1,465 2,543 Other assets 1,211 813 Total assets $ 71,386 $ 68,163 Liabilities and Shareholders’ Equity Short-term funds borrowed $ 8 $ – Long-term debt 18,602 16,291 Other liabilities 923 843 Shareholders’ equity 51,853 51,029 Total liabilities and shareholders’ equity $ 71,386 $ 68,163 |
Condensed Income Statement of Parent Company Only | Condensed Income Statement Year Ended December 31 (Dollars in Millions) 2019 2018 2017 Income Dividends from bank subsidiaries $ 7,100 $ 5,300 $ 4,800 Dividends from nonbank subsidiaries 6 6 5 Interest from subsidiaries 317 220 159 Other income 25 33 41 Total income 7,448 5,559 5,005 Expense Interest expense 551 471 402 Other expense 140 133 124 Total expense 691 604 526 Income before income taxes and equity in undistributed income of subsidiaries 6,757 4,955 4,479 Applicable income taxes (92 ) (91 ) (176 ) Income of parent company 6,849 5,046 4,655 Equity in undistributed income of subsidiaries 65 2,050 1,563 Net income attributable to U.S. Bancorp $ 6,914 $ 7,096 $ 6,218 |
Condensed Statement of Cash Flows of Parent Company Only | Condensed Statement of Cash Flows Year Ended December 31 (Dollars in Millions) 2019 2018 2017 Operating Activities Net income attributable to U.S. Bancorp $ 6,914 $ 7,096 $ 6,218 Adjustments to reconcile net income to net cash provided by operating activities Equity in undistributed income of subsidiaries (65 ) (2,050 ) (1,563 ) Other, net 231 359 (125 ) Net cash provided by operating activities 7,080 5,405 4,530 Investing Activities Proceeds from sales and maturities of investment securities 291 39 100 Purchases of investment securities (1,013 ) (10 ) (844 ) Net (increase) decrease in short-term advances to subsidiaries 578 (488 ) (790 ) Long-term advances to subsidiaries (2,600 ) (500 ) – Principal collected on long-term advances to subsidiaries 2,550 – 500 Other, net (341 ) 304 (12 ) Net cash used in investing activities (535 ) (655 ) (1,046 ) Financing Activities Net increase (decrease) in short-term borrowings 8 (1 ) (21 ) Proceeds from issuance of long-term debt 3,743 2,100 3,920 Principal payments or redemption of long-term debt (1,500 ) (1,500 ) (1,250 ) Proceeds from issuance of preferred stock – 565 993 Proceeds from issuance of common stock 88 86 159 Repurchase of preferred stock – – (1,085 ) Repurchase of common stock (4,525 ) (2,822 ) (2,631 ) Cash dividends paid on preferred stock (302 ) (274 ) (284 ) Cash dividends paid on common stock (2,443 ) (2,092 ) (1,928 ) Net cash used in financing activities (4,931 ) (3,938 ) (2,127 ) Change in cash and due from banks 1,614 812 1,357 Cash and due from banks at beginning of year 9,969 9,157 7,800 Cash and due from banks at end of year $ 11,583 $ 9,969 $ 9,157 |
Accounting Changes - Additional
Accounting Changes - Additional Information (Detail) - USD ($) $ in Billions | Jan. 01, 2020 | Dec. 31, 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] | Forecast [Member] | Retained Earnings [Member] | ||
Increase in allowance for credit losses | $ 1.5 |
Restrictions on Cash and Due _2
Restrictions on Cash and Due from Banks - Additional Information (Detail) - USD ($) $ in Billions | Dec. 31, 2019 | Dec. 31, 2018 |
Cash and Cash Equivalents [Abstract] | ||
Minimum Average Reserve Balances Required By Banking Regulators | $ 3.2 | $ 3.1 |
Balances held at the federal reserve and other financial institutions | $ 8 | $ 7.5 |
Investment Securities - Availab
Investment Securities - Available-for-Sale and Held-to-Maturity (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | ||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Held-to-maturity securities, Amortized Cost | $ 46,050 | |||
Held-to-maturity securities, Unrealized Gains | 51 | |||
Held-to-maturity securities, Unrealized Losses Other | (1,137) | |||
Held-to-maturity securities, Fair Value | 44,964 | |||
Available-for-sale Securities, Amortized Cost | $ 122,117 | [1] | 67,381 | |
Available-for-sale securities, Unrealized Gains | 944 | 174 | ||
Available-for-sale securities, Unrealized Losses Other | (448) | (1,440) | ||
Available-for-sale securities, Fair Value | [2] | 122,613 | [1] | 66,115 |
U.S. Treasury and Agencies [Member] | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Held-to-maturity securities, Amortized Cost | 5,102 | |||
Held-to-maturity securities, Unrealized Gains | 2 | |||
Held-to-maturity securities, Unrealized Losses Other | (143) | |||
Held-to-maturity securities, Fair Value | 4,961 | |||
Available-for-sale Securities, Amortized Cost | 19,845 | 19,604 | ||
Available-for-sale securities, Unrealized Gains | 61 | 11 | ||
Available-for-sale securities, Unrealized Losses Other | (67) | (358) | ||
Available-for-sale securities, Fair Value | 19,839 | 19,257 | ||
Residential Mortgage-Backed Securities [Member] | Agency [Member] | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Held-to-maturity securities, Amortized Cost | 40,920 | |||
Held-to-maturity securities, Unrealized Gains | 45 | |||
Held-to-maturity securities, Unrealized Losses Other | (994) | |||
Held-to-maturity securities, Fair Value | 39,971 | |||
Available-for-sale Securities, Amortized Cost | 93,903 | 40,542 | ||
Available-for-sale securities, Unrealized Gains | 557 | 120 | ||
Available-for-sale securities, Unrealized Losses Other | (349) | (910) | ||
Available-for-sale securities, Fair Value | 94,111 | 39,752 | ||
Commercial Agency [Member] | Agency [Member] | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Available-for-sale Securities, Amortized Cost | 1,482 | 2 | ||
Available-for-sale securities, Unrealized Losses Other | (29) | |||
Available-for-sale securities, Fair Value | 1,453 | 2 | ||
Asset-Backed Securities [Member] | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Available-for-sale Securities, Amortized Cost | [3] | 375 | ||
Available-for-sale securities, Fair Value | [3] | 383 | ||
Asset-Backed Securities [Member] | Collateralized Loan Obligations [Member] | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Held-to-maturity securities, Unrealized Gains | 1 | |||
Held-to-maturity securities, Fair Value | 1 | |||
Available-for-sale securities, Unrealized Gains | 1 | |||
Available-for-sale securities, Fair Value | 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 | |||
Held-to-maturity securities, Unrealized Gains | 2 | |||
Held-to-maturity securities, Fair Value | 7 | |||
Available-for-sale Securities, Amortized Cost | 375 | 397 | ||
Available-for-sale securities, Unrealized Gains | 7 | 6 | ||
Available-for-sale securities, Fair Value | 382 | 403 | ||
Obligations of State and Political Subdivisions [Member] | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Held-to-maturity securities, Amortized Cost | 6 | |||
Held-to-maturity securities, Unrealized Gains | 1 | |||
Held-to-maturity securities, Fair Value | 7 | |||
Available-for-sale Securities, Amortized Cost | 6,499 | [4],[5] | 6,836 | |
Available-for-sale securities, Unrealized Gains | 318 | 37 | ||
Available-for-sale securities, Unrealized Losses Other | (3) | (172) | ||
Available-for-sale securities, Fair Value | 6,814 | [4],[5] | 6,701 | |
Obligations of Foreign Governments [Member] | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Held-to-maturity securities, Amortized Cost | 9 | |||
Held-to-maturity securities, Fair Value | 9 | |||
Available-for-sale Securities, Amortized Cost | 9 | |||
Available-for-sale securities, Fair Value | 9 | |||
Other [Member] | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Held-to-maturity securities, Amortized Cost | 8 | |||
Held-to-maturity securities, Fair Value | $ 8 | |||
Corporate Debt Securities [Member] | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Available-for-sale Securities, Amortized Cost | 4 | |||
Available-for-sale securities, Fair Value | $ 4 | |||
[1] | The weighted-average maturity of total available-for-sale and held-to-maturity investment securities was 5.3 years at December 31, 2018, with a corresponding weighted-average yield of 2.53 percent. | |||
[2] | Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral. | |||
[3] | Information related to asset and mortgage-backed securities included above is presented based upon weighted-average maturities that take into account anticipated future prepayments. | |||
[4] | 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. | |||
[5] | 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. |
Investment Securities - Amount
Investment Securities - Amount of Interest Income from Taxable and Non-Taxable Investment Securities (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Interest Income, Securities, Operating, by Taxable Status [Abstract] | |||
Taxable | $ 2,680 | $ 2,396 | $ 2,043 |
Non-taxable | 213 | 220 | 189 |
Total interest income from investment securities | $ 2,893 | $ 2,616 | $ 2,232 |
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 | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Securities, Available-for-sale, Realized Gain (Loss), Excluding Other-than-temporary Impairment [Abstract] | |||
Realized gains | $ 99 | $ 30 | $ 75 |
Realized losses | (26) | (18) | |
Net realized gains (losses) | 73 | 30 | 57 |
Income tax (benefit) on net realized gains (losses) | $ 18 | $ 7 | $ 22 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | ||
Fair value of securities pledged | $ 8,400 | $ 10,900 |
Fair value of securities pledged as collateral where counterparty has right to repledge or resell | 269 | $ 2,100 |
Held-to-maturity investment securities transferred to available-for-sale | 43,600 | |
Unrealized gains and losses on held-to-maturity investment securities transferred to available-for-sale | $ 141 |
Investment Securities - Gross U
Investment Securities - Gross Unrealized Losses and Fair Value of Company's Investment Securities (Detail) $ in Millions | Dec. 31, 2019USD ($) |
Continuous Gross Unrealized Losses And Fair Value [Abstract] | |
Fair Value Less Than 12 Months | $ 21,983 |
Unrealized Losses Less Than 12 Months | (118) |
Fair Value 12 Months or Greater | 30,613 |
Unrealized Losses 12 Months or Greater | (330) |
Fair Value Total | 52,596 |
Unrealized Losses Total | (448) |
Other Asset-Backed Securities [Member] | |
Continuous Gross Unrealized Losses And Fair Value [Abstract] | |
Fair Value 12 Months or Greater | 2 |
Fair Value Total | 2 |
U.S. Treasury and Agencies [Member] | |
Continuous Gross Unrealized Losses And Fair Value [Abstract] | |
Fair Value Less Than 12 Months | 3,869 |
Unrealized Losses Less Than 12 Months | (40) |
Fair Value 12 Months or Greater | 6,265 |
Unrealized Losses 12 Months or Greater | (27) |
Fair Value Total | 10,134 |
Unrealized Losses Total | (67) |
Residential Mortgage-Backed Securities [Member] | |
Continuous Gross Unrealized Losses And Fair Value [Abstract] | |
Fair Value Less Than 12 Months | 16,292 |
Unrealized Losses Less Than 12 Months | (46) |
Fair Value 12 Months or Greater | 24,346 |
Unrealized Losses 12 Months or Greater | (303) |
Fair Value Total | 40,638 |
Unrealized Losses Total | (349) |
Commercial agency mortgage-backed securities [Member] | |
Continuous Gross Unrealized Losses And Fair Value [Abstract] | |
Fair Value Less Than 12 Months | 1,453 |
Unrealized Losses Less Than 12 Months | (29) |
Fair Value Total | 1,453 |
Unrealized Losses Total | (29) |
Obligations of State and Political Subdivisions [Member] | |
Continuous Gross Unrealized Losses And Fair Value [Abstract] | |
Fair Value Less Than 12 Months | 365 |
Unrealized Losses Less Than 12 Months | (3) |
Fair Value Total | 365 |
Unrealized Losses Total | (3) |
Corporate Debt Securities [Member] | |
Continuous Gross Unrealized Losses And Fair Value [Abstract] | |
Fair Value Less Than 12 Months | 4 |
Fair Value Total | $ 4 |
Investment Securities - Amortiz
Investment Securities - Amortized Cost, Fair Value and Yield by Maturity Date (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | |||
Contractual Maturities of Investment Securities [Line Items] | ||||
Available-for-sale securities, Amortized Cost | $ 122,117 | [1] | $ 67,381 | |
Available-for-sale securities, total, fair value | [2] | $ 122,613 | [1] | 66,115 |
Available-for-sale securities, total, weighted-average maturity in years | [1] | 4 years 2 months 12 days | ||
Available-for-sale securities, total, weighted-average yield | [1] | 2.38% | ||
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 | $ 4,243 | |||
Available-for-sale securities, maturing after one year through five years, amortized cost | 12,881 | |||
Available-for-sale securities, maturing after five years through ten years, amortized cost | 2,721 | |||
Available-for-sale securities, Amortized Cost | 19,845 | 19,604 | ||
Available-for-sale securities, maturing in one year or less, fair value | 4,242 | |||
Available-for-sale securities, maturing after one year through five years, fair value | 12,901 | |||
Available-for-sale securities, maturing after five years through ten years, fair value | 2,696 | |||
Available-for-sale securities, total, fair value | $ 19,839 | 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 4 months 24 days | |||
Available-for-sale securities, maturing after five years through ten years, weighted-average maturity in years | 7 years 6 months | |||
Available-for-sale securities, total, weighted-average maturity in years | 2 years 8 months 12 days | |||
Available-for-sale securities, maturing in one year or less, weighted-average yield | [3] | 1.61% | ||
Available-for-sale securities, maturing after one year through five years, weighted-average yield | [3] | 1.65% | ||
Available-for-sale securities, maturing after five years through ten years, weighted-average yield | [3] | 1.95% | ||
Available-for-sale securities, total, weighted-average yield | [3] | 1.68% | ||
Mortgage-Backed Securities [Member] | ||||
Contractual Maturities of Investment Securities [Line Items] | ||||
Available-for-sale securities, maturing in one year or less, amortized cost | [4] | $ 197 | ||
Available-for-sale securities, maturing after one year through five years, amortized cost | [4] | 66,940 | ||
Available-for-sale securities, maturing after five years through ten years, amortized cost | [4] | 27,339 | ||
Available-for-sale securities, maturing after ten years, amortized cost | [4] | 909 | ||
Available-for-sale securities, Amortized Cost | [4] | 95,385 | ||
Available-for-sale securities, maturing in one year or less, fair value | [4] | 197 | ||
Available-for-sale securities, maturing after one year through five years, fair value | [4] | 67,102 | ||
Available-for-sale securities, maturing after five years through ten years, fair value | [4] | 27,349 | ||
Available-for-sale securities, maturing after ten years, fair value | [4] | 916 | ||
Available-for-sale securities, total, fair value | [4] | $ 95,564 | ||
Available-for-sale securities, maturing in one year or less, weighted-average maturity in years | [4] | 8 months 12 days | ||
Available-for-sale securities, maturing after one year through five years, weighted-average maturity in years | [4] | 3 years 7 months 6 days | ||
Available-for-sale securities, maturing after five years through ten years, weighted-average maturity in years | [4] | 6 years | ||
Available-for-sale securities, maturing after ten years, weighted- average maturity in years | [4] | 11 years 4 months 24 days | ||
Available-for-sale securities, total, weighted-average maturity in years | [4] | 4 years 4 months 24 days | ||
Available-for-sale securities, maturing in one year or less, weighted-average yield | [3],[4] | 2.28% | ||
Available-for-sale securities, maturing after one year through five years, weighted-average yield | [3],[4] | 2.30% | ||
Available-for-sale securities, maturing after five years through ten years, weighted-average yield | [3],[4] | 2.58% | ||
Available-for-sale securities, maturing after ten years, weighted-average yield | [3],[4] | 2.76% | ||
Available-for-sale securities, total, weighted-average yield | [3],[4] | 2.39% | ||
Asset-Backed Securities [Member] | ||||
Contractual Maturities of Investment Securities [Line Items] | ||||
Available-for-sale securities, maturing after one year through five years, amortized cost | [4] | $ 374 | ||
Available-for-sale securities, maturing after five years through ten years, amortized cost | [4] | 1 | ||
Available-for-sale securities, Amortized Cost | [4] | 375 | ||
Available-for-sale securities, maturing after one year through five years, fair value | [4] | 381 | ||
Available-for-sale securities, maturing after five years through ten years, fair value | [4] | 1 | ||
Available-for-sale securities, maturing after ten years, fair value | [4] | 1 | ||
Available-for-sale securities, total, fair value | [4] | $ 383 | ||
Available-for-sale securities, maturing after one year through five years, weighted-average maturity in years | [4] | 3 years 1 month 6 days | ||
Available-for-sale securities, maturing after five years through ten years, weighted-average maturity in years | [4] | 6 years 1 month 6 days | ||
Available-for-sale securities, maturing after ten years, weighted- average maturity in years | [4] | 15 years 3 months 18 days | ||
Available-for-sale securities, total, weighted-average maturity in years | [4] | 3 years 1 month 6 days | ||
Available-for-sale securities, maturing after one year through five years, weighted-average yield | [3],[4] | 3.09% | ||
Available-for-sale securities, maturing after five years through ten years, weighted-average yield | [3],[4] | 2.56% | ||
Available-for-sale securities, maturing after ten years, weighted-average yield | [3],[4] | 2.41% | ||
Available-for-sale securities, total, weighted-average yield | [3],[4] | 3.09% | ||
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 | [5],[6] | $ 66 | ||
Available-for-sale securities, maturing after one year through five years, amortized cost | [5],[6] | 695 | ||
Available-for-sale securities, maturing after five years through ten years, amortized cost | [5],[6] | 5,720 | ||
Available-for-sale securities, maturing after ten years, amortized cost | [5],[6] | 18 | ||
Available-for-sale securities, Amortized Cost | 6,499 | [5],[6] | 6,836 | |
Available-for-sale securities, maturing in one year or less, fair value | [5],[6] | 66 | ||
Available-for-sale securities, maturing after one year through five years, fair value | [5],[6] | 722 | ||
Available-for-sale securities, maturing after five years through ten years, fair value | [5],[6] | 6,004 | ||
Available-for-sale securities, maturing after ten years, fair value | [5],[6] | 22 | ||
Available-for-sale securities, total, fair value | $ 6,814 | [5],[6] | $ 6,701 | |
Available-for-sale securities, maturing in one year or less, weighted-average maturity in years | [5],[6] | 1 month 6 days | ||
Available-for-sale securities, maturing after one year through five years, weighted-average maturity in years | [5],[6] | 3 years | ||
Available-for-sale securities, maturing after five years through ten years, weighted-average maturity in years | [5],[6] | 7 years 1 month 6 days | ||
Available-for-sale securities, maturing after ten years, weighted- average maturity in years | [5],[6] | 14 years | ||
Available-for-sale securities, total, weighted-average maturity in years | [5],[6] | 6 years 7 months 6 days | ||
Available-for-sale securities, maturing in one year or less, weighted-average yield | [3],[5],[6] | 5.81% | ||
Available-for-sale securities, maturing after one year through five years, weighted-average yield | [3],[5],[6] | 4.50% | ||
Available-for-sale securities, maturing after five years through ten years, weighted-average yield | [3],[5],[6] | 4.24% | ||
Available-for-sale securities, maturing after ten years, weighted-average yield | [3],[5],[6] | 6.15% | ||
Available-for-sale securities, total, weighted-average yield | [3],[5],[6] | 4.29% | ||
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 | $ 13 | |||
Available-for-sale securities, Amortized Cost | 13 | |||
Available-for-sale securities, maturing in one year or less, fair value | 13 | |||
Available-for-sale securities, total, fair value | $ 13 | |||
Available-for-sale securities, maturing in one year or less, weighted-average maturity in years | 3 months 18 days | |||
Available-for-sale securities, total, weighted-average maturity in years | 3 months 18 days | |||
Available-for-sale securities, maturing in one year or less, weighted-average yield | [3] | 2.66% | ||
Available-for-sale securities, total, weighted-average yield | [3] | 2.66% | ||
[1] | The weighted-average maturity of total available-for-sale and held-to-maturity investment securities was 5.3 years at December 31, 2018, with a corresponding weighted-average yield of 2.53 percent. | |||
[2] | Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral. | |||
[3] | 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 investment securities are computed based on amortized cost balances, excluding any premiums or discounts recorded related to the transfer of investment securities at fair value from available-for-sale to held-to-maturity. | |||
[4] | Information related to asset and mortgage-backed securities included above is presented based upon weighted-average maturities that take into account anticipated future prepayments. | |||
[5] | 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. | |||
[6] | 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. |
Investment Securities - Amort_2
Investment Securities - Amortized Cost, Fair Value and Yield by Maturity Date (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Contractual Maturities of Investment Securities [Abstract] | |||
Federal statutory rate | 21.00% | 21.00% | 35.00% |
Available for sale and held to maturity securities weighted average maturities | 5 years 3 months 18 days | ||
Debt securities available for sale and held to maturity weighted average yield | 2.52% |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses - Composition of Loan Portfolio (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 296,102 | $ 286,810 |
Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 98,168 | 96,849 |
Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 103,863 | 102,444 |
Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 39,746 | 39,539 |
Residential Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 70,586 | 65,034 |
Other Retail [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 57,118 | 56,430 |
Lease Financing [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 5,695 | 5,595 |
Commercial Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 29,404 | 28,596 |
Construction and Development [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 10,342 | 10,943 |
Residential Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 59,865 | 53,034 |
Home Equity Loans, First Liens [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 10,721 | 12,000 |
Credit Card [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 24,789 | 23,363 |
Retail Leasing [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 8,490 | 8,546 |
Home Equity and Second Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 15,036 | 16,122 |
Revolving Credit [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 2,899 | 3,088 |
Installment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 11,038 | 9,676 |
Automobile [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 19,435 | 18,719 |
Student [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 220 | $ 279 |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses - Additional Information (Detail) $ in Millions | 12 Months Ended | |
Dec. 31, 2019USD ($)MortgageLoanSecurityLoan | Dec. 31, 2018USD ($) | |
Loans and Allowance for Credit Losses [Line Items] | ||
Loans pledged at the Federal Home Loan Bank | $ 96,200 | $ 88,700 |
Loans pledged at the Federal Reserve Bank | 76,300 | 70,100 |
Unearned interest and deferred fees and costs on originated loans | 781 | 872 |
Foreclosed residential real estate property included in other real estate owned | 74 | 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 | 155 | 235 |
Residential mortgage loans secured by residential real estate in process of foreclosure | $ 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 | 826 | |
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 | $ 111 | |
Nonperforming loans | 692 | 817 |
Other real estate non-performing | 78 | 111 |
Non-performing assets other | 59 | 61 |
Non-performing assets | 829 | 989 |
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 | 17 | |
Outstanding balance of loans in trial period | $ 1 | |
Estimated post-modification balance of loans in trial period | $ 1 | |
Residential Mortgages [Member] | ||
Loans and Allowance for Credit Losses [Line Items] | ||
Number of loans in trial period | SecurityLoan | 41 | |
Outstanding balance of loans in trial period | $ 6 | |
Estimated post-modification balance of loans in trial period | 6 | |
Nonperforming loans | $ 241 | $ 296 |
Government National Mortgage Association [Member] | ||
Loans and Allowance for Credit Losses [Line Items] | ||
Number of loans in trial period | SecurityLoan | 990 | |
Outstanding balance of loans in trial period | $ 136 | |
Estimated post-modification balance of loans in trial period | $ 135 |
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 | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance at beginning of period | $ 4,441 | $ 4,417 | $ 4,357 |
Provision for credit losses | 1,504 | 1,379 | 1,390 |
Loans charged-off | 1,867 | 1,760 | 1,751 |
Less recoveries of loans charged-off | (413) | (406) | (421) |
Net loans charged-off | 1,454 | 1,354 | 1,330 |
Other changes | (1) | ||
Balance at end of period | 4,491 | 4,441 | 4,417 |
Commercial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance at beginning of period | 1,454 | 1,372 | 1,450 |
Provision for credit losses | 315 | 333 | 186 |
Loans charged-off | 399 | 350 | 414 |
Less recoveries of loans charged-off | (114) | (99) | (150) |
Net loans charged-off | 285 | 251 | 264 |
Balance at end of period | 1,484 | 1,454 | 1,372 |
Commercial Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance at beginning of period | 800 | 831 | 812 |
Provision for credit losses | 13 | (50) | 19 |
Loans charged-off | 21 | 9 | 30 |
Less recoveries of loans charged-off | (7) | (28) | (30) |
Net loans charged-off | 14 | (19) | |
Balance at end of period | 799 | 800 | 831 |
Residential Mortgages [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance at beginning of period | 455 | 449 | 510 |
Provision for credit losses | (19) | 23 | (24) |
Loans charged-off | 34 | 48 | 65 |
Less recoveries of loans charged-off | (31) | (31) | (28) |
Net loans charged-off | 3 | 17 | 37 |
Balance at end of period | 433 | 455 | 449 |
Other Retail [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance at beginning of period | 630 | 678 | 617 |
Provision for credit losses | 276 | 211 | 304 |
Loans charged-off | 385 | 383 | 355 |
Less recoveries of loans charged-off | (126) | (124) | (112) |
Net loans charged-off | 259 | 259 | 243 |
Balance at end of period | 647 | 630 | 678 |
Credit Card [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance at beginning of period | 1,102 | 1,056 | 934 |
Provision for credit losses | 919 | 892 | 908 |
Loans charged-off | 1,028 | 970 | 887 |
Less recoveries of loans charged-off | (135) | (124) | (101) |
Net loans charged-off | 893 | 846 | 786 |
Balance at end of period | $ 1,128 | 1,102 | 1,056 |
Covered Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance at beginning of period | 31 | 34 | |
Provision for credit losses | (30) | (3) | |
Other changes | $ (1) | ||
Balance at end of period | $ 31 |
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 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Allowance Balance at End of Period | ||||
Loans individually evaluated for impairment | $ 19 | $ 24 | ||
TDRs collectively evaluated for impairment | 223 | 225 | ||
Other loans collectively evaluated for impairment | 4,234 | 4,176 | ||
Loans acquired with deteriorated credit quality | 15 | 16 | ||
Total allowance for credit losses | 4,491 | 4,441 | $ 4,417 | $ 4,357 |
Loan Balance at End of Period | ||||
Loans individually evaluated for impairment | 314 | 348 | ||
TDRs collectively evaluated for impairment | 3,793 | 3,960 | ||
Other loans collectively evaluated for impairment | 291,734 | 282,158 | ||
Loans acquired with deteriorated credit quality | 261 | 344 | ||
Total loans | 296,102 | 286,810 | ||
Commercial [Member] | ||||
Allowance Balance at End of Period | ||||
Loans individually evaluated for impairment | 16 | 16 | ||
TDRs collectively evaluated for impairment | 20 | 15 | ||
Other loans collectively evaluated for impairment | 1,448 | 1,423 | ||
Total allowance for credit losses | 1,484 | 1,454 | 1,372 | 1,450 |
Loan Balance at End of Period | ||||
Loans individually evaluated for impairment | 253 | 262 | ||
TDRs collectively evaluated for impairment | 163 | 151 | ||
Other loans collectively evaluated for impairment | 103,447 | 102,031 | ||
Total loans | 103,863 | 102,444 | ||
Commercial Real Estate [Member] | ||||
Allowance Balance at End of Period | ||||
Loans individually evaluated for impairment | 3 | 8 | ||
TDRs collectively evaluated for impairment | 3 | 3 | ||
Other loans collectively evaluated for impairment | 793 | 788 | ||
Loans acquired with deteriorated credit quality | 1 | |||
Total allowance for credit losses | 799 | 800 | 831 | 812 |
Loan Balance at End of Period | ||||
Loans individually evaluated for impairment | 61 | 86 | ||
TDRs collectively evaluated for impairment | 138 | 129 | ||
Other loans collectively evaluated for impairment | 39,513 | 39,297 | ||
Loans acquired with deteriorated credit quality | 34 | 27 | ||
Total loans | 39,746 | 39,539 | ||
Residential Mortgages [Member] | ||||
Allowance Balance at End of Period | ||||
TDRs collectively evaluated for impairment | 109 | 126 | ||
Other loans collectively evaluated for impairment | 309 | 314 | ||
Loans acquired with deteriorated credit quality | 15 | 15 | ||
Total allowance for credit losses | 433 | 455 | 449 | 510 |
Loan Balance at End of Period | ||||
TDRs collectively evaluated for impairment | 3,044 | 3,252 | ||
Other loans collectively evaluated for impairment | 67,315 | 61,465 | ||
Loans acquired with deteriorated credit quality | 227 | 317 | ||
Total loans | 70,586 | 65,034 | ||
Other Retail [Member] | ||||
Allowance Balance at End of Period | ||||
TDRs collectively evaluated for impairment | 10 | 12 | ||
Other loans collectively evaluated for impairment | 637 | 618 | ||
Total allowance for credit losses | 647 | 630 | 678 | 617 |
Loan Balance at End of Period | ||||
TDRs collectively evaluated for impairment | 185 | 183 | ||
Other loans collectively evaluated for impairment | 56,933 | 56,247 | ||
Total loans | 57,118 | 56,430 | ||
Credit Card [Member] | ||||
Allowance Balance at End of Period | ||||
TDRs collectively evaluated for impairment | 81 | 69 | ||
Other loans collectively evaluated for impairment | 1,047 | 1,033 | ||
Total allowance for credit losses | 1,128 | 1,102 | $ 1,056 | $ 934 |
Loan Balance at End of Period | ||||
TDRs collectively evaluated for impairment | 263 | 245 | ||
Other loans collectively evaluated for impairment | 24,526 | 23,118 | ||
Total loans | $ 24,789 | $ 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 | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | $ 293,596 | $ 284,109 |
Accruing 30-89 Days Past Due | 1,209 | 1,300 |
Accruing 90 Days or More Past Due | 605 | 584 |
Nonperforming | 692 | 817 |
Total loans | 296,102 | 286,810 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 103,273 | 101,844 |
Accruing 30-89 Days Past Due | 307 | 322 |
Accruing 90 Days or More Past Due | 79 | 69 |
Nonperforming | 204 | 209 |
Total loans | 103,863 | 102,444 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 39,627 | 39,354 |
Accruing 30-89 Days Past Due | 34 | 70 |
Accruing 90 Days or More Past Due | 3 | |
Nonperforming | 82 | 115 |
Total loans | 39,746 | 39,539 |
Residential Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 70,071 | 64,443 |
Accruing 30-89 Days Past Due | 154 | 181 |
Accruing 90 Days or More Past Due | 120 | 114 |
Nonperforming | 241 | 296 |
Total loans | 70,586 | 65,034 |
Other Retail [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 56,463 | 55,722 |
Accruing 30-89 Days Past Due | 393 | 403 |
Accruing 90 Days or More Past Due | 97 | 108 |
Nonperforming | 165 | 197 |
Total loans | 57,118 | 56,430 |
Credit Card [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 24,162 | 22,746 |
Accruing 30-89 Days Past Due | 321 | 324 |
Accruing 90 Days or More Past Due | 306 | 293 |
Total loans | $ 24,789 | $ 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 | Dec. 31, 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 | $ 428 | $ 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 | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 296,102 | $ 286,810 |
Total outstanding commitments | 624,548 | 606,656 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 292,204 | 282,228 |
Total outstanding commitments | 619,224 | 600,407 |
Special Mention Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,643 | 1,740 |
Total outstanding commitments | 2,451 | 2,801 |
Classified Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,255 | 2,842 |
Total outstanding commitments | 2,873 | 3,448 |
Total Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 3,898 | 4,582 |
Total outstanding commitments | 5,324 | 6,249 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 103,863 | 102,444 |
Commercial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 101,850 | 100,014 |
Commercial [Member] | Special Mention Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,147 | 1,149 |
Commercial [Member] | Classified Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 866 | 1,281 |
Commercial [Member] | Total Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,013 | 2,430 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 39,746 | 39,539 |
Commercial Real Estate [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 38,872 | 38,473 |
Commercial Real Estate [Member] | Special Mention Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 484 | 584 |
Commercial Real Estate [Member] | Classified Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 390 | 482 |
Commercial Real Estate [Member] | Total Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 874 | 1,066 |
Residential Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 70,586 | 65,034 |
Residential Mortgages [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 70,174 | 64,570 |
Residential Mortgages [Member] | Special Mention Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2 | 1 |
Residential Mortgages [Member] | Classified Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 410 | 463 |
Residential Mortgages [Member] | Total Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 412 | 464 |
Other Retail [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 57,118 | 56,430 |
Other Retail [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 56,825 | 56,101 |
Other Retail [Member] | Special Mention Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 10 | 6 |
Other Retail [Member] | Classified Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 283 | 323 |
Other Retail [Member] | Total Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 293 | 329 |
Credit Card [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 24,789 | 23,363 |
Credit Card [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 24,483 | 23,070 |
Credit Card [Member] | Classified Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 306 | 293 |
Credit Card [Member] | Total Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 306 | $ 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] $ in Billions | Dec. 31, 2019USD ($) |
Financing Receivable, Recorded Investment [Line Items] | |
Restructured GNMA loans,classified with a pass rating | $ 1.7 |
GNMA loans 90 days or more past due, classified with a pass rating | $ 1.6 |
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 | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Impaired [Line Items] | ||
Period-end Recorded Investment | $ 4,443 | $ 4,674 |
Unpaid Principal Balance | 5,780 | 5,698 |
Valuation Allowance | 249 | 254 |
Commitments to Lend Additional Funds | 160 | 113 |
Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Period-end Recorded Investment | 483 | 467 |
Unpaid Principal Balance | 1,048 | 1,006 |
Valuation Allowance | 39 | 32 |
Commitments to Lend Additional Funds | 158 | 106 |
Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Period-end Recorded Investment | 242 | 279 |
Unpaid Principal Balance | 603 | 511 |
Valuation Allowance | 7 | 12 |
Commitments to Lend Additional Funds | 2 | |
Residential Mortgages [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Period-end Recorded Investment | 1,515 | 1,709 |
Unpaid Principal Balance | 1,827 | 1,879 |
Valuation Allowance | 71 | 86 |
Other Retail [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Period-end Recorded Investment | 318 | 335 |
Unpaid Principal Balance | 417 | 418 |
Valuation Allowance | 12 | 14 |
Commitments to Lend Additional Funds | 2 | 5 |
Credit Card [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Period-end Recorded Investment | 263 | 245 |
Unpaid Principal Balance | 263 | 245 |
Valuation Allowance | 81 | 69 |
Total Loans, Excluding Loans Purchased from GNMA Mortgage Pools [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Period-end Recorded Investment | 2,821 | 3,035 |
Unpaid Principal Balance | 4,158 | 4,059 |
Valuation Allowance | 210 | 213 |
Commitments to Lend Additional Funds | 160 | 113 |
Government National Mortgage Association [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Period-end Recorded Investment | 1,622 | 1,639 |
Unpaid Principal Balance | 1,622 | 1,639 |
Valuation Allowance | $ 39 | $ 41 |
Loans and Allowance for Cred_12
Loans and Allowance for Credit Losses - Summary of Impaired Loans, which Include Nonaccrual and TDR Loans, by Portfolio Class (Parenthetical) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Loan and Lease Receivables, Impaired [Abstract] | |
Interest income recognized on impaired loans | $ 194 |
Interest income that would have been recognized on impaired loans at original contractual loan terms | $ 246 |
Loans and Allowance for Cred_13
Loans and Allowance for Credit Losses - Impaired Loans Average Recorded Investment and Interest Income Recognized (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | $ 4,608 | $ 4,797 | $ 5,316 |
Interest Income Recognized | 194 | 164 | 204 |
Commercial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 520 | 497 | 683 |
Interest Income Recognized | 9 | 8 | 7 |
Commercial Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 248 | 273 | 273 |
Interest Income Recognized | 11 | 13 | 11 |
Residential Mortgages [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 1,622 | 1,817 | 2,135 |
Interest Income Recognized | 92 | 76 | 103 |
Other Retail [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 323 | 309 | 287 |
Interest Income Recognized | 12 | 16 | 14 |
Credit Card [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 257 | 236 | 229 |
Interest Income Recognized | 3 | 3 | |
Covered Loans [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 25 | 37 | |
Interest Income Recognized | 1 | 1 | |
Total Loans, Excluding Loans Purchased from GNMA Mortgage Pools [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 2,970 | 3,157 | 3,644 |
Interest Income Recognized | 124 | 117 | 139 |
Government National Mortgage Association [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 1,638 | 1,640 | 1,672 |
Interest Income Recognized | $ 70 | $ 47 | $ 65 |
Loans and Allowance for Cred_14
Loans and Allowance for Credit Losses - Summary of Loans Modified as TDRs (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)SecurityLoan | Dec. 31, 2018USD ($)SecurityLoan | Dec. 31, 2017USD ($)SecurityLoan | |
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 47,454 | 45,528 | 47,984 |
Pre-Modification Outstanding Loan Balance | $ 1,664 | $ 1,626 | $ 1,675 |
Post-Modification Outstanding Loan Balance | $ 1,612 | $ 1,579 | $ 1,593 |
Commercial [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 3,445 | 2,824 | 2,758 |
Pre-Modification Outstanding Loan Balance | $ 376 | $ 336 | $ 380 |
Post-Modification Outstanding Loan Balance | $ 359 | $ 311 | $ 328 |
Commercial Real Estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 136 | 127 | 128 |
Pre-Modification Outstanding Loan Balance | $ 129 | $ 168 | $ 82 |
Post-Modification Outstanding Loan Balance | $ 125 | $ 169 | $ 78 |
Residential Mortgages [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 417 | 526 | 800 |
Pre-Modification Outstanding Loan Balance | $ 55 | $ 73 | $ 90 |
Post-Modification Outstanding Loan Balance | $ 54 | $ 69 | $ 88 |
Other Retail [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 2,952 | 2,462 | 3,881 |
Pre-Modification Outstanding Loan Balance | $ 63 | $ 58 | $ 79 |
Post-Modification Outstanding Loan Balance | $ 61 | $ 55 | $ 68 |
Credit Card [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 34,247 | 33,318 | 33,615 |
Pre-Modification Outstanding Loan Balance | $ 185 | $ 169 | $ 161 |
Post-Modification Outstanding Loan Balance | $ 186 | $ 171 | $ 162 |
Covered Loans [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 3 | 11 | |
Pre-Modification Outstanding Loan Balance | $ 1 | $ 2 | |
Post-Modification Outstanding Loan Balance | $ 1 | $ 2 | |
Total Loans, Excluding Loans Purchased from GNMA Mortgage Pools [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 41,197 | 39,260 | 41,193 |
Pre-Modification Outstanding Loan Balance | $ 808 | $ 805 | $ 794 |
Post-Modification Outstanding Loan Balance | $ 785 | $ 776 | $ 726 |
Government National Mortgage Association [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 6,257 | 6,268 | 6,791 |
Pre-Modification Outstanding Loan Balance | $ 856 | $ 821 | $ 881 |
Post-Modification Outstanding Loan Balance | $ 827 | $ 803 | $ 867 |
Loans and Allowance for Cred_15
Loans and Allowance for Credit Losses - Summary of Loans Modified as TDRs in the Past Twelve Months that have Subsequently Defaulted (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)SecurityLoan | Dec. 31, 2018USD ($)SecurityLoan | Dec. 31, 2017USD ($)SecurityLoan | |
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | 10,863 | 10,860 | 11,294 |
Amount Defaulted | $ | $ 266 | $ 331 | $ 321 |
Commercial [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | 1,040 | 836 | 724 |
Amount Defaulted | $ | $ 46 | $ 71 | $ 53 |
Commercial Real Estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | 36 | 39 | 36 |
Amount Defaulted | $ | $ 24 | $ 15 | $ 9 |
Residential Mortgages [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | 137 | 191 | 374 |
Amount Defaulted | $ | $ 15 | $ 18 | $ 41 |
Other Retail [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | 380 | 334 | 415 |
Amount Defaulted | $ | $ 10 | $ 5 | $ 5 |
Credit Card [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | 8,273 | 8,012 | 8,372 |
Amount Defaulted | $ | $ 40 | $ 35 | $ 36 |
Covered Loans [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | 1 | 4 | |
Total Loans, Excluding Loans Purchased from GNMA Mortgage Pools [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | 9,866 | 9,413 | 9,925 |
Amount Defaulted | $ | $ 135 | $ 144 | $ 144 |
Government National Mortgage Association [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | 997 | 1,447 | 1,369 |
Amount Defaulted | $ | $ 131 | $ 187 | $ 177 |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Operating Leased Assets [Line Items] | |
Lease revenue | $ 996 |
Right of use lease assets | 1,300 |
Lease liabilities | 1,400 |
Lease cost | $ 394 |
Leases - Components of Net Inve
Leases - Components of Net Investment in Sales - Type and Direct Financing Leases (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Net Investment in Leases [Abstract] | ||
Lease receivables | $ 12,324 | $ 12,207 |
Unguaranteed residual values accruing to the lessor's benefit | 1,834 | 1,877 |
Total net investment in sales-type and direct financing leases | $ 14,158 | $ 14,084 |
Leases - Contractual Future Lea
Leases - Contractual Future Lease Payments to be Received (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Leases [Abstract] | ||
Sales-type and direct finance leases, 2020 | $ 4,755 | |
Sales-type and direct finance leases, 2021 | 3,729 | |
Sales-type and direct finance leases, 2022 | 2,766 | |
Sales-type and direct finance leases, 2023 | 1,248 | |
Sales-type and direct finance leases, 2024 | 382 | |
Sales-type and direct finance leases, thereafter | 483 | |
Sales-type and direct finance leases, lease payments | 13,363 | |
Sales-type and direct finance leases, amounts representing interest | (1,039) | |
Sales-type and direct finance leases, lease receivables | 12,324 | $ 12,207 |
Operating leases, 2020 | 176 | |
Operating leases, 2021 | 142 | |
Operating leases, 2022 | 103 | |
Operating leases, 2023 | 69 | |
Operating leases, 2024 | 50 | |
Operating leases, thereafter | 52 | |
Operating leases, lease payments | $ 592 |
Leases - Summary of Amounts Rel
Leases - Summary of Amounts Relevant to Company's Assets Leased for Use in its Operations (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Cash paid for amounts included in the measurement of lease liabilities | |
Operating cash flows from operating leases | $ 302 |
Operating cash flows from finance leases | 7 |
Financing cash flows from finance leases | 10 |
Right of use assets obtained in exchange for new operating lease liabilities | 134 |
Right of use assets obtained in exchange for new finance lease liabilities | $ 10 |
Leases - Summary of Weighted-Av
Leases - Summary of Weighted-Average Remaining Lease Terms and Discount Rates (Detail) | Dec. 31, 2019 |
Leases [Abstract] | |
Weighted-average remaining lease term of operating leases (in years) | 7 years 4 months 24 days |
Weighted-average remaining lease term of finance leases (in years) | 10 years 8 months 12 days |
Weighted-average discount rate of operating leases | 3.20% |
Weighted-average discount rate of finance leases | 14.30% |
Leases - Schedule of Contractua
Leases - Schedule of Contractual Future Lease Obligations (Detail) $ in Millions | Dec. 31, 2019USD ($) |
Contractual Obligation, Fiscal Year Maturity Schedule [Abstract] | |
Operating leases, 2020 | $ 296 |
Operating leases, 2021 | 267 |
Operating leases, 2022 | 226 |
Operating leases, 2023 | 180 |
Operating leases, 2024 | 132 |
Operating leases, Thereafter | 391 |
Operating leases | 1,492 |
Operating leases, amounts representing interest | (150) |
Operating leases, lease liabilities | 1,342 |
Finance leases, 2020 | 17 |
Finance leases, 2021 | 15 |
Finance leases, 2022 | 13 |
Finance leases, 2023 | 12 |
Finance leases, 2024 | 10 |
Finance leases, thereafter | 38 |
Finance leases | 105 |
Finance leases, Amounts representing interest | (31) |
Finance leases, lease liabilities | $ 74 |
Accounting for Transfers and _3
Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Variable Interest Entity [Line Items] | |||||
Assets related to consolidated VIEs | $ 495,426 | $ 467,374 | |||
Liabilities related to consolidated VIEs | 442,943 | 415,717 | |||
Available-for-sale securities | [1] | 122,613 | [2] | 66,115 | |
Held-to-maturity scurities | 46,050 | ||||
Minimum [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Aggregate amount of investments in unconsolidated VIEs | 1 | 1 | |||
Maximum [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Aggregate amount of investments in unconsolidated VIEs | 87 | 95 | |||
Financial Support Waived Fees [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Financial or other support to money market funds | 30 | 25 | $ 23 | ||
Private Investment Funds and Partnerships [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Investment carrying amount | 31 | 27 | |||
Maximum exposure to loss | 55 | 52 | |||
Community Development and Tax Advantaged Investments [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Federal and state income tax credits recognized in tax expense | 615 | 689 | 711 | ||
Expense related to investments | 557 | 604 | 741 | ||
Investment tax credits | 506 | 639 | 1,500 | ||
Expenses related to investments recognized in tax expense | 318 | 275 | $ 317 | ||
Investment carrying amount | 6,148 | 5,823 | |||
Maximum exposure to loss | 12,118 | 12,360 | |||
Community Development and Tax Advantaged Investments [Member] | Variable Interest Entity [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Assets related to consolidated VIEs | 4,000 | 3,900 | |||
Liabilities related to consolidated VIEs | 3,200 | 2,700 | |||
Conduit [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Available-for-sale securities | 12 | ||||
Held-to-maturity scurities | 14 | ||||
Tender Option Bond Program [Member] | Variable Interest Entity [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Assets related to consolidated VIEs | 3,000 | 2,400 | |||
Liabilities related to consolidated VIEs | $ 2,700 | $ 2,300 | |||
[1] | Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral. | ||||
[2] | The weighted-average maturity of total available-for-sale and held-to-maturity investment securities was 5.3 years at December 31, 2018, with a corresponding weighted-average yield of 2.53 percent. |
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 | Dec. 31, 2019 | Dec. 31, 2018 |
Variable Interest Entity [Line Items] | ||
Investment carrying amount | $ 6,148 | $ 5,823 |
Unfunded capital and other commitments | 2,938 | 2,778 |
Maximum exposure to loss | $ 12,118 | $ 12,360 |
Premises and Equipment - Premis
Premises and Equipment - Premises and Equipment (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Gross Premises and Equipment | $ 8,656 | $ 7,247 |
Less accumulated depreciation and amortization | (4,954) | (4,790) |
Total Premises and Equipment | 3,702 | 2,457 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross Premises and Equipment | 504 | 515 |
Buildings and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross Premises and Equipment | 3,513 | 3,481 |
Furniture, Fixtures and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross Premises and Equipment | 3,366 | 3,110 |
Right of Use Assets on Operating Leases [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross Premises and Equipment | 1,141 | |
Right of Use Assets on Finance Leases [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross Premises and Equipment | 111 | 121 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross Premises and Equipment | $ 21 | $ 20 |
Mortgage Servicing Rights - Add
Mortgage Servicing Rights - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Transfers and Servicing of Financial Assets [Abstract] | |||
Residential mortgage loans serviced for others including subserviced mortgages with no corresponding MSRs asset | $ 226,000 | $ 231,500 | |
Gain (Loss) on fair value changes of MSRs due to changes in valuation assumptions and derivatives used to economically hedge MSRs | (24) | 47 | $ 15 |
Loan servicing and ancillary fees | $ 734 | $ 746 | $ 746 |
Mortgage Servicing Rights - Cha
Mortgage Servicing Rights - Changes in Fair Value of Capitalized MSRs (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Transfers and Servicing of Financial Assets [Abstract] | |||
Balance at beginning of period | $ 2,791 | $ 2,645 | $ 2,591 |
Rights purchased | 20 | 8 | 13 |
Rights capitalized | 559 | 397 | 445 |
Rights sold | 5 | (27) | |
Changes in fair value of MSRs | |||
Due to fluctuations in market interest rates | (390) | 98 | (23) |
Due to revised assumptions or models | 23 | 56 | 18 |
Other changes in fair value | (462) | (386) | (399) |
Balance at end of period | $ 2,546 | $ 2,791 | $ 2,645 |
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 | Dec. 31, 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 | $ (663) | $ (501) |
Net fair value 50 basis points | (316) | (223) |
Net fair value 25 basis points | (153) | (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 | 613 | 455 |
Net fair value 50 basis points | 306 | 215 |
Net fair value 25 basis points | 152 | 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 | (50) | (46) |
Net fair value 50 basis points | (10) | (8) |
Net fair value 25 basis points | (1) | (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 | 485 | 295 |
Net fair value 50 basis points | 269 | 171 |
Net fair value 25 basis points | 141 | 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 | (550) | (321) |
Net fair value 50 basis points | (279) | (177) |
Net fair value 25 basis points | (143) | (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 | (65) | (26) |
Net fair value 50 basis points | (10) | (6) |
Net fair value 25 basis points | $ (2) | $ (2) |
Mortgage Servicing Rights - MSR
Mortgage Servicing Rights - MSRs and Related Characteristics by Portfolio (Detail) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019USD ($)BasisPointMultiple | Dec. 31, 2018USD ($)MultipleBasisPoint | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Servicing Assets at Fair Value [Line Items] | ||||
Fair value | $ 2,546 | $ 2,791 | $ 2,645 | $ 2,591 |
Mortgage Servicing Rights [Member] | ||||
Servicing Assets at Fair Value [Line Items] | ||||
Servicing portfolio | 223,518 | 229,284 | ||
Fair value | $ 2,546 | $ 2,791 | ||
Value (bps) | BasisPoint | 114 | 122 | ||
Weighted-average servicing fees (bps) | BasisPoint | 31 | 30 | ||
Multiple (value/servicing fees) | Multiple | 3.67 | 4.11 | ||
Weighted-average note rate | 4.17% | 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) | 12.40% | 9.50% | ||
Weighted-average expected life (in years) | 6 years | 7 years 2 months 12 days | ||
Weighted-average option adjusted spread | 7.30% | 7.60% | ||
HFA [Member] | Mortgage Servicing Rights [Member] | ||||
Servicing Assets at Fair Value [Line Items] | ||||
Servicing portfolio | $ 44,906 | $ 44,384 | ||
Fair value | $ 486 | $ 526 | ||
Value (bps) | BasisPoint | 108 | 119 | ||
Weighted-average servicing fees (bps) | BasisPoint | 34 | 34 | ||
Multiple (value/servicing fees) | Multiple | 3.15 | 3.45 | ||
Weighted-average note rate | 4.65% | 4.59% | ||
Weighted-average age (in years) | 3 years 8 months 12 days | 3 years 3 months 18 days | ||
Weighted-average expected prepayment (constant prepayment rate) | 12.20% | 9.80% | ||
Weighted-average expected life (in years) | 6 years 6 months | 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 | $ 35,302 | $ 35,990 | ||
Fair value | $ 451 | $ 465 | ||
Value (bps) | BasisPoint | 128 | 129 | ||
Weighted-average servicing fees (bps) | BasisPoint | 39 | 36 | ||
Multiple (value/servicing fees) | Multiple | 3.29 | 3.63 | ||
Weighted-average note rate | 3.99% | 3.97% | ||
Weighted-average age (in years) | 4 years 10 months 24 days | 4 years 8 months 12 days | ||
Weighted-average expected prepayment (constant prepayment rate) | 13.70% | 11.00% | ||
Weighted-average expected life (in years) | 5 years 8 months 12 days | 6 years 8 months 12 days | ||
Weighted-average option adjusted spread | 7.90% | 8.30% | ||
Conventional [Member] | Mortgage Servicing Rights [Member] | ||||
Servicing Assets at Fair Value [Line Items] | ||||
Servicing portfolio | $ 143,310 | $ 148,910 | ||
Fair value | $ 1,609 | $ 1,800 | ||
Value (bps) | BasisPoint | 112 | 121 | ||
Weighted-average servicing fees (bps) | BasisPoint | 28 | 27 | ||
Multiple (value/servicing fees) | Multiple | 4 | 4.52 | ||
Weighted-average note rate | 4.07% | 4.06% | ||
Weighted-average age (in years) | 4 years 9 months 18 days | 4 years 6 months | ||
Weighted-average expected prepayment (constant prepayment rate) | 12.20% | 9.10% | ||
Weighted-average expected life (in years) | 5 years 10 months 24 days | 7 years 1 month 6 days | ||
Weighted-average option adjusted spread | 6.90% | 7.20% |
Intangible Assets - Intangible
Intangible Assets - Intangible Assets (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill | $ 9,655 | $ 9,369 | $ 9,434 | $ 9,344 |
Mortgage servicing rights | 2,546 | 2,791 | $ 2,645 | $ 2,591 |
Total | $ 12,878 | 12,761 | ||
Merchant Processing Contracts [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization Method | SL/AC | |||
Finite-Lived Intangible Assets | $ 225 | 155 | ||
Core Deposit Benefits [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization Method | SL/AC | |||
Finite-Lived Intangible Assets | $ 82 | 104 | ||
Trust Relationships [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization Method | SL/AC | |||
Finite-Lived Intangible Assets | $ 27 | 34 | ||
Other Identified Intangibles [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization Method | SL/AC | |||
Finite-Lived Intangible Assets | $ 343 | $ 308 | ||
Straight line method [Member] | Merchant Processing Contracts [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Estimated Life | 6 years | |||
Straight line method [Member] | Core Deposit Benefits [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Estimated Life | 22 years | |||
Straight line method [Member] | Trust Relationships [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Estimated Life | 10 years | |||
Straight line method [Member] | Other Identified Intangibles [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Estimated Life | 6 years | |||
Accelerated method [Member] | Merchant Processing Contracts [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Estimated Life | 7 years | |||
Accelerated method [Member] | Core Deposit Benefits [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Estimated Life | 5 years | |||
Accelerated method [Member] | Trust Relationships [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Estimated Life | 7 years | |||
Accelerated method [Member] | Other Identified Intangibles [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Estimated Life | 4 years |
Intangible Assets - Aggregate A
Intangible Assets - Aggregate Amortization Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangibles | $ 168 | $ 161 | $ 175 |
Merchant Processing Contracts [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangibles | 45 | 24 | 24 |
Core Deposit Benefits [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangibles | 22 | 26 | 30 |
Trust Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangibles | 10 | 11 | 14 |
Other Identified Intangibles [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangibles | $ 91 | $ 100 | $ 107 |
Intangible Assets - Estimated A
Intangible Assets - Estimated Amortization Expense (Detail) $ in Millions | Dec. 31, 2019USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2020 | $ 155 |
2021 | 130 |
2022 | 109 |
2023 | 76 |
2024 | $ 60 |
Intangible Assets - Changes in
Intangible Assets - Changes in Carrying Value of Goodwill (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Line Items] | |||
Goodwill, Beginning Balance | $ 9,369 | $ 9,434 | $ 9,344 |
Goodwill acquired | 285 | 105 | 62 |
Disposal | (155) | ||
Foreign exchange translation and other | 1 | (15) | 28 |
Goodwill, Ending Balance | 9,655 | 9,369 | 9,434 |
Corporate and Commercial Banking [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Beginning Balance | 1,647 | 1,647 | 1,647 |
Goodwill, Ending Balance | 1,647 | 1,647 | 1,647 |
Consumer and Business Banking [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Beginning Balance | 3,475 | 3,681 | 3,681 |
Disposal | (155) | ||
Foreign exchange translation and other | (51) | ||
Goodwill, Ending Balance | 3,475 | 3,475 | 3,681 |
Wealth Management and Investment Services [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Beginning Balance | 1,618 | 1,569 | 1,566 |
Foreign exchange translation and other | (1) | 49 | 3 |
Goodwill, Ending Balance | 1,617 | 1,618 | 1,569 |
Payment Services [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Beginning Balance | 2,629 | 2,537 | 2,450 |
Goodwill acquired | 285 | 105 | 62 |
Foreign exchange translation and other | 2 | (13) | 25 |
Goodwill, Ending Balance | $ 2,916 | $ 2,629 | $ 2,537 |
Deposits - Composition of Depos
Deposits - Composition of Deposits (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | |
Banking and Thrift [Abstract] | |||
Noninterest-bearing deposits | $ 75,590 | $ 81,811 | |
Interest-bearing deposits | |||
Interest checking | 75,949 | 73,994 | |
Money market savings | 120,082 | 100,396 | |
Savings accounts | 47,401 | 44,720 | |
Time deposits | 42,894 | 44,554 | |
Total interest-bearing deposits | [1] | 286,326 | 263,664 |
Total deposits | $ 361,916 | $ 345,475 | |
[1] | lncludes time deposits greater than $250,000 balances of $7.8 billion and $15.3 billion at December 31, 2019 and 2018, respectively. |
Deposits - Maturities of Time D
Deposits - Maturities of Time Deposits Outstanding (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Banking and Thrift [Abstract] | ||
2020 | $ 37,731 | |
2021 | 2,700 | |
2022 | 1,183 | |
2023 | 673 | |
2024 | 602 | |
Thereafter | 5 | |
Total | $ 42,894 | $ 44,554 |
Short-Term Borrowings - Summary
Short-Term Borrowings - Summary of Short-Term Borrowings (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Short-term Debt [Line Items] | |||
Short-term borrowings | $ 23,723 | $ 14,139 | $ 16,651 |
Short-term borrowings, interest rate, at year end | 1.62% | 1.92% | 1.31% |
Short-term borrowings, average for the year | $ 18,137 | $ 21,790 | $ 15,022 |
Short-term borrowings, interest rate, average for the year | 2.04% | 1.78% | 1.00% |
Federal Funds Purchased [Member] | |||
Short-term Debt [Line Items] | |||
Short-term borrowings | $ 828 | $ 458 | $ 252 |
Short-term borrowings, interest rate, at year end | 1.45% | 2.05% | 0.77% |
Short-term borrowings, average for the year | $ 1,457 | $ 1,070 | $ 528 |
Short-term borrowings, interest rate, average for the year | 1.94% | 1.70% | 0.86% |
Short-term borrowings, maximum month end balance | $ 3,629 | $ 4,532 | $ 600 |
Securities Sold under Agreements to Repurchase [Member] | |||
Short-term Debt [Line Items] | |||
Short-term borrowings | $ 1,165 | $ 2,582 | $ 803 |
Short-term borrowings, interest rate, at year end | 1.41% | 2.20% | 0.61% |
Short-term borrowings, average for the year | $ 1,770 | $ 2,279 | $ 917 |
Short-term borrowings, interest rate, average for the year | 2.00% | 1.87% | 0.44% |
Short-term borrowings, maximum month end balance | $ 2,755 | $ 3,225 | $ 927 |
Commercial Paper [Member] | |||
Short-term Debt [Line Items] | |||
Short-term borrowings | $ 7,576 | $ 6,940 | $ 8,303 |
Short-term borrowings, interest rate, at year end | 1.07% | 1.35% | 0.68% |
Short-term borrowings, average for the year | $ 8,186 | $ 6,929 | $ 8,236 |
Short-term borrowings, interest rate, average for the year | 1.45% | 0.94% | 0.49% |
Short-term borrowings, maximum month end balance | $ 9,431 | $ 7,846 | $ 9,950 |
Other Short-Term Borrowings [Member] | |||
Short-term Debt [Line Items] | |||
Short-term borrowings | $ 14,154 | $ 4,159 | $ 7,293 |
Short-term borrowings, interest rate, at year end | 1.94% | 2.68% | 2.13% |
Short-term borrowings, average for the year | $ 6,724 | $ 11,512 | $ 5,341 |
Short-term borrowings, interest rate, average for the year | 2.78% | 2.27% | 1.90% |
Short-term borrowings, maximum month end balance | $ 14,154 | $ 16,588 | $ 7,293 |
Short-Term Borrowings - Summa_2
Short-Term Borrowings - Summary of Short-Term Borrowings (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Short-term Debt [Abstract] | |||
Federal statutory rate | 21.00% | 21.00% | 35.00% |
Long-Term Debt - Summary of Lon
Long-Term Debt - Summary of Long-term Debt (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||
Long-term debt | $ 40,167 | $ 41,340 |
Parent Company [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 18,602 | 16,291 |
Parent Company [Member] | Other Debt Issuance Fees and Unrealized Gains and Losses and Deferred Amounts Relating to Derivative Instruments [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 33 | (53) |
Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 21,565 | 25,049 |
Subsidiaries [Member] | Other Consolidated Community Development and Tax-Advantaged Investment Vies, Capitalized Lease Obligations, Debt Issuance Fees, and Unrealized Gains and Losses and Deferred Amounts Relating to Derivative Instruments [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 848 | 1,006 |
Fixed Rate [Member] | Parent Company [Member] | Subordinated Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.95% | |
Debt Instrument Maturity Year, End | Dec. 31, 2022 | |
Long-term debt | $ 1,300 | 1,300 |
Fixed Rate [Member] | Parent Company [Member] | Subordinated Debt One [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.60% | |
Debt Instrument Maturity Year, End | Dec. 31, 2024 | |
Long-term debt | $ 1,000 | 1,000 |
Fixed Rate [Member] | Parent Company [Member] | Subordinated Notes Two [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 7.50% | |
Debt Instrument Maturity Year, End | Dec. 31, 2026 | |
Long-term debt | $ 199 | 199 |
Fixed Rate [Member] | Parent Company [Member] | Subordinated Notes Three [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.10% | |
Debt Instrument Maturity Year, End | Dec. 31, 2026 | |
Long-term debt | $ 1,000 | 1,000 |
Fixed Rate [Member] | Parent Company [Member] | Medium-term Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument Maturity Year, start | Jan. 1, 2021 | |
Debt Instrument Maturity Year, End | Dec. 31, 2028 | |
Long-term debt | $ 13,820 | 12,345 |
Fixed Rate [Member] | Parent Company [Member] | Medium-term Notes [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 0.85% | |
Fixed Rate [Member] | Parent Company [Member] | Medium-term Notes [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.125% | |
Fixed Rate [Member] | Parent Company [Member] | Subordinated Debt Four [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.00% | |
Debt Instrument Maturity Year, End | Dec. 31, 2029 | |
Long-term debt | $ 1,000 | |
Fixed Rate [Member] | Subsidiaries [Member] | Federal Home Loan Bank Advances [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument Maturity Year, start | Jan. 1, 2020 | |
Debt Instrument Maturity Year, End | Dec. 31, 2026 | |
Long-term debt | $ 1,106 | 307 |
Fixed Rate [Member] | Subsidiaries [Member] | Federal Home Loan Bank Advances [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.25% | |
Fixed Rate [Member] | Subsidiaries [Member] | Federal Home Loan Bank Advances [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 8.25% | |
Fixed Rate [Member] | Subsidiaries [Member] | Bank Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument Maturity Year, start | Jan. 1, 2020 | |
Debt Instrument Maturity Year, End | Dec. 31, 2025 | |
Long-term debt | $ 9,550 | 11,600 |
Fixed Rate [Member] | Subsidiaries [Member] | Bank Notes [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.95% | |
Fixed Rate [Member] | Subsidiaries [Member] | Bank Notes [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.45% | |
Floating Rate [Member] | Parent Company [Member] | Medium-term Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument Maturity Year, End | Dec. 31, 2022 | |
Long-term debt | $ 250 | 500 |
Floating Rate [Member] | Parent Company [Member] | Medium-term Notes [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.576% | |
Floating Rate [Member] | Subsidiaries [Member] | Federal Home Loan Bank Advances [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument Maturity Year, start | Jan. 1, 2022 | |
Debt Instrument Maturity Year, End | Dec. 31, 2026 | |
Long-term debt | $ 3,272 | 4,272 |
Floating Rate [Member] | Subsidiaries [Member] | Federal Home Loan Bank Advances [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.165% | |
Floating Rate [Member] | Subsidiaries [Member] | Federal Home Loan Bank Advances [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.461% | |
Floating Rate [Member] | Subsidiaries [Member] | Bank Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument Maturity Year, start | Jan. 1, 2020 | |
Debt Instrument Maturity Year, End | Dec. 31, 2059 | |
Long-term debt | $ 6,789 | $ 7,864 |
Floating Rate [Member] | Subsidiaries [Member] | Bank Notes [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 0.60% | |
Floating Rate [Member] | Subsidiaries [Member] | Bank Notes [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.35% |
Long-Term Debt - Summary of L_2
Long-Term Debt - Summary of Long-term Debt (Parenthetical) (Detail) | Dec. 31, 2019 |
Medium-term Notes [Member] | |
Debt Instrument [Line Items] | |
Weighted-average interest rate | 2.87% |
Federal Home Loan Bank Advances [Member] | |
Debt Instrument [Line Items] | |
Weighted-average interest rate | 2.42% |
Bank Notes [Member] | |
Debt Instrument [Line Items] | |
Weighted-average interest rate | 2.54% |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) $ in Billions | Dec. 31, 2019 | Dec. 31, 2018 |
Federal Home Loan Bank and Federal Reserve Bank [Member] | ||
Debt Instrument [Line Items] | ||
Unused Borrowing Capacity under Federal Home Loan Bank and Federal Reserve Bank | $ 97.4 | $ 98.8 |
Long-Term Debt - Maturities of
Long-Term Debt - Maturities of Long-term Debt Outstanding (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
2020 | $ 3,772 | |
2021 | 9,430 | |
2022 | 6,298 | |
2023 | 2,799 | |
2024 | 5,663 | |
Thereafter | 12,205 | |
Total | 40,167 | $ 41,340 |
Parent Company [Member] | ||
Debt Instrument [Line Items] | ||
2021 | 2,696 | |
2022 | 3,790 | |
2024 | 5,657 | |
Thereafter | 6,459 | |
Total | $ 18,602 | $ 16,291 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Billions | 12 Months Ended | |||||||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2006 | Dec. 31, 2019 | |
Class of Stock [Line Items] | ||||||||||
Number of preferred stock shares authorized | 50,000,000 | 50,000,000 | ||||||||
Number of common stock shares authorized | 4,000,000,000 | 4,000,000,000 | ||||||||
Number of common stock shares outstanding | 1,600,000,000 | 1,500,000,000 | ||||||||
Number of common stock shares reserved for future issuance | 45,000,000 | |||||||||
Remaining authorized share repurchase amount | $ 2.4 | |||||||||
Preferred stock outstanding | 209,510 | 209,510 | ||||||||
Series H [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Preferred Stock, Shares Issued | 20,000 | |||||||||
Liquidation preference per share | $ 25,000 | |||||||||
Preferred stock dividend rate fixed percentage | 5.15% | |||||||||
Preferred stock outstanding | 20,000 | 20,000 | ||||||||
Series F [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Preferred Stock, Shares Issued | 44,000 | |||||||||
Liquidation preference per share | $ 25,000 | |||||||||
Preferred stock dividend rate fixed percentage | 6.50% | |||||||||
Redemption period of preferred stock | 90 days | |||||||||
Preferred stock redemption date | Jan. 15, 2022 | |||||||||
Preferred stock dividend rate variable percentage | 4.468% | |||||||||
Preferred stock outstanding | 44,000 | 44,000 | ||||||||
Series K Preferred Stock [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Preferred Stock, Shares Issued | 23,000 | |||||||||
Liquidation preference per share | $ 25,000 | |||||||||
Preferred stock dividend rate fixed percentage | 5.50% | |||||||||
Redemption period of preferred stock | 90 days | |||||||||
Preferred stock redemption date | Oct. 15, 2023 | |||||||||
Preferred stock outstanding | 23,000 | 23,000 | ||||||||
Series A [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Preferred Stock, Shares Issued | 6,764 | 5,746 | ||||||||
Liquidation preference per share | $ 100,000 | $ 100,000 | ||||||||
Preferred stock dividend rate fixed percentage | 3.50% | 3.50% | ||||||||
Preferred stock dividend rate variable percentage | 1.02% | 1.02% | ||||||||
Preferred stock outstanding | 12,510 | 12,510 | ||||||||
Series A [Member] | Noncontrolling Interests [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Liquidation preference per share | $ 100,000 | |||||||||
Preferred stock dividend rate variable percentage | 1.147% | |||||||||
Minority interest preferred stock, shares issued | 5,000 | |||||||||
Number of stock repurchased during period | 500 | |||||||||
Preferred stock outstanding | 4,500 | |||||||||
Series B [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Preferred Stock, Shares Issued | 40,000 | |||||||||
Liquidation preference per share | $ 25,000 | |||||||||
Preferred stock dividend rate fixed percentage | 3.50% | |||||||||
Preferred stock dividend rate variable percentage | 0.60% | |||||||||
Preferred stock outstanding | 40,000 | 40,000 | ||||||||
Series I [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Preferred Stock, Shares Issued | 30,000 | |||||||||
Liquidation preference per share | $ 25,000 | |||||||||
Preferred stock dividend rate fixed percentage | 5.125% | |||||||||
Redemption period of preferred stock | 90 days | |||||||||
Preferred stock redemption date | Jan. 15, 2021 | |||||||||
Preferred stock dividend rate variable percentage | 3.486% | |||||||||
Preferred stock outstanding | 30,000 | 30,000 | ||||||||
Series J [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Preferred Stock, Shares Issued | 40,000 | |||||||||
Liquidation preference per share | $ 25,000 | |||||||||
Preferred stock dividend rate fixed percentage | 5.30% | |||||||||
Redemption period of preferred stock | 90 days | |||||||||
Preferred stock redemption date | Apr. 15, 2027 | |||||||||
Preferred stock dividend rate variable percentage | 2.914% | |||||||||
Preferred stock outstanding | 40,000 | 40,000 |
Shareholders' Equity - Number o
Shareholders' Equity - Number of Shares Issued and Outstanding and Carrying Amount of Preferred Stock (Detail) - USD ($) $ in Millions | Dec. 31, 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 [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 |
Shareholders' Equity - Number_2
Shareholders' Equity - Number of Shares Issued and Outstanding and Carrying Amount of Preferred Stock (Parenthetical) (Detail) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Equity [Abstract] | ||
Preferred stock, par value | $ 1 | $ 1 |
Shareholders' Equity - Common S
Shareholders' Equity - Common Stock Repurchased (Detail) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Equity [Abstract] | |||
Common stock repurchased shares | 81 | 54 | 49 |
Purchase of treasury stock | $ 4,515 | $ 2,844 | $ 2,622 |
Shareholders' Equity - Reconcil
Shareholders' Equity - Reconciliation of Transactions Affecting Accumulated Other Comprehensive Income (Loss) Included in Shareholders' Equity (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | $ (2,322) | $ (1,404) | $ (1,535) |
Revaluation of tax related balances | (300) | ||
Changes in unrealized gains and losses | 1,693 | (656) | 178 |
Changes in unrealized gains and losses | (229) | 39 | (5) |
Changes in unrealized gains and losses | (380) | (302) | (41) |
Changes in unrealized gains and losses | 1,084 | (919) | 132 |
Unrealized gains and losses on held-to-maturity investment securities transferred to available-for-sale | 141 | ||
Foreign currency translation adjustment | 26 | 3 | (2) |
Reclassification to earnings of realized gains and losses | 20 | 93 | 77 |
Applicable income taxes | (322) | 205 | (76) |
Balance at end of period | (1,373) | (2,322) | (1,404) |
Foreign Currency Translation [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | (84) | (69) | (71) |
Revaluation of tax related balances | (13) | ||
Foreign currency translation adjustment | 26 | 3 | (2) |
Applicable income taxes | (7) | (5) | 4 |
Balance at end of period | (65) | (84) | (69) |
Unrealized Gains (Losses) on Retirement Plans [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | (1,418) | (1,066) | (1,113) |
Revaluation of tax related balances | (229) | ||
Changes in unrealized gains and losses | (380) | (302) | (41) |
Reclassification to earnings of realized gains and losses | 89 | 137 | 117 |
Applicable income taxes | 73 | 42 | (29) |
Balance at end of period | (1,636) | (1,418) | (1,066) |
Unrealized Gains (Losses) on Derivative Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | 112 | 71 | 55 |
Revaluation of tax related balances | 15 | ||
Changes in unrealized gains and losses | (229) | 39 | (5) |
Reclassification to earnings of realized gains and losses | 11 | (5) | 30 |
Applicable income taxes | 55 | (8) | (9) |
Balance at end of period | (51) | 112 | 71 |
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 | 14 | 17 | 25 |
Revaluation of tax related balances | 4 | ||
Unrealized gains and losses on held-to-maturity investment securities transferred to available-for-sale | (9) | ||
Reclassification to earnings of realized gains and losses | (7) | (9) | (13) |
Applicable income taxes | 2 | 2 | 5 |
Balance at end of period | 14 | 17 | |
Unrealized Gains (Losses) on Investment Securities Available-For-Sale [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | (946) | (357) | (431) |
Revaluation of tax related balances | (77) | ||
Changes in unrealized gains and losses | 1,693 | (656) | 178 |
Unrealized gains and losses on held-to-maturity investment securities transferred to available-for-sale | 150 | ||
Reclassification to earnings of realized gains and losses | (73) | (30) | (57) |
Applicable income taxes | (445) | 174 | (47) |
Balance at end of period | $ 379 | $ (946) | $ (357) |
Shareholders' Equity - Impact t
Shareholders' Equity - Impact to Net Income for Items Reclassified out of Accumulated Other Comprehensive Income and into Earnings (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Realized gains (losses) on sale of investment securities | $ 73 | $ 30 | $ 57 |
Amortization of unrealized gains on securities transferred from available-for-sale to held-to-maturity, Interest income | 17,494 | 16,173 | 14,346 |
Realized gains (losses) on derivative hedges | (4,442) | (3,254) | (1,966) |
Actuarial gains (losses) and prior service cost (credit) amortization | (1,618) | (1,709) | (2,529) |
Applicable income taxes | (1,648) | (1,554) | (1,264) |
Net income | 6,946 | 7,124 | 6,253 |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Net income | (15) | (69) | (48) |
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 | 73 | 30 | 57 |
Applicable income taxes | (18) | (7) | (22) |
Net income | 55 | 23 | 35 |
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 | 7 | 9 | 13 |
Applicable income taxes | (2) | (2) | (5) |
Net income | 5 | 7 | 8 |
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 | (11) | 5 | (30) |
Applicable income taxes | 3 | (2) | 11 |
Net income | (8) | 3 | (19) |
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 | (89) | (137) | (117) |
Applicable income taxes | 22 | 35 | 45 |
Net income | $ (67) | $ (102) | $ (72) |
Shareholders' Equity - Componen
Shareholders' Equity - Components of Company's Regulatory Capital Requirements Under Banking Regulations (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Less intangible assets | ||
Qualifying preferred stock | $ 5,984 | $ 5,984 |
Bank Regulatory Capital Requirements | ||
Common equity tier 1 capital as a percent of risk-weighted assets - Minimum capital ratio requirement | 7.00% | 6.375% |
Tier 1 capital as a percent of risk-weighted assets - Minimum capital ratio requirement | 8.50% | 7.875% |
Total risk-based capital as a percent of risk-weighted assets - Minimum capital ratio requirement | 10.50% | 9.875% |
Tier 1 capital as a percent of adjusted quarterly average assets (leverage ratio) - Minimum capital ratio requirement | 4.00% | 4.00% |
Tier 1 capital as a percent of total on- and off-balance sheet leverage exposure (total leverage exposure ratio) - Minimum capital ratio requirement | 3.00% | 3.00% |
Common equity tier 1 capital as a percent of risk-weighted assets - Well capitalized ratio requirement | 6.50% | 6.50% |
Tier 1 capital as a percent of risk-weighted assets - Well capitalized ratio requirement | 8.00% | 8.00% |
Total risk-based capital as a percent of risk-weighted assets - Well capitalized ratio requirement | 10.00% | 10.00% |
Tier 1 capital as a percent of adjusted quarterly average assets (leverage ratio) - Well capitalized ratio requirement | 5.00% | 5.00% |
Tier 1 capital as a percent of total on- and off-balance sheet leverage exposure (total leverage exposure ratio) - Well capitalized ratio requirement | 3.00% | 3.00% |
U.S. Bancorp [Member] | Basel III Standardized Approach: [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common shareholders' equity | $ 45,869 | $ 45,045 |
Less intangible assets | ||
Goodwill (net of deferred tax liability) | (8,788) | (8,549) |
Other disallowed intangible assets | (677) | (601) |
Other | (691) | (1,171) |
Total common equity tier 1 capital | 35,713 | 34,724 |
Qualifying preferred stock | 5,984 | 5,984 |
Noncontrolling interests eligible for tier 1 capital | 28 | 36 |
Other | (4) | (3) |
Total tier 1 capital | 41,721 | 40,741 |
Eligible portion of allowance for credit losses | 4,491 | 4,441 |
Subordinated debt and noncontrolling interests eligible for tier 2 capital | 3,532 | 2,996 |
Total tier 2 capital | 8,023 | 7,437 |
Total risk-based capital | 49,744 | 48,178 |
Risk-weighted assets | $ 391,269 | $ 381,661 |
Common equity tier 1 capital as a percent of risk-weighted assets | 9.10% | 9.10% |
Tier 1 capital as a percent of risk-weighted assets | 10.70% | 10.70% |
Total risk-based capital as a percent of risk-weighted assets | 12.70% | 12.60% |
Tier 1 capital as a percent of adjusted quarterly average assets | 8.80% | 9.00% |
U.S. Bancorp [Member] | Basel III Advanced Approaches: [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common shareholders' equity | $ 45,045 | |
Less intangible assets | ||
Goodwill (net of deferred tax liability) | (8,549) | |
Other disallowed intangible assets | (601) | |
Other | (1,171) | |
Total common equity tier 1 capital | 34,724 | |
Qualifying preferred stock | 5,984 | |
Noncontrolling interests eligible for tier 1 capital | 36 | |
Other | (3) | |
Total tier 1 capital | 40,741 | |
Eligible portion of allowance for credit losses | 1,399 | |
Subordinated debt and noncontrolling interests eligible for tier 2 capital | 2,996 | |
Total tier 2 capital | 4,395 | |
Total risk-based capital | 45,136 | |
Risk-weighted assets | $ 295,002 | |
Common equity tier 1 capital as a percent of risk-weighted assets | 11.80% | |
Tier 1 capital as a percent of risk-weighted assets | 13.80% | |
Total risk-based capital as a percent of risk-weighted assets | 15.30% | |
Tier 1 capital as a percent of total on- and off-balance sheet leverage exposure | 7.00% | 7.20% |
U.S. Bank National Association [Member] | Basel III Standardized Approach: [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common shareholders' equity | $ 48,592 | $ 47,728 |
Less intangible assets | ||
Goodwill (net of deferred tax liability) | (8,806) | (8,566) |
Other disallowed intangible assets | (710) | (732) |
Other | 38 | (112) |
Total common equity tier 1 capital | 39,114 | 38,318 |
Noncontrolling interests eligible for tier 1 capital | 28 | 36 |
Other | (4) | (3) |
Total tier 1 capital | 39,138 | 38,351 |
Eligible portion of allowance for credit losses | 4,491 | 4,441 |
Subordinated debt and noncontrolling interests eligible for tier 2 capital | 3,365 | 3,168 |
Total tier 2 capital | 7,856 | 7,609 |
Total risk-based capital | 46,994 | 45,960 |
Risk-weighted assets | $ 383,560 | $ 374,299 |
Common equity tier 1 capital as a percent of risk-weighted assets | 10.20% | 10.20% |
Tier 1 capital as a percent of risk-weighted assets | 10.20% | 10.20% |
Total risk-based capital as a percent of risk-weighted assets | 12.30% | 12.30% |
Tier 1 capital as a percent of adjusted quarterly average assets | 8.40% | 8.60% |
U.S. Bank National Association [Member] | Basel III Advanced Approaches: [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common shareholders' equity | $ 47,728 | |
Less intangible assets | ||
Goodwill (net of deferred tax liability) | (8,566) | |
Other disallowed intangible assets | (732) | |
Other | (112) | |
Total common equity tier 1 capital | 38,318 | |
Noncontrolling interests eligible for tier 1 capital | 36 | |
Other | (3) | |
Total tier 1 capital | 38,351 | |
Eligible portion of allowance for credit losses | 1,364 | |
Subordinated debt and noncontrolling interests eligible for tier 2 capital | 3,168 | |
Total tier 2 capital | 4,532 | |
Total risk-based capital | 42,883 | |
Risk-weighted assets | $ 287,897 | |
Common equity tier 1 capital as a percent of risk-weighted assets | 13.30% | |
Tier 1 capital as a percent of risk-weighted assets | 13.30% | |
Total risk-based capital as a percent of risk-weighted assets | 14.90% | |
Tier 1 capital as a percent of total on- and off-balance sheet leverage exposure | 6.70% | 6.90% |
Shareholders' Equity - Compon_2
Shareholders' Equity - Components of Company's Regulatory Capital Requirements Under Banking Regulations (Detail) (Parenthetical) | Dec. 31, 2019 | Dec. 31, 2018 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Capital conservation buffer ratio | 2.50% | 1.875% |
Earnings Per Share - Components
Earnings Per Share - Components of Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Earnings Per Share [Abstract] | ||||||
Net income attributable to U.S. Bancorp | $ 6,914 | $ 7,096 | $ 6,218 | |||
Preferred dividends | (302) | [1] | (282) | [2] | (267) | [3] |
Impact of preferred stock redemption | (10) | |||||
Earnings allocated to participating stock awards | (29) | (30) | (28) | |||
Net income applicable to U.S. Bancorp common shareholders | $ 6,583 | $ 6,784 | $ 5,913 | |||
Average common shares outstanding | 1,581 | 1,634 | 1,677 | |||
Net effect of the exercise and assumed purchase of stock awards | 2 | 4 | 6 | |||
Average diluted common shares outstanding | 1,583 | 1,638 | 1,683 | |||
Earnings per common share | $ 4.16 | $ 4.15 | $ 3.53 | |||
Diluted earnings per common share | $ 4.16 | $ 4.14 | $ 3.51 | |||
[1] | 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 $3,654.95, $887.15, $1,625.00, $1,287.52, $1,281.25, $1,325.00 and $1,375.00, respectively. | |||||
[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 $3,548.61, $887.15, $1,625.00, $1,287.52, $1,281.25, $1,325.00 and $576.74, respectively. | |||||
[3] | Reflects dividends declared per share on the Company’s Series A, Series B, Series F, Series G, Series H, Series I and Series J Non-Cumulative Perpetual Preferred Stock of $3,548.61, $887.15, $1,625.00, $375.00, $1,287.52, $1,281.25 and $890.69, respectively. |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stock Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Options outstanding of common shares | 1 | 1 | 1 |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Qualified employees maximum contribution to defined contribution savings plan allowed in percentage of annual compensation | 75.00% | ||
Company contribution, percentage company contribution matches of the employee's percentage contribution matched | 100.00% | ||
Employee retirement savings plan matching expenses | $ 179 | $ 171 | $ 156 |
Vesting service period for defined benefit pension plan | 3 years | ||
Global Equities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset allocation for the company's qualified pension plan | 30.00% | ||
Domestic Mid-Small Cap Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset allocation for the company's qualified pension plan | 5.00% | ||
Emerging Markets Equities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset allocation for the company's qualified pension plan | 5.00% | ||
Real Estate Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset allocation for the company's qualified pension plan | 10.00% | ||
Long-duration bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset allocation for the company's qualified pension plan | 35.00% | ||
Hedge Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset allocation for the company's qualified pension plan | 5.00% | ||
Private Equity Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset allocation for the company's qualified pension plan | 10.00% | ||
Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Company contributions to qualified pension and postretirement welfare plan | $ 26 | 24 | |
Plan assets measured at fair value | 5,838 | 4,936 | 5,482 |
Pension Plans [Member] | Qualified Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Company contributions to qualified pension and postretirement welfare plan | 0 | 0 | |
Company contributions to pension and postretirement welfare plan in next fiscal year | 125 | ||
Pension Plans [Member] | Nonqualified Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Company contributions to pension and postretirement welfare plan in next fiscal year | 25 | ||
Pension Plans [Member] | Real Estate Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | 109 | ||
Pension Plans [Member] | Hedge Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | 283 | 290 | |
Pension Plans [Member] | Private Equity Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | 304 | 225 | |
Postretirement Welfare Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Company contributions to qualified pension and postretirement welfare plan | 4 | 5 | |
Company contributions to pension and postretirement welfare plan in next fiscal year | 4 | ||
Plan assets measured at fair value | 84 | 81 | $ 87 |
Management Arrangement With Related Party [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | $ 57 | $ 52 |
Employee Benefits - Summary of
Employee Benefits - Summary of Changes in Projected Benefit Obligation, Plan Assets, Funded Status, Amounts Recognized in Consolidated Balance Sheet and Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pension Plans [Member] | |||
Change In Projected Benefit Obligation | |||
Benefit obligation at beginning of measurement period | $ 5,507 | $ 5,720 | |
Service cost | 192 | 208 | $ 187 |
Interest cost | 249 | 224 | 220 |
Actuarial loss (gain) | 1,100 | (440) | |
Lump sum settlements | (56) | (50) | |
Benefit payments | (163) | (155) | |
Benefit obligation at end of measurement period | 6,829 | 5,507 | 5,720 |
Change In Fair Value Of Plan Assets | |||
Balance at beginning of period | 4,936 | 5,482 | |
Actual return on plan assets | 1,095 | (365) | |
Employer contributions | 26 | 24 | |
Lump sum settlements | (56) | (50) | |
Benefit payments | (163) | (155) | |
Balance at end of period | 5,838 | 4,936 | 5,482 |
Funded (Unfunded) Status | (991) | (571) | |
Current benefit liability | (25) | (23) | |
Noncurrent benefit liability | (966) | (548) | |
Recognized amount | (991) | (571) | |
Net actuarial gain (loss) | (2,271) | (1,981) | |
Recognized amount | (2,271) | (1,981) | |
Postretirement Welfare Plan [Member] | |||
Change In Projected Benefit Obligation | |||
Benefit obligation at beginning of measurement period | 54 | 68 | |
Interest cost | 2 | 2 | 2 |
Participants' contributions | 7 | 8 | |
Actuarial loss (gain) | (4) | (7) | |
Benefit payments | (13) | (18) | |
Federal subsidy on benefits paid | 1 | 1 | |
Benefit obligation at end of measurement period | 47 | 54 | 68 |
Change In Fair Value Of Plan Assets | |||
Balance at beginning of period | 81 | 87 | |
Actual return on plan assets | 6 | ||
Employer contributions | 4 | 5 | |
Participants' contributions | 6 | 7 | |
Benefit payments | (13) | (18) | |
Balance at end of period | 84 | 81 | $ 87 |
Funded (Unfunded) Status | 37 | 27 | |
Noncurrent benefit asset | 37 | 27 | |
Recognized amount | 37 | 27 | |
Net actuarial gain (loss) | 68 | 66 | |
Net prior service credit (cost) | 14 | 18 | |
Recognized amount | $ 82 | $ 84 |
Employee Benefits - Summary o_2
Employee Benefits - Summary of Changes in Projected Benefit Obligation, Plan Assets, Funded Status, Amounts Recognized in Consolidated Balance Sheet and Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Detail) - USD ($) $ in Billions | Dec. 31, 2019 | Dec. 31, 2018 |
Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation for all pension plans | $ 6.2 | $ 5 |
Employee Benefits - Pension Pla
Employee Benefits - Pension Plans with Benefit Obligations in Excess of Plan Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Pension Plans with Projected Benefit Obligations in Excess of Plan Assets | ||
Projected benefit obligation | $ 6,829 | $ 5,507 |
Fair value of plan assets | 5,838 | 4,936 |
Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets | ||
Accumulated benefit obligation | $ 553 | $ 467 |
Employee Benefits - Components
Employee Benefits - Components of Net Periodic Benefit Cost and Other Amounts Recognized in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pension Plans [Member] | |||
Components Of Net Periodic Benefit Cost | |||
Service cost | $ 192 | $ 208 | $ 187 |
Interest cost | 249 | 224 | 220 |
Expected return on plan assets | (383) | (379) | (284) |
Prior service cost (credit) and transition obligation (asset) amortization | (2) | ||
Actuarial loss (gain) amortization | 98 | 146 | 127 |
Net periodic benefit cost | 156 | 199 | 248 |
Net actuarial gain (loss) arising during the year | (388) | (305) | (48) |
Net actuarial loss (gain) amortized during the year | 98 | 146 | 127 |
Net prior service cost (credit) and transition obligation (asset) amortized during the year | (2) | ||
Total recognized in other comprehensive income (loss) | (290) | (159) | 77 |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | (446) | (358) | (171) |
Postretirement Welfare Plan [Member] | |||
Components Of Net Periodic Benefit Cost | |||
Interest cost | 2 | 2 | 2 |
Expected return on plan assets | (3) | (3) | (3) |
Prior service cost (credit) and transition obligation (asset) amortization | (3) | (3) | (3) |
Actuarial loss (gain) amortization | (6) | (6) | (5) |
Net periodic benefit cost | (10) | (10) | (9) |
Net actuarial gain (loss) arising during the year | 7 | 3 | 7 |
Net actuarial loss (gain) amortized during the year | (6) | (6) | (5) |
Net prior service cost (credit) and transition obligation (asset) amortized during the year | (3) | (3) | (3) |
Total recognized in other comprehensive income (loss) | (2) | (6) | (1) |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | $ 8 | $ 4 | $ 8 |
Employee Benefits - Weighted Av
Employee Benefits - Weighted Average Assumptions to Determine Projected Benefit Obligations (Detail) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Projected Benefit Obligation Assumptions [Member] | Prior to age 65 [Member] | ||
Health care cost trend rate | ||
Health care cost trend rate | 6.25% | 6.50% |
Projected Benefit Obligation Assumptions [Member] | After age 65 [Member] | ||
Health care cost trend rate | ||
Health care cost trend rate | 6.25% | 10.00% |
Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.40% | 4.45% |
Cash balance interest crediting rate | 3.00% | 3.00% |
Rate of compensation increase | 3.56% | 3.52% |
Postretirement Welfare Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 2.80% | 4.05% |
Employee Benefits - Weighted _2
Employee Benefits - Weighted Average Assumptions to Determine Projected Benefit Obligations (Parenthetical) (Detail) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Projected Benefit Obligation Assumptions [Member] | Prior to age 65 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assumed rate decrease | 5.00% | 5.00% |
Health care cost trend rate to decrease Period | 2025 | 2025 |
Projected Benefit Obligation Assumptions [Member] | After age 65 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assumed rate decrease | 5.00% | 5.00% |
Health care cost trend rate to decrease Period | 2025 | 2025 |
Postretirement Welfare Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assumed plan duration | 6 years 1 month 6 days | 5 years 10 months 24 days |
Qualified Plan [Member] | Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assumed plan duration | 15 years 9 months 18 days | 14 years 8 months 12 days |
Nonqualified Plan [Member] | Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assumed plan duration | 12 years 3 months 18 days | 11 years 6 months |
Employee Benefits - Weighted _3
Employee Benefits - Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost (Detail) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.45% | 3.84% | 4.27% |
Cash balance interest crediting rate | 3.00% | 3.00% | 3.00% |
Expected return on plan assets | 7.25% | 7.25% | 7.25% |
Rate of compensation increase | 3.52% | 3.56% | 3.58% |
Postretirement Welfare Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.05% | 3.34% | 3.57% |
Expected return on plan assets | 3.50% | 3.50% | 3.50% |
Net Periodic Benefit Cost Assumptions [Member] | Prior to age 65 [Member] | |||
Health care cost trend rate | |||
Health care cost trend rate | 6.50% | 6.75% | 7.00% |
Net Periodic Benefit Cost Assumptions [Member] | After age 65 [Member] | |||
Health care cost trend rate | |||
Health care cost trend rate | 10.00% | 6.75% | 7.00% |
Employee Benefits - Weighted _4
Employee Benefits - Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net Periodic Benefit Cost Assumptions [Member] | Prior to age 65 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assumed rate decrease | 5.00% | 5.00% | 5.00% |
Health care cost trend rate to decrease Period | 2025 | 2025 | 2025 |
Net Periodic Benefit Cost Assumptions [Member] | After age 65 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assumed rate decrease | 5.00% | 5.00% | 5.00% |
Health care cost trend rate to decrease Period | 2025 | 2025 | 2025 |
Net Periodic Benefit Cost Assumptions [Member] | Postretirement Welfare Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assumed plan duration | 5 years 10 months 24 days | 6 years 1 month 6 days | |
Net Periodic Benefit Cost Assumptions [Member] | Qualified Plan [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assumed plan duration | 14 years 8 months 12 days | 15 years 9 months 18 days | |
Net Periodic Benefit Cost Assumptions [Member] | Nonqualified Plan [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assumed plan duration | 11 years 6 months | 12 years 3 months 18 days |
Employee Benefits - Summary o_3
Employee Benefits - Summary of Plan Investment Assets Measured at Fair Value (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Level 3 [Member] | Other [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | $ 3 | $ 3 | $ 2 | $ 1 |
Pension Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 5,838 | 4,936 | 5,482 | |
Plan assets measured at fair value, excluding assets not classified in fair hierarchy | 2,301 | 2,109 | ||
Pension Plans [Member] | Cash and Cash Equivalents [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 58 | 54 | ||
Pension Plans [Member] | Debt Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 1,800 | 1,535 | ||
Pension Plans [Member] | Real Estate Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 109 | |||
Pension Plans [Member] | Debt Securities Mutual Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 304 | 295 | ||
Pension Plans [Member] | Emerging Markets Equity Mutual Fund Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 136 | 113 | ||
Pension Plans [Member] | Other [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 3 | 3 | ||
Pension Plans [Member] | Collective Investment Funds Domestic Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 1,328 | 1,183 | ||
Pension Plans [Member] | Collective Investment Fund Mid-Small Cap Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 323 | 340 | ||
Pension Plans [Member] | Collective Investment Funds International Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 752 | 643 | ||
Pension Plans [Member] | Real estate securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 547 | 146 | ||
Pension Plans [Member] | Hedge Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 283 | 290 | ||
Pension Plans [Member] | Private Equity Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 304 | 225 | ||
Pension Plans [Member] | Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value, excluding assets not classified in fair hierarchy | 785 | 794 | ||
Pension Plans [Member] | Level 1 [Member] | Cash and Cash Equivalents [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 58 | 54 | ||
Pension Plans [Member] | Level 1 [Member] | Debt Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 727 | 631 | ||
Pension Plans [Member] | Level 1 [Member] | Real Estate Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 109 | |||
Pension Plans [Member] | Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value, excluding assets not classified in fair hierarchy | 1,513 | 1,312 | ||
Pension Plans [Member] | Level 2 [Member] | Debt Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 1,073 | 904 | ||
Pension Plans [Member] | Level 2 [Member] | Debt Securities Mutual Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 304 | 295 | ||
Pension Plans [Member] | Level 2 [Member] | Emerging Markets Equity Mutual Fund Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 136 | 113 | ||
Pension Plans [Member] | Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value, excluding assets not classified in fair hierarchy | 3 | 3 | ||
Pension Plans [Member] | Level 3 [Member] | Other [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 3 | 3 | ||
Postretirement Welfare Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 84 | 81 | $ 87 | |
Postretirement Welfare Plan [Member] | Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 84 | 81 | ||
Plan assets measured at fair value, excluding assets not classified in fair hierarchy | 40 | 42 | ||
Postretirement Welfare Plan [Member] | Level 1 [Member] | Cash and Cash Equivalents [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 40 | 42 | ||
Postretirement Welfare Plan [Member] | Level 1 [Member] | Collective Investment Funds Domestic Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 27 | 24 | ||
Postretirement Welfare Plan [Member] | Level 1 [Member] | Collective Investment Funds International Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | $ 17 | $ 15 |
Employee Benefits - Summary o_4
Employee Benefits - Summary of Plan Investment Assets Measured at Fair Value (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Real Estate Equity Securities [Member] | Level 1 [Member] | Domestic Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets measured at fair value | $ 56 | |
Real Estate Equity Securities [Member] | Level 1 [Member] | International Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets measured at fair value | 53 | |
Collective Investment Fund Mid-Small Cap Equity Securities [Member] | Domestic Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets measured at fair value | $ 323 | $ 340 |
Employee Benefits - Summarizes
Employee Benefits - Summarizes Changes for Qualified Pension Plan Investment Assets Measured at Fair Value Using Significant Unobservable Inputs (Level 3) (Detail) - Other [Member] - Level 3 [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Balance at beginning of period | $ 3 | $ 2 | $ 1 |
Purchases, sales, and settlements, net | 1 | 1 | |
Balance at end of period | $ 3 | $ 3 | $ 2 |
Employee Benefits - Expected Fu
Employee Benefits - Expected Future Benefit Payments (Detail) $ in Millions | Dec. 31, 2019USD ($) |
Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2020 | $ 233 |
2021 | 254 |
2022 | 267 |
2023 | 294 |
2024 | 306 |
2025-2029 | 1,811 |
Postretirement Welfare Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2020 | 7 |
2021 | 6 |
2022 | 6 |
2023 | 6 |
2024 | 5 |
2025-2029 | 19 |
Medicare Part D Subsidy [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2020 | 1 |
2021 | 1 |
2022 | 1 |
2023 | 1 |
2024 | 1 |
2025-2029 | $ 2 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Shares available for grant under Company's stock incentive plan (subject to adjustment for forfeitures) | 32 | ||
Fair value of shares vested | $ 175 | $ 182 | $ 180 |
Stock-based compensation expense | 178 | 174 | 163 |
Stock-based compensation expense on an after tax basis | 133 | $ 130 | $ 101 |
Unrecognized compensation cost related to nonvested share-based arrangements granted under plans | $ 143 | ||
Unrecognized compensation cost recognized over a weighted-average period as compensation expense | 1 year 8 months 12 days | ||
Minimum [Member] | |||
Date of grant exercisable period | 10 years | ||
Stock and unit awards vesting period | 3 years | ||
Maximum [Member] | |||
Stock and unit awards vesting period | 5 years |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Options Outstanding and Exercised Under Prior and Existing Stock Incentive Plans (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Stock Options/Shares Outstanding, Weighted-Average Exercise Price, and Additional Disclosures [Abstract] | |||
Stock Options/Shares, Outstanding at Beginning of the Period | 9,115,010 | 12,668,467 | 17,059,241 |
Stock Options/Shares, Granted | 1,066,188 | ||
Stock Options/Shares, Exercised | (3,333,467) | (3,443,494) | (5,389,741) |
Stock Options/Shares, Cancelled | (63,287) | (109,963) | (67,221) |
Stock Options/Shares, Outstanding at End of the Period | 5,718,256 | 9,115,010 | 12,668,467 |
Stock Options/Shares, Exercisable at End of Period | 4,869,805 | 7,372,036 | 9,647,937 |
Weighted-Average Exercise Price, Outstanding at Beginning of the Period | $ 34.52 | $ 32.15 | $ 29.95 |
Weighted-Average Exercise Price, Granted | 54.97 | ||
Weighted-Average Exercise Price, Exercised | 26.36 | 25.41 | 29.58 |
Weighted-Average Exercise Price, Cancelled | 36.74 | 46.72 | 43.31 |
Weighted-Average Exercise Price, Outstanding at End of the Period | 39.25 | 34.52 | 32.15 |
Weighted-Average Exercise Price, Exercisable at End of Period | $ 37.67 | $ 31.61 | $ 27.87 |
Weighted-Average Remaining Contractual Term, Outstanding at the End of the Period | 4 years 4 months 24 days | 4 years 3 months 18 days | 4 years 6 months |
Weighted-Average Remaining Contractual Term, Exercisable at End of Period | 4 years | 3 years 6 months | 3 years 3 months 18 days |
Aggregate Intrinsic Value, Outstanding at the End of the Period | $ 115 | $ 102 | $ 272 |
Aggregate Intrinsic Value, Exercisable at End of Period | $ 105 | $ 104 | $ 248 |
Stock-Based Compensation - Weig
Stock-Based Compensation - Weighted-Average Estimated Fair Value of Stock Options Granted and Assumptions Utilized by Company for Newly Issued Grants (Detail) | 12 Months Ended |
Dec. 31, 2017$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |
Estimated fair value | $ 14.66 |
Risk-free interest rates | 2.00% |
Dividend yield | 2.60% |
Stock volatility factor | 0.35% |
Expected life of options (in years) | 5 years 6 months |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Certain Stock Option Activity (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Fair value of options vested | $ 10 | $ 14 | $ 13 |
Intrinsic value of options exercised | 95 | 97 | 127 |
Cash received from options exercised | 88 | 87 | 159 |
Tax benefit realized from options exercised | $ 24 | $ 24 | $ 49 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Options Outstanding Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Outstanding Options, Shares | shares | 5,718,256 |
Outstanding Options, Weighted-Average Remaining Contractual Life (Years) | 4 years 4 months 24 days |
Outstanding Options, Weighted-Average Exercise Price | $ 39.25 |
Exercisable Options, Shares | shares | 4,869,805 |
Exercisable Options, Weighted-Average Exercise Price | $ 37.67 |
Exercise Price Range $23.36-$25.00 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range limit of Exercise Prices | 23.36 |
Upper range limit of Exercise Prices | $ 25 |
Outstanding Options, Shares | shares | 236,661 |
Outstanding Options, Weighted-Average Remaining Contractual Life (Years) | 2 months 12 days |
Outstanding Options, Weighted-Average Exercise Price | $ 23.82 |
Exercisable Options, Shares | shares | 236,661 |
Exercisable Options, Weighted-Average Exercise Price | $ 23.82 |
Exercise Price Range $25.01-$30.00 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range limit of Exercise Prices | 25.01 |
Upper range limit of Exercise Prices | $ 30 |
Outstanding Options, Shares | shares | 1,277,726 |
Outstanding Options, Weighted-Average Remaining Contractual Life (Years) | 1 year 9 months 18 days |
Outstanding Options, Weighted-Average Exercise Price | $ 28.65 |
Exercisable Options, Shares | shares | 1,277,726 |
Exercisable Options, Weighted-Average Exercise Price | $ 28.65 |
Exercise Price Range $30.01-$35.00 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range limit of Exercise Prices | 30.01 |
Upper range limit of Exercise Prices | $ 35 |
Outstanding Options, Shares | shares | 537,881 |
Outstanding Options, Weighted-Average Remaining Contractual Life (Years) | 3 years 1 month 6 days |
Outstanding Options, Weighted-Average Exercise Price | $ 33.98 |
Exercisable Options, Shares | shares | 537,881 |
Exercisable Options, Weighted-Average Exercise Price | $ 33.98 |
Exercise Price Range $35.01-$40.00 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range limit of Exercise Prices | 35.01 |
Upper range limit of Exercise Prices | $ 40 |
Outstanding Options, Shares | shares | 1,251,397 |
Outstanding Options, Weighted-Average Remaining Contractual Life (Years) | 6 years 1 month 6 days |
Outstanding Options, Weighted-Average Exercise Price | $ 39.49 |
Exercisable Options, Shares | shares | 885,968 |
Exercisable Options, Weighted-Average Exercise Price | $ 39.49 |
Exercise Price Range $40.01-$45.00 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range limit of Exercise Prices | 40.01 |
Upper range limit of Exercise Prices | $ 45 |
Outstanding Options, Shares | shares | 1,454,651 |
Outstanding Options, Weighted-Average Remaining Contractual Life (Years) | 4 years 8 months 12 days |
Outstanding Options, Weighted-Average Exercise Price | $ 42.42 |
Exercisable Options, Shares | shares | 1,454,068 |
Exercisable Options, Weighted-Average Exercise Price | $ 42.43 |
Exercise Price Range $45.01-$50.00 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range limit of Exercise Prices | 45.01 |
Upper range limit of Exercise Prices | 50 |
Exercise Price Range $50.01-$55.01 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range limit of Exercise Prices | 50.01 |
Upper range limit of Exercise Prices | $ 55.01 |
Outstanding Options, Shares | shares | 959,940 |
Outstanding Options, Weighted-Average Remaining Contractual Life (Years) | 7 years 1 month 6 days |
Outstanding Options, Weighted-Average Exercise Price | $ 54.97 |
Exercisable Options, Shares | shares | 477,501 |
Exercisable Options, Weighted-Average Exercise Price | $ 54.97 |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Company's Restricted Shares of Stock and Unit Awards (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number Of Shares And Weighted Average Grant Date Fair Value [Abstract] | |||
Outstanding at beginning of period, shares | 6,719,298 | 7,446,955 | 8,265,507 |
Granted, shares | 3,519,474 | 3,213,023 | 2,850,927 |
Vested, shares | (3,270,778) | (3,373,323) | (3,295,376) |
Cancelled, shares | (361,161) | (567,357) | (374,103) |
Outstanding at end of period, shares | 6,606,833 | 6,719,298 | 7,446,955 |
Outstanding at beginning of period, weighted-average grant-date fair value | $ 48.17 | $ 44.49 | $ 39.50 |
Granted, weighted-average grant-date fair value | 50.45 | 55.03 | 54.45 |
Vested, weighted-average grant-date fair value | 48.69 | 46.42 | 40.66 |
Cancelled, weighted-average grant-date fair value | 50.55 | 49.07 | 43.91 |
Outstanding at end of period, weighted-average grant-date fair value | $ 48.99 | $ 48.17 | $ 44.49 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Federal | |||
Current | $ 1,162 | $ 1,287 | $ 2,086 |
Deferred | 166 | (148) | (1,180) |
Federal income tax | 1,328 | 1,139 | 906 |
State | |||
Current | 379 | 395 | 201 |
Deferred | (59) | 20 | 157 |
State income tax | 320 | 415 | 358 |
Applicable income taxes | $ 1,648 | $ 1,554 | $ 1,264 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes Additional Information [Abstract] | |||
Federal statutory rate | 21.00% | 21.00% | 35.00% |
Unrecognized tax positions that if recognized would impact the effective tax rate | $ 274 | $ 273 | $ 265 |
Interest recorded on unrecognized tax positions | 7 | $ (25) | $ 16 |
Unrecognized tax positions as a component of income taxes expense, accrued interest | 35 | ||
Federal, state and foreign net operating loss carryforwards | $ 2 | ||
Income tax returns, years under examination | 2011 2012 2015 2016 | ||
Base year reserves included in retained earnings of acquired thrift institutions for which no deferred federal income tax liability has been recognized | $ 102 | ||
Minimum [Member] | |||
Income Taxes Additional Information [Abstract] | |||
Federal, state and foreign net operating loss carryforwards expiration term | Dec. 31, 2020 | ||
Federal [Member] | |||
Income Taxes Additional Information [Abstract] | |||
Credit carryforwards | $ 2,500 | ||
Federal [Member] | Maximum [Member] | |||
Income Taxes Additional Information [Abstract] | |||
Credit carryforwards expiration term | Dec. 31, 2039 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Expected Income Tax Expense at Federal Statutory Rate of 21 Percent and 35 Percent to Company's Applicable Income Tax Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Tax at statutory rate | $ 1,805 | $ 1,822 | $ 2,631 |
State income tax, at statutory rates, net of federal tax benefit | 355 | 352 | 281 |
Revaluation of tax related assets and liabilities | (910) | ||
Tax credits and benefits, net of related expenses | (424) | (513) | (774) |
Tax-exempt income | (120) | (130) | (200) |
Nondeductible legal and regulatory expenses | 23 | 52 | 213 |
Other items | 9 | (29) | 23 |
Applicable income taxes | $ 1,648 | $ 1,554 | $ 1,264 |
Income Taxes - Reconciliation_2
Income Taxes - Reconciliation of Expected Income Tax Expense at Federal Statutory Rate of 21 Percent and 35 Percent to Company's Applicable Income Tax Expense (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Corporate tax | 21.00% | 21.00% | 35.00% |
Net income tax benefit | $ (910) |
Income Taxes - Reconciliation_3
Income Taxes - Reconciliation of Changes in Federal, State and Foreign Unrecognized Tax Position Balances (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Uncertainties [Abstract] | |||
Balance at beginning of period | $ 335 | $ 287 | $ 302 |
Additions for tax positions taken in prior years | 168 | 93 | 3 |
Additions for tax positions taken in the current year | 6 | 10 | 9 |
Exam resolutions | (62) | (51) | (23) |
Statute expirations | (15) | (4) | (4) |
Balance at end of period | $ 432 | $ 335 | $ 287 |
Income Taxes - Significant Comp
Income Taxes - Significant Components of the Company's Net Deferred Tax Asset (Liability) (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred Tax Assets, Gross [Abstract] | ||
Federal, state and foreign net operating loss and credit carryforwards | $ 2,592 | $ 2,699 |
Allowance for credit losses | 1,155 | 1,141 |
Accrued expenses | 485 | 508 |
Obligation for operating leases | 328 | |
Pension and postretirement benefits | 193 | 85 |
Partnerships and other investment assets | 91 | 69 |
Stock compensation | 78 | 79 |
Fixed assets | 2 | 58 |
Securities available-for-sale and financial instruments | 278 | |
Other deferred tax assets, net | 257 | 268 |
Gross deferred tax assets | 5,181 | 5,185 |
Deferred Tax Liabilities | ||
Leasing activities | (2,700) | (2,652) |
Goodwill and other intangible assets | (763) | (703) |
Mortgage servicing rights | (546) | (642) |
Right of use assets | (282) | |
Loans | (139) | (168) |
Securities available-for-sale and financial instruments | (111) | |
Other deferred tax liabilities, net | (131) | (102) |
Gross deferred tax liabilities | (4,672) | (4,267) |
Valuation allowance | (127) | (109) |
Net Deferred Tax Asset | $ 382 | $ 809 |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative [Line Items] | |||
Realized and unrealized gains (losses) on derivatives classified as cash flow hedges recorded in other comprehensive income (loss) | $ (51) | $ 112 | |
Fair value of derivatives under collateral agreements in a net liability position | 717 | ||
Collateral posted by company netted against net liability position | 514 | ||
Net Investment Hedging [Member] | |||
Derivative [Line Items] | |||
Non-derivative debt instruments designated as net investment hedges | $ 1,300 | $ 1,100 | |
Scenario, Forecast [Member] | |||
Derivative [Line Items] | |||
Estimated gain to be reclassified from other comprehensive income (loss) into earnings | $ 32 |
Derivative Instruments - Asset
Derivative Instruments - Asset and Liability Management Derivative Positions of Company (Detail) - Asset and Liability Management Positions [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative [Line Items] | ||
Notional Value, Assets | $ 58,966 | $ 25,635 |
Fair Value, Assets | 142 | 155 |
Notional Value, Liabilities | 42,288 | 26,756 |
Fair Value, Liabilities | 301 | 123 |
Other Derivatives [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 34 | $ 1 |
Derivative Asset Average Remaining Maturity Period | 3 days | 3 days |
Notional Value, Liabilities | $ 1,823 | $ 1,458 |
Fair Value, Liabilities | $ 165 | $ 84 |
Derivative Liability Average Remaining Maturity Period | 2 years 5 months 12 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 | $ 4,408 | $ 3,605 |
Derivative Asset Average Remaining Maturity Period | 5 years 11 months 26 days | 14 years 9 months 18 days |
Notional Value, Liabilities | $ 5,316 | $ 4,333 |
Derivative Liability Average Remaining Maturity Period | 13 years 14 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 | $ 1,259 | $ 4,333 |
Derivative Asset Average Remaining Maturity Period | 5 years 8 months 1 day | 6 years 11 months 19 days |
Notional Value, Liabilities | $ 4,497 | $ 1,132 |
Derivative Liability Average Remaining Maturity Period | 6 years 10 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 | $ 5,409 | $ 2,839 |
Fair Value, Assets | $ 17 | $ 27 |
Derivative Asset Average Remaining Maturity Period | 29 days | 25 days |
Notional Value, Liabilities | $ 5,477 | $ 1,140 |
Fair Value, Liabilities | $ 11 | $ 5 |
Derivative Liability Average Remaining Maturity Period | 25 days | 18 days |
Other Economic Hedges [Member] | Interest Rate Contracts [Member] | Futures and Forwards [Member] | Written [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 16,333 | $ 994 |
Fair Value, Assets | $ 13 | $ 3 |
Derivative Asset Average Remaining Maturity Period | 9 months 21 days | 21 days |
Notional Value, Liabilities | $ 8,113 | $ 13,968 |
Fair Value, Liabilities | $ 25 | $ 30 |
Derivative Liability Average Remaining Maturity Period | 10 days | 8 months 19 days |
Other Economic Hedges [Member] | Interest Rate Contracts [Member] | Options [Member] | Purchased [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 10,180 | $ 5,080 |
Fair Value, Assets | $ 79 | $ 88 |
Derivative Asset Average Remaining Maturity Period | 2 years 11 months 19 days | 10 years 9 months 7 days |
Other Economic Hedges [Member] | Interest Rate Contracts [Member] | Options [Member] | Written [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 1,270 | $ 584 |
Fair Value, Assets | $ 30 | $ 16 |
Derivative Asset Average Remaining Maturity Period | 29 days | 1 month 2 days |
Notional Value, Liabilities | $ 4,238 | $ 3 |
Fair Value, Liabilities | $ 81 | |
Derivative Liability Average Remaining Maturity Period | 2 years 25 days | 1 month 2 days |
Other Economic Hedges [Member] | Foreign Exchange Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 113 | $ 549 |
Fair Value, Assets | $ 1 | $ 7 |
Derivative Asset Average Remaining Maturity Period | 18 days | 10 days |
Notional Value, Liabilities | $ 467 | $ 75 |
Fair Value, Liabilities | $ 6 | $ 1 |
Derivative Liability Average Remaining Maturity Period | 14 days | 18 days |
Other Economic Hedges [Member] | Equity Contracts [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 128 | $ 19 |
Fair Value, Assets | $ 2 | $ 1 |
Derivative Asset Average Remaining Maturity Period | 5 months 12 days | 9 months 25 days |
Notional Value, Liabilities | $ 20 | $ 104 |
Fair Value, Liabilities | $ 2 | |
Derivative Liability Average Remaining Maturity Period | 1 year 21 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 | $ 18,300 | |
Derivative Asset Average Remaining Maturity Period | 3 years 10 months 20 days | |
Notional Value, Liabilities | $ 4,900 | |
Derivative Liability Average Remaining Maturity Period | 3 years 5 months 26 days | |
Cash Flow Hedges [Member] | Interest Rate Contracts [Member] | Pay Fixed/Receive Floating Swaps [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 1,532 | $ 7,422 |
Fair Value, Assets | $ 8 | |
Derivative Asset Average Remaining Maturity Period | 6 years 21 days | 3 years 1 month 9 days |
Notional Value, Liabilities | $ 7,150 | $ 4,320 |
Fair Value, Liabilities | $ 10 | |
Derivative Liability Average Remaining Maturity Period | 2 years 1 month 9 days | 1 year 9 months 7 days |
Net Investment Hedges [Member] | Foreign Exchange Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 209 | |
Fair Value, Assets | $ 5 | |
Derivative Asset Average Remaining Maturity Period | 18 days | |
Notional Value, Liabilities | $ 287 | $ 223 |
Fair Value, Liabilities | $ 3 | $ 1 |
Derivative Liability Average Remaining Maturity Period | 14 days | 18 days |
Derivative Instruments - Asse_2
Derivative Instruments - Asset and Liability Management Derivative Positions of Company (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Swap [Member] | Visa Class B Shares [Member] | ||
Derivative [Line Items] | ||
Notional Value, Liabilities | $ 1,800 | $ 1,500 |
Fair Value, Liabilities | $ 165 | $ 84 |
Derivative Liability Average Remaining Maturity Period | 2 years 6 months | 1 year 6 months |
Underwriting Purchase and Sale Commitments [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 34 | $ 1 |
Notional Value, Liabilities | $ 34 | $ 1 |
Derivative Instruments - Custom
Derivative Instruments - Customer-Related Derivative Positions of Company (Detail) - Customer-Related Positions [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative [Line Items] | ||
Notional Value, Assets | $ 242,263 | $ 184,339 |
Fair Value, Assets | 2,755 | 1,855 |
Notional Value, Liabilities | 248,893 | 188,667 |
Fair Value, Liabilities | 1,682 | 1,672 |
Interest Rate Contracts [Member] | Receive Fixed/Pay Floating Swaps [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | 108,560 | 42,054 |
Fair Value, Assets | $ 1,865 | $ 754 |
Derivative Asset Average Remaining Maturity Period | 4 years 9 months 29 days | 6 years 8 months 23 days |
Notional Value, Liabilities | $ 31,544 | $ 60,731 |
Fair Value, Liabilities | $ 88 | $ 456 |
Derivative Liability Average Remaining Maturity Period | 3 years 9 months 29 days | 4 years 3 months 25 days |
Interest Rate Contracts [Member] | Pay Fixed/Receive Floating Swaps [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 28,150 | $ 60,970 |
Fair Value, Assets | $ 30 | $ 288 |
Derivative Asset Average Remaining Maturity Period | 3 years 9 months 29 days | 3 years 10 months 24 days |
Notional Value, Liabilities | $ 101,078 | $ 40,499 |
Fair Value, Liabilities | $ 753 | $ 420 |
Derivative Liability Average Remaining Maturity Period | 4 years 6 months 18 days | 6 years 6 months 25 days |
Interest Rate Contracts [Member] | Other Derivatives [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 6,895 | $ 5,777 |
Fair Value, Assets | $ 1 | $ 2 |
Derivative Asset Average Remaining Maturity Period | 3 years 5 months 12 days | 3 years 9 months 7 days |
Notional Value, Liabilities | $ 6,218 | $ 6,496 |
Fair Value, Liabilities | $ 2 | $ 2 |
Derivative Liability Average Remaining Maturity Period | 2 years 11 months 23 days | 2 years 8 months 19 days |
Interest Rate Contracts [Member] | Options [Member] | Purchased [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 46,406 | $ 41,711 |
Fair Value, Assets | $ 43 | $ 51 |
Derivative Asset Average Remaining Maturity Period | 2 years 21 days | 1 year 6 months 14 days |
Notional Value, Liabilities | $ 12,804 | $ 1,940 |
Fair Value, Liabilities | $ 47 | $ 30 |
Derivative Liability Average Remaining Maturity Period | 1 year 3 months | 1 year 11 months 23 days |
Interest Rate Contracts [Member] | Options [Member] | Written [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 6,901 | $ 2,060 |
Fair Value, Assets | $ 49 | $ 32 |
Derivative Asset Average Remaining Maturity Period | 1 year 11 months 4 days | 2 years 25 days |
Notional Value, Liabilities | $ 49,741 | $ 39,538 |
Fair Value, Liabilities | $ 41 | $ 51 |
Derivative Liability Average Remaining Maturity Period | 1 year 9 months 25 days | 1 year 5 months 8 days |
Interest Rate Contracts [Member] | Futures [Member] | Purchased [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 894 | $ 460 |
Derivative Asset Average Remaining Maturity Period | 2 months 15 days | 1 year 6 months 29 days |
Interest Rate Contracts [Member] | Futures [Member] | Written [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 3,874 | |
Fair Value, Assets | $ 1 | |
Derivative Asset Average Remaining Maturity Period | 1 year 2 months 4 days | |
Notional Value, Liabilities | $ 1,995 | $ 6,190 |
Fair Value, Liabilities | $ 1 | |
Derivative Liability Average Remaining Maturity Period | 1 year 14 days | 7 months 2 days |
Foreign Exchange Rate Contracts [Member] | Forwards, Spots and Swaps [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 36,350 | $ 26,210 |
Fair Value, Assets | $ 748 | $ 681 |
Derivative Asset Average Remaining Maturity Period | 11 months 19 days | 10 months 28 days |
Notional Value, Liabilities | $ 36,671 | $ 25,571 |
Fair Value, Liabilities | $ 729 | $ 663 |
Derivative Liability Average Remaining Maturity Period | 1 year 25 days | 10 months 17 days |
Foreign Exchange Option [Member] | Purchased [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 1,354 | $ 2,779 |
Fair Value, Assets | $ 17 | $ 47 |
Derivative Asset Average Remaining Maturity Period | 6 months 14 days | 9 months |
Foreign Exchange Option [Member] | Written [Member] | ||
Derivative [Line Items] | ||
Notional Value, Liabilities | $ 1,354 | $ 2,779 |
Fair Value, Liabilities | $ 17 | $ 47 |
Derivative Liability Average Remaining Maturity Period | 6 months 14 days | 9 months |
Credit Contracts [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 2,879 | $ 2,318 |
Fair Value, Assets | $ 1 | |
Derivative Asset Average Remaining Maturity Period | 3 years 3 months 10 days | 3 years 6 months |
Notional Value, Liabilities | $ 7,488 | $ 4,923 |
Fair Value, Liabilities | $ 5 | $ 2 |
Derivative Liability Average Remaining Maturity Period | 4 years 3 months 29 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 | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
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 | $ (171) | $ 29 | $ (3) |
Derivative Instruments, Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings | (8) | 3 | (19) |
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 | 3 | 39 | (56) |
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 | $ 13 | $ 32 | $ (46) |
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 | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other Noninterest Income [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total amount of income line items presented in the Consolidated Statement of Income in which the effects of fair value or cash flow hedges are recorded | $ 926 | $ 910 | $ 774 |
Interest Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total amount of expense line items presented in the Consolidated Statement of Income in which the effects of fair value or cash flow hedges are recorded | 4,442 | 3,254 | 1,966 |
Asset and Liability Management Positions [Member] | Fair Value Hedges [Member] | Other Noninterest Income [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gains (Losses) Recognized in Earnings related to fair value hedged item | 28 | ||
Asset and Liability Management Positions [Member] | Fair Value Hedges [Member] | Interest Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gains (Losses) Recognized in Earnings related to fair value hedged item | 44 | (5) | |
Asset and Liability Management Positions [Member] | Fair Value Hedges [Member] | Interest Rate Contracts [Member] | Other Noninterest Income [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gains (Losses) Recognized in Earnings related to fair value hedge | (28) | ||
Asset and Liability Management Positions [Member] | Fair Value Hedges [Member] | Interest Rate Contracts [Member] | Interest Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gains (Losses) Recognized in Earnings related to fair value hedge | (44) | 5 | |
Asset and Liability Management Positions [Member] | Cash Flow Hedges [Member] | Interest Rate Contracts [Member] | Interest Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gains (Losses) Recognized in Earnings related to cash flow hedge | $ 11 | $ (5) | $ 30 |
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 | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Carrying amount of the hedged assets (liabilities), Long-term debt | $ 23,195 | |
Cumulative hedging Adjustment included in the carrying amount of the hedged assets (liabilities) | $ 35 | $ (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 | Dec. 31, 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 | $ (7) | $ (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 | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
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 | $ 10 | $ 2 | $ (24) |
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 | (5) | 9 | (3) |
Customer-Related Positions [Member] | Swaps [Member] | Commercial Products Revenue [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) recognized in earnings | 82 | 47 | 67 |
Customer-Related Positions [Member] | Credit Contracts [Member] | Commercial Products Revenue [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) recognized in earnings | (18) | 2 | 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 | 2 | |
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 | 82 | 84 | 92 |
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 | 34 | 110 | 24 |
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 | 432 | 188 | 237 |
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 | 316 | (111) | 35 |
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 | (24) | 39 | (69) |
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 | (4) | 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 | $ (140) | $ 2 | $ (1) |
Netting Arrangements for Cert_3
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities - Additional Information (Detail) $ in Billions | Dec. 31, 2019USD ($) |
Derivative [Line Items] | |
Notional amount of derivative | $ 592.4 |
Over the Counter Trades [Member] | |
Derivative [Line Items] | |
Notional amount of derivative | 299.4 |
Exchange Cleared [Member] | |
Derivative [Line Items] | |
Notional amount of derivative | 272.4 |
Exchange Traded [Member] | |
Derivative [Line Items] | |
Notional amount of derivative | $ 20.6 |
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 | Dec. 31, 2019 | Dec. 31, 2018 |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | $ 1,165 | $ 2,594 |
Securities loaned | 50 | 227 |
Gross amount of recognized liabilities for repurchase agreements and securities loaned | 1,215 | 2,821 |
Overnight and Continuous [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 1,165 | 1,179 |
Securities loaned | 50 | 227 |
Gross amount of recognized liabilities for repurchase agreements and securities loaned | 1,215 | 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 | 289 | 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 | 289 | 134 |
Residential Mortgage-Backed Securities [Member] | Agency [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 266 | 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 | 266 | 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 | 610 | 480 |
Securities loaned | 50 | 227 |
Corporate Debt Securities [Member] | Overnight and Continuous [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 610 | 480 |
Securities loaned | $ 50 | $ 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 | Dec. 31, 2019 | Dec. 31, 2018 |
Offsetting [Abstract] | ||
Derivative assets Gross Recognized Assets | $ 2,857 | $ 1,987 |
Reverse repurchase agreements Gross Recognized Assets | 1,021 | 205 |
Securities borrowed Gross Recognized Assets | 1,624 | 1,069 |
Total Gross Recognized Assets | 5,502 | 3,261 |
Derivative assets Gross amounts assets offset in consolidated balance sheet | (982) | (942) |
Total Gross amounts assets offset in consolidated balance sheet | (982) | (942) |
Derivative assets Net Amounts Presented in the Consolidated Balance Sheet | 1,875 | 1,045 |
Reverse repurchase agreements Net Amounts Presented in the Consolidated Balance Sheet | 1,021 | 205 |
Securities borrowed Net Amounts Presented in the Consolidated Balance Sheet | 1,624 | 1,069 |
Total Net Amounts Presented in the Consolidated Balance Sheet | 4,520 | 2,319 |
Derivative assets Gross financial instrument asset amounts not offset in consolidated balance sheet | (80) | (106) |
Reverse repurchase agreements Gross financial instrument asset amounts not offset in consolidated balance sheet | (152) | (114) |
Total Gross financial instrument asset amounts not offset in consolidated balance sheet | (232) | (220) |
Derivative assets Gross collateral received amounts not offset in consolidated balance sheet | (116) | (16) |
Reverse repurchase agreements Gross collateral received amounts not offset in consolidated balance sheet | (869) | (91) |
Securities borrowed Gross collateral received amounts not offset in consolidated balance sheet | (1,569) | (1,039) |
Total Gross collateral received amounts not offset in consolidated balance sheet | (2,554) | (1,146) |
Derivative assets Net Amount | 1,679 | 923 |
Securities borrowed Net Amount | 55 | 30 |
Total Net Amount Assets | $ 1,734 | $ 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 | Dec. 31, 2019 | Dec. 31, 2018 |
Offsetting [Abstract] | ||
Cash collateral netted against derivative assets | $ 429 | $ 236 |
Derivative assets not subject to netting arrangements | $ 40 | $ 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 | Dec. 31, 2019 | Dec. 31, 2018 |
Offsetting [Abstract] | ||
Derivative liabilities Gross recognized liabilities | $ 1,816 | $ 1,710 |
Repurchase agreements Gross recognized liabilities | 1,165 | 2,594 |
Securities loaned Gross recognized liabilities | 50 | 227 |
Total Gross recognized liabilities | 3,031 | 4,531 |
Derivative liabilities Gross amounts liabilities offset in consolidated balance sheet | (1,067) | (946) |
Total Gross amounts liabilities offset in consolidated balance sheet | (1,067) | (946) |
Derivative liabilities Net amounts liabilities presented in consolidated balance sheet | 749 | 764 |
Repurchase agreements Net amounts liabilities presented in consolidated balance sheet | 1,165 | 2,594 |
Securities loaned Net amounts liabilities presented in consolidated balance sheet | 50 | 227 |
Total Net amounts liabilities presented in consolidated balance sheet | 1,964 | 3,585 |
Derivative liabilities Gross financial instrument liability amounts not offset in consolidated balance sheet | (80) | (106) |
Repurchase agreements Gross financial instrument liability amounts not offset in consolidated balance sheet | (152) | (114) |
Total Gross financial instrument liability amounts not offset in consolidated balance sheet | (232) | (220) |
Repurchase agreements Gross collateral pledged amounts not offset in consolidated balance sheet | (1,012) | (2,480) |
Securities loaned Gross collateral pledged amounts not offset in consolidated balance sheet | (49) | (224) |
Total Gross collateral pledged amounts not offset in consolidated balance sheet | (1,061) | (2,704) |
Derivative liabilities Net Amount | 669 | 658 |
Repurchase agreements Net Amount | 1 | |
Securities loaned Net Amount | 1 | 3 |
Total Net Amount Liabilities | $ 671 | $ 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 | Dec. 31, 2019 | Dec. 31, 2018 |
Offsetting [Abstract] | ||
Cash collateral netted against derivative liabilities | $ 514 | $ 240 |
Derivative liabilities not subject to netting arrangements | $ 167 | $ 85 |
Fair Values of Assets and Lia_3
Fair Values of Assets and Liabilities - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |||
Carrying value of unfunded commitments, deferred non-yield related loan fees and standby letters of credit | $ 528 | $ 532 | |
Other guarantees carrying value | 200 | 263 | |
Changes to fair value of these MLHFS | $ 73 | $ (60) | $ 84 |
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 | 671.00% | ||
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] | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Expected prepayment | 12.40% | 9.50% |
Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Expected prepayment | 9.00% | |
Option adjusted spread | 6.00% | |
Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Expected prepayment | 22.00% | |
Option adjusted spread | 10.00% | |
Weighted Average [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Expected prepayment | 12.00% | |
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] | Dec. 31, 2019 |
Minimum [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Expected loan close rate | 12.00% |
Inherent MSR value (basis points per loan) | 56.00% |
Maximum [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Expected loan close rate | 100.00% |
Inherent MSR value (basis points per loan) | 221.00% |
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) | 130.00% |
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 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative liabilities netting | $ (1,067) | $ (946) | ||||
Derivative assets netting | (982) | (942) | ||||
Available-for-sale securities | [1] | 122,613 | [2] | 66,115 | ||
Mortgage loans held for sale | 5,533 | 2,035 | ||||
Mortgage servicing rights | 2,546 | 2,791 | $ 2,645 | $ 2,591 | ||
Asset-Backed Securities [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available-for-sale securities | [3] | 383 | ||||
Asset-Backed Securities [Member] | Collateralized Loan Obligations [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available-for-sale securities | 1 | |||||
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 | 9 | |||||
Fair Value, Measurements, Recurring [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative liabilities total | 916 | 849 | ||||
Derivative assets total | 1,915 | 1,068 | ||||
Available-for-sale securities | 122,613 | 66,115 | ||||
Mortgage servicing rights | 2,546 | 2,791 | ||||
Other assets | 1,875 | 1,665 | ||||
Total | 134,482 | 73,674 | ||||
Short-term borrowings and other liabilities | [4] | 1,628 | 1,218 | |||
Total | 2,544 | 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 | (1,067) | (946) | ||||
Derivative assets netting | (982) | (942) | ||||
Total | (982) | (942) | ||||
Total | (1,067) | (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 | 19,839 | 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 | 6,814 | 6,701 | ||||
Fair Value, Measurements, Recurring [Member] | Residential Mortgage-Backed Securities [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available-for-sale securities | 94,111 | 39,752 | ||||
Fair Value, Measurements, Recurring [Member] | Commercial [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available-for-sale securities | 1,453 | 2 | ||||
Fair Value, Measurements, Recurring [Member] | Asset-Backed Securities [Member] | Collateralized Loan Obligations [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available-for-sale securities | 1 | |||||
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 | 9 | |||||
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available-for-sale securities | 4 | |||||
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 | 1 | |||||
Derivative assets before netting | 9 | |||||
Available-for-sale securities | 18,986 | 18,585 | ||||
Other assets | 312 | 392 | ||||
Total | 19,307 | 18,977 | ||||
Short-term borrowings and other liabilities | [4] | 50 | 199 | |||
Total | 50 | 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 | 18,986 | 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 | 1,612 | 1,291 | ||||
Derivative assets before netting | 1,707 | 1,427 | ||||
Available-for-sale securities | 103,618 | 47,530 | ||||
Mortgage loans held for sale | 5,533 | 2,035 | ||||
Other assets | 1,563 | 1,273 | ||||
Total | 112,421 | 52,265 | ||||
Short-term borrowings and other liabilities | [4] | 1,578 | 1,019 | |||
Total | 3,190 | 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 | 853 | 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 | 6,813 | 6,701 | ||||
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Residential Mortgage-Backed Securities [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available-for-sale securities | 94,111 | 39,752 | ||||
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Commercial [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available-for-sale securities | 1,453 | 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 | 375 | 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 | 9 | |||||
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available-for-sale securities | 4 | |||||
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 | 371 | 503 | ||||
Derivative assets before netting | 1,181 | 583 | ||||
Available-for-sale securities | 9 | |||||
Mortgage servicing rights | 2,546 | 2,791 | ||||
Total | 3,736 | 3,374 | ||||
Total | 371 | $ 503 | ||||
Level 3 [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 | 1 | |||||
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Asset-Backed Securities [Member] | Collateralized Loan Obligations [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] | 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 | $ 7 | |||||
[1] | Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral. | |||||
[2] | The weighted-average maturity of total available-for-sale and held-to-maturity investment securities was 5.3 years at December 31, 2018, with a corresponding weighted-average yield of 2.53 percent. | |||||
[3] | Information related to asset and mortgage-backed securities included above is presented based upon weighted-average maturities that take into account anticipated future prepayments. | |||||
[4] | Primarily represents the Company’s obligation on securities sold short required to be accounted for at fair value per applicable accounting guidance. |
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 | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value Disclosures [Abstract] | ||
Equity investments without readily determinable fair values | $ 91 | $ 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 | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Mortgage Servicing Rights [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning of Period Balance | $ 2,791 | $ 2,645 | $ 2,591 |
Net Gains (Losses) Included in Net Income | (829) | (232) | (404) |
Purchases | 20 | 8 | 13 |
Sales | 5 | (27) | |
Issuances | 559 | 397 | 445 |
End of Period Balance | 2,546 | 2,791 | 2,645 |
Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period | (829) | (232) | (404) |
Corporate Debt Securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning of Period Balance | 9 | ||
Net Gains (Losses) Included in Other Comprehensive Income (Loss) | 2 | ||
Sales | (11) | ||
Obligations of State and Political Subdivisions [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Transfers into Level 3 | 1 | ||
End of Period Balance | 1 | ||
Available-for-Sale Securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning of Period Balance | 448 | ||
Net Gains (Losses) Included in Other Comprehensive Income (Loss) | (17) | ||
Sales | (422) | ||
Principal Payments | (9) | ||
Transfers into Level 3 | 9 | ||
End of Period Balance | 9 | ||
Derivative [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning of Period Balance | 80 | 107 | 171 |
Net Gains (Losses) Included in Net Income | 769 | 21 | 317 |
Purchases | 142 | 13 | 1 |
Sales | (9) | (41) | (10) |
Settlements | (172) | (20) | (372) |
End of Period Balance | 810 | 80 | 107 |
Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period | 782 | $ 34 | (52) |
Residential Mortgage-Backed Securities [Member] | Non-Agency Prime [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning of Period Balance | 242 | ||
Net Gains (Losses) Included in Other Comprehensive Income (Loss) | (2) | ||
Sales | (234) | ||
Principal Payments | (6) | ||
Residential Mortgage-Backed Securities [Member] | Non-Agency Non-Prime [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning of Period Balance | 195 | ||
Net Gains (Losses) Included in Other Comprehensive Income (Loss) | (17) | ||
Sales | (175) | ||
Principal Payments | (3) | ||
Asset-Backed Securities [Member] | Other Asset-Backed Securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning of Period Balance | 2 | ||
Sales | $ (2) | ||
Transfers into Level 3 | 7 | ||
End of Period Balance | 7 | ||
Asset-Backed Securities [Member] | Collateralized Loan Obligations [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Transfers into Level 3 | 1 | ||
End of Period Balance | $ 1 |
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 | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
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 | $ 287 | $ (139) | $ 21 |
Net Change in net derivative asset and liability unrealized gains (losses) relating to assets still held at end of period | 747 | 14 | (77) |
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 | 482 | 160 | 296 |
Net Change in net derivative asset and liability unrealized gains (losses) relating to assets still held at end of period | $ 35 | $ 20 | $ 25 |
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 | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | $ 136 | $ 40 |
Other assets | 46 | 57 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 136 | 40 |
Other assets | $ 46 | $ 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 | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Loans Receivable [Member] | |||
Fair Value Assets Measured On Nonrecurring Basis Losses Recognized [Line Items] | |||
Losses recognized related to nonrecurring fair value measurements | $ 122 | $ 83 | $ 171 |
Other Assets [Member] | |||
Fair Value Assets Measured On Nonrecurring Basis Losses Recognized [Line Items] | |||
Losses recognized related to nonrecurring fair value measurements | $ 17 | $ 26 | $ 20 |
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 | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value Disclosures [Abstract] | ||
Fair value carrying amount, total loans | $ 5,533 | $ 2,035 |
Fair value carrying amount, nonaccrual loans | 1 | 2 |
Fair value carrying amount, loans 90 days or more past due | 1 | |
Aggregate unpaid principal, total loans | 5,366 | 1,972 |
Aggregate unpaid principal, nonaccrual loans | 1 | 2 |
Aggregate unpaid principal, loans 90 days or more past due | 1 | |
Carrying amount over (under) unpaid principal, total loans | $ 167 | $ 63 |
Fair Values of Assets and Li_13
Fair Values of Assets and Liabilities - Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Financial Assets | ||||
Cash and due from banks | $ 22,405 | $ 21,453 | $ 19,505 | $ 15,705 |
Investment securities held-to-maturity | 46,050 | |||
Loans | 292,082 | 282,837 | ||
Financial Liabilities | ||||
Time deposits | 42,894 | 44,554 | ||
Long-term debt | 40,167 | 41,340 | ||
Carrying Amount [Member] | ||||
Financial Assets | ||||
Cash and due from banks | 22,405 | 21,453 | ||
Federal funds sold and securities purchased under resale agreements | 1,036 | 306 | ||
Investment securities held-to-maturity | 46,050 | |||
Loans held for sale | 45 | 21 | ||
Loans | 292,082 | 282,837 | ||
Other | 1,923 | 2,412 | ||
Financial Liabilities | ||||
Time deposits | 42,894 | 44,554 | ||
Short-term borrowings | 22,095 | 12,921 | ||
Long-term debt | 40,167 | 41,340 | ||
Other | 3,678 | 1,726 | ||
Fair Value [Member] | ||||
Financial Assets | ||||
Cash and due from banks | 22,405 | 21,453 | ||
Federal funds sold and securities purchased under resale agreements | 1,036 | 306 | ||
Investment securities held-to-maturity | 44,964 | |||
Loans held for sale | 43 | 21 | ||
Loans | 297,241 | 284,790 | ||
Other | 1,923 | 2,412 | ||
Financial Liabilities | ||||
Time deposits | 42,831 | 44,140 | ||
Short-term borrowings | 21,461 | 12,678 | ||
Long-term debt | 41,077 | 41,003 | ||
Other | 3,678 | 1,726 | ||
Fair Value [Member] | Level 1 [Member] | ||||
Financial Assets | ||||
Cash and due from banks | 22,405 | 21,453 | ||
Investment securities held-to-maturity | 4,594 | |||
Fair Value [Member] | Level 2 [Member] | ||||
Financial Assets | ||||
Federal funds sold and securities purchased under resale agreements | 1,036 | 306 | ||
Investment securities held-to-maturity | 40,359 | |||
Other | 929 | 1,241 | ||
Financial Liabilities | ||||
Time deposits | 42,831 | 44,140 | ||
Short-term borrowings | 21,461 | 12,678 | ||
Long-term debt | 41,077 | 41,003 | ||
Other | 1,342 | |||
Fair Value [Member] | Level 3 [Member] | ||||
Financial Assets | ||||
Investment securities held-to-maturity | 11 | |||
Loans held for sale | 43 | 21 | ||
Loans | 297,241 | 284,790 | ||
Other | 994 | 1,171 | ||
Financial Liabilities | ||||
Other | $ 2,336 | $ 1,726 |
Guarantees and Contingent Lia_3
Guarantees and Contingent Liabilities - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Securities Lending Indemnifications [Member] | ||
Guarantees And Contingent Liabilities (Textual) [Abstract] | ||
Maximum Potential Future Payments | $ 4,468 | |
Collateral Held | 4,564 | |
Tender Option Bond Program Guarantee [Member] | ||
Guarantees And Contingent Liabilities (Textual) [Abstract] | ||
Maximum Potential Future Payments | 2,725 | |
Collateral Held | 2,994 | |
Minimum Revenue Guarantees [Member] | ||
Guarantees And Contingent Liabilities (Textual) [Abstract] | ||
Maximum Potential Future Payments | 3 | |
Standby Letters of Credit [Member] | ||
Guarantees And Contingent Liabilities (Textual) [Abstract] | ||
Maximum Potential Future Payments | $ 10,258 | |
Weighted-average term of standby letter of credit arrangements | 21 months | |
Carrying Amount | $ 48 | |
Third Party Borrowing Arrangements [Member] | ||
Guarantees And Contingent Liabilities (Textual) [Abstract] | ||
Maximum Potential Future Payments | 7 | |
Asset Sales [Member] | ||
Guarantees And Contingent Liabilities (Textual) [Abstract] | ||
Maximum Potential Future Payments | 5,069 | |
Carrying Amount | 68 | |
Merchant Processing [Member] | ||
Guarantees And Contingent Liabilities (Textual) [Abstract] | ||
Maximum Potential Future Payments | 108,875 | |
Carrying Amount | 61 | |
Collateral Held | 589 | |
Airline Processing Arrangements [Member] | ||
Guarantees And Contingent Liabilities (Textual) [Abstract] | ||
Value of airline tickets purchased to deliver at future date through card transactions | 8,300 | |
Representation and Warranty [Member] | ||
Guarantees And Contingent Liabilities (Textual) [Abstract] | ||
Carrying Amount | 9 | $ 10 |
Unresolved representation and warranty claims from GSEs | 10 | $ 15 |
Tax Advantaged Investments Sales [Member] | ||
Guarantees And Contingent Liabilities (Textual) [Abstract] | ||
Carrying Amount | 68 | |
Unresolved Merchant Charge-backs [Member] | ||
Guarantees And Contingent Liabilities (Textual) [Abstract] | ||
Carrying Amount | 89 | |
Collateral Held | 17 | |
Escrow Deposits Letters of Credit Indemnities [Member] | Airline Processing Arrangements [Member] | ||
Guarantees And Contingent Liabilities (Textual) [Abstract] | ||
Collateral Held | 496 | |
Merchant Escrow Deposits [Member] | Airline Processing Arrangements [Member] | ||
Guarantees And Contingent Liabilities (Textual) [Abstract] | ||
Collateral Held | 44 | |
Wholly Owned Unconsolidated Trust [Member] | ||
Guarantees And Contingent Liabilities (Textual) [Abstract] | ||
Maximum Potential Future Payments | $ 681 | |
Percentage of common equity in wholly owned USB Capital IX | 100.00% | |
Total assets of trust consisting primarily of Series A Preferred Stock | $ 682 | |
Subsidiaries Financial Performance [Member] | ||
Guarantees And Contingent Liabilities (Textual) [Abstract] | ||
Maximum Potential Future Payments | $ 781 |
Guarantees and Contingent Lia_4
Guarantees and Contingent Liabilities - Contract or Notional Amounts of Unfunded Commitments to Extend Credit (Detail) $ in Millions | Dec. 31, 2019USD ($) |
Commercial and Commercial Real Estate Loans [Member] | |
Other Commitments [Line Items] | |
Contract or notional amounts of unfunded commitments to extend credit | $ 139,538 |
Corporate and Purchasing Card Loans [Member] | |
Other Commitments [Line Items] | |
Contract or notional amounts of unfunded commitments to extend credit | 29,296 |
Residential Mortgages [Member] | |
Other Commitments [Line Items] | |
Contract or notional amounts of unfunded commitments to extend credit | 417 |
Credit Card [Member] | |
Other Commitments [Line Items] | |
Contract or notional amounts of unfunded commitments to extend credit | 111,773 |
Other Retail Loans [Member] | |
Other Commitments [Line Items] | |
Contract or notional amounts of unfunded commitments to extend credit | 36,797 |
Other [Member] | |
Other Commitments [Line Items] | |
Contract or notional amounts of unfunded commitments to extend credit | 6,325 |
Less Than One Year [Member] | Commercial and Commercial Real Estate Loans [Member] | |
Other Commitments [Line Items] | |
Contract or notional amounts of unfunded commitments to extend credit | 31,235 |
Less Than One Year [Member] | Corporate and Purchasing Card Loans [Member] | |
Other Commitments [Line Items] | |
Contract or notional amounts of unfunded commitments to extend credit | 29,296 |
Less Than One Year [Member] | Residential Mortgages [Member] | |
Other Commitments [Line Items] | |
Contract or notional amounts of unfunded commitments to extend credit | 416 |
Less Than One Year [Member] | Credit Card [Member] | |
Other Commitments [Line Items] | |
Contract or notional amounts of unfunded commitments to extend credit | 111,773 |
Less Than One Year [Member] | Other Retail Loans [Member] | |
Other Commitments [Line Items] | |
Contract or notional amounts of unfunded commitments to extend credit | 12,614 |
Less Than One Year [Member] | Other [Member] | |
Other Commitments [Line Items] | |
Contract or notional amounts of unfunded commitments to extend credit | 6,325 |
Greater Than One Year [Member] | Commercial and Commercial Real Estate Loans [Member] | |
Other Commitments [Line Items] | |
Contract or notional amounts of unfunded commitments to extend credit | 108,303 |
Greater Than One Year [Member] | Residential Mortgages [Member] | |
Other Commitments [Line Items] | |
Contract or notional amounts of unfunded commitments to extend credit | 1 |
Greater Than One Year [Member] | Other Retail Loans [Member] | |
Other Commitments [Line Items] | |
Contract or notional amounts of unfunded commitments to extend credit | $ 24,183 |
Guarantees and Contingent Lia_5
Guarantees and Contingent Liabilities - Summary of Other Guarantees and Contingent Liabilities (Detail) $ in Millions | Dec. 31, 2019USD ($) |
Standby Letters of Credit [Member] | |
Guarantor Obligations [Line Items] | |
Carrying Amount | $ 48 |
Maximum Potential Future Payments | 10,258 |
Third Party Borrowing Arrangements [Member] | |
Guarantor Obligations [Line Items] | |
Maximum Potential Future Payments | 7 |
Securities Lending Indemnifications [Member] | |
Guarantor Obligations [Line Items] | |
Collateral Held | 4,564 |
Maximum Potential Future Payments | 4,468 |
Asset Sales [Member] | |
Guarantor Obligations [Line Items] | |
Carrying Amount | 68 |
Maximum Potential Future Payments | 5,069 |
Merchant Processing [Member] | |
Guarantor Obligations [Line Items] | |
Collateral Held | 589 |
Carrying Amount | 61 |
Maximum Potential Future Payments | 108,875 |
Tender Option Bond Program Guarantee [Member] | |
Guarantor Obligations [Line Items] | |
Collateral Held | 2,994 |
Maximum Potential Future Payments | 2,725 |
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 | $ 1,461 |
Guarantees and Contingent Lia_6
Guarantees and Contingent Liabilities - Contract or Notional Amount of Letters of Credit (Detail) $ in Millions | Dec. 31, 2019USD ($) |
Commercial [Member] | |
Letters Of Credit [Line Items] | |
Contract or notional amount of letters of credit | $ 367 |
Commercial [Member] | Less Than One Year [Member] | |
Letters Of Credit [Line Items] | |
Contract or notional amount of letters of credit | 339 |
Commercial [Member] | Greater Than One Year [Member] | |
Letters Of Credit [Line Items] | |
Contract or notional amount of letters of credit | 28 |
Standby Letters of Credit [Member] | |
Letters Of Credit [Line Items] | |
Contract or notional amount of letters of credit | 10,258 |
Standby Letters of Credit [Member] | Less Than One Year [Member] | |
Letters Of Credit [Line Items] | |
Contract or notional amount of letters of credit | 4,676 |
Standby Letters of Credit [Member] | Greater Than One Year [Member] | |
Letters Of Credit [Line Items] | |
Contract or notional amount of letters of credit | $ 5,582 |
Business Segments - Additional
Business Segments - Additional Information (Detail) - USD ($) $ in Billions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue generated from certain contracts with customers included in non-interest income | $ 7.3 | $ 7.4 |
Payment Services [Member] | ||
Rewards and Rebate Costs and Certain Partner Payments Included in Noninterest Income | $ 2.2 | $ 2.2 |
Business Segments - Business Se
Business Segments - Business Segment Results (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Securities gains (losses), net | $ 73 | $ 30 | $ 57 |
Other intangibles | 168 | 161 | 175 |
Total noninterest expense | 12,785 | 12,464 | 12,790 |
Provision for credit losses | 1,504 | 1,379 | 1,390 |
Net income | 6,946 | 7,124 | 6,253 |
Net (income) loss attributable to noncontrolling interests | 32 | 28 | 35 |
Net income attributable to U.S. Bancorp | 6,914 | 7,096 | $ 6,218 |
Corporate and Commercial Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income (taxable-equivalent basis) | 2,871 | 2,936 | |
Noninterest income | 867 | 843 | |
Total net revenue | 3,738 | 3,779 | |
Noninterest expense | 1,607 | 1,591 | |
Other intangibles | 4 | 4 | |
Total noninterest expense | 1,611 | 1,595 | |
Income before provision and income taxes | 2,127 | 2,184 | |
Provision for credit losses | 78 | 65 | |
Income before income taxes | 2,049 | 2,119 | |
Income taxes and taxable-equivalent adjustment | 513 | 531 | |
Net income | 1,536 | 1,588 | |
Net income attributable to U.S. Bancorp | 1,536 | 1,588 | |
Loans | 96,608 | 93,854 | |
Other earning assets | 3,751 | 3,072 | |
Goodwill | 1,647 | 1,647 | |
Other intangible assets | 8 | 11 | |
Assets | 106,716 | 102,801 | |
Noninterest-bearing deposits | 29,152 | 32,938 | |
Interest-bearing Deposits | 72,780 | 69,913 | |
Total deposits | 101,932 | 102,851 | |
Total U.S. Bancorp shareholders' equity | 10,399 | 10,463 | |
Consumer and Business Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income (taxable-equivalent basis) | 6,261 | 6,156 | |
Noninterest income | 2,387 | 2,316 | |
Total net revenue | 8,648 | 8,472 | |
Noninterest expense | 5,285 | 5,232 | |
Other intangibles | 20 | 27 | |
Total noninterest expense | 5,305 | 5,259 | |
Income before provision and income taxes | 3,343 | 3,213 | |
Provision for credit losses | 310 | 232 | |
Income before income taxes | 3,033 | 2,981 | |
Income taxes and taxable-equivalent adjustment | 759 | 745 | |
Net income | 2,274 | 2,236 | |
Net income attributable to U.S. Bancorp | 2,274 | 2,236 | |
Loans | 144,595 | 140,875 | |
Other earning assets | 3,989 | 3,501 | |
Goodwill | 3,475 | 3,604 | |
Other intangible assets | 2,617 | 2,953 | |
Assets | 158,884 | 155,267 | |
Noninterest-bearing deposits | 27,876 | 27,691 | |
Interest-bearing Deposits | 129,289 | 124,934 | |
Total deposits | 157,165 | 152,625 | |
Total U.S. Bancorp shareholders' equity | 11,713 | 11,812 | |
Wealth Management and Investment Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income (taxable-equivalent basis) | 1,157 | 1,131 | |
Noninterest income | 1,799 | 1,748 | |
Total net revenue | 2,956 | 2,879 | |
Noninterest expense | 1,752 | 1,778 | |
Other intangibles | 13 | 16 | |
Total noninterest expense | 1,765 | 1,794 | |
Income before provision and income taxes | 1,191 | 1,085 | |
Provision for credit losses | (3) | (2) | |
Income before income taxes | 1,194 | 1,087 | |
Income taxes and taxable-equivalent adjustment | 299 | 273 | |
Net income | 895 | 814 | |
Net income attributable to U.S. Bancorp | 895 | 814 | |
Loans | 10,080 | 9,364 | |
Other earning assets | 282 | 184 | |
Goodwill | 1,617 | 1,618 | |
Other intangible assets | 49 | 63 | |
Assets | 13,330 | 12,437 | |
Noninterest-bearing deposits | 13,195 | 14,006 | |
Interest-bearing Deposits | 62,031 | 56,000 | |
Total deposits | 75,226 | 70,006 | |
Total U.S. Bancorp shareholders' equity | 2,525 | 2,476 | |
Payments Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income (taxable-equivalent basis) | 2,493 | 2,443 | |
Noninterest income | 3,707 | 3,599 | |
Total net revenue | 6,200 | 6,042 | |
Noninterest expense | 2,940 | 2,859 | |
Other intangibles | 131 | 114 | |
Total noninterest expense | 3,071 | 2,973 | |
Income before provision and income taxes | 3,129 | 3,069 | |
Provision for credit losses | 1,108 | 1,081 | |
Income before income taxes | 2,021 | 1,988 | |
Income taxes and taxable-equivalent adjustment | 505 | 497 | |
Net income | 1,516 | 1,491 | |
Net income attributable to U.S. Bancorp | 1,516 | 1,491 | |
Loans | 33,566 | 31,102 | |
Other earning assets | 348 | 291 | |
Goodwill | 2,839 | 2,570 | |
Other intangible assets | 538 | 406 | |
Assets | 39,743 | 36,912 | |
Noninterest-bearing deposits | 1,205 | 1,099 | |
Interest-bearing Deposits | 115 | 110 | |
Total deposits | 1,320 | 1,209 | |
Total U.S. Bancorp shareholders' equity | 7,084 | 6,629 | |
Treasury and Corporate Support [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income (taxable-equivalent basis) | 373 | 369 | |
Noninterest income | 998 | 1,066 | |
Securities gains (losses), net | 73 | 30 | |
Total net revenue | 1,444 | 1,465 | |
Noninterest expense | 1,033 | 843 | |
Total noninterest expense | 1,033 | 843 | |
Income before provision and income taxes | 411 | 622 | |
Provision for credit losses | 11 | 3 | |
Income before income taxes | 400 | 619 | |
Income taxes and taxable-equivalent adjustment | (325) | (376) | |
Net income | 725 | 995 | |
Net (income) loss attributable to noncontrolling interests | (32) | (28) | |
Net income attributable to U.S. Bancorp | 693 | 967 | |
Loans | 5,837 | 5,506 | |
Other earning assets | 131,481 | 127,318 | |
Assets | 156,980 | 149,597 | |
Noninterest-bearing deposits | 2,435 | 2,462 | |
Interest-bearing Deposits | 8,734 | 4,309 | |
Total deposits | 11,169 | 6,771 | |
Total U.S. Bancorp shareholders' equity | 20,902 | 18,383 | |
Consolidated Company [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income (taxable-equivalent basis) | 13,155 | 13,035 | |
Noninterest income | 9,758 | 9,572 | |
Securities gains (losses), net | 73 | 30 | |
Total net revenue | 22,986 | 22,637 | |
Noninterest expense | 12,617 | 12,303 | |
Other intangibles | 168 | 161 | |
Total noninterest expense | 12,785 | 12,464 | |
Income before provision and income taxes | 10,201 | 10,173 | |
Provision for credit losses | 1,504 | 1,379 | |
Income before income taxes | 8,697 | 8,794 | |
Income taxes and taxable-equivalent adjustment | 1,751 | 1,670 | |
Net income | 6,946 | 7,124 | |
Net (income) loss attributable to noncontrolling interests | (32) | (28) | |
Net income attributable to U.S. Bancorp | 6,914 | 7,096 | |
Loans | 290,686 | 280,701 | |
Other earning assets | 139,851 | 134,366 | |
Goodwill | 9,578 | 9,439 | |
Other intangible assets | 3,212 | 3,433 | |
Assets | 475,653 | 457,014 | |
Noninterest-bearing deposits | 73,863 | 78,196 | |
Interest-bearing Deposits | 272,949 | 255,266 | |
Total deposits | 346,812 | 333,462 | |
Total U.S. Bancorp shareholders' equity | $ 52,623 | $ 49,763 |
U.S. Bancorp (Parent Company) -
U.S. Bancorp (Parent Company) - Additional Information (Detail) | Dec. 31, 2019 |
Receivables | |
Loan Limits to the company or individual affiliate | 10.00% |
Maximum limit of loans to the Company and all affiliates | 20.00% |
U.S. Bancorp (Parent Company)_2
U.S. Bancorp (Parent Company) - Condensed Statement of Financial Position of Parent Company Only (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Assets | |||||
Available-for-sale securities | [1] | $ 122,613 | [2] | $ 66,115 | |
Other assets | 36,168 | 33,645 | |||
Total assets | 495,426 | 467,374 | |||
Liabilities and Shareholders' Equity | |||||
Short-term funds borrowed | 23,723 | 14,139 | $ 16,651 | ||
Long-term debt | 40,167 | 41,340 | |||
Other liabilities | 17,137 | 14,763 | |||
Shareholders' equity | 51,853 | 51,029 | |||
Total liabilities and equity | 495,426 | 467,374 | |||
Parent Company [Member] | |||||
Assets | |||||
Due from banks, principally interest-bearing | 11,583 | 9,969 | |||
Available-for-sale securities | 1,631 | 921 | |||
Other assets | 1,211 | 813 | |||
Total assets | 71,386 | 68,163 | |||
Liabilities and Shareholders' Equity | |||||
Short-term funds borrowed | 8 | ||||
Long-term debt | 18,602 | 16,291 | |||
Other liabilities | 923 | 843 | |||
Shareholders' equity | 51,853 | 51,029 | |||
Total liabilities and equity | 71,386 | 68,163 | |||
Bank Subsidiaries [Member] | Parent Company [Member] | |||||
Assets | |||||
Investments in subsidiaries | 48,518 | 47,549 | |||
Advances to subsidiaries | 3,850 | 3,800 | |||
Nonbank Subsidiaries [Member] | Parent Company [Member] | |||||
Assets | |||||
Investments in subsidiaries | 3,128 | 2,568 | |||
Advances to subsidiaries | $ 1,465 | $ 2,543 | |||
[1] | Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral. | ||||
[2] | The weighted-average maturity of total available-for-sale and held-to-maturity investment securities was 5.3 years at December 31, 2018, with a corresponding weighted-average yield of 2.53 percent. |
U.S. Bancorp (Parent Company)_3
U.S. Bancorp (Parent Company) - Condensed Income Statement of Parent Company Only (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income | |||
Other income | $ 926 | $ 910 | $ 774 |
Expense | |||
Interest expense | 4,442 | 3,254 | 1,966 |
Other expense | 1,618 | 1,709 | 2,529 |
Income before income taxes and equity in undistributed income of subsidiaries | 8,594 | 8,678 | 7,517 |
Applicable income taxes | 1,648 | 1,554 | 1,264 |
Net income attributable to U.S. Bancorp | 6,914 | 7,096 | 6,218 |
Parent Company [Member] | |||
Income | |||
Interest from subsidiaries | 317 | 220 | 159 |
Other income | 25 | 33 | 41 |
Total net revenue | 7,448 | 5,559 | 5,005 |
Expense | |||
Interest expense | 551 | 471 | 402 |
Other expense | 140 | 133 | 124 |
Total expense | 691 | 604 | 526 |
Income before income taxes and equity in undistributed income of subsidiaries | 6,757 | 4,955 | 4,479 |
Applicable income taxes | (92) | (91) | (176) |
Income of parent company | 6,849 | 5,046 | 4,655 |
Equity in undistributed income of subsidiaries | 65 | 2,050 | 1,563 |
Net income attributable to U.S. Bancorp | 6,914 | 7,096 | 6,218 |
Bank Subsidiaries [Member] | Parent Company [Member] | |||
Income | |||
Dividends from subsidiaries | 7,100 | 5,300 | 4,800 |
Nonbank Subsidiaries [Member] | Parent Company [Member] | |||
Income | |||
Dividends from subsidiaries | $ 6 | $ 6 | $ 5 |
U.S. Bancorp (Parent Company)_4
U.S. Bancorp (Parent Company) - Condensed Statement of Cash Flows of Parent Company Only (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Activities | |||
Net income attributable to U.S. Bancorp | $ 6,914 | $ 7,096 | $ 6,218 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Other, net | 458 | 1,010 | (2,049) |
Net cash provided by operating activities | 4,889 | 10,564 | 6,472 |
Investing Activities | |||
Other, net | (1,295) | (289) | (404) |
Net cash used in investing activities | (21,560) | (8,977) | (12,126) |
Financing Activities | |||
Net increase (decrease) in short-term borrowings | 9,584 | (2,512) | 2,688 |
Proceeds from issuance of long-term debt | 9,899 | 12,078 | 9,434 |
Principal payments or redemption of long-term debt | (11,119) | (2,928) | (10,517) |
Proceeds from issuance of preferred stock | 565 | 993 | |
Proceeds from issuance of common stock | 88 | 86 | 159 |
Repurchase of preferred stock | (1,085) | ||
Repurchase of common stock | (4,525) | (2,822) | (2,631) |
Cash dividends paid on preferred stock | (302) | (274) | (284) |
Cash dividends paid on common stock | (2,443) | (2,092) | (1,928) |
Net cash used in financing activities | 17,623 | 361 | 9,454 |
Cash and due from banks at beginning of period | 21,453 | 19,505 | 15,705 |
Cash and due from banks at end of period | 22,405 | 21,453 | 19,505 |
Parent Company [Member] | |||
Operating Activities | |||
Net income attributable to U.S. Bancorp | 6,914 | 7,096 | 6,218 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Equity in undistributed income of subsidiaries | (65) | (2,050) | (1,563) |
Other, net | 231 | 359 | (125) |
Net cash provided by operating activities | 7,080 | 5,405 | 4,530 |
Investing Activities | |||
Proceeds from sales and maturities of investment securities | 291 | 39 | 100 |
Purchases of investment securities | (1,013) | (10) | (844) |
Net (increase) decrease in short-term advances to subsidiaries | 578 | (488) | (790) |
Long-term advances to subsidiaries | (2,600) | (500) | |
Principal collected on long-term advances to subsidiaries | 2,550 | 500 | |
Other, net | (341) | 304 | (12) |
Net cash used in investing activities | (535) | (655) | (1,046) |
Financing Activities | |||
Net increase (decrease) in short-term borrowings | 8 | (1) | (21) |
Proceeds from issuance of long-term debt | 3,743 | 2,100 | 3,920 |
Principal payments or redemption of long-term debt | (1,500) | (1,500) | (1,250) |
Proceeds from issuance of preferred stock | 565 | 993 | |
Proceeds from issuance of common stock | 88 | 86 | 159 |
Repurchase of preferred stock | (1,085) | ||
Repurchase of common stock | (4,525) | (2,822) | (2,631) |
Cash dividends paid on preferred stock | (302) | (274) | (284) |
Cash dividends paid on common stock | (2,443) | (2,092) | (1,928) |
Net cash used in financing activities | (4,931) | (3,938) | (2,127) |
Change in cash and due from banks | 1,614 | 812 | 1,357 |
Cash and due from banks at beginning of period | 9,969 | 9,157 | 7,800 |
Cash and due from banks at end of period | $ 11,583 | $ 9,969 | $ 9,157 |