Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Jan. 31, 2019 | |
Document And Entity Information | ||
Entity Registrant Name | MUFG Americas Holdings Corp | |
Entity Central Index Key | 1,011,659 | |
Document Type | 10-K | |
Document Period End Date | Dec. 31, 2018 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Public Float | $ 0 | |
Entity Common Stock, Shares Outstanding | 131,935,124 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | FY |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Interest Income | |||
Loans | $ 3,303 | $ 2,892 | $ 2,839 |
Securities | 665 | 564 | 483 |
Securities borrowed or purchased under resale agreements | 652 | 347 | 195 |
Trading assets | 415 | 326 | 172 |
Other | 90 | 50 | 27 |
Total interest income | 5,125 | 4,179 | 3,716 |
Interest Expense | |||
Deposits | 441 | 241 | 194 |
Commercial paper and other short-term borrowings | 168 | 58 | 32 |
Long-term debt | 365 | 250 | 240 |
Securities loaned or sold under repurchase agreements | 734 | 353 | 140 |
Trading liabilities | 110 | 73 | 57 |
Total interest expense | 1,818 | 975 | 663 |
Net Interest Income | 3,307 | 3,204 | 3,053 |
(Reversal of) provision for credit losses | 106 | (103) | 155 |
Net interest income after (reversal of) provision for credit losses | 3,201 | 3,307 | 2,898 |
Noninterest Income | |||
Service charges on deposit accounts | 179 | 188 | 192 |
Trust and investment management fees | 118 | 121 | 120 |
Trading account activities | (24) | (5) | 105 |
Securities gains, net | 8 | 17 | 69 |
Credit facility fees | 90 | 98 | 108 |
Brokerage commissions and fees | 73 | 69 | 64 |
Card processing fees, net | 50 | 47 | 39 |
Investment banking and syndication fees | 355 | 369 | 312 |
Fees from affiliates | 1,213 | 866 | 957 |
Other, net | 115 | 240 | 259 |
Total noninterest income | 2,177 | 2,010 | 2,225 |
Noninterest Expense | |||
Salaries and employee benefits | 2,616 | 2,495 | 2,439 |
Net occupancy and equipment | 367 | 357 | 325 |
Professional and outside services | 487 | 439 | 369 |
Software | 287 | 192 | 154 |
Regulatory assessments | 85 | 82 | 72 |
Intangible asset amortization | 26 | 30 | 28 |
Other | 409 | 389 | 395 |
Total noninterest expense | 4,277 | 3,984 | 3,782 |
Income before income taxes and including noncontrolling interests | 1,101 | 1,333 | 1,341 |
Income tax expense | 52 | 299 | 419 |
Net Income Including Noncontrolling Interests | 1,049 | 1,034 | 922 |
Deduct: Net loss from noncontrolling interests | 24 | 43 | 68 |
Net Income Attributable to MUAH | $ 1,073 | $ 1,077 | $ 990 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income Attributable to MUAH | $ 1,073 | $ 1,077 | $ 990 |
Other Comprehensive Income (Loss), Net of Tax: | |||
Net change in unrealized gains (losses) on cash flow hedges | (46) | (66) | (115) |
Net change in unrealized gains (losses) on investment securities | (140) | 16 | (56) |
Foreign currency translation adjustment | (2) | 7 | 2 |
Pension and other postretirement benefit adjustments | (130) | 95 | 23 |
Other Comprehensive Income Other, Net of Tax, Portion Attributable to Parent | (1) | 0 | 0 |
Total other comprehensive income (loss) | (319) | 52 | (146) |
Comprehensive Income (Loss) Attributable to MUAH | 754 | 1,129 | 844 |
Comprehensive income (loss) from noncontrolling interests | 24 | 43 | 68 |
Total Comprehensive Income (Loss) | $ 730 | $ 1,086 | $ 776 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Assets | ||
Cash and due from banks | $ 2,061 | $ 2,057 |
Interest bearing deposits in banks | 6,289 | 1,335 |
Total cash and cash equivalents | 8,350 | 3,392 |
Securities borrowed or purchased under resale agreements | 22,368 | 20,894 |
Trading account assets (includes $1,239 at December 31, 2018 and $1,001 at December 31, 2017 pledged as collateral that may be repledged) | 11,213 | 10,567 |
Securities held to maturity (fair value $10,720 at December 31, 2018 and $9,799 at December 31, 2017) | 10,901 | 9,885 |
Loans held for investment | 86,507 | 80,014 |
Allowance for loan losses | (474) | (476) |
Loans held for investment, net | 86,033 | 79,538 |
Premises and equipment, net | 635 | 610 |
Goodwill | 3,301 | 3,301 |
Other assets | 9,620 | 9,410 |
Total assets | 168,100 | 154,550 |
Deposits: | ||
Noninterest bearing | 31,754 | 32,602 |
Interest bearing | 59,225 | 52,185 |
Total deposits | 90,979 | 84,787 |
Securities loaned or sold under repurchase agreements | 27,285 | 26,437 |
Securities Sold under Agreements to Repurchase and Securities Loaned | 27,285 | 26,437 |
Commercial paper and other short-term borrowings | 9,263 | 7,066 |
Long-term debt | 17,918 | 12,162 |
Trading account liabilities | 4,027 | 3,600 |
Other liabilities | 2,048 | 2,143 |
Total liabilities | 151,520 | 136,195 |
Commitments, contingencies and guarantees—See Note 20 | ||
MUAH stockholders' equity: | ||
Authorized 5,000,000 shares; no shares issued or outstanding | 0 | 0 |
Authorized 1,700,000,000 shares, 131,935,124 shares issued and outstanding as of December 31, 2018 and authorized 300,000,000 shares, 147,589,713 shares issued and outstanding as of December 31, 2017 | 132 | 148 |
Additional paid-in capital | 8,176 | 8,197 |
Retained earnings | 9,524 | 10,936 |
Accumulated other comprehensive loss | (1,324) | (1,026) |
Total MUAH stockholders' equity | 16,508 | 18,255 |
Noncontrolling interests | 72 | 100 |
Total equity | 16,580 | 18,355 |
Total liabilities and equity | 168,100 | 154,550 |
Other Subsidiaries, Excluding MUFG Bank, NA [Member] | ||
Deposits: | ||
Long-term debt | 931 | 1,355 |
Consumer | ||
Assets | ||
Loans held for investment | 43,372 | 39,105 |
Allowance for loan losses | (110) | (86) |
Commercial | ||
Assets | ||
Loans held for investment | 43,135 | 40,909 |
Allowance for loan losses | (359) | $ (360) |
Notes Receivable [Member] | Consumer | Residential mortgage | ||
Assets | ||
Loans held for investment | 38,000 | |
Notes Receivable [Member] | Commercial | Commercial mortgage | ||
Assets | ||
Loans held for investment | 16,000 | |
Financial and Insurance [Member] | Notes Receivable [Member] | Commercial | ||
Assets | ||
Loans held for investment | 7,000 | |
Power and Utilities [Member] | Notes Receivable [Member] | Commercial | ||
Assets | ||
Loans held for investment | 4,000 | |
Oil and Gas [Member] | Notes Receivable [Member] | Commercial | ||
Assets | ||
Loans held for investment | 3,000 | |
Manufacturing Sector [Member] | Notes Receivable [Member] | Commercial | ||
Assets | ||
Loans held for investment | $ 4,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Trading account assets pledged as collateral | $ 1,239 | $ 1,001 |
Securities available-for-sale pledged as collateral | 75 | 163 |
Fair value of securities held to maturity | $ 10,720 | $ 9,799 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, share authorized (in shares) | 1,700,000,000 | 300,000,000 |
Common stock, share issued (in shares) | 131,935,124 | 147,589,713 |
Common stock, share outstanding (in shares) | 131,935,124 | 147,589,713 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholder's Equity - USD ($) $ in Millions | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests |
Beginning balance at Dec. 31, 2015 | $ 16,593 | $ 144 | $ 7,868 | $ 9,116 | $ (750) | $ 215 |
Net Income Including Noncontrolling Interests | 922 | 990 | (68) | |||
Other comprehensive income (loss), net of tax | (146) | (146) | ||||
Compensation—restricted stock units | 10 | 13 | (3) | |||
Other | 7 | 3 | (2) | 6 | ||
Net change | 793 | 16 | 985 | (146) | (62) | |
Ending balance at Dec. 31, 2016 | 17,386 | 144 | 7,884 | 10,101 | (896) | 153 |
Net Income Including Noncontrolling Interests | 1,034 | 1,077 | (43) | |||
Other comprehensive income (loss), net of tax | 52 | 52 | ||||
Compensation—restricted stock units | (10) | (8) | (2) | |||
Stock Issued During Period, Value, New Issues | 402 | 3 | 321 | 78 | ||
Dividends Paid | (500) | (500) | ||||
TaxCutsandJobsActReclassification | 182 | (182) | ||||
Other | (9) | 1 | 0 | 0 | (10) | |
Net change | 969 | 4 | 313 | 835 | (130) | (53) |
Ending balance at Dec. 31, 2017 | 18,355 | 148 | 8,197 | 10,936 | (1,026) | 100 |
Net Income Including Noncontrolling Interests | 1,049 | 1,073 | (24) | |||
Other comprehensive income (loss), net of tax | (319) | (319) | ||||
Compensation—restricted stock units | (5) | 0 | (5) | |||
sharerepurchase | (2,496) | (16) | (2,480) | |||
Other | (4) | 0 | (21) | 0 | 21 | (4) |
Net change | (1,775) | (16) | (21) | (1,412) | (298) | (28) |
Ending balance at Dec. 31, 2018 | $ 16,580 | $ 132 | $ 8,176 | $ 9,524 | $ (1,324) | $ 72 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Cash Flows [Abstract] | |||
Restricted Cash and Cash Equivalents | $ 48 | $ 136 | $ 81 |
Cash Flows from Operating Activities: | |||
Net income including noncontrolling interests | 1,049 | 1,034 | 922 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
(Reversal of) provision for credit losses | 106 | (103) | 155 |
Depreciation, amortization and accretion, net | 411 | 331 | 325 |
Stock-based compensation—restricted stock units | 77 | 66 | 67 |
Deferred income taxes | (242) | 25 | 79 |
Net gains on sales of securities | (8) | (17) | (69) |
Net decrease (increase) in securities borrowed or purchased under resale agreements | (1,474) | (1,147) | 11,325 |
Net increase (decrease) in securities loaned or sold under repurchase agreements | 848 | 1,821 | (4,525) |
Net decrease (increase) in trading account assets | (646) | (1,625) | (5,208) |
Net decrease (increase) in other assets | 170 | 414 | (875) |
Net increase (decrease) in trading account liabilities | 427 | 695 | (807) |
Net increase (decrease) in other liabilities | 103 | (137) | (98) |
Loans originated for sale | (2,339) | (813) | (1,358) |
Net proceeds from sale of loans originated for sale | 1,626 | 697 | 1,332 |
Pension and other benefits adjustment | (50) | (169) | (147) |
Other, net | (18) | 11 | 15 |
Total adjustments | (1,009) | 49 | 211 |
Net cash provided by (used in) operating activities | 40 | 1,083 | 1,133 |
Cash Flows from Investing Activities: | |||
Proceeds from sales of securities available for sale | 1,505 | 2,460 | 4,842 |
Proceeds from paydowns and maturities of securities available for sale | 2,822 | 2,809 | 2,171 |
Purchases of securities available for sale | (5,643) | (8,912) | (6,666) |
Proceeds from paydowns and maturities of securities held to maturity | 1,682 | 1,782 | 2,257 |
Purchases of securities held to maturity | (772) | (1,360) | (2,447) |
Proceeds from sales of loans | 770 | 926 | 1,526 |
Net decrease (increase) in loans | (6,785) | (2,947) | (519) |
Purchases of other investments | (262) | (378) | (717) |
Other, net | (57) | (60) | 148 |
Net cash provided by (used in) investing activities | (6,740) | (5,680) | 595 |
Cash Flows from Financing Activities: | |||
Net increase (decrease) in deposits | 6,184 | (2,063) | 2,606 |
Net increase (decrease) in commercial paper and other short-term borrowings | 2,198 | 4,709 | (1,065) |
Proceeds from issuance of long-term debt | 15,458 | 5,027 | 795 |
Repayment of long-term debt | (9,655) | (4,801) | (3,082) |
Dividends paid | 0 | (500) | 0 |
Proceeds from (Repurchase of) Equity | (2,496) | 0 | 0 |
Other, net | (115) | (71) | 6 |
Change in noncontrolling interests | (4) | (10) | 6 |
Net cash provided by (used in) financing activities | 11,570 | 2,291 | (734) |
Net change in cash and cash equivalents | 4,870 | (2,306) | 994 |
Cash, cash equivalents and restricted cash at beginning of period | 3,392 | 5,753 | |
Cash, cash equivalents and restricted cash at end of period | 8,350 | 3,392 | 5,753 |
Cash Paid During the Period For: | |||
Interest | 1,761 | 919 | 626 |
Income taxes, net | 116 | 178 | 159 |
Supplemental Schedule of Noncash Investing and Financing Activities: | |||
Net transfer of loans held for investment to loans held for sale | 44 | 776 | 1,976 |
Transfer Of Available For Sale To Held-To-Maturity Securities | 2,006 | 0 | 0 |
Transfer of assets and liabilities from BTMU and MUFG: | |||
Carrying amount of assets acquired | 0 | 1,003 | 0 |
Carrying amount of liabilities assumed | 0 | 601 | 0 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 8,398 | $ 3,528 | $ 5,834 |
Summary of Significant Accounti
Summary of Significant Accounting Policies and Nature of Operations | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies and Nature of Operations | Summary of Significant Accounting Policies and Nature of Operations Introduction MUFG Americas Holdings Corporation (MUAH) is a financial holding company, bank holding company and intermediate holding company whose principal subsidiaries are MUFG Union Bank, N.A. (MUB or the Bank) and MUFG Securities Americas Inc. (MUSA). MUAH is owned by MUFG Bank, Ltd. and MUFG. MUFG Bank, Ltd. is a wholly-owned subsidiary of MUFG. As used in these Consolidated Financial Statements, terms such as "the Company," "we," "us" and "our" refer to MUFG Americas Holdings Corporation (MUAH), one or more of its consolidated subsidiaries, or to all of them together. MUAH provides a wide range of financial services to consumers, small businesses, middle-market companies and major corporations nationally and internationally. The Company also provides various business, banking, financial, administrative and support services, and facilities for MUFG Bank, Ltd. (formerly The Bank of Tokyo-Mitsubishi UFJ, Ltd.) in connection with the operation and administration of MUFG Bank, Ltd.'s business in the U.S. (including MUFG Bank, Ltd.'s U.S. branches). On July 1, 2016, in accordance with the requirements of the U.S. Federal Reserve Board’s final rules for Enhanced Prudential Standards, the Company was designated the U.S. Intermediate Holding Company (IHC) of its ultimate parent, MUFG. The IHC formation resulted in the transfer of interests in substantially all of MUFG’s U.S. subsidiaries to MUAH. The Company issued 7,991,449 shares to MUFG Bank, Ltd. and MUFG in exchange for the transferred subsidiaries. These subsidiaries included MUSA, a registered broker-dealer, and various other non-bank subsidiaries. The assets received and liabilities assumed were transferred at their carrying amounts, and all prior periods have been revised to include the results of these transferred subsidiaries. MUFG's remaining U.S. subsidiaries were transferred to MUAH on July 1, 2017. The Company issued 3,267,433 shares to MUFG Bank, Ltd. and MUFG in exchange for these transferred subsidiaries and their financial results have been included in MUAH's financial results prospectively beginning July 1, 2017. Principles of Consolidation and Basis of Financial Statement Presentation The consolidated financial statements include the accounts of the Company and other entities in which the Company has a controlling financial interest. The Company determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a VIE. The primary beneficiary of a VIE is the entity that has the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and has the obligation to absorb losses or receive benefits from the VIE that could potentially be significant to the VIE. Results of operations from VIEs are included from the dates that the Company became the primary beneficiary. All intercompany transactions and balances with consolidated entities are eliminated in consolidation. The Company accounts for equity investments over which it exerts significant influence using the equity method of accounting. Non-marketable equity investments where the Company does not exert significant influence are accounted for at cost or using the proportional amortization method. Investments accounted for under the equity method, proportional amortization method, and cost method are included in other assets. The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America (GAAP). The policies that materially affect the determination of financial position, results of operations and cash flows are summarized below. The preparation of financial statements in conformity with GAAP also requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Although such estimates contemplate current conditions and management's expectations of how they may change in the future, it is reasonably possible that actual results could differ significantly from those estimates. This could materially affect the Company's results of operations and financial condition in the near term. Critical estimates made by management in the preparation of the Company's financial statements include, but are not limited to, the allowance for credit losses ( Note 3 ), goodwill impairment ( Note 5 ), fair value of financial instruments ( Note 11 ), pension accounting ( Note 15 ), income taxes ( Note 17 ), and transfer pricing ( Note 21 ). Cash and Cash Equivalents Cash and cash equivalents include cash and due from banks, interest bearing deposits in banks, and federal funds sold. Securities Borrowed or Purchased under Agreements to Resell and Securities Loaned or Sold under Agreements to Repurchase Securities borrowed and securities loaned transactions do not qualify for sale accounting and therefore are not recognized on the transferee's balance sheet. Securities borrowed and securities loaned represent the amount of cash collateral advanced or received, respectively. The Company monitors the market value of the borrowed and loaned securities on a daily basis, with additional collateral obtained or refunded as necessary. Accrued interest associated with securities borrowed and securities loaned is included in other assets and other liabilities, respectively. Interest associated with securities borrowed and securities loaned is recorded as interest income and interest expense, respectively. Securities purchased under agreements to resell (“reverse repurchase agreements”) and securities sold under agreements to repurchase (“repurchase agreements”) do not qualify for sale accounting and therefore are not recognized on the transferee's balance sheet. Transactions involving these agreements are accounted for as collateralized financings. These agreements are recorded at the amounts at which the securities were acquired or sold and are carried at amortized cost. The Company generally obtains possession of collateral with a market value equal to or in excess of the principal amount financed under reverse repurchase agreements. Collateral is valued daily, and the Company may require counterparties to deposit additional collateral or return collateral pledged, when appropriate. Accrued interest associated with reverse repurchase agreements and repurchase agreements is included in other assets and other liabilities, respectively. Interest associated with reverse repurchase agreements and repurchase agreements is recorded as interest income and interest expense, respectively. The Company generally enters into reverse repurchase and repurchase agreements under legally enforceable master repurchase agreements that give the Company, in the event of counterparty default, the right to liquidate securities held and offset receivables and payables with the same counterparty. The Company offsets reverse repurchase and repurchase agreements with the same counterparty where they have a legally enforceable master netting agreement and the transactions have the same maturity date. Trading Account Assets and Liabilities Trading account assets and liabilities are recorded at fair value and include certain securities and derivatives. Securities are classified as trading when management acquires them with the intent to hold for short periods, primarily at MUAH's broker-dealer subsidiary, MUSA, or as an accommodation to customers. Substantially all of the securities have a high degree of liquidity and a readily determinable fair value. Interest on securities classified as trading is included in interest income, and realized gains and losses from sale and unrealized fair value adjustments are recognized in noninterest income. Trading securities that are pledged under an agreement to repurchase and which may be sold or repledged under that agreement are separately identified as pledged as collateral. Derivatives included in trading account assets and liabilities are entered into for trading purposes or as an accommodation to customers. Contracts primarily include interest rate swaps and options, commodity swaps and options, and foreign exchange contracts. The Company nets derivative assets and liabilities, and the related cash collateral receivables and payables, when a legally enforceable master netting arrangement exists between the Company and the derivative counterparty. Changes in fair values and realized income or expense for trading asset and liability derivatives are included in noninterest income. Securities Securities are classified based on management's intent and are recorded on the consolidated balance sheet as of the trade date, when acquired in a regular-way trade. Debt securities for which management has both the positive intent and ability to hold to maturity are classified as held to maturity and are carried at amortized cost. Debt securities with readily determinable fair values that are not classified as trading assets or held to maturity are classified as available for sale and are carried at fair value, with the unrealized gains or losses reported net of taxes as a component of AOCI in stockholders' equity until realized. Interest income on debt securities classified as either available for sale or held to maturity includes the amortization of premiums and the accretion of discounts using a method that produces a level yield and is included in interest income on securities. Realized gains and losses on the sale of available for sale securities are included in noninterest income. The specific identification method is used to calculate realized gains and losses on sales. Securities available for sale that are pledged under an agreement to repurchase and which may be sold or repledged under that agreement are separately identified as pledged as collateral. Debt securities available for sale and debt securities held to maturity are subject to impairment testing when a security's fair value is lower than its amortized cost. Debt securities with unrealized losses are considered other-than-temporarily impaired if we intend to sell the debt security, if it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis, or if we do not expect to recover the entire amortized cost basis of the security. If we intend to sell the security, or if it is more likely than not that we will be required to sell the security before recovery, an other-than-temporary impairment write-down is recognized in earnings equal to the entire difference between the amortized cost basis and fair value of the debt security. However, even if we do not expect to sell a debt security we must evaluate the expected cash flows to be received and determine if a credit loss exists. In the event of a credit loss, only the amount of impairment associated with the credit loss is recognized in income. Amounts related to factors other than credit losses are recorded in other comprehensive income. For further information on our other-than-temporary impairment analysis, see Note 2 to our Consolidated Financial Statements in this Form 10-K. Loans Held for Investment, Other Acquired Loans, Loans Held for Sale and Leases Loans held for investment are reported at the principal amounts outstanding, net of charge-offs, unamortized nonrefundable loan fees, direct loan origination costs, and purchase premiums and discounts. Where loans are held for investment, the net basis adjustment excluding charge-offs on the loan is generally recognized in interest income on an effective yield basis over the contractual loan term. Nonaccrual loans are those for which management has discontinued accrual of interest because there exists significant uncertainty as to the full and timely collection of either principal or interest. Loans are generally placed on nonaccrual when such loans have become contractually past due 90 days with respect to principal or interest. Past due status is determined based on the contractual terms of the loan and the number of payment cycles since the last payment date. Interest accruals are continued past 90 days for certain small business loans and consumer installment loans, which are charged off at 120 days. For the commercial loan portfolio segment, interest accruals are also continued for loans that are both well-secured and in the process of collection. When a loan is placed on nonaccrual status, all previously accrued but uncollected interest is reversed against current period interest income. When full collection of the outstanding principal balance is in doubt, subsequent payments received are first applied to unpaid principal and then to uncollected interest. A loan may be returned to accrual status at such time as the loan is brought fully current as to both principal and interest, and such loan is considered to be fully collectible on a timely basis. The Company's policy also allows management to continue the recognition of interest income on certain loans placed on nonaccrual status. This portion of the nonaccrual portfolio is referred to as "Cash Basis Nonaccrual" under which the accrual of interest is suspended and interest income is recognized only when collected. This policy applies to consumer portfolio segment loans and commercial portfolio segment loans that are well-secured and in management's judgment are considered to be fully collectible but the timely collection of payments is in doubt. A TDR is a restructuring of a loan in which the creditor, for economic or legal reasons related to the borrower's financial difficulties, grants a concession to the borrower that it would not otherwise consider. A loan subject to such a restructuring is accounted for as a TDR. A TDR typically involves a modification of terms such as a reduction of the interest rate below the current market rate for a loan with similar risk characteristics or extending the maturity date of the loan without corresponding compensation or additional support. The Company measures impairment of a TDR using the methodology described for individually impaired loans (see "Allowance for Loan Losses" below). For the consumer portfolio segment, TDRs are initially placed on nonaccrual and typically, a minimum of six consecutive months of sustained performance is required before returning to accrual status. For the commercial portfolio segment, the Company generally determines accrual status for TDRs by performing an individual assessment of each loan, which may include, among other factors, demonstrated performance by the borrower under the previous terms. Except for certain transactions between entities under common control, loans acquired in a transfer, including business combinations, are recorded at fair value at the acquisition date, factoring in credit losses expected to be incurred over the life of the loan. Loans held for sale, which are recorded in other assets, are carried at the lower of cost or fair value and measured on an individual basis for commercial loans and on an aggregate basis for residential mortgage loans. Changes in fair value are recognized in other noninterest income. Nonrefundable fees, direct loan origination costs, and purchase premiums and discounts related to loans held for sale are deferred and recognized as a component of the gain or loss on sale. Contractual interest earned on loans held for sale is recognized in interest income. As lessor, the Company primarily offers two types of leases to customers: 1) direct financing leases where the assets leased are acquired without additional financing from other sources, and 2) leveraged leases where a substantial portion of the financing is provided by debt with no recourse to the Company. Direct financing leases and leveraged leases are recorded based on the amount of minimum lease payments receivable, unguaranteed residual value accruing to the benefit of the lessor, unamortized initial direct costs, and are reduced for any unearned income. Leveraged leases are recorded net of any nonrecourse debt. Allowance for Loan Losses The Company maintains an allowance for loan losses to absorb losses inherent in the loan portfolio. The allowance is based on ongoing, quarterly assessments of the probable estimated losses inherent in the loan portfolio. The allowance is increased by the provision for loan losses, which is charged against current period operating results and decreased by the amount of charge-offs, net of recoveries. The Company's methodology for assessing the appropriateness of the allowance consists of several key elements, which include the allowance for loans collectively evaluated for impairment, the allowance for loans individually evaluated for impairment, and the unallocated allowance. Management estimates probable losses inherent in the portfolio based on a loss emergence period. The loss emergence period is the estimated average period of time between a material adverse event that affects the creditworthiness of a borrower and the subsequent recognition of a loss. Updates of the loss emergence period are performed when significant events cause management to reexamine data. Management develops and documents its systematic methodology for determining the allowance for loan losses by first dividing its portfolio into segments—the commercial segment and consumer segment. The Company further divides the portfolio segments into classes based on initial measurement attributes, risk characteristics or its method of monitoring and assessing credit risk. The classes for the Company include commercial and industrial, commercial mortgage, construction, residential mortgage, and home equity and other consumer loans. While the Company's methodology attributes portions of the allowance to specific portfolio segments, the entire allowance is available to absorb credit losses inherent in the total loan portfolio. For the commercial portfolio segment, the allowance for loans collectively evaluated for impairment is calculated by utilizing a dual factor internal risk rating system that encompasses both the probability that a credit facility may ultimately default (i.e. probability of default) and an estimate of the severity of the loss that would be realized upon such default (i.e. the loss-given default) and applying these risk ratings to outstanding loans and most unused commitments. The probability of default and loss-given default may be adjusted for qualitative or environmental factors that, in management's judgment, are likely to cause estimated credit losses associated with the existing portfolio to differ from the historical probability of default and loss-given default. The Company refined its methodology for estimating the allowance for commercial loans collectively evaluated for impairment and the allowance for losses on unfunded credit commitments during the first quarter of 2018. Previously the Company derived the allowance for these loans by assigning a loss factor based on an internal risk rating that estimated the probability that a credit facility may ultimately default (i.e. probability of default) rather than a dual factor internal risk rating system that encompasses both the probability of default and an estimate of the severity of the loss that would be realized upon such default (i.e. the loss-given default). During the second quarter of 2018, the Company implemented refinements to the qualitative considerations used in our reserve methodology. For the consumer portfolio segment, loans are generally pooled by product type with similar risk characteristics. The Company estimates the allowance for loans collectively evaluated for impairment based on forecasted losses. The allowance for loans collectively evaluated for impairment also includes attributions for certain sectors within the commercial and consumer portfolio segments to account for probable losses based on incurred loss events that are currently not reflected in the probability of default and loss-given default. Segment attributions are calculated based on migration scenarios for the commercial portfolio and specific attributes applicable to the consumer portfolio. Segment considerations are revised periodically as portfolio and environmental conditions change. The Company individually evaluates for impairment larger nonaccruing loans within the commercial portfolio. Residential mortgage and consumer loans are not individually evaluated for impairment unless they represent TDRs. Loans are considered impaired when the evaluation of current information regarding the borrower's financial condition, loan collateral, and cash flows indicates that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement, including interest payments. The amount of impairment is measured using the present value of expected future cash flows discounted at the loan's effective rate, the loan's observable market price, or the fair value of the collateral, if the loan is collateral dependent. The unallocated allowance is composed of attributions that are intended to capture probable losses from adverse changes in credit migration and other inherent losses that are not currently reflected in the allowance for loan losses that are ascribed to our portfolio segments. Significant risk characteristics considered in estimating the allowance for credit losses include the following: • Commercial and industrial—industry specific economic trends and individual borrower financial condition • Construction and commercial mortgage loans—type of property (i.e., residential, commercial, industrial), geographic concentrations, and risks and individual borrower financial condition • Residential mortgage and consumer—historical and expected future charge-offs, borrower's credit, property collateral, and loan characteristics Loans are charged-off in whole or in part when they are considered to be uncollectible. Loans in the commercial loan portfolio segment are generally considered uncollectible based on an evaluation of borrower financial condition as well as the value of any collateral. Loans in the consumer portfolio segment are generally considered uncollectible based on past due status or the execution of certain TDR modifications such as discharge through Chapter 7 bankruptcy and the value of any collateral. Recoveries of amounts previously charged off are recorded as a recovery to the allowance for loan losses. Allowance for Losses on Unfunded Credit Commitments The Company maintains an allowance for losses on unfunded credit commitments to absorb losses inherent in those commitments upon funding. The Company's methodology for assessing the appropriateness of this allowance is the same as that used for the allowance for loan losses (see "Allowance for Loan Losses" above) and incorporates an assumption based upon historical experience of likely utilization of the commitment. The allowance for losses on unfunded credit commitments is classified as other liabilities and the change in this allowance is recognized in the provision for credit losses. Losses on unfunded credit commitments are identified when exposures committed to customers facing difficulty are drawn upon, and subsequently result in charge-offs. Goodwill and Identifiable Intangible Assets Intangible assets represent purchased assets that lack physical substance and can be separately distinguished from goodwill because of contractual or other legal rights or because the asset is capable of being sold, exchanged, or licensed. Intangible assets are recorded at fair value at the date of acquisition. Intangible assets that have indefinite lives are tested for impairment at least annually, and more frequently in certain circumstances. Intangible assets that have finite lives, which include core deposit intangibles, customer relationships, non-compete agreements and trade names, are amortized either using the straight-line method or a method that patterns the consumption of the economic benefit. Intangible assets are amortized over their estimated periods of benefit, which range from three to forty years. The Company periodically evaluates the recoverability of intangible assets and takes into account events or circumstances that warrant revised estimates of useful lives or that indicate impairment exists. Goodwill is assessed for impairment at least annually at the reporting unit level either qualitatively or quantitatively. If the elected qualitative assessment results indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then the quantitative impairment test is required. Various valuation methodologies are applied to carry out the first step of the quantitative impairment test by comparing the fair value of the reporting unit to its carrying amount, including goodwill. If the fair value of the reporting unit is less than its carrying amount, a second step is required to measure the amount of impairment by comparing the implied fair value of the goodwill assigned to the reporting unit with the carrying amount of that goodwill. Goodwill impairment is recognized through noninterest expense as a direct write down to its carrying amount and subsequent reversals of goodwill impairment are prohibited. Other Investments The Company invests in limited liability partnerships and other entities operating qualified affordable housing projects. These LIHC investments provide tax benefits to investors in the form of tax deductions from operating losses and tax credits. The LIHC investments are initially recorded at cost, and are subsequently accounted for under the proportional amortization method, when such requirements are met to apply that methodology. Under the proportional amortization method, the Company amortizes the initial investment in proportion to the tax credits and other tax benefits allocated to the Company, with amortization recognized in the statement of income as a component of income tax expense. When the requirements are not met to apply the proportional amortization method, the investment is accounted for under the equity method of accounting with equity method losses recorded in noninterest expense. LIHC investments are reviewed periodically for impairment. The Company also invests in limited liability entities and trusts that operate renewable energy projects, either directly or indirectly. Tax credits, taxable income and distributions associated with these renewable energy projects may be allocated to investors according to the terms of the partnership agreements. These investments are accounted for under the equity method and are reviewed periodically for impairment, considering projected operating results and realizability of tax credits. For those projects where economic benefits are not allocated based on pro rata ownership percentage, the Company accounts for its investments using the hypothetical liquidation at book value (“HLBV”) method. Under the HLBV method, the Company determines its share of an investee’s earnings by comparing the amount it would hypothetically receive at each balance sheet reporting date under the liquidation provisions of the partnership agreements, assuming the investee's net assets were liquidated at amounts determined in accordance with GAAP and distributed to the Company, after taking capital transactions during the period into account. Derivative Instruments Used in Hedging Relationships The Company enters into a variety of derivative contracts as a means of managing the Company's interest rate exposure and designates such derivatives under qualifying hedge relationships. All such derivative instruments are recorded at fair value and are included in other assets or other liabilities. The Company offsets derivative assets and liabilities, and the related cash collateral receivables and payables, when a legally enforceable master netting arrangement exists between the Company and the derivative counterparty. At hedge inception, the Company designates a derivative instrument as a hedge of the fair value of a recognized asset or liability (i.e., fair value hedge), or a hedge of the variability in the expected future cash flows associated with either an existing recognized asset or liability or a probable forecasted transaction (i.e., cash flow hedge). Where hedge accounting is applied at hedge inception, the Company formally documents its risk management objective and strategy for undertaking the hedge, which includes identification of the hedging instrument, the hedged item or transaction, the nature of the risk being hedged, and how the hedge's effectiveness will be assessed prospectively and retrospectively. Both at the inception of the hedge and on an ongoing basis, the hedging instrument must be highly effective in offsetting changes in fair values or cash flows of the hedged item in order to qualify for hedge accounting. For fair value hedges, any ineffectiveness is recognized in noninterest expense in the period in which it arises. For cash flow hedges, only ineffectiveness resulting from over-hedging is recorded in earnings as an adjustment to noninterest expense, with other changes in the fair value of the derivative instrument recognized in other comprehensive income. For cash flow hedges of interest rate risk, the amount in other comprehensive income is subsequently reclassified to net interest income in the period in which the cash flow from the hedged item is recognized in earnings. If a derivative instrument is no longer determined to be highly effective as a designated hedge, hedge accounting is discontinued and subsequent fair value adjustments of the derivative instrument are recorded in earnings. Transfers of Financial Assets Transfers of financial assets in which the Company has surrendered control over the transferred assets are accounted for as sales. Control is generally considered to have been surrendered when the transferred assets have been legally isolated from the Company, the transferee has the right to pledge or exchange the assets without any significant constraints, and the Company has not entered into a repurchase agreement, does not hold unconditional call options and has not written put options on the transferred assets. In assessing whether control has been surrendered, the Company considers whether the transferee would be a consolidated affiliate and the impact of all arrangements or agreements made contemporaneously with, or in contemplation of, the transfer, even if they were not entered into at the time of transfer. Revenues from Contracts with Customers Revenues from contracts with customers include service charges on deposit accounts, trust and investment management fees, brokerage commissions and fees, card processing fees, net, investment banking and syndication fees, and fees from affiliates. The Company recognizes revenue from contracts with customers according to a five-step revenue recognition model: (1) identify the contract(s) with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when (or as) the entity satisfies a performance obligation. The Company’s contracts with customers generally contain a single performance obligation or separately identified performance obligations, each with a stated transaction price and generally do not involve a significant timing difference between satisfaction of the performance obligation and customer payment. Revenues are recognized over time or at a point in time as the performance obligations are satisfied. Revenues are generally not variable and do not involve significant estimates or constraints. Transfer Pricing Employees of the Company perform management and support services to MUFG Bank, Ltd. in connection with the operation and administration of MUFG Bank, Ltd.’s businesses in the Americas. In consideration for the services provided, MUFG Bank, Ltd. pays the Company fees under a master services agreement, which reflects market-based pricing for those services. The Company recognizes transfer pricing revenue when delivery (performance) has occurred or services have been rendered. Revenue is typically recognized based on the gross amount billed to MUFG Bank, Ltd. without netting the associated costs to perfo |
Securities1
Securities1 | 12 Months Ended |
Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities Securities Available for Sale At December 31, 2018 and 2017 , the amortized cost, gross unrealized gains, gross unrealized losses and fair values of securities available for sale are presented below. December 31, 2018 (Dollars in millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Asset Liability Management securities: U.S. Treasury $ 3,572 $ 1 $ 144 $ 3,429 Residential mortgage-backed securities: U.S. government agency and government-sponsored agencies 8,168 7 168 8,007 Privately issued 887 — 23 864 Privately issued - commercial mortgage-backed securities 1,179 3 20 1,162 Collateralized loan obligations 1,492 — 18 1,474 Other 4 — — 4 Asset Liability Management securities 15,302 11 373 14,940 Other debt securities: Direct bank purchase bonds 1,190 30 30 1,190 Other 188 — 4 184 Total securities available for sale $ 16,680 $ 41 $ 407 $ 16,314 December 31, 2017 (Dollars in millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Asset Liability Management securities: U.S. Treasury $ 3,370 $ — $ 118 $ 3,252 Residential mortgage-backed securities: U.S. government agency and government-sponsored agencies 9,338 2 132 9,208 Privately issued 695 3 4 694 Privately issued - commercial mortgage-backed securities 823 4 5 822 Collateralized loan obligations 1,895 10 — 1,905 Other 5 — — 5 Asset Liability Management securities 16,126 19 259 15,886 Other debt securities: Direct bank purchase bonds 1,495 38 30 1,503 Other 163 1 — 164 Equity securities 10 — — 10 Total securities available for sale $ 17,794 $ 58 $ 289 $ 17,563 The Company's securities available for sale with a continuous unrealized loss position at December 31, 2018 and 2017 are shown below, identified for periods less than 12 months and 12 months or more. December 31, 2018 Less than 12 months 12 months or more Total (Dollars in millions) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Asset Liability Management securities: U.S. Treasury $ 147 $ 1 $ 3,182 $ 143 $ 3,329 $ 144 Residential mortgage-backed securities: U.S. government agency and government-sponsored agencies 1,941 8 4,797 160 6,738 168 Privately issued 398 7 383 16 781 23 Privately issued - commercial mortgage-backed securities 364 6 512 14 876 20 Collateralized loan obligations 1,428 18 — — 1,428 18 Asset Liability Management securities 4,278 40 8,874 333 13,152 373 Other debt securities: Direct bank purchase bonds 221 6 417 24 638 30 Other 178 4 4 — 182 4 Total securities available for sale $ 4,677 $ 50 $ 9,295 $ 357 $ 13,972 $ 407 December 31, 2017 Less than 12 months 12 months or more Total (Dollars in millions) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Asset Liability Management securities: U.S. Treasury $ 1,074 $ 14 $ 2,128 $ 104 $ 3,202 $ 118 Residential mortgage-backed securities: U.S. government agency and government-sponsored agencies 3,606 22 4,651 110 8,257 132 Privately issued 275 1 164 3 439 4 Privately issued - commercial mortgage-backed securities 447 3 80 2 527 5 Collateralized loan obligations 12 — — — 12 — Asset Liability Management securities 5,414 40 7,023 219 12,437 259 Other debt securities: Direct bank purchase bonds 58 4 563 26 621 30 Other 79 — — — 79 — Equity securities 10 — — — 10 — Total securities available for sale $ 5,561 $ 44 $ 7,586 $ 245 $ 13,147 $ 289 At December 31, 2018 , the Company did not have the intent to sell any securities in an unrealized loss position before a recovery of the amortized cost, which may be at maturity. The Company also believes that it is more likely than not that it will not be required to sell the securities prior to recovery of amortized cost. Agency residential mortgage-backed securities consist of securities guaranteed by a U.S. government corporation, such as Ginnie Mae, or a government-sponsored agency such as Freddie Mac or Fannie Mae. These securities are collateralized by residential mortgage loans and may be prepaid at par prior to maturity. The unrealized losses on agency residential mortgage-backed securities resulted from changes in interest rates and not from changes in credit quality. At December 31, 2018 , the Company expects to recover the entire amortized cost basis of these securities because the Company determined that the strength of the issuers’ guarantees through direct obligations or support from the U.S. government is sufficient to protect the Company from losses. Commercial mortgage-backed securities are collateralized by commercial mortgage loans and are generally subject to prepayment penalties. The unrealized losses on commercial mortgage-backed securities resulted from higher market yields since purchase. Cash flow analysis of the underlying collateral provides an estimate of other-than-temporary impairment, which is performed quarterly when the fair value of a security is lower than its amortized cost. Based on the analysis performed as of December 31, 2018 , the Company expects to recover the entire amortized cost basis of these securities. The Company’s CLOs consist of Cash Flow CLOs. A Cash Flow CLO is a structured finance product that securitizes a diversified pool of loan assets into multiple classes of notes. Cash Flow CLOs pay the note holders through the receipt of interest and principal repayments from the underlying loans unlike other types of CLOs that pay note holders through the trading and sale of underlying collateral. Unrealized losses typically arise from widening credit spreads and deteriorating credit quality of the underlying collateral. Cash flow analysis of the underlying collateral provides an estimate of other-than-temporary impairment, which is performed quarterly when the fair value of a security is lower than its amortized cost. Based on the analysis performed as of December 31, 2018 , the Company expects to recover the entire amortized cost basis of these securities. Other debt securities primarily consist of direct bank purchase bonds, which are not rated by external credit rating agencies. The unrealized losses on these bonds resulted from a higher return on capital expected by the secondary market compared with the return on capital required at the time of origination when the bonds were purchased. The Company estimates the unrealized loss for each security by assessing the underlying collateral of each security. The Company estimates the portion of loss attributable to credit based on the expected cash flows of the underlying collateral using estimates of current key assumptions, such as probability of default and loss severity. Cash flow analysis of the underlying collateral provides an estimate of other-than-temporary impairment, which is performed quarterly when the fair value of a security is lower than its amortized cost and potential impairment is identified. Based on the analysis performed as of December 31, 2018 , the Company expects to recover the entire amortized cost basis of these securities. The fair value of debt securities available for sale by contractual maturity are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to prepay obligations with or without prepayment penalties. December 31, 2018 (Dollars in millions) One Year or Less Over One Year Through Five Years Over Five Years Through Ten Years Over Ten Years Total Fair Value Asset Liability Management securities: U.S. Treasury $ — $ 1,284 $ 2,145 $ — $ 3,429 Residential mortgage-backed securities: U.S. government agency and government-sponsored agencies — 212 1,306 6,489 8,007 Privately issued — — — 864 864 Privately issued - commercial mortgage-backed securities — 25 43 1,094 1,162 Collateralized loan obligations — 1 352 1,121 1,474 Other 1 3 — — 4 Asset Liability Management securities 1 1,525 3,846 9,568 14,940 Other debt securities: Direct bank purchase bonds 26 424 612 128 1,190 Other 3 163 — 18 184 Total debt securities available for sale $ 30 $ 2,112 $ 4,458 $ 9,714 $ 16,314 The gross realized gains and losses from sales of available for sale securities for the years ended December 31, 2018 , 2017 and 2016 are shown below. The specific identification method is used to calculate realized gains and losses on sales. For the Year Ended December 31, (Dollars in millions) 2018 2017 2016 Gross realized gains $ 8 $ 17 $ 69 Gross realized losses — — — Securities Held to Maturity At December 31, 2018 and 2017 , the amortized cost, gross unrealized gains and losses recognized in OCI, carrying amount, gross unrealized gains and losses not recognized in OCI, and fair values of securities held to maturity are presented below. Management has asserted the positive intent and ability to hold these securities to maturity. December 31, 2018 Recognized in OCI Not Recognized in OCI (Dollars in millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Carrying Amount Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury $ 528 $ — $ — $ 528 $ 1 $ 2 $ 527 U.S. government-sponsored agencies 722 — — 722 1 — 723 U.S. government agency and government-sponsored agencies - residential mortgage-backed securities 8,302 1 96 8,207 11 191 8,027 U.S. government agency and government-sponsored agencies - commercial mortgage-backed securities 1,486 — 42 1,444 17 18 1,443 Total securities held to maturity $ 11,038 $ 1 $ 138 $ 10,901 $ 30 $ 211 $ 10,720 December 31, 2017 Recognized in OCI Not Recognized in OCI (Dollars in millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Carrying Amount Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury $ 525 $ — $ — $ 525 $ 3 $ 1 $ 527 U.S. government agency and government-sponsored agencies - residential mortgage-backed securities 7,870 2 31 7,841 15 130 7,726 U.S. government agency and government-sponsored agencies - commercial mortgage-backed securities 1,571 — 52 1,519 36 9 1,546 Total securities held to maturity $ 9,966 $ 2 $ 83 $ 9,885 $ 54 $ 140 $ 9,799 Amortized cost is defined as the original purchase cost, adjusted for any accretion or amortization of a purchase discount or premium, less principal payments and any impairment previously recognized in earnings. The carrying amount is the difference between the amortized cost and the amount recognized in OCI. The amount recognized in OCI primarily reflects the unrealized gain or loss at date of transfer from available for sale to the held to maturity classification, net of amortization, which is recorded in interest income on securities. The Company's securities held to maturity with a continuous unrealized loss position at December 31, 2018 and 2017 are shown below, separately for periods less than 12 months and 12 months or more. December 31, 2018 Less than 12 months 12 months or more Total Unrealized Losses Unrealized Losses Unrealized Losses (Dollars in millions) Fair Value Recognized in OCI Not Recognized in OCI Fair Value Recognized in OCI Not Recognized in OCI Fair Value Recognized in OCI Not Recognized in OCI U.S. Treasury $ — $ — $ — $ 496 $ — $ 2 $ 496 $ — $ 2 U.S. government agency and government-sponsored agencies—residential mortgage backed securities 668 — 11 7,191 96 180 7,859 96 191 U.S. government agency and government-sponsored agencies - commercial mortgage-backed securities 29 — — 1,396 42 18 1,425 42 18 Total securities held to maturity $ 697 $ — $ 11 $ 9,083 $ 138 $ 200 $ 9,780 $ 138 $ 211 December 31, 2017 Less than 12 months 12 months or more Total Unrealized Losses Unrealized Losses Unrealized Losses (Dollars in millions) Fair Value Recognized in OCI Not Recognized in OCI Fair Value Recognized in OCI Not Recognized in OCI Fair Value Recognized in OCI Not Recognized in OCI U.S. Treasury $ 494 $ — $ 1 $ — $ — $ — $ 494 $ — $ 1 U.S. government agency and government-sponsored agencies - residential mortgage-backed securities 2,649 — 31 $ 4,000 31 99 6,649 31 130 U.S. government agency and government-sponsored agencies - commercial mortgage-backed securities 19 — — 1,496 52 9 1,515 52 9 Total securities held to maturity $ 3,162 $ — $ 32 $ 5,496 $ 83 $ 108 $ 8,658 $ 83 $ 140 The carrying amount and fair value of securities held to maturity by contractual maturity are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to prepay obligations with or without prepayment penalties. December 31, 2018 Within One Year Over One Year Through Five Years Over Five Years Through Ten Years Over Ten Years Total (Dollars in millions) Carrying Fair Carrying Amount Fair Value Carrying Amount Fair Value Carrying Amount Fair Value Carrying Amount Fair Value U.S. Treasury $ 519 $ 518 $ 9 $ 9 $ — $ — $ — $ — $ 528 $ 527 U.S. government-sponsored agencies — — — — 722 723 — — 722 723 U.S. government agency and government-sponsored agencies - residential mortgage-backed securities — — — — 1,008 986 7,199 7,041 8,207 8,027 U.S. government agency and government-sponsored agencies - commercial mortgage-backed securities 46 46 787 797 — — 611 600 1,444 1,443 Total securities held to maturity $ 565 $ 564 $ 796 $ 806 $ 1,730 $ 1,709 $ 7,810 $ 7,641 $ 10,901 $ 10,720 Securities Pledged and Received as Collateral At December 31, 2018 and December 31, 2017 , the Company pledged $11.9 billion and $12.3 billion of available for sale and trading securities as collateral, respectively, of which $1.3 billion and $1.2 billion , respectively, was permitted to be sold or repledged. These securities were pledged as collateral for derivative liability positions, securities loaned or sold under repurchase agreements, securities lending and to secure public and trust department deposits. At December 31, 2018 and December 31, 2017 , the Company received $33.1 billion and $31.8 billion , respectively, of collateral, of which $33.1 billion and $31.8 billion , respectively, was permitted to be sold or repledged. Of the collateral received, the Company sold or repledged $32.1 billion and $30.4 billion at December 31, 2018 and December 31, 2017 , respectively, for derivative asset positions and securities borrowed or purchased under resale agreements. For further information related to the Company's significant accounting policies on securities pledged as collateral, see Note 1 to the Consolidated Financial Statements in Part II, Item 8. "Financial Statements and Supplementary Data" of this Form 10-K. |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Loans and Allowance for Loan Losses | Loans and Allowance for Loan Losses The following table provides the outstanding balances of loans held for investment at December 31, 2018 and 2017 . December 31, (Dollars in millions) 2018 2017 Loans held for investment: Commercial and industrial $ 24,919 $ 23,281 Commercial mortgage 15,354 14,320 Construction 1,613 1,775 Lease financing 1,249 1,533 Total commercial portfolio 43,135 40,909 Residential mortgage 38,439 35,643 Home equity and other consumer loans 4,933 3,462 Total consumer portfolio 43,372 39,105 Total loans held for investment (1) 86,507 80,014 Allowance for loan losses (474 ) (476 ) Loans held for investment, net $ 86,033 $ 79,538 (1) Includes $340 million and $301 million at December 31, 2018 and December 31, 2017 , respectively, for net unamortized (discounts) and premiums and deferred (fees) and costs. Allowance for Loan Losses The following tables provide a reconciliation of changes in the allowance for loan losses by portfolio segment: For the Year Ended December 31, 2018 (Dollars in millions) Commercial Consumer Unallocated Total Allowance for loan losses, beginning of period $ 360 $ 86 $ 30 $ 476 (Reversal of) provision for loan losses 51 58 (25 ) 84 Loans charged-off (79 ) (41 ) — (120 ) Recoveries of loans previously charged-off 27 7 — 34 Allowance for loan losses, end of period $ 359 $ 110 $ 5 $ 474 For the Year Ended December 31, 2017 (Dollars in millions) Commercial Consumer Unallocated Total Allowance for loan losses, beginning of period $ 556 $ 83 $ — $ 639 (Reversal of) provision for loan losses (132 ) 37 30 (65 ) Other 2 — — 2 Loans charged-off (116 ) (39 ) — (155 ) Recoveries of loans previously charged-off 50 5 — 55 Allowance for loan losses, end of period $ 360 $ 86 $ 30 $ 476 For the Year Ended December 31, 2016 (Dollars in millions) Commercial Consumer Unallocated Total Allowance for loan losses, beginning of period $ 654 $ 49 $ 20 $ 723 (Reversal of) provision for loan losses 134 44 (20 ) 158 Other 2 — — 2 Loans charged-off (259 ) (12 ) — (271 ) Recoveries of loans previously charged-off 25 2 — 27 Allowance for loan losses, end of period $ 556 $ 83 $ — $ 639 The following tables show the allowance for loan losses and related loan balances by portfolio segment as of December 31, 2018 and 2017 . December 31, 2018 (Dollars in millions) Commercial Consumer Unallocated Total Allowance for loan losses: Individually evaluated for impairment $ 62 $ 13 $ — $ 75 Collectively evaluated for impairment 297 97 5 399 Total allowance for loan losses $ 359 $ 110 $ 5 $ 474 Loans held for investment: Individually evaluated for impairment $ 450 $ 280 $ — $ 730 Collectively evaluated for impairment 42,685 43,092 — 85,777 Total loans held for investment $ 43,135 $ 43,372 $ — $ 86,507 December 31, 2017 (Dollars in millions) Commercial Consumer Unallocated Total Allowance for loan losses: Individually evaluated for impairment $ 58 $ 15 $ — $ 73 Collectively evaluated for impairment 302 71 30 403 Total allowance for loan losses $ 360 $ 86 $ 30 $ 476 Loans held for investment: Individually evaluated for impairment $ 544 $ 321 $ — $ 865 Collectively evaluated for impairment 40,365 38,784 — 79,149 Total loans held for investment $ 40,909 $ 39,105 $ — $ 80,014 Nonaccrual and Past Due Loans The following table presents nonaccrual loans as of December 31, 2018 and 2017 . December 31, (Dollars in millions) 2018 2017 Commercial and industrial $ 269 $ 319 Commercial mortgage 12 20 Total commercial portfolio 281 339 Residential mortgage 121 104 Home equity and other consumer loans 19 22 Total consumer portfolio 140 126 Total nonaccrual loans $ 421 $ 465 Troubled debt restructured loans that continue to accrue interest $ 299 $ 348 Troubled debt restructured nonaccrual loans (included in total nonaccrual loans above) $ 136 $ 229 The following tables show the aging of the balance of loans held for investment by class as of December 31, 2018 and 2017 . December 31, 2018 Aging Analysis of Loans (Dollars in millions) Current 30 to 89 Days Past Due 90 Days or More Past Due Total Past Due Total Commercial and industrial $ 26,114 $ 18 $ 36 $ 54 $ 26,168 Commercial mortgage 15,333 17 4 21 15,354 Construction 1,593 20 — 20 1,613 Total commercial portfolio 43,040 55 40 95 43,135 Residential mortgage 38,218 175 46 221 38,439 Home equity and other consumer loans 4,893 28 12 40 4,933 Total consumer portfolio 43,111 203 58 261 43,372 Total loans held for investment $ 86,151 $ 258 $ 98 $ 356 $ 86,507 December 31, 2017 Aging Analysis of Loans (Dollars in millions) Current 30 to 89 Days Past Due 90 Days or More Past Due Total Past Due Total Commercial and industrial $ 24,734 $ 17 $ 63 $ 80 $ 24,814 Commercial mortgage 14,298 16 6 22 14,320 Construction 1,775 — — — 1,775 Total commercial portfolio 40,807 33 69 102 40,909 Residential mortgage 35,453 151 39 190 35,643 Home equity and other consumer loans 3,427 23 12 35 3,462 Total consumer portfolio 38,880 174 51 225 39,105 Total loans held for investment $ 79,687 $ 207 $ 120 $ 327 $ 80,014 Loans 90 days or more past due and still accruing interest totaled $23 million and $12 million at December 31, 2018 and 2017 , respectively. Credit Quality Indicators Management analyzes the Company's loan portfolios by applying specific monitoring policies and procedures that vary according to the relative risk profile and other characteristics within the various loan portfolios. Loans within the commercial portfolio segment are classified as either pass or criticized. Criticized credits are those that have regulatory risk ratings of special mention, substandard or doubtful; classified credits are those that have regulatory risk ratings of substandard or doubtful. Special mention credits are potentially weak, as the borrower has begun to exhibit deteriorating trends, which, if not corrected, may jeopardize repayment of the loan and result in further downgrade. Substandard credits have well-defined weaknesses, which, if not corrected, could jeopardize the full satisfaction of the debt. A credit classified as doubtful has critical weaknesses that make full collection improbable on the basis of currently existing facts and conditions. The following tables summarize the loans in the commercial portfolio segment monitored for credit quality based on regulatory risk ratings. December 31, 2018 Criticized (Dollars in millions) Pass Special Mention Classified Total Commercial and industrial $ 25,191 $ 355 $ 622 $ 26,168 Commercial mortgage 15,138 105 111 15,354 Construction 1,542 8 63 1,613 Total commercial portfolio $ 41,871 $ 468 $ 796 $ 43,135 December 31, 2017 Criticized (Dollars in millions) Pass Special Mention Classified Total Commercial and industrial $ 23,632 $ 435 $ 747 $ 24,814 Commercial mortgage 14,081 80 159 14,320 Construction 1,632 15 128 1,775 Total commercial portfolio $ 39,345 $ 530 $ 1,034 $ 40,909 The Company monitors the credit quality of its consumer portfolio segment based primarily on payment status. The following tables summarize the loans in the consumer portfolio segment, which exclude $6 million and $8 million of loans covered by FDIC loss share agreements, at December 31, 2018 and 2017 , respectively. December 31, 2018 (Dollars in millions) Accrual Nonaccrual Total Residential mortgage $ 38,314 $ 121 $ 38,435 Home equity and other consumer loans 4,912 19 4,931 Total consumer portfolio $ 43,226 $ 140 $ 43,366 December 31, 2017 (Dollars in millions) Accrual Nonaccrual Total Residential mortgage $ 35,534 $ 104 $ 35,638 Home equity and other consumer loans 3,437 22 3,459 Total consumer portfolio $ 38,971 $ 126 $ 39,097 The Company also monitors the credit quality for substantially all of its consumer portfolio segment using credit scores provided by FICO and refreshed LTV ratios. FICO credit scores are refreshed at least quarterly to monitor the quality of the portfolio. Refreshed LTV measures the principal balance of the loan as a percentage of the estimated current value of the property securing the loan. Home equity loans are evaluated using combined LTV , which measures the principal balance of the combined loans that have liens against the property (including unused credit lines for home equity products) as a percentage of the estimated current value of the property securing the loans. The LTV ratios are refreshed on a quarterly basis, using the most recent home pricing index data available for the property location. The following tables summarize the loans in the consumer portfolio segment based on refreshed FICO scores and refreshed LTV ratios at December 31, 2018 and 2017 . These tables exclude loans covered by FDIC loss share agreements, as discussed above. The amounts presented reflect unpaid principal balances less partial charge-offs. December 31, 2018 FICO scores (Dollars in millions) 720 and Above Below 720 No FICO Available (1) Total Residential mortgage $ 31,589 $ 6,022 $ 434 $ 38,045 Home equity and other consumer loans 3,349 1,448 52 4,849 Total consumer portfolio $ 34,938 $ 7,470 $ 486 $ 42,894 Percentage of total 82 % 17 % 1 % 100 % (1) Represents loans for which management was not able to obtain an updated FICO score (e.g., due to recent profile changes). December 31, 2017 FICO scores (Dollars in millions) 720 and Above Below 720 No FICO Available (1) Total Residential mortgage $ 28,786 $ 6,082 $ 411 $ 35,279 Home equity and other consumer loans 2,404 918 84 3,406 Total consumer portfolio $ 31,190 $ 7,000 $ 495 $ 38,685 Percentage of total 81 % 18 % 1 % 100 % (1) Represents loans for which management was not able to obtain an updated FICO score (e.g., due to recent profile changes). December 31, 2018 LTV ratios (Dollars in millions) Less than or Equal to 80 Greater than 80 and Less than 100 Percent Greater than or Equal to 100 No LTV Available (1) Total Residential mortgage $ 36,604 $ 1,361 $ 4 $ 75 $ 38,044 Home equity loans 1,966 221 12 24 2,223 Total consumer portfolio $ 38,570 $ 1,582 $ 16 $ 99 $ 40,267 Percentage of total 96 % 4 % — % — % 100 % (1) Represents loans for which management was not able to obtain refreshed property values. December 31, 2017 LTV ratios (Dollars in millions) Less than or Equal to 80 Greater than 80 and Less than 100 Percent Greater than or Equal to 100 No LTV Available (1) Total Residential mortgage $ 34,472 $ 771 $ 4 $ 32 $ 35,279 Home equity loans 2,052 248 24 33 2,357 Total consumer portfolio $ 36,524 $ 1,019 $ 28 $ 65 $ 37,636 Percentage of total 97 % 3 % — % — % 100 % (1) Represents loans for which management was not able to obtain refreshed property values. Troubled Debt Restructurings The following table provides a summary of the Company's recorded investment in TDRs as of December 31, 2018 and 2017 . The summary includes those TDRs that are on nonaccrual status and those that continue to accrue interest. The Company had $49 million and $66 million in commitments to lend additional funds to borrowers with loan modifications classified as TDRs as of December 31, 2018 and 2017 , respectively. December 31, (Dollars in millions) 2018 2017 Commercial and industrial $ 109 $ 202 Commercial mortgage 46 7 Construction 63 128 Total commercial portfolio 218 337 Residential mortgage 196 215 Home equity and other consumer loans 21 25 Total consumer portfolio 217 240 Total restructured loans $ 435 $ 577 In 2018 , TDR modifications in the commercial portfolio segment were substantially composed of interest rate changes, maturity extensions, forbearance, conversions from revolving lines of credit to term loans, or some combination thereof. In the consumer portfolio segment, modifications were primarily composed of maturity extensions. Charge-offs related to TDR modifications for the year ended December 31, 2018 and December 31, 2017 were de minimis. For the commercial and consumer portfolio segments, the allowance for loan losses for TDRs was measured on an individual loan basis or in pools with similar risk characteristics. The following tables provide the pre- and post-modification outstanding recorded investment amounts of TDRs as of the date of the restructuring that occurred during the years ended December 31, 2018 and 2017 . For the Year Ended For the Year Ended (Dollars in millions) Pre-Modification Outstanding Recorded Investment (1) Post-Modification Outstanding Recorded Investment (2) Pre-Modification Outstanding Recorded Investment (1) Post-Modification Outstanding Recorded Investment (2) Commercial and industrial $ 165 $ 165 $ 186 $ 186 Commercial mortgage 4 4 5 5 Construction — — 152 131 Total commercial portfolio 169 169 343 322 Residential mortgage 9 9 16 16 Home equity and other consumer loans 2 2 3 3 Total consumer portfolio 11 11 19 19 Total $ 180 $ 180 $ 362 $ 341 (1) Represents the recorded investment in the loan immediately prior to the restructuring event. (2) Represents the recorded investment in the loan immediately following the restructuring event. It includes the effect of paydowns that were required as part of the restructuring terms. The following tables provide the recorded investment amounts of TDRs at the date of default, for which there was a payment default during the years ended December 31, 2018 and 2017 , and where the default occurred within the first twelve months after modification into a TDR. A payment default is defined as the loan being 60 days or more past due. December 31, (Dollars in millions) 2018 2017 Commercial and industrial $ — $ 19 Commercial mortgage — 1 Total commercial portfolio — 20 Residential mortgage 3 3 Home equity and other consumer loans — — Total consumer portfolio 3 3 Total $ 3 $ 23 For loans in the consumer portfolio in which impairment is measured using the present value of expected future cash flows discounted at the loan’s effective interest rate, historical payment defaults and the propensity to redefault are some of the factors considered when determining the allowance for loan losses. Loan Impairment Loans that are individually evaluated for impairment include larger nonaccruing loans within the commercial and industrial, construction, and commercial mortgage loan portfolios and loans modified in a TDR. The Company records an impairment allowance when the value of an impaired loan is less than the recorded investment in the loan. The following tables show information about impaired loans by class as of December 31, 2018 and 2017 . December 31, 2018 Recorded Investment Unpaid Principal Balance (Dollars in millions) With an Allowance Without an Allowance Total Allowance With an Allowance Without an Allowance Commercial and industrial $ 299 $ 22 $ 321 $ 61 $ 372 $ 39 Commercial mortgage 25 41 66 1 25 41 Construction — 63 63 — — 63 Total commercial portfolio 324 126 450 62 397 143 Residential mortgage 175 71 246 12 184 85 Home equity and other consumer loans 22 12 34 1 22 21 Total consumer portfolio 197 83 280 13 206 106 Total $ 521 $ 209 $ 730 $ 75 $ 603 $ 249 December 31, 2017 Recorded Investment Unpaid Principal Balance (Dollars in millions) With an Allowance Without an Allowance Total Allowance for Impaired Loans With an Allowance Without an Allowance Commercial and industrial $ 287 $ 93 $ 380 $ 57 $ 348 $ 102 Commercial mortgage 33 3 36 1 33 3 Construction — 128 128 — — 128 Total commercial portfolio 320 224 544 58 381 233 Residential mortgage 218 59 277 15 234 69 Home equity and other consumer loans 29 15 44 — 30 24 Total consumer portfolio 247 74 321 15 264 93 Total $ 567 $ 298 $ 865 $ 73 $ 645 $ 326 The following table presents the average recorded investment in impaired loans and the amount of interest income recognized for impaired loans during 2018 , 2017 and 2016 for the commercial and consumer loans portfolio segments. Years Ended December 31, 2018 2017 2016 (Dollars in millions) Average Recorded Investment Recognized Interest Income Average Recorded Investment Recognized Interest Income Average Recorded Investment Recognized Interest Income Commercial and industrial $ 309 $ 12 $ 463 $ 18 $ 531 $ 4 Commercial mortgage 60 27 58 41 17 1 Construction 95 8 45 5 — — Total commercial portfolio 464 47 566 64 548 5 Residential mortgage 261 13 304 14 258 8 Home equity and other consumer loans 38 4 52 6 31 2 Total consumer portfolio 299 17 356 20 289 10 Total $ 763 $ 64 $ 922 $ 84 $ 837 $ 15 The following table presents loan transfers from held to investment to held for sale and proceeds from sales of loans during 2018 , 2017 and 2016 for the commercial and consumer loans portfolio segments. Years Ended December 31, 2018 2017 2016 (Dollars in millions) Transfer of loans from held for investment to held for sale, net Proceeds from sale Transfer of loans from held for investment to held for sale, net Proceeds from sale Transfer of loans from held for investment to held for sale, net Proceeds from sale Commercial portfolio $ 47 $ 638 $ 780 $ 926 $ 1,632 $ 1,182 Consumer portfolio (3 ) — (4 ) — 344 344 Total $ 44 $ 638 $ 776 $ 926 $ 1,976 $ 1,526 Loan Concentrations The Company's most significant concentrations of credit risk within its loan portfolio include residential mortgage loans, commercial real estate loans, and commercial and industrial loans made to the financial and insurance industry, power and utilities industry, manufacturing industry, and business services industry. At December 31, 2018 , the Company had $38 billion in residential mortgage loans, substantially in California. The Company had $16 billion in loans made to the commercial real estate industry and an additional $4 billion in unfunded commitments. At December 31, 2018 , the Company had $7 billion in loans made to the financial and insurance industry and an additional $7 billion in unfunded commitments. At December 31, 2018 , the Company had $4 billion in loans made to the power and utilities industry and an additional $5 billion in unfunded commitments. At December 31, 2018 , the Company had $4 billion in loans made to the manufacturing industry and an additional $3 billion in unfunded commitments. At December 31, 2018 , the Company had $3 billion in loans made to the business services industry and an additional $2 billion in unfunded commitments. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill The changes in the carrying amount of goodwill during 2018 and 2017 are shown in the table below. (Dollars in millions) 2018 2017 Goodwill, beginning of year $ 3,301 $ 3,225 Net change from transferred subsidiaries (1) — 76 Goodwill, end of year $ 3,301 $ 3,301 (1) For additional information on transferred subsidiaries, see Note 21 Related Party Transactions. For impairment testing, goodwill was assigned to the following operating segments at December 31, 2018 and 2017 : (Dollars in millions) 2018 2017 Regional Bank $ 2,134 $ 2,134 U.S. Wholesale & Investment Banking 840 840 Transaction Banking 251 251 MUFG Fund Services 76 76 Goodwill, end of year $ 3,301 $ 3,301 The Company reviews its goodwill for impairment on an annual basis and whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The annual goodwill impairment test was performed as of April 1, 2018 and 2017 . Based on these tests, we concluded that goodwill allocated to our reporting units was not impaired at December 31, 2018 or 2017 . Fair values of the Company's reporting units exceeded their carrying amounts and did not generally represent a significant risk of goodwill impairment based on current projections and valuations. Intangible Assets The table below reflects the Company's identifiable intangible assets and accumulated amortization at December 31, 2018 and 2017 . December 31, 2018 December 31, 2017 (Dollars in millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Core deposit intangibles $ 565 $ (537 ) $ 28 $ 565 $ (530 ) $ 35 Trade names 111 (32 ) 79 113 (29 ) 84 Customer relationships 238 (63 ) 175 238 (47 ) 191 Other (1) 18 (15 ) 3 19 (16 ) 3 Total intangible assets with a definite useful life $ 932 $ (647 ) $ 285 $ 935 $ (622 ) $ 313 (1) December 31, 2018 and December 31, 2017 exclude $159 million and $64 million , respectively, of mortgage servicing rights accounted for at fair value. Total amortization expense for 2018 , 2017 and 2016 was $26 million , $30 million and $28 million , respectively. Estimated future amortization expense at December 31, 2018 is as follows: (Dollars in millions) Core Deposit Intangibles Trade Name Customer Relationships Other Total Identifiable Intangible Assets Years ending December 31, : 2019 $ 6 $ 3 $ 16 $ 1 $ 26 2020 5 3 16 1 25 2021 4 3 15 — 22 2022 4 3 15 — 22 2023 2 3 14 — 19 Thereafter 7 64 99 1 171 Total estimated amortization expense $ 28 $ 79 $ 175 $ 3 $ 285 |
Premises and Equipment and Othe
Premises and Equipment and Other Assets | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment and Other Assets | Other Assets The following table shows the balances of other assets as of December 31, 2018 and 2017 . (Dollars in millions) December 31, 2018 December 31, 2017 Other investments $ 3,250 $ 3,412 Premises and equipment, net 635 610 Software 445 424 Intangible assets 444 377 OREO 1 — Other 4,845 4,587 Total other assets $ 9,620 $ 9,410 |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2018 | |
Variable Interest Entities | |
Variable Interest Entities | Variable Interest Entities In the normal course of business, the Company has certain financial interests in entities which have been determined to be VIEs. Generally, a VIE is a corporation, partnership, trust or other legal structure where the equity investors do not have substantive voting rights, an obligation to absorb the entity’s losses or the right to receive the entity’s returns, or the ability to direct the significant activities of the entity. The following discusses the Company’s consolidated and unconsolidated VIEs. Consolidated VIEs The following tables present the assets and liabilities of consolidated VIEs recorded on the Company’s consolidated balance sheets at December 31, 2018 and 2017 . December 31, 2018 Consolidated Assets Consolidated Liabilities (Dollars in millions) Interest Bearing Deposits in Banks Loans Held for Investment, Net Other Assets Total Assets Other Liabilities Total Liabilities LIHC investments $ — $ — $ 43 $ 43 $ — $ — Leasing investments — 570 122 692 17 17 Total consolidated VIEs $ — $ 570 $ 165 $ 735 $ 17 $ 17 December 31, 2017 Consolidated Assets Consolidated Liabilities (Dollars in millions) Interest Bearing Deposits in Banks Loans Held for Investment, Net Other Assets Total Assets Other Liabilities Total Liabilities LIHC investments $ — $ — $ 68 $ 68 $ — $ — Leasing investments 1 583 158 742 24 24 Total consolidated VIEs $ 1 $ 583 $ 226 $ 810 $ 24 $ 24 LIHC Investments The Company sponsors, manages and syndicates two LIHC investment fund structures. These investments are designed to generate a return primarily through the realization of U.S. federal tax credits and deductions. The Company is considered the primary beneficiary and has consolidated these investments because the Company has the power to direct activities that most significantly impact the funds’ economic performances and also has the obligation to absorb losses of the funds that could potentially be significant to the funds. Neither creditors nor equity investors in the LIHC investments have any recourse to the general credit of the Company, and the Company’s creditors do not have any recourse to the assets of the consolidated LIHC investments. Leasing Investments The Company has leasing investments primarily in the wind energy, rail and coal industries. The Company is considered the primary beneficiary and has consolidated these investments because the Company has the power to direct the activities of these entities that significantly impact the entities’ economic performances. The Company also has the right to receive potentially significant benefits or the obligation to absorb potentially significant losses of these investments. Unconsolidated VIEs The following tables present the Company’s carrying amounts related to the unconsolidated VIEs at December 31, 2018 and 2017 . The tables also present the Company’s maximum exposure to loss resulting from its involvement with these VIEs. The maximum exposure to loss represents the carrying amount of the Company’s involvement plus any legally binding unfunded commitments in the unlikely event that all of the assets in the VIEs become worthless. During 2018 , 2017 , and 2016 , the Company had noncash increases in unfunded commitments on LIHC investments of $87 million , $55 million and $125 million , respectively, included within other liabilities. December 31, 2018 Unconsolidated Assets Unconsolidated Liabilities (Dollars in millions) Interest Bearing Deposits in Banks Securities Available for Sale Loans Held for Investment, Net Other Assets Total Assets Other Liabilities Total Liabilities Maximum Exposure to Loss LIHC investments $ — $ 28 $ 198 $ 976 $ 1,202 $ 165 $ 165 $ 1,202 Leasing investments 26 — 19 1,401 1,446 14 14 1,467 Other investments — — — 35 35 — — 79 Total unconsolidated VIEs $ 26 $ 28 $ 217 $ 2,412 $ 2,683 $ 179 $ 179 $ 2,748 December 31, 2017 Unconsolidated Assets Unconsolidated Liabilities (Dollars in millions) Interest Bearing Deposits in Banks Securities Available for Sale Loans Held for Other Assets Total Assets Other Liabilities Total Liabilities Maximum Exposure to Loss LIHC investments $ — $ 29 $ 228 $ 1,028 $ 1,285 $ 254 $ 254 $ 1,284 Leasing investments 1 — 24 1,745 1,770 53 53 1,792 Other investments — — 24 26 50 — — 132 Total unconsolidated VIEs $ 1 $ 29 $ 276 $ 2,799 $ 3,105 $ 307 $ 307 $ 3,208 LIHC Investments The Company makes investments in partnerships and funds formed by third parties. The primary purpose of the partnerships and funds is to invest in low-income housing units and distribute tax credits and tax benefits associated with the underlying properties to investors. The Company is a limited partner investor and is allocated tax credits and deductions, but has no voting or other rights to direct the activities of the funds or partnerships, and therefore is not considered the primary beneficiary and does not consolidate these investments. The following table presents the impact of the unconsolidated LIHC investments on our consolidated statements of income for the years ended December 31, 2018 , 2017 and 2016 : For the Years Ended December 31, 2018 2017 2016 (Dollars in millions) Losses from LIHC investments included in other noninterest expense $ 7 $ 13 $ 8 Amortization of LIHC investments included in income tax expense 136 185 129 Tax credits and other tax benefits from LIHC investments included in income tax expense 180 193 188 Leasing Investments The unconsolidated VIEs related to leasing investments are primarily renewable energy investments. Through its subsidiaries, the Company makes equity investments in LLCs established by third party sponsors. The LLCs are created to operate and manage wind, solar, hydroelectric and cogeneration power plant projects. Power generated by the projects is sold to third parties through long-term purchase power agreements. As a limited investor member, the Company is allocated production tax credits and taxable income or losses associated with the projects. The Company has no voting or other rights to direct the significant activities of the LLCs, and therefore is not considered the primary beneficiary and does not consolidate these investments. Other Investments The Company has other investments in structures formed by third parties. The Company has no voting or other rights to direct the activities of the investments that would most significantly impact the entities’ performance, and therefore is not considered the primary beneficiary and does not consolidate these investments. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2018 | |
Deposits [Abstract] | |
Deposits | Deposits The aggregate amount of time deposits that meet or exceed the FDIC insurance limit was $4.2 billion and $3.1 billion at December 31, 2018 and 2017 , respectively. At December 31, 2018 , the Company had $11.7 billion in interest bearing time deposits. Maturity information for all interest bearing time deposits is summarized below. (Dollars in millions) December 31, Due in one year or less $ 7,049 Due after one year through two years 4,032 Due after two years through three years 500 Due after three years through four years 91 Due after four years through five years 66 Due after five years 1 Total $ 11,739 |
Securities Financing Agreements
Securities Financing Agreements | 12 Months Ended |
Dec. 31, 2018 | |
Transfers and Servicing [Abstract] | |
Securities Financing Agreements | Securities Financing Arrangements The Company enters into repurchase agreements and securities lending agreements to facilitate customer match-book activity, cover short positions and fund the Company's trading inventory. The Company manages credit exposure from certain transactions by entering into master netting agreements and collateral arrangements with counterparties. The relevant agreements allow for the efficient closeout of the transaction, liquidation and set-off of collateral against the net amount owed by the counterparty following a default. Under these agreements and transactions, the Company either receives or provides collateral in the form of securities. In many cases, the Company is permitted to sell or repledge these securities held as collateral and use the securities to secure repurchase agreements or enter into securities lending transactions. In certain cases the Company may agree for collateral to be posted to a third party custodian under a tri-party arrangement that enables the Company to take control of such collateral in the event of a counterparty default. Default events generally include, among other things, failure to pay, insolvency or bankruptcy of a counterparty. For additional information related to securities pledged and received as collateral, refer to Note 2 to these consolidated financial statements. The following tables present the gross obligations for securities sold under agreements to repurchase and securities loaned by remaining contractual maturity and class of collateral pledged as of December 31, 2018 and December 31, 2017 . December 31, 2018 Overnight and Up to 31 - 90 Greater than (Dollars in millions) continuous 30 days days 90 days Total Securities sold under agreements to repurchase: U.S. Treasury securities $ 9,416 $ 2,945 $ 2,991 $ 335 $ 15,687 U.S. agency securities 264 — 55 — 319 Money market securities — — 49 — 49 Asset-backed securities — — 282 — 282 Mortgage-backed securities 9,803 1,640 7,569 — 19,012 Corporate bonds 682 130 1,227 — 2,039 Municipal securities 115 245 188 — 548 Equities 387 220 255 — 862 Total $ 20,667 $ 5,180 $ 12,616 $ 335 $ 38,798 Securities loaned: Corporate bonds $ 1 $ — $ — $ — $ 1 Equities 92 — — — 92 Total $ 93 $ — $ — $ — $ 93 December 31, 2017 Overnight and Up to 31 - 90 Greater than (Dollars in millions) continuous 30 days days 90 days Total Securities sold under agreements to repurchase: U.S. Treasury securities $ 8,244 $ 2,370 $ 1,046 $ 1,158 $ 12,818 U.S. agency securities 115 38 63 — 216 Other sovereign government obligations — — 4 — 4 Money market securities 1 — 6 — 7 Asset-backed securities 32 — 164 — 196 Mortgage-backed securities 8,322 4,972 5,859 250 19,403 Corporate bonds 580 620 1,125 — 2,325 Municipal securities 283 — 276 — 559 Equities 416 376 189 — 981 Total $ 17,993 $ 8,376 $ 8,732 $ 1,408 $ 36,509 Securities loaned: Corporate bonds $ — $ 322 $ — $ — $ 322 Equities 446 10 101 — 557 Total $ 446 $ 332 $ 101 $ — $ 879 Offsetting Financial Assets and Liabilities The Company primarily enters into derivative contracts, repurchase agreements and securities lending agreements with counterparties utilizing standard International Swaps and Derivatives Association Master Agreements and Credit Support Annex Agreements, Master Repurchase Agreements, and Master Securities Lending Agreements, respectively. These agreements generally establish the terms and conditions of the transactions, including a legal right to set-off amounts payable and receivable between the Company and a counterparty, regardless of whether or not such amounts have matured or have contingency features. The following tables present the offsetting of financial assets and liabilities as of December 31, 2018 and December 31, 2017 . December 31, 2018 Gross Amounts Not Offset in Balance Sheet (Dollars in millions) Gross Amounts of Recognized Assets/Liabilities Gross Amounts Offset in Balance Sheet Net Amounts Presented in Balance Sheet Financial Instruments Cash Collateral Received/Pledged Net Amount Financial Assets: Derivative assets $ 871 $ 354 $ 517 $ 14 $ — $ 503 Securities borrowed or purchased under resale agreements 33,974 11,606 22,368 22,291 — 77 Total $ 34,845 $ 11,960 $ 22,885 $ 22,305 $ — $ 580 Financial Liabilities: Derivative liabilities $ 804 $ 322 $ 482 $ 69 $ — $ 413 Securities loaned or sold under repurchase agreements 38,891 11,606 27,285 26,434 — 851 Total $ 39,695 $ 11,928 $ 27,767 $ 26,503 $ — $ 1,264 December 31, 2017 Gross Amounts Not Offset in Balance Sheet (Dollars in millions) Gross Amounts of Recognized Assets/Liabilities Gross Amounts Offset in Balance Sheet Net Amounts Presented in Balance Sheet Financial Instruments Cash Collateral Received/Pledged Net Amount Financial Assets: Derivative assets $ 1,322 $ 607 $ 715 $ 25 $ — $ 690 Securities borrowed or purchased under resale agreements 31,845 10,951 20,894 20,816 — 78 Total $ 33,167 $ 11,558 $ 21,609 $ 20,841 $ — $ 768 Financial Liabilities: Derivative liabilities $ 1,127 $ 620 $ 507 $ 142 $ — $ 365 Securities loaned or sold under repurchase agreements 37,388 10,951 26,437 25,639 — 798 Total $ 38,515 $ 11,571 $ 26,944 $ 25,781 $ — $ 1,163 |
Commercial Paper and Other Shor
Commercial Paper and Other Short-Term Borrowings | 12 Months Ended |
Dec. 31, 2018 | |
Short-term Debt [Abstract] | |
Commercial Paper and Other Short-Term Borrowings | Commercial Paper and Other Short-Term Borrowings The following table is a summary of the Company's commercial paper and other short-term borrowings: (Dollars in millions) December 31, 2018 December 31, 2017 Debt issued by MUB Commercial paper, with a weighted average interest rate of 2.39% and 1.26% at December 31, 2018 and December 31, 2017, respectively $ 382 $ 347 Federal Home Loan Bank advances, with a weighted average interest rate of 2.52% and 1.42% at December 31, 2018 and December 31, 2017, respectively 7,800 5,750 Total debt issued by MUB 8,182 6,097 Debt issued by other MUAH subsidiaries Short-term debt due to MUFG Bank, Ltd., with weighted average interest rates of 3.01% and 1.88% at December 31, 2018 and December 31, 2017, respectively 145 168 Short-term debt due to affiliates, with weighted average interest rates of (-0.07)% and (-0.09)% at December 31, 2018 and December 31, 2017, respectively 936 801 Total debt issued by other MUAH subsidiaries 1,081 969 Total commercial paper and other short-term borrowings $ 9,263 $ 7,066 At December 31, 2018 , Federal Home Loan Bank advances had a weighted average maturity of 168 days. The commercial paper outstanding had a weighted average remaining maturity of 97 days. The short-term debt due to MUFG Bank, Ltd. had a weighted average remaining maturity of 53 days and the short-term debt due to affiliates had a weighted average remaining maturity of 244 days. Short-term debt due to MUFG Bank, Ltd. consists of both secured and unsecured fixed and floating rate borrowings. MUSA maintains an uncommitted, unsecured lending facility with Mitsubishi UFJ Securities Holdings Co., Ltd. under which it may borrow up to JPY 160 billion (USD equivalent $1.4 billion ). Under the terms of the facility, MUSA can choose to borrow in Japanese Yen or US Dollars. Japanese Yen denominated borrowings include an irrevocable extension option allowing MUSA to extend the maturity of an individual draw by 100 days at any time prior to its original, stated maturity. At December 31, 2018 , MUSA had JPY 103 billion ( $936 million USD equivalent) drawn under this facility. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt consists of borrowings having an original maturity of one year or more. The following is a summary of the Company's long-term debt: (Dollars in millions) December 31, 2018 December 31, 2017 Debt issued by MUAH Senior debt: Floating rate senior notes due February 2018. These notes, which bore interest at 0.57% above 3-month LIBOR, had a rate of 1.97% at December 31, 2017 $ — $ 250 Fixed rate 1.625% notes due February 2018 — 450 Fixed rate 2.25% notes due February 2020 — 998 Fixed rate 3.50% notes due June 2022 398 398 Fixed rate 3.00% notes due February 2025 397 496 Senior debt due to MUFG Bank, Ltd: Floating rate debt due March 2020. This note, which bore interest at 0.86% above 3-month LIBOR, had a rate of 2.45% at December 31, 2017 — 545 Floating rate debt due September 2020. This note, which bore interest at 0.85% above 3-month LIBOR, had a rate of 2.54% at December 31, 2017 — 3,500 Floating rate debt due December 2021. This note, which bears interest at 0.81% above 3-month LIBOR, had a rate of 3.58% at December 31, 2018 1,625 — Floating rate debt due December 2022. This note, which bears interest at 0.90% above 3-month LIBOR, had a rate of 3.67% at December 31, 2018 3,250 — Floating rate debt due December 2023. This note, which bears interest at 0.99% above 3-month LIBOR, had a rate of 3.76% at December 31, 2018 1,625 — Floating rate debt due December 2023. This note, which bears interest at 0.76% above 3-month EURIBOR, had a rate of 0.76% at December 31, 2018 and at December 31, 2017 24 24 Subordinated debt due to MUFG Bank, Ltd: Floating rate subordinated debt due December 2023. This note, which bore interest at 1.38% above 3-month LIBOR, had a rate of 3.07% at December 31, 2017 — 300 Junior subordinated debt payable to trusts: Floating rate note due September 2036. This note had an interest rate of 4.49% at December 31, 2018 and 3.29% at December 31, 2017 36 36 Total debt issued by MUAH 7,355 6,997 Debt issued by MUB Senior debt: Fixed rate FHLB of San Francisco advances due between January 2019 and December 2023. These notes bear a combined weighted average rate of 2.66% at December 31, 2018 and 1.51% at December 31, 2017 9,100 1,500 Fixed rate 2.625% notes due September 2018 — 1,000 Fixed rate 2.25% notes due May 2019 498 497 Subordinated debt due to MUFG Bank, Ltd: Floating rate subordinated debt due June 2023. This note, which bore interest at 1.20% above 3-month LIBOR, had a rate of 2.89% at December 31, 2017 — 750 Other 34 63 Total debt issued by MUB 9,632 3,810 Debt issued by other MUAH subsidiaries Senior debt due to MUFG Bank, Ltd: Various floating rate borrowings due between December 2020 and May 2021. These notes, which bear interest above 3-month LIBOR had a weighted average interest rate of 2.80% at December 31, 2018 and 1.78% at December 31, 2017 250 291 Various fixed rate borrowings due between February 2019 and May 2024 with a weighted average interest rate of 1.82% (between 0.14% and 2.44%) at December 31, 2018 and 2.12% (between 1.37% and 2.65%) at December 31, 2017 244 339 Subordinated debt due to Affiliate: Floating rate borrowings due March 2019. These notes, which bear interest above 6-month LIBOR had an interest rate of 4.13% at December 31, 2018 and 2.95% (between 2.88% and 3.04%) at December 31, 2017 75 185 Non-recourse debt due to MUFG Bank, Ltd: Various floating rate non-recourse borrowings due between February 2019 and December 2021. These notes, which bear interest above 1- or 3-month LIBOR had a weighted average interest rate of 4.09% (between 2.75% and 4.17%) at December 31, 2018 and 3.07% (between 1.49% and 5.58%) at December 31, 2017 53 79 Fixed rate non-recourse borrowings due between January 2019 and July 2023 which had an interest rate of 3.05% at December 31, 2018 and 3.27% at December 31, 2017 187 240 Other non-recourse debt: Various floating rate non-recourse borrowings due between February 2019 and May 2019. These notes, which bear interest above 1- or 3-month LIBOR had a weighted average interest rate of 4.21% (between 4.17% and 4.48%) at December 31, 2018 and 2.88% (between 2.50% and 3.54%) at December 31, 2017 89 185 Fixed rate non-recourse borrowings due December 2026 which had an interest rate of 5.34% at December 31, 2018 and December 31, 2017 33 36 Total debt issued by other MUAH subsidiaries 931 1,355 Total long-term debt $ 17,918 $ 12,162 Senior Debt Certain of the debt issuances are repayable prior to maturity at the Company’s option at a redemption price equal to 100% of par plus accrued interest. MUAH senior debt was issued under a shelf registration statement with the SEC, which expired as of January 29, 2018. In the fourth quarter of 2018, the Company redeemed all of the $1.0 billion of the senior notes due 2020 and $100 million of the senior notes due 2025. MUB senior debt is issued as part of MUB’s $12 billion bank note program under which MUB may issue, from time to time, senior unsecured debt obligations with maturities of more than one year from their respective dates of issue and subordinated debt obligations with maturities of five years or more from their respective dates of issue. At December 31, 2018 there is $ 5.9 billion available for issuance under the program. MUB does not have any firm commitments in place to sell notes under this program. MUAH Senior Debt due to MUFG Bank, Ltd. In December 2018, MUAH entered into a Master Internal Total Loss Absorbing Capacity Loan Agreement with MUFG Bank, Ltd., under which MUAH initially borrowed an aggregate of $6.5 billion to comply with the Federal Reserve’s TLAC rule (12 CFR Section 252.165). MUAH may prepay the notes, in whole or in part, two years prior to the stated maturities. The outstanding principal of the notes can be declared due and payable immediately, together with any accrued and unpaid interest, in the event of liquidation, insolvency or similar proceeding with respect to MUAH or all or substantially all of its property. Under certain circumstances, the Federal Reserve may issue a conversion order pursuant to the TLAC rule (12 CFR Section 252.163) that would result in the conversion of any then-outstanding note, in whole or in part, to MUAH equity issued to MUFG Bank, Ltd. During the first quarter of 2017, MUAH borrowed $3.5 billion from MUFG Bank, Ltd. in the form of a senior loan. This loan and the $545 million loan outstanding at December 31, 2017 were repaid early in conjunction with the December 2018 TLAC borrowing. Senior Debt due to MUFG Bank, Ltd. by other MUAH subsidiaries MUAH’s subsidiaries also borrow on a long-term basis from MUFG Bank, Ltd. At December 31, 2018 , $250 million of senior debt issued to MUFG Bank, Ltd. was floating rate and linked to customer deposits maintained at MUFG Bank, Ltd.’s New York Branch. An additional $244 million was fixed rate, amortizing funding tied to specific assets owned by MUAH’s subsidiaries. FHLB Senior Debt The Bank borrows periodically from the FHLB on a medium-term basis. The advances are secured by certain of the Bank's assets and bear either a fixed or a floating interest rate. The floating rates are tied to the three-month LIBOR plus a spread, reset every 90 days. As of December 31, 2018 and December 31, 2017 , the Bank had $44.3 billion and $43.0 billion of pledged loans, respectively, as collateral for short-term and medium-term advances from the FHLB. Subordinated Debt due to MUFG Bank, Ltd. The terms and conditions of the subordinated debt due to MUFG Bank, Ltd. were equivalent to those which would apply in a similar transaction with a non-related party. The subordinated debt due to MUFG Bank, Ltd. was a junior obligation to MUAH’s and to the Bank's existing and future outstanding senior indebtedness, and qualified as Tier 2 capital under the federal banking agency risk-based capital guidelines. This debt was repaid early during 2018. Subordinated Debt due to Affiliate MUSA maintains subordinated funding provided by an affiliate. This subordinated debt is a junior obligation to MUSA’s existing and future outstanding senior indebtedness. Non-recourse Debt Non-recourse debt serves as funding for certain lease financings offered to customers. The lenders are secured by an interest in the underlying leased assets and have no recourse to the Company or its subsidiaries. Interest and principal on this debt is serviced entirely by the underlying assets and is not supported by the Company. |
Fair Value Measurement and Fair
Fair Value Measurement and Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement and Fair Value of Financial Instruments | Fair Value Measurement and Fair Value of Financial Instruments Valuation Methodologies Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., an exit price) in an orderly transaction between willing market participants at the measurement date. The Company has an established and documented process for determining fair value for financial assets and liabilities that are measured at fair value on either a recurring or nonrecurring basis. When available, quoted market prices are used to determine fair value. If quoted market prices are not available, fair value is based upon valuation techniques that use, where possible, current market-based or independently sourced parameters, such as yield curves, foreign exchange rates, credit spreads, commodity prices and implied volatilities. Valuation adjustments may be made to ensure the financial instruments are recorded at fair value. These adjustments include amounts that reflect counterparty credit quality and that consider the Company's own creditworthiness in determining the fair value of its trading assets and liabilities. Fair Value Hierarchy In determining fair value, the Company maximizes the use of observable market inputs and minimizes the use of unobservable inputs. Observable inputs reflect market-derived or market-based information obtained from independent sources, while unobservable inputs reflect the Company's estimate about market data. Based on the observability of the significant inputs used, the Company classifies its fair value measurements in accordance with the three-level hierarchy as defined by GAAP. This hierarchy is based on the quality, observability, and reliability of the information used to determine fair value. The Company’s policy is to recognize transfers in and out of Level 1, 2 and 3 as of the end of a reporting period. Level 1: Valuations are based on quoted prices in active markets for identical assets or liabilities. Since the valuations are based on quoted prices that are readily available in an active market, they do not entail a significant degree of judgment. Level 2: Valuations are based on quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuations for which all significant assumptions are observable or can be corroborated by observable market data. Level 3: Valuations are based on at least one significant unobservable input that is supported by little or no market activity and is significant to the fair value measurement. Values are determined using pricing models and discounted cash flow models that include management judgment and estimation, which may be significant. In assigning the appropriate levels, the Company performs a detailed analysis of the assets and liabilities that are measured at fair value. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. The level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement in its entirety. Therefore, an item may be classified in Level 3 even though there may be many significant inputs that are readily observable. Valuation Processes The Company has established a valuation committee to oversee its valuation framework for measuring fair value and to establish valuation policies and procedures. The valuation committee's responsibilities include reviewing fair value measurements and categorizations within the fair value hierarchy and monitoring the use of pricing sources, mark-to-model valuations, dealer quotes and other valuation processes. The valuation committee reports to the Company's Disclosure & Accounting Committee and meets at least quarterly. Independent price verification is performed periodically by the Company to test the market data and valuations of substantially all instruments measured at fair value on a recurring basis. As part of its independent price verification procedures, the Company compares pricing sources, tests data variances within certain thresholds and performs variance analysis, utilizing third party valuations and both internal and external models. Results are formally reported on a quarterly basis to the valuation committee. A description of the valuation methodologies used for certain financial assets and liabilities measured at fair value is as follows: Recurring Fair Value Measurements: Trading Account Assets: Trading account assets are recorded at fair value and primarily consist of securities and derivatives held for trading purposes. See discussion below on securities available for sale, which utilize the same valuation methodology as trading account securities. See also discussion below on derivatives valuation. Securities Available for Sale: Securities available for sale are recorded at fair value based on readily available quoted market prices, if available. When available, these securities are classified as Level 1 and include exchange traded equities. If such quoted market prices are not available, management utilizes third-party pricing services and broker quotations from dealers in the specific instruments. These securities are classified as Level 2 and include U.S. Treasuries, U.S. government-sponsored agencies, RMBS and CMBS , CLO s, and certain other debt securities. If no market prices or broker quotes are available, internal pricing models are used. To the extent possible, these pricing model valuations utilize observable market inputs obtained for similar securities. Typical inputs include LIBOR and U.S. Treasury yield curves, benchmark yields, consensus prepayment estimates and credit spreads. When pricing model valuations use significant unobservable inputs, the securities are classified as Level 3. These other debt securities primarily include direct bank purchase bonds. The valuation of these securities is based upon a return on equity method, which incorporates a market-required return on capital, probability of default and loss severity. Other Assets: Other assets included mortgage servicing rights, loans held for sale and derivative contracts. The fair value of the Company's mortgage servicing rights asset is determined using a discounted cash flow model with significant unobservable inputs, primarily influenced by forecasted future servicing revenues and prepayment speed assumptions. The fair value of the Company's loans held for sale is based on secondary market offerings for loans with similar characteristics. Mortgage servicing rights and loans held for sale are classified as Level 3. See discussion below on derivatives. Derivatives: The Company's derivatives are primarily traded in over-the-counter markets where quoted market prices are not readily available. The Company values its derivatives using pricing models that are widely accepted in the financial services industry with inputs that are observable in the market or can be derived from or corroborated by observable market data. These models reflect the contractual terms of the derivatives including the period to maturity and market observable inputs such as yield curves and option volatility. Valuation adjustments are made to reflect counterparty credit quality and to consider the creditworthiness of the Company. These derivatives, which are included in trading account assets, trading account liabilities, other assets and other liabilities are generally classified as Level 2. Trading account assets and trading account liabilities include Level 3 derivatives comprised of embedded derivatives contained in market-linked CD s and matched over-the-counter options, whose fair value is obtained through unadjusted third party broker quotes, which incorporate significant unobservable inputs. Trading Account Liabilities: Trading account liabilities are recorded at fair value and primarily consist of securities sold, not yet purchased and derivatives. See discussion above on derivatives valuation. Securities sold, not yet purchased consist of U.S. Treasury, U.S. government-sponsored agencies, state and municipal, sovereign government obligations, corporate bonds, ABS and equities and are classified as Level 2, which utilize the same valuation methodology as securities available for sale. Other Liabilities: Other liabilities included the FDIC clawback liability and derivative contracts. The fair value of the Company's FDIC clawback liability is determined using a discounted cash flow model with significant unobservable inputs, which include probability of default and loss severity. The FDIC clawback liability is classified as Level 3. See discussion above on derivatives. Nonrecurring Fair Value Measurements: Individually Impaired Loans : Individually impaired loans are valued at the time the loan is identified as impaired based on the present value of the remaining expected cash flows. Because the discount factor applied is based on the loan's original effective yield rather than a current market rate, that present value does not represent fair value. However, as a practical expedient, an impaired loan may be measured based on a loan's observable market price or the underlying collateral securing the loan (provided the loan is collateral dependent), which does approximate fair value. Collateral may be real estate or business assets, including equipment. The value of collateral is determined based on independent appraisals. Appraised values may be adjusted based on management's historical knowledge, changes in market conditions from the time of valuation, and management's knowledge of the client and the client's business. The loan's market price is determined using market pricing for similar assets, adjusted for management judgment. Impaired loans are reviewed and evaluated at least quarterly for additional impairment and adjusted accordingly. Impaired loans that are adjusted to fair value based on underlying collateral or the loan's market price are classified as Level 3. Loans Held for Sale: Residential mortgage and commercial loans held for sale are recorded at the lower of cost or fair value. The fair value of fixed-rate residential loans is based on whole loan forward prices obtained from GSE s. These loans are classified as Level 2. The fair value of commercial loans held for sale may be based on secondary market offerings for loans with similar characteristics. These loan values are classified as Level 3. Private Equity Investments and Renewable Energy Investments: Private equity investments and renewable energy investments are recorded either at cost or using the equity method and are evaluated for impairment. The valuation of these investments requires significant management judgment due to the absence of quoted market prices, lack of liquidity and the long-term nature of these assets. When required, the fair value of the investments is estimated using the net asset value or based on the investee's business model, current and projected financial performance, capital needs and our exit strategy. Private equity investments and renewable energy investments are generally classified as Level 3. Software: Software is valued at the time it is identified as impaired. Fair value is determined using market pricing for similar assets, adjusted for management judgment. Software that is adjusted to fair value is classified as Level 3. Consolidated LIHC VIE: The fair value of consolidated LIHC VIE investments is determined using a discounted cash flow analysis. Consolidated LIHC VIE investments are generally classified as Level 3. Fair Value Measurements on a Recurring Basis The following tables present financial assets and financial liabilities measured at fair value on a recurring basis at December 31, 2018 and 2017 , by major category and by valuation hierarchy level. December 31, 2018 (Dollars in millions) Level 1 Level 2 Level 3 Netting Adjustment (1) Fair Value Assets Trading account assets (2) : U.S. Treasury securities $ — $ 2,998 $ — $ — $ 2,998 U.S. government-sponsored agency securities — 73 — — 73 State and municipal securities — 10 — — 10 Commercial paper — 51 — — 51 Corporate bonds — 1,367 — — 1,367 Asset-backed securities — 299 — — 299 Mortgage-backed securities — 5,785 — — 5,785 Equities 127 — — — 127 Interest rate derivative contracts 9 522 — (130 ) 401 Commodity derivative contracts — 25 — (24 ) 1 Foreign exchange derivative contracts 1 259 — (170 ) 90 Equity derivative contracts 9 — 13 (11 ) 11 Total trading account assets 146 11,389 13 (335 ) 11,213 Securities available for sale (3) : U.S. Treasury — 3,429 — — 3,429 Residential mortgage-backed securities: U.S. government and government-sponsored agencies — 8,007 — — 8,007 Privately issued — 864 — — 864 Privately issued - commercial mortgage-backed securities — 1,162 — — 1,162 Collateralized loan obligations — 1,474 — — 1,474 Other — 4 — — 4 Other debt securities: Direct bank purchase bonds — — 1,190 — 1,190 Other — 43 141 — 184 Total securities available for sale — 14,983 1,331 — 16,314 Other assets: Mortgage servicing rights (2) — — 159 — 159 Loans held for sale (2) — — 117 — 117 Interest rate hedging contracts (3) — 6 — (3 ) 3 Other derivative contracts (2) — 26 1 (16 ) 11 Equity securities (2) 9 — — — 9 Total other assets 9 32 277 (19 ) 299 Total assets $ 155 $ 26,404 $ 1,621 $ (354 ) $ 27,826 Percentage of total — % 95 % 6 % (1 )% 100 % Percentage of total Company assets — % 16 % 1 % — % 17 % Liabilities Trading account liabilities (2) : Securities sold, not yet purchased: U.S. Treasury $ — $ 2,753 $ — $ — $ 2,753 Commercial paper — 10 — — 10 Corporate bonds — 717 — — 717 Equities 70 — — — 70 Trading derivatives: Interest rate derivative contracts 55 545 — (262 ) 338 Commodity derivative contracts — 18 — (4 ) 14 Foreign exchange derivative contracts — 168 — (56 ) 112 Equity derivative contracts — — 13 — 13 Total trading account liabilities 125 4,211 13 (322 ) 4,027 Other liabilities: FDIC clawback liability (2) — — 116 — 116 Other derivative contracts (2) — 3 2 — 5 Total other liabilities — 3 118 — 121 Total liabilities $ 125 $ 4,214 $ 131 $ (322 ) $ 4,148 Percentage of total 3 % 102 % 3 % (8 )% 100 % Percentage of total Company liabilities — % 3 % — % — % 3 % (1) Amounts represent the impact of legally enforceable master netting agreements between the same counterparties that allow the Company to net settle all contracts. (2) Fair value through net income (3) Fair value through other comprehensive income December 31, 2017 (Dollars in millions) Level 1 Level 2 Level 3 Netting Adjustment (1) Fair Value Assets Trading account assets (2) : U.S. Treasury securities $ — $ 1,926 $ — $ — $ 1,926 U.S. government-sponsored agency securities — 118 — — 118 State and municipal securities — 11 — — 11 Commercial paper — 7 — — 7 Other sovereign government obligations — 8 — — 8 Corporate bonds — 1,054 — — 1,054 Asset-backed securities — 199 — — 199 Mortgage-backed securities — 6,339 — — 6,339 Equities 193 — — — 193 Interest rate derivative contracts 7 870 1 (353 ) 525 Commodity derivative contracts — 50 — (49 ) 1 Foreign exchange derivative contracts — 249 1 (68 ) 182 Equity derivative contracts 2 — 137 (135 ) 4 Total trading account assets 202 10,831 139 (605 ) 10,567 Securities available for sale (3) : U.S. Treasury — 3,252 — — 3,252 Residential mortgage-backed securities: U.S government and government-sponsored agencies — 9,208 — — 9,208 Privately issued — 694 — — 694 Privately issued - commercial mortgage-backed securities — 822 — — 822 Collateralized loan obligations — 1,905 — — 1,905 Other — 5 — — 5 Other debt securities: Direct bank purchase bonds — — 1,503 — 1,503 Other — 68 96 — 164 Equity securities 10 — — — 10 Total securities available for sale 10 15,954 1,599 — 17,563 Other assets: Mortgage servicing rights (2) — — 64 — 64 Interest rate hedging contracts (3) — 2 — — 2 Other derivative contracts (2) — 2 1 (2 ) 1 Total other assets — 4 65 (2 ) 67 Total assets $ 212 $ 26,789 $ 1,803 $ (607 ) $ 28,197 Percentage of total 1 % 95 % 6 % (2 )% 100 % Percentage of total Company assets — % 17 % 1 % — % 18 % Liabilities Trading account liabilities (2) : Securities sold, not yet purchased: U.S. Treasury $ — $ 2,709 $ — $ — $ 2,709 Other sovereign government obligations — 7 — — 7 Corporate bonds — 348 — — 348 Equities 35 — — — 35 Trading derivatives: Interest rate derivative contracts 3 643 — (382 ) 264 Commodity derivative contracts — 33 — (20 ) 13 Foreign exchange derivative contracts 1 144 1 (66 ) 80 Equity derivative contracts 7 — 137 — 144 Total trading account liabilities 46 3,884 138 (468 ) 3,600 Other liabilities: FDIC clawback liability (2) — — 113 — 113 Interest rate hedging contracts (3) — 149 — (149 ) — Other derivative contracts (2) — 3 6 (3 ) 6 Total other liabilities — 152 119 (152 ) 119 Total liabilities $ 46 $ 4,036 $ 257 $ (620 ) $ 3,719 Percentage of total 1 % 109 % 7 % (17 )% 100 % Percentage of total Company liabilities — % 3 % — % — % 3 % (1) Amounts represent the impact of legally enforceable master netting agreements between the same counterparties that allow the Company to net settle all contracts. (2) Fair value through net income (3) Fair value through other comprehensive income The following tables present a reconciliation of the assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2018 and 2017 . Level 3 securities available for sale at December 31, 2018 primarily consist of direct bank purchase bonds. For the Year Ended December 31, 2018 (Dollars in millions) Trading Assets Securities Available for Sale Other Assets Trading Liabilities Other Liabilities Asset (liability) balance, beginning of period $ 139 $ 1,600 $ 65 $ (138 ) $ (119 ) Total gains (losses) (realized/unrealized): Included in income before taxes (10 ) — (8 ) 9 1 Included in other comprehensive income — (9 ) — — — Purchases/additions — 126 220 — — Settlements (116 ) (386 ) — 116 — Transfers in (out) of level 3 — — — — — Asset (liability) balance, end of period $ 13 $ 1,331 $ 277 $ (13 ) $ (118 ) Changes in unrealized gains (losses) included in income before taxes for assets and liabilities still held at end of period $ (10 ) $ — $ (8 ) $ 9 $ 1 For the Year Ended December 31, 2017 (Dollars in millions) Trading Securities Other Trading Other Asset (liability) balance, beginning of period $ 168 $ 1,638 $ 24 $ (166 ) $ (121 ) Total gains (losses) (realized/unrealized): Included in income before taxes 73 — (3 ) (72 ) 2 Included in other comprehensive income — (3 ) — — — Purchases/additions — 83 44 — — Settlements (102 ) (118 ) — 100 — Asset (liability) balance, end of period $ 139 $ 1,600 $ 65 $ (138 ) $ (119 ) Changes in unrealized gains (losses) included in income before taxes for assets and liabilities still held at end of period $ 73 $ — $ (3 ) $ (72 ) $ 2 The following table presents information about significant unobservable inputs related to the Company's significant Level 3 assets and liabilities at December 31, 2018 . December 31, 2018 (Dollars in millions) Level 3 Fair Value Valuation Technique Significant Unobservable Input(s) Range of Inputs Weighted Average Securities available for sale: Direct bank purchase bonds $ 1,190 Return on equity Market-required return on capital 8.0 - 10.0 % 9.5 % Probability of default 0.0 - 25.0 % 0.3 % Loss severity 10.0 - 60.0 % 22.4 % The direct bank purchase bonds generally use a return on equity valuation technique. This technique uses significant unobservable inputs such as market-required return on capital, probability of default and loss severity. Increases (decreases) in any of these inputs in isolation would result in a lower (higher) fair value measurement. Fair Value Measurement on a Nonrecurring Basis Certain assets may be measured at fair value on a nonrecurring basis. These assets are subject to fair value adjustments that result from the application of the lower of cost or fair value accounting or write-downs of individual assets. For assets measured at fair value on a nonrecurring basis during the years ended December 31, 2018 and 2017 that were still held on the consolidated balance sheet as of the respective periods ended, the following tables present the fair value of such assets by the level of valuation assumptions used to determine each fair value adjustment. December 31, 2018 For the Year Ended December 31, 2018 (Dollars in millions) Fair Value Level 1 Level 2 Level 3 Gains (Losses) Loans: Impaired loans $ 151 $ — $ — $ 151 $ (106 ) Other assets: Loans held for sale 85 — — 85 (29 ) Private equity investments 11 — — 11 (2 ) Renewable energy investments — — — — (2 ) Software — — — — (4 ) Consolidated LIHC VIE 43 — — 43 (8 ) Total $ 290 $ — $ — $ 290 $ (151 ) December 31, 2017 For the Year Ended December 31, 2017 (Dollars in millions) Fair Value Level 1 Level 2 Level 3 Gains (Losses) Loans: Impaired loans $ 79 $ — $ — $ 79 $ (34 ) Other assets: Loans held for sale — — — — (3 ) Renewable energy investments — — — — 2 Software — — — — (22 ) Consolidated LIHC VIE 66 — — 66 (21 ) Total $ 145 $ — $ — $ 145 $ (78 ) Fair Value of Financial Instruments Disclosures In addition to financial instruments recorded at fair value in the Company's financial statements, the disclosure of the estimated fair value of financial instruments that are not carried at fair value is also required. Excluded from this disclosure requirement are lease financing arrangements, investments accounted for under the equity method, employee pension and other postretirement obligations and all nonfinancial assets and liabilities, including goodwill and other intangible assets such as long-term customer relationships. The fair values presented are estimates for certain individual financial instruments and do not represent an estimate of the fair value of the Company as a whole. Certain financial instruments that are not recognized at fair value on the consolidated balance sheet are carried at amounts that approximate fair value due to their short-term nature. These financial instruments include cash and due from banks, interest bearing deposits in banks, federal funds sold and purchased, securities borrowed or purchased under resale agreements, securities loaned or sold under repurchase agreements and commercial paper. In addition, the fair value of deposits with no stated maturity, such as noninterest bearing demand deposits, interest bearing checking, and market rate and other savings are deemed to equal their carrying amounts. Financial instruments for which their carrying amounts do not approximate fair value include securities held to maturity, loans held for investment, interest bearing deposits with stated maturities, certain other short-term borrowings, long-term debt and off-balance sheet instruments. Securities Held to Maturity: The fair value of U.S. Treasury, U.S. government agency and government-sponsored agencies securities, including RMBS and CMBS classified as held to maturity are based on unadjusted third party pricing service prices. Loans Held for Investment: The fair values of mortgage loans were estimated based on quoted market prices for loans with similar credit and interest rate risk characteristics. The fair values of other loans were estimated based upon the type of loan and maturity and were determined by discounting the future expected cash flows using the current origination rates for similar loans made to borrowers with similar credit ratings and include adjustments for liquidity premiums. Interest Bearing Deposits: The fair values of savings accounts and certain money market accounts were based on the amounts payable on demand at the reporting date. The fair value of fixed maturity CDs was estimated using a discounted cash flow calculation that applies current interest rates being offered on certificates with similar maturities. Commercial Paper and Other Short-Term Borrowings: The fair values of Federal Reserve Bank term borrowings, FHLB borrowings and term federal funds purchased were estimated using a discounted cash flow calculation that applies current market rates for applicable maturities. The carrying amounts of other short-term borrowed funds were assumed to approximate their fair value due to their limited duration. Long-Term Debt: The fair value of senior and subordinated debt was estimated using either a discounted cash flow analysis based on current market interest rates for debt with similar maturities and credit quality or estimated using market quotes. The fair value of junior subordinated debt payable to trusts was estimated using market quotes of similar securities. Off-Balance Sheet Instruments: Commitments to extend credit and issued standby and commercial letters of credit are instruments that generate ongoing fees, which are recognized over the term of the commitment period. The Company maintains an allowance for losses on unfunded credit commitments. At December 31, 2018, the carrying amount of these instruments was the amount of deferred fees and the fair value was estimated using a discounted cash flow calculation and reflected the portion of unused commitments expected to become funded. At December 31, 2017, the carrying value and fair value were the carrying amount of the deferred fees plus the related reserve. The tables below present the carrying amount and estimated fair value of certain financial instruments, all of which are accounted for at amortized cost, classified by valuation hierarchy level as of December 31, 2018 and 2017 . December 31, 2018 (Dollars in millions) Carrying Amount Fair Value Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 8,350 $ 8,350 $ 8,350 $ — $ — Securities borrowed or purchased under resale agreements 22,368 22,368 — 22,368 — Securities held to maturity 10,901 10,720 — 10,720 — Loans held for investment (1) 84,805 84,729 — — 84,729 Other assets 48 48 48 — — Liabilities Time deposits $ 11,739 $ 11,714 $ — $ 11,714 $ — Securities loaned or sold under repurchase agreements 27,285 27,285 — 27,285 — Commercial paper and other short-term borrowings 9,263 9,263 — 9,263 — Long-term debt 17,918 17,961 — 17,961 — Off-Balance Sheet Instruments Commitments to extend credit and standby and commercial letters of credit $ 120 $ 242 $ — $ — $ 242 (1) Excludes lease financing. The carrying amount is net of the allowance for loan losses. December 31, 2017 (Dollars in millions) Carrying Amount Fair Value Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 3,392 $ 3,392 $ 3,392 $ — $ — Securities borrowed or purchased under resale agreements 20,894 20,894 — 20,894 — Securities held to maturity 9,885 9,799 — 9,799 — Loans held for investment (1) 78,023 79,051 — — 79,051 Liabilities Deposits $ 84,787 $ 84,743 $ — $ 84,743 $ — Securities loaned or sold under repurchase agreements 26,437 26,437 — 26,437 — Commercial paper and other short-term borrowings 7,066 7,066 — 7,066 — Long-term debt 12,162 12,162 — 12,162 — Off-Balance Sheet Instruments Commitments to extend credit and standby and commercial letters of credit $ 174 $ 174 $ — $ — $ 174 (1) Excludes lease financing. The carrying amount is net of the allowance for loan losses. |
Derivative Instruments and Othe
Derivative Instruments and Other Financial Instruments Used For Hedging | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Other Financial Instruments Used For Hedging | Derivative Instruments and Other Financial Instruments Used For Hedging The Company enters into certain derivative and other financial instruments primarily to assist customers with their risk management objectives and to manage the Company’s exposure to interest rate risk. When entering into derivatives on behalf of customers, the Company generally acts as a financial intermediary by offsetting a significant portion of the market risk for these derivatives with third parties. The Company may also enter into derivatives for other risk management purposes. All derivative instruments are recognized as assets or liabilities on the consolidated balance sheets at fair value. Counterparty credit risk is inherent in derivative instruments. In order to reduce its exposure to counterparty credit risk, the Company utilizes credit approvals, limits, monitoring procedures and master netting and credit support annex agreements. Additionally, the Company considers counterparty credit quality and the creditworthiness of the Company in estimating the fair value of derivative instruments. The table below presents the notional amounts and fair value amounts of the Company's derivative instruments reported on the consolidated balance sheets, segregated between derivative instruments designated and qualifying as hedging instruments and derivative instruments not designated as hedging instruments as of December 31, 2018 and December 31, 2017 . Asset and liability values are presented gross, excluding the impact of legally enforceable master netting and credit support annex agreements. The fair value of asset and liability derivatives designated and qualifying as hedging instruments and derivatives designated as other risk management are included in other assets and other liabilities, respectively. The fair value of asset and liability trading derivatives are included in trading account assets and trading account liabilities, respectively. December 31, 2018 December 31, 2017 Fair Value Fair Value (Dollars in millions) Notional Amount Asset Derivatives Liability Derivatives Notional Amount Asset Derivatives Liability Derivatives Cash flow hedges Interest rate contracts $ 674 $ 6 $ — $ 6,998 $ 2 $ 149 Fair value hedges Interest rate contracts — — — 500 — — Not designated as hedging instruments: Trading Interest rate contracts 189,478 531 600 132,214 878 646 Commodity contracts 336 25 18 1,244 50 33 Foreign exchange contracts 8,475 260 168 7,053 250 146 Equity contracts 300 22 13 1,496 139 144 Other contracts 127 — — 4 — — Total trading 198,716 838 799 142,011 1,317 969 Other risk management 1,704 27 5 1,345 3 9 Total derivative instruments $ 201,094 $ 871 $ 804 $ 150,854 $ 1,322 $ 1,127 We recognized net losses of $4 million , $17 million , and $19 million on other risk management derivatives for the years ended December 31, 2018 , 2017 and 2016 , respectively, which are included in other noninterest income. Derivatives Designated and Qualifying as Hedging Instruments The Company uses interest rate derivatives to manage the financial impact on the Company from changes in market interest rates. These instruments are used to manage interest rate risk relating to specified groups of assets and liabilities, primarily LIBOR-based commercial loans and debt issuances. Derivatives that qualify for hedge accounting are designated as either fair value or cash flow hedges. Cash Flow Hedges At December 31, 2018 , the Company used interest rate floors with a notional amount of $500 million and interest rate swaps with a notional amount of $174 million to hedge the risk of changes in cash flows attributable to changes in the designated benchmark interest rate on LIBOR indexed loans and LIBOR indexed short-term borrowings, respectively. At December 31, 2018 , the weighted average remaining life of active cash flow hedges was 2.6 years. For cash flow hedges, the effective portion of the gain or loss on the hedging instruments is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged cash flows are recognized in net interest income. Gains and losses representing hedge ineffectiveness are recognized in noninterest expense in the period in which they arise. At December 31, 2018 , the Company expects to reclassify approximately $89 million of losses from AOCI as a reduction to net interest income during the year ending December 31, 2019 . This amount could differ from amounts actually realized due to changes in interest rates, hedge terminations and the addition of other hedges subsequent to December 31, 2018 . The following table presents the amount and location of the net gains and losses recorded in the Company's consolidated statements of income and changes in stockholders' equity for derivative instruments designated as cash flow hedges for the years ended December 31, 2018 , 2017 and 2016 : Gains (Losses) Recognized in OCI (Effective Portion) Gains (Losses) Reclassified from AOCI into Income (Effective Portion) Gains (Losses) Recognized in Income (Ineffective Portion) For the Years Ended December 31, For the Years Ended December 31, For the Years Ended December 31, (Dollars in millions) 2018 2017 2016 Location 2018 2017 2016 Location 2018 2017 2016 Interest income $ (34 ) $ 69 $ 170 Interest rate contracts $ (96 ) $ (35 ) $ (26 ) Interest expense — — (3 ) Noninterest expense $ (1 ) $ 3 $ — Total $ (96 ) $ (35 ) $ (26 ) $ (34 ) $ 69 $ 167 $ (1 ) $ 3 $ — Fair Value Hedges The Company engaged in an interest rate hedging strategy in which one or more interest rate swaps were associated with a specified interest bearing liability, in order to convert the liability from a fixed rate to a floating rate instrument. This strategy mitigated the changes in fair value of the hedged liability caused by changes in the designated benchmark interest rate, LIBOR. For fair value hedges, any ineffectiveness is recognized in noninterest expense in the period in which it arises. The change in the fair value of the hedged item and the hedging instrument, to the extent completely effective, offsets with no impact on earnings. The following tables present gains (losses) on the Company's fair value hedges and hedged item for the years ended December 31, 2018 , 2017 and 2016 : For the Year Ended December 31, 2018 (Dollars in millions) Derivative Instrument Hedged Item Hedge Ineffectiveness Interest rate risk on long-term debt $ (2 ) $ 2 $ — Total $ (2 ) $ 2 $ — For the Year Ended December 31, 2017 (Dollars in millions) Derivative Instrument Hedged Item Hedge Ineffectiveness Interest rate risk on long-term debt $ (4 ) $ 3 $ (1 ) Total $ (4 ) $ 3 $ (1 ) For the Year Ended December 31, 2016 (Dollars in millions) Derivative Instrument Hedged Item Hedge Ineffectiveness Interest rate risk on long-term debt $ (2 ) $ 2 $ — Total $ (2 ) $ 2 $ — Derivatives Not Designated as Hedging Instruments Trading Derivatives Derivative instruments classified as trading are primarily derivatives entered into as an accommodation for customers. Trading derivatives are included in trading assets or trading liabilities with changes in fair value reflected in income from trading account activities. The majority of the Company's derivative transactions for customers were essentially offset by contracts with third parties that reduce or eliminate market risk exposures. The following table presents the amount of the net gains and losses for derivative instruments classified as trading reported in the consolidated statements of income under the heading trading account activities for the years ended December 31, 2018 , 2017 and 2016 : Gains (Losses) Recognized in Income on Trading Derivatives For the Years Ended (Dollars in millions) December 31, 2018 December 31, 2017 December 31, 2016 Trading derivatives: Interest rate contracts $ 95 $ (49 ) $ 137 Equity contracts 36 12 40 Foreign exchange contracts 44 43 39 Commodity contracts — 1 2 Total $ 175 $ 7 $ 218 Offsetting Financial Assets and Liabilities The Company primarily enters into derivative contracts with counterparties utilizing standard International Swaps and Derivatives Association Master Agreements and Credit Support Annex Agreements. These agreements generally establish the terms and conditions of the transactions, including a legal right to set-off amounts payable and receivable between the Company and a counterparty, regardless of whether or not such amounts have matured or have contingency features. For additional information related to offsetting of financial assets and liabilities, refer to Note 8 to these Consolidated Financial Statements. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income The following tables present the change in each of the components of accumulated other comprehensive income and the related tax effect of the change allocated to each component. (Dollars in millions) Before Tax Net of For the Year Ended December 31, 2018 Cash flow hedge activities: Unrealized net gains (losses) on hedges arising during the period $ (96 ) $ 25 $ (71 ) Reclassification adjustment for net (gains) losses on hedges included in interest income for loans and interest expense on long-term debt 34 (9 ) 25 Net change (62 ) 16 (46 ) Securities: Unrealized holding gains (losses) arising during the period on securities available for sale (210 ) 55 (155 ) Reclassification adjustment for net (gains) losses on securities available for sale included in securities gains, net (8 ) 2 (6 ) Amortization of net unrealized (gains) losses on held to maturity securities 28 (7 ) 21 Net change (190 ) 50 (140 ) Foreign currency translation adjustment (3 ) 1 (2 ) Pension and other benefits: Amortization of prior service credit (1) (41 ) 11 (30 ) Recognized net actuarial (gain) loss (1) 96 (25 ) 71 Pension and other benefits arising during the year (231 ) 60 (171 ) Net change (176 ) 46 (130 ) Other (1 ) — (1 ) Net change in AOCI $ (432 ) $ 113 $ (319 ) (1) These amounts are included in the computation of net periodic pension cost. For further information, see Note 15 to these Consolidated Financial Statements. (Dollars in millions) Before Tax Amount Tax Effect Net of Tax For the Year Ended December 31, 2017 Cash flow hedge activities: Unrealized net gains (losses) on hedges arising during the period $ (35 ) $ 13 $ (22 ) Reclassification adjustment for net (gains) losses on hedges included in interest income for loans and interest expense on long-term debt (69 ) 25 (44 ) Net change (104 ) 38 (66 ) Securities: Unrealized holding gains (losses) arising during the period on securities available for sale 24 (9 ) 15 Reclassification adjustment for net (gains) losses on securities available for sale included in securities gains, net (17 ) 7 (10 ) Less: accretion of fair value adjustment on securities available for sale (1 ) — (1 ) Amortization of net unrealized (gains) losses on held to maturity securities 19 (7 ) 12 Net change 25 (9 ) 16 Foreign currency translation adjustment 11 (4 ) 7 Pension and other benefits: Amortization of prior service credit (1) (48 ) 19 (29 ) Recognized net actuarial (gain) loss (1) 91 (36 ) 55 Pension and other benefits arising during the year 116 (47 ) 69 Net change 159 (64 ) 95 Net change in AOCI $ 91 $ (39 ) $ 52 (1) These amounts are included in the computation of net periodic pension cost. For further information, see Note 15 to these Consolidated Financial Statements. (Dollars in millions) Before Tax Amount Tax Effect Net of Tax For the Year Ended December 31, 2016 Cash flow hedge activities: Unrealized net gains (losses) on hedges arising during the period $ (26 ) $ 10 $ (16 ) Reclassification adjustment for net (gains) losses on hedges included in interest income for loans and interest expense on long-term debt (167 ) 68 (99 ) Net change (193 ) 78 (115 ) Securities: Unrealized holding gains (losses) arising during the period on securities available for sale (40 ) 15 (25 ) Reclassification adjustment for net (gains) losses on securities available for sale included in securities gains, net (69 ) 27 (42 ) Less: accretion of fair value adjustment on securities available for sale (1 ) — (1 ) Amortization of net unrealized (gains) losses on held to maturity securities 20 (8 ) 12 Net change (90 ) 34 (56 ) Foreign currency translation adjustment 3 (1 ) 2 Pension and other benefits: Amortization of prior service credit (1) (30 ) 12 (18 ) Recognized net actuarial (gain) loss (1) 89 (35 ) 54 Pension and other benefits arising during the year (20 ) 8 (12 ) Recognized curtailment gain (2 ) 1 (1 ) Net change 37 (14 ) 23 Net change in AOCI $ (243 ) $ 97 $ (146 ) (1) These amounts are included in the computation of net periodic pension cost. For further information, see Note 15 to these Consolidated Financial Statements. The following table presents the change in accumulated other comprehensive loss balances. (Dollars in millions) Net Unrealized Gains (Losses) on Cash Flow Hedges Net Unrealized Gains (Losses) on Securities Foreign Currency Translation Adjustment Pension and Other Benefits Adjustment Other Accumulated Other Comprehensive Loss Balance, December 31, 2015 $ 38 $ (152 ) $ (24 ) $ (612 ) $ — $ (750 ) Other comprehensive income before reclassifications (16 ) (14 ) 2 (12 ) — (40 ) Amounts reclassified from AOCI (99 ) (42 ) — 35 — (106 ) Balance, December 31, 2016 $ (77 ) $ (208 ) $ (22 ) $ (589 ) $ — $ (896 ) Other comprehensive income before reclassifications (22 ) 15 7 69 — 69 Amounts reclassified from AOCI (44 ) 1 — 26 — (17 ) Subtotal before TCJA reclass (143 ) (192 ) (15 ) (494 ) — (844 ) TCJA reclass (31 ) (41 ) (4 ) (106 ) — (182 ) Balance, December 31, 2017 $ (174 ) $ (233 ) $ (19 ) $ (600 ) $ — $ (1,026 ) Other comprehensive income before reclassifications (71 ) (155 ) (2 ) (171 ) (1 ) (400 ) Amounts reclassified from AOCI 25 15 — 41 — 81 Transfer to additional paid-in capital — — 21 — — 21 Balance, December 31, 2018 $ (220 ) $ (373 ) $ — $ (730 ) $ (1 ) $ (1,324 ) |
Management Stock Plans
Management Stock Plans | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Management Stock Plans | Management Stock Plans The Company adopted the MUAH Plan on June 8, 2015. Under the MUAH Plan, the Company grants restricted stock units settled in ADRs representing shares of common stock of the Company's indirect parent company, MUFG, to key employees at the discretion of the Human Capital Committee of the Board of Directors (the Committee). The Committee determines the number of shares, vesting requirements and other features and conditions of the restricted stock units. Under the MUAH Plan, MUFG ADRs are purchased in the open market upon the vesting of the restricted stock units, through a revocable trust. There is no amount authorized to be issued under the MUAH Plan since all shares are purchased in the open market. These awards generally vest pro-rata on each anniversary of the grant date and become fully vested three years from the grant date, provided that the employee has completed the specified continuous service requirement. Generally, the grants vest earlier if the employee dies, is permanently and totally disabled, retires under certain grant, age and service conditions, or terminates employment under certain conditions. The Company also issues a small number of off-cycle grants each year, primarily for reasons related to recruitment of new employees. The weighted-average service period for grants issued under the MUAH Plan with outstanding restricted stock units as of December 31, 2018 was 3.0 years. Participants in the MUAH Plan are entitled to “dividend equivalent credits” on their unvested restricted stock units when MUFG pays dividends to its shareholders. The credit is equal to the dividends that the participants would have received on the shares had the shares been issued to the participants when the restricted stock units were granted. "Dividend equivalent credits" arising from grants under the MUAH Plan are paid to participants in shares on an annual basis. The following table is a rollforward of the restricted stock units under the MUAH Plan for the year ended December 31, 2018 : Restricted Stock Units 2018 Number of Units Weighted-Average Grant Date Fair Value Units outstanding, beginning of year 27,838,414 $ 5.86 Activity during the year: Granted 14,667,730 5.89 Vested (13,198,540 ) 5.88 Forfeited (864,534 ) 5.97 Units outstanding, end of year 28,443,070 5.86 The weighted-average grant date fair value of restricted stock units granted during 2017 and 2016 was 6.53 and 4.63 , respectively. The total fair value of restricted stock units that vested during the years ended December 31, 2018 , 2017 , and 2016 was $78 million , $75 million , and $49 million , respectively. The following table is a summary of the Company's compensation costs, the corresponding tax benefit, and unrecognized compensation costs: Years Ended December 31, (Dollars in millions) 2018 2017 2016 Compensation costs $ 77 $ 66 $ 67 Tax benefit 20 26 26 Unrecognized compensation costs 110 111 96 At December 31, 2018 , approximately $110 million (pretax) of compensation expense related to unvested grants had not yet been charged to net income. Unrecognized compensation costs as of December 31, 2018 are expected to be amortized into compensation expense over a weighted-average period of 1.4 years. |
Employee Pension and Other Post
Employee Pension and Other Postretirement Benefits | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
Employee Pension and Other Postretirement Benefits | Employee Pension and Other Postretirement Benefits Retirement Plan The Company maintains the MUFG Union Bank, N.A. Retirement Plan (the Pension Plan), which is a noncontributory qualified defined benefit pension plan covering substantially all of the domestic employees of the Company. The Pension Plan provides retirement benefits based on a cash balance formula, with annual pay credits based on a participant's eligible pay multiplied by a percentage determined by their age and years of service, with annual interest credits based on 30-year Treasury bond yields. Employees become eligible for the Pension Plan after 1 year of service, and participants become vested upon completing 3 years of vesting service. Prior to 2017, certain participants earned retirement benefits based on years of credited service and the final average earnings amount, as defined in the Pension Plan; such benefits became fixed as of the effective date of certain Plan amendments implementing the cash balance formula. The Company's funding policy is to make contributions between the minimum required and the maximum deductible amount as allowed by the Internal Revenue Code. Contributions are intended to provide not only for benefits attributed to services to date, but also for those expected to be earned in the future. Other Postretirement Benefits The Company maintains the MUFG Union Bank, N.A. Retiree Health Reimbursement Plan (the HRA Plan), the MUFG Union Bank, N.A. Health Benefit Plan (the Health Plan), and the MUFG Union Bank, N.A. Employee Insurance Plan (the Insurance Plan). Under the HRA Plan, which became effective January 1, 2017, eligible post-65 retirees and dependents receive Company-provided financial support to purchase individual health coverage through annual allocations to a Health Reimbursement Account (HRA) that are designed to keep pace with medical inflation. The Health Plan provides certain healthcare benefits for eligible pre-65 retired employees and dependents; costs are shared between the Company and the retiree at a level of approximately 25% to 50% , depending on the retiree's age and length of service with the Company. The Insurance Plan provides life insurance benefits for those eligible employees who retired prior to January 1, 2001 and is noncontributory. Together, the HRA Plan, the Health Plan, and the Insurance Plan are presented as "Other Benefits Plan." The accounting for the Other Benefits Plan anticipates future cost-sharing changes described above that are consistent with the Company's intent. Assets set aside to cover such obligations are primarily invested in mutual funds and insurance contracts. In April 2014 the Health Benefit Plan was amended to discontinue the availability of retiree health benefits for the majority of employees. The following table sets forth the fair value of the assets in the Company's Pension Plan and Other Benefits Plan as of December 31, 2018 and 2017 . Pension Plan Other Benefits Plan Years Ended December 31, Years Ended December 31, (Dollars in millions) 2018 2017 2018 2017 Change in plan assets: Fair value of plan assets, beginning of year $ 3,854 $ 3,254 $ 288 $ 260 Actual return on plan assets (196 ) 608 (18 ) 44 Employer contributions — 115 — 1 Plan participants' contributions — — 4 4 Benefits paid (129 ) (123 ) (19 ) (21 ) Fair value of plan assets, end of year $ 3,529 $ 3,854 $ 255 $ 288 The investment objective for the Company's Pension Plan and Other Benefits Plan, collectively the Plans, is to maximize total return within reasonable and prudent levels of risk. The Plans' asset allocation strategy is the principal determinant in achieving expected investment returns on the Plans' assets. The Pension Plan asset allocation strategy favors equities, with a target allocation of 53% in equity securities, 35% in debt securities, and 12% in real estate investments as of December 31, 2018 . The previous targets, until the 4th quarter of 2018, were 63% , 25% , and 12% , respectively. Similarly, the Other Benefits Plan asset allocation strategy favors equities with a target allocation of 70% in equity securities and 30% in debt securities. Additionally, the Other Benefits Plan holds an investment in an insurance contract with Talcott Resolution Life Insurance Company, the cash value of which is invested in alignment with the target allocation. Actual asset allocations may fluctuate within acceptable ranges due to market value variability. If market fluctuations cause an asset class to fall outside of its strategic asset allocation range, the portfolio will be re-balanced as appropriate. A core equity position of domestic large cap and small cap stocks will be maintained, in conjunction with a diversified portfolio of international equities and fixed income securities. Plan asset performance is compared against established indexes and peer groups to evaluate whether the risk associated with the portfolio is appropriate for the level of return. The Company periodically reviews the Plans' strategic asset allocation policy and the expected long-term rate of return for plan assets. The investment return volatility of different asset classes and the liability structure of the plans are evaluated to determine whether adjustments are required to the Plans' strategic asset allocation policy, taking into account the principles established in the Company's funding policy. Management periodically reviews and adjusts the long-term rate of return on assets assumption for the Plans based on the expected long-term rate of return for the asset classes and their weightings in the Plans' strategic asset allocation policy and taking into account the prevailing economic and regulatory climate and practices of other companies both within and outside our industry. The following table provides the fair value by level within the fair value hierarchy of the Company's period-end assets by major asset category for the Pension Plan and Other Benefits Plan. For information about the fair value hierarchy levels, refer to Note 11 to these consolidated financial statements. The Plans do not hold any equity or debt securities issued by the Company or any related parties. December 31, 2018 (Dollars in millions) Level 1 Level 2 Level 3 Total Pension Plan Investments: Cash and cash equivalents $ — $ 25 $ — $ 25 U.S. government securities — 382 — 382 Fixed and variable income securities — 824 — 824 Equity securities 185 6 — 191 Mutual funds 620 — — 620 Municipal bonds — 37 — 37 Other — 20 — 20 Total investments in the fair value hierarchy $ 805 $ 1,294 $ — $ 2,099 Investments measured at net asset value (1) 1,420 Investments at fair value 3,519 Accrued dividends and interest receivable 12 Net pending trades (2 ) Total plan assets $ 3,529 (1) In accordance with ASU No. 2015-07, investments in which fair value was measured based on net asset value per share (or its equivalent) using the practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in these tables are intended to permit reconciliation of the fair value hierarchy to total plan assets. December 31, 2017 (Dollars in millions) Level 1 Level 2 Level 3 Total Pension Plan Investments: Cash and cash equivalents $ — $ 26 $ — $ 26 U.S. government securities — 195 — 195 Fixed and variable income securities — 638 — 638 Equity securities 381 7 — 388 Mutual funds 830 — — 830 Municipal bonds — 43 — 43 Other 5 11 — 16 Total investments in the fair value hierarchy $ 1,216 $ 920 $ — $ 2,136 Investments measured at net asset value (1) 1,704 Investments at fair value 3,840 Accrued dividends and interest receivable 8 Net pending trades 6 Total plan assets $ 3,854 (1) In accordance with ASU No. 2015-07, investments in which fair value was measured based on net asset value per share (or its equivalent) using the practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in these tables are intended to permit reconciliation of the fair value hierarchy to total plan assets. December 31, 2018 (Dollars in millions) Level 1 Level 2 Level 3 Total Other Postretirement Benefits Plan Investments: Cash and cash equivalents $ — $ 1 $ — $ 1 U.S. government securities — 37 — 37 Fixed and variable income securities — 32 — 32 Equity securities — — — — Mutual funds 54 — — 54 Total investments in the fair value hierarchy $ 54 $ 70 $ — $ 124 Investments measured at net asset value (1) 134 Investments at fair value 258 Net pending trades (3 ) Total plan assets $ 255 (1) In accordance with ASU No. 2015-07, investments in which fair value was measured based on net asset value per share (or its equivalent) using the practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in these tables are intended to permit reconciliation of the fair value hierarchy to total plan assets. December 31, 2017 (Dollars in millions) Level 1 Level 2 Level 3 Total Other Postretirement Benefits Plan Investments: Cash and cash equivalents $ — $ 3 $ — $ 3 U.S. government securities — 44 — 44 Fixed and variable income securities — 29 — 29 Equity securities — 1 — 1 Mutual funds 66 — — 66 Total investments in the fair value hierarchy $ 66 $ 77 $ — $ 143 Investments measured at net asset value (1) 157 Investments at fair value 300 Net pending trades (12 ) Total plan assets $ 288 (1) In accordance with ASU No. 2015-07, investments in which fair value was measured based on net asset value per share (or its equivalent) using the practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in these tables are intended to permit reconciliation of the fair value hierarchy to total plan assets. The following tables as of December 31, 2018 and 2017 present the Company's Pension Plan and Other Benefits Plan investments in which fair value is measured using net asset value per share (or its equivalent) as a practical expedient. December 31, 2018 (Dollars in millions) Fair Value Unfunded Commitment Redemption Frequency Other Redemption Restrictions Redemption Notice Period Pension Plan Investments Domestic equity funds $ 789 $ — Daily None None Real estate funds 415 — Quarterly Availability of fund's liquid assets and approval of the board of directors 45-90 days Real estate funds 7 3 None Hold until dissolution date None International equity funds 159 — Monthly None 15 days Money market funds 50 — Immediate None None Total $ 1,420 $ 3 December 31, 2017 (Dollars in millions) Fair Value Unfunded Commitment Redemption Frequency Other Redemption Restrictions Redemption Notice Period Pension Plan Investments Domestic equity funds $ 1,101 $ — Daily None None Real estate funds 343 — Quarterly Availability of fund's liquid assets and approval of the board of directors 45-90 days Real estate funds 13 5 None Hold until dissolution; approximately four to six years from original final closing date None International equity funds 228 — Monthly None 15 days Money market funds 19 — Immediate None None Total $ 1,704 $ 5 December 31, 2018 (Dollars in millions) Fair Value Unfunded Commitment Redemption Frequency Other Redemption Restrictions Redemption Notice Period Other Postretirement Benefits Plan Investments Domestic equity funds $ 87 $ — Daily None None Pooled separate account - variable life insurance policies 46 — Quarterly Proof of death for death claim redemptions 7 business days Money market funds 1 — Immediate None None Total $ 134 $ — December 31, 2017 (Dollars in millions) Fair Value Unfunded Commitment Redemption Frequency Other Redemption Restrictions Redemption Notice Period Other Postretirement Benefits Plan Investments Domestic equity funds $ 100 $ — Daily None None Pooled separate account - variable life insurance policies 52 — Quarterly Proof of death for death claim redemptions 7 business days Money market funds 5 — Immediate None None Total $ 157 $ — A description of the valuation methodologies used to determine the fair value of the Plans' assets included within the tables above is as follows: Cash and Cash Equivalents Cash and cash equivalents include short-term investments of government securities and other debt securities with remaining maturities of less than three months. These short-term investments are classified as Level 2 based on unadjusted prices in active markets for similar securities. Money market funds were measured at net asset value (NAV) per share and are included in the tables above showing Plan investments that are measured using NAV per share (or its equivalent) as a practical expedient. U.S. Government Securities U.S. government securities include U.S. Treasury securities and U.S. agency mortgage-backed securities. U.S. Treasury securities are fixed income securities that are debt instruments issued by the United States Department of the Treasury. U.S. agency mortgage-backed securities are collateralized by residential mortgage loans and may be prepaid at par prior to maturity. U.S. government securities are classified as Level 2 based on valuations provided by third-party pricing services using quoted market prices in active markets for similar securities. Fixed and Variable Income Securities Fixed and variable income securities include a variety of debt instruments, including corporate bonds, private placements and asset-backed securities. These securities are classified as Level 2 based on valuations provided by a third-party pricing services using quoted market prices in active markets for similar securities. Equity Securities Equity securities are comprised of common stock and preferred securities. The fair value of common stock is recorded based on quoted market prices obtained from an exchange. These securities are classified as Level 1 based on unadjusted prices for identical instruments in active markets. The fair value of preferred securities is based on discounted cash flow models. These securities are classified as Level 2 based on valuations provided by third-party pricing services using observable market data. Real Estate Funds Real estate funds invest in real estate property with a focus on apartment, office, industrial and retail properties. These investments were measured at NAV per share and are included in the tables above showing Plan investments that are measured using NAV per share (or its equivalent) as a practical expedient. International Equity Funds International equity funds invest in equity securities of foreign companies in developed and emerging markets across diverse industries and may seek to track the performance of the MSCI EAFE® or MSCI All-Country World ex-US indices. These investments were measured at NAV per share and are included in the tables above showing Plan investments that are measured using NAV per share (or its equivalent) as a practical expedient. Domestic Equity Funds Domestic equity funds invest in equity securities that seek to track the performance of market indexes including the S&P 500 index. These funds are valued using NAV at the end of the period. Mutual funds are classified as Level 1 based on unadjusted prices for identical instruments in active markets. Collective investment funds are included in the tables above showing Plan investments that are measured using NAV per share (or its equivalent) as a practical expedient. Pooled Separate Account The pooled separate account refers to private placement, variable life insurance policies with Talcott Resolution Life Insurance Company, a successor to Hartford Life Insurance Company. The cash value of the life insurance is invested in four managed divisions that seek to track the S&P 500, Russell 2000, MSCI EAFE® and Bloomberg Barclays U.S. Aggregate Bond indexes. Each division is valued using quoted market prices of its underlying investments to derive the division's NAV at the end of the period. This investment was measured at NAV per share and is included in the tables above showing Plan investments that are measured using NAV per share (or its equivalent) as a practical expedient. The following table sets forth the benefit obligation activity and the funded status for each of the Company's plans at December 31, 2018 and 2017 . In addition, the table sets forth the over (under) funded status at December 31, 2018 and 2017 . This pension benefits table does not include the obligations for Executive Supplemental Benefit Plans ( ESBP s). Pension Benefits Other Postretirement Benefits Years Ended December 31, Years Ended December 31, (Dollars in millions) 2018 2017 2018 2017 Accumulated benefit obligation $ 3,038 $ 3,101 Change in benefit obligation Benefit obligation, beginning of year $ 3,242 $ 2,942 $ 265 $ 261 Service cost 80 71 4 6 Interest cost 100 100 8 8 Plan participants' contributions — — 4 4 Actuarial loss/(gain) (246 ) 252 (21 ) 6 Effect of plan amendments — — — — Medicare Part D subsidy — — 1 1 Benefits paid (129 ) (123 ) (19 ) (21 ) Benefit obligation, end of year 3,047 3,242 242 265 Fair value of plan assets, end of year 3,529 3,854 255 288 Over (Under) funded status $ 482 $ 612 $ 13 $ 23 The Pension Plan obligation experienced a net gain of $246 million and a net loss of $252 million during 2018 and 2017, respectively, primarily due to changes in the discount rate. The discount rate decreased from 3.98% at December 31, 2016 to 3.48% at December 31, 2017 and increased to 4.12% at December 31, 2018. The Other Benefits Plan obligation experienced a net gain of $21 million and a net loss of $6 million during 2018 and 2017, respectively, primarily due to changes in the discount rate. The discount rate decreased from 3.81% at December 31, 2016 to 3.37% at December 31, 2017 and increased to 4.01% at December 31, 2018. The following table illustrates the changes that were reflected in AOCI during 2018 , 2017 and 2016 . Pension benefits do not include the ESBP s. Pension Benefits Other Postretirement Benefits (Dollars in millions) Net Actuarial (Gain) Loss Prior Service Credit Net Actuarial (Gain) Loss Prior Service Credit Amounts Recognized in Other Comprehensive Loss: Balance, December 31, 2015 $ 1,027 $ (121 ) $ 82 $ (15 ) Arising during the year 133 (76 ) 6 (47 ) Recognized in net income during the year (75 ) 18 (10 ) 12 Balance, December 31, 2016 $ 1,085 $ (179 ) $ 78 $ (50 ) Arising during the year (101 ) — (19 ) — Recognized in net income during the year (79 ) 27 (8 ) 21 Balance, December 31, 2017 $ 905 $ (152 ) $ 51 $ (29 ) Arising during the year 218 — 18 — Recognized in net income during the year (87 ) 26 (5 ) 15 Balance, December 31, 2018 $ 1,036 $ (126 ) $ 64 $ (14 ) At December 31, 2018 and 2017 , the following amounts were recognized in accumulated other comprehensive loss for pension, including ESBP s, and other benefits. December 31, 2018 Pension Benefits Other Postretirement Benefits (Dollars in millions) Gross Tax Net of Tax Gross Tax Net of Tax Net actuarial loss $ 1,036 $ 273 $ 763 $ 64 $ 18 $ 46 Prior service credit (126 ) (33 ) (93 ) (14 ) (4 ) (10 ) Pension and other postretirement benefits 910 240 670 50 14 36 Executive Supplemental Benefits Plans Net actuarial loss 32 8 24 — — — Prior service credit — — — — — — Executive supplemental benefits plans adjustment 32 8 24 — — — Pension and other postretirement benefits, as adjusted $ 942 $ 248 $ 694 $ 50 $ 14 $ 36 December 31, 2017 Pension Benefits Other Postretirement Benefits (Dollars in millions) Gross Tax Net of Tax Gross Tax Net of Tax Net actuarial loss $ 905 $ 238 $ 667 $ 51 $ 14 $ 37 Prior service credit (152 ) (40 ) (112 ) (29 ) (8 ) (21 ) Pension and other postretirement benefits 753 198 555 22 6 16 Executive Supplemental Benefits Plans Net actuarial loss 40 11 29 — — — Prior service credit — — — — — — Executive supplemental benefits plans adjustment 40 11 29 — — — Pension and other postretirement benefits, as adjusted $ 793 $ 209 $ 584 $ 22 $ 6 $ 16 Pension Benefits Our pre-tax net actuarial losses increased $157 million in 2018 from 2017 . At December 31, 2018 , the net actuarial loss totaled $910 million , which is net of $126 million in prior service credits. In addition, $214 million , representing the deficiency of the fair value of plan assets over the market-related value of plan assets, is recognized separately through the asset smoothing method over four years . $447 million of loss is subject to amortization over approximately eight years , and the prior service credits are being amortized until 2022 and 2025. The cumulative net actuarial loss resulted primarily from differences between expected and actual rate of return on plan assets and the discount rate. Included in our 2019 net periodic pension cost will be $62 million of amortization related to net actuarial losses. We estimate that our total 2019 net periodic pension cost will be a credit of approximately $27 million , assuming no contributions in 2019 . The 2019 estimate for net periodic pension cost was actuarially determined using the individual spot rates of 4.19% for service cost and 3.9% for interest cost, an expected return on plan assets of 7.0% and an expected compensation increase assumption of 5.1% . A 50 basis point increase in the discount rate or in the expected return on plan assets would decrease the 2019 periodic pension cost by $25 million and $18 million , respectively, while a 50 basis point increase in the rate of future compensation levels would increase the 2019 periodic pension cost by $1 million . A 50 basis point decrease in the discount rate or in the expected return on plan assets would increase the 2019 periodic pension cost by $27 million and $18 million , respectively, while a 50 basis point decrease in the rate of future compensation levels would decrease the 2019 periodic pension cost by $1 million . Estimated Future Benefit Payments and Subsidies The following pension and postretirement benefit payments, which reflect expected future service, as appropriate, are expected to be paid over the next 10 years. This table does not include the ESBP s. (Dollars in millions) Pension Benefits Postretirement Benefits Years ending December 31, 2019 $ 140 $ 17 2020 147 17 2021 153 18 2022 160 18 2023 166 18 Years 2024 - 2028 914 82 The following tables summarize the weighted average assumptions used in computing the present value of the benefit obligations and the net periodic benefit cost. Pension Benefits Other Postretirement Benefits Years Ended December 31, Years Ended December 31, 2018 2017 2018 2017 Discount rate in determining net periodic benefit cost For service cost 3.26 % 3.79 % 3.49 % 3.97 % For interest cost 3.16 3.42 3.02 3.19 Discount rate in determining benefit obligations at year end 4.12 3.48 4.01 3.37 Rate of increase in future compensation levels for determining net periodic benefit cost 4.70 4.70 n/a n/a Rate of increase in future compensation levels for determining benefit obligations at year end 5.10 4.70 n/a n/a Expected return on plan assets 7.50 7.50 7.50 7.50 Cash balance crediting rate for determining net periodic benefit cost 2.74 3.06 n/a n/a Cash balance crediting rate for determining benefit obligations at year end 3.02 2.74 n/a n/a Pension Benefits Other Postretirement Benefits ESBPs Years Ended December 31, Years Ended December 31, Years Ended December 31, (Dollars in millions) 2018 2017 2016 2018 2017 2016 2018 2017 2016 Components of net periodic benefit cost: Service cost $ 80 $ 71 $ 91 $ 4 $ 6 $ 8 $ — $ — $ 2 Interest cost 100 100 103 8 8 9 3 3 2 Expected return on plan assets (268 ) (254 ) (235 ) (21 ) (19 ) (19 ) — — — Amortization of prior service credit (26 ) (27 ) (18 ) (15 ) (21 ) (12 ) — — — Recognized net actuarial loss 87 79 75 5 8 10 3 4 3 Curtailment gain — — — — — — — — (2 ) Total net periodic benefit cost $ (27 ) $ (31 ) $ 16 $ (19 ) $ (18 ) $ (4 ) $ 6 $ 7 $ 5 The Company's assumed weighted-average healthcare cost trend rates are as follows. Years Ended December 31, 2018 2017 2016 Healthcare cost trend rate assumed for next year 4.44 % 4.44 % 4.64 % Rate to which cost trend rate is assumed to decline (the ultimate trend rate) 3.94 % 3.94 % 3.96 % Year the rate reaches the ultimate trend rate 2027 2026 2026 Executive Supplemental Benefit Plans The Company has several frozen ESBP s, which provide covered participants with supplemental retirement benefits. The plans are nonqualified defined benefit plans and unfunded. The accrued liability for ESBP s included in other liabilities on the Company's consolidated balance sheets was $89 million and $98 million at December 31, 2018 and 2017 , respectively. Section 401(k) Savings Plans The Company has a defined contribution plan authorized under Section 401(k) of the Internal Revenue Code. All benefits-eligible employees are eligible to participate in the plan. Employees may contribute up to 75% of their eligible compensation on a pre-tax or Roth basis, or up to 10% of their eligible compensation on an after-tax basis, through payroll deductions, to a combined maximum of 75% of eligible compensation, subject to statutory limits. The Company makes a matching contribution equal to 100% of every pre-tax or Roth dollar an employee contributes on the first 3% of the employee's eligible compensation and 50% of every pre-tax or Roth dollar an employee contributes on the next 2% of the employee's eligible compensation, for a maximum matching opportunity of 4% . Company matching contributions are credited to eligible participants' accounts annually following year-end. Matching contributions are fully vested when credited. All employer contributions are tax deductible by the Company. The Company's combined matching contribution expense was $59 million , $55 million and $48 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. |
Other Noninterest Income and No
Other Noninterest Income and Noninterest Expense | 12 Months Ended |
Dec. 31, 2018 | |
Other Income and Expenses [Abstract] | |
Other Noninterest Income and Noninterest Expense | Other Noninterest Income and Noninterest Expense The detail of other noninterest income is as follows. Years Ended December 31, (Dollars in millions) 2018 2017 2016 Gain (loss) on sales $ 16 $ 26 $ 79 Fund administration fees 100 46 22 Other fee income 100 69 59 Losses on renewable energy investments (235 ) (58 ) (37 ) Other 134 157 136 Total other noninterest income $ 115 $ 240 $ 259 The detail of other noninterest expense is as follows. Years Ended December 31, (Dollars in millions) 2018 2017 2016 Fees to affiliates $ 115 $ 105 $ 100 Expenses of the LIHC consolidated VIEs 24 43 68 Net periodic pension cost, excluding service cost (124 ) (119 ) (84 ) Other 394 360 311 Total other noninterest expense $ 409 $ 389 $ 395 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The following table is an analysis of the effective tax rate: Years Ended (Dollars in millions) 2018 2017 2016 Federal income tax rate 21 % 35 % 35 % Net tax effects of: State income taxes, net of federal income tax benefit 7 5 6 Tax-exempt interest income (1 ) (1 ) (1 ) Losses from LIHC investments (2 ) (3 ) (3 ) Amortization of LIHC investments 12 14 10 Tax credits (25 ) (21 ) (18 ) Effects of US tax law change (2 ) (8 ) — State Tax Refunds (5 ) — — Other — 1 2 Effective tax rate 5 % 22 % 31 % On December 22, 2017, the Tax Cuts & Jobs Act was signed into law reducing the federal corporate income tax rate from 35% to 21% effective January 1, 2018. As a result of the reduction in the corporate income tax rate, the Company revalued its net deferred tax liabilities at December 31, 2017, resulting in a one-time tax benefit of $101 million . The components of income tax expense were as follows: Years Ended December 31, (Dollars in millions) 2018 2017 2016 Current income tax expense: Federal $ 195 $ 257 $ 228 State 89 21 105 Foreign 10 (4 ) 7 Total current expense 294 274 340 Deferred income tax expense (benefit): Federal (173 ) (49 ) 58 State (64 ) 52 24 Foreign (5 ) 22 (3 ) Total deferred expense (242 ) 25 79 Total income tax expense $ 52 $ 299 $ 419 The components of the Company's net deferred tax balances as of December 31, 2018 and 2017 were as follows: December 31, (Dollars in millions) 2018 2017 Deferred tax assets: Tax credits and net operating loss carryforwards $ 448 $ 310 Allowance for credit losses 251 254 Accrued expense, net 159 178 Unrealized losses on pension and postretirement benefits 260 214 Unrealized net losses on securities available for sale 132 82 Fair value adjustments for valuation of FDIC covered assets 53 61 Unrealized gains/losses on cash flow hedges 78 62 Other — — Total deferred tax assets 1,381 1,161 Deferred tax liabilities: Leasing and renewable energy 619 769 Intangible assets 59 55 Pension liabilities 365 358 Other 10 7 Total deferred tax liabilities 1,053 1,189 Net deferred tax asset (liability) $ 328 $ (28 ) At December 31, 2018 , the U.S. federal tax credit carryforwards were $378 million (net of uncertain tax liability of $25 million ), the federal net operating loss carryforward was $16 million , AMT tax credit carryforward was $17 million , state tax credits net of federal benefit was $33 million and state net operating loss carryforwards net of federal benefit was $4 million . If not utilized, the federal net operating loss carryforward, state net operating loss and federal tax credits begin to expire in 2032 , 2034 and 2035 , respectively. The state tax credits can be carried forward indefinitely. Additionally, as a result of Tax Cuts and Jobs Act, the AMT credit carryforward can generally be used to offset regular income tax liability in fiscal years 2019 through 2021. Any remaining amount is generally fully refundable by fiscal year 2022. The Company’s AMT Credit carryforward is also subject to rules under separate return limitation years. Deferred tax assets are evaluated for realization based on the existence of sufficient taxable income of the appropriate character. Management has determined that no valuation allowance is required. The following table reflects the changes in gross unrecognized tax benefits: Years Ended December 31, (Dollars in millions) 2018 2017 2016 Balance, beginning of year $ 56 $ 11 $ 8 Gross increases as a result of tax positions taken during prior periods 72 45 — Gross decreases as a result of tax positions taken during prior periods — — — Gross increases as a result of tax positions taken during current period — 2 3 Gross decrease as a result of closed audit years or settlements (1 ) (2 ) — Balance, end of year $ 127 $ 56 $ 11 The amount of unrecognized tax positions that would affect the effective tax rate, if recognized, was $98 million , $33 million and $9 million at December 31, 2018 , 2017 and 2016 , respectively. The Company recognizes interest and penalties as a component of income tax expense. As of December 31, 2018 , we accrued $2 million in interest and $3 million in penalties. It is reasonably possible that certain tax positions will be resolved within the next 12 months, which would decrease the Company's balance of total unrecognized tax benefits by $23 million with 2017 and 2018 filings. The Company is subject to U.S. federal income tax as well as various state and foreign income taxes. With limited exception, the Company is not open to examination for periods before 2015 by U.S. federal taxing authorities and 2014 by state taxing authorities. |
Regulatory Capital Requirements
Regulatory Capital Requirements | 12 Months Ended |
Dec. 31, 2018 | |
Regulatory Capital Requirements [Abstract] | |
Regulatory Capital Requirements | Regulatory Capital Requirements The Company and the Bank are subject to various regulatory capital requirements administered by the U.S. federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary, actions by regulators that, if undertaken, could have a material effect on the Company's consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of the Company's and Bank's assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and the Bank's prompt corrective action classification are also subject to qualitative judgments by the regulators about components, risk-weightings and other factors. Prompt corrective action provisions are not applicable to BHC s such as the Company. The Bank is subject to laws and regulations that limit the amount of dividends it can pay to the Company. Quantitative measures established by regulation to help ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios (set forth in the tables below) of Total and Tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined) and of Tier 1 capital (as defined) to quarterly average assets (as defined). As of December 31, 2018 , management believes the capital ratios of the Bank met all regulatory requirements of "well-capitalized" institutions, which are 10% for the Total risk-based capital ratio and 8.0% for the Tier 1 risk-based capital ratio. Furthermore, management believes, as of December 31, 2018 and 2017 , that the Company and the Bank met all capital adequacy requirements to which they are subject. The Company's and the Bank's capital amounts and ratios are presented in the following tables. U.S. Basel III Minimum Capital Requirement with Capital Conservation Buffer (1) (Dollars in millions) Amount Ratio Amount Ratio Capital Ratios for the Company: As of December 31, 2018: Common equity tier 1 capital (to risk-weighted assets) $ 14,256 13.96 % ≥ $ 6,508 6.375 % Tier 1 capital (to risk-weighted assets) 14,256 13.96 ≥ 8,039 7.875 Total capital (to risk-weighted assets) 14,904 14.60 ≥ 10,081 9.875 Tier 1 leverage (2) 14,256 8.77 ≥ 6,502 4.000 As of December 31, 2017: Common equity tier 1 capital (to risk-weighted assets) $ 15,708 16.31 % ≥ $ 5,539 5.750 % Tier 1 capital (to risk-weighted assets) 15,708 16.31 ≥ 6,984 7.250 Total capital (to risk-weighted assets) 17,106 17.76 ≥ 8,910 9.250 Tier 1 leverage (2) 15,708 10.06 ≥ 6,245 4.000 (1) Beginning January 1, 2018, the minimum capital requirement includes a capital conservation buffer of 1.875%. (2) Tier 1 capital divided by quarterly average assets (excluding certain disallowed assets, primarily goodwill and other intangibles). U.S. Basel III Minimum Capital Requirement with Capital Conservation Buffer (1) To Be Well-Capitalized Under Prompt Corrective Action Provisions (Dollars in millions) Amount Ratio Amount Ratio Amount Ratio Capital Ratios for the Bank: As of December 31, 2018 (U.S. Basel III): Common equity tier 1 capital (to risk-weighted assets) $ 13,316 14.45 % ≥ $ 5,876 6.375 % ≥ $ 5,991 6.5 % Tier 1 capital (to risk-weighted assets) 13,316 14.45 ≥ 7,258 7.875 ≥ 7,374 8.0 Total capital (to risk-weighted assets) 13,905 15.09 ≥ 9,102 9.875 ≥ 9,217 10.0 Tier 1 leverage (2) 13,316 10.61 ≥ 5,018 4.000 ≥ 6,273 5.0 As of December 31, 2017 (U.S. Basel III): Common equity tier 1 capital (to risk-weighted assets) $ 14,028 16.17 % ≥ $ 4,987 5.750 % ≥ $ 5,637 6.5 % Tier 1 capital (to risk-weighted assets) 14,028 16.17 ≥ 6,288 7.250 ≥ 6,938 8.0 Total capital (to risk-weighted assets) 15,335 17.68 ≥ 8,023 9.250 ≥ 8,673 10.0 Tier 1 leverage (2) 14,028 11.78 ≥ 4,762 4.000 ≥ 5,953 5.0 (1) Beginning January 1, 2018, the minimum capital requirement includes a capital conservation buffer of 1.875%. (2) Tier 1 capital divided by quarterly average assets (excluding certain disallowed assets, primarily goodwill and other intangibles). |
Restrictions on Cash and Due fr
Restrictions on Cash and Due from Banks, Securities, Loans and Dividends | 12 Months Ended |
Dec. 31, 2018 | |
Restricted Cash and Investments [Abstract] | |
Restrictions on Cash and Due from Banks, Securities, Loans and Dividends | Restrictions on Cash and Due from Banks, Securities, Loans and Dividends Federal Reserve regulations require the Bank to maintain reserve balances based on the types and amounts of deposits received. The required reserve balances were $348 million and $475 million at December 31, 2018 and 2017 , respectively. See Note 2 to these consolidated financial statements for the carrying amounts of securities that were pledged as collateral to secure public and trust deposits and for other transactions as required by contract or law. See Note 10 to these consolidated financial statements for the carrying amounts of loans and securities that were pledged as collateral for borrowings, including those pledged to the Federal Reserve Bank and FHLB. The Federal Reserve Act restricts the amount of credit transactions and the terms of both credit and non-credit transactions between a bank and its non-bank affiliates. Such transactions may not exceed 10% of the bank's capital and surplus (which for this purpose represents Tier 1 and Tier 2 capital, as calculated under the risk-based capital guidelines, plus the balance of the allowance for loan losses excluded from Tier 2 capital) with any single non-bank affiliate and 20% of the bank's capital and surplus with all its non-bank affiliates. Transactions that are extensions of credit may require collateral to be held to provide added security to the bank. See Note 18 to these consolidated financial statements for further discussion of risk-based capital. At December 31, 2018 , $80 million of notes payable remained outstanding from Bankers Commercial Corporation. The declaration of a dividend by the Bank to the Company is subject to the approval of the OCC if the total of all dividends declared in the current calendar year plus the preceding two years exceeds the Bank's total net income in the current calendar year plus the preceding two years. The payment of dividends is also limited by minimum capital requirements imposed on national banks by the OCC . At December 31, 2018 , MUSA had $17 million of cash segregated in a special reserve account for the exclusive benefit of customers pursuant to Customer Protection Rule 15c3-3 of the Securities and Exchange Act of 1934. |
Commitments, Contingencies and
Commitments, Contingencies and Guarantees | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Guarantees | Commitments, Contingencies and Guarantees The following table summarizes the Company's commitments: (Dollars in millions) December 31, 2018 Commitments to extend credit $ 33,487 Issued standby and commercial letters of credit 4,852 Commitments to enter into forward-starting resale agreements 877 Other commitments 493 Commitments to extend credit are legally binding agreements to lend to a customer provided there are no violations of any condition established in the contract. Commitments have fixed expiration dates or other termination clauses and may require maintenance of compensatory balances. Since many of the commitments to extend credit may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash flow requirements. Standby and commercial letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party. Standby letters of credit are generally contingent upon the failure of the customer to perform according to the terms of the underlying contract with the third party, while commercial letters of credit are issued specifically to facilitate foreign or domestic trade transactions. The majority of these types of commitments have terms of 1 year or less. At December 31, 2018 , the carrying amount of the Company's standby and commercial letters of credit totaled $4 million . Estimated exposure to loss related to these commitments is covered by the allowance for losses on unfunded commitments. The carrying amounts of the standby and commercial letters of credit and the allowance for losses on unfunded credit commitments are included in other liabilities on the consolidated balance sheet. The credit risk involved in issuing loan commitments and standby and commercial letters of credit is essentially the same as that involved in extending loans to customers and is represented by the contractual amount of these instruments. Collateral may be obtained based on management's credit assessment of the customer. Other commitments include collateralized financing activities, commitments to fund principal investments, other securities, and residual value guarantees. Principal investments include direct investments in private and public companies. The Company issues commitments to provide equity and mezzanine capital financing to private and public companies through direct investments. The timing of future cash requirements to fund such commitments is generally dependent on the investment cycle. This cycle, the period over which privately held companies are funded by private equity investors and ultimately sold, merged, or taken public through an initial offering, can vary based on overall market conditions as well as the nature and type of industry in which the companies operate. The Company occasionally enters into financial guarantee contracts where a premium is received from another financial institution counterparty to guarantee a portion of the credit risk on interest rate swap contracts entered into between the financial institution and its customer. The Company becomes liable to pay the financial institution only if the financial institution is unable to collect amounts owed to them by their customer. As of December 31, 2018 , the current exposure to loss under these contracts totaled $9 million , and the maximum potential exposure to loss in the future was estimated at $35 million . The Company is subject to various pending and threatened legal actions that arise in the normal course of business. The Company maintains liabilities for losses from legal actions that are recorded when they are determined to be both probable in their occurrence and can be reasonably estimated. Management believes the disposition of all claims currently pending, including potential losses from claims that may exceed the liabilities recorded, and claims for loss contingencies that are considered reasonably possible to occur, will not have a material effect, either individually or in the aggregate, on the Company's consolidated financial condition, results of operations or liquidity. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions MUAH is a financial holding company, bank holding company and intermediate holding company whose principal subsidiaries are MUFG Union Bank, N.A. and MUFG Securities Americas Inc. It is owned by MUFG Bank, Ltd. and MUFG. MUFG Bank, Ltd. is a wholly-owned subsidiary of MUFG. On July 1, 2016, MUFG designated MUAH as its IHC in accordance with the requirements of the U.S. Federal Reserve Board’s final rules for Enhanced Prudential Standards and transferred interests in substantially all its U.S. subsidiaries to the IHC. On July 1, 2017, MUFG transferred interests in its remaining U.S. subsidiaries to MUAH. The transferred subsidiaries had assets of $1.0 billion , including goodwill and intangibles of $196 million , and liabilities of $601 million , all of which were transferred at carrying value. In consideration for the transferred assets and liabilities, MUAH issued 3,267,433 shares to MUFG Bank, Ltd. and MUFG. The Company provides various business, banking, financial, administrative and support services, and facilities for MUFG Bank, Ltd. in connection with the operation and administration of MUFG Bank, Ltd.'s business in the U.S. (including MUFG Bank, Ltd.'s U.S. branches). The Bank and MUFG Bank, Ltd. participate in a master services agreement whereby the Bank earns fee income in exchange for services and facilities provided. In addition to the above, the Company conducts transactions with affiliates which include MUFG Bank, Ltd., MUFG and other entities which are directly or indirectly owned by MUFG. The transactions include capital market transactions, facilitating securities transactions, secured financing transactions, advisory services, clearing and operational support. Under service level agreements the Company provides services to and receives services from various affiliates. The Company also has referral agreements with its affiliates and pays referral fees from investment banking revenue earned. Related party transactions reflect market-based pricing. These transactions are subject to federal and state statutory and regulatory restrictions and limitations. The tables and discussion below represent the more significant related party balances and income (expenses) generated by related party transactions. As of December 31, 2018 and December 31, 2017 , assets and liabilities with affiliates consisted of the following: (Dollars in millions) December 31, 2018 December 31, 2017 Assets: Cash and cash equivalents $ 80 $ 119 Securities borrowed or purchased under resale agreements 1,913 3,530 Other assets 146 223 Liabilities: Deposits $ 451 $ 362 Securities loaned or sold under repurchase agreements 148 102 Commercial paper and other short-term borrowings 1,081 969 Long-term debt 7,333 6,251 Other liabilities 69 61 Revenues and expenses with affiliates for the years ended 2018 , 2017 , and 2016 were as follows: Years Ended December 31, (Dollars in millions) 2018 2017 2016 Interest Income Securities borrowed or purchased under resale agreements $ 66 $ 41 $ 26 Other 2 1 — Interest Expense Deposits 3 5 — Commercial paper and other short-term borrowings 2 15 24 Long-term debt 171 114 69 Securities loaned or sold under repurchase agreements 18 6 2 Noninterest Income Fees from affiliates 1,213 866 957 Other, net 1 13 (28 ) Noninterest Expense Other 115 112 95 During 2018, the Company sold loans to affiliates for gross proceeds of $542 million , resulting in gains on sale of $2.1 million . During 2018, the Company purchased loans from affiliates for $314 million . For additional information regarding the debt due to affiliates, see Note 9 and Note 10 to our Consolidated Financial Statements included in this Form 10-K. At December 31, 2018 , the Company had $1.4 billion in uncommitted, unsecured borrowing facilities with affiliates. At December 31, 2018 and December 31, 2017 , the Company had derivative contracts with affiliates totaling $4 billion and $3 billion , respectively, in notional balances, with $96 million and $2.4 million in net unrealized gains at December 31, 2018 and December 31, 2017 , respectively. An affiliate extends guarantees on liabilities arising out of or in connection with agreements with certain counterparties. There was no amount guaranteed at December 31, 2018 and December 31, 2017 . |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Business Segments | Business Segments The Company has four reportable segments: Regional Bank, U.S. Wholesale & Investment Banking, Transaction Banking, and MUSA. The Company uses various management accounting methodologies to measure the performance of its segments. Unlike GAAP, there is no standardized or authoritative guidance for management accounting. Consequently, reported results are not necessarily comparable with those presented by other companies and they are not necessarily indicative of the results that would be reported by the business units if they were separate economic entities. Methodologies that are applied to the measurement of segment profitability, which are enhanced from time to time, include a funds transfer pricing system, an activity-based costing methodology, other indirect costs and a methodology to allocate the provision for credit losses. In the second quarter of 2018, the Company began measuring the performance of its business segments by reporting revenues and expenses from products and services sold entirely within the business segment that manages the customer relationship. The Company previously applied a “market view” perspective in measuring the business segments, which reported revenues and expenses from products and services sold in both the business segment that provided the product and the business segment that managed the customer relationship. Prior period results have been revised to conform to the current period presentation. The funds transfer pricing system assigns a cost of funds or a credit for funds to assets or liabilities based on their type, maturity or repricing characteristics. A segment receives a credit from Corporate Treasury for its funding sources. Conversely, a segment is assigned a charge by Corporate Treasury to fund its assets. Certain indirect costs, such as operations and technology expense, are allocated to the segments based on an activity-based costing methodology. Other indirect costs, such as corporate overhead, are allocated to the segments based on internal surveys and metrics that serve as proxies for estimated usage. During the normal course of business, the Company occasionally changes or updates its management accounting methodologies or organizational structure. Certain non-bank subsidiaries, including MUSA, are reported based on their GAAP results. Regional Bank The Regional Bank provides banking products and services to individual and business customers in California, Washington and Oregon through five major business lines. Consumer Banking serves consumers and small businesses through 343 full-service branches, digital channels, call centers, ATMs and alliances with other financial institutions. Products and services include checking and other deposit accounts; residential mortgage loans; consumer loans; home equity lines of credit; credit cards; bill and loan payment services; and merchant services. Commercial Banking provides commercial and asset-based loans to clients across a wide range of industries with annual revenues up to $ 1 billion . By working with the Company's other segments, Commercial Banking clients also have access to non-credit products and services including global treasury management, capital markets solutions, foreign exchange and interest rate risk and commodity risk management products and services. Real Estate Industries serves professional real estate investors and developers with products such as construction loans, commercial mortgages, bridge financing and unsecured financing. Property types supported include apartment, office, retail, industrial and single-family residential on the West Coast and in select metropolitan areas across the country. Real Estate Industries also makes tax credit investments in affordable housing projects through its Community Development Finance unit referenced as LIHC investments. By working with the Company's other segments, Real Estate Industries offers its clients a range of non-credit products and services including global treasury management, capital markets solutions, foreign exchange and interest rate risk and commodity risk management products and services. Wealth Markets serves corporate, institutional, non-profit and individual clients. Capabilities include Wealth Planning / Trust & Estate Services; Investment Management through HighMark Capital Management, Inc., an SEC-registered investment advisory firm wholly-owned by the bank; Brokerage Services through UnionBanc Investment Services, LLC, an SEC-registered broker-dealer/investment advisory firm wholly-owned by the bank; and Private Wealth Management. PurePoint Financial serves consumers through a national deposit platform offering savings accounts and CD products to customers through an online platform with services provided through a call center and a network of financial centers in New York, Florida, Illinois and Texas. U.S. Wholesale & Investment Banking U.S. Wholesale & Investment Banking delivers the full suite of MUAH products and services to large and mid-corporate customers. The segment employs an industry-focused strategy including dedicated coverage teams in General Industries, Power and Utilities, Oil and Gas, Telecom and Media, Technology, Healthcare and Nonprofit, Public Finance, and Financial Institutions (predominantly Insurance and Asset Managers). U.S. Wholesale & Investment Banking provides customers general corporate credit and structured credit services, including project finance, leasing and equipment finance, commercial finance, funds finance and securitizations. By working with the Company's other segments, U.S. Wholesale & Investment Banking offers its customers a range of noncredit services, which include global treasury management, capital market solutions, and various foreign exchange, interest rate risk and commodity risk management products. Transaction Banking Transaction Banking works alongside the Company's other segments to provide working capital management and asset servicing solutions, including deposits and treasury management, trade finance, and institutional trust and custody, to the Company's customers. The client base consists of financial institutions, corporations, government agencies, insurance companies, mutual funds, investment managers and non-profit organizations. MUFG Securities Americas MUSA is MUAH's broker-dealer subsidiary which engages in capital markets origination transactions, private placements, collateralized financings, securities borrowing and lending transactions, and domestic and foreign debt and equity securities transactions. Other "Other" includes the MUFG Fund Services segment, Markets segment, Japanese Corporate Banking segment and Corporate Treasury. MUFG Fund Services provides comprehensive investment fund administrative solutions. Markets provides risk management solutions, including foreign exchange, interest rate and energy risk management solutions. The Japanese Corporate Banking segment offers a range of credit, deposit, and investment management products and services to companies located primarily in the U.S. that are affiliated with companies headquartered in Japan. Corporate Treasury is responsible for ALM, wholesale funding and the ALM investment and derivatives hedging portfolios. These treasury management activities are carried out to manage the net interest rate and liquidity risks of the Company's balance sheet and to manage those risks within the guidelines established by ALCO. For additional discussion regarding these risk management activities, see Part II, Item 7A. “Quantitative and Qualitative Disclosures About Market Risk” in this Form 10-K. Additionally, "Other" is comprised of certain corporate activities of the Company; the net impact of funds transfer pricing charges and credits allocated to the reportable segments; the residual costs of support groups; fees from affiliates and noninterest expenses associated with MUFG Bank, Ltd. U.S. branch banking operations; the unallocated allowance; goodwill, intangible assets, and the related amortization/accretion associated with the Company's privatization transaction when we became a privately held company in 2008; the elimination of the fully taxable-equivalent basis amount; the difference between the marginal tax rate and the consolidated effective tax rate; and FDIC covered assets. The information, set forth in the tables that follow, is prepared using various management accounting methodologies to measure the performance of the individual segments. Unlike GAAP, there is no standardized or authoritative guidance for management accounting. Consequently, reported results are not necessarily comparable with those presented by other companies and they are not necessarily indicative of the results that would be reported by the business units if they were unique economic entities. The management reporting accounting methodologies, which are enhanced from time to time, measure segment profitability by assigning balance sheet and statements of income items to each operating segment. Methodologies that are applied to the measurement of segment profitability include a funds transfer pricing system, an activity-based costing methodology, other indirect costs and a methodology to allocate the provision for credit losses. The funds transfer pricing system assigns a cost of funds or a credit for funds to assets or liabilities based on their type, maturity or repricing characteristics between Corporate Treasury and the operating segments. A segment receives a funding credit from Corporate Treasury for its liabilities. Conversely, a segment is assigned a charge by Corporate Treasury to fund its assets. Certain indirect costs, such as operations and technology expense, are allocated to the segments based on an activity-based costing methodology. Other indirect costs, such as corporate overhead, are allocated to the segments based on internal surveys and metrics that serve as proxies for estimated usage. During the normal course of business, the Company occasionally changes or updates its management accounting methodologies or organizational structure. Certain of the transferred IHC entities are not measured using management accounting methodologies. As of and for the Twelve Months Ended December 31, 2018: (Dollars in millions) Regional Bank U.S. Wholesale & Investment Banking Transaction Banking MUSA Other MUFG Americas Holdings Corporation Results of operations Net interest income (expense) $ 2,195 $ 415 $ 264 $ 200 $ 233 $ 3,307 Noninterest income 451 373 59 300 994 2,177 Total revenue 2,646 788 323 500 1,227 5,484 Noninterest expense 2,058 418 255 443 1,103 4,277 (Reversal of) provision for credit losses 65 42 (3 ) — 2 106 Income (loss) before income taxes and including noncontrolling interests 523 328 71 57 122 1,101 Income tax expense (benefit) (1) 105 122 19 17 (211 ) 52 Net income (loss) including noncontrolling interest 418 206 52 40 333 1,049 Deduct: net loss from noncontrolling interests — — — — 24 24 Net income (loss) attributable to MUAH $ 418 $ 206 $ 52 $ 40 $ 357 $ 1,073 Total assets, end of period $ 73,554 $ 20,933 $ 941 $ 33,844 $ 38,828 $ 168,100 (1) Income tax expense (benefit) includes certain management accounting classification adjustments. As of and for the Twelve Months Ended December 31, 2017: (Dollars in millions) Regional Bank U.S. Wholesale & Investment Banking Transaction Banking MUSA Other MUFG Americas Holdings Results of operations Net interest income (expense) $ 2,051 $ 417 $ 247 $ 234 $ 255 $ 3,204 Noninterest income 442 370 64 351 783 2,010 Total revenue 2,493 787 311 585 1,038 5,214 Noninterest expense 1,961 403 229 445 946 3,984 (Reversal of) provision for credit losses 22 (104 ) 1 — (22 ) (103 ) Income (loss) before income taxes and including noncontrolling interests 510 488 81 140 114 1,333 Income tax expense (benefit) (1) 178 (197 ) 33 59 226 299 Net income (loss) including noncontrolling interest 332 685 48 81 (112 ) 1,034 Deduct: net loss from noncontrolling interests — — — — 43 43 Net income (loss) attributable to MUAH $ 332 $ 685 $ 48 $ 81 $ (69 ) $ 1,077 Total assets, end of period $ 67,804 $ 20,461 $ 1,063 $ 32,062 $ 33,160 $ 154,550 (1) Income tax expense (benefit) includes certain management accounting classification adjustments. As of and for the Twelve Months Ended December 31, 2016: (Dollars in millions) Regional Bank U.S. Wholesale & Investment Banking Transaction Banking MUSA Other MUFG Americas Holdings Results of operations Net interest income (expense) $ 1,952 $ 541 $ 202 $ 164 $ 194 $ 3,053 Noninterest income 449 368 72 302 1,034 2,225 Total revenue 2,401 909 274 466 1,228 5,278 Noninterest expense 1,843 404 190 362 983 3,782 (Reversal of) provision for credit losses 30 98 — — 27 155 Income (loss) before income taxes and including noncontrolling interests 528 407 84 104 218 1,341 Income tax expense (benefit) (1) 152 91 39 41 96 419 Net income (loss) including noncontrolling interest 376 316 45 63 122 922 Deduct: net loss from noncontrolling interests — — — — 68 68 Net income (loss) attributable to MUAH $ 376 $ 316 $ 45 $ 63 $ 190 $ 990 Total assets, end of period $ 63,169 $ 23,805 $ 1,205 $ 29,252 $ 30,713 $ 148,144 (1) Income tax expense (benefit) includes certain management accounting classification adjustments. |
Condensed MUFG Americas Holding
Condensed MUFG Americas Holdings Corporation Unconsolidated Financial Statements (Parent Company) | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed MUFG Americas Holdings Corporation Unconsolidated Financial Statements (Parent Company) | Condensed MUFG Americas Holdings Corporation Unconsolidated Financial Statements (Parent Company) Condensed Balance Sheets December 31, (Dollars in millions) 2018 2017 Assets Cash and cash equivalents $ 739 $ 1,341 Investments in and advances to subsidiaries Bank subsidiary 18,493 19,598 Nonbank subsidiaries 4,618 4,314 Other assets 76 69 Total assets $ 23,926 $ 25,322 Liabilities and Stockholders' Equity Long-term debt $ 7,355 $ 6,997 Other liabilities 63 70 Total liabilities 7,418 7,067 Stockholders' equity 16,508 18,255 Total liabilities and stockholders' equity $ 23,926 $ 25,322 Condensed Statements of Income Years Ended December 31, (Dollars in millions) 2018 2017 2016 Income: Dividends from subsidiaries: Bank subsidiary $ 1,700 $ 320 $ — Nonbank subsidiaries 95 51 — Interest income on advances to subsidiaries and deposits in bank 137 79 22 Rental Income 15 15 16 Total income 1,947 465 38 Expense: Interest expense 194 144 75 Other expense 17 14 19 Total expense 211 158 94 Income (loss) before income taxes and equity in undistributed net income of subsidiaries 1,736 307 (56 ) Income tax benefit (13 ) (20 ) (22 ) Income (loss) before equity in undistributed net income of subsidiaries 1,749 327 (34 ) Equity in undistributed net income of subsidiaries less dividends received: Bank subsidiary (697 ) 366 900 Nonbank subsidiaries 21 384 124 Net Income $ 1,073 $ 1,077 $ 990 Condensed Statements of Cash Flows Years Ended December 31, (Dollars in millions) 2018 2017 2016 Cash Flows from Operating Activities: Net income $ 1,073 $ 1,077 $ 990 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Equity in undistributed net income of subsidiaries less dividends received 676 (750 ) (1,024 ) Other, net (9 ) 2 — Net cash provided by (used in) operating activities 1,740 329 (34 ) Cash Flows from Investing Activities: Investments in and advances to subsidiaries (2,612 ) (5,050 ) (1,197 ) Repayment of investments in and advances to subsidiaries 2,411 1,495 1,820 Net cash used in investing activities (201 ) (3,555 ) 623 Cash Flows from Financing Activities: Proceeds from advances from subsidiaries — 200 — Repayment of advances from subsidiaries — (200 ) — Proceeds from issuance of long-term debt 6,500 3,525 545 Repayment of long-term debt (6,145 ) — — Dividends paid — (500 ) — Share repurchase (2,496 ) — — Other, net — — 1 Net cash provided by (used in) financing activities (2,141 ) 3,025 546 Net increase (decrease) in cash and cash equivalents (602 ) (201 ) 1,135 Cash and cash equivalents at beginning of year 1,341 1,542 407 Cash and cash equivalents at end of year $ 739 $ 1,341 $ 1,542 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies and Nature of Operations (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Principles of Consolidation and Basis of Financial Statement Presentation | Principles of Consolidation and Basis of Financial Statement Presentation The consolidated financial statements include the accounts of the Company and other entities in which the Company has a controlling financial interest. The Company determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a VIE. The primary beneficiary of a VIE is the entity that has the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and has the obligation to absorb losses or receive benefits from the VIE that could potentially be significant to the VIE. Results of operations from VIEs are included from the dates that the Company became the primary beneficiary. All intercompany transactions and balances with consolidated entities are eliminated in consolidation. The Company accounts for equity investments over which it exerts significant influence using the equity method of accounting. Non-marketable equity investments where the Company does not exert significant influence are accounted for at cost or using the proportional amortization method. Investments accounted for under the equity method, proportional amortization method, and cost method are included in other assets. The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America (GAAP). The policies that materially affect the determination of financial position, results of operations and cash flows are summarized below. The preparation of financial statements in conformity with GAAP also requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Although such estimates contemplate current conditions and management's expectations of how they may change in the future, it is reasonably possible that actual results could differ significantly from those estimates. This could materially affect the Company's results of operations and financial condition in the near term. Critical estimates made by management in the preparation of the Company's financial statements include, but are not limited to, the allowance for credit losses ( Note 3 ), goodwill impairment ( Note 5 ), fair value of financial instruments ( Note 11 ), pension accounting ( Note 15 ), income taxes ( Note 17 ), and transfer pricing ( Note 21 ). |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash and due from banks, interest bearing deposits in banks, and federal funds sold. |
Securities Borrowed or Purchased under Agreements to Resell and Securities Loaned or Sold under Agreements to Repurchase | Securities Borrowed or Purchased under Agreements to Resell and Securities Loaned or Sold under Agreements to Repurchase Securities borrowed and securities loaned transactions do not qualify for sale accounting and therefore are not recognized on the transferee's balance sheet. Securities borrowed and securities loaned represent the amount of cash collateral advanced or received, respectively. The Company monitors the market value of the borrowed and loaned securities on a daily basis, with additional collateral obtained or refunded as necessary. Accrued interest associated with securities borrowed and securities loaned is included in other assets and other liabilities, respectively. Interest associated with securities borrowed and securities loaned is recorded as interest income and interest expense, respectively. |
Repurchase and Resale Agreements | Securities purchased under agreements to resell (“reverse repurchase agreements”) and securities sold under agreements to repurchase (“repurchase agreements”) do not qualify for sale accounting and therefore are not recognized on the transferee's balance sheet. Transactions involving these agreements are accounted for as collateralized financings. These agreements are recorded at the amounts at which the securities were acquired or sold and are carried at amortized cost. The Company generally obtains possession of collateral with a market value equal to or in excess of the principal amount financed under reverse repurchase agreements. Collateral is valued daily, and the Company may require counterparties to deposit additional collateral or return collateral pledged, when appropriate. Accrued interest associated with reverse repurchase agreements and repurchase agreements is included in other assets and other liabilities, respectively. Interest associated with reverse repurchase agreements and repurchase agreements is recorded as interest income and interest expense, respectively. The Company generally enters into reverse repurchase and repurchase agreements under legally enforceable master repurchase agreements that give the Company, in the event of counterparty default, the right to liquidate securities held and offset receivables and payables with the same counterparty. The Company offsets reverse repurchase and repurchase agreements with the same counterparty where they have a legally enforceable master netting agreement and the transactions have the same maturity date. |
Trading Account Assets and Liabilities | Trading Account Assets and Liabilities Trading account assets and liabilities are recorded at fair value and include certain securities and derivatives. Securities are classified as trading when management acquires them with the intent to hold for short periods, primarily at MUAH's broker-dealer subsidiary, MUSA, or as an accommodation to customers. Substantially all of the securities have a high degree of liquidity and a readily determinable fair value. Interest on securities classified as trading is included in interest income, and realized gains and losses from sale and unrealized fair value adjustments are recognized in noninterest income. Trading securities that are pledged under an agreement to repurchase and which may be sold or repledged under that agreement are separately identified as pledged as collateral. Derivatives included in trading account assets and liabilities are entered into for trading purposes or as an accommodation to customers. Contracts primarily include interest rate swaps and options, commodity swaps and options, and foreign exchange contracts. The Company nets derivative assets and liabilities, and the related cash collateral receivables and payables, when a legally enforceable master netting arrangement exists between the Company and the derivative counterparty. Changes in fair values and realized income or expense for trading asset and liability derivatives are included in noninterest income. |
Securities | Securities Securities are classified based on management's intent and are recorded on the consolidated balance sheet as of the trade date, when acquired in a regular-way trade. Debt securities for which management has both the positive intent and ability to hold to maturity are classified as held to maturity and are carried at amortized cost. Debt securities with readily determinable fair values that are not classified as trading assets or held to maturity are classified as available for sale and are carried at fair value, with the unrealized gains or losses reported net of taxes as a component of AOCI in stockholders' equity until realized. Interest income on debt securities classified as either available for sale or held to maturity includes the amortization of premiums and the accretion of discounts using a method that produces a level yield and is included in interest income on securities. Realized gains and losses on the sale of available for sale securities are included in noninterest income. The specific identification method is used to calculate realized gains and losses on sales. Securities available for sale that are pledged under an agreement to repurchase and which may be sold or repledged under that agreement are separately identified as pledged as collateral. |
Other-than-Temporary Impairment | Debt securities available for sale and debt securities held to maturity are subject to impairment testing when a security's fair value is lower than its amortized cost. Debt securities with unrealized losses are considered other-than-temporarily impaired if we intend to sell the debt security, if it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis, or if we do not expect to recover the entire amortized cost basis of the security. If we intend to sell the security, or if it is more likely than not that we will be required to sell the security before recovery, an other-than-temporary impairment write-down is recognized in earnings equal to the entire difference between the amortized cost basis and fair value of the debt security. However, even if we do not expect to sell a debt security we must evaluate the expected cash flows to be received and determine if a credit loss exists. In the event of a credit loss, only the amount of impairment associated with the credit loss is recognized in income. Amounts related to factors other than credit losses are recorded in other comprehensive income. For further information on our other-than-temporary impairment analysis, see Note 2 to our Consolidated Financial Statements in this Form 10-K. |
Loans Held for Investment, Purchased Credit-Impaired Loans, Other Acquired Loans and Loans Held for Sale | Loans Held for Investment, Other Acquired Loans, Loans Held for Sale and Leases Loans held for investment are reported at the principal amounts outstanding, net of charge-offs, unamortized nonrefundable loan fees, direct loan origination costs, and purchase premiums and discounts. Where loans are held for investment, the net basis adjustment excluding charge-offs on the loan is generally recognized in interest income on an effective yield basis over the contractual loan term. Nonaccrual loans are those for which management has discontinued accrual of interest because there exists significant uncertainty as to the full and timely collection of either principal or interest. Loans are generally placed on nonaccrual when such loans have become contractually past due 90 days with respect to principal or interest. Past due status is determined based on the contractual terms of the loan and the number of payment cycles since the last payment date. Interest accruals are continued past 90 days for certain small business loans and consumer installment loans, which are charged off at 120 days. For the commercial loan portfolio segment, interest accruals are also continued for loans that are both well-secured and in the process of collection. When a loan is placed on nonaccrual status, all previously accrued but uncollected interest is reversed against current period interest income. When full collection of the outstanding principal balance is in doubt, subsequent payments received are first applied to unpaid principal and then to uncollected interest. A loan may be returned to accrual status at such time as the loan is brought fully current as to both principal and interest, and such loan is considered to be fully collectible on a timely basis. The Company's policy also allows management to continue the recognition of interest income on certain loans placed on nonaccrual status. This portion of the nonaccrual portfolio is referred to as "Cash Basis Nonaccrual" under which the accrual of interest is suspended and interest income is recognized only when collected. This policy applies to consumer portfolio segment loans and commercial portfolio segment loans that are well-secured and in management's judgment are considered to be fully collectible but the timely collection of payments is in doubt. A TDR is a restructuring of a loan in which the creditor, for economic or legal reasons related to the borrower's financial difficulties, grants a concession to the borrower that it would not otherwise consider. A loan subject to such a restructuring is accounted for as a TDR. A TDR typically involves a modification of terms such as a reduction of the interest rate below the current market rate for a loan with similar risk characteristics or extending the maturity date of the loan without corresponding compensation or additional support. The Company measures impairment of a TDR using the methodology described for individually impaired loans (see "Allowance for Loan Losses" below). For the consumer portfolio segment, TDRs are initially placed on nonaccrual and typically, a minimum of six consecutive months of sustained performance is required before returning to accrual status. For the commercial portfolio segment, the Company generally determines accrual status for TDRs by performing an individual assessment of each loan, which may include, among other factors, demonstrated performance by the borrower under the previous terms. Except for certain transactions between entities under common control, loans acquired in a transfer, including business combinations, are recorded at fair value at the acquisition date, factoring in credit losses expected to be incurred over the life of the loan. Loans held for sale, which are recorded in other assets, are carried at the lower of cost or fair value and measured on an individual basis for commercial loans and on an aggregate basis for residential mortgage loans. Changes in fair value are recognized in other noninterest income. Nonrefundable fees, direct loan origination costs, and purchase premiums and discounts related to loans held for sale are deferred and recognized as a component of the gain or loss on sale. Contractual interest earned on loans held for sale is recognized in interest income. As lessor, the Company primarily offers two types of leases to customers: 1) direct financing leases where the assets leased are acquired without additional financing from other sources, and 2) leveraged leases where a substantial portion of the financing is provided by debt with no recourse to the Company. Direct financing leases and leveraged leases are recorded based on the amount of minimum lease payments receivable, unguaranteed residual value accruing to the benefit of the lessor, unamortized initial direct costs, and are reduced for any unearned income. Leveraged leases are recorded net of any nonrecourse debt. |
Allowance for Loan Losses | Allowance for Loan Losses The Company maintains an allowance for loan losses to absorb losses inherent in the loan portfolio. The allowance is based on ongoing, quarterly assessments of the probable estimated losses inherent in the loan portfolio. The allowance is increased by the provision for loan losses, which is charged against current period operating results and decreased by the amount of charge-offs, net of recoveries. The Company's methodology for assessing the appropriateness of the allowance consists of several key elements, which include the allowance for loans collectively evaluated for impairment, the allowance for loans individually evaluated for impairment, and the unallocated allowance. Management estimates probable losses inherent in the portfolio based on a loss emergence period. The loss emergence period is the estimated average period of time between a material adverse event that affects the creditworthiness of a borrower and the subsequent recognition of a loss. Updates of the loss emergence period are performed when significant events cause management to reexamine data. Management develops and documents its systematic methodology for determining the allowance for loan losses by first dividing its portfolio into segments—the commercial segment and consumer segment. The Company further divides the portfolio segments into classes based on initial measurement attributes, risk characteristics or its method of monitoring and assessing credit risk. The classes for the Company include commercial and industrial, commercial mortgage, construction, residential mortgage, and home equity and other consumer loans. While the Company's methodology attributes portions of the allowance to specific portfolio segments, the entire allowance is available to absorb credit losses inherent in the total loan portfolio. For the commercial portfolio segment, the allowance for loans collectively evaluated for impairment is calculated by utilizing a dual factor internal risk rating system that encompasses both the probability that a credit facility may ultimately default (i.e. probability of default) and an estimate of the severity of the loss that would be realized upon such default (i.e. the loss-given default) and applying these risk ratings to outstanding loans and most unused commitments. The probability of default and loss-given default may be adjusted for qualitative or environmental factors that, in management's judgment, are likely to cause estimated credit losses associated with the existing portfolio to differ from the historical probability of default and loss-given default. The Company refined its methodology for estimating the allowance for commercial loans collectively evaluated for impairment and the allowance for losses on unfunded credit commitments during the first quarter of 2018. Previously the Company derived the allowance for these loans by assigning a loss factor based on an internal risk rating that estimated the probability that a credit facility may ultimately default (i.e. probability of default) rather than a dual factor internal risk rating system that encompasses both the probability of default and an estimate of the severity of the loss that would be realized upon such default (i.e. the loss-given default). During the second quarter of 2018, the Company implemented refinements to the qualitative considerations used in our reserve methodology. For the consumer portfolio segment, loans are generally pooled by product type with similar risk characteristics. The Company estimates the allowance for loans collectively evaluated for impairment based on forecasted losses. The allowance for loans collectively evaluated for impairment also includes attributions for certain sectors within the commercial and consumer portfolio segments to account for probable losses based on incurred loss events that are currently not reflected in the probability of default and loss-given default. Segment attributions are calculated based on migration scenarios for the commercial portfolio and specific attributes applicable to the consumer portfolio. Segment considerations are revised periodically as portfolio and environmental conditions change. The Company individually evaluates for impairment larger nonaccruing loans within the commercial portfolio. Residential mortgage and consumer loans are not individually evaluated for impairment unless they represent TDRs. Loans are considered impaired when the evaluation of current information regarding the borrower's financial condition, loan collateral, and cash flows indicates that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement, including interest payments. The amount of impairment is measured using the present value of expected future cash flows discounted at the loan's effective rate, the loan's observable market price, or the fair value of the collateral, if the loan is collateral dependent. The unallocated allowance is composed of attributions that are intended to capture probable losses from adverse changes in credit migration and other inherent losses that are not currently reflected in the allowance for loan losses that are ascribed to our portfolio segments. Significant risk characteristics considered in estimating the allowance for credit losses include the following: • Commercial and industrial—industry specific economic trends and individual borrower financial condition • Construction and commercial mortgage loans—type of property (i.e., residential, commercial, industrial), geographic concentrations, and risks and individual borrower financial condition • Residential mortgage and consumer—historical and expected future charge-offs, borrower's credit, property collateral, and loan characteristics Loans are charged-off in whole or in part when they are considered to be uncollectible. Loans in the commercial loan portfolio segment are generally considered uncollectible based on an evaluation of borrower financial condition as well as the value of any collateral. Loans in the consumer portfolio segment are generally considered uncollectible based on past due status or the execution of certain TDR modifications such as discharge through Chapter 7 bankruptcy and the value of any collateral. Recoveries of amounts previously charged off are recorded as a recovery to the allowance for loan losses. |
Allowance for Losses on Unfunded Credit Commitments | Allowance for Losses on Unfunded Credit Commitments The Company maintains an allowance for losses on unfunded credit commitments to absorb losses inherent in those commitments upon funding. The Company's methodology for assessing the appropriateness of this allowance is the same as that used for the allowance for loan losses (see "Allowance for Loan Losses" above) and incorporates an assumption based upon historical experience of likely utilization of the commitment. The allowance for losses on unfunded credit commitments is classified as other liabilities and the change in this allowance is recognized in the provision for credit losses. Losses on unfunded credit commitments are identified when exposures committed to customers facing difficulty are drawn upon, and subsequently result in charge-offs. |
Goodwill and Identifiable Intangible Assets | Goodwill and Identifiable Intangible Assets Intangible assets represent purchased assets that lack physical substance and can be separately distinguished from goodwill because of contractual or other legal rights or because the asset is capable of being sold, exchanged, or licensed. Intangible assets are recorded at fair value at the date of acquisition. Intangible assets that have indefinite lives are tested for impairment at least annually, and more frequently in certain circumstances. Intangible assets that have finite lives, which include core deposit intangibles, customer relationships, non-compete agreements and trade names, are amortized either using the straight-line method or a method that patterns the consumption of the economic benefit. Intangible assets are amortized over their estimated periods of benefit, which range from three to forty years. The Company periodically evaluates the recoverability of intangible assets and takes into account events or circumstances that warrant revised estimates of useful lives or that indicate impairment exists. Goodwill is assessed for impairment at least annually at the reporting unit level either qualitatively or quantitatively. If the elected qualitative assessment results indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then the quantitative impairment test is required. Various valuation methodologies are applied to carry out the first step of the quantitative impairment test by comparing the fair value of the reporting unit to its carrying amount, including goodwill. If the fair value of the reporting unit is less than its carrying amount, a second step is required to measure the amount of impairment by comparing the implied fair value of the goodwill assigned to the reporting unit with the carrying amount of that goodwill. Goodwill impairment is recognized through noninterest expense as a direct write down to its carrying amount and subsequent reversals of goodwill impairment are prohibited. |
Other Investments | Other Investments The Company invests in limited liability partnerships and other entities operating qualified affordable housing projects. These LIHC investments provide tax benefits to investors in the form of tax deductions from operating losses and tax credits. The LIHC investments are initially recorded at cost, and are subsequently accounted for under the proportional amortization method, when such requirements are met to apply that methodology. Under the proportional amortization method, the Company amortizes the initial investment in proportion to the tax credits and other tax benefits allocated to the Company, with amortization recognized in the statement of income as a component of income tax expense. When the requirements are not met to apply the proportional amortization method, the investment is accounted for under the equity method of accounting with equity method losses recorded in noninterest expense. LIHC investments are reviewed periodically for impairment. The Company also invests in limited liability entities and trusts that operate renewable energy projects, either directly or indirectly. Tax credits, taxable income and distributions associated with these renewable energy projects may be allocated to investors according to the terms of the partnership agreements. These investments are accounted for under the equity method and are reviewed periodically for impairment, considering projected operating results and realizability of tax credits. For those projects where economic benefits are not allocated based on pro rata ownership percentage, the Company accounts for its investments using the hypothetical liquidation at book value (“HLBV”) method. Under the HLBV method, the Company determines its share of an investee’s earnings by comparing the amount it would hypothetically receive at each balance sheet reporting date under the liquidation provisions of the partnership agreements, assuming the investee's net assets were liquidated at amounts determined in accordance with GAAP and distributed to the Company, after taking capital transactions during the period into account. |
Derivative Instruments Used in Hedging Relationships | Derivative Instruments Used in Hedging Relationships The Company enters into a variety of derivative contracts as a means of managing the Company's interest rate exposure and designates such derivatives under qualifying hedge relationships. All such derivative instruments are recorded at fair value and are included in other assets or other liabilities. The Company offsets derivative assets and liabilities, and the related cash collateral receivables and payables, when a legally enforceable master netting arrangement exists between the Company and the derivative counterparty. At hedge inception, the Company designates a derivative instrument as a hedge of the fair value of a recognized asset or liability (i.e., fair value hedge), or a hedge of the variability in the expected future cash flows associated with either an existing recognized asset or liability or a probable forecasted transaction (i.e., cash flow hedge). Where hedge accounting is applied at hedge inception, the Company formally documents its risk management objective and strategy for undertaking the hedge, which includes identification of the hedging instrument, the hedged item or transaction, the nature of the risk being hedged, and how the hedge's effectiveness will be assessed prospectively and retrospectively. Both at the inception of the hedge and on an ongoing basis, the hedging instrument must be highly effective in offsetting changes in fair values or cash flows of the hedged item in order to qualify for hedge accounting. For fair value hedges, any ineffectiveness is recognized in noninterest expense in the period in which it arises. For cash flow hedges, only ineffectiveness resulting from over-hedging is recorded in earnings as an adjustment to noninterest expense, with other changes in the fair value of the derivative instrument recognized in other comprehensive income. For cash flow hedges of interest rate risk, the amount in other comprehensive income is subsequently reclassified to net interest income in the period in which the cash flow from the hedged item is recognized in earnings. If a derivative instrument is no longer determined to be highly effective as a designated hedge, hedge accounting is discontinued and subsequent fair value adjustments of the derivative instrument are recorded in earnings. |
Transfers of Financial Assets | Transfers of Financial Assets Transfers of financial assets in which the Company has surrendered control over the transferred assets are accounted for as sales. Control is generally considered to have been surrendered when the transferred assets have been legally isolated from the Company, the transferee has the right to pledge or exchange the assets without any significant constraints, and the Company has not entered into a repurchase agreement, does not hold unconditional call options and has not written put options on the transferred assets. In assessing whether control has been surrendered, the Company considers whether the transferee would be a consolidated affiliate and the impact of all arrangements or agreements made contemporaneously with, or in contemplation of, the transfer, even if they were not entered into at the time of transfer. |
Transfer Pricing | Transfer Pricing Employees of the Company perform management and support services to MUFG Bank, Ltd. in connection with the operation and administration of MUFG Bank, Ltd.’s businesses in the Americas. In consideration for the services provided, MUFG Bank, Ltd. pays the Company fees under a master services agreement, which reflects market-based pricing for those services. The Company recognizes transfer pricing revenue when delivery (performance) has occurred or services have been rendered. Revenue is typically recognized based on the gross amount billed to MUFG Bank, Ltd. without netting the associated costs to perform those services. Gross presentation is typically deemed appropriate in these instances as the Company acts as a principal when providing these services directly to MUFG Bank, Ltd. |
Operating Leases | . |
Income Taxes | Income Taxes The Company files consolidated U.S. federal income tax returns, foreign tax returns and various combined and separate company state income tax returns. We record a provision for income taxes for the anticipated tax consequences of the reported results of operations using the asset and liability method. Under this method, we recognize deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, as well as for loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the tax rates that are expected to apply to taxable income for the years in which those tax assets and liabilities are expected to be realized or settled. We recognize the deferred income tax effects of a change in tax rates in the period of the enactment. We recognize tax benefits from uncertain tax positions only if we believe that it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. We make adjustments to these reserves in accordance with the income tax accounting guidance when facts and circumstances change, such as the closing of a tax audit or the refinement of an estimate. To the extent that the final tax outcome of these matters is different from the amounts recorded, such differences will affect the provision for income taxes in the period in which such determination is made, and could have a material impact on our financial condition and operating results. Foreign taxes paid are generally applied as credits to reduce U.S. federal income taxes payable. |
Employee Pension and Other Postretirement Benefits | Employee Pension and Other Postretirement Benefits The Company provides a variety of pension and other postretirement benefit plans for eligible employees and retirees. Net periodic pension and other postretirement benefit cost is recognized over the approximate service period of plan participants and includes significant discount rate and plan asset return assumptions. |
Stock-Based Compensation | Stock-Based Compensation |
Business Combinations | Business Combinations The Company accounts for all business combinations using the acquisition method of accounting. Assets and liabilities acquired are recorded at fair value at the acquisition date, with the excess of purchase price over the fair value of the net assets acquired (including identifiable intangibles) recorded as goodwill. Management may further adjust the acquisition date fair values for a period of up to one year from the date of acquisition. The recognition at the acquisition date of an allowance for loan losses is not carried over or recorded as of acquisition date, as credit-related factors are incorporated directly into the fair value measurement of the loans. For combinations between entities under common control, assets and liabilities acquired are recorded at book value at the transfer date. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Accounting for Leases In February 2016, the FASB issued ASU 2016-02, Leases , which will require entities that lease assets (i.e., lessees) to recognize assets and liabilities on their balance sheet for the rights and obligations created by those leases. The accounting by entities that own the assets leased (i.e., lessors) will remain largely unchanged; however, leveraged lease accounting will no longer be permitted for leases that commence after the effective date. The ASU will also require qualitative and quantitative disclosures about the amount, timing and uncertainty of cash flows arising from leases. The ASU is effective for interim and annual periods beginning on January 1, 2019 and requires a modified retrospective approach, with early adoption permitted. In July 2018, the FASB issued ASU 2018-11, Leases , which allows entities the option to recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. In December 2018, the FASB issued ASU 2018-20, Leases , which clarified lessor accounting for sales and similar taxes collected by lessors, certain lessor costs, and lease payments with lease and nonlease components. Effective January 1, 2019 the Company adopted this guidance which does not significantly impact the Company's financial position or results of operations. Measurement of Credit Losses on Financial Instruments In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments , which provides new guidance on the accounting for credit losses for instruments that are within its scope. This new guidance is commonly referred to as the current expected credit loss (“CECL”) model. For loans and debt securities accounted for at amortized cost, certain off-balance sheet credit exposures, net investments in leases, and trade receivables, the ASU requires an entity to recognize its estimate of credit losses expected over the life of the financial instrument or exposure. Lifetime expected credit losses on purchased financial assets with credit deterioration will be recognized as an allowance with an offset to the cost basis of the asset. For available for sale debt securities, the new standard will require recognition of expected credit losses by recognizing an allowance for credit losses when the fair value of the security is below amortized cost and the recognition of this allowance is limited to the difference between the security’s amortized cost basis and fair value. The ASU is effective for interim and annual periods beginning on January 1, 2020, with early adoption permitted in 2019. The Company plans to adopt the ASU on January 1, 2020. The Company is in the design phase of the implementation. Management is currently assessing the impact of this guidance on the Company’s financial position or results of operations. Simplifying the Test for Goodwill Impairment In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment . The ASU removes Step 2 of the goodwill impairment test, which measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. Under the amendments, a goodwill impairment loss will be measured as the amount by which a reporting unit’s carrying amount exceeds its fair value; however, the loss recognized cannot exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss. The ASU will be effective for MUAH beginning January 1, 2020 on a prospective basis. Management does not expect the adoption of this guidance to significantly impact the Company’s financial position or results of operations. Premium Amortization on Purchased Callable Debt Securities In March 2017, the FASB issued ASU 2017-08, Premium Amortization on Purchased Callable Debt Securities , which requires premiums on certain purchased callable debt securities to be amortized to the earliest call date. Under current guidance, premiums on callable debt securities are generally amortized over the contractual life of the security. The amortization period for callable debt securities purchased at a discount will not be impacted. Effective January 1, 2019 the Company adopted this guidance which does not significantly impact the Company's financial position or results of operations. Targeted Improvements to Accounting for Hedging Activities In August 2017, the FASB issued ASU 2017-12, Targeted Improvements to Accounting for Hedging Activities, which will make more hedging strategies eligible for hedge accounting, simplify the application of hedge accounting, and enhance the transparency and understandability of hedge results. The guidance eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires the entire change in the fair value of a hedging instrument to be presented in the same income statement line as the hedged item. It also amends the disclosure requirements and changes how entities assess effectiveness. Effective January 1, 2019 the Company adopted this guidance which does not significantly impact the Company's financial position or results of operations. Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement In August 2018, the FASB issued ASU 2018-13, Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, which modifies disclosure requirements on fair value measurements to improve their effectiveness. The guidance permits entities to consider materiality when evaluating fair value measurement disclosures and, among other modifications, requires certain new disclosures related to Level 3 fair value measurements. The guidance will be effective for MUAH beginning January 1, 2020, with early adoption permitted. The guidance only affects disclosures in the notes to the consolidated financial statements and will not affect the Company’s financial position or results of operations. Recently Adopted Accounting Pronouncements Revenue from Contracts with Customers Effective January 1, 2018, the Company adopted ASU 2014-09, Revenue from Contracts with Customers , which provides guidance on the core principle that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU applies to all contracts with customers, except financial instruments, guarantees, lease contracts, insurance contracts and certain non-monetary exchanges. This guidance did not significantly affect the Company's financial position or results of operations. Principal versus Agent Considerations (Reporting Revenue Gross versus Net) Effective January 1, 2018, the Company adopted ASU 2016-08, Principal versus Agent Considerations (Reporting Revenue Gross versus Net) . The ASU amends ASU 2014-09, Revenue from Contracts with Customers , with respect to assessing whether an entity is a principal (and thus presents revenue gross) or an agent (and thus presents revenue net). The amendments retain the guidance that the principal in an arrangement controls a good or service before it is transferred to a customer and clarify: (1) that an entity must first identify the specified good or service being provided to the customer; (2) that the unit of account for the principal versus agent assessment is each specified good or service promised in a contract; (3) indicators and examples to help an entity evaluate whether it is the principal; and (4) how to assess whether an entity controls services performed by another party. As a result of adopting ASU 2016-08, beginning January 1, 2018, certain expenses that were previously presented as a reduction of related fees from affiliates and investment banking and syndication fees are presented in noninterest expense. Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost Effective January 1, 2018, the Company adopted ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost , which amended the income statement presentation of the components of net periodic benefit cost for sponsored defined benefit pension and other postretirement plans. As a result of adopting ASU 2017-07, the salaries and employee benefits expense and other expense categories in noninterest expense have been adjusted to reflect adoption of this guidance as follows. For the Year Ended For the Year Ended 2017 2016 (Dollars in millions) As Previously Reported Adjustment As Reported under New Guidance As Previously Reported Adjustment As Reported under New Guidance Salaries and employee benefits $ 2,376 $ 119 $ 2,495 $ 2,355 $ 84 $ 2,439 Other 508 (119 ) 389 479 (84 ) 395 Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans In August 2018, the FASB issued ASU 2018-14, Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans, which modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans to improve the effectiveness of the disclosures. The guidance includes new requirements to disclose the weighted-average interest crediting rate for cash balance plans and an explanation of the reasons for significant gains and losses related to changes in the benefit obligation. The Company early adopted this guidance, which is reflected in Note 15 . This guidance did not affect the Company’s financial position or results of operations. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies and Nature of Operations (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | As a result of adopting ASU 2017-07, the salaries and employee benefits expense and other expense categories in noninterest expense have been adjusted to reflect adoption of this guidance as follows. For the Year Ended For the Year Ended 2017 2016 (Dollars in millions) As Previously Reported Adjustment As Reported under New Guidance As Previously Reported Adjustment As Reported under New Guidance Salaries and employee benefits $ 2,376 $ 119 $ 2,495 $ 2,355 $ 84 $ 2,439 Other 508 (119 ) 389 479 (84 ) 395 |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Amortized Cost, Gross Unrealized Gains, Gross Unrealized Losses, and Fair Values of Securities | At December 31, 2018 and 2017 , the amortized cost, gross unrealized gains, gross unrealized losses and fair values of securities available for sale are presented below. December 31, 2018 (Dollars in millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Asset Liability Management securities: U.S. Treasury $ 3,572 $ 1 $ 144 $ 3,429 Residential mortgage-backed securities: U.S. government agency and government-sponsored agencies 8,168 7 168 8,007 Privately issued 887 — 23 864 Privately issued - commercial mortgage-backed securities 1,179 3 20 1,162 Collateralized loan obligations 1,492 — 18 1,474 Other 4 — — 4 Asset Liability Management securities 15,302 11 373 14,940 Other debt securities: Direct bank purchase bonds 1,190 30 30 1,190 Other 188 — 4 184 Total securities available for sale $ 16,680 $ 41 $ 407 $ 16,314 December 31, 2017 (Dollars in millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Asset Liability Management securities: U.S. Treasury $ 3,370 $ — $ 118 $ 3,252 Residential mortgage-backed securities: U.S. government agency and government-sponsored agencies 9,338 2 132 9,208 Privately issued 695 3 4 694 Privately issued - commercial mortgage-backed securities 823 4 5 822 Collateralized loan obligations 1,895 10 — 1,905 Other 5 — — 5 Asset Liability Management securities 16,126 19 259 15,886 Other debt securities: Direct bank purchase bonds 1,495 38 30 1,503 Other 163 1 — 164 Equity securities 10 — — 10 Total securities available for sale $ 17,794 $ 58 $ 289 $ 17,563 |
Securities in Unrealized Loss Position | The Company's securities held to maturity with a continuous unrealized loss position at December 31, 2018 and 2017 are shown below, separately for periods less than 12 months and 12 months or more. December 31, 2018 Less than 12 months 12 months or more Total Unrealized Losses Unrealized Losses Unrealized Losses (Dollars in millions) Fair Value Recognized in OCI Not Recognized in OCI Fair Value Recognized in OCI Not Recognized in OCI Fair Value Recognized in OCI Not Recognized in OCI U.S. Treasury $ — $ — $ — $ 496 $ — $ 2 $ 496 $ — $ 2 U.S. government agency and government-sponsored agencies—residential mortgage backed securities 668 — 11 7,191 96 180 7,859 96 191 U.S. government agency and government-sponsored agencies - commercial mortgage-backed securities 29 — — 1,396 42 18 1,425 42 18 Total securities held to maturity $ 697 $ — $ 11 $ 9,083 $ 138 $ 200 $ 9,780 $ 138 $ 211 December 31, 2017 Less than 12 months 12 months or more Total Unrealized Losses Unrealized Losses Unrealized Losses (Dollars in millions) Fair Value Recognized in OCI Not Recognized in OCI Fair Value Recognized in OCI Not Recognized in OCI Fair Value Recognized in OCI Not Recognized in OCI U.S. Treasury $ 494 $ — $ 1 $ — $ — $ — $ 494 $ — $ 1 U.S. government agency and government-sponsored agencies - residential mortgage-backed securities 2,649 — 31 $ 4,000 31 99 6,649 31 130 U.S. government agency and government-sponsored agencies - commercial mortgage-backed securities 19 — — 1,496 52 9 1,515 52 9 Total securities held to maturity $ 3,162 $ — $ 32 $ 5,496 $ 83 $ 108 $ 8,658 $ 83 $ 140 The Company's securities available for sale with a continuous unrealized loss position at December 31, 2018 and 2017 are shown below, identified for periods less than 12 months and 12 months or more. December 31, 2018 Less than 12 months 12 months or more Total (Dollars in millions) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Asset Liability Management securities: U.S. Treasury $ 147 $ 1 $ 3,182 $ 143 $ 3,329 $ 144 Residential mortgage-backed securities: U.S. government agency and government-sponsored agencies 1,941 8 4,797 160 6,738 168 Privately issued 398 7 383 16 781 23 Privately issued - commercial mortgage-backed securities 364 6 512 14 876 20 Collateralized loan obligations 1,428 18 — — 1,428 18 Asset Liability Management securities 4,278 40 8,874 333 13,152 373 Other debt securities: Direct bank purchase bonds 221 6 417 24 638 30 Other 178 4 4 — 182 4 Total securities available for sale $ 4,677 $ 50 $ 9,295 $ 357 $ 13,972 $ 407 December 31, 2017 Less than 12 months 12 months or more Total (Dollars in millions) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Asset Liability Management securities: U.S. Treasury $ 1,074 $ 14 $ 2,128 $ 104 $ 3,202 $ 118 Residential mortgage-backed securities: U.S. government agency and government-sponsored agencies 3,606 22 4,651 110 8,257 132 Privately issued 275 1 164 3 439 4 Privately issued - commercial mortgage-backed securities 447 3 80 2 527 5 Collateralized loan obligations 12 — — — 12 — Asset Liability Management securities 5,414 40 7,023 219 12,437 259 Other debt securities: Direct bank purchase bonds 58 4 563 26 621 30 Other 79 — — — 79 — Equity securities 10 — — — 10 — Total securities available for sale $ 5,561 $ 44 $ 7,586 $ 245 $ 13,147 $ 289 |
Debt Securities by Contractual Maturity | The fair value of debt securities available for sale by contractual maturity are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to prepay obligations with or without prepayment penalties. December 31, 2018 (Dollars in millions) One Year or Less Over One Year Through Five Years Over Five Years Through Ten Years Over Ten Years Total Fair Value Asset Liability Management securities: U.S. Treasury $ — $ 1,284 $ 2,145 $ — $ 3,429 Residential mortgage-backed securities: U.S. government agency and government-sponsored agencies — 212 1,306 6,489 8,007 Privately issued — — — 864 864 Privately issued - commercial mortgage-backed securities — 25 43 1,094 1,162 Collateralized loan obligations — 1 352 1,121 1,474 Other 1 3 — — 4 Asset Liability Management securities 1 1,525 3,846 9,568 14,940 Other debt securities: Direct bank purchase bonds 26 424 612 128 1,190 Other 3 163 — 18 184 Total debt securities available for sale $ 30 $ 2,112 $ 4,458 $ 9,714 $ 16,314 The carrying amount and fair value of securities held to maturity by contractual maturity are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to prepay obligations with or without prepayment penalties. December 31, 2018 Within One Year Over One Year Through Five Years Over Five Years Through Ten Years Over Ten Years Total (Dollars in millions) Carrying Fair Carrying Amount Fair Value Carrying Amount Fair Value Carrying Amount Fair Value Carrying Amount Fair Value U.S. Treasury $ 519 $ 518 $ 9 $ 9 $ — $ — $ — $ — $ 528 $ 527 U.S. government-sponsored agencies — — — — 722 723 — — 722 723 U.S. government agency and government-sponsored agencies - residential mortgage-backed securities — — — — 1,008 986 7,199 7,041 8,207 8,027 U.S. government agency and government-sponsored agencies - commercial mortgage-backed securities 46 46 787 797 — — 611 600 1,444 1,443 Total securities held to maturity $ 565 $ 564 $ 796 $ 806 $ 1,730 $ 1,709 $ 7,810 $ 7,641 $ 10,901 $ 10,720 |
Proceeds from Sales of Securities Available for Sale and Gross Realized Gains and Losses | The gross realized gains and losses from sales of available for sale securities for the years ended December 31, 2018 , 2017 and 2016 are shown below. The specific identification method is used to calculate realized gains and losses on sales. For the Year Ended December 31, (Dollars in millions) 2018 2017 2016 Gross realized gains $ 8 $ 17 $ 69 Gross realized losses — — — |
Schedule of Held to Maturity Securities Recognized and Not Recognized in Other Comprehensive Income (OCI) and Fair Values | At December 31, 2018 and 2017 , the amortized cost, gross unrealized gains and losses recognized in OCI, carrying amount, gross unrealized gains and losses not recognized in OCI, and fair values of securities held to maturity are presented below. Management has asserted the positive intent and ability to hold these securities to maturity. December 31, 2018 Recognized in OCI Not Recognized in OCI (Dollars in millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Carrying Amount Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury $ 528 $ — $ — $ 528 $ 1 $ 2 $ 527 U.S. government-sponsored agencies 722 — — 722 1 — 723 U.S. government agency and government-sponsored agencies - residential mortgage-backed securities 8,302 1 96 8,207 11 191 8,027 U.S. government agency and government-sponsored agencies - commercial mortgage-backed securities 1,486 — 42 1,444 17 18 1,443 Total securities held to maturity $ 11,038 $ 1 $ 138 $ 10,901 $ 30 $ 211 $ 10,720 December 31, 2017 Recognized in OCI Not Recognized in OCI (Dollars in millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Carrying Amount Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury $ 525 $ — $ — $ 525 $ 3 $ 1 $ 527 U.S. government agency and government-sponsored agencies - residential mortgage-backed securities 7,870 2 31 7,841 15 130 7,726 U.S. government agency and government-sponsored agencies - commercial mortgage-backed securities 1,571 — 52 1,519 36 9 1,546 Total securities held to maturity $ 9,966 $ 2 $ 83 $ 9,885 $ 54 $ 140 $ 9,799 |
Loans and Allowance for Loan _2
Loans and Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Summary of Loans | The following table provides the outstanding balances of loans held for investment at December 31, 2018 and 2017 . December 31, (Dollars in millions) 2018 2017 Loans held for investment: Commercial and industrial $ 24,919 $ 23,281 Commercial mortgage 15,354 14,320 Construction 1,613 1,775 Lease financing 1,249 1,533 Total commercial portfolio 43,135 40,909 Residential mortgage 38,439 35,643 Home equity and other consumer loans 4,933 3,462 Total consumer portfolio 43,372 39,105 Total loans held for investment (1) 86,507 80,014 Allowance for loan losses (474 ) (476 ) Loans held for investment, net $ 86,033 $ 79,538 (1) Includes $340 million and $301 million at December 31, 2018 and December 31, 2017 , respectively, for net unamortized (discounts) and premiums and deferred (fees) and costs. |
Reconciliation of Changes in Allowance for Loan Losses by Portfolio Segment | The following tables provide a reconciliation of changes in the allowance for loan losses by portfolio segment: For the Year Ended December 31, 2018 (Dollars in millions) Commercial Consumer Unallocated Total Allowance for loan losses, beginning of period $ 360 $ 86 $ 30 $ 476 (Reversal of) provision for loan losses 51 58 (25 ) 84 Loans charged-off (79 ) (41 ) — (120 ) Recoveries of loans previously charged-off 27 7 — 34 Allowance for loan losses, end of period $ 359 $ 110 $ 5 $ 474 For the Year Ended December 31, 2017 (Dollars in millions) Commercial Consumer Unallocated Total Allowance for loan losses, beginning of period $ 556 $ 83 $ — $ 639 (Reversal of) provision for loan losses (132 ) 37 30 (65 ) Other 2 — — 2 Loans charged-off (116 ) (39 ) — (155 ) Recoveries of loans previously charged-off 50 5 — 55 Allowance for loan losses, end of period $ 360 $ 86 $ 30 $ 476 For the Year Ended December 31, 2016 (Dollars in millions) Commercial Consumer Unallocated Total Allowance for loan losses, beginning of period $ 654 $ 49 $ 20 $ 723 (Reversal of) provision for loan losses 134 44 (20 ) 158 Other 2 — — 2 Loans charged-off (259 ) (12 ) — (271 ) Recoveries of loans previously charged-off 25 2 — 27 Allowance for loan losses, end of period $ 556 $ 83 $ — $ 639 |
Allowance for Loan Losses and Related Loan Balances by Portfolio Segment | The following tables show the allowance for loan losses and related loan balances by portfolio segment as of December 31, 2018 and 2017 . December 31, 2018 (Dollars in millions) Commercial Consumer Unallocated Total Allowance for loan losses: Individually evaluated for impairment $ 62 $ 13 $ — $ 75 Collectively evaluated for impairment 297 97 5 399 Total allowance for loan losses $ 359 $ 110 $ 5 $ 474 Loans held for investment: Individually evaluated for impairment $ 450 $ 280 $ — $ 730 Collectively evaluated for impairment 42,685 43,092 — 85,777 Total loans held for investment $ 43,135 $ 43,372 $ — $ 86,507 December 31, 2017 (Dollars in millions) Commercial Consumer Unallocated Total Allowance for loan losses: Individually evaluated for impairment $ 58 $ 15 $ — $ 73 Collectively evaluated for impairment 302 71 30 403 Total allowance for loan losses $ 360 $ 86 $ 30 $ 476 Loans held for investment: Individually evaluated for impairment $ 544 $ 321 $ — $ 865 Collectively evaluated for impairment 40,365 38,784 — 79,149 Total loans held for investment $ 40,909 $ 39,105 $ — $ 80,014 |
Summary of Nonaccrual Loans | The following table presents nonaccrual loans as of December 31, 2018 and 2017 . December 31, (Dollars in millions) 2018 2017 Commercial and industrial $ 269 $ 319 Commercial mortgage 12 20 Total commercial portfolio 281 339 Residential mortgage 121 104 Home equity and other consumer loans 19 22 Total consumer portfolio 140 126 Total nonaccrual loans $ 421 $ 465 Troubled debt restructured loans that continue to accrue interest $ 299 $ 348 Troubled debt restructured nonaccrual loans (included in total nonaccrual loans above) $ 136 $ 229 |
Aging of Balance of Loans Held for Investment, Excluding Purchased Credit-Impaired Loans | The following tables show the aging of the balance of loans held for investment by class as of December 31, 2018 and 2017 . December 31, 2018 Aging Analysis of Loans (Dollars in millions) Current 30 to 89 Days Past Due 90 Days or More Past Due Total Past Due Total Commercial and industrial $ 26,114 $ 18 $ 36 $ 54 $ 26,168 Commercial mortgage 15,333 17 4 21 15,354 Construction 1,593 20 — 20 1,613 Total commercial portfolio 43,040 55 40 95 43,135 Residential mortgage 38,218 175 46 221 38,439 Home equity and other consumer loans 4,893 28 12 40 4,933 Total consumer portfolio 43,111 203 58 261 43,372 Total loans held for investment $ 86,151 $ 258 $ 98 $ 356 $ 86,507 December 31, 2017 Aging Analysis of Loans (Dollars in millions) Current 30 to 89 Days Past Due 90 Days or More Past Due Total Past Due Total Commercial and industrial $ 24,734 $ 17 $ 63 $ 80 $ 24,814 Commercial mortgage 14,298 16 6 22 14,320 Construction 1,775 — — — 1,775 Total commercial portfolio 40,807 33 69 102 40,909 Residential mortgage 35,453 151 39 190 35,643 Home equity and other consumer loans 3,427 23 12 35 3,462 Total consumer portfolio 38,880 174 51 225 39,105 Total loans held for investment $ 79,687 $ 207 $ 120 $ 327 $ 80,014 |
Loans in Commercial Portfolio Segment and Commercial Loans within Purchased Credit-Impaired Loans Segment Monitored for Credit Quality Based on Internal Ratings | The following tables summarize the loans in the commercial portfolio segment monitored for credit quality based on regulatory risk ratings. December 31, 2018 Criticized (Dollars in millions) Pass Special Mention Classified Total Commercial and industrial $ 25,191 $ 355 $ 622 $ 26,168 Commercial mortgage 15,138 105 111 15,354 Construction 1,542 8 63 1,613 Total commercial portfolio $ 41,871 $ 468 $ 796 $ 43,135 December 31, 2017 Criticized (Dollars in millions) Pass Special Mention Classified Total Commercial and industrial $ 23,632 $ 435 $ 747 $ 24,814 Commercial mortgage 14,081 80 159 14,320 Construction 1,632 15 128 1,775 Total commercial portfolio $ 39,345 $ 530 $ 1,034 $ 40,909 |
Loans in Consumer Portfolio an Purchased credit-impaired loans | The Company monitors the credit quality of its consumer portfolio segment based primarily on payment status. The following tables summarize the loans in the consumer portfolio segment, which exclude $6 million and $8 million of loans covered by FDIC loss share agreements, at December 31, 2018 and 2017 , respectively. December 31, 2018 (Dollars in millions) Accrual Nonaccrual Total Residential mortgage $ 38,314 $ 121 $ 38,435 Home equity and other consumer loans 4,912 19 4,931 Total consumer portfolio $ 43,226 $ 140 $ 43,366 December 31, 2017 (Dollars in millions) Accrual Nonaccrual Total Residential mortgage $ 35,534 $ 104 $ 35,638 Home equity and other consumer loans 3,437 22 3,459 Total consumer portfolio $ 38,971 $ 126 $ 39,097 |
Loans in Consumer Portfolio Segment and Consumer Loans within Purchased Credit-Impaired Loans Segment Monitored for Credit Quality Based on Refreshed FICO Scores and Refreshed LTV ratios | The following tables summarize the loans in the consumer portfolio segment based on refreshed FICO scores and refreshed LTV ratios at December 31, 2018 and 2017 . These tables exclude loans covered by FDIC loss share agreements, as discussed above. The amounts presented reflect unpaid principal balances less partial charge-offs. December 31, 2018 FICO scores (Dollars in millions) 720 and Above Below 720 No FICO Available (1) Total Residential mortgage $ 31,589 $ 6,022 $ 434 $ 38,045 Home equity and other consumer loans 3,349 1,448 52 4,849 Total consumer portfolio $ 34,938 $ 7,470 $ 486 $ 42,894 Percentage of total 82 % 17 % 1 % 100 % (1) Represents loans for which management was not able to obtain an updated FICO score (e.g., due to recent profile changes). December 31, 2017 FICO scores (Dollars in millions) 720 and Above Below 720 No FICO Available (1) Total Residential mortgage $ 28,786 $ 6,082 $ 411 $ 35,279 Home equity and other consumer loans 2,404 918 84 3,406 Total consumer portfolio $ 31,190 $ 7,000 $ 495 $ 38,685 Percentage of total 81 % 18 % 1 % 100 % (1) Represents loans for which management was not able to obtain an updated FICO score (e.g., due to recent profile changes). December 31, 2018 LTV ratios (Dollars in millions) Less than or Equal to 80 Greater than 80 and Less than 100 Percent Greater than or Equal to 100 No LTV Available (1) Total Residential mortgage $ 36,604 $ 1,361 $ 4 $ 75 $ 38,044 Home equity loans 1,966 221 12 24 2,223 Total consumer portfolio $ 38,570 $ 1,582 $ 16 $ 99 $ 40,267 Percentage of total 96 % 4 % — % — % 100 % (1) Represents loans for which management was not able to obtain refreshed property values. December 31, 2017 LTV ratios (Dollars in millions) Less than or Equal to 80 Greater than 80 and Less than 100 Percent Greater than or Equal to 100 No LTV Available (1) Total Residential mortgage $ 34,472 $ 771 $ 4 $ 32 $ 35,279 Home equity loans 2,052 248 24 33 2,357 Total consumer portfolio $ 36,524 $ 1,019 $ 28 $ 65 $ 37,636 Percentage of total 97 % 3 % — % — % 100 % (1) Represents loans for which management was not able to obtain refreshed property values. |
Summary of Troubled Debt Restructurings | The following table provides a summary of the Company's recorded investment in TDRs as of December 31, 2018 and 2017 . The summary includes those TDRs that are on nonaccrual status and those that continue to accrue interest. The Company had $49 million and $66 million in commitments to lend additional funds to borrowers with loan modifications classified as TDRs as of December 31, 2018 and 2017 , respectively. December 31, (Dollars in millions) 2018 2017 Commercial and industrial $ 109 $ 202 Commercial mortgage 46 7 Construction 63 128 Total commercial portfolio 218 337 Residential mortgage 196 215 Home equity and other consumer loans 21 25 Total consumer portfolio 217 240 Total restructured loans $ 435 $ 577 |
Pre- and Post-Modification Outstanding Recorded Investment Amounts of Troubled Debt Restructurings | The following tables provide the pre- and post-modification outstanding recorded investment amounts of TDRs as of the date of the restructuring that occurred during the years ended December 31, 2018 and 2017 . For the Year Ended For the Year Ended (Dollars in millions) Pre-Modification Outstanding Recorded Investment (1) Post-Modification Outstanding Recorded Investment (2) Pre-Modification Outstanding Recorded Investment (1) Post-Modification Outstanding Recorded Investment (2) Commercial and industrial $ 165 $ 165 $ 186 $ 186 Commercial mortgage 4 4 5 5 Construction — — 152 131 Total commercial portfolio 169 169 343 322 Residential mortgage 9 9 16 16 Home equity and other consumer loans 2 2 3 3 Total consumer portfolio 11 11 19 19 Total $ 180 $ 180 $ 362 $ 341 (1) Represents the recorded investment in the loan immediately prior to the restructuring event. (2) Represents the recorded investment in the loan immediately following the restructuring event. It includes the effect of paydowns that were required as part of the restructuring terms. |
Recorded Investment Amounts of Troubled Debt Restructurings | The following tables provide the recorded investment amounts of TDRs at the date of default, for which there was a payment default during the years ended December 31, 2018 and 2017 , and where the default occurred within the first twelve months after modification into a TDR. A payment default is defined as the loan being 60 days or more past due. December 31, (Dollars in millions) 2018 2017 Commercial and industrial $ — $ 19 Commercial mortgage — 1 Total commercial portfolio — 20 Residential mortgage 3 3 Home equity and other consumer loans — — Total consumer portfolio 3 3 Total $ 3 $ 23 |
Information about Impaired Loans by Class | The following tables show information about impaired loans by class as of December 31, 2018 and 2017 . December 31, 2018 Recorded Investment Unpaid Principal Balance (Dollars in millions) With an Allowance Without an Allowance Total Allowance With an Allowance Without an Allowance Commercial and industrial $ 299 $ 22 $ 321 $ 61 $ 372 $ 39 Commercial mortgage 25 41 66 1 25 41 Construction — 63 63 — — 63 Total commercial portfolio 324 126 450 62 397 143 Residential mortgage 175 71 246 12 184 85 Home equity and other consumer loans 22 12 34 1 22 21 Total consumer portfolio 197 83 280 13 206 106 Total $ 521 $ 209 $ 730 $ 75 $ 603 $ 249 December 31, 2017 Recorded Investment Unpaid Principal Balance (Dollars in millions) With an Allowance Without an Allowance Total Allowance for Impaired Loans With an Allowance Without an Allowance Commercial and industrial $ 287 $ 93 $ 380 $ 57 $ 348 $ 102 Commercial mortgage 33 3 36 1 33 3 Construction — 128 128 — — 128 Total commercial portfolio 320 224 544 58 381 233 Residential mortgage 218 59 277 15 234 69 Home equity and other consumer loans 29 15 44 — 30 24 Total consumer portfolio 247 74 321 15 264 93 Total $ 567 $ 298 $ 865 $ 73 $ 645 $ 326 |
Average Investment in Impaired Loans and Interest Income Recognized for Impaired Loans | The following table presents the average recorded investment in impaired loans and the amount of interest income recognized for impaired loans during 2018 , 2017 and 2016 for the commercial and consumer loans portfolio segments. Years Ended December 31, 2018 2017 2016 (Dollars in millions) Average Recorded Investment Recognized Interest Income Average Recorded Investment Recognized Interest Income Average Recorded Investment Recognized Interest Income Commercial and industrial $ 309 $ 12 $ 463 $ 18 $ 531 $ 4 Commercial mortgage 60 27 58 41 17 1 Construction 95 8 45 5 — — Total commercial portfolio 464 47 566 64 548 5 Residential mortgage 261 13 304 14 258 8 Home equity and other consumer loans 38 4 52 6 31 2 Total consumer portfolio 299 17 356 20 289 10 Total $ 763 $ 64 $ 922 $ 84 $ 837 $ 15 The following table presents loan transfers from held to investment to held for sale and proceeds from sales of loans during 2018 , 2017 and 2016 for the commercial and consumer loans portfolio segments. Years Ended December 31, 2018 2017 2016 (Dollars in millions) Transfer of loans from held for investment to held for sale, net Proceeds from sale Transfer of loans from held for investment to held for sale, net Proceeds from sale Transfer of loans from held for investment to held for sale, net Proceeds from sale Commercial portfolio $ 47 $ 638 $ 780 $ 926 $ 1,632 $ 1,182 Consumer portfolio (3 ) — (4 ) — 344 344 Total $ 44 $ 638 $ 776 $ 926 $ 1,976 $ 1,526 |
Outstanding Balances and Carrying Amounts of Purchased Credit-Impaired Loans |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Carrying Amount of Goodwill | For impairment testing, goodwill was assigned to the following operating segments at December 31, 2018 and 2017 : (Dollars in millions) 2018 2017 Regional Bank $ 2,134 $ 2,134 U.S. Wholesale & Investment Banking 840 840 Transaction Banking 251 251 MUFG Fund Services 76 76 Goodwill, end of year $ 3,301 $ 3,301 The changes in the carrying amount of goodwill during 2018 and 2017 are shown in the table below. (Dollars in millions) 2018 2017 Goodwill, beginning of year $ 3,301 $ 3,225 Net change from transferred subsidiaries (1) — 76 Goodwill, end of year $ 3,301 $ 3,301 |
Identifiable Intangible Assets and Accumulated Amortization | The table below reflects the Company's identifiable intangible assets and accumulated amortization at December 31, 2018 and 2017 . December 31, 2018 December 31, 2017 (Dollars in millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Core deposit intangibles $ 565 $ (537 ) $ 28 $ 565 $ (530 ) $ 35 Trade names 111 (32 ) 79 113 (29 ) 84 Customer relationships 238 (63 ) 175 238 (47 ) 191 Other (1) 18 (15 ) 3 19 (16 ) 3 Total intangible assets with a definite useful life $ 932 $ (647 ) $ 285 $ 935 $ (622 ) $ 313 |
Estimated Future Amortization Expense | Estimated future amortization expense at December 31, 2018 is as follows: (Dollars in millions) Core Deposit Intangibles Trade Name Customer Relationships Other Total Identifiable Intangible Assets Years ending December 31, : 2019 $ 6 $ 3 $ 16 $ 1 $ 26 2020 5 3 16 1 25 2021 4 3 15 — 22 2022 4 3 15 — 22 2023 2 3 14 — 19 Thereafter 7 64 99 1 171 Total estimated amortization expense $ 28 $ 79 $ 175 $ 3 $ 285 |
Premises and Equipment and Ot_2
Premises and Equipment and Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment at Carried Cost, Less Accumulated Depreciation and Amortization | |
Rental, Depreciation and Amortization Expenses | |
Future Minimum Lease Payments | |
Schedule of other assets | The following table shows the balances of other assets as of December 31, 2018 and 2017 . (Dollars in millions) December 31, 2018 December 31, 2017 Other investments $ 3,250 $ 3,412 Premises and equipment, net 635 610 Software 445 424 Intangible assets 444 377 OREO 1 — Other 4,845 4,587 Total other assets $ 9,620 $ 9,410 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Variable Interest Entities | |
Schedule of assets and liabilities of VIEs | The following table presents the impact of the unconsolidated LIHC investments on our consolidated statements of income for the years ended December 31, 2018 , 2017 and 2016 : For the Years Ended December 31, 2018 2017 2016 (Dollars in millions) Losses from LIHC investments included in other noninterest expense $ 7 $ 13 $ 8 Amortization of LIHC investments included in income tax expense 136 185 129 Tax credits and other tax benefits from LIHC investments included in income tax expense 180 193 188 |
Consolidated VIEs | |
Variable Interest Entities | |
Schedule of assets and liabilities of VIEs | The following tables present the assets and liabilities of consolidated VIEs recorded on the Company’s consolidated balance sheets at December 31, 2018 and 2017 . December 31, 2018 Consolidated Assets Consolidated Liabilities (Dollars in millions) Interest Bearing Deposits in Banks Loans Held for Investment, Net Other Assets Total Assets Other Liabilities Total Liabilities LIHC investments $ — $ — $ 43 $ 43 $ — $ — Leasing investments — 570 122 692 17 17 Total consolidated VIEs $ — $ 570 $ 165 $ 735 $ 17 $ 17 December 31, 2017 Consolidated Assets Consolidated Liabilities (Dollars in millions) Interest Bearing Deposits in Banks Loans Held for Investment, Net Other Assets Total Assets Other Liabilities Total Liabilities LIHC investments $ — $ — $ 68 $ 68 $ — $ — Leasing investments 1 583 158 742 24 24 Total consolidated VIEs $ 1 $ 583 $ 226 $ 810 $ 24 $ 24 |
Unconsolidated VIEs | |
Variable Interest Entities | |
Schedule of assets and liabilities of VIEs | The following tables present the Company’s carrying amounts related to the unconsolidated VIEs at December 31, 2018 and 2017 . The tables also present the Company’s maximum exposure to loss resulting from its involvement with these VIEs. The maximum exposure to loss represents the carrying amount of the Company’s involvement plus any legally binding unfunded commitments in the unlikely event that all of the assets in the VIEs become worthless. During 2018 , 2017 , and 2016 , the Company had noncash increases in unfunded commitments on LIHC investments of $87 million , $55 million and $125 million , respectively, included within other liabilities. December 31, 2018 Unconsolidated Assets Unconsolidated Liabilities (Dollars in millions) Interest Bearing Deposits in Banks Securities Available for Sale Loans Held for Investment, Net Other Assets Total Assets Other Liabilities Total Liabilities Maximum Exposure to Loss LIHC investments $ — $ 28 $ 198 $ 976 $ 1,202 $ 165 $ 165 $ 1,202 Leasing investments 26 — 19 1,401 1,446 14 14 1,467 Other investments — — — 35 35 — — 79 Total unconsolidated VIEs $ 26 $ 28 $ 217 $ 2,412 $ 2,683 $ 179 $ 179 $ 2,748 December 31, 2017 Unconsolidated Assets Unconsolidated Liabilities (Dollars in millions) Interest Bearing Deposits in Banks Securities Available for Sale Loans Held for Other Assets Total Assets Other Liabilities Total Liabilities Maximum Exposure to Loss LIHC investments $ — $ 29 $ 228 $ 1,028 $ 1,285 $ 254 $ 254 $ 1,284 Leasing investments 1 — 24 1,745 1,770 53 53 1,792 Other investments — — 24 26 50 — — 132 Total unconsolidated VIEs $ 1 $ 29 $ 276 $ 2,799 $ 3,105 $ 307 $ 307 $ 3,208 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Deposits [Abstract] | |
Maturity Information of Time Deposits with Remaining Term of Greater Than One Year | Maturity information for all interest bearing time deposits is summarized below. (Dollars in millions) December 31, Due in one year or less $ 7,049 Due after one year through two years 4,032 Due after two years through three years 500 Due after three years through four years 91 Due after four years through five years 66 Due after five years 1 Total $ 11,739 |
Securities Financing Agreemen_2
Securities Financing Agreements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Transfers and Servicing [Abstract] | |
Secured Borrowings by Contractual Maturity and Class of Collateral Pledged | he following tables present the gross obligations for securities sold under agreements to repurchase and securities loaned by remaining contractual maturity and class of collateral pledged as of December 31, 2018 and December 31, 2017 . December 31, 2018 Overnight and Up to 31 - 90 Greater than (Dollars in millions) continuous 30 days days 90 days Total Securities sold under agreements to repurchase: U.S. Treasury securities $ 9,416 $ 2,945 $ 2,991 $ 335 $ 15,687 U.S. agency securities 264 — 55 — 319 Money market securities — — 49 — 49 Asset-backed securities — — 282 — 282 Mortgage-backed securities 9,803 1,640 7,569 — 19,012 Corporate bonds 682 130 1,227 — 2,039 Municipal securities 115 245 188 — 548 Equities 387 220 255 — 862 Total $ 20,667 $ 5,180 $ 12,616 $ 335 $ 38,798 Securities loaned: Corporate bonds $ 1 $ — $ — $ — $ 1 Equities 92 — — — 92 Total $ 93 $ — $ — $ — $ 93 December 31, 2017 Overnight and Up to 31 - 90 Greater than (Dollars in millions) continuous 30 days days 90 days Total Securities sold under agreements to repurchase: U.S. Treasury securities $ 8,244 $ 2,370 $ 1,046 $ 1,158 $ 12,818 U.S. agency securities 115 38 63 — 216 Other sovereign government obligations — — 4 — 4 Money market securities 1 — 6 — 7 Asset-backed securities 32 — 164 — 196 Mortgage-backed securities 8,322 4,972 5,859 250 19,403 Corporate bonds 580 620 1,125 — 2,325 Municipal securities 283 — 276 — 559 Equities 416 376 189 — 981 Total $ 17,993 $ 8,376 $ 8,732 $ 1,408 $ 36,509 Securities loaned: Corporate bonds $ — $ 322 $ — $ — $ 322 Equities 446 10 101 — 557 Total $ 446 $ 332 $ 101 $ — $ 879 |
Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block] | |
Offsetting Liabilities | The following tables present the offsetting of financial assets and liabilities as of December 31, 2018 and December 31, 2017 . December 31, 2018 Gross Amounts Not Offset in Balance Sheet (Dollars in millions) Gross Amounts of Recognized Assets/Liabilities Gross Amounts Offset in Balance Sheet Net Amounts Presented in Balance Sheet Financial Instruments Cash Collateral Received/Pledged Net Amount Financial Assets: Derivative assets $ 871 $ 354 $ 517 $ 14 $ — $ 503 Securities borrowed or purchased under resale agreements 33,974 11,606 22,368 22,291 — 77 Total $ 34,845 $ 11,960 $ 22,885 $ 22,305 $ — $ 580 Financial Liabilities: Derivative liabilities $ 804 $ 322 $ 482 $ 69 $ — $ 413 Securities loaned or sold under repurchase agreements 38,891 11,606 27,285 26,434 — 851 Total $ 39,695 $ 11,928 $ 27,767 $ 26,503 $ — $ 1,264 December 31, 2017 Gross Amounts Not Offset in Balance Sheet (Dollars in millions) Gross Amounts of Recognized Assets/Liabilities Gross Amounts Offset in Balance Sheet Net Amounts Presented in Balance Sheet Financial Instruments Cash Collateral Received/Pledged Net Amount Financial Assets: Derivative assets $ 1,322 $ 607 $ 715 $ 25 $ — $ 690 Securities borrowed or purchased under resale agreements 31,845 10,951 20,894 20,816 — 78 Total $ 33,167 $ 11,558 $ 21,609 $ 20,841 $ — $ 768 Financial Liabilities: Derivative liabilities $ 1,127 $ 620 $ 507 $ 142 $ — $ 365 Securities loaned or sold under repurchase agreements 37,388 10,951 26,437 25,639 — 798 Total $ 38,515 $ 11,571 $ 26,944 $ 25,781 $ — $ 1,163 |
Offsetting Assets | The following tables present the offsetting of financial assets and liabilities as of December 31, 2018 and December 31, 2017 . December 31, 2018 Gross Amounts Not Offset in Balance Sheet (Dollars in millions) Gross Amounts of Recognized Assets/Liabilities Gross Amounts Offset in Balance Sheet Net Amounts Presented in Balance Sheet Financial Instruments Cash Collateral Received/Pledged Net Amount Financial Assets: Derivative assets $ 871 $ 354 $ 517 $ 14 $ — $ 503 Securities borrowed or purchased under resale agreements 33,974 11,606 22,368 22,291 — 77 Total $ 34,845 $ 11,960 $ 22,885 $ 22,305 $ — $ 580 Financial Liabilities: Derivative liabilities $ 804 $ 322 $ 482 $ 69 $ — $ 413 Securities loaned or sold under repurchase agreements 38,891 11,606 27,285 26,434 — 851 Total $ 39,695 $ 11,928 $ 27,767 $ 26,503 $ — $ 1,264 December 31, 2017 Gross Amounts Not Offset in Balance Sheet (Dollars in millions) Gross Amounts of Recognized Assets/Liabilities Gross Amounts Offset in Balance Sheet Net Amounts Presented in Balance Sheet Financial Instruments Cash Collateral Received/Pledged Net Amount Financial Assets: Derivative assets $ 1,322 $ 607 $ 715 $ 25 $ — $ 690 Securities borrowed or purchased under resale agreements 31,845 10,951 20,894 20,816 — 78 Total $ 33,167 $ 11,558 $ 21,609 $ 20,841 $ — $ 768 Financial Liabilities: Derivative liabilities $ 1,127 $ 620 $ 507 $ 142 $ — $ 365 Securities loaned or sold under repurchase agreements 37,388 10,951 26,437 25,639 — 798 Total $ 38,515 $ 11,571 $ 26,944 $ 25,781 $ — $ 1,163 |
Commercial Paper and Other Sh_2
Commercial Paper and Other Short-Term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Short-term Debt [Abstract] | |
Summary of Commercial Paper and Other Short-Term Borrowings | The following table is a summary of the Company's commercial paper and other short-term borrowings: (Dollars in millions) December 31, 2018 December 31, 2017 Debt issued by MUB Commercial paper, with a weighted average interest rate of 2.39% and 1.26% at December 31, 2018 and December 31, 2017, respectively $ 382 $ 347 Federal Home Loan Bank advances, with a weighted average interest rate of 2.52% and 1.42% at December 31, 2018 and December 31, 2017, respectively 7,800 5,750 Total debt issued by MUB 8,182 6,097 Debt issued by other MUAH subsidiaries Short-term debt due to MUFG Bank, Ltd., with weighted average interest rates of 3.01% and 1.88% at December 31, 2018 and December 31, 2017, respectively 145 168 Short-term debt due to affiliates, with weighted average interest rates of (-0.07)% and (-0.09)% at December 31, 2018 and December 31, 2017, respectively 936 801 Total debt issued by other MUAH subsidiaries 1,081 969 Total commercial paper and other short-term borrowings $ 9,263 $ 7,066 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | Long-term debt consists of borrowings having an original maturity of one year or more. The following is a summary of the Company's long-term debt: (Dollars in millions) December 31, 2018 December 31, 2017 Debt issued by MUAH Senior debt: Floating rate senior notes due February 2018. These notes, which bore interest at 0.57% above 3-month LIBOR, had a rate of 1.97% at December 31, 2017 $ — $ 250 Fixed rate 1.625% notes due February 2018 — 450 Fixed rate 2.25% notes due February 2020 — 998 Fixed rate 3.50% notes due June 2022 398 398 Fixed rate 3.00% notes due February 2025 397 496 Senior debt due to MUFG Bank, Ltd: Floating rate debt due March 2020. This note, which bore interest at 0.86% above 3-month LIBOR, had a rate of 2.45% at December 31, 2017 — 545 Floating rate debt due September 2020. This note, which bore interest at 0.85% above 3-month LIBOR, had a rate of 2.54% at December 31, 2017 — 3,500 Floating rate debt due December 2021. This note, which bears interest at 0.81% above 3-month LIBOR, had a rate of 3.58% at December 31, 2018 1,625 — Floating rate debt due December 2022. This note, which bears interest at 0.90% above 3-month LIBOR, had a rate of 3.67% at December 31, 2018 3,250 — Floating rate debt due December 2023. This note, which bears interest at 0.99% above 3-month LIBOR, had a rate of 3.76% at December 31, 2018 1,625 — Floating rate debt due December 2023. This note, which bears interest at 0.76% above 3-month EURIBOR, had a rate of 0.76% at December 31, 2018 and at December 31, 2017 24 24 Subordinated debt due to MUFG Bank, Ltd: Floating rate subordinated debt due December 2023. This note, which bore interest at 1.38% above 3-month LIBOR, had a rate of 3.07% at December 31, 2017 — 300 Junior subordinated debt payable to trusts: Floating rate note due September 2036. This note had an interest rate of 4.49% at December 31, 2018 and 3.29% at December 31, 2017 36 36 Total debt issued by MUAH 7,355 6,997 Debt issued by MUB Senior debt: Fixed rate FHLB of San Francisco advances due between January 2019 and December 2023. These notes bear a combined weighted average rate of 2.66% at December 31, 2018 and 1.51% at December 31, 2017 9,100 1,500 Fixed rate 2.625% notes due September 2018 — 1,000 Fixed rate 2.25% notes due May 2019 498 497 Subordinated debt due to MUFG Bank, Ltd: Floating rate subordinated debt due June 2023. This note, which bore interest at 1.20% above 3-month LIBOR, had a rate of 2.89% at December 31, 2017 — 750 Other 34 63 Total debt issued by MUB 9,632 3,810 Debt issued by other MUAH subsidiaries Senior debt due to MUFG Bank, Ltd: Various floating rate borrowings due between December 2020 and May 2021. These notes, which bear interest above 3-month LIBOR had a weighted average interest rate of 2.80% at December 31, 2018 and 1.78% at December 31, 2017 250 291 Various fixed rate borrowings due between February 2019 and May 2024 with a weighted average interest rate of 1.82% (between 0.14% and 2.44%) at December 31, 2018 and 2.12% (between 1.37% and 2.65%) at December 31, 2017 244 339 Subordinated debt due to Affiliate: Floating rate borrowings due March 2019. These notes, which bear interest above 6-month LIBOR had an interest rate of 4.13% at December 31, 2018 and 2.95% (between 2.88% and 3.04%) at December 31, 2017 75 185 Non-recourse debt due to MUFG Bank, Ltd: Various floating rate non-recourse borrowings due between February 2019 and December 2021. These notes, which bear interest above 1- or 3-month LIBOR had a weighted average interest rate of 4.09% (between 2.75% and 4.17%) at December 31, 2018 and 3.07% (between 1.49% and 5.58%) at December 31, 2017 53 79 Fixed rate non-recourse borrowings due between January 2019 and July 2023 which had an interest rate of 3.05% at December 31, 2018 and 3.27% at December 31, 2017 187 240 Other non-recourse debt: Various floating rate non-recourse borrowings due between February 2019 and May 2019. These notes, which bear interest above 1- or 3-month LIBOR had a weighted average interest rate of 4.21% (between 4.17% and 4.48%) at December 31, 2018 and 2.88% (between 2.50% and 3.54%) at December 31, 2017 89 185 Fixed rate non-recourse borrowings due December 2026 which had an interest rate of 5.34% at December 31, 2018 and December 31, 2017 33 36 Total debt issued by other MUAH subsidiaries 931 1,355 Total long-term debt $ 17,918 $ 12,162 |
Fair Value Measurement and Fa_2
Fair Value Measurement and Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Financial Assets and Financial Liabilities Measured at Fair Value on Recurring Basis | The following tables present financial assets and financial liabilities measured at fair value on a recurring basis at December 31, 2018 and 2017 , by major category and by valuation hierarchy level. December 31, 2018 (Dollars in millions) Level 1 Level 2 Level 3 Netting Adjustment (1) Fair Value Assets Trading account assets (2) : U.S. Treasury securities $ — $ 2,998 $ — $ — $ 2,998 U.S. government-sponsored agency securities — 73 — — 73 State and municipal securities — 10 — — 10 Commercial paper — 51 — — 51 Corporate bonds — 1,367 — — 1,367 Asset-backed securities — 299 — — 299 Mortgage-backed securities — 5,785 — — 5,785 Equities 127 — — — 127 Interest rate derivative contracts 9 522 — (130 ) 401 Commodity derivative contracts — 25 — (24 ) 1 Foreign exchange derivative contracts 1 259 — (170 ) 90 Equity derivative contracts 9 — 13 (11 ) 11 Total trading account assets 146 11,389 13 (335 ) 11,213 Securities available for sale (3) : U.S. Treasury — 3,429 — — 3,429 Residential mortgage-backed securities: U.S. government and government-sponsored agencies — 8,007 — — 8,007 Privately issued — 864 — — 864 Privately issued - commercial mortgage-backed securities — 1,162 — — 1,162 Collateralized loan obligations — 1,474 — — 1,474 Other — 4 — — 4 Other debt securities: Direct bank purchase bonds — — 1,190 — 1,190 Other — 43 141 — 184 Total securities available for sale — 14,983 1,331 — 16,314 Other assets: Mortgage servicing rights (2) — — 159 — 159 Loans held for sale (2) — — 117 — 117 Interest rate hedging contracts (3) — 6 — (3 ) 3 Other derivative contracts (2) — 26 1 (16 ) 11 Equity securities (2) 9 — — — 9 Total other assets 9 32 277 (19 ) 299 Total assets $ 155 $ 26,404 $ 1,621 $ (354 ) $ 27,826 Percentage of total — % 95 % 6 % (1 )% 100 % Percentage of total Company assets — % 16 % 1 % — % 17 % Liabilities Trading account liabilities (2) : Securities sold, not yet purchased: U.S. Treasury $ — $ 2,753 $ — $ — $ 2,753 Commercial paper — 10 — — 10 Corporate bonds — 717 — — 717 Equities 70 — — — 70 Trading derivatives: Interest rate derivative contracts 55 545 — (262 ) 338 Commodity derivative contracts — 18 — (4 ) 14 Foreign exchange derivative contracts — 168 — (56 ) 112 Equity derivative contracts — — 13 — 13 Total trading account liabilities 125 4,211 13 (322 ) 4,027 Other liabilities: FDIC clawback liability (2) — — 116 — 116 Other derivative contracts (2) — 3 2 — 5 Total other liabilities — 3 118 — 121 Total liabilities $ 125 $ 4,214 $ 131 $ (322 ) $ 4,148 Percentage of total 3 % 102 % 3 % (8 )% 100 % Percentage of total Company liabilities — % 3 % — % — % 3 % (1) Amounts represent the impact of legally enforceable master netting agreements between the same counterparties that allow the Company to net settle all contracts. (2) Fair value through net income (3) Fair value through other comprehensive income December 31, 2017 (Dollars in millions) Level 1 Level 2 Level 3 Netting Adjustment (1) Fair Value Assets Trading account assets (2) : U.S. Treasury securities $ — $ 1,926 $ — $ — $ 1,926 U.S. government-sponsored agency securities — 118 — — 118 State and municipal securities — 11 — — 11 Commercial paper — 7 — — 7 Other sovereign government obligations — 8 — — 8 Corporate bonds — 1,054 — — 1,054 Asset-backed securities — 199 — — 199 Mortgage-backed securities — 6,339 — — 6,339 Equities 193 — — — 193 Interest rate derivative contracts 7 870 1 (353 ) 525 Commodity derivative contracts — 50 — (49 ) 1 Foreign exchange derivative contracts — 249 1 (68 ) 182 Equity derivative contracts 2 — 137 (135 ) 4 Total trading account assets 202 10,831 139 (605 ) 10,567 Securities available for sale (3) : U.S. Treasury — 3,252 — — 3,252 Residential mortgage-backed securities: U.S government and government-sponsored agencies — 9,208 — — 9,208 Privately issued — 694 — — 694 Privately issued - commercial mortgage-backed securities — 822 — — 822 Collateralized loan obligations — 1,905 — — 1,905 Other — 5 — — 5 Other debt securities: Direct bank purchase bonds — — 1,503 — 1,503 Other — 68 96 — 164 Equity securities 10 — — — 10 Total securities available for sale 10 15,954 1,599 — 17,563 Other assets: Mortgage servicing rights (2) — — 64 — 64 Interest rate hedging contracts (3) — 2 — — 2 Other derivative contracts (2) — 2 1 (2 ) 1 Total other assets — 4 65 (2 ) 67 Total assets $ 212 $ 26,789 $ 1,803 $ (607 ) $ 28,197 Percentage of total 1 % 95 % 6 % (2 )% 100 % Percentage of total Company assets — % 17 % 1 % — % 18 % Liabilities Trading account liabilities (2) : Securities sold, not yet purchased: U.S. Treasury $ — $ 2,709 $ — $ — $ 2,709 Other sovereign government obligations — 7 — — 7 Corporate bonds — 348 — — 348 Equities 35 — — — 35 Trading derivatives: Interest rate derivative contracts 3 643 — (382 ) 264 Commodity derivative contracts — 33 — (20 ) 13 Foreign exchange derivative contracts 1 144 1 (66 ) 80 Equity derivative contracts 7 — 137 — 144 Total trading account liabilities 46 3,884 138 (468 ) 3,600 Other liabilities: FDIC clawback liability (2) — — 113 — 113 Interest rate hedging contracts (3) — 149 — (149 ) — Other derivative contracts (2) — 3 6 (3 ) 6 Total other liabilities — 152 119 (152 ) 119 Total liabilities $ 46 $ 4,036 $ 257 $ (620 ) $ 3,719 Percentage of total 1 % 109 % 7 % (17 )% 100 % Percentage of total Company liabilities — % 3 % — % — % 3 % (1) Amounts represent the impact of legally enforceable master netting agreements between the same counterparties that allow the Company to net settle all contracts. |
Fair Value Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation | following tables present a reconciliation of the assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2018 and 2017 . Level 3 securities available for sale at December 31, 2018 primarily consist of direct bank purchase bonds. For the Year Ended December 31, 2018 (Dollars in millions) Trading Assets Securities Available for Sale Other Assets Trading Liabilities Other Liabilities Asset (liability) balance, beginning of period $ 139 $ 1,600 $ 65 $ (138 ) $ (119 ) Total gains (losses) (realized/unrealized): Included in income before taxes (10 ) — (8 ) 9 1 Included in other comprehensive income — (9 ) — — — Purchases/additions — 126 220 — — Settlements (116 ) (386 ) — 116 — Transfers in (out) of level 3 — — — — — Asset (liability) balance, end of period $ 13 $ 1,331 $ 277 $ (13 ) $ (118 ) Changes in unrealized gains (losses) included in income before taxes for assets and liabilities still held at end of period $ (10 ) $ — $ (8 ) $ 9 $ 1 For the Year Ended December 31, 2017 (Dollars in millions) Trading Securities Other Trading Other Asset (liability) balance, beginning of period $ 168 $ 1,638 $ 24 $ (166 ) $ (121 ) Total gains (losses) (realized/unrealized): Included in income before taxes 73 — (3 ) (72 ) 2 Included in other comprehensive income — (3 ) — — — Purchases/additions — 83 44 — — Settlements (102 ) (118 ) — 100 — Asset (liability) balance, end of period $ 139 $ 1,600 $ 65 $ (138 ) $ (119 ) Changes in unrealized gains (losses) included in income before taxes for assets and liabilities still held at end of period $ 73 $ — $ (3 ) $ (72 ) $ 2 The |
Significant Unobservable Inputs Level 3 Assets and Liabilities | following table presents information about significant unobservable inputs related to the Company's significant Level 3 assets and liabilities at December 31, 2018 . December 31, 2018 (Dollars in millions) Level 3 Fair Value Valuation Technique Significant Unobservable Input(s) Range of Inputs Weighted Average Securities available for sale: Direct bank purchase bonds $ 1,190 Return on equity Market-required return on capital 8.0 - 10.0 % 9.5 % Probability of default 0.0 - 25.0 % 0.3 % Loss severity 10.0 - 60.0 % 22.4 % The |
Financial Assets Measured at Fair Value on Nonrecurring Basis | assets measured at fair value on a nonrecurring basis during the years ended December 31, 2018 and 2017 that were still held on the consolidated balance sheet as of the respective periods ended, the following tables present the fair value of such assets by the level of valuation assumptions used to determine each fair value adjustment. December 31, 2018 For the Year Ended December 31, 2018 (Dollars in millions) Fair Value Level 1 Level 2 Level 3 Gains (Losses) Loans: Impaired loans $ 151 $ — $ — $ 151 $ (106 ) Other assets: Loans held for sale 85 — — 85 (29 ) Private equity investments 11 — — 11 (2 ) Renewable energy investments — — — — (2 ) Software — — — — (4 ) Consolidated LIHC VIE 43 — — 43 (8 ) Total $ 290 $ — $ — $ 290 $ (151 ) December 31, 2017 For the Year Ended December 31, 2017 (Dollars in millions) Fair Value Level 1 Level 2 Level 3 Gains (Losses) Loans: Impaired loans $ 79 $ — $ — $ 79 $ (34 ) Other assets: Loans held for sale — — — — (3 ) Renewable energy investments — — — — 2 Software — — — — (22 ) Consolidated LIHC VIE 66 — — 66 (21 ) Total $ 145 $ — $ — $ 145 $ (78 ) Fai |
Carrying Amount and Estimated Fair Value of Financial Instruments | tables below present the carrying amount and estimated fair value of certain financial instruments, all of which are accounted for at amortized cost, classified by valuation hierarchy level as of December 31, 2018 and 2017 . December 31, 2018 (Dollars in millions) Carrying Amount Fair Value Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 8,350 $ 8,350 $ 8,350 $ — $ — Securities borrowed or purchased under resale agreements 22,368 22,368 — 22,368 — Securities held to maturity 10,901 10,720 — 10,720 — Loans held for investment (1) 84,805 84,729 — — 84,729 Other assets 48 48 48 — — Liabilities Time deposits $ 11,739 $ 11,714 $ — $ 11,714 $ — Securities loaned or sold under repurchase agreements 27,285 27,285 — 27,285 — Commercial paper and other short-term borrowings 9,263 9,263 — 9,263 — Long-term debt 17,918 17,961 — 17,961 — Off-Balance Sheet Instruments Commitments to extend credit and standby and commercial letters of credit $ 120 $ 242 $ — $ — $ 242 (1) Excludes lease financing. The carrying amount is net of the allowance for loan losses. December 31, 2017 (Dollars in millions) Carrying Amount Fair Value Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 3,392 $ 3,392 $ 3,392 $ — $ — Securities borrowed or purchased under resale agreements 20,894 20,894 — 20,894 — Securities held to maturity 9,885 9,799 — 9,799 — Loans held for investment (1) 78,023 79,051 — — 79,051 Liabilities Deposits $ 84,787 $ 84,743 $ — $ 84,743 $ — Securities loaned or sold under repurchase agreements 26,437 26,437 — 26,437 — Commercial paper and other short-term borrowings 7,066 7,066 — 7,066 — Long-term debt 12,162 12,162 — 12,162 — Off-Balance Sheet Instruments Commitments to extend credit and standby and commercial letters of credit $ 174 $ 174 $ — $ — $ 174 (1) Excludes lease financing. The carrying amount is net of the allowance for loan losses. |
Derivative Instruments and Ot_2
Derivative Instruments and Other Financial Instruments Used For Hedging (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Notional Amounts, Balance Sheet Location and Fair Value Amounts of Derivative Instruments | The table below presents the notional amounts and fair value amounts of the Company's derivative instruments reported on the consolidated balance sheets, segregated between derivative instruments designated and qualifying as hedging instruments and derivative instruments not designated as hedging instruments as of December 31, 2018 and December 31, 2017 . Asset and liability values are presented gross, excluding the impact of legally enforceable master netting and credit support annex agreements. The fair value of asset and liability derivatives designated and qualifying as hedging instruments and derivatives designated as other risk management are included in other assets and other liabilities, respectively. The fair value of asset and liability trading derivatives are included in trading account assets and trading account liabilities, respectively. December 31, 2018 December 31, 2017 Fair Value Fair Value (Dollars in millions) Notional Amount Asset Derivatives Liability Derivatives Notional Amount Asset Derivatives Liability Derivatives Cash flow hedges Interest rate contracts $ 674 $ 6 $ — $ 6,998 $ 2 $ 149 Fair value hedges Interest rate contracts — — — 500 — — Not designated as hedging instruments: Trading Interest rate contracts 189,478 531 600 132,214 878 646 Commodity contracts 336 25 18 1,244 50 33 Foreign exchange contracts 8,475 260 168 7,053 250 146 Equity contracts 300 22 13 1,496 139 144 Other contracts 127 — — 4 — — Total trading 198,716 838 799 142,011 1,317 969 Other risk management 1,704 27 5 1,345 3 9 Total derivative instruments $ 201,094 $ 871 $ 804 $ 150,854 $ 1,322 $ 1,127 |
Amount and Location of Gains and Losses for Derivatives Designated as Cash Flow Hedges | The following table presents the amount and location of the net gains and losses recorded in the Company's consolidated statements of income and changes in stockholders' equity for derivative instruments designated as cash flow hedges for the years ended December 31, 2018 , 2017 and 2016 : Gains (Losses) Recognized in OCI (Effective Portion) Gains (Losses) Reclassified from AOCI into Income (Effective Portion) Gains (Losses) Recognized in Income (Ineffective Portion) For the Years Ended December 31, For the Years Ended December 31, For the Years Ended December 31, (Dollars in millions) 2018 2017 2016 Location 2018 2017 2016 Location 2018 2017 2016 Interest income $ (34 ) $ 69 $ 170 Interest rate contracts $ (96 ) $ (35 ) $ (26 ) Interest expense — — (3 ) Noninterest expense $ (1 ) $ 3 $ — Total $ (96 ) $ (35 ) $ (26 ) $ (34 ) $ 69 $ 167 $ (1 ) $ 3 $ — |
Schedule of Derivative Instruments Gain (Loss) on Fair Value Hedges | The following tables present gains (losses) on the Company's fair value hedges and hedged item for the years ended December 31, 2018 , 2017 and 2016 : For the Year Ended December 31, 2018 (Dollars in millions) Derivative Instrument Hedged Item Hedge Ineffectiveness Interest rate risk on long-term debt $ (2 ) $ 2 $ — Total $ (2 ) $ 2 $ — For the Year Ended December 31, 2017 (Dollars in millions) Derivative Instrument Hedged Item Hedge Ineffectiveness Interest rate risk on long-term debt $ (4 ) $ 3 $ (1 ) Total $ (4 ) $ 3 $ (1 ) For the Year Ended December 31, 2016 (Dollars in millions) Derivative Instrument Hedged Item Hedge Ineffectiveness Interest rate risk on long-term debt $ (2 ) $ 2 $ — Total $ (2 ) $ 2 $ — |
Gain or (Loss) Recognized in Income on Derivative Instruments | The following table presents the amount of the net gains and losses for derivative instruments classified as trading reported in the consolidated statements of income under the heading trading account activities for the years ended December 31, 2018 , 2017 and 2016 : Gains (Losses) Recognized in Income on Trading Derivatives For the Years Ended (Dollars in millions) December 31, 2018 December 31, 2017 December 31, 2016 Trading derivatives: Interest rate contracts $ 95 $ (49 ) $ 137 Equity contracts 36 12 40 Foreign exchange contracts 44 43 39 Commodity contracts — 1 2 Total $ 175 $ 7 $ 218 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Loss | The following tables present the change in each of the components of accumulated other comprehensive income and the related tax effect of the change allocated to each component. (Dollars in millions) Before Tax Net of For the Year Ended December 31, 2018 Cash flow hedge activities: Unrealized net gains (losses) on hedges arising during the period $ (96 ) $ 25 $ (71 ) Reclassification adjustment for net (gains) losses on hedges included in interest income for loans and interest expense on long-term debt 34 (9 ) 25 Net change (62 ) 16 (46 ) Securities: Unrealized holding gains (losses) arising during the period on securities available for sale (210 ) 55 (155 ) Reclassification adjustment for net (gains) losses on securities available for sale included in securities gains, net (8 ) 2 (6 ) Amortization of net unrealized (gains) losses on held to maturity securities 28 (7 ) 21 Net change (190 ) 50 (140 ) Foreign currency translation adjustment (3 ) 1 (2 ) Pension and other benefits: Amortization of prior service credit (1) (41 ) 11 (30 ) Recognized net actuarial (gain) loss (1) 96 (25 ) 71 Pension and other benefits arising during the year (231 ) 60 (171 ) Net change (176 ) 46 (130 ) Other (1 ) — (1 ) Net change in AOCI $ (432 ) $ 113 $ (319 ) (1) These amounts are included in the computation of net periodic pension cost. For further information, see Note 15 to these Consolidated Financial Statements. |
Change in Accumulated Other Comprehensive Loss Balances | The following table presents the change in accumulated other comprehensive loss balances. (Dollars in millions) Net Unrealized Gains (Losses) on Cash Flow Hedges Net Unrealized Gains (Losses) on Securities Foreign Currency Translation Adjustment Pension and Other Benefits Adjustment Other Accumulated Other Comprehensive Loss Balance, December 31, 2015 $ 38 $ (152 ) $ (24 ) $ (612 ) $ — $ (750 ) Other comprehensive income before reclassifications (16 ) (14 ) 2 (12 ) — (40 ) Amounts reclassified from AOCI (99 ) (42 ) — 35 — (106 ) Balance, December 31, 2016 $ (77 ) $ (208 ) $ (22 ) $ (589 ) $ — $ (896 ) Other comprehensive income before reclassifications (22 ) 15 7 69 — 69 Amounts reclassified from AOCI (44 ) 1 — 26 — (17 ) Subtotal before TCJA reclass (143 ) (192 ) (15 ) (494 ) — (844 ) TCJA reclass (31 ) (41 ) (4 ) (106 ) — (182 ) Balance, December 31, 2017 $ (174 ) $ (233 ) $ (19 ) $ (600 ) $ — $ (1,026 ) Other comprehensive income before reclassifications (71 ) (155 ) (2 ) (171 ) (1 ) (400 ) Amounts reclassified from AOCI 25 15 — 41 — 81 Transfer to additional paid-in capital — — 21 — — 21 Balance, December 31, 2018 $ (220 ) $ (373 ) $ — $ (730 ) $ (1 ) $ (1,324 ) |
Management Stock Plans (Tables)
Management Stock Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Stock Bonus Plan | Restricted Stock Units 2018 Number of Units Weighted-Average Grant Date Fair Value Units outstanding, beginning of year 27,838,414 $ 5.86 Activity during the year: Granted 14,667,730 5.89 Vested (13,198,540 ) 5.88 Forfeited (864,534 ) 5.97 Units outstanding, end of year 28,443,070 5.86 |
Rollforward of Restricted Stock Units Under Stock Bonus Plan | |
Summary of Compensation Costs, Corresponding Tax Benefit, and Unrecognized Compensation Costs | he following table is a summary of the Company's compensation costs, the corresponding tax benefit, and unrecognized compensation costs: Years Ended December 31, (Dollars in millions) 2018 2017 2016 Compensation costs $ 77 $ 66 $ 67 Tax benefit 20 26 26 Unrecognized compensation costs 110 111 96 |
Employee Pension and Other Po_2
Employee Pension and Other Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
Fair Value of Assets in Pension Plan and Other Benefits Plan | The following table sets forth the fair value of the assets in the Company's Pension Plan and Other Benefits Plan as of December 31, 2018 and 2017 . Pension Plan Other Benefits Plan Years Ended December 31, Years Ended December 31, (Dollars in millions) 2018 2017 2018 2017 Change in plan assets: Fair value of plan assets, beginning of year $ 3,854 $ 3,254 $ 288 $ 260 Actual return on plan assets (196 ) 608 (18 ) 44 Employer contributions — 115 — 1 Plan participants' contributions — — 4 4 Benefits paid (129 ) (123 ) (19 ) (21 ) Fair value of plan assets, end of year $ 3,529 $ 3,854 $ 255 $ 288 |
Fair Value by Level Within Fair Value Hierarchy Assets by Major Asset Category for Pension Plan and Other Benefits Plan | The following table provides the fair value by level within the fair value hierarchy of the Company's period-end assets by major asset category for the Pension Plan and Other Benefits Plan. For information about the fair value hierarchy levels, refer to Note 11 to these consolidated financial statements. The Plans do not hold any equity or debt securities issued by the Company or any related parties. December 31, 2018 (Dollars in millions) Level 1 Level 2 Level 3 Total Pension Plan Investments: Cash and cash equivalents $ — $ 25 $ — $ 25 U.S. government securities — 382 — 382 Fixed and variable income securities — 824 — 824 Equity securities 185 6 — 191 Mutual funds 620 — — 620 Municipal bonds — 37 — 37 Other — 20 — 20 Total investments in the fair value hierarchy $ 805 $ 1,294 $ — $ 2,099 Investments measured at net asset value (1) 1,420 Investments at fair value 3,519 Accrued dividends and interest receivable 12 Net pending trades (2 ) Total plan assets $ 3,529 (1) In accordance with ASU No. 2015-07, investments in which fair value was measured based on net asset value per share (or its equivalent) using the practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in these tables are intended to permit reconciliation of the fair value hierarchy to total plan assets. December 31, 2017 (Dollars in millions) Level 1 Level 2 Level 3 Total Pension Plan Investments: Cash and cash equivalents $ — $ 26 $ — $ 26 U.S. government securities — 195 — 195 Fixed and variable income securities — 638 — 638 Equity securities 381 7 — 388 Mutual funds 830 — — 830 Municipal bonds — 43 — 43 Other 5 11 — 16 Total investments in the fair value hierarchy $ 1,216 $ 920 $ — $ 2,136 Investments measured at net asset value (1) 1,704 Investments at fair value 3,840 Accrued dividends and interest receivable 8 Net pending trades 6 Total plan assets $ 3,854 December 31, 2018 (Dollars in millions) Level 1 Level 2 Level 3 Total Other Postretirement Benefits Plan Investments: Cash and cash equivalents $ — $ 1 $ — $ 1 U.S. government securities — 37 — 37 Fixed and variable income securities — 32 — 32 Equity securities — — — — Mutual funds 54 — — 54 Total investments in the fair value hierarchy $ 54 $ 70 $ — $ 124 Investments measured at net asset value (1) 134 Investments at fair value 258 Net pending trades (3 ) Total plan assets $ 255 (1) In accordance with ASU No. 2015-07, investments in which fair value was measured based on net asset value per share (or its equivalent) using the practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in these tables are intended to permit reconciliation of the fair value hierarchy to total plan assets. December 31, 2017 (Dollars in millions) Level 1 Level 2 Level 3 Total Other Postretirement Benefits Plan Investments: Cash and cash equivalents $ — $ 3 $ — $ 3 U.S. government securities — 44 — 44 Fixed and variable income securities — 29 — 29 Equity securities — 1 — 1 Mutual funds 66 — — 66 Total investments in the fair value hierarchy $ 66 $ 77 $ — $ 143 Investments measured at net asset value (1) 157 Investments at fair value 300 Net pending trades (12 ) Total plan assets $ 288 (1) In accordance with ASU No. 2015-07, investments in which fair value was measured based on net asset value per share (or its equivalent) using the practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in these tables are intended to permit reconciliation of the fair value hierarchy to total plan assets. |
Defined Benefit Plans Disclosures | The following tables as of December 31, 2018 and 2017 present the Company's Pension Plan and Other Benefits Plan investments in which fair value is measured using net asset value per share (or its equivalent) as a practical expedient. December 31, 2018 (Dollars in millions) Fair Value Unfunded Commitment Redemption Frequency Other Redemption Restrictions Redemption Notice Period Pension Plan Investments Domestic equity funds $ 789 $ — Daily None None Real estate funds 415 — Quarterly Availability of fund's liquid assets and approval of the board of directors 45-90 days Real estate funds 7 3 None Hold until dissolution date None International equity funds 159 — Monthly None 15 days Money market funds 50 — Immediate None None Total $ 1,420 $ 3 December 31, 2017 (Dollars in millions) Fair Value Unfunded Commitment Redemption Frequency Other Redemption Restrictions Redemption Notice Period Pension Plan Investments Domestic equity funds $ 1,101 $ — Daily None None Real estate funds 343 — Quarterly Availability of fund's liquid assets and approval of the board of directors 45-90 days Real estate funds 13 5 None Hold until dissolution; approximately four to six years from original final closing date None International equity funds 228 — Monthly None 15 days Money market funds 19 — Immediate None None Total $ 1,704 $ 5 December 31, 2018 (Dollars in millions) Fair Value Unfunded Commitment Redemption Frequency Other Redemption Restrictions Redemption Notice Period Other Postretirement Benefits Plan Investments Domestic equity funds $ 87 $ — Daily None None Pooled separate account - variable life insurance policies 46 — Quarterly Proof of death for death claim redemptions 7 business days Money market funds 1 — Immediate None None Total $ 134 $ — December 31, 2017 (Dollars in millions) Fair Value Unfunded Commitment Redemption Frequency Other Redemption Restrictions Redemption Notice Period Other Postretirement Benefits Plan Investments Domestic equity funds $ 100 $ — Daily None None Pooled separate account - variable life insurance policies 52 — Quarterly Proof of death for death claim redemptions 7 business days Money market funds 5 — Immediate None None Total $ 157 $ — |
Changes in Fair Value of Assets Measured at Level 3 | |
Table of Benefit Obligation Activity and Funded Status for Each of Plans | The following table sets forth the benefit obligation activity and the funded status for each of the Company's plans at December 31, 2018 and 2017 . In addition, the table sets forth the over (under) funded status at December 31, 2018 and 2017 . This pension benefits table does not include the obligations for Executive Supplemental Benefit Plans ( ESBP s). Pension Benefits Other Postretirement Benefits Years Ended December 31, Years Ended December 31, (Dollars in millions) 2018 2017 2018 2017 Accumulated benefit obligation $ 3,038 $ 3,101 Change in benefit obligation Benefit obligation, beginning of year $ 3,242 $ 2,942 $ 265 $ 261 Service cost 80 71 4 6 Interest cost 100 100 8 8 Plan participants' contributions — — 4 4 Actuarial loss/(gain) (246 ) 252 (21 ) 6 Effect of plan amendments — — — — Medicare Part D subsidy — — 1 1 Benefits paid (129 ) (123 ) (19 ) (21 ) Benefit obligation, end of year 3,047 3,242 242 265 Fair value of plan assets, end of year 3,529 3,854 255 288 Over (Under) funded status $ 482 $ 612 $ 13 $ 23 |
Table of Amounts Recognized in Accumulated Other Comprehensive Loss for Pension, Including ESBPs, and Other Benefits | The following table illustrates the changes that were reflected in AOCI during 2018 , 2017 and 2016 . Pension benefits do not include the ESBP s. Pension Benefits Other Postretirement Benefits (Dollars in millions) Net Actuarial (Gain) Loss Prior Service Credit Net Actuarial (Gain) Loss Prior Service Credit Amounts Recognized in Other Comprehensive Loss: Balance, December 31, 2015 $ 1,027 $ (121 ) $ 82 $ (15 ) Arising during the year 133 (76 ) 6 (47 ) Recognized in net income during the year (75 ) 18 (10 ) 12 Balance, December 31, 2016 $ 1,085 $ (179 ) $ 78 $ (50 ) Arising during the year (101 ) — (19 ) — Recognized in net income during the year (79 ) 27 (8 ) 21 Balance, December 31, 2017 $ 905 $ (152 ) $ 51 $ (29 ) Arising during the year 218 — 18 — Recognized in net income during the year (87 ) 26 (5 ) 15 Balance, December 31, 2018 $ 1,036 $ (126 ) $ 64 $ (14 ) At December 31, 2018 and 2017 , the following amounts were recognized in accumulated other comprehensive loss for pension, including ESBP s, and other benefits. December 31, 2018 Pension Benefits Other Postretirement Benefits (Dollars in millions) Gross Tax Net of Tax Gross Tax Net of Tax Net actuarial loss $ 1,036 $ 273 $ 763 $ 64 $ 18 $ 46 Prior service credit (126 ) (33 ) (93 ) (14 ) (4 ) (10 ) Pension and other postretirement benefits 910 240 670 50 14 36 Executive Supplemental Benefits Plans Net actuarial loss 32 8 24 — — — Prior service credit — — — — — — Executive supplemental benefits plans adjustment 32 8 24 — — — Pension and other postretirement benefits, as adjusted $ 942 $ 248 $ 694 $ 50 $ 14 $ 36 December 31, 2017 Pension Benefits Other Postretirement Benefits (Dollars in millions) Gross Tax Net of Tax Gross Tax Net of Tax Net actuarial loss $ 905 $ 238 $ 667 $ 51 $ 14 $ 37 Prior service credit (152 ) (40 ) (112 ) (29 ) (8 ) (21 ) Pension and other postretirement benefits 753 198 555 22 6 16 Executive Supplemental Benefits Plans Net actuarial loss 40 11 29 — — — Prior service credit — — — — — — Executive supplemental benefits plans adjustment 40 11 29 — — — Pension and other postretirement benefits, as adjusted $ 793 $ 209 $ 584 $ 22 $ 6 $ 16 |
Estimated Future Benefit Payments and Subsidies | The following pension and postretirement benefit payments, which reflect expected future service, as appropriate, are expected to be paid over the next 10 years. This table does not include the ESBP s. (Dollars in millions) Pension Benefits Postretirement Benefits Years ending December 31, 2019 $ 140 $ 17 2020 147 17 2021 153 18 2022 160 18 2023 166 18 Years 2024 - 2028 914 82 |
Summary of Weighted Average Assumptions Used in Computing Present Value of Benefit Obligations and Net Periodic Benefit Cost | The following tables summarize the weighted average assumptions used in computing the present value of the benefit obligations and the net periodic benefit cost. Pension Benefits Other Postretirement Benefits Years Ended December 31, Years Ended December 31, 2018 2017 2018 2017 Discount rate in determining net periodic benefit cost For service cost 3.26 % 3.79 % 3.49 % 3.97 % For interest cost 3.16 3.42 3.02 3.19 Discount rate in determining benefit obligations at year end 4.12 3.48 4.01 3.37 Rate of increase in future compensation levels for determining net periodic benefit cost 4.70 4.70 n/a n/a Rate of increase in future compensation levels for determining benefit obligations at year end 5.10 4.70 n/a n/a Expected return on plan assets 7.50 7.50 7.50 7.50 Cash balance crediting rate for determining net periodic benefit cost 2.74 3.06 n/a n/a Cash balance crediting rate for determining benefit obligations at year end 3.02 2.74 n/a n/a |
Components of Net Periodic Benefit Cost | Pension Benefits Other Postretirement Benefits ESBPs Years Ended December 31, Years Ended December 31, Years Ended December 31, (Dollars in millions) 2018 2017 2016 2018 2017 2016 2018 2017 2016 Components of net periodic benefit cost: Service cost $ 80 $ 71 $ 91 $ 4 $ 6 $ 8 $ — $ — $ 2 Interest cost 100 100 103 8 8 9 3 3 2 Expected return on plan assets (268 ) (254 ) (235 ) (21 ) (19 ) (19 ) — — — Amortization of prior service credit (26 ) (27 ) (18 ) (15 ) (21 ) (12 ) — — — Recognized net actuarial loss 87 79 75 5 8 10 3 4 3 Curtailment gain — — — — — — — — (2 ) Total net periodic benefit cost $ (27 ) $ (31 ) $ 16 $ (19 ) $ (18 ) $ (4 ) $ 6 $ 7 $ 5 |
Summary of Amounts Forecasted to be Recognized, Net Periodic Benefit Costs | |
Schedule of Assumed Weighted-Average Healthcare Cost Trend Rates | The Company's assumed weighted-average healthcare cost trend rates are as follows. Years Ended December 31, 2018 2017 2016 Healthcare cost trend rate assumed for next year 4.44 % 4.44 % 4.64 % Rate to which cost trend rate is assumed to decline (the ultimate trend rate) 3.94 % 3.94 % 3.96 % Year the rate reaches the ultimate trend rate 2027 2026 2026 |
Schedule of Effect of One-Percentage-Point Change in Assumed Healthcare Cost Trend Rates |
Other Noninterest Income and _2
Other Noninterest Income and Noninterest Expense (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Income and Expenses [Abstract] | |
Summary of Other Noninterest Income and Expense | The detail of other noninterest income is as follows. Years Ended December 31, (Dollars in millions) 2018 2017 2016 Gain (loss) on sales $ 16 $ 26 $ 79 Fund administration fees 100 46 22 Other fee income 100 69 59 Losses on renewable energy investments (235 ) (58 ) (37 ) Other 134 157 136 Total other noninterest income $ 115 $ 240 $ 259 The detail of other noninterest expense is as follows. Years Ended December 31, (Dollars in millions) 2018 2017 2016 Fees to affiliates $ 115 $ 105 $ 100 Expenses of the LIHC consolidated VIEs 24 43 68 Net periodic pension cost, excluding service cost (124 ) (119 ) (84 ) Other 394 360 311 Total other noninterest expense $ 409 $ 389 $ 395 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of effective tax rate | The following table is an analysis of the effective tax rate: Years Ended (Dollars in millions) 2018 2017 2016 Federal income tax rate 21 % 35 % 35 % Net tax effects of: State income taxes, net of federal income tax benefit 7 5 6 Tax-exempt interest income (1 ) (1 ) (1 ) Losses from LIHC investments (2 ) (3 ) (3 ) Amortization of LIHC investments 12 14 10 Tax credits (25 ) (21 ) (18 ) Effects of US tax law change (2 ) (8 ) — State Tax Refunds (5 ) — — Other — 1 2 Effective tax rate 5 % 22 % 31 % |
Components of Income Tax Expense | The components of income tax expense were as follows: Years Ended December 31, (Dollars in millions) 2018 2017 2016 Current income tax expense: Federal $ 195 $ 257 $ 228 State 89 21 105 Foreign 10 (4 ) 7 Total current expense 294 274 340 Deferred income tax expense (benefit): Federal (173 ) (49 ) 58 State (64 ) 52 24 Foreign (5 ) 22 (3 ) Total deferred expense (242 ) 25 79 Total income tax expense $ 52 $ 299 $ 419 |
Schedule of components of the Company's net deferred tax balances | The components of the Company's net deferred tax balances as of December 31, 2018 and 2017 were as follows: December 31, (Dollars in millions) 2018 2017 Deferred tax assets: Tax credits and net operating loss carryforwards $ 448 $ 310 Allowance for credit losses 251 254 Accrued expense, net 159 178 Unrealized losses on pension and postretirement benefits 260 214 Unrealized net losses on securities available for sale 132 82 Fair value adjustments for valuation of FDIC covered assets 53 61 Unrealized gains/losses on cash flow hedges 78 62 Other — — Total deferred tax assets 1,381 1,161 Deferred tax liabilities: Leasing and renewable energy 619 769 Intangible assets 59 55 Pension liabilities 365 358 Other 10 7 Total deferred tax liabilities 1,053 1,189 Net deferred tax asset (liability) $ 328 $ (28 ) |
Schedule of changes in unrecognized tax positions | The following table reflects the changes in gross unrecognized tax benefits: Years Ended December 31, (Dollars in millions) 2018 2017 2016 Balance, beginning of year $ 56 $ 11 $ 8 Gross increases as a result of tax positions taken during prior periods 72 45 — Gross decreases as a result of tax positions taken during prior periods — — — Gross increases as a result of tax positions taken during current period — 2 3 Gross decrease as a result of closed audit years or settlements (1 ) (2 ) — Balance, end of year $ 127 $ 56 $ 11 |
Regulatory Capital Requiremen_2
Regulatory Capital Requirements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Regulatory Capital Requirements [Abstract] | |
Summary of Capital Amounts and Ratios | The Company's and the Bank's capital amounts and ratios are presented in the following tables. U.S. Basel III Minimum Capital Requirement with Capital Conservation Buffer (1) (Dollars in millions) Amount Ratio Amount Ratio Capital Ratios for the Company: As of December 31, 2018: Common equity tier 1 capital (to risk-weighted assets) $ 14,256 13.96 % ≥ $ 6,508 6.375 % Tier 1 capital (to risk-weighted assets) 14,256 13.96 ≥ 8,039 7.875 Total capital (to risk-weighted assets) 14,904 14.60 ≥ 10,081 9.875 Tier 1 leverage (2) 14,256 8.77 ≥ 6,502 4.000 As of December 31, 2017: Common equity tier 1 capital (to risk-weighted assets) $ 15,708 16.31 % ≥ $ 5,539 5.750 % Tier 1 capital (to risk-weighted assets) 15,708 16.31 ≥ 6,984 7.250 Total capital (to risk-weighted assets) 17,106 17.76 ≥ 8,910 9.250 Tier 1 leverage (2) 15,708 10.06 ≥ 6,245 4.000 (1) Beginning January 1, 2018, the minimum capital requirement includes a capital conservation buffer of 1.875%. (2) Tier 1 capital divided by quarterly average assets (excluding certain disallowed assets, primarily goodwill and other intangibles). U.S. Basel III Minimum Capital Requirement with Capital Conservation Buffer (1) To Be Well-Capitalized Under Prompt Corrective Action Provisions (Dollars in millions) Amount Ratio Amount Ratio Amount Ratio Capital Ratios for the Bank: As of December 31, 2018 (U.S. Basel III): Common equity tier 1 capital (to risk-weighted assets) $ 13,316 14.45 % ≥ $ 5,876 6.375 % ≥ $ 5,991 6.5 % Tier 1 capital (to risk-weighted assets) 13,316 14.45 ≥ 7,258 7.875 ≥ 7,374 8.0 Total capital (to risk-weighted assets) 13,905 15.09 ≥ 9,102 9.875 ≥ 9,217 10.0 Tier 1 leverage (2) 13,316 10.61 ≥ 5,018 4.000 ≥ 6,273 5.0 As of December 31, 2017 (U.S. Basel III): Common equity tier 1 capital (to risk-weighted assets) $ 14,028 16.17 % ≥ $ 4,987 5.750 % ≥ $ 5,637 6.5 % Tier 1 capital (to risk-weighted assets) 14,028 16.17 ≥ 6,288 7.250 ≥ 6,938 8.0 Total capital (to risk-weighted assets) 15,335 17.68 ≥ 8,023 9.250 ≥ 8,673 10.0 Tier 1 leverage (2) 14,028 11.78 ≥ 4,762 4.000 ≥ 5,953 5.0 (1) Beginning January 1, 2018, the minimum capital requirement includes a capital conservation buffer of 1.875%. (2) Tier 1 capital divided by quarterly average assets (excluding certain disallowed assets, primarily goodwill and other intangibles). |
Commitments, Contingencies an_2
Commitments, Contingencies and Guarantees (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Commitments | The following table summarizes the Company's commitments: (Dollars in millions) December 31, 2018 Commitments to extend credit $ 33,487 Issued standby and commercial letters of credit 4,852 Commitments to enter into forward-starting resale agreements 877 Other commitments 493 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of reportable business segments | (Dollars in millions) Regional Bank U.S. Wholesale & Investment Banking Transaction Banking MUSA Other MUFG Americas Holdings Corporation Results of operations Net interest income (expense) $ 2,195 $ 415 $ 264 $ 200 $ 233 $ 3,307 Noninterest income 451 373 59 300 994 2,177 Total revenue 2,646 788 323 500 1,227 5,484 Noninterest expense 2,058 418 255 443 1,103 4,277 (Reversal of) provision for credit losses 65 42 (3 ) — 2 106 Income (loss) before income taxes and including noncontrolling interests 523 328 71 57 122 1,101 Income tax expense (benefit) (1) 105 122 19 17 (211 ) 52 Net income (loss) including noncontrolling interest 418 206 52 40 333 1,049 Deduct: net loss from noncontrolling interests — — — — 24 24 Net income (loss) attributable to MUAH $ 418 $ 206 $ 52 $ 40 $ 357 $ 1,073 Total assets, end of period $ 73,554 $ 20,933 $ 941 $ 33,844 $ 38,828 $ 168,100 (1) Income tax expense (benefit) includes certain management accounting classification adjustments. As of and for the Twelve Months Ended December 31, 2017: (Dollars in millions) Regional Bank U.S. Wholesale & Investment Banking Transaction Banking MUSA Other MUFG Americas Holdings Results of operations Net interest income (expense) $ 2,051 $ 417 $ 247 $ 234 $ 255 $ 3,204 Noninterest income 442 370 64 351 783 2,010 Total revenue 2,493 787 311 585 1,038 5,214 Noninterest expense 1,961 403 229 445 946 3,984 (Reversal of) provision for credit losses 22 (104 ) 1 — (22 ) (103 ) Income (loss) before income taxes and including noncontrolling interests 510 488 81 140 114 1,333 Income tax expense (benefit) (1) 178 (197 ) 33 59 226 299 Net income (loss) including noncontrolling interest 332 685 48 81 (112 ) 1,034 Deduct: net loss from noncontrolling interests — — — — 43 43 Net income (loss) attributable to MUAH $ 332 $ 685 $ 48 $ 81 $ (69 ) $ 1,077 Total assets, end of period $ 67,804 $ 20,461 $ 1,063 $ 32,062 $ 33,160 $ 154,550 (1) Income tax expense (benefit) includes certain management accounting classification adjustments. As of and for the Twelve Months Ended December 31, 2016: (Dollars in millions) Regional Bank U.S. Wholesale & Investment Banking Transaction Banking MUSA Other MUFG Americas Holdings Results of operations Net interest income (expense) $ 1,952 $ 541 $ 202 $ 164 $ 194 $ 3,053 Noninterest income 449 368 72 302 1,034 2,225 Total revenue 2,401 909 274 466 1,228 5,278 Noninterest expense 1,843 404 190 362 983 3,782 (Reversal of) provision for credit losses 30 98 — — 27 155 Income (loss) before income taxes and including noncontrolling interests 528 407 84 104 218 1,341 Income tax expense (benefit) (1) 152 91 39 41 96 419 Net income (loss) including noncontrolling interest 376 316 45 63 122 922 Deduct: net loss from noncontrolling interests — — — — 68 68 Net income (loss) attributable to MUAH $ 376 $ 316 $ 45 $ 63 $ 190 $ 990 Total assets, end of period $ 63,169 $ 23,805 $ 1,205 $ 29,252 $ 30,713 $ 148,144 (1) Income tax expense (benefit) includes certain management accounting classification adjustments. |
Condensed MUFG Americas Holdi_2
Condensed MUFG Americas Holdings Corporation Unconsolidated Financial Statements (Parent Company) (Tables) - MUFG Americas Holdings Corporation | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Balance Sheets | Condensed Balance Sheets December 31, (Dollars in millions) 2018 2017 Assets Cash and cash equivalents $ 739 $ 1,341 Investments in and advances to subsidiaries Bank subsidiary 18,493 19,598 Nonbank subsidiaries 4,618 4,314 Other assets 76 69 Total assets $ 23,926 $ 25,322 Liabilities and Stockholders' Equity Long-term debt $ 7,355 $ 6,997 Other liabilities 63 70 Total liabilities 7,418 7,067 Stockholders' equity 16,508 18,255 Total liabilities and stockholders' equity $ 23,926 $ 25,322 |
Condensed Statements of Income | Condensed Statements of Income Years Ended December 31, (Dollars in millions) 2018 2017 2016 Income: Dividends from subsidiaries: Bank subsidiary $ 1,700 $ 320 $ — Nonbank subsidiaries 95 51 — Interest income on advances to subsidiaries and deposits in bank 137 79 22 Rental Income 15 15 16 Total income 1,947 465 38 Expense: Interest expense 194 144 75 Other expense 17 14 19 Total expense 211 158 94 Income (loss) before income taxes and equity in undistributed net income of subsidiaries 1,736 307 (56 ) Income tax benefit (13 ) (20 ) (22 ) Income (loss) before equity in undistributed net income of subsidiaries 1,749 327 (34 ) Equity in undistributed net income of subsidiaries less dividends received: Bank subsidiary (697 ) 366 900 Nonbank subsidiaries 21 384 124 Net Income $ 1,073 $ 1,077 $ 990 |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows Years Ended December 31, (Dollars in millions) 2018 2017 2016 Cash Flows from Operating Activities: Net income $ 1,073 $ 1,077 $ 990 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Equity in undistributed net income of subsidiaries less dividends received 676 (750 ) (1,024 ) Other, net (9 ) 2 — Net cash provided by (used in) operating activities 1,740 329 (34 ) Cash Flows from Investing Activities: Investments in and advances to subsidiaries (2,612 ) (5,050 ) (1,197 ) Repayment of investments in and advances to subsidiaries 2,411 1,495 1,820 Net cash used in investing activities (201 ) (3,555 ) 623 Cash Flows from Financing Activities: Proceeds from advances from subsidiaries — 200 — Repayment of advances from subsidiaries — (200 ) — Proceeds from issuance of long-term debt 6,500 3,525 545 Repayment of long-term debt (6,145 ) — — Dividends paid — (500 ) — Share repurchase (2,496 ) — — Other, net — — 1 Net cash provided by (used in) financing activities (2,141 ) 3,025 546 Net increase (decrease) in cash and cash equivalents (602 ) (201 ) 1,135 Cash and cash equivalents at beginning of year 1,341 1,542 407 Cash and cash equivalents at end of year $ 739 $ 1,341 $ 1,542 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies and Nature of Operations (Details) | 12 Months Ended | |||
Dec. 31, 2018type_of_leaseshares | Dec. 31, 2017shares | Jul. 01, 2017shares | Jul. 01, 2016shares | |
Significant Accounting Policies | ||||
Common stock, share issued (in shares) | shares | 131,935,124 | 147,589,713 | 3,267,433 | 7,991,449 |
Loans placed on nonaccrual status when past due term (days) | 90 days | |||
Interest accrual period (days) | 120 days | |||
Consecutive payment period for accrual status | 6 months | |||
Number of types of leases offered to customers | type_of_lease | 2 | |||
Minimum | ||||
Significant Accounting Policies | ||||
Intangible assets amortized period | 3 years | |||
Maximum | ||||
Significant Accounting Policies | ||||
Intangible assets amortized period | 40 years |
- Net Periodic Pension Cost and
- Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Salaries and employee benefits | $ 2,616 | $ 2,495 | $ 2,439 |
Other | $ 409 | 389 | 395 |
As Previously Reported | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Salaries and employee benefits | 2,376 | 2,355 | |
Other | 508 | 479 | |
Accounting Standards Update 2017-07 | Adjustment | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Salaries and employee benefits | 119 | 84 | |
Other | $ (119) | $ (84) |
Correction of Prior Period Amou
Correction of Prior Period Amounts (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Other assets | $ 9,620 | $ 9,410 | ||
Other liabilities | 2,048 | 2,143 | ||
Retained earnings | 9,524 | 10,936 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 16,580 | 18,355 | $ 17,386 | $ 16,593 |
Noncontrolling interests | 72 | 100 | ||
Noncontrolling Interests | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 72 | 100 | 153 | 215 |
Retained Earnings | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 9,524 | $ 10,936 | $ 10,101 | $ 9,116 |
Securities - Schedule of Availa
Securities - Schedule of Available For Sale Securities (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Securities available for sale | ||
Amortized Cost | $ 16,680 | $ 17,794 |
Gross Unrealized Gains | 41 | 58 |
Gross Unrealized Losses | 407 | 289 |
Fair Value | 16,314 | 17,563 |
U.S. Treasury | ||
Securities available for sale | ||
Amortized Cost | 3,572 | 3,370 |
Gross Unrealized Gains | 1 | 0 |
Gross Unrealized Losses | 144 | 118 |
Fair Value | 3,429 | 3,252 |
U.S. government agency and government-sponsored agencies | ||
Securities available for sale | ||
Amortized Cost | 8,168 | 9,338 |
Gross Unrealized Gains | 7 | 2 |
Gross Unrealized Losses | 168 | 132 |
Fair Value | 8,007 | 9,208 |
Privately issued | ||
Securities available for sale | ||
Amortized Cost | 887 | 695 |
Gross Unrealized Gains | 0 | 3 |
Gross Unrealized Losses | 23 | 4 |
Fair Value | 864 | 694 |
Privately issued - commercial mortgage-backed securities | ||
Securities available for sale | ||
Amortized Cost | 1,179 | 823 |
Gross Unrealized Gains | 3 | 4 |
Gross Unrealized Losses | 20 | 5 |
Fair Value | 1,162 | 822 |
Collateralized loan obligations | ||
Securities available for sale | ||
Amortized Cost | 1,492 | 1,895 |
Gross Unrealized Gains | 0 | 10 |
Gross Unrealized Losses | 18 | 0 |
Fair Value | 1,474 | 1,905 |
Other | ||
Securities available for sale | ||
Amortized Cost | 4 | 5 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 4 | 5 |
Asset Liability Management securities | ||
Securities available for sale | ||
Amortized Cost | 15,302 | 16,126 |
Gross Unrealized Gains | 11 | 19 |
Gross Unrealized Losses | 373 | 259 |
Fair Value | 14,940 | 15,886 |
Direct bank purchase bonds | ||
Securities available for sale | ||
Amortized Cost | 1,190 | 1,495 |
Gross Unrealized Gains | 30 | 38 |
Gross Unrealized Losses | 30 | 30 |
Fair Value | 1,190 | 1,503 |
Other | ||
Securities available for sale | ||
Amortized Cost | 188 | 163 |
Gross Unrealized Gains | 0 | 1 |
Gross Unrealized Losses | 4 | 0 |
Fair Value | $ 184 | 164 |
Equity securities | ||
Securities available for sale | ||
Amortized Cost | 10 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Fair Value | $ 10 |
Securities - Schedule of Contin
Securities - Schedule of Continuous Unrealized Loss Position (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Securities available for sale | ||
Less than 12 months, Fair Value | $ 4,677 | $ 5,561 |
Less than 12 months, Unrealized Losses | 50 | 44 |
12 months or more, Fair Value | 9,295 | 7,586 |
12 months or more, Unrealized Losses | 357 | 245 |
Fair Value, Total | 13,972 | 13,147 |
Unrealized Losses, Total | 407 | 289 |
U.S. Treasury | ||
Securities available for sale | ||
Less than 12 months, Fair Value | 147 | 1,074 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 1 | 14 |
12 months or more, Fair Value | 3,182 | 2,128 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 143 | 104 |
Fair Value, Total | 3,329 | 3,202 |
Unrealized Losses, Total | 144 | 118 |
U.S. government agency and government-sponsored agencies | ||
Securities available for sale | ||
Less than 12 months, Fair Value | 1,941 | 3,606 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 8 | 22 |
12 months or more, Fair Value | 4,797 | 4,651 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 160 | 110 |
Fair Value, Total | 6,738 | 8,257 |
Unrealized Losses, Total | 168 | 132 |
Privately issued | ||
Securities available for sale | ||
Less than 12 months, Fair Value | 398 | 275 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 7 | 1 |
12 months or more, Fair Value | 383 | 164 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 16 | 3 |
Fair Value, Total | 781 | 439 |
Unrealized Losses, Total | 23 | 4 |
Privately issued - commercial mortgage-backed securities | ||
Securities available for sale | ||
Less than 12 months, Fair Value | 364 | 447 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 6 | 3 |
12 months or more, Fair Value | 512 | 80 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 14 | 2 |
Fair Value, Total | 876 | 527 |
Unrealized Losses, Total | 20 | 5 |
Collateralized loan obligations | ||
Securities available for sale | ||
Less than 12 months, Fair Value | 1,428 | 12 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 18 | 0 |
12 months or more, Fair Value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Fair Value, Total | 1,428 | 12 |
Unrealized Losses, Total | 18 | 0 |
Asset Liability Management securities | ||
Securities available for sale | ||
Less than 12 months, Fair Value | 4,278 | 5,414 |
Less than 12 months, Unrealized Losses | 40 | 40 |
12 months or more, Fair Value | 8,874 | 7,023 |
12 months or more, Unrealized Losses | 333 | 219 |
Fair Value, Total | 13,152 | 12,437 |
Unrealized Losses, Total | 373 | 259 |
Direct bank purchase bonds | ||
Securities available for sale | ||
Less than 12 months, Fair Value | 221 | 58 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 6 | 4 |
12 months or more, Fair Value | 417 | 563 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 24 | 26 |
Fair Value, Total | 638 | 621 |
Unrealized Losses, Total | 30 | 30 |
Other | ||
Securities available for sale | ||
Less than 12 months, Fair Value | 178 | 79 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 4 | 0 |
12 months or more, Fair Value | 4 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Fair Value, Total | 182 | 79 |
Unrealized Losses, Total | $ 4 | 0 |
Equity securities | ||
Securities available for sale | ||
Less than 12 months, Fair Value | 10 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | |
12 months or more, Fair Value | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Fair Value, Total | 10 | |
Unrealized Losses, Total | $ 0 |
Securities - Fair Value of Debt
Securities - Fair Value of Debt Securities AFS Contractual Maturity (Details) $ in Millions | Dec. 31, 2018USD ($) |
Securities available for sale | |
One Year or Less | $ 30 |
Over One Year Through Five Years | 2,112 |
Over Five Years Through Ten Years | 4,458 |
Over Ten Years | 9,714 |
Total Fair Value | 16,314 |
U.S. Treasury | |
Securities available for sale | |
One Year or Less | 0 |
Over One Year Through Five Years | 1,284 |
Over Five Years Through Ten Years | 2,145 |
Over Ten Years | 0 |
Total Fair Value | 3,429 |
U.S. government agency and government-sponsored agencies | |
Securities available for sale | |
One Year or Less | 0 |
Over One Year Through Five Years | 212 |
Over Five Years Through Ten Years | 1,306 |
Over Ten Years | 6,489 |
Total Fair Value | 8,007 |
Privately issued | |
Securities available for sale | |
One Year or Less | 0 |
Over One Year Through Five Years | 0 |
Over Five Years Through Ten Years | 0 |
Over Ten Years | 864 |
Total Fair Value | 864 |
Privately issued - commercial mortgage-backed securities | |
Securities available for sale | |
One Year or Less | 0 |
Over One Year Through Five Years | 25 |
Over Five Years Through Ten Years | 43 |
Over Ten Years | 1,094 |
Total Fair Value | 1,162 |
Collateralized loan obligations | |
Securities available for sale | |
One Year or Less | 0 |
Over One Year Through Five Years | 1 |
Over Five Years Through Ten Years | 352 |
Over Ten Years | 1,121 |
Total Fair Value | 1,474 |
Other | |
Securities available for sale | |
One Year or Less | 1 |
Over One Year Through Five Years | 3 |
Over Five Years Through Ten Years | 0 |
Over Ten Years | 0 |
Total Fair Value | 4 |
Asset Liability Management securities | |
Securities available for sale | |
One Year or Less | 1 |
Over One Year Through Five Years | 1,525 |
Over Five Years Through Ten Years | 3,846 |
Over Ten Years | 9,568 |
Total Fair Value | 14,940 |
Direct bank purchase bonds | |
Securities available for sale | |
One Year or Less | 26 |
Over One Year Through Five Years | 424 |
Over Five Years Through Ten Years | 612 |
Over Ten Years | 128 |
Total Fair Value | 1,190 |
Other | |
Securities available for sale | |
One Year or Less | 3 |
Over One Year Through Five Years | 163 |
Over Five Years Through Ten Years | 0 |
Over Ten Years | 18 |
Total Fair Value | $ 184 |
Securities - Proceeds from Sale
Securities - Proceeds from Sales of Securities AFS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |||
Gross realized gains | $ 8 | $ 17 | $ 69 |
Gross realized losses | $ 0 | $ 0 | $ 0 |
Securities - Unrealized Gains_L
Securities - Unrealized Gains/Loss in OCI (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Securities held to maturity | ||
Amortized Cost | $ 11,038 | $ 9,966 |
Securities held to maturity, Gross Unrealized Gains, Recognized in Other Comprehensive Income (OCI) | 1 | 2 |
Securities held to maturity, gross unrealized losses, recognized in other comprehensive income (OCI) | 138 | 83 |
Total securities held to maturity, carrying amount | 10,901 | 9,885 |
Securities held to maturity, Gross Unrealized Gains, Not Recognized in OCI | 30 | 54 |
Total, Unrealized Losses, Not Recognized in OCI | 211 | 140 |
Total securities held to maturity, Fair Value | 10,720 | 9,799 |
U.S. Treasury | ||
Securities held to maturity | ||
Amortized Cost | 528 | 525 |
Securities held to maturity, Gross Unrealized Gains, Recognized in Other Comprehensive Income (OCI) | 0 | 0 |
Securities held to maturity, gross unrealized losses, recognized in other comprehensive income (OCI) | 0 | 0 |
Total securities held to maturity, carrying amount | 528 | 525 |
Securities held to maturity, Gross Unrealized Gains, Not Recognized in OCI | 1 | 3 |
Total, Unrealized Losses, Not Recognized in OCI | 2 | 1 |
Total securities held to maturity, Fair Value | 527 | 527 |
U.S. government-sponsored agencies | ||
Securities held to maturity | ||
Amortized Cost | 722 | |
Securities held to maturity, Gross Unrealized Gains, Recognized in Other Comprehensive Income (OCI) | 0 | |
Securities held to maturity, gross unrealized losses, recognized in other comprehensive income (OCI) | 0 | 0 |
Total securities held to maturity, carrying amount | 722 | |
Securities held to maturity, Gross Unrealized Gains, Not Recognized in OCI | 1 | |
Total, Unrealized Losses, Not Recognized in OCI | 0 | 1 |
Total securities held to maturity, Fair Value | 723 | |
U.S. government agency and government-sponsored agencies - residential mortgage-backed securities | ||
Securities held to maturity | ||
Amortized Cost | 8,302 | 7,870 |
Securities held to maturity, Gross Unrealized Gains, Recognized in Other Comprehensive Income (OCI) | 1 | 2 |
Securities held to maturity, gross unrealized losses, recognized in other comprehensive income (OCI) | 96 | 31 |
Total securities held to maturity, carrying amount | 8,207 | 7,841 |
Securities held to maturity, Gross Unrealized Gains, Not Recognized in OCI | 11 | 15 |
Total, Unrealized Losses, Not Recognized in OCI | 191 | 130 |
Total securities held to maturity, Fair Value | 8,027 | 7,726 |
U.S. government agency and government-sponsored agencies - commercial mortgage-backed securities | ||
Securities held to maturity | ||
Amortized Cost | 1,486 | 1,571 |
Securities held to maturity, Gross Unrealized Gains, Recognized in Other Comprehensive Income (OCI) | 0 | 0 |
Securities held to maturity, gross unrealized losses, recognized in other comprehensive income (OCI) | 42 | 52 |
Total securities held to maturity, carrying amount | 1,444 | 1,519 |
Securities held to maturity, Gross Unrealized Gains, Not Recognized in OCI | 17 | 36 |
Total, Unrealized Losses, Not Recognized in OCI | 18 | 9 |
Total securities held to maturity, Fair Value | $ 1,443 | $ 1,546 |
Securities - Held to Maturity C
Securities - Held to Maturity Continuous Unrealized Loss Position (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Securities held to maturity | ||
Less than 12 months, Fair Value | $ 697 | $ 3,162 |
Less than 12 months, Unrealized Losses, Recognized in OCI | 0 | 0 |
Less than 12 months, Unrealized Losses, Not Recognized in OCI | 11 | 32 |
12 months or more, Fair Value | 9,083 | 5,496 |
12 months or more, Unrealized Losses, Recognized in OCI | 138 | 83 |
12 months or more, Unrealized Losses, Not Recognized in OCI | 200 | 108 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | 9,780 | 8,658 |
Total, Unrealized Losses, Recognized in OCI | 138 | 83 |
Total, Unrealized Losses, Not Recognized in OCI | 211 | 140 |
U.S. Treasury | ||
Securities held to maturity | ||
Less than 12 months, Fair Value | 0 | |
Less than 12 months, Unrealized Losses, Recognized in OCI | 0 | |
Less than 12 months, Unrealized Losses, Not Recognized in OCI | 0 | |
12 months or more, Fair Value | 496 | |
12 months or more, Unrealized Losses, Recognized in OCI | 0 | |
12 months or more, Unrealized Losses, Not Recognized in OCI | 2 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | 496 | |
Total, Unrealized Losses, Recognized in OCI | 0 | 0 |
Total, Unrealized Losses, Not Recognized in OCI | 2 | 1 |
U.S. government-sponsored agencies | ||
Securities held to maturity | ||
Less than 12 months, Fair Value | 494 | |
Less than 12 months, Unrealized Losses, Recognized in OCI | 0 | |
Less than 12 months, Unrealized Losses, Not Recognized in OCI | 1 | |
12 months or more, Fair Value | 0 | |
12 months or more, Unrealized Losses, Recognized in OCI | 0 | |
12 months or more, Unrealized Losses, Not Recognized in OCI | 0 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | 494 | |
Total, Unrealized Losses, Recognized in OCI | 0 | 0 |
Total, Unrealized Losses, Not Recognized in OCI | 0 | 1 |
U.S. government agency and government-sponsored agencies - residential mortgage-backed securities | ||
Securities held to maturity | ||
Less than 12 months, Fair Value | 668 | 2,649 |
Less than 12 months, Unrealized Losses, Recognized in OCI | 0 | 0 |
Less than 12 months, Unrealized Losses, Not Recognized in OCI | 11 | 31 |
12 months or more, Fair Value | 7,191 | 4,000 |
12 months or more, Unrealized Losses, Recognized in OCI | 96 | 31 |
12 months or more, Unrealized Losses, Not Recognized in OCI | 180 | 99 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | 7,859 | 6,649 |
Total, Unrealized Losses, Recognized in OCI | 96 | 31 |
Total, Unrealized Losses, Not Recognized in OCI | 191 | 130 |
U.S. government agency and government-sponsored agencies - commercial mortgage-backed securities | ||
Securities held to maturity | ||
Less than 12 months, Fair Value | 29 | 19 |
Less than 12 months, Unrealized Losses, Recognized in OCI | 0 | 0 |
Less than 12 months, Unrealized Losses, Not Recognized in OCI | 0 | 0 |
12 months or more, Fair Value | 1,396 | 1,496 |
12 months or more, Unrealized Losses, Recognized in OCI | 42 | 52 |
12 months or more, Unrealized Losses, Not Recognized in OCI | 18 | 9 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | 1,425 | 1,515 |
Total, Unrealized Losses, Recognized in OCI | 42 | 52 |
Total, Unrealized Losses, Not Recognized in OCI | $ 18 | $ 9 |
Securities - Carrying Amount an
Securities - Carrying Amount and Fair Value Securities Held to Maturity (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Securities held to maturity | ||
Over One Year Through Five Years, Carrying Amount | $ 796 | |
Over Five Years Through Ten Years, Carrying Amount | 1,730 | |
Over Ten Years, Carrying Amount | 7,810 | |
Total securities held to maturity, carrying amount | 10,901 | $ 9,885 |
Over One Year Through Five Years, Fair Value | 806 | |
Over Five Years Through Ten Years, Fair Value | 1,709 | |
Over Ten Years, Fair Value | 7,641 | |
Total securities held to maturity, Fair Value | 10,720 | 9,799 |
Held-to-maturity Securities, Debt Maturities, within One Year, Net Carrying Amount | 565 | |
Held-to-maturity Securities, Debt Maturities, Next Twelve Months, Fair Value | 564 | |
U.S. Treasury | ||
Securities held to maturity | ||
Over One Year Through Five Years, Carrying Amount | 9 | |
Over Five Years Through Ten Years, Carrying Amount | 0 | |
Over Ten Years, Carrying Amount | 0 | |
Total securities held to maturity, carrying amount | 528 | 525 |
Over One Year Through Five Years, Fair Value | 9 | |
Over Five Years Through Ten Years, Fair Value | 0 | |
Over Ten Years, Fair Value | 0 | |
Total securities held to maturity, Fair Value | 527 | 527 |
Held-to-maturity Securities, Debt Maturities, within One Year, Net Carrying Amount | 519 | |
Held-to-maturity Securities, Debt Maturities, Next Twelve Months, Fair Value | 518 | |
US Government Agencies Debt Securities [Member] | ||
Securities held to maturity | ||
Over One Year Through Five Years, Carrying Amount | 0 | |
Over Five Years Through Ten Years, Carrying Amount | 722 | |
Over Ten Years, Carrying Amount | 0 | |
Total securities held to maturity, carrying amount | 722 | |
Over One Year Through Five Years, Fair Value | 0 | |
Over Five Years Through Ten Years, Fair Value | 723 | |
Over Ten Years, Fair Value | 0 | |
Total securities held to maturity, Fair Value | 723 | |
Held-to-maturity Securities, Debt Maturities, within One Year, Net Carrying Amount | 0 | |
Held-to-maturity Securities, Debt Maturities, Next Twelve Months, Fair Value | 0 | |
U.S. government agency and government-sponsored agencies - residential mortgage-backed securities | ||
Securities held to maturity | ||
Over One Year Through Five Years, Carrying Amount | 0 | |
Over Five Years Through Ten Years, Carrying Amount | 1,008 | |
Over Ten Years, Carrying Amount | 7,199 | |
Total securities held to maturity, carrying amount | 8,207 | 7,841 |
Over One Year Through Five Years, Fair Value | 0 | |
Over Five Years Through Ten Years, Fair Value | 986 | |
Over Ten Years, Fair Value | 7,041 | |
Total securities held to maturity, Fair Value | 8,027 | $ 7,726 |
Held-to-maturity Securities, Debt Maturities, within One Year, Net Carrying Amount | 0 | |
Held-to-maturity Securities, Debt Maturities, Next Twelve Months, Fair Value | 0 | |
U.S. government agency and government-sponsored agencies - commercial mortgage-backed securities | ||
Securities held to maturity | ||
Over One Year Through Five Years, Carrying Amount | 787 | |
Over Five Years Through Ten Years, Carrying Amount | 0 | |
Over Ten Years, Carrying Amount | 611 | |
Total securities held to maturity, carrying amount | 1,444 | |
Over One Year Through Five Years, Fair Value | 797 | |
Over Five Years Through Ten Years, Fair Value | 0 | |
Over Ten Years, Fair Value | 600 | |
Total securities held to maturity, Fair Value | 1,443 | |
Held-to-maturity Securities, Debt Maturities, within One Year, Net Carrying Amount | 46 | |
Held-to-maturity Securities, Debt Maturities, Next Twelve Months, Fair Value | $ 46 |
Securities - Securities Pledged
Securities - Securities Pledged as Collateral (Details) - USD ($) $ in Billions | Dec. 31, 2018 | Dec. 31, 2017 |
Investments, Debt and Equity Securities [Abstract] | ||
Amount pledged | $ 11.9 | $ 12.3 |
Permitted to be sold or repledged | 1.3 | 1.2 |
Received as collateral | 33.1 | 31.8 |
Collateral received permitted to be sold or repledged | 33.1 | 31.8 |
Sold or repledged | $ 32.1 | $ 30.4 |
Loans and Allowance for Loan _3
Loans and Allowance for Loan Losses - Outstanding Balance of Loans (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Loans disclosures | ||||
Total loans held for investment, before purchased credit-impaired loans | $ 86,507 | $ 80,014 | ||
Total loans held for investment | (86,507) | (80,014) | ||
Allowance for loan losses | (474) | (476) | $ (639) | $ (723) |
Loans Held for Investment, Net | 86,033 | 79,538 | ||
Unamortized discounts and premiums and deferred fees and costs | 340 | 301 | ||
Commercial | ||||
Loans disclosures | ||||
Total loans held for investment, before purchased credit-impaired loans | 43,135 | 40,909 | ||
Commercial | Commercial and industrial | ||||
Loans disclosures | ||||
Total loans held for investment, before purchased credit-impaired loans | 24,919 | 23,281 | ||
Commercial | Commercial mortgage | ||||
Loans disclosures | ||||
Total loans held for investment, before purchased credit-impaired loans | 15,354 | 14,320 | ||
Commercial | Construction | ||||
Loans disclosures | ||||
Total loans held for investment, before purchased credit-impaired loans | 1,613 | 1,775 | ||
Commercial | Lease financing | ||||
Loans disclosures | ||||
Total loans held for investment, before purchased credit-impaired loans | 1,249 | 1,533 | ||
Consumer | ||||
Loans disclosures | ||||
Total loans held for investment, before purchased credit-impaired loans | 43,372 | 39,105 | ||
Consumer | Residential mortgage | ||||
Loans disclosures | ||||
Total loans held for investment, before purchased credit-impaired loans | 38,439 | 35,643 | ||
Consumer | Home equity and other consumer loans | ||||
Loans disclosures | ||||
Total loans held for investment, before purchased credit-impaired loans | 4,933 | 3,462 | ||
Commercial | ||||
Loans disclosures | ||||
Total loans held for investment, before purchased credit-impaired loans | 43,135 | 40,909 | ||
Total loans held for investment | (43,135) | (40,909) | ||
Allowance for loan losses | (359) | (360) | (556) | (654) |
Commercial | Commercial mortgage | ||||
Loans disclosures | ||||
Total loans held for investment, before purchased credit-impaired loans | 15,354 | 14,320 | ||
Commercial | Construction | ||||
Loans disclosures | ||||
Total loans held for investment, before purchased credit-impaired loans | 1,613 | 1,775 | ||
Consumer | ||||
Loans disclosures | ||||
Total loans held for investment, before purchased credit-impaired loans | 43,372 | 39,105 | ||
Total loans held for investment | (43,372) | (39,105) | ||
Allowance for loan losses | (110) | (86) | $ (83) | $ (49) |
Consumer | Residential mortgage | ||||
Loans disclosures | ||||
Total loans held for investment, before purchased credit-impaired loans | 38,439 | 35,643 | ||
Consumer | Home equity and other consumer loans | ||||
Loans disclosures | ||||
Total loans held for investment, before purchased credit-impaired loans | 4,933 | $ 3,462 | ||
Notes Receivable [Member] | Commercial | Commercial mortgage | ||||
Loans disclosures | ||||
Total loans held for investment | (16,000) | |||
Notes Receivable [Member] | Consumer | Residential mortgage | ||||
Loans disclosures | ||||
Total loans held for investment | (38,000) | |||
Financial and Insurance [Member] | Notes Receivable [Member] | Commercial | ||||
Loans disclosures | ||||
Total loans held for investment | (7,000) | |||
Power and Utilities [Member] | Notes Receivable [Member] | Commercial | ||||
Loans disclosures | ||||
Total loans held for investment | (4,000) | |||
Oil and Gas [Member] | Notes Receivable [Member] | Commercial | ||||
Loans disclosures | ||||
Total loans held for investment | (3,000) | |||
Manufacturing Sector [Member] | Notes Receivable [Member] | Commercial | ||||
Loans disclosures | ||||
Total loans held for investment | $ (4,000) |
Loans and Allowance for Loan _4
Loans and Allowance for Loan Losses - Reconciliation of Changes in Allowance for Loan Losses by Portfolio Segment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for loan losses, beginning of period | $ 476 | $ 639 | $ 723 |
(Reversal of) provision for loan losses | 84 | (65) | 158 |
Other | 2 | 2 | |
Loans charged-off | (120) | (155) | (271) |
Recoveries of loans previously charged-off | 34 | 55 | 27 |
Allowance for loan losses, end of period | 474 | 476 | 639 |
Commercial | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for loan losses, beginning of period | 360 | 556 | 654 |
(Reversal of) provision for loan losses | (132) | 134 | |
Loans charged-off | (79) | (116) | (259) |
Recoveries of loans previously charged-off | 27 | 50 | 25 |
Allowance for loan losses, end of period | 359 | 360 | 556 |
Consumer | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for loan losses, beginning of period | 86 | 83 | 49 |
(Reversal of) provision for loan losses | 37 | 44 | |
Other | 0 | 0 | |
Loans charged-off | (41) | (39) | (12) |
Recoveries of loans previously charged-off | 7 | 5 | 2 |
Allowance for loan losses, end of period | 110 | 86 | 83 |
Unallocated | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for loan losses, beginning of period | 30 | 0 | 20 |
(Reversal of) provision for loan losses | 30 | (20) | |
Other | 0 | 0 | |
Loans charged-off | 0 | 0 | |
Recoveries of loans previously charged-off | 0 | 0 | |
Allowance for loan losses, end of period | $ 5 | $ 30 | $ 0 |
Loans and Allowance for Loan _5
Loans and Allowance for Loan Losses - Loan Losses and Related Loan Balances by Portfolio Segment (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Allowance for loan losses: | ||||
Individually evaluated for impairment | $ 75 | $ 73 | ||
Impaired Financing Receivable, Related Allowance | 75 | 73 | ||
Collectively evaluated for impairment | 399 | 403 | ||
Total allowance for loan losses | 474 | 476 | $ 639 | $ 723 |
Loans held for investment: | ||||
Individually evaluated for impairment | 730 | 865 | ||
Collectively evaluated for impairment | 85,777 | 79,149 | ||
Total loans held for investment | 86,507 | 80,014 | ||
Provision for Loan and Lease Losses | 84 | (65) | 158 | |
Other | 2 | 2 | ||
Financing Receivable, Allowance for Credit Losses, Write-downs | 120 | 155 | 271 | |
Recoveries of loans previously charged-off | 34 | 55 | 27 | |
Commercial | ||||
Allowance for loan losses: | ||||
Individually evaluated for impairment | 62 | 58 | ||
Impaired Financing Receivable, Related Allowance | 62 | 58 | ||
Collectively evaluated for impairment | 297 | 302 | ||
Total allowance for loan losses | 359 | 360 | 556 | 654 |
Loans held for investment: | ||||
Individually evaluated for impairment | 450 | 544 | ||
Collectively evaluated for impairment | 42,685 | 40,365 | ||
Total loans held for investment | 43,135 | 40,909 | ||
Provision for Loan and Lease Losses | (132) | 134 | ||
Financing Receivable, Allowance for Credit Losses, Write-downs | 79 | 116 | 259 | |
Recoveries of loans previously charged-off | 27 | 50 | 25 | |
Consumer | ||||
Allowance for loan losses: | ||||
Individually evaluated for impairment | 13 | 15 | ||
Impaired Financing Receivable, Related Allowance | 13 | 15 | ||
Collectively evaluated for impairment | 97 | 71 | ||
Total allowance for loan losses | 110 | 86 | 83 | 49 |
Loans held for investment: | ||||
Individually evaluated for impairment | 280 | 321 | ||
Collectively evaluated for impairment | 43,092 | 38,784 | ||
Total loans held for investment | 43,372 | 39,105 | ||
Provision for Loan and Lease Losses | 37 | 44 | ||
Other | 0 | 0 | ||
Financing Receivable, Allowance for Credit Losses, Write-downs | 41 | 39 | 12 | |
Recoveries of loans previously charged-off | 7 | 5 | 2 | |
Purchased Credit- Impaired | ||||
Allowance for loan losses: | ||||
Individually evaluated for impairment | 0 | |||
Collectively evaluated for impairment | 30 | |||
Loans held for investment: | ||||
Individually evaluated for impairment | 0 | |||
Collectively evaluated for impairment | 0 | |||
Unallocated | ||||
Allowance for loan losses: | ||||
Individually evaluated for impairment | 0 | |||
Collectively evaluated for impairment | 5 | |||
Total allowance for loan losses | 5 | 30 | 0 | $ 20 |
Loans held for investment: | ||||
Total loans held for investment | 0 | 0 | ||
Provision for Loan and Lease Losses | 30 | (20) | ||
Other | 0 | 0 | ||
Financing Receivable, Allowance for Credit Losses, Write-downs | 0 | 0 | ||
Recoveries of loans previously charged-off | 0 | $ 0 | ||
Residential mortgage | Consumer | ||||
Allowance for loan losses: | ||||
Impaired Financing Receivable, Related Allowance | 12 | 15 | ||
Commercial mortgage | Commercial | ||||
Allowance for loan losses: | ||||
Impaired Financing Receivable, Related Allowance | 1 | 1 | ||
Notes Receivable [Member] | Residential mortgage | Consumer | ||||
Loans held for investment: | ||||
Total loans held for investment | 38,000 | |||
Notes Receivable [Member] | Commercial mortgage | Commercial | ||||
Loans held for investment: | ||||
Total loans held for investment | 16,000 | |||
Financial and Insurance [Member] | Notes Receivable [Member] | Commercial | ||||
Loans held for investment: | ||||
Total loans held for investment | 7,000 | |||
Power and Utilities [Member] | Notes Receivable [Member] | Commercial | ||||
Loans held for investment: | ||||
Total loans held for investment | 4,000 | |||
Oil and Gas [Member] | Notes Receivable [Member] | Commercial | ||||
Loans held for investment: | ||||
Total loans held for investment | 3,000 | |||
Manufacturing Sector [Member] | Notes Receivable [Member] | Commercial | ||||
Loans held for investment: | ||||
Total loans held for investment | 4,000 | |||
Unallocated | ||||
Loans held for investment: | ||||
Individually evaluated for impairment | 0 | |||
Collectively evaluated for impairment | 0 | |||
Provision for Loan and Lease Losses | (25) | |||
Financing Receivable, Allowance for Credit Losses, Write-downs | 0 | |||
Recoveries of loans previously charged-off | 0 | |||
Unallocated | Unallocated | ||||
Allowance for loan losses: | ||||
Total allowance for loan losses | 30 | |||
Commercial Portfolio Segment [Member] | ||||
Loans held for investment: | ||||
Provision for Loan and Lease Losses | 51 | |||
Commercial Portfolio Segment [Member] | Commercial | ||||
Allowance for loan losses: | ||||
Total allowance for loan losses | 360 | |||
Consumer Portfolio Segment [Member] | ||||
Loans held for investment: | ||||
Provision for Loan and Lease Losses | $ 58 | |||
Consumer Portfolio Segment [Member] | Consumer | ||||
Allowance for loan losses: | ||||
Total allowance for loan losses | $ 86 |
Loans and Allowance for Loan _6
Loans and Allowance for Loan Losses - Nonaccural Loans (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Nonaccrual loans | ||
Nonaccrual loans | $ 421 | $ 465 |
Troubled debt restructured loans that continue to accrue interest | 299 | 348 |
Troubled debt restructured nonaccrual loans (included in total nonaccrual loans above) | 136 | 229 |
Commercial | ||
Nonaccrual loans | ||
Nonaccrual loans | 281 | 339 |
Commercial | Commercial and industrial | ||
Nonaccrual loans | ||
Nonaccrual loans | 269 | 319 |
Commercial | Commercial mortgage | ||
Nonaccrual loans | ||
Nonaccrual loans | 12 | 20 |
Consumer | ||
Nonaccrual loans | ||
Nonaccrual loans | 140 | 126 |
Consumer | Residential mortgage | ||
Nonaccrual loans | ||
Nonaccrual loans | 121 | 104 |
Consumer | Home equity and other consumer loans | ||
Nonaccrual loans | ||
Nonaccrual loans | $ 19 | $ 22 |
Loans and Allowance for Loan _7
Loans and Allowance for Loan Losses - Balance of Loans Held for Investment, by Class (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Aging of loans | ||
Current | $ 86,151 | $ 79,687 |
30 to 89 Days Past Due | 258 | 207 |
90 Days or More Past Due | 98 | 120 |
Total Past Due | 356 | 327 |
Total | 86,507 | 80,014 |
Loans still accruing | 23 | 12 |
Commercial | ||
Aging of loans | ||
Current | 43,040 | 40,807 |
30 to 89 Days Past Due | 55 | 33 |
90 Days or More Past Due | 40 | 69 |
Total Past Due | 95 | 102 |
Total | 43,135 | 40,909 |
Commercial | Commercial and industrial | ||
Aging of loans | ||
Current | 26,114 | 24,734 |
30 to 89 Days Past Due | 18 | 17 |
90 Days or More Past Due | 36 | 63 |
Total Past Due | 54 | 80 |
Total | 26,168 | 24,814 |
Commercial | Commercial mortgage | ||
Aging of loans | ||
Current | 15,333 | 14,298 |
30 to 89 Days Past Due | 17 | 16 |
90 Days or More Past Due | 4 | 6 |
Total Past Due | 21 | 22 |
Total | 15,354 | 14,320 |
Commercial | Construction | ||
Aging of loans | ||
Current | 1,593 | 1,775 |
30 to 89 Days Past Due | 20 | 0 |
90 Days or More Past Due | 0 | 0 |
Total Past Due | 20 | 0 |
Total | 1,613 | 1,775 |
Consumer | ||
Aging of loans | ||
Current | 43,111 | 38,880 |
30 to 89 Days Past Due | 203 | 174 |
90 Days or More Past Due | 58 | 51 |
Total Past Due | 261 | 225 |
Total | 43,372 | 39,105 |
Consumer | Residential mortgage | ||
Aging of loans | ||
Current | 38,218 | 35,453 |
30 to 89 Days Past Due | 175 | 151 |
90 Days or More Past Due | 46 | 39 |
Total Past Due | 221 | 190 |
Total | 38,439 | 35,643 |
Consumer | Home equity and other consumer loans | ||
Aging of loans | ||
Current | 4,893 | 3,427 |
30 to 89 Days Past Due | 28 | 23 |
90 Days or More Past Due | 12 | 12 |
Total Past Due | 40 | 35 |
Total | $ 4,933 | $ 3,462 |
Loans and Allowance for Loan _8
Loans and Allowance for Loan Losses - Purchased Credit-Impaired Loans Segment (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Commercial | ||
Aging of loans | ||
Total loans | $ 43,135 | $ 40,909 |
Commercial | Commercial and industrial | ||
Aging of loans | ||
Total loans | 26,168 | 24,814 |
Commercial | Commercial mortgage | ||
Aging of loans | ||
Total loans | 15,354 | 14,320 |
Commercial | Construction | ||
Aging of loans | ||
Total loans | 1,613 | 1,775 |
Pass | Commercial | ||
Aging of loans | ||
Total loans | 41,871 | 39,345 |
Pass | Commercial | Commercial and industrial | ||
Aging of loans | ||
Total loans | 25,191 | 23,632 |
Pass | Commercial | Commercial mortgage | ||
Aging of loans | ||
Total loans | 15,138 | 14,081 |
Pass | Commercial | Construction | ||
Aging of loans | ||
Total loans | 1,542 | 1,632 |
Special Mention | Commercial | ||
Aging of loans | ||
Total loans | 468 | 530 |
Special Mention | Commercial | Commercial and industrial | ||
Aging of loans | ||
Total loans | 355 | 435 |
Special Mention | Commercial | Commercial mortgage | ||
Aging of loans | ||
Total loans | 105 | 80 |
Special Mention | Commercial | Construction | ||
Aging of loans | ||
Total loans | 8 | 15 |
Classified | Commercial | ||
Aging of loans | ||
Total loans | 796 | 1,034 |
Classified | Commercial | Commercial and industrial | ||
Aging of loans | ||
Total loans | 622 | 747 |
Classified | Commercial | Commercial mortgage | ||
Aging of loans | ||
Total loans | 111 | 159 |
Classified | Commercial | Construction | ||
Aging of loans | ||
Total loans | 63 | 128 |
Consumer Portfolio Segment [Member] | ||
Aging of loans | ||
Loans not covered | $ 6 | $ 8 |
Loans and Allowance for Loan _9
Loans and Allowance for Loan Losses - Loans in Consumer Portfolio Segment and Purchased Credit Impaired Loans Segment (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Consumer portfolio loans | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | $ 603 | $ 645 |
Nonaccrual | 421 | 465 |
Loans held for investment | 86,507 | 80,014 |
Total | 86,507 | 80,014 |
Consumer | ||
Consumer portfolio loans | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 206 | 264 |
Accrual | 43,226 | 38,971 |
Nonaccrual | 140 | 126 |
Loans held for investment | 43,372 | 39,105 |
Total | 43,372 | 39,105 |
Consumer | Residential mortgage | ||
Consumer portfolio loans | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 184 | 234 |
Accrual | 38,314 | 35,534 |
Nonaccrual | 121 | 104 |
Total | 38,439 | 35,643 |
Consumer | Home equity and other consumer loans | ||
Consumer portfolio loans | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 22 | 30 |
Accrual | 4,912 | 3,437 |
Nonaccrual | 19 | 22 |
Total | 4,933 | 3,462 |
Commercial | ||
Consumer portfolio loans | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 397 | 381 |
Nonaccrual | 281 | 339 |
Loans held for investment | 43,135 | 40,909 |
Total | 43,135 | 40,909 |
Commercial | Commercial mortgage | ||
Consumer portfolio loans | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 25 | 33 |
Nonaccrual | 12 | 20 |
Total | 15,354 | 14,320 |
Excluding Loans Covered by FDIC Loss Share Agreements [Member] | Consumer | ||
Consumer portfolio loans | ||
Total | 43,366 | 39,097 |
Excluding Loans Covered by FDIC Loss Share Agreements [Member] | Consumer | Residential mortgage | ||
Consumer portfolio loans | ||
Total | 38,435 | 35,638 |
Excluding Loans Covered by FDIC Loss Share Agreements [Member] | Consumer | Home equity and other consumer loans | ||
Consumer portfolio loans | ||
Total | 4,931 | 3,459 |
Notes Receivable [Member] | Consumer | Residential mortgage | ||
Consumer portfolio loans | ||
Loans held for investment | 38,000 | |
Notes Receivable [Member] | Commercial | Commercial mortgage | ||
Consumer portfolio loans | ||
Loans held for investment | 16,000 | |
Financial and Insurance [Member] | Notes Receivable [Member] | Commercial | ||
Consumer portfolio loans | ||
Loans held for investment | 7,000 | |
Power and Utilities [Member] | Notes Receivable [Member] | Commercial | ||
Consumer portfolio loans | ||
Loans held for investment | 4,000 | |
Oil and Gas [Member] | Notes Receivable [Member] | Commercial | ||
Consumer portfolio loans | ||
Loans held for investment | 3,000 | |
Manufacturing Sector [Member] | Notes Receivable [Member] | Commercial | ||
Consumer portfolio loans | ||
Loans held for investment | 4,000 | |
Commercial Portfolio Segment [Member] | Construction | ||
Consumer portfolio loans | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | $ 0 | $ 0 |
Loans and Allowance for Loan_10
Loans and Allowance for Loan Losses - FICO Scores (Details) - Consumer - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Credit quality of consumer loans | ||
Loan balances, excluding loans serviced by third parties and loans covered by FDIC loss share agreements | $ 42,894 | $ 38,685 |
Percentage of total | 100.00% | 100.00% |
720 and Above | ||
Credit quality of consumer loans | ||
Loan balances, excluding loans serviced by third parties and loans covered by FDIC loss share agreements | $ 34,938 | $ 31,190 |
Percentage of total | 82.00% | 81.00% |
Below 720 | ||
Credit quality of consumer loans | ||
Loan balances, excluding loans serviced by third parties and loans covered by FDIC loss share agreements | $ 7,470 | $ 7,000 |
Percentage of total | 17.00% | 18.00% |
No FICO Available | ||
Credit quality of consumer loans | ||
Loan balances, excluding loans serviced by third parties and loans covered by FDIC loss share agreements | $ 486 | $ 495 |
Percentage of total | 1.00% | 1.00% |
Residential mortgage | ||
Credit quality of consumer loans | ||
Loan balances, excluding loans serviced by third parties and loans covered by FDIC loss share agreements | $ 38,045 | $ 35,279 |
Residential mortgage | 720 and Above | ||
Credit quality of consumer loans | ||
Loan balances, excluding loans serviced by third parties and loans covered by FDIC loss share agreements | 31,589 | 28,786 |
Residential mortgage | Below 720 | ||
Credit quality of consumer loans | ||
Loan balances, excluding loans serviced by third parties and loans covered by FDIC loss share agreements | 6,022 | 6,082 |
Residential mortgage | No FICO Available | ||
Credit quality of consumer loans | ||
Loan balances, excluding loans serviced by third parties and loans covered by FDIC loss share agreements | 434 | 411 |
Home equity and other consumer loans | ||
Credit quality of consumer loans | ||
Loan balances, excluding loans serviced by third parties and loans covered by FDIC loss share agreements | 4,849 | 3,406 |
Home equity and other consumer loans | 720 and Above | ||
Credit quality of consumer loans | ||
Loan balances, excluding loans serviced by third parties and loans covered by FDIC loss share agreements | 3,349 | 2,404 |
Home equity and other consumer loans | Below 720 | ||
Credit quality of consumer loans | ||
Loan balances, excluding loans serviced by third parties and loans covered by FDIC loss share agreements | 1,448 | 918 |
Home equity and other consumer loans | No FICO Available | ||
Credit quality of consumer loans | ||
Loan balances, excluding loans serviced by third parties and loans covered by FDIC loss share agreements | $ 52 | $ 84 |
Loans and Allowance for Loan_11
Loans and Allowance for Loan Losses - LTV Ratios (Details) - Consumer - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Credit quality of consumer loans | ||
Loans categorized by LTV ratio | $ 40,267 | $ 37,636 |
Percentage of total | 100.00% | 100.00% |
Less than or Equal to 80 Percent | ||
Credit quality of consumer loans | ||
Loans categorized by LTV ratio | $ 38,570 | $ 36,524 |
Percentage of total | 96.00% | 97.00% |
Greater than 80 and Less than 100 Percent | ||
Credit quality of consumer loans | ||
Loans categorized by LTV ratio | $ 1,582 | $ 1,019 |
Percentage of total | 4.00% | 3.00% |
Greater than or Equal to 100 Percent | ||
Credit quality of consumer loans | ||
Loans categorized by LTV ratio | $ 16 | $ 28 |
Percentage of total | 0.00% | 0.00% |
No LTV Available | ||
Credit quality of consumer loans | ||
Loans categorized by LTV ratio | $ 99 | $ 65 |
Percentage of total | 0.00% | 0.00% |
Residential mortgage | ||
Credit quality of consumer loans | ||
Loans categorized by LTV ratio | $ 38,044 | $ 35,279 |
Residential mortgage | Less than or Equal to 80 Percent | ||
Credit quality of consumer loans | ||
Loans categorized by LTV ratio | 36,604 | 34,472 |
Residential mortgage | Greater than 80 and Less than 100 Percent | ||
Credit quality of consumer loans | ||
Loans categorized by LTV ratio | 1,361 | 771 |
Residential mortgage | Greater than or Equal to 100 Percent | ||
Credit quality of consumer loans | ||
Loans categorized by LTV ratio | 4 | 4 |
Residential mortgage | No LTV Available | ||
Credit quality of consumer loans | ||
Loans categorized by LTV ratio | 75 | 32 |
Home Equity loans | ||
Credit quality of consumer loans | ||
Loans categorized by LTV ratio | 2,223 | 2,357 |
Home Equity loans | Less than or Equal to 80 Percent | ||
Credit quality of consumer loans | ||
Loans categorized by LTV ratio | 1,966 | 2,052 |
Home Equity loans | Greater than 80 and Less than 100 Percent | ||
Credit quality of consumer loans | ||
Loans categorized by LTV ratio | 221 | 248 |
Home Equity loans | Greater than or Equal to 100 Percent | ||
Credit quality of consumer loans | ||
Loans categorized by LTV ratio | 12 | 24 |
Home Equity loans | No LTV Available | ||
Credit quality of consumer loans | ||
Loans categorized by LTV ratio | $ 24 | $ 33 |
Loans and Allowance for Loan_12
Loans and Allowance for Loan Losses - Summary of Recorded Investment in TDR's (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Pre- and Post - modification recorded investments | ||
Commitment to lend additional funds to borrowers with loan modifications classified as TDRs | $ 49 | $ 66 |
Total restructured loans | 435 | 577 |
Commercial | ||
Pre- and Post - modification recorded investments | ||
Total restructured loans | 218 | 337 |
Commercial | Commercial and industrial | ||
Pre- and Post - modification recorded investments | ||
Total restructured loans | 109 | 202 |
Commercial | Commercial mortgage | ||
Pre- and Post - modification recorded investments | ||
Total restructured loans | 46 | 7 |
Commercial | Construction | ||
Pre- and Post - modification recorded investments | ||
Total restructured loans | 63 | 128 |
Consumer | ||
Pre- and Post - modification recorded investments | ||
Total restructured loans | 217 | 240 |
Consumer | Residential mortgage | ||
Pre- and Post - modification recorded investments | ||
Total restructured loans | 196 | 215 |
Consumer | Home equity and other consumer loans | ||
Pre- and Post - modification recorded investments | ||
Total restructured loans | $ 21 | $ 25 |
Loans and Allowance for Loan_13
Loans and Allowance for Loan Losses - Pre and Post Modification Outstanding Recorded Investment Amounts of TDRs (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Pre- and Post - modification recorded investments | ||
Pre-Modification Outstanding Recorded Investment | $ 180 | $ 362 |
Post-Modification Outstanding Recorded Investment | 180 | 341 |
Commercial | ||
Pre- and Post - modification recorded investments | ||
Pre-Modification Outstanding Recorded Investment | 169 | 343 |
Post-Modification Outstanding Recorded Investment | 169 | 322 |
Commercial | Commercial and industrial | ||
Pre- and Post - modification recorded investments | ||
Pre-Modification Outstanding Recorded Investment | 186 | |
Post-Modification Outstanding Recorded Investment | 186 | |
Commercial | Commercial mortgage | ||
Pre- and Post - modification recorded investments | ||
Pre-Modification Outstanding Recorded Investment | 4 | 5 |
Post-Modification Outstanding Recorded Investment | 4 | 5 |
Commercial | Construction | ||
Pre- and Post - modification recorded investments | ||
Pre-Modification Outstanding Recorded Investment | 0 | 152 |
Post-Modification Outstanding Recorded Investment | 0 | 131 |
Consumer | ||
Pre- and Post - modification recorded investments | ||
Pre-Modification Outstanding Recorded Investment | 11 | 19 |
Post-Modification Outstanding Recorded Investment | 11 | 19 |
Consumer | Residential mortgage | ||
Pre- and Post - modification recorded investments | ||
Pre-Modification Outstanding Recorded Investment | 16 | |
Post-Modification Outstanding Recorded Investment | 16 | |
Consumer | Home equity and other consumer loans | ||
Pre- and Post - modification recorded investments | ||
Pre-Modification Outstanding Recorded Investment | 2 | 3 |
Post-Modification Outstanding Recorded Investment | 2 | $ 3 |
Commercial Portfolio Segment [Member] | Commercial and industrial | ||
Pre- and Post - modification recorded investments | ||
Pre-Modification Outstanding Recorded Investment | 165 | |
Post-Modification Outstanding Recorded Investment | 165 | |
Consumer Portfolio Segment [Member] | Residential mortgage | ||
Pre- and Post - modification recorded investments | ||
Pre-Modification Outstanding Recorded Investment | 9 | |
Post-Modification Outstanding Recorded Investment | $ 9 |
Loans and Allowance for Loan_14
Loans and Allowance for Loan Losses - Recorded Investment Amounts of TDRs at Date of Default (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Pre- and Post - modification recorded investments | ||
Total troubled debt restructured loans at date of default | $ 3 | $ 23 |
Minimum defaulting period | 60 days | |
Commercial | ||
Pre- and Post - modification recorded investments | ||
Total troubled debt restructured loans at date of default | $ 0 | 20 |
Commercial | Commercial and industrial | ||
Pre- and Post - modification recorded investments | ||
Total troubled debt restructured loans at date of default | 0 | 19 |
Commercial | Commercial mortgage | ||
Pre- and Post - modification recorded investments | ||
Total troubled debt restructured loans at date of default | 0 | 1 |
Consumer | ||
Pre- and Post - modification recorded investments | ||
Total troubled debt restructured loans at date of default | 3 | 3 |
Consumer | Residential mortgage | ||
Pre- and Post - modification recorded investments | ||
Total troubled debt restructured loans at date of default | 3 | 3 |
Consumer | Home equity and other consumer loans | ||
Pre- and Post - modification recorded investments | ||
Total troubled debt restructured loans at date of default | $ 0 | $ 0 |
Loans and Allowance for Loan_15
Loans and Allowance for Loan Losses - Impaired Loans by Class (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Loan impairment | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | $ 521 | $ 567 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 209 | 298 |
Recorded Investment, Impaired loans | 730 | 865 |
Allowance for impaired loans | 75 | 73 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 603 | 645 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 249 | 326 |
Commercial | ||
Loan impairment | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 324 | 320 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 126 | 224 |
Recorded Investment, Impaired loans | 544 | |
Allowance for impaired loans | 62 | 58 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 397 | 381 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 143 | 233 |
Commercial | Commercial and industrial | ||
Loan impairment | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 299 | 287 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 22 | 93 |
Recorded Investment, Impaired loans | 321 | 380 |
Allowance for impaired loans | 61 | 57 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 372 | 348 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 39 | 102 |
Commercial | Commercial mortgage | ||
Loan impairment | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 25 | 33 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 41 | 3 |
Recorded Investment, Impaired loans | 66 | 36 |
Allowance for impaired loans | 1 | 1 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 25 | 33 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 41 | 3 |
Construction | Construction loans portfolio [Member] | ||
Loan impairment | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 63 | 128 |
Recorded Investment, Impaired loans | 63 | 128 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 63 | 128 |
Consumer | ||
Loan impairment | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 197 | 247 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 83 | 74 |
Recorded Investment, Impaired loans | 280 | 321 |
Allowance for impaired loans | 13 | 15 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 206 | 264 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 106 | 93 |
Consumer | Residential mortgage | ||
Loan impairment | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 175 | 218 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 71 | 59 |
Recorded Investment, Impaired loans | 246 | 277 |
Allowance for impaired loans | 12 | 15 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 184 | 234 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 85 | 69 |
Consumer | Home equity and other consumer loans | ||
Loan impairment | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 22 | 29 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 12 | 15 |
Recorded Investment, Impaired loans | 34 | 44 |
Allowance for impaired loans | 1 | 0 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 22 | 30 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 21 | 24 |
Commercial Portfolio Segment [Member] | Construction | ||
Loan impairment | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 |
Allowance for impaired loans | 0 | 0 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | $ 0 | $ 0 |
Loans and Allowance for Loan_16
Loans and Allowance for Loan Losses - Average Recorded Investment in Impaired Loans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Loan impairment | |||
Impaired Financing Receivable, Related Allowance | $ 75 | $ 73 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 521 | 567 | |
Average Recorded Investment | 763 | 922 | $ 837 |
Recognized Interest Income | 64 | 84 | 15 |
Allowance for loan losses: | |||
Transfer of loans from held for investment to held for sale | 44 | 776 | 1,976 |
Loans receivable sold during the period | 638 | 926 | 1,526 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 209 | 298 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 603 | 645 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 249 | 326 | |
Commercial | |||
Loan impairment | |||
Impaired Financing Receivable, Related Allowance | 62 | 58 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 324 | 320 | |
Average Recorded Investment | 464 | 566 | 548 |
Recognized Interest Income | 47 | 64 | 5 |
Allowance for loan losses: | |||
Transfer of loans from held for investment to held for sale | 780 | 1,632 | |
Loans receivable sold during the period | 926 | 1,182 | |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 126 | 224 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 397 | 381 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 143 | 233 | |
Commercial | Commercial and industrial | |||
Loan impairment | |||
Impaired Financing Receivable, Related Allowance | 61 | 57 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 299 | 287 | |
Average Recorded Investment | 309 | 463 | 531 |
Recognized Interest Income | 12 | 18 | 4 |
Allowance for loan losses: | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 22 | 93 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 372 | 348 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 39 | 102 | |
Commercial | Commercial mortgage | |||
Loan impairment | |||
Impaired Financing Receivable, Related Allowance | 1 | 1 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 25 | 33 | |
Average Recorded Investment | 60 | 58 | 17 |
Recognized Interest Income | 27 | 41 | 1 |
Allowance for loan losses: | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 41 | 3 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 25 | 33 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 41 | 3 | |
Commercial | Construction | |||
Loan impairment | |||
Average Recorded Investment | 95 | 45 | 0 |
Recognized Interest Income | 8 | 5 | 0 |
Construction | Construction loans portfolio [Member] | |||
Allowance for loan losses: | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 63 | 128 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 63 | 128 | |
Consumer | |||
Loan impairment | |||
Impaired Financing Receivable, Related Allowance | 13 | 15 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 197 | 247 | |
Average Recorded Investment | 299 | 356 | 289 |
Recognized Interest Income | 17 | 20 | 10 |
Allowance for loan losses: | |||
Transfer of loans from held for investment to held for sale | (4) | 344 | |
Loans receivable sold during the period | 0 | 344 | |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 83 | 74 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 206 | 264 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 106 | 93 | |
Consumer | Residential mortgage | |||
Loan impairment | |||
Impaired Financing Receivable, Related Allowance | 12 | 15 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 175 | 218 | |
Average Recorded Investment | 261 | 304 | 258 |
Recognized Interest Income | 13 | 14 | 8 |
Allowance for loan losses: | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 71 | 59 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 184 | 234 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 85 | 69 | |
Consumer | Home equity and other consumer loans | |||
Loan impairment | |||
Impaired Financing Receivable, Related Allowance | 1 | 0 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 22 | 29 | |
Average Recorded Investment | 38 | 52 | 31 |
Recognized Interest Income | 4 | 6 | $ 2 |
Allowance for loan losses: | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 12 | 15 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 22 | 30 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 21 | 24 | |
Commercial Portfolio Segment [Member] | |||
Allowance for loan losses: | |||
Transfer of loans from held for investment to held for sale | 47 | ||
Loans receivable sold during the period | 638 | ||
Commercial Portfolio Segment [Member] | Construction | |||
Loan impairment | |||
Impaired Financing Receivable, Related Allowance | 0 | 0 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 | |
Allowance for loan losses: | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | $ 0 | |
Consumer Portfolio Segment [Member] | |||
Allowance for loan losses: | |||
Transfer of loans from held for investment to held for sale | (3) | ||
Loans receivable sold during the period | $ 0 |
Loans and Allowance for Loan_17
Loans and Allowance for Loan Losses - Accretable Yield for Purchased Credit-Impaired Loans (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Concentrations of Credit Risk | ||
Loans | $ 86,507 | $ 80,014 |
Consumer | ||
Concentrations of Credit Risk | ||
Loans | 43,372 | 39,105 |
Consumer | Residential mortgage | Notes Receivable [Member] | ||
Concentrations of Credit Risk | ||
Loans | 38,000 | |
Commercial | ||
Concentrations of Credit Risk | ||
Loans | 43,135 | $ 40,909 |
Commercial | Notes Receivable [Member] | Financial and Insurance [Member] | ||
Concentrations of Credit Risk | ||
Loans | 7,000 | |
Additional unfunded commitments to extend credit | 7,000 | |
Commercial | Notes Receivable [Member] | Power and Utilities [Member] | ||
Concentrations of Credit Risk | ||
Loans | 4,000 | |
Additional unfunded commitments to extend credit | 5,000 | |
Commercial | Notes Receivable [Member] | Oil and Gas [Member] | ||
Concentrations of Credit Risk | ||
Loans | 3,000 | |
Additional unfunded commitments to extend credit | 2,000 | |
Commercial | Notes Receivable [Member] | Manufacturing Sector [Member] | ||
Concentrations of Credit Risk | ||
Loans | 4,000 | |
Additional unfunded commitments to extend credit | 3,000 | |
Commercial | Commercial mortgage | Notes Receivable [Member] | ||
Concentrations of Credit Risk | ||
Loans | 16,000 | |
Additional unfunded commitments to extend credit | $ 4,000 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Goodwill Rollforward (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill rollforward | ||
Goodwill, beginning of year | $ 3,301 | $ 3,225 |
Net change from business combinations | 0 | 76 |
Goodwill, end of year | $ 3,301 | $ 3,301 |
Premises and Equipment and Ot_3
Premises and Equipment and Other Assets - Premises and Equipment Carried at Cost (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Premises and Equipment | ||
Net Book Value | $ 635 | $ 610 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Changes in the carrying amount of goodwill | |||
Goodwill | $ 3,301 | $ 3,301 | $ 3,225 |
Regional Bank | |||
Changes in the carrying amount of goodwill | |||
Goodwill | 2,134 | 2,134 | |
Commercial Banking | |||
Changes in the carrying amount of goodwill | |||
Goodwill | 840 | 840 | |
Transaction Banking | |||
Changes in the carrying amount of goodwill | |||
Goodwill | 251 | 251 | |
MUFG Fund Services [Member] | |||
Changes in the carrying amount of goodwill | |||
Goodwill | $ 76 | $ 76 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Identifiable Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Intangible Assets | |||
Servicing Asset at Fair Value, Amount | $ 159 | $ 64 | |
Amortization Expense | 26 | 30 | $ 28 |
Gross Carrying Amount | 932 | 935 | |
Accumulated Amortization | (647) | (622) | |
Net Carrying Amount | 285 | 313 | |
Core deposit intangibles | |||
Intangible Assets | |||
Gross Carrying Amount | 565 | 565 | |
Accumulated Amortization | (537) | (530) | |
Net Carrying Amount | 28 | 35 | |
Trade names | |||
Intangible Assets | |||
Gross Carrying Amount | 111 | 113 | |
Accumulated Amortization | (32) | (29) | |
Net Carrying Amount | 79 | 84 | |
Customer Relationships | |||
Intangible Assets | |||
Gross Carrying Amount | 238 | 238 | |
Accumulated Amortization | (63) | (47) | |
Net Carrying Amount | 175 | 191 | |
Other intangibles assets | |||
Intangible Assets | |||
Gross Carrying Amount | 18 | 19 | |
Accumulated Amortization | (15) | (16) | |
Net Carrying Amount | $ 3 | $ 3 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Estimated Future Amortization Expense (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule Of Estimated Future Amortization Expense | ||
2,017 | $ 26 | |
2,018 | 25 | |
2,019 | 22 | |
2,020 | 22 | |
2,021 | 19 | |
Thereafter | 171 | |
Net Carrying Amount | 285 | $ 313 |
Core deposit intangibles | ||
Schedule Of Estimated Future Amortization Expense | ||
2,017 | 6 | |
2,018 | 5 | |
2,019 | 4 | |
2,020 | 4 | |
2,021 | 2 | |
Thereafter | 7 | |
Net Carrying Amount | 28 | 35 |
Trade names | ||
Schedule Of Estimated Future Amortization Expense | ||
2,017 | 3 | |
2,018 | 3 | |
2,019 | 3 | |
2,020 | 3 | |
2,021 | 3 | |
Thereafter | 64 | |
Net Carrying Amount | 79 | 84 |
Customer Relationships | ||
Schedule Of Estimated Future Amortization Expense | ||
2,017 | 16 | |
2,018 | 16 | |
2,019 | 15 | |
2,020 | 15 | |
2,021 | 14 | |
Thereafter | 99 | |
Net Carrying Amount | 175 | 191 |
Other | ||
Schedule Of Estimated Future Amortization Expense | ||
2,017 | 1 | |
2,018 | 1 | |
2,019 | 0 | |
2,020 | 0 | |
2,021 | 0 | |
Thereafter | 1 | |
Net Carrying Amount | $ 3 | $ 3 |
Premises and Equipment and Ot_4
Premises and Equipment and Other Assets - Other Assets (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Other Assets | ||
Other investments | $ 3,250 | $ 3,412 |
Property, Plant and Equipment, Net | 635 | 610 |
Software | 445 | 424 |
Intangible assets | 444 | 377 |
OREO | 1 | 0 |
Other | 4,845 | 4,587 |
Total other assets | $ 9,620 | $ 9,410 |
Variable Interest Entities - As
Variable Interest Entities - Assets and Liabilities of Consolidated VIEs (Details) $ in Millions | Dec. 31, 2018USD ($)investment | Dec. 31, 2017USD ($) |
Consolidated Assets | ||
Interest Bearing Deposits in Banks | $ 6,289 | $ 1,335 |
Loans Held for Investment, Net | 86,033 | 79,538 |
Other assets | 9,620 | 9,410 |
Total Assets | 0 | |
Consolidated Liabilities | ||
Other liabilities | 2,048 | 2,143 |
Consolidated VIEs | ||
Consolidated Assets | ||
Interest Bearing Deposits in Banks | 0 | 1 |
Loans Held for Investment, Net | 570 | 583 |
Other assets | 165 | 226 |
Total Assets | 735 | 810 |
Consolidated Liabilities | ||
Other liabilities | 17 | 24 |
Total Liabilities | 17 | 24 |
Consolidated VIEs | LIHC investments | ||
Consolidated Assets | ||
Interest Bearing Deposits in Banks | 0 | 0 |
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 |
Other assets | 43 | 68 |
Total Assets | 43 | 68 |
Consolidated Liabilities | ||
Other liabilities | 0 | 0 |
Total Liabilities | $ 0 | 0 |
Number of LIHC investment fund | investment | 2 | |
Consolidated VIEs | Leasing investments | ||
Consolidated Assets | ||
Interest Bearing Deposits in Banks | $ 0 | 1 |
Loans and Leases Receivable, Net of Deferred Income | 570 | 583 |
Other assets | 122 | 158 |
Total Assets | 692 | 742 |
Consolidated Liabilities | ||
Other liabilities | 17 | 24 |
Total Liabilities | $ 17 | $ 24 |
Variable Interest Entities - Ca
Variable Interest Entities - Carrying Amounts related to Unconsolidated VIEs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Variable Interest Entities | |||
Carrying amount of liabilities assumed | $ 0 | $ 601 | $ 0 |
Interest bearing deposits in banks | 6,289 | 1,335 | |
Unconsolidated Assets | |||
Securities Available for Sale | 16,314 | 17,563 | |
Loans held for investment | 86,507 | 80,014 | |
Other Assets | 9,620 | 9,410 | |
Unconsolidated Liabilities | |||
Other Liabilities | 2,048 | 2,143 | |
Unconsolidated VIEs | |||
Variable Interest Entities | |||
Interest bearing deposits in banks | 26 | 1 | |
Unconsolidated Assets | |||
Securities Available for Sale | 28 | 29 | |
Loans held for investment | 217 | 276 | |
Other Assets | 2,412 | 2,799 | |
Total Assets | 2,683 | 3,105 | |
Unconsolidated Liabilities | |||
Other Liabilities | 179 | 307 | |
Total Liabilities | 179 | 307 | |
Maximum Exposure to Loss | 2,748 | 3,208 | |
Unconsolidated VIEs | LIHC investments | |||
Variable Interest Entities | |||
Carrying amount of liabilities assumed | 87 | 55 | $ 125 |
Interest bearing deposits in banks | 0 | 0 | |
Unconsolidated Assets | |||
Securities Available for Sale | 28 | 29 | |
Loans held for investment | 198 | 228 | |
Other Assets | 976 | 1,028 | |
Total Assets | 1,202 | 1,285 | |
Unconsolidated Liabilities | |||
Other Liabilities | 165 | 254 | |
Total Liabilities | 165 | 254 | |
Maximum Exposure to Loss | 1,202 | 1,284 | |
Unconsolidated VIEs | Leasing investments | |||
Variable Interest Entities | |||
Interest bearing deposits in banks | 26 | 1 | |
Unconsolidated Assets | |||
Securities Available for Sale | 0 | 0 | |
Loans held for investment | 19 | 24 | |
Other Assets | 1,401 | 1,745 | |
Total Assets | 1,446 | 1,770 | |
Unconsolidated Liabilities | |||
Other Liabilities | 14 | 53 | |
Total Liabilities | 14 | 53 | |
Maximum Exposure to Loss | 1,467 | 1,792 | |
Unconsolidated VIEs | Other investments | |||
Variable Interest Entities | |||
Interest bearing deposits in banks | 0 | 0 | |
Unconsolidated Assets | |||
Securities Available for Sale | 0 | 0 | |
Loans held for investment | 0 | 24 | |
Other Assets | 35 | 26 | |
Total Assets | 35 | 50 | |
Unconsolidated Liabilities | |||
Other Liabilities | 0 | 0 | |
Total Liabilities | 0 | 0 | |
Maximum Exposure to Loss | 79 | 132 | |
Consumer | |||
Unconsolidated Assets | |||
Loans held for investment | 43,372 | 39,105 | |
Commercial | |||
Unconsolidated Assets | |||
Loans held for investment | 43,135 | $ 40,909 | |
Notes Receivable [Member] | Consumer | Residential mortgage | |||
Unconsolidated Assets | |||
Loans held for investment | 38,000 | ||
Notes Receivable [Member] | Commercial | Commercial mortgage | |||
Unconsolidated Assets | |||
Loans held for investment | 16,000 | ||
Financial and Insurance [Member] | Notes Receivable [Member] | Commercial | |||
Unconsolidated Assets | |||
Loans held for investment | 7,000 | ||
Power and Utilities [Member] | Notes Receivable [Member] | Commercial | |||
Unconsolidated Assets | |||
Loans held for investment | 4,000 | ||
Oil and Gas [Member] | Notes Receivable [Member] | Commercial | |||
Unconsolidated Assets | |||
Loans held for investment | 3,000 | ||
Manufacturing Sector [Member] | Notes Receivable [Member] | Commercial | |||
Unconsolidated Assets | |||
Loans held for investment | $ 4,000 |
Variable Interest Entities (Det
Variable Interest Entities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Variable Interest Entity [Line Items] | |||
Loans held for investment | $ 86,507 | $ 80,014 | |
Non Interest Expenses | |||
Variable Interest Entity [Line Items] | |||
Losses from LIHC investments included in other noninterest expense | (7) | (13) | $ (8) |
Income Tax Expense | |||
Variable Interest Entity [Line Items] | |||
Amortization of LIHC investments included in income tax expense | 136 | 185 | 129 |
Tax credits and other tax benefits from LIHC investments included in income tax expense | 180 | 193 | $ 188 |
Unconsolidated VIEs | |||
Variable Interest Entity [Line Items] | |||
Loans held for investment | 217 | 276 | |
Unconsolidated VIEs | LIHC investments | |||
Variable Interest Entity [Line Items] | |||
Loans held for investment | 198 | 228 | |
Unconsolidated VIEs | Leasing investments | |||
Variable Interest Entity [Line Items] | |||
Loans held for investment | 19 | 24 | |
Unconsolidated VIEs | Other investments | |||
Variable Interest Entity [Line Items] | |||
Loans held for investment | $ 0 | $ 24 |
Deposits (Details)
Deposits (Details) - USD ($) $ in Billions | Dec. 31, 2018 | Dec. 31, 2017 |
Deposits [Abstract] | ||
Time deposits, in excess of FDIC insurance | $ 4.2 | $ 3.1 |
Interest bearing time deposits with remaining term of greater than one year | $ 11.7 |
Securities Financing Agreemen_3
Securities Financing Agreements (Gross Obligations to Repurchase, Securities Loaned, and Class of Collateral Pledged) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Sold under Agreements to Repurchase, Gross | $ 38,891 | $ 37,388 |
Securities sold under agreements to repurchase | 27,285 | 26,437 |
Securities loaned | 93 | 879 |
Overnight and continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities loaned | 93 | 446 |
Up to 30 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities loaned | 0 | 332 |
31-90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities loaned | 0 | 101 |
Greater than 90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities loaned | 0 | 0 |
U.S. Treasury | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 15,687 | 12,818 |
Securities loaned | 322 | |
U.S. Treasury | Maturity Overnight [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Sold under Agreements to Repurchase, Gross | 9,416 | |
U.S. Treasury | Overnight and continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Sold under Agreements to Repurchase, Gross | 8,244 | |
U.S. Treasury | Up to 30 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Sold under Agreements to Repurchase, Gross | 2,945 | 2,370 |
U.S. Treasury | 31-90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Sold under Agreements to Repurchase, Gross | 2,991 | 1,046 |
U.S. Treasury | Greater than 90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Sold under Agreements to Repurchase, Gross | 335 | 1,158 |
U.S. government-sponsored agencies | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 319 | 216 |
U.S. government-sponsored agencies | Maturity Overnight [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Sold under Agreements to Repurchase, Gross | 264 | |
U.S. government-sponsored agencies | Overnight and continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Sold under Agreements to Repurchase, Gross | 115 | |
U.S. government-sponsored agencies | Up to 30 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Sold under Agreements to Repurchase, Gross | 0 | 38 |
U.S. government-sponsored agencies | 31-90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Sold under Agreements to Repurchase, Gross | 55 | 63 |
U.S. government-sponsored agencies | Greater than 90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Sold under Agreements to Repurchase, Gross | 0 | 0 |
Other sovereign government obligations | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 4 | |
Other sovereign government obligations | Overnight and continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Sold under Agreements to Repurchase, Gross | 0 | |
Other sovereign government obligations | Up to 30 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Sold under Agreements to Repurchase, Gross | 0 | |
Other sovereign government obligations | 31-90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Sold under Agreements to Repurchase, Gross | 4 | |
Other sovereign government obligations | Greater than 90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Sold under Agreements to Repurchase, Gross | 0 | |
Money market funds | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Sold under Agreements to Repurchase, Gross | 49 | 7 |
Money market funds | Maturity Overnight [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Sold under Agreements to Repurchase, Gross | 0 | 1 |
Money market funds | Up to 30 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Sold under Agreements to Repurchase, Gross | 0 | 0 |
Money market funds | 31-90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Sold under Agreements to Repurchase, Gross | 49 | 6 |
Money market funds | Greater than 90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Sold under Agreements to Repurchase, Gross | 0 | 0 |
Asset-backed securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 282 | 196 |
Asset-backed securities | Maturity Overnight [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Sold under Agreements to Repurchase, Gross | 0 | |
Asset-backed securities | Overnight and continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Sold under Agreements to Repurchase, Gross | 32 | |
Asset-backed securities | Up to 30 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Sold under Agreements to Repurchase, Gross | 0 | 0 |
Asset-backed securities | 31-90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Sold under Agreements to Repurchase, Gross | 282 | 164 |
Asset-backed securities | Greater than 90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Sold under Agreements to Repurchase, Gross | 0 | 0 |
Mortgage-backed securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 19,012 | 19,403 |
Mortgage-backed securities | Maturity Overnight [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Sold under Agreements to Repurchase, Gross | 9,803 | |
Mortgage-backed securities | Overnight and continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Sold under Agreements to Repurchase, Gross | 8,322 | |
Mortgage-backed securities | Up to 30 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Sold under Agreements to Repurchase, Gross | 1,640 | 4,972 |
Mortgage-backed securities | 31-90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Sold under Agreements to Repurchase, Gross | 7,569 | 5,859 |
Mortgage-backed securities | Greater than 90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Sold under Agreements to Repurchase, Gross | 0 | 250 |
Corporate bonds | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 2,039 | 2,325 |
Securities loaned | 1 | |
Corporate bonds | Maturity Overnight [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Sold under Agreements to Repurchase, Gross | 682 | |
Corporate bonds | Overnight and continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Sold under Agreements to Repurchase, Gross | 580 | |
Securities loaned | 1 | 0 |
Corporate bonds | Up to 30 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Sold under Agreements to Repurchase, Gross | 130 | 620 |
Securities loaned | 0 | 322 |
Corporate bonds | 31-90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Sold under Agreements to Repurchase, Gross | 1,227 | 1,125 |
Securities loaned | 0 | 0 |
Corporate bonds | Greater than 90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Sold under Agreements to Repurchase, Gross | 0 | 0 |
Securities loaned | 0 | 0 |
Municipal bonds | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 548 | 559 |
Municipal bonds | Maturity Overnight [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Sold under Agreements to Repurchase, Gross | 115 | |
Municipal bonds | Overnight and continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Sold under Agreements to Repurchase, Gross | 283 | |
Municipal bonds | Up to 30 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Sold under Agreements to Repurchase, Gross | 245 | 0 |
Municipal bonds | 31-90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Sold under Agreements to Repurchase, Gross | 188 | 276 |
Municipal bonds | Greater than 90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Sold under Agreements to Repurchase, Gross | 0 | 0 |
Equity securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 862 | 981 |
Securities loaned | 92 | 557 |
Equity securities | Maturity Overnight [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Sold under Agreements to Repurchase, Gross | 387 | |
Securities loaned | 92 | |
Equity securities | Overnight and continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Sold under Agreements to Repurchase, Gross | 416 | |
Securities loaned | 446 | |
Equity securities | Up to 30 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Sold under Agreements to Repurchase, Gross | 220 | 376 |
Securities loaned | 0 | 10 |
Equity securities | 31-90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Sold under Agreements to Repurchase, Gross | 255 | 189 |
Securities loaned | 0 | 101 |
Equity securities | Greater than 90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Sold under Agreements to Repurchase, Gross | 0 | 0 |
Securities loaned | 0 | 0 |
Trading Securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 38,798 | 36,509 |
Trading Securities | Overnight and continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 20,667 | 17,993 |
Trading Securities | Up to 30 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 5,180 | 8,376 |
Trading Securities | 31-90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 12,616 | 8,732 |
Trading Securities | Greater than 90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | $ 335 | $ 1,408 |
Deposits - Schedule of Maturiti
Deposits - Schedule of Maturities of Time Deposits (Details) $ in Millions | Dec. 31, 2018USD ($) |
Deposits [Abstract] | |
Due in one year or less | $ 7,049 |
Due after one year through two years | 4,032 |
Due after two years through three years | 500 |
Due after three years through four years | 91 |
Due after four years through five years | 66 |
Due after five years | 1 |
Total | $ 11,700 |
Securities Financing Agreemen_4
Securities Financing Agreements (Offsetting Financing Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Derivative assets | ||
Gross Amounts of Recognized Assets/Liabilities | $ 871 | $ 1,322 |
Gross Amounts Offset in Balance Sheet | 354 | 607 |
Net Amounts Presented in Balance Sheet | 517 | 715 |
Gross Amounts Not Offset In Balance Sheet, Financial Instruments | 14 | 25 |
Gross Amounts Not Offset in Balance Sheet, Cash Collateral Received/Pledged | 0 | 0 |
Net Amount | 503 | 690 |
Securities borrowed or purchased under resale agreements | ||
Gross Amounts of Recognized Assets/Liabilities | 33,974 | 31,845 |
Gross Amounts Offset in Balance Sheet | 11,606 | 10,951 |
Net Amounts Presented in Balance Sheet | 22,368 | 20,894 |
Gross Amounts Not Offset in Balance Sheet, Financial Instruments | 22,291 | 20,816 |
Gross Amounts Not Offset in Balance Sheet, Cash Collateral Received/Pledged | 0 | 0 |
Net Amount | 77 | 78 |
Total Financial Assets | ||
Gross Amounts of Recognized Assets/Liabilities | 34,845 | 33,167 |
Gross Amounts Offset in Balance Sheet | 11,960 | 11,558 |
Net Amounts Presented in Balance Sheet | 22,885 | 21,609 |
Gross Amounts Not Offset In Balance Sheet, Financial Instruments | 22,305 | 20,841 |
Gross Amounts Not Offset in Balance Sheet, Cash Collateral Received/Pledged | 0 | 0 |
Net Amount | 580 | 768 |
Derivative liabilities | ||
Gross Amounts of Recognized Assets/Liabilities | 804 | 1,127 |
Gross Amounts Offset in Balance Sheet | 322 | 620 |
Net Amounts Presented in Balance Sheet | 482 | 507 |
Gross Amount Not Offset in Balance Sheet, Financial Instruments | 69 | 142 |
Gross Amounts Not Offset in Balance Sheet, Cash Collateral Received/Pledged | 0 | 0 |
Net Amount | 413 | 365 |
Securities loaned or sold under repurchase agreements | ||
Gross Amounts of Recognized Assets/Liabilities | 38,891 | 37,388 |
Gross Amounts Offset in Balance Sheet | 11,606 | 10,951 |
Net Amounts Presented in Balance Sheet | 27,285 | 26,437 |
Gross Amounts Not Offset in Balance Sheet, Financial Instruments | 26,434 | 25,639 |
Gross Amounts Not Offset in Balance Sheet, Cash Collateral Received/Pledged | 0 | 0 |
Net Amount | 851 | 798 |
Total Financial Liabilities | ||
Gross Amounts of Recognized Assets/Liabilities | 39,695 | 38,515 |
Gross Amounts Offset in Balance Sheet | 11,928 | 11,571 |
Net Amounts Presented in Balance Sheet | 27,767 | 26,944 |
Gross Amount Not Offset in Balance Sheet, Financial Instruments | 26,503 | 25,781 |
Gross Amounts Not Offset in Balance Sheet, Cash Collateral Received/Pledged | 0 | 0 |
Net Amount | $ 1,264 | $ 1,163 |
Commercial Paper and Other Sh_3
Commercial Paper and Other Short-Term Borrowings - Summary of Commercial Paper and Other Short-Term Borrowings (Details) $ in Millions, ¥ in Billions | Dec. 31, 2018USD ($) | Dec. 31, 2018JPY (¥) | Dec. 31, 2017USD ($) |
Commercial Paper and Short-Term Borrowings | |||
Total commercial paper and other short-term borrowings | $ 9,263 | $ 7,066 | |
MUB | |||
Commercial Paper and Short-Term Borrowings | |||
Total commercial paper and other short-term borrowings | 8,182 | 6,097 | |
MUAH | |||
Commercial Paper and Short-Term Borrowings | |||
Short-term debt due to MUFG Bank, Ltd., with weighted average interest rates of 3.01% and 1.88% at December 31, 2018 and December 31, 2017, respectively | 145 | 168 | |
Total commercial paper and other short-term borrowings | 1,081 | $ 969 | |
Weighted average interest rate | 1.88% | ||
Commercial paper | MUB | |||
Commercial Paper and Short-Term Borrowings | |||
Commercial paper, with a weighted average interest rate of 2.39% and 1.26% at December 31, 2018 and December 31, 2017, respectively | $ 382 | $ 347 | |
Weighted average interest rate | 2.39% | 2.39% | 1.26% |
Federal Home Loan Bank advances | MUB | |||
Commercial Paper and Short-Term Borrowings | |||
Federal Home Loan Bank advances, with a weighted average interest rate of 2.52% and 1.42% at December 31, 2018 and December 31, 2017, respectively | $ 7,800 | $ 5,750 | |
Weighted average interest rate | 2.52% | 2.52% | 1.42% |
Parent Company [Member] | MUAH | |||
Commercial Paper and Short-Term Borrowings | |||
Weighted average interest rate | 3.01% | 3.01% | |
Affiliated Entity | MUAH | |||
Commercial Paper and Short-Term Borrowings | |||
Short-term debt due to affiliates, with weighted average interest rates of (-0.07)% and (-0.09)% at December 31, 2018 and December 31, 2017, respectively | $ 936 | ¥ 103 | $ 801 |
Weighted average interest rate | (0.07%) | (0.07%) | (0.09%) |
Commercial Paper and Other Sh_4
Commercial Paper and Other Short-Term Borrowings - Narrative (Details) $ in Millions, ¥ in Billions | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2018JPY (¥) | Dec. 31, 2017USD ($) | |
Federal Home Loan Bank Borrowings [Member] | |||
Standby Letters of Credit | |||
Weighted average remaining maturity days | 168 days | ||
Commercial paper | |||
Standby Letters of Credit | |||
Weighted average remaining maturity days | 97 days | ||
MUB | |||
Standby Letters of Credit | |||
Weighted average remaining maturity days | 53 days | ||
Affiliated Entity | |||
Standby Letters of Credit | |||
Weighted average remaining maturity days | 244 days | ||
Affiliated Entity | MUAH | |||
Standby Letters of Credit | |||
Amount drawn under facility | $ 936 | ¥ 103 | $ 801 |
Unsecured Debt [Member] | MUSA and Various other Non-Bank Subsidiaries | |||
Standby Letters of Credit | |||
Revolving credit facility borrowing capacity | 1,400 | ||
Line of Credit | MUAH | |||
Standby Letters of Credit | |||
Revolving credit facility borrowing capacity | $ 1,400 | ¥ 160 | |
Maturity extension period | 100 days |
Long-Term Debt (Details)
Long-Term Debt (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2017 | |
Debt Instrument [Line Items] | |||||
Long-term debt | $ 17,918 | $ 17,918 | $ 12,162 | ||
Repayments of Long-term Debt | 9,655 | 4,801 | $ 3,082 | ||
Federal Home Loan advances, collateral pledged | 44,000 | 44,000 | 43,000 | ||
Senior Debt Obligations [Member] | Fixed rate 2.25% notes due February 2020 | |||||
Debt Instrument [Line Items] | |||||
Repayments of Long-term Debt | 1,000 | ||||
Total Loss Absorbing Capacity Loan Agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 6,500 | 6,500 | |||
MUFG Americas Holdings Corporation | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 7,355 | $ 7,355 | 6,997 | ||
MUFG Americas Holdings Corporation | Senior Debt Obligations [Member] | |||||
Debt Instrument [Line Items] | |||||
Redeemable debt, percentage of par value | 100.00% | ||||
MUFG Americas Holdings Corporation | Senior Debt Obligations [Member] | Floating rate senior notes due February 2018. These notes, which bore interest at 0.57% above 3-month LIBOR, had a rate of 1.97% at December 31, 2017 | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 0 | $ 0 | $ 250 | ||
Debt instrument, effective interest rate | 0.00% | 0.00% | 197.00% | ||
MUFG Americas Holdings Corporation | Senior Debt Obligations [Member] | Floating rate senior notes due February 2018. These notes, which bore interest at 0.57% above 3-month LIBOR, had a rate of 1.97% at December 31, 2017 | LIBOR | |||||
Debt Instrument [Line Items] | |||||
Interest rate above variable interest rate (as a percent) | 0.00% | 57.00% | |||
MUFG Americas Holdings Corporation | Senior Debt Obligations [Member] | Fixed rate 1.625% notes due February 2018 | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 0 | $ 0 | $ 450 | ||
Debt instrument, stated rate | 0.00% | 0.00% | 163.00% | ||
MUFG Americas Holdings Corporation | Senior Debt Obligations [Member] | Fixed rate 2.25% notes due February 2020 | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 0 | $ 0 | $ 998 | ||
Debt instrument, stated rate | 0.00% | 0.00% | 225.00% | ||
MUFG Americas Holdings Corporation | Senior Debt Obligations [Member] | Fixed rate 3.50% notes due June 2022 | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 398 | $ 398 | $ 398 | ||
Debt instrument, stated rate | 350.00% | 350.00% | |||
MUFG Americas Holdings Corporation | Senior Debt Obligations [Member] | Fixed rate 3.00% notes due February 2025 | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 397 | $ 397 | 496 | ||
Debt instrument, stated rate | 300.00% | 300.00% | |||
Repayments of Long-term Debt | $ 100 | ||||
MUFG Americas Holdings Corporation | Senior Debt Obligations [Member] | Floating rate debt due March 2020. This note, which bore interest at 0.86% above 3-month LIBOR, had a rate of 2.45% at December 31, 2017 | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 0 | $ 0 | $ 545 | $ 3,500 | |
Debt instrument, effective interest rate | 245.00% | ||||
Debt instrument, stated rate | 0.00% | 0.00% | |||
MUFG Americas Holdings Corporation | Senior Debt Obligations [Member] | Floating rate debt due March 2020. This note, which bore interest at 0.86% above 3-month LIBOR, had a rate of 2.45% at December 31, 2017 | LIBOR | |||||
Debt Instrument [Line Items] | |||||
Interest rate above variable interest rate (as a percent) | 86.00% | ||||
MUFG Americas Holdings Corporation | Senior Debt Obligations [Member] | Floating Rate Debt Due September 2020 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 0 | $ 0 | $ 3,500 | ||
Debt instrument, effective interest rate | 254.00% | ||||
Interest rate above variable interest rate (as a percent) | 0.00% | ||||
MUFG Americas Holdings Corporation | Senior Debt Obligations [Member] | Floating Rate Debt Due September 2020 [Member] | LIBOR | |||||
Debt Instrument [Line Items] | |||||
Interest rate above variable interest rate (as a percent) | 85.00% | ||||
MUFG Americas Holdings Corporation | Senior Debt Obligations [Member] | Floating Rate Debt Due December 2021 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 1,625 | $ 1,625 | $ 0 | ||
Debt instrument, effective interest rate | 0.00% | ||||
Interest rate above variable interest rate (as a percent) | 358.00% | ||||
MUFG Americas Holdings Corporation | Senior Debt Obligations [Member] | Floating Rate Debt Due December 2021 [Member] | LIBOR | |||||
Debt Instrument [Line Items] | |||||
Interest rate above variable interest rate (as a percent) | 81.00% | ||||
MUFG Americas Holdings Corporation | Senior Debt Obligations [Member] | Floating Rate Debt Due December 2022 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 3,250 | $ 3,250 | $ 0 | ||
Debt instrument, effective interest rate | 0.00% | ||||
Interest rate above variable interest rate (as a percent) | 367.00% | ||||
MUFG Americas Holdings Corporation | Senior Debt Obligations [Member] | Floating Rate Debt Due December 2022 [Member] | LIBOR | |||||
Debt Instrument [Line Items] | |||||
Interest rate above variable interest rate (as a percent) | 90.00% | ||||
MUFG Americas Holdings Corporation | Senior Debt Obligations [Member] | Floating Rate Debt Due December 2023 LIBOR [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 1,625 | $ 1,625 | $ 0 | ||
Debt instrument, effective interest rate | 0.00% | ||||
Interest rate above variable interest rate (as a percent) | 376.00% | ||||
MUFG Americas Holdings Corporation | Senior Debt Obligations [Member] | Floating Rate Debt Due December 2023 LIBOR [Member] | LIBOR | |||||
Debt Instrument [Line Items] | |||||
Interest rate above variable interest rate (as a percent) | 99.00% | ||||
MUFG Americas Holdings Corporation | Senior Debt Obligations [Member] | Floating rate subordinated debt due December 2023. This note, which bore interest at 1.38% above 3-month LIBOR, had a rate of 3.07% at December 31, 2017 | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 24 | $ 24 | $ 24 | ||
Debt instrument, effective interest rate | 76.00% | 76.00% | 76.00% | ||
MUFG Americas Holdings Corporation | Senior Debt Obligations [Member] | Floating rate subordinated debt due December 2023. This note, which bore interest at 1.38% above 3-month LIBOR, had a rate of 3.07% at December 31, 2017 | LIBOR | |||||
Debt Instrument [Line Items] | |||||
Interest rate above variable interest rate (as a percent) | 138.00% | ||||
MUFG Americas Holdings Corporation | Senior Debt Obligations [Member] | Floating rate subordinated debt due December 2023. This note, which bore interest at 1.38% above 3-month LIBOR, had a rate of 3.07% at December 31, 2017 | Euro Interbank Offered Rate (Euribor) [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate above variable interest rate (as a percent) | 76.00% | ||||
MUFG Americas Holdings Corporation | Subordinated Debt | Floating Rate Surbordinated Debt Due December 2023 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 0 | $ 0 | $ 300 | ||
MUFG Americas Holdings Corporation | Subordinated Debt | Floating rate subordinated debt due December 2023. This note, which bore interest at 1.38% above 3-month LIBOR, had a rate of 3.07% at December 31, 2017 | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, effective interest rate | 0.00% | 0.00% | 307.00% | ||
MUFG Americas Holdings Corporation | Junior subordinated debt payable to trusts | Floating rate note due September 2036 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 36 | $ 36 | $ 36 | ||
Debt instrument, effective interest rate | 449.00% | 449.00% | 329.00% | ||
MUB | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 9,632 | $ 9,632 | $ 3,810 | ||
Amount available for issuance under the bank note program | 5,900 | 5,900 | |||
MUB | Maximum | |||||
Debt Instrument [Line Items] | |||||
Amount available for issuance under the bank note program | 12,000 | $ 12,000 | |||
MUB | Senior Debt Obligations [Member] | |||||
Debt Instrument [Line Items] | |||||
Amount available for issuance under the Bank note program | 1 year | ||||
MUB | Senior Debt Obligations [Member] | Fixed Rate Advances Due Between January 2019 and December 2023 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 9,100 | $ 9,100 | $ 1,500 | ||
Debt instrument, stated rate | 266.00% | 266.00% | 151.00% | ||
MUB | Senior Debt Obligations [Member] | Fixed rate 2.625% notes due September 2018 | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 0 | $ 0 | $ 1,000 | ||
Debt instrument, stated rate | 263.00% | 263.00% | |||
MUB | Senior Debt Obligations [Member] | Fixed rate 2.25% notes due May 2019 | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 498 | $ 498 | $ 497 | ||
Debt instrument, stated rate | 225.00% | 225.00% | |||
MUB | Senior Debt Obligations [Member] | Floating rate subordinated debt due June 2023. This note, which bore interest at 1.20% above 3-month LIBOR, had a rate of 2.89% at December 31, 2017 | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, effective interest rate | 0.00% | 0.00% | 289.00% | ||
MUB | Senior Debt Obligations [Member] | Floating rate subordinated debt due June 2023. This note, which bore interest at 1.20% above 3-month LIBOR, had a rate of 2.89% at December 31, 2017 | LIBOR | |||||
Debt Instrument [Line Items] | |||||
Interest rate above variable interest rate (as a percent) | 120.00% | ||||
MUB | Subordinated Debt | |||||
Debt Instrument [Line Items] | |||||
Amount available for issuance under the Bank note program | 5 years | ||||
MUB | Subordinated Debt | Floating rate subordinated debt due June 2023. This note, which bore interest at 1.20% above 3-month LIBOR, had a rate of 2.89% at December 31, 2017 | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 0 | $ 0 | $ 750 | ||
MUB | Other | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 34 | 34 | 63 | ||
Other Subsidiaries, Excluding MUFG Bank, NA [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 931 | 931 | 1,355 | ||
Other Subsidiaries, Excluding MUFG Bank, NA [Member] | Senior Debt Obligations [Member] | Floating Rate Borrowings Due Between December 2020 and May 2021 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 250 | $ 250 | $ 291 | ||
Debt instrument, effective interest rate | 280.00% | 280.00% | 178.00% | ||
Other Subsidiaries, Excluding MUFG Bank, NA [Member] | Senior Debt Obligations [Member] | Fixed Rate Borrowings Due Between February 2019 and May 2024 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 244 | $ 244 | $ 339 | ||
Debt instrument, effective interest rate | 182.00% | 182.00% | 212.00% | ||
Other Subsidiaries, Excluding MUFG Bank, NA [Member] | Senior Debt Obligations [Member] | Fixed Rate Borrowings Due Between February 2019 and May 2024 [Member] | Minimum | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, effective interest rate | 14.00% | 14.00% | 137.00% | ||
Other Subsidiaries, Excluding MUFG Bank, NA [Member] | Senior Debt Obligations [Member] | Fixed Rate Borrowings Due Between February 2019 and May 2024 [Member] | Maximum | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, effective interest rate | 244.00% | 244.00% | 265.00% | ||
Other Subsidiaries, Excluding MUFG Bank, NA [Member] | Senior Debt Obligations [Member] | Floating Rate Debt Due March 2019 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, effective interest rate | 295.00% | ||||
Other Subsidiaries, Excluding MUFG Bank, NA [Member] | Senior Debt Obligations [Member] | Floating Rate Debt Due March 2019 [Member] | Minimum | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, effective interest rate | 288.00% | ||||
Other Subsidiaries, Excluding MUFG Bank, NA [Member] | Senior Debt Obligations [Member] | Floating Rate Debt Due March 2019 [Member] | Maximum | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, effective interest rate | 304.00% | ||||
Other Subsidiaries, Excluding MUFG Bank, NA [Member] | Subordinated Debt | Floating Rate Debt Due March 2019 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 75 | $ 75 | $ 185 | ||
Debt instrument, effective interest rate | 413.00% | 413.00% | |||
Other Subsidiaries, Excluding MUFG Bank, NA [Member] | Subordinated Debt | Floating Rate Debt Due March 2019 [Member] | Minimum | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, effective interest rate | 0.00% | 0.00% | |||
Other Subsidiaries, Excluding MUFG Bank, NA [Member] | Subordinated Debt | Floating Rate Debt Due March 2019 [Member] | Maximum | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, effective interest rate | 0.00% | 0.00% | |||
Other Subsidiaries, Excluding MUFG Bank, NA [Member] | Secured Debt | Floating Rate Nonrecourse Debt Due Between February 2019 and December 2021 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 53 | $ 53 | $ 79 | ||
Debt instrument, effective interest rate | 409.00% | 409.00% | 307.00% | ||
Other Subsidiaries, Excluding MUFG Bank, NA [Member] | Secured Debt | Floating Rate Nonrecourse Debt Due Between February 2019 and December 2021 [Member] | Minimum | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, effective interest rate | 275.00% | 275.00% | 149.00% | ||
Other Subsidiaries, Excluding MUFG Bank, NA [Member] | Secured Debt | Floating Rate Nonrecourse Debt Due Between February 2019 and December 2021 [Member] | Maximum | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, effective interest rate | 417.00% | 417.00% | 558.00% | ||
Other Subsidiaries, Excluding MUFG Bank, NA [Member] | Secured Debt | Fixed Rate Nonrecourse Debt Due Between January 2019 and July 2023 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 187 | $ 187 | $ 240 | ||
Other Subsidiaries, Excluding MUFG Bank, NA [Member] | Secured Debt | Floating Rate Nonrecourse Borrowings Due Between February 2019 and May 2019 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 89 | $ 89 | $ 185 | ||
Debt instrument, effective interest rate | 421.00% | 421.00% | 288.00% | ||
Other Subsidiaries, Excluding MUFG Bank, NA [Member] | Secured Debt | Floating Rate Nonrecourse Borrowings Due Between February 2019 and May 2019 [Member] | Minimum | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, effective interest rate | 417.00% | 417.00% | 250.00% | ||
Other Subsidiaries, Excluding MUFG Bank, NA [Member] | Secured Debt | Floating Rate Nonrecourse Borrowings Due Between February 2019 and May 2019 [Member] | Maximum | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, effective interest rate | 448.00% | 448.00% | 354.00% | ||
Other Subsidiaries, Excluding MUFG Bank, NA [Member] | Secured Debt | Fixed rate non-recourse borrowings due December 2026 which had an interest rate of 5.34% at December 31, 2018 and December 31, 2017 | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 33 | $ 33 | $ 36 | ||
Debt instrument, effective interest rate | 534.00% | 534.00% |
Fair Value Measurement and Fa_3
Fair Value Measurement and Fair Value of Financial Instruments - Fair Value Measurements on a Recurring Basis (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Fair value measurements | ||
Trading account assets | $ 11,213,000,000 | $ 10,567,000,000 |
Securities available for sale | 16,314,000,000 | |
Servicing Asset at Fair Value, Amount | 159,000,000 | 64,000,000 |
Other liabilities | 2,048,000,000 | 2,143,000,000 |
U.S. Treasury | ||
Fair value measurements | ||
Securities available for sale | 3,429,000,000 | |
Other | ||
Fair value measurements | ||
Securities available for sale | 184,000,000 | |
U.S. government agency and government-sponsored agencies | ||
Fair value measurements | ||
Securities available for sale | 8,007,000,000 | |
Privately issued | ||
Fair value measurements | ||
Securities available for sale | 864,000,000 | |
Collateralized loan obligations | ||
Fair value measurements | ||
Securities available for sale | 1,474,000,000 | |
Other | ||
Fair value measurements | ||
Securities available for sale | 4,000,000 | |
Direct bank purchase bonds | ||
Fair value measurements | ||
Securities available for sale | 1,190,000,000 | |
Level 1 | ||
Fair value measurements | ||
Other assets | 48,000,000 | |
Other liabilities | 0 | |
Level 1 | U.S. Treasury | ||
Fair value measurements | ||
Securities available for sale | 0 | |
Trading account liabilities | 0 | |
Level 1 | Other | ||
Fair value measurements | ||
Trading account assets | 0 | |
Trading account liabilities | 0 | |
Level 1 | Corporate bonds | ||
Fair value measurements | ||
Trading account assets | 0 | |
Level 1 | Asset-backed securities | ||
Fair value measurements | ||
Trading account assets | 0 | |
Level 1 | Mortgage-backed securities | ||
Fair value measurements | ||
Trading account assets | 0 | |
Level 1 | Commodity derivative contracts | ||
Fair value measurements | ||
Trading account liabilities | 0 | |
Level 1 | Equity derivative contracts | ||
Fair value measurements | ||
Trading account liabilities | 7,000,000 | |
Level 1 | U.S. government agency and government-sponsored agencies | ||
Fair value measurements | ||
Securities available for sale | 0 | |
Level 1 | Privately issued | ||
Fair value measurements | ||
Securities available for sale | 0 | |
Level 1 | Privately issued - commercial mortgage-backed securities | ||
Fair value measurements | ||
Securities available for sale | 0 | |
Level 1 | Collateralized loan obligations | ||
Fair value measurements | ||
Securities available for sale | 0 | |
Level 1 | Mortgage servicing rights(2) | ||
Fair value measurements | ||
Other assets | 0 | |
Level 1 | Interest rate hedging contracts(3) | ||
Fair value measurements | ||
Other assets | 0 | |
Level 1 | Other derivative contracts(2) | ||
Fair value measurements | ||
Other assets | 0 | |
Other liabilities | 0 | |
Level 1 | Corporate bonds | ||
Fair value measurements | ||
Trading account liabilities | 0 | |
Level 2 | ||
Fair value measurements | ||
Other assets | 0 | |
Trading account liabilities | 0 | |
Level 2 | Equity derivative contracts | ||
Fair value measurements | ||
Trading account liabilities | 0 | |
Level 2 | Mortgage servicing rights(2) | ||
Fair value measurements | ||
Other assets | 0 | |
Level 3 | ||
Fair value measurements | ||
Other assets | 0 | |
Trading account liabilities | 0 | |
Other liabilities | 0 | |
Level 3 | U.S. Treasury | ||
Fair value measurements | ||
Securities available for sale | 0 | |
Trading account liabilities | 0 | |
Level 3 | Other | ||
Fair value measurements | ||
Trading account assets | 0 | |
Trading account liabilities | 0 | |
Level 3 | Corporate bonds | ||
Fair value measurements | ||
Trading account assets | 0 | |
Level 3 | Asset-backed securities | ||
Fair value measurements | ||
Trading account assets | 0 | |
Level 3 | Mortgage-backed securities | ||
Fair value measurements | ||
Trading account assets | 0 | |
Level 3 | Equity securities | ||
Fair value measurements | ||
Trading account assets | 0 | |
Level 3 | Interest rate derivative contracts | ||
Fair value measurements | ||
Trading account liabilities | 0 | |
Level 3 | U.S. government agency and government-sponsored agencies | ||
Fair value measurements | ||
Securities available for sale | 0 | |
Level 3 | Privately issued | ||
Fair value measurements | ||
Securities available for sale | 0 | |
Level 3 | Privately issued - commercial mortgage-backed securities | ||
Fair value measurements | ||
Securities available for sale | 0 | |
Level 3 | Collateralized loan obligations | ||
Fair value measurements | ||
Securities available for sale | 0 | |
Level 3 | Corporate bonds | ||
Fair value measurements | ||
Trading account liabilities | 0 | |
Fair Value, Measurements, Recurring | ||
Fair value measurements | ||
Trading account assets | 11,213,000,000 | 10,567,000,000 |
Netting adjustment | (354,000,000) | (607,000,000) |
Securities available for sale | 16,314,000,000 | 17,563,000,000 |
Other assets | 299,000,000 | 67,000,000 |
Total assets | $ 27,826,000,000 | $ 28,197,000,000 |
Percentage of total | 100.00% | 100.00% |
Percentage of total | 1.00% | 2.00% |
Percentage of total Company assets | 17.00% | 18.00% |
Percentage of total Company assets | (0.00%) | (0.00%) |
Trading account liabilities | $ 4,027,000,000 | $ 3,600,000,000 |
Netting adjustment | (322,000,000) | (620,000,000) |
FDIC clawback liability(2) | 113,000,000 | |
Other liabilities | 121,000,000 | 119,000,000 |
Total liabilities | $ 4,148,000,000 | $ 3,719,000,000 |
Percentage of total | 100.00% | 100.00% |
Percentage of total | 8.00% | 17.00% |
Percentage of total Company liabilities | 3.00% | 3.00% |
Percentage of total Company liabilities | (0.00%) | (0.00%) |
Fair Value, Measurements, Recurring | U.S. Treasury | ||
Fair value measurements | ||
Trading account assets | $ 2,998,000,000 | $ 1,926,000,000 |
Securities available for sale | 3,429,000,000 | 3,252,000,000 |
Trading account liabilities | 2,753,000,000 | 2,709,000,000 |
Fair Value, Measurements, Recurring | U.S. government-sponsored agency securities | ||
Fair value measurements | ||
Trading account assets | 73,000,000 | 118,000,000 |
Fair Value, Measurements, Recurring | State and municipal securities | ||
Fair value measurements | ||
Trading account assets | 10,000,000 | 11,000,000 |
Fair Value, Measurements, Recurring | Commercial paper | ||
Fair value measurements | ||
Trading account assets | 51,000,000 | 7,000,000 |
Trading account liabilities | 10,000,000 | |
Fair Value, Measurements, Recurring | Other | ||
Fair value measurements | ||
Trading account assets | 8,000,000 | |
Securities available for sale | 184,000,000 | 164,000,000 |
Trading account liabilities | 7,000,000 | |
Fair Value, Measurements, Recurring | Corporate bonds | ||
Fair value measurements | ||
Trading account assets | 1,367,000,000 | 1,054,000,000 |
Fair Value, Measurements, Recurring | Asset-backed securities | ||
Fair value measurements | ||
Trading account assets | 299,000,000 | 199,000,000 |
Fair Value, Measurements, Recurring | Mortgage-backed securities | ||
Fair value measurements | ||
Trading account assets | 5,785,000,000 | 6,339,000,000 |
Fair Value, Measurements, Recurring | Equity securities | ||
Fair value measurements | ||
Trading account assets | 127,000,000 | 193,000,000 |
Securities available for sale | 10,000,000 | |
Trading account liabilities | 70,000,000 | 35,000,000 |
Fair Value, Measurements, Recurring | Interest rate derivative contracts | ||
Fair value measurements | ||
Trading account assets | 401,000,000 | 525,000,000 |
Netting adjustment | (130,000,000) | (353,000,000) |
Trading account liabilities | 338,000,000 | 264,000,000 |
Netting adjustment | (262,000,000) | (382,000,000) |
Fair Value, Measurements, Recurring | Commodity derivative contracts | ||
Fair value measurements | ||
Trading account assets | 1,000,000 | 1,000,000 |
Netting adjustment | (24,000,000) | (49,000,000) |
Trading account liabilities | 14,000,000 | 13,000,000 |
Netting adjustment | (4,000,000) | (20,000,000) |
Fair Value, Measurements, Recurring | Foreign exchange derivative contracts | ||
Fair value measurements | ||
Trading account assets | 90,000,000 | 182,000,000 |
Netting adjustment | (170,000,000) | (68,000,000) |
Trading account liabilities | 112,000,000 | 80,000,000 |
Netting adjustment | (56,000,000) | (66,000,000) |
Fair Value, Measurements, Recurring | Equity derivative contracts | ||
Fair value measurements | ||
Trading account assets | 11,000,000 | 4,000,000 |
Netting adjustment | (11,000,000) | (135,000,000) |
Trading account liabilities | 13,000,000 | 144,000,000 |
Netting adjustment | 0 | |
Fair Value, Measurements, Recurring | Trading Securities | ||
Fair value measurements | ||
Netting adjustment | (335,000,000) | (605,000,000) |
Netting adjustment | (322,000,000) | (468,000,000) |
Fair Value, Measurements, Recurring | U.S. government agency and government-sponsored agencies | ||
Fair value measurements | ||
Securities available for sale | 8,007,000,000 | 9,208,000,000 |
Fair Value, Measurements, Recurring | Privately issued | ||
Fair value measurements | ||
Securities available for sale | 864,000,000 | 694,000,000 |
Fair Value, Measurements, Recurring | Privately issued - commercial mortgage-backed securities | ||
Fair value measurements | ||
Securities available for sale | 1,162,000,000 | 822,000,000 |
Fair Value, Measurements, Recurring | Collateralized loan obligations | ||
Fair value measurements | ||
Securities available for sale | 1,474,000,000 | 1,905,000,000 |
Fair Value, Measurements, Recurring | Other | ||
Fair value measurements | ||
Netting adjustment | (19,000,000) | (2,000,000) |
Securities available for sale | 4,000,000 | 5,000,000 |
Netting adjustment | 0 | (152,000,000) |
Fair Value, Measurements, Recurring | Direct bank purchase bonds | ||
Fair value measurements | ||
Securities available for sale | 1,190,000,000 | 1,503,000,000 |
Fair Value, Measurements, Recurring | Mortgage servicing rights(2) | ||
Fair value measurements | ||
Other assets | 159,000,000 | 64,000,000 |
Fair Value, Measurements, Recurring | loans held for sale [Domain] | ||
Fair value measurements | ||
Other assets | 117,000,000 | |
Fair Value, Measurements, Recurring | Interest rate hedging contracts(3) | ||
Fair value measurements | ||
Netting adjustment | (3,000,000) | 0 |
Other assets | 3,000,000 | 2,000,000 |
Netting adjustment | (149,000,000) | |
Other liabilities | 0 | |
Fair Value, Measurements, Recurring | Other derivative contracts(2) | ||
Fair value measurements | ||
Netting adjustment | (16,000,000) | (2,000,000) |
Other assets | 11,000,000 | 1,000,000 |
Netting adjustment | 0 | (3,000,000) |
Other liabilities | 5,000,000 | 6,000,000 |
Fair Value, Measurements, Recurring | Equity Securities, FV-NI [Member] | ||
Fair value measurements | ||
Netting adjustment | 0 | |
Other assets | 9,000,000 | |
Fair Value, Measurements, Recurring | Corporate bonds | ||
Fair value measurements | ||
Trading account liabilities | 717,000,000 | 348,000,000 |
Fair Value, Measurements, Recurring | Level 1 | ||
Fair value measurements | ||
Trading account assets | 146,000,000 | 202,000,000 |
Securities available for sale | 0 | 10,000,000 |
Other assets | 9,000,000 | |
Total assets | $ 155,000,000 | $ 212,000,000 |
Percentage of total | 0.00% | 1.00% |
Percentage of total Company assets | 0.00% | 0.00% |
Trading account liabilities | $ 125,000,000 | $ 46,000,000 |
FDIC clawback liability(2) | 0 | |
Total liabilities | $ 125,000,000 | $ 46,000,000 |
Percentage of total | 3.00% | 1.00% |
Percentage of total Company liabilities | 0.00% | 0.00% |
Fair Value, Measurements, Recurring | Level 1 | U.S. Treasury | ||
Fair value measurements | ||
Trading account assets | $ 0 | $ 0 |
Securities available for sale | 0 | |
Trading account liabilities | 0 | |
Fair Value, Measurements, Recurring | Level 1 | U.S. government-sponsored agency securities | ||
Fair value measurements | ||
Trading account assets | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | State and municipal securities | ||
Fair value measurements | ||
Trading account assets | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Commercial paper | ||
Fair value measurements | ||
Trading account assets | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Other | ||
Fair value measurements | ||
Securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Corporate bonds | ||
Fair value measurements | ||
Trading account assets | 0 | |
Fair Value, Measurements, Recurring | Level 1 | Asset-backed securities | ||
Fair value measurements | ||
Trading account assets | 0 | |
Fair Value, Measurements, Recurring | Level 1 | Mortgage-backed securities | ||
Fair value measurements | ||
Trading account assets | 0 | |
Fair Value, Measurements, Recurring | Level 1 | Equity securities | ||
Fair value measurements | ||
Trading account assets | 127,000,000 | 193,000,000 |
Securities available for sale | 10,000,000 | |
Trading account liabilities | 70,000,000 | 35,000,000 |
Fair Value, Measurements, Recurring | Level 1 | Interest rate derivative contracts | ||
Fair value measurements | ||
Trading account assets | 9,000,000 | 7,000,000 |
Trading account liabilities | 55,000,000 | 3,000,000 |
Fair Value, Measurements, Recurring | Level 1 | Commodity derivative contracts | ||
Fair value measurements | ||
Trading account assets | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Foreign exchange derivative contracts | ||
Fair value measurements | ||
Trading account assets | 1,000,000 | 0 |
Trading account liabilities | 0 | 1,000,000 |
Fair Value, Measurements, Recurring | Level 1 | Equity derivative contracts | ||
Fair value measurements | ||
Trading account assets | 9,000,000 | 2,000,000 |
Trading account liabilities | 0 | |
Fair Value, Measurements, Recurring | Level 1 | U.S. government agency and government-sponsored agencies | ||
Fair value measurements | ||
Securities available for sale | 0 | |
Fair Value, Measurements, Recurring | Level 1 | Privately issued | ||
Fair value measurements | ||
Securities available for sale | 0 | |
Fair Value, Measurements, Recurring | Level 1 | Privately issued - commercial mortgage-backed securities | ||
Fair value measurements | ||
Securities available for sale | 0 | |
Fair Value, Measurements, Recurring | Level 1 | Collateralized loan obligations | ||
Fair value measurements | ||
Securities available for sale | 0 | |
Fair Value, Measurements, Recurring | Level 1 | Other | ||
Fair value measurements | ||
Securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Direct bank purchase bonds | ||
Fair value measurements | ||
Securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Mortgage servicing rights(2) | ||
Fair value measurements | ||
Other assets | 0 | |
Fair Value, Measurements, Recurring | Level 1 | loans held for sale [Domain] | ||
Fair value measurements | ||
Other assets | 0 | |
Fair Value, Measurements, Recurring | Level 1 | Interest rate hedging contracts(3) | ||
Fair value measurements | ||
Other assets | 0 | |
Fair Value, Measurements, Recurring | Level 1 | Other derivative contracts(2) | ||
Fair value measurements | ||
Other assets | 0 | |
Fair Value, Measurements, Recurring | Level 1 | Equity Securities, FV-NI [Member] | ||
Fair value measurements | ||
Other assets | 9,000,000 | |
Fair Value, Measurements, Recurring | Level 1 | Corporate bonds | ||
Fair value measurements | ||
Trading account liabilities | 0 | |
Fair Value, Measurements, Recurring | Level 2 | ||
Fair value measurements | ||
Trading account assets | 11,389,000,000 | 10,831,000,000 |
Securities available for sale | 14,983,000,000 | 15,954,000,000 |
Other assets | 32,000,000 | 4,000,000 |
Total assets | $ 26,404,000,000 | $ 26,789,000,000 |
Percentage of total | 95.00% | 95.00% |
Percentage of total Company assets | 16.00% | 17.00% |
Trading account liabilities | $ 4,211,000,000 | $ 3,884,000,000 |
FDIC clawback liability(2) | 0 | |
Other liabilities | 3,000,000 | 152,000,000 |
Total liabilities | $ 4,214,000,000 | $ 4,036,000,000 |
Percentage of total | 102.00% | 109.00% |
Percentage of total Company liabilities | 3.00% | 3.00% |
Fair Value, Measurements, Recurring | Level 2 | U.S. Treasury | ||
Fair value measurements | ||
Trading account assets | $ 2,998,000,000 | $ 1,926,000,000 |
Securities available for sale | 3,429,000,000 | 3,252,000,000 |
Trading account liabilities | 2,753,000,000 | 2,709,000,000 |
Fair Value, Measurements, Recurring | Level 2 | U.S. government-sponsored agency securities | ||
Fair value measurements | ||
Trading account assets | 73,000,000 | 118,000,000 |
Fair Value, Measurements, Recurring | Level 2 | State and municipal securities | ||
Fair value measurements | ||
Trading account assets | 10,000,000 | 11,000,000 |
Fair Value, Measurements, Recurring | Level 2 | Commercial paper | ||
Fair value measurements | ||
Trading account assets | 51,000,000 | 7,000,000 |
Trading account liabilities | 10,000,000 | |
Fair Value, Measurements, Recurring | Level 2 | Other | ||
Fair value measurements | ||
Trading account assets | 8,000,000 | |
Securities available for sale | 43,000,000 | 68,000,000 |
Trading account liabilities | 7,000,000 | |
Fair Value, Measurements, Recurring | Level 2 | Corporate bonds | ||
Fair value measurements | ||
Trading account assets | 1,367,000,000 | 1,054,000,000 |
Fair Value, Measurements, Recurring | Level 2 | Asset-backed securities | ||
Fair value measurements | ||
Trading account assets | 299,000,000 | 199,000,000 |
Fair Value, Measurements, Recurring | Level 2 | Mortgage-backed securities | ||
Fair value measurements | ||
Trading account assets | 5,785,000,000 | 6,339,000,000 |
Fair Value, Measurements, Recurring | Level 2 | Equity securities | ||
Fair value measurements | ||
Trading account assets | 0 | |
Securities available for sale | 0 | |
Fair Value, Measurements, Recurring | Level 2 | Interest rate derivative contracts | ||
Fair value measurements | ||
Trading account assets | 522,000,000 | 870,000,000 |
Trading account liabilities | 545,000,000 | 643,000,000 |
Fair Value, Measurements, Recurring | Level 2 | Commodity derivative contracts | ||
Fair value measurements | ||
Trading account assets | 25,000,000 | 50,000,000 |
Trading account liabilities | 18,000,000 | 33,000,000 |
Fair Value, Measurements, Recurring | Level 2 | Foreign exchange derivative contracts | ||
Fair value measurements | ||
Trading account assets | 259,000,000 | 249,000,000 |
Trading account liabilities | 168,000,000 | 144,000,000 |
Fair Value, Measurements, Recurring | Level 2 | Equity derivative contracts | ||
Fair value measurements | ||
Trading account assets | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | U.S. government agency and government-sponsored agencies | ||
Fair value measurements | ||
Securities available for sale | 8,007,000,000 | 9,208,000,000 |
Fair Value, Measurements, Recurring | Level 2 | Privately issued | ||
Fair value measurements | ||
Securities available for sale | 864,000,000 | 694,000,000 |
Fair Value, Measurements, Recurring | Level 2 | Privately issued - commercial mortgage-backed securities | ||
Fair value measurements | ||
Securities available for sale | 1,162,000,000 | 822,000,000 |
Fair Value, Measurements, Recurring | Level 2 | Collateralized loan obligations | ||
Fair value measurements | ||
Securities available for sale | 1,474,000,000 | 1,905,000,000 |
Fair Value, Measurements, Recurring | Level 2 | Other | ||
Fair value measurements | ||
Securities available for sale | 4,000,000 | 5,000,000 |
Fair Value, Measurements, Recurring | Level 2 | Direct bank purchase bonds | ||
Fair value measurements | ||
Securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | Mortgage servicing rights(2) | ||
Fair value measurements | ||
Other assets | 0 | |
Fair Value, Measurements, Recurring | Level 2 | loans held for sale [Domain] | ||
Fair value measurements | ||
Other assets | 0 | |
Fair Value, Measurements, Recurring | Level 2 | Interest rate hedging contracts(3) | ||
Fair value measurements | ||
Other assets | 6,000,000 | 2,000,000 |
Other liabilities | 149,000,000 | |
Fair Value, Measurements, Recurring | Level 2 | Other derivative contracts(2) | ||
Fair value measurements | ||
Other assets | 26,000,000 | 2,000,000 |
Other liabilities | 3,000,000 | 3,000,000 |
Fair Value, Measurements, Recurring | Level 2 | Equity Securities, FV-NI [Member] | ||
Fair value measurements | ||
Other assets | 0 | |
Fair Value, Measurements, Recurring | Level 2 | Corporate bonds | ||
Fair value measurements | ||
Trading account liabilities | 717,000,000 | 348,000,000 |
Fair Value, Measurements, Recurring | Level 3 | ||
Fair value measurements | ||
Trading account assets | 13,000,000 | 139,000,000 |
Securities available for sale | 1,331,000,000 | 1,599,000,000 |
Other assets | 277,000,000 | 65,000,000 |
Total assets | $ 1,621,000,000 | $ 1,803,000,000 |
Percentage of total | 6.00% | 6.00% |
Percentage of total Company assets | 1.00% | 1.00% |
Trading account liabilities | $ 13,000,000 | $ 138,000,000 |
FDIC clawback liability(2) | 113,000,000 | |
Other liabilities | 118,000,000 | 119,000,000 |
Total liabilities | $ 131,000,000 | $ 257,000,000 |
Percentage of total | 3.00% | 7.00% |
Percentage of total Company liabilities | 0.00% | 0.00% |
Fair Value, Measurements, Recurring | Level 3 | U.S. Treasury | ||
Fair value measurements | ||
Trading account assets | $ 0 | $ 0 |
Securities available for sale | 0 | |
Fair Value, Measurements, Recurring | Level 3 | U.S. government-sponsored agency securities | ||
Fair value measurements | ||
Trading account assets | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | State and municipal securities | ||
Fair value measurements | ||
Trading account assets | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Commercial paper | ||
Fair value measurements | ||
Trading account assets | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Other | ||
Fair value measurements | ||
Securities available for sale | 141,000,000 | 96,000,000 |
Fair Value, Measurements, Recurring | Level 3 | Corporate bonds | ||
Fair value measurements | ||
Trading account assets | 0 | |
Fair Value, Measurements, Recurring | Level 3 | Asset-backed securities | ||
Fair value measurements | ||
Trading account assets | 0 | |
Fair Value, Measurements, Recurring | Level 3 | Mortgage-backed securities | ||
Fair value measurements | ||
Trading account assets | 0 | |
Fair Value, Measurements, Recurring | Level 3 | Equity securities | ||
Fair value measurements | ||
Trading account assets | 0 | |
Securities available for sale | 0 | |
Fair Value, Measurements, Recurring | Level 3 | Interest rate derivative contracts | ||
Fair value measurements | ||
Trading account assets | 0 | 1,000,000 |
Fair Value, Measurements, Recurring | Level 3 | Commodity derivative contracts | ||
Fair value measurements | ||
Trading account assets | 0 | 0 |
Trading account liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Foreign exchange derivative contracts | ||
Fair value measurements | ||
Trading account assets | 0 | 1,000,000 |
Trading account liabilities | 0 | 1,000,000 |
Fair Value, Measurements, Recurring | Level 3 | Equity derivative contracts | ||
Fair value measurements | ||
Trading account assets | 13,000,000 | 137,000,000 |
Trading account liabilities | 13,000,000 | 137,000,000 |
Fair Value, Measurements, Recurring | Level 3 | Fdic | ||
Fair value measurements | ||
Other liabilities | 116,000,000 | |
Fair Value, Measurements, Recurring | Level 3 | U.S. government agency and government-sponsored agencies | ||
Fair value measurements | ||
Securities available for sale | 0 | |
Fair Value, Measurements, Recurring | Level 3 | Privately issued | ||
Fair value measurements | ||
Securities available for sale | 0 | |
Fair Value, Measurements, Recurring | Level 3 | Privately issued - commercial mortgage-backed securities | ||
Fair value measurements | ||
Securities available for sale | 0 | |
Fair Value, Measurements, Recurring | Level 3 | Collateralized loan obligations | ||
Fair value measurements | ||
Securities available for sale | 0 | |
Fair Value, Measurements, Recurring | Level 3 | Other | ||
Fair value measurements | ||
Securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Direct bank purchase bonds | ||
Fair value measurements | ||
Securities available for sale | 1,190,000,000 | 1,503,000,000 |
Fair Value, Measurements, Recurring | Level 3 | loans held for sale [Domain] | ||
Fair value measurements | ||
Other assets | 117,000,000 | |
Fair Value, Measurements, Recurring | Level 3 | Interest rate hedging contracts(3) | ||
Fair value measurements | ||
Other assets | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Other derivative contracts(2) | ||
Fair value measurements | ||
Other assets | 1,000,000 | 1,000,000 |
Other liabilities | 2,000,000 | $ 6,000,000 |
Fair Value, Measurements, Recurring | Level 3 | Equity Securities, FV-NI [Member] | ||
Fair value measurements | ||
Other assets | 0 | |
Fdic | Fair Value, Measurements, Recurring | ||
Fair value measurements | ||
Other liabilities | $ 116,000,000 |
Fair Value Measurement and Fa_4
Fair Value Measurement and Fair Value of Financial Instruments - Reconciliation of Assets and Liabilities on a Recurring Basis (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Trading Assets | ||
Fair Value, Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Asset balance, beginning of period | $ 139 | $ 168 |
Total gains (losses) (realized/unrealized) included in income before taxes, assets | (10) | 73 |
Settlements, assets | (116) | (102) |
Asset balance, end of period | 13 | 139 |
Changes in unrealized gains (losses) included in income before taxes for assets still held at end of period, assets | (10) | 73 |
Securities Available for Sale | ||
Fair Value, Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Asset balance, beginning of period | 1,600 | 1,638 |
Total gains (losses) (realized/unrealized) included in other comprehensive income, assets | (9) | (3) |
Purchases/additions, assets | 126 | 83 |
Settlements, assets | (386) | (118) |
Asset balance, end of period | 1,331 | 1,600 |
Other Assets | ||
Fair Value, Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Asset balance, beginning of period | 65 | 24 |
Total gains (losses) (realized/unrealized) included in income before taxes, assets | (8) | (3) |
Purchases/additions, assets | 220 | 44 |
Transfers into level 3, assets | 0 | |
Asset balance, end of period | 277 | 65 |
Changes in unrealized gains (losses) included in income before taxes for assets still held at end of period, assets | (8) | (3) |
Trading Liabilities | ||
Fair Value, Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Liability balance, beginning of period | (138) | (166) |
Total gains (losses) (realized/unrealized) included in income before taxes, assets, liability | 9 | (72) |
Settlements, liabilities | 116 | 100 |
Liability balance, end of period | (13) | (138) |
Changes in unrealized gains (losses) included in income before taxes for assets still held at end of period, liabilities | 9 | (72) |
Other Liabilities | ||
Fair Value, Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Liability balance, beginning of period | (119) | (121) |
Total gains (losses) (realized/unrealized) included in income before taxes, assets, liability | 1 | 2 |
Liability balance, end of period | (118) | (119) |
Changes in unrealized gains (losses) included in income before taxes for assets still held at end of period, liabilities | 1 | $ 2 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Reconciliation of assets measured using significant unobservable inputs | ||
Renewable energy investments | 11 | |
Fair Value, Measurements, Nonrecurring [Member] | Level 3 | ||
Reconciliation of assets measured using significant unobservable inputs | ||
Renewable energy investments | $ 11 |
Fair Value Measurement and Fa_5
Fair Value Measurement and Fair Value of Financial Instruments - Level 3 Assets and Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Significant unobservable inputs, Level 3 assets | ||
Available-for-sale Securities | $ 16,314 | $ 17,563 |
Direct bank purchase bonds | 16,314 | |
Direct bank purchase bonds | ||
Significant unobservable inputs, Level 3 assets | ||
Available-for-sale Securities | 1,190 | 1,503 |
Direct bank purchase bonds | $ 1,190 | |
Direct bank purchase bonds | Minimum | Return on equity | ||
Significant unobservable inputs, Level 3 assets | ||
Market-required return on capital | 8.00% | |
Probability of default | 0.00% | |
Loss severity | 10.00% | |
Direct bank purchase bonds | Maximum | Return on equity | ||
Significant unobservable inputs, Level 3 assets | ||
Market-required return on capital | 10.00% | |
Probability of default | 25.00% | |
Loss severity | 60.00% | |
Direct bank purchase bonds | Weighted Average | Return on equity | ||
Significant unobservable inputs, Level 3 assets | ||
Market-required return on capital | 9.50% | |
Probability of default | 0.30% | |
Loss severity | 22.40% | |
Level 3 | Direct bank purchase bonds | ||
Significant unobservable inputs, Level 3 assets | ||
Available-for-sale Securities | $ 1,190 | |
Fair Value, Measurements, Recurring | ||
Significant unobservable inputs, Level 3 assets | ||
Direct bank purchase bonds | 16,314 | 17,563 |
Fair Value, Measurements, Recurring | Direct bank purchase bonds | ||
Significant unobservable inputs, Level 3 assets | ||
Direct bank purchase bonds | 1,190 | 1,503 |
Fair Value, Measurements, Recurring | Level 3 | ||
Significant unobservable inputs, Level 3 assets | ||
Direct bank purchase bonds | 1,331 | 1,599 |
Fair Value, Measurements, Recurring | Level 3 | Direct bank purchase bonds | ||
Significant unobservable inputs, Level 3 assets | ||
Direct bank purchase bonds | $ 1,190 | $ 1,503 |
Fair Value Measurement and Fa_6
Fair Value Measurement and Fair Value of Financial Instruments - Assets Measured on Nonrecurring Basis (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Loans: | ||
Impaired loans | $ 730 | $ 865 |
Impaired loans, gain (loss) | 106 | 34 |
Other assets: | ||
Loans held for sale | 0 | 0 |
Loans held for sale, gain (loss) | 29 | 3 |
OREO | 1 | 0 |
Private equity investments, gain (loss) | 2 | |
Renewable energy investments, gain (loss) | (2) | 2 |
Software | 0 | |
Software, gain (loss) | 4 | 22 |
Consolidated LIHC VIE | 0 | |
Consolidated LIHC VIE, gain (loss) | 8 | 21 |
Total, gain (loss) | (151) | (78) |
Level 2 | ||
Loans: | ||
Impaired loans | 0 | |
Other assets: | ||
Total | 0 | 0 |
Level 1 | ||
Loans: | ||
Impaired loans | 0 | |
Other assets: | ||
Total | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Loans: | ||
Impaired loans | 151 | 79 |
Other assets: | ||
Loans held for sale | 85 | 0 |
Renewable energy investments | 11 | |
Renewable Energy Investment | 0 | 0 |
Software | 0 | 0 |
Consolidated LIHC VIE | 43 | 66 |
Total | 290 | 145 |
Fair Value, Measurements, Nonrecurring [Member] | Level 3 | ||
Loans: | ||
Impaired loans | 151 | 79 |
Other assets: | ||
Loans held for sale | 85 | 0 |
Renewable energy investments | 11 | |
Renewable Energy Investment | 0 | 0 |
Software | 0 | 0 |
Consolidated LIHC VIE | 43 | 66 |
Total | 290 | 145 |
Fair Value, Measurements, Nonrecurring [Member] | Level 2 | ||
Loans: | ||
Impaired loans | 0 | |
Other assets: | ||
Renewable energy investments | 0 | |
Renewable Energy Investment | 0 | 0 |
Software | 0 | |
Consolidated LIHC VIE | 0 | |
Fair Value, Measurements, Nonrecurring [Member] | Level 1 | ||
Loans: | ||
Impaired loans | 0 | |
Other assets: | ||
Renewable energy investments | 0 | |
Renewable Energy Investment | 0 | $ 0 |
Software | 0 | |
Consolidated LIHC VIE | $ 0 |
Fair Value Measurement and Fa_7
Fair Value Measurement and Fair Value of Financial Instruments - Carrying Amount and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Assets | ||
Securities borrowed or purchased under resale agreements | $ 22,368 | $ 20,894 |
Securities held to maturity | 10,720 | 9,799 |
Liabilities | ||
Securities loaned or sold under repurchase agreements | 27,285 | 26,437 |
Level 1 | ||
Assets | ||
Cash and cash equivalents | 8,350 | 3,392 |
Securities borrowed or purchased under resale agreements | 0 | 0 |
Securities held to maturity | 0 | 0 |
Loans held for investment | 0 | 0 |
Other assets | 48 | |
Liabilities | ||
Time deposits | 0 | 0 |
Securities loaned or sold under repurchase agreements | 0 | 0 |
Commercial paper and other short-term borrowings | 0 | 0 |
Long-term debt | 0 | 0 |
Off-Balance Sheet Instruments | ||
Commitments to extend credit and standby and commercial letters of credit | 0 | 0 |
Level 2 | ||
Assets | ||
Cash and cash equivalents | 0 | 0 |
Securities borrowed or purchased under resale agreements | 22,368 | 20,894 |
Securities held to maturity | 10,720 | 9,799 |
Loans held for investment | 0 | 0 |
Other assets | 0 | |
Liabilities | ||
Time deposits | 11,714 | 84,743 |
Securities loaned or sold under repurchase agreements | 27,285 | 26,437 |
Commercial paper and other short-term borrowings | 9,263 | 7,066 |
Long-term debt | 17,961 | 12,162 |
Off-Balance Sheet Instruments | ||
Commitments to extend credit and standby and commercial letters of credit | 0 | 0 |
Level 3 | ||
Assets | ||
Cash and cash equivalents | 0 | 0 |
Securities borrowed or purchased under resale agreements | 0 | 0 |
Securities held to maturity | 0 | 0 |
Loans held for investment | 84,729 | 79,051 |
Other assets | 0 | |
Liabilities | ||
Time deposits | 0 | 0 |
Securities loaned or sold under repurchase agreements | 0 | 0 |
Commercial paper and other short-term borrowings | 0 | 0 |
Long-term debt | 0 | 0 |
Off-Balance Sheet Instruments | ||
Commitments to extend credit and standby and commercial letters of credit | 242 | 174 |
Carrying Amount | ||
Assets | ||
Cash and cash equivalents | 8,350 | 3,392 |
Securities borrowed or purchased under resale agreements | 22,368 | 20,894 |
Securities held to maturity | 10,901 | 9,885 |
Loans held for investment | 84,805 | 78,023 |
Other assets | 48 | |
Liabilities | ||
Time deposits | 11,739 | 84,787 |
Securities loaned or sold under repurchase agreements | 27,285 | 26,437 |
Commercial paper and other short-term borrowings | 9,263 | 7,066 |
Long-term debt | 17,918 | 12,162 |
Off-Balance Sheet Instruments | ||
Commitments to extend credit and standby and commercial letters of credit | 120 | 174 |
Fair Value | ||
Assets | ||
Cash and cash equivalents | 8,350 | 3,392 |
Securities borrowed or purchased under resale agreements | 22,368 | 20,894 |
Securities held to maturity | 10,720 | 9,799 |
Loans held for investment | 84,729 | 79,051 |
Other assets | 48 | |
Liabilities | ||
Time deposits | 11,714 | 84,743 |
Securities loaned or sold under repurchase agreements | 27,285 | 26,437 |
Commercial paper and other short-term borrowings | 9,263 | 7,066 |
Long-term debt | 17,961 | 12,162 |
Off-Balance Sheet Instruments | ||
Commitments to extend credit and standby and commercial letters of credit | $ 242 | $ 174 |
Derivative Instruments and Ot_3
Derivative Instruments and Other Financial Instruments Used For Hedging - Notional and Fair Value Amounts (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Derivative Instruments and Other Financial Instruments | ||
Notional Amount | $ 201,094 | $ 150,854 |
Fair Value, Asset Derivatives | 871 | 1,322 |
Fair Value, Liability Derivatives | 804 | 1,127 |
Interest rate contracts | Not designated as hedging instruments | ||
Derivative Instruments and Other Financial Instruments | ||
Notional Amount | 189,478 | 132,214 |
Fair Value, Asset Derivatives | 531 | 878 |
Fair Value, Liability Derivatives | 600 | 646 |
Interest rate contracts | Cash flow hedges | Designated as hedging instrument | ||
Derivative Instruments and Other Financial Instruments | ||
Notional Amount | 674 | 6,998 |
Fair Value, Asset Derivatives | 6 | 2 |
Fair Value, Liability Derivatives | 0 | 149 |
Interest rate contracts | Fair value hedges | Designated as hedging instrument | ||
Derivative Instruments and Other Financial Instruments | ||
Notional Amount | 0 | 500 |
Fair Value, Asset Derivatives | 0 | 0 |
Fair Value, Liability Derivatives | 0 | 0 |
Commodity contracts | Not designated as hedging instruments | ||
Derivative Instruments and Other Financial Instruments | ||
Notional Amount | 336 | 1,244 |
Fair Value, Asset Derivatives | 25 | 50 |
Fair Value, Liability Derivatives | 18 | 33 |
Foreign exchange contracts | Not designated as hedging instruments | ||
Derivative Instruments and Other Financial Instruments | ||
Notional Amount | 8,475 | 7,053 |
Fair Value, Asset Derivatives | 260 | 250 |
Fair Value, Liability Derivatives | 168 | 146 |
Equity contracts | Not designated as hedging instruments | ||
Derivative Instruments and Other Financial Instruments | ||
Notional Amount | 300 | 1,496 |
Fair Value, Asset Derivatives | 22 | 139 |
Fair Value, Liability Derivatives | 13 | 144 |
Other derivative contracts(2) | Not designated as hedging instruments | ||
Derivative Instruments and Other Financial Instruments | ||
Notional Amount | 127 | 4 |
Fair Value, Asset Derivatives | 0 | 0 |
Fair Value, Liability Derivatives | 0 | 0 |
Trading | Not designated as hedging instruments | ||
Derivative Instruments and Other Financial Instruments | ||
Notional Amount | 198,716 | 142,011 |
Fair Value, Asset Derivatives | 838 | 1,317 |
Fair Value, Liability Derivatives | 799 | 969 |
Other risk management | Not designated as hedging instruments | ||
Derivative Instruments and Other Financial Instruments | ||
Notional Amount | 1,704 | 1,345 |
Fair Value, Asset Derivatives | 27 | 3 |
Fair Value, Liability Derivatives | 5 | 9 |
MUSA and Various other Non-Bank Subsidiaries | ||
Derivative Instruments and Other Financial Instruments | ||
Notional Amount | $ 3,600 | $ 3,000 |
Derivative Instruments and Ot_4
Derivative Instruments and Other Financial Instruments Used For Hedging - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flow hedges | |||
Notional amount | $ 201,094 | $ 150,854 | |
Income from accumulated other comprehensive income expected to be reclassified to net interest income | $ 89 | ||
Cash flow hedges | |||
Cash flow hedges | |||
Weighted average remaining life of the currently active cash flow hedges | 2 years 7 months 6 days | ||
Other risk management | Not designated as hedging instruments | |||
Cash flow hedges | |||
Net gain (losses) on derivatives included in other noninterest income | $ (4) | (17) | $ (19) |
Notional amount | 1,704 | 1,345 | |
ERROR in label resolution. | Designated as hedging instrument | Cash flow hedges | LIBOR indexed loans | |||
Cash flow hedges | |||
Notional amount | 200 | ||
Interest Rate Floor [Member] | Designated as hedging instrument | Cash flow hedges | LIBOR indexed loans | |||
Cash flow hedges | |||
Notional amount | 500 | ||
MUSA and Various other Non-Bank Subsidiaries | |||
Cash flow hedges | |||
Notional amount | $ 3,600 | $ 3,000 |
Derivative Instruments and Ot_5
Derivative Instruments and Other Financial Instruments Used For Hedging - Derivatives Designated as Cash Flow Hedges (Details) - Designated as hedging instrument - Cash flow hedges - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Amount and location of net gains and losses | |||
Gains (Losses) Recognized in OCI (Effective Portion) | $ (96) | $ (35) | $ (26) |
Gains (Losses) Reclassified from AOCI into Income (Effective Portion) | (34) | 69 | 167 |
Gains (Losses) Recognized in Income (Ineffective Portion) | (1) | 3 | 0 |
Interest rate contracts | |||
Amount and location of net gains and losses | |||
Gains (Losses) Recognized in OCI (Effective Portion) | (96) | (35) | (26) |
Interest rate contracts | Interest income | |||
Amount and location of net gains and losses | |||
Gains (Losses) Reclassified from AOCI into Income (Effective Portion) | (34) | 69 | 170 |
Interest rate contracts | Interest expense | |||
Amount and location of net gains and losses | |||
Gains (Losses) Reclassified from AOCI into Income (Effective Portion) | 0 | 0 | (3) |
Interest rate contracts | Noninterest expense | |||
Amount and location of net gains and losses | |||
Gains (Losses) Recognized in Income (Ineffective Portion) | $ (1) | $ 3 | $ 0 |
Derivative Instruments and Ot_6
Derivative Instruments and Other Financial Instruments Used For Hedging - Amount of Net Gains (Losses) for Derivatives Classified as Trading (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Trading Derivatives | |||
Trading Derivatives | |||
Gains (Losses) Recognized in Income on Trading Derivatives | $ 175 | $ 7 | $ 218 |
Trading Derivatives | Interest rate contracts | |||
Trading Derivatives | |||
Gains (Losses) Recognized in Income on Trading Derivatives | 95 | (49) | 137 |
Trading Derivatives | Equity contracts | |||
Trading Derivatives | |||
Gains (Losses) Recognized in Income on Trading Derivatives | 36 | 12 | 40 |
Trading Derivatives | Foreign exchange contracts | |||
Trading Derivatives | |||
Gains (Losses) Recognized in Income on Trading Derivatives | 44 | 43 | 39 |
Trading Derivatives | Commodity contracts | |||
Trading Derivatives | |||
Gains (Losses) Recognized in Income on Trading Derivatives | 0 | 1 | 2 |
Fair Value Hedging | Designated as hedging instrument | |||
Trading Derivatives | |||
Derivative Instrument | (2) | (4) | (2) |
Hedged Item | 2 | 3 | 2 |
Hedge Ineffectiveness | 0 | (1) | 0 |
Fair Value Hedging | Designated as hedging instrument | Interest rate contracts | |||
Trading Derivatives | |||
Derivative Instrument | (2) | (4) | (2) |
Hedged Item | 2 | 3 | 2 |
Hedge Ineffectiveness | $ 0 | $ (1) | $ 0 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income - AOCI and Related Tax Effect (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Change in accumulated other comprehensive loss balances: | |||
Other Comprehensive Income Other, Net of Tax, Portion Attributable to Parent | $ (1) | $ 0 | $ 0 |
Before Tax Amount | |||
Net change | (432) | 91 | (243) |
Tax Effect | |||
Net change | 113 | (39) | 97 |
Net of Tax | |||
Net change | (319) | 52 | (146) |
Other Comprehensive Income Other Before Tax | (1) | ||
Other Comprehensive Income Other Tax | 0 | ||
Net Unrealized Gains (Losses) on Cash Flow Hedges | |||
Before Tax Amount | |||
Other comprehensive income before reclassifications | (96) | (35) | (26) |
Reclassifications | 34 | (69) | (167) |
Net change | (62) | (104) | (193) |
Tax Effect | |||
Other comprehensive income before reclassifications | 25 | 13 | 10 |
Reclassifications | (9) | 25 | 68 |
Net change | 16 | 38 | 78 |
Net of Tax | |||
Other comprehensive income before reclassifications | (71) | (22) | (16) |
Amounts reclassified from AOCI | 25 | (44) | (99) |
Net change | (46) | (66) | (115) |
Net Unrealized Gains (Losses) on Securities | |||
Before Tax Amount | |||
Net change | (190) | 25 | (90) |
Tax Effect | |||
Net change | 50 | (9) | 34 |
Net of Tax | |||
Other comprehensive income before reclassifications | (155) | 15 | (14) |
Amounts reclassified from AOCI | 15 | 1 | (42) |
Net change | (140) | 16 | (56) |
Unrealized holding gains (losses) arising during the period on securities available for sale | |||
Before Tax Amount | |||
Other comprehensive income before reclassifications | (210) | 24 | (40) |
Reclassifications | (8) | (17) | (69) |
Tax Effect | |||
Other comprehensive income before reclassifications | 55 | (9) | 15 |
Reclassifications | 2 | 7 | 27 |
Net of Tax | |||
Other comprehensive income before reclassifications | (155) | 15 | (25) |
Amounts reclassified from AOCI | (6) | (10) | (42) |
Accretion of fair value adjustment on securities available for sale | |||
Before Tax Amount | |||
Other comprehensive income before reclassifications | (1) | (1) | |
Tax Effect | |||
Other comprehensive income before reclassifications | 0 | 0 | |
Net of Tax | |||
Other comprehensive income before reclassifications | (1) | (1) | |
Amortization of net unrealized (gains) losses on held to maturity securities | |||
Before Tax Amount | |||
Reclassifications | 28 | 19 | 20 |
Tax Effect | |||
Reclassifications | (7) | (7) | (8) |
Net of Tax | |||
Amounts reclassified from AOCI | 21 | 12 | 12 |
Foreign Currency Translation Adjustment | |||
Before Tax Amount | |||
Net change | (3) | 11 | 3 |
Tax Effect | |||
Net change | 1 | (4) | (1) |
Net of Tax | |||
Other comprehensive income before reclassifications | 7 | 2 | |
Amounts reclassified from AOCI | 0 | 0 | 0 |
Net change | (2) | 7 | 2 |
Pension and Other Benefits Adjustment | |||
Before Tax Amount | |||
Net change | (176) | 159 | 37 |
Tax Effect | |||
Net change | 46 | (64) | (14) |
Net of Tax | |||
Other comprehensive income before reclassifications | (171) | 69 | (12) |
Amounts reclassified from AOCI | 41 | 26 | 35 |
Net change | (130) | 95 | 23 |
Amortization of prior service credit | |||
Before Tax Amount | |||
Other comprehensive income before reclassifications | (41) | (48) | (30) |
Tax Effect | |||
Other comprehensive income before reclassifications | 11 | 19 | 12 |
Net of Tax | |||
Other comprehensive income before reclassifications | (30) | (29) | (18) |
Recognized net actuarial gain (loss) | |||
Before Tax Amount | |||
Other comprehensive income before reclassifications | 96 | 91 | 89 |
Tax Effect | |||
Other comprehensive income before reclassifications | (25) | (36) | (35) |
Net of Tax | |||
Other comprehensive income before reclassifications | 71 | 55 | 54 |
Pension and other benefits arising during the year | |||
Before Tax Amount | |||
Other comprehensive income before reclassifications | (231) | 116 | (20) |
Tax Effect | |||
Other comprehensive income before reclassifications | 60 | (47) | 8 |
Net of Tax | |||
Other comprehensive income before reclassifications | (171) | 69 | (12) |
Net change | |||
Before Tax Amount | |||
Other comprehensive income before reclassifications | (2) | ||
Tax Effect | |||
Other comprehensive income before reclassifications | 1 | ||
Net of Tax | |||
Other comprehensive income before reclassifications | (1) | ||
Accumulated Other Comprehensive Income (Loss) | |||
Net of Tax | |||
Other comprehensive income before reclassifications | (400) | 69 | (40) |
Amounts reclassified from AOCI | 81 | (17) | (106) |
Net change | $ (319) | $ 52 | $ (146) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income - Accumulated Other Comprehensive Loss Balances (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | $ 18,355 | $ 17,386 | $ 16,593 |
Other Comprehensive Income (Loss), Net of Tax | (319) | 52 | (146) |
Ending balance | 16,580 | 18,355 | 17,386 |
Net Unrealized Gains (Losses) on Cash Flow Hedges | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (174) | (77) | 38 |
Other comprehensive income before reclassifications | (71) | (22) | (16) |
Other Comprehensive Income (Loss), Net of Tax | (46) | (66) | (115) |
Amounts reclassified from AOCI | 25 | (44) | (99) |
Ending balance | (220) | (174) | (77) |
Subtotal Before Tax Cut Jobs Act Reclassification | (143) | ||
TaxCutsandJobsActReclassification | (31) | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax | 0 | ||
Accumulated Net Investment Gain (Loss) Arising During the Period, Attributable to Parent [Member] | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Other comprehensive income before reclassifications | (155) | 15 | (25) |
Amounts reclassified from AOCI | (6) | (10) | (42) |
TaxCutsandJobsActReclassification | (41) | ||
Net Unrealized Gains (Losses) on Securities | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (233) | (208) | (152) |
Other comprehensive income before reclassifications | (155) | 15 | (14) |
Other Comprehensive Income (Loss), Net of Tax | (140) | 16 | (56) |
Amounts reclassified from AOCI | 15 | 1 | (42) |
Ending balance | (373) | (233) | (208) |
Subtotal Before Tax Cut Jobs Act Reclassification | (192) | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax | 0 | ||
Foreign Currency Translation Adjustment | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (19) | (22) | (24) |
Other comprehensive income before reclassifications | 7 | 2 | |
Other Comprehensive Income (Loss), Net of Tax | (2) | 7 | 2 |
Amounts reclassified from AOCI | 0 | 0 | 0 |
Ending balance | 0 | (19) | (22) |
Subtotal Before Tax Cut Jobs Act Reclassification | (15) | ||
TaxCutsandJobsActReclassification | (4) | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax | 21 | ||
Pension and Other Benefits Adjustment | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (600) | (589) | (612) |
Other comprehensive income before reclassifications | (171) | 69 | (12) |
Other Comprehensive Income (Loss), Net of Tax | (130) | 95 | 23 |
Amounts reclassified from AOCI | 41 | 26 | 35 |
Ending balance | (730) | (600) | (589) |
Subtotal Before Tax Cut Jobs Act Reclassification | (494) | ||
TaxCutsandJobsActReclassification | (106) | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax | 0 | ||
Accumulated Other [Member] | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Other comprehensive income before reclassifications | (1) | ||
Amounts reclassified from AOCI | 0 | ||
Ending balance | (1) | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax | 0 | ||
Accumulated Other Comprehensive Income (Loss) | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (1,026) | (896) | (750) |
Other comprehensive income before reclassifications | (400) | 69 | (40) |
Other Comprehensive Income (Loss), Net of Tax | (319) | 52 | (146) |
Amounts reclassified from AOCI | 81 | (17) | (106) |
Ending balance | (1,324) | (1,026) | $ (896) |
Subtotal Before Tax Cut Jobs Act Reclassification | (844) | ||
TaxCutsandJobsActReclassification | $ (182) | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax | $ 21 |
Management Stock Plans - Bonus
Management Stock Plans - Bonus Stock Plans (Details) - Stock Bonus Plans - Restricted Stock Units - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Management Stock Plans | |||
Service Period for Grants Issued Weighted Average | 3 years | ||
Units Granted (in shares) | 14,667,730 | ||
Fair Value of Stock (in usd per share) | $ 5.89 | $ 6.53 | $ 4.63 |
Management Stock Plans - Rollfo
Management Stock Plans - Rollforward of RSUs under Stock Bonus Plan (Details) - Stock Bonus Plans - Restricted Stock Units - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restricted Stock Units rollforward | |||
Units outstanding, beginning of year | 27,838,414 | ||
Granted | 14,667,730 | ||
Vested | (13,198,540) | ||
Forfeited | (864,534) | ||
Units outstanding, end of year | 28,443,070 | 27,838,414 | |
Weighted-Average Grant Date Fair Value | |||
Units outstanding, beginning of year (in usd per share) | $ 5.86 | ||
Granted (in usd per share) | 5.89 | $ 6.53 | $ 4.63 |
Vested (in usd per share) | 5.88 | ||
Forfeited (in usd per share) | 5.97 | ||
Units outstanding, end of year (in usd per share) | $ 5.86 | $ 5.86 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 78 | $ 75 | $ 49 |
Management Stock Plans - Compen
Management Stock Plans - Compensation Costs, Tax Benefit and Unrecognized Compensation Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs | |||
Compensation costs | $ 77 | $ 66 | $ 67 |
Tax benefit | 20 | 26 | 26 |
Unrecognized compensation costs | $ 110 | $ 111 | $ 96 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 4 months 24 days |
Employee Pension and Other Po_3
Employee Pension and Other Postretirement Benefits - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Pension Plan and Other Postretirement Benefits Plan | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 16,580 | $ 18,355 | $ 17,386 | $ 16,593 | |
Amortization period of net actuarial losses | 8 years | ||||
Excess of market value of plan assets | $ 214 | ||||
Assetsmoothingperiodofnonamortizing amount | 4 years | ||||
Employee pre-tax covered compensation percent | 75.00% | ||||
Employee after-tax covered compensation percent | 10.00% | ||||
Combined maximum employee contribution percent | 75.00% | ||||
Employee pre-tax gross pay for which the employer contributes a match | 4.00% | ||||
Contribution plan expenses | $ 59 | 55 | 48 | ||
Pension Benefits | |||||
Pension Plan and Other Postretirement Benefits Plan | |||||
Pension and other benefits adjustment, Gross | $ 910 | 753 | |||
Service Period required for eligibility | 1 year | ||||
Service Period required for vesting | 3 years | ||||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax, Subject to Amortization | $ (447) | ||||
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year | (62) | ||||
Net periodic benefit cost | $ (27) | $ (31) | 16 | ||
Expected return on plan assets | 8.00% | 8.00% | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 5.00% | 5.00% | |||
Other Benefits | |||||
Pension Plan and Other Postretirement Benefits Plan | |||||
Pension and other benefits adjustment, Gross | $ 50 | $ 22 | |||
Net periodic benefit cost | $ (19) | $ (18) | (4) | ||
Expected return on plan assets | 8.00% | 8.00% | |||
Executive Supplemental Benefits Pension Plan | |||||
Pension Plan and Other Postretirement Benefits Plan | |||||
Accrued liability for ESBPs | $ 89 | $ 98 | |||
Pension and other benefits adjustment, Gross | $ 32 | $ 40 | |||
Equity securities | Pension Benefits | |||||
Pension Plan and Other Postretirement Benefits Plan | |||||
Target plan asset allocation | 53.00% | 63.00% | |||
Equity securities | Other Benefits | |||||
Pension Plan and Other Postretirement Benefits Plan | |||||
Target plan asset allocation | 70.00% | ||||
Debt Securities | Pension Benefits | |||||
Pension Plan and Other Postretirement Benefits Plan | |||||
Target plan asset allocation | 35.00% | 25.00% | |||
Debt Securities | Other Benefits | |||||
Pension Plan and Other Postretirement Benefits Plan | |||||
Target plan asset allocation | 30.00% | ||||
Real estate | Pension Benefits | |||||
Pension Plan and Other Postretirement Benefits Plan | |||||
Target plan asset allocation | 12.00% | 12.00% | |||
Minimum | Other Benefits | |||||
Pension Plan and Other Postretirement Benefits Plan | |||||
Defined Benefit Plan Future Cost Sharing Percentage | 25.00% | ||||
Maximum | Other Benefits | |||||
Pension Plan and Other Postretirement Benefits Plan | |||||
Defined Benefit Plan Future Cost Sharing Percentage | 50.00% | ||||
Recognized net actuarial gain (loss) | Pension Benefits | |||||
Pension Plan and Other Postretirement Benefits Plan | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 1,036 | $ 905 | 1,085 | 1,027 | |
Recognized net actuarial gain (loss) | Other Benefits | |||||
Pension Plan and Other Postretirement Benefits Plan | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 64 | 51 | 78 | 82 | |
Amortization of prior service credit | Pension Benefits | |||||
Pension Plan and Other Postretirement Benefits Plan | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (126) | (152) | (179) | (121) | |
Amortization of prior service credit | Other Benefits | |||||
Pension Plan and Other Postretirement Benefits Plan | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ (14) | $ (29) | $ (50) | $ (15) | |
Forecast | Pension Benefits | |||||
Pension Plan and Other Postretirement Benefits Plan | |||||
Net periodic benefit cost | $ 27 | ||||
Assumptions used to calculate net periodic benefit cost, service cost rate | 4.19% | ||||
Defined benefit plan, assumptions used calculating net periodic benefit cost, interest cost | 3.90% | ||||
Expected return on plan assets | 7.00% | ||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 5.10% | ||||
Effect of 50 basis point increase on discount rate | $ 25 | ||||
Effect of 50 basis point increase on expected rate of return | 18 | ||||
Effect of 50 basis point increase on future compensation levels | 1 | ||||
Effect of 50 basis point decrease on discount rate | 27 | ||||
Effect of 50 basis point decrease on expected rate of return on plan assets | 18 | ||||
Effect of 50 basis point decrease on future compensation levels | $ 1 | ||||
Matching Range 1 | |||||
Pension Plan and Other Postretirement Benefits Plan | |||||
Company pre-tax compensation match | 100.00% | ||||
Employee pre-tax gross pay for which the employer contributes a match | 3.00% | ||||
Matching Range 2 | |||||
Pension Plan and Other Postretirement Benefits Plan | |||||
Company pre-tax compensation match | 50.00% | ||||
Employee pre-tax gross pay for which the employer contributes a match | 2.00% |
Employee Pension and Other Po_4
Employee Pension and Other Postretirement Benefits - Plan Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Pension Benefits | ||
Change in fair value of plan assets | ||
Fair value of plan assets, beginning of year | $ 3,854 | $ 3,254 |
Actual return on plan assets | (196) | 608 |
Employer contributions | 0 | 115 |
Plan participants' contributions | 0 | 0 |
Benefits paid | (129) | (123) |
Fair value of plan assets, end of year | $ 3,529 | $ 3,854 |
Pension Benefits | Equity securities | ||
Pension Plan and Other Postretirement Benefits Plan | ||
Target plan asset allocation | 53.00% | 63.00% |
Pension Benefits | Debt Securities | ||
Pension Plan and Other Postretirement Benefits Plan | ||
Target plan asset allocation | 35.00% | 25.00% |
Pension Benefits | Real estate | ||
Pension Plan and Other Postretirement Benefits Plan | ||
Target plan asset allocation | 12.00% | 12.00% |
Other Benefits | ||
Change in fair value of plan assets | ||
Fair value of plan assets, beginning of year | $ 288 | $ 260 |
Actual return on plan assets | (18) | 44 |
Employer contributions | 0 | 1 |
Plan participants' contributions | 4 | 4 |
Benefits paid | (19) | (21) |
Fair value of plan assets, end of year | $ 255 | $ 288 |
Other Benefits | Equity securities | ||
Pension Plan and Other Postretirement Benefits Plan | ||
Target plan asset allocation | 70.00% | |
Other Benefits | Debt Securities | ||
Pension Plan and Other Postretirement Benefits Plan | ||
Target plan asset allocation | 30.00% |
Employee Pension and Other Po_5
Employee Pension and Other Postretirement Benefits - Fair Value Hierarchy of Assets (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Pension Benefits | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | $ 2,099 | $ 2,136 | |
Investments measured at net asset value | 1,420 | 1,704 | |
Investments at fair value | 3,519 | 3,840 | |
Accrued dividends and interest receivable | 12 | 8 | |
Net pending trades | (2) | 6 | |
Total plan assets | 3,529 | 3,854 | $ 3,254 |
Pension Benefits | Level 1 | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 805 | 1,216 | |
Pension Benefits | Level 2 | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 1,294 | 920 | |
Pension Benefits | Level 3 | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 0 | 0 | |
Pension Benefits | Cash and cash equivalents | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 25 | 26 | |
Pension Benefits | Cash and cash equivalents | Level 1 | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 0 | 0 | |
Pension Benefits | Cash and cash equivalents | Level 2 | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 25 | 26 | |
Pension Benefits | Cash and cash equivalents | Level 3 | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 0 | 0 | |
Pension Benefits | U.S. Government securities | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 382 | 195 | |
Pension Benefits | U.S. Government securities | Level 1 | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 0 | 0 | |
Pension Benefits | U.S. Government securities | Level 2 | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 382 | 195 | |
Pension Benefits | U.S. Government securities | Level 3 | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 0 | 0 | |
Pension Benefits | Corporate bonds | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 824 | 638 | |
Pension Benefits | Corporate bonds | Level 1 | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 0 | 0 | |
Pension Benefits | Corporate bonds | Level 2 | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 824 | 638 | |
Pension Benefits | Corporate bonds | Level 3 | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 0 | 0 | |
Pension Benefits | Equity securities | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 191 | 388 | |
Pension Benefits | Equity securities | Level 1 | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 185 | 381 | |
Pension Benefits | Equity securities | Level 2 | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 6 | 7 | |
Pension Benefits | Equity securities | Level 3 | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 0 | 0 | |
Pension Benefits | Mutual funds | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 620 | 830 | |
Pension Benefits | Mutual funds | Level 1 | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 620 | 830 | |
Pension Benefits | Mutual funds | Level 2 | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 0 | 0 | |
Pension Benefits | Mutual funds | Level 3 | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 0 | 0 | |
Pension Benefits | Municipal bonds | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 37 | 43 | |
Pension Benefits | Municipal bonds | Level 1 | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 0 | 0 | |
Pension Benefits | Municipal bonds | Level 2 | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 37 | 43 | |
Pension Benefits | Municipal bonds | Level 3 | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 0 | 0 | |
Pension Benefits | Other | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 20 | 16 | |
Pension Benefits | Other | Level 1 | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 0 | 5 | |
Pension Benefits | Other | Level 2 | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 20 | 11 | |
Pension Benefits | Other | Level 3 | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 0 | 0 | |
Other Benefits | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 124 | 143 | |
Investments measured at net asset value | 134 | 157 | |
Investments at fair value | 258 | 300 | |
Net pending trades | (3) | (12) | |
Total plan assets | 255 | 288 | 260 |
Other Benefits | Level 1 | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 54 | 66 | |
Other Benefits | Level 2 | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 70 | 77 | |
Other Benefits | Level 3 | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 0 | 0 | |
Other Benefits | Cash and cash equivalents | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 3 | ||
Investments at fair value | 1 | ||
Other Benefits | Cash and cash equivalents | Level 1 | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 0 | ||
Other Benefits | Cash and cash equivalents | Level 2 | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 3 | ||
Investments at fair value | 1 | ||
Other Benefits | Cash and cash equivalents | Level 3 | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 0 | ||
Other Benefits | U.S. Government securities | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 37 | 44 | |
Other Benefits | U.S. Government securities | Level 1 | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 0 | 0 | |
Other Benefits | U.S. Government securities | Level 2 | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 37 | 44 | |
Other Benefits | U.S. Government securities | Level 3 | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 0 | 0 | |
Other Benefits | Corporate bonds | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 32 | 29 | |
Other Benefits | Corporate bonds | Level 1 | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 0 | 0 | |
Other Benefits | Corporate bonds | Level 2 | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 32 | 29 | |
Other Benefits | Corporate bonds | Level 3 | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 0 | 0 | |
Other Benefits | Equity securities | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 0 | $ 1 | |
Other Benefits | Equity securities | Level 1 | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 0 | 0 | |
Other Benefits | Equity securities | Level 2 | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 1 | ||
Investments at fair value | 0 | ||
Other Benefits | Equity securities | Level 3 | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 0 | 0 | |
Other Benefits | Mutual funds | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 54 | 66 | |
Other Benefits | Mutual funds | Level 1 | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 54 | 66 | |
Other Benefits | Mutual funds | Level 2 | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 0 | 0 | |
Other Benefits | Mutual funds | Level 3 | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | $ 0 | $ 0 |
Employee Pension and Other Po_6
Employee Pension and Other Postretirement Benefits - Investments Measured at Net Asset Value (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Pension Benefits | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair Value | $ 1,420,000,000 | $ 1,704,000,000 |
Unfunded Commitment | 3,000,000 | 5,000,000 |
Pension Benefits | Equity Funds | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair Value | $ 789,000,000 | $ 1,101,000,000 |
Redemption Notice Period | 15 days | 15 days |
Pension Benefits | Real estate funds | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair Value | $ 415,000,000 | $ 343,000,000 |
Redemption Notice Period | 90 days | |
Pension Benefits | Real estate funds | Minimum | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Redemption Notice Period | 45 days | 45 days |
Pension Benefits | Real estate funds | Maximum | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Redemption Notice Period | 90 days | |
Pension Benefits | Real estate funds | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair Value | $ 7,000,000 | $ 13,000,000 |
Unfunded Commitment | 3,000,000 | 5,000,000 |
Pension Benefits | International equity funds | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair Value | 159,000,000 | 228,000,000 |
Pension Benefits | Money market funds | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair Value | 50,000,000 | 19,000,000 |
Other Benefits | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair Value | 134,000,000 | 157,000,000 |
Other Benefits | Equity Funds | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair Value | $ 87,000,000 | $ 100,000,000 |
Redemption Notice Period | 7 days | 7 days |
Other Benefits | Pooled separate account - variable life insurance policies | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair Value | $ 46,000,000 | $ 52,000,000 |
Other Benefits | Money market funds | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair Value | $ 1,000,000 | $ 5,000,000 |
Employee Pension and Other Po_7
Employee Pension and Other Postretirement Benefits - Changes in Benefit Obligation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Pension Benefits | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Accumulated benefit obligation | $ 3,038 | $ 3,101 | |
Change in benefit obligation | |||
Benefit obligation, beginning of year | 3,242 | 2,942 | |
Service cost | 80 | 71 | $ 91 |
Interest cost | 100 | 100 | $ 103 |
Plan participants' contributions | 0 | 0 | |
Actuarial loss/(gain) | $ 246 | $ (252) | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.00% | 3.00% | 4.00% |
Effect of plan amendments | $ 0 | $ 0 | |
Medicare Part D subsidy | 0 | 0 | |
Benefits paid | (129) | (123) | |
Benefit obligation, end of year | 3,047 | 3,242 | $ 2,942 |
Fair value of plan assets, end of year | 3,529 | 3,854 | 3,254 |
Over (Under) funded status | 482 | 612 | |
Other Benefits | |||
Change in benefit obligation | |||
Benefit obligation, beginning of year | 265 | 261 | |
Service cost | 4 | 6 | 8 |
Interest cost | 8 | 8 | $ 9 |
Plan participants' contributions | 4 | 4 | |
Actuarial loss/(gain) | $ 21 | $ (6) | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.00% | 3.00% | 4.00% |
Effect of plan amendments | $ 0 | $ 0 | |
Medicare Part D subsidy | 1 | 1 | |
Benefits paid | (19) | (21) | |
Benefit obligation, end of year | 242 | 265 | $ 261 |
Fair value of plan assets, end of year | 255 | 288 | $ 260 |
Over (Under) funded status | $ 13 | $ 23 |
Employee Pension and Other Po_8
Employee Pension and Other Postretirement Benefits - Changes in AOCI (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | $ 18,355 | $ 17,386 | $ 16,593 |
Ending balance | 16,580 | 18,355 | 17,386 |
Recognized net actuarial gain (loss) | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Other comprehensive income before reclassifications | 71 | 55 | 54 |
Amortization of prior service credit | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Other comprehensive income before reclassifications | (30) | (29) | (18) |
Pension Benefits | Recognized net actuarial gain (loss) | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | 905 | 1,085 | 1,027 |
Other comprehensive income before reclassifications | 218 | (101) | 133 |
Amounts reclassified from AOCI | 87 | 79 | 75 |
Ending balance | 1,036 | 905 | 1,085 |
Pension Benefits | Amortization of prior service credit | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (152) | (179) | (121) |
Other comprehensive income before reclassifications | 0 | 0 | (76) |
Amounts reclassified from AOCI | (26) | (27) | (18) |
Ending balance | (126) | (152) | (179) |
Other Benefits | Recognized net actuarial gain (loss) | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | 51 | 78 | 82 |
Other comprehensive income before reclassifications | 18 | (19) | 6 |
Amounts reclassified from AOCI | 5 | 8 | 10 |
Ending balance | 64 | 51 | 78 |
Other Benefits | Amortization of prior service credit | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (29) | (50) | (15) |
Other comprehensive income before reclassifications | 0 | 0 | (47) |
Amounts reclassified from AOCI | (15) | (21) | (12) |
Ending balance | $ (14) | $ (29) | $ (50) |
Employee Pension and Other Po_9
Employee Pension and Other Postretirement Benefits - AOCI Loss for Pension (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Pension Benefits | ||
Pension Plan and Other Postretirement Benefits Plan | ||
Net actuarial loss, Gross | $ 1,036 | $ 905 |
Prior service costs (credits), Gross | (126) | (152) |
Pension and other benefits adjustment, Gross | 910 | 753 |
Net actuarial loss in AOCI, Tax | 273 | 238 |
Prior service costs (credits) in AOCI, Tax | (33) | (40) |
Pension and other benefits adjustment, Tax | 240 | 198 |
Net Actuarial (Gain)/Loss, Net of Tax | 763 | 667 |
Prior service costs (credits), Net of Tax | (93) | (112) |
Amounts to be reclassified from accumulated other comprehensive loss | 670 | 555 |
Other Benefits | ||
Pension Plan and Other Postretirement Benefits Plan | ||
Net actuarial loss, Gross | 64 | 51 |
Prior service costs (credits), Gross | (14) | (29) |
Pension and other benefits adjustment, Gross | 50 | 22 |
Net actuarial loss in AOCI, Tax | 18 | 14 |
Prior service costs (credits) in AOCI, Tax | (4) | (8) |
Pension and other benefits adjustment, Tax | 14 | 6 |
Net Actuarial (Gain)/Loss, Net of Tax | 46 | 37 |
Prior service costs (credits), Net of Tax | (10) | (21) |
Amounts to be reclassified from accumulated other comprehensive loss | 36 | 16 |
Executive Supplemental Benefits Pension Plan | ||
Pension Plan and Other Postretirement Benefits Plan | ||
Net actuarial loss, Gross | 32 | 40 |
Prior service costs (credits), Gross | 0 | 0 |
Pension and other benefits adjustment, Gross | 32 | 40 |
Net actuarial loss in AOCI, Tax | 8 | 11 |
Prior service costs (credits) in AOCI, Tax | 0 | 0 |
Pension and other benefits adjustment, Tax | 8 | 11 |
Net Actuarial (Gain)/Loss, Net of Tax | 24 | 29 |
Prior service costs (credits), Net of Tax | 0 | 0 |
Amounts to be reclassified from accumulated other comprehensive loss | $ 24 | $ 29 |
Employee Pension and Other P_10
Employee Pension and Other Postretirement Benefits - Pension and Post retirement Benefit Payments (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Pension Plan and Other Postretirement Benefits Plan | ||||
Amortization period of net actuarial losses | 8 years | |||
Assetsmoothingperiodofnonamortizing amount | 4 years | |||
Pension and Executive Employee Supplemental Benefit, Pension Plan [Member] | ||||
Pension Plan and Other Postretirement Benefits Plan | ||||
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | $ 942 | $ 793 | ||
Defined Benefit Plan, Accumulated Other Comprehensive Income, Tax | 248 | 209 | ||
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax | 694 | 584 | ||
Pension Benefits | ||||
Pension Plan and Other Postretirement Benefits Plan | ||||
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | 910 | 753 | ||
Defined Benefit Plan, Service Cost | 80 | 71 | $ 91 | |
2,018 | 140 | |||
2,019 | 147 | |||
2,020 | 153 | |||
2,021 | 160 | |||
2,022 | 166 | |||
Years 2023-2027 | 914 | |||
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year | (62) | |||
Defined Benefit Plan, Interest Cost | 100 | 100 | 103 | |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | (268) | (254) | (235) | |
Amortization of prior service credit | (26) | (27) | (18) | |
Defined Benefit Plan, Amortization of Gain (Loss) | 87 | 79 | 75 | |
Curtailment gain | 0 | 0 | 0 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | (27) | (31) | 16 | |
Defined Benefit Plan, Accumulated Other Comprehensive Income, Tax | 240 | 198 | ||
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax | 670 | 555 | ||
Domestic Plan [Member] | ||||
Pension Plan and Other Postretirement Benefits Plan | ||||
2,018 | 17 | |||
2,019 | 17 | |||
2,020 | 18 | |||
2,021 | 18 | |||
2,022 | 18 | |||
Years 2023-2027 | 82 | |||
Other Benefits | ||||
Pension Plan and Other Postretirement Benefits Plan | ||||
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | 50 | 22 | ||
Defined Benefit Plan, Service Cost | 4 | 6 | 8 | |
Defined Benefit Plan, Interest Cost | 8 | 8 | 9 | |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | (21) | (19) | (19) | |
Amortization of prior service credit | (15) | (21) | (12) | |
Defined Benefit Plan, Amortization of Gain (Loss) | 5 | 8 | 10 | |
Curtailment gain | 0 | 0 | 0 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | (19) | (18) | (4) | |
Defined Benefit Plan, Accumulated Other Comprehensive Income, Tax | 14 | 6 | ||
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax | 36 | 16 | ||
Superannuation Supplemental Executives Retirement Plan Defined Benefit and Executive Supplemental Defined Benefit Plan [Member] | ||||
Pension Plan and Other Postretirement Benefits Plan | ||||
Defined Benefit Plan, Service Cost | 0 | 0 | 2 | |
Defined Benefit Plan, Interest Cost | 3 | 3 | 2 | |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | 0 | 0 | 0 | |
Amortization of prior service credit | 0 | 0 | 0 | |
Defined Benefit Plan, Amortization of Gain (Loss) | 3 | 4 | 3 | |
Curtailment gain | 0 | 0 | (2) | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ 6 | $ 7 | $ 5 | |
Forecast | Pension Benefits | ||||
Pension Plan and Other Postretirement Benefits Plan | ||||
Effect of 50 basis point increase on discount rate | $ 25 | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ 27 |
Employee Pension and Other P_11
Employee Pension and Other Postretirement Benefits - Periodic Benefit Costs, Forecasted (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Pension Plan and Other Postretirement Benefits Plan | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 16,580 | $ 18,355 | $ 17,386 | $ 16,593 | |
Amortization period of net actuarial losses | 8 years | ||||
Excess of market value of plan assets | $ 214 | ||||
Assetsmoothingperiodofnonamortizing amount | 4 years | ||||
Pension Benefits | |||||
Pension Plan and Other Postretirement Benefits Plan | |||||
Net actuarial loss, Gross | $ (1,036) | $ (905) | |||
Actuarial loss, subject to amortization | $ 447 | ||||
Expected return on plan assets | 8.00% | 8.00% | |||
Rate of increase in future compensation levels for determining net periodic benefit cost | 5.00% | 5.00% | |||
Net periodic benefit cost | $ (27) | $ (31) | $ 16 | ||
Prior service costs (credits), Gross | $ (126) | $ (152) | |||
Pension Benefits | Forecast | |||||
Pension Plan and Other Postretirement Benefits Plan | |||||
Assumptions used to calculate net periodic benefit cost, service cost rate | 4.19% | ||||
Defined benefit plan, assumptions used calculating net periodic benefit cost, interest cost | 3.90% | ||||
Expected return on plan assets | 7.00% | ||||
Rate of increase in future compensation levels for determining net periodic benefit cost | 5.10% | ||||
Net periodic benefit cost | $ 27 | ||||
Effect of 50 basis point increase on discount rate | 25 | ||||
Effect of 50 basis point increase on expected rate of return | 18 | ||||
Effect of 50 basis point increase on future compensation levels | 1 | ||||
Effect of 50 basis point decrease on discount rate | 27 | ||||
Effect of 50 basis point decrease on expected rate of return on plan assets | 18 | ||||
Effect of 50 basis point decrease on future compensation levels | $ 1 |
Employee Pension and Other P_12
Employee Pension and Other Postretirement Benefits - Weighted Average Assumptions, PV of Benefit Obligations and Net Periodic Benefit Cost (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Pension Plan and Other Postretirement Benefits Plan | ||||
Discount rate in determining net periodic benefit cost after Plan amendments, interest cost | 3.00% | 3.00% | ||
Pension Benefits | ||||
Pension Plan and Other Postretirement Benefits Plan | ||||
Discount rate in determining net periodic benefit cost after Plan amendments, service cost | 3.00% | 4.00% | ||
Discount rate in determining net periodic benefit cost after Plan amendments, interest cost | 3.00% | 3.00% | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.00% | 3.00% | 4.00% | |
Rate of increase in future compensation levels for determining net periodic benefit cost | 5.00% | 5.00% | ||
Rate of increase in future compensation levels for determining benefit obligations at year end | 5.00% | 5.00% | ||
Expected return on plan assets | 8.00% | 8.00% | ||
Service cost | $ 80 | $ 71 | $ 91 | |
Interest cost | 100 | 100 | 103 | |
Expected return on plan assets | (268) | (254) | (235) | |
Amortization of prior service credit | (26) | (27) | (18) | |
Recognized net actuarial loss | 87 | 79 | 75 | |
Curtailment gain | 0 | 0 | 0 | |
Total net periodic benefit cost | $ (27) | $ (31) | $ 16 | |
Defined benefit plan assumptions used calculating net periodic benefit cost cash balance crediting rate | 3.00% | 3.00% | ||
Defined benefit plan assumptions used calculating benefit obligations cash balance crediting rate | 3.00% | 3.00% | ||
Other Benefits | ||||
Pension Plan and Other Postretirement Benefits Plan | ||||
Discount rate in determining net periodic benefit cost after Plan amendments, service cost | 3.00% | 4.00% | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.00% | 3.00% | 4.00% | |
Expected return on plan assets | 8.00% | 8.00% | ||
Service cost | $ 4 | $ 6 | $ 8 | |
Interest cost | 8 | 8 | 9 | |
Expected return on plan assets | (21) | (19) | (19) | |
Amortization of prior service credit | (15) | (21) | (12) | |
Recognized net actuarial loss | 5 | 8 | 10 | |
Curtailment gain | 0 | 0 | 0 | |
Total net periodic benefit cost | (19) | (18) | (4) | |
Superannuation, SERP and ESBP | ||||
Pension Plan and Other Postretirement Benefits Plan | ||||
Service cost | 0 | 0 | 2 | |
Interest cost | 3 | 3 | 2 | |
Expected return on plan assets | 0 | 0 | 0 | |
Amortization of prior service credit | 0 | 0 | 0 | |
Recognized net actuarial loss | 3 | 4 | 3 | |
Curtailment gain | 0 | 0 | (2) | |
Total net periodic benefit cost | $ 6 | $ 7 | $ 5 | |
Forecast | Pension Benefits | ||||
Pension Plan and Other Postretirement Benefits Plan | ||||
Rate of increase in future compensation levels for determining net periodic benefit cost | 5.10% | |||
Expected return on plan assets | 7.00% | |||
Total net periodic benefit cost | $ 27 |
Employee Pension and Other P_13
Employee Pension and Other Postretirement Benefits - Weighted Average Healthcare Cost Trend Rates (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Assumed weighted-average healthcare cost trend rates | |||
Healthcare cost trend rate assumed for next year | 4.00% | 4.00% | 5.00% |
Rate to which cost trend rate is assumed to decline (the ultimate trend rate) | 4.00% | 4.00% | 4.00% |
Year the rate reaches the ultimate trend rate | 2,027 | 2,026 | 2,026 |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net actuarial loss | $ 62 |
Employee Pension and Other P_14
Employee Pension and Other Postretirement Benefits - Executive Supplemental Benefit Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Pension Plan and Other Postretirement Benefits Plan | |||
Employee pre-tax covered compensation percent | 75.00% | ||
Employee after-tax covered compensation percent | 10.00% | ||
Combined maximum employee contribution percent | 75.00% | ||
Employee pre-tax gross pay for which the employer contributes a match | 4.00% | ||
Contribution plan expenses | $ 59 | $ 55 | $ 48 |
Executive Supplemental Benefits Pension Plan | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Accrued liability for ESBPs | $ 89 | $ 98 | |
Matching Range 1 | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Company pre-tax compensation match | 100.00% | ||
Employee pre-tax gross pay for which the employer contributes a match | 3.00% | ||
Matching Range 2 | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Company pre-tax compensation match | 50.00% | ||
Employee pre-tax gross pay for which the employer contributes a match | 2.00% |
Other Noninterest Income and _3
Other Noninterest Income and Noninterest Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Noninterest Income | |||
Gain (loss) on sales | $ 16 | $ 26 | $ 79 |
Other fee income | 100 | 46 | 22 |
Brokerage commissions and fees | 100 | 69 | 59 |
Gain (Loss) on Energy Investments | (235) | (58) | (37) |
Other | 134 | 157 | 136 |
Total other noninterest income | 115 | 240 | 259 |
Noninterest Expense | |||
Fees to affiliates | 115 | 105 | 100 |
Expenses of the LIHC consolidated VIEs | 24 | 43 | 68 |
Net periodic pension cost excluding service cost | (124) | (119) | (84) |
Other | 394 | 360 | 311 |
Total other noninterest expense | $ 409 | $ 389 | $ 395 |
Income Taxes - Analysis of the
Income Taxes - Analysis of the Effective Tax Rate (Details) - USD ($) $ in Millions | Jan. 01, 2018 | Dec. 22, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Income Tax Disclosure [Abstract] | |||||
Federal income tax rate | 21.00% | 35.00% | 21.00% | 35.00% | 35.00% |
Net tax effects of: | |||||
State income taxes, net of federal income tax benefit | 7.00% | 5.00% | 6.00% | ||
Tax-exempt interest income | (1.00%) | (1.00%) | (1.00%) | ||
Effective Income Tax Rate Reconciliation, Deduction, Amount | (2.00%) | (3.00%) | (3.00%) | ||
Amortization of LIHC investments | 12.00% | 14.00% | 10.00% | ||
Tax credits | (25.00%) | (21.00%) | (18.00%) | ||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | (2.00%) | (8.00%) | 0.00% | ||
Effective Income Tax Rate Reconciliation, State Refunds, Percent | (5.00%) | 0.00% | 0.00% | ||
Other | 0.00% | 1.00% | 2.00% | ||
Effective tax rate | 5.00% | 22.00% | 31.00% | ||
One Time Tax Benefit from Change in Federal Corporate Tax Rate | $ 101 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Current income tax expense: | |||
Federal | $ 195 | $ 257 | $ 228 |
State | 89 | 21 | 105 |
Foreign | 10 | (4) | 7 |
Total current expense | 294 | 274 | 340 |
Deferred income tax expense (benefit): | |||
Federal | (173) | (49) | 58 |
State | (64) | 52 | 24 |
Foreign | (5) | 22 | (3) |
Total deferred expense | (242) | 25 | 79 |
Total income tax expense | $ 52 | $ 299 | $ 419 |
Income Taxes - Net Deferred Tax
Income Taxes - Net Deferred Tax Balances (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Income Tax Disclosure [Abstract] | ||
Deferred Tax Assets, Tax Credit Carryforwards | $ 448 | $ 310 |
Deferred tax assets: | ||
Allowance for credit losses | 251 | 254 |
Accrued expense, net | 159 | 178 |
Unrealized losses on pension and postretirement benefits | 260 | 214 |
Unrealized net losses on securities available for sale | 132 | 82 |
Fair value adjustments for valuation of FDIC covered assets | 53 | 61 |
Deferred Tax Assets, Hedging Transactions | 78 | 62 |
Other | 0 | 0 |
Total deferred tax assets | 1,381 | 1,161 |
Deferred tax liabilities: | ||
Leasing and renewable energy | 619 | 769 |
Intangible assets | 59 | 55 |
Pension liabilities | 365 | 358 |
Other | 10 | 7 |
Total deferred tax liabilities | 1,053 | 1,189 |
Net deferred tax (liability) | $ (28) | |
Net deferred tax asset | $ 328 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Deferred tax assets, carryforwards | |||
Tax credit carry forwards | $ 378,000,000 | ||
Uncertain tax liability | 25,000,000 | ||
State tax credits | 33,000,000 | ||
AMT tax credit carryforward | 17,000,000 | ||
Net valuation allowance | 0 | ||
Income Tax Uncertainties [Abstract] | |||
Unrecognized tax positions that would affect the effective tax rate | 98,000,000 | $ 33,000,000 | $ 9,000,000 |
Income Tax Examination, Interest Accrued | 2,000,000 | ||
Income Tax Examination, Penalties Accrued | 3,000,000 | ||
Unrecognized Tax Benefits, Decrease Resulting from Current Period Tax Positions | 23,000,000 | ||
Domestic Tax Authority | |||
Deferred tax assets, carryforwards | |||
Operating loss carry forward | 16,000,000 | ||
State and Local Jurisdiction | |||
Deferred tax assets, carryforwards | |||
Operating loss carry forward | $ 4,000,000 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Positions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Changes in unrecognized tax positions | |||
Balance, beginning of year | $ 56 | $ 11 | $ 8 |
Gross increases as a result of tax positions taken during prior periods | 72 | 45 | 0 |
Gross decreases as a result of tax positions taken during prior periods | 0 | 0 | 0 |
Gross increases as a result of tax positions taken during current period | 0 | 2 | 3 |
Balance, end of year | 127 | 56 | 11 |
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | $ (1) | $ (2) | $ 0 |
Regulatory Capital Requiremen_3
Regulatory Capital Requirements (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Regulatory Capital Requirements | ||
Tier 1 capital (to risk-weighted assets), ratio, To Be Well-Capitalized Under Prompt Corrective Action Provisions | 8.00% | 8.00% |
MUFG Americas Holdings Corporation | ||
Regulatory Capital Requirements | ||
Common equity tier 1 capital (to risk-weighted assets), Actual | $ 14,256 | $ 15,708 |
Tier 1 capital (to risk-weighted assets), Actual | 14,256 | 15,708 |
Total capital (to risk-weighted assets), Actual | 14,904 | 17,106 |
Tier 1 Leverage, Actual | $ 14,256 | $ 15,708 |
Common equity tier 1 capital (to risk-weighted assets), ratio, Actual | 13.96% | 16.31% |
Tier 1 capital (to risk-weighted assets), ratio, Actual | 13.96% | 16.31% |
Total capital (to risk-weighted assets), ratio, Actual | 14.60% | 17.76% |
Tier 1 leverage, ratio, Actual | 8.77% | 10.06% |
Common Equity Tier One Risk Based Capital Required for Capital Adequacy | $ 6,508 | $ 5,539 |
Tier 1 capital (to risk-weighted assets), Minimum Regulatory Requirement | 8,039 | 6,984 |
Total capital (to risk-weighted assets), Minimum Regulatory Requirement | 10,081 | 8,910 |
Tier 1 Leverage, Minimum Regulatory Requirement | $ 6,502 | $ 6,245 |
Common Equity Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.375% | 5.75% |
Tier 1 capital (to risk-weighted assets), ratio, Minimum Regulatory Requirement | 7.875% | 7.25% |
Total capital (to risk-weighted assets), ratio, Minimum Regulatory Requirement | 9.875% | 9.25% |
Tier 1 Leverage, ratio, Minimum Regulatory Requirement | 4.00% | 4.00% |
Bank | ||
Regulatory Capital Requirements | ||
Common equity tier 1 capital (to risk-weighted assets), Actual | $ 13,316 | $ 14,028 |
Tier 1 capital (to risk-weighted assets), Actual | 13,316 | |
Total capital (to risk-weighted assets), Actual | 13,905 | 15,335 |
Tier 1 Leverage, Actual | $ 13,316 | $ 14,028 |
Common equity tier 1 capital (to risk-weighted assets), ratio, Actual | 14.45% | 16.17% |
Tier 1 capital (to risk-weighted assets), ratio, Actual | 14.45% | 16.17% |
Total capital (to risk-weighted assets), ratio, Actual | 15.09% | 17.68% |
Tier 1 leverage, ratio, Actual | 10.61% | 11.78% |
Common Equity Tier One Risk Based Capital Required for Capital Adequacy | $ 5,876 | $ 4,987 |
Tier 1 capital (to risk-weighted assets), Minimum Regulatory Requirement | 7,258 | 6,288 |
Total capital (to risk-weighted assets), Minimum Regulatory Requirement | 9,102 | 8,023 |
Tier 1 Leverage, Minimum Regulatory Requirement | $ 5,018 | $ 4,762 |
Common Equity Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.375% | 5.75% |
Tier 1 capital (to risk-weighted assets), ratio, Minimum Regulatory Requirement | 7.875% | 7.25% |
Total capital (to risk-weighted assets), ratio, Minimum Regulatory Requirement | 9.875% | 9.25% |
Tier 1 Leverage, ratio, Minimum Regulatory Requirement | 4.00% | 4.00% |
Common Equity Tier One Risk Based Capital Required to be Well Capitalized | $ 5,991 | $ 5,637 |
Tier 1 capital (to risk-weighted assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions | 7,374 | 6,938 |
Total capital (to risk-weighted assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions | 9,217 | 8,673 |
Tier 1 Leverage, To Be Well-Capitalized Under Prompt Corrective Action Provisions | $ 6,273 | $ 5,953 |
Common Equity Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 6.50% | 6.50% |
Total capital (to risk-weighted assets), ratio, To Be Well-Capitalized Under Prompt Corrective Action Provisions | 10.00% | 10.00% |
Tier 1 Leverage, ratio, To Be Well-Capitalized Under Prompt Corrective Action Provisions | 5.00% | 5.00% |
Restrictions on Cash and Due _2
Restrictions on Cash and Due from Banks, Securities, Loans and Dividends - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Required reserve balances | $ 348 | $ 475 |
Federal Reserve Act restricts the amount and the terms of both credit and non-credit transactions, in percentage | 10.00% | |
Aggregate of loan to non-bank affiliate | 20.00% | |
Outstanding on the number of bankers commercial corporation notes payable | $ 80 | |
MUSA | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Cash and Securities Segregated under Securities Exchange Commission Regulation | $ 17 |
Commitments, Contingencies an_3
Commitments, Contingencies and Guarantees (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Financial guarantee | Interest rate swap contracts | |
Commitment, Contingencies and Guarantees disclosures | |
Current exposure to loss | $ 9 |
Future exposure to loss | 35 |
Commitments to extend credit | |
Commitment, Contingencies and Guarantees disclosures | |
Commitments | 33,487 |
Issued standby and commercial letters of credit | |
Commitment, Contingencies and Guarantees disclosures | |
Commitments | $ 4,852 |
Maximum term | 1 year |
Loss Contingency Accrual | $ 4 |
Commitments to enter into forward-starting resale agreements | |
Commitment, Contingencies and Guarantees disclosures | |
Commitments | 877 |
Other commitments | |
Commitment, Contingencies and Guarantees disclosures | |
Commitments | 493 |
MUSA and Various other Non-Bank Subsidiaries | Unsecured Debt [Member] | |
Commitment, Contingencies and Guarantees disclosures | |
Revolving credit facility borrowing capacity | 1,400 |
Commercial | Notes Receivable [Member] | Financial and Insurance [Member] | |
Commitment, Contingencies and Guarantees disclosures | |
Commitments | 7,000 |
Commercial | Notes Receivable [Member] | Power and Utilities [Member] | |
Commitment, Contingencies and Guarantees disclosures | |
Commitments | 5,000 |
Commercial | Notes Receivable [Member] | Oil and Gas [Member] | |
Commitment, Contingencies and Guarantees disclosures | |
Commitments | 2,000 |
Commercial | Notes Receivable [Member] | Manufacturing Sector [Member] | |
Commitment, Contingencies and Guarantees disclosures | |
Commitments | 3,000 |
Commercial | Notes Receivable [Member] | Commercial mortgage | |
Commitment, Contingencies and Guarantees disclosures | |
Commitments | $ 4,000 |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) - USD ($) | Jul. 01, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Related Party Transaction [Line Items] | ||||
Proceeds from sale of loan | $ 1,000,000,000 | |||
Gain on sale | $ 1,213,000,000 | $ 866,000,000 | $ 957,000,000 | |
Available-for-sale Securities | 16,314,000,000 | 17,563,000,000 | ||
Increase in retained earnings | 4,000,000 | 9,000,000 | (7,000,000) | |
Liabilities | 151,520,000,000 | 136,195,000,000 | ||
Notional Amount | 201,094,000,000 | 150,854,000,000 | ||
MUSA and Various other Non-Bank Subsidiaries | ||||
Related Party Transaction [Line Items] | ||||
Notional Amount | 3,600,000,000 | 3,000,000,000 | ||
Unrealized gains | 96,000,000 | 2,000,000 | ||
Unsecured Debt [Member] | MUSA and Various other Non-Bank Subsidiaries | ||||
Related Party Transaction [Line Items] | ||||
Unsecured revolving credit facility with BTMU | 1,400,000,000 | |||
Retained Earnings | ||||
Related Party Transaction [Line Items] | ||||
Increase in retained earnings | 0 | 0 | 2,000,000 | |
Affiliated Entity [Member] | MUSA and Various other Non-Bank Subsidiaries | ||||
Related Party Transaction [Line Items] | ||||
Gain on sale | 1,213,000,000 | $ 866,000,000 | $ 957,000,000 | |
Securities sold under agreements to repurchase | 0 | |||
Sale Of Loans | Affiliated Entity [Member] | ||||
Related Party Transaction [Line Items] | ||||
Proceeds from sale of loan | 542,000,000 | |||
Gain on sale | 2,100,000 | |||
Purchase of loans | $ 314,000,000 | |||
transfer of goodwill and intangibles [Member] | ||||
Related Party Transaction [Line Items] | ||||
Proceeds from sale of loan | 196,000,000 | |||
transfer of liabilities [Member] | ||||
Related Party Transaction [Line Items] | ||||
Proceeds from sale of loan | $ 601,000,000 | |||
Affiliated Entity [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction Shares Issued | 3,267,433 |
- Assets and Liabilities with A
- Assets and Liabilities with Affiliates (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Related Party Transaction [Line Items] | |||
Cash and cash equivalents | $ 8,350 | $ 3,392 | $ 5,753 |
Securities borrowed or purchased under resale agreements | 22,368 | 20,894 | |
Trading account assets | 11,213 | 10,567 | |
Other assets | 9,620 | 9,410 | |
Securities loaned or sold under repurchase agreements | 27,285 | 26,437 | |
Commercial paper and other short-term borrowings | 9,263 | 7,066 | |
Other liabilities | 2,048 | 2,143 | |
MUSA and Various other Non-Bank Subsidiaries | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Cash and cash equivalents | 80 | 119 | |
Securities borrowed or purchased under resale agreements | 1,913 | 3,530 | |
Other assets | 146 | 223 | |
Deposits | 451 | 362 | |
Securities loaned or sold under repurchase agreements | 148 | 102 | |
Commercial paper and other short-term borrowings | 1,081 | 969 | |
Long-term debt | 7,333 | 6,251 | |
Other liabilities | $ 69 | $ 61 |
- Revenues and Expenses with Af
- Revenues and Expenses with Affiliates (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | |||
Securities borrowed or purchased under resale agreements | $ 652 | $ 347 | $ 195 |
Interest Expense, Deposits | 441 | 241 | 194 |
Commercial paper and other short-term borrowings | 168 | 58 | 32 |
Long-term debt | 365 | 250 | 240 |
Securities loaned or sold under repurchase agreements | 734 | 353 | 140 |
Fees from affiliates | 1,213 | 866 | 957 |
Other | 134 | 157 | 136 |
Other Noninterest Expense | 409 | 389 | 395 |
MUSA and Various other Non-Bank Subsidiaries | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Securities borrowed or purchased under resale agreements | 66 | 41 | 26 |
Interest Income, Other | 2 | 1 | 0 |
Interest Expense, Deposits | 3 | 5 | 0 |
Commercial paper and other short-term borrowings | 2 | 15 | 24 |
Long-term debt | 171 | 114 | 69 |
Securities loaned or sold under repurchase agreements | 18 | 6 | 2 |
Fees from affiliates | 1,213 | 866 | 957 |
Other | 1 | 13 | (28) |
Other Noninterest Expense | $ 115 | $ 112 | $ 95 |
Business Segments - Additional
Business Segments - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2018branch | |
Business segments | |
Number of Reportable Segments | 4 |
Regional Bank | |
Business segments | |
Number of full-service branches | 343 |
Business Segments - Schedule of
Business Segments - Schedule of Segments (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Business segments | |||
Number of Reportable Segments | 4 | ||
Net interest income (expense) | $ 3,307 | $ 3,204 | $ 3,053 |
Noninterest income | 2,177 | 2,010 | 2,225 |
Total income | 5,484 | 5,214 | 5,278 |
Other expense | 4,277 | 3,984 | 3,782 |
(Reversal of) provision for credit losses | 106 | (103) | 155 |
Income before income taxes and including noncontrolling interests | 1,101 | 1,333 | 1,341 |
Income tax benefit | 52 | 299 | 419 |
Net Income | 1,049 | 1,034 | 922 |
Deduct: Net loss from noncontrolling interests | 24 | 43 | 68 |
Net Income Attributable to MUAH | 1,073 | 1,077 | 990 |
Total assets, end of period | 168,100 | 154,550 | 148,144 |
Other | |||
Business segments | |||
Net interest income (expense) | 233 | 255 | 194 |
Noninterest income | 994 | 783 | 1,034 |
Total income | 1,227 | 1,038 | 1,228 |
Other expense | 1,103 | 946 | 983 |
(Reversal of) provision for credit losses | 2 | (22) | 27 |
Income before income taxes and including noncontrolling interests | 122 | 114 | 218 |
Income tax benefit | (211) | 226 | 96 |
Net Income | 333 | (112) | 122 |
Deduct: Net loss from noncontrolling interests | 24 | 43 | 68 |
Net Income Attributable to MUAH | 357 | (69) | 190 |
Total assets, end of period | 38,828 | 33,160 | 30,713 |
Regional Bank | Operating segments | |||
Business segments | |||
Net interest income (expense) | 2,195 | 2,051 | 1,952 |
Noninterest income | 451 | 442 | 449 |
Total income | 2,646 | 2,493 | 2,401 |
Other expense | 2,058 | 1,961 | 1,843 |
(Reversal of) provision for credit losses | 65 | 22 | 30 |
Income before income taxes and including noncontrolling interests | 523 | 510 | 528 |
Income tax benefit | 105 | 178 | 152 |
Net Income | 418 | 332 | 376 |
Deduct: Net loss from noncontrolling interests | 0 | 0 | 0 |
Net Income Attributable to MUAH | 418 | 332 | 376 |
Total assets, end of period | 73,554 | 67,804 | 63,169 |
U.S. Wholesale Banking and Investment Banking [Member] | Operating segments | |||
Business segments | |||
Net interest income (expense) | 415 | ||
Noninterest income | 373 | ||
Other expense | 418 | ||
(Reversal of) provision for credit losses | 42 | ||
Income tax benefit | 122 | ||
Deduct: Net loss from noncontrolling interests | 0 | ||
Total assets, end of period | 20,933 | ||
U.S. Wholesale & Investment Banking | Operating segments | |||
Business segments | |||
Net interest income (expense) | 417 | 541 | |
Noninterest income | 370 | 368 | |
Total income | 788 | 787 | 909 |
Other expense | 403 | 404 | |
(Reversal of) provision for credit losses | (104) | 98 | |
Income before income taxes and including noncontrolling interests | 328 | 488 | 407 |
Income tax benefit | (197) | 91 | |
Net Income | 206 | 685 | 316 |
Deduct: Net loss from noncontrolling interests | 0 | 0 | |
Net Income Attributable to MUAH | 206 | 685 | 316 |
Total assets, end of period | 20,461 | 23,805 | |
Transaction Banking | Operating segments | |||
Business segments | |||
Net interest income (expense) | 264 | 247 | 202 |
Noninterest income | 59 | 64 | 72 |
Total income | 323 | 311 | 274 |
Other expense | 255 | 229 | 190 |
(Reversal of) provision for credit losses | (3) | 1 | 0 |
Income before income taxes and including noncontrolling interests | 71 | 81 | 84 |
Income tax benefit | 19 | 33 | 39 |
Net Income | 52 | 48 | 45 |
Deduct: Net loss from noncontrolling interests | 0 | 0 | 0 |
Net Income Attributable to MUAH | 52 | 48 | 45 |
Total assets, end of period | 941 | 1,063 | 1,205 |
MUSA | Operating segments | |||
Business segments | |||
Net interest income (expense) | 200 | 234 | 164 |
Noninterest income | 300 | 351 | 302 |
Total income | 500 | 585 | 466 |
Other expense | 443 | 445 | 362 |
(Reversal of) provision for credit losses | 0 | 0 | 0 |
Income before income taxes and including noncontrolling interests | 57 | 140 | 104 |
Income tax benefit | 17 | 59 | 41 |
Net Income | 40 | 81 | 63 |
Deduct: Net loss from noncontrolling interests | 0 | 0 | 0 |
Net Income Attributable to MUAH | 40 | 81 | 63 |
Total assets, end of period | $ 33,844 | $ 32,062 | $ 29,252 |
Condensed MUFG Americas Holdi_3
Condensed MUFG Americas Holdings Corporation Unconsolidated Financial Statements (Parent Company) - Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Assets | ||||
Cash and cash equivalents | $ 2,061 | $ 2,057 | ||
Other assets | 9,620 | 9,410 | ||
Total assets | 168,100 | 154,550 | $ 148,144 | |
Liabilities and Stockholders' Equity | ||||
Long-term debt | 17,918 | 12,162 | ||
Other liabilities | 2,048 | 2,143 | ||
Total liabilities | 151,520 | 136,195 | ||
Stockholders' equity | 16,580 | 18,355 | $ 17,386 | $ 16,593 |
Total liabilities and stockholders' equity | 168,100 | 154,550 | ||
MUFG Americas Holdings Corporation | ||||
Assets | ||||
Cash and cash equivalents | 739 | 1,341 | ||
Investments in and advances to subsidiaries: Bank subsidiary | 18,493 | 19,598 | ||
Investments in and advances to subsidiaries: Nonbank subsidiaries | 4,618 | 4,314 | ||
Other assets | 76 | 69 | ||
Total assets | 23,926 | 25,322 | ||
Liabilities and Stockholders' Equity | ||||
Long-term debt | 7,355 | 6,997 | ||
Other liabilities | 63 | 70 | ||
Total liabilities | 7,418 | 7,067 | ||
Stockholders' equity | 16,508 | 18,255 | ||
Total liabilities and stockholders' equity | 23,926 | 25,322 | ||
Other Subsidiaries, Excluding MUFG Bank, NA [Member] | ||||
Liabilities and Stockholders' Equity | ||||
Long-term debt | $ 931 | $ 1,355 |
Condensed MUFG Americas Holdi_4
Condensed MUFG Americas Holdings Corporation Unconsolidated Financial Statements (Parent Company) - Statements of Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income: | |||
Total income | $ 5,484 | $ 5,214 | $ 5,278 |
Expense: | |||
Other expense | 4,277 | 3,984 | 3,782 |
Income before income taxes and including noncontrolling interests | 1,101 | 1,333 | 1,341 |
Income tax benefit | (52) | (299) | (419) |
Equity in undistributed net income of subsidiaries less dividends received: | |||
Net Income Including Noncontrolling Interests | 1,049 | 1,034 | 922 |
MUFG Americas Holdings Corporation | |||
Income: | |||
Interest income on advances to subsidiaries and deposits in bank | 137 | 79 | 22 |
Rental Income | 15 | 15 | 16 |
Total income | 1,947 | 465 | 38 |
Expense: | |||
Interest expense | 194 | 144 | 75 |
Other expense | 17 | 14 | 19 |
Total expense | 211 | 158 | 94 |
Income before income taxes and including noncontrolling interests | 1,736 | 307 | (56) |
Income tax benefit | 13 | 20 | 22 |
Income (loss) before equity in undistributed net income of subsidiaries | 1,749 | 327 | (34) |
Equity in undistributed net income of subsidiaries less dividends received: | |||
Bank subsidiary | (697) | 366 | 900 |
Nonbank subsidiaries | 21 | 384 | 124 |
Net Income Including Noncontrolling Interests | 1,073 | 1,077 | 990 |
Bank Subsidiary | MUFG Americas Holdings Corporation | |||
Income: | |||
Investment Income, Dividend | 1,700 | 320 | 0 |
Nonbank Subsidiary | MUFG Americas Holdings Corporation | |||
Income: | |||
Investment Income, Dividend | $ 95 | $ 51 | $ 0 |
Condensed MUFG Americas Holdi_5
Condensed MUFG Americas Holdings Corporation Unconsolidated Financial Statements (Parent Company) - Statement of Cash Flows (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash Flows from Operating Activities: | |||
Net Income | $ 1,049 | $ 1,034 | $ 922 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Other, net | (18) | 11 | 15 |
Net cash provided by (used in) operating activities | 40 | 1,083 | 1,133 |
Cash Flows from Investing Activities: | |||
Net cash provided by (used in) investing activities | (6,740) | (5,680) | 595 |
Cash Flows from Financing Activities: | |||
Proceeds from (Repurchase of) Equity | (2,496) | 0 | 0 |
Other, net | (115) | (71) | 6 |
Net cash provided by (used in) financing activities | 11,570 | 2,291 | (734) |
Net increase (decrease) in cash and cash equivalents | 4,870 | (2,306) | 994 |
Cash, cash equivalents and restricted cash at beginning of period | 3,392 | 5,753 | |
Cash, cash equivalents and restricted cash at end of period | 8,350 | 3,392 | 5,753 |
MUFG Americas Holdings Corporation | |||
Cash Flows from Operating Activities: | |||
Net Income | 1,073 | 1,077 | 990 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Equity in undistributed net income of subsidiaries less dividends received | 676 | (750) | (1,024) |
Other, net | (9) | 2 | 0 |
Net cash provided by (used in) operating activities | 1,740 | 329 | (34) |
Cash Flows from Investing Activities: | |||
Investments in and advances to subsidiaries | (2,612) | (5,050) | (1,197) |
Repayment of investments in and advances to subsidiaries | 2,411 | 1,495 | 1,820 |
Net cash provided by (used in) investing activities | (201) | (3,555) | 623 |
Cash Flows from Financing Activities: | |||
Proceeds from advances from subsidiaries | 0 | 200 | 0 |
Repayment of advances from subsidiaries | 0 | (200) | 0 |
Proceeds from issuance of long-term debt | 6,500 | 3,525 | 545 |
Repayment of long-term debt | (6,145) | 0 | 0 |
Dividends paid | 0 | (500) | 0 |
Proceeds from (Repurchase of) Equity | (2,496) | 0 | 0 |
Other, net | 0 | 0 | 1 |
Net cash provided by (used in) financing activities | (2,141) | 3,025 | 546 |
Net increase (decrease) in cash and cash equivalents | (602) | (201) | 1,135 |
Cash, cash equivalents and restricted cash at beginning of period | 1,341 | 1,542 | 407 |
Cash, cash equivalents and restricted cash at end of period | $ 739 | $ 1,341 | $ 1,542 |
Uncategorized Items - ub-201812
Label | Element | Value |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 4,840,000,000 |