Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Jan. 31, 2020 | |
Document And Entity Information | ||
Entity Registrant Name | MUFG Americas Holdings Corp | |
Entity Central Index Key | 0001011659 | |
Document Type | 10-K | |
Document Period End Date | Dec. 31, 2019 | |
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 | 132,076,912 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | FY | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Interactive Data Current | Yes |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Interest Income | |||
Loans | $ 3,625 | $ 3,303 | $ 2,892 |
Securities | 619 | 665 | 564 |
Securities borrowed or purchased under resale agreements | 765 | 652 | 347 |
Trading assets | 360 | 415 | 326 |
Other | 180 | 90 | 50 |
Total interest income | 5,549 | 5,125 | 4,179 |
Interest Expense | |||
Deposits | 826 | 441 | 241 |
Commercial paper and other short-term borrowings | 202 | 168 | 58 |
Long-term debt | 497 | 365 | 250 |
Securities loaned or sold under repurchase agreements | 830 | 734 | 353 |
Trading liabilities | 101 | 110 | 73 |
Total interest expense | 2,456 | 1,818 | 975 |
Net Interest Income | 3,093 | 3,307 | 3,204 |
(Reversal of) provision for credit losses | 252 | 106 | (103) |
Net interest income after (reversal of) provision for credit losses | 2,841 | 3,201 | 3,307 |
Noninterest Income | |||
Service charges on deposit accounts | 166 | 179 | 188 |
Trust and investment management fees | 117 | 118 | 121 |
Trading account activities | 70 | (24) | (5) |
Securities gains, net | 39 | 8 | 17 |
Credit facility fees | 98 | 90 | 98 |
Brokerage commissions and fees | 74 | 73 | 69 |
Card processing fees, net | 56 | 50 | 47 |
Investment banking and syndication fees | 433 | 355 | 369 |
Fees from affiliates | 1,439 | 1,213 | 866 |
Other, net | 213 | 115 | 240 |
Total noninterest income | 2,705 | 2,177 | 2,010 |
Noninterest Expense | |||
Salaries and employee benefits | 2,687 | 2,616 | 2,495 |
Net occupancy and equipment | 431 | 367 | 357 |
Professional and outside services | 651 | 487 | 439 |
Software | 313 | 287 | 192 |
Regulatory assessments | 63 | 85 | 82 |
Intangible asset amortization | 34 | 26 | 30 |
Goodwill, Impairment Loss | 1,614 | 0 | 0 |
Other | 422 | 409 | 389 |
Total noninterest expense | 6,215 | 4,277 | 3,984 |
Income before income taxes and including noncontrolling interests | (669) | 1,101 | 1,333 |
Income tax expense (benefit) | 82 | 52 | 299 |
Net (Loss) Income Including Noncontrolling Interests | (751) | 1,049 | 1,034 |
Deduct: Net loss (income) from noncontrolling interests | 17 | 24 | 43 |
Net (Loss) Income Attributable to MUAH | $ (734) | $ 1,073 | $ 1,077 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net (Loss) Income Attributable to MUAH | $ (734) | $ 1,073 | $ 1,077 |
Other Comprehensive Income (Loss), Net of Tax: | |||
Net change in unrealized gains (losses) on cash flow hedges | 105 | (46) | (66) |
Net change in unrealized gains (losses) on investment securities | 280 | (140) | 16 |
Foreign currency translation adjustment | 0 | (2) | 7 |
Pension and other postretirement benefit adjustments | 76 | (130) | 95 |
Other Comprehensive Income Other, Net of Tax, Portion Attributable to Parent | 1 | (1) | 0 |
Total other comprehensive income (loss) | 462 | (319) | 52 |
Comprehensive Income (Loss) Attributable to MUAH | (272) | 754 | 1,129 |
Comprehensive income (loss) from noncontrolling interests | 17 | 24 | 43 |
Total Comprehensive Income (Loss) | $ (289) | $ 730 | $ 1,086 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and due from banks | $ 2,457 | $ 2,061 |
Interest bearing deposits in banks | 7,184 | 6,289 |
Total cash and cash equivalents | 9,641 | 8,350 |
Securities borrowed or purchased under resale agreements | 23,943 | 22,368 |
Trading account assets (includes $887 at December 31, 2019 and $1,239 at December 31, 2018 pledged as collateral that may be repledged) | 10,377 | 11,213 |
Securities held to maturity (fair value $9,508 at December 31, 2019 and $10,720 at December 31, 2018) | 9,421 | 10,901 |
Loans held for investment | 88,213 | 86,507 |
Allowance for loan losses | (538) | (474) |
Loans held for investment, net | 87,675 | 86,033 |
Premises and equipment, net | 656 | 635 |
Goodwill | 1,764 | 3,301 |
Other assets | 10,200 | 9,620 |
Total assets | 170,810 | 168,100 |
Deposits: | ||
Noninterest bearing | 31,521 | 31,754 |
Interest bearing | 64,340 | 59,225 |
Total deposits | 95,861 | 90,979 |
Securities Sold under Agreements to Repurchase and Securities Loaned | 28,866 | 27,285 |
Commercial paper and other short-term borrowings | 6,484 | 9,263 |
Long-term debt | 17,129 | 17,918 |
Trading account liabilities | 3,266 | 4,027 |
Other liabilities | 2,837 | 2,048 |
Total liabilities | 154,443 | 151,520 |
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, 132,076,912 and 131,935,124 shares issued and outstanding at December 31, 2019 and December 31, 2018, respectively | 132 | 132 |
Additional paid-in capital | 8,222 | 8,176 |
Retained earnings | 8,788 | 9,524 |
Accumulated other comprehensive loss | (862) | (1,324) |
Total MUAH stockholders' equity | 16,280 | 16,508 |
Noncontrolling interests | 87 | 72 |
Total equity | 16,367 | 16,580 |
Total liabilities and equity | 170,810 | 168,100 |
Other Subsidiaries, Excluding MUFG Bank, NA [Member] | ||
Deposits: | ||
Long-term debt | 598 | 931 |
Commercial | Commercial mortgage | ||
Assets | ||
Loans held for investment | 16,895 | $ 15,354 |
Notes Receivable [Member] | Consumer | Residential mortgage | ||
Assets | ||
Loans held for investment | 36,000 | |
Notes Receivable [Member] | Commercial | Commercial mortgage | ||
Assets | ||
Loans held for investment | 18,000 | |
Financial and Insurance [Member] | Notes Receivable [Member] | Commercial | ||
Assets | ||
Loans held for investment | 8,000 | |
Power and Utilities [Member] | Notes Receivable [Member] | Commercial | ||
Assets | ||
Loans held for investment | 3,000 | |
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, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Trading account assets pledged as collateral | $ 887 | $ 1,239 |
Securities available-for-sale pledged as collateral | 142 | 75 |
Fair value of securities held to maturity | $ 9,508 | $ 10,720 |
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) | 132,076,912 | 131,935,124 |
Common stock, share outstanding (in shares) | 132,076,912 | 131,935,124 |
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, 2016 | $ 17,386 | $ 144 | $ 7,884 | $ 10,101 | $ (896) | $ 153 |
Net (Loss) 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) | ||||
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect | 0 | 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 (Loss) 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 |
Net (Loss) Income Including Noncontrolling Interests | (751) | (734) | (17) | |||
Other comprehensive income (loss), net of tax | 462 | 462 | ||||
Compensation—restricted stock units | 19 | 26 | (7) | |||
Other | 57 | 0 | 20 | 5 | 0 | 32 |
Net change | (213) | 0 | 46 | (736) | 462 | 15 |
Ending balance at Dec. 31, 2019 | $ 16,367 | $ 132 | $ 8,222 | $ 8,788 | $ (862) | $ 87 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Cash Flows [Abstract] | |||
Restricted Cash and Cash Equivalents | $ 54 | $ 48 | $ 136 |
Cash Flows from Operating Activities: | |||
Net (loss) income including noncontrolling interests | (751) | 1,049 | 1,034 |
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: | |||
(Reversal of) provision for credit losses | 252 | 106 | (103) |
Depreciation, amortization and accretion, net | 563 | 411 | 331 |
Stock-based compensation—restricted stock units | 89 | 77 | 66 |
Deferred income taxes | (264) | (242) | 25 |
Net gains on sales of securities | (39) | (8) | (17) |
Net decrease (increase) in securities borrowed or purchased under resale agreements | (1,575) | (1,474) | (1,147) |
Net decrease (increase) in securities loaned or sold under repurchase agreements | 1,581 | 848 | 1,821 |
Net decrease (increase) in trading account assets | 836 | (646) | (1,625) |
Net decrease (increase) in other assets | 216 | 170 | 414 |
Net increase (decrease) in trading account liabilities | (761) | 427 | 695 |
Net increase (decrease) in other liabilities | 219 | 103 | (137) |
Loans originated for sale | (3,238) | (2,339) | (813) |
Net proceeds from sale of loans originated for sale | 2,944 | 1,626 | 697 |
Pension and other benefits adjustment | (42) | (50) | (169) |
Goodwill, Impairment Loss | 1,614 | 0 | 0 |
Other, net | 59 | (18) | 11 |
Total adjustments | 2,454 | (1,009) | 49 |
Net cash provided by (used in) operating activities | 1,703 | 40 | 1,083 |
Cash Flows from Investing Activities: | |||
Proceeds from sales of securities available for sale | 4,637 | 1,505 | 2,460 |
Proceeds from paydowns and maturities of securities available for sale | 2,566 | 2,822 | 2,809 |
Purchases of securities available for sale | (7,839) | (5,643) | (8,912) |
Proceeds from paydowns and maturities of securities held to maturity | 4,454 | 1,682 | 1,782 |
Purchases of securities held to maturity | (3,153) | (772) | (1,360) |
Proceeds from sales of loans | 952 | 770 | 926 |
Net decrease (increase) in loans | (2,831) | (6,785) | (2,947) |
Purchases of other investments | (143) | (262) | (378) |
Other, net | (314) | (57) | (60) |
Net cash provided by (used in) investing activities | (1,671) | (6,740) | (5,680) |
Cash Flows from Financing Activities: | |||
Net increase (decrease) in deposits | 4,880 | 6,184 | (2,063) |
Net increase (decrease) in commercial paper and other short-term borrowings | (2,778) | 2,198 | 4,709 |
Proceeds from issuance of long-term debt | 5,698 | 15,458 | 5,027 |
Repayment of long-term debt | (6,471) | (9,655) | (4,801) |
Dividends paid | 0 | 0 | (500) |
Proceeds from (Repurchase of) Equity | 0 | (2,496) | 0 |
Other, net | (96) | (115) | (71) |
Change in noncontrolling interests | 32 | (4) | (10) |
Net cash provided by (used in) financing activities | 1,265 | 11,570 | 2,291 |
Net change in cash, cash equivalents and restricted cash | 1,297 | 4,870 | (2,306) |
Cash, cash equivalents and restricted cash at beginning of period | 8,350 | 3,392 | |
Cash, cash equivalents and restricted cash at end of period | 9,641 | 8,350 | 3,392 |
Cash Paid During the Period For: | |||
Interest | 2,417 | 1,761 | 919 |
Income taxes, net | 202 | 116 | 178 |
Supplemental Schedule of Noncash Investing and Financing Activities: | |||
Net transfer of loans held for investment to (from) loans held for sale | 718 | 44 | 776 |
securities held to maturity transferred to securities available for sale | 170 | 0 | 0 |
Transfer Of Available For Sale To Held-To-Maturity Securities | 0 | 2,006 | 0 |
Transfer of assets and liabilities from BTMU and MUFG: | |||
Carrying amount of assets acquired | 0 | 0 | 1,003 |
Carrying amount of liabilities assumed | 0 | 0 | 601 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 9,695 | $ 8,398 | $ 3,528 |
Summary of Significant Accounti
Summary of Significant Accounting Policies and Nature of Operations | 12 Months Ended |
Dec. 31, 2019 | |
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). 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 "Loans and Allowance for Loan Losses"), goodwill impairment ( Note 5 "Goodwill and Other Intangible Assets"), income taxes ( Note 17 "Income Taxes"), and transfer pricing ( Note 21 "Related Party Transactions"). 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, 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. The Company has elected to account for its residential mortgage servicing rights using the fair value measurement method. Under the fair value measurement method, residential mortgage servicing rights are measured at estimated fair value each period with changes in fair value included in other, net within noninterest income. 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 impairment test by comparing the fair value of the reporting unit to its carrying amount, including goodwill. A goodwill impairment loss is 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. 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 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 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. Transfer pricing revenue is included in fees from affiliates revenue. 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 carryfor |
Securities1
Securities1 | 12 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities Securities Available for Sale The amortized cost, gross unrealized gains, gross unrealized losses and fair values of securities available for sale for December 31, 2019 and 2018 are presented below. December 31, 2019 December 31, 2018 (Dollars in millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Amortized Gross Gross Fair U.S. Treasury and government agencies $ 5,485 $ 6 $ 53 $ 5,438 $ 3,572 $ 1 $ 144 $ 3,429 Mortgage-backed: U.S. agencies 5,491 13 36 5,468 8,168 7 168 8,007 Residential - non-agency 759 5 2 762 887 — 23 864 Commercial - non-agency 3,461 56 28 3,489 1,198 3 21 1,180 Collateralized loan obligations 1,499 — 8 1,491 1,492 — 18 1,474 Direct bank purchase bonds 911 43 18 936 1,190 30 30 1,190 Other 202 3 — 205 173 — 3 170 Total securities available for sale $ 17,808 $ 126 $ 145 $ 17,789 $ 16,680 $ 41 $ 407 $ 16,314 The Company's securities available for sale with a continuous unrealized loss position at December 31, 2019 and 2018 are shown below, identified for periods less than 12 months and 12 months or more. December 31, 2019 Less Than 12 Months 12 Months or More Total (Dollars in millions) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Treasury and government agencies $ 4,407 $ 48 $ 543 $ 5 $ 4,950 $ 53 Mortgage-backed: U.S. agencies 914 4 2,769 32 3,683 36 Residential - non-agency 127 — 155 2 282 2 Commercial - non-agency 1,669 28 12 — 1,681 28 Collateralized loan obligations 597 2 790 6 1,387 8 Direct bank purchase bonds 118 1 294 17 412 18 Other 25 — — — 25 — Total securities available for sale $ 7,857 $ 83 $ 4,563 $ 62 $ 12,420 $ 145 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 U.S. Treasury and government agencies $ 147 $ 1 $ 3,182 $ 143 $ 3,329 $ 144 Mortgage-backed: U.S. agencies 1,941 8 4,797 160 6,738 168 Residential - non-agency 398 7 383 16 781 23 Commercial - non-agency 380 6 515 15 895 21 Collateralized loan obligations 1,428 18 — — 1,428 18 Direct bank purchase bonds 221 6 417 24 638 30 Other 162 3 1 — 163 3 Total securities available for sale $ 4,677 $ 49 $ 9,295 $ 358 $ 13,972 $ 407 At December 31, 2019 , 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 and commercial 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 and commercial 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, 2019 , 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, 2019 , 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, 2019 , 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, 2019 , 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, 2019 (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 U.S. Treasury and government agencies $ — $ 1,237 $ 4,167 $ 34 $ 5,438 Mortgage-backed: U.S. agencies — 167 1,021 4,280 5,468 Residential - non-agency — — — 762 762 Commercial - non-agency 32 — 1,356 2,101 3,489 Collateralized loan obligations — — 430 1,061 1,491 Direct bank purchase bonds 67 303 466 100 936 Other — 205 — — 205 Total securities available for sale $ 99 $ 1,912 $ 7,440 $ 8,338 $ 17,789 The gross realized gains and losses from sales of available for sale securities for the years ended December 31, 2019 , 2018 and 2017 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) 2019 2018 2017 Gross realized gains $ 39 $ 8 $ 17 Gross realized losses — — — Securities Held to Maturity At December 31, 2019 and 2018 , 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, 2019 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 and government agencies $ 1,359 $ — $ — $ 1,359 $ — $ 6 $ 1,353 Mortgage-backed: U.S. agencies 8,166 — 104 8,062 123 30 8,155 Total securities held to maturity $ 9,525 $ — $ 104 $ 9,421 $ 123 $ 36 $ 9,508 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 and government agencies $ 1,250 $ — $ — $ 1,250 $ 2 $ 2 $ 1,250 Mortgage-backed: U.S. agencies 9,788 1 138 9,651 28 209 9,470 Total securities held to maturity $ 11,038 $ 1 $ 138 $ 10,901 $ 30 $ 211 $ 10,720 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, 2019 and 2018 are shown below, separately for periods less than 12 months and 12 months or more. December 31, 2019 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 and government agencies $ 509 $ — $ 6 $ — $ — $ — $ 509 $ — $ 6 Mortgage-backed: U.S. agencies 1,084 — 9 4,515 104 21 5,599 104 30 Total securities held to maturity $ 1,593 $ — $ 15 $ 4,515 $ 104 $ 21 $ 6,108 $ 104 $ 36 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 and government agencies $ — $ — $ — $ 496 $ — $ 2 $ 496 $ — $ 2 Mortgage-backed: U.S. agencies 697 — 11 8,587 138 198 9,284 138 209 Total securities held to maturity $ 697 $ — $ 11 $ 9,083 $ 138 $ 200 $ 9,780 $ 138 $ 211 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, 2019 Within One Year Over One Year Through Five Years Over Five Years Through Ten Years Over Ten Years Total (Dollars in millions) Carrying Amount Fair Value Carrying Amount Fair Value Carrying Amount Fair Value Carrying Amount Fair Value Carrying Amount Fair Value U.S. Treasury and government agencies $ 9 $ 9 $ — $ — $ 1,350 $ 1,344 $ — $ — $ 1,359 $ 1,353 Mortgage-backed: U.S. agencies — — 704 724 885 890 6,473 6,541 8,062 8,155 Total securities held to maturity $ 9 $ 9 $ 704 $ 724 $ 2,235 $ 2,234 $ 6,473 $ 6,541 $ 9,421 $ 9,508 Securities Pledged and Received as Collateral At December 31, 2019 and December 31, 2018 , the Company pledged $10.5 billion and $11.9 billion of available for sale and trading securities as collateral, respectively, of which $1.0 billion and $1.3 billion , respectively, was permitted to be sold or repledged. These securities were pledged as collateral for derivative liability positions and securities loaned or sold under repurchase agreements, and to secure public and trust department deposits. At December 31, 2019 and December 31, 2018 , the Company received $34.0 billion and $33.1 billion , respectively, of collateral for derivative asset positions and securities borrowed or purchased under resale agreements, of which $34.0 billion and $33.1 billion , respectively, was permitted to be sold or repledged. Of the collateral received, the Company sold or repledged $32.5 billion and $32.1 billion at December 31, 2019 and December 31, 2018 , respectively, for securities loaned or sold under repurchase agreements. For additional information related to the Company's significant accounting policies on securities pledged as collateral, see Note 1 "Summary of Significant Accounting Policies and Nature of Operations" to our 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, 2019 | |
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, 2019 and 2018 . (Dollars in millions) December 31, December 31, Loans held for investment: Commercial and industrial $ 26,338 $ 24,919 Commercial mortgage 16,895 15,354 Construction 1,511 1,613 Lease financing 1,001 1,249 Total commercial portfolio 45,745 43,135 Residential mortgage and home equity (1) 38,018 40,677 Other consumer (2) 4,450 2,695 Total consumer portfolio 42,468 43,372 Total loans held for investment (3) 88,213 86,507 Allowance for loan losses (538 ) (474 ) Loans held for investment, net $ 87,675 $ 86,033 (1) Includes home equity loans of $ 2,049 million and $ 2,238 million at December 31, 2019 and December 31, 2018 , respectively. (2) Other consumer loans substantially include unsecured consumer loans and consumer credit cards. (3) Includes $320 million and $340 million at December 31, 2019 and December 31, 2018 , 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, 2019 (Dollars in millions) Commercial Consumer Unallocated Total Allowance for loan losses, beginning of period $ 359 $ 110 $ 5 $ 474 (Reversal of) provision for loan losses 124 164 (5 ) 283 Loans charged-off (158 ) (98 ) — (256 ) Recoveries of loans previously charged-off 29 8 — 37 Allowance for loan losses, end of period $ 354 $ 184 $ — $ 538 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 The following tables show the allowance for loan losses and related loan balances by portfolio segment as of December 31, 2019 and 2018 . December 31, 2019 (Dollars in millions) Commercial Consumer Unallocated Total Allowance for loan losses: Individually evaluated for impairment $ 43 $ 12 $ — $ 55 Collectively evaluated for impairment 311 172 — 483 Total allowance for loan losses $ 354 $ 184 $ — $ 538 Loans held for investment: Individually evaluated for impairment $ 436 $ 246 $ — $ 682 Collectively evaluated for impairment 45,309 42,222 — 87,531 Total loans held for investment $ 45,745 $ 42,468 $ — $ 88,213 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 Nonaccrual and Past Due Loans The following table presents nonaccrual loans as of December 31, 2019 and 2018 . (Dollars in millions) December 31, December 31, Commercial and industrial $ 175 $ 269 Commercial mortgage 15 12 Total commercial portfolio 190 281 Residential mortgage and home equity 137 139 Other consumer 1 1 Total consumer portfolio 138 140 Total nonaccrual loans $ 328 $ 421 Troubled debt restructured loans that continue to accrue interest $ 392 $ 299 Troubled debt restructured nonaccrual loans (included in total nonaccrual loans above) $ 171 $ 136 The following tables show the aging of the balance of loans held for investment by class as of December 31, 2019 and 2018 . December 31, 2019 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 $ 27,241 $ 37 $ 61 $ 98 $ 27,339 Commercial mortgage 16,858 34 3 37 16,895 Construction 1,511 — — — 1,511 Total commercial portfolio 45,610 71 64 135 45,745 Residential mortgage and home equity 37,788 179 51 230 38,018 Other consumer 4,400 33 17 50 4,450 Total consumer portfolio 42,188 212 68 280 42,468 Total loans held for investment $ 87,798 $ 283 $ 132 $ 415 $ 88,213 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 and home equity 40,440 188 49 237 40,677 Other consumer 2,671 15 9 24 2,695 Total consumer portfolio 43,111 203 58 261 43,372 Total loans held for investment $ 86,151 $ 258 $ 98 $ 356 $ 86,507 Loans held for investment 90 days or more past due and still accruing interest totaled $20 million and $23 million at December 31, 2019 and 2018 , 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, 2019 Criticized (Dollars in millions) Pass Special Mention Classified Total Commercial and industrial $ 26,210 $ 636 $ 493 $ 27,339 Commercial mortgage 16,569 114 212 16,895 Construction 1,399 50 62 1,511 Total commercial portfolio $ 44,178 $ 800 $ 767 $ 45,745 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 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 $3 million and $6 million of loans covered by FDIC loss share agreements, at December 31, 2019 and 2018 , respectively. December 31, 2019 (Dollars in millions) Accrual Nonaccrual Total Residential mortgage and home equity $ 37,878 $ 137 $ 38,015 Other consumer 4,449 1 4,450 Total consumer portfolio $ 42,327 $ 138 $ 42,465 December 31, 2018 (Dollars in millions) Accrual Nonaccrual Total Residential mortgage and home equity $ 40,532 $ 139 $ 40,671 Other consumer 2,694 1 2,695 Total consumer portfolio $ 43,226 $ 140 $ 43,366 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, 2019 and 2018 . 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, 2019 FICO scores (Dollars in millions) 720 and Above Below 720 No FICO Available (1) Total Residential mortgage and home equity $ 31,441 $ 5,742 $ 454 $ 37,637 Other consumer 2,567 1,841 3 4,411 Total consumer portfolio $ 34,008 $ 7,583 $ 457 $ 42,048 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 FICO scores (Dollars in millions) 720 and Above Below 720 No FICO Available (1) Total Residential mortgage and home equity $ 33,313 $ 6,470 $ 484 $ 40,267 Other consumer 1,625 1,000 2 2,627 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, 2019 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 and home equity $ 35,893 $ 1,689 $ 12 $ 43 $ 37,637 Total consumer portfolio $ 35,893 $ 1,689 $ 12 $ 43 $ 37,637 Percentage of total 95 % 5 % — % — % 100 % (1) Represents loans for which management was not able to obtain refreshed property values. 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 and home equity $ 38,570 $ 1,582 $ 16 $ 99 $ 40,267 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. Troubled Debt Restructurings The following table provides a summary of the Company's recorded investment in TDRs as of December 31, 2019 and 2018 . The summary includes those TDRs that are on nonaccrual status and those that continue to accrue interest. The Company had $61 million and $49 million in commitments to lend additional funds to borrowers with loan modifications classified as TDRs as of December 31, 2019 and 2018 , respectively. (Dollars in millions) December 31, December 31, Commercial and industrial $ 140 $ 109 Commercial mortgage 168 46 Construction 62 63 Total commercial portfolio 370 218 Residential mortgage and home equity 192 216 Other consumer 1 1 Total consumer portfolio 193 217 Total restructured loans $ 563 $ 435 In 2019 , TDR modifications in the commercial portfolio segment were substantially composed of maturity extensions, forbearance and reduction of spread. In the consumer portfolio segment, modifications were largely composed of maturity extensions and interest rate reductions. There were no charge-offs related to TDR modifications for the 2019 or 2018. 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, 2019 and 2018 . For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 (Dollars in millions) Pre-Modification (1) Post-Modification (2) Pre-Modification (1) Post-Modification (2) Commercial and industrial $ 170 $ 172 $ 165 $ 165 Commercial mortgage 129 125 4 4 Total commercial portfolio 299 297 169 169 Residential mortgage and home equity 11 11 11 11 Other consumer — — — — Total consumer portfolio 11 11 11 11 Total $ 310 $ 308 $ 180 $ 180 (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 table provides the recorded investment amounts of TDRs at the date of default, for which there was a payment default during the years ended December 31, 2019 and 2018 , 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. (Dollars in millions) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 Commercial and industrial $ 40 $ — Commercial mortgage 1 — Total commercial portfolio 41 — Residential mortgage and home equity $ 1 $ 3 Other consumer — — Total consumer portfolio 1 3 Total $ 42 $ 3 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, 2019 and 2018 . December 31, 2019 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 $ 186 $ 13 $ 199 $ 43 $ 227 $ 99 Commercial mortgage 7 168 175 — 7 168 Construction — 62 62 — — 62 Total commercial portfolio 193 243 436 43 234 329 Residential mortgage and home equity 178 66 244 12 187 86 Other consumer 2 — 2 — 2 — Total consumer portfolio 180 66 246 12 189 86 Total $ 373 $ 309 $ 682 $ 55 $ 423 $ 415 December 31, 2018 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 $ 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 and home equity 196 83 279 13 205 106 Other consumer 1 — 1 — 1 — Total consumer portfolio 197 83 280 13 206 106 Total $ 521 $ 209 $ 730 $ 75 $ 603 $ 249 The following table presents the average recorded investment in impaired loans and the amount of interest income recognized for impaired loans during 2019 , 2018 and 2017 for the commercial and consumer loans portfolio segments. For the Years Ended December 31, 2019 2018 2017 (Dollars in millions) Average Recorded Investment Recognized Interest Income Average Recorded Investment Recognized Interest Income Average Recorded Investment Recognized Interest Income Commercial and industrial $ 399 $ 11 $ 309 $ 12 $ 463 $ 18 Commercial mortgage 119 16 60 27 58 41 Construction 62 10 95 8 45 5 Total commercial portfolio 580 37 464 47 566 64 Residential mortgage and home equity 262 16 298 17 355 20 Other consumer 2 — 1 — 1 — Total consumer portfolio 264 16 299 17 356 20 Total $ 844 $ 53 $ 763 $ 64 $ 922 $ 84 Loans Held for Sale The following table presents loan transfers from held for investment to held for sale and proceeds from sales of loans during 2019 , 2018 and 2017 for the commercial and consumer loans portfolio segments. Years Ended December 31, 2019 2018 2017 (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 $ 723 $ 952 $ 47 $ 638 $ 780 $ 926 Consumer portfolio (5 ) — (3 ) — (4 ) — Total $ 718 $ 952 $ 44 $ 638 $ 776 $ 926 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, 2019 , the Company had $36 billion in residential mortgage loans, substantially all of which were made to borrowers in California. The Company had $18 billion in loans made to the commercial real estate industry and an additional $5 billion in unfunded commitments. At December 31, 2019 , the Company had $8 billion in loans made to the financial and insurance industry and an additional $9 billion in unfunded commitments. At December 31, 2019 , the Company had $3 billion in loans made to the power and utilities industry and an additional $5 billion in unfunded commitments. At December 31, 2019 , the Company had $4 billion in loans made to the manufacturing industry and an additional $3 billion in unfunded commitments. At December 31, 2019 , 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, 2019 | |
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 2019 are shown in the table below. There were no changes in the carrying amount of goodwill during 2018. (Dollars in millions) Regional Bank Global Corporate & Investment Banking - U.S. Transaction Banking MUFG Fund Services Total Goodwill, December 31, 2018 $ 2,134 $ 840 $ 251 $ 76 $ 3,301 Goodwill acquired during the year 59 18 — — 77 Impairment losses (1,423 ) (191 ) — — (1,614 ) Goodwill, December 31, 2019 $ 770 $ 667 $ 251 $ 76 $ 1,764 Goodwill 2,193 858 251 76 3,378 Accumulated impairment losses (1,423 ) (191 ) — — (1,614 ) Balance at December 31, 2019 $ 770 $ 667 $ 251 $ 76 $ 1,764 The Company performs goodwill impairment tests on an annual basis as of April 1, and between annual tests if an event occurs or circumstances change that would more-likely-than-not reduce the fair value of a reporting unit below its carrying amount. The Company adopted Accounting Standards Update No. 2017-04, Simplifying the Test for Goodwill Impairment ("ASU 2017-04") effective July 1, 2019. This standard eliminates Step 2 from the goodwill impairment test. Instead, the Company performs its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and recognizes an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value, not to exceed the total amount of goodwill allocated to the reporting unit. During the third quarter of 2019, due to the decline in interest rates and slower growth than previously forecasted, cash flow projections for certain reporting units were revised lower. The combination of these events led management to believe that it was more likely than not that the fair values of certain reporting units were below carrying value. As a result, the Company initiated an interim quantitative impairment test of goodwill allocated to three of its reporting units: Consumer Banking, Commercial Banking and Real Estate Industries, and Global Corporate & Investment Banking - U.S. The Company estimated the fair value of its reporting units using a combination of the income and the market approaches. The income approach estimates the fair value of the reporting units by discounting management’s projections of each reporting unit’s cash flows, including a terminal value to estimate the fair value of cash flows beyond the final year of projected results, using a discount rate derived from the Capital Asset Pricing Model. The market approach incorporates comparable public company price to tangible book value and price to earnings multiples. Certain projected cash flows used to estimate fair value of the reporting units were revised lower than previous projections due to the combination of the following factors: the decline in interest rates through September 30, 2019 and a change in the Company’s expectation that interest rates will remain lower than previously assumed; updates to key loan growth and loan mix assumptions in the forecast to address the Company’s declining net interest margin; and a reduction of the expected growth and cash flow contribution of new initiatives based on a revised economic outlook. Multiples selected in the market approach to estimate fair value were also revised lower than those used in the most recent annual quantitative impairment test due to lower reporting unit earnings. Upon completing the quantitative impairment test, the Company recorded an impairment charge of $1.6 billion in the third quarter of 2019, which represented the entire amount of goodwill allocated to the Consumer Banking reporting unit and a portion of the goodwill allocated to the Global Corporate & Investment Banking - U.S. reporting unit, which had $667 million allocated goodwill remaining after the impairment. Intangible Assets The table below reflects the Company's identifiable intangible assets and accumulated amortization at December 31, 2019 and 2018 . December 31, 2019 December 31, 2018 (Dollars in millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Core deposit intangibles $ 565 $ (543 ) $ 22 $ 565 $ (537 ) $ 28 Trade names 115 (35 ) 80 111 (32 ) 79 Customer relationships 238 (79 ) 159 238 (63 ) 175 Other (1) 13 (13 ) — 18 (15 ) 3 Total intangible assets with a definite useful life $ 931 $ (670 ) $ 261 $ 932 $ (647 ) $ 285 (1) December 31, 2019 and December 31, 2018 exclude $270 million and $159 million , respectively, of mortgage servicing rights accounted for at fair value. Total amortization expense for 2019 , 2018 and 2017 was $34 million , $26 million and $30 million , respectively. Estimated future amortization expense at December 31, 2019 is as follows: (Dollars in millions) Core Deposit Intangibles Trade Name Customer Relationships Total Identifiable Intangible Assets Years ending December 31, : 2020 $ 5 $ 4 $ 16 $ 25 2021 4 3 15 22 2022 4 3 15 22 2023 2 3 14 19 2024 2 3 14 19 Thereafter 5 64 85 154 Total estimated amortization expense $ 22 $ 80 $ 159 $ 261 |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2019 | |
Other Assets [Abstract] | |
Premises and Equipment and Other Assets | Other Assets The following table shows the balances of other assets as of December 31, 2019 and 2018 . (Dollars in millions) December 31, 2019 December 31, 2018 Other investments $ 3,033 $ 3,250 Premises and equipment, net 656 635 Software 527 445 Intangible assets 531 444 OREO 1 1 Other 5,452 4,845 Total other assets $ 10,200 $ 9,620 |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 and 2018 . December 31, 2019 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 $ — $ — $ 96 $ 96 $ 36 $ 36 Leasing investments — 349 117 466 9 9 Total consolidated VIEs $ — $ 349 $ 213 $ 562 $ 45 $ 45 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 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, 2019 and 2018 . 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 2019 , 2018 , and 2017 , the Company had noncash increases in unfunded commitments on LIHC investments of $43 million , $87 million and $55 million , respectively, included within other liabilities. December 31, 2019 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 $ — $ 27 $ 219 $ 872 $ 1,118 $ 148 $ 148 $ 1,118 Renewable energy investments — — — 1,256 1,256 — — 1,276 Other investments — — 13 69 82 4 4 163 Total unconsolidated VIEs $ — $ 27 $ 232 $ 2,197 $ 2,456 $ 152 $ 152 $ 2,557 December 31, 2018 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 $ — $ 28 $ 198 $ 976 $ 1,202 $ 165 $ 165 $ 1,202 Renewable energy 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 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, 2019 , 2018 and 2017 : For the Years Ended December 31, 2019 2018 2017 (Dollars in millions) Losses from LIHC investments included in other noninterest expense $ 6 $ 7 $ 13 Amortization of LIHC investments included in income tax expense 130 136 185 Tax credits and other tax benefits from LIHC investments included in income tax expense 178 180 193 Renewable Energy Investments Through its subsidiaries, the Company makes equity investments in LLCs established by third party sponsors 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, 2019 | |
Deposits [Abstract] | |
Deposits | Deposits The aggregate amount of time deposits that meet or exceed the FDIC insurance limit was $7.5 billion and $4.2 billion at December 31, 2019 and 2018 , respectively. At December 31, 2019 , the Company had $15.7 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 $ 14,029 Due after one year through two years 1,119 Due after two years through three years 356 Due after three years through four years 70 Due after four years through five years 77 Due after five years — Total $ 15,651 |
Securities Financing Agreements
Securities Financing Agreements | 12 Months Ended |
Dec. 31, 2019 | |
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, see Note 2 to these Consolidated Financial Statements. The following table presents 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, 2019 and December 31, 2018 . December 31, 2019 December 31, 2018 (Dollars in millions) Overnight and Continuous Up to 30 Days 31 - 90 Days Greater than 90 Days Total Overnight and Continuous Up to 30 Days 31 - 90 Days Greater than 90 Days Total Securities sold under agreements to repurchase U.S. Treasury and government agencies $ 12,219 $ 2,237 $ 385 $ 102 $ 14,943 $ 9,680 $ 2,945 $ 3,046 $ 335 $ 16,006 Mortgage-backed: U.S. agencies 5,322 1,582 7,126 — 14,030 9,803 1,640 7,569 — 19,012 Corporate debt 688 24 1,161 — 1,873 682 130 1,227 — 2,039 Other debt 327 — 533 — 860 115 245 519 — 879 Equity 1,400 349 456 — 2,205 387 220 255 — 862 Total $ 19,956 $ 4,192 $ 9,661 $ 102 $ 33,911 $ 20,667 $ 5,180 $ 12,616 $ 335 $ 38,798 Securities loaned: Corporate bonds 2 — — — 2 1 — — — 1 Equity 257 236 — — 493 92 — — — 92 Total $ 259 $ 236 $ — $ — $ 495 $ 93 $ — $ — $ — $ 93 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, 2019 and December 31, 2018 . December 31, 2019 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 $ 1,233 $ 264 $ 969 $ 26 $ — $ 943 Securities borrowed or purchased under resale agreements 29,483 5,540 23,943 23,844 — 99 Total $ 30,716 $ 5,804 $ 24,912 $ 23,870 $ — $ 1,042 Financial Liabilities: Derivative liabilities $ 523 $ 306 $ 217 $ 129 $ 1 $ 87 Securities loaned or sold under repurchase agreements 34,406 5,540 28,866 27,957 — 909 Total $ 34,929 $ 5,846 $ 29,083 $ 28,086 $ 1 $ 996 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 |
Commercial Paper and Other Shor
Commercial Paper and Other Short-Term Borrowings | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 December 31, 2018 Debt issued by MUB Commercial paper, with a weighted average interest rate of 1.98% and 2.39% at December 31, 2019 and December 31, 2018, respectively $ 58 $ 382 Federal Home Loan Bank advances, with a weighted average interest rate of 1.86% and 2.52% at December 31, 2019 and December 31, 2018, respectively 6,100 7,800 Total debt issued by MUB 6,158 8,182 Debt issued by other MUAH subsidiaries Short-term debt due to MUFG Bank, Ltd., with weighted average interest rates of 2.27% and 3.01% at December 31, 2019 and December 31, 2018, respectively 69 145 Short-term debt due to affiliates, with weighted average interest rates of (-0.10)% and (-0.07)% at December 31, 2019 and December 31, 2018, respectively 257 936 Total debt issued by other MUAH subsidiaries 326 1,081 Total commercial paper and other short-term borrowings $ 6,484 $ 9,263 At December 31, 2019 , Federal Home Loan Bank advances had a weighted average maturity of 160 days. The commercial paper outstanding had a weighted average remaining maturity of 45 days. The short-term debt due to MUFG Bank, Ltd. had a weighted average remaining maturity of 55 days and the short-term debt due to affiliates had a weighted average remaining maturity of 141 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 $1.5 billion equivalent). Under the terms of the facility, MUSA can choose to borrow in Japanese Yen or U.S. Dollars. Japanese Yen denominated borrowings include an 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, 2019 , MUSA had JPY 28 billion (USD $257 million equivalent) drawn under this facility. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2019 | |
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, December 31, Debt issued by MUAH Senior debt: Fixed rate 3.50% notes due June 2022 $ 399 $ 398 Fixed rate 3.00% notes due February 2025 397 397 Senior debt due to MUFG Bank, Ltd: Floating rate debt due December 2021. This note, which bore 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 3.03% at December 31, 2019 and 3.67% at December 31, 2018 3,250 3,250 Floating rate debt due December 2022. This note, which bears interest at 0.97% above 3-month LIBOR, had a rate of 3.07% at December 31, 2019 125 — Floating rate debt due December 2023. This note, which bears interest at 0.99% above 3-month LIBOR, had a rate of 3.12% at December 31, 2019 and 3.76% at December 31, 2018 1,625 1,625 Floating rate debt due December 2023. This note, which bears interest at 0.94% above 3-month LIBOR, had a rate of 2.82% at December 31, 2019 1,765 — 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, 2019 and December 31, 2018 24 24 Junior subordinated debt payable to trusts: Floating rate note due September 2036. This note had an interest rate of 3.59% at December 31, 2019 and 4.49% at December 31, 2018 37 36 Total debt issued by MUAH 7,622 7,355 Debt issued by MUB Senior debt: Fixed rate 2.10% notes due December 2022. 698 — Floating rate debt due December 2022. These notes which bear interest at 0.71% above the Secured Overnight Financing Rate had a rate of 2.26% at December 31, 2019 300 — Floating rate debt due March 2022. This note, which bears interest at 0.60% above 3-month LIBOR, had a rate of 2.49% at December 31, 2019 300 — Variable rate FHLB of San Francisco advances due November 2020. These notes bear a combined weighted average rate of 1.90% at December 31, 2019 1,100 — Fixed rate 2.25% notes due May 2019 — 498 Fixed rate 3.15% notes due April 2022 998 — Fixed rate FHLB of San Francisco advances due between February 2020 and December 2023. These notes bear a combined weighted average rate of 2.95% at December 31, 2019 and 2.66% at December 31, 2018 5,500 9,100 Other 13 34 Total debt issued by MUB 8,909 9,632 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 1.94% at December 31, 2019 and 2.80% at December 31, 2018 250 250 Various fixed rate borrowings due between January 2020 and June 2023 with a weighted average interest rate of 2.22% (between1.68% and 2.44%) at December 31, 2019 and 1.82% (between 0.14% and 2.44%) at December 31, 2018 137 244 Subordinated debt due to Affiliate: Floating rate borrowings due March 2019. These notes, which bore interest above 6-month LIBOR had an interest rate of 4.13% at December 31, 2018 — 75 Non-recourse debt due to MUFG Bank, Ltd: Various floating rate non-recourse borrowings due December 2021. These notes, which bear interest above 1- or 3-month LIBOR had a weighted average interest rate of 2.17% at December 31, 2019 and 4.09% (between 2.75% and 4.17%) at December 31, 2018 3 53 Fixed rate non-recourse borrowings due between March 2020 and July 2023 which had an interest rate of 3.07% (between 1.96% and 3.72%) at December 31, 2019 and 3.05% at December 31, 2018 166 187 Other non-recourse debt: Various floating rate non-recourse borrowings due December 2023. These notes, which bear interest above 1- or 3-month LIBOR had a weighted average interest rate of 3.93% at December 31, 2019 and 4.21% (between 4.17% and 4.48%) at December 31, 2018 13 89 Fixed rate non-recourse borrowings due December 2026 which had an interest rate of 5.34% at December 31, 2019 and December 31, 2018 29 33 Total debt issued by other MUAH subsidiaries 598 931 Total long-term debt $ 17,129 $ 17,918 A summary of maturities for the Company's long-term debt at December 31, 2019 is presented below. (Dollars in millions) Debt issued by MUAH Debt issued by MUB Debt issued by other MUAH subsidiaries Total 2020 $ — $ 2,627 $ 212 $ 2,839 2021 — 1,925 179 2,104 2022 3,774 2,794 41 6,609 2023 3,414 1,550 137 5,101 Thereafter 434 13 29 476 Total long-term debt $ 7,622 $ 8,909 $ 598 $ 17,129 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, plus a make-whole premium . MUAH senior debt was issued under a shelf registration statement with the SEC, which expired as of January 29, 2018. In December 2019, MUB issued $300 million of floating rate senior bank notes and $700 million of 2.10% senior bank notes. In March 2019, MUB issued $300 million of floating rate senior bank notes and $1.0 billion of 3.15% senior bank notes. These notes were issued as part of MUB's $12 billion bank note program under which MUB may issue, from time to time, senior and subordinated unsecured debt obligations. At December 31, 2019 , there was $3.6 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. As the TLAC long-term debt is repaid and refinanced from time to time, it is expected that such debt will be replaced by new TLAC long-term debt of similar terms. 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. 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, 2019 , $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 $137 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, 2019 and December 31, 2018 , the Bank had $45.3 billion and $44.3 billion of pledged loans, respectively, as collateral for short-term and medium-term advances from the FHLB and the Federal Reserve Bank. 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, 2019 | |
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. 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, 2019 and 2018 , by major category and by valuation hierarchy level. December 31, 2019 December 31, 2018 (Dollars in millions) Level 1 Level 2 Level 3 Netting (1) Fair Value Level 1 Level 2 Level 3 Netting (1) Fair Value Assets Trading account assets: U.S. Treasury and government agencies $ — $ 2,393 $ — $ — $ 2,393 $ — $ 3,071 $ — $ — $ 3,071 Mortgage-backed: U.S. agencies — 5,376 — — 5,376 — 5,785 — — 5,785 Corporate debt — 1,212 — — 1,212 — 1,367 — — 1,367 Other debt — 306 — — 306 — 360 — — 360 Equity 127 — — — 127 127 — — — 127 Derivative contracts 16 1,195 8 (256 ) 963 19 806 13 (335 ) 503 Total trading account assets 143 10,482 8 (256 ) 10,377 146 11,389 13 (335 ) 11,213 Securities available for sale: U.S. Treasury and government agencies — 5,438 — — 5,438 — 3,429 — — 3,429 Mortgage-backed: U.S. agencies — 5,468 — — 5,468 — 8,007 — — 8,007 Residential - non-agency — 762 — — 762 — 864 — — 864 Commercial - non-agency — 3,471 18 — 3,489 — 1,180 — — 1,180 Collateralized loan obligations — 1,491 — — 1,491 — 1,474 — — 1,474 Direct bank purchase bonds — — 936 — 936 — — 1,190 — 1,190 Other — 28 177 — 205 — 29 141 — 170 Total securities available for sale — 16,658 1,131 — 17,789 — 14,983 1,331 — 16,314 Other assets: Mortgage servicing rights — — 270 — 270 — — 159 — 159 Loans held for sale — — 42 — 42 — — 117 — 117 Derivative contracts — 10 4 (8 ) 6 — 32 1 (19 ) 14 Equity securities 10 — — — 10 9 — — — 9 Total other assets 10 10 316 (8 ) 328 9 32 277 (19 ) 299 Total assets $ 153 $ 27,150 $ 1,455 $ (264 ) $ 28,494 $ 155 $ 26,404 $ 1,621 $ (354 ) $ 27,826 Percentage of total 1 % 95 % 5 % (1 )% 100 % — % 95 % 6 % (1 )% 100 % Percentage of total Company assets — % 16 % 1 % — % 17 % — % 16 % 1 % — % 17 % Liabilities Trading account liabilities: U.S. Treasury and government agencies $ — $ 2,299 $ — $ — $ 2,299 $ — $ 2,753 $ — $ — $ 2,753 Corporate debt — 646 — — 646 — 717 — — 717 Other debt — 4 — — 4 — 10 — — 10 Equity 105 — — — 105 70 — — — 70 Derivatives contracts 11 499 8 (306 ) 212 55 731 13 (322 ) 477 Total trading account liabilities 116 3,448 8 (306 ) 3,266 125 4,211 13 (322 ) 4,027 Other liabilities: FDIC clawback liability — — 121 — 121 — — 116 — 116 Derivatives contracts — 2 3 — 5 — 3 2 — 5 Total other liabilities — 2 124 — 126 — 3 118 — 121 Total liabilities $ 116 $ 3,450 $ 132 $ (306 ) $ 3,392 $ 125 $ 4,214 $ 131 $ (322 ) $ 4,148 Percentage of total 3 % 102 % 4 % (9 )% 100 % 3 % 102 % 3 % (8 )% 100 % Percentage of total Company liabilities — % 2 % — % — % 2 % — % 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. 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, 2019 and 2018 . Level 3 securities available for sale at December 31, 2019 and 2018 largely consist of direct bank purchase bonds. For the Year Ended December 31, 2019 December 31, 2018 (Dollars in millions) Trading Account Assets Securities Available for Sale Other Assets Trading Account Liabilities Other Liabilities Trading Account Assets Securities Available for Sale Other Assets Trading Account Liabilities Other Liabilities Asset (liability) balance, beginning of period $ 13 $ 1,331 $ 277 $ (13 ) $ (118 ) $ 139 $ 1,600 $ 65 $ (138 ) $ (119 ) Total gains (losses) - (realized/unrealized): Included in income before taxes 4 — (88 ) (4 ) (6 ) (10 ) — (8 ) 9 1 Included in other comprehensive income — 31 — — — — (9 ) — — — Purchases/additions — 57 396 — — — 126 220 — — Sales — — (269 ) — — — — — — — Settlements (9 ) (288 ) — 9 — (116 ) (386 ) — 116 — Asset (liability) balance, end of period $ 8 $ 1,131 $ 316 $ (8 ) $ (124 ) $ 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 $ 4 $ — $ (103 ) $ (4 ) $ (6 ) $ (10 ) $ — $ (8 ) $ 9 $ 1 The following table presents information about significant unobservable inputs related to the Company's significant Level 3 assets and liabilities at December 31, 2019 . December 31, 2019 (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 $ 936 Return on equity Market-required return on capital 8.0 - 10.0 % 9.4 % Probability of default 0.0 - 25.0 % 0.3 % Loss severity 10.0 - 45.0 % 20.0 % 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, 2019 and 2018 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, 2019 For the Year Ended December 31, 2019 (Dollars in millions) Fair Value Level 1 Level 2 Level 3 Gains (Losses) Loans held for investment $ 64 $ — $ — $ 64 $ (20 ) Goodwill (1) 1,764 — — 1,764 (1,614 ) Other assets 301 — — 301 (36 ) Total $ 2,129 $ — $ — $ 2,129 $ (1,670 ) (1) For further information, see Note 5 to these Consolidated Financial Statements. December 31, 2018 For the Year Ended December 31, 2018 (Dollars in millions) Fair Value Level 1 Level 2 Level 3 Gains (Losses) Loans held for investment $ 151 $ — $ — $ 151 $ (106 ) Other assets 139 — — 139 (45 ) Total $ 290 $ — $ — $ 290 $ (151 ) 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 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 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. The Company maintains an allowance for losses on unfunded credit commitments. 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, 2019 and 2018 . December 31, 2019 (Dollars in millions) Carrying Amount Fair Value Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 9,641 $ 9,641 $ 9,641 $ — $ — Securities borrowed or purchased under resale agreements 23,943 23,946 — 23,946 — Securities held to maturity 9,421 9,508 — 9,508 — Loans held for investment (1) 86,687 87,506 — — 87,506 Other assets 54 54 54 — — Liabilities Time deposits $ 15,651 $ 15,691 $ — $ 15,691 $ — Securities loaned or sold under repurchase agreements 28,866 28,866 — 28,866 — Commercial paper and other short-term borrowings 6,484 6,484 — 6,484 — Long-term debt 17,129 17,344 — 17,344 — Off-Balance Sheet Instruments Commitments to extend credit and standby and commercial letters of credit $ 87 $ 280 $ — $ — $ 280 (1) Excludes lease financing. The carrying amount is net of the allowance for loan losses. 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. |
Derivative Instruments and Othe
Derivative Instruments and Other Financial Instruments Used For Hedging | 12 Months Ended |
Dec. 31, 2019 | |
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 at December 31, 2019 and December 31, 2018 . 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, 2019 December 31, 2018 Fair Value Fair Value (Dollars in millions) Notional Amount Asset Derivatives Liability Derivatives Notional Amount Asset Derivatives Liability Derivatives Derivative instruments Cash flow hedges: Interest rate contracts $ 13,319 $ — $ — $ 674 $ 6 $ — Not designated as hedging instruments: Trading: Interest rate contracts 214,805 981 446 189,478 531 600 Commodity contracts 9 — — 336 25 18 Foreign exchange contracts 11,219 230 64 8,475 260 168 Equity contracts 72 8 8 300 22 13 Other contracts 72 — — 127 — — Total Trading 226,177 1,219 518 198,716 838 799 Other risk management 1,948 14 5 1,704 27 5 Total derivative instruments $ 241,444 $ 1,233 $ 523 $ 201,094 $ 871 $ 804 We recognized net gains of $2 million and net losses of $4 million and $17 million on other risk management derivatives for the years ended December 31, 2019 , 2018 and 2017 , 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 From time to time, the Company uses interest rate derivatives to hedge the risk of changes in cash flows attributable to changes in the designated interest rate on LIBOR indexed loans, and to a lesser extent, to hedge interest rate risk on rollover debt. The Company used interest rate derivatives with an aggregate notional amount of $13.3 billion at December 31, 2019 to hedge the risk of changes in cash flows attributable to changes in the designated interest rates from variable rate loans. The Company used interest rate derivatives with an aggregate notional amount of $69 million at December 31, 2019 to hedge the risk of changes in cash flows attributable to changes in the designated interest rate on LIBOR indexed short-term borrowings. At December 31, 2019 , the weighted average remaining life of the active cash flow hedges was 3.1 years. For cash flow hedges, changes in the fair value of 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. At December 31, 2019 , the Company expects to reclassify approximately $67 million of losses from AOCI as a reduction to net interest income during the twelve months ending December 31, 2020 . 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, 2019 . 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, 2019 , 2018 and 2017 : Gains (Losses) Recognized in OCI Gains (Losses) Reclassified from AOCI into Income Gains (Losses) Recognized in Income (Ineffective Portion) For the Year Ended December 31, For the Year Ended December 31, For the Year Ended December 31, (Dollars in millions) 2019 2018 2017 Location 2019 2018 2017 Location 2018 2017 Derivatives in cash flow hedging relationships Interest income $ (91 ) $ (34 ) $ 69 Interest rate contracts $ 51 $ (96 ) $ (35 ) Interest expense — — — Noninterest expense $ (1 ) $ 3 Total $ 51 $ (96 ) $ (35 ) $ (91 ) $ (34 ) $ 69 $ (1 ) $ 3 Fair Value Hedges The Company engaged in an interest rate hedging strategy in which one or more interest rate derivatives 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 interest rate, LIBOR. Prior to 2019, for fair value hedges, any ineffectiveness was recognized in noninterest expense in the period in which it arose. The change in the fair value of the hedged item and the hedging instrument, to the extent completely effective, offset 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 and 2017 . The Company did not have any fair value hedges during 2019. 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 ) Derivatives Not Designated as Hedging Instruments Trading Derivatives Derivative instruments classified as trading include derivatives entered into at MUAH's broker-dealer subsidiary, MUSA, and derivatives entered into as an accommodation for customers and for certain economic hedging activities at MUB. Trading derivatives are included in trading assets or trading liabilities with changes in fair value reflected in income from trading account activities. 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, 2019 , 2018 and 2017 : Gains (Losses) Recognized in Income on Trading Derivatives For the Years Ended (Dollars in millions) December 31, 2019 December 31, 2018 December 31, 2017 Trading derivatives Interest rate contracts $ (93 ) $ 95 $ (49 ) Equity contracts 6 36 12 Foreign exchange contracts 51 44 43 Commodity contracts — — 1 Total $ (36 ) $ 175 $ 7 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 "Securities Financing Arrangements" to these Consolidated Financial Statements. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 Cash flow hedge activities: Unrealized net gains (losses) on hedges arising during the period $ 51 $ (13 ) $ 38 Reclassification adjustment for net (gains) losses on hedges included in interest income for loans and interest expense on long-term debt 91 (24 ) 67 Net change 142 (37 ) 105 Securities: Unrealized holding gains (losses) arising during the period on securities available for sale 385 (101 ) 284 Reclassification adjustment for net (gains) losses on securities available for sale included in securities gains, net (39 ) 10 (29 ) Amortization of net unrealized (gains) losses on held to maturity securities 33 (8 ) 25 Net change 379 (99 ) 280 Foreign currency translation adjustment — — — Pension and other benefits: Amortization of prior service credit (1) (40 ) 11 (29 ) Recognized net actuarial (gain) loss (1) 74 (20 ) 54 Pension and other benefits arising during the year 70 (19 ) 51 Net change 104 (28 ) 76 Other 1 — 1 Net change in AOCI $ 626 $ (164 ) $ 462 (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, 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. The following table presents the change in accumulated other comprehensive loss balances. For the Year Ended December 31, 2018 and 2019 Net Unrealized Gains (Losses) on Cash Flow Hedges Net Unrealized Gains (Losses) on Securities Foreign Currency Translation Adjustment Pension and Other Postretirement Benefits Adjustment Other Accumulated Other Comprehensive Income (Loss) (Dollars in millions) Balance, December 31, 2016 $ (77 ) $ (208 ) $ (22 ) $ (589 ) $ — $ (896 ) Other comprehensive income (loss) 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 (loss) before reclassifications (71 ) (155 ) (2 ) (171 ) (1 ) (400 ) Amounts reclassified from AOCI 25 15 — 41 — 81 Transfer to additional paid-in capital (1) — — 21 — — 21 Balance, December 31, 2018 $ (220 ) $ (373 ) $ — $ (730 ) $ (1 ) $ (1,324 ) Other comprehensive income (loss) before reclassifications 38 284 — 51 1 374 Amounts reclassified from AOCI 67 (4 ) — 25 — 88 Balance, December 31, 2019 $ (115 ) $ (93 ) $ — $ (654 ) $ — $ (862 ) (1) Transfer of accumulated foreign currency translation to additional paid-in capital resulted from the transfer of the Company's investment in a Canadian entity to MUFG Bank, Ltd. during the first quarter of 2018. |
Management Stock Plans
Management Stock Plans | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [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, 2019 was 3 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 each vesting date for the underlying restricted stock units. The following table is a rollforward of the restricted stock units under the MUAH Plan for the year ended December 31, 2019 : Restricted Stock Units 2019 Number of Units Weighted-Average Grant Date Fair Value Units outstanding, beginning of year 28,443,070 $ 5.86 Activity during the year: Granted 25,591,407 4.67 Vested (15,013,517 ) 5.63 Forfeited (1,367,274 ) 5.41 Units outstanding, end of year 37,653,686 5.16 The weighted-average grant date fair value of restricted stock units granted during 2018 and 2017 was 5.89 and 6.53 , respectively. The total fair value of restricted stock units that vested during the years ended December 31, 2019 , 2018 , and 2017 was $70 million , $78 million , and $75 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) 2019 2018 2017 Compensation costs $ 89 $ 77 $ 66 Tax benefit 23 20 26 Unrecognized compensation costs 129 110 111 At December 31, 2019 , approximately $129 million (pretax) of compensation expense related to unvested grants had not yet been charged to net income. Unrecognized compensation costs as of December 31, 2019 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, 2019 | |
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 benefits attributed to services to date, but also benefits 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, 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). Such annual allocations 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, 2019 and 2018 . Pension Plan Other Benefits Plan Years Ended December 31, Years Ended December 31, (Dollars in millions) 2019 2018 2019 2018 Change in Plan Assets: Fair value of plan assets, beginning of year $ 3,529 $ 3,854 $ 255 $ 288 Actual return on plan assets 754 (196 ) 52 (18 ) Employer contributions — — — — Plan participants' contributions — — 4 4 Benefits paid (143 ) (129 ) (20 ) (19 ) Fair value of plan assets, end of year $ 4,140 $ 3,529 $ 291 $ 255 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, 2019 . 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 is subject to re-balancing 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, 2019 (Dollars in millions) Level 1 Level 2 Level 3 Total Pension Plan Investments: Cash and cash equivalents $ 9 $ 2 $ — $ 11 Collective investment funds — 1,089 — 1,089 U.S. government securities — 419 — 419 Fixed and variable income securities — 882 — 882 Equity securities 246 6 — 252 Mutual funds 746 — — 746 Municipal bonds — 38 — 38 Other (4 ) 17 — 13 Total investments in the fair value hierarchy $ 997 $ 2,453 $ — $ 3,450 Investments measured at net asset value (1) 680 Investments at fair value 4,130 Accrued dividends and interest receivable 10 Net pending trades — Total plan assets $ 4,140 (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 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, 2019 (Dollars in millions) Level 1 Level 2 Level 3 Total Other Postretirement Benefits Plan Investments: Cash and cash equivalents $ — $ — $ — $ — Collective investment funds — 103 — 103 U.S. government securities — 45 — 45 Fixed and variable income securities — 27 — 27 Equity securities — — — — Mutual funds 65 — — 65 Pooled separate account — 53 — 53 Total investments in the fair value hierarchy $ 65 $ 228 $ — $ 293 Investments measured at net asset value (1) — Investments at fair value 293 Net pending trades (2 ) Total plan assets $ 291 (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. The following tables as of December 31, 2019 and 2018 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, 2019 (Dollars in millions) Fair Value Unfunded Commitment Redemption Frequency Other Redemption Restrictions Redemption Notice Period Pension Plan Investments Real estate funds $ 480 $ 2 Quarterly Availability of fund's liquid assets and approval of the board of directors 45-90 days Real estate funds 5 — None Hold until dissolution date None International equity funds 195 — Monthly None 15 days Total $ 680 $ 2 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, 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 $ — 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. 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 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. 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. Mutual Funds Mutual funds invest in equity securities that may be benchmarked to the performance of market indexes including the MSCI EAFE® or MSCI All Country World ex US. These funds are valued using NAV at the end of the period and are classified as Level 1 based on unadjusted prices for identical instruments in active markets. Collective Investment Funds and 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, NT Russell 2000, MSCI EAFE® and Bloomberg Barclays U.S. Aggregate Bond indexes. Based on guidance contained in ASU No. 2018-09, Codification Improvements, these investments are reported within the fair value hierarchy as Level 2. Previously, they were reported in accordance with ASU No. 2015-07 and included in the tables showing Plan investments measured using NAV per share (or its equivalent) as a practical expedient. Collective investment funds and the pooled separate account managed divisions are redeemable at NAV, which is determined daily and is the readily determinable fair value. The price per share is quoted on a private market based on the value of the underlying investments. The amount of pension and other postretirement plan investments impacted by the change in reporting was $1.2 billion and $973 million as of December 31, 2019 and 2018, respectively. The following table sets forth the benefit obligation activity and the funded status for each of the Company's plans at December 31, 2019 and 2018 . In addition, the table sets forth the over (under) funded status at December 31, 2019 and 2018 . 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) 2019 2018 2019 2018 Accumulated benefit obligation $ 3,521 $ 3,038 Change in benefit obligation Benefit obligation, beginning of year $ 3,047 $ 3,242 $ 242 $ 265 Service cost 76 80 3 4 Interest cost 117 100 9 8 Plan participants' contributions — — 4 4 Actuarial loss/(gain) 439 (246 ) 14 (21 ) Effect of plan amendments — — — — Medicare Part D subsidy — — — 1 Benefits paid (143 ) (129 ) (21 ) (19 ) Benefit obligation, end of year 3,536 3,047 251 242 Fair value of plan assets, end of year 4,140 3,529 291 255 Over (Under) funded status $ 604 $ 482 $ 40 $ 13 The Pension Plan obligation experienced a net loss of $439 million and a net gain of $246 million during 2019 and 2018, respectively, primarily due to changes in the discount rate. The discount rate increased from 3.48% at December 31, 2017 to 4.12% at December 31, 2018 and decreased to 3.08% at December 31, 2019. The Other Benefits Plan obligation experienced a net loss of $14 million and a net gain of $21 million during 2019 and 2018, respectively, primarily due to changes in the discount rate. The discount rate increased from 3.37% at December 31, 2017 to 4.01% at December 31, 2018 and decreased to 2.93% at December 31, 2019. The following table illustrates the changes that were reflected in AOCI during 2019 , 2018 and 2017 . 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, 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 ) Arising during the year (59 ) — (22 ) — Recognized in net income during the year (61 ) 26 (9 ) 14 Balance, December 31, 2019 $ 916 $ (100 ) $ 33 $ — At December 31, 2019 and 2018 , the following amounts were recognized in accumulated other comprehensive loss for pension, including ESBP s, and other benefits. December 31, 2019 Pension Benefits Other Postretirement Benefits (Dollars in millions) Gross Tax Net of Tax Gross Tax Net of Tax Net actuarial loss $ 916 $ 241 $ 675 $ 33 $ 9 $ 24 Prior service credit (100 ) (26 ) (74 ) — — — Pension and other postretirement benefits 816 215 601 33 9 24 Executive Supplemental Benefits Plans Net actuarial loss 39 10 29 — — — Prior service credit — — — — — — Executive supplemental benefits plans adjustment 39 10 29 — — — Pension and other postretirement benefits, as adjusted $ 855 $ 225 $ 630 $ 33 $ 9 $ 24 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 Pension Benefits Our pre-tax net actuarial losses decreased $94 million in 2019 from 2018 . At December 31, 2019 , the net actuarial loss totaled $816 million , which is net of $100 million in prior service credits. In addition, $264 million , representing the excess 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 . $792 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 2020 net periodic pension cost will be $107 million of amortization related to net actuarial losses. We estimate that our total 2020 net periodic pension cost will be a credit of approximately $5 million , assuming no contributions in 2020 . The 2020 estimate for net periodic pension cost was actuarially determined using the individual spot rates of 3.16% for service cost and 2.72% 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 2020 periodic pension cost by $28 million and $19 million , respectively, while a 50 basis point increase in the rate of future compensation levels would increase the 2020 periodic pension cost by $2 million . A 50 basis point decrease in the discount rate or in the expected return on plan assets would increase the 2020 periodic pension cost by $31 million and $19 million , respectively, while a 50 basis point decrease in the rate of future compensation levels would decrease the 2020 periodic pension cost by $2 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, 2020 $ 149 $ 17 2021 156 17 2022 162 18 2023 169 18 2024 173 17 Years 2024 - 2028 939 72 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, 2019 2018 2019 2018 Discount rate in determining net periodic benefit cost For service cost 4.19 % 3.26 % 4.11 % 3.49 % For interest cost 3.90 3.16 3.79 3.02 Discount rate in determining benefit obligations at year end 3.08 4.12 2.93 4.01 Rate of increase in future compensation levels for determining net periodic benefit cost 5.10 4.70 n/a n/a Rate of increase in future compensation levels for determining benefit obligations at year end 5.10 5.10 n/a n/a Expected return on plan assets 7.00 7.50 7.00 7.50 Cash balance crediting rate for determining net periodic benefit cost 3.02 2.74 n/a n/a Cash balance crediting rate for determining benefit obligations at year end 2.39 3.02 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) 2019 2018 2017 2019 2018 2017 2019 2018 2017 Components of net periodic benefit cost: Service cost $ 76 $ 80 $ 71 $ 3 $ 4 $ 6 $ — $ — $ — Interest cost 117 100 100 9 8 8 3 3 3 Expected return on plan assets (257 ) (268 ) (254 ) (17 ) (21 ) (19 ) — — — Amortization of prior service credit (26 ) (26 ) (27 ) (14 ) (15 ) (21 ) — — — Recognized net actuarial loss 61 87 79 9 5 8 4 3 4 Curtailment gain — — — — — — — — — Total net periodic benefit cost $ (29 ) $ (27 ) $ (31 ) $ (10 ) $ (19 ) $ (18 ) $ 7 $ 6 $ 7 The Company's assumed weighted-average healthcare cost trend rates are as follows. Years Ended December 31, 2019 2018 2017 Healthcare cost trend rate assumed for next year 4.14 % 4.44 % 4.44 % Rate to which cost trend rate is assumed to decline (the ultimate trend rate) 3.77 % 3.94 % 3.94 % Year the rate reaches the ultimate trend rate 2027 2027 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 $94 million and $89 million at December 31, 2019 and 2018 , 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 $61 million , $59 million and $55 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. |
Other Noninterest Income and No
Other Noninterest Income and Noninterest Expense | 12 Months Ended |
Dec. 31, 2019 | |
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) 2019 2018 2017 Fund administration fees $ 94 $ 100 $ 46 Losses on renewable energy investments (85 ) (235 ) (58 ) Other 204 250 252 Total other noninterest income $ 213 $ 115 $ 240 The detail of other noninterest expense is as follows. Years Ended December 31, (Dollars in millions) 2019 2018 2017 Fees to affiliates $ 94 $ 115 $ 105 Net periodic pension cost, excluding service cost (112 ) (124 ) (119 ) Other 440 418 403 Total other noninterest expense $ 422 $ 409 $ 389 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The following table is an analysis of the effective tax rate: Years Ended (Dollars in millions) 2019 2018 2017 Federal income tax rate 21 % 21 % 35 % Net tax effects of: State income taxes, net of federal income tax benefit (13 ) 7 5 Goodwill impairment (45 ) — — Tax-exempt interest income 2 (1 ) (1 ) Losses from LIHC investments 4 (2 ) (3 ) Amortization of LIHC investments (20 ) 12 14 Tax credits 40 (25 ) (21 ) FDIC insurance premiums (2 ) 1 — Valuation allowance release 1 — — Effects of US tax law change — (2 ) (8 ) State tax refunds — (5 ) — Other — (1 ) 1 Effective tax rate (12 )% 5 % 22 % 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) 2019 2018 2017 Current income tax expense: Federal $ 191 $ 195 $ 257 State 154 89 21 Foreign 1 10 (4 ) Total current expense 346 294 274 Deferred income tax expense (benefit): Federal (202 ) (173 ) (49 ) State (61 ) (64 ) 52 Foreign (1 ) (5 ) 22 Total deferred expense (264 ) (242 ) 25 Total income tax expense $ 82 $ 52 $ 299 The components of the Company's net deferred tax balances as of December 31, 2019 and 2018 were as follows: December 31, (Dollars in millions) 2019 2018 Deferred tax assets: Tax credits and net operating loss carryforwards $ 499 $ 448 Allowance for credit losses 312 251 Accrued expense, net 143 159 Unrealized losses on pension and postretirement benefits 233 260 Unrealized net losses on securities available for sale 32 132 Fair value adjustments for valuation of FDIC covered assets 40 53 Unrealized gains/losses on cash flow hedges 41 78 Other 30 — Total deferred tax assets 1,330 1,381 Deferred tax liabilities: Leasing and renewable energy 515 619 Intangible assets 17 59 Pension liabilities 373 365 Other — 10 Total deferred tax liabilities 905 1,053 Net deferred tax asset (liability) $ 425 $ 328 At December 31, 2019 , the U.S. federal tax credit carryforwards were $458 million , and if not utilized, began to expire in 2035. The Company has $77 million of federal net operating loss carryforwards of which $60 million are subject to separate return loss limitation rules and if not utilized begin to expire in tax year 2032. The Company also has $17 million of acquired net operating losses subject to IRC Section 382 limitation rules for which $13 million were generated post-tax reform and can be carried forward indefinitely and $4 million if not utilized begin to expire in 2036. The company has $50 million of apportioned gross state net operating loss carryforwards ( $4 million tax effected net of federal benefit), and if not utilized begin to expire in 2030. The state tax credits carryforward net of federal benefit was $33 million and can be carried forward indefinitely. The Company's AMT Credit carryforward was $13 million which can be carried forward indefinitely and is also subject to rules under separate return limitation years. Additionally, as a result of the 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. Deferred tax assets are evaluated for realization based on the existence of sufficient taxable income of the appropriate character. The Company released $5 million of valuation allowance to recognize the deferred tax assets related to the acquisition of First State Investments (US) LLC. Management determined it was more likely than not that such acquired deferred tax assets would be realized. 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) 2019 2018 2017 Balance, beginning of year $ 127 $ 56 $ 11 Gross increases as a result of tax positions taken during prior periods 1 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 Gross decrease as a result of closed audit years or settlements (2 ) (1 ) (2 ) Balance, end of year $ 126 $ 127 $ 56 The amount of unrecognized tax positions that would affect the effective tax rate, if recognized, was $99 million , $98 million and $33 million at December 31, 2019 , 2018 and 2017 , respectively. The Company recognizes interest and penalties as a component of income tax expense. As of December 31, 2019 , we accrued $3 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 $22 million with 2018 and 2019 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, 2019 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [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, 2019 , 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, 2019 and 2018 , 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, 2019: Common equity tier 1 capital (to risk-weighted assets) $ 15,086 14.10 % ≥ $ 7,492 7.000 % Tier 1 capital (to risk-weighted assets) 15,086 14.10 ≥ 9,097 8.500 Total capital (to risk-weighted assets) 15,769 14.73 ≥ 11,237 10.500 Tier 1 leverage (2) 15,086 8.88 ≥ 6,792 4.000 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 (1) Beginning January 1, 2019, the minimum capital requirement includes a capital conservation buffer of 2.5%. (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, 2019 (U.S. Basel III): Common equity tier 1 capital (to risk-weighted assets) $ 14,115 14.47 % ≥ $ 6,829 7.000 % ≥ $ 6,342 6.5 % Tier 1 capital (to risk-weighted assets) 14,115 14.47 ≥ 8,293 8.500 ≥ 7,805 8.0 Total capital (to risk-weighted assets) 14,746 15.11 ≥ 10,244 10.500 ≥ 9,756 10.0 Tier 1 leverage (2) 14,115 10.65 ≥ 5,304 4.000 ≥ 6,629 5.0 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 (1) Beginning January 1, 2019, the minimum capital requirement includes a capital conservation buffer of 2.5%. (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, 2019 | |
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 $116 million and $348 million at December 31, 2019 and 2018 , 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, 2019 , $56 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, 2019 , MUSA had $35 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, 2019 | |
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, 2019 Commitments to extend credit $ 38,442 Issued standby and commercial letters of credit 4,191 Commitments to enter into forward-starting resale agreements 1,150 Other commitments 556 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 remaining terms of 1 year or less. At December 31, 2019 , 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, 2019 , the current exposure to loss under these contracts totaled $26 million , and the maximum potential exposure to loss in the future was estimated at $43 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, 2019 | |
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 services 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, 2019 and December 31, 2018 , assets and liabilities with affiliates consisted of the following: (Dollars in millions) December 31, 2019 December 31, 2018 Assets: Cash and cash equivalents $ 282 $ 80 Securities borrowed or purchased under resale agreements 2,415 1,913 Other assets 109 146 Liabilities: Deposits $ 894 $ 451 Securities loaned or sold under repurchase agreements 318 148 Commercial paper and other short-term borrowings 326 1,081 Long-term debt 7,345 7,333 Other liabilities 98 69 Revenues and expenses with affiliates for the years ended 2019 , 2018 , and 2017 were as follows: Years Ended December 31, (Dollars in millions) 2019 2018 2017 Interest Income Securities borrowed or purchased under resale agreements $ 66 $ 66 $ 41 Other 2 2 1 Interest Expense Deposits 13 3 5 Commercial paper and other short-term borrowings 3 2 15 Long-term debt 237 171 114 Securities loaned or sold under repurchase agreements 25 18 6 Noninterest Income Trading account activities 34 — — Fees from affiliates 1,439 1,213 866 Other, net (6 ) 1 13 Noninterest Expense Other 96 115 112 During 2019, the Company sold loans to affiliates for gross proceeds of $280 million , resulting in gains on sale of $0.7 million . During 2019, the Company purchased loans from affiliates for $9 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, 2019 , the Company had $1.5 billion in uncommitted, unsecured borrowing facilities with affiliates. At December 31, 2019 and December 31, 2018 , the Company had derivative contracts with affiliates totaling $4 billion and $4 billion , respectively, in notional balances, with $68 million and $96 million in net unrealized gains at December 31, 2019 and December 31, 2018 , 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, 2019 and December 31, 2018 . |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Business Segments | Business Segments The Company has four reportable segments: Regional Bank, Global Corporate & Investment Banking - U.S. (previously 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. 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, 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. 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 342 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 $ 2 billion . By working with the Company's other segments, Commercial Banking clients also have access to global treasury management and capital markets solutions and foreign exchange, interest rate, and commodity risk management products. 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 also offers its clients global treasury management and capital markets solutions and foreign exchange, interest rate, and commodity risk management products. Wealth Markets serves corporate, institutional, non-profit and individual clients. Capabilities include Wealth Planning and 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 is a national online direct bank deposit platform offering consumer savings accounts and CD products with services provided through the online platform and a call center. Global Corporate & Investment Banking - U.S. Global Corporate & Investment Banking - U.S. 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). Global Corporate & Investment Banking - U.S. provides customers general corporate credit and structured credit services, including project finance, leasing and equipment finance, funds finance and asset-based finance. By working with the Company's other segments, Global Corporate & Investment Banking - U.S. 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, domestic and foreign debt and equity securities transactions, private placements, collateralized financings, and securities borrowing and lending 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 information 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 goodwill impairment recorded in the third quarter of 2019 (see Note 5 to these Consolidated Financial Statements); 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. As of and for the Twelve Months Ended December 31, 2019: (Dollars in millions) Regional Bank Global Corporate & Investment Banking - U.S. Transaction Banking MUSA Other (1) MUFG Americas Holdings Corporation Results of operations Net interest income (expense) $ 2,294 $ 424 $ 259 $ 167 $ (51 ) $ 3,093 Noninterest income 520 353 56 384 1,392 2,705 Total revenue 2,814 777 315 551 1,341 5,798 Noninterest expense 2,130 458 244 476 2,907 6,215 (Reversal of) provision for credit losses 209 51 (2 ) — (6 ) 252 Income (loss) before income taxes and including noncontrolling interests 475 268 73 75 (1,560 ) (669 ) Income tax expense (benefit) (2) 93 12 25 18 (66 ) 82 Net income (loss) including noncontrolling interest 382 256 48 57 (1,494 ) (751 ) Deduct: net loss from noncontrolling interests — — — — 17 17 Net income (loss) attributable to MUAH $ 382 $ 256 $ 48 $ 57 $ (1,477 ) $ (734 ) Total assets, end of period $ 74,980 $ 20,822 $ 1,015 $ 34,445 $ 39,548 $ 170,810 (1) Other includes goodwill impairment. See Note 5 to these Consolidated Financial Statements. (2) Income tax expense (benefit) includes certain management accounting classification adjustments. As of and for the Twelve Months Ended December 31, 2018: (Dollars in millions) Regional Bank Global Corporate & Investment Banking - U.S. Transaction Banking MUSA Other MUFG Americas Holdings 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 Global Corporate & Investment Banking - U.S. 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. |
Condensed MUFG Americas Holding
Condensed MUFG Americas Holdings Corporation Unconsolidated Financial Statements (Parent Company) | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information 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) 2019 2018 Assets Cash and cash equivalents $ 840 $ 739 Investments in and advances to subsidiaries Bank subsidiary 18,103 18,493 Nonbank subsidiaries 4,770 4,618 Other assets 407 76 Total assets $ 24,120 $ 23,926 Liabilities and Stockholders' Equity Long-term debt $ 7,622 $ 7,355 Other liabilities 218 63 Total liabilities 7,840 7,418 Stockholders' equity 16,280 16,508 Total liabilities and stockholders' equity $ 24,120 $ 23,926 Condensed Statements of Income Years Ended December 31, (Dollars in millions) 2019 2018 2017 Income: Dividends from subsidiaries: Bank subsidiary $ — $ 1,700 $ 320 Nonbank subsidiaries 616 95 51 Interest income on advances to subsidiaries and deposits in bank 161 137 79 Rental Income 15 15 15 Total income 792 1,947 465 Expense: Interest expense 251 194 144 Other expense 29 17 14 Total expense 280 211 158 Income (loss) before income taxes and equity in undistributed net income of subsidiaries 512 1,736 307 Income tax benefit (24 ) (13 ) (20 ) Income (loss) before equity in undistributed net income of subsidiaries 536 1,749 327 Equity in undistributed net income of subsidiaries less dividends received: Bank subsidiary (746 ) (697 ) 366 Nonbank subsidiaries (524 ) 21 384 Net Income $ (734 ) $ 1,073 $ 1,077 Condensed Statements of Cash Flows Years Ended December 31, (Dollars in millions) 2019 2018 2017 Cash Flows from Operating Activities: Net income $ (734 ) $ 1,073 $ 1,077 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Equity in undistributed net income of subsidiaries less dividends received 1,270 676 (750 ) Other, net (743 ) (9 ) 2 Net cash provided by (used in) operating activities (207 ) 1,740 329 Cash Flows from Investing Activities: Investments in and advances to subsidiaries (1,585 ) (2,612 ) (5,050 ) Repayment of investments in and advances to subsidiaries 1,634 2,411 1,495 Net cash used in investing activities 49 (201 ) (3,555 ) Cash Flows from Financing Activities: Proceeds from advances from subsidiaries — — 200 Repayment of advances from subsidiaries — — (200 ) Proceeds from issuance of long-term debt 1,890 6,500 3,525 Repayment of long-term debt (1,631 ) (6,145 ) — Dividends paid — — (500 ) Share repurchase — (2,496 ) — Net cash provided by (used in) financing activities 259 (2,141 ) 3,025 Net increase (decrease) in cash and cash equivalents 101 (602 ) (201 ) Cash and cash equivalents at beginning of year 739 1,341 1,542 Cash and cash equivalents at end of year $ 840 $ 739 $ 1,341 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies and Nature of Operations (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
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 "Loans and Allowance for Loan Losses"), goodwill impairment ( Note 5 "Goodwill and Other Intangible Assets"), income taxes ( Note 17 "Income Taxes"), and transfer pricing ( Note 21 "Related Party Transactions"). |
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. |
Other-than-Temporary Impairment | 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. 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. |
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. |
Loans Held for Investment, Purchased Credit-Impaired Loans, Other Acquired Loans and Loans Held for Sale | Loans Held for Investment, 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. The Company has elected to account for its residential mortgage servicing rights using the fair value measurement method. Under the fair value measurement method, residential mortgage servicing rights are measured at estimated fair value each period with changes in fair value included in other, net within noninterest income. 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 impairment test by comparing the fair value of the reporting unit to its carrying amount, including goodwill. A goodwill impairment loss is 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. 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 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. |
Revenues from Contracts with Customers | 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 | 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. Transfer pricing revenue is included in fees from affiliates revenue. |
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 The Company grants restricted stock units settled in ADR s representing shares of common stock of the Company's ultimate parent company, MUFG, to employees. The Company recognizes compensation expense on restricted stock units granted on a straight-line basis over the vesting period for non-retirement eligible employees based on the grant date fair value of MUFG ADR s. Restricted stock units granted to employees who are retirement eligible or will become retirement eligible during the vesting period are expensed as of the grant date or on a straight-line basis over the period from the grant date to the date the employee becomes retirement eligible. Forfeitures are recognized as incurred in earnings. |
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 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 by incorporating forward-looking information, such as reasonable and supportable forecasts, in the entity's assessment of the collectability of financial assets. 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 Company adopted the ASU on January 1, 2020, and recorded an increase to the allowance for credit losses of $199 million , primarily due to an increase in the allowance for consumer loans, offset by a $52 million deferred tax asset, and a $147 million cumulative-effect adjustment reduction to retained earnings. 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 Accounting for Leases In February 2016, the FASB issued ASU 2016-02, Leases , which requires 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) remains largely unchanged; however, leveraged lease accounting is no longer permitted for leases that commence after the effective date. The ASU also requires 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 did not 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 did 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 did not significantly impact the Company's financial position or results of operations. As permitted by this guidance, upon adoption the Company transferred securities held to maturity with a carrying amount of $170 million to securities available for sale. 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. Effective July 1, 2019, the Company adopted this guidance in connection with an interim quantitative impairment test of goodwill allocated to three of its reporting units. For additional information related to goodwill, see Note 5 "Goodwill and other Intangible Assets" to these Consolidated Financial Statements. |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Amortized Cost, Gross Unrealized Gains, Gross Unrealized Losses, and Fair Values of Securities | he amortized cost, gross unrealized gains, gross unrealized losses and fair values of securities available for sale for December 31, 2019 and 2018 are presented below. December 31, 2019 December 31, 2018 (Dollars in millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Amortized Gross Gross Fair U.S. Treasury and government agencies $ 5,485 $ 6 $ 53 $ 5,438 $ 3,572 $ 1 $ 144 $ 3,429 Mortgage-backed: U.S. agencies 5,491 13 36 5,468 8,168 7 168 8,007 Residential - non-agency 759 5 2 762 887 — 23 864 Commercial - non-agency 3,461 56 28 3,489 1,198 3 21 1,180 Collateralized loan obligations 1,499 — 8 1,491 1,492 — 18 1,474 Direct bank purchase bonds 911 43 18 936 1,190 30 30 1,190 Other 202 3 — 205 173 — 3 170 Total securities available for sale $ 17,808 $ 126 $ 145 $ 17,789 $ 16,680 $ 41 $ 407 $ 16,314 |
Securities in Unrealized Loss Position | The Company's securities available for sale with a continuous unrealized loss position at December 31, 2019 and 2018 are shown below, identified for periods less than 12 months and 12 months or more. December 31, 2019 Less Than 12 Months 12 Months or More Total (Dollars in millions) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Treasury and government agencies $ 4,407 $ 48 $ 543 $ 5 $ 4,950 $ 53 Mortgage-backed: U.S. agencies 914 4 2,769 32 3,683 36 Residential - non-agency 127 — 155 2 282 2 Commercial - non-agency 1,669 28 12 — 1,681 28 Collateralized loan obligations 597 2 790 6 1,387 8 Direct bank purchase bonds 118 1 294 17 412 18 Other 25 — — — 25 — Total securities available for sale $ 7,857 $ 83 $ 4,563 $ 62 $ 12,420 $ 145 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 U.S. Treasury and government agencies $ 147 $ 1 $ 3,182 $ 143 $ 3,329 $ 144 Mortgage-backed: U.S. agencies 1,941 8 4,797 160 6,738 168 Residential - non-agency 398 7 383 16 781 23 Commercial - non-agency 380 6 515 15 895 21 Collateralized loan obligations 1,428 18 — — 1,428 18 Direct bank purchase bonds 221 6 417 24 638 30 Other 162 3 1 — 163 3 Total securities available for sale $ 4,677 $ 49 $ 9,295 $ 358 $ 13,972 $ 407 The Company's securities held to maturity with a continuous unrealized loss position at December 31, 2019 and 2018 are shown below, separately for periods less than 12 months and 12 months or more. December 31, 2019 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 and government agencies $ 509 $ — $ 6 $ — $ — $ — $ 509 $ — $ 6 Mortgage-backed: U.S. agencies 1,084 — 9 4,515 104 21 5,599 104 30 Total securities held to maturity $ 1,593 $ — $ 15 $ 4,515 $ 104 $ 21 $ 6,108 $ 104 $ 36 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 and government agencies $ — $ — $ — $ 496 $ — $ 2 $ 496 $ — $ 2 Mortgage-backed: U.S. agencies 697 — 11 8,587 138 198 9,284 138 209 Total securities held to maturity $ 697 $ — $ 11 $ 9,083 $ 138 $ 200 $ 9,780 $ 138 $ 211 |
Debt Securities by Contractual Maturity | 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, 2019 Within One Year Over One Year Through Five Years Over Five Years Through Ten Years Over Ten Years Total (Dollars in millions) Carrying Amount Fair Value Carrying Amount Fair Value Carrying Amount Fair Value Carrying Amount Fair Value Carrying Amount Fair Value U.S. Treasury and government agencies $ 9 $ 9 $ — $ — $ 1,350 $ 1,344 $ — $ — $ 1,359 $ 1,353 Mortgage-backed: U.S. agencies — — 704 724 885 890 6,473 6,541 8,062 8,155 Total securities held to maturity $ 9 $ 9 $ 704 $ 724 $ 2,235 $ 2,234 $ 6,473 $ 6,541 $ 9,421 $ 9,508 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, 2019 (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 U.S. Treasury and government agencies $ — $ 1,237 $ 4,167 $ 34 $ 5,438 Mortgage-backed: U.S. agencies — 167 1,021 4,280 5,468 Residential - non-agency — — — 762 762 Commercial - non-agency 32 — 1,356 2,101 3,489 Collateralized loan obligations — — 430 1,061 1,491 Direct bank purchase bonds 67 303 466 100 936 Other — 205 — — 205 Total securities available for sale $ 99 $ 1,912 $ 7,440 $ 8,338 $ 17,789 |
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, 2019 , 2018 and 2017 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) 2019 2018 2017 Gross realized gains $ 39 $ 8 $ 17 Gross realized losses — — — |
Schedule of Held to Maturity Securities Recognized and Not Recognized in Other Comprehensive Income (OCI) and Fair Values | At December 31, 2019 and 2018 , 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, 2019 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 and government agencies $ 1,359 $ — $ — $ 1,359 $ — $ 6 $ 1,353 Mortgage-backed: U.S. agencies 8,166 — 104 8,062 123 30 8,155 Total securities held to maturity $ 9,525 $ — $ 104 $ 9,421 $ 123 $ 36 $ 9,508 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 and government agencies $ 1,250 $ — $ — $ 1,250 $ 2 $ 2 $ 1,250 Mortgage-backed: U.S. agencies 9,788 1 138 9,651 28 209 9,470 Total securities held to maturity $ 11,038 $ 1 $ 138 $ 10,901 $ 30 $ 211 $ 10,720 At December 31, 2019 and 2018 , 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, 2019 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 and government agencies $ 1,359 $ — $ — $ 1,359 $ — $ 6 $ 1,353 Mortgage-backed: U.S. agencies 8,166 — 104 8,062 123 30 8,155 Total securities held to maturity $ 9,525 $ — $ 104 $ 9,421 $ 123 $ 36 $ 9,508 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 and government agencies $ 1,250 $ — $ — $ 1,250 $ 2 $ 2 $ 1,250 Mortgage-backed: U.S. agencies 9,788 1 138 9,651 28 209 9,470 Total securities held to maturity $ 11,038 $ 1 $ 138 $ 10,901 $ 30 $ 211 $ 10,720 |
Loans and Allowance for Loan _2
Loans and Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Summary of Loans | The following table provides the outstanding balances of loans held for investment at December 31, 2019 and 2018 . (Dollars in millions) December 31, December 31, Loans held for investment: Commercial and industrial $ 26,338 $ 24,919 Commercial mortgage 16,895 15,354 Construction 1,511 1,613 Lease financing 1,001 1,249 Total commercial portfolio 45,745 43,135 Residential mortgage and home equity (1) 38,018 40,677 Other consumer (2) 4,450 2,695 Total consumer portfolio 42,468 43,372 Total loans held for investment (3) 88,213 86,507 Allowance for loan losses (538 ) (474 ) Loans held for investment, net $ 87,675 $ 86,033 (1) Includes home equity loans of $ 2,049 million and $ 2,238 million at December 31, 2019 and December 31, 2018 , respectively. (2) Other consumer loans substantially include unsecured consumer loans and consumer credit cards. (3) Includes $320 million and $340 million |
Reconciliation of Changes in Allowance for Loan Losses by Portfolio Segment | For the Year Ended December 31, 2019 (Dollars in millions) Commercial Consumer Unallocated Total Allowance for loan losses, beginning of period $ 359 $ 110 $ 5 $ 474 (Reversal of) provision for loan losses 124 164 (5 ) 283 Loans charged-off (158 ) (98 ) — (256 ) Recoveries of loans previously charged-off 29 8 — 37 Allowance for loan losses, end of period $ 354 $ 184 $ — $ 538 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 |
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, 2019 and 2018 . December 31, 2019 (Dollars in millions) Commercial Consumer Unallocated Total Allowance for loan losses: Individually evaluated for impairment $ 43 $ 12 $ — $ 55 Collectively evaluated for impairment 311 172 — 483 Total allowance for loan losses $ 354 $ 184 $ — $ 538 Loans held for investment: Individually evaluated for impairment $ 436 $ 246 $ — $ 682 Collectively evaluated for impairment 45,309 42,222 — 87,531 Total loans held for investment $ 45,745 $ 42,468 $ — $ 88,213 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 |
Summary of Nonaccrual Loans | The following table presents nonaccrual loans as of December 31, 2019 and 2018 . (Dollars in millions) December 31, December 31, Commercial and industrial $ 175 $ 269 Commercial mortgage 15 12 Total commercial portfolio 190 281 Residential mortgage and home equity 137 139 Other consumer 1 1 Total consumer portfolio 138 140 Total nonaccrual loans $ 328 $ 421 Troubled debt restructured loans that continue to accrue interest $ 392 $ 299 Troubled debt restructured nonaccrual loans (included in total nonaccrual loans above) $ 171 $ 136 |
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, 2019 and 2018 . December 31, 2019 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 $ 27,241 $ 37 $ 61 $ 98 $ 27,339 Commercial mortgage 16,858 34 3 37 16,895 Construction 1,511 — — — 1,511 Total commercial portfolio 45,610 71 64 135 45,745 Residential mortgage and home equity 37,788 179 51 230 38,018 Other consumer 4,400 33 17 50 4,450 Total consumer portfolio 42,188 212 68 280 42,468 Total loans held for investment $ 87,798 $ 283 $ 132 $ 415 $ 88,213 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 and home equity 40,440 188 49 237 40,677 Other consumer 2,671 15 9 24 2,695 Total consumer portfolio 43,111 203 58 261 43,372 Total loans held for investment $ 86,151 $ 258 $ 98 $ 356 $ 86,507 |
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, 2019 Criticized (Dollars in millions) Pass Special Mention Classified Total Commercial and industrial $ 26,210 $ 636 $ 493 $ 27,339 Commercial mortgage 16,569 114 212 16,895 Construction 1,399 50 62 1,511 Total commercial portfolio $ 44,178 $ 800 $ 767 $ 45,745 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 |
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 $3 million and $6 million of loans covered by FDIC loss share agreements, at December 31, 2019 and 2018 , respectively. December 31, 2019 (Dollars in millions) Accrual Nonaccrual Total Residential mortgage and home equity $ 37,878 $ 137 $ 38,015 Other consumer 4,449 1 4,450 Total consumer portfolio $ 42,327 $ 138 $ 42,465 December 31, 2018 (Dollars in millions) Accrual Nonaccrual Total Residential mortgage and home equity $ 40,532 $ 139 $ 40,671 Other consumer 2,694 1 2,695 Total consumer portfolio $ 43,226 $ 140 $ 43,366 |
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, 2019 and 2018 . 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, 2019 FICO scores (Dollars in millions) 720 and Above Below 720 No FICO Available (1) Total Residential mortgage and home equity $ 31,441 $ 5,742 $ 454 $ 37,637 Other consumer 2,567 1,841 3 4,411 Total consumer portfolio $ 34,008 $ 7,583 $ 457 $ 42,048 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 FICO scores (Dollars in millions) 720 and Above Below 720 No FICO Available (1) Total Residential mortgage and home equity $ 33,313 $ 6,470 $ 484 $ 40,267 Other consumer 1,625 1,000 2 2,627 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, 2019 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 and home equity $ 35,893 $ 1,689 $ 12 $ 43 $ 37,637 Total consumer portfolio $ 35,893 $ 1,689 $ 12 $ 43 $ 37,637 Percentage of total 95 % 5 % — % — % 100 % (1) Represents loans for which management was not able to obtain refreshed property values. 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 and home equity $ 38,570 $ 1,582 $ 16 $ 99 $ 40,267 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. |
Summary of Troubled Debt Restructurings | The following table provides a summary of the Company's recorded investment in TDRs as of December 31, 2019 and 2018 . The summary includes those TDRs that are on nonaccrual status and those that continue to accrue interest. The Company had $61 million and $49 million in commitments to lend additional funds to borrowers with loan modifications classified as TDRs as of December 31, 2019 and 2018 , respectively. (Dollars in millions) December 31, December 31, Commercial and industrial $ 140 $ 109 Commercial mortgage 168 46 Construction 62 63 Total commercial portfolio 370 218 Residential mortgage and home equity 192 216 Other consumer 1 1 Total consumer portfolio 193 217 Total restructured loans $ 563 $ 435 |
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, 2019 and 2018 . For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 (Dollars in millions) Pre-Modification (1) Post-Modification (2) Pre-Modification (1) Post-Modification (2) Commercial and industrial $ 170 $ 172 $ 165 $ 165 Commercial mortgage 129 125 4 4 Total commercial portfolio 299 297 169 169 Residential mortgage and home equity 11 11 11 11 Other consumer — — — — Total consumer portfolio 11 11 11 11 Total $ 310 $ 308 $ 180 $ 180 |
Recorded Investment Amounts of Troubled Debt Restructurings | The following table provides the recorded investment amounts of TDRs at the date of default, for which there was a payment default during the years ended December 31, 2019 and 2018 , 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. (Dollars in millions) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 Commercial and industrial $ 40 $ — Commercial mortgage 1 — Total commercial portfolio 41 — Residential mortgage and home equity $ 1 $ 3 Other consumer — — Total consumer portfolio 1 3 Total $ 42 $ 3 |
Information about Impaired Loans by Class | The following tables show information about impaired loans by class as of December 31, 2019 and 2018 . December 31, 2019 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 $ 186 $ 13 $ 199 $ 43 $ 227 $ 99 Commercial mortgage 7 168 175 — 7 168 Construction — 62 62 — — 62 Total commercial portfolio 193 243 436 43 234 329 Residential mortgage and home equity 178 66 244 12 187 86 Other consumer 2 — 2 — 2 — Total consumer portfolio 180 66 246 12 189 86 Total $ 373 $ 309 $ 682 $ 55 $ 423 $ 415 December 31, 2018 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 $ 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 and home equity 196 83 279 13 205 106 Other consumer 1 — 1 — 1 — Total consumer portfolio 197 83 280 13 206 106 Total $ 521 $ 209 $ 730 $ 75 $ 603 $ 249 |
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 2019 , 2018 and 2017 for the commercial and consumer loans portfolio segments. For the Years Ended December 31, 2019 2018 2017 (Dollars in millions) Average Recorded Investment Recognized Interest Income Average Recorded Investment Recognized Interest Income Average Recorded Investment Recognized Interest Income Commercial and industrial $ 399 $ 11 $ 309 $ 12 $ 463 $ 18 Commercial mortgage 119 16 60 27 58 41 Construction 62 10 95 8 45 5 Total commercial portfolio 580 37 464 47 566 64 Residential mortgage and home equity 262 16 298 17 355 20 Other consumer 2 — 1 — 1 — Total consumer portfolio 264 16 299 17 356 20 Total $ 844 $ 53 $ 763 $ 64 $ 922 $ 84 Loans Held for Sale The following table presents loan transfers from held for investment to held for sale and proceeds from sales of loans during 2019 , 2018 and 2017 for the commercial and consumer loans portfolio segments. Years Ended December 31, 2019 2018 2017 (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 $ 723 $ 952 $ 47 $ 638 $ 780 $ 926 Consumer portfolio (5 ) — (3 ) — (4 ) — Total $ 718 $ 952 $ 44 $ 638 $ 776 $ 926 |
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, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Carrying Amount of Goodwill | The changes in the carrying amount of goodwill during 2019 are shown in the table below. There were no changes in the carrying amount of goodwill during 2018. (Dollars in millions) Regional Bank Global Corporate & Investment Banking - U.S. Transaction Banking MUFG Fund Services Total Goodwill, December 31, 2018 $ 2,134 $ 840 $ 251 $ 76 $ 3,301 Goodwill acquired during the year 59 18 — — 77 Impairment losses (1,423 ) (191 ) — — (1,614 ) Goodwill, December 31, 2019 $ 770 $ 667 $ 251 $ 76 $ 1,764 Goodwill 2,193 858 251 76 3,378 Accumulated impairment losses (1,423 ) (191 ) — — (1,614 ) Balance at December 31, 2019 $ 770 $ 667 $ 251 $ 76 $ 1,764 |
Identifiable Intangible Assets and Accumulated Amortization | The table below reflects the Company's identifiable intangible assets and accumulated amortization at December 31, 2019 and 2018 . December 31, 2019 December 31, 2018 (Dollars in millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Core deposit intangibles $ 565 $ (543 ) $ 22 $ 565 $ (537 ) $ 28 Trade names 115 (35 ) 80 111 (32 ) 79 Customer relationships 238 (79 ) 159 238 (63 ) 175 Other (1) 13 (13 ) — 18 (15 ) 3 Total intangible assets with a definite useful life $ 931 $ (670 ) $ 261 $ 932 $ (647 ) $ 285 |
Estimated Future Amortization Expense | Estimated future amortization expense at December 31, 2019 is as follows: (Dollars in millions) Core Deposit Intangibles Trade Name Customer Relationships Total Identifiable Intangible Assets Years ending December 31, : 2020 $ 5 $ 4 $ 16 $ 25 2021 4 3 15 22 2022 4 3 15 22 2023 2 3 14 19 2024 2 3 14 19 Thereafter 5 64 85 154 Total estimated amortization expense $ 22 $ 80 $ 159 $ 261 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Assets [Abstract] | |
Schedule of other assets | The following table shows the balances of other assets as of December 31, 2019 and 2018 . (Dollars in millions) December 31, 2019 December 31, 2018 Other investments $ 3,033 $ 3,250 Premises and equipment, net 656 635 Software 527 445 Intangible assets 531 444 OREO 1 1 Other 5,452 4,845 Total other assets $ 10,200 $ 9,620 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 , 2018 and 2017 : For the Years Ended December 31, 2019 2018 2017 (Dollars in millions) Losses from LIHC investments included in other noninterest expense $ 6 $ 7 $ 13 Amortization of LIHC investments included in income tax expense 130 136 185 Tax credits and other tax benefits from LIHC investments included in income tax expense 178 180 193 |
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, 2019 and 2018 . December 31, 2019 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 $ — $ — $ 96 $ 96 $ 36 $ 36 Leasing investments — 349 117 466 9 9 Total consolidated VIEs $ — $ 349 $ 213 $ 562 $ 45 $ 45 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 |
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, 2019 and 2018 . 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 2019 , 2018 , and 2017 , the Company had noncash increases in unfunded commitments on LIHC investments of $43 million , $87 million and $55 million , respectively, included within other liabilities. December 31, 2019 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 $ — $ 27 $ 219 $ 872 $ 1,118 $ 148 $ 148 $ 1,118 Renewable energy investments — — — 1,256 1,256 — — 1,276 Other investments — — 13 69 82 4 4 163 Total unconsolidated VIEs $ — $ 27 $ 232 $ 2,197 $ 2,456 $ 152 $ 152 $ 2,557 December 31, 2018 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 $ — $ 28 $ 198 $ 976 $ 1,202 $ 165 $ 165 $ 1,202 Renewable energy 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 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 $ 14,029 Due after one year through two years 1,119 Due after two years through three years 356 Due after three years through four years 70 Due after four years through five years 77 Due after five years — Total $ 15,651 |
Securities Financing Agreemen_2
Securities Financing Agreements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Transfers and Servicing [Abstract] | |
Secured Borrowings by Contractual Maturity and Class of Collateral Pledged | he following table presents 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, 2019 and December 31, 2018 . December 31, 2019 December 31, 2018 (Dollars in millions) Overnight and Continuous Up to 30 Days 31 - 90 Days Greater than 90 Days Total Overnight and Continuous Up to 30 Days 31 - 90 Days Greater than 90 Days Total Securities sold under agreements to repurchase U.S. Treasury and government agencies $ 12,219 $ 2,237 $ 385 $ 102 $ 14,943 $ 9,680 $ 2,945 $ 3,046 $ 335 $ 16,006 Mortgage-backed: U.S. agencies 5,322 1,582 7,126 — 14,030 9,803 1,640 7,569 — 19,012 Corporate debt 688 24 1,161 — 1,873 682 130 1,227 — 2,039 Other debt 327 — 533 — 860 115 245 519 — 879 Equity 1,400 349 456 — 2,205 387 220 255 — 862 Total $ 19,956 $ 4,192 $ 9,661 $ 102 $ 33,911 $ 20,667 $ 5,180 $ 12,616 $ 335 $ 38,798 Securities loaned: Corporate bonds 2 — — — 2 1 — — — 1 Equity 257 236 — — 493 92 — — — 92 Total $ 259 $ 236 $ — $ — $ 495 $ 93 $ — $ — $ — $ 93 |
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, 2019 and December 31, 2018 . December 31, 2019 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 $ 1,233 $ 264 $ 969 $ 26 $ — $ 943 Securities borrowed or purchased under resale agreements 29,483 5,540 23,943 23,844 — 99 Total $ 30,716 $ 5,804 $ 24,912 $ 23,870 $ — $ 1,042 Financial Liabilities: Derivative liabilities $ 523 $ 306 $ 217 $ 129 $ 1 $ 87 Securities loaned or sold under repurchase agreements 34,406 5,540 28,866 27,957 — 909 Total $ 34,929 $ 5,846 $ 29,083 $ 28,086 $ 1 $ 996 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 |
Offsetting Assets | The following tables present the offsetting of financial assets and liabilities as of December 31, 2019 and December 31, 2018 . December 31, 2019 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 $ 1,233 $ 264 $ 969 $ 26 $ — $ 943 Securities borrowed or purchased under resale agreements 29,483 5,540 23,943 23,844 — 99 Total $ 30,716 $ 5,804 $ 24,912 $ 23,870 $ — $ 1,042 Financial Liabilities: Derivative liabilities $ 523 $ 306 $ 217 $ 129 $ 1 $ 87 Securities loaned or sold under repurchase agreements 34,406 5,540 28,866 27,957 — 909 Total $ 34,929 $ 5,846 $ 29,083 $ 28,086 $ 1 $ 996 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 |
Commercial Paper and Other Sh_2
Commercial Paper and Other Short-Term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 December 31, 2018 Debt issued by MUB Commercial paper, with a weighted average interest rate of 1.98% and 2.39% at December 31, 2019 and December 31, 2018, respectively $ 58 $ 382 Federal Home Loan Bank advances, with a weighted average interest rate of 1.86% and 2.52% at December 31, 2019 and December 31, 2018, respectively 6,100 7,800 Total debt issued by MUB 6,158 8,182 Debt issued by other MUAH subsidiaries Short-term debt due to MUFG Bank, Ltd., with weighted average interest rates of 2.27% and 3.01% at December 31, 2019 and December 31, 2018, respectively 69 145 Short-term debt due to affiliates, with weighted average interest rates of (-0.10)% and (-0.07)% at December 31, 2019 and December 31, 2018, respectively 257 936 Total debt issued by other MUAH subsidiaries 326 1,081 Total commercial paper and other short-term borrowings $ 6,484 $ 9,263 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | (Dollars in millions) December 31, December 31, Debt issued by MUAH Senior debt: Fixed rate 3.50% notes due June 2022 $ 399 $ 398 Fixed rate 3.00% notes due February 2025 397 397 Senior debt due to MUFG Bank, Ltd: Floating rate debt due December 2021. This note, which bore 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 3.03% at December 31, 2019 and 3.67% at December 31, 2018 3,250 3,250 Floating rate debt due December 2022. This note, which bears interest at 0.97% above 3-month LIBOR, had a rate of 3.07% at December 31, 2019 125 — Floating rate debt due December 2023. This note, which bears interest at 0.99% above 3-month LIBOR, had a rate of 3.12% at December 31, 2019 and 3.76% at December 31, 2018 1,625 1,625 Floating rate debt due December 2023. This note, which bears interest at 0.94% above 3-month LIBOR, had a rate of 2.82% at December 31, 2019 1,765 — 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, 2019 and December 31, 2018 24 24 Junior subordinated debt payable to trusts: Floating rate note due September 2036. This note had an interest rate of 3.59% at December 31, 2019 and 4.49% at December 31, 2018 37 36 Total debt issued by MUAH 7,622 7,355 Debt issued by MUB Senior debt: Fixed rate 2.10% notes due December 2022. 698 — Floating rate debt due December 2022. These notes which bear interest at 0.71% above the Secured Overnight Financing Rate had a rate of 2.26% at December 31, 2019 300 — Floating rate debt due March 2022. This note, which bears interest at 0.60% above 3-month LIBOR, had a rate of 2.49% at December 31, 2019 300 — Variable rate FHLB of San Francisco advances due November 2020. These notes bear a combined weighted average rate of 1.90% at December 31, 2019 1,100 — Fixed rate 2.25% notes due May 2019 — 498 Fixed rate 3.15% notes due April 2022 998 — Fixed rate FHLB of San Francisco advances due between February 2020 and December 2023. These notes bear a combined weighted average rate of 2.95% at December 31, 2019 and 2.66% at December 31, 2018 5,500 9,100 Other 13 34 Total debt issued by MUB 8,909 9,632 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 1.94% at December 31, 2019 and 2.80% at December 31, 2018 250 250 Various fixed rate borrowings due between January 2020 and June 2023 with a weighted average interest rate of 2.22% (between1.68% and 2.44%) at December 31, 2019 and 1.82% (between 0.14% and 2.44%) at December 31, 2018 137 244 Subordinated debt due to Affiliate: Floating rate borrowings due March 2019. These notes, which bore interest above 6-month LIBOR had an interest rate of 4.13% at December 31, 2018 — 75 Non-recourse debt due to MUFG Bank, Ltd: Various floating rate non-recourse borrowings due December 2021. These notes, which bear interest above 1- or 3-month LIBOR had a weighted average interest rate of 2.17% at December 31, 2019 and 4.09% (between 2.75% and 4.17%) at December 31, 2018 3 53 Fixed rate non-recourse borrowings due between March 2020 and July 2023 which had an interest rate of 3.07% (between 1.96% and 3.72%) at December 31, 2019 and 3.05% at December 31, 2018 166 187 Other non-recourse debt: Various floating rate non-recourse borrowings due December 2023. These notes, which bear interest above 1- or 3-month LIBOR had a weighted average interest rate of 3.93% at December 31, 2019 and 4.21% (between 4.17% and 4.48%) at December 31, 2018 13 89 Fixed rate non-recourse borrowings due December 2026 which had an interest rate of 5.34% at December 31, 2019 and December 31, 2018 29 33 Total debt issued by other MUAH subsidiaries 598 931 Total long-term debt $ 17,129 $ 17,918 |
Fair Value Measurement and Fa_2
Fair Value Measurement and Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 and 2018 , by major category and by valuation hierarchy level. December 31, 2019 December 31, 2018 (Dollars in millions) Level 1 Level 2 Level 3 Netting (1) Fair Value Level 1 Level 2 Level 3 Netting (1) Fair Value Assets Trading account assets: U.S. Treasury and government agencies $ — $ 2,393 $ — $ — $ 2,393 $ — $ 3,071 $ — $ — $ 3,071 Mortgage-backed: U.S. agencies — 5,376 — — 5,376 — 5,785 — — 5,785 Corporate debt — 1,212 — — 1,212 — 1,367 — — 1,367 Other debt — 306 — — 306 — 360 — — 360 Equity 127 — — — 127 127 — — — 127 Derivative contracts 16 1,195 8 (256 ) 963 19 806 13 (335 ) 503 Total trading account assets 143 10,482 8 (256 ) 10,377 146 11,389 13 (335 ) 11,213 Securities available for sale: U.S. Treasury and government agencies — 5,438 — — 5,438 — 3,429 — — 3,429 Mortgage-backed: U.S. agencies — 5,468 — — 5,468 — 8,007 — — 8,007 Residential - non-agency — 762 — — 762 — 864 — — 864 Commercial - non-agency — 3,471 18 — 3,489 — 1,180 — — 1,180 Collateralized loan obligations — 1,491 — — 1,491 — 1,474 — — 1,474 Direct bank purchase bonds — — 936 — 936 — — 1,190 — 1,190 Other — 28 177 — 205 — 29 141 — 170 Total securities available for sale — 16,658 1,131 — 17,789 — 14,983 1,331 — 16,314 Other assets: Mortgage servicing rights — — 270 — 270 — — 159 — 159 Loans held for sale — — 42 — 42 — — 117 — 117 Derivative contracts — 10 4 (8 ) 6 — 32 1 (19 ) 14 Equity securities 10 — — — 10 9 — — — 9 Total other assets 10 10 316 (8 ) 328 9 32 277 (19 ) 299 Total assets $ 153 $ 27,150 $ 1,455 $ (264 ) $ 28,494 $ 155 $ 26,404 $ 1,621 $ (354 ) $ 27,826 Percentage of total 1 % 95 % 5 % (1 )% 100 % — % 95 % 6 % (1 )% 100 % Percentage of total Company assets — % 16 % 1 % — % 17 % — % 16 % 1 % — % 17 % Liabilities Trading account liabilities: U.S. Treasury and government agencies $ — $ 2,299 $ — $ — $ 2,299 $ — $ 2,753 $ — $ — $ 2,753 Corporate debt — 646 — — 646 — 717 — — 717 Other debt — 4 — — 4 — 10 — — 10 Equity 105 — — — 105 70 — — — 70 Derivatives contracts 11 499 8 (306 ) 212 55 731 13 (322 ) 477 Total trading account liabilities 116 3,448 8 (306 ) 3,266 125 4,211 13 (322 ) 4,027 Other liabilities: FDIC clawback liability — — 121 — 121 — — 116 — 116 Derivatives contracts — 2 3 — 5 — 3 2 — 5 Total other liabilities — 2 124 — 126 — 3 118 — 121 Total liabilities $ 116 $ 3,450 $ 132 $ (306 ) $ 3,392 $ 125 $ 4,214 $ 131 $ (322 ) $ 4,148 Percentage of total 3 % 102 % 4 % (9 )% 100 % 3 % 102 % 3 % (8 )% 100 % Percentage of total Company liabilities — % 2 % — % — % 2 % — % 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, 2019 and 2018 . Level 3 securities available for sale at December 31, 2019 and 2018 largely consist of direct bank purchase bonds. For the Year Ended December 31, 2019 December 31, 2018 (Dollars in millions) Trading Account Assets Securities Available for Sale Other Assets Trading Account Liabilities Other Liabilities Trading Account Assets Securities Available for Sale Other Assets Trading Account Liabilities Other Liabilities Asset (liability) balance, beginning of period $ 13 $ 1,331 $ 277 $ (13 ) $ (118 ) $ 139 $ 1,600 $ 65 $ (138 ) $ (119 ) Total gains (losses) - (realized/unrealized): Included in income before taxes 4 — (88 ) (4 ) (6 ) (10 ) — (8 ) 9 1 Included in other comprehensive income — 31 — — — — (9 ) — — — Purchases/additions — 57 396 — — — 126 220 — — Sales — — (269 ) — — — — — — — Settlements (9 ) (288 ) — 9 — (116 ) (386 ) — 116 — Asset (liability) balance, end of period $ 8 $ 1,131 $ 316 $ (8 ) $ (124 ) $ 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 $ 4 $ — $ (103 ) $ (4 ) $ (6 ) $ (10 ) $ — $ (8 ) $ 9 $ 1 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, 2019 . December 31, 2019 (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 $ 936 Return on equity Market-required return on capital 8.0 - 10.0 % 9.4 % Probability of default 0.0 - 25.0 % 0.3 % Loss severity 10.0 - 45.0 % 20.0 % 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, 2019 and 2018 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, 2019 For the Year Ended December 31, 2019 (Dollars in millions) Fair Value Level 1 Level 2 Level 3 Gains (Losses) Loans held for investment $ 64 $ — $ — $ 64 $ (20 ) Goodwill (1) 1,764 — — 1,764 (1,614 ) Other assets 301 — — 301 (36 ) Total $ 2,129 $ — $ — $ 2,129 $ (1,670 ) (1) For further information, see Note 5 to these Consolidated Financial Statements. December 31, 2018 For the Year Ended December 31, 2018 (Dollars in millions) Fair Value Level 1 Level 2 Level 3 Gains (Losses) Loans held for investment $ 151 $ — $ — $ 151 $ (106 ) Other assets 139 — — 139 (45 ) Total $ 290 $ — $ — $ 290 $ (151 ) 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, 2019 and 2018 . December 31, 2019 (Dollars in millions) Carrying Amount Fair Value Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 9,641 $ 9,641 $ 9,641 $ — $ — Securities borrowed or purchased under resale agreements 23,943 23,946 — 23,946 — Securities held to maturity 9,421 9,508 — 9,508 — Loans held for investment (1) 86,687 87,506 — — 87,506 Other assets 54 54 54 — — Liabilities Time deposits $ 15,651 $ 15,691 $ — $ 15,691 $ — Securities loaned or sold under repurchase agreements 28,866 28,866 — 28,866 — Commercial paper and other short-term borrowings 6,484 6,484 — 6,484 — Long-term debt 17,129 17,344 — 17,344 — Off-Balance Sheet Instruments Commitments to extend credit and standby and commercial letters of credit $ 87 $ 280 $ — $ — $ 280 (1) Excludes lease financing. The carrying amount is net of the allowance for loan losses. 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. |
Derivative Instruments and Ot_2
Derivative Instruments and Other Financial Instruments Used For Hedging (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 at December 31, 2019 and December 31, 2018 . 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, 2019 December 31, 2018 Fair Value Fair Value (Dollars in millions) Notional Amount Asset Derivatives Liability Derivatives Notional Amount Asset Derivatives Liability Derivatives Derivative instruments Cash flow hedges: Interest rate contracts $ 13,319 $ — $ — $ 674 $ 6 $ — Not designated as hedging instruments: Trading: Interest rate contracts 214,805 981 446 189,478 531 600 Commodity contracts 9 — — 336 25 18 Foreign exchange contracts 11,219 230 64 8,475 260 168 Equity contracts 72 8 8 300 22 13 Other contracts 72 — — 127 — — Total Trading 226,177 1,219 518 198,716 838 799 Other risk management 1,948 14 5 1,704 27 5 Total derivative instruments $ 241,444 $ 1,233 $ 523 $ 201,094 $ 871 $ 804 |
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, 2019 , 2018 and 2017 : Gains (Losses) Recognized in OCI Gains (Losses) Reclassified from AOCI into Income Gains (Losses) Recognized in Income (Ineffective Portion) For the Year Ended December 31, For the Year Ended December 31, For the Year Ended December 31, (Dollars in millions) 2019 2018 2017 Location 2019 2018 2017 Location 2018 2017 Derivatives in cash flow hedging relationships Interest income $ (91 ) $ (34 ) $ 69 Interest rate contracts $ 51 $ (96 ) $ (35 ) Interest expense — — — Noninterest expense $ (1 ) $ 3 Total $ 51 $ (96 ) $ (35 ) $ (91 ) $ (34 ) $ 69 $ (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 and 2017 . The Company did not have any fair value hedges during 2019. 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 ) |
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, 2019 , 2018 and 2017 : Gains (Losses) Recognized in Income on Trading Derivatives For the Years Ended (Dollars in millions) December 31, 2019 December 31, 2018 December 31, 2017 Trading derivatives Interest rate contracts $ (93 ) $ 95 $ (49 ) Equity contracts 6 36 12 Foreign exchange contracts 51 44 43 Commodity contracts — — 1 Total $ (36 ) $ 175 $ 7 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 Cash flow hedge activities: Unrealized net gains (losses) on hedges arising during the period $ 51 $ (13 ) $ 38 Reclassification adjustment for net (gains) losses on hedges included in interest income for loans and interest expense on long-term debt 91 (24 ) 67 Net change 142 (37 ) 105 Securities: Unrealized holding gains (losses) arising during the period on securities available for sale 385 (101 ) 284 Reclassification adjustment for net (gains) losses on securities available for sale included in securities gains, net (39 ) 10 (29 ) Amortization of net unrealized (gains) losses on held to maturity securities 33 (8 ) 25 Net change 379 (99 ) 280 Foreign currency translation adjustment — — — Pension and other benefits: Amortization of prior service credit (1) (40 ) 11 (29 ) Recognized net actuarial (gain) loss (1) 74 (20 ) 54 Pension and other benefits arising during the year 70 (19 ) 51 Net change 104 (28 ) 76 Other 1 — 1 Net change in AOCI $ 626 $ (164 ) $ 462 (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. For the Year Ended December 31, 2018 and 2019 Net Unrealized Gains (Losses) on Cash Flow Hedges Net Unrealized Gains (Losses) on Securities Foreign Currency Translation Adjustment Pension and Other Postretirement Benefits Adjustment Other Accumulated Other Comprehensive Income (Loss) (Dollars in millions) Balance, December 31, 2016 $ (77 ) $ (208 ) $ (22 ) $ (589 ) $ — $ (896 ) Other comprehensive income (loss) 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 (loss) before reclassifications (71 ) (155 ) (2 ) (171 ) (1 ) (400 ) Amounts reclassified from AOCI 25 15 — 41 — 81 Transfer to additional paid-in capital (1) — — 21 — — 21 Balance, December 31, 2018 $ (220 ) $ (373 ) $ — $ (730 ) $ (1 ) $ (1,324 ) Other comprehensive income (loss) before reclassifications 38 284 — 51 1 374 Amounts reclassified from AOCI 67 (4 ) — 25 — 88 Balance, December 31, 2019 $ (115 ) $ (93 ) $ — $ (654 ) $ — $ (862 ) |
Management Stock Plans (Tables)
Management Stock Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Stock Bonus Plan | Restricted Stock Units 2019 Number of Units Weighted-Average Grant Date Fair Value Units outstanding, beginning of year 28,443,070 $ 5.86 Activity during the year: Granted 25,591,407 4.67 Vested (15,013,517 ) 5.63 Forfeited (1,367,274 ) 5.41 Units outstanding, end of year 37,653,686 5.16 |
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) 2019 2018 2017 Compensation costs $ 89 $ 77 $ 66 Tax benefit 23 20 26 Unrecognized compensation costs 129 110 111 |
Employee Pension and Other Po_2
Employee Pension and Other Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 and 2018 . Pension Plan Other Benefits Plan Years Ended December 31, Years Ended December 31, (Dollars in millions) 2019 2018 2019 2018 Change in Plan Assets: Fair value of plan assets, beginning of year $ 3,529 $ 3,854 $ 255 $ 288 Actual return on plan assets 754 (196 ) 52 (18 ) Employer contributions — — — — Plan participants' contributions — — 4 4 Benefits paid (143 ) (129 ) (20 ) (19 ) Fair value of plan assets, end of year $ 4,140 $ 3,529 $ 291 $ 255 |
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, 2019 (Dollars in millions) Level 1 Level 2 Level 3 Total Pension Plan Investments: Cash and cash equivalents $ 9 $ 2 $ — $ 11 Collective investment funds — 1,089 — 1,089 U.S. government securities — 419 — 419 Fixed and variable income securities — 882 — 882 Equity securities 246 6 — 252 Mutual funds 746 — — 746 Municipal bonds — 38 — 38 Other (4 ) 17 — 13 Total investments in the fair value hierarchy $ 997 $ 2,453 $ — $ 3,450 Investments measured at net asset value (1) 680 Investments at fair value 4,130 Accrued dividends and interest receivable 10 Net pending trades — Total plan assets $ 4,140 (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 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 December 31, 2019 (Dollars in millions) Level 1 Level 2 Level 3 Total Other Postretirement Benefits Plan Investments: Cash and cash equivalents $ — $ — $ — $ — Collective investment funds — 103 — 103 U.S. government securities — 45 — 45 Fixed and variable income securities — 27 — 27 Equity securities — — — — Mutual funds 65 — — 65 Pooled separate account — 53 — 53 Total investments in the fair value hierarchy $ 65 $ 228 $ — $ 293 Investments measured at net asset value (1) — Investments at fair value 293 Net pending trades (2 ) Total plan assets $ 291 (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. |
Defined Benefit Plans Disclosures | The following tables as of December 31, 2019 and 2018 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, 2019 (Dollars in millions) Fair Value Unfunded Commitment Redemption Frequency Other Redemption Restrictions Redemption Notice Period Pension Plan Investments Real estate funds $ 480 $ 2 Quarterly Availability of fund's liquid assets and approval of the board of directors 45-90 days Real estate funds 5 — None Hold until dissolution date None International equity funds 195 — Monthly None 15 days Total $ 680 $ 2 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, 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 $ — |
Changes in Fair Value of Assets Measured at Level 3 | December 31, 2019 (Dollars in millions) Level 1 Level 2 Level 3 Total Other Postretirement Benefits Plan Investments: Cash and cash equivalents $ — $ — $ — $ — Collective investment funds — 103 — 103 U.S. government securities — 45 — 45 Fixed and variable income securities — 27 — 27 Equity securities — — — — Mutual funds 65 — — 65 Pooled separate account — 53 — 53 Total investments in the fair value hierarchy $ 65 $ 228 $ — $ 293 Investments measured at net asset value (1) — Investments at fair value 293 Net pending trades (2 ) Total plan assets $ 291 (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. |
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, 2019 and 2018 . In addition, the table sets forth the over (under) funded status at December 31, 2019 and 2018 . 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) 2019 2018 2019 2018 Accumulated benefit obligation $ 3,521 $ 3,038 Change in benefit obligation Benefit obligation, beginning of year $ 3,047 $ 3,242 $ 242 $ 265 Service cost 76 80 3 4 Interest cost 117 100 9 8 Plan participants' contributions — — 4 4 Actuarial loss/(gain) 439 (246 ) 14 (21 ) Effect of plan amendments — — — — Medicare Part D subsidy — — — 1 Benefits paid (143 ) (129 ) (21 ) (19 ) Benefit obligation, end of year 3,536 3,047 251 242 Fair value of plan assets, end of year 4,140 3,529 291 255 Over (Under) funded status $ 604 $ 482 $ 40 $ 13 |
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 2019 , 2018 and 2017 . 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, 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 ) Arising during the year (59 ) — (22 ) — Recognized in net income during the year (61 ) 26 (9 ) 14 Balance, December 31, 2019 $ 916 $ (100 ) $ 33 $ — At December 31, 2019 and 2018 , the following amounts were recognized in accumulated other comprehensive loss for pension, including ESBP s, and other benefits. December 31, 2019 Pension Benefits Other Postretirement Benefits (Dollars in millions) Gross Tax Net of Tax Gross Tax Net of Tax Net actuarial loss $ 916 $ 241 $ 675 $ 33 $ 9 $ 24 Prior service credit (100 ) (26 ) (74 ) — — — Pension and other postretirement benefits 816 215 601 33 9 24 Executive Supplemental Benefits Plans Net actuarial loss 39 10 29 — — — Prior service credit — — — — — — Executive supplemental benefits plans adjustment 39 10 29 — — — Pension and other postretirement benefits, as adjusted $ 855 $ 225 $ 630 $ 33 $ 9 $ 24 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 |
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, 2020 $ 149 $ 17 2021 156 17 2022 162 18 2023 169 18 2024 173 17 Years 2024 - 2028 939 72 |
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, 2019 2018 2019 2018 Discount rate in determining net periodic benefit cost For service cost 4.19 % 3.26 % 4.11 % 3.49 % For interest cost 3.90 3.16 3.79 3.02 Discount rate in determining benefit obligations at year end 3.08 4.12 2.93 4.01 Rate of increase in future compensation levels for determining net periodic benefit cost 5.10 4.70 n/a n/a Rate of increase in future compensation levels for determining benefit obligations at year end 5.10 5.10 n/a n/a Expected return on plan assets 7.00 7.50 7.00 7.50 Cash balance crediting rate for determining net periodic benefit cost 3.02 2.74 n/a n/a Cash balance crediting rate for determining benefit obligations at year end 2.39 3.02 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) 2019 2018 2017 2019 2018 2017 2019 2018 2017 Components of net periodic benefit cost: Service cost $ 76 $ 80 $ 71 $ 3 $ 4 $ 6 $ — $ — $ — Interest cost 117 100 100 9 8 8 3 3 3 Expected return on plan assets (257 ) (268 ) (254 ) (17 ) (21 ) (19 ) — — — Amortization of prior service credit (26 ) (26 ) (27 ) (14 ) (15 ) (21 ) — — — Recognized net actuarial loss 61 87 79 9 5 8 4 3 4 Curtailment gain — — — — — — — — — Total net periodic benefit cost $ (29 ) $ (27 ) $ (31 ) $ (10 ) $ (19 ) $ (18 ) $ 7 $ 6 $ 7 |
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, 2019 2018 2017 Healthcare cost trend rate assumed for next year 4.14 % 4.44 % 4.44 % Rate to which cost trend rate is assumed to decline (the ultimate trend rate) 3.77 % 3.94 % 3.94 % Year the rate reaches the ultimate trend rate 2027 2027 2026 |
Other Noninterest Income and _2
Other Noninterest Income and Noninterest Expense (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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) 2019 2018 2017 Fund administration fees $ 94 $ 100 $ 46 Losses on renewable energy investments (85 ) (235 ) (58 ) Other 204 250 252 Total other noninterest income $ 213 $ 115 $ 240 The detail of other noninterest expense is as follows. Years Ended December 31, (Dollars in millions) 2019 2018 2017 Fees to affiliates $ 94 $ 115 $ 105 Net periodic pension cost, excluding service cost (112 ) (124 ) (119 ) Other 440 418 403 Total other noninterest expense $ 422 $ 409 $ 389 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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) 2019 2018 2017 Federal income tax rate 21 % 21 % 35 % Net tax effects of: State income taxes, net of federal income tax benefit (13 ) 7 5 Goodwill impairment (45 ) — — Tax-exempt interest income 2 (1 ) (1 ) Losses from LIHC investments 4 (2 ) (3 ) Amortization of LIHC investments (20 ) 12 14 Tax credits 40 (25 ) (21 ) FDIC insurance premiums (2 ) 1 — Valuation allowance release 1 — — Effects of US tax law change — (2 ) (8 ) State tax refunds — (5 ) — Other — (1 ) 1 Effective tax rate (12 )% 5 % 22 % |
Components of Income Tax Expense | The components of income tax expense were as follows: Years Ended December 31, (Dollars in millions) 2019 2018 2017 Current income tax expense: Federal $ 191 $ 195 $ 257 State 154 89 21 Foreign 1 10 (4 ) Total current expense 346 294 274 Deferred income tax expense (benefit): Federal (202 ) (173 ) (49 ) State (61 ) (64 ) 52 Foreign (1 ) (5 ) 22 Total deferred expense (264 ) (242 ) 25 Total income tax expense $ 82 $ 52 $ 299 |
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, 2019 and 2018 were as follows: December 31, (Dollars in millions) 2019 2018 Deferred tax assets: Tax credits and net operating loss carryforwards $ 499 $ 448 Allowance for credit losses 312 251 Accrued expense, net 143 159 Unrealized losses on pension and postretirement benefits 233 260 Unrealized net losses on securities available for sale 32 132 Fair value adjustments for valuation of FDIC covered assets 40 53 Unrealized gains/losses on cash flow hedges 41 78 Other 30 — Total deferred tax assets 1,330 1,381 Deferred tax liabilities: Leasing and renewable energy 515 619 Intangible assets 17 59 Pension liabilities 373 365 Other — 10 Total deferred tax liabilities 905 1,053 Net deferred tax asset (liability) $ 425 $ 328 |
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) 2019 2018 2017 Balance, beginning of year $ 127 $ 56 $ 11 Gross increases as a result of tax positions taken during prior periods 1 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 Gross decrease as a result of closed audit years or settlements (2 ) (1 ) (2 ) Balance, end of year $ 126 $ 127 $ 56 |
Regulatory Capital Requiremen_2
Regulatory Capital Requirements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [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, 2019: Common equity tier 1 capital (to risk-weighted assets) $ 15,086 14.10 % ≥ $ 7,492 7.000 % Tier 1 capital (to risk-weighted assets) 15,086 14.10 ≥ 9,097 8.500 Total capital (to risk-weighted assets) 15,769 14.73 ≥ 11,237 10.500 Tier 1 leverage (2) 15,086 8.88 ≥ 6,792 4.000 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 (1) Beginning January 1, 2019, the minimum capital requirement includes a capital conservation buffer of 2.5%. (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, 2019 (U.S. Basel III): Common equity tier 1 capital (to risk-weighted assets) $ 14,115 14.47 % ≥ $ 6,829 7.000 % ≥ $ 6,342 6.5 % Tier 1 capital (to risk-weighted assets) 14,115 14.47 ≥ 8,293 8.500 ≥ 7,805 8.0 Total capital (to risk-weighted assets) 14,746 15.11 ≥ 10,244 10.500 ≥ 9,756 10.0 Tier 1 leverage (2) 14,115 10.65 ≥ 5,304 4.000 ≥ 6,629 5.0 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 (1) Beginning January 1, 2019, the minimum capital requirement includes a capital conservation buffer of 2.5%. (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, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Commitments | The following table summarizes the Company's commitments: (Dollars in millions) December 31, 2019 Commitments to extend credit $ 38,442 Issued standby and commercial letters of credit 4,191 Commitments to enter into forward-starting resale agreements 1,150 Other commitments 556 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of reportable business segments | (Dollars in millions) Regional Bank Global Corporate & Investment Banking - U.S. Transaction Banking MUSA Other (1) MUFG Americas Holdings Corporation Results of operations Net interest income (expense) $ 2,294 $ 424 $ 259 $ 167 $ (51 ) $ 3,093 Noninterest income 520 353 56 384 1,392 2,705 Total revenue 2,814 777 315 551 1,341 5,798 Noninterest expense 2,130 458 244 476 2,907 6,215 (Reversal of) provision for credit losses 209 51 (2 ) — (6 ) 252 Income (loss) before income taxes and including noncontrolling interests 475 268 73 75 (1,560 ) (669 ) Income tax expense (benefit) (2) 93 12 25 18 (66 ) 82 Net income (loss) including noncontrolling interest 382 256 48 57 (1,494 ) (751 ) Deduct: net loss from noncontrolling interests — — — — 17 17 Net income (loss) attributable to MUAH $ 382 $ 256 $ 48 $ 57 $ (1,477 ) $ (734 ) Total assets, end of period $ 74,980 $ 20,822 $ 1,015 $ 34,445 $ 39,548 $ 170,810 (1) Other includes goodwill impairment. See Note 5 to these Consolidated Financial Statements. (2) Income tax expense (benefit) includes certain management accounting classification adjustments. As of and for the Twelve Months Ended December 31, 2018: (Dollars in millions) Regional Bank Global Corporate & Investment Banking - U.S. Transaction Banking MUSA Other MUFG Americas Holdings 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 Global Corporate & Investment Banking - U.S. 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. |
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, 2019 | |
Condensed Balance Sheets | Condensed Balance Sheets December 31, (Dollars in millions) 2019 2018 Assets Cash and cash equivalents $ 840 $ 739 Investments in and advances to subsidiaries Bank subsidiary 18,103 18,493 Nonbank subsidiaries 4,770 4,618 Other assets 407 76 Total assets $ 24,120 $ 23,926 Liabilities and Stockholders' Equity Long-term debt $ 7,622 $ 7,355 Other liabilities 218 63 Total liabilities 7,840 7,418 Stockholders' equity 16,280 16,508 Total liabilities and stockholders' equity $ 24,120 $ 23,926 |
Condensed Statements of Income | Condensed Statements of Income Years Ended December 31, (Dollars in millions) 2019 2018 2017 Income: Dividends from subsidiaries: Bank subsidiary $ — $ 1,700 $ 320 Nonbank subsidiaries 616 95 51 Interest income on advances to subsidiaries and deposits in bank 161 137 79 Rental Income 15 15 15 Total income 792 1,947 465 Expense: Interest expense 251 194 144 Other expense 29 17 14 Total expense 280 211 158 Income (loss) before income taxes and equity in undistributed net income of subsidiaries 512 1,736 307 Income tax benefit (24 ) (13 ) (20 ) Income (loss) before equity in undistributed net income of subsidiaries 536 1,749 327 Equity in undistributed net income of subsidiaries less dividends received: Bank subsidiary (746 ) (697 ) 366 Nonbank subsidiaries (524 ) 21 384 Net Income $ (734 ) $ 1,073 $ 1,077 |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows Years Ended December 31, (Dollars in millions) 2019 2018 2017 Cash Flows from Operating Activities: Net income $ (734 ) $ 1,073 $ 1,077 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Equity in undistributed net income of subsidiaries less dividends received 1,270 676 (750 ) Other, net (743 ) (9 ) 2 Net cash provided by (used in) operating activities (207 ) 1,740 329 Cash Flows from Investing Activities: Investments in and advances to subsidiaries (1,585 ) (2,612 ) (5,050 ) Repayment of investments in and advances to subsidiaries 1,634 2,411 1,495 Net cash used in investing activities 49 (201 ) (3,555 ) Cash Flows from Financing Activities: Proceeds from advances from subsidiaries — — 200 Repayment of advances from subsidiaries — — (200 ) Proceeds from issuance of long-term debt 1,890 6,500 3,525 Repayment of long-term debt (1,631 ) (6,145 ) — Dividends paid — — (500 ) Share repurchase — (2,496 ) — Net cash provided by (used in) financing activities 259 (2,141 ) 3,025 Net increase (decrease) in cash and cash equivalents 101 (602 ) (201 ) Cash and cash equivalents at beginning of year 739 1,341 1,542 Cash and cash equivalents at end of year $ 840 $ 739 $ 1,341 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies and Nature of Operations (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)type_of_leaseshares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($) | |
Significant Accounting Policies | |||
securities held to maturity transferred to securities available for sale | $ 170 | $ 0 | $ 0 |
Common stock, share issued (in shares) | shares | 132,076,912 | 131,935,124 | |
Loans placed on nonaccrual status when past due term (days) | 90 days | ||
Interest accrual period (days) | 90 days | ||
Financing Receivable, Threshold Period Past Due, Writeoff | 120 days | ||
Consecutive payment period for accrual status | 6 months | ||
Number of types of leases offered to customers | type_of_lease | 2 | ||
Accounting Standards Update 2016-13 [Member] | |||
Significant Accounting Policies | |||
Day one impact to allowance for credit losses | $ 199 | ||
increase to deferred tax assets | 52 | ||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 147 |
- Net Periodic Pension Cost and
- Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Salaries and employee benefits | $ 2,687 | $ 2,616 | $ 2,495 |
Other | $ 422 | $ 409 | $ 389 |
Correction of Prior Period Amou
Correction of Prior Period Amounts (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Other assets | $ 10,200 | $ 9,620 | ||
Other liabilities | 2,837 | 2,048 | ||
Retained earnings | 8,788 | 9,524 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 16,367 | 16,580 | $ 18,355 | $ 17,386 |
Noncontrolling interests | 87 | 72 | ||
Noncontrolling Interests | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 87 | 72 | 100 | 153 |
Retained Earnings | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 8,788 | $ 9,524 | $ 10,936 | $ 10,101 |
Securities - Schedule of Availa
Securities - Schedule of Available For Sale Securities (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Securities available for sale | ||
Amortized Cost | $ 17,808 | $ 16,680 |
Gross Unrealized Gains | 126 | 41 |
Gross Unrealized Losses | 145 | 407 |
Fair Value | 17,789 | 16,314 |
US Treasury and Government [Member] | ||
Securities available for sale | ||
Amortized Cost | 5,485 | 3,572 |
Gross Unrealized Gains | 6 | 1 |
Gross Unrealized Losses | 53 | 144 |
Fair Value | 5,438 | 3,429 |
U.S. government agency and government-sponsored agencies | ||
Securities available for sale | ||
Amortized Cost | 5,491 | 8,168 |
Gross Unrealized Gains | 13 | 7 |
Gross Unrealized Losses | 36 | 168 |
Fair Value | 5,468 | 8,007 |
Privately issued | ||
Securities available for sale | ||
Amortized Cost | 759 | 887 |
Gross Unrealized Gains | 5 | 0 |
Gross Unrealized Losses | 2 | 23 |
Fair Value | 762 | 864 |
Privately issued - commercial mortgage-backed securities | ||
Securities available for sale | ||
Amortized Cost | 3,461 | 1,198 |
Gross Unrealized Gains | 56 | 3 |
Gross Unrealized Losses | 28 | 21 |
Fair Value | 3,489 | 1,180 |
Collateralized loan obligations | ||
Securities available for sale | ||
Amortized Cost | 1,499 | 1,492 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 8 | 18 |
Fair Value | 1,491 | 1,474 |
Direct bank purchase bonds | ||
Securities available for sale | ||
Amortized Cost | 911 | 1,190 |
Gross Unrealized Gains | 43 | 30 |
Gross Unrealized Losses | 18 | 30 |
Fair Value | 936 | 1,190 |
Other | ||
Securities available for sale | ||
Amortized Cost | 202 | 173 |
Gross Unrealized Gains | 3 | 0 |
Gross Unrealized Losses | 0 | 3 |
Fair Value | $ 205 | $ 170 |
Securities - Schedule of Contin
Securities - Schedule of Continuous Unrealized Loss Position (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Securities available for sale | ||
Less than 12 months, Fair Value | $ 7,857 | $ 4,677 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 83 | 49 |
12 months or more, Fair Value | 4,563 | 9,295 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 62 | 358 |
Fair Value, Total | 12,420 | 13,972 |
Unrealized Losses, Total | 145 | 407 |
US Treasury and Government [Member] | ||
Securities available for sale | ||
Less than 12 months, Fair Value | 4,407 | 147 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 48 | 1 |
12 months or more, Fair Value | 543 | 3,182 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 5 | 143 |
Fair Value, Total | 4,950 | 3,329 |
Unrealized Losses, Total | 53 | 144 |
U.S. government agency and government-sponsored agencies | ||
Securities available for sale | ||
Less than 12 months, Fair Value | 914 | 1,941 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 4 | 8 |
12 months or more, Fair Value | 2,769 | 4,797 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 32 | 160 |
Fair Value, Total | 3,683 | 6,738 |
Unrealized Losses, Total | 36 | 168 |
Privately issued | ||
Securities available for sale | ||
Less than 12 months, Fair Value | 127 | 398 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 7 |
12 months or more, Fair Value | 155 | 383 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 2 | 16 |
Fair Value, Total | 282 | 781 |
Unrealized Losses, Total | 2 | 23 |
Privately issued - commercial mortgage-backed securities | ||
Securities available for sale | ||
Less than 12 months, Fair Value | 1,669 | 380 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 28 | 6 |
12 months or more, Fair Value | 12 | 515 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 15 |
Fair Value, Total | 1,681 | 895 |
Unrealized Losses, Total | 28 | 21 |
Collateralized loan obligations | ||
Securities available for sale | ||
Less than 12 months, Fair Value | 597 | 1,428 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 2 | 18 |
12 months or more, Fair Value | 790 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 6 | 0 |
Fair Value, Total | 1,387 | 1,428 |
Unrealized Losses, Total | 8 | 18 |
Direct bank purchase bonds | ||
Securities available for sale | ||
Less than 12 months, Fair Value | 118 | 221 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 1 | 6 |
12 months or more, Fair Value | 294 | 417 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 17 | 24 |
Fair Value, Total | 412 | 638 |
Unrealized Losses, Total | 18 | 30 |
Other | ||
Securities available for sale | ||
Less than 12 months, Fair Value | 25 | 162 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 3 |
12 months or more, Fair Value | 0 | 1 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Fair Value, Total | 25 | 163 |
Unrealized Losses, Total | $ 0 | $ 3 |
Securities - Fair Value of Debt
Securities - Fair Value of Debt Securities AFS Contractual Maturity (Details) $ in Millions | Dec. 31, 2019USD ($) |
Securities available for sale | |
One Year or Less | $ 99 |
Over One Year Through Five Years | 1,912 |
Over Five Years Through Ten Years | 7,440 |
Over Ten Years | 8,338 |
Total Fair Value | 17,789 |
US Treasury and Government [Member] | |
Securities available for sale | |
One Year or Less | 0 |
Over One Year Through Five Years | 1,237 |
Over Five Years Through Ten Years | 4,167 |
Over Ten Years | 34 |
Total Fair Value | 5,438 |
U.S. government agency and government-sponsored agencies | |
Securities available for sale | |
One Year or Less | 0 |
Over One Year Through Five Years | 167 |
Over Five Years Through Ten Years | 1,021 |
Over Ten Years | 4,280 |
Total Fair Value | 5,468 |
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 | 762 |
Total Fair Value | 762 |
Privately issued - commercial mortgage-backed securities | |
Securities available for sale | |
One Year or Less | 32 |
Over One Year Through Five Years | 0 |
Over Five Years Through Ten Years | 1,356 |
Over Ten Years | 2,101 |
Total Fair Value | 3,489 |
Collateralized loan obligations | |
Securities available for sale | |
One Year or Less | 0 |
Over One Year Through Five Years | 0 |
Over Five Years Through Ten Years | 430 |
Over Ten Years | 1,061 |
Total Fair Value | 1,491 |
Direct bank purchase bonds | |
Securities available for sale | |
One Year or Less | 67 |
Over One Year Through Five Years | 303 |
Over Five Years Through Ten Years | 466 |
Over Ten Years | 100 |
Total Fair Value | 936 |
Other | |
Securities available for sale | |
One Year or Less | 0 |
Over One Year Through Five Years | 205 |
Over Five Years Through Ten Years | 0 |
Over Ten Years | 0 |
Total Fair Value | $ 205 |
Securities - Schedule of Held
Securities - Schedule of Held to Maturity Securities Recognized and Not Recognized in Other Comprehensive Income (OCI) and Fair Values (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Held-to-maturity Securities [Line Items] | |||
Held to Maturity Securities Amortized Cost | $ 9,525 | $ 11,038 | |
Held To Maturity Securities Unrealized Holding Gain Recognized in Other Comprehensive Income | 0 | 1 | |
Held To Maturity Securities Unrealized Holding Losses Recognized in Other Comprehensive Income | 104 | 138 | |
Debt Securities, Held-to-maturity | 9,421 | 10,901 | |
Securities held to maturity, Gross Unrealized Gains, Not Recognized in OCI | 123 | 30 | |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 36 | 211 | |
Fair value of securities held to maturity | 9,508 | 10,720 | |
Gross realized gains | 39 | 8 | $ 17 |
US Treasury and Government [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held to Maturity Securities Amortized Cost | 1,359 | 1,250 | |
Held To Maturity Securities Unrealized Holding Gain Recognized in Other Comprehensive Income | 0 | 0 | |
Held To Maturity Securities Unrealized Holding Losses Recognized in Other Comprehensive Income | 0 | 0 | |
Debt Securities, Held-to-maturity | 1,359 | 1,250 | |
Securities held to maturity, Gross Unrealized Gains, Not Recognized in OCI | 0 | 2 | |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 6 | 2 | |
Fair value of securities held to maturity | 1,353 | 1,250 | |
U.S. government agency and government-sponsored agencies - residential mortgage-backed securities | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held to Maturity Securities Amortized Cost | 8,166 | 9,788 | |
Held To Maturity Securities Unrealized Holding Gain Recognized in Other Comprehensive Income | 0 | 1 | |
Held To Maturity Securities Unrealized Holding Losses Recognized in Other Comprehensive Income | 104 | 138 | |
Debt Securities, Held-to-maturity | 8,062 | 9,651 | |
Securities held to maturity, Gross Unrealized Gains, Not Recognized in OCI | 123 | 28 | |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 30 | 209 | |
Fair value of securities held to maturity | $ 8,155 | $ 9,470 |
Securities - Unrealized Gains_L
Securities - Unrealized Gains/Loss in OCI (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Securities held to maturity | ||
Amortized Cost | $ 9,525 | $ 11,038 |
Securities held to maturity, Gross Unrealized Gains, Recognized in Other Comprehensive Income (OCI) | 0 | 1 |
Securities held to maturity, gross unrealized losses, recognized in other comprehensive income (OCI) | 104 | 138 |
Total securities held to maturity, carrying amount | 9,421 | 10,901 |
Securities held to maturity, Gross Unrealized Gains, Not Recognized in OCI | 123 | 30 |
Total, Unrealized Losses, Not Recognized in OCI | 36 | 211 |
Total securities held to maturity, Fair Value | 9,508 | 10,720 |
US Treasury and Government [Member] | ||
Securities held to maturity | ||
Amortized Cost | 1,359 | 1,250 |
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 | 1,359 | 1,250 |
Securities held to maturity, Gross Unrealized Gains, Not Recognized in OCI | 0 | 2 |
Total, Unrealized Losses, Not Recognized in OCI | 6 | 2 |
Total securities held to maturity, Fair Value | 1,353 | 1,250 |
U.S. government agency and government-sponsored agencies - residential mortgage-backed securities | ||
Securities held to maturity | ||
Amortized Cost | 8,166 | 9,788 |
Securities held to maturity, Gross Unrealized Gains, Recognized in Other Comprehensive Income (OCI) | 0 | 1 |
Securities held to maturity, gross unrealized losses, recognized in other comprehensive income (OCI) | 104 | 138 |
Total securities held to maturity, carrying amount | 8,062 | 9,651 |
Securities held to maturity, Gross Unrealized Gains, Not Recognized in OCI | 123 | 28 |
Total, Unrealized Losses, Not Recognized in OCI | 30 | 209 |
Total securities held to maturity, Fair Value | $ 8,155 | $ 9,470 |
Securities - Held to Maturity C
Securities - Held to Maturity Continuous Unrealized Loss Position (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Securities held to maturity | ||
Less than 12 months, Fair Value | $ 1,593 | $ 697 |
Less than 12 months, Unrealized Losses, Recognized in OCI | 0 | 0 |
Less than 12 months, Unrealized Losses, Not Recognized in OCI | 15 | 11 |
12 months or more, Fair Value | 4,515 | 9,083 |
12 months or more, Unrealized Losses, Recognized in OCI | 104 | 138 |
12 months or more, Unrealized Losses, Not Recognized in OCI | 21 | 200 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Fair Value | 6,108 | 9,780 |
Total, Unrealized Losses, Recognized in OCI | 104 | 138 |
Total, Unrealized Losses, Not Recognized in OCI | 36 | 211 |
US Treasury and Government [Member] | ||
Securities held to maturity | ||
Less than 12 months, Fair Value | 509 | 0 |
Less than 12 months, Unrealized Losses, Recognized in OCI | 0 | 0 |
Less than 12 months, Unrealized Losses, Not Recognized in OCI | 6 | 0 |
12 months or more, Fair Value | 0 | 496 |
12 months or more, Unrealized Losses, Recognized in OCI | 0 | 0 |
12 months or more, Unrealized Losses, Not Recognized in OCI | 0 | 2 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Fair Value | 509 | 496 |
Total, Unrealized Losses, Recognized in OCI | 0 | 0 |
Total, Unrealized Losses, Not Recognized in OCI | 6 | 2 |
U.S. government agency and government-sponsored agencies - residential mortgage-backed securities | ||
Securities held to maturity | ||
Less than 12 months, Fair Value | 1,084 | 697 |
Less than 12 months, Unrealized Losses, Recognized in OCI | 0 | 0 |
Less than 12 months, Unrealized Losses, Not Recognized in OCI | 9 | 11 |
12 months or more, Fair Value | 4,515 | 8,587 |
12 months or more, Unrealized Losses, Recognized in OCI | 104 | 138 |
12 months or more, Unrealized Losses, Not Recognized in OCI | 21 | 198 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Fair Value | 5,599 | 9,284 |
Total, Unrealized Losses, Recognized in OCI | 104 | 138 |
Total, Unrealized Losses, Not Recognized in OCI | $ 30 | $ 209 |
Securities - Carrying Amount an
Securities - Carrying Amount and Fair Value Securities Held to Maturity (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Securities held to maturity | ||
Over One Year Through Five Years, Carrying Amount | $ 704 | |
Over Five Years Through Ten Years, Carrying Amount | 2,235 | |
Over Ten Years, Carrying Amount | 6,473 | |
Total securities held to maturity, carrying amount | 9,421 | $ 10,901 |
Over One Year Through Five Years, Fair Value | 724 | |
Over Five Years Through Ten Years, Fair Value | 2,234 | |
Over Ten Years, Fair Value | 6,541 | |
Total securities held to maturity, Fair Value | 9,508 | 10,720 |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, within One Year, Amortized Cost | 9 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, within One Year, Fair Value | 9 | |
US Treasury and Government [Member] | ||
Securities held to maturity | ||
Over One Year Through Five Years, Carrying Amount | 0 | |
Over Five Years Through Ten Years, Carrying Amount | 1,350 | |
Over Ten Years, Carrying Amount | 0 | |
Total securities held to maturity, carrying amount | 1,359 | 1,250 |
Over One Year Through Five Years, Fair Value | 0 | |
Over Five Years Through Ten Years, Fair Value | 1,344 | |
Over Ten Years, Fair Value | 0 | |
Total securities held to maturity, Fair Value | 1,353 | 1,250 |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, within One Year, Amortized Cost | 9 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, within One Year, Fair Value | 9 | |
U.S. government agency and government-sponsored agencies - residential mortgage-backed securities | ||
Securities held to maturity | ||
Over One Year Through Five Years, Carrying Amount | 704 | |
Over Five Years Through Ten Years, Carrying Amount | 885 | |
Over Ten Years, Carrying Amount | 6,473 | |
Total securities held to maturity, carrying amount | 8,062 | 9,651 |
Over One Year Through Five Years, Fair Value | 724 | |
Over Five Years Through Ten Years, Fair Value | 890 | |
Over Ten Years, Fair Value | 6,541 | |
Total securities held to maturity, Fair Value | 8,155 | $ 9,470 |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, within One Year, Amortized Cost | 0 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, within One Year, Fair Value | $ 0 |
Securities - Securities Pledged
Securities - Securities Pledged as Collateral (Details) - USD ($) $ in Billions | Dec. 31, 2019 | Dec. 31, 2018 |
Investments, Debt and Equity Securities [Abstract] | ||
Amount pledged | $ 10.5 | $ 11.9 |
Permitted to be sold or repledged | 1 | 1.3 |
Received as collateral | 34 | 33.1 |
Collateral received permitted to be sold or repledged | 34 | 33.1 |
Sold or repledged | $ 32.5 | $ 32.1 |
Loans and Allowance for Loan _3
Loans and Allowance for Loan Losses - Outstanding Balance of Loans (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Loans disclosures | ||||
Total loans held for investment | $ (88,213) | $ (86,507) | ||
Allowance for loan losses | (538) | (474) | $ (476) | $ (639) |
Loans Held for Investment, Net | 87,675 | 86,033 | ||
Unamortized discounts and premiums and deferred fees and costs | 320 | 340 | ||
Consumer Portfolio Segment [Member] | ||||
Loans disclosures | ||||
Total loans held for investment, before purchased credit-impaired loans | 42,465 | 43,366 | ||
Total loans held for investment | (42,468) | (43,372) | ||
Allowance for loan losses | (184) | (110) | (86) | |
Commercial Portfolio Segment [Member] | ||||
Loans disclosures | ||||
Total loans held for investment | (45,745) | (43,135) | ||
Allowance for loan losses | (354) | (359) | (360) | |
Commercial | Commercial and industrial | ||||
Loans disclosures | ||||
Total loans held for investment, before purchased credit-impaired loans | 26,338 | 24,919 | ||
Commercial | Commercial mortgage | ||||
Loans disclosures | ||||
Total loans held for investment, before purchased credit-impaired loans | 16,895 | 15,354 | ||
Commercial | Construction | ||||
Loans disclosures | ||||
Total loans held for investment, before purchased credit-impaired loans | 1,511 | 1,613 | ||
Commercial | Lease financing | ||||
Loans disclosures | ||||
Total loans held for investment, before purchased credit-impaired loans | 1,001 | 1,249 | ||
Consumer | Home Equity Loan [Member] | ||||
Loans disclosures | ||||
Total loans held for investment, before purchased credit-impaired loans | 2,049 | 2,238 | ||
Consumer | residential mortgage and home equity [Member] | ||||
Loans disclosures | ||||
Total loans held for investment, before purchased credit-impaired loans | 38,018 | 40,677 | ||
Consumer | Other Consumer Loans [Member] | ||||
Loans disclosures | ||||
Total loans held for investment, before purchased credit-impaired loans | 4,450 | 2,695 | ||
Commercial | Commercial mortgage | ||||
Loans disclosures | ||||
Total loans held for investment | (16,895) | (15,354) | ||
Commercial | Construction | ||||
Loans disclosures | ||||
Total loans held for investment | (1,511) | (1,613) | ||
Commercial | Commercial Portfolio Segment [Member] | ||||
Loans disclosures | ||||
Allowance for loan losses | (359) | (360) | (556) | |
Consumer | residential mortgage and home equity [Member] | ||||
Loans disclosures | ||||
Total loans held for investment | (38,018) | (40,677) | ||
Consumer | Other Consumer Loans [Member] | ||||
Loans disclosures | ||||
Total loans held for investment | (4,450) | (2,695) | ||
Consumer | Consumer Portfolio Segment [Member] | ||||
Loans disclosures | ||||
Allowance for loan losses | $ (110) | $ (86) | $ (83) | |
Notes Receivable [Member] | Commercial | Commercial mortgage | ||||
Loans disclosures | ||||
Total loans held for investment | (18,000) | |||
Notes Receivable [Member] | Consumer | Residential mortgage | ||||
Loans disclosures | ||||
Total loans held for investment | (36,000) | |||
Financial and Insurance [Member] | Notes Receivable [Member] | Commercial | ||||
Loans disclosures | ||||
Total loans held for investment | (8,000) | |||
Power and Utilities [Member] | Notes Receivable [Member] | Commercial | ||||
Loans disclosures | ||||
Total loans held for investment | (3,000) | |||
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for loan losses, beginning of period | $ 474 | $ 476 | $ 639 |
(Reversal of) provision for loan losses | 283 | 84 | (65) |
Other | 2 | ||
Loans charged-off | (256) | (120) | (155) |
Recoveries of loans previously charged-off | 37 | 34 | 55 |
Allowance for loan losses, end of period | 538 | 474 | 476 |
Commercial | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Loans charged-off | (158) | (79) | (116) |
Recoveries of loans previously charged-off | 29 | 27 | 50 |
Consumer | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Loans charged-off | (98) | (41) | (39) |
Recoveries of loans previously charged-off | 8 | 7 | 5 |
Unallocated | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for loan losses, beginning of period | 5 | ||
Allowance for loan losses, end of period | 0 | 5 | |
Consumer Portfolio Segment [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for loan losses, beginning of period | 110 | 86 | |
(Reversal of) provision for loan losses | 164 | 58 | 37 |
Other | 0 | ||
Allowance for loan losses, end of period | 184 | 110 | 86 |
Consumer Portfolio Segment [Member] | Consumer | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for loan losses, beginning of period | 110 | 86 | 83 |
Allowance for loan losses, end of period | 110 | 86 | |
Unallocated | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for loan losses, beginning of period | 5 | 30 | |
(Reversal of) provision for loan losses | (5) | (25) | 30 |
Other | 0 | ||
Loans charged-off | 0 | 0 | 0 |
Recoveries of loans previously charged-off | 0 | 0 | 0 |
Allowance for loan losses, end of period | 0 | 5 | 30 |
Unallocated | Unallocated | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for loan losses, beginning of period | 5 | 30 | 0 |
Allowance for loan losses, end of period | 5 | 30 | |
Commercial Portfolio Segment [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for loan losses, beginning of period | 359 | 360 | |
(Reversal of) provision for loan losses | 124 | 51 | (132) |
Other | 2 | ||
Allowance for loan losses, end of period | 354 | 359 | 360 |
Commercial Portfolio Segment [Member] | Commercial | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for loan losses, beginning of period | $ 359 | 360 | 556 |
Allowance for loan losses, end of period | $ 359 | $ 360 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Allowance for loan losses: | ||||
Individually evaluated for impairment | $ 55 | $ 75 | ||
Impaired Financing Receivable, Related Allowance | 55 | 75 | ||
Collectively evaluated for impairment | 483 | 399 | ||
Total allowance for loan losses | 538 | 474 | $ 476 | $ 639 |
Loans held for investment: | ||||
Individually evaluated for impairment | 682 | 730 | ||
Collectively evaluated for impairment | 87,531 | 85,777 | ||
Total loans held for investment | 88,213 | 86,507 | ||
Provision for Loan and Lease Losses | 283 | 84 | (65) | |
Other | 2 | |||
Financing Receivable, Allowance for Credit Loss, Writeoff | 256 | 120 | 155 | |
Recoveries of loans previously charged-off | 37 | 34 | 55 | |
Commercial | ||||
Allowance for loan losses: | ||||
Individually evaluated for impairment | 43 | 62 | ||
Collectively evaluated for impairment | 311 | 297 | ||
Loans held for investment: | ||||
Individually evaluated for impairment | 436 | 450 | ||
Collectively evaluated for impairment | 45,309 | 42,685 | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | 158 | 79 | 116 | |
Recoveries of loans previously charged-off | 29 | 27 | 50 | |
Consumer | ||||
Allowance for loan losses: | ||||
Individually evaluated for impairment | 12 | 13 | ||
Collectively evaluated for impairment | 172 | 97 | ||
Loans held for investment: | ||||
Individually evaluated for impairment | 246 | 280 | ||
Collectively evaluated for impairment | 42,222 | 43,092 | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | 98 | 41 | 39 | |
Recoveries of loans previously charged-off | 8 | 7 | 5 | |
Purchased Credit- Impaired | ||||
Allowance for loan losses: | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 0 | 5 | ||
Loans held for investment: | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 0 | 0 | ||
Unallocated | ||||
Allowance for loan losses: | ||||
Total allowance for loan losses | 0 | 5 | ||
Loans held for investment: | ||||
Total loans held for investment | 0 | 0 | ||
Commercial mortgage | Commercial | ||||
Allowance for loan losses: | ||||
Impaired Financing Receivable, Related Allowance | 0 | 1 | ||
Loans held for investment: | ||||
Total loans held for investment | 16,895 | 15,354 | ||
Notes Receivable [Member] | Residential mortgage | Consumer | ||||
Loans held for investment: | ||||
Total loans held for investment | 36,000 | |||
Notes Receivable [Member] | Commercial mortgage | Commercial | ||||
Loans held for investment: | ||||
Total loans held for investment | 18,000 | |||
Financial and Insurance [Member] | Notes Receivable [Member] | Commercial | ||||
Loans held for investment: | ||||
Total loans held for investment | 8,000 | |||
Power and Utilities [Member] | Notes Receivable [Member] | Commercial | ||||
Loans held for investment: | ||||
Total loans held for investment | 3,000 | |||
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 | ||||
Allowance for loan losses: | ||||
Total allowance for loan losses | 0 | 5 | 30 | |
Loans held for investment: | ||||
Provision for Loan and Lease Losses | (5) | (25) | 30 | |
Other | 0 | |||
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | 0 | 0 | |
Recoveries of loans previously charged-off | 0 | 0 | 0 | |
Unallocated | Unallocated | ||||
Allowance for loan losses: | ||||
Total allowance for loan losses | 5 | 30 | 0 | |
Commercial Portfolio Segment [Member] | ||||
Allowance for loan losses: | ||||
Impaired Financing Receivable, Related Allowance | 43 | 62 | ||
Total allowance for loan losses | 354 | 359 | 360 | |
Loans held for investment: | ||||
Total loans held for investment | 45,745 | 43,135 | ||
Provision for Loan and Lease Losses | 124 | 51 | (132) | |
Other | 2 | |||
Commercial Portfolio Segment [Member] | Commercial | ||||
Allowance for loan losses: | ||||
Total allowance for loan losses | 359 | 360 | 556 | |
Consumer Portfolio Segment [Member] | ||||
Allowance for loan losses: | ||||
Impaired Financing Receivable, Related Allowance | 12 | 13 | ||
Total allowance for loan losses | 184 | 110 | 86 | |
Loans held for investment: | ||||
Total loans held for investment | 42,468 | 43,372 | ||
Provision for Loan and Lease Losses | $ 164 | 58 | 37 | |
Other | 0 | |||
Consumer Portfolio Segment [Member] | Consumer | ||||
Allowance for loan losses: | ||||
Total allowance for loan losses | $ 110 | $ 86 | $ 83 |
Loans and Allowance for Loan _6
Loans and Allowance for Loan Losses - Nonaccural Loans (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Nonaccrual loans | ||
Financing Receivable, Nonaccrual | $ 328 | $ 421 |
Troubled debt restructured loans that continue to accrue interest | 392 | 299 |
Troubled debt restructured nonaccrual loans (included in total nonaccrual loans above) | 171 | 136 |
Commercial | Commercial and industrial | ||
Nonaccrual loans | ||
Financing Receivable, Nonaccrual | 175 | 269 |
Commercial | Commercial mortgage | ||
Nonaccrual loans | ||
Financing Receivable, Nonaccrual | 15 | 12 |
Consumer | residential mortgage and home equity [Member] | ||
Nonaccrual loans | ||
Financing Receivable, Nonaccrual | 137 | 139 |
Consumer | Other Consumer Loans [Member] | ||
Nonaccrual loans | ||
Financing Receivable, Nonaccrual | 1 | 1 |
Consumer Portfolio Segment [Member] | ||
Nonaccrual loans | ||
Financing Receivable, Nonaccrual | 138 | 140 |
Commercial Portfolio Segment [Member] | ||
Nonaccrual loans | ||
Financing Receivable, Nonaccrual | $ 190 | $ 281 |
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, 2019 | Dec. 31, 2018 |
Aging of loans | ||
Current | $ 87,798 | $ 86,151 |
30 to 89 Days Past Due | 283 | 258 |
90 Days or More Past Due | 132 | 98 |
Total Past Due | 415 | 356 |
Loans still accruing | 20 | 23 |
Loans held for investment | 88,213 | 86,507 |
Commercial | Commercial and industrial | ||
Aging of loans | ||
Current | 27,241 | 26,114 |
30 to 89 Days Past Due | 37 | 18 |
90 Days or More Past Due | 61 | 36 |
Total Past Due | 98 | 54 |
Loans held for investment | 27,339 | 26,168 |
Commercial | Commercial mortgage | ||
Aging of loans | ||
Current | 16,858 | 15,333 |
30 to 89 Days Past Due | 34 | 17 |
90 Days or More Past Due | 3 | 4 |
Total Past Due | 37 | 21 |
Loans held for investment | 16,895 | 15,354 |
Commercial | Construction | ||
Aging of loans | ||
Current | 1,511 | 1,593 |
30 to 89 Days Past Due | 0 | 20 |
90 Days or More Past Due | 0 | 0 |
Total Past Due | 0 | 20 |
Loans held for investment | 1,511 | 1,613 |
Consumer | Other Consumer Loans [Member] | ||
Aging of loans | ||
Current | 4,400 | 2,671 |
30 to 89 Days Past Due | 33 | 15 |
90 Days or More Past Due | 17 | 9 |
Total Past Due | 50 | 24 |
Loans held for investment | 4,450 | 2,695 |
Consumer | residential mortgage and home equity [Member] | ||
Aging of loans | ||
Current | 37,788 | 40,440 |
30 to 89 Days Past Due | 179 | 188 |
90 Days or More Past Due | 51 | 49 |
Total Past Due | 230 | 237 |
Loans held for investment | 38,018 | 40,677 |
Consumer Portfolio Segment [Member] | ||
Aging of loans | ||
Current | 42,188 | 43,111 |
30 to 89 Days Past Due | 212 | 203 |
90 Days or More Past Due | 68 | 58 |
Total Past Due | 280 | 261 |
Total | 42,465 | 43,366 |
Loans held for investment | 42,468 | 43,372 |
Consumer Portfolio Segment [Member] | residential mortgage and home equity [Member] | ||
Aging of loans | ||
Total | 38,015 | 40,671 |
Commercial Portfolio Segment [Member] | ||
Aging of loans | ||
Current | 45,610 | 43,040 |
30 to 89 Days Past Due | 71 | 55 |
90 Days or More Past Due | 64 | 40 |
Total Past Due | 135 | 95 |
Loans held for investment | $ 45,745 | $ 43,135 |
Loans and Allowance for Loan _8
Loans and Allowance for Loan Losses - Purchased Credit-Impaired Loans Segment (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Commercial | ||
Aging of loans | ||
Total loans | $ 45,745 | $ 43,135 |
Commercial | Commercial and industrial | ||
Aging of loans | ||
Total loans | 27,339 | 26,168 |
Commercial | Commercial mortgage | ||
Aging of loans | ||
Total loans | 16,895 | 15,354 |
Commercial | Construction | ||
Aging of loans | ||
Total loans | 1,511 | 1,613 |
Pass | Commercial | ||
Aging of loans | ||
Total loans | 44,178 | 41,871 |
Pass | Commercial | Commercial and industrial | ||
Aging of loans | ||
Total loans | 26,210 | 25,191 |
Pass | Commercial | Commercial mortgage | ||
Aging of loans | ||
Total loans | 16,569 | 15,138 |
Pass | Commercial | Construction | ||
Aging of loans | ||
Total loans | 1,399 | 1,542 |
Special Mention | Commercial | ||
Aging of loans | ||
Total loans | 800 | 468 |
Special Mention | Commercial | Commercial and industrial | ||
Aging of loans | ||
Total loans | 636 | 355 |
Special Mention | Commercial | Commercial mortgage | ||
Aging of loans | ||
Total loans | 114 | 105 |
Special Mention | Commercial | Construction | ||
Aging of loans | ||
Total loans | 50 | 8 |
Classified | Commercial | ||
Aging of loans | ||
Total loans | 767 | 796 |
Classified | Commercial | Commercial and industrial | ||
Aging of loans | ||
Total loans | 493 | 622 |
Classified | Commercial | Commercial mortgage | ||
Aging of loans | ||
Total loans | 212 | 111 |
Classified | Commercial | Construction | ||
Aging of loans | ||
Total loans | 62 | 63 |
Consumer Portfolio Segment [Member] | ||
Aging of loans | ||
Loans not covered | $ 3 | $ 6 |
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, 2019 | Dec. 31, 2018 |
Consumer portfolio loans | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | $ 423 | $ 603 |
Nonaccrual | 328 | 421 |
Loans held for investment | 88,213 | 86,507 |
Consumer | Other Consumer Loans [Member] | ||
Consumer portfolio loans | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 2 | 1 |
Accrual | 4,449 | 2,694 |
Nonaccrual | 1 | 1 |
Loans held for investment | 4,450 | 2,695 |
Consumer | residential mortgage and home equity [Member] | ||
Consumer portfolio loans | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 187 | 205 |
Accrual | 37,878 | 40,532 |
Nonaccrual | 137 | 139 |
Loans held for investment | 38,018 | 40,677 |
Commercial | Commercial mortgage | ||
Consumer portfolio loans | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 7 | 25 |
Nonaccrual | 15 | 12 |
Loans held for investment | 16,895 | 15,354 |
Notes Receivable [Member] | Consumer | Residential mortgage | ||
Consumer portfolio loans | ||
Loans held for investment | 36,000 | |
Notes Receivable [Member] | Commercial | Commercial mortgage | ||
Consumer portfolio loans | ||
Loans held for investment | 18,000 | |
Financial and Insurance [Member] | Notes Receivable [Member] | Commercial | ||
Consumer portfolio loans | ||
Loans held for investment | 8,000 | |
Power and Utilities [Member] | Notes Receivable [Member] | Commercial | ||
Consumer portfolio loans | ||
Loans held for investment | 3,000 | |
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 | |
Consumer Portfolio Segment [Member] | ||
Consumer portfolio loans | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 189 | 206 |
Accrual | 42,327 | 43,226 |
Nonaccrual | 138 | 140 |
Loans held for investment | 42,468 | 43,372 |
Total | 42,465 | 43,366 |
Consumer Portfolio Segment [Member] | residential mortgage and home equity [Member] | ||
Consumer portfolio loans | ||
Total | 38,015 | 40,671 |
Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | ||
Consumer portfolio loans | ||
Total | 4,450 | 2,695 |
Commercial Portfolio Segment [Member] | ||
Consumer portfolio loans | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 234 | 397 |
Nonaccrual | 190 | 281 |
Loans held for investment | 45,745 | 43,135 |
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 - Loans in Consumer Portfolio Segment Based on Refreshed FICO Scores (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Credit quality of consumer loans | ||
Financing Receivable, Nonaccrual | $ 328 | $ 421 |
Consumer | ||
Credit quality of consumer loans | ||
Percentage of total | 100.00% | 100.00% |
Consumer | 720 and Above | ||
Credit quality of consumer loans | ||
Percentage of total | 81.00% | 82.00% |
Consumer | Below 720 | ||
Credit quality of consumer loans | ||
Percentage of total | 18.00% | 17.00% |
Consumer | No FICO Available | ||
Credit quality of consumer loans | ||
Percentage of total | 1.00% | 1.00% |
Consumer | Other Consumer Loans [Member] | ||
Credit quality of consumer loans | ||
Financing Receivable Recorded Investment Accrual Status | $ 4,449 | $ 2,694 |
Financing Receivable, Nonaccrual | 1 | 1 |
Consumer | Other Consumer Loans [Member] | 720 and Above | ||
Credit quality of consumer loans | ||
Loan balances, excluding loans serviced by third parties and loans covered by FDIC loss share agreements | 2,567 | 1,625 |
Consumer | Other Consumer Loans [Member] | Below 720 | ||
Credit quality of consumer loans | ||
Loan balances, excluding loans serviced by third parties and loans covered by FDIC loss share agreements | 1,841 | 1,000 |
Consumer | Other Consumer Loans [Member] | No FICO Available | ||
Credit quality of consumer loans | ||
Loan balances, excluding loans serviced by third parties and loans covered by FDIC loss share agreements | 3 | 2 |
Consumer | residential mortgage and home equity [Member] | ||
Credit quality of consumer loans | ||
Financing Receivable Recorded Investment Accrual Status | 37,878 | 40,532 |
Financing Receivable, Nonaccrual | 137 | 139 |
Consumer | residential mortgage and home equity [Member] | 720 and Above | ||
Credit quality of consumer loans | ||
Loan balances, excluding loans serviced by third parties and loans covered by FDIC loss share agreements | 31,441 | 33,313 |
Consumer | residential mortgage and home equity [Member] | Below 720 | ||
Credit quality of consumer loans | ||
Loan balances, excluding loans serviced by third parties and loans covered by FDIC loss share agreements | 5,742 | 6,470 |
Consumer | residential mortgage and home equity [Member] | No FICO Available | ||
Credit quality of consumer loans | ||
Loan balances, excluding loans serviced by third parties and loans covered by FDIC loss share agreements | 454 | 484 |
Consumer Portfolio Segment [Member] | ||
Credit quality of consumer loans | ||
Financing Receivable Recorded Investment Accrual Status | 42,327 | 43,226 |
Loan balances, excluding loans serviced by third parties and loans covered by FDIC loss share agreements | 42,048 | 42,894 |
Financing Receivable, Nonaccrual | 138 | 140 |
Loans and Leases Receivable Net of Deferred Income and Purchased Credit Impaired Loans | 42,465 | 43,366 |
Consumer Portfolio Segment [Member] | residential mortgage and home equity [Member] | ||
Credit quality of consumer loans | ||
Loan balances, excluding loans serviced by third parties and loans covered by FDIC loss share agreements | 37,637 | 40,267 |
Loans and Leases Receivable Net of Deferred Income and Purchased Credit Impaired Loans | 38,015 | 40,671 |
Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | ||
Credit quality of consumer loans | ||
Loan balances, excluding loans serviced by third parties and loans covered by FDIC loss share agreements | 4,411 | 2,627 |
Loans and Leases Receivable Net of Deferred Income and Purchased Credit Impaired Loans | 4,450 | 2,695 |
No FICO Available | Consumer Portfolio Segment [Member] | ||
Credit quality of consumer loans | ||
Loan balances, excluding loans serviced by third parties and loans covered by FDIC loss share agreements | 457 | 486 |
Below 720 | Consumer Portfolio Segment [Member] | ||
Credit quality of consumer loans | ||
Loan balances, excluding loans serviced by third parties and loans covered by FDIC loss share agreements | 7,583 | 7,470 |
720 and Above | Consumer Portfolio Segment [Member] | ||
Credit quality of consumer loans | ||
Loan balances, excluding loans serviced by third parties and loans covered by FDIC loss share agreements | $ 34,008 | $ 34,938 |
Loans and Allowance for Loan_11
Loans and Allowance for Loan Losses - Loans in Consumer Portfolio Segment Based on Refreshed LTV ratios (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Consumer | ||
Credit quality of consumer loans | ||
Percentage of total | 100.00% | 100.00% |
Consumer | Less than or Equal to 80 Percent | ||
Credit quality of consumer loans | ||
Percentage of total | 95.00% | 96.00% |
Consumer | Greater than 80 and Less than 100 Percent | ||
Credit quality of consumer loans | ||
Percentage of total | 5.00% | 4.00% |
Consumer | Greater than or Equal to 100 Percent | ||
Credit quality of consumer loans | ||
Percentage of total | 0.00% | 0.00% |
Consumer | No LTV Available | ||
Credit quality of consumer loans | ||
Percentage of total | 0.00% | 0.00% |
Consumer | residential mortgage and home equity [Member] | Less than or Equal to 80 Percent | ||
Credit quality of consumer loans | ||
Loans categorized by LTV ratio | $ 35,893 | $ 38,570 |
Consumer | residential mortgage and home equity [Member] | Greater than 80 and Less than 100 Percent | ||
Credit quality of consumer loans | ||
Loans categorized by LTV ratio | 1,689 | 1,582 |
Consumer | residential mortgage and home equity [Member] | Greater than or Equal to 100 Percent | ||
Credit quality of consumer loans | ||
Loans categorized by LTV ratio | 12 | 16 |
Consumer | residential mortgage and home equity [Member] | No LTV Available | ||
Credit quality of consumer loans | ||
Loans categorized by LTV ratio | 43 | 99 |
Consumer Portfolio Segment [Member] | ||
Credit quality of consumer loans | ||
Loans categorized by LTV ratio | 37,637 | 40,267 |
Consumer Portfolio Segment [Member] | Residential mortgage | ||
Credit quality of consumer loans | ||
Loans categorized by LTV ratio | 37,637 | 40,267 |
No LTV Available | Consumer Portfolio Segment [Member] | ||
Credit quality of consumer loans | ||
Loans categorized by LTV ratio | 43 | 99 |
Greater than or Equal to 100 Percent | Consumer Portfolio Segment [Member] | ||
Credit quality of consumer loans | ||
Loans categorized by LTV ratio | 12 | 16 |
Greater than 80 and Less than 100 Percent | Consumer Portfolio Segment [Member] | ||
Credit quality of consumer loans | ||
Loans categorized by LTV ratio | 1,689 | 1,582 |
Less than or Equal to 80 Percent | Consumer Portfolio Segment [Member] | ||
Credit quality of consumer loans | ||
Loans categorized by LTV ratio | $ 35,893 | $ 38,570 |
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, 2019 | Dec. 31, 2018 |
Pre- and Post - modification recorded investments | ||
Commitment to lend additional funds to borrowers with loan modifications classified as TDRs | $ 61 | $ 49 |
Total restructured loans | 563 | 435 |
Commercial | Commercial and industrial | ||
Pre- and Post - modification recorded investments | ||
Total restructured loans | 140 | 109 |
Commercial | Commercial mortgage | ||
Pre- and Post - modification recorded investments | ||
Total restructured loans | 168 | 46 |
Commercial | Construction | ||
Pre- and Post - modification recorded investments | ||
Total restructured loans | 62 | 63 |
Consumer | Residential mortgage | ||
Pre- and Post - modification recorded investments | ||
Total restructured loans | 192 | 216 |
Consumer | Other Consumer Loans [Member] | ||
Pre- and Post - modification recorded investments | ||
Total restructured loans | 1 | 1 |
Consumer Portfolio Segment [Member] | ||
Pre- and Post - modification recorded investments | ||
Total restructured loans | 193 | 217 |
Commercial Portfolio Segment [Member] | ||
Pre- and Post - modification recorded investments | ||
Total restructured loans | $ 370 | $ 218 |
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, 2019 | Dec. 31, 2018 | |
Pre- and Post - modification recorded investments | ||
Pre-Modification Outstanding Recorded Investment | $ 310 | $ 180 |
Post-Modification Outstanding Recorded Investment | 308 | 180 |
Commercial | Commercial mortgage | ||
Pre- and Post - modification recorded investments | ||
Pre-Modification Outstanding Recorded Investment | 129 | 4 |
Post-Modification Outstanding Recorded Investment | 125 | 4 |
Consumer | Other Consumer Loans [Member] | ||
Pre- and Post - modification recorded investments | ||
Pre-Modification Outstanding Recorded Investment | 0 | 0 |
Post-Modification Outstanding Recorded Investment | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
Pre- and Post - modification recorded investments | ||
Pre-Modification Outstanding Recorded Investment | 299 | 169 |
Post-Modification Outstanding Recorded Investment | 297 | 169 |
Commercial Portfolio Segment [Member] | Commercial and industrial | ||
Pre- and Post - modification recorded investments | ||
Pre-Modification Outstanding Recorded Investment | 170 | 165 |
Post-Modification Outstanding Recorded Investment | 172 | 165 |
Consumer Portfolio Segment [Member] | ||
Pre- and Post - modification recorded investments | ||
Pre-Modification Outstanding Recorded Investment | 11 | 11 |
Post-Modification Outstanding Recorded Investment | 11 | 11 |
Consumer Portfolio Segment [Member] | residential mortgage and home equity [Member] | ||
Pre- and Post - modification recorded investments | ||
Pre-Modification Outstanding Recorded Investment | 11 | 11 |
Post-Modification Outstanding Recorded Investment | $ 11 | $ 11 |
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, 2019 | Dec. 31, 2018 | |
Pre- and Post - modification recorded investments | ||
Total troubled debt restructured loans at date of default | $ 42 | $ 3 |
Minimum defaulting period | 60 days | |
Commercial | Commercial and industrial | ||
Pre- and Post - modification recorded investments | ||
Total troubled debt restructured loans at date of default | $ 40 | 0 |
Commercial | Commercial mortgage | ||
Pre- and Post - modification recorded investments | ||
Total troubled debt restructured loans at date of default | 1 | 0 |
Consumer | residential mortgage and home equity [Member] | ||
Pre- and Post - modification recorded investments | ||
Total troubled debt restructured loans at date of default | 1 | 3 |
Consumer Portfolio Segment [Member] | ||
Pre- and Post - modification recorded investments | ||
Total troubled debt restructured loans at date of default | 1 | 3 |
Commercial Portfolio Segment [Member] | ||
Pre- and Post - modification recorded investments | ||
Total troubled debt restructured loans at date of default | $ 41 | $ 0 |
Loans and Allowance for Loan_15
Loans and Allowance for Loan Losses - Impaired Loans by Class (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Loan impairment | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | $ 373 | $ 521 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 309 | 209 |
Recorded Investment, Impaired loans | 682 | 730 |
Allowance for impaired loans | 55 | 75 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 423 | 603 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 415 | 249 |
Commercial | Commercial and industrial | ||
Loan impairment | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 186 | 299 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 13 | 22 |
Recorded Investment, Impaired loans | 199 | 321 |
Allowance for impaired loans | 43 | 61 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 227 | 372 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 99 | 39 |
Commercial | Commercial mortgage | ||
Loan impairment | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 7 | 25 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 168 | 41 |
Recorded Investment, Impaired loans | 175 | 66 |
Allowance for impaired loans | 0 | 1 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 7 | 25 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 168 | 41 |
Consumer | Other Consumer Loans [Member] | ||
Loan impairment | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 2 | 1 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 0 | 0 |
Recorded Investment, Impaired loans | 2 | 1 |
Allowance for impaired loans | 0 | 0 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 2 | 1 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | 0 |
Consumer | residential mortgage and home equity [Member] | ||
Loan impairment | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 178 | 196 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 66 | 83 |
Recorded Investment, Impaired loans | 244 | 279 |
Allowance for impaired loans | 12 | 13 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 187 | 205 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 86 | 106 |
Commercial Portfolio Segment [Member] | ||
Loan impairment | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 193 | 324 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 243 | 126 |
Recorded Investment, Impaired loans | 436 | 450 |
Allowance for impaired loans | 43 | 62 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 234 | 397 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 329 | 143 |
Commercial Portfolio Segment [Member] | Construction | ||
Loan impairment | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 62 | 63 |
Recorded Investment, Impaired loans | 62 | 63 |
Allowance for impaired loans | 0 | 0 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 0 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 62 | 63 |
Consumer Portfolio Segment [Member] | ||
Loan impairment | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 180 | 197 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 66 | 83 |
Recorded Investment, Impaired loans | 246 | 280 |
Allowance for impaired loans | 12 | 13 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 189 | 206 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | $ 86 | $ 106 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Loan impairment | |||
Impaired Financing Receivable, Related Allowance | $ 55 | $ 75 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 373 | 521 | |
Average Recorded Investment | 844 | 763 | $ 922 |
Recognized Interest Income | 53 | 64 | 84 |
Allowance for loan losses: | |||
Transfer of loans from held for investment to held for sale | 718 | 44 | 776 |
Loans receivable sold during the period | 952 | 638 | 926 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 309 | 209 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 423 | 603 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 415 | 249 | |
Commercial | |||
Allowance for loan losses: | |||
Transfer of loans from held for investment to held for sale | 47 | 780 | |
Loans receivable sold during the period | 638 | 926 | |
Commercial | Commercial and industrial | |||
Loan impairment | |||
Impaired Financing Receivable, Related Allowance | 43 | 61 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 186 | 299 | |
Average Recorded Investment | 399 | 309 | 463 |
Recognized Interest Income | 11 | 12 | 18 |
Allowance for loan losses: | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 13 | 22 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 227 | 372 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 99 | 39 | |
Commercial | Commercial mortgage | |||
Loan impairment | |||
Impaired Financing Receivable, Related Allowance | 0 | 1 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 7 | 25 | |
Average Recorded Investment | 119 | 60 | 58 |
Recognized Interest Income | 16 | 27 | 41 |
Allowance for loan losses: | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 168 | 41 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 7 | 25 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 168 | 41 | |
Commercial | Construction | |||
Loan impairment | |||
Average Recorded Investment | 62 | 95 | 45 |
Recognized Interest Income | 10 | 8 | 5 |
Consumer | |||
Allowance for loan losses: | |||
Transfer of loans from held for investment to held for sale | (3) | (4) | |
Loans receivable sold during the period | 0 | 0 | |
Consumer | Other Consumer Loans [Member] | |||
Loan impairment | |||
Impaired Financing Receivable, Related Allowance | 0 | 0 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 2 | 1 | |
Average Recorded Investment | 2 | 1 | 1 |
Recognized Interest Income | 0 | 0 | 0 |
Allowance for loan losses: | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 0 | 0 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 2 | 1 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | 0 | |
Consumer | residential mortgage and home equity [Member] | |||
Loan impairment | |||
Impaired Financing Receivable, Related Allowance | 12 | 13 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 178 | 196 | |
Average Recorded Investment | 262 | 298 | 355 |
Recognized Interest Income | 16 | 17 | 20 |
Allowance for loan losses: | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 66 | 83 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 187 | 205 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 86 | 106 | |
Commercial Portfolio Segment [Member] | |||
Loan impairment | |||
Impaired Financing Receivable, Related Allowance | 43 | 62 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 193 | 324 | |
Average Recorded Investment | 580 | 464 | 566 |
Recognized Interest Income | 37 | 47 | 64 |
Allowance for loan losses: | |||
Transfer of loans from held for investment to held for sale | 723 | ||
Loans receivable sold during the period | 952 | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 243 | 126 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 234 | 397 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 329 | 143 | |
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 No Related Allowance, Recorded Investment | 62 | 63 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 0 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 62 | 63 | |
Consumer Portfolio Segment [Member] | |||
Loan impairment | |||
Impaired Financing Receivable, Related Allowance | 12 | 13 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 180 | 197 | |
Average Recorded Investment | 264 | 299 | 356 |
Recognized Interest Income | 16 | 17 | $ 20 |
Allowance for loan losses: | |||
Transfer of loans from held for investment to held for sale | (5) | ||
Loans receivable sold during the period | 0 | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 66 | 83 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 189 | 206 | |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | $ 86 | $ 106 |
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, 2019 | Dec. 31, 2018 |
Concentrations of Credit Risk | ||
Loans | $ 88,213 | $ 86,507 |
Consumer | Residential mortgage | Notes Receivable [Member] | ||
Concentrations of Credit Risk | ||
Loans | 36,000 | |
Commercial | Notes Receivable [Member] | Financial and Insurance [Member] | ||
Concentrations of Credit Risk | ||
Loans | 8,000 | |
Additional unfunded commitments to extend credit | 9,000 | |
Commercial | Notes Receivable [Member] | Power and Utilities [Member] | ||
Concentrations of Credit Risk | ||
Loans | 3,000 | |
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 | ||
Concentrations of Credit Risk | ||
Loans | 16,895 | $ 15,354 |
Commercial | Commercial mortgage | Notes Receivable [Member] | ||
Concentrations of Credit Risk | ||
Loans | 18,000 | |
Additional unfunded commitments to extend credit | $ 5,000 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Changes in the carrying amount of goodwill | ||||
Goodwill, Impairment Loss | $ 1,600 | $ 1,614 | $ 0 | $ 0 |
Goodwill | 1,764 | 3,301 | ||
Goodwill, Acquired During Period | 77 | |||
Goodwill, Gross | 3,378 | |||
Goodwill, Impaired, Accumulated Impairment Loss | 1,614 | |||
Global Corporate & Investment Banking U.S. [Member] | ||||
Changes in the carrying amount of goodwill | ||||
Goodwill | $ 667 | |||
Operating segments | Global Corporate & Investment Banking U.S. [Member] | ||||
Changes in the carrying amount of goodwill | ||||
Goodwill, Impairment Loss | 191 | |||
Goodwill | 667 | 840 | ||
Goodwill, Acquired During Period | 18 | |||
Goodwill, Gross | 858 | |||
Goodwill, Impaired, Accumulated Impairment Loss | 191 | |||
Operating segments | Regional Bank | ||||
Changes in the carrying amount of goodwill | ||||
Goodwill, Impairment Loss | 1,423 | |||
Goodwill | 770 | 2,134 | ||
Goodwill, Acquired During Period | 59 | |||
Goodwill, Gross | 2,193 | |||
Goodwill, Impaired, Accumulated Impairment Loss | 1,423 | |||
Operating segments | Transaction Banking | ||||
Changes in the carrying amount of goodwill | ||||
Goodwill, Impairment Loss | 0 | |||
Goodwill | 251 | 251 | ||
Goodwill, Acquired During Period | 0 | |||
Goodwill, Gross | 251 | |||
Goodwill, Impaired, Accumulated Impairment Loss | 0 | |||
Other (1) | ||||
Changes in the carrying amount of goodwill | ||||
Goodwill, Impairment Loss | 0 | |||
Goodwill | 76 | $ 76 | ||
Goodwill, Acquired During Period | 0 | |||
Goodwill, Gross | 76 | |||
Goodwill, Impaired, Accumulated Impairment Loss | $ 0 |
Other Assets - Premises and Equ
Other Assets - Premises and Equipment Carried at Cost (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Premises and Equipment | ||
Net Book Value | $ 656 | $ 635 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Identifiable Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Intangible Assets | |||
Amortization Expense | $ 34 | $ 26 | $ 30 |
Gross Carrying Amount | 931 | 932 | |
Accumulated Amortization | (670) | (647) | |
Net Carrying Amount | 261 | 285 | |
Core deposit intangibles | |||
Intangible Assets | |||
Gross Carrying Amount | 565 | 565 | |
Accumulated Amortization | (543) | (537) | |
Net Carrying Amount | 22 | 28 | |
Trade names | |||
Intangible Assets | |||
Gross Carrying Amount | 115 | 111 | |
Accumulated Amortization | (35) | (32) | |
Net Carrying Amount | 80 | 79 | |
Customer Relationships | |||
Intangible Assets | |||
Gross Carrying Amount | 238 | 238 | |
Accumulated Amortization | (79) | (63) | |
Net Carrying Amount | 159 | 175 | |
Other intangibles assets | |||
Intangible Assets | |||
Gross Carrying Amount | 13 | 18 | |
Accumulated Amortization | (13) | (15) | |
Net Carrying Amount | $ 0 | $ 3 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Estimated Future Amortization Expense (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule Of Estimated Future Amortization Expense | ||
2017 | $ 25 | |
2018 | 22 | |
2019 | 22 | |
2020 | 19 | |
2021 | 19 | |
Thereafter | 154 | |
Net Carrying Amount | 261 | $ 285 |
Core deposit intangibles | ||
Schedule Of Estimated Future Amortization Expense | ||
2017 | 5 | |
2018 | 4 | |
2019 | 4 | |
2020 | 2 | |
2021 | 2 | |
Thereafter | 5 | |
Net Carrying Amount | 22 | 28 |
Trade names | ||
Schedule Of Estimated Future Amortization Expense | ||
2017 | 4 | |
2018 | 3 | |
2019 | 3 | |
2020 | 3 | |
2021 | 3 | |
Thereafter | 64 | |
Net Carrying Amount | 80 | 79 |
Customer Relationships | ||
Schedule Of Estimated Future Amortization Expense | ||
2017 | 16 | |
2018 | 15 | |
2019 | 15 | |
2020 | 14 | |
2021 | 14 | |
Thereafter | 85 | |
Net Carrying Amount | 159 | 175 |
Other | ||
Schedule Of Estimated Future Amortization Expense | ||
Net Carrying Amount | $ 0 | $ 3 |
Other Assets - Other Assets (De
Other Assets - Other Assets (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Other Assets | ||
Other investments | $ 3,033 | $ 3,250 |
Property, Plant and Equipment, Net | 656 | 635 |
Software | 527 | 445 |
Intangible assets | 531 | 444 |
OREO | 1 | 1 |
Other | 5,452 | 4,845 |
Total other assets | $ 10,200 | $ 9,620 |
Variable Interest Entities - As
Variable Interest Entities - Assets and Liabilities of Consolidated VIEs (Details) $ in Millions | Dec. 31, 2019USD ($)investment | Dec. 31, 2018USD ($) |
Consolidated Assets | ||
Interest Bearing Deposits in Banks | $ 7,184 | $ 6,289 |
Loans Held for Investment, Net | 87,675 | 86,033 |
Other assets | 10,200 | 9,620 |
Consolidated Liabilities | ||
Other liabilities | 2,837 | 2,048 |
Consolidated VIEs | ||
Consolidated Assets | ||
Interest Bearing Deposits in Banks | 0 | 0 |
Loans Held for Investment, Net | 349 | 570 |
Other assets | 213 | 165 |
Total Assets | 562 | 735 |
Consolidated Liabilities | ||
Other liabilities | 45 | 17 |
Total Liabilities | 45 | 17 |
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 | 96 | 43 |
Total Assets | 96 | 43 |
Consolidated Liabilities | ||
Other liabilities | 36 | 0 |
Total Liabilities | $ 36 | 0 |
Number of LIHC investment fund | investment | 2 | |
Consolidated VIEs | Leasing investments | ||
Consolidated Assets | ||
Interest Bearing Deposits in Banks | $ 0 | 0 |
Loans and Leases Receivable, Net of Deferred Income | 349 | 570 |
Other assets | 117 | 122 |
Total Assets | 466 | 692 |
Consolidated Liabilities | ||
Other liabilities | 9 | 17 |
Total Liabilities | $ 9 | $ 17 |
Variable Interest Entities - Ca
Variable Interest Entities - Carrying Amounts related to Unconsolidated VIEs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Variable Interest Entities | |||
Carrying amount of liabilities assumed | $ 0 | $ 0 | $ 601 |
Interest bearing deposits in banks | 7,184 | 6,289 | |
Unconsolidated Assets | |||
Securities Available for Sale | 17,789 | 16,314 | |
Loans held for investment | 88,213 | 86,507 | |
Other Assets | 10,200 | 9,620 | |
Unconsolidated Liabilities | |||
Other Liabilities | 2,837 | 2,048 | |
Unconsolidated VIEs | |||
Variable Interest Entities | |||
Interest bearing deposits in banks | 0 | 26 | |
Unconsolidated Assets | |||
Securities Available for Sale | 27 | 28 | |
Loans held for investment | 232 | 217 | |
Other Assets | 2,197 | 2,412 | |
Total Assets | 2,456 | 2,683 | |
Unconsolidated Liabilities | |||
Other Liabilities | 152 | 179 | |
Total Liabilities | 152 | 179 | |
Maximum Exposure to Loss | 2,557 | 2,748 | |
Commercial | Commercial mortgage | |||
Unconsolidated Assets | |||
Loans held for investment | 16,895 | 15,354 | |
Notes Receivable [Member] | Consumer | Residential mortgage | |||
Unconsolidated Assets | |||
Loans held for investment | 36,000 | ||
Notes Receivable [Member] | Commercial | Commercial mortgage | |||
Unconsolidated Assets | |||
Loans held for investment | 18,000 | ||
Financial and Insurance [Member] | Notes Receivable [Member] | Commercial | |||
Unconsolidated Assets | |||
Loans held for investment | 8,000 | ||
Power and Utilities [Member] | Notes Receivable [Member] | Commercial | |||
Unconsolidated Assets | |||
Loans held for investment | 3,000 | ||
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 | ||
LIHC investments | Unconsolidated VIEs | |||
Variable Interest Entities | |||
Carrying amount of liabilities assumed | 43 | 87 | $ 55 |
Interest bearing deposits in banks | 0 | 0 | |
Unconsolidated Assets | |||
Securities Available for Sale | 27 | 28 | |
Loans held for investment | 219 | 198 | |
Other Assets | 872 | 976 | |
Total Assets | 1,118 | 1,202 | |
Unconsolidated Liabilities | |||
Other Liabilities | 148 | 165 | |
Total Liabilities | 148 | 165 | |
Maximum Exposure to Loss | 1,118 | 1,202 | |
Leasing Investments [Member] | Unconsolidated VIEs | |||
Variable Interest Entities | |||
Interest bearing deposits in banks | 0 | 26 | |
Unconsolidated Assets | |||
Securities Available for Sale | 0 | 0 | |
Loans held for investment | 0 | 19 | |
Other Assets | 1,256 | 1,401 | |
Total Assets | 1,256 | 1,446 | |
Unconsolidated Liabilities | |||
Other Liabilities | 0 | 14 | |
Total Liabilities | 0 | 14 | |
Maximum Exposure to Loss | 1,276 | 1,467 | |
Other Investments [Member] | Unconsolidated VIEs | |||
Variable Interest Entities | |||
Interest bearing deposits in banks | 0 | 0 | |
Unconsolidated Assets | |||
Securities Available for Sale | 0 | 0 | |
Loans held for investment | 13 | 0 | |
Other Assets | 69 | 35 | |
Total Assets | 82 | 35 | |
Unconsolidated Liabilities | |||
Other Liabilities | 4 | 0 | |
Total Liabilities | 4 | 0 | |
Maximum Exposure to Loss | $ 163 | $ 79 |
Variable Interest Entities (Det
Variable Interest Entities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Variable Interest Entity [Line Items] | |||
Loans held for investment | $ 88,213 | $ 86,507 | |
Non Interest Expenses | |||
Variable Interest Entity [Line Items] | |||
Losses from LIHC investments included in other noninterest expense | (6) | (7) | $ (13) |
Income Tax Expense | |||
Variable Interest Entity [Line Items] | |||
Amortization of LIHC investments included in income tax expense | 130 | 136 | 185 |
Tax credits and other tax benefits from LIHC investments included in income tax expense | 178 | 180 | $ 193 |
Unconsolidated VIEs | |||
Variable Interest Entity [Line Items] | |||
Loans held for investment | 232 | 217 | |
Unconsolidated VIEs | LIHC investments | |||
Variable Interest Entity [Line Items] | |||
Loans held for investment | 219 | 198 | |
Unconsolidated VIEs | Leasing investments | |||
Variable Interest Entity [Line Items] | |||
Loans held for investment | 0 | 19 | |
Unconsolidated VIEs | Other investments | |||
Variable Interest Entity [Line Items] | |||
Loans held for investment | $ 13 | $ 0 |
Deposits (Details)
Deposits (Details) - USD ($) $ in Billions | Dec. 31, 2019 | Dec. 31, 2018 |
Deposits [Abstract] | ||
Time deposits, in excess of FDIC insurance | $ 7.5 | $ 4.2 |
Interest bearing time deposits with remaining term of greater than one year | $ 15.7 |
Securities Financing Agreemen_3
Securities Financing Agreements (Gross Obligations to Repurchase, Securities Loaned, and Class of Collateral Pledged) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Sold under Agreements to Repurchase, Gross | $ 33,911 | $ 38,798 |
Securities loaned | 495 | 93 |
Maturity Overnight [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Sold under Agreements to Repurchase, Gross | 19,956 | 20,667 |
Securities loaned | 259 | 93 |
Up to 30 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Sold under Agreements to Repurchase, Gross | 4,192 | 5,180 |
Securities loaned | 236 | 0 |
31-90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Sold under Agreements to Repurchase, Gross | 9,661 | 12,616 |
Securities loaned | 0 | 0 |
Greater than 90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Sold under Agreements to Repurchase, Gross | 102 | 335 |
Securities loaned | 0 | 0 |
US Treasury and Government [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Sold under Agreements to Repurchase, Gross | 14,943 | 16,006 |
US Treasury and Government [Member] | Maturity Overnight [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Sold under Agreements to Repurchase, Gross | 12,219 | 9,680 |
US Treasury and Government [Member] | Up to 30 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Sold under Agreements to Repurchase, Gross | 2,237 | 2,945 |
US Treasury and Government [Member] | 31-90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Sold under Agreements to Repurchase, Gross | 385 | 3,046 |
US Treasury and Government [Member] | Greater than 90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Sold under Agreements to Repurchase, Gross | 102 | 335 |
Corporate bonds | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Sold under Agreements to Repurchase, Gross | 1,873 | 2,039 |
Securities loaned | 2 | 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 | 688 | 682 |
Securities loaned | 2 | 1 |
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 | 24 | 130 |
Securities loaned | 0 | 0 |
Corporate bonds | 31-90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Sold under Agreements to Repurchase, Gross | 1,161 | 1,227 |
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, Gross | 860 | 879 |
Municipal bonds | Maturity Overnight [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Sold under Agreements to Repurchase, Gross | 327 | 115 |
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 | 0 | 245 |
Municipal bonds | 31-90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Sold under Agreements to Repurchase, Gross | 533 | 519 |
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, Gross | 2,205 | 862 |
Securities loaned | 493 | 92 |
Equity securities | Maturity Overnight [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Sold under Agreements to Repurchase, Gross | 1,400 | 387 |
Securities loaned | 257 | 92 |
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 | 349 | 220 |
Securities loaned | 236 | 0 |
Equity securities | 31-90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Sold under Agreements to Repurchase, Gross | 456 | 255 |
Securities loaned | 0 | 0 |
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 |
U.S. government agency and government-sponsored agencies - residential mortgage-backed securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities Sold under Agreements to Repurchase, Gross | 14,030 | 19,012 |
U.S. government agency and government-sponsored agencies - residential 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 | 5,322 | 9,803 |
U.S. government agency and government-sponsored agencies - residential 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 | 1,582 | 1,640 |
U.S. government agency and government-sponsored agencies - residential 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 | 7,126 | 7,569 |
U.S. government agency and government-sponsored agencies - residential 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 | $ 0 |
Deposits - Schedule of Maturiti
Deposits - Schedule of Maturities of Time Deposits (Details) $ in Millions | Dec. 31, 2019USD ($) |
Deposits [Abstract] | |
Due in one year or less | $ 14,029 |
Due after one year through two years | 1,119 |
Due after two years through three years | 356 |
Due after three years through four years | 70 |
Due after four years through five years | 77 |
Due after five years | 0 |
Total | $ 15,700 |
Securities Financing Agreemen_4
Securities Financing Agreements (Offsetting Financing Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative assets | ||
Gross Amounts of Recognized Assets/Liabilities | $ 1,233 | $ 871 |
Gross Amounts Offset in Balance Sheet | 264 | 354 |
Net Amounts Presented in Balance Sheet | 969 | 517 |
Gross Amounts Not Offset In Balance Sheet, Financial Instruments | 26 | 14 |
Gross Amounts Not Offset in Balance Sheet, Cash Collateral Received/Pledged | 0 | 0 |
Net Amount | 943 | 503 |
Securities borrowed or purchased under resale agreements | ||
Gross Amounts of Recognized Assets/Liabilities | 29,483 | 33,974 |
Gross Amounts Offset in Balance Sheet | 5,540 | 11,606 |
Net Amounts Presented in Balance Sheet | 23,943 | 22,368 |
Gross Amounts Not Offset in Balance Sheet, Financial Instruments | 23,844 | 22,291 |
Gross Amounts Not Offset in Balance Sheet, Cash Collateral Received/Pledged | 0 | 0 |
Net Amount | 99 | 77 |
Total Financial Assets | ||
Gross Amounts of Recognized Assets/Liabilities | 30,716 | 34,845 |
Gross Amounts Offset in Balance Sheet | 5,804 | 11,960 |
Net Amounts Presented in Balance Sheet | 24,912 | 22,885 |
Gross Amounts Not Offset In Balance Sheet, Financial Instruments | 23,870 | 22,305 |
Gross Amounts Not Offset in Balance Sheet, Cash Collateral Received/Pledged | 0 | 0 |
Net Amount | 1,042 | 580 |
Derivative liabilities | ||
Gross Amounts of Recognized Assets/Liabilities | 523 | 804 |
Gross Amounts Offset in Balance Sheet | 306 | 322 |
Net Amounts Presented in Balance Sheet | 217 | 482 |
Gross Amount Not Offset in Balance Sheet, Financial Instruments | 129 | 69 |
Gross Amounts Not Offset in Balance Sheet, Cash Collateral Received/Pledged | 1 | 0 |
Net Amount | 87 | 413 |
Securities loaned or sold under repurchase agreements | ||
Gross Amounts of Recognized Assets/Liabilities | 34,406 | 38,891 |
Gross Amounts Offset in Balance Sheet | 5,540 | 11,606 |
Net Amounts Presented in Balance Sheet | 28,866 | 27,285 |
Gross Amounts Not Offset in Balance Sheet, Financial Instruments | 27,957 | 26,434 |
Gross Amounts Not Offset in Balance Sheet, Cash Collateral Received/Pledged | 0 | 0 |
Net Amount | 909 | 851 |
Total Financial Liabilities | ||
Gross Amounts of Recognized Assets/Liabilities | 34,929 | 39,695 |
Gross Amounts Offset in Balance Sheet | 5,846 | 11,928 |
Net Amounts Presented in Balance Sheet | 29,083 | 27,767 |
Gross Amount Not Offset in Balance Sheet, Financial Instruments | 28,086 | 26,503 |
Gross Amounts Not Offset in Balance Sheet, Cash Collateral Received/Pledged | 1 | 0 |
Net Amount | $ 996 | $ 1,264 |
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, 2019USD ($) | Dec. 31, 2019JPY (¥) | Dec. 31, 2018USD ($) |
Commercial Paper and Short-Term Borrowings | |||
Total commercial paper and other short-term borrowings | $ 6,484 | $ 9,263 | |
MUFG Union Bank N.A [Member] | |||
Commercial Paper and Short-Term Borrowings | |||
Total commercial paper and other short-term borrowings | 6,158 | 8,182 | |
MUAH | |||
Commercial Paper and Short-Term Borrowings | |||
Short-term debt due to MUFG Bank, Ltd., with weighted average interest rates of 2.27% and 3.01% at December 31, 2019 and December 31, 2018, respectively | 69 | 145 | |
Total commercial paper and other short-term borrowings | 326 | $ 1,081 | |
Weighted average interest rate | 3.01% | ||
Commercial paper | MUFG Union Bank N.A [Member] | |||
Commercial Paper and Short-Term Borrowings | |||
Commercial paper, with a weighted average interest rate of 1.98% and 2.39% at December 31, 2019 and December 31, 2018, respectively | $ 58 | $ 382 | |
Weighted average interest rate | 1.98% | 1.98% | 2.39% |
Federal Home Loan Bank advances | MUFG Union Bank N.A [Member] | |||
Commercial Paper and Short-Term Borrowings | |||
Federal Home Loan Bank advances, with a weighted average interest rate of 1.86% and 2.52% at December 31, 2019 and December 31, 2018, respectively | $ 6,100 | $ 7,800 | |
Weighted average interest rate | 1.86% | 1.86% | 2.52% |
Parent Company [Member] | MUAH | |||
Commercial Paper and Short-Term Borrowings | |||
Weighted average interest rate | 2.27% | 2.27% | |
Affiliated Entity | MUAH | |||
Commercial Paper and Short-Term Borrowings | |||
Short-term debt due to affiliates, with weighted average interest rates of (-0.10)% and (-0.07)% at December 31, 2019 and December 31, 2018, respectively | $ 257 | ¥ 28 | $ 936 |
Weighted average interest rate | (0.10%) | (0.10%) | (0.07%) |
Commercial Paper and Other Sh_4
Commercial Paper and Other Short-Term Borrowings - Narrative (Details) $ in Millions, ¥ in Billions | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2019JPY (¥) | Dec. 31, 2018USD ($) | |
Federal Home Loan Bank Borrowings [Member] | |||
Standby Letters of Credit | |||
Weighted average remaining maturity days | 160 days | ||
Commercial paper | |||
Standby Letters of Credit | |||
Weighted average remaining maturity days | 45 days | ||
MUFG Union Bank N.A [Member] | |||
Standby Letters of Credit | |||
Weighted average remaining maturity days | 55 days | ||
Affiliated Entity | |||
Standby Letters of Credit | |||
Weighted average remaining maturity days | 141 days | ||
Affiliated Entity | MUAH | |||
Standby Letters of Credit | |||
Amount drawn under facility | $ 257 | ¥ 28 | $ 936 |
Unsecured Debt [Member] | MUSA and Various other Non-Bank Subsidiaries | |||
Standby Letters of Credit | |||
Revolving credit facility borrowing capacity | 1,500 | ||
Line of Credit | MUAH | |||
Standby Letters of Credit | |||
Revolving credit facility borrowing capacity | $ 1,500 | ¥ 160 | |
Maturity extension period | 100 days |
Long-Term Debt (Details)
Long-Term Debt (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | |||
Long-term debt | $ 17,129 | $ 17,918 | |
Repayments of Long-term Debt | 6,471 | 9,655 | $ 4,801 |
Federal Home Loan advances, collateral pledged | 45,000 | 44,000 | |
Total Loss Absorbing Capacity Loan Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 6,500 | ||
MUFG Americas Holdings Corporation | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 7,622 | 7,355 | |
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] | Fixed rate 3.50% notes due June 2022 | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 399 | $ 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 | |
Debt instrument, stated rate | 300.00% | 300.00% | |
MUFG Americas Holdings Corporation | Senior Debt Obligations [Member] | Floating Rate Debt Due December 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 0 | $ 1,625 | |
Interest rate above variable interest rate (as a percent) | 0.00% | 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) | 0.00% | 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 | |
Interest rate above variable interest rate (as a percent) | 303.00% | 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% | 90.00% | |
MUFG Americas Holdings Corporation | Senior Debt Obligations [Member] | Floating Rate Debt Due December 2022 issued in Q3 2019 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 125 | $ 0 | |
Interest rate above variable interest rate (as a percent) | 307.00% | 0.00% | |
MUFG Americas Holdings Corporation | Senior Debt Obligations [Member] | Floating Rate Debt Due December 2022 issued in Q3 2019 [Member] | LIBOR | |||
Debt Instrument [Line Items] | |||
Interest rate above variable interest rate (as a percent) | 97.00% | 0.00% | |
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 | |
Interest rate above variable interest rate (as a percent) | 312.00% | 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% | 99.00% | |
MUFG Americas Holdings Corporation | Senior Debt Obligations [Member] | Floating Rate Debt Due December 2023 LIBOR Issued in Q42019 [Member] [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 1,765 | $ 0 | |
Interest rate above variable interest rate (as a percent) | 282.00% | 0.00% | |
MUFG Americas Holdings Corporation | Senior Debt Obligations [Member] | Floating Rate Debt Due December 2023 LIBOR Issued in Q42019 [Member] [Member] | LIBOR | |||
Debt Instrument [Line Items] | |||
Interest rate above variable interest rate (as a percent) | 94.00% | 0.00% | |
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 | |
Debt instrument, effective interest rate | 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 | Euro Interbank Offered Rate (Euribor) [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate above variable interest rate (as a percent) | 76.00% | 76.00% | |
MUFG Americas Holdings Corporation | Junior subordinated debt payable to trusts | Floating rate note due September 2036 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 37 | $ 36 | |
Debt instrument, effective interest rate | 359.00% | 449.00% | |
MUFG Union Bank N.A [Member] | Senior Debt Obligations [Member] | Floating Rate Debt Due December 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 300 | $ 0 | |
MUFG Union Bank N.A [Member] | Senior Debt Obligations [Member] | Floating Rate debt due March 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 300 | 0 | |
MUFG Union Bank N.A [Member] | Senior Debt Obligations [Member] | Variable Rate FHLB advances due October 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 1,100 | 0 | |
MUFG Union Bank N.A [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 8,909 | 9,632 | |
Amount available for issuance under the bank note program | 3,600 | ||
MUFG Union Bank N.A [Member] | Maximum | |||
Debt Instrument [Line Items] | |||
Amount available for issuance under the bank note program | $ 12,000 | ||
MUFG Union Bank N.A [Member] | Senior Debt Obligations [Member] | Floating Rate Debt Due December 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 226.00% | ||
MUFG Union Bank N.A [Member] | 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) | 71.00% | ||
MUFG Union Bank N.A [Member] | Senior Debt Obligations [Member] | Floating Rate debt due March 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 249.00% | ||
MUFG Union Bank N.A [Member] | Senior Debt Obligations [Member] | Floating Rate debt due March 2022 [Member] | LIBOR | |||
Debt Instrument [Line Items] | |||
Interest rate above variable interest rate (as a percent) | 60.00% | ||
MUFG Union Bank N.A [Member] | Senior Debt Obligations [Member] | Fixed Rate 2.10 Percent Notes Due December 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 698 | 0 | |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 210.00% | ||
MUFG Union Bank N.A [Member] | Senior Debt Obligations [Member] | Variable Rate FHLB advances due October 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 190.00% | ||
MUFG Union Bank N.A [Member] | Senior Debt Obligations [Member] | Fixed rate 2.25% notes due May 2019 | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 0 | $ 498 | |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 225.00% | ||
MUFG Union Bank N.A [Member] | Senior Debt Obligations [Member] | Fixed Rate 3.15 Percent Notes Due April 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 998 | $ 0 | |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 315.00% | ||
MUFG Union Bank N.A [Member] | Senior Debt Obligations [Member] | Fixed Rate Advances Due Between July 2019 and December 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 5,500 | $ 9,100 | |
Debt instrument, stated rate | 295.00% | 266.00% | |
MUFG Union Bank N.A [Member] | Other | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 13 | $ 34 | |
Other Subsidiaries, Excluding MUFG Bank, NA [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 598 | 931 | |
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 | |
Debt instrument, effective interest rate | 194.00% | 280.00% | |
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 | 413.00% | ||
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 | 0.00% | ||
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 | 0.00% | ||
Other Subsidiaries, Excluding MUFG Bank, NA [Member] | Senior Debt Obligations [Member] | Fixed Rate Borrowings Due Between November 2019 and June 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 137 | $ 244 | |
Debt instrument, effective interest rate | 222.00% | 182.00% | |
Other Subsidiaries, Excluding MUFG Bank, NA [Member] | Senior Debt Obligations [Member] | Fixed Rate Borrowings Due Between November 2019 and June 2023 [Member] | Minimum | |||
Debt Instrument [Line Items] | |||
Debt instrument, effective interest rate | 168.00% | 14.00% | |
Other Subsidiaries, Excluding MUFG Bank, NA [Member] | Senior Debt Obligations [Member] | Fixed Rate Borrowings Due Between November 2019 and June 2023 [Member] | Maximum | |||
Debt Instrument [Line Items] | |||
Debt instrument, effective interest rate | 244.00% | 244.00% | |
Other Subsidiaries, Excluding MUFG Bank, NA [Member] | Subordinated Debt | Floating Rate Debt Due March 2019 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 0 | $ 75 | |
Debt instrument, effective interest rate | 0.00% | ||
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% | ||
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% | ||
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 | $ 29 | $ 33 | |
Debt instrument, effective interest rate | 534.00% | 534.00% | |
Other Subsidiaries, Excluding MUFG Bank, NA [Member] | Secured Debt | Floating Rate Nonrecourse Debt Due December 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 3 | $ 53 | |
Debt instrument, effective interest rate | 217.00% | 409.00% | |
Other Subsidiaries, Excluding MUFG Bank, NA [Member] | Secured Debt | Floating Rate Nonrecourse Debt Due December 2021 [Member] | Minimum | |||
Debt Instrument [Line Items] | |||
Debt instrument, effective interest rate | 0.00% | 275.00% | |
Other Subsidiaries, Excluding MUFG Bank, NA [Member] | Secured Debt | Floating Rate Nonrecourse Debt Due December 2021 [Member] | Maximum | |||
Debt Instrument [Line Items] | |||
Debt instrument, effective interest rate | 0.00% | 417.00% | |
Other Subsidiaries, Excluding MUFG Bank, NA [Member] | Secured Debt | Fixed Rate Nonrecourse Debt Due Between March 2020 and July 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 166 | $ 187 | |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 307.00% | 305.00% | |
Other Subsidiaries, Excluding MUFG Bank, NA [Member] | Secured Debt | Fixed Rate Nonrecourse Debt Due Between March 2020 and July 2023 [Member] | Minimum | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 196.00% | ||
Other Subsidiaries, Excluding MUFG Bank, NA [Member] | Secured Debt | Fixed Rate Nonrecourse Debt Due Between March 2020 and July 2023 [Member] | Maximum | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 372.00% | ||
Other Subsidiaries, Excluding MUFG Bank, NA [Member] | Secured Debt | Floating Rate Nonrecourse Borrowings Due Between October 2019 and February 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 13 | $ 89 | |
Debt instrument, effective interest rate | 393.00% | 421.00% | |
Other Subsidiaries, Excluding MUFG Bank, NA [Member] | Secured Debt | Floating Rate Nonrecourse Borrowings Due Between October 2019 and February 2021 [Member] | Minimum | |||
Debt Instrument [Line Items] | |||
Debt instrument, effective interest rate | 0.00% | 417.00% | |
Other Subsidiaries, Excluding MUFG Bank, NA [Member] | Secured Debt | Floating Rate Nonrecourse Borrowings Due Between October 2019 and February 2021 [Member] | Maximum | |||
Debt Instrument [Line Items] | |||
Debt instrument, effective interest rate | 0.00% | 448.00% |
Fair Value Measurement and Fa_3
Fair Value Measurement and Fair Value of Financial Instruments - Fair Value Measurements on a Recurring Basis (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Fair value measurements | ||
Trading account assets | $ 10,377 | $ 11,213 |
Securities available for sale | 17,789 | |
Other liabilities | 2,837 | 2,048 |
US Treasury and Government [Member] | ||
Fair value measurements | ||
Securities available for sale | 5,438 | |
Other | ||
Fair value measurements | ||
Securities available for sale | 205 | |
U.S. government agency and government-sponsored agencies | ||
Fair value measurements | ||
Securities available for sale | 5,468 | |
Privately issued | ||
Fair value measurements | ||
Securities available for sale | 762 | |
Collateralized loan obligations | ||
Fair value measurements | ||
Securities available for sale | 1,491 | |
Direct bank purchase bonds | ||
Fair value measurements | ||
Securities available for sale | 936 | |
Fair Value, Measurements, Recurring | ||
Fair value measurements | ||
Netting adjustment | $ (264) | $ (354) |
Percentage of total | 100.00% | 100.00% |
Percentage of total | 1.00% | 1.00% |
Percentage of total Company assets | 17.00% | 17.00% |
Percentage of total Company assets | (0.00%) | (0.00%) |
Netting adjustment | $ (306) | $ (322) |
Percentage of total | 100.00% | 100.00% |
Percentage of total | 9.00% | 8.00% |
Percentage of total Company liabilities | 2.00% | 3.00% |
Percentage of total Company liabilities | (0.00%) | (0.00%) |
Fair Value, Measurements, Recurring | Derivative Financial Instruments, Liabilities [Member] | ||
Fair value measurements | ||
Netting adjustment | $ 0 | $ 0 |
Fair Value, Measurements, Recurring | Trading Derivatives [Member] | ||
Fair value measurements | ||
Netting adjustment | (256) | (335) |
Netting adjustment | (306) | (322) |
Fair Value, Measurements, Recurring | Trading Assets, Excluding Debt and Equity Securities [Member] | ||
Fair value measurements | ||
Netting adjustment | (256) | (335) |
Fair Value, Measurements, Recurring | Other | ||
Fair value measurements | ||
Netting adjustment | (8) | (19) |
Fair Value, Measurements, Recurring | Derivative Financial Instruments, Assets [Member] | ||
Fair value measurements | ||
Netting adjustment | (8) | (19) |
Fair Value, Measurements, Recurring | Trading Liabilities | ||
Fair value measurements | ||
Netting adjustment | (306) | (322) |
Fair Value, Measurements, Recurring | Total Other Liabilities [Member] | ||
Fair value measurements | ||
Netting adjustment | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | ||
Fair value measurements | ||
Securities available for sale | 0 | 0 |
Other assets | 10 | 9 |
Total assets | $ 153 | $ 155 |
Percentage of total | 1.00% | 0.00% |
Percentage of total Company assets | 0.00% | 0.00% |
Trading account liabilities | $ 116 | $ 125 |
Other liabilities | 0 | 0 |
Total liabilities | $ 116 | $ 125 |
Percentage of total | 3.00% | 3.00% |
Percentage of total Company liabilities | 0.00% | 0.00% |
Fair Value, Measurements, Recurring | Level 1 | Derivative Financial Instruments, Liabilities [Member] | ||
Fair value measurements | ||
Other liabilities | $ 0 | $ 0 |
Fair Value, Measurements, Recurring | Level 1 | US Treasury and Government [Member] | ||
Fair value measurements | ||
Trading account assets | 0 | 0 |
Securities available for sale | 0 | 0 |
Trading account liabilities | 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 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Other contracts | ||
Fair value measurements | ||
Trading account assets | 0 | 0 |
Trading account liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Mortgage-backed securities | ||
Fair value measurements | ||
Trading account assets | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Equity securities | ||
Fair value measurements | ||
Trading account assets | 127 | 127 |
Trading account liabilities | 105 | 70 |
Fair Value, Measurements, Recurring | Level 1 | Trading Derivatives [Member] | ||
Fair value measurements | ||
Trading account assets | 16 | 19 |
Trading account liabilities | 11 | 55 |
Fair Value, Measurements, Recurring | Level 1 | Trading Assets, Excluding Debt and Equity Securities [Member] | ||
Fair value measurements | ||
Trading account assets | 143 | 146 |
Fair Value, Measurements, Recurring | Level 1 | Fdic | ||
Fair value measurements | ||
Other liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | U.S. government agency and government-sponsored agencies | ||
Fair value measurements | ||
Securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Privately issued | ||
Fair value measurements | ||
Securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Privately issued - commercial mortgage-backed securities | ||
Fair value measurements | ||
Securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Collateralized loan obligations | ||
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 | 0 |
Fair Value, Measurements, Recurring | Level 1 | loans held for sale [Domain] | ||
Fair value measurements | ||
Other assets | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Equity Securities, FV-NI [Member] | ||
Fair value measurements | ||
Other assets | 10 | 9 |
Fair Value, Measurements, Recurring | Level 1 | Corporate bonds | ||
Fair value measurements | ||
Trading account liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Derivative Financial Instruments, Assets [Member] | ||
Fair value measurements | ||
Other assets | 0 | 0 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 [Member] | ||
Fair value measurements | ||
Securities available for sale | 16,658 | 14,983 |
Other assets | 10 | 32 |
Total assets | $ 27,150 | $ 26,404 |
Percentage of total | 95.00% | 95.00% |
Percentage of total Company assets | 16.00% | 16.00% |
Trading account liabilities | $ 3,448 | $ 4,211 |
Other liabilities | 2 | 3 |
Total liabilities | $ 3,450 | $ 4,214 |
Percentage of total | 102.00% | 102.00% |
Percentage of total Company liabilities | 2.00% | 3.00% |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 [Member] | Derivative Financial Instruments, Liabilities [Member] | ||
Fair value measurements | ||
Other liabilities | $ 2 | $ 3 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 [Member] | US Treasury and Government [Member] | ||
Fair value measurements | ||
Trading account assets | 2,393 | 3,071 |
Securities available for sale | 5,438 | 3,429 |
Trading account liabilities | 2,299 | 2,753 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 [Member] | Other | ||
Fair value measurements | ||
Securities available for sale | 28 | 29 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 [Member] | Corporate bonds | ||
Fair value measurements | ||
Trading account assets | 1,212 | 1,367 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 [Member] | Other contracts | ||
Fair value measurements | ||
Trading account assets | 306 | 360 |
Trading account liabilities | 4 | 10 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 [Member] | Mortgage-backed securities | ||
Fair value measurements | ||
Trading account assets | 5,376 | 5,785 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 [Member] | Equity securities | ||
Fair value measurements | ||
Trading account assets | 0 | 0 |
Trading account liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 [Member] | Trading Derivatives [Member] | ||
Fair value measurements | ||
Trading account assets | 1,195 | 806 |
Trading account liabilities | 499 | 731 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 [Member] | Trading Assets, Excluding Debt and Equity Securities [Member] | ||
Fair value measurements | ||
Trading account assets | 10,482 | 11,389 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 [Member] | Fdic | ||
Fair value measurements | ||
Other liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 [Member] | U.S. government agency and government-sponsored agencies | ||
Fair value measurements | ||
Securities available for sale | 5,468 | 8,007 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 [Member] | Privately issued | ||
Fair value measurements | ||
Securities available for sale | 762 | 864 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 [Member] | Privately issued - commercial mortgage-backed securities | ||
Fair value measurements | ||
Securities available for sale | 3,471 | 1,180 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 [Member] | Collateralized loan obligations | ||
Fair value measurements | ||
Securities available for sale | 1,491 | 1,474 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 [Member] | Direct bank purchase bonds | ||
Fair value measurements | ||
Securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 [Member] | Mortgage servicing rights(2) | ||
Fair value measurements | ||
Other assets | 0 | 0 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 [Member] | loans held for sale [Domain] | ||
Fair value measurements | ||
Other assets | 0 | 0 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 [Member] | Equity Securities, FV-NI [Member] | ||
Fair value measurements | ||
Other assets | 0 | 0 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 [Member] | Corporate bonds | ||
Fair value measurements | ||
Trading account liabilities | 646 | 717 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 [Member] | Derivative Financial Instruments, Assets [Member] | ||
Fair value measurements | ||
Other assets | 10 | 32 |
Fair Value, Measurements, Recurring | Level 3 | ||
Fair value measurements | ||
Securities available for sale | 1,131 | 1,331 |
Other assets | 316 | 277 |
Total assets | $ 1,455 | $ 1,621 |
Percentage of total | 5.00% | 6.00% |
Percentage of total Company assets | 1.00% | 1.00% |
Trading account liabilities | $ 8 | $ 13 |
Other liabilities | 124 | 118 |
Total liabilities | $ 132 | $ 131 |
Percentage of total | 4.00% | 3.00% |
Percentage of total Company liabilities | 0.00% | 0.00% |
Fair Value, Measurements, Recurring | Level 3 | Derivative Financial Instruments, Liabilities [Member] | ||
Fair value measurements | ||
Other liabilities | $ 3 | $ 2 |
Fair Value, Measurements, Recurring | Level 3 | US Treasury and Government [Member] | ||
Fair value measurements | ||
Trading account assets | 0 | 0 |
Securities available for sale | 0 | 0 |
Trading account liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Other | ||
Fair value measurements | ||
Securities available for sale | 177 | 141 |
Fair Value, Measurements, Recurring | Level 3 | Corporate bonds | ||
Fair value measurements | ||
Trading account assets | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Other contracts | ||
Fair value measurements | ||
Trading account assets | 0 | 0 |
Trading account liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Mortgage-backed securities | ||
Fair value measurements | ||
Trading account assets | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Equity securities | ||
Fair value measurements | ||
Trading account assets | 0 | 0 |
Trading account liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Trading Derivatives [Member] | ||
Fair value measurements | ||
Trading account assets | 8 | 13 |
Trading account liabilities | 8 | 13 |
Fair Value, Measurements, Recurring | Level 3 | Trading Assets, Excluding Debt and Equity Securities [Member] | ||
Fair value measurements | ||
Trading account assets | 8 | 13 |
Fair Value, Measurements, Recurring | Level 3 | Fdic | ||
Fair value measurements | ||
Other liabilities | 121 | 116 |
Fair Value, Measurements, Recurring | Level 3 | U.S. government agency and government-sponsored agencies | ||
Fair value measurements | ||
Securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Privately issued | ||
Fair value measurements | ||
Securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Privately issued - commercial mortgage-backed securities | ||
Fair value measurements | ||
Securities available for sale | 18 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Collateralized loan obligations | ||
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 | 936 | 1,190 |
Fair Value, Measurements, Recurring | Level 3 | Mortgage servicing rights(2) | ||
Fair value measurements | ||
Other assets | 270 | 159 |
Fair Value, Measurements, Recurring | Level 3 | loans held for sale [Domain] | ||
Fair value measurements | ||
Other assets | 42 | 117 |
Fair Value, Measurements, Recurring | Level 3 | Equity Securities, FV-NI [Member] | ||
Fair value measurements | ||
Other assets | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Corporate bonds | ||
Fair value measurements | ||
Trading account liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Derivative Financial Instruments, Assets [Member] | ||
Fair value measurements | ||
Other assets | 4 | 1 |
Fair Value | ||
Fair value measurements | ||
Other assets | 54 | 48 |
Fair Value | Fair Value, Measurements, Recurring | ||
Fair value measurements | ||
Securities available for sale | 17,789 | 16,314 |
Other assets | 328 | 299 |
Total assets | 28,494 | 27,826 |
Trading account liabilities | 3,266 | 4,027 |
Other liabilities | 126 | 121 |
Total liabilities | 3,392 | 4,148 |
Fair Value | Fair Value, Measurements, Recurring | Derivative Financial Instruments, Liabilities [Member] | ||
Fair value measurements | ||
Other liabilities | 5 | 5 |
Fair Value | Fair Value, Measurements, Recurring | US Treasury and Government [Member] | ||
Fair value measurements | ||
Trading account assets | 2,393 | 3,071 |
Securities available for sale | 5,438 | 3,429 |
Trading account liabilities | 2,299 | 2,753 |
Fair Value | Fair Value, Measurements, Recurring | Other | ||
Fair value measurements | ||
Securities available for sale | 205 | 170 |
Fair Value | Fair Value, Measurements, Recurring | Corporate bonds | ||
Fair value measurements | ||
Trading account assets | 1,212 | 1,367 |
Fair Value | Fair Value, Measurements, Recurring | Other contracts | ||
Fair value measurements | ||
Trading account assets | 306 | 360 |
Trading account liabilities | 4 | 10 |
Fair Value | Fair Value, Measurements, Recurring | Mortgage-backed securities | ||
Fair value measurements | ||
Trading account assets | 5,376 | 5,785 |
Fair Value | Fair Value, Measurements, Recurring | Equity securities | ||
Fair value measurements | ||
Trading account assets | 127 | 127 |
Trading account liabilities | 105 | 70 |
Fair Value | Fair Value, Measurements, Recurring | Trading Derivatives [Member] | ||
Fair value measurements | ||
Trading account assets | 963 | 503 |
Trading account liabilities | 212 | 477 |
Fair Value | Fair Value, Measurements, Recurring | Trading Assets, Excluding Debt and Equity Securities [Member] | ||
Fair value measurements | ||
Trading account assets | 10,377 | 11,213 |
Fair Value | Fair Value, Measurements, Recurring | Fdic | ||
Fair value measurements | ||
Other liabilities | 121 | 116 |
Fair Value | Fair Value, Measurements, Recurring | U.S. government agency and government-sponsored agencies | ||
Fair value measurements | ||
Securities available for sale | 5,468 | 8,007 |
Fair Value | Fair Value, Measurements, Recurring | Privately issued | ||
Fair value measurements | ||
Securities available for sale | 762 | 864 |
Fair Value | Fair Value, Measurements, Recurring | Privately issued - commercial mortgage-backed securities | ||
Fair value measurements | ||
Securities available for sale | 3,489 | 1,180 |
Fair Value | Fair Value, Measurements, Recurring | Collateralized loan obligations | ||
Fair value measurements | ||
Securities available for sale | 1,491 | 1,474 |
Fair Value | Fair Value, Measurements, Recurring | Direct bank purchase bonds | ||
Fair value measurements | ||
Securities available for sale | 936 | 1,190 |
Fair Value | Fair Value, Measurements, Recurring | Mortgage servicing rights(2) | ||
Fair value measurements | ||
Other assets | 270 | 159 |
Fair Value | Fair Value, Measurements, Recurring | loans held for sale [Domain] | ||
Fair value measurements | ||
Other assets | 42 | 117 |
Fair Value | Fair Value, Measurements, Recurring | Equity Securities, FV-NI [Member] | ||
Fair value measurements | ||
Other assets | 10 | 9 |
Fair Value | Fair Value, Measurements, Recurring | Corporate bonds | ||
Fair value measurements | ||
Trading account liabilities | 646 | 717 |
Fair Value | Fair Value, Measurements, Recurring | Derivative Financial Instruments, Assets [Member] | ||
Fair value measurements | ||
Other assets | $ 6 | $ 14 |
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, 2019 | Dec. 31, 2018 | |
Fair Value, Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Asset balance, end of period | $ 8 | |
Securities Available for Sale | ||
Fair Value, Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Asset balance, beginning of period | 1,331 | $ 1,600 |
Total gains (losses) (realized/unrealized) included in income before taxes, assets | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 31 | (9) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 57 | 126 |
Settlements, assets | (288) | (386) |
Asset balance, end of period | 1,131 | 1,331 |
Changes in unrealized gains (losses) included in income before taxes for assets still held at end of period, assets | 0 | 0 |
Other Assets | ||
Fair Value, Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Asset balance, beginning of period | 277 | 65 |
Total gains (losses) (realized/unrealized) included in income before taxes, assets | (88) | (8) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 396 | 220 |
Settlements, assets | 0 | 0 |
Asset balance, end of period | 316 | 277 |
Changes in unrealized gains (losses) included in income before taxes for assets still held at end of period, assets | (103) | (8) |
Trading Liabilities | ||
Fair Value, Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Liability balance, beginning of period | (13) | |
Total gains (losses) (realized/unrealized) included in income before taxes, assets, liability | (4) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | 9 | |
Liability balance, end of period | (13) | |
Changes in unrealized gains (losses) included in income before taxes for assets still held at end of period, liabilities | (4) | |
Other Liabilities | ||
Fair Value, Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Liability balance, beginning of period | (118) | (119) |
Total gains (losses) (realized/unrealized) included in income before taxes, assets, liability | (6) | 1 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | 0 | 0 |
Liability balance, end of period | (124) | (118) |
Changes in unrealized gains (losses) included in income before taxes for assets still held at end of period, liabilities | (6) | 1 |
Fair Value, Measurements, Recurring | ||
Reconciliation of assets measured using significant unobservable inputs | ||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | $ 264 | $ 354 |
Fair Value, Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Percentage of Assets Fair Value Disclosure | 100.00% | 100.00% |
Percentage of Assets Fair Value Disclosure, Netting Adjustment | (1.00%) | (1.00%) |
Percentage of Company Assets Fair Value Disclosure | 17.00% | 17.00% |
Percentage of Company Assets Fair Value Disclosure, Netting Adjustment | 0.00% | 0.00% |
Fair Value, Measurements, Recurring | Level 3 | ||
Reconciliation of assets measured using significant unobservable inputs | ||
Other assets | $ 316 | $ 277 |
Assets, Fair Value Disclosure | $ 1,455 | $ 1,621 |
Fair Value, Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Percentage of Assets Fair Value Disclosure | 5.00% | 6.00% |
Percentage of Company Assets Fair Value Disclosure | 1.00% | 1.00% |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 [Member] | ||
Reconciliation of assets measured using significant unobservable inputs | ||
Other assets | $ 10 | $ 9 |
Assets, Fair Value Disclosure | $ 153 | $ 155 |
Fair Value, Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Percentage of Assets Fair Value Disclosure | 1.00% | 0.00% |
Percentage of Company Assets Fair Value Disclosure | 0.00% | 0.00% |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 [Member] | ||
Reconciliation of assets measured using significant unobservable inputs | ||
Other assets | $ 10 | $ 32 |
Assets, Fair Value Disclosure | $ 27,150 | $ 26,404 |
Fair Value, Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Percentage of Assets Fair Value Disclosure | 95.00% | 95.00% |
Percentage of Company Assets Fair Value Disclosure | 16.00% | 16.00% |
Mortgage servicing rights [Domain] | Fair Value, Measurements, Recurring | Level 3 | ||
Reconciliation of assets measured using significant unobservable inputs | ||
Other assets | $ 270 | $ 159 |
Mortgage servicing rights [Domain] | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 [Member] | ||
Reconciliation of assets measured using significant unobservable inputs | ||
Other assets | 0 | 0 |
Mortgage servicing rights [Domain] | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 [Member] | ||
Reconciliation of assets measured using significant unobservable inputs | ||
Other assets | 0 | 0 |
loans held for sale [Domain] | Fair Value, Measurements, Recurring | Level 3 | ||
Reconciliation of assets measured using significant unobservable inputs | ||
Other assets | 42 | 117 |
loans held for sale [Domain] | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 [Member] | ||
Reconciliation of assets measured using significant unobservable inputs | ||
Other assets | 0 | 0 |
loans held for sale [Domain] | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 [Member] | ||
Reconciliation of assets measured using significant unobservable inputs | ||
Other assets | 0 | 0 |
Derivative Financial Instruments, Assets [Member] | Fair Value, Measurements, Recurring | ||
Reconciliation of assets measured using significant unobservable inputs | ||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 8 | 19 |
Derivative Financial Instruments, Assets [Member] | Fair Value, Measurements, Recurring | Level 3 | ||
Reconciliation of assets measured using significant unobservable inputs | ||
Other assets | 4 | 1 |
Derivative Financial Instruments, Assets [Member] | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 [Member] | ||
Reconciliation of assets measured using significant unobservable inputs | ||
Other assets | 0 | 0 |
Derivative Financial Instruments, Assets [Member] | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 [Member] | ||
Reconciliation of assets measured using significant unobservable inputs | ||
Other assets | 10 | 32 |
Equity Securities, FV-NI [Member] | Fair Value, Measurements, Recurring | Level 3 | ||
Reconciliation of assets measured using significant unobservable inputs | ||
Other assets | 0 | 0 |
Equity Securities, FV-NI [Member] | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 [Member] | ||
Reconciliation of assets measured using significant unobservable inputs | ||
Other assets | 10 | 9 |
Equity Securities, FV-NI [Member] | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 [Member] | ||
Reconciliation of assets measured using significant unobservable inputs | ||
Other assets | 0 | 0 |
Other Asset Liability Management Securities [Member] | Fair Value, Measurements, Recurring | ||
Reconciliation of assets measured using significant unobservable inputs | ||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 8 | 19 |
Fair Value | ||
Reconciliation of assets measured using significant unobservable inputs | ||
Other assets | 54 | 48 |
Fair Value | Fair Value, Measurements, Recurring | ||
Reconciliation of assets measured using significant unobservable inputs | ||
Other assets | 328 | 299 |
Assets, Fair Value Disclosure | 28,494 | 27,826 |
Fair Value | Mortgage servicing rights [Domain] | Fair Value, Measurements, Recurring | ||
Reconciliation of assets measured using significant unobservable inputs | ||
Other assets | 270 | 159 |
Fair Value | loans held for sale [Domain] | Fair Value, Measurements, Recurring | ||
Reconciliation of assets measured using significant unobservable inputs | ||
Other assets | 42 | 117 |
Fair Value | Derivative Financial Instruments, Assets [Member] | Fair Value, Measurements, Recurring | ||
Reconciliation of assets measured using significant unobservable inputs | ||
Other assets | 6 | 14 |
Fair Value | Equity Securities, FV-NI [Member] | Fair Value, Measurements, Recurring | ||
Reconciliation of assets measured using significant unobservable inputs | ||
Other assets | $ 10 | $ 9 |
Fair Value Measurement and Fa_5
Fair Value Measurement and Fair Value of Financial Instruments - Level 3 Assets and Liabilities (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Reconciliation of assets measured using significant unobservable inputs | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 8 | ||
Available-for-sale Securities | 17,789 | $ 16,314 | |
Direct bank purchase bonds | 17,789 | ||
Direct bank purchase bonds | |||
Reconciliation of assets measured using significant unobservable inputs | |||
Available-for-sale Securities | 936 | 1,190 | |
Direct bank purchase bonds | 936 | ||
Level 3 | Direct bank purchase bonds | |||
Reconciliation of assets measured using significant unobservable inputs | |||
Available-for-sale Securities | 936 | ||
Fair Value, Measurements, Recurring | Level 3 | |||
Reconciliation of assets measured using significant unobservable inputs | |||
Direct bank purchase bonds | 1,131 | 1,331 | |
Fair Value, Measurements, Recurring | Level 3 | Direct bank purchase bonds | |||
Reconciliation of assets measured using significant unobservable inputs | |||
Direct bank purchase bonds | $ 936 | 1,190 | |
Measurement Input, Discount Rate [Member] | Direct bank purchase bonds | Minimum | Return on equity | |||
Reconciliation of assets measured using significant unobservable inputs | |||
Market-required return on capital | 0 | ||
Measurement Input, Discount Rate [Member] | Direct bank purchase bonds | Maximum | Return on equity | |||
Reconciliation of assets measured using significant unobservable inputs | |||
Market-required return on capital | 0 | ||
Measurement Input, Discount Rate [Member] | Direct bank purchase bonds | Weighted Average | Return on equity | |||
Reconciliation of assets measured using significant unobservable inputs | |||
Market-required return on capital | 0.094 | ||
Measurement Input, Default Rate [Member] | Direct bank purchase bonds | Minimum | Return on equity | |||
Reconciliation of assets measured using significant unobservable inputs | |||
Market-required return on capital | 0 | ||
Measurement Input, Default Rate [Member] | Direct bank purchase bonds | Maximum | Return on equity | |||
Reconciliation of assets measured using significant unobservable inputs | |||
Market-required return on capital | 0 | ||
Measurement Input, Default Rate [Member] | Direct bank purchase bonds | Weighted Average | Return on equity | |||
Reconciliation of assets measured using significant unobservable inputs | |||
Market-required return on capital | 0.003 | ||
Measurement Input, Loss Severity [Member] | Direct bank purchase bonds | Minimum | Return on equity | |||
Reconciliation of assets measured using significant unobservable inputs | |||
Market-required return on capital | 0 | ||
Measurement Input, Loss Severity [Member] | Direct bank purchase bonds | Maximum | Return on equity | |||
Reconciliation of assets measured using significant unobservable inputs | |||
Market-required return on capital | 0 | ||
Measurement Input, Loss Severity [Member] | Direct bank purchase bonds | Weighted Average | Return on equity | |||
Reconciliation of assets measured using significant unobservable inputs | |||
Market-required return on capital | 0.200 | ||
Securities Available for Sale | |||
Reconciliation of assets measured using significant unobservable inputs | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 1,131 | 1,331 | $ 1,600 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 31 | (9) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 57 | 126 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (288) | (386) | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | |
Other Assets | |||
Reconciliation of assets measured using significant unobservable inputs | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 316 | 277 | 65 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (88) | (8) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 396 | 220 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (269) | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | 0 | |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | (103) | (8) | |
Trading Derivatives [Member] | |||
Reconciliation of assets measured using significant unobservable inputs | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 13 | 139 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (10) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (116) | ||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | (10) | ||
Trading Assets, Excluding Debt and Equity Securities [Member] | |||
Reconciliation of assets measured using significant unobservable inputs | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 13 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 4 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (9) | ||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 4 | ||
Other Liabilities | |||
Reconciliation of assets measured using significant unobservable inputs | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | (124) | (118) | (119) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | (6) | 1 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | 0 | 0 | |
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss) | (6) | 1 | |
Trading Derivatives [Member] | |||
Reconciliation of assets measured using significant unobservable inputs | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | (8) | (13) | $ (138) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 9 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | 116 | ||
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss) | 9 | ||
Trading Liabilities [Member] | |||
Reconciliation of assets measured using significant unobservable inputs | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | $ (13) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | (4) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | 9 | ||
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss) | $ (4) |
Fair Value Measurement and Fa_6
Fair Value Measurement and Fair Value of Financial Instruments - Assets Measured on Nonrecurring Basis (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Loans: | ||||
Impaired loans | $ 682 | $ 730 | ||
Gains Losses On Impaired Loans | (20) | (106) | ||
Other assets: | ||||
OREO | 1 | 1 | ||
Goodwill | 1,764 | 3,301 | ||
Goodwill, Impairment Loss | $ (1,600) | (1,614) | 0 | $ 0 |
Other assets | 10,200 | 9,620 | ||
Gains Losses on Other Assets | (36) | (45) | ||
Total Gains Losses on Assets | (1,670) | (151) | ||
Fair Value, Nonrecurring [Member] | ||||
Loans: | ||||
Impaired loans | 64 | 151 | ||
Other assets: | ||||
Total | 2,129 | 290 | ||
Goodwill | 1,764 | |||
Other assets | 301 | 139 | ||
Fair Value, Nonrecurring [Member] | Level 3 | ||||
Loans: | ||||
Impaired loans | 64 | 151 | ||
Other assets: | ||||
Total | 2,129 | 290 | ||
Goodwill | 1,764 | |||
Other assets | 301 | 139 | ||
Fair Value, Nonrecurring [Member] | Level 2 | ||||
Loans: | ||||
Impaired loans | 0 | 0 | ||
Other assets: | ||||
Total | 0 | 0 | ||
Goodwill | 0 | |||
Other assets | 0 | 0 | ||
Fair Value, Nonrecurring [Member] | Level 1 | ||||
Loans: | ||||
Impaired loans | 0 | 0 | ||
Other assets: | ||||
Total | 0 | 0 | ||
Goodwill | 0 | |||
Other assets | $ 0 | $ 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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Assets | |||
Securities borrowed or purchased under resale agreements | $ 23,943 | $ 22,368 | |
Securities held to maturity | 9,508 | 10,720 | |
Restricted Cash and Cash Equivalents | 54 | 48 | $ 136 |
Level 1 | |||
Assets | |||
Cash and cash equivalents | 9,641 | 8,350 | |
Securities borrowed or purchased under resale agreements | 0 | 0 | |
Securities held to maturity | 0 | 0 | |
Loans held for investment | 0 | 0 | |
Restricted Cash and Cash Equivalents | 54 | 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 | 23,946 | 22,368 | |
Securities held to maturity | 9,508 | 10,720 | |
Loans held for investment | 0 | 0 | |
Restricted Cash and Cash Equivalents | 0 | 0 | |
Liabilities | |||
Time deposits | 15,691 | 11,714 | |
Securities loaned or sold under repurchase agreements | 28,866 | 27,285 | |
Commercial paper and other short-term borrowings | 6,484 | 9,263 | |
Long-term debt | 17,344 | 17,961 | |
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 | 87,506 | 84,729 | |
Restricted Cash and Cash Equivalents | 0 | 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 | 280 | 242 | |
Fair Value | |||
Assets | |||
Cash and cash equivalents | 9,641 | 8,350 | |
Securities borrowed or purchased under resale agreements | 23,946 | 22,368 | |
Securities held to maturity | 9,508 | 10,720 | |
Loans held for investment | 87,506 | 84,729 | |
Other assets | 54 | 48 | |
Liabilities | |||
Time deposits | 15,691 | 11,714 | |
Securities loaned or sold under repurchase agreements | 28,866 | 27,285 | |
Commercial paper and other short-term borrowings | 6,484 | 9,263 | |
Long-term debt | 17,344 | 17,961 | |
Off-Balance Sheet Instruments | |||
Commitments to extend credit and standby and commercial letters of credit | 280 | 242 | |
Carrying Amount | |||
Assets | |||
Cash and cash equivalents | 9,641 | 8,350 | |
Securities borrowed or purchased under resale agreements | 23,943 | 22,368 | |
Securities held to maturity | 9,421 | 10,901 | |
Loans held for investment | 86,687 | 84,805 | |
Restricted Cash and Cash Equivalents | 54 | 48 | |
Liabilities | |||
Time deposits | 15,651 | 11,739 | |
Securities loaned or sold under repurchase agreements | 28,866 | 27,285 | |
Commercial paper and other short-term borrowings | 6,484 | 9,263 | |
Long-term debt | 17,129 | 17,918 | |
Off-Balance Sheet Instruments | |||
Commitments to extend credit and standby and commercial letters of credit | $ 87 | $ 120 |
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, 2019 | Dec. 31, 2018 |
Derivative Instruments and Other Financial Instruments | ||
Derivative, Notional Amount | $ 241,444 | $ 201,094 |
Fair Value, Asset Derivatives | 1,233 | 871 |
Fair Value, Liability Derivatives | 523 | 804 |
Interest rate contracts | Not designated as hedging instruments | ||
Derivative Instruments and Other Financial Instruments | ||
Derivative, Notional Amount | 214,805 | 189,478 |
Fair Value, Asset Derivatives | 981 | 531 |
Fair Value, Liability Derivatives | 446 | 600 |
Interest rate contracts | Cash flow hedges | Designated as hedging instrument | ||
Derivative Instruments and Other Financial Instruments | ||
Derivative, Notional Amount | 13,319 | 674 |
Fair Value, Asset Derivatives | 0 | 6 |
Fair Value, Liability Derivatives | 0 | 0 |
Commodity contracts | Not designated as hedging instruments | ||
Derivative Instruments and Other Financial Instruments | ||
Derivative, Notional Amount | 9 | 336 |
Fair Value, Asset Derivatives | 0 | 25 |
Fair Value, Liability Derivatives | 0 | 18 |
Foreign exchange contracts | Not designated as hedging instruments | ||
Derivative Instruments and Other Financial Instruments | ||
Derivative, Notional Amount | 11,219 | 8,475 |
Fair Value, Asset Derivatives | 230 | 260 |
Fair Value, Liability Derivatives | 64 | 168 |
Equity contracts | Not designated as hedging instruments | ||
Derivative Instruments and Other Financial Instruments | ||
Derivative, Notional Amount | 72 | 300 |
Fair Value, Asset Derivatives | 8 | 22 |
Fair Value, Liability Derivatives | 8 | 13 |
Other derivative contracts(2) | Not designated as hedging instruments | ||
Derivative Instruments and Other Financial Instruments | ||
Derivative, Notional Amount | 72 | 127 |
Fair Value, Asset Derivatives | 0 | 0 |
Fair Value, Liability Derivatives | 0 | 0 |
Trading | Not designated as hedging instruments | ||
Derivative Instruments and Other Financial Instruments | ||
Derivative, Notional Amount | 226,177 | 198,716 |
Fair Value, Asset Derivatives | 1,219 | 838 |
Fair Value, Liability Derivatives | 518 | 799 |
Other risk management | Not designated as hedging instruments | ||
Derivative Instruments and Other Financial Instruments | ||
Derivative, Notional Amount | 1,948 | 1,704 |
Fair Value, Asset Derivatives | 14 | 27 |
Fair Value, Liability Derivatives | 5 | 5 |
MUSA and Various other Non-Bank Subsidiaries | ||
Derivative Instruments and Other Financial Instruments | ||
Derivative, Notional Amount | $ 4,100 | $ 4,000 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flow hedges | |||
Derivative, Notional Amount | $ 241,444 | $ 201,094 | |
Income from accumulated other comprehensive income expected to be reclassified to net interest income | $ 67 | ||
Cash flow hedges | |||
Cash flow hedges | |||
Weighted average remaining life of the currently active cash flow hedges | 3 years 1 month 6 days | ||
Other risk management | Not designated as hedging instruments | |||
Cash flow hedges | |||
Net gain (losses) on derivatives included in other noninterest income | $ 2 | (4) | $ (17) |
Derivative, Notional Amount | 1,948 | 1,704 | |
ERROR in label resolution. | Designated as hedging instrument | Cash flow hedges | LIBOR indexed loans | |||
Cash flow hedges | |||
Derivative, Notional Amount | 69 | ||
Interest Rate Floor [Member] | Designated as hedging instrument | Cash flow hedges | LIBOR indexed loans | |||
Cash flow hedges | |||
Derivative, Notional Amount | 13,300 | ||
MUSA and Various other Non-Bank Subsidiaries | |||
Cash flow hedges | |||
Derivative, Notional Amount | $ 4,100 | $ 4,000 |
Derivative Instruments and Ot_5
Derivative Instruments and Other Financial Instruments Used For Hedging - Derivatives Designated as Cash Flow Hedges (Details) - Cash flow hedges - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Amount and location of net gains and losses | |||
Gains (Losses) Recognized in OCI (Effective Portion) | $ 51 | $ (96) | $ (35) |
Gains (Losses) Reclassified from AOCI into Income (Effective Portion) | (91) | (34) | 69 |
Noninterest expense | |||
Amount and location of net gains and losses | |||
Gains (Losses) Recognized in Income (Ineffective Portion) | (1) | 3 | |
Designated as hedging instrument | Interest rate contracts | |||
Amount and location of net gains and losses | |||
Gains (Losses) Recognized in OCI (Effective Portion) | 51 | (96) | (35) |
Designated as hedging instrument | Interest rate contracts | Interest income | |||
Amount and location of net gains and losses | |||
Gains (Losses) Reclassified from AOCI into Income (Effective Portion) | (91) | (34) | 69 |
Designated as hedging instrument | Interest rate contracts | Interest expense | |||
Amount and location of net gains and losses | |||
Gains (Losses) Reclassified from AOCI into Income (Effective Portion) | $ 0 | 0 | 0 |
Designated as hedging instrument | Interest rate contracts | Noninterest expense | |||
Amount and location of net gains and losses | |||
Gains (Losses) Recognized in Income (Ineffective Portion) | $ (1) | $ 3 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Trading Derivatives | |||
Trading Derivatives | |||
Gains (Losses) Recognized in Income on Trading Derivatives | $ (36) | $ 175 | $ 7 |
Trading Derivatives | Interest rate contracts | |||
Trading Derivatives | |||
Gains (Losses) Recognized in Income on Trading Derivatives | (93) | 95 | (49) |
Trading Derivatives | Equity contracts | |||
Trading Derivatives | |||
Gains (Losses) Recognized in Income on Trading Derivatives | 6 | 36 | 12 |
Trading Derivatives | Foreign exchange contracts | |||
Trading Derivatives | |||
Gains (Losses) Recognized in Income on Trading Derivatives | 51 | 44 | 43 |
Trading Derivatives | Commodity contracts | |||
Trading Derivatives | |||
Gains (Losses) Recognized in Income on Trading Derivatives | $ 0 | 0 | 1 |
Fair Value Hedging | Designated as hedging instrument | |||
Trading Derivatives | |||
Derivative Instrument | (2) | (4) | |
Hedged Item | 2 | 3 | |
Hedge Ineffectiveness | 0 | (1) | |
Fair Value Hedging | Designated as hedging instrument | Interest rate contracts | |||
Trading Derivatives | |||
Derivative Instrument | (2) | (4) | |
Hedged Item | 2 | 3 | |
Hedge Ineffectiveness | $ 0 | $ (1) |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income - AOCI and Related Tax Effect (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Change in accumulated other comprehensive loss balances: | |||
Other Comprehensive Income Other, Net of Tax, Portion Attributable to Parent | $ 1 | $ (1) | $ 0 |
Before Tax Amount | |||
Net change | 626 | (432) | 91 |
Tax Effect | |||
Net change | (164) | 113 | (39) |
Net of Tax | |||
Other comprehensive income before reclassifications | 374 | (400) | 69 |
Amounts reclassified from AOCI | 88 | 81 | (17) |
Net change | 462 | (319) | 52 |
Other Comprehensive Income Other Before Tax | 1 | (1) | |
Other Comprehensive Income Other Tax | 0 | 0 | |
Net Unrealized Gains (Losses) on Cash Flow Hedges | |||
Before Tax Amount | |||
Other comprehensive income before reclassifications | 51 | (96) | (35) |
Reclassifications | 91 | 34 | (69) |
Net change | 142 | (62) | (104) |
Tax Effect | |||
Other comprehensive income before reclassifications | (13) | 25 | 13 |
Reclassifications | (24) | (9) | 25 |
Net change | (37) | 16 | 38 |
Net of Tax | |||
Other comprehensive income before reclassifications | 38 | (71) | (22) |
Amounts reclassified from AOCI | 67 | 25 | (44) |
Net change | 105 | (46) | (66) |
Net Unrealized Gains (Losses) on Securities | |||
Before Tax Amount | |||
Net change | 379 | (190) | 25 |
Tax Effect | |||
Net change | (99) | 50 | (9) |
Net of Tax | |||
Other comprehensive income before reclassifications | 284 | (155) | 15 |
Amounts reclassified from AOCI | (4) | 15 | 1 |
Net change | 280 | (140) | 16 |
Unrealized holding gains (losses) arising during the period on securities available for sale | |||
Before Tax Amount | |||
Other comprehensive income before reclassifications | 385 | (210) | 24 |
Reclassifications | (39) | (8) | (17) |
Tax Effect | |||
Other comprehensive income before reclassifications | (101) | 55 | (9) |
Reclassifications | 10 | 2 | 7 |
Net of Tax | |||
Other comprehensive income before reclassifications | 284 | (155) | 15 |
Amounts reclassified from AOCI | (29) | (6) | (10) |
Accretion of fair value adjustment on securities available for sale | |||
Before Tax Amount | |||
Other comprehensive income before reclassifications | (1) | ||
Tax Effect | |||
Other comprehensive income before reclassifications | 0 | ||
Net of Tax | |||
Other comprehensive income before reclassifications | (1) | ||
Amortization of net unrealized (gains) losses on held to maturity securities | |||
Before Tax Amount | |||
Reclassifications | 33 | 28 | 19 |
Tax Effect | |||
Reclassifications | (8) | (7) | (7) |
Net of Tax | |||
Amounts reclassified from AOCI | 25 | 21 | 12 |
Foreign Currency Translation Adjustment | |||
Before Tax Amount | |||
Net change | 0 | (3) | 11 |
Tax Effect | |||
Net change | 0 | 1 | (4) |
Net of Tax | |||
Other comprehensive income before reclassifications | (2) | ||
Amounts reclassified from AOCI | 0 | 0 | 0 |
Net change | 0 | (2) | 7 |
Pension and Other Benefits Adjustment | |||
Before Tax Amount | |||
Net change | 104 | (176) | 159 |
Tax Effect | |||
Net change | (28) | 46 | (64) |
Net of Tax | |||
Other comprehensive income before reclassifications | 51 | (171) | 69 |
Amounts reclassified from AOCI | 25 | 41 | 26 |
Net change | 76 | (130) | 95 |
Amortization of prior service credit | |||
Before Tax Amount | |||
Other comprehensive income before reclassifications | (40) | (41) | (48) |
Tax Effect | |||
Other comprehensive income before reclassifications | 11 | 11 | 19 |
Net of Tax | |||
Other comprehensive income before reclassifications | (29) | (30) | (29) |
Recognized net actuarial gain (loss) | |||
Before Tax Amount | |||
Other comprehensive income before reclassifications | 74 | 96 | 91 |
Tax Effect | |||
Other comprehensive income before reclassifications | (20) | (25) | (36) |
Net of Tax | |||
Other comprehensive income before reclassifications | 54 | 71 | 55 |
Pension and other benefits arising during the year | |||
Before Tax Amount | |||
Other comprehensive income before reclassifications | 70 | (231) | 116 |
Tax Effect | |||
Other comprehensive income before reclassifications | (19) | 60 | (47) |
Net of Tax | |||
Other comprehensive income before reclassifications | 51 | (171) | 69 |
Accumulated Other Comprehensive Income (Loss) | |||
Net of Tax | |||
Net change | $ 462 | $ (319) | $ 52 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income - Accumulated Other Comprehensive Loss Balances (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | $ 16,580 | $ 18,355 | $ 17,386 |
Other comprehensive income before reclassifications | 374 | (400) | 69 |
Other Comprehensive Income (Loss), Net of Tax | 462 | (319) | 52 |
Amounts reclassified from AOCI | 88 | 81 | (17) |
Ending balance | 16,367 | 16,580 | 18,355 |
Subtotal Before Tax Cut Jobs Act Reclassification | (844) | ||
TaxCutsandJobsActReclassification | 182 | ||
Net Unrealized Gains (Losses) on Cash Flow Hedges | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (220) | (174) | (77) |
Other comprehensive income before reclassifications | 38 | (71) | (22) |
Other Comprehensive Income (Loss), Net of Tax | 105 | (46) | (66) |
Amounts reclassified from AOCI | 67 | 25 | (44) |
Ending balance | (115) | (220) | (174) |
Subtotal Before Tax Cut Jobs Act Reclassification | (143) | ||
TaxCutsandJobsActReclassification | 31 | ||
Adjustments to Additional Paid in Capital, Other | 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 | 284 | (155) | 15 |
Amounts reclassified from AOCI | (29) | (6) | (10) |
Net Unrealized Gains (Losses) on Securities | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (373) | (233) | (208) |
Other comprehensive income before reclassifications | 284 | (155) | 15 |
Other Comprehensive Income (Loss), Net of Tax | 280 | (140) | 16 |
Amounts reclassified from AOCI | (4) | 15 | 1 |
Ending balance | (93) | (373) | (233) |
Subtotal Before Tax Cut Jobs Act Reclassification | (192) | ||
TaxCutsandJobsActReclassification | 41 | ||
Adjustments to Additional Paid in Capital, Other | 0 | ||
Foreign Currency Translation Adjustment | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | 0 | (19) | (22) |
Other comprehensive income before reclassifications | (2) | ||
Other Comprehensive Income (Loss), Net of Tax | 0 | (2) | 7 |
Amounts reclassified from AOCI | 0 | 0 | 0 |
Ending balance | 0 | 0 | (19) |
Subtotal Before Tax Cut Jobs Act Reclassification | (15) | ||
TaxCutsandJobsActReclassification | 4 | ||
Adjustments to Additional Paid in Capital, Other | 21 | ||
Pension and Other Benefits Adjustment | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (730) | (600) | (589) |
Other comprehensive income before reclassifications | 51 | (171) | 69 |
Other Comprehensive Income (Loss), Net of Tax | 76 | (130) | 95 |
Amounts reclassified from AOCI | 25 | 41 | 26 |
Ending balance | (654) | (730) | (600) |
Subtotal Before Tax Cut Jobs Act Reclassification | (494) | ||
TaxCutsandJobsActReclassification | 106 | ||
Adjustments to Additional Paid in Capital, Other | 0 | ||
Accumulated Other [Member] | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (1) | 0 | 0 |
Other comprehensive income before reclassifications | 1 | (1) | 0 |
Amounts reclassified from AOCI | 0 | 0 | 0 |
Ending balance | 0 | (1) | 0 |
Subtotal Before Tax Cut Jobs Act Reclassification | 0 | ||
TaxCutsandJobsActReclassification | 0 | ||
Adjustments to Additional Paid in Capital, Other | 0 | ||
Accumulated Other Comprehensive Income (Loss) | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (1,324) | (1,026) | (896) |
Other Comprehensive Income (Loss), Net of Tax | 462 | (319) | 52 |
Ending balance | $ (862) | (1,324) | $ (1,026) |
Adjustments to Additional Paid in Capital, Other | $ 21 |
Management Stock Plans - Bonus
Management Stock Plans - Bonus Stock Plans (Details) - Stock Bonus Plans - Restricted Stock Units - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Management Stock Plans | |||
Service Period for Grants Issued Weighted Average | 3 years | ||
Units Granted (in shares) | 25,591,407 | ||
Fair Value of Stock (in usd per share) | $ 4.67 | $ 5.89 | $ 6.53 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restricted Stock Units rollforward | |||
Units outstanding, beginning of year | 28,443,070 | ||
Granted | 25,591,407 | ||
Vested | (15,013,517) | ||
Forfeited | (1,367,274) | ||
Units outstanding, end of year | 37,653,686 | 28,443,070 | |
Weighted-Average Grant Date Fair Value | |||
Units outstanding, beginning of year (in usd per share) | $ 5.86 | ||
Granted (in usd per share) | 4.67 | $ 5.89 | $ 6.53 |
Vested (in usd per share) | 5.63 | ||
Forfeited (in usd per share) | 5.41 | ||
Units outstanding, end of year (in usd per share) | $ 5.16 | $ 5.86 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 70 | $ 78 | $ 75 |
Management Stock Plans - Compen
Management Stock Plans - Compensation Costs, Tax Benefit and Unrecognized Compensation Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs | |||
Compensation costs | $ 89 | $ 77 | $ 66 |
Tax benefit | 23 | 20 | 26 |
Unrecognized compensation costs | $ 129 | $ 110 | $ 111 |
Share-based Payment Arrangement, Nonvested Award, 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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Pension Plan and Other Postretirement Benefits Plan | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 16,367 | $ 16,580 | $ 18,355 | $ 17,386 | |
Amortization period of net actuarial losses | 8 years | ||||
Excess of market value of plan assets | $ 264 | ||||
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 | $ 61 | 59 | 55 | ||
Pension Benefits | |||||
Pension Plan and Other Postretirement Benefits Plan | |||||
Pension and other benefits adjustment, Gross | (94) | 910 | |||
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, Net Of Tax | $ 816 | ||||
Service Period required for eligibility | 1 year | ||||
Service Period required for vesting | 3 years | ||||
Pension and other postretirement plan investments impacted by ASU 2018-09 | $ 4,140 | 3,529 | 3,854 | ||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax, Subject to Amortization | (792) | ||||
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year | (107) | ||||
Net periodic benefit cost | $ (29) | $ (27) | (31) | ||
Expected return on plan assets | 7.00% | 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 | $ 33 | $ 50 | |||
Pension and other postretirement plan investments impacted by ASU 2018-09 | 291 | 255 | 288 | ||
Net periodic benefit cost | $ (10) | $ (19) | (18) | ||
Expected return on plan assets | 7.00% | 8.00% | |||
Executive Supplemental Benefits Pension Plan | |||||
Pension Plan and Other Postretirement Benefits Plan | |||||
Accrued liability for ESBPs | $ 94 | $ 89 | |||
Pension and other benefits adjustment, Gross | $ 39 | 32 | |||
Equity securities | Pension Benefits | |||||
Pension Plan and Other Postretirement Benefits Plan | |||||
Target plan asset allocation | 53.00% | ||||
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% | ||||
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% | ||||
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 | $ 916 | 1,036 | 905 | 1,085 | |
Recognized net actuarial gain (loss) | Other Benefits | |||||
Pension Plan and Other Postretirement Benefits Plan | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 33 | 64 | 51 | 78 | |
Amortization of prior service credit | Pension Benefits | |||||
Pension Plan and Other Postretirement Benefits Plan | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (100) | (126) | (152) | (179) | |
Amortization of prior service credit | Other Benefits | |||||
Pension Plan and Other Postretirement Benefits Plan | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 0 | (14) | $ (29) | $ (50) | |
Forecast | Pension Benefits | |||||
Pension Plan and Other Postretirement Benefits Plan | |||||
Net periodic benefit cost | $ 5 | ||||
Assumptions used to calculate net periodic benefit cost, service cost rate | 3.16% | ||||
Defined benefit plan, assumptions used calculating net periodic benefit cost, interest cost | 2.72% | ||||
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 | $ 28 | ||||
Effect of 50 basis point increase on expected rate of return | 19 | ||||
Effect of 50 basis point increase on future compensation levels | 2 | ||||
Effect of 50 basis point decrease on discount rate | 31 | ||||
Effect of 50 basis point decrease on expected rate of return on plan assets | 19 | ||||
Effect of 50 basis point decrease on future compensation levels | $ 2 | ||||
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% | ||||
Accounting Standards Update 2018-09 | |||||
Pension Plan and Other Postretirement Benefits Plan | |||||
Pension and other postretirement plan investments impacted by ASU 2018-09 | $ 1,200 | $ 973 |
Employee Pension and Other Po_4
Employee Pension and Other Postretirement Benefits - Plan Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Pension Benefits | ||
Change in fair value of plan assets | ||
Fair value of plan assets, beginning of year | $ 3,529 | $ 3,854 |
Actual return on plan assets | 754 | (196) |
Employer contributions | 0 | 0 |
Plan participants' contributions | 0 | 0 |
Benefits paid | (143) | (129) |
Fair value of plan assets, end of year | $ 4,140 | 3,529 |
Pension Benefits | Equity securities | ||
Pension Plan and Other Postretirement Benefits Plan | ||
Target plan asset allocation | 53.00% | |
Pension Benefits | Debt Securities | ||
Pension Plan and Other Postretirement Benefits Plan | ||
Target plan asset allocation | 35.00% | |
Pension Benefits | Real estate | ||
Pension Plan and Other Postretirement Benefits Plan | ||
Target plan asset allocation | 12.00% | |
Other Benefits | ||
Change in fair value of plan assets | ||
Fair value of plan assets, beginning of year | $ 255 | 288 |
Actual return on plan assets | 52 | (18) |
Employer contributions | 0 | 0 |
Plan participants' contributions | 4 | 4 |
Benefits paid | (20) | (19) |
Fair value of plan assets, end of year | $ 291 | $ 255 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Pension Benefits | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | $ 3,450 | $ 2,099 | |
Investments measured at net asset value | 680 | 1,420 | |
Investments at fair value | 4,130 | 3,519 | |
Accrued dividends and interest receivable | 10 | 12 | |
Net pending trades | 0 | (2) | |
Total plan assets | 4,140 | 3,529 | $ 3,854 |
Pension Benefits | Level 1 | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 997 | 805 | |
Pension Benefits | Level 2 | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 2,453 | 1,294 | |
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 | 11 | 25 | |
Pension Benefits | Cash and cash equivalents | Level 1 | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 9 | 0 | |
Pension Benefits | Cash and cash equivalents | Level 2 | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 2 | 25 | |
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 | Defined Benefit Plan, Common Collective Trust [Member] | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 1,089 | ||
Pension Benefits | Defined Benefit Plan, Common Collective Trust [Member] | Level 1 | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 0 | ||
Pension Benefits | Defined Benefit Plan, Common Collective Trust [Member] | Level 2 | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 1,089 | ||
Pension Benefits | Defined Benefit Plan, Common Collective Trust [Member] | Level 3 | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 0 | ||
Pension Benefits | U.S. Government securities | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 419 | 382 | |
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 | 419 | 382 | |
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 | 882 | 824 | |
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 | 882 | 824 | |
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 | 252 | 191 | |
Pension Benefits | Equity securities | Level 1 | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 246 | 185 | |
Pension Benefits | Equity securities | Level 2 | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 6 | 6 | |
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 | 746 | 620 | |
Pension Benefits | Mutual funds | Level 1 | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 746 | 620 | |
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 | 38 | 37 | |
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 | 38 | 37 | |
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 | 13 | 20 | |
Pension Benefits | Other | Level 1 | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | (4) | 0 | |
Pension Benefits | Other | Level 2 | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 17 | 20 | |
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 | 293 | 124 | |
Investments measured at net asset value | 0 | 134 | |
Investments at fair value | 293 | 258 | |
Net pending trades | (2) | (3) | |
Total plan assets | 291 | 255 | $ 288 |
Other Benefits | Level 1 | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 65 | 54 | |
Other Benefits | Level 2 | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 228 | 70 | |
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 | 0 | 1 | |
Other Benefits | Cash and cash equivalents | Level 1 | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 0 | 0 | |
Other Benefits | Cash and cash equivalents | Level 2 | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 0 | 1 | |
Other Benefits | Cash and cash equivalents | Level 3 | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 0 | 0 | |
Other Benefits | Defined Benefit Plan, Common Collective Trust [Member] | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 103 | ||
Other Benefits | Defined Benefit Plan, Common Collective Trust [Member] | Level 1 | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 0 | ||
Other Benefits | Defined Benefit Plan, Common Collective Trust [Member] | Level 2 | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 103 | ||
Other Benefits | Defined Benefit Plan, Common Collective Trust [Member] | 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 | 45 | 37 | |
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 | 45 | 37 | |
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 | 27 | 32 | |
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 | 27 | 32 | |
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 | 0 | |
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 | 0 | ||
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 | 65 | 54 | |
Other Benefits | Mutual funds | Level 1 | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 65 | 54 | |
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 | |
Other Benefits | Pooled Separate Accounts [Member] | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 53 | ||
Other Benefits | Pooled Separate Accounts [Member] | Level 1 | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 0 | ||
Other Benefits | Pooled Separate Accounts [Member] | Level 2 | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | 53 | ||
Other Benefits | Pooled Separate Accounts [Member] | Level 3 | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Total investments in the fair value hierarchy | $ 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, 2019 | Dec. 31, 2018 | |
Pension Benefits | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair Value | $ 680,000,000 | $ 1,420,000,000 |
Unfunded Commitment | $ 2,000,000 | 3,000,000 |
Pension Benefits | Equity Funds | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair Value | $ 789,000,000 | |
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 | $ 480,000,000 | $ 415,000,000 |
Unfunded Commitment | $ 2,000,000 | |
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 | $ 5,000,000 | $ 7,000,000 |
Unfunded Commitment | 0 | 3,000,000 |
Pension Benefits | International equity funds | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair Value | $ 195,000,000 | 159,000,000 |
Pension Benefits | Money market funds | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair Value | 50,000,000 | |
Other Benefits | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair Value | 134,000,000 | |
Other Benefits | Equity Funds | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair Value | $ 87,000,000 | |
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 | |
Other Benefits | Money market funds | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair Value | 1,000,000 | |
Underfunded | Other Benefits | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair Value | 0 | |
Underfunded | Other Benefits | Equity Funds | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair Value | 0 | |
Underfunded | Other Benefits | Pooled separate account - variable life insurance policies | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair Value | 0 | |
Underfunded | Other Benefits | Money market funds | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair Value | $ 0 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pension Benefits | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Accumulated benefit obligation | $ 3,521 | $ 3,038 | |
Change in benefit obligation | |||
Benefit obligation, beginning of year | 3,047 | 3,242 | |
Service cost | 76 | 80 | $ 71 |
Interest cost | 117 | 100 | $ 100 |
Plan participants' contributions | 0 | 0 | |
Actuarial loss/(gain) | $ (439) | $ 246 | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.00% | 4.00% | 3.00% |
Effect of plan amendments | $ 0 | $ 0 | |
Medicare Part D subsidy | 0 | 0 | |
Benefits paid | (143) | (129) | |
Benefit obligation, end of year | 3,536 | 3,047 | $ 3,242 |
Fair value of plan assets, end of year | 4,140 | 3,529 | 3,854 |
Over (Under) funded status | 604 | 482 | |
Other Benefits | |||
Change in benefit obligation | |||
Benefit obligation, beginning of year | 242 | 265 | |
Service cost | 3 | 4 | 6 |
Interest cost | 9 | 8 | $ 8 |
Plan participants' contributions | 4 | 4 | |
Actuarial loss/(gain) | $ (14) | $ 21 | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.00% | 4.00% | 3.00% |
Effect of plan amendments | $ 0 | $ 0 | |
Medicare Part D subsidy | 0 | 1 | |
Benefits paid | (21) | (19) | |
Benefit obligation, end of year | 251 | 242 | $ 265 |
Fair value of plan assets, end of year | 291 | 255 | $ 288 |
Over (Under) funded status | $ 40 | $ 13 |
Employee Pension and Other Po_8
Employee Pension and Other Postretirement Benefits - Changes in AOCI (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | $ 16,580 | $ 18,355 | $ 17,386 |
Other comprehensive income before reclassifications | 374 | (400) | 69 |
Amounts reclassified from AOCI | 88 | 81 | (17) |
Ending balance | 16,367 | 16,580 | 18,355 |
Recognized net actuarial gain (loss) | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Other comprehensive income before reclassifications | 54 | 71 | 55 |
Amortization of prior service credit | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Other comprehensive income before reclassifications | (29) | (30) | (29) |
Pension Benefits | Recognized net actuarial gain (loss) | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | 1,036 | 905 | 1,085 |
Other comprehensive income before reclassifications | (59) | 218 | (101) |
Amounts reclassified from AOCI | 61 | 87 | 79 |
Ending balance | 916 | 1,036 | 905 |
Pension Benefits | Amortization of prior service credit | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (126) | (152) | (179) |
Other comprehensive income before reclassifications | 0 | 0 | 0 |
Amounts reclassified from AOCI | (26) | (26) | (27) |
Ending balance | (100) | (126) | (152) |
Other Benefits | Recognized net actuarial gain (loss) | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | 64 | 51 | 78 |
Other comprehensive income before reclassifications | (22) | 18 | (19) |
Amounts reclassified from AOCI | 9 | 5 | 8 |
Ending balance | 33 | 64 | 51 |
Other Benefits | Amortization of prior service credit | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (14) | (29) | (50) |
Other comprehensive income before reclassifications | 0 | 0 | 0 |
Amounts reclassified from AOCI | (14) | (15) | (21) |
Ending balance | $ 0 | $ (14) | $ (29) |
Employee Pension and Other Po_9
Employee Pension and Other Postretirement Benefits - AOCI Loss for Pension (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Pension Benefits | ||
Pension Plan and Other Postretirement Benefits Plan | ||
Net actuarial loss, Gross | $ 916 | $ 1,036 |
Prior service costs (credits), Gross | (100) | (126) |
Pension and other benefits adjustment, Gross | (94) | 910 |
Net actuarial loss in AOCI, Tax | 241 | 273 |
Prior service costs (credits) in AOCI, Tax | (26) | (33) |
Pension and other benefits adjustment, Tax | 215 | 240 |
Net Actuarial (Gain)/Loss, Net of Tax | 675 | 763 |
Prior service costs (credits), Net of Tax | (74) | (93) |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, Net Of Tax | 816 | |
Amounts to be reclassified from accumulated other comprehensive loss | 601 | 670 |
Other Benefits | ||
Pension Plan and Other Postretirement Benefits Plan | ||
Net actuarial loss, Gross | 33 | 64 |
Prior service costs (credits), Gross | 0 | (14) |
Pension and other benefits adjustment, Gross | 33 | 50 |
Net actuarial loss in AOCI, Tax | 9 | 18 |
Prior service costs (credits) in AOCI, Tax | 0 | (4) |
Pension and other benefits adjustment, Tax | 9 | 14 |
Net Actuarial (Gain)/Loss, Net of Tax | 24 | 46 |
Prior service costs (credits), Net of Tax | 0 | (10) |
Amounts to be reclassified from accumulated other comprehensive loss | 24 | 36 |
Executive Supplemental Benefits Pension Plan | ||
Pension Plan and Other Postretirement Benefits Plan | ||
Net actuarial loss, Gross | 39 | 32 |
Prior service costs (credits), Gross | 0 | 0 |
Pension and other benefits adjustment, Gross | 39 | 32 |
Net actuarial loss in AOCI, Tax | 10 | 8 |
Prior service costs (credits) in AOCI, Tax | 0 | 0 |
Pension and other benefits adjustment, Tax | 10 | 8 |
Net Actuarial (Gain)/Loss, Net of Tax | 29 | 24 |
Prior service costs (credits), Net of Tax | 0 | 0 |
Amounts to be reclassified from accumulated other comprehensive loss | $ 29 | $ 24 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
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 | $ 855 | $ 942 | ||
Defined Benefit Plan, Accumulated Other Comprehensive Income, Tax | 225 | 248 | ||
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax | 630 | 694 | ||
Pension Benefits | ||||
Pension Plan and Other Postretirement Benefits Plan | ||||
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | (94) | 910 | ||
Defined Benefit Plan, Service Cost | 76 | 80 | $ 71 | |
2018 | 149 | |||
2019 | 156 | |||
2020 | 162 | |||
2021 | 169 | |||
2022 | 173 | |||
Years 2023-2027 | 939 | |||
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year | (107) | |||
Defined Benefit Plan, Interest Cost | 117 | 100 | 100 | |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | (257) | (268) | (254) | |
Amortization of prior service credit | (26) | (26) | (27) | |
Defined Benefit Plan, Amortization of Gain (Loss) | 61 | 87 | 79 | |
Curtailment gain | 0 | 0 | 0 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | (29) | (27) | (31) | |
Defined Benefit Plan, Accumulated Other Comprehensive Income, Tax | 215 | 240 | ||
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax | 601 | 670 | ||
Other Benefits | ||||
Pension Plan and Other Postretirement Benefits Plan | ||||
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | 33 | 50 | ||
Defined Benefit Plan, Service Cost | 3 | 4 | 6 | |
2018 | 17 | |||
2019 | 17 | |||
2020 | 18 | |||
2021 | 18 | |||
2022 | 17 | |||
Years 2023-2027 | 72 | |||
Defined Benefit Plan, Interest Cost | 9 | 8 | 8 | |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | (17) | (21) | (19) | |
Amortization of prior service credit | (14) | (15) | (21) | |
Defined Benefit Plan, Amortization of Gain (Loss) | 9 | 5 | 8 | |
Curtailment gain | 0 | 0 | 0 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | (10) | (19) | (18) | |
Defined Benefit Plan, Accumulated Other Comprehensive Income, Tax | 9 | 14 | ||
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax | 24 | 36 | ||
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 | 0 | |
Defined Benefit Plan, Interest Cost | 3 | 3 | 3 | |
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) | 4 | 3 | 4 | |
Curtailment gain | 0 | 0 | 0 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ 7 | $ 6 | $ 7 | |
Forecast | Pension Benefits | ||||
Pension Plan and Other Postretirement Benefits Plan | ||||
Effect of 50 basis point increase on discount rate | $ 28 | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ 5 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Pension Plan and Other Postretirement Benefits Plan | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 16,367 | $ 16,580 | $ 18,355 | $ 17,386 | |
Amortization period of net actuarial losses | 8 years | ||||
Excess of market value of plan assets | $ 264 | ||||
Assetsmoothingperiodofnonamortizing amount | 4 years | ||||
Pension Benefits | |||||
Pension Plan and Other Postretirement Benefits Plan | |||||
Net actuarial loss, Gross | $ (916) | $ (1,036) | |||
Actuarial loss, subject to amortization | $ 792 | ||||
Expected return on plan assets | 7.00% | 8.00% | |||
Rate of increase in future compensation levels for determining net periodic benefit cost | 5.00% | 5.00% | |||
Net periodic benefit cost | $ (29) | $ (27) | $ (31) | ||
Prior service costs (credits), Gross | $ (100) | $ (126) | |||
Pension Benefits | Forecast | |||||
Pension Plan and Other Postretirement Benefits Plan | |||||
Assumptions used to calculate net periodic benefit cost, service cost rate | 3.16% | ||||
Defined benefit plan, assumptions used calculating net periodic benefit cost, interest cost | 2.72% | ||||
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 | $ 5 | ||||
Effect of 50 basis point increase on discount rate | 28 | ||||
Effect of 50 basis point increase on expected rate of return | 19 | ||||
Effect of 50 basis point increase on future compensation levels | 2 | ||||
Effect of 50 basis point decrease on discount rate | 31 | ||||
Effect of 50 basis point decrease on expected rate of return on plan assets | 19 | ||||
Effect of 50 basis point decrease on future compensation levels | $ 2 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pension Plan and Other Postretirement Benefits Plan | ||||
Discount rate in determining net periodic benefit cost after Plan amendments, interest cost | 4.00% | 3.00% | ||
Pension Benefits | ||||
Pension Plan and Other Postretirement Benefits Plan | ||||
Discount rate in determining net periodic benefit cost after Plan amendments, service cost | 4.00% | 3.00% | ||
Discount rate in determining net periodic benefit cost after Plan amendments, interest cost | 4.00% | 3.00% | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.00% | 4.00% | 3.00% | |
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 | 7.00% | 8.00% | ||
Service cost | $ 76 | $ 80 | $ 71 | |
Interest cost | 117 | 100 | 100 | |
Expected return on plan assets | (257) | (268) | (254) | |
Amortization of prior service credit | (26) | (26) | (27) | |
Recognized net actuarial loss | 61 | 87 | 79 | |
Curtailment gain | 0 | 0 | 0 | |
Total net periodic benefit cost | $ (29) | $ (27) | $ (31) | |
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 | 2.00% | 3.00% | ||
Other Benefits | ||||
Pension Plan and Other Postretirement Benefits Plan | ||||
Discount rate in determining net periodic benefit cost after Plan amendments, service cost | 4.00% | 3.00% | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.00% | 4.00% | 3.00% | |
Expected return on plan assets | 7.00% | 8.00% | ||
Service cost | $ 3 | $ 4 | $ 6 | |
Interest cost | 9 | 8 | 8 | |
Expected return on plan assets | (17) | (21) | (19) | |
Amortization of prior service credit | (14) | (15) | (21) | |
Recognized net actuarial loss | 9 | 5 | 8 | |
Curtailment gain | 0 | 0 | 0 | |
Total net periodic benefit cost | (10) | (19) | (18) | |
Superannuation, SERP and ESBP | ||||
Pension Plan and Other Postretirement Benefits Plan | ||||
Service cost | 0 | 0 | 0 | |
Interest cost | 3 | 3 | 3 | |
Expected return on plan assets | 0 | 0 | 0 | |
Amortization of prior service credit | 0 | 0 | 0 | |
Recognized net actuarial loss | 4 | 3 | 4 | |
Curtailment gain | 0 | 0 | 0 | |
Total net periodic benefit cost | $ 7 | $ 6 | $ 7 | |
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 | $ 5 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Assumed weighted-average healthcare cost trend rates | |||
Healthcare cost trend rate assumed for next year | 4.00% | 4.00% | 4.00% |
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 | 2027 | 2027 | 2026 |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net actuarial loss | $ 107 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
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 | $ 61 | $ 59 | $ 55 |
Executive Supplemental Benefits Pension Plan | |||
Pension Plan and Other Postretirement Benefits Plan | |||
Accrued liability for ESBPs | $ 94 | $ 89 | |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Noninterest Income | |||
Other fee income | $ 94 | $ 100 | $ 46 |
Gain (Loss) on Energy Investments | (85) | (235) | (58) |
Other | 204 | 250 | 252 |
Total other noninterest income | 213 | 115 | 240 |
Noninterest Expense | |||
Fees to affiliates | 94 | 115 | 105 |
Net periodic pension cost excluding service cost | (112) | (124) | (119) |
Other | 440 | 418 | 403 |
Total other noninterest expense | $ 422 | $ 409 | $ 389 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Income Tax Disclosure [Abstract] | |||||
Federal income tax rate | 21.00% | 35.00% | 21.00% | 21.00% | 35.00% |
Net tax effects of: | |||||
State income taxes, net of federal income tax benefit | (13.00%) | 7.00% | 5.00% | ||
Effective Income Tax Rate Reconciliation, Goodwill Impairment | (45.00%) | 0.00% | 0.00% | ||
Tax-exempt interest income | 2.00% | (1.00%) | (1.00%) | ||
Effective Income Tax Rate Reconciliation, Deduction, Amount | 4.00% | (2.00%) | (3.00%) | ||
Amortization of LIHC investments | (20.00%) | 12.00% | 14.00% | ||
Tax credits | 40.00% | (25.00%) | (21.00%) | ||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Life Insurance, Percent | (2.00%) | 1.00% | 0.00% | ||
Effective Income Tax Rate Reconciliation, Valuation Release | 1.00% | 0.00% | 0.00% | ||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | 0.00% | (2.00%) | (8.00%) | ||
Effective Income Tax Rate Reconciliation, State Refunds, Percent | 0.00% | (5.00%) | 0.00% | ||
Other | 0.00% | (1.00%) | 1.00% | ||
Effective tax rate | (12.00%) | 5.00% | 22.00% | ||
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current income tax expense: | |||
Federal | $ 191 | $ 195 | $ 257 |
State | 154 | 89 | 21 |
Foreign | 1 | 10 | (4) |
Total current expense | 346 | 294 | 274 |
Deferred income tax expense (benefit): | |||
Federal | (202) | (173) | (49) |
State | (61) | (64) | 52 |
Foreign | (1) | (5) | 22 |
Total deferred expense | (264) | (242) | 25 |
Total income tax expense | $ 82 | $ 52 | $ 299 |
Income Taxes - Net Deferred Tax
Income Taxes - Net Deferred Tax Balances (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Income Tax Disclosure [Abstract] | ||
Deferred Tax Assets, Tax Credit Carryforwards | $ 499 | $ 448 |
Deferred tax assets: | ||
Allowance for credit losses | 312 | 251 |
Accrued expense, net | 143 | 159 |
Unrealized losses on pension and postretirement benefits | 233 | 260 |
Unrealized net losses on securities available for sale | 32 | 132 |
Fair value adjustments for valuation of FDIC covered assets | 40 | 53 |
Deferred Tax Assets, Hedging Transactions | 41 | 78 |
Other | 30 | 0 |
Total deferred tax assets | 1,330 | 1,381 |
Deferred tax liabilities: | ||
Leasing and renewable energy | 515 | 619 |
Intangible assets | 17 | 59 |
Pension liabilities | 373 | 365 |
Other | 0 | 10 |
Total deferred tax liabilities | 905 | 1,053 |
Net deferred tax asset | $ 425 | $ 328 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Deferred tax assets, carryforwards | |||
Tax credit carry forwards | $ 33,000,000 | ||
Uncertain tax liability | 77,000,000 | ||
AMT tax credit carryforward | 17,000,000 | ||
State tax credits | 13,000,000 | ||
AMT Tax Credit Carryforward | 13,000,000 | ||
Deferred Tax Assets, Release Of Valuation Allowance | 5,000,000 | ||
Income Tax Uncertainties [Abstract] | |||
Unrecognized Tax Benefits, Decrease Resulting from Current Period Tax Positions | 22,000,000 | ||
Unrecognized tax positions that would affect the effective tax rate | 99,000,000 | $ 98,000,000 | $ 33,000,000 |
Income Tax Examination, Interest Accrued | 3,000,000 | ||
Income Tax Examination, Penalties Accrued | 3,000,000 | ||
Domestic Tax Authority | |||
Deferred tax assets, carryforwards | |||
Tax credit carry forwards | 458,000,000 | ||
Operating loss carry forward | 60,000,000 | ||
Operating Loss Carryforwards | 4 | ||
State and Local Jurisdiction | |||
Deferred tax assets, carryforwards | |||
Operating loss carry forward | 4,000,000 | ||
Operating Loss Carryforwards | $ 50 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Positions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Changes in unrecognized tax positions | |||
Balance, beginning of year | $ 127 | $ 56 | $ 11 |
Gross increases as a result of tax positions taken during prior periods | 1 | 72 | 45 |
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 | 0 | 2 |
Balance, end of year | 126 | 127 | 56 |
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | $ (2) | $ (1) | $ (2) |
Regulatory Capital Requiremen_3
Regulatory Capital Requirements (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Regulatory Capital Requirements | ||
Tier 1 capital (to risk-weighted assets), ratio, To Be Well-Capitalized Under Prompt Corrective Action Provisions | 8.00% | 8.00% |
Total capital (to risk-weighted assets), ratio, To Be Well-Capitalized Under Prompt Corrective Action Provisions | 10.00% | |
MUFG Americas Holdings Corporation | ||
Regulatory Capital Requirements | ||
Common equity tier 1 capital (to risk-weighted assets), Actual | $ 15,086 | $ 14,256 |
Tier 1 capital (to risk-weighted assets), Actual | 15,086 | 14,256 |
Total capital (to risk-weighted assets), Actual | 15,769 | 14,904 |
Tier 1 Leverage, Actual | $ 15,086 | $ 14,256 |
Common equity tier 1 capital (to risk-weighted assets), ratio, Actual | 14.10% | 13.96% |
Tier 1 capital (to risk-weighted assets), ratio, Actual | 14.10% | 13.96% |
Total capital (to risk-weighted assets), ratio, Actual | 14.73% | 14.60% |
Tier 1 leverage, ratio, Actual | 8.88% | 8.77% |
Common Equity Tier One Risk Based Capital Required for Capital Adequacy | $ 7,492 | $ 6,508 |
Tier 1 capital (to risk-weighted assets), Minimum Regulatory Requirement | 9,097 | 8,039 |
Total capital (to risk-weighted assets), Minimum Regulatory Requirement | 11,237 | 10,081 |
Tier 1 Leverage, Minimum Regulatory Requirement | $ 6,792 | $ 6,502 |
Common Equity Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 7.00% | 6.375% |
Tier 1 capital (to risk-weighted assets), ratio, Minimum Regulatory Requirement | 8.50% | 7.875% |
Total capital (to risk-weighted assets), ratio, Minimum Regulatory Requirement | 10.50% | 9.875% |
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 | $ 14,115 | $ 13,316 |
Tier 1 capital (to risk-weighted assets), Actual | 14,115 | |
Total capital (to risk-weighted assets), Actual | 14,746 | 13,905 |
Tier 1 Leverage, Actual | $ 14,115 | $ 13,316 |
Common equity tier 1 capital (to risk-weighted assets), ratio, Actual | 14.47% | 14.45% |
Tier 1 capital (to risk-weighted assets), ratio, Actual | 14.47% | 14.45% |
Total capital (to risk-weighted assets), ratio, Actual | 15.11% | 15.09% |
Tier 1 leverage, ratio, Actual | 10.65% | 10.61% |
Common Equity Tier One Risk Based Capital Required for Capital Adequacy | $ 6,829 | $ 5,876 |
Tier 1 capital (to risk-weighted assets), Minimum Regulatory Requirement | 8,293 | 7,258 |
Total capital (to risk-weighted assets), Minimum Regulatory Requirement | 10,244 | 9,102 |
Tier 1 Leverage, Minimum Regulatory Requirement | $ 5,304 | $ 5,018 |
Common Equity Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 7.00% | 6.375% |
Tier 1 capital (to risk-weighted assets), ratio, Minimum Regulatory Requirement | 8.50% | 7.875% |
Total capital (to risk-weighted assets), ratio, Minimum Regulatory Requirement | 10.50% | 9.875% |
Tier 1 Leverage, ratio, Minimum Regulatory Requirement | 4.00% | 4.00% |
Common Equity Tier One Risk Based Capital Required to be Well Capitalized | $ 6,342 | $ 5,991 |
Tier 1 capital (to risk-weighted assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions | 7,805 | 7,374 |
Total capital (to risk-weighted assets), To Be Well-Capitalized Under Prompt Corrective Action Provisions | 9,756 | 9,217 |
Tier 1 Leverage, To Be Well-Capitalized Under Prompt Corrective Action Provisions | $ 6,629 | $ 6,273 |
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, 2019 | Dec. 31, 2018 | |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Required reserve balances | $ 116 | $ 348 |
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 | $ 56 | |
MUSA | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Cash and Securities Segregated under Securities Exchange Commission Regulation | $ 35 |
Commitments, Contingencies an_3
Commitments, Contingencies and Guarantees (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Financial guarantee | Interest rate swap contracts | |
Commitment, Contingencies and Guarantees disclosures | |
Current exposure to loss | $ 26 |
Future exposure to loss | 43 |
Commitments to extend credit | |
Commitment, Contingencies and Guarantees disclosures | |
Commitments | 38,442 |
Issued standby and commercial letters of credit | |
Commitment, Contingencies and Guarantees disclosures | |
Commitments | $ 4,191 |
Maximum term | 1 year |
Loss Contingency Accrual | $ 4 |
Commitments to enter into forward-starting resale agreements | |
Commitment, Contingencies and Guarantees disclosures | |
Commitments | 1,150 |
Other commitments | |
Commitment, Contingencies and Guarantees disclosures | |
Commitments | 556 |
MUSA and Various other Non-Bank Subsidiaries | Unsecured Debt [Member] | |
Commitment, Contingencies and Guarantees disclosures | |
Revolving credit facility borrowing capacity | 1,500 |
Commercial | Notes Receivable [Member] | Financial and Insurance [Member] | |
Commitment, Contingencies and Guarantees disclosures | |
Commitments | 9,000 |
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 | $ 5,000 |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) - USD ($) | Jul. 01, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Related Party Transaction [Line Items] | ||||
Proceeds from sale of loan | $ 1,000,000,000 | |||
Gain on sale | $ 1,439,000,000 | $ 1,213,000,000 | $ 866,000,000 | |
Available-for-sale Securities | 17,789,000,000 | 16,314,000,000 | ||
Increase in retained earnings | (57,000,000) | 4,000,000 | 9,000,000 | |
Liabilities | 154,443,000,000 | 151,520,000,000 | ||
Derivative, Notional Amount | 241,444,000,000 | 201,094,000,000 | ||
MUSA and Various other Non-Bank Subsidiaries | ||||
Related Party Transaction [Line Items] | ||||
Derivative, Notional Amount | 4,100,000,000 | 4,000,000,000 | ||
Unrealized gains | 68,000,000 | 96,000,000 | ||
Unsecured Debt [Member] | MUSA and Various other Non-Bank Subsidiaries | ||||
Related Party Transaction [Line Items] | ||||
Unsecured revolving credit facility with BTMU | 1,500,000,000 | |||
Retained Earnings | ||||
Related Party Transaction [Line Items] | ||||
Increase in retained earnings | (5,000,000) | 0 | 0 | |
Affiliated Entity [Member] | MUSA and Various other Non-Bank Subsidiaries | ||||
Related Party Transaction [Line Items] | ||||
Gain on sale | 1,439,000,000 | $ 1,213,000,000 | $ 866,000,000 | |
Securities sold under agreements to repurchase | 0 | |||
Sale Of Loans | Affiliated Entity [Member] | ||||
Related Party Transaction [Line Items] | ||||
Proceeds from sale of loan | 280,000,000 | |||
Gain on sale | 700,000 | |||
Purchase of loans | $ 9,000,000 | |||
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Related Party Transaction [Line Items] | |||
Cash and cash equivalents | $ 9,641 | $ 8,350 | $ 3,392 |
Securities borrowed or purchased under resale agreements | 23,943 | 22,368 | |
Trading account assets | 10,377 | 11,213 | |
Other assets | 10,200 | 9,620 | |
Commercial paper and other short-term borrowings | 6,484 | 9,263 | |
Other liabilities | 2,837 | 2,048 | |
MUSA and Various other Non-Bank Subsidiaries | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Cash and cash equivalents | 282 | 80 | |
Securities borrowed or purchased under resale agreements | 2,415 | 1,913 | |
Other assets | 109 | 146 | |
Deposits | 894 | 451 | |
Securities loaned or sold under repurchase agreements | 318 | 148 | |
Commercial paper and other short-term borrowings | 326 | 1,081 | |
Long-term debt | 7,345 | 7,333 | |
Other liabilities | $ 98 | $ 69 |
- Revenues and Expenses with Af
- Revenues and Expenses with Affiliates (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | |||
Securities borrowed or purchased under resale agreements | $ 765 | $ 652 | $ 347 |
Interest Expense, Deposits | 826 | 441 | 241 |
Commercial paper and other short-term borrowings | 202 | 168 | 58 |
Long-term debt | 497 | 365 | 250 |
Securities loaned or sold under repurchase agreements | 830 | 734 | 353 |
Fees from affiliates | 1,439 | 1,213 | 866 |
Other | 204 | 250 | 252 |
Other Noninterest Expense | 422 | 409 | 389 |
MUSA and Various other Non-Bank Subsidiaries | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Securities borrowed or purchased under resale agreements | 66 | 66 | 41 |
Interest Income, Other | 2 | 2 | 1 |
Interest Expense, Deposits | 13 | 3 | 5 |
Commercial paper and other short-term borrowings | 3 | 2 | 15 |
Long-term debt | 237 | 171 | 114 |
Securities loaned or sold under repurchase agreements | 25 | 18 | 6 |
Fees from affiliates | 1,439 | 1,213 | 866 |
Other | (6) | 1 | 13 |
Other Noninterest Expense | $ 96 | $ 115 | $ 112 |
Business Segments - Additional
Business Segments - Additional Information (Details) $ in Billions | 12 Months Ended |
Dec. 31, 2019USD ($)branch | |
Business segments | |
Number of Reportable Segments | 4 |
Regional Bank | |
Business segments | |
Number of full-service branches | branch | 342 |
Regional Bank | Commercial Banking | |
Business segments | |
Segment reporting, annual revenue for customer benchmark (up to) | $ | $ 2 |
Business Segments - Schedule of
Business Segments - Schedule of Segments (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Business segments | |||
Number of Reportable Segments | 4 | ||
Net interest income (expense) | $ 3,093 | $ 3,307 | $ 3,204 |
Noninterest income | 2,705 | 2,177 | 2,010 |
Total income | 5,798 | 5,484 | 5,214 |
Other expense | 6,215 | 4,277 | 3,984 |
(Reversal of) provision for credit losses | 252 | 106 | (103) |
Income before income taxes and including noncontrolling interests | (669) | 1,101 | 1,333 |
Income tax benefit | 82 | 52 | 299 |
Net Income | (751) | 1,049 | 1,034 |
Deduct: Net loss (income) from noncontrolling interests | 17 | 24 | 43 |
Net (Loss) Income Attributable to MUAH | (734) | 1,073 | 1,077 |
Total assets, end of period | 170,810 | 168,100 | 154,550 |
Other (1) | |||
Business segments | |||
Net interest income (expense) | (51) | 233 | 255 |
Noninterest income | 1,392 | 994 | 783 |
Total income | 1,341 | 1,227 | 1,038 |
Other expense | 2,907 | 1,103 | 946 |
(Reversal of) provision for credit losses | (6) | 2 | (22) |
Income before income taxes and including noncontrolling interests | (1,560) | 122 | 114 |
Income tax benefit | (66) | (211) | 226 |
Net Income | (1,494) | 333 | (112) |
Deduct: Net loss (income) from noncontrolling interests | 17 | 24 | 43 |
Net (Loss) Income Attributable to MUAH | (1,477) | 357 | (69) |
Total assets, end of period | 39,548 | 38,828 | 33,160 |
Regional Bank | Operating segments | |||
Business segments | |||
Net interest income (expense) | 2,294 | 2,195 | 2,051 |
Noninterest income | 520 | 451 | 442 |
Total income | 2,814 | 2,646 | 2,493 |
Other expense | 2,130 | 2,058 | 1,961 |
(Reversal of) provision for credit losses | 209 | 65 | 22 |
Income before income taxes and including noncontrolling interests | 475 | 523 | 510 |
Income tax benefit | 93 | 105 | 178 |
Net Income | 382 | 418 | 332 |
Deduct: Net loss (income) from noncontrolling interests | 0 | 0 | 0 |
Net (Loss) Income Attributable to MUAH | 382 | 418 | 332 |
Total assets, end of period | 74,980 | 73,554 | 67,804 |
U.S. Wholesale Banking and Investment Banking [Member] | Operating segments | |||
Business segments | |||
Net interest income (expense) | 424 | ||
Noninterest income | 353 | ||
Other expense | 458 | ||
(Reversal of) provision for credit losses | 51 | ||
Income tax benefit | 12 | ||
Deduct: Net loss (income) from noncontrolling interests | 0 | ||
Total assets, end of period | 20,822 | ||
Global Corporate & Investment Banking - U.S. | Operating segments | |||
Business segments | |||
Net interest income (expense) | 415 | 417 | |
Noninterest income | 373 | 370 | |
Total income | 777 | 788 | 787 |
Other expense | 418 | 403 | |
(Reversal of) provision for credit losses | 42 | (104) | |
Income before income taxes and including noncontrolling interests | 268 | 328 | 488 |
Income tax benefit | 122 | (197) | |
Net Income | 256 | 206 | 685 |
Deduct: Net loss (income) from noncontrolling interests | 0 | 0 | |
Net (Loss) Income Attributable to MUAH | 256 | 206 | 685 |
Total assets, end of period | 20,933 | 20,461 | |
Transaction Banking | Operating segments | |||
Business segments | |||
Net interest income (expense) | 259 | 264 | 247 |
Noninterest income | 56 | 59 | 64 |
Total income | 315 | 323 | 311 |
Other expense | 244 | 255 | 229 |
(Reversal of) provision for credit losses | (2) | (3) | 1 |
Income before income taxes and including noncontrolling interests | 73 | 71 | 81 |
Income tax benefit | 25 | 19 | 33 |
Net Income | 48 | 52 | 48 |
Deduct: Net loss (income) from noncontrolling interests | 0 | 0 | 0 |
Net (Loss) Income Attributable to MUAH | 48 | 52 | 48 |
Total assets, end of period | 1,015 | 941 | 1,063 |
MUSA | Operating segments | |||
Business segments | |||
Net interest income (expense) | 167 | 200 | 234 |
Noninterest income | 384 | 300 | 351 |
Total income | 551 | 500 | 585 |
Other expense | 476 | 443 | 445 |
(Reversal of) provision for credit losses | 0 | 0 | 0 |
Income before income taxes and including noncontrolling interests | 75 | 57 | 140 |
Income tax benefit | 18 | 17 | 59 |
Net Income | 57 | 40 | 81 |
Deduct: Net loss (income) from noncontrolling interests | 0 | 0 | 0 |
Net (Loss) Income Attributable to MUAH | 57 | 40 | 81 |
Total assets, end of period | $ 34,445 | $ 33,844 | $ 32,062 |
Condensed MUFG Americas Holdi_3
Condensed MUFG Americas Holdings Corporation Unconsolidated Financial Statements (Parent Company) - Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | ||||
Cash and cash equivalents | $ 2,457 | $ 2,061 | ||
Other assets | 10,200 | 9,620 | ||
Total assets | 170,810 | 168,100 | $ 154,550 | |
Liabilities and Stockholders' Equity | ||||
Long-term debt | 17,129 | 17,918 | ||
Other liabilities | 2,837 | 2,048 | ||
Total liabilities | 154,443 | 151,520 | ||
Stockholders' equity | 16,367 | 16,580 | $ 18,355 | $ 17,386 |
Total liabilities and stockholders' equity | 170,810 | 168,100 | ||
MUFG Americas Holdings Corporation | ||||
Assets | ||||
Cash and cash equivalents | 840 | 739 | ||
Investments in and advances to subsidiaries: Bank subsidiary | 18,103 | 18,493 | ||
Investments in and advances to subsidiaries: Nonbank subsidiaries | 4,770 | 4,618 | ||
Other assets | 407 | 76 | ||
Total assets | 24,120 | 23,926 | ||
Liabilities and Stockholders' Equity | ||||
Long-term debt | 7,622 | 7,355 | ||
Other liabilities | 218 | 63 | ||
Total liabilities | 7,840 | 7,418 | ||
Stockholders' equity | 16,280 | 16,508 | ||
Total liabilities and stockholders' equity | 24,120 | 23,926 | ||
Other Subsidiaries, Excluding MUFG Bank, NA [Member] | ||||
Liabilities and Stockholders' Equity | ||||
Long-term debt | $ 598 | $ 931 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income: | |||
Total income | $ 5,798 | $ 5,484 | $ 5,214 |
Expense: | |||
Other expense | 6,215 | 4,277 | 3,984 |
Income before income taxes and including noncontrolling interests | (669) | 1,101 | 1,333 |
Income tax benefit | (82) | (52) | (299) |
Equity in undistributed net income of subsidiaries less dividends received: | |||
Net (Loss) Income Including Noncontrolling Interests | (751) | 1,049 | 1,034 |
MUFG Americas Holdings Corporation | |||
Income: | |||
Interest income on advances to subsidiaries and deposits in bank | 161 | 137 | 79 |
Rental Income | 15 | 15 | 15 |
Total income | 792 | 1,947 | 465 |
Expense: | |||
Interest expense | 251 | 194 | 144 |
Other expense | 29 | 17 | 14 |
Total expense | 280 | 211 | 158 |
Income before income taxes and including noncontrolling interests | 512 | 1,736 | 307 |
Income tax benefit | 24 | 13 | 20 |
Income (loss) before equity in undistributed net income of subsidiaries | 536 | 1,749 | 327 |
Equity in undistributed net income of subsidiaries less dividends received: | |||
Bank subsidiary | (746) | (697) | 366 |
Nonbank subsidiaries | (524) | 21 | 384 |
Net (Loss) Income Including Noncontrolling Interests | (734) | 1,073 | 1,077 |
Bank Subsidiary | MUFG Americas Holdings Corporation | |||
Income: | |||
Investment Income, Dividend | 0 | 1,700 | 320 |
Nonbank Subsidiary | MUFG Americas Holdings Corporation | |||
Income: | |||
Investment Income, Dividend | $ 616 | $ 95 | $ 51 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash Flows from Operating Activities: | |||
Net Income | $ (751) | $ 1,049 | $ 1,034 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Other, net | 59 | (18) | 11 |
Cash Flows from Financing Activities: | |||
Proceeds from (Repurchase of) Equity | 0 | (2,496) | 0 |
Other, net | (96) | (115) | (71) |
Net increase (decrease) in cash and cash equivalents | 1,297 | 4,870 | (2,306) |
Cash, cash equivalents and restricted cash at beginning of period | 8,350 | 3,392 | |
Cash, cash equivalents and restricted cash at end of period | 9,641 | 8,350 | 3,392 |
MUFG Americas Holdings Corporation | |||
Cash Flows from Operating Activities: | |||
Net Income | (734) | 1,073 | 1,077 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Equity in undistributed net income of subsidiaries less dividends received | 1,270 | 676 | (750) |
Other, net | (743) | (9) | 2 |
Net cash provided by (used in) operating activities | (207) | 1,740 | 329 |
Cash Flows from Investing Activities: | |||
Investments in and advances to subsidiaries | (1,585) | (2,612) | (5,050) |
Repayment of investments in and advances to subsidiaries | 1,634 | 2,411 | 1,495 |
Net cash provided by (used in) investing activities | 49 | (201) | (3,555) |
Cash Flows from Financing Activities: | |||
Proceeds from advances from subsidiaries | 0 | 0 | 200 |
Repayment of advances from subsidiaries | 0 | 0 | (200) |
Proceeds from issuance of long-term debt | 1,890 | 6,500 | 3,525 |
Repayment of long-term debt | (1,631) | (6,145) | 0 |
Dividends paid | 0 | 0 | (500) |
Proceeds from (Repurchase of) Equity | 0 | (2,496) | 0 |
Other, net | 0 | 0 | 0 |
Net cash provided by (used in) financing activities | 259 | (2,141) | 3,025 |
Net increase (decrease) in cash and cash equivalents | 101 | (602) | (201) |
Cash, cash equivalents and restricted cash at beginning of period | 739 | 1,341 | 1,542 |
Cash, cash equivalents and restricted cash at end of period | $ 840 | $ 739 | $ 1,341 |
Uncategorized Items - ub-201912
Label | Element | Value |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 5,834,000,000 |