Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2015 | Jan. 31, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | USB | ||
Entity Registrant Name | US BANCORP \DE\ | ||
Entity Central Index Key | 36,104 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 1,737,315,684 | ||
Entity Public Float | $ 76.7 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | |
Assets | |||
Cash and due from banks | $ 11,147 | $ 10,654 | |
Investment securities | |||
Held-to-maturity (fair value $43,493 and $45,140, respectively; including $526 at fair value pledged as collateral at December 31, 2014) | [1] | 43,590 | 44,974 |
Available-for-sale ($1,018 and $330 pledged as collateral, respectively) | [1] | 61,997 | 56,069 |
Loans held for sale (including $3,110 and $4,774 of mortgage loans carried at fair value, respectively) | 3,184 | 4,792 | |
Loans | |||
Commercial | 88,402 | 80,377 | |
Commercial real estate | 42,137 | 42,795 | |
Residential Mortgages | 53,496 | 51,619 | |
Credit card | 21,012 | 18,515 | |
Other retail | 51,206 | 49,264 | |
Total loans, excluding covered loans | 256,253 | 242,570 | |
Covered loans | 4,596 | 5,281 | |
Total loans | 260,849 | 247,851 | |
Less allowance for loan losses | (3,863) | (4,039) | |
Net loans | 256,986 | 243,812 | |
Premises and equipment | 2,513 | 2,618 | |
Goodwill | 9,361 | 9,389 | |
Other intangible assets | 3,350 | 3,162 | |
Other assets (including $121 and $157 of trading securities at fair value pledged as collateral, respectively) | [1] | 29,725 | 27,059 |
Total assets | 421,853 | 402,529 | |
Deposits | |||
Noninterest-bearing | 83,766 | 77,323 | |
Interest-bearing | [2] | 216,634 | 205,410 |
Total deposits | 300,400 | 282,733 | |
Short-term borrowings | 27,877 | 29,893 | |
Long-term debt | 32,078 | 32,260 | |
Other liabilities | 14,681 | 13,475 | |
Total liabilities | 375,036 | 358,361 | |
Shareholders' equity | |||
Preferred stock | 5,501 | 4,756 | |
Common stock, par value $0.01 a share - authorized: 4,000,000,000 shares; issued: 2015 and 2014 -2,125,725,742 shares | 21 | 21 | |
Capital surplus | 8,376 | 8,313 | |
Retained earnings | 46,377 | 42,530 | |
Less cost of common stock in treasury: 2015 - 380,534,801 shares; 2014 - 339,859,034 shares | (13,125) | (11,245) | |
Accumulated other comprehensive income (loss) | (1,019) | (896) | |
Total U.S. Bancorp shareholders' equity | 46,131 | 43,479 | |
Noncontrolling interests | 686 | 689 | |
Total equity | 46,817 | 44,168 | |
Total liabilities and equity | $ 421,853 | $ 402,529 | |
[1] | Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral. | ||
[2] | lncludes time deposits greater than $250,000 balances of $2.6 billion and $5.0 billion at December 31, 2015 and 2014, respectively. |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Held-to-maturity securities, Fair Value | $ 43,493 | $ 45,140 |
Securities, pledged as collateral | 1,000 | 856 |
Mortgage loans, carried at fair value | $ 3,110 | $ 4,774 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, share-authorized (actual number of shares) | 4,000,000,000 | 4,000,000,000 |
Common stock, shares issued (actual number of shares) | 2,125,725,742 | 2,125,725,742 |
Treasury stock, shares (actual number of shares) | 380,534,801 | 339,859,034 |
Time deposits greater than 250,000 | $ 2,600 | $ 5,000 |
Held-to-maturity Securities [Member] | ||
Securities, pledged as collateral | 526 | |
Available-for-Sale Securities [Member] | ||
Securities, pledged as collateral | 1,018 | 330 |
Trading Securities [Member] | ||
Securities, pledged as collateral | $ 121 | $ 157 |
Consolidated Statement of Incom
Consolidated Statement of Income - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest Income | |||
Loans | $ 10,059 | $ 10,113 | $ 10,277 |
Loans held for sale | 206 | 128 | 203 |
Investment securities | 2,001 | 1,866 | 1,631 |
Other interest income | 136 | 121 | 174 |
Total interest income | 12,402 | 12,228 | 12,285 |
Interest Expense | |||
Deposits | 457 | 465 | 561 |
Short-term borrowings | 245 | 263 | 353 |
Long-term debt | 699 | 725 | 767 |
Total interest expense | 1,401 | 1,453 | 1,681 |
Net interest income | 11,001 | 10,775 | 10,604 |
Provision for credit losses | 1,132 | 1,229 | 1,340 |
Net interest income after provision for credit losses | 9,869 | 9,546 | 9,264 |
Noninterest Income | |||
Credit and debit card revenue | 1,070 | 1,021 | 965 |
Corporate payment products revenue | 708 | 724 | 706 |
Merchant processing services | 1,547 | 1,511 | 1,458 |
ATM processing services | 318 | 321 | 327 |
Trust and investment management fees | 1,321 | 1,252 | 1,139 |
Deposit service charges | 702 | 693 | 670 |
Treasury management fees | 561 | 545 | 538 |
Commercial products revenue | 867 | 854 | 859 |
Mortgage banking revenue | 906 | 1,009 | 1,356 |
Investment products fees | 185 | 191 | 178 |
Securities gains (losses), net | |||
Realized gains (losses), net | 1 | 11 | 23 |
Total other-than-temporary impairment | (1) | (7) | (6) |
Portion of other-than-temporary impairment recognized in other comprehensive income | (1) | (8) | |
Total securities gains (losses), net | 3 | 9 | |
Other | 907 | 1,040 | 569 |
Total noninterest income | 9,092 | 9,164 | 8,774 |
Noninterest Expense | |||
Compensation | 4,812 | 4,523 | 4,371 |
Employee benefits | 1,167 | 1,041 | 1,140 |
Net occupancy and equipment | 991 | 987 | 949 |
Professional services | 423 | 414 | 381 |
Marketing and business development | 361 | 382 | 357 |
Technology and communications | 887 | 863 | 848 |
Postage, printing and supplies | 297 | 328 | 310 |
Other intangibles | 174 | 199 | 223 |
Other | 1,819 | 1,978 | 1,695 |
Total noninterest expense | 10,931 | 10,715 | 10,274 |
Income before income taxes | 8,030 | 7,995 | 7,764 |
Applicable income taxes | 2,097 | 2,087 | 2,032 |
Net income | 5,933 | 5,908 | 5,732 |
Net (income) loss attributable to noncontrolling interests | (54) | (57) | 104 |
Net income attributable to U.S. Bancorp | 5,879 | 5,851 | 5,836 |
Net income applicable to U.S. Bancorp common shareholders | $ 5,608 | $ 5,583 | $ 5,552 |
Earnings per common share | $ 3.18 | $ 3.10 | $ 3.02 |
Diluted earnings per common share | 3.16 | 3.08 | 3 |
Dividends declared per common share | $ 1.010 | $ 0.965 | $ 0.885 |
Average common shares outstanding | 1,764 | 1,803 | 1,839 |
Average diluted common shares outstanding | 1,772 | 1,813 | 1,849 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 5,933 | $ 5,908 | $ 5,732 |
Other Comprehensive Income (Loss) | |||
Changes in unrealized gains and losses on securities available-for-sale | (457) | 764 | (1,223) |
Other-than-temporary impairment not recognized in earnings on securities available-for-sale | 1 | 8 | |
Changes in unrealized gains and losses on derivative hedges | (25) | (41) | 37 |
Foreign currency translation | 20 | (4) | (34) |
Changes in unrealized gains and losses on retirement plans | (142) | (733) | 590 |
Reclassification to earnings of realized gains and losses | 393 | 297 | 373 |
Income taxes related to other comprehensive income (loss) | 88 | (109) | 101 |
Total other comprehensive income (loss) | (123) | 175 | (148) |
Comprehensive income | 5,810 | 6,083 | 5,584 |
Comprehensive (income) loss attributable to noncontrolling interests | (54) | (57) | 104 |
Comprehensive income attributable to U.S. Bancorp | $ 5,756 | $ 6,026 | $ 5,688 |
Consolidated Statement of Share
Consolidated Statement of Shareholders' Equity - USD ($) shares in Millions, $ in Millions | Total | Common Stock [Member] | Preferred Stock [Member] | Capital Surplus [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total U.S. Bancorp Shareholders' Equity [Member] | Noncontrolling Interests [Member] |
Beginning Balance at Dec. 31, 2012 | $ 40,267 | $ 21 | $ 4,769 | $ 8,201 | $ 34,720 | $ (7,790) | $ (923) | $ 38,998 | $ 1,269 |
Shares, Beginning Balance at Dec. 31, 2012 | 1,869 | ||||||||
Net income (loss) | 5,732 | 5,836 | 5,836 | (104) | |||||
Other comprehensive income (loss) | (148) | (148) | (148) | ||||||
Redemption of preferred stock | (500) | (500) | 8 | (8) | (500) | ||||
Preferred stock dividends | (250) | (250) | (250) | ||||||
Common stock dividends | (1,631) | (1,631) | (1,631) | ||||||
Issuance of preferred stock | 487 | 487 | 487 | ||||||
Issuance of common and treasury stock | 550 | (100) | 650 | 550 | |||||
Issuance of common and treasury stock, shares | 21 | ||||||||
Purchase of treasury stock | $ (2,336) | (2,336) | (2,336) | ||||||
Purchase of treasury stock, shares | (65) | (65) | |||||||
Distributions to noncontrolling interests | $ (62) | (62) | |||||||
Net other changes in noncontrolling interests | (409) | (409) | |||||||
Stock option and restricted stock grants | 107 | 107 | 107 | ||||||
Ending Balance at Dec. 31, 2013 | 41,807 | $ 21 | 4,756 | 8,216 | 38,667 | (9,476) | (1,071) | 41,113 | 694 |
Shares, Ending Balance at Dec. 31, 2013 | 1,825 | ||||||||
Net income (loss) | 5,908 | 5,851 | 5,851 | 57 | |||||
Other comprehensive income (loss) | 175 | 175 | 175 | ||||||
Preferred stock dividends | (243) | (243) | (243) | ||||||
Common stock dividends | (1,745) | (1,745) | (1,745) | ||||||
Issuance of common and treasury stock | 480 | (13) | 493 | 480 | |||||
Issuance of common and treasury stock, shares | 15 | ||||||||
Purchase of treasury stock | $ (2,262) | (2,262) | (2,262) | ||||||
Purchase of treasury stock, shares | (54) | (54) | |||||||
Distributions to noncontrolling interests | $ (59) | (59) | |||||||
Net other changes in noncontrolling interests | (3) | (3) | |||||||
Stock option and restricted stock grants | 110 | 110 | 110 | ||||||
Ending Balance at Dec. 31, 2014 | $ 44,168 | $ 21 | 4,756 | 8,313 | 42,530 | (11,245) | (896) | 43,479 | 689 |
Shares, Ending Balance at Dec. 31, 2014 | 1,800 | 1,786 | |||||||
Net income (loss) | $ 5,933 | 5,879 | 5,879 | 54 | |||||
Other comprehensive income (loss) | (123) | (123) | (123) | ||||||
Preferred stock dividends | (247) | (247) | (247) | ||||||
Common stock dividends | (1,785) | (1,785) | (1,785) | ||||||
Issuance of preferred stock | 745 | 745 | 745 | ||||||
Issuance of common and treasury stock | 311 | (55) | 366 | 311 | |||||
Issuance of common and treasury stock, shares | 11 | ||||||||
Purchase of treasury stock | $ (2,246) | (2,246) | (2,246) | ||||||
Purchase of treasury stock, shares | (52) | (52) | |||||||
Distributions to noncontrolling interests | $ (55) | (55) | |||||||
Net other changes in noncontrolling interests | (2) | (2) | |||||||
Stock option and restricted stock grants | 118 | 118 | 118 | ||||||
Ending Balance at Dec. 31, 2015 | $ 46,817 | $ 21 | $ 5,501 | $ 8,376 | $ 46,377 | $ (13,125) | $ (1,019) | $ 46,131 | $ 686 |
Shares, Ending Balance at Dec. 31, 2015 | 1,700 | 1,745 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Activities | |||
Net income attributable to U.S. Bancorp | $ 5,879 | $ 5,851 | $ 5,836 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Provision for credit losses | 1,132 | 1,229 | 1,340 |
Depreciation and amortization of premises and equipment | 307 | 302 | 297 |
Amortization of intangibles | 174 | 199 | 223 |
(Gain) loss on sale of loans held for sale | (993) | (801) | (1,044) |
(Gain) loss on sale of securities and other assets | (403) | (595) | (74) |
Loans originated for sale in the secondary market, net of repayments | (43,312) | (30,858) | (56,698) |
Proceeds from sales of loans held for sale | 45,211 | 29,962 | 61,681 |
Other, net | 787 | 43 | (115) |
Net cash provided by operating activities | 8,782 | 5,332 | 11,446 |
Investing Activities | |||
Proceeds from sales of available-for-sale investment securities | 690 | 475 | 947 |
Proceeds from maturities of held-to-maturity investment securities | 10,567 | 9,479 | 8,587 |
Proceeds from maturities of available-for-sale investment securities | 13,395 | 7,212 | 10,147 |
Purchases of held-to-maturity investment securities | (9,234) | (15,597) | (13,218) |
Purchases of available-for-sale investment securities | (20,502) | (21,752) | (13,146) |
Net increase in loans outstanding | (11,788) | (12,873) | (12,331) |
Proceeds from sales of loans | 1,723 | 1,657 | 819 |
Purchases of loans | (4,475) | (2,355) | (2,468) |
Acquisitions, net of cash acquired | 3,436 | (58) | |
Other, net | (1,526) | 506 | (303) |
Net cash (used in) provided by investing activities | (21,150) | (29,812) | (21,024) |
Financing Activities | |||
Net increase in deposits | 18,290 | 15,822 | 12,940 |
Net (decrease) increase in short-term borrowings | (2,016) | 2,285 | 1,306 |
Proceeds from issuance of long-term debt | 5,067 | 16,394 | 2,041 |
Principal payments or redemption of long-term debt | (5,311) | (4,128) | (2,883) |
Proceeds from issuance of preferred stock | 745 | 487 | |
Proceeds from issuance of common stock | 295 | 453 | 524 |
Redemption of preferred stock | (500) | ||
Repurchase of common stock | (2,190) | (2,200) | (2,282) |
Cash dividends paid on preferred stock | (242) | (243) | (254) |
Cash dividends paid on common stock | (1,777) | (1,726) | (1,576) |
Net cash provided by (used in) financing activities | 12,861 | 26,657 | 9,803 |
Change in cash and due from banks | 493 | 2,177 | 225 |
Cash and due from banks at beginning of year | 10,654 | 8,477 | 8,252 |
Cash and due from banks at end of year | 11,147 | 10,654 | 8,477 |
Supplemental Cash Flow Disclosures | |||
Cash paid for income taxes | 742 | 748 | 812 |
Cash paid for interest | 1,434 | 1,476 | 1,759 |
Net noncash transfers to foreclosed property | $ 204 | 199 | 323 |
Acquisitions | |||
Assets (sold) acquired | 1,376 | 126 | |
Liabilities sold (assumed) | (4,797) | (24) | |
Net | $ (3,421) | $ 102 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Basis of Presentation [Abstract] | |
Significant Accounting Policies | U.S. Bancorp is a multi-state financial services holding company headquartered in Minneapolis, Minnesota. U.S. Bancorp and its subsidiaries (the “Company”) provide a full range of financial services, including lending and depository services through banking offices principally in the Midwest and West regions of the United States. The Company also engages in credit card, merchant, and ATM processing, mortgage banking, insurance, trust and investment management, brokerage, and leasing activities, principally in domestic markets. Basis of Presentation Uses of Estimates BUSINESS SEGMENTS Within the Company, financial performance is measured by major lines of business based on the products and services provided to customers through its distribution channels. The Company has five reportable operating segments: Wholesale Banking and Commercial Real Estate Consumer and Small Business Banking Wealth Management and Securities Services Payment Services Treasury and Corporate Support Segment Results SECURITIES Realized gains or losses on securities are determined on a trade date basis based on the specific amortized cost of the investments sold. Trading Securities Available-for-sale Securities Held-to-maturity Securities Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase EQUITY INVESTMENTS IN OPERATING ENTITIES Equity investments in public entities in which the Company’s ownership is less than 20 percent are generally accounted for as available-for-sale securities and are carried at fair value. Similar investments in private entities are accounted for using the cost method. Investments in entities where the Company has a significant influence (generally between 20 percent and 50 percent ownership), but does not control the entity, are accounted for using the equity method. Investments in limited partnerships and limited liability companies where the Company’s ownership interest is greater than 5 percent are accounted for using the equity method. All equity investments are evaluated for impairment at least annually and more frequently if certain criteria are met. LOANS The Company offers a broad array of lending products and categorizes its loan portfolio into three segments, which is the level at which it develops and documents a systematic methodology to determine the allowance for credit losses. The Company’s three loan portfolio segments are commercial lending, consumer lending and covered loans. The Company further disaggregates its loan portfolio segments into various classes based on their underlying risk characteristics. The two classes within the commercial lending segment are commercial loans and commercial real estate loans. The three classes within the consumer lending segment are residential mortgages, credit card loans and other retail loans. The covered loan segment consists of only one class. The Company’s accounting methods for loans differ depending on whether the loans are originated or purchased, and for purchased loans, whether the loans were acquired at a discount related to evidence of credit deterioration since date of origination. Originated Loans Held for Investment Purchased Loans In determining the acquisition date fair value of purchased impaired loans, and in subsequent accounting, the Company generally aggregates purchased consumer loans and certain smaller balance commercial loans into pools of loans with common risk characteristics, while accounting for larger balance commercial loans individually. Expected cash flows at the purchase date in excess of the fair value of loans are recorded as interest income over the life of the loans if the timing and amount of the future cash flows is reasonably estimable. Subsequent to the purchase date, increases in cash flows over those expected at the purchase date are recognized as interest income prospectively. The present value of any decreases in expected cash flows, other than from decreases in variable interest rates, after the purchase date is recognized by recording an allowance for credit losses. Revolving loans, including lines of credit and credit cards loans, and leases are excluded from purchased impaired loans accounting. For purchased loans acquired after January 1, 2009 that are not deemed impaired at acquisition, credit discounts representing the principal losses expected over the life of the loan are a component of the initial fair value. Subsequent to the purchase date, the methods utilized to estimate the required allowance for credit losses for these loans is similar to originated loans; however, the Company records a provision for credit losses only when the required allowance exceeds any remaining credit discounts. The remaining differences between the purchase price and the unpaid principal balance at the date of acquisition are recorded in interest income over the life of the loans. Covered Assets Effective January 1, 2013, the Company amortizes any reduction in expected cash flows from the FDIC resulting from increases in expected cash flows from the covered assets (when there are no previous valuation allowances to reverse) over the shorter of the remaining contractual term of the indemnification agreements or the remaining life of the covered assets. Prior to January 1, 2013, the Company considered such increases in expected cash flows of purchased loans and decreases in expected cash flows of the FDIC indemnification assets together and recognized them over the remaining life of the loans. Commitments to Extend Credit Allowance for Credit Losses The allowance recorded for loans in the commercial lending segment is based on reviews of individual credit relationships and considers the migration analysis of commercial lending segment loans and actual loss experience. In the migration analysis applied to risk rated loan portfolios, the Company currently examines up to a 15-year period of loss experience. For each loan type, this historical loss experience is adjusted as necessary to consider any relevant changes in portfolio composition, lending policies, underwriting standards, risk management practices or economic conditions. The results of the analysis are evaluated quarterly to confirm an appropriate historical time frame is selected for each commercial loan type. The allowance recorded for impaired loans greater than $5 million in the commercial lending segment is based on an individual loan analysis utilizing expected cash flows discounted using the original effective interest rate, the observable market price of the loan, or the fair value of the collateral, less selling costs, for collateral-dependent loans, rather than the migration analysis. The allowance recorded for all other commercial lending segment loans is determined on a homogenous pool basis and includes consideration of product mix, risk characteristics of the portfolio, bankruptcy experience, portfolio growth and historical losses, adjusted for current trends. The Company also considers the impacts of any loan modifications made to commercial lending segment loans and any subsequent payment defaults to its expectations of cash flows, principal balance, and current expectations about the borrower’s ability to pay in determining the allowance for credit losses. The allowance recorded for Troubled Debt Restructuring (“TDR”) loans and purchased impaired loans in the consumer lending segment is determined on a homogenous pool basis utilizing expected cash flows discounted using the original effective interest rate of the pool, or the prior quarter effective rate, respectively. The allowance for collateral-dependent loans in the consumer lending segment is determined based on the fair value of the collateral less costs to sell. The allowance recorded for all other consumer lending segment loans is determined on a homogenous pool basis and includes consideration of product mix, risk characteristics of the portfolio, bankruptcy experience, delinquency status, refreshed loan-to-value ratios when possible, portfolio growth and historical losses, adjusted for current trends. The Company also considers any modifications made to consumer lending segment loans including the impacts of any subsequent payment defaults since modification in determining the allowance for credit losses, such as the borrower’s ability to pay under the restructured terms, and the timing and amount of payments. The allowance for the covered loan segment is evaluated each quarter in a manner similar to that described for non-covered loans and reflects decreases in expected cash flows of those loans after the acquisition date. The provision for credit losses for covered loans considers the indemnification provided by the FDIC. In addition, subsequent payment defaults on loan modifications considered TDRs are considered in the underlying factors used in the determination of the appropriateness of the allowance for credit losses. For each loan segment, the Company estimates future loan charge-offs through a variety of analysis, trends and underlying assumptions. With respect to the commercial lending segment, TDRs may be collectively evaluated for impairment where observed performance history, including defaults, is a primary driver of the loss allocation. For commercial TDRs individually evaluated for impairment, attributes of the borrower are the primary factors in determining the allowance for credit losses. However, historical loss experience is also incorporated into the allowance methodology applied to this category of loans. With respect to the consumer lending segment, performance of the portfolio, including defaults on TDRs, is considered when estimating future cash flows. The Company’s methodology for determining the appropriate allowance for credit losses for each loan segment also considers the imprecision inherent in the methodologies used. As a result, in addition to the amounts determined under the methodologies described above, management also considers the potential impact of other qualitative factors which include, but are not limited to, economic factors; geographic and other concentration risks; delinquency and nonaccrual trends; current business conditions; changes in lending policy, underwriting standards, internal review and other relevant business practices; and the regulatory environment. The consideration of these items results in adjustments to allowance amounts included in the Company’s allowance for credit losses for each of the above loan segments. The Company also assesses the credit risk associated with off-balance sheet loan commitments, letters of credit, and derivatives. Credit risk associated with derivatives is reflected in the fair values recorded for those positions. The liability for off-balance sheet credit exposure related to loan commitments and other credit guarantees is included in other liabilities. Because business processes and credit risks associated with unfunded credit commitments are essentially the same as for loans, the Company utilizes similar processes to estimate its liability for unfunded credit commitments. Credit Quality For all loan classes, loans are considered past due based on the number of days delinquent except for monthly amortizing loans which are classified delinquent based upon the number of contractually required payments not made (for example, two missed payments is considered 30 days delinquent). When a loan is placed on nonaccrual status, unpaid accrued interest is reversed. Commercial lending segment loans are generally placed on nonaccrual status when the collection of principal and interest has become 90 days past due or is otherwise considered doubtful. Commercial lending segment loans are generally fully or partially charged down to the fair value of the collateral securing the loan, less costs to sell, when the loan is considered uncollectible. Consumer lending segment loans are generally charged-off at a specific number of days or payments past due. Residential mortgages and other retail loans secured by 1-4 family properties are generally charged down to the fair value of the collateral securing the loan, less costs to sell, at 180 days past due, and placed on nonaccrual status in instances where a partial charge-off occurs unless the loan is well secured and in the process of collection. Loans and lines in a junior lien position secured by 1-4 family properties are placed on nonaccrual status at 120 days past due or when behind a first lien that has become 180 days or greater past due or placed on nonaccrual status. Any secured consumer lending segment loan whose borrower has had debt discharged through bankruptcy, for which the loan amount exceeds the fair value of the collateral, is charged down to the fair value of the related collateral and the remaining balance is placed on nonaccrual status. Credit card loans continue to accrue interest until the account is charged off. Credit cards are charged off at 180 days past due. Other retail loans not secured by 1-4 family properties are charged-off at 120 days past due; and revolving consumer lines are charged off at 180 days past due. Similar to credit cards, other retail loans are generally not placed on nonaccrual status because of the relative short period of time to charge-off. Certain retail customers having financial difficulties may have the terms of their credit card and other loan agreements modified to require only principal payments and, as such, are reported as nonaccrual. For all loan classes, interest payments received on nonaccrual loans are generally recorded as a reduction to a loan’s carrying amount while a loan is on nonaccrual and are recognized as interest income upon payoff of the loan. However, interest income may be recognized for interest payments if the remaining carrying amount of the loan is believed to be collectible. In certain circumstances, loans in any class may be restored to accrual status, such as when a loan has demonstrated sustained repayment performance or no amounts are past due and prospects for future payment are no longer in doubt; or when the loan becomes well secured and is in the process of collection. Loans where there has been a partial charge-off may be returned to accrual status if all principal and interest (including amounts previously charged-off) is expected to be collected and the loan is current. Covered loans not considered to be purchased impaired are evaluated for delinquency, nonaccrual status and charge-off consistent with the class of loan they would be included in had the loss share coverage not been in place. Generally, purchased impaired loans are considered accruing loans. However, the timing and amount of future cash flows for some loans is not reasonably estimable, and those loans are classified as nonaccrual loans with interest income not recognized until the timing and amount of the future cash flows can be reasonably estimated. The Company classifies its loan portfolios using internal credit quality ratings on a quarterly basis. These ratings include: pass, special mention and classified, and are an important part of the Company’s overall credit risk management process and evaluation of the allowance for credit losses. Loans with a pass rating represent those not classified on the Company’s rating scale for problem credits, as minimal credit risk has been identified. Special mention loans are those that have a potential weakness deserving management’s close attention. Classified loans are those where a well-defined weakness has been identified that may put full collection of contractual cash flows at risk. It is possible that others, given the same information, may reach different reasonable conclusions regarding the credit quality rating classification of specific loans. Troubled Debt Restructurings The Company has implemented certain restructuring programs that may result in TDRs. However, many of the Company’s TDRs are also determined on a case-by-case basis in connection with ongoing loan collection processes. For the commercial lending segment, modifications generally result in the Company working with borrowers on a case-by-case basis. Commercial and commercial real estate modifications generally include extensions of the maturity date and may be accompanied by an increase or decrease to the interest rate, which may not be deemed a market rate of interest. In addition, the Company may work with the borrower in identifying other changes that mitigate loss to the Company, which may include additional collateral or guarantees to support the loan. To a lesser extent, the Company may waive contractual principal. The Company classifies all of the above concessions as TDRs to the extent the Company determines that the borrower is experiencing financial difficulty. Modifications for the consumer lending segment are generally part of programs the Company has initiated. The Company participates in the U.S. Department of Treasury Home Affordable Modification Program (“HAMP”). HAMP gives qualifying homeowners an opportunity to permanently modify residential mortgage loans and achieve more affordable monthly payments, with the U.S. Department of Treasury compensating the Company for a portion of the reduction in monthly amounts due from borrowers participating in this program. The Company also modifies residential mortgage loans under Federal Housing Administration, Department of Veterans Affairs, or its own internal programs. Under these programs, the Company provides concessions to qualifying borrowers experiencing financial difficulties. The concessions may include adjustments to interest rates, conversion of adjustable rates to fixed rates, extension of maturity dates or deferrals of payments, capitalization of accrued interest and/or outstanding advances, or in limited situations, partial forgiveness of loan principal. In most instances, participation in residential mortgage loan restructuring programs requires the customer to complete a short-term trial period. A permanent loan modification is contingent on the customer successfully completing the trial period arrangement and the loan documents are not modified until that time. The Company reports loans in a trial period arrangement as TDRs and continues to report them as TDRs after the trial period. Credit card and other retail loan TDRs are generally part of distinct restructuring programs providing customers experiencing financial difficulty with modifications whereby balances may be amortized up to 60 months, and generally include waiver of fees and reduced interest rates. In addition, the Company considers secured loans to consumer borrowers that have debt discharged through bankruptcy where the borrower has not reaffirmed the debt to be TDRs. Modifications to loans in the covered segment are similar in nature to that described above for non-covered loans, and the evaluation and determination of TDR status is similar, except that acquired loans restructured after acquisition are not considered TDRs for accounting and disclosure purposes if the loans evidenced credit deterioration as of the acquisition date and are accounted for in pools. Losses associated with the modification on covered loans, including the economic impact of interest rate reductions, are generally eligible for reimbursement under loss sharing agreements with the FDIC. Impaired Loans Factors used by the Company in determining whether all principal and interest payments due on commercial and commercial real estate loans will be collected and therefore whether those loans are impaired include, but are not limited to, the financial condition of the borrower, collateral and/or guarantees on the loan, and the borrower’s estimated future ability to pay based on industry, geographic location and certain financial ratios. The evaluation of impairment on residential mortgages, credit card loans and other retail loans is primarily driven by delinquency status of individual loans or whether a loan has been modified, and considers any government guarantee where applicable. Individual covered loans, whose future losses are covered by loss sharing agreements with the FDIC that substantially reduce the risk of credit losses to the Company, are evaluated for impairment and accounted for in a manner consistent with the class of loan they would have been included in had the loss sharing coverage not been in place. Leases The investment in leveraged leases is the sum of all lease payments, less nonrecourse debt payments, plus estimated residual values, less unearned income. Income from leveraged leases is recognized over the term of the leases based on the unrecovered equity investment. Residual values on leased assets are reviewed regularly for other-than-temporary impairment. Residual valuations for retail automobile leases are based on independent assessments of expected used car sale prices at the end-of-term. Impairment tests are conducted based on these valuations considering the probability of the lessee returning the asset to the Company, re-marketing efforts, insurance coverage and ancillary fees and costs. Valuations for commercial leases are based upon external or internal management appraisals. When there is impairment of the Company’s interest in the residual value of a leased asset, the carrying value is reduced to the estimated fair value with the writedown recognized in the current period. Other Real Estate LOANS HELD FOR SALE Loans held for sale (“LHFS”) represent mortgage loans intended to be sold in the secondary market and other loans that management has an active plan to sell. LHFS are carried at the lower-of-cost-or-fair value as determined on an aggregate basis by type of loan with the exception of loans for which the Company has elected fair value accounting, which are carried at fair value. The credit component of any writedowns upon the transfer of loans to LHFS is reflected in loan charge-offs. Where an election is made to carry the LHFS at fair value, any change in fair value is recognized in noninterest income. Where an election is made to carry LHFS at lower-of-cost-or-fair value, any further decreases are recognized in noninterest income and increases in fair value above the loan cost basis are not recognized until the loans are sold. Fair value elections are made at the time of origination or purchase based on the Company’s fair value election policy. The Company has elected fair value accounting for substantially all its mortgage loans held for sale (“MLHFS”). DERIVATIVE FINANCIAL INSTRUMENTS In the ordinary course of business, the Company enters into derivative transactions to manage various risks and to accommodate the business requirements of its customers. Derivative instruments are reported in other assets or other liabilities at fair value. Changes in a derivative’s fair value are recognized currently in earnings unless specific hedge accounting criteria are met. All derivative instruments that qualify and are designated for hedge accounting are recorded at fair value and classified as either a hedge of the fair value of a recognized asset or liability (“fair value hedge”); a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”); or a hedge of the volatility of an investment in foreign operations driven by changes in foreign currency exchange rates (“net investment hedge”). Changes in the fair value of a derivative that is highly effective and designated as a fair value hedge, and the offsetting changes in the fair value of the hedged item, are recorded in earnings. Changes in the fair value of a derivative that is highly effective and designated as a cash flow hedge are recorded in other comprehensive income (loss) until cash flows of the hedged item are realized. Any change in fair value resulting from hedge ineffectiveness is immediately recorded in noninterest income. Changes in the fair value of net investment hedges that are highly effective are recorded in other comprehensive income (loss). The Company performs an assessment, at inception and, at a minimum, quarterly thereafter, to determine the effectiveness of the derivative in offsetting changes in the value or cash flows of the hedged item(s). If a derivative designated as a cash flow hedge is terminated or ceases to be highly effective, the gain or loss in other comprehensive income (loss) is amortized to earnings over the period the forecasted hedged transactions impact earnings. If a hedged forecasted transaction is no longer probable, hedge accounting is ceased and any gain or loss included in other comprehensive income (loss) is reported in earnings immediately, unless the forecasted transaction is at least reasonably possible of occurring, whereby the amounts remain within other comprehensive income (loss). REVENUE RECOGNITION The Company recognizes revenue as it is earned based on contractual terms, as transactions occur, or as services are provided and collectability is reasonably assured. In certain circumstances, noninterest income is reported net of associated expenses that are directly related to variable volume-based sales or revenue sharing arrangements or when the Company acts on an agency basis for others. Certain specific policies include the following: Credit and Debit Card Revenue Corporate Payment Products Revenue Merchant Processing Services Trust and Investment Management Fees Deposit Service Charges Commercial Products Revenue Mortgage Banking Revenue OTHER SIGNIFICANT POLICIES Goodwill and Other Intangible Assets Income Taxes Mortgage Servicing Rights Pensions Premises and Equipment Capitalized leases, less accumulated amortization, are included in premises and equipment. Capitalized lease obligations are included in long-term debt. Capitalized leases are amortized on a straight-line basis over the lease term and the amortization is included in depreciation expense. Stock-Based Compensation Per Share Calculations |
Accounting Changes
Accounting Changes | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Changes [Abstract] | |
Accounting Changes | NOTE 2 Revenue Recognition This guidance amends certain currently existing revenue recognition accounting guidance and allows for either retrospective application to all periods presented or a modified retrospective approach where the guidance would only be applied to existing contracts in effect at the adoption date and new contracts going forward. The Company is currently evaluating the impact of this guidance under the modified retrospective approach and expects the adoption will not be material to its financial statements. Consolidation |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Business Combinations | NOTE 3 In June 2014, the Company acquired the Chicago-area branch banking operations of the Charter One Bank franchise (“Charter One”) owned by RBS Citizens Financial Group. The acquisition included Charter One’s retail branch network, small business operations and select middle market relationships. The Company acquired approximately $969 million of loans and $4.8 billion of deposits with this transaction. |
Restrictions on Cash and Due fr
Restrictions on Cash and Due from Banks | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Restrictions on Cash and Due from Banks | NOTE 4 Banking regulators require bank subsidiaries to maintain minimum average reserve balances, either in the form of cash or reserve balances held with central banks or other financial institutions. The amount of required reserve balances were approximately $2.2 billion and $2.0 billion at December 31, 2015 and 2014, respectively, and primarily represent those required to be held at the Federal Reserve Bank. At December 31, 2015 and 2014, the Company held $3.3 billion and $4.4 billion, respectively, of balances at the Federal Reserve Bank and other financial institutions to meet these requirements. These balances are included in cash and due from banks on the Consolidated Balance Sheet. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | The amortized cost, other-than-temporary impairment recorded in other comprehensive income (loss), gross unrealized holding gains and losses, and fair value of held-to-maturity and available-for-sale investment securities at December 31 were as follows: 2015 2014 Unrealized Losses Unrealized Losses (Dollars in Millions) Amortized Unrealized Other-than- (e) Other (f) Fair Value Amortized Unrealized Other-than- (e) Other (f) Fair Value Held-to-maturity (a) U.S. Treasury and agencies $ 2,925 $ 14 $ – $ (20 ) $ 2,919 $ 2,717 $ 15 $ – $ (18 ) $ 2,714 Mortgage-backed securities Residential Agency 40,619 175 – (273 ) 40,521 42,204 335 – (176 ) 42,363 Non-agency non-prime (d) 1 – – – 1 1 – – – 1 Asset-backed securities Collateralized debt obligations/Collateralized loan obligations – 6 – – 6 – 7 – – 7 Other 10 3 – – 13 13 4 – – 17 Obligations of state and political subdivisions 8 1 – (1 ) 8 9 1 – (1 ) 9 Obligations of foreign governments 9 – – – 9 9 – – – 9 Other debt securities 18 – – (2 ) 16 21 – – (1 ) 20 Total held-to-maturity $ 43,590 $ 199 $ – $ (296 ) $ 43,493 $ 44,974 $ 362 $ – $ (196 ) $ 45,140 Available-for-sale (b) U.S. Treasury and agencies $ 4,611 $ 12 $ – $ (27 ) $ 4,596 $ 2,622 $ 14 $ – $ (4 ) $ 2,632 Mortgage-backed securities Residential Agency 50,056 384 – (364 ) 50,076 44,668 593 – (244 ) 45,017 Non-agency Prime (c) 316 6 (3 ) (1 ) 318 399 9 (2 ) (1 ) 405 Non-prime (d) 221 20 (1 ) – 240 261 20 (1 ) – 280 Commercial agency 52 – – – 52 112 3 – – 115 Asset-backed securities Collateralized debt obligations/Collateralized loan obligations 16 3 – – 19 18 4 – – 22 Other 532 9 – – 541 607 13 – (1 ) 619 Obligations of state and political subdivisions 5,149 169 – (2 ) 5,316 5,604 265 – (1 ) 5,868 Obligations of foreign governments – – – – – 6 – – – 6 Corporate debt securities 677 3 – (70 ) 610 690 3 – (79 ) 614 Perpetual preferred securities 153 20 – (12 ) 161 200 27 – (10 ) 217 Other investments 34 34 – – 68 245 29 – – 274 Total available-for-sale $ 61,817 $ 660 $ (4 ) $ (476 ) $ 61,997 $ 55,432 $ 980 $ (3 ) $ (340 ) $ 56,069 (a) Held-to-maturity investment securities are carried at historical cost or at fair value at the time of transfer from the available-for-sale to held-to-maturity category, adjusted for amortization of premiums and accretion of discounts and credit-related other-than-temporary impairment. (b) Available-for-sale investment securities are carried at fair value with unrealized net gains or losses reported within accumulated other comprehensive income (loss) in shareholders’ equity. (c) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads). When the Company determines the designation, prime securities typically have a weighted average credit score of 725 or higher and a loan-to-value of 80 percent or lower; however, other pool characteristics may result in designations that deviate from these credit score and loan-to-value thresholds. (d) Includes all securities not meeting the conditions to be designated as prime. (e) Represents impairment not related to credit for those investment securities that have been determined to be other-than-temporarily impaired. (f) Represents unrealized losses on investment securities that have not been determined to be other-than-temporarily impaired. The weighted-average maturity of the available-for-sale investment securities was 4.7 years at December 31, 2015, compared with 4.3 years at December 31, 2014. The corresponding weighted-average yields were 2.21 percent and 2.32 percent, respectively. The weighted-average maturity of the held-to-maturity investment securities was 4.2 years at December 31, 2015, and 4.0 years at December 31, 2014. The corresponding weighted-average yields were both 1.92 percent, respectively. For amortized cost, fair value and yield by maturity date of held-to-maturity and available-for-sale investment securities outstanding at December 31, 2015, refer to Table 13 included in Management’s Discussion and Analysis which is incorporated by reference into these Notes to Consolidated Financial Statements. Investment securities with a fair value of $13.1 billion at December 31, 2015, and $12.6 billion at December 31, 2014, were pledged to secure public, private and trust deposits, repurchase agreements and for other purposes required by contractual obligation or law. Included in these amounts were securities where the Company and certain counterparties have agreements granting the counterparties the right to sell or pledge the securities. Investment securities securing these types of arrangements had a fair value of $1.0 billion at December 31, 2015, and $856 million at December 31, 2014. The following table provides information about the amount of interest income from taxable and non-taxable investment securities: Year Ended December 31 (Dollars in Millions) 2015 2014 2013 Taxable $ 1,778 $ 1,634 $ 1,375 Non-taxable 223 232 256 Total interest income from investment securities $ 2,001 $ 1,866 $ 1,631 The following table provides information about the amount of gross gains and losses realized through the sales of available-for-sale investment securities: Year Ended December 31 (Dollars in Millions) 2015 2014 2013 Realized gains $ 7 $ 11 $ 23 Realized losses (6 ) – – Net realized gains (losses) $ 1 $ 11 $ 23 Income tax (benefit) on net realized gains (losses) $ – $ 4 $ 9 The Company conducts a regular assessment of its investment securities with unrealized losses to determine whether investment securities are other-than-temporarily impaired considering, among other factors, the nature of the investment securities, credit ratings or financial condition of the issuer, the extent and duration of the unrealized loss, expected cash flows of underlying collateral, the existence of any government or agency guarantees, market conditions and whether the Company intends to sell or it is more likely than not the Company will be required to sell the investment securities. The Company determines other-than-temporary impairment recorded in earnings for debt securities not intended to be sold by estimating the future cash flows of each individual investment security, using market information where available, and discounting the cash flows at the original effective rate of the investment security. Other-than-temporary impairment recorded in other comprehensive income (loss) is measured as the difference between that discounted amount and the fair value of each investment security. The total amount of other-than-temporary impairment recorded was immaterial for the years ended December 31, 2015, 2014 and 2013. Changes in the credit losses on debt securities are summarized as follows: Year Ended December 31 (Dollars in Millions) 2015 2014 2013 Balance at beginning of period $ 101 $ 116 $ 134 Additions to Credit Losses Due to Other-than-temporary Impairments Decreases in expected cash flows on securities for which other-than-temporary impairment was previously recognized 1 3 14 Total other-than-temporary impairment on debt securities 1 3 14 Other Changes in Credit Losses Increases in expected cash flows (3 ) (5 ) (2 ) Realized losses (a) (15 ) (13 ) (23 ) Credit losses on security sales and securities expected to be sold – – (7 ) Balance at end of period $ 84 $ 101 $ 116 (a) Primarily represents principal losses allocated to mortgage and asset-backed securities in the Company’s portfolio under the terms of the securitization transaction documents. At December 31, 2015, certain investment securities had a fair value below amortized cost. The following table shows the gross unrealized losses and fair value of the Company’s investment securities with unrealized losses, aggregated by investment category and length of time the individual investment securities have been in continuous unrealized loss positions, at December 31, 2015: Less Than 12 Months 12 Months or Greater Total (Dollars in Millions) Fair Value Unrealized Fair Unrealized Fair Value Unrealized Held-to-maturity U.S. Treasury and agencies $ 1,306 $ (19 ) $ 60 $ (1 ) $ 1,366 $ (20 ) Residential agency mortgage-backed securities 17,819 (150 ) 4,156 (123 ) 21,975 (273 ) Other asset-backed securities – – 6 – 6 – Obligations of state and political subdivisions – – 2 (1 ) 2 (1 ) Other debt securities – – 17 (2 ) 17 (2 ) Total held-to-maturity $ 19,125 $ (169 ) $ 4,241 $ (127 ) $ 23,366 $ (296 ) Available-for-sale U.S. Treasury and agencies $ 2,919 $ (27 ) $ 8 $ – $ 2,927 $ (27 ) Residential mortgage-backed securities Agency 18,603 (171 ) 6,267 (193 ) 24,870 (364 ) Non-agency (a) Prime (b) 59 (1 ) 107 (3 ) 166 (4 ) Non-prime (c) – – 17 (1 ) 17 (1 ) Other asset-backed securities – – 2 – 2 – Obligations of state and political subdivisions 35 – 62 (2 ) 97 (2 ) Corporate debt securities – – 425 (70 ) 425 (70 ) Perpetual preferred securities – – 73 (12 ) 73 (12 ) Other investments 1 – – – 1 – Total available-for-sale $ 21,617 $ (199 ) $ 6,961 $ (281 ) $ 28,578 $ (480 ) (a) The Company had $5 million of unrealized losses on residential non-agency mortgage-backed securities. Credit-related other-than-temporary impairment on these securities may occur if there is further deterioration in the underlying collateral pool performance. Borrower defaults may increase if economic conditions worsen. Additionally, deterioration in home prices may increase the severity of projected losses. (b) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads). (c) Includes all securities not meeting the conditions to be designated as prime. The Company does not consider these unrealized losses to be credit-related. These unrealized losses primarily relate to changes in interest rates and market spreads subsequent to purchase. A substantial portion of investment securities that have unrealized losses are either corporate debt issued with high investment grade credit ratings or agency mortgage-backed securities. In general, the issuers of the investment securities are contractually prohibited from prepayment at less than par, and the Company did not pay significant purchase premiums for these investment securities. At December 31, 2015, the Company had no plans to sell investment securities with unrealized losses, and believes it is more likely than not it would not be required to sell such investment securities before recovery of their amortized cost. |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Loans and Allowance for Credit Losses | The composition of the loan portfolio at December 31, disaggregated by class and underlying specific portfolio type, was as follows: (Dollars in Millions) 2015 2014 Commercial Commercial $ 83,116 $ 74,996 Lease financing 5,286 5,381 Total commercial 88,402 80,377 Commercial Real Estate Commercial mortgages 31,773 33,360 Construction and development 10,364 9,435 Total commercial real estate 42,137 42,795 Residential Mortgages Residential mortgages 40,425 38,598 Home equity loans, first liens 13,071 13,021 Total residential mortgages 53,496 51,619 Credit Card 21,012 18,515 Other Retail Retail leasing 5,232 5,871 Home equity and second mortgages 16,384 15,916 Revolving credit 3,354 3,309 Installment 7,030 6,242 Automobile 16,587 14,822 Student 2,619 3,104 Total other retail 51,206 49,264 Total loans, excluding covered loans 256,253 242,570 Covered Loans 4,596 5,281 Total loans $ 260,849 $ 247,851 The Company had loans of $78.1 billion at December 31, 2015, and $79.8 billion at December 31, 2014, pledged at the Federal Home Loan Bank, and loans of $63.4 billion at December 31, 2015, and $61.8 billion at December 31, 2014, pledged at the Federal Reserve Bank. The majority of the Company’s loans are to borrowers in the states in which it has Consumer and Small Business Banking offices. Collateral for commercial loans may include marketable securities, accounts receivable, inventory and equipment. For details of the Company’s commercial portfolio by industry group and geography as of December 31, 2015 and 2014, see Table 7 included in Management’s Discussion and Analysis which is incorporated by reference into these Notes to Consolidated Financial Statements. For detail of the Company’s commercial real estate portfolio by property type and geography as of December 31, 2015 and 2014, see Table 8 included in Management’s Discussion and Analysis which is incorporated by reference into these Notes to Consolidated Financial Statements. Such loans are collateralized by the related property. Originated loans are reported at the principal amount outstanding, net of unearned interest and deferred fees and costs. Net unearned interest and deferred fees and costs amounted to $550 million at December 31, 2015, and $574 million at December 31, 2014. All purchased loans and related indemnification assets are recorded at fair value at the date of purchase. The Company evaluates purchased loans for impairment at the date of purchase in accordance with applicable authoritative accounting guidance. Purchased loans with evidence of credit deterioration since origination for which it is probable that all contractually required payments will not be collected are considered “purchased impaired loans.” All other purchased loans are considered “purchased nonimpaired loans.” Changes in the accretable balance for purchased impaired loans for the years ended December 31, were as follows: (Dollars in Millions) 2015 2014 2013 Balance at beginning of period $ 1,309 $ 1,655 $ 1,709 Accretion (382 ) (441 ) (499 ) Disposals (132 ) (131 ) (172 ) Reclassifications from nonaccretable difference (a) 163 229 258 Other (b) (1 ) (3 ) 359 Balance at end of period $ 957 $ 1,309 $ 1,655 (a) Primarily relates to changes in expected credit performance. (b) The amount for the year ended December 31, 2013, primarily represents the reclassification of unamortized decreases in the FDIC asset, partially offset by the impact of changes in expectations about retaining covered single-family loans beyond the term of the indemnification agreements. Allowance for Credit Losses Activity in the allowance for credit losses by portfolio class was as follows: (Dollars in Millions) Commercial Commercial Residential Credit Other Total Loans, Covered Total Balance at December 31, 2014 $ 1,146 $ 726 $ 787 $ 880 $ 771 $ 4,310 $ 65 $ 4,375 Add Provision for credit losses 361 (30 ) (47 ) 654 193 1,131 1 1,132 Deduct Loans charged off 314 22 135 726 319 1,516 – 1,516 Less recoveries of loans charged off (95 ) (50 ) (26 ) (75 ) (98 ) (344 ) – (344 ) Net loans charged off 219 (28 ) 109 651 221 1,172 – 1,172 Other changes (a) (1 ) – – – – (1 ) (28 ) (29 ) Balance at December 31, 2015 $ 1,287 $ 724 $ 631 $ 883 $ 743 $ 4,268 $ 38 $ 4,306 Balance at December 31, 2013 $ 1,075 $ 776 $ 875 $ 884 $ 781 $ 4,391 $ 146 $ 4,537 Add Provision for credit losses 266 (63 ) 107 657 278 1,245 (16 ) 1,229 Deduct Loans charged off 305 36 216 725 384 1,666 13 1,679 Less recoveries of loans charged off (110 ) (49 ) (21 ) (67 ) (96 ) (343 ) (2 ) (345 ) Net loans charged off 195 (13 ) 195 658 288 1,323 11 1,334 Other changes (a) – – – (3 ) – (3 ) (54 ) (57 ) Balance at December 31, 2014 $ 1,146 $ 726 $ 787 $ 880 $ 771 $ 4,310 $ 65 $ 4,375 Balance at December 31, 2012 $ 1,051 $ 857 $ 935 $ 863 $ 848 $ 4,554 $ 179 $ 4,733 Add Provision for credit losses 144 (114 ) 212 677 351 1,270 70 1,340 Deduct Loans charged off 246 92 297 739 523 1,897 37 1,934 Less recoveries of loans charged off (126 ) (125 ) (25 ) (83 ) (105 ) (464 ) (5 ) (469 ) Net loans charged off 120 (33 ) 272 656 418 1,433 32 1,465 Other changes (a) – – – – – – (71 ) (71 ) Balance at December 31, 2013 $ 1,075 $ 776 $ 875 $ 884 $ 781 $ 4,391 $ 146 $ 4,537 (a) Includes net changes in credit losses to be reimbursed by the FDIC and reductions in the allowance for covered loans where the reversal of a previously recorded allowance was offset by an associated decrease in the indemnification asset, and the impact of any loan sales. Additional detail of the allowance for credit losses by portfolio class was as follows: (Dollars in Millions) Commercial Commercial Residential Credit Other Total Loans, Covered Total Allowance Balance at December 31, 2015 Related to Loans individually evaluated for impairment (a) $ 11 $ 2 $ – $ – $ – $ 13 $ – $ 13 TDRs collectively evaluated for impairment 10 7 236 57 33 343 2 345 Other loans collectively evaluated for impairment 1,266 703 395 826 710 3,900 – 3,900 Loans acquired with deteriorated credit quality – 12 – – – 12 36 48 Total allowance for credit losses $ 1,287 $ 724 $ 631 $ 883 $ 743 $ 4,268 $ 38 $ 4,306 Allowance Balance at December 31, 2014 Related to Loans individually evaluated for impairment (a) $ 5 $ 4 $ – $ – $ – $ 9 $ – $ 9 TDRs collectively evaluated for impairment 12 12 319 61 41 445 4 449 Other loans collectively evaluated for impairment 1,129 678 468 819 730 3,824 1 3,825 Loans acquired with deteriorated credit quality – 32 – – – 32 60 92 Total allowance for credit losses $ 1,146 $ 726 $ 787 $ 880 $ 771 $ 4,310 $ 65 $ 4,375 (a) Represents the allowance for credit losses related to loans greater than $5 million classified as nonperforming or TDRs. Additional detail of loan balances by portfolio class was as follows: (Dollars in Millions) Commercial Commercial Residential Credit Other Total Loans, Covered (b) Total Loans December 31, 2015 Loans individually evaluated for impairment (a) $ 336 $ 41 $ 13 $ – $ – $ 390 $ – $ 390 TDRs collectively evaluated for impairment 138 235 4,241 210 211 5,035 35 5,070 Other loans collectively evaluated for impairment 87,927 41,566 49,241 20,802 50,995 250,531 2,059 252,590 Loans acquired with deteriorated credit quality 1 295 1 – – 297 2,502 2,799 Total loans $ 88,402 $ 42,137 $ 53,496 $ 21,012 $ 51,206 $ 256,253 $ 4,596 $ 260,849 December 31, 2014 Loans individually evaluated for impairment (a) $ 159 $ 128 $ 12 $ – $ – $ 299 $ – $ 299 TDRs collectively evaluated for impairment 124 393 4,653 240 237 5,647 34 5,681 Other loans collectively evaluated for impairment 80,093 41,744 46,953 18,275 49,027 236,092 2,463 238,555 Loans acquired with deteriorated credit quality 1 530 1 – – 532 2,784 3,316 Total loans $ 80,377 $ 42,795 $ 51,619 $ 18,515 $ 49,264 $ 242,570 $ 5,281 $ 247,851 (a) Represents loans greater than $5 million classified as nonperforming or TDRs. (b) Includes expected reimbursements from the FDIC under loss sharing agreements. Credit Quality The following table provides a summary of loans by portfolio class, including the delinquency status of those that continue to accrue interest, and those that are nonperforming: Accruing (Dollars in Millions) Current 30-89 Days 90 Days or Nonperforming Total December 31, 2015 Commercial $ 87,863 $ 317 $ 48 $ 174 $ 88,402 Commercial real estate 41,907 89 14 127 42,137 Residential mortgages (a) 52,438 170 176 712 53,496 Credit card 20,532 243 228 9 21,012 Other retail 50,745 224 75 162 51,206 Total loans, excluding covered loans 253,485 1,043 541 1,184 256,253 Covered loans 4,236 62 290 8 4,596 Total loans $ 257,721 $ 1,105 $ 831 $ 1,192 $ 260,849 December 31, 2014 Commercial $ 79,977 $ 247 $ 41 $ 112 $ 80,377 Commercial real estate 42,406 110 20 259 42,795 Residential mortgages (a) 50,330 221 204 864 51,619 Credit card 18,046 229 210 30 18,515 Other retail 48,764 238 75 187 49,264 Total loans, excluding covered loans 239,523 1,045 550 1,452 242,570 Covered loans 4,804 68 395 14 5,281 Total loans $ 244,327 $ 1,113 $ 945 $ 1,466 $ 247,851 (a) At December 31, 2015, $320 million of loans 30–89 days past due and $2.9 billion of loans 90 days or more past due purchased from Government National Mortgage Association (“GNMA”) mortgage pools whose repayments are insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs, were classified as current, compared with $431 million and $3.1 billion at December 31, 2014, respectively. Total nonperforming assets include nonaccrual loans, restructured loans not performing in accordance with modified terms, other real estate and other nonperforming assets owned by the Company. For details of the Company’s nonperforming assets as of December 31, 2015 and 2014, see Table 16 included in Management’s Discussion and Analysis which is incorporated by reference into these Notes to Consolidated Financial Statements. At December 31, 2015, the amount of foreclosed residential real estate held by the Company, and included in OREO, was $282 million ($250 million excluding covered assets), compared with $270 million ($233 million excluding covered assets) at December 31, 2014. This excludes $535 million and $641 million at December 31, 2015 and 2014, respectively, of foreclosed residential real estate related to mortgage loans whose payments are primarily insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. In addition, the amount of residential mortgage loans secured by residential real estate in the process of foreclosure at December 31, 2015 and 2014, was $2.6 billion and $2.9 billion, respectively, of which $1.9 billion and $2.1 billion, respectively, related to loans purchased from Government National Mortgage Association (“GNMA”) mortgage pools whose repayments are insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. The following table provides a summary of loans by portfolio class and the Company’s internal credit quality rating: Criticized (Dollars in Millions) Pass Special Classified (a) Total Total December 31, 2015 Commercial (b) $ 85,206 $ 1,629 $ 1,567 $ 3,196 $ 88,402 Commercial real estate 41,079 365 693 1,058 42,137 Residential mortgages (c) 52,548 2 946 948 53,496 Credit card 20,775 – 237 237 21,012 Other retail 50,899 6 301 307 51,206 Total loans, excluding covered loans 250,507 2,002 3,744 5,746 256,253 Covered loans 4,507 – 89 89 4,596 Total loans $ 255,014 $ 2,002 $ 3,833 $ 5,835 $ 260,849 Total outstanding commitments $ 539,614 $ 3,945 $ 4,84 5 $ 8,790 $ 548,404 December 31, 2014 Commercial (b) $ 78,409 $ 1,204 $ 764 $ 1,968 $ 80,377 Commercial real estate 41,322 451 1,022 1,473 42,795 Residential mortgages (c) 50,479 5 1,135 1,140 51,619 Credit card 18,275 – 240 240 18,515 Other retail 48,932 20 312 332 49,264 Total loans, excluding covered loans 237,417 1,680 3,473 5,153 242,570 Covered loans 5,164 – 117 117 5,281 Total loans $ 242,581 $ 1,680 $ 3,590 $ 5,270 $ 247,851 Total outstanding commitments $ 501,535 $ 2,964 $ 4,179 $ 7,143 $ 508,678 (a) Classified rating on consumer loans primarily based on delinquency status. (b) At December 31, 2015, $1.1 billion of loans to customers in energy-related businesses had a special mention or classified rating, compared with $122 million at December 31, 2014. (c) At December 31, 2015, $2.9 billion of GNMA loans 90 days or more past due and $1.9 billion of restructured GNMA loans whose repayments are insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs were classified with a pass rating, compared with $3.1 billion and $2.2 billion at December 31, 2014, respectively. For all loan classes, a loan is considered to be impaired when, based on current events or information, it is probable the Company will be unable to collect all amounts due per the contractual terms of the loan agreement. A summary of impaired loans, which include all nonaccrual and TDR loans, by portfolio class was as follows: (Dollars in Millions) Period-end (a) Unpaid Valuation Commitments December 31, 2015 Commercial $ 520 $ 1,110 $ 25 $ 154 Commercial real estate 336 847 11 1 Residential mortgages 2,575 3,248 199 – Credit card 210 210 57 – Other retail 309 503 35 4 Total loans, excluding GNMA and covered loans 3,950 5,918 327 159 Loans purchased from GNMA mortgage pools 1,913 1,913 40 – Covered loans 39 48 2 1 Total $ 5,902 $ 7,879 $ 369 $ 160 December 31, 2014 Commercial $ 329 $ 769 $ 21 $ 51 Commercial real estate 624 1,250 23 18 Residential mortgages 2,730 3,495 273 – Credit card 240 240 61 – Other retail 361 570 44 4 Total loans, excluding GNMA and covered loans 4,284 6,324 422 73 Loans purchased from GNMA mortgage pools 2,244 2,244 50 – Covered loans 43 55 4 1 Total $ 6,571 $ 8,623 $ 476 $ 74 (a) Substantially all loans classified as impaired at December 31, 2015 and 2014, had an associated allowance for credit losses. The total amount of interest income recognized during 2015 on loans classified as impaired at December 31, 2015, excluding those acquired with deteriorated credit quality, was $274 million, compared to what would have been recognized at the original contractual terms of the loans of $370 million. Additional information on impaired loans for the years ended December 31 follows: (Dollars in Millions) Average Interest 2015 Commercial $ 383 $ 13 Commercial real estate 433 16 Residential mortgages 2,666 131 Credit card 221 4 Other retail 336 14 Total loans, excluding GNMA and covered loans 4,039 178 Loans purchased from GNMA mortgage pools 2,079 95 Covered loans 42 1 Total $ 6,160 $ 274 2014 Commercial $ 414 $ 9 Commercial real estate 592 26 Residential mortgages 2,742 140 Credit card 273 9 Other retail 377 17 Total loans, excluding GNMA and covered loans 4,398 201 Loans purchased from GNMA mortgage pools 2,609 124 Covered loans 334 15 Total $ 7,341 $ 340 2013 Commercial $ 382 $ 29 Commercial real estate 889 39 Residential mortgages 2,749 134 Credit card 366 16 Other retail 424 24 Total loans, excluding GNMA and covered loans 4,810 242 Loans purchased from GNMA mortgage pools 1,967 100 Covered loans 561 27 Total $ 7,338 $ 369 Troubled Debt Restructurings (Dollars in Millions) Number Pre-Modification Balance Post-Modification Balance 2015 Commercial 1,607 $ 385 $ 396 Commercial real estate 108 78 76 Residential mortgages 2,080 260 258 Credit card 26,772 133 134 Other retail 2,530 54 54 Total loans, excluding GNMA and covered loans 33,097 910 918 Loans purchased from GNMA mortgage pools 8,199 864 862 Covered loans 16 5 5 Total loans 41,312 $ 1,779 $ 1,785 2014 Commercial 2,027 $ 238 $ 203 Commercial real estate 78 80 71 Residential mortgages 2,089 271 274 Credit card 26,511 144 145 Other retail 2,833 61 61 Total loans, excluding GNMA and covered loans 33,538 794 754 Loans purchased from GNMA mortgage pools 8,961 1,000 1,013 Covered loans 43 15 14 Total loans 42,542 $ 1,809 $ 1,781 2013 Commercial 2,429 $ 166 $ 155 Commercial real estate 165 205 198 Residential mortgages 2,179 309 304 Credit card 26,669 160 161 Other retail 4,290 103 102 Total loans, excluding GNMA and covered loans 35,732 943 920 Loans purchased from GNMA mortgage pools 8,878 1,121 1,066 Covered loans 123 94 72 Total loans 44,733 $ 2,158 $ 2,058 Residential mortgages, home equity and second mortgages, and loans purchased from GNMA mortgage pools in the table above include trial period arrangements offered to customers during the periods presented. The post-modification balances for these loans reflect the current outstanding balance until a permanent modification is made. In addition, the post-modification balances typically include capitalization of unpaid accrued interest and/or fees under the various modification programs. For those loans modified as TDRs during the fourth quarter of 2015, at December 31, 2015, 151 residential mortgages, 66 home equity and second mortgage loans and 1,954 loans purchased from GNMA mortgage pools with outstanding balances of $18 million, $5 million and $257 million, respectively, were in a trial period and have estimated post-modification balances of $24 million, $5 million and $259 million, respectively, assuming permanent modification occurs at the end of the trial period. The following table provides a summary of TDR loans that defaulted (fully or partially charged-off or became 90 days or more past due) for the years ended December 31, that were modified as TDRs within 12 months previous to default: (Dollars in Millions) Number Amount 2015 Commercial 494 $ 21 Commercial real estate 18 8 Residential mortgages 273 36 Credit card 6,286 29 Other retail 636 12 Total loans, excluding GNMA and covered loans 7,707 106 Loans purchased from GNMA mortgage pools 598 75 Covered loans 5 1 Total loans 8,310 $ 182 2014 Commercial 629 $ 44 Commercial real estate 22 12 Residential mortgages 611 86 Credit card 6,335 33 Other retail 845 24 Total loans, excluding GNMA and covered loans 8,442 199 Loans purchased from GNMA mortgage pools 876 102 Covered loans 14 5 Total loans 9,332 $ 306 2013 Commercial 642 $ 46 Commercial real estate 87 102 Residential mortgages 1,099 163 Credit card 6,640 37 Other retail 1,841 80 Total loans, excluding GNMA and covered loans 10,309 428 Loans purchased from GNMA mortgage pools 4,972 640 Covered loans 63 49 Total loans 15,344 $ 1,117 In addition to the defaults in the table above, for the year ended December 31, 2015, the Company had a total of 1,885 residential mortgage loans, home equity and second mortgage loans and loans purchased from GNMA mortgage pools with aggregate outstanding balances of $252 million where borrowers did not successfully complete the trial period arrangement and therefore are no longer eligible for a permanent modification under the applicable modification program. Covered Assets 2015 2014 (Dollars in Millions) Purchased Purchased Other Total Purchased Purchased Other Total Residential mortgage loans $ 2,502 $ 615 $ – $ 3,117 $ 2,784 $ 738 $ – $ 3,522 Other retail loans – 447 – 447 – 584 – 584 Losses reimbursable by the FDIC (a) – – 517 517 – – 717 717 Unamortized changes in FDIC asset (b) – – 515 515 – – 458 458 Covered loans 2,502 1,062 1,032 4,596 2,784 1,322 1,175 5,281 Foreclosed real estate – – 32 32 – – 37 37 Total covered assets $ 2,502 $ 1,062 $ 1,064 $ 4,628 $ 2,784 $ 1,322 $ 1,212 $ 5,318 (a) Relates to loss sharing agreements with remaining terms up to four years. (b) Represents decreases in expected reimbursements by the FDIC as a result of decreases in expected losses on the covered loans. These amounts are amortized as a reduction in interest income on covered loans over the shorter of the expected life of the respective covered loans or the remaining contractual term of the indemnification agreements. Interest income is recognized on purchased impaired loans through accretion of the difference between the carrying amount of those loans and their expected cash flows. The initial determination of the fair value of the purchased loans includes the impact of expected credit losses and, therefore, no allowance for credit losses is recorded at the purchase date. To the extent credit deterioration occurs after the date of acquisition, the Company records an allowance for credit losses. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Leases | The components of the net investment in sales-type and direct financing leases at December 31 were as follows: (Dollars in Millions) 2015 2014 Aggregate future minimum lease payments to be received $ 10,257 $ 11,173 Unguaranteed residual values accruing to the lessor’s benefit 766 695 Unearned income (887 ) (1,004 ) Initial direct costs 204 202 Total net investment in sales-type and direct financing leases (a) $ 10,340 $ 11,066 (a) The accumulated allowance for uncollectible minimum lease payments was $66 million and $65 million at December 31, 2015 and 2014, respectively. The minimum future lease payments to be received from sales-type and direct financing leases were as follows at December 31, 2015: (Dollars in Millions) 2016 $ 3,772 2017 3,207 2018 1,880 2019 756 2020 307 Thereafter 335 |
Accounting for Transfers and Se
Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities | NOTE 8 The Company transfers financial assets in the normal course of business. The majority of the Company’s financial asset transfers are residential mortgage loan sales primarily to government-sponsored enterprises (“GSEs”), transfers of tax-advantaged investments, commercial loan sales through participation agreements, and other individual or portfolio loan and securities sales. In accordance with the accounting guidance for asset transfers, the Company considers any ongoing involvement with transferred assets in determining whether the assets can be derecognized from the balance sheet. Guarantees provided to certain third parties in connection with the transfer of assets are further discussed in Note 23. For loans sold under participation agreements, the Company also considers whether the terms of the loan participation agreement meet the accounting definition of a participating interest. With the exception of servicing and certain performance-based guarantees, the Company’s continuing involvement with financial assets sold is minimal and generally limited to market customary representation and warranty clauses. Any gain or loss on sale depends on the previous carrying amount of the transferred financial assets, the consideration received, and any liabilities incurred in exchange for the transferred assets. Upon transfer, any servicing assets and other interests that continue to be held by the Company are initially recognized at fair value. For further information on MSRs, refer to Note 10. On a limited basis, the Company may acquire and package high-grade corporate bonds for select corporate customers, in which the Company generally has no continuing involvement with these transactions. Additionally, the Company is an authorized GNMA issuer and issues GNMA securities on a regular basis. The Company has no other asset securitizations or similar asset-backed financing arrangements that are off-balance sheet. The Company is involved in various entities that are considered to be VIEs. The Company’s investments in VIEs are primarily related to investments promoting affordable housing, community development and renewable energy sources. Some of these tax-advantaged investments support the Company’s regulatory compliance with the Community Reinvestment Act. The Company’s investments in these entities generate a return primarily through the realization of federal and state income tax credits, and other tax benefits, such as tax deductions from operating losses of the investments, over specified time periods. These tax credits are recognized as a reduction of tax expense or, for investments qualifying as investment tax credits, as a reduction to the related investment asset. The Company recognized federal and state income tax credits related to its affordable housing and other tax-advantaged investments in tax expense of $733 million, $773 million and $758 million for the years ended December 31, 2015, 2014 and 2013, respectively. The Company also recognized $1.2 billion, $937 million and $780 million of investment tax credits for the years ended December 31, 2015, 2014 and 2013, respectively. The Company recognized $698 million, $771 million and $934 million of expenses related to all of these investments for the years ended December 31, 2015, 2014 and 2013, respectively, of which $261 million, $258 million and $297 million, respectively, was included in tax expense and the remainder was included in noninterest expense. The Company is not required to consolidate VIEs in which it has concluded it does not have a controlling financial interest, and thus is not the primary beneficiary. In such cases, the Company does not have both the power to direct the entities’ most significant activities and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIEs. The Company’s investments in these unconsolidated VIEs are carried in other assets on the Consolidated Balance Sheet. The Company’s unfunded capital and other commitments related to these unconsolidated VIEs are generally carried in other liabilities on the Consolidated Balance Sheet. The Company’s maximum exposure to loss from these unconsolidated VIEs include the investment recorded on the Company’s Consolidated Balance Sheet, net of unfunded capital commitments, and previously recorded tax credits which remain subject to recapture by taxing authorities based on compliance features required to be met at the project level. While the Company believes potential losses from these investments are remote, the maximum exposure was determined by assuming a scenario where the community-based business and housing projects completely fail and do not meet certain government compliance requirements resulting in recapture of the related tax credits. The following table provides a summary of investments in community development and tax-advantaged VIEs that the Company has not consolidated: At December 31 (Dollars in Millions) 2015 2014 Investment carrying amount $ 5,257 $ 4,259 Unfunded capital and other commitments 2,499 1,743 Maximum exposure to loss 9,436 8,393 The Company also has noncontrolling financial investments in private investment funds and partnerships considered to be VIEs, which are not consolidated. The Company’s recorded investment in these entities, carried in other assets on the Consolidated Balance Sheet, was approximately $32 million at December 31, 2015, compared with $94 million at December 31, 2014. The maximum exposure to loss related to these VIEs was $47 million at December 31, 2015 and $105 million at December 31, 2014, representing the Company’s investment balance and its unfunded commitments to invest additional amounts. The Company’s individual net investments in unconsolidated VIEs, which exclude any unfunded capital commitments, ranged from less than $1 million to $46 million at December 31, 2015, compared with less than $1 million to $53 million at December 31, 2014. The Company is required to consolidate VIEs in which it has concluded it has a controlling financial interest. The Company sponsors entities to which it transfers its interests in tax-advantaged investments to third parties. At December 31, 2015, approximately $3.0 billion of the Company’s assets and $2.2 billion of its liabilities included on the Consolidated Balance Sheet were related to community development and tax-advantaged investment VIEs which the Company has consolidated, primarily related to these transfers. These amounts compared to $2.7 billion and $2.0 billion, respectively, at December 31, 2014. The majority of the assets of these consolidated VIEs are reported in other assets, and the liabilities are reported in long-term debt and other liabilities. The assets of a particular VIE are the primary source of funds to settle its obligations. The creditors of the VIEs do not have recourse to the general credit of the Company. The Company’s exposure to the consolidated VIEs is generally limited to the carrying value of its variable interests plus any related tax credits previously recognized or transferred to others with a guarantee. The Company also sponsors a conduit to which it previously transferred high-grade investment securities. The Company consolidates the conduit because of its ability to manage the activities of the conduit. At December 31, 2015, $28 million of the held- to-maturity investment securities on the Company’s Consolidated Balance Sheet were related to the conduit, compared with $35 million at December 31, 2014. In addition, the Company sponsors a municipal bond securities tender option bond program. The Company controls the activities of the program’s entities, is entitled to the residual returns and provides credit, liquidity and remarketing arrangements to the program. As a result, the Company has consolidated the program’s entities. At December 31, 2015, $2.3 billion of available-for-sale investment securities and $2.2 billion of short-term borrowings on the Consolidated Balance Sheet were related to the tender option bond program, compared with $2.9 billion of available-for-sale investment securities and $2.7 billion of short-term borrowings at December 31, 2014. |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | NOTE 9 Premises and equipment at December 31 consisted of the following: (Dollars in Millions) 2015 2014 Land $ 522 $ 534 Buildings and improvements 3,348 3,323 Furniture, fixtures and equipment 2,721 2,719 Capitalized building and equipment leases 113 126 Construction in progress 19 26 6,723 6,728 Less accumulated depreciation and amortization (4,210 ) (4,110 ) Total $ 2,513 $ 2,618 |
Mortgage Servicing Rights
Mortgage Servicing Rights | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Mortgage Servicing Rights | NOTE 10 The Company serviced $231.8 billion of residential mortgage loans for others at December 31, 2015, and $225.0 billion at December 31, 2014, which include subserviced mortgages with no corresponding MSRs asset. The net impact included in mortgage banking revenue of fair value changes of MSRs due to changes in valuation assumptions and derivatives used to economically hedge MSRs were net gains of $23 million, $241 million (of which $44 million related to excess servicing rights sold during 2014) and $192 million for the years ended December 31, 2015, 2014 and 2013, respectively. Loan servicing fees, not including valuation changes, included in mortgage banking revenue, were $728 million, $732 million and $754 million for the years ended December 31, 2015, 2014 and 2013, respectively. Changes in fair value of capitalized MSRs for the years ended December 31, are summarized as follows: (Dollars in Millions) 2015 2014 2013 Balance at beginning of period $ 2,338 $ 2,680 $ 1,700 Rights purchased 29 5 8 Rights capitalized 632 382 769 Rights sold – (141 ) – Changes in fair value of MSRs Due to fluctuations in market interest rates (a) (58 ) (276 ) 617 Due to revised assumptions or models (b) 10 86 33 Other changes in fair value (c) (439 ) (398 ) (447 ) Balance at end of period $ 2,512 $ 2,338 $ 2,680 (a) Includes changes in MSR value associated with changes in market interest rates, including estimated prepayment rates and anticipated earnings on escrow deposits. (b) Includes changes in MSR value not caused by changes in market interest rates, such as changes in cost to service, ancillary income, and discount rate, as well as the impact of any model changes. 2014 includes a $44 million revaluation gain related to excess servicing rights sold. (c) Primarily represents changes due to realization of expected cash flows over time (decay). The estimated sensitivity to changes in interest rates of the fair value of the MSRs portfolio and the related derivative instruments as of December 31 follows: 2015 2014 (Dollars in Millions) Down Down Down Up Up Up Down Down Down Up Up Up MSR portfolio $ (598 ) $ (250 ) $ (114 ) $ 96 $ 176 $ 344 $ (540 ) $ (242 ) $ (114 ) $ 100 $ 185 $ 346 Derivative instrument hedges 475 226 107 (98 ) (192 ) (377 ) 441 223 109 (102 ) (197 ) (375 ) Net sensitivity $ (123 ) $ (24 ) $ (7 ) $ (2 ) $ (16 ) $ (33 ) $ (99 ) $ (19 ) $ (5 ) $ (2 ) $ (12 ) $ (29 ) The fair value of MSRs and their sensitivity to changes in interest rates is influenced by the mix of the servicing portfolio and characteristics of each segment of the portfolio. The Company’s servicing portfolio consists of the distinct portfolios of government-insured mortgages, conventional mortgages and Housing Finance Agency (“HFA”) mortgages. The servicing portfolios are predominantly comprised of fixed-rate agency loans with limited adjustable-rate or jumbo mortgage loans. The HFA division specializes in servicing loans made under state and local housing authority programs. These programs provide mortgages to low-income and moderate-income borrowers and are generally government-insured programs with a favorable rate subsidy, down payment and/or closing cost assistance. A summary of the Company’s MSRs and related characteristics by portfolio as of December 31 follows: 2015 2014 (Dollars in Millions) HFA Government Conventional (c) Total HFA Government Conventional (c) Total Servicing portfolio (a) $ 26,492 $ 40,350 $ 162,533 $ 229,375 $ 19,706 $ 40,471 $ 162,620 $ 222,797 Fair value $ 297 $ 443 $ 1,772 $ 2,512 $ 213 $ 426 $ 1,699 $ 2,338 Value (bps) (b) 112 110 109 110 108 105 104 105 Weighted-average servicing fees (bps) 36 34 27 29 37 33 27 29 Multiple (value/servicing fees) 3.11 3.24 4.04 3.79 2.92 3.18 3.85 3.62 Weighted-average note rate 4.46 % 4.08 % 4.09 % 4.13 % 4.58 % 4.18 % 4.14 % 4.19 % Weighted-average age (in years) 3.1 3.6 3.4 3.4 3.6 3.2 3.1 3.2 Weighted-average expected prepayment (constant prepayment rate) 12.8 % 13.9 % 10.4 % 11.3 % 12.8 % 14.8 % 11.4 % 12.1 % Weighted-average expected life (in years) 6.1 5.7 6.6 6.4 6.2 5.5 6.5 6.3 Weighted-average discount rate 11.8 % 11.2 % 9.4 % 10.0 % 11.9 % 11.2 % 9.6 % 10.1 % (a) Represents principal balance of mortgages having corresponding MSR asset. (b) Value is calculated as fair value divided by the servicing portfolio. (c) Represents loans sold primarily to GSEs. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | NOTE 11 Intangible assets consisted of the following: At December 31 (Dollars in Millions) Estimated Life (a) Amortization Method (b) Balance 2015 2014 Goodwill (c ) $ 9,361 $ 9,389 Merchant processing contracts 8 years/8 years SL/AC 135 174 Core deposit benefits 22 years/5 years SL/AC 194 234 Mortgage servicing rights (c ) 2,512 2,338 Trust relationships 10 years/6 years SL/AC 75 97 Other identified intangibles 8 years/4 years SL/AC 434 319 Total $ 12,711 $ 12,551 (a) Estimated life represents the amortization period for assets subject to the straight line method and the weighted average or life of the underlying cash flows amortization period for intangibles subject to accelerated methods. If more than one amortization method is used for a category, the estimated life for each method is calculated and reported separately. (b) Amortization methods: SL = straight line method AC = accelerated methods generally based on cash flows (c) Goodwill is evaluated for impairment, but not amortized. Mortgage servicing rights are recorded at fair value, and are not amortized. Aggregate amortization expense consisted of the following: Year Ended December 31 (Dollars in Millions) 2015 2014 2013 Merchant processing contracts $ 35 $ 50 $ 64 Core deposit benefits 40 38 41 Trust relationships 21 27 34 Other identified intangibles 78 84 84 Total $ 174 $ 199 $ 223 The estimated amortization expense for the next five years is as follows: (Dollars in Millions) 2016 $ 173 2017 162 2018 130 2019 101 2020 78 The following table reflects the changes in the carrying value of goodwill for the years ended December 31, 2015, 2014 and 2013: (Dollars in Millions) Wholesale Banking and Consumer and Small Wealth Management and Payment Treasury and Consolidated Balance at December 31, 2012 $ 1,605 $ 3,514 $ 1,528 $ 2,496 $ – $ 9,143 Goodwill acquired – – 37 20 – 57 Other (a) – – – 5 – 5 Balance at December 31, 2013 $ 1,605 $ 3,514 $ 1,565 $ 2,521 $ – $ 9,205 Goodwill acquired 43 166 8 – – 217 Other (a) – – (3 ) (30 ) – (33 ) Balance at December 31, 2014 $ 1,648 $ 3,680 $ 1,570 $ 2,491 $ – $ 9,389 Other (a) (1 ) 1 (3 ) (25 ) – (28 ) Balance at December 31, 2015 $ 1,647 $ 3,681 $ 1,567 $ 2,466 $ – $ 9,361 (a) Other changes in goodwill include the effect of foreign exchange translation. |
Short-Term Borrowings
Short-Term Borrowings | 12 Months Ended |
Dec. 31, 2015 | |
Short-term Debt [Abstract] | |
Short-Term Borrowings | NOTE 12 (a) The following table is a summary of short-term borrowings for the last three years: 2015 2014 2013 (Dollars in Millions) Amount Rate Amount Rate Amount Rate At year-end Federal funds purchased $ 647 .23 % $ 886 .12 % $ 594 .11 % Securities sold under agreements to repurchase 1,092 .02 948 .05 2,057 5.34 Commercial paper 22,022 .21 22,197 .12 19,400 .11 Other short-term borrowings 4,116 .69 5,862 .51 5,557 .19 Total $ 27,877 .27 % $ 29,893 .19 % $ 27,608 .52 % Average for the year Federal funds purchased (b) $ 1,169 15.05 % $ 2,366 7.94 % $ 1,879 9.72 % Securities sold under agreements to repurchase 973 .10 798 1.07 2,403 4.65 Commercial paper 21,892 .12 21,227 .12 17,467 .12 Other short-term borrowings 3,926 1.13 5,861 .78 5,934 .72 Total (b) $ 27,960 .89 % $ 30,252 .88 % $ 27,683 1.29 % Maximum month-end balance Federal funds purchased $ 1,868 $ 3,258 $ 3,569 Securities sold under agreements to repurchase 1,124 948 3,121 Commercial paper 23,101 22,322 19,400 Other short-term borrowings 7,656 7,417 6,301 (a) Interest and rates are presented on a fully taxable-equivalent basis utilizing a tax rate of 35 percent. (b) Average federal funds purchased and total short-term borrowings rates include amounts paid by the Company to certain corporate card customers for paying outstanding noninterest-bearing corporate card balances within certain timeframes per specific agreements. These activities reduce the Company’s short-term funding needs, and if they did not occur, the Company would use other funding alternatives, including the use of federal funds purchased. The amount of this compensation expense paid by the Company and included in federal funds purchased and total short-term borrowings rates for 2015, 2014 and 2013 was $175 million, $186 million and $181 million, respectively. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | NOTE 13 Long-term debt (debt with original maturities of more than one year) at December 31 consisted of the following: (Dollars in Millions) Rate Type Rate (a) Maturity Date 2015 2014 U.S. Bancorp (Parent Company) Subordinated notes Fixed 2.950 % 2022 $ 1,300 $ 1,300 Fixed 3.600 % 2024 1,000 1,000 Fixed 7.500 % 2026 199 199 Medium-term notes Fixed 1.650% - 4.125 % 2016 - 2024 7,500 9,250 Floating .720% - .852 % 2018 - 2019 750 750 Junior subordinated debentures Fixed 3.442 % 2016 500 500 Capitalized lease obligations, mortgage indebtedness and other (b) 204 190 Subtotal 11,453 13,189 Subsidiaries Subordinated notes Fixed 4.800 % 2015 – 500 Fixed 3.778 % 2020 – 500 Federal Home Loan Bank advances Fixed 1.250% - 8.250 % 2017 - 2026 11 11 Floating .335% - .847 % 2016 - 2025 9,081 7,334 Bank notes Fixed 1.100% - 2.800 % 2017 - 2025 5,850 4,050 Floating .016% - .803 % 2016 - 2055 4,928 6,069 Capitalized lease obligations, mortgage indebtedness and other (b) 755 607 Subtotal 20,625 19,071 Total $ 32,078 $ 32,260 (a) Weighted-average interest rates of medium-term notes, Federal Home Loan Bank advances and bank notes were 2.43 percent, .57 percent and 1.20 percent, respectively. (b) Other includes consolidated community development and tax-advantaged investment VIEs, debt issuance fees, and unrealized gains and losses and deferred amounts relating to derivative instruments. The Company has arrangements with the Federal Home Loan Bank and Federal Reserve Bank whereby the Company could have borrowed an additional $74.9 billion and $76.0 billion at December 31, 2015 and 2014, respectively, based on collateral available. Maturities of long-term debt outstanding at December 31, 2015, were: (Dollars in Millions) Parent Consolidated 2016 $ 1,926 $ 6,359 2017 1,249 7,144 2018 1,498 5,786 2019 1,511 3,505 2020 – 47 Thereafter 5,269 9,237 Total $ 11,453 $ 32,078 |
Junior Subordinated Debentures
Junior Subordinated Debentures | 12 Months Ended |
Dec. 31, 2015 | |
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust [Abstract] | |
Junior Subordinated Debentures | NOTE 14 SUBORDINATED DEBENTURES As of December 31, 2015, the Company sponsored, and wholly owned 100 percent of the common equity of, USB Capital IX, a wholly-owned unconsolidated trust, formed for the purpose of issuing redeemable Income Trust Securities (“ITS”) to third party investors, originally investing the proceeds in junior subordinated debt securities (“Debentures”) issued by the Company and entering into stock purchase contracts to purchase preferred stock in the future. During 2010, the Company exchanged depositary shares representing an ownership interest in its Series A Non-Cumulative Perpetual Preferred Stock (“Series A Preferred Stock”) to acquire a portion of the ITS issued by USB Capital IX and retire a portion of the Debentures and cancel a pro-rata portion of stock purchase contracts. During 2011, USB Capital IX sold the remaining Debentures, originally issued by the Company to the trust, to investors to generate cash proceeds to purchase the Company’s Series A Preferred Stock pursuant to the stock purchase contracts. As part of this sale, a consolidated subsidiary of the Company purchased $176 million of the Debentures, which effectively retired the debt. The Company classifies the remaining $500 million of Debentures at December 31, 2015 and 2014, as long-term debt. As of December 31, 2015 and 2014, $676 million of the Company’s Series A Preferred Stock was the sole asset of USB Capital IX. The Company’s obligations under the transaction documents, taken together, have the effect of providing a full and unconditional guarantee by the Company, on a junior subordinated basis, of the payment obligations of the trust. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Shareholders' Equity | At December 31, 2015 and 2014, the Company had authority to issue 4 billion shares of common stock and 50 million shares of preferred stock. The Company had 1.7 billion and 1.8 billion shares of common stock outstanding at December 31, 2015 and 2014, respectively. The Company had 80 million shares reserved for future issuances, primarily under its stock incentive plans at December 31, 2015. The number of shares issued and outstanding and the carrying amount of each outstanding series of the Company’s preferred stock was as follows: 2015 2014 At December 31, (Dollars in Millions) Shares Liquidation Discount Carrying Shares Liquidation Discount Carrying Series A 12,510 $ 1,251 $ 145 $ 1,106 12,510 $ 1,251 $ 145 $ 1,106 Series B 40,000 1,000 – 1,000 40,000 1,000 – 1,000 Series F 44,000 1,100 12 1,088 44,000 1,100 12 1,088 Series G 43,400 1,085 10 1,075 43,400 1,085 10 1,075 Series H 20,000 500 13 487 20,000 500 13 487 Series I 30,000 750 5 745 – – – – Total preferred stock (a) 189,910 $ 5,686 $ 185 $ 5,501 159,910 $ 4,936 $ 180 $ 4,756 (a) The par value of all shares issued and outstanding at December 31, 2015 and 2014, was $1.00 per share. During 2015, the Company issued depositary shares representing an ownership interest in 30,000 shares of Series I Non-Cumulative Perpetual Preferred Stock with a liquidation preference of $25,000 per share (the “Series I Preferred Stock”). The Series I Preferred Stock has no stated maturity and will not be subject to any sinking fund or other obligation of the Company. Dividends, if declared, will accrue and be payable semiannually, in arrears, at a rate per annum equal to 5.125 percent from the date of issuance to, but excluding, January 15, 2021, and thereafter will accrue and be payable quarterly at a floating rate per annum equal to three-month LIBOR plus 3.486 percent. The Series I Preferred Stock is redeemable at the Company’s option, in whole or in part, on or after January 15, 2021. The Series I Preferred stock is redeemable at the Company’s option, in whole, but not in part, prior to January 15, 2021 within 90 days following an official administrative or judicial decision, amendment to, or change in the laws or regulations that would not allow the Company to treat the full liquidation value of the Series I Preferred Stock as Tier 1 capital for purposes of the capital adequacy guidelines of the Federal Reserve. During 2013, the Company issued depositary shares representing an ownership interest in 20,000 shares of Series H Non-Cumulative Perpetual Preferred Stock with a liquidation preference of $25,000 per share (the “Series H Preferred Stock”). The Series H Preferred Stock has no stated maturity and will not be subject to any sinking fund or other obligation of the Company. Dividends, if declared, will accrue and be payable quarterly, in arrears, at a rate per annum equal to 5.15 percent. The Series H Preferred Stock is redeemable at the Company’s option, in whole or in part, on or after July 15, 2018. The Series H Preferred stock is redeemable at the Company’s option, in whole, but not in part, prior to July 15, 2018 within 90 days following an official administrative or judicial decision, amendment to, or change in the laws or regulations that would not allow the Company to treat the full liquidation value of the Series H Preferred Stock as Tier 1 capital for purposes of the capital adequacy guidelines of the Federal Reserve. During 2012, the Company issued depositary shares representing an ownership interest in 44,000 shares of Series F Non-Cumulative Perpetual Preferred Stock with a liquidation preference of $25,000 per share (the “Series F Preferred Stock”), and depositary shares representing an ownership interest in 43,400 shares of Series G Non-Cumulative Perpetual Preferred Stock with a liquidation preference of $25,000 per share (the “Series G Preferred Stock”). The Series F Preferred Stock and Series G Preferred Stock have no stated maturity and will not be subject to any sinking fund or other obligation of the Company. Dividends, if declared, will accrue and be payable quarterly, in arrears, at a rate per annum equal to 6.50 percent from the date of issuance to, but excluding, January 15, 2022, and thereafter at a floating rate per annum equal to three-month LIBOR plus 4.468 percent for the Series F Preferred Stock, and 6.00 percent from the date of issuance to, but excluding, April 15, 2017, and thereafter at a floating rate per annum equal to three-month LIBOR plus 4.86125 percent for the Series G Preferred Stock. Both series are redeemable at the Company’s option, in whole or in part, on or after January 15, 2022, for the Series F Preferred Stock and April 15, 2017, for the Series G Preferred Stock. Both series are redeemable at the Company’s option, in whole, but not in part, prior to January 15, 2022, for the Series F Preferred Stock and prior to April 15, 2017, for the Series G Preferred Stock, within 90 days following an official administrative or judicial decision, amendment to, or change in the laws or regulations that would not allow the Company to treat the full liquidation value of the Series F Preferred Stock or Series G Preferred Stock, respectively, as Tier 1 capital for purposes of the capital adequacy guidelines of the Federal Reserve Board. During 2010, the Company issued depositary shares representing an ownership interest in 5,746 shares of Series A Preferred Stock to investors, in exchange for their portion of USB Capital IX Income Trust Securities. During 2011, the Company issued depositary shares representing an ownership interest in 6,764 shares of Series A Preferred Stock to USB Capital IX, thereby settling the stock purchase contract established between the Company and USB Capital IX as part of the 2006 issuance of USB Capital IX Income Trust Securities. The preferred shares were issued to USB Capital IX for the purchase price specified in the stock forward purchase contract. The Series A Preferred Stock has a liquidation preference of $100,000 per share, no stated maturity and will not be subject to any sinking fund or other obligation of the Company. Dividends, if declared, will accrue and be payable quarterly, in arrears, at a rate per annum equal to the greater of three-month LIBOR plus 1.02 percent or 3.50 percent. The Series A Preferred Stock is redeemable at the Company’s option, subject to prior approval by the Federal Reserve Board. During 2006, the Company issued depositary shares representing an ownership interest in 40,000 shares of Series B Non-Cumulative Perpetual Preferred Stock with a liquidation preference of $25,000 per share (the “Series B Preferred Stock”). The Series B Preferred Stock has no stated maturity and will not be subject to any sinking fund or other obligation of the Company. Dividends, if declared, will accrue and be payable quarterly, in arrears, at a rate per annum equal to the greater of three-month LIBOR plus .60 percent, or 3.50 percent. The Series B Preferred Stock is redeemable at the Company’s option, subject to the prior approval of the Federal Reserve Board. During 2015, 2014 and 2013, the Company repurchased shares of its common stock under various authorizations approved by its Board of Directors. As of December 31, 2015, the approximate dollar value of shares that may yet be purchased by the Company under the current Board of Directors approved authorization was $1.3 billion. The following table summarizes the Company’s common stock repurchased in each of the last three years: (Dollars and Shares in Millions) Shares Value 2015 52 $ 2,246 2014 54 2,262 2013 65 2,336 Shareholders’ equity is affected by transactions and valuations of asset and liability positions that require adjustments to accumulated other comprehensive income (loss). The reconciliation of the transactions affecting accumulated other comprehensive income (loss) included in shareholders’ equity for the years ended December 31, is as follows: (Dollars in Millions) Unrealized Gains Unrealized Gains Unrealized Gains Unrealized Gains Foreign Currency Total 2015 Balance at beginning of period $ 392 $ 52 $ (172 ) $ (1,106 ) $ (62 ) $ (896 ) Changes in unrealized gains and losses (457 ) – (25 ) (142 ) – (624 ) Foreign currency translation adjustment (a) – – – – 20 20 Reclassification to earnings of realized gains and losses – (25 ) 195 223 – 393 Applicable income taxes 176 9 (65 ) (31 ) (1 ) 88 Balance at end of period $ 111 $ 36 $ (67 ) $ (1,056 ) $ (43 ) $ (1,019 ) 2014 Balance at beginning of period $ (77 ) $ 70 $ (261 ) $ (743 ) $ (60 ) $ (1,071 ) Changes in unrealized gains and losses 764 – (41 ) (733 ) – (10 ) Other-than-temporary impairment not recognized in earnings on securities available-for-sale 1 – – – – 1 Foreign currency translation adjustment (a) – – – – (4 ) (4 ) Reclassification to earnings of realized gains and losses (3 ) (30 ) 186 144 – 297 Applicable income taxes (293 ) 12 (56 ) 226 2 (109 ) Balance at end of period $ 392 $ 52 $ (172 ) $ (1,106 ) $ (62 ) $ (896 ) 2013 Balance at beginning of period $ 679 $ 107 $ (404 ) $ (1,265 ) $ (40 ) $ (923 ) Changes in unrealized gains and losses (1,223 ) – 37 590 – (596 ) Other-than-temporary impairment not recognized in earnings on securities available-for-sale 8 – – – – 8 Foreign currency translation adjustment (a) – – – – (34 ) (34 ) Reclassification to earnings of realized gains and losses (9 ) (59 ) 192 249 – 373 Applicable income taxes 468 22 (86 ) (317 ) 14 101 Balance at end of period $ (77 ) $ 70 $ (261 ) $ (743 ) $ (60 ) $ (1,071 ) (a) Represents the impact of changes in foreign currency exchange rates on the Company’s investment in foreign operations and related hedges. Additional detail about the impact to net income for items reclassified out of accumulated other comprehensive income (loss) and into earnings for the years ended December 31, is as follows: Impact to Net Income Affected Line Item in the Consolidated Statement of Income (Dollars in Millions) 2015 2014 2013 Unrealized gains (losses) on securities available-for-sale Realized gains (losses) on sale of securities $ 1 $ 11 $ 23 Total securities gains (losses), net Other-than-temporary impairment recognized in earnings (1 ) (8 ) (14 ) – 3 9 Total before tax – (1 ) (4 ) Applicable income taxes – 2 5 Net-of-tax Unrealized gains (losses) on securities transferred from available-for-sale to held-to-maturity Amortization of unrealized gains 25 30 59 Interest income (9 ) (12 ) (22 ) Applicable income taxes 16 18 37 Net-of-tax Unrealized gains (losses) on derivative hedges Realized gains (losses) on derivative hedges (195 ) (186 ) (192 ) Net interest income 75 71 74 Applicable income taxes (120 ) (115 ) (118 ) Net-of-tax Unrealized gains (losses) on retirement plans Actuarial gains (losses), prior service cost (credit) and transition obligation (asset) amortization (223 ) (144 ) (249 ) Employee benefits expense 85 56 96 Applicable income taxes (138 ) (88 ) (153 ) Net-of-tax Total impact to net income $ (242 ) $ (183 ) $ (229 ) Regulatory Capital Tier 1 capital is considered core capital and includes common shareholders’ equity adjusted for the aggregate impact of certain items included in other comprehensive income (loss) (“common equity tier 1 capital”), plus qualifying preferred stock, trust preferred securities and noncontrolling interests in consolidated subsidiaries subject to certain limitations. Total risk-based capital includes Tier 1 capital and other items such as subordinated debt and the allowance for credit losses. Capital measures are stated as a percentage of risk-adjusted assets, which are measured based on their perceived credit risk and include certain off-balance sheet exposures, such as unfunded loan commitments, letters of credit, and derivative contracts. Under the standardized approach, the Company is also subject to a leverage ratio requirement, a non risk-based asset ratio, which is defined as Tier 1 capital as a percentage of average assets adjusted for goodwill and other non-qualifying intangibles and other assets. For a summary of the regulatory capital requirements and the actual ratios as of December 31, 2015 and 2014, for the Company and its bank subsidiary, see Table 23 included in Management’s Discussion and Analysis, which is incorporated by reference into these Notes to Consolidated Financial Statements. The following table provides the components of the Company’s regulatory capital at December 31: (Dollars in Millions) 2015 2014 Basel III transitional standardized approach: Common shareholders’ equity $ 40,630 $ 38,723 Less intangible assets Goodwill (net of deferred tax liability) (8,295 ) (8,403 ) Other disallowed intangible assets (335 ) (165 ) Other (a) 612 701 Total common equity tier 1 capital 32,612 30,856 Qualifying preferred stock 5,501 4,756 Noncontrolling interests eligible for tier 1 capital 318 408 Total tier 1 capital 38,431 36,020 Eligible portion of allowance for credit losses 4,255 3,957 Subordinated debt and noncontrolling interests eligible for tier 2 capital 2,616 3,215 Other 11 16 Total tier 2 capital 6,882 7,188 Total risk-based capital $ 45,313 $ 43,208 Risk-weighted assets $ 341,360 $ 317,398 Basel III transitional advanced approaches: Common shareholders’ equity $ 40,630 $ 38,723 Less intangible assets Goodwill (net of deferred tax liability) (8,295 ) (8,403 ) Other disallowed intangible assets (335 ) (165 ) Other (a) 612 701 Total common equity tier 1 capital 32,612 30,856 Qualifying preferred stock 5,501 4,756 Noncontrolling interests eligible for tier 1 capital 318 408 Total tier 1 capital 38,431 36,020 Eligible portion of allowance for credit losses 1,204 1,224 Subordinated debt and noncontrolling interests eligible for tier 2 capital 2,616 3,215 Other 11 16 Total tier 2 capital 3,831 4,455 Total risk-based capital $ 42,262 $ 40,475 Risk-weighted assets $ 261,668 $ 248,596 (a) Includes the impact of items included in other comprehensive income (loss), such as unrealized gains (losses) on available-for-sale securities, accumulated net gains on cash flow hedges, pension liability adjustments, etc. Noncontrolling interests principally represent third party investors’ interests in consolidated entities, including preferred stock of consolidated subsidiaries. During 2006, the Company’s banking subsidiary formed USB Realty Corp., a real estate investment trust, for the purpose of issuing 5,000 shares of Fixed-to-Floating Rate Exchangeable Non-cumulative Perpetual Series A Preferred Stock with a liquidation preference of $100,000 per share (“Series A Preferred Securities”) to third party investors. Dividends on the Series A Preferred Securities, if declared, will accrue and be payable quarterly, in arrears, at a rate per annum equal to three-month LIBOR plus 1.147 percent. If USB Realty Corp. has not declared a dividend on the Series A Preferred Securities before the dividend payment date for any dividend period, such dividend shall not be cumulative and shall cease to accrue and be payable, and USB Realty Corp. will have no obligation to pay dividends accrued for such dividend period, whether or not dividends on the Series A Preferred Securities are declared for any future dividend period. The Series A Preferred Securities will be redeemable, in whole or in part, at the option of USB Realty Corp. on each fifth anniversary after the dividend payment date occurring in January 2012. Any redemption will be subject to the approval of the Office of the Comptroller of the Currency. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 16 The components of earnings per share were: Year Ended December 31 (Dollars and Shares in Millions, Except Per Share Data) 2015 2014 2013 Net income attributable to U.S. Bancorp $ 5,879 $ 5,851 $ 5,836 Preferred dividends (247 ) (243 ) (250 ) Impact of preferred stock redemption (a) – – (8 ) Earnings allocated to participating stock awards (24 ) (25 ) (26 ) Net income applicable to U.S. Bancorp common shareholders $ 5,608 $ 5,583 $ 5,552 Average common shares outstanding 1,764 1,803 1,839 Net effect of the exercise and assumed purchase of stock awards 8 10 10 Average diluted common shares outstanding 1,772 1,813 1,849 Earnings per common share $ 3.18 $ 3.10 $ 3.02 Diluted earnings per common share $ 3.16 $ 3.08 $ 3.00 (a) Represents stock issuance costs originally recorded in capital surplus upon the issuance of the Company’s Series D Non-Cumulative Perpetual Preferred Stock that were reclassified to retained earnings on the redemption date. Options outstanding at December 31, 2015 and 2013 to purchase 1 million and 5 million common shares, respectively, were not included in the computation of diluted earnings per share for the years ended December 31, 2015 and 2013, respectively, because they were antidilutive. |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefits | Employee Retirement Savings Plan Pension Plans In general, the Company’s qualified pension plan’s funding objectives include maintaining a funded status sufficient to meet participant benefit obligations over time while reducing long-term funding requirements and pension costs. The Company has an established process for evaluating the plan, its performance and significant plan assumptions, including the assumed discount rate and the long-term rate of return (“LTROR”). Annually, the Company’s Compensation and Human Resources Committee (the “Committee”), assisted by outside consultants, evaluates plan objectives, funding policies and plan investment policies considering its long-term investment time horizon and asset allocation strategies. The process also evaluates significant plan assumptions. Although plan assumptions are established annually, the Company may update its analysis on an interim basis in order to be responsive to significant events that occur during the year, such as plan mergers and amendments. The Company’s funding policy is to contribute amounts to its plan sufficient to meet the minimum funding requirements of the Employee Retirement Income Security Act of 1974, as amended by the Pension Protection Act, plus such additional amounts as the Company determines to be appropriate. The Company made contributions of $414 million and $475 million to its pension plan in 2015 and 2014, respectively, and expects to contribute $348 million to its pension plan in 2016. Any contributions made to the qualified plan are invested in accordance with established investment policies and asset allocation strategies. In addition to the funded qualified pension plan, the Company maintains a non-qualified plan that is unfunded and provides benefits to certain employees. The assumptions used in computing the accumulated benefit obligation, the projected benefit obligation and net pension expense are substantially consistent with those assumptions used for the funded qualified plan. In 2016, the Company expects to contribute $22 million to its non-qualified pension plan which equals the 2016 expected benefit payments. Postretirement Welfare Plan The following table summarizes the changes in benefit obligations and plan assets for the years ended December 31, and the funded status and amounts recognized in the Consolidated Balance Sheet at December 31 for the retirement plans: Pension Plan Postretirement Welfare Plan (Dollars in Millions) 2015 2014 2015 2014 Change In Projected Benefit Obligation Benefit obligation at beginning of measurement period $ 4,612 $ 3,895 $ 104 $ 100 Service cost 188 152 – – Interest cost 195 197 3 3 Participants’ contributions – – 10 11 Actuarial loss (gain) (176 ) 781 (5 ) 13 Lump sum settlements (a) (37 ) (286 ) – – Benefit payments (132 ) (127 ) (21 ) (25 ) Federal subsidy on benefits paid – – 2 2 Benefit obligation at end of measurement period (b) $ 4,650 $ 4,612 $ 93 $ 104 Change In Fair Value Of Plan Assets Fair value at beginning of measurement period $ 3,187 $ 2,831 $ 85 $ 92 Actual return on plan assets (99 ) 269 – – Employer contributions 436 500 8 7 Participants’ contributions – – 10 11 Lump sum settlements (a) (37 ) (286 ) – – Benefit payments (132 ) (127 ) (21 ) (25 ) Fair value at end of measurement period $ 3,355 $ 3,187 $ 82 $ 85 Funded (Unfunded) Status $ (1,295 ) $ (1,425 ) $ (11 ) $ (19 ) Components Of The Consolidated Balance Sheet Current benefit liability $ (21 ) $ (21 ) $ – $ – Noncurrent benefit liability (1,274 ) (1,404 ) (11 ) (19 ) Recognized amount $ (1,295 ) $ (1,425 ) $ (11 ) $ (19 ) Accumulated Other Comprehensive Income (Loss), Pretax Net actuarial gain (loss) $ (1,806 ) $ (1,894 ) $ 55 $ 55 Net prior service credit (cost) 7 11 28 31 Recognized amount $ (1,799 ) $ (1,883 ) $ 83 $ 86 (a) 2014 includes $242 million of payments as a result of a bulk lump sum offering to certain deferred vested participants. (b) At December 31, 2015 and 2014, the accumulated benefit obligation for all pension plans was $4.3 billion. The following table provides information for pension plans with benefit obligations in excess of plan assets at December 31: (Dollars in Millions) 2015 2014 Pension Plans with Projected Benefit Obligations in Excess of Plan Assets Projected benefit obligation $ 4,650 $ 4,612 Fair value of plan assets 3,355 3,187 Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets Projected benefit obligation $ 4,650 $ 4,612 Accumulated benefit obligation 4,310 4,250 Fair value of plan assets 3,355 3,187 The following table sets forth the components of net periodic benefit cost and other amounts recognized in accumulated other comprehensive income (loss) for the years ended December 31 for the retirement plans: Pension Plans Postretirement Welfare Plan (Dollars in Millions) 2015 2014 2013 2015 2014 2013 Components Of Net Periodic Benefit Cost Service cost $ 188 $ 152 $ 168 $ – $ – $ 3 Interest cost 195 197 170 3 3 4 Expected return on plan assets (223 ) (208 ) (176 ) (1 ) (1 ) (2 ) Prior service cost (credit) and transition obligation (asset) amortization (4 ) (5 ) (5 ) (3 ) (3 ) (1 ) Actuarial loss (gain) amortization 234 158 264 (4 ) (6 ) (9 ) Net periodic benefit cost $ 390 $ 294 $ 421 $ (5 ) $ (7 ) $ (5 ) Other Changes In Plan Assets And Benefit Obligations Recognized In Other Comprehensive Income (Loss) Net actuarial gain (loss) arising during the year $ (146 ) $ (719 ) $ 555 $ 4 $ (14 ) $ – Net actuarial loss (gain) amortized during the year 234 158 264 (4 ) (6 ) (9 ) Net prior service credit (cost) arising during the year – – – – – 35 Net prior service cost (credit) and transition obligation (asset) amortized during the year (4 ) (5 ) (5 ) (3 ) (3 ) (1 ) Total recognized in other comprehensive income (loss) $ 84 $ (566 ) $ 814 $ (3 ) $ (23 ) $ 25 Total recognized in net periodic benefit cost and other comprehensive income (loss) (a)(b) $ (306 ) $ (860 ) $ 393 $ 2 $ (16 ) $ 30 (a) The pretax estimated actuarial loss (gain) and prior service cost (credit) for the pension plans that will be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost in 2016 are $175 million and $(5) million, respectively. (b) The pretax estimated actuarial loss (gain) and prior service cost (credit) for the postretirement welfare plan that will be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost in 2016 are $(4) million and $(3) million, respectively. The following table sets forth weighted average assumptions used to determine the projected benefit obligations at December 31: Pension Plans Postretirement (Dollars in Millions) 2015 2014 2015 2014 Discount rate (a) 4.45 % 4.13 % 3.59 % 3.46 % Rate of compensation increase (b) 4.06 4.07 * * Health care cost trend rate for the next year (c) 6.50 % 7.00 % Effect on accumulated postretirement benefit obligation One percent increase $ 5 $ 6 One percent decrease (5 ) (5 ) (a) The discount rates were developed using a cash flow matching bond model with a modified duration for the qualified pension plan, non-qualified pension plan and postretirement welfare plan of 15.0, 11.9, and 6.3 years, respectively, for 2015, and 15.9, 12.4 and 6.8 years, respectively, for 2014. (b) Determined on an active liability-weighted basis. (c) The rate is assumed to decrease gradually to 5.00 percent by 2019 and remain at this level thereafter. * Not applicable The following table sets forth weighted average assumptions used to determine net periodic benefit cost for the years ended December 31: Pension Plans Postretirement Welfare Plan (Dollars in Millions) 2015 2014 2013 2015 2014 2013 Discount rate (a) 4.13 % 4.97 % 4.07 % 3.46 % 3.93 % 3.10 % Expected return on plan assets (b) 7.50 7.50 7.50 1.50 1.50 1.50 Rate of compensation increase (c) 4.07 4.02 4.08 * * * Health care cost trend rate (d) Prior to age 65 7.00 % 7.50 % 8.00 % After age 65 7.00 7.50 8.00 Effect on total of service cost and interest cost One percent increase $ – $ – $ – One percent decrease – – – (a) The discount rates were developed using a cash flow matching bond model with a modified duration for the qualified pension plan, non-qualified pension plan and postretirement welfare plan of 15.9, 12.4 and 6.8 years, respectively, for 2015, and 14.6, 11.5 and 6.4 years, respectively, for 2014. (b) With the help of an independent pension consultant, the Company considers several sources when developing its expected long-term rates of return on plan assets assumptions, including, but not limited to, past returns and estimates of future returns given the plans’ asset allocation, economic conditions, and peer group LTROR information. The Company determines its expected long-term rates of return reflecting current economic conditions and plan assets. (c) Determined on an active liability weighted basis. (d) The pre-65 and post-65 rates are both assumed to decrease gradually to 5.00 percent by 2019 and remain at that level thereafter. * Not applicable Investment Policies and Asset Allocation Generally, based on historical performance of the various investment asset classes, investments in equities have outperformed other investment classes but are subject to higher volatility. In an effort to minimize volatility, while recognizing the long-term up-side potential of investing in equities, the Committee has determined that a target asset allocation of 43 percent global equities, 30 percent debt securities, 7 percent domestic mid-small cap equities, 5 percent emerging markets equities, 5 percent real estate equities, 5 percent hedge funds and 5 percent private equity funds is appropriate. At December 31, 2015 and 2014, plan assets of the qualified pension plan included asset management arrangements with related parties totaling $63 million and $70 million, respectively. In accordance with authoritative accounting guidance, the Company groups plan assets into a three-level hierarchy for valuation techniques used to measure their fair value based on whether the valuation inputs are observable or unobservable. Refer to Note 22 for further discussion on these levels. The assets of the qualified pension plan include investments in equity and U.S. Treasury securities whose fair values are determined based on quoted prices in active markets and are classified within Level 1 of the fair value hierarchy. The qualified pension plan also invests in U.S. agency, corporate and municipal debt securities, which are all valued based on observable market prices or data by third-party pricing services, and mutual funds which are valued based on quoted net asset values provided by the trustee of the fund; these assets are classified as Level 2. Additionally, the qualified pension plan invests in certain assets that are valued based on net asset values as a practical expedient, including investments in collective investment funds, hedge funds, and private equity funds; the net asset values are provided by the fund trustee or administrator and are not classified in the fair value hierarchy based on new accounting guidance issued by the FASB during 2015. The following table summarizes the plan investment assets measured at fair value at December 31: Pension Plans Postretirement 2015 2014 2015 2014 (Dollars in Millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Level 1 Level 1 Cash and cash equivalents $ 64 $ – $ – $ 64 $ 78 $ – $ – $ 78 $ 82 $ 85 Debt securities 361 465 – 826 347 496 – 843 – – Corporate stock Domestic equity securities 178 – – 178 196 – – 196 – – Mid-small cap equity securities (a) 146 – – 146 146 – – 146 – – International equity securities 123 – – 123 197 – – 197 – – Real estate equity securities (b) 163 – – 163 163 – – 163 – – Mutual funds Debt securities – 197 – 197 – 219 – 219 – – Emerging markets equity securities – 81 – 81 – 81 – 81 – – Other – – 1 1 – – 2 2 – – $ 1,035 $ 743 $ 1 1,779 $ 1,127 $ 796 $ 2 1,925 82 85 Plan investment assets not classified in fair value hierarchy (e) Collective investment funds Domestic equity securities 679 539 Mid-small cap equity securities (c) 68 54 Emerging markets equity securities 75 75 International equity securities 533 421 Hedge funds (d) 171 148 Private equity funds 50 25 Total plan investment assets at fair value $ 3,355 $ 3,187 $ 82 $ 85 (a) At December 31, 2015 and 2014, securities included $139 million and $141 million in domestic equities, respectively, and $7 million and $5 million in international equities, respectively. (b) At December 31, 2015 and 2014, securities included $90 million and $89 million in domestic equities, respectively, and $73 million and $74 million in international equities, respectively. (c) At December 31, 2015 and 2014, securities included $30 million and $25 million in domestic equities, respectively, $20 million and $27 million in international equities, respectively, and $18 million and $2 million in cash and cash equivalents, respectively. (d) This category consists of several investment strategies diversified across several hedge fund managers. (e) These investments are valued based on net asset value per share as a practical expedient; fair values are provided to reconcile to total investment assets of the plans at fair value. The following table summarizes the changes in fair value for all plan investment assets measured at fair value using significant unobservable inputs (Level 3) for the years ended December 31: 2015 2014 2013 (Dollars in Millions) Other Other Debt Other Balance at beginning of period $ 2 $ 4 $ 7 $ 3 Unrealized gains (losses) relating to assets still held at end of year (1 ) (2 ) – – Purchases, sales, and settlements, net – – (7 ) 1 Balance at end of period $ 1 $ 2 $ – $ 4 The following benefit payments are expected to be paid from the retirement plans for the years ended December 31: (Dollars in Millions) Pension Postretirement (a) Medicare Part D 2016 $ 198 $ 13 $ 2 2017 209 12 2 2018 218 12 2 2019 229 11 2 2020 234 10 2 2021 – 2025 1,368 41 7 (a) Net of expected retiree contributions and before Medicare Part D subsidy. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | As part of its employee and director compensation programs, the Company currently may grant certain stock awards under the provisions of its stock incentive plan. The plan provides for grants of options to purchase shares of common stock at a fixed price equal to the fair value of the underlying stock at the date of grant. Option grants are generally exercisable up to ten years from the date of grant. In addition, the plan provides for grants of shares of common stock or stock units that are subject to restriction on transfer prior to vesting. Most stock and unit awards vest over three to five years and are subject to forfeiture if certain vesting requirements are not met. Stock incentive plans of acquired companies are generally terminated at the merger closing dates. Participants under such plans receive the Company’s common stock, or options to buy the Company’s common stock, based on the conversion terms of the various merger agreements. At December 31, 2015, there were 47 million shares (subject to adjustment for forfeitures) available for grant under various plans. STOCK OPTION AWARDS The following is a summary of stock options outstanding and exercised under prior and existing stock incentive plans of the Company: Year Ended December 31 Stock Weighted- Weighted-Average Aggregate 2015 Number outstanding at beginning of period 33,649,198 $ 29.31 Granted 1,122,697 44.28 Exercised (8,721,834 ) 29.59 Cancelled (a) (324,353 ) 32.93 Number outstanding at end of period (b) 25,725,708 $ 29.82 3.6 $ 331 Exercisable at end of period 22,446,095 $ 28.68 3.0 $ 314 2014 Number outstanding at beginning of period 46,724,765 $ 29.12 Granted 1,246,451 40.32 Exercised (13,851,590 ) 29.59 Cancelled (a) (470,428 ) 31.12 Number outstanding at end of period (b) 33,649,198 $ 29.31 4.0 $ 526 Exercisable at end of period 28,923,260 $ 28.79 3.4 $ 467 2013 Number outstanding at beginning of period 63,171,918 $ 28.83 Granted 1,168,011 33.99 Exercised (17,260,740 ) 28.41 Cancelled (a) (354,424 ) 29.22 Number outstanding at end of period (b) 46,724,765 $ 29.12 4.4 $ 527 Exercisable at end of period 39,556,000 $ 29.19 3.8 $ 444 (a) Options cancelled include both non-vested (i.e., forfeitures) and vested options. (b) Outstanding options include stock-based awards that may be forfeited in future periods. The impact of the estimated forfeitures is reflected in compensation expense. Stock-based compensation expense is based on the estimated fair value of the award at the date of grant or modification. The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model, requiring the use of subjective assumptions. Because employee stock options have characteristics that differ from those of traded options, including vesting provisions and trading limitations that impact their liquidity, the determined value used to measure compensation expense may vary from the actual fair value of the employee stock options. The following table includes the weighted average estimated fair value of stock options granted and the assumptions utilized by the Company for newly issued grants: Year Ended December 31 2015 2014 2013 Estimated fair value $ 12.23 $ 11.38 $ 12.13 Risk-free interest rates 1.7 % 1.7 % 1.0 % Dividend yield 2.6 % 2.6 % 2.6 % Stock volatility factor .37 .38 .49 Expected life of options (in years) 5.5 5.5 5.5 Expected stock volatility is based on several factors including the historical volatility of the Company’s common stock, implied volatility determined from traded options and other factors. The Company uses historical data to estimate option exercises and employee terminations to estimate the expected life of options. The risk-free interest rate for the expected life of the options is based on the U.S. Treasury yield curve in effect on the date of grant. The expected dividend yield is based on the Company’s expected dividend yield over the life of the options. The following summarizes certain stock option activity of the Company: Year Ended December 31 (Dollars in Millions) 2015 2014 2013 Fair value of options vested $ 25 $ 33 $ 41 Intrinsic value of options exercised 130 171 144 Cash received from options exercised 257 408 489 Tax benefit realized from options exercised 50 66 56 To satisfy option exercises, the Company predominantly uses treasury stock. Additional information regarding stock options outstanding as of December 31, 2015, is as follows: Outstanding Options Exercisable Options Range of Exercise Prices Shares Weighted- Weighted- Shares Weighted- $11.02 – $15.00 2,664,092 3.1 $ 11.20 2,664,092 $ 11.20 $15.01 – $20.00 161,218 2.0 19.58 161,218 19.58 $20.01 – $25.00 2,051,039 4.2 23.85 2,051,039 23.85 $25.01 – $30.00 5,911,183 5.0 28.49 5,051,861 28.47 $30.01 – $35.00 9,215,909 2.6 32.21 8,719,854 32.11 $35.01 – $40.00 3,523,469 1.1 36.04 3,523,469 36.04 $40.01 – $44.32 2,198,798 8.6 42.32 274,562 40.32 Total 25,725,708 3.6 $ 29.82 22,446,095 $ 28.68 RESTRICTED STOCK AND UNIT AWARDS A summary of the status of the Company’s restricted shares of stock and unit awards is presented below: 2015 2014 2013 Year Ended December 31 Shares Weighted- Average Grant- Date Fair Value Shares Weighted- Average Grant- Date Fair Value Shares Weighted- Average Grant- Date Fair Value Outstanding at beginning of period 7,921,571 $ 34.09 8,653,859 $ 29.96 8,935,743 $ 25.04 Granted 2,897,396 44.24 3,133,168 40.37 3,717,635 33.88 Vested (3,428,736 ) 33.27 (3,409,650 ) 29.38 (3,744,411 ) 22.17 Cancelled (495,400 ) 38.66 (455,806 ) 34.05 (255,108 ) 29.18 Outstanding at end of period 6,894,831 $ 38.44 7,921,571 $ 34.09 8,653,859 $ 29.96 The total fair value of shares vested was $152 million, $139 million and $127 million for the years ended December 31, 2015, 2014 and 2013, respectively. Stock-based compensation expense was $125 million, $125 million and $129 million for the years ended December 31, 2015, 2014 and 2013, respectively. On an after-tax basis, stock-based compensation was $78 million, $78 million and $80 million for the years ended December 31, 2015, 2014 and 2013, respectively. As of December 31, 2015, there was $158 million of total unrecognized compensation cost related to nonvested share-based arrangements granted under the plans. That cost is expected to be recognized over a weighted-average period of 2.5 years as compensation expense. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | The components of income tax expense were: Year Ended December 31 (Dollars in Millions) 2015 2014 2013 Federal Current $ 1,956 $ 1,888 $ 1,885 Deferred (223 ) (126 ) (83 ) Federal income tax 1,733 1,762 1,802 State Current 346 331 216 Deferred 18 (6 ) 14 State income tax 364 325 230 Total income tax provision $ 2,097 $ 2,087 $ 2,032 A reconciliation of expected income tax expense at the federal statutory rate of 35 percent to the Company’s applicable income tax expense follows: Year Ended December 31 (Dollars in Millions) 2015 2014 2013 Tax at statutory rate $ 2,810 $ 2,798 $ 2,717 State income tax, at statutory rates, net of federal tax benefit 237 211 150 Tax effect of Tax credits and benefits, net of related expenses (700 ) (701 ) (648 ) Tax-exempt income (201 ) (205 ) (212 ) Noncontrolling interests (19 ) (20 ) 37 Other items (30 ) (a) 4 (12 ) Applicable income taxes $ 2,097 $ 2,087 $ 2,032 (a) Includes the resolution of certain tax matters with taxing authorities. The tax effects of fair value adjustments on securities available-for-sale, derivative instruments in cash flow hedges, foreign currency translation adjustments, pension and post-retirement plans and certain tax benefits related to stock options are recorded directly to shareholders’ equity as part of other comprehensive income (loss). In preparing its tax returns, the Company is required to interpret complex tax laws and regulations and utilize income and cost allocation methods to determine its taxable income. On an ongoing basis, the Company is subject to examinations by federal, state, local and foreign taxing authorities that may give rise to differing interpretations of these complex laws, regulations and methods. Due to the nature of the examination process, it generally takes years before these examinations are completed and matters are resolved. Federal tax examinations for all years ending through December 31, 2010, are completed and resolved. The Company’s tax returns for the years ended December 31, 2011, 2012, 2013 and 2014 are under examination by the Internal Revenue Service. The years open to examination by state and local government authorities vary by jurisdiction. A reconciliation of the changes in the federal, state and foreign unrecognized tax position balances are summarized as follows: Year Ended December 31 (Dollars in Millions) 2015 2014 2013 Balance at beginning of period $ 267 $ 264 $ 302 Additions (reductions) for tax positions taken in prior years (17 ) 31 44 Additions for tax positions taken in the current year 13 4 – Exam resolutions (17 ) (22 ) (56 ) Statute expirations (3 ) (10 ) (26 ) Balance at end of period $ 243 $ 267 $ 264 The total amount of unrecognized tax positions that, if recognized, would impact the effective income tax rate as of December 31, 2015, 2014 and 2013, were $165 million, $192 million and $181 million, respectively. The Company classifies interest and penalties related to unrecognized tax positions as a component of income tax expense. At December 31, 2015, the Company’s unrecognized tax position balance included $30 million in accrued interest. During the years ended December 31, 2015, 2014 and 2013 the Company recorded approximately $(1) million, $4 million and $(12) million, respectively, in interest on unrecognized tax positions. While certain examinations may be concluded, statutes may lapse or other developments may occur, the Company does not believe there will be a significant increase or decrease in uncertain tax positions over the next twelve months. Deferred income tax assets and liabilities reflect the tax effect of estimated temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for the same items for income tax reporting purposes. The significant components of the Company’s net deferred tax asset (liability) follows: At December 31 (Dollars in Millions) 2015 2014 Deferred Tax Assets Allowance for credit losses $ 1,615 $ 1,652 Accrued expenses 764 630 Federal, state and foreign net operating loss carryforwards 464 212 Partnerships and other investment assets 380 403 Pension and postretirement benefits 247 437 Stock compensation 131 143 Other deferred tax assets, net 219 208 Gross deferred tax assets 3,820 3,685 Deferred Tax Liabilities Leasing activities (3,026 ) (3,042 ) Mortgage servicing rights (859 ) (871 ) Goodwill and other intangible assets (859 ) (772 ) Loans (204 ) (212 ) Fixed assets (111 ) (90 ) Securities available-for-sale and financial instruments (47 ) (165 ) Other deferred tax liabilities, net (55 ) (159 ) Gross deferred tax liabilities (5,161 ) (5,311 ) Valuation allowance (137 ) (101 ) Net Deferred Tax Asset (Liability) $ (1,478 ) $ (1,727 ) The Company has approximately $1.1 billion of federal, state and foreign net operating loss carryforwards which expire at various times through 2035. A substantial portion of these carryforwards relate to state-only net operating losses. These carryforwards are subject to a full valuation allowance. Management has determined it is more likely than not the other net deferred tax assets could be realized through carry back to taxable income in prior years, future reversals of existing taxable temporary differences and future taxable income. At December 31, 2015, retained earnings included approximately $102 million of base year reserves of acquired thrift institutions, for which no deferred federal income tax liability has been recognized. These base year reserves would be recaptured if the Company’s banking subsidiaries cease to qualify as a bank for federal income tax purposes. The base year reserves also remain subject to income tax penalty provisions that, in general, require recapture upon certain stock redemptions of, and excess distributions to, stockholders. |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | In the ordinary course of business, the Company enters into derivative transactions to manage various risks and to accommodate the business requirements of its customers. The Company recognizes all derivatives on the Consolidated Balance Sheet at fair value in other assets or in other liabilities. On the date the Company enters into a derivative contract, the derivative is designated as either a fair value hedge, cash flow hedge, net investment hedge, or a designation is not made as it is a customer-related transaction, an economic hedge for asset/liability risk management purposes or another stand-alone derivative created through the Company’s operations (“free-standing derivative”). When a derivative is designated as a fair value, cash flow or net investment hedge, the Company performs an assessment, at inception and, at a minimum, quarterly thereafter, to determine the effectiveness of the derivative in offsetting changes in the value or cash flows of the hedged item(s). Fair Value Hedges Cash Flow Hedges Net Investment Hedges Other Derivative Positions For additional information on the Company’s purpose for entering into derivative transactions and its overall risk management strategies, refer to “Management Discussion and Analysis — Use of Derivatives to Manage Interest Rate and Other Risks” which is incorporated by reference into these Notes to Consolidated Financial Statements. The following table summarizes the asset and liability management derivative positions of the Company: Asset Derivatives Liability Derivatives (Dollars in Millions) Notional Fair Weighted-Average In Years Notional Fair Weighted-Average In Years December 31, 2015 Fair value hedges Interest rate contracts Receive fixed/pay floating swaps $ 3,050 $ 73 4.43 $ – $ – – Cash flow hedges Interest rate contracts Pay fixed/receive floating swaps 1,772 7 9.22 5,009 146 1.13 Net investment hedges Foreign exchange forward contracts 1,140 4 .04 – – – Other economic hedges Interest rate contracts Futures and forwards Buy 3,812 17 .07 452 1 .06 Sell 3,201 12 .09 2,559 7 .12 Options Purchased 2,935 – .06 – – – Written 3,199 29 .10 5 1 .08 Receive fixed/pay floating swaps 3,733 42 9.98 4,748 18 10.18 Pay fixed/receive floating swaps 287 2 9.82 4,158 35 9.97 Foreign exchange forward contracts 3,023 13 .01 2,380 10 .03 Equity contracts 62 – .47 24 1 .82 Credit contracts 1,192 2 2.58 2,821 3 2.99 Other (a) 36 – .04 662 64 2.60 Total $ 27,442 $ 201 $ 22,818 $ 286 December 31, 2014 Fair value hedges Interest rate contracts Receive fixed/pay floating swaps $ 2,750 $ 65 5.69 $ – $ – – Cash flow hedges Interest rate contracts Pay fixed/receive floating swaps 272 6 7.76 5,748 315 1.94 Receive fixed/pay floating swaps 250 – .16 – – – Net investment hedges Foreign exchange forward contracts 1,047 31 .04 – – – Other economic hedges Interest rate contracts Futures and forwards Buy 4,839 45 .07 60 – .08 Sell 448 10 .13 6,713 62 .09 Options Purchased 2,500 – .06 – – – Written 2,643 31 .08 4 – .11 Receive fixed/pay floating swaps 3,552 14 10.22 250 1 10.22 Pay fixed/receive floating swaps 15 – 10.22 – – – Foreign exchange forward contracts 510 3 .03 6,176 41 .02 Equity contracts 86 3 .60 – – – Credit contracts 1,247 3 3.29 2,282 5 2.85 Other (a) 58 4 .03 390 48 3.20 Total $ 20,217 $ 215 $ 21,623 $ 472 (a) Includes short-term underwriting purchase and sale commitments with total asset and liability notional values of $36 million and $58 million at December 31, 2015 and 2014, respectively, and derivative liability swap agreements related to the sale of a portion of the Company’s Class B common shares of Visa Inc. The Visa swap agreements had a total notional value, fair value and weighted average remaining maturity of $626 million, $64 million and 2.75 years at December 31, 2015, respectively, compared to $332 million, $44 million and 3.75 years at December 31, 2014, respectively. The following table summarizes the customer-related derivative positions of the Company: Asset Derivatives Liability Derivatives (Dollars in Millions) Notional Fair Weighted-Average In Years Notional Fair Weighted-Average In Years December 31, 2015 Interest rate contracts Receive fixed/pay floating swaps $ 32,647 $ 1,097 5.69 $ 14,068 $ 54 4.71 Pay fixed/receive floating swaps 10,685 43 4.55 35,045 1,160 5.74 Options Purchased 8,705 10 2.61 146 1 2.23 Written 146 2 2.23 8,482 9 2.57 Futures Buy – – – 2,859 2 .84 Sell 45 – .97 – – – Foreign exchange rate contracts Forwards, spots and swaps 18,399 851 .59 17,959 830 .58 Options Purchased 1,485 43 1.19 – – – Written – – – 1,485 43 1.19 Total $ 72,112 $ 2,046 $ 80,044 $ 2,099 December 31, 2014 Interest rate contracts Receive fixed/pay floating swaps $ 21,724 $ 888 6.09 $ 5,880 $ 24 3.79 Pay fixed/receive floating swaps 4,622 26 3.27 21,821 892 6.08 Options Purchased 4,409 10 3.79 24 – 2.42 Written 24 – 2.42 4,375 10 3.79 Futures Buy 1,811 – .22 226 – .45 Sell 152 – 1.08 46 – 1.73 Foreign exchange rate contracts Forwards, spots and swaps 17,062 890 .52 14,645 752 .59 Options Purchased 976 39 .44 – – – Written – – – 976 39 .44 Total $ 50,780 $ 1,853 $ 47,993 $ 1,717 The table below shows the effective portion of the gains (losses) recognized in other comprehensive income (loss) and the gains (losses) reclassified from other comprehensive income (loss) into earnings (net-of-tax) for the years ended December 31: Gains (Losses) Recognized in Other Gains (Losses) Reclassified from (Dollars in Millions) 2015 2014 2013 2015 2014 2013 Asset and Liability Management Positions Cash flow hedges Interest rate contracts (a) $ (15 ) $ (26 ) $ 25 $ (120 ) $ (115 ) $ (118 ) Net investment hedges Foreign exchange forward contracts 101 130 (45 ) – – – Note: Ineffectiveness on cash flow and net investment hedges was not material for the years ended December 31, 2015, 2014 and 2013. (a) Gains (Losses) reclassified from other comprehensive income (loss) into interest income on loans and interest expense on long-term debt. The table below shows the gains (losses) recognized in earnings for fair value hedges, other economic hedges and the customer-related positions for the years ended December 31: (Dollars in Millions) Location of Gains (Losses) 2015 2014 2013 Asset and Liability Management Positions Fair value hedges (a) Interest rate contracts Other noninterest income $ 7 $ 29 $ (9 ) Other economic hedges Interest rate contracts Futures and forwards Mortgage banking revenue 186 (122 ) 615 Purchased and written options Mortgage banking revenue 191 287 243 Receive fixed/pay floating swaps Mortgage banking revenue 139 384 (322 ) Pay fixed/receive floating swaps Mortgage banking revenue (33 ) – – Foreign exchange forward contracts Commercial products revenue 108 (29 ) 49 Equity contracts Compensation expense (1 ) 2 2 Credit contracts Other noninterest income 2 – 6 Other Other noninterest income – (43 ) – Customer-Related Positions Interest rate contracts Receive fixed/pay floating swaps Other noninterest income 360 686 (361 ) Pay fixed/receive floating swaps Other noninterest income (320 ) (652 ) 378 Purchased and written options Other noninterest income 3 – – Futures Other noninterest income 1 – – Foreign exchange rate contracts Forwards, spots and swaps Commercial products revenue 74 66 51 Purchased and written options Commercial products revenue 2 1 – (a) Gains (Losses) on items hedged by interest rate contracts included in noninterest income (expense), were $(7) million, $(27) million and $8 million for the years ended December 31, 2015, 2014 and 2013, respectively. The ineffective portion was immaterial for the years ended December 31, 2015, 2014 and 2013. Derivatives are subject to credit risk associated with counterparties to the derivative contracts. The Company measures that credit risk using a credit valuation adjustment and includes it within the fair value of the derivative. The Company manages counterparty credit risk through diversification of its derivative positions among various counterparties, by entering into master netting arrangements and, where possible, by requiring collateral arrangements. A master netting arrangement allows two counterparties, who have multiple derivative contracts with each other, the ability to net settle amounts under all contracts, including any related collateral, through a single payment and in a single currency. Collateral arrangements require the counterparty to deliver collateral (typically cash or U.S. Treasury and agency securities) equal to the Company’s net derivative receivable, subject to minimum transfer and credit rating requirements. The Company’s collateral arrangements are predominately bilateral and, therefore, contain provisions that require collateralization of the Company’s net liability derivative positions. Required collateral coverage is based on certain net liability thresholds and contingent upon the Company’s credit rating from two of the nationally recognized statistical rating organizations. If the Company’s credit rating were to fall below credit ratings thresholds established in the collateral arrangements, the counterparties to the derivatives could request immediate additional collateral coverage up to and including full collateral coverage for derivatives in a net liability position. The aggregate fair value of all derivatives under collateral arrangements that were in a net liability position at December 31, 2015, was $956 million. At December 31, 2015, the Company had $823 million of cash posted as collateral against this net liability position. |
Netting Arrangements for Certai
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities | The majority of the Company’s derivative portfolio consists of bilateral over-the-counter trades. However, current regulations require that certain interest rate swaps and forwards and credit contracts need to be centrally cleared through clearinghouses. In addition, a portion of the Company’s derivative positions are exchange-traded. These are predominately U.S. Treasury futures or options on U.S. Treasury futures. Of the Company’s $202.4 billion total notional amount of derivative positions at December 31, 2015, $69.8 billion related to those centrally cleared through clearinghouses and $8.3 billion related to those that were exchange-traded. Irrespective of how derivatives are traded, the Company’s derivative contracts include offsetting rights (referred to as netting arrangements), and depending on expected volume, credit risk, and counterparty preference, collateral maintenance may be required. For all derivatives under collateral support arrangements, fair value is determined daily and, depending on the collateral maintenance requirements, the Company and a counterparty may receive or deliver collateral, based upon the net fair value of all derivative positions between the Company and the counterparty. Collateral is typically cash, but securities may be allowed under collateral arrangements with certain counterparties. Receivables and payables related to cash collateral are included in other assets and other liabilities on the Consolidated Balance Sheet, along with the related derivative asset and liability fair values. Any securities pledged to counterparties as collateral remain on the Consolidated Balance Sheet. Securities received from counterparties as collateral are not recognized on the Consolidated Balance Sheet, unless the counterparty defaults. In general, securities used as collateral can be sold, repledged or otherwise used by the party in possession. No restrictions exist on the use of cash collateral by either party. Refer to Note 20 for further discussion of the Company’s derivatives, including collateral arrangements. As part of the Company’s treasury and broker-dealer operations, the Company executes transactions that are treated as securities sold under agreements to repurchase or securities purchased under agreements to resell, both of which are accounted for as collateralized financings. Securities sold under agreements to repurchase include repurchase agreements and securities loaned transactions. Securities purchased under agreements to resell include reverse repurchase agreements and securities borrowed transactions. For securities sold under agreements to repurchase, the Company records a liability for the cash received, which is included in short-term borrowings on the Consolidated Balance Sheet. For securities purchased under agreements to resell, the Company records a receivable for the cash paid, which is included in other assets on the Consolidated Balance Sheet. Securities transferred to counterparties under repurchase agreements and securities loaned transactions continue to be recognized on the Consolidated Balance Sheet, are measured at fair value, and are included in investment securities or other assets. Securities received from counterparties under reverse repurchase agreements and securities borrowed transactions are not recognized on the Consolidated Balance Sheet unless the counterparty defaults. The securities transferred under repurchase and reverse repurchase transactions typically are U.S. Treasury and agency securities or residential agency mortgage-backed securities. The securities loaned or borrowed typically are corporate debt securities traded by the Company’s broker-dealer. In general, the securities transferred can be sold, repledged or otherwise used by the party in possession. No restrictions exist on the use of cash collateral by either party. Repurchase/reverse repurchase and securities loaned/borrowed transactions expose the Company to counterparty risk. The Company manages this risk by performing assessments, independent of business line managers, and establishing concentration limits on each counterparty. Additionally, these transactions include collateral arrangements that require the fair values of the underlying securities to be determined daily, resulting in cash being obtained or refunded to counterparties to maintain specified collateral levels. At December 31, 2015, the Company had no outstanding securities loaned transactions. The following table summarizes the maturities by category of collateral pledged for repurchase agreements at December 31, 2015: (Dollars in Millions) Overnight and Less Than Total U.S. Treasury and agencies $ 122 $ – $ 122 Residential agency mortgage-backed securities 802 168 970 Gross amount of recognized liabilities $ 924 $ 168 $ 1,092 The Company executes its derivative, repurchase/reverse repurchase and securities loaned/borrowed transactions under the respective industry standard agreements. These agreements include master netting arrangements that allow for multiple contracts executed with the same counterparty to be viewed as a single arrangement. This allows for net settlement of a single amount on a daily basis. In the event of default, the master netting arrangement provides for close-out netting, which allows all of these positions with the defaulting counterparty to be terminated and net settled with a single payment amount. The Company has elected to offset the assets and liabilities under netting arrangements for the balance sheet presentation of the majority of its derivative counterparties, excluding centrally cleared derivative contracts due to current uncertainty about the legal enforceability of netting arrangements with the clearinghouses. The netting occurs at the counterparty level, and includes all assets and liabilities related to the derivative contracts, including those associated with cash collateral received or delivered. The Company has not elected to offset the assets and liabilities under netting arrangements for the balance sheet presentation of repurchase/reverse repurchase and securities loaned/borrowed transactions. The following tables provide information on the Company’s netting adjustments, and items not offset on the Consolidated Balance Sheet but available for offset in the event of default: (Dollars in Millions) Gross Recognized Gross Amounts Consolidated (a) Net Amounts Consolidated Gross Amounts Not Offset on Net Financial (b) Collateral (c) December 31, 2015 Derivative assets (d) $ 1,879 $ (807 ) $ 1,072 $ (82 ) $ – $ 990 Reverse repurchase agreements 106 – 106 (102 ) (4 ) – Securities borrowed 772 – 772 – (753 ) 19 Total $ 2,757 $ (807 ) $ 1,950 $ (184 ) $ (757 ) $ 1,009 December 31, 2014 Derivative assets (d) $ 1,847 $ (870 ) $ 977 $ (58 ) $ – $ 919 Reverse repurchase agreements 40 – 40 (40 ) – – Securities borrowed 638 – 638 – (620 ) 18 Total $ 2,525 $ (870 ) $ 1,655 $ (98 ) $ (620 ) $ 937 (a) Includes $165 million and $258 million of cash collateral related payables that were netted against derivative assets at December 31, 2015 and 2014, respectively. (b) For derivative assets this includes any derivative liability fair values that could be offset in the event of counterparty default; for reverse repurchase agreements this includes any repurchase agreement payables that could be offset in the event of counterparty default; for securities borrowed this includes any securities loaned payables that could be offset in the event of counterparty default. (c) Includes the fair value of securities received by the Company from the counterparty. These securities are not included on the Consolidated Balance Sheet unless the counterparty defaults. (d) Excludes $368 million and $221 million of derivative assets centrally cleared or otherwise not subject to netting arrangements at December 31, 2015 and 2014, respectively. (Dollars in Millions) Gross Recognized Gross Amounts Consolidated (a) Net Amounts Consolidated Gross Amounts Not Offset on Net Financial (b) Collateral (c) December 31, 2015 Derivative liabilities (d) $ 1,809 $ (1,283 ) $ 526 $ (82 ) $ – $ 444 Repurchase agreements 1,092 – 1,092 (102 ) (990 ) – Total $ 2,901 $ (1,283 ) $ 1,618 $ (184 ) $ (990 ) $ 444 December 31, 2014 Derivative liabilities (d) $ 1,847 $ (1,317 ) $ 530 $ (58 ) $ – $ 472 Repurchase agreements 948 – 948 (40 ) (908 ) – Securities loaned 47 – 47 – (46 ) 1 Total $ 2,842 $ (1,317 ) $ 1,525 $ (98 ) $ (954 ) $ 473 (a) Includes $641 million and $705 million of cash collateral related receivables that were netted against derivative liabilities at December 31, 2015 and 2014, respectively. (b) For derivative liabilities this includes any derivative asset fair values that could be offset in the event of counterparty default; for repurchase agreements this includes any reverse repurchase agreement receivables that could be offset in the event of counterparty default; for securities loaned this includes any securities borrowed receivables that could be offset in the event of counterparty default. (c) Includes the fair value of securities pledged by the Company to the counterparty. These securities are included on the Consolidated Balance Sheet unless the Company defaults. (d) Excludes $576 million and $342 million of derivative liabilities centrally cleared or otherwise not subject to netting arrangements at December 31, 2015 and 2014, respectively. |
Fair Values of Assets and Liabi
Fair Values of Assets and Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Values of Assets and Liabilities | The Company uses fair value measurements for the initial recording of certain assets and liabilities, periodic remeasurement of certain assets and liabilities, and disclosures. Derivatives, trading and available-for-sale investment securities, MSRs and substantially all MLHFS are recorded at fair value on a recurring basis. Additionally, from time to time, the Company may be required to record at fair value other assets on a nonrecurring basis, such as loans held for sale, loans held for investment and certain other assets. These nonrecurring fair value adjustments typically involve application of lower-of-cost-or-fair value accounting or impairment write-downs of individual assets. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A fair value measurement reflects all of the assumptions that market participants would use in pricing the asset or liability, including assumptions about the risk inherent in a particular valuation technique, the effect of a restriction on the sale or use of an asset and the risk of nonperformance. The Company groups its assets and liabilities measured at fair value into a three-level hierarchy for valuation techniques used to measure financial assets and financial liabilities at fair value. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are: – Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 1 includes U.S. Treasury securities, as well as exchange-traded instruments, including certain perpetual preferred and corporate debt securities. – Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 includes debt securities that are traded less frequently than exchange-traded instruments and which are typically valued using third party pricing services; derivative contracts and other assets and liabilities, including securities, whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data; and MLHFS whose values are determined using quoted prices for similar assets or pricing models with inputs that are observable in the market or can be corroborated by observable market data. – Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose values are determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. This category includes MSRs, certain debt securities and certain derivative contracts. When the Company changes its valuation inputs for measuring financial assets and financial liabilities at fair value, either due to changes in current market conditions or other factors, it may need to transfer those assets or liabilities to another level in the hierarchy based on the new inputs used. The Company recognizes these transfers at the end of the reporting period in which the transfers occur. During the years ended December 31, 2015, 2014 and 2013, there were no transfers of financial assets or financial liabilities between the hierarchy levels. The Company has processes and controls in place to increase the reliability of estimates it makes in determining fair value measurements. Items quoted on an exchange are verified to the quoted price. Items provided by a third party pricing service are subject to price verification procedures as described in more detail in the specific valuation discussions below. For fair value measurements modeled internally, the Company’s valuation models are subject to the Company’s Model Risk Governance Policy and Program, as maintained by the Company’s risk management department. The purpose of model validation is to assess the accuracy of the models’ input, processing, and reporting components. All models are required to be independently reviewed and approved prior to being placed in use, and are subject to formal change control procedures. Under the Company’s Model Risk Governance Policy, models are required to be reviewed at least annually to ensure they are operating as intended. Inputs into the models are market observable inputs whenever available. When market observable inputs are not available, the inputs are developed based upon analysis of historical experience and evaluation of other relevant market data. Significant unobservable model inputs are subject to review by senior management in corporate functions, who are independent from the modeling. Significant unobservable model inputs are also compared to actual results, typically on a quarterly basis. Significant Level 3 fair value measurements are also subject to corporate-level review and are benchmarked to market transactions or other market data, when available. Additional discussion of processes and controls are provided in the valuation methodologies section that follows. The following section describes the valuation methodologies used by the Company to measure financial assets and liabilities at fair value and for estimating fair value for financial instruments not recorded at fair value as required under disclosure guidance related to the fair value of financial instruments. In addition, the following section includes an indication of the level of the fair value hierarchy in which the assets or liabilities are classified. Where appropriate, the description includes information about the valuation models and key inputs to those models. During the years ended December 31, 2015, 2014 and 2013, there were no significant changes to the valuation techniques used by the Company to measure fair value. Cash and Due From Banks Federal Funds Sold and Securities Purchased Under Resale Agreements Investment Securities For other securities, quoted market prices may not be readily available for the specific securities. When possible, the Company determines fair value based on market observable information, including quoted market prices for similar securities, inactive transaction prices, and broker quotes. These securities are classified within Level 2 of the fair value hierarchy. Level 2 valuations are generally provided by a third party pricing service. The Company reviews the valuation methodologies utilized by the pricing service and, on a quarterly basis, reviews the security level prices provided by the pricing service against management’s expectation of fair value, based on changes in various benchmarks and market knowledge from recent trading activity. Additionally, each quarter, the Company validates the fair value provided by the pricing service by comparing them to recent observable market trades (where available), broker provided quotes, or other independent secondary pricing sources. Prices obtained from the pricing service are adjusted if they are found to be inconsistent with relevant market data. Level 2 investment securities are predominantly agency mortgage-backed securities, certain other asset-backed securities, municipal securities, corporate debt securities, agency debt securities and certain perpetual preferred securities. The fair value of securities for which there are no market trades, or where trading is inactive as compared to normal market activity, are classified within Level 3 of the fair value hierarchy. The Company determines the fair value of these securities by using a discounted cash flow methodology and incorporating observable market information, where available. These valuations are modeled by a unit within the Company’s treasury department. The valuations use assumptions regarding housing prices, interest rates and borrower performance. Inputs are refined and updated at least quarterly to reflect market developments and actual performance. The primary valuation drivers of these securities are the prepayment rates, default rates and default severities associated with the underlying collateral, as well as the discount rate used to calculate the present value of the projected cash flows. Level 3 fair values, including the assumptions used, are subject to review by senior management in corporate functions, who are independent from the modeling. The fair value measurements are also compared to fair values provided by third party pricing services and broker provided quotes, where available. Securities classified within Level 3 include non-agency mortgage-backed securities, non-agency commercial mortgage-backed securities, certain asset-backed securities, certain collateralized debt obligations and collateralized loan obligations and certain corporate debt securities. Mortgage Loans Held For Sale Loans Mortgage Servicing Rights Derivatives The Company also has other derivative contracts that are created through its operations, including commitments to purchase and originate mortgage loans and swap agreements executed in conjunction with the sale of a portion of its Class B common shares of Visa Inc. (“the Visa swaps”). The mortgage loan commitments are valued by pricing models that include market observable and unobservable inputs, which result in the commitments being classified within Level 3 of the fair value hierarchy. The unobservable inputs include assumptions about the percentage of commitments that actually become a closed loan and the MSR value that is inherent in the underlying loan value, both of which are developed by the Company’s mortgage banking division. The closed loan percentages for the mortgage loan commitments are monitored on an on-going basis, as these percentages are also used for the Company’s economic hedging activities. The inherent MSR value for the commitments are generated by the same models used for the Company’s MSRs and thus are subject to the same processes and controls as described for the MSRs above. The Visa swaps require payments by either the Company or the purchaser of the Visa Inc. Class B common shares when there are changes in the conversion rate of the Visa Inc. Class B common shares to Visa Inc. Class A common shares, as well as quarterly payments to the purchaser based on specified terms of the agreements. Management reviews and updates the Visa swaps fair value in conjunction with its review of Visa related litigation contingencies, and the associated escrow funding. The fair value of the Visa swaps are calculated by the Company’s corporate development department using a discounted cash flow methodology which includes unobservable inputs about the timing and settlement amounts related to the resolution of certain Visa related litigation. The expected litigation resolution impacts the Visa Inc. Class B common share to Visa Inc. Class A common share conversion rate, as well as the ultimate termination date for the Visa swaps. Accordingly, the Visa swaps are classified within Level 3. Refer to Note 23 for further information on the Visa restructuring and related card association litigation. Other Financial Instruments Deposit Liabilities Short-term Borrowings Long-term Debt Loan Commitments, Letters of Credit and Guarantees SIGNIFICANT UNOBSERVABLE INPUTS OF LEVEL 3 ASSETS AND LIABILITIES The following section provides information on the significant inputs used by the Company to determine the fair value measurements of Level 3 assets and liabilities recorded at fair value on the Consolidated Balance Sheet. In addition, the following section includes a discussion of the sensitivity of the fair value measurements to changes in the significant inputs and a description of any interrelationships between these inputs for Level 3 assets and liabilities recorded at fair value on a recurring basis. The discussion below excludes nonrecurring fair value measurements of collateral value used for impairment measures for loans and OREO. These valuations utilize third party appraisal or broker price opinions, and are classified as Level 3 due to the significant judgment involved. Available-For-Sale Investment Securities Prepayment rates generally move in the opposite direction of market interest rates. In the current environment, an increase in the probability of default will generally be accompanied with an increase in loss severity, as both are impacted by underlying collateral values. Discount margins are influenced by market expectations about the security’s collateral performance, and therefore may directionally move with probability and severity of default; however, discount margins are also impacted by broader market forces, such as competing investment yields, sector liquidity, economic news, and other macroeconomic factors. The following table shows the significant valuation assumption ranges for Level 3 available-for-sale investment securities at December 31, 2015: Minimum Maximum Average Residential Prime Non-Agency Mortgage-Backed Securities (a) Estimated lifetime prepayment rates 5 % 20 % 14 % Lifetime probability of default rates – 7 4 Lifetime loss severity rates 15 60 33 Discount margin 2 5 3 Residential Non-Prime Non-Agency Mortgage-Backed Securities (b) Estimated lifetime prepayment rates 3 % 13 % 8 % Lifetime probability of default rates 4 12 7 Lifetime loss severity rates 20 70 52 Discount margin 1 6 3 Other Asset-Backed Securities Estimated lifetime prepayment rates 6 % 6 % 6 % Lifetime probability of default rates 5 5 5 Lifetime loss severity rates 40 40 40 Discount margin 6 6 6 (a) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads). (b) Includes all securities not meeting the conditions to be designated as prime. Mortgage Servicing Rights The following table shows the significant valuation assumption ranges for MSRs at December 31, 2015: Minimum Maximum Average Expected prepayment 10 % 19 % 11 % Discount rate 9 13 10 Derivatives The significant unobservable inputs used in the fair value measurement of the Company’s derivative commitments to purchase and originate mortgage loans are the percentage of commitments that actually become a closed loan and the MSR value that is inherent in the underlying loan value. A significant increase in the rate of loans that close would result in a larger derivative asset or liability. A significant increase in the inherent MSR value would result in an increase in the derivative asset or a reduction in the derivative liability. Expected loan close rates and the inherent MSR values are directly impacted by changes in market rates and will generally move in the same direction as interest rates. The following table shows the significant valuation assumption ranges for the Company’s derivative commitments to purchase and originate mortgage loans at December 31, 2015: Minimum Maximum Average Expected loan close rate 9 % 100 % 79 % Inherent MSR value (basis points per loan) 30 196 120 The significant unobservable input used in the fair value measurement of certain of the Company’s asset/liability and customer-related derivatives is the credit valuation adjustment related to the risk of counterparty nonperformance. A significant increase in the credit valuation adjustment would result in a lower fair value measurement. A significant decrease in the credit valuation adjustment would result in a higher fair value measurement. The credit valuation adjustment is impacted by changes in the Company’s assessment of the counterparty’s credit position. At December 31, 2015, the minimum, maximum and average credit valuation adjustment as a percentage of the derivative contract fair value prior to adjustment was 0 percent, 98 percent and 5 percent, respectively. The significant unobservable inputs used in the fair value measurement of the Visa swaps are management’s estimate of the probability of certain litigation scenarios, and the timing of the resolution of the related litigation loss estimates in excess, or shortfall, of the Company’s proportional share of escrow funds. An increase in the loss estimate or a delay in the resolution of the related litigation would result in an increase in the derivative liability. A decrease in the loss estimate or an acceleration of the resolution of the related litigation would result in a decrease in the derivative liability. The following table summarizes the balances of assets and liabilities measured at fair value on a recurring basis: (Dollars in Millions) Level 1 Level 2 Level 3 Netting Total December 31, 2015 Available-for-sale securities U.S. Treasury and agencies $ 3,708 $ 888 $ – $ – $ 4,596 Mortgage-backed securities Residential Agency – 50,076 – – 50,076 Non-agency Prime (a) – – 318 – 318 Non-prime (b) – – 240 – 240 Commercial Agency – 52 – – 52 Asset-backed securities Collateralized debt obligations/Collateralized loan obligations – 19 – – 19 Other – 539 2 – 541 Obligations of state and political subdivisions – 5,316 – – 5,316 Corporate debt securities 102 499 9 – 610 Perpetual preferred securities 48 113 – – 161 Other investments 40 28 – – 68 Total available-for-sale 3,898 57,530 569 – 61,997 Mortgage loans held for sale – 3,110 – – 3,110 Mortgage servicing rights – – 2,512 – 2,512 Derivative assets – 1,632 615 (807 ) 1,440 Other assets 202 589 – – 791 Total $ 4,100 $ 62,861 $ 3,696 $ (807 ) $ 69,850 Derivative liabilities $ 2 $ 2,266 $ 117 $ (1,283 ) $ 1,102 Short-term borrowings (c) 122 645 – – 767 Total $ 124 $ 2,911 $ 117 $ (1,283 ) $ 1,869 December 31, 2014 Available-for-sale securities U.S. Treasury and agencies $ 1,351 $ 1,281 $ – $ – $ 2,632 Mortgage-backed securities Residential Agency – 45,017 – – 45,017 Non-agency Prime (a) – – 405 – 405 Non-prime (b) – – 280 – 280 Commercial Agency – 115 – – 115 Asset-backed securities Collateralized debt obligations/Collateralized loan obligations – 22 – – 22 Other – 557 62 – 619 Obligations of state and political subdivisions – 5,868 – – 5,868 Obligations of foreign governments – 6 – – 6 Corporate debt securities 101 504 9 – 614 Perpetual preferred securities 55 162 – – 217 Other investments 251 23 – – 274 Total available-for-sale 1,758 53,555 756 – 56,069 Mortgage loans held for sale – 4,774 – – 4,774 Mortgage servicing rights – – 2,338 – 2,338 Derivative assets – 1,408 660 (870 ) 1,198 Other assets 231 641 – – 872 Total $ 1,989 $ 60,378 $ 3,754 $ (870 ) $ 65,251 Derivative liabilities $ – $ 2,103 $ 86 $ (1,317 ) $ 872 Short-term borrowings (c) 101 608 – – 709 Total $ 101 $ 2,711 $ 86 $ (1,317 ) $ 1,581 (a) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads). (b) Includes all securities not meeting the conditions to be designated as prime. (c) Represents the Company’s obligation on securities sold short required to be accounted for at fair value per applicable accounting guidance. The following table presents the changes in fair value for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31: (Dollars in Millions) Beginning Net Gains Net Gains Purchases Sales Principal Issuances Settlements End of Net Change Still Held at 2015 Available-for-sale securities Mortgage-backed securities Residential non-agency Prime (a) $ 405 $ – $ (4 ) $ – $ – $ (83 ) $ – $ – $ 318 $ (4 ) Non-prime (b) 280 (1 ) (1 ) – – (38 ) – – 240 (1 ) Asset-backed securities Other 62 4 (2 ) – (51 ) (11 ) – – 2 – Corporate debt securities 9 – – – – – – – 9 – Total available-for-sale 756 3 (c) (7 ) (f) – (51 ) (132 ) – – 569 (5 ) Mortgage servicing rights 2,338 (487 ) (d) – 29 – – 632 (g) – 2,512 (487 ) (d) Net derivative assets and liabilities 574 707 (e) – 1 (13 ) – – (771 ) 498 135 (h) 2014 Available-for-sale securities Mortgage-backed securities Residential non-agency Prime (a) $ 478 $ – $ 15 $ – $ – $ (88 ) $ – $ – $ 405 $ 14 Non-prime (b) 297 (6 ) 19 – – (30 ) – – 280 19 Asset-backed securities Other 63 4 – 5 – (10 ) – – 62 – Corporate debt securities 9 – – – – – – – 9 – Total available-for-sale 847 (2 ) (i) 34 (f) 5 – (128 ) – – 756 33 Mortgage servicing rights 2,680 (588 ) (d) – 5 (141 ) – 382 (g) – 2,338 (588 ) (d) Net derivative assets and liabilities 445 904 (j) – 1 (4 ) – – (772 ) 574 188 (k) 2013 Available-for-sale securities Mortgage-backed securities Residential non-agency Prime (a) $ 624 $ (6 ) $ 8 $ – $ – $ (148 ) $ – $ – $ 478 $ 9 Non-prime (b) 355 (13 ) 17 – (20 ) (42 ) – – 297 17 Asset-backed securities Other 15 3 1 51 – (7 ) – – 63 – Corporate debt securities 9 – – – – – – – 9 – Total available-for-sale 1,003 (16 ) (l) 26 (f) 51 (20 ) (197 ) – – 847 26 Mortgage servicing rights 1,700 203 (d) – 8 – – 769 (g) – 2,680 203 (d) Net derivative assets and liabilities 1,179 (18 ) (m) – 1 (5 ) – – (712 ) 445 (321 ) (n) (a) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads). (b) Includes all securities not meeting the conditions to be designated as prime. (c) Included in interest income. (d) Included in mortgage banking revenue. (e) Approximately $289 million included in other noninterest income and $418 million included in mortgage banking revenue. (f) Included in changes in unrealized gains and losses on securities available-for-sale. (g) Represents MSRs capitalized during the period. (h) Approximately $92 million included in other noninterest income and $43 million included in mortgage banking revenue. (i) Approximately $(3) million included in securities gains (losses) and $1 million included in interest income. (j) Approximately $404 million included in other noninterest income and $500 million included in mortgage banking revenue. (k) Approximately $128 million included in other noninterest income and $60 million included in mortgage banking revenue. (l) Approximately $(14) million included in securities gains (losses) and $(2) million included in interest income. (m) Approximately $(149) million included in other noninterest income and $131 million included in mortgage banking revenue. (n) Approximately $(340) million included in other noninterest income and $19 million included in mortgage banking revenue. The Company is also required periodically to measure certain other financial assets at fair value on a nonrecurring basis. These measurements of fair value usually result from the application of lower-of-cost-or-fair value accounting or write-downs of individual assets. The following table summarizes the balances as of the measurement date of assets measured at fair value on a nonrecurring basis, and still held as of the reporting date as of December 31: 2015 2014 (Dollars in Millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Loans (a) $ – $ – $ 87 $ 87 $ – $ – $ 77 $ 77 Other assets (b) – – 66 66 – – 90 90 (a) Represents the carrying value of loans for which adjustments were based on the fair value of the collateral, excluding loans fully charged-off. (b) Primarily represents the fair value of foreclosed properties that were measured at fair value based on an appraisal or broker price opinion of the collateral subsequent to their initial acquisition. The following table summarizes losses recognized related to nonrecurring fair value measurements of individual assets or portfolios for the years ended December 31: (Dollars in Millions) 2015 2014 2013 Loans (a) $ 175 $ 108 $ 83 Other assets (b) 42 70 96 (a) Represents write-downs of student loans held for sale based on non-binding quoted prices received for the portfolio, that were subsequently transferred to loans, and write-downs of loans which were based on the fair value of the collateral, excluding loans fully charged-off. (b) Primarily represents related losses of foreclosed properties that were measured at fair value subsequent to their initial acquisition. FAIR VALUE OPTION The following table summarizes the differences between the aggregate fair value carrying amount of MLHFS for which the fair value option has been elected and the aggregate unpaid principal amount that the Company is contractually obligated to receive at maturity as of December 31: 2015 2014 (Dollars in Millions) Fair Value Aggregate Carrying Fair Value Aggregate Carrying Total loans $ 3,110 $ 3,032 $ 78 $ 4,774 $ 4,582 $ 192 Nonaccrual loans 5 7 (2 ) 6 9 (3 ) Loans 90 days or more past due – – – 1 1 – DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS The following table summarizes the estimated fair value for financial instruments as of December 31, 2015 and 2014, and includes financial instruments that are not accounted for at fair value. In accordance with disclosure guidance related to fair values of financial instruments, the Company did not include assets and liabilities that are not financial instruments, such as the value of goodwill, long-term relationships with deposit, credit card, merchant processing and trust customers, other purchased intangibles, premises and equipment, deferred taxes and other liabilities. Additionally, in accordance with the disclosure guidance, insurance contracts and investments accounted for under the equity method are excluded. The estimated fair values of the Company’s financial instruments as of December 31, are shown in the table below: 2015 2014 Carrying Amount Fair Value Carrying Amount Fair Value (Dollars in Millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial Assets Cash and due from banks $ 11,147 $ 11,147 $ – $ – $ 11,147 $ 10,654 $ 10,654 $ – $ – $ 10,654 Federal funds sold and securities purchased under resale agreements 169 – 169 – 169 118 – 118 – 118 Investment securities held-to-maturity 43,590 2,275 41,138 80 43,493 44,974 1,928 43,124 88 45,140 Loans held for sale (a) 74 – – 74 74 18 – – 18 18 Loans (b) 256,899 – – 259,736 259,736 243,735 – – 245,424 245,424 Other financial instruments 2,311 – 921 1,398 2,319 2,187 – 924 1,269 2,193 Financial Liabilities Deposits 300,400 – 300,225 – 300,225 282,733 – 282,708 – 282,708 Short-term borrowings (c) 27,110 – 26,782 – 26,782 29,184 – 28,973 – 28,973 Long-term debt 32,078 – 32,412 – 32,412 32,260 – 32,659 – 32,659 Other liabilities 1,353 – – 1,353 1,353 1,231 – – 1,231 1,231 (a) Excludes mortgages held for sale for which the fair value option under applicable accounting guidance was elected. (b) Excludes loans measured at fair value on a nonrecurring basis. (c) Excludes the Company’s obligation on securities sold short required to be accounted for at fair value per applicable accounting guidance. The fair value of unfunded commitments, deferred non-yield related loan fees, standby letters of credit and other guarantees is approximately equal to their carrying value. The carrying value of unfunded commitments, deferred non-yield related loan fees and standby letters of credit was $515 million and $413 million at December 31, 2015 and 2014, respectively. The carrying value of other guarantees was $184 million and $211 million at December 31, 2015 and 2014, respectively. |
Guarantees and Contingent Liabi
Guarantees and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Guarantees and Contingent Liabilities | Visa Restructuring and Card Association Litigation Using proceeds from its IPO and through reductions to the conversion ratio applicable to the Class B shares held by Visa U.S.A. member banks, Visa Inc. has funded an escrow account for the benefit of member financial institutions to fund their indemnification obligations associated with the Visa Litigation. The receivable related to the escrow account is classified in other liabilities as a direct offset to the related Visa Litigation contingent liability. On October 19, 2012, Visa signed a settlement agreement to resolve class action claims associated with the multi-district interchange litigation, the largest of the remaining Visa Litigation matters. The settlement has been approved by the court, but has been challenged by some class members and is being appealed. In addition, a number of class members opted out of the settlement and have filed actions against the Card Associations. At December 31, 2015, the carrying amount of the Company’s liability related to the Visa Litigation matters, net of its share of the escrow fundings, was $19 million. During 2015, the Company sold 2.5 million of its Class B shares. These sales, and any previous sales of its Class B shares, do not impact the Company’s liability for the Visa Litigation matters or the receivable related to the escrow account. The remaining 6.4 million Class B shares held by the Company will be eligible for conversion to Class A shares of Visa Inc., and thereby become marketable, upon final settlement of the Visa Litigation. These shares are excluded from the Company’s financial instruments disclosures included in Note 22. Commitments to Extend Credit The contract or notional amounts of unfunded commitments to extend credit at December 31, 2015, excluding those commitments considered derivatives, were as follows: Term (Dollars in Millions) Less Than Greater Than Total Commercial and commercial real estate loans $ 25,917 $ 93,924 $ 119,841 Corporate and purchasing card loans (a) 23,608 – 23,608 Residential mortgages 315 13 328 Retail credit card loans (a) 95,832 – 95,832 Other retail loans 12,951 21,141 34,092 Covered loans – 568 568 Other 5,203 94 5,297 (a) Primarily cancelable at the Company’s discretion. Lease Commitments (Dollars in Millions) Capitalized Operating 2016 $ 14 $ 265 2017 13 242 2018 13 203 2019 11 166 2020 10 126 Thereafter 42 471 Total minimum lease payments 103 $ 1,473 Less amount representing interest 35 Present value of net minimum lease payments $ 68 OTHER GUARANTEES AND CONTINGENT LIABILITIES The following table is a summary of other guarantees and contingent liabilities of the Company at December 31, 2015: (Dollars in Millions) Collateral Carrying Amount Maximum Standby letters of credit $ – $ 57 $ 13,020 Third party borrowing arrangements – – 8 Securities lending indemnifications 4,387 – 4,246 Asset sales – 119 5,089 Merchant processing 409 61 94,995 Contingent consideration arrangements – 2 2 Tender option bond program guarantee 2,254 – 2,183 Minimum revenue guarantees – 2 12 Other – – 792 Letters of Credit The contract or notional amount of letters of credit at December 31, 2015, were as follows: Term (Dollars in Millions) Less Than Greater Total Standby $ 5,701 $ 7,319 $ 13,020 Commercial 218 48 266 Guarantees Third Party Borrowing Arrangements Commitments from Securities Lending Asset Sales The maximum potential future payments do not include loan sales where the Company provides standard representation and warranties to the buyer against losses related to loan underwriting documentation defects that may have existed at the time of sale that generally are identified after the occurrence of a triggering event such as delinquency. For these types of loan sales, the maximum potential future payments is generally the unpaid principal balance of loans sold measured at the end of the current reporting period. Actual losses will be significantly less than the maximum exposure, as only a fraction of loans sold will have a representation and warranty breach, and any losses on repurchase would generally be mitigated by any collateral held against the loans. The Company regularly sells loans to GSEs as part of its mortgage banking activities. The Company provides customary representations and warranties to the GSEs in conjunction with these sales. These representations and warranties generally require the Company to repurchase assets if it is subsequently determined that a loan did not meet specified criteria, such as a documentation deficiency or rescission of mortgage insurance. If the Company is unable to cure or refute a repurchase request, the Company is generally obligated to repurchase the loan or otherwise reimburse the counterparty for losses. At December 31, 2015, the Company had reserved $30 million for potential losses from representation and warranty obligations, compared with $46 million at December 31, 2014. The Company’s reserve reflects management’s best estimate of losses for representation and warranty obligations. The Company’s repurchase reserve is modeled at the loan level, taking into consideration the individual credit quality and borrower activity that has transpired since origination. The model applies credit quality and economic risk factors to derive a probability of default and potential repurchase that are based on the Company’s historical loss experience, and estimates loss severity based on expected collateral value. The Company also considers qualitative factors that may result in anticipated losses differing from historical loss trends. As of December 31, 2015 and 2014, the Company had $12 million and $19 million, respectively, of unresolved representation and warranty claims from the GSEs. The Company does not have a significant amount of unresolved claims from investors other than the GSEs. Merchant Processing A cardholder, through its issuing bank, generally has until the later of up to four months after the date the transaction is processed or the receipt of the product or service to present a charge-back to the Company as the merchant processor. The absolute maximum potential liability is estimated to be the total volume of credit card transactions that meet the associations’ requirements to be valid charge-back transactions at any given time. Management estimates that the maximum potential exposure for charge-backs would approximate the total amount of merchant transactions processed through the credit card associations for the last four months. For the last four months this amount totaled approximately $95.0 billion. In most cases, this contingent liability is unlikely to arise, as most products and services are delivered when purchased and amounts are refunded when items are returned to merchants. However, where the product or service has been purchased but is not provided until a future date (“future delivery”), the potential for this contingent liability increases. To mitigate this risk, the Company may require the merchant to make an escrow deposit, place maximum volume limitations on future delivery transactions processed by the merchant at any point in time, or require various credit enhancements (including letters of credit and bank guarantees). Also, merchant processing contracts may include event triggers to provide the Company more financial and operational control in the event of financial deterioration of the merchant. The Company currently processes card transactions in the United States, Canada, Europe, Mexico and Brazil through wholly-owned subsidiaries and joint ventures with other financial institutions. In the event a merchant was unable to fulfill product or services subject to future delivery, such as airline tickets, the Company could become financially liable for refunding tickets purchased through the credit card associations under the charge-back provisions. Charge-back risk related to these merchants is evaluated in a manner similar to credit risk assessments and, as such, merchant processing contracts contain various provisions to protect the Company in the event of default. At December 31, 2015, the value of airline tickets purchased to be delivered at a future date was $6.7 billion. The Company held collateral of $307 million in escrow deposits, letters of credit and indemnities from financial institutions, and liens on various assets. With respect to future delivery risk for other merchants, the Company held $26 million of merchant escrow deposits as collateral. In addition to specific collateral or other credit enhancements, the Company maintains a liability for its implied guarantees associated with future delivery. At December 31, 2015, the liability was $49 million primarily related to these airline processing arrangements. In the normal course of business, the Company has unresolved charge-backs. The Company assesses the likelihood of its potential liability based on the extent and nature of unresolved charge-backs and its historical loss experience. At December 31, 2015, the Company held $76 million of merchant escrow deposits as collateral and had a recorded liability for potential losses of $12 million. Contingent Consideration Arrangements Tender Option Bond Program Guarantee Minimum Revenue Guarantees Other Guarantees and Commitments Litigation and Regulatory Matters Litigation Matters Regulatory Matters The Company is also continually subject to examinations, inquiries and investigations in areas of increasing regulatory scrutiny, such as compliance, risk management, third party risk management and consumer protection. The Company is cooperating fully with all pending examinations, inquiries and investigations, any of which could lead to administrative or legal proceedings or settlements. Remedies in these proceedings or settlements may include fines, penalties, restitution or alterations in the Company’s business practices (which may increase the Company’s operating expenses and decrease its revenue). Certain federal and state governmental authorities reached settlement agreements in 2012 and 2013 with other major financial institutions regarding their mortgage origination, servicing, and foreclosure activities. Those governmental authorities have had settlement discussions with other financial institutions, including the Company. The Company has not agreed to any settlement; however, if a settlement were reached it would likely include an agreement to comply with specified servicing standards, and settlement payments to governmental authorities as well as a monetary commitment that could be satisfied under various loan modification programs (in addition to the programs the Company already has in place). In April 2011, the Company and certain other large financial institutions entered into Consent Orders with the OCC and the Board of Governors of the Federal Reserve System relating to residential mortgage servicing and foreclosure practices. In June 2015, the Company entered into an agreement to amend the 2011 Consent Order it had with the OCC. The OCC terminated the amended Consent Order in February 2016. Depending on the Company’s progress toward addressing the requirements of the 2011 Consent Order it has with the Board of Governors of the Federal Reserve System, the Company may be required to enter into further orders and settlements, pay additional fines or penalties, make restitution or further modify the Company’s business practices (which may increase the Company’s operating expenses and decrease its revenue). Outlook |
U.S. Bancorp (Parent Company)
U.S. Bancorp (Parent Company) | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
U.S. Bancorp (Parent Company) | NOTE 24 CONDENSED BALANCE SHEET At December 31 (Dollars in Millions) 2015 2014 Assets Due from banks, principally interest-bearing $ 9,426 $ 10,775 Available-for-sale securities 352 464 Investments in bank subsidiaries 41,708 39,599 Investments in nonbank subsidiaries 2,060 1,906 Advances to bank subsidiaries 3,150 2,650 Advances to nonbank subsidiaries 823 550 Other assets 983 1,762 Total assets $ 58,502 $ 57,706 Liabilities and Shareholders’ Equity Short-term funds borrowed $ 25 $ 177 Long-term debt 11,453 13,189 Other liabilities 893 861 Shareholders’ equity 46,131 43,479 Total liabilities and shareholders’ equity $ 58,502 $ 57,706 CONDENSED STATEMENT OF INCOME Year Ended December 31 (Dollars in Millions) 2015 2014 2013 Income Dividends from bank subsidiaries $ 3,900 $ 3,850 $ 6,100 Dividends from nonbank subsidiaries 3 38 9 Interest from subsidiaries 120 123 118 Other income 55 64 66 Total income 4,078 4,075 6,293 Expense Interest expense 292 335 325 Other expense 105 90 81 Total expense 397 425 406 Income before income taxes and equity in undistributed income of subsidiaries 3,681 3,650 5,887 Applicable income taxes (207 ) (94 ) (88 ) Income of parent company 3,888 3,744 5,975 Equity in undistributed income (losses) of subsidiaries 1,991 2,107 (139 ) Net income attributable to U.S. Bancorp $ 5,879 $ 5,851 $ 5,836 CONDENSED STATEMENT OF CASH FLOWS Year Ended December 31 (Dollars in Millions) 2015 2014 2013 Operating Activities Net income attributable to U.S. Bancorp $ 5,879 $ 5,851 $ 5,836 Adjustments to reconcile net income to net cash provided by operating activities Equity in undistributed (income) losses of subsidiaries (1,991 ) (2,107 ) 139 Other, net 507 48 (40 ) Net cash provided by operating activities 4,395 3,792 5,935 Investing Activities Proceeds from sales and maturities of investment securities 153 46 75 Purchases of investment securities (47 ) (39 ) (118 ) Net (increase) decrease in short-term advances to subsidiaries (273 ) 984 4,543 Long-term advances to subsidiaries (500 ) (1,800 ) (750 ) Principal collected on long-term advances to subsidiaries – 1,400 – Other, net (6 ) (52 ) 3 Net cash (used in) provided by investing activities (673 ) 539 3,753 Financing Activities Net (decrease) increase in short-term borrowings (152 ) 39 4 Proceeds from issuance of long-term debt – 3,250 1,500 Principal payments or redemption of long-term debt (1,750 ) (1,500 ) (2,850 ) Proceeds from issuance of preferred stock 745 – 487 Proceeds from issuance of common stock 295 453 524 Redemption of preferred stock – – (500 ) Repurchase of common stock (2,190 ) (2,200 ) (2,282 ) Cash dividends paid on preferred stock (242 ) (243 ) (254 ) Cash dividends paid on common stock (1,777 ) (1,726 ) (1,576 ) Net cash used in financing activities (5,071 ) (1,927 ) (4,947 ) Change in cash and due from banks (1,349 ) 2,404 4,741 Cash and due from banks at beginning of year 10,775 8,371 3,630 Cash and due from banks at end of year $ 9,426 $ 10,775 $ 8,371 Transfer of funds (dividends, loans or advances) from bank subsidiaries to the Company is restricted. Federal law requires loans to the Company or its affiliates to be secured and generally limits loans to the Company or an individual affiliate to 10 percent of each bank’s unimpaired capital and surplus. In the aggregate, loans to the Company and all affiliates cannot exceed 20 percent of each bank’s unimpaired capital and surplus. Dividend payments to the Company by its subsidiary bank are subject to regulatory review and statutory limitations and, in some instances, regulatory approval. In general, dividends by the Company’s bank subsidiary to the parent company are limited by rules which compare dividends to net income for regulatorily-defined periods. Furthermore, dividends are restricted by minimum capital constraints for all national banks. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 25 The Company has evaluated the impact of events that have occurred subsequent to December 31, 2015 through the date the consolidated financial statements were filed with the United States Securities and Exchange Commission. Based on this evaluation, the Company has determined none of these events were required to be recognized or disclosed in the consolidated financial statements and related notes. |
Significant Accounting Polici33
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation |
Uses of Estimates | Uses of Estimates |
Business Segments | BUSINESS SEGMENTS Within the Company, financial performance is measured by major lines of business based on the products and services provided to customers through its distribution channels. The Company has five reportable operating segments: Wholesale Banking and Commercial Real Estate Consumer and Small Business Banking Wealth Management and Securities Services Payment Services Treasury and Corporate Support Segment Results |
Securities | SECURITIES Realized gains or losses on securities are determined on a trade date basis based on the specific amortized cost of the investments sold. Trading Securities Available-for-sale Securities Held-to-maturity Securities Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase |
Equity Investments in Operating Entities | EQUITY INVESTMENTS IN OPERATING ENTITIES Equity investments in public entities in which the Company’s ownership is less than 20 percent are generally accounted for as available-for-sale securities and are carried at fair value. Similar investments in private entities are accounted for using the cost method. Investments in entities where the Company has a significant influence (generally between 20 percent and 50 percent ownership), but does not control the entity, are accounted for using the equity method. Investments in limited partnerships and limited liability companies where the Company’s ownership interest is greater than 5 percent are accounted for using the equity method. All equity investments are evaluated for impairment at least annually and more frequently if certain criteria are met. |
Loans | LOANS The Company offers a broad array of lending products and categorizes its loan portfolio into three segments, which is the level at which it develops and documents a systematic methodology to determine the allowance for credit losses. The Company’s three loan portfolio segments are commercial lending, consumer lending and covered loans. The Company further disaggregates its loan portfolio segments into various classes based on their underlying risk characteristics. The two classes within the commercial lending segment are commercial loans and commercial real estate loans. The three classes within the consumer lending segment are residential mortgages, credit card loans and other retail loans. The covered loan segment consists of only one class. The Company’s accounting methods for loans differ depending on whether the loans are originated or purchased, and for purchased loans, whether the loans were acquired at a discount related to evidence of credit deterioration since date of origination. Originated Loans Held for Investment Purchased Loans In determining the acquisition date fair value of purchased impaired loans, and in subsequent accounting, the Company generally aggregates purchased consumer loans and certain smaller balance commercial loans into pools of loans with common risk characteristics, while accounting for larger balance commercial loans individually. Expected cash flows at the purchase date in excess of the fair value of loans are recorded as interest income over the life of the loans if the timing and amount of the future cash flows is reasonably estimable. Subsequent to the purchase date, increases in cash flows over those expected at the purchase date are recognized as interest income prospectively. The present value of any decreases in expected cash flows, other than from decreases in variable interest rates, after the purchase date is recognized by recording an allowance for credit losses. Revolving loans, including lines of credit and credit cards loans, and leases are excluded from purchased impaired loans accounting. For purchased loans acquired after January 1, 2009 that are not deemed impaired at acquisition, credit discounts representing the principal losses expected over the life of the loan are a component of the initial fair value. Subsequent to the purchase date, the methods utilized to estimate the required allowance for credit losses for these loans is similar to originated loans; however, the Company records a provision for credit losses only when the required allowance exceeds any remaining credit discounts. The remaining differences between the purchase price and the unpaid principal balance at the date of acquisition are recorded in interest income over the life of the loans. Covered Assets Effective January 1, 2013, the Company amortizes any reduction in expected cash flows from the FDIC resulting from increases in expected cash flows from the covered assets (when there are no previous valuation allowances to reverse) over the shorter of the remaining contractual term of the indemnification agreements or the remaining life of the covered assets. Prior to January 1, 2013, the Company considered such increases in expected cash flows of purchased loans and decreases in expected cash flows of the FDIC indemnification assets together and recognized them over the remaining life of the loans. Commitments to Extend Credit Allowance for Credit Losses The allowance recorded for loans in the commercial lending segment is based on reviews of individual credit relationships and considers the migration analysis of commercial lending segment loans and actual loss experience. In the migration analysis applied to risk rated loan portfolios, the Company currently examines up to a 15-year period of loss experience. For each loan type, this historical loss experience is adjusted as necessary to consider any relevant changes in portfolio composition, lending policies, underwriting standards, risk management practices or economic conditions. The results of the analysis are evaluated quarterly to confirm an appropriate historical time frame is selected for each commercial loan type. The allowance recorded for impaired loans greater than $5 million in the commercial lending segment is based on an individual loan analysis utilizing expected cash flows discounted using the original effective interest rate, the observable market price of the loan, or the fair value of the collateral, less selling costs, for collateral-dependent loans, rather than the migration analysis. The allowance recorded for all other commercial lending segment loans is determined on a homogenous pool basis and includes consideration of product mix, risk characteristics of the portfolio, bankruptcy experience, portfolio growth and historical losses, adjusted for current trends. The Company also considers the impacts of any loan modifications made to commercial lending segment loans and any subsequent payment defaults to its expectations of cash flows, principal balance, and current expectations about the borrower’s ability to pay in determining the allowance for credit losses. The allowance recorded for Troubled Debt Restructuring (“TDR”) loans and purchased impaired loans in the consumer lending segment is determined on a homogenous pool basis utilizing expected cash flows discounted using the original effective interest rate of the pool, or the prior quarter effective rate, respectively. The allowance for collateral-dependent loans in the consumer lending segment is determined based on the fair value of the collateral less costs to sell. The allowance recorded for all other consumer lending segment loans is determined on a homogenous pool basis and includes consideration of product mix, risk characteristics of the portfolio, bankruptcy experience, delinquency status, refreshed loan-to-value ratios when possible, portfolio growth and historical losses, adjusted for current trends. The Company also considers any modifications made to consumer lending segment loans including the impacts of any subsequent payment defaults since modification in determining the allowance for credit losses, such as the borrower’s ability to pay under the restructured terms, and the timing and amount of payments. The allowance for the covered loan segment is evaluated each quarter in a manner similar to that described for non-covered loans and reflects decreases in expected cash flows of those loans after the acquisition date. The provision for credit losses for covered loans considers the indemnification provided by the FDIC. In addition, subsequent payment defaults on loan modifications considered TDRs are considered in the underlying factors used in the determination of the appropriateness of the allowance for credit losses. For each loan segment, the Company estimates future loan charge-offs through a variety of analysis, trends and underlying assumptions. With respect to the commercial lending segment, TDRs may be collectively evaluated for impairment where observed performance history, including defaults, is a primary driver of the loss allocation. For commercial TDRs individually evaluated for impairment, attributes of the borrower are the primary factors in determining the allowance for credit losses. However, historical loss experience is also incorporated into the allowance methodology applied to this category of loans. With respect to the consumer lending segment, performance of the portfolio, including defaults on TDRs, is considered when estimating future cash flows. The Company’s methodology for determining the appropriate allowance for credit losses for each loan segment also considers the imprecision inherent in the methodologies used. As a result, in addition to the amounts determined under the methodologies described above, management also considers the potential impact of other qualitative factors which include, but are not limited to, economic factors; geographic and other concentration risks; delinquency and nonaccrual trends; current business conditions; changes in lending policy, underwriting standards, internal review and other relevant business practices; and the regulatory environment. The consideration of these items results in adjustments to allowance amounts included in the Company’s allowance for credit losses for each of the above loan segments. The Company also assesses the credit risk associated with off-balance sheet loan commitments, letters of credit, and derivatives. Credit risk associated with derivatives is reflected in the fair values recorded for those positions. The liability for off-balance sheet credit exposure related to loan commitments and other credit guarantees is included in other liabilities. Because business processes and credit risks associated with unfunded credit commitments are essentially the same as for loans, the Company utilizes similar processes to estimate its liability for unfunded credit commitments. Credit Quality For all loan classes, loans are considered past due based on the number of days delinquent except for monthly amortizing loans which are classified delinquent based upon the number of contractually required payments not made (for example, two missed payments is considered 30 days delinquent). When a loan is placed on nonaccrual status, unpaid accrued interest is reversed. Commercial lending segment loans are generally placed on nonaccrual status when the collection of principal and interest has become 90 days past due or is otherwise considered doubtful. Commercial lending segment loans are generally fully or partially charged down to the fair value of the collateral securing the loan, less costs to sell, when the loan is considered uncollectible. Consumer lending segment loans are generally charged-off at a specific number of days or payments past due. Residential mortgages and other retail loans secured by 1-4 family properties are generally charged down to the fair value of the collateral securing the loan, less costs to sell, at 180 days past due, and placed on nonaccrual status in instances where a partial charge-off occurs unless the loan is well secured and in the process of collection. Loans and lines in a junior lien position secured by 1-4 family properties are placed on nonaccrual status at 120 days past due or when behind a first lien that has become 180 days or greater past due or placed on nonaccrual status. Any secured consumer lending segment loan whose borrower has had debt discharged through bankruptcy, for which the loan amount exceeds the fair value of the collateral, is charged down to the fair value of the related collateral and the remaining balance is placed on nonaccrual status. Credit card loans continue to accrue interest until the account is charged off. Credit cards are charged off at 180 days past due. Other retail loans not secured by 1-4 family properties are charged-off at 120 days past due; and revolving consumer lines are charged off at 180 days past due. Similar to credit cards, other retail loans are generally not placed on nonaccrual status because of the relative short period of time to charge-off. Certain retail customers having financial difficulties may have the terms of their credit card and other loan agreements modified to require only principal payments and, as such, are reported as nonaccrual. For all loan classes, interest payments received on nonaccrual loans are generally recorded as a reduction to a loan’s carrying amount while a loan is on nonaccrual and are recognized as interest income upon payoff of the loan. However, interest income may be recognized for interest payments if the remaining carrying amount of the loan is believed to be collectible. In certain circumstances, loans in any class may be restored to accrual status, such as when a loan has demonstrated sustained repayment performance or no amounts are past due and prospects for future payment are no longer in doubt; or when the loan becomes well secured and is in the process of collection. Loans where there has been a partial charge-off may be returned to accrual status if all principal and interest (including amounts previously charged-off) is expected to be collected and the loan is current. Covered loans not considered to be purchased impaired are evaluated for delinquency, nonaccrual status and charge-off consistent with the class of loan they would be included in had the loss share coverage not been in place. Generally, purchased impaired loans are considered accruing loans. However, the timing and amount of future cash flows for some loans is not reasonably estimable, and those loans are classified as nonaccrual loans with interest income not recognized until the timing and amount of the future cash flows can be reasonably estimated. The Company classifies its loan portfolios using internal credit quality ratings on a quarterly basis. These ratings include: pass, special mention and classified, and are an important part of the Company’s overall credit risk management process and evaluation of the allowance for credit losses. Loans with a pass rating represent those not classified on the Company’s rating scale for problem credits, as minimal credit risk has been identified. Special mention loans are those that have a potential weakness deserving management’s close attention. Classified loans are those where a well-defined weakness has been identified that may put full collection of contractual cash flows at risk. It is possible that others, given the same information, may reach different reasonable conclusions regarding the credit quality rating classification of specific loans. Troubled Debt Restructurings The Company has implemented certain restructuring programs that may result in TDRs. However, many of the Company’s TDRs are also determined on a case-by-case basis in connection with ongoing loan collection processes. For the commercial lending segment, modifications generally result in the Company working with borrowers on a case-by-case basis. Commercial and commercial real estate modifications generally include extensions of the maturity date and may be accompanied by an increase or decrease to the interest rate, which may not be deemed a market rate of interest. In addition, the Company may work with the borrower in identifying other changes that mitigate loss to the Company, which may include additional collateral or guarantees to support the loan. To a lesser extent, the Company may waive contractual principal. The Company classifies all of the above concessions as TDRs to the extent the Company determines that the borrower is experiencing financial difficulty. Modifications for the consumer lending segment are generally part of programs the Company has initiated. The Company participates in the U.S. Department of Treasury Home Affordable Modification Program (“HAMP”). HAMP gives qualifying homeowners an opportunity to permanently modify residential mortgage loans and achieve more affordable monthly payments, with the U.S. Department of Treasury compensating the Company for a portion of the reduction in monthly amounts due from borrowers participating in this program. The Company also modifies residential mortgage loans under Federal Housing Administration, Department of Veterans Affairs, or its own internal programs. Under these programs, the Company provides concessions to qualifying borrowers experiencing financial difficulties. The concessions may include adjustments to interest rates, conversion of adjustable rates to fixed rates, extension of maturity dates or deferrals of payments, capitalization of accrued interest and/or outstanding advances, or in limited situations, partial forgiveness of loan principal. In most instances, participation in residential mortgage loan restructuring programs requires the customer to complete a short-term trial period. A permanent loan modification is contingent on the customer successfully completing the trial period arrangement and the loan documents are not modified until that time. The Company reports loans in a trial period arrangement as TDRs and continues to report them as TDRs after the trial period. Credit card and other retail loan TDRs are generally part of distinct restructuring programs providing customers experiencing financial difficulty with modifications whereby balances may be amortized up to 60 months, and generally include waiver of fees and reduced interest rates. In addition, the Company considers secured loans to consumer borrowers that have debt discharged through bankruptcy where the borrower has not reaffirmed the debt to be TDRs. Modifications to loans in the covered segment are similar in nature to that described above for non-covered loans, and the evaluation and determination of TDR status is similar, except that acquired loans restructured after acquisition are not considered TDRs for accounting and disclosure purposes if the loans evidenced credit deterioration as of the acquisition date and are accounted for in pools. Losses associated with the modification on covered loans, including the economic impact of interest rate reductions, are generally eligible for reimbursement under loss sharing agreements with the FDIC. Impaired Loans Factors used by the Company in determining whether all principal and interest payments due on commercial and commercial real estate loans will be collected and therefore whether those loans are impaired include, but are not limited to, the financial condition of the borrower, collateral and/or guarantees on the loan, and the borrower’s estimated future ability to pay based on industry, geographic location and certain financial ratios. The evaluation of impairment on residential mortgages, credit card loans and other retail loans is primarily driven by delinquency status of individual loans or whether a loan has been modified, and considers any government guarantee where applicable. Individual covered loans, whose future losses are covered by loss sharing agreements with the FDIC that substantially reduce the risk of credit losses to the Company, are evaluated for impairment and accounted for in a manner consistent with the class of loan they would have been included in had the loss sharing coverage not been in place. Leases The investment in leveraged leases is the sum of all lease payments, less nonrecourse debt payments, plus estimated residual values, less unearned income. Income from leveraged leases is recognized over the term of the leases based on the unrecovered equity investment. Residual values on leased assets are reviewed regularly for other-than-temporary impairment. Residual valuations for retail automobile leases are based on independent assessments of expected used car sale prices at the end-of-term. Impairment tests are conducted based on these valuations considering the probability of the lessee returning the asset to the Company, re-marketing efforts, insurance coverage and ancillary fees and costs. Valuations for commercial leases are based upon external or internal management appraisals. When there is impairment of the Company’s interest in the residual value of a leased asset, the carrying value is reduced to the estimated fair value with the writedown recognized in the current period. Other Real Estate |
Indemnification Assets Related to FDIC Loss-Sharing Agreements | Effective January 1, 2013, the Company amortizes any reduction in expected cash flows from the FDIC resulting from increases in expected cash flows from the covered assets (when there are no previous valuation allowances to reverse) over the shorter of the remaining contractual term of the indemnification agreements or the remaining life of the covered assets. Prior to January 1, 2013, the Company considered such increases in expected cash flows of purchased loans and decreases in expected cash flows of the FDIC indemnification assets together and recognized them over the remaining life of the loans. |
Loans Held for Sale | LOANS HELD FOR SALE Loans held for sale (“LHFS”) represent mortgage loans intended to be sold in the secondary market and other loans that management has an active plan to sell. LHFS are carried at the lower-of-cost-or-fair value as determined on an aggregate basis by type of loan with the exception of loans for which the Company has elected fair value accounting, which are carried at fair value. The credit component of any writedowns upon the transfer of loans to LHFS is reflected in loan charge-offs. Where an election is made to carry the LHFS at fair value, any change in fair value is recognized in noninterest income. Where an election is made to carry LHFS at lower-of-cost-or-fair value, any further decreases are recognized in noninterest income and increases in fair value above the loan cost basis are not recognized until the loans are sold. Fair value elections are made at the time of origination or purchase based on the Company’s fair value election policy. The Company has elected fair value accounting for substantially all its mortgage loans held for sale (“MLHFS”). |
Derivative Financial Instruments | DERIVATIVE FINANCIAL INSTRUMENTS In the ordinary course of business, the Company enters into derivative transactions to manage various risks and to accommodate the business requirements of its customers. Derivative instruments are reported in other assets or other liabilities at fair value. Changes in a derivative’s fair value are recognized currently in earnings unless specific hedge accounting criteria are met. All derivative instruments that qualify and are designated for hedge accounting are recorded at fair value and classified as either a hedge of the fair value of a recognized asset or liability (“fair value hedge”); a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”); or a hedge of the volatility of an investment in foreign operations driven by changes in foreign currency exchange rates (“net investment hedge”). Changes in the fair value of a derivative that is highly effective and designated as a fair value hedge, and the offsetting changes in the fair value of the hedged item, are recorded in earnings. Changes in the fair value of a derivative that is highly effective and designated as a cash flow hedge are recorded in other comprehensive income (loss) until cash flows of the hedged item are realized. Any change in fair value resulting from hedge ineffectiveness is immediately recorded in noninterest income. Changes in the fair value of net investment hedges that are highly effective are recorded in other comprehensive income (loss). The Company performs an assessment, at inception and, at a minimum, quarterly thereafter, to determine the effectiveness of the derivative in offsetting changes in the value or cash flows of the hedged item(s). If a derivative designated as a cash flow hedge is terminated or ceases to be highly effective, the gain or loss in other comprehensive income (loss) is amortized to earnings over the period the forecasted hedged transactions impact earnings. If a hedged forecasted transaction is no longer probable, hedge accounting is ceased and any gain or loss included in other comprehensive income (loss) is reported in earnings immediately, unless the forecasted transaction is at least reasonably possible of occurring, whereby the amounts remain within other comprehensive income (loss). |
Revenue Recognition | REVENUE RECOGNITION The Company recognizes revenue as it is earned based on contractual terms, as transactions occur, or as services are provided and collectability is reasonably assured. In certain circumstances, noninterest income is reported net of associated expenses that are directly related to variable volume-based sales or revenue sharing arrangements or when the Company acts on an agency basis for others. Certain specific policies include the following: Credit and Debit Card Revenue Corporate Payment Products Revenue Merchant Processing Services Trust and Investment Management Fees Deposit Service Charges Commercial Products Revenue Mortgage Banking Revenue |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets |
Income Taxes | Income Taxes |
Mortgage Servicing Rights | Mortgage Servicing Rights |
Pensions | Pensions |
Premises and Equipment | Premises and Equipment Capitalized leases, less accumulated amortization, are included in premises and equipment. Capitalized lease obligations are included in long-term debt. Capitalized leases are amortized on a straight-line basis over the lease term and the amortization is included in depreciation expense. |
Stock-Based Compensation | Stock-Based Compensation |
Per Share Calculations | Per Share Calculations |
Accounting Changes | Revenue Recognition This guidance amends certain currently existing revenue recognition accounting guidance and allows for either retrospective application to all periods presented or a modified retrospective approach where the guidance would only be applied to existing contracts in effect at the adoption date and new contracts going forward. The Company is currently evaluating the impact of this guidance under the modified retrospective approach and expects the adoption will not be material to its financial statements. Consolidation |
Accounting for Transfers and Servicing of Financial Assets | In accordance with the accounting guidance for asset transfers, the Company considers any ongoing involvement with transferred assets in determining whether the assets can be derecognized from the balance sheet. Guarantees provided to certain third parties in connection with the transfer of assets are further discussed in Note 23. For loans sold under participation agreements, the Company also considers whether the terms of the loan participation agreement meet the accounting definition of a participating interest. With the exception of servicing and certain performance-based guarantees, the Company’s continuing involvement with financial assets sold is minimal and generally limited to market customary representation and warranty clauses. Any gain or loss on sale depends on the previous carrying amount of the transferred financial assets, the consideration received, and any liabilities incurred in exchange for the transferred assets. Upon transfer, any servicing assets and other interests that continue to be held by the Company are initially recognized at fair value. For further information on MSRs, refer to Note 10. On a limited basis, the Company may acquire and package high-grade corporate bonds for select corporate customers, in which the Company generally has no continuing involvement with these transactions. Additionally, the Company is an authorized GNMA issuer and issues GNMA securities on a regular basis. The Company has no other asset securitizations or similar asset-backed financing arrangements that are off-balance sheet. |
Variable Interest Entities | The Company is not required to consolidate VIEs in which it has concluded it does not have a controlling financial interest, and thus is not the primary beneficiary. In such cases, the Company does not have both the power to direct the entities’ most significant activities and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIEs. The Company’s investments in these unconsolidated VIEs are carried in other assets on the Consolidated Balance Sheet. The Company’s unfunded capital and other commitments related to these unconsolidated VIEs are generally carried in other liabilities on the Consolidated Balance Sheet. The Company’s maximum exposure to loss from these unconsolidated VIEs include the investment recorded on the Company’s Consolidated Balance Sheet, net of unfunded capital commitments, and previously recorded tax credits which remain subject to recapture by taxing authorities based on compliance features required to be met at the project level. While the Company believes potential losses from these investments are remote, the maximum exposure was determined by assuming a scenario where the community-based business and housing projects completely fail and do not meet certain government compliance requirements resulting in recapture of the related tax credits. The Company is required to consolidate VIEs in which it has concluded it has a controlling financial interest. The Company sponsors entities to which it transfers its interests in tax-advantaged investments to third parties. The majority of the assets of these consolidated VIEs are reported in other assets, and the liabilities are reported in long-term debt and other liabilities. The assets of a particular VIE are the primary source of funds to settle its obligations. The creditors of the VIEs do not have recourse to the general credit of the Company. The Company’s exposure to the consolidated VIEs is generally limited to the carrying value of its variable interests plus any related tax credits previously recognized or transferred to others with a guarantee. |
Netting Arrangements for Certain Financial Instruments | Irrespective of how derivatives are traded, the Company’s derivative contracts include offsetting rights (referred to as netting arrangements), and depending on expected volume, credit risk, and counterparty preference, collateral maintenance may be required. For all derivatives under collateral support arrangements, fair value is determined daily and, depending on the collateral maintenance requirements, the Company and a counterparty may receive or deliver collateral, based upon the net fair value of all derivative positions between the Company and the counterparty. Collateral is typically cash, but securities may be allowed under collateral arrangements with certain counterparties. Receivables and payables related to cash collateral are included in other assets and other liabilities on the Consolidated Balance Sheet, along with the related derivative asset and liability fair values. Any securities pledged to counterparties as collateral remain on the Consolidated Balance Sheet. Securities received from counterparties as collateral are not recognized on the Consolidated Balance Sheet, unless the counterparty defaults. In general, securities used as collateral can be sold, repledged or otherwise used by the party in possession. No restrictions exist on the use of cash collateral by either party. Refer to Note 20 for further discussion of the Company’s derivatives, including collateral arrangements. As part of the Company’s treasury and broker-dealer operations, the Company executes transactions that are treated as securities sold under agreements to repurchase or securities purchased under agreements to resell, both of which are accounted for as collateralized financings. Securities sold under agreements to repurchase include repurchase agreements and securities loaned transactions. Securities purchased under agreements to resell include reverse repurchase agreements and securities borrowed transactions. For securities sold under agreements to repurchase, the Company records a liability for the cash received, which is included in short-term borrowings on the Consolidated Balance Sheet. For securities purchased under agreements to resell, the Company records a receivable for the cash paid, which is included in other assets on the Consolidated Balance Sheet. Securities transferred to counterparties under repurchase agreements and securities loaned transactions continue to be recognized on the Consolidated Balance Sheet, are measured at fair value, and are included in investment securities or other assets. Securities received from counterparties under reverse repurchase agreements and securities borrowed transactions are not recognized on the Consolidated Balance Sheet unless the counterparty defaults. The securities transferred under repurchase and reverse repurchase transactions typically are U.S. Treasury and agency securities or residential agency mortgage-backed securities. The securities loaned or borrowed typically are corporate debt securities traded by the Company’s broker-dealer. In general, the securities transferred can be sold, repledged or otherwise used by the party in possession. No restrictions exist on the use of cash collateral by either party. Repurchase/reverse repurchase and securities loaned/borrowed transactions expose the Company to counterparty risk. The Company manages this risk by performing assessments, independent of business line managers, and establishing concentration limits on each counterparty. Additionally, these transactions include collateral arrangements that require the fair values of the underlying securities to be determined daily, resulting in cash being obtained or refunded to counterparties to maintain specified collateral levels. At December 31, 2015, the Company had no outstanding securities loaned transactions. The Company executes its derivative, repurchase/reverse repurchase and securities loaned/borrowed transactions under the respective industry standard agreements. These agreements include master netting arrangements that allow for multiple contracts executed with the same counterparty to be viewed as a single arrangement. This allows for net settlement of a single amount on a daily basis. In the event of default, the master netting arrangement provides for close-out netting, which allows all of these positions with the defaulting counterparty to be terminated and net settled with a single payment amount. The Company has elected to offset the assets and liabilities under netting arrangements for the balance sheet presentation of the majority of its derivative counterparties, excluding centrally cleared derivative contracts due to current uncertainty about the legal enforceability of netting arrangements with the clearinghouses. The netting occurs at the counterparty level, and includes all assets and liabilities related to the derivative contracts, including those associated with cash collateral received or delivered. The Company has not elected to offset the assets and liabilities under netting arrangements for the balance sheet presentation of repurchase/reverse repurchase and securities loaned/borrowed transactions. |
Fair Values of Assets and Liabilities | The Company uses fair value measurements for the initial recording of certain assets and liabilities, periodic remeasurement of certain assets and liabilities, and disclosures. Derivatives, trading and available-for-sale investment securities, MSRs and substantially all MLHFS are recorded at fair value on a recurring basis. Additionally, from time to time, the Company may be required to record at fair value other assets on a nonrecurring basis, such as loans held for sale, loans held for investment and certain other assets. These nonrecurring fair value adjustments typically involve application of lower-of-cost-or-fair value accounting or impairment write-downs of individual assets. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A fair value measurement reflects all of the assumptions that market participants would use in pricing the asset or liability, including assumptions about the risk inherent in a particular valuation technique, the effect of a restriction on the sale or use of an asset and the risk of nonperformance. The Company groups its assets and liabilities measured at fair value into a three-level hierarchy for valuation techniques used to measure financial assets and financial liabilities at fair value. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are: – Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 1 includes U.S. Treasury securities, as well as exchange-traded instruments, including certain perpetual preferred and corporate debt securities. – Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 includes debt securities that are traded less frequently than exchange-traded instruments and which are typically valued using third party pricing services; derivative contracts and other assets and liabilities, including securities, whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data; and MLHFS whose values are determined using quoted prices for similar assets or pricing models with inputs that are observable in the market or can be corroborated by observable market data. – Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose values are determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. This category includes MSRs, certain debt securities and certain derivative contracts. When the Company changes its valuation inputs for measuring financial assets and financial liabilities at fair value, either due to changes in current market conditions or other factors, it may need to transfer those assets or liabilities to another level in the hierarchy based on the new inputs used. The Company recognizes these transfers at the end of the reporting period in which the transfers occur. During the years ended December 31, 2015, 2014 and 2013, there were no transfers of financial assets or financial liabilities between the hierarchy levels. The Company has processes and controls in place to increase the reliability of estimates it makes in determining fair value measurements. Items quoted on an exchange are verified to the quoted price. Items provided by a third party pricing service are subject to price verification procedures as described in more detail in the specific valuation discussions below. For fair value measurements modeled internally, the Company’s valuation models are subject to the Company’s Model Risk Governance Policy and Program, as maintained by the Company’s risk management department. The purpose of model validation is to assess the accuracy of the models’ input, processing, and reporting components. All models are required to be independently reviewed and approved prior to being placed in use, and are subject to formal change control procedures. Under the Company’s Model Risk Governance Policy, models are required to be reviewed at least annually to ensure they are operating as intended. Inputs into the models are market observable inputs whenever available. When market observable inputs are not available, the inputs are developed based upon analysis of historical experience and evaluation of other relevant market data. Significant unobservable model inputs are subject to review by senior management in corporate functions, who are independent from the modeling. Significant unobservable model inputs are also compared to actual results, typically on a quarterly basis. Significant Level 3 fair value measurements are also subject to corporate-level review and are benchmarked to market transactions or other market data, when available |
Significant Accounting Polici34
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Line of Business Financial Performance | TABLE 25 Wholesale Banking and Commercial Real Estate Consumer and Small Business Banking Year Ended December 31 (Dollars in Millions) 2015 2014 Percent 2015 2014 Percent Condensed Income Statement Net interest income (taxable-equivalent basis) $ 2,034 $ 2,030 .2 % $ 4,617 $ 4,717 (2.1 )% Noninterest income 890 965 (7.8 ) 2,497 2,601 (4.0 ) Securities gains (losses), net – – – – – – Total net revenue 2,924 2,995 (2.4 ) 7,114 7,318 (2.8 ) Noninterest expense 1,295 1,224 5.8 4,818 4,552 5.8 Other intangibles 4 4 – 40 40 – Total noninterest expense 1,299 1,228 5.8 4,858 4,592 5.8 Income before provision and income taxes 1,625 1,767 (8.0 ) 2,256 2,726 (17.2 ) Provision for credit losses 235 51 * 127 393 (67.7 ) Income before income taxes 1,390 1,716 (19.0 ) 2,129 2,333 (8.7 ) Income taxes and taxable-equivalent adjustment 506 624 (18.9 ) 775 850 (8.8 ) Net income 884 1,092 (19.0 ) 1,354 1,483 (8.7 ) Net (income) loss attributable to noncontrolling interests – – – – – – Net income attributable to U.S. Bancorp $ 884 $ 1,092 (19.0 ) $ 1,354 $ 1,483 (8.7 ) Average Balance Sheet Commercial $ 64,369 $ 57,864 11.2 % $ 10,051 $ 9,070 10.8 % Commercial real estate 19,415 18,452 5.2 19,006 18,825 1.0 Residential mortgages 8 12 (33.3 ) 50,007 50,405 (.8 ) Credit card – – – – – – Other retail 2 4 (50.0 ) 46,964 46,220 1.6 Total loans, excluding covered loans 83,794 76,332 9.8 126,028 124,520 1.2 Covered loans – 190 * 4,934 5,780 (14.6 ) Total loans 83,794 76,522 9.5 130,962 130,300 .5 Goodwill 1,647 1,627 1.2 3,682 3,603 2.2 Other intangible assets 20 21 (4.8 ) 2,594 2,674 (3.0 ) Assets 92,205 83,787 10.0 147,832 144,137 2.6 Noninterest-bearing deposits 36,018 32,302 11.5 26,137 23,743 10.1 Interest checking 7,436 10,557 (29.6 ) 39,957 36,222 10.3 Savings products 28,047 18,321 53.1 53,813 49,974 7.7 Time deposits 15,025 18,140 (17.2 ) 15,829 17,951 (11.8 ) Total deposits 86,526 79,320 9.1 135,736 127,890 6.1 Total U.S. Bancorp shareholders’ equity 8,251 7,568 9.0 10,953 11,484 (4.6 ) * Not meaningful Wealth Management and Securities Services Payment Services Treasury and Corporate Support Consolidated Company 2015 2014 Percent 2015 2014 Percent 2015 2014 Percent 2015 2014 Percent $ 386 $ 383 .8 % $ 1,930 $ 1,749 10.3 % $ 2,247 $ 2,118 6.1 % $ 11,214 $ 10,997 2.0 % 1,466 1,396 5.0 3,371 3,292 2.4 868 907 (4.3 ) 9,092 9,161 (.8 ) – – – – – – – 3 * – 3 * 1,852 1,779 4.1 5,301 5,041 5.2 3,115 3,028 2.9 20,306 20,161 .7 1,420 1,343 5.7 2,540 2,310 10.0 684 1,087 (37.1 ) 10,757 10,516 2.3 28 33 (15.2 ) 102 122 (16.4 ) – – – 174 199 (12.6 ) 1,448 1,376 5.2 2,642 2,432 8.6 684 1,087 (37.1 ) 10,931 10,715 2.0 404 403 .2 2,659 2,609 1.9 2,431 1,941 25.2 9,375 9,446 (.8 ) – 9 * 787 766 2.7 (17 ) 10 * 1,132 1,229 (7.9 ) 404 394 2.5 1,872 1,843 1.6 2,448 1,931 26.8 8,243 8,217 .3 147 143 2.8 681 670 1.6 201 22 * 2,310 2,309 – 257 251 2.4 1,191 1,173 1.5 2,247 1,909 17.7 5,933 5,908 .4 – – – (31 ) (35 ) 11.4 (23 ) (22 ) (4.5 ) (54 ) (57 ) 5.3 $ 257 $ 251 2.4 $ 1,160 $ 1,138 1.9 $ 2,224 $ 1,887 17.9 $ 5,879 $ 5,851 .5 $ 2,321 $ 1,964 18.2 % $ 7,059 $ 6,542 7.9 % $ 283 $ 294 (3.7 )% $ 84,083 $ 75,734 11.0 % 571 602 (5.1 ) – – – 3,423 2,713 26.2 42,415 40,592 4.5 1,816 1,392 30.5 – – – 9 9 – 51,840 51,818 – – – – 18,057 17,635 2.4 – – – 18,057 17,635 2.4 1,517 1,457 4.1 596 672 (11.3 ) – – – 49,079 48,353 1.5 6,225 5,415 15.0 25,712 24,849 3.5 3,715 3,016 23.2 245,474 234,132 4.8 1 5 (80.0 ) – 5 * 50 1,580 (96.8 ) 4,985 7,560 (34.1 ) 6,226 5,420 14.9 25,712 24,854 3.5 3,765 4,596 (18.1 ) 250,459 241,692 3.6 1,567 1,568 (.1 ) 2,474 2,514 (1.6 ) – – – 9,370 9,312 .6 126 159 (20.8 ) 411 484 (15.1 ) – – – 3,151 3,338 (5.6 ) 9,178 8,500 8.0 31,796 31,097 2.2 127,854 112,483 13.7 408,865 380,004 7.6 14,469 15,157 (4.5 ) 879 740 18.8 1,700 1,513 12.4 79,203 73,455 7.8 7,944 5,877 35.2 605 555 9.0 32 37 (13.5 ) 55,974 53,248 5.1 33,984 29,361 15.7 91 78 16.7 481 439 9.6 116,416 98,173 18.6 3,344 3,901 (14.3 ) – – – 1,360 1,772 (23.3 ) 35,558 41,764 (14.9 ) 59,741 54,296 10.0 1,575 1,373 14.7 3,573 3,761 (5.0 ) 287,151 266,640 7.7 2,308 2,284 1.1 5,868 5,697 3.0 17,433 15,804 10.3 44,813 42,837 4.6 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | TABLE 13 Available-for-Sale Held-to-Maturity At December 31, 2015 (Dollars in Millions) Amortized Fair Weighted- Weighted- (e) Amortized Fair Weighted- Weighted- (e) U.S. Treasury and Agencies Maturing in one year or less $ 476 $ 477 .4 2.38 % $ – $ – – – % Maturing after one year through five years 1,387 1,393 2.5 1.38 1,097 1,103 2.7 1.42 Maturing after five years through ten years 2,747 2,725 6.8 2.05 1,828 1,816 6.9 2.14 Maturing after ten years 1 1 11.7 4.15 – – – – Total $ 4,611 $ 4,596 4.8 1.88 % $ 2,925 $ 2,919 5.3 1.87 % Mortgage-Backed Securities (a) Maturing in one year or less $ 360 $ 363 .6 2.25 % $ 210 $ 210 .7 2.08 % Maturing after one year through five years 32,988 33,030 4.1 1.92 31,258 31,130 3.7 2.07 Maturing after five years through ten years 16,468 16,466 5.7 1.44 8,933 8,962 5.5 1.44 Maturing after ten years 829 827 12.3 1.41 219 220 11.7 1.36 Total $ 50,645 $ 50,686 4.7 1.76 % $ 40,620 $ 40,522 4.2 1.92 % Asset-Backed Securities (a) Maturing in one year or less $ – $ – – – % $ – $ 1 .1 1.01 % Maturing after one year through five years 194 199 3.4 3.27 6 8 3.4 1.05 Maturing after five years through ten years 354 361 5.9 2.75 3 3 6.3 1.17 Maturing after ten years – – – – 1 7 11.8 1.18 Total $ 548 $ 560 5.0 2.94 % $ 10 $ 19 5.2 1.10 % Obligations of State and Political Subdivisions (b)(c) Maturing in one year or less $ 2,175 $ 2,216 .5 7.04 % $ – $ – .5 11.31 % Maturing after one year through five years 1,976 2,072 1.8 6.87 1 1 2.6 8.03 Maturing after five years through ten years 881 902 7.4 5.52 3 3 8.9 3.94 Maturing after ten years 117 126 14.5 7.15 4 4 10.5 2.32 Total $ 5,149 $ 5,316 2.5 6.72 % $ 8 $ 8 9.1 3.49 % Other Debt Securities Maturing in one year or less $ – $ – – – % $ 1 $ 1 .6 1.64 % Maturing after one year through five years – – – – 26 24 3.8 1.27 Maturing after five years through ten years – – – – – – – – Maturing after ten years 677 610 17.6 2.61 – – – – Total $ 677 $ 610 17.6 2.61 % $ 27 $ 25 3.6 1.28 % Other Investments $ 187 $ 229 22.9 4.59 % $ – $ – – – % Total investment securities (d) $ 61,817 $ 61,997 4.7 2.21 % $ 43,590 $ 43,493 4.2 1.92 % (a) Information related to asset and mortgage-backed securities included above is presented based upon weighted-average maturities anticipating future prepayments. (b) Information related to obligations of state and political subdivisions is presented based upon yield to first optional call date if the security is purchased at a premium, yield to maturity if purchased at par or a discount. (c) Maturity calculations for obligations of state and political subdivisions are based on the first optional call date for securities with a fair value above par and contractual maturity for securities with a fair value equal to or below par. (d) The weighted-average maturity of the available-for-sale investment securities was 4.3 years at December 31, 2014, with a corresponding weighted-average yield of 2.32 percent. The weighted-average maturity of the held-to-maturity investment securities was 4.0 years at December 31, 2014, with a corresponding weighted-average yield of 1.92 percent. (e) Average yields are presented on a fully-taxable equivalent basis under a tax rate of 35 percent. Yields on available-for-sale and held-to-maturity investment securities are computed based on amortized cost balances, excluding any premiums or discounts recorded related to the transfer of investment securities at fair value from available-for-sale to held-to-maturity. Average yield and maturity calculations exclude equity securities that have no stated yield or maturity. 2015 2014 At December 31 (Dollars in Millions) Amortized Percent Amortized Percent U.S. Treasury and agencies $ 7,536 7.2 % $ 5,339 5.3 % Mortgage-backed securities 91,265 86.6 87,645 87.3 Asset-backed securities 558 .5 638 .6 Obligations of state and political subdivisions 5,157 4.9 5,613 5.6 Other debt securities and investments 891 .8 1,171 1.2 Total investment securities $ 105,407 100.0 % $ 100,406 100.0 % |
Investment Securities Held-to-Maturity | The amortized cost, other-than-temporary impairment recorded in other comprehensive income (loss), gross unrealized holding gains and losses, and fair value of held-to-maturity and available-for-sale investment securities at December 31 were as follows: 2015 2014 Unrealized Losses Unrealized Losses (Dollars in Millions) Amortized Unrealized Other-than- (e) Other (f) Fair Value Amortized Unrealized Other-than- (e) Other (f) Fair Value Held-to-maturity (a) U.S. Treasury and agencies $ 2,925 $ 14 $ – $ (20 ) $ 2,919 $ 2,717 $ 15 $ – $ (18 ) $ 2,714 Mortgage-backed securities Residential Agency 40,619 175 – (273 ) 40,521 42,204 335 – (176 ) 42,363 Non-agency non-prime (d) 1 – – – 1 1 – – – 1 Asset-backed securities Collateralized debt obligations/Collateralized loan obligations – 6 – – 6 – 7 – – 7 Other 10 3 – – 13 13 4 – – 17 Obligations of state and political subdivisions 8 1 – (1 ) 8 9 1 – (1 ) 9 Obligations of foreign governments 9 – – – 9 9 – – – 9 Other debt securities 18 – – (2 ) 16 21 – – (1 ) 20 Total held-to- $ 43,590 $ 199 $ – $ (296 ) $ 43,493 $ 44,974 $ 362 $ – $ (196 ) $ 45,140 (a) Held-to-maturity investment securities are carried at historical cost or at fair value at the time of transfer from the available-for-sale to held-to-maturity category, adjusted for amortization of premiums and accretion of discounts and credit-related other-than-temporary impairment. (b) Available-for-sale investment securities are carried at fair value with unrealized net gains or losses reported within accumulated other comprehensive income (loss) in shareholders’ equity. (c) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads). When the Company determines the designation, prime securities typically have a weighted average credit score of 725 or higher and a loan-to-value of 80 percent or lower; however, other pool characteristics may result in designations that deviate from these credit score and loan-to-value thresholds. (d) Includes all securities not meeting the conditions to be designated as prime. (e) Represents impairment not related to credit for those investment securities that have been determined to be other-than-temporarily impaired. (f) Represents unrealized losses on investment securities that have not been determined to be other-than-temporarily impaired. |
Investment Securities Available-for-Sale | The amortized cost, other-than-temporary impairment recorded in other comprehensive income (loss), gross unrealized holding gains and losses, and fair value of held-to-maturity and available-for-sale investment securities at December 31 were as follows: 2015 2014 Unrealized Losses Unrealized Losses (Dollars in Millions) Amortized Unrealized Other-than- (e) Other (f) Fair Value Amortized Unrealized Other-than- (e) Other (f) Fair Value Available-for-sale (b) U.S. Treasury and agencies $ 4,611 $ 12 $ – $ (27 ) $ 4,596 $ 2,622 $ 14 $ – $ (4 ) $ 2,632 Mortgage-backed securities Residential Agency 50,056 384 – (364 ) 50,076 44,668 593 – (244 ) 45,017 Non-agency Prime (c) 316 6 (3 ) (1 ) 318 399 9 (2 ) (1 ) 405 Non-prime (d) 221 20 (1 ) – 240 261 20 (1 ) – 280 Commercial agency 52 – – – 52 112 3 – – 115 Asset-backed securities Collateralized debt obligations/Collateralized loan obligations 16 3 – – 19 18 4 – – 22 Other 532 9 – – 541 607 13 – (1 ) 619 Obligations of state and political subdivisions 5,149 169 – (2 ) 5,316 5,604 265 – (1 ) 5,868 Obligations of foreign governments – – – – – 6 – – – 6 Corporate debt securities 677 3 – (70 ) 610 690 3 – (79 ) 614 Perpetual preferred securities 153 20 – (12 ) 161 200 27 – (10 ) 217 Other investments 34 34 – – 68 245 29 – – 274 Total available-for-sale $ 61,817 $ 660 $ (4 ) $ (476 ) $ 61,997 $ 55,432 $ 980 $ (3 ) $ (340 ) $ 56,069 (a) Held-to-maturity investment securities are carried at historical cost or at fair value at the time of transfer from the available-for-sale to held-to-maturity category, adjusted for amortization of premiums and accretion of discounts and credit-related other-than-temporary impairment. (b) Available-for-sale investment securities are carried at fair value with unrealized net gains or losses reported within accumulated other comprehensive income (loss) in shareholders’ equity. (c) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads). When the Company determines the designation, prime securities typically have a weighted average credit score of 725 or higher and a loan-to-value of 80 percent or lower; however, other pool characteristics may result in designations that deviate from these credit score and loan-to-value thresholds. (d) Includes all securities not meeting the conditions to be designated as prime. (e) Represents impairment not related to credit for those investment securities that have been determined to be other-than-temporarily impaired. (f) Represents unrealized losses on investment securities that have not been determined to be other-than-temporarily impaired. |
Amount of Interest Income from Taxable and Non-Taxable Investment Securities | The following table provides information about the amount of interest income from taxable and non-taxable investment securities: Year Ended December 31 (Dollars in Millions) 2015 2014 2013 Taxable $ 1,778 $ 1,634 $ 1,375 Non-taxable 223 232 256 Total interest income from investment securities $ 2,001 $ 1,866 $ 1,631 |
Amount of Gross Gains and Losses Realized through Sales of Available-for-sale Investment Securities | The following table provides information about the amount of gross gains and losses realized through the sales of available-for-sale investment securities: Year Ended December 31 (Dollars in Millions) 2015 2014 2013 Realized gains $ 7 $ 11 $ 23 Realized losses (6 ) – – Net realized gains (losses) $ 1 $ 11 $ 23 Income tax (benefit) on net realized gains (losses) $ – $ 4 $ 9 |
Changes in Credit Losses on Debt Securities | Changes in the credit losses on debt securities are summarized as follows: Year Ended December 31 (Dollars in Millions) 2015 2014 2013 Balance at beginning of period $ 101 $ 116 $ 134 Additions to Credit Losses Due to Other-than-temporary Impairments Decreases in expected cash flows on securities for which other-than-temporary impairment was previously recognized 1 3 14 Total other-than-temporary impairment on debt securities 1 3 14 Other Changes in Credit Losses Increases in expected cash flows (3 ) (5 ) (2 ) Realized losses (a) (15 ) (13 ) (23 ) Credit losses on security sales and securities expected to be sold – – (7 ) Balance at end of period $ 84 $ 101 $ 116 (a) Primarily represents principal losses allocated to mortgage and asset-backed securities in the Company’s portfolio under the terms of the securitization transaction documents. |
Gross Unrealized Losses and Fair Value of Company's Investment Securities | The following table shows the gross unrealized losses and fair value of the Company’s investment securities with unrealized losses, aggregated by investment category and length of time the individual investment securities have been in continuous unrealized loss positions, at December 31, 2015: Less Than 12 Months 12 Months or Greater Total (Dollars in Millions) Fair Value Unrealized Fair Unrealized Fair Value Unrealized Held-to-maturity U.S. Treasury and agencies $ 1,306 $ (19 ) $ 60 $ (1 ) $ 1,366 $ (20 ) Residential agency mortgage-backed securities 17,819 (150 ) 4,156 (123 ) 21,975 (273 ) Other asset-backed securities – – 6 – 6 – Obligations of state and political subdivisions – – 2 (1 ) 2 (1 ) Other debt securities – – 17 (2 ) 17 (2 ) Total held-to-maturity $ 19,125 $ (169 ) $ 4,241 $ (127 ) $ 23,366 $ (296 ) Available-for-sale U.S. Treasury and agencies $ 2,919 $ (27 ) $ 8 $ – $ 2,927 $ (27 ) Residential mortgage-backed securities Agency 18,603 (171 ) 6,267 (193 ) 24,870 (364 ) Non-agency (a) Prime (b) 59 (1 ) 107 (3 ) 166 (4 ) Non-prime (c) – – 17 (1 ) 17 (1 ) Other asset-backed securities – – 2 – 2 – Obligations of state and political subdivisions 35 – 62 (2 ) 97 (2 ) Corporate debt securities – – 425 (70 ) 425 (70 ) Perpetual preferred securities – – 73 (12 ) 73 (12 ) Other investments 1 – – – 1 – Total available-for-sale $ 21,617 $ (199 ) $ 6,961 $ (281 ) $ 28,578 $ (480 ) (a) The Company had $5 million of unrealized losses on residential non-agency mortgage-backed securities. Credit-related other-than-temporary impairment on these securities may occur if there is further deterioration in the underlying collateral pool performance. Borrower defaults may increase if economic conditions worsen. Additionally, deterioration in home prices may increase the severity of projected losses. (b) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads). (c) Includes all securities not meeting the conditions to be designated as prime. |
Loans and Allowance for Credi36
Loans and Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Composition of Loan Portfolio | The composition of the loan portfolio at December 31, disaggregated by class and underlying specific portfolio type, was as follows: (Dollars in Millions) 2015 2014 Commercial Commercial $ 83,116 $ 74,996 Lease financing 5,286 5,381 Total commercial 88,402 80,377 Commercial Real Estate Commercial mortgages 31,773 33,360 Construction and development 10,364 9,435 Total commercial real estate 42,137 42,795 Residential Mortgages Residential mortgages 40,425 38,598 Home equity loans, first liens 13,071 13,021 Total residential mortgages 53,496 51,619 Credit Card 21,012 18,515 Other Retail Retail leasing 5,232 5,871 Home equity and second mortgages 16,384 15,916 Revolving credit 3,354 3,309 Installment 7,030 6,242 Automobile 16,587 14,822 Student 2,619 3,104 Total other retail 51,206 49,264 Total loans, excluding covered loans 256,253 242,570 Covered Loans 4,596 5,281 Total loans $ 260,849 $ 247,851 |
Changes in Accretable Balance for Purchased Impaired Loans | Changes in the accretable balance for purchased impaired loans for the years ended December 31, were as follows: (Dollars in Millions) 2015 2014 2013 Balance at beginning of period $ 1,309 $ 1,655 $ 1,709 Accretion (382 ) (441 ) (499 ) Disposals (132 ) (131 ) (172 ) Reclassifications from nonaccretable difference (a) 163 229 258 Other (b) (1 ) (3 ) 359 Balance at end of period $ 957 $ 1,309 $ 1,655 (a) Primarily relates to changes in expected credit performance. (b) The amount for the year ended December 31, 2013, primarily represents the reclassification of unamortized decreases in the FDIC asset, partially offset by the impact of changes in expectations about retaining covered single-family loans beyond the term of the indemnification agreements. |
Activity in Allowance for Credit Losses by Portfolio Type | Activity in the allowance for credit losses by portfolio class was as follows: (Dollars in Millions) Commercial Commercial Residential Credit Other Total Loans, Covered Total Balance at December 31, 2014 $ 1,146 $ 726 $ 787 $ 880 $ 771 $ 4,310 $ 65 $ 4,375 Add Provision for credit losses 361 (30 ) (47 ) 654 193 1,131 1 1,132 Deduct Loans charged off 314 22 135 726 319 1,516 – 1,516 Less recoveries of loans charged off (95 ) (50 ) (26 ) (75 ) (98 ) (344 ) – (344 ) Net loans charged off 219 (28 ) 109 651 221 1,172 – 1,172 Other changes (a) (1 ) – – – – (1 ) (28 ) (29 ) Balance at December 31, 2015 $ 1,287 $ 724 $ 631 $ 883 $ 743 $ 4,268 $ 38 $ 4,306 Balance at December 31, 2013 $ 1,075 $ 776 $ 875 $ 884 $ 781 $ 4,391 $ 146 $ 4,537 Add Provision for credit losses 266 (63 ) 107 657 278 1,245 (16 ) 1,229 Deduct Loans charged off 305 36 216 725 384 1,666 13 1,679 Less recoveries of loans charged off (110 ) (49 ) (21 ) (67 ) (96 ) (343 ) (2 ) (345 ) Net loans charged off 195 (13 ) 195 658 288 1,323 11 1,334 Other changes (a) – – – (3 ) – (3 ) (54 ) (57 ) Balance at December 31, 2014 $ 1,146 $ 726 $ 787 $ 880 $ 771 $ 4,310 $ 65 $ 4,375 Balance at December 31, 2012 $ 1,051 $ 857 $ 935 $ 863 $ 848 $ 4,554 $ 179 $ 4,733 Add Provision for credit losses 144 (114 ) 212 677 351 1,270 70 1,340 Deduct Loans charged off 246 92 297 739 523 1,897 37 1,934 Less recoveries of loans charged off (126 ) (125 ) (25 ) (83 ) (105 ) (464 ) (5 ) (469 ) Net loans charged off 120 (33 ) 272 656 418 1,433 32 1,465 Other changes (a) – – – – – – (71 ) (71 ) Balance at December 31, 2013 $ 1,075 $ 776 $ 875 $ 884 $ 781 $ 4,391 $ 146 $ 4,537 (a) Includes net changes in credit losses to be reimbursed by the FDIC and reductions in the allowance for covered loans where the reversal of a previously recorded allowance was offset by an associated decrease in the indemnification asset, and the impact of any loan sales. |
Additional Detail of Allowance for Credit Losses and Related Loan Balances by Portfolio Type | Additional detail of the allowance for credit losses by portfolio class was as follows: (Dollars in Millions) Commercial Commercial Residential Credit Other Total Loans, Covered Total Allowance Balance at December 31, 2015 Related to Loans individually evaluated for impairment (a) $ 11 $ 2 $ – $ – $ – $ 13 $ – $ 13 TDRs collectively evaluated for impairment 10 7 236 57 33 343 2 345 Other loans collectively evaluated for impairment 1,266 703 395 826 710 3,900 – 3,900 Loans acquired with deteriorated credit quality – 12 – – – 12 36 48 Total allowance for credit losses $ 1,287 $ 724 $ 631 $ 883 $ 743 $ 4,268 $ 38 $ 4,306 Allowance Balance at December 31, 2014 Related to Loans individually evaluated for impairment (a) $ 5 $ 4 $ – $ – $ – $ 9 $ – $ 9 TDRs collectively evaluated for impairment 12 12 319 61 41 445 4 449 Other loans collectively evaluated for impairment 1,129 678 468 819 730 3,824 1 3,825 Loans acquired with deteriorated credit quality – 32 – – – 32 60 92 Total allowance for credit losses $ 1,146 $ 726 $ 787 $ 880 $ 771 $ 4,310 $ 65 $ 4,375 (a) Represents the allowance for credit losses related to loans greater than $5 million classified as nonperforming or TDRs. Additional detail of loan balances by portfolio class was as follows: (Dollars in Millions) Commercial Commercial Residential Credit Other Total Loans, Covered (b) Total Loans December 31, 2015 Loans individually evaluated for impairment (a) $ 336 $ 41 $ 13 $ – $ – $ 390 $ – $ 390 TDRs collectively evaluated for impairment 138 235 4,241 210 211 5,035 35 5,070 Other loans collectively evaluated for impairment 87,927 41,566 49,241 20,802 50,995 250,531 2,059 252,590 Loans acquired with deteriorated credit quality 1 295 1 – – 297 2,502 2,799 Total loans $ 88,402 $ 42,137 $ 53,496 $ 21,012 $ 51,206 $ 256,253 $ 4,596 $ 260,849 December 31, 2014 Loans individually evaluated for impairment (a) $ 159 $ 128 $ 12 $ – $ – $ 299 $ – $ 299 TDRs collectively evaluated for impairment 124 393 4,653 240 237 5,647 34 5,681 Other loans collectively evaluated for impairment 80,093 41,744 46,953 18,275 49,027 236,092 2,463 238,555 Loans acquired with deteriorated credit quality 1 530 1 – – 532 2,784 3,316 Total loans $ 80,377 $ 42,795 $ 51,619 $ 18,515 $ 49,264 $ 242,570 $ 5,281 $ 247,851 (a) Represents loans greater than $5 million classified as nonperforming or TDRs. (b) Includes expected reimbursements from the FDIC under loss sharing agreements. |
Summary of Loans by Portfolio Type, Including Delinquency Status of those that Continue to Accrue Interest and are Nonperforming | The following table provides a summary of loans by portfolio class, including the delinquency status of those that continue to accrue interest, and those that are nonperforming: Accruing (Dollars in Millions) Current 30-89 Days 90 Days or Nonperforming Total December 31, 2015 Commercial $ 87,863 $ 317 $ 48 $ 174 $ 88,402 Commercial real estate 41,907 89 14 127 42,137 Residential mortgages (a) 52,438 170 176 712 53,496 Credit card 20,532 243 228 9 21,012 Other retail 50,745 224 75 162 51,206 Total loans, excluding covered loans 253,485 1,043 541 1,184 256,253 Covered loans 4,236 62 290 8 4,596 Total loans $ 257,721 $ 1,105 $ 831 $ 1,192 $ 260,849 December 31, 2014 Commercial $ 79,977 $ 247 $ 41 $ 112 $ 80,377 Commercial real estate 42,406 110 20 259 42,795 Residential mortgages (a) 50,330 221 204 864 51,619 Credit card 18,046 229 210 30 18,515 Other retail 48,764 238 75 187 49,264 Total loans, excluding covered loans 239,523 1,045 550 1,452 242,570 Covered loans 4,804 68 395 14 5,281 Total loans $ 244,327 $ 1,113 $ 945 $ 1,466 $ 247,851 (a) At December 31, 2015, $320 million of loans 30–89 days past due and $2.9 billion of loans 90 days or more past due purchased from Government National Mortgage Association (“GNMA”) mortgage pools whose repayments are insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs, were classified as current, compared with $431 million and $3.1 billion at December 31, 2014, respectively. |
Summary of Loans by Portfolio Type and Company's Internal Credit Quality Rating | The following table provides a summary of loans by portfolio class and the Company’s internal credit quality rating: Criticized (Dollars in Millions) Pass Special Classified (a) Total Total December 31, 2015 Commercial (b) $ 85,206 $ 1,629 $ 1,567 $ 3,196 $ 88,402 Commercial real estate 41,079 365 693 1,058 42,137 Residential mortgages (c) 52,548 2 946 948 53,496 Credit card 20,775 – 237 237 21,012 Other retail 50,899 6 301 307 51,206 Total loans, excluding covered loans 250,507 2,002 3,744 5,746 256,253 Covered loans 4,507 – 89 89 4,596 Total loans $ 255,014 $ 2,002 $ 3,833 $ 5,835 $ 260,849 Total outstanding commitments $ 539,614 $ 3,945 $ 4,845 $ 8,790 $ 548,404 December 31, 2014 Commercial (b) $ 78,409 $ 1,204 $ 764 $ 1,968 $ 80,377 Commercial real estate 41,322 451 1,022 1,473 42,795 Residential mortgages (c) 50,479 5 1,135 1,140 51,619 Credit card 18,275 – 240 240 18,515 Other retail 48,932 20 312 332 49,264 Total loans, excluding covered loans 237,417 1,680 3,473 5,153 242,570 Covered loans 5,164 – 117 117 5,281 Total loans $ 242,581 $ 1,680 $ 3,590 $ 5,270 $ 247,851 Total outstanding commitments $ 501,535 $ 2,964 $ 4,179 $ 7,143 $ 508,678 (a) Classified rating on consumer loans primarily based on delinquency status. (b) At December 31, 2015, $1.1 billion of loans to customers in energy-related businesses had a special mention or classified rating, compared with $122 million at December 31, 2014. (c) At December 31, 2015, $2.9 billion of GNMA loans 90 days or more past due and $1.9 billion of restructured GNMA loans whose repayments are insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs were classified with a pass rating, compared with $3.1 billion and $2.2 billion at December 31, 2014, respectively. |
Summary of Impaired Loans, which Include Nonaccrual and TDR Loans, by Portfolio Class | A summary of impaired loans, which include all nonaccrual and TDR loans, by portfolio class was as follows: (Dollars in Millions) Period-end (a) Unpaid Valuation Commitments December 31, 2015 Commercial $ 520 $ 1,110 $ 25 $ 154 Commercial real estate 336 847 11 1 Residential mortgages 2,575 3,248 199 – Credit card 210 210 57 – Other retail 309 503 35 4 Total loans, excluding GNMA and covered loans 3,950 5,918 327 159 Loans purchased from GNMA mortgage pools 1,913 1,913 40 – Covered loans 39 48 2 1 Total $ 5,902 $ 7,879 $ 369 $ 160 December 31, 2014 Commercial $ 329 $ 769 $ 21 $ 51 Commercial real estate 624 1,250 23 18 Residential mortgages 2,730 3,495 273 – Credit card 240 240 61 – Other retail 361 570 44 4 Total loans, excluding GNMA and covered loans 4,284 6,324 422 73 Loans purchased from GNMA mortgage pools 2,244 2,244 50 – Covered loans 43 55 4 1 Total $ 6,571 $ 8,623 $ 476 $ 74 (a) Substantially all loans classified as impaired at December 31, 2015 and 2014, had an associated allowance for credit losses. The total amount of interest income recognized during 2015 on loans classified as impaired at December 31, 2015, excluding those acquired with deteriorated credit quality, was $274 million, compared to what would have been recognized at the original contractual terms of the loans of $370 million. |
Impaired Loans Average Recorded Investment and Interest Income Recognized | Additional information on impaired loans for the years ended December 31 follows: (Dollars in Millions) Average Interest 2015 Commercial $ 383 $ 13 Commercial real estate 433 16 Residential mortgages 2,666 131 Credit card 221 4 Other retail 336 14 Total loans, excluding GNMA and covered loans 4,039 178 Loans purchased from GNMA mortgage pools 2,079 95 Covered loans 42 1 Total $ 6,160 $ 274 2014 Commercial $ 414 $ 9 Commercial real estate 592 26 Residential mortgages 2,742 140 Credit card 273 9 Other retail 377 17 Total loans, excluding GNMA and covered loans 4,398 201 Loans purchased from GNMA mortgage pools 2,609 124 Covered loans 334 15 Total $ 7,341 $ 340 2013 Commercial $ 382 $ 29 Commercial real estate 889 39 Residential mortgages 2,749 134 Credit card 366 16 Other retail 424 24 Total loans, excluding GNMA and covered loans 4,810 242 Loans purchased from GNMA mortgage pools 1,967 100 Covered loans 561 27 Total $ 7,338 $ 369 |
Summary of Loans Modified as TDRs | The following table provides a summary of loans modified as TDRs for the years ended December 31, by portfolio class: (Dollars in Millions) Number Pre-Modification Balance Post-Modification Balance 2015 Commercial 1,607 $ 385 $ 396 Commercial real estate 108 78 76 Residential mortgages 2,080 260 258 Credit card 26,772 133 134 Other retail 2,530 54 54 Total loans, excluding GNMA and covered loans 33,097 910 918 Loans purchased from GNMA mortgage pools 8,199 864 862 Covered loans 16 5 5 Total loans 41,312 $ 1,779 $ 1,785 2014 Commercial 2,027 $ 238 $ 203 Commercial real estate 78 80 71 Residential mortgages 2,089 271 274 Credit card 26,511 144 145 Other retail 2,833 61 61 Total loans, excluding GNMA and covered loans 33,538 794 754 Loans purchased from GNMA mortgage pools 8,961 1,000 1,013 Covered loans 43 15 14 Total loans 42,542 $ 1,809 $ 1,781 2013 Commercial 2,429 $ 166 $ 155 Commercial real estate 165 205 198 Residential mortgages 2,179 309 304 Credit card 26,669 160 161 Other retail 4,290 103 102 Total loans, excluding GNMA and covered loans 35,732 943 920 Loans purchased from GNMA mortgage pools 8,878 1,121 1,066 Covered loans 123 94 72 Total loans 44,733 $ 2,158 $ 2,058 |
Summary of Loans Modified as TDRs in the Past Twelve Months that have Subsequently Defaulted | The following table provides a summary of TDR loans that defaulted (fully or partially charged-off or became 90 days or more past due) for the years ended December 31, that were modified as TDRs within 12 months previous to default: (Dollars in Millions) Number Amount 2015 Commercial 494 $ 21 Commercial real estate 18 8 Residential mortgages 273 36 Credit card 6,286 29 Other retail 636 12 Total loans, excluding GNMA and covered loans 7,707 106 Loans purchased from GNMA mortgage pools 598 75 Covered loans 5 1 Total loans 8,310 $ 182 2014 Commercial 629 $ 44 Commercial real estate 22 12 Residential mortgages 611 86 Credit card 6,335 33 Other retail 845 24 Total loans, excluding GNMA and covered loans 8,442 199 Loans purchased from GNMA mortgage pools 876 102 Covered loans 14 5 Total loans 9,332 $ 306 2013 Commercial 642 $ 46 Commercial real estate 87 102 Residential mortgages 1,099 163 Credit card 6,640 37 Other retail 1,841 80 Total loans, excluding GNMA and covered loans 10,309 428 Loans purchased from GNMA mortgage pools 4,972 640 Covered loans 63 49 Total loans 15,344 $ 1,117 |
Carrying Amount of Covered Assets | The carrying amount of the covered assets at December 31, consisted of purchased impaired loans, purchased nonimpaired loans and other assets as shown in the following table: 2015 2014 (Dollars in Millions) Purchased Purchased Other Total Purchased Purchased Other Total Residential mortgage loans $ 2,502 $ 615 $ – $ 3,117 $ 2,784 $ 738 $ – $ 3,522 Other retail loans – 447 – 447 – 584 – 584 Losses reimbursable by the FDIC (a) – – 517 517 – – 717 717 Unamortized changes in FDIC asset (b) – – 515 515 – – 458 458 Covered loans 2,502 1,062 1,032 4,596 2,784 1,322 1,175 5,281 Foreclosed real estate – – 32 32 – – 37 37 Total covered assets $ 2,502 $ 1,062 $ 1,064 $ 4,628 $ 2,784 $ 1,322 $ 1,212 $ 5,318 (a) Relates to loss sharing agreements with remaining terms up to four years. (b) Represents decreases in expected reimbursements by the FDIC as a result of decreases in expected losses on the covered loans. These amounts are amortized as a reduction in interest income on covered loans over the shorter of the expected life of the respective covered loans or the remaining contractual term of the indemnification agreements. |
Commercial Loans by Industry Group and Geography Excluding Covered Loans | TABLE 7 2015 2014 At December 31 (Dollars in Millions) Loans Percent Loans Percent Industry Group Manufacturing $ 13,404 15.2 % $ 12,261 15.3 % Real estate, rental and leasing 9,514 10.8 7,779 9.7 Finance and insurance 8,288 9.4 7,799 9.7 Wholesale trade 8,069 9.1 7,350 9.1 Retail trade 6,846 7.7 6,428 8.0 Healthcare and social assistance 5,802 6.6 5,280 6.6 Public administration 4,190 4.7 4,033 5.0 Information 3,542 4.0 2,702 3.4 Professional, scientific and technical services 3,493 4.0 3,121 3.9 Transport and storage 3,262 3.7 2,941 3.7 Educational services 2,791 3.2 2,286 2.8 Arts, entertainment and recreation 2,772 3.1 2,493 3.1 Mining 2,208 2.5 2,604 3.2 Agriculture, forestry, fishing and hunting 1,721 1.9 1,642 2.0 Other services 1,703 1.9 1,449 1.8 Utilities 1,435 1.6 1,404 1.7 Other 9,362 10.6 8,805 11.0 Total $ 88,402 100.0 % $ 80,377 100.0 % Geography California $ 11,253 12.7 % $ 9,961 12.4 % Colorado 3,930 4.5 3,528 4.4 Illinois 4,636 5.3 4,108 5.1 Minnesota 7,166 8.1 6,316 7.9 Missouri 3,309 3.8 2,832 3.5 Ohio 4,063 4.6 3,534 4.4 Oregon 1,938 2.2 2,130 2.6 Washington 3,219 3.6 3,237 4.0 Wisconsin 2,936 3.3 3,090 3.8 Iowa, Kansas, Nebraska, North Dakota, South Dakota 4,543 5.1 4,400 5.5 Arkansas, Indiana, Kentucky, Tennessee 5,106 5.8 4,949 6.2 Idaho, Montana, Wyoming 1,427 1.6 1,475 1.8 Arizona, Nevada, New Mexico, Utah 3,280 3.7 2,951 3.7 Total banking region 56,806 64.3 52,511 65.3 Florida, Michigan, New York, Pennsylvania, Texas 15,819 17.9 14,036 17.5 All other states 15,777 17.8 13,830 17.2 Total outside Company’s banking region 31,596 35.7 27,866 34.7 Total $ 88,402 100.0 % $ 80,377 100.0 % |
Commercial Real Estate Loans by Property Type and Geography Excluding Covered Loans | TABLE 8 2015 2014 At December 31 (Dollars in Millions) Loans Percent Loans Percent Property Type Business owner occupied $ 11,186 26.6 % $ 11,535 26.9 % Commercial property Industrial 1,530 3.6 1,582 3.7 Office 5,480 13.0 5,680 13.3 Retail 4,944 11.7 4,896 11.4 Other commercial 4,165 9.9 4,670 10.9 Multi-family 8,833 21.0 8,548 20.0 Hotel/motel 3,428 8.1 3,624 8.5 Residential homebuilders 2,319 5.5 1,996 4.7 Healthcare facilities 252 .6 264 .6 Total $ 42,137 100.0 % $ 42,795 100.0 % Geography California $ 10,456 24.8 % $ 10,545 24.6 % Colorado 2,004 4.8 1,955 4.6 Illinois 1,810 4.3 2,153 5.0 Minnesota 2,022 4.8 2,031 4.7 Missouri 1,382 3.3 1,453 3.4 Ohio 1,260 3.0 1,391 3.3 Oregon 1,988 4.7 2,012 4.7 Washington 3,422 8.1 3,501 8.2 Wisconsin 2,323 5.5 2,293 5.4 Iowa, Kansas, Nebraska, North Dakota, South Dakota 2,227 5.3 2,202 5.1 Arkansas, Indiana, Kentucky, Tennessee 1,708 4.1 1,764 4.1 Idaho, Montana, Wyoming 1,275 3.0 1,319 3.1 Arizona, Nevada, New Mexico, Utah 3,259 7.7 3,383 7.9 Total banking region 35,136 83.4 36,002 84.1 Florida, Michigan, New York, Pennsylvania, Texas 3,793 9.0 3,656 8.6 All other states 3,208 7.6 3,137 7.3 Total outside Company’s banking region 7,001 16.6 6,793 15.9 Total $ 42,137 100.0 % $ 42,795 100.0 % |
Summary of Nonperforming Assets | TABLE 16 At December 31 (Dollars in Millions) 2015 2014 2013 2012 2011 Commercial Commercial $ 160 $ 99 $ 122 $ 107 $ 280 Lease financing 14 13 12 16 32 Total commercial 174 112 134 123 312 Commercial Real Estate Commercial mortgages 92 175 182 308 354 Construction and development 35 84 121 238 545 Total commercial real estate 127 259 303 546 899 Residential Mortgages (b) 712 864 770 661 650 Credit Card 9 30 78 146 224 Other Retail Retail leasing 3 1 1 1 – Home equity and second mortgages 136 170 167 189 40 Other 23 16 23 27 27 Total other retail 162 187 191 217 67 Total nonperforming loans, excluding covered loans 1,184 1,452 1,476 1,693 2,152 Covered Loans 8 14 127 386 926 Total nonperforming loans 1,192 1,466 1,603 2,079 3,078 Other Real Estate (c)(d) 280 288 327 381 404 Covered Other Real Estate (d) 32 37 97 197 274 Other Assets 19 17 10 14 18 Total nonperforming assets $ 1,523 $ 1,808 $ 2,037 $ 2,671 $ 3,774 Total nonperforming assets, excluding covered assets $ 1,483 $ 1,757 $ 1,813 $ 2,088 $ 2,574 Excluding covered assets Accruing loans 90 days or more past due (b) $ 541 $ 550 $ 713 $ 660 $ 843 Nonperforming loans to total loans .46 % .60 % .65 % .80 % 1.10 % Nonperforming assets to total loans plus other real estate (c) .58 % .72 % .80 % .98 % 1.32 % Including covered assets Accruing loans 90 days or more past due (b) $ 831 $ 945 $ 1,189 $ 1,323 $ 1,753 Nonperforming loans to total loans .46 % .59 % .68 % .93 % 1.47 % Nonperforming assets to total loans plus other real estate (c) .58 % .73 % .86 % 1.19 % 1.79 % CHANGES IN NONPERFORMING ASSETS (Dollars in Millions) Commercial and Residential Covered Total Balance December 31, 2014 $ 431 $ 1,326 $ 51 $ 1,808 Additions to nonperforming assets New nonaccrual loans and foreclosed properties 394 500 24 918 Advances on loans 54 – – 54 Total additions 448 500 24 972 Reductions in nonperforming assets Paydowns, payoffs (271 ) (275 ) (8 ) (554 ) Net sales (53 ) (129 ) (25 ) (207 ) Return to performing status (6 ) (171 ) (1 ) (178 ) Charge-offs (e) (213 ) (104 ) (1 ) (318 ) Total reductions (543 ) (679 ) (35 ) (1,257 ) Net additions to (reductions in) nonperforming assets (95 ) (179 ) (11 ) (285 ) Balance December 31, 2015 $ 336 $ 1,147 $ 40 $ 1,523 (a) Throughout this document, nonperforming assets and related ratios do not include accruing loans 90 days or more past due. (b) Excludes $2.9 billion, $3.1 billion, $3.7 billion, $3.2 billion and $2.6 billion at December 31, 2015, 2014, 2013, 2012 and 2011, respectively, of loans purchased from GNMA mortgage pools that are 90 days or more past due that continue to accrue interest, as their repayments are primarily insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. (c) Foreclosed GNMA loans of $535 million, $641 million, $527 million, $548 million and $692 million at December 31, 2015, 2014, 2013, 2012 and 2011, respectively, continue to accrue interest and are recorded as other assets and excluded from nonperforming assets because they are insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. (d) Includes equity investments in entities whose principal assets are other real estate owned. (e) Charge-offs exclude actions for certain card products and loan sales that were not classified as nonperforming at the time the charge-off occurred. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Components of Net Investment in Sales-Type and Direct Financing Leases | The components of the net investment in sales-type and direct financing leases at December 31 were as follows: (Dollars in Millions) 2015 2014 Aggregate future minimum lease payments to be received $ 10,257 $ 11,173 Unguaranteed residual values accruing to the lessor’s benefit 766 695 Unearned income (887 ) (1,004 ) Initial direct costs 204 202 Total net investment in sales-type and direct financing leases (a) $ 10,340 $ 11,066 (a) The accumulated allowance for uncollectible minimum lease payments was $66 million and $65 million at December 31, 2015 and 2014, respectively. |
Minimum Future Lease Payments to be Received from Sales-Type and Direct Financing Leases | The minimum future lease payments to be received from sales-type and direct financing leases were as follows at December 31, 2015: (Dollars in Millions) 2016 $ 3,772 2017 3,207 2018 1,880 2019 756 2020 307 Thereafter 335 |
Accounting for Transfers and 38
Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Investments in Community Development and Tax-advantaged VIEs | The following table provides a summary of investments in community development and tax-advantaged VIEs that the Company has not consolidated: At December 31 (Dollars in Millions) 2015 2014 Investment carrying amount $ 5,257 $ 4,259 Unfunded capital and other commitments 2,499 1,743 Maximum exposure to loss 9,436 8,393 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | Premises and equipment at December 31 consisted of the following: (Dollars in Millions) 2015 2014 Land $ 522 $ 534 Buildings and improvements 3,348 3,323 Furniture, fixtures and equipment 2,721 2,719 Capitalized building and equipment leases 113 126 Construction in progress 19 26 6,723 6,728 Less accumulated depreciation and amortization (4,210 ) (4,110 ) Total $ 2,513 $ 2,618 |
Mortgage Servicing Rights (Tabl
Mortgage Servicing Rights (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Changes in Fair Value of Capitalized MSRs | Changes in fair value of capitalized MSRs for the years ended December 31, are summarized as follows: (Dollars in Millions) 2015 2014 2013 Balance at beginning of period $ 2,338 $ 2,680 $ 1,700 Rights purchased 29 5 8 Rights capitalized 632 382 769 Rights sold – (141 ) – Changes in fair value of MSRs Due to fluctuations in market interest rates (a) (58 ) (276 ) 617 Due to revised assumptions or models (b) 10 86 33 Other changes in fair value (c) (439 ) (398 ) (447 ) Balance at end of period $ 2,512 $ 2,338 $ 2,680 (a) Includes changes in MSR value associated with changes in market interest rates, including estimated prepayment rates and anticipated earnings on escrow deposits. (b) Includes changes in MSR value not caused by changes in market interest rates, such as changes in cost to service, ancillary income, and discount rate, as well as the impact of any model changes. 2014 includes a $44 million revaluation gain related to excess servicing rights sold. (c) Primarily represents changes due to realization of expected cash flows over time (decay). |
Sensitivity to Changes in Market Interest Rates to Fair Value of MSRs Portfolio and Related Derivative Instruments | The estimated sensitivity to changes in interest rates of the fair value of the MSRs portfolio and the related derivative instruments as of December 31 follows: 2015 2014 (Dollars in Millions) Down Down Down Up Up Up Down Down Down Up Up Up MSR portfolio $ (598 ) $ (250 ) $ (114 ) $ 96 $ 176 $ 344 $ (540 ) $ (242 ) $ (114 ) $ 100 $ 185 $ 346 Derivative instrument hedges 475 226 107 (98 ) (192 ) (377 ) 441 223 109 (102 ) (197 ) (375 ) Net sensitivity $ (123 ) $ (24 ) $ (7 ) $ (2 ) $ (16 ) $ (33 ) $ (99 ) $ (19 ) $ (5 ) $ (2 ) $ (12 ) $ (29 ) |
MSRs and Related Characteristics by Portfolio | A summary of the Company’s MSRs and related characteristics by portfolio as of December 31 follows: 2015 2014 (Dollars in Millions) HFA Government Conventional (c) Total HFA Government Conventional (c) Total Servicing portfolio (a) $ 26,492 $ 40,350 $ 162,533 $ 229,375 $ 19,706 $ 40,471 $ 162,620 $ 222,797 Fair value $ 297 $ 443 $ 1,772 $ 2,512 $ 213 $ 426 $ 1,699 $ 2,338 Value (bps) (b) 112 110 109 110 108 105 104 105 Weighted-average servicing fees (bps) 36 34 27 29 37 33 27 29 Multiple (value/servicing fees) 3.11 3.24 4.04 3.79 2.92 3.18 3.85 3.62 Weighted-average note rate 4.46 % 4.08 % 4.09 % 4.13 % 4.58 % 4.18 % 4.14 % 4.19 % Weighted-average age (in years) 3.1 3.6 3.4 3.4 3.6 3.2 3.1 3.2 Weighted-average expected prepayment (constant prepayment rate) 12.8 % 13.9 % 10.4 % 11.3 % 12.8 % 14.8 % 11.4 % 12.1 % Weighted-average expected life (in years) 6.1 5.7 6.6 6.4 6.2 5.5 6.5 6.3 Weighted-average discount rate 11.8 % 11.2 % 9.4 % 10.0 % 11.9 % 11.2 % 9.6 % 10.1 % (a) Represents principal balance of mortgages having corresponding MSR asset. (b) Value is calculated as fair value divided by the servicing portfolio. (c) Represents loans sold primarily to GSEs. |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible assets consisted of the following: At December 31 (Dollars in Millions) Estimated Life (a) Amortization Method (b) Balance 2015 2014 Goodwill (c ) $ 9,361 $ 9,389 Merchant processing contracts 8 years/8 years SL/AC 135 174 Core deposit benefits 22 years/5 years SL/AC 194 234 Mortgage servicing rights (c ) 2,512 2,338 Trust relationships 10 years/6 years SL/AC 75 97 Other identified intangibles 8 years/4 years SL/AC 434 319 Total $ 12,711 $ 12,551 (a) Estimated life represents the amortization period for assets subject to the straight line method and the weighted average or life of the underlying cash flows amortization period for intangibles subject to accelerated methods. If more than one amortization method is used for a category, the estimated life for each method is calculated and reported separately. (b) Amortization methods: SL = straight line method AC = accelerated methods generally based on cash flows (c) Goodwill is evaluated for impairment, but not amortized. Mortgage servicing rights are recorded at fair value, and are not amortized. |
Aggregate Amortization Expense | Aggregate amortization expense consisted of the following: Year Ended December 31 (Dollars in Millions) 2015 2014 2013 Merchant processing contracts $ 35 $ 50 $ 64 Core deposit benefits 40 38 41 Trust relationships 21 27 34 Other identified intangibles 78 84 84 Total $ 174 $ 199 $ 223 |
Estimated Amortization Expense | The estimated amortization expense for the next five years is as follows: (Dollars in Millions) 2016 $ 173 2017 162 2018 130 2019 101 2020 78 |
Changes in Carrying Value of Goodwill | The following table reflects the changes in the carrying value of goodwill for the years ended December 31, 2015, 2014 and 2013: (Dollars in Millions) Wholesale Banking and Consumer and Small Wealth Management and Payment Treasury and Consolidated Balance at December 31, 2012 $ 1,605 $ 3,514 $ 1,528 $ 2,496 $ – $ 9,143 Goodwill acquired – – 37 20 – 57 Other (a) – – – 5 – 5 Balance at December 31, 2013 $ 1,605 $ 3,514 $ 1,565 $ 2,521 $ – $ 9,205 Goodwill acquired 43 166 8 – – 217 Other (a) – – (3 ) (30 ) – (33 ) Balance at December 31, 2014 $ 1,648 $ 3,680 $ 1,570 $ 2,491 $ – $ 9,389 Other (a) (1 ) 1 (3 ) (25 ) – (28 ) Balance at December 31, 2015 $ 1,647 $ 3,681 $ 1,567 $ 2,466 $ – $ 9,361 (a) Other changes in goodwill include the effect of foreign exchange translation. |
Short-Term Borrowings (Tables)
Short-Term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Short-term Debt [Abstract] | |
Summary of Short-Term Borrowings | The following table is a summary of short-term borrowings for the last three years: 2015 2014 2013 (Dollars in Millions) Amount Rate Amount Rate Amount Rate At year-end Federal funds purchased $ 647 .23 % $ 886 .12 % $ 594 .11 % Securities sold under agreements to repurchase 1,092 .02 948 .05 2,057 5.34 Commercial paper 22,022 .21 22,197 .12 19,400 .11 Other short-term borrowings 4,116 .69 5,862 .51 5,557 .19 Total $ 27,877 .27 % $ 29,893 .19 % $ 27,608 .52 % Average for the year Federal funds purchased (b) $ 1,169 15.05 % $ 2,366 7.94 % $ 1,879 9.72 % Securities sold under agreements to repurchase 973 .10 798 1.07 2,403 4.65 Commercial paper 21,892 .12 21,227 .12 17,467 .12 Other short-term borrowings 3,926 1.13 5,861 .78 5,934 .72 Total (b) $ 27,960 .89 % $ 30,252 .88 % $ 27,683 1.29 % Maximum month-end balance Federal funds purchased $ 1,868 $ 3,258 $ 3,569 Securities sold under agreements to repurchase 1,124 948 3,121 Commercial paper 23,101 22,322 19,400 Other short-term borrowings 7,656 7,417 6,301 (a) Interest and rates are presented on a fully taxable-equivalent basis utilizing a tax rate of 35 percent. (b) Average federal funds purchased and total short-term borrowings rates include amounts paid by the Company to certain corporate card customers for paying outstanding noninterest-bearing corporate card balances within certain timeframes per specific agreements. These activities reduce the Company’s short-term funding needs, and if they did not occur, the Company would use other funding alternatives, including the use of federal funds purchased. The amount of this compensation expense paid by the Company and included in federal funds purchased and total short-term borrowings rates for 2015, 2014 and 2013 was $175 million, $186 million and $181 million, respectively. |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Summary of Long-term Debt | Long-term debt (debt with original maturities of more than one year) at December 31 consisted of the following: (Dollars in Millions) Rate Type Rate (a) Maturity Date 2015 2014 U.S. Bancorp (Parent Company) Subordinated notes Fixed 2.950 % 2022 $ 1,300 $ 1,300 Fixed 3.600 % 2024 1,000 1,000 Fixed 7.500 % 2026 199 199 Medium-term notes Fixed 1.650% - 4.125 % 2016 - 2024 7,500 9,250 Floating .720% - .852 % 2018 - 2019 750 750 Junior subordinated debentures Fixed 3.442 % 2016 500 500 Capitalized lease obligations, mortgage indebtedness and other (b) 204 190 Subtotal 11,453 13,189 Subsidiaries Subordinated notes Fixed 4.800 % 2015 – 500 Fixed 3.778 % 2020 – 500 Federal Home Loan Bank advances Fixed 1.250% - 8.250 % 2017 - 2026 11 11 Floating .335% - .847 % 2016 - 2025 9,081 7,334 Bank notes Fixed 1.100% - 2.800 % 2017 - 2025 5,850 4,050 Floating .016% - .803 % 2016 - 2055 4,928 6,069 Capitalized lease obligations, mortgage indebtedness and other (b) 755 607 Subtotal 20,625 19,071 Total $ 32,078 $ 32,260 (a) Weighted-average interest rates of medium-term notes, Federal Home Loan Bank advances and bank notes were 2.43 percent, .57 percent and 1.20 percent, respectively. (b) Other includes consolidated community development and tax-advantaged investment VIEs, debt issuance fees, and unrealized gains and losses and deferred amounts relating to derivative instruments. |
Maturities of Long-term Debt Outstanding | Maturities of long-term debt outstanding at December 31, 2015, were: (Dollars in Millions) Parent Consolidated 2016 $ 1,926 $ 6,359 2017 1,249 7,144 2018 1,498 5,786 2019 1,511 3,505 2020 – 47 Thereafter 5,269 9,237 Total $ 11,453 $ 32,078 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Number of Shares Issued and Outstanding and Carrying Amount of Preferred Stock | The number of shares issued and outstanding and the carrying amount of each outstanding series of the Company’s preferred stock was as follows: 2015 2014 At December 31, (Dollars in Millions) Shares Liquidation Discount Carrying Shares Liquidation Discount Carrying Series A 12,510 $ 1,251 $ 145 $ 1,106 12,510 $ 1,251 $ 145 $ 1,106 Series B 40,000 1,000 – 1,000 40,000 1,000 – 1,000 Series F 44,000 1,100 12 1,088 44,000 1,100 12 1,088 Series G 43,400 1,085 10 1,075 43,400 1,085 10 1,075 Series H 20,000 500 13 487 20,000 500 13 487 Series I 30,000 750 5 745 – – – – Total preferred stock (a) 189,910 $ 5,686 $ 185 $ 5,501 159,910 $ 4,936 $ 180 $ 4,756 (a) The par value of all shares issued and outstanding at December 31, 2015 and 2014, was $1.00 per share. |
Common Stock Repurchased | The following table summarizes the Company’s common stock repurchased in each of the last three years: (Dollars and Shares in Millions) Shares Value 2015 52 $ 2,246 2014 54 2,262 2013 65 2,336 |
Reconciliation of Transactions Affecting Accumulated Other Comprehensive Income (Loss) Included in Shareholders' Equity | Shareholders’ equity is affected by transactions and valuations of asset and liability positions that require adjustments to accumulated other comprehensive income (loss). The reconciliation of the transactions affecting accumulated other comprehensive income (loss) included in shareholders’ equity for the years ended December 31, is as follows: (Dollars in Millions) Unrealized Gains Unrealized Gains Unrealized Gains Unrealized Gains Foreign Currency Total 2015 Balance at beginning of period $ 392 $ 52 $ (172 ) $ (1,106 ) $ (62 ) $ (896 ) Changes in unrealized gains and losses (457 ) – (25 ) (142 ) – (624 ) Foreign currency translation adjustment (a) – – – – 20 20 Reclassification to earnings of realized gains and losses – (25 ) 195 223 – 393 Applicable income taxes 176 9 (65 ) (31 ) (1 ) 88 Balance at end of period $ 111 $ 36 $ (67 ) $ (1,056 ) $ (43 ) $ (1,019 ) 2014 Balance at beginning of period $ (77 ) $ 70 $ (261 ) $ (743 ) $ (60 ) $ (1,071 ) Changes in unrealized gains and losses 764 – (41 ) (733 ) – (10 ) Other-than-temporary impairment not recognized in earnings on securities available-for-sale 1 – – – – 1 Foreign currency translation adjustment (a) – – – – (4 ) (4 ) Reclassification to earnings of realized gains and losses (3 ) (30 ) 186 144 – 297 Applicable income taxes (293 ) 12 (56 ) 226 2 (109 ) Balance at end of period $ 392 $ 52 $ (172 ) $ (1,106 ) $ (62 ) $ (896 ) 2013 Balance at beginning of period $ 679 $ 107 $ (404 ) $ (1,265 ) $ (40 ) $ (923 ) Changes in unrealized gains and losses (1,223 ) – 37 590 – (596 ) Other-than-temporary impairment not recognized in earnings on securities available-for-sale 8 – – – – 8 Foreign currency translation adjustment (a) – – – – (34 ) (34 ) Reclassification to earnings of realized gains and losses (9 ) (59 ) 192 249 – 373 Applicable income taxes 468 22 (86 ) (317 ) 14 101 Balance at end of period $ (77 ) $ 70 $ (261 ) $ (743 ) $ (60 ) $ (1,071 ) (a) Represents the impact of changes in foreign currency exchange rates on the Company’s investment in foreign operations and related hedges. |
Impact to Net Income for Items Reclassified out of Accumulated Other Comprehensive Income and into Earnings | Additional detail about the impact to net income for items reclassified out of accumulated other comprehensive income (loss) and into earnings for the years ended December 31, is as follows: Impact to Net Income Affected Line Item in the Consolidated Statement of Income (Dollars in Millions) 2015 2014 2013 Unrealized gains (losses) on securities available-for-sale Realized gains (losses) on sale of securities $ 1 $ 11 $ 23 Total securities gains (losses), net Other-than-temporary impairment recognized in earnings (1 ) (8 ) (14 ) – 3 9 Total before tax – (1 ) (4 ) Applicable income taxes – 2 5 Net-of-tax Unrealized gains (losses) on securities transferred from available-for-sale to held-to-maturity Amortization of unrealized gains 25 30 59 Interest income (9 ) (12 ) (22 ) Applicable income taxes 16 18 37 Net-of-tax Unrealized gains (losses) on derivative hedges Realized gains (losses) on derivative hedges (195 ) (186 ) (192 ) Net interest income 75 71 74 Applicable income taxes (120 ) (115 ) (118 ) Net-of-tax Unrealized gains (losses) on retirement plans Actuarial gains (losses), prior service cost (credit) and transition obligation (asset) amortization (223 ) (144 ) (249 ) Employee benefits expense 85 56 96 Applicable income taxes (138 ) (88 ) (153 ) Net-of-tax Total impact to net income $ (242 ) $ (183 ) $ (229 ) |
Components of Company's Regulatory Capital | The following table provides the components of the Company’s regulatory capital at December 31: (Dollars in Millions) 2015 2014 Basel III transitional standardized approach: Common shareholders’ equity $ 40,630 $ 38,723 Less intangible assets Goodwill (net of deferred tax liability) (8,295 ) (8,403 ) Other disallowed intangible assets (335 ) (165 ) Other (a) 612 701 Total common equity tier 1 capital 32,612 30,856 Qualifying preferred stock 5,501 4,756 Noncontrolling interests eligible for tier 1 capital 318 408 Total tier 1 capital 38,431 36,020 Eligible portion of allowance for credit losses 4,255 3,957 Subordinated debt and noncontrolling interests eligible for tier 2 capital 2,616 3,215 Other 11 16 Total tier 2 capital 6,882 7,188 Total risk-based capital $ 45,313 $ 43,208 Risk-weighted assets $ 341,360 $ 317,398 Basel III transitional advanced approaches: Common shareholders’ equity $ 40,630 $ 38,723 Less intangible assets Goodwill (net of deferred tax liability) (8,295 ) (8,403 ) Other disallowed intangible assets (335 ) (165 ) Other (a) 612 701 Total common equity tier 1 capital 32,612 30,856 Qualifying preferred stock 5,501 4,756 Noncontrolling interests eligible for tier 1 capital 318 408 Total tier 1 capital 38,431 36,020 Eligible portion of allowance for credit losses 1,204 1,224 Subordinated debt and noncontrolling interests eligible for tier 2 capital 2,616 3,215 Other 11 16 Total tier 2 capital 3,831 4,455 Total risk-based capital $ 42,262 $ 40,475 Risk-weighted assets $ 261,668 $ 248,596 (a) Includes the impact of items included in other comprehensive income (loss), such as unrealized gains (losses) on available-for-sale securities, accumulated net gains on cash flow hedges, pension liability adjustments, etc. |
Regulatory Capital Ratios | TABLE 23 U.S. Bancorp U.S. Bank National Association At December 31 (Dollars in Millions) 2015 2014 2015 2014 Basel III transitional standardized approach: Common equity tier 1 capital $ 32,612 $ 30,856 $ 33,831 $ 32,381 Tier 1 capital 38,431 36,020 34,148 32,789 Total risk-based capital 45,313 43,208 41,112 40,008 Risk-weighted assets 341,360 317,398 336,938 313,261 Common equity tier 1 capital as a percent of risk-weighted assets 9.6 % 9.7 % 10.0 % 10.3 % Tier 1 capital as a percent of risk-weighted assets 11.3 11.3 10.1 10.5 Total risk-based capital as a percent of risk-weighted assets 13.3 13.6 12.2 12.8 Tier 1 capital as a percent of adjusted quarterly average assets (leverage ratio) 9.5 9.3 8.5 8.6 Basel III transitional advanced approaches: Common equity tier 1 capital $ 32,612 $ 30,856 $ 33,831 $ 32,381 Tier 1 capital 38,431 36,020 34,148 32,789 Total risk-based capital 42,262 40,475 38,090 37,299 Risk-weighted assets 261,668 248,596 258,207 245,007 Common equity tier 1 capital as a percent of risk-weighted assets 12.5 % 12.4 % 13.1 % 13.2 % Tier 1 capital as a percent of risk-weighted assets 14.7 14.5 13.2 13.4 Total risk-based capital as a percent of risk-weighted assets 16.2 16.3 14.8 15.2 Bank Regulatory Capital Requirements Minimum Well- 2015 Common equity tier 1 capital as a percent of risk-weighted assets 4.5 % 6.5 % Tier 1 capital as a percent of risk-weighted assets 6.0 8.0 Total risk-based capital as a percent of risk-weighted assets 8.0 10.0 Tier 1 capital as a percent of adjusted quarterly average assets (leverage ratio) 4.0 5.0 2014 Common equity tier 1 capital as a percent of risk-weighted assets 4.0 % * Tier 1 capital as a percent of risk-weighted assets 5.5 6.0 % Total risk-based capital as a percent of risk-weighted assets 8.0 10.0 Tier 1 capital as a percent of adjusted quarterly average assets (leverage ratio) 4.0 5.0 * Not applicable. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Components of Earnings Per Share | The components of earnings per share were: Year Ended December 31 (Dollars and Shares in Millions, Except Per Share Data) 2015 2014 2013 Net income attributable to U.S. Bancorp $ 5,879 $ 5,851 $ 5,836 Preferred dividends (247 ) (243 ) (250 ) Impact of preferred stock redemption (a) – – (8 ) Earnings allocated to participating stock awards (24 ) (25 ) (26 ) Net income applicable to U.S. Bancorp common shareholders $ 5,608 $ 5,583 $ 5,552 Average common shares outstanding 1,764 1,803 1,839 Net effect of the exercise and assumed purchase of stock awards 8 10 10 Average diluted common shares outstanding 1,772 1,813 1,849 Earnings per common share $ 3.18 $ 3.10 $ 3.02 Diluted earnings per common share $ 3.16 $ 3.08 $ 3.00 (a) Represents stock issuance costs originally recorded in capital surplus upon the issuance of the Company’s Series D Non-Cumulative Perpetual Preferred Stock that were reclassified to retained earnings on the redemption date. |
Employee Benefits (Tables)
Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Summary of Changes in Projected Benefit Obligation, Plan Assets, Funded Status, Amounts Recognized in Consolidated Balance Sheet and Accumulated Other Comprehensive Income (Loss) | The following table summarizes the changes in benefit obligations and plan assets for the years ended December 31, and the funded status and amounts recognized in the Consolidated Balance Sheet at December 31 for the retirement plans: Pension Plan Postretirement Welfare Plan (Dollars in Millions) 2015 2014 2015 2014 Change In Projected Benefit Obligation Benefit obligation at beginning of measurement period $ 4,612 $ 3,895 $ 104 $ 100 Service cost 188 152 – – Interest cost 195 197 3 3 Participants’ contributions – – 10 11 Actuarial loss (gain) (176 ) 781 (5 ) 13 Lump sum settlements (a) (37 ) (286 ) – – Benefit payments (132 ) (127 ) (21 ) (25 ) Federal subsidy on benefits paid – – 2 2 Benefit obligation at end of measurement period (b) $ 4,650 $ 4,612 $ 93 $ 104 Change In Fair Value Of Plan Assets Fair value at beginning of measurement period $ 3,187 $ 2,831 $ 85 $ 92 Actual return on plan assets (99 ) 269 – – Employer contributions 436 500 8 7 Participants’ contributions – – 10 11 Lump sum settlements (a) (37 ) (286 ) – – Benefit payments (132 ) (127 ) (21 ) (25 ) Fair value at end of measurement period $ 3,355 $ 3,187 $ 82 $ 85 Funded (Unfunded) Status $ (1,295 ) $ (1,425 ) $ (11 ) $ (19 ) Components Of The Consolidated Balance Sheet Current benefit liability $ (21 ) $ (21 ) $ – $ – Noncurrent benefit liability (1,274 ) (1,404 ) (11 ) (19 ) Recognized amount $ (1,295 ) $ (1,425 ) $ (11 ) $ (19 ) Accumulated Other Comprehensive Income (Loss), Pretax Net actuarial gain (loss) $ (1,806 ) $ (1,894 ) $ 55 $ 55 Net prior service credit (cost) 7 11 28 31 Recognized amount $ (1,799 ) $ (1,883 ) $ 83 $ 86 (a) 2014 includes $242 million of payments as a result of a bulk lump sum offering to certain deferred vested participants. (b) At December 31, 2015 and 2014, the accumulated benefit obligation for all pension plans was $4.3 billion. |
Pension Plans with Benefit Obligations in Excess of Plan Assets | The following table provides information for pension plans with benefit obligations in excess of plan assets at December 31: (Dollars in Millions) 2015 2014 Pension Plans with Projected Benefit Obligations in Excess of Plan Assets Projected benefit obligation $ 4,650 $ 4,612 Fair value of plan assets 3,355 3,187 Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets Projected benefit obligation $ 4,650 $ 4,612 Accumulated benefit obligation 4,310 4,250 Fair value of plan assets 3,355 3,187 |
Components of Net Periodic Benefit Cost and Other Amounts Recognized in Accumulated Other Comprehensive Income (Loss) | The following table sets forth the components of net periodic benefit cost and other amounts recognized in accumulated other comprehensive income (loss) for the years ended December 31 for the retirement plans: Pension Plans Postretirement Welfare Plan (Dollars in Millions) 2015 2014 2013 2015 2014 2013 Components Of Net Periodic Benefit Cost Service cost $ 188 $ 152 $ 168 $ – $ – $ 3 Interest cost 195 197 170 3 3 4 Expected return on plan assets (223 ) (208 ) (176 ) (1 ) (1 ) (2 ) Prior service cost (credit) and transition obligation (asset) amortization (4 ) (5 ) (5 ) (3 ) (3 ) (1 ) Actuarial loss (gain) amortization 234 158 264 (4 ) (6 ) (9 ) Net periodic benefit cost $ 390 $ 294 $ 421 $ (5 ) $ (7 ) $ (5 ) Other Changes In Plan Assets And Benefit Obligations Recognized In Other Comprehensive Income (Loss) Net actuarial gain (loss) arising during the year $ (146 ) $ (719 ) $ 555 $ 4 $ (14 ) $ – Net actuarial loss (gain) amortized during the year 234 158 264 (4 ) (6 ) (9 ) Net prior service credit (cost) arising during the year – – – – – 35 Net prior service cost (credit) and transition obligation (asset) amortized during the year (4 ) (5 ) (5 ) (3 ) (3 ) (1 ) Total recognized in other comprehensive income (loss) $ 84 $ (566 ) $ 814 $ (3 ) $ (23 ) $ 25 Total recognized in net periodic benefit cost and other comprehensive income (loss) (a)(b) $ (306 ) $ (860 ) $ 393 $ 2 $ (16 ) $ 30 (a) The pretax estimated actuarial loss (gain) and prior service cost (credit) for the pension plans that will be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost in 2016 are $175 million and $(5) million, respectively. (b) The pretax estimated actuarial loss (gain) and prior service cost (credit) for the postretirement welfare plan that will be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost in 2016 are $(4) million and $(3) million, respectively. |
Weighted Average Assumptions to Determine Projected Benefit Obligations | The following table sets forth weighted average assumptions used to determine the projected benefit obligations at December 31: Pension Plans Postretirement (Dollars in Millions) 2015 2014 2015 2014 Discount rate (a) 4.45 % 4.13 % 3.59 % 3.46 % Rate of compensation increase (b) 4.06 4.07 * * Health care cost trend rate for the next year (c) 6.50 % 7.00 % Effect on accumulated postretirement benefit obligation One percent increase $ 5 $ 6 One percent decrease (5 ) (5 ) (a) The discount rates were developed using a cash flow matching bond model with a modified duration for the qualified pension plan, non-qualified pension plan and postretirement welfare plan of 15.0, 11.9, and 6.3 years, respectively, for 2015, and 15.9, 12.4 and 6.8 years, respectively, for 2014. (b) Determined on an active liability-weighted basis. (c) The rate is assumed to decrease gradually to 5.00 percent by 2019 and remain at this level thereafter. * Not applicable |
Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost | The following table sets forth weighted average assumptions used to determine net periodic benefit cost for the years ended December 31: Pension Plans Postretirement Welfare Plan (Dollars in Millions) 2015 2014 2013 2015 2014 2013 Discount rate (a) 4.13 % 4.97 % 4.07 % 3.46 % 3.93 % 3.10 % Expected return on plan assets (b) 7.50 7.50 7.50 1.50 1.50 1.50 Rate of compensation increase (c) 4.07 4.02 4.08 * * * Health care cost trend rate (d) Prior to age 65 7.00 % 7.50 % 8.00 % After age 65 7.00 7.50 8.00 Effect on total of service cost and interest cost One percent increase $ – $ – $ – One percent decrease – – – (a) The discount rates were developed using a cash flow matching bond model with a modified duration for the qualified pension plan, non-qualified pension plan and postretirement welfare plan of 15.9, 12.4 and 6.8 years, respectively, for 2015, and 14.6, 11.5 and 6.4 years, respectively, for 2014. (b) With the help of an independent pension consultant, the Company considers several sources when developing its expected long-term rates of return on plan assets assumptions, including, but not limited to, past returns and estimates of future returns given the plans’ asset allocation, economic conditions, and peer group LTROR information. The Company determines its expected long-term rates of return reflecting current economic conditions and plan assets. (c) Determined on an active liability weighted basis. (d) The pre-65 and post-65 rates are both assumed to decrease gradually to 5.00 percent by 2019 and remain at that level thereafter. * Not applicable |
Summary of Plan Investment Assets Measured at Fair Value | The following table summarizes the plan investment assets measured at fair value at December 31: Pension Plans Postretirement 2015 2014 2015 2014 (Dollars in Millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Level 1 Level 1 Cash and cash equivalents $ 64 $ – $ – $ 64 $ 78 $ – $ – $ 78 $ 82 $ 85 Debt securities 361 465 – 826 347 496 – 843 – – Corporate stock Domestic equity securities 178 – – 178 196 – – 196 – – Mid-small cap equity securities (a) 146 – – 146 146 – – 146 – – International equity securities 123 – – 123 197 – – 197 – – Real estate equity securities (b) 163 – – 163 163 – – 163 – – Mutual funds Debt securities – 197 – 197 – 219 – 219 – – Emerging markets equity securities – 81 – 81 – 81 – 81 – – Other – – 1 1 – – 2 2 – – $ 1,035 $ 743 $ 1 1,779 $ 1,127 $ 796 $ 2 1,925 82 85 Plan investment assets not classified in fair value hierarchy: (e) Collective investment funds Domestic equity securities 679 539 Mid-small cap equity securities (c) 68 54 Emerging markets equity securities 75 75 International equity securities 533 421 Hedge funds (d) 171 148 Private equity funds 50 25 Total plan investment assets at fair value $ 3,355 $ 3,187 $ 82 $ 85 (a) At December 31, 2015 and 2014, securities included $139 million and $141 million in domestic equities, respectively, and $7 million and $5 million in international equities, respectively. (b) At December 31, 2015 and 2014, securities included $90 million and $89 million in domestic equities, respectively, and $73 million and $74 million in international equities, respectively. (c) At December 31, 2015 and 2014, securities included $30 million and $25 million in domestic equities, respectively, $20 million and $27 million in international equities, respectively, and $18 million and $2 million in cash and cash equivalents, respectively. (d) This category consists of several investment strategies diversified across several hedge fund managers. (e) These investments are valued based on net asset value per share as a practical expedient; fair values are provided to reconcile to total investment assets of the plans at fair value. |
Summarizes the Changes for all Plan Assets Measured at Fair Value Using Significant Unobservable Inputs (Level 3) | The following table summarizes the changes in fair value for all plan investment assets measured at fair value using significant unobservable inputs (Level 3) for the years ended December 31: 2015 2014 2013 (Dollars in Millions) Other Other Debt Other Balance at beginning of period $ 2 $ 4 $ 7 $ 3 Unrealized gains (losses) relating to assets still held at end of year (1 ) (2 ) – – Purchases, sales, and settlements, net – – (7 ) 1 Balance at end of period $ 1 $ 2 $ – $ 4 |
Expected Future Benefit Payments | The following benefit payments are expected to be paid from the retirement plans for the years ended December 31: (Dollars in Millions) Pension Postretirement (a) Medicare Part D 2016 $ 198 $ 13 $ 2 2017 209 12 2 2018 218 12 2 2019 229 11 2 2020 234 10 2 2021 – 2025 1,368 41 7 (a) Net of expected retiree contributions and before Medicare Part D subsidy. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Stock Options Outstanding and Exercised Under Prior and Existing Stock Incentive Plans | The following is a summary of stock options outstanding and exercised under prior and existing stock incentive plans of the Company: Year Ended December 31 Stock Weighted- Weighted-Average Aggregate 2015 Number outstanding at beginning of period 33,649,198 $ 29.31 Granted 1,122,697 44.28 Exercised (8,721,834 ) 29.59 Cancelled (a) (324,353 ) 32.93 Number outstanding at end of period (b) 25,725,708 $ 29.82 3.6 $ 331 Exercisable at end of period 22,446,095 $ 28.68 3.0 $ 314 2014 Number outstanding at beginning of period 46,724,765 $ 29.12 Granted 1,246,451 40.32 Exercised (13,851,590 ) 29.59 Cancelled (a) (470,428 ) 31.12 Number outstanding at end of period (b) 33,649,198 $ 29.31 4.0 $ 526 Exercisable at end of period 28,923,260 $ 28.79 3.4 $ 467 2013 Number outstanding at beginning of period 63,171,918 $ 28.83 Granted 1,168,011 33.99 Exercised (17,260,740 ) 28.41 Cancelled (a) (354,424 ) 29.22 Number outstanding at end of period (b) 46,724,765 $ 29.12 4.4 $ 527 Exercisable at end of period 39,556,000 $ 29.19 3.8 $ 444 (a) Options cancelled include both non-vested (i.e., forfeitures) and vested options. (b) Outstanding options include stock-based awards that may be forfeited in future periods. The impact of the estimated forfeitures is reflected in compensation expense. |
Weighted Average Estimated Fair Value of Stock Options Granted and Assumptions Utilized by Company for Newly Issued Grants | The following table includes the weighted average estimated fair value of stock options granted and the assumptions utilized by the Company for newly issued grants: Year Ended December 31 2015 2014 2013 Estimated fair value $ 12.23 $ 11.38 $ 12.13 Risk-free interest rates 1.7 % 1.7 % 1.0 % Dividend yield 2.6 % 2.6 % 2.6 % Stock volatility factor .37 .38 .49 Expected life of options (in years) 5.5 5.5 5.5 |
Summary of Certain Stock Option Activity | The following summarizes certain stock option activity of the Company: Year Ended December 31 (Dollars in Millions) 2015 2014 2013 Fair value of options vested $ 25 $ 33 $ 41 Intrinsic value of options exercised 130 171 144 Cash received from options exercised 257 408 489 Tax benefit realized from options exercised 50 66 56 |
Stock Options Outstanding Additional Information | Additional information regarding stock options outstanding as of December 31, 2015, is as follows: Outstanding Options Exercisable Options Range of Exercise Prices Shares Weighted- Weighted- Shares Weighted- $11.02 – $15.00 2,664,092 3.1 $ 11.20 2,664,092 $ 11.20 $15.01 – $20.00 161,218 2.0 19.58 161,218 19.58 $20.01 – $25.00 2,051,039 4.2 23.85 2,051,039 23.85 $25.01 – $30.00 5,911,183 5.0 28.49 5,051,861 28.47 $30.01 – $35.00 9,215,909 2.6 32.21 8,719,854 32.11 $35.01 – $40.00 3,523,469 1.1 36.04 3,523,469 36.04 $40.01 – $44.32 2,198,798 8.6 42.32 274,562 40.32 Total 25,725,708 3.6 $ 29.82 22,446,095 $ 28.68 |
Summary of Company's Restricted Shares of Stock and Unit Awards | A summary of the status of the Company’s restricted shares of stock and unit awards is presented below: 2015 2014 2013 Year Ended December 31 Shares Weighted- Average Grant- Date Fair Value Shares Weighted- Average Grant- Date Fair Value Shares Weighted- Average Grant- Date Fair Value Outstanding at beginning of period 7,921,571 $ 34.09 8,653,859 $ 29.96 8,935,743 $ 25.04 Granted 2,897,396 44.24 3,133,168 40.37 3,717,635 33.88 Vested (3,428,736 ) 33.27 (3,409,650 ) 29.38 (3,744,411 ) 22.17 Cancelled (495,400 ) 38.66 (455,806 ) 34.05 (255,108 ) 29.18 Outstanding at end of period 6,894,831 $ 38.44 7,921,571 $ 34.09 8,653,859 $ 29.96 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Components of Income Tax Expense | The components of income tax expense were: Year Ended December 31 (Dollars in Millions) 2015 2014 2013 Federal Current $ 1,956 $ 1,888 $ 1,885 Deferred (223 ) (126 ) (83 ) Federal income tax 1,733 1,762 1,802 State Current 346 331 216 Deferred 18 (6 ) 14 State income tax 364 325 230 Total income tax provision $ 2,097 $ 2,087 $ 2,032 |
Reconciliation of Expected Income Tax Expense at Federal Statutory Rate of 35 Percent to Company's Applicable Income Tax Expense | A reconciliation of expected income tax expense at the federal statutory rate of 35 percent to the Company’s applicable income tax expense follows: Year Ended December 31 (Dollars in Millions) 2015 2014 2013 Tax at statutory rate $ 2,810 $ 2,798 $ 2,717 State income tax, at statutory rates, net of federal tax benefit 237 211 150 Tax effect of Tax credits and benefits, net of related expenses (700 ) (701 ) (648 ) Tax-exempt income (201 ) (205 ) (212 ) Noncontrolling interests (19 ) (20 ) 37 Other items (30 ) (a) 4 (12 ) Applicable income taxes $ 2,097 $ 2,087 $ 2,032 (a) Includes the resolution of certain tax matters with taxing authorities. |
Reconciliation of Changes in Federal, State and Foreign Unrecognized Tax Position Balances | A reconciliation of the changes in the federal, state and foreign unrecognized tax position balances are summarized as follows: Year Ended December 31 (Dollars in Millions) 2015 2014 2013 Balance at beginning of period $ 267 $ 264 $ 302 Additions (reductions) for tax positions taken in prior years (17 ) 31 44 Additions for tax positions taken in the current year 13 4 – Exam resolutions (17 ) (22 ) (56 ) Statute expirations (3 ) (10 ) (26 ) Balance at end of period $ 243 $ 267 $ 264 |
Significant Components of the Company's Net Deferred Tax Asset (Liability) | The significant components of the Company’s net deferred tax asset (liability) follows: At December 31 (Dollars in Millions) 2015 2014 Deferred Tax Assets Allowance for credit losses $ 1,615 $ 1,652 Accrued expenses 764 630 Federal, state and foreign net operating loss carryforwards 464 212 Partnerships and other investment assets 380 403 Pension and postretirement benefits 247 437 Stock compensation 131 143 Other deferred tax assets, net 219 208 Gross deferred tax assets 3,820 3,685 Deferred Tax Liabilities Leasing activities (3,026 ) (3,042 ) Mortgage servicing rights (859 ) (871 ) Goodwill and other intangible assets (859 ) (772 ) Loans (204 ) (212 ) Fixed assets (111 ) (90 ) Securities available-for-sale and financial instruments (47 ) (165 ) Other deferred tax liabilities, net (55 ) (159 ) Gross deferred tax liabilities (5,161 ) (5,311 ) Valuation allowance (137 ) (101 ) Net Deferred Tax Asset (Liability) $ (1,478 ) $ (1,727 ) |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Asset and Liability Management Derivative Positions of Company | The following table summarizes the asset and liability management derivative positions of the Company: Asset Derivatives Liability Derivatives (Dollars in Millions) Notional Fair Weighted-Average In Years Notional Fair Weighted-Average In Years December 31, 2015 Fair value hedges Interest rate contracts Receive fixed/pay floating swaps $ 3,050 $ 73 4.43 $ – $ – – Cash flow hedges Interest rate contracts Pay fixed/receive floating swaps 1,772 7 9.22 5,009 146 1.13 Net investment hedges Foreign exchange forward contracts 1,140 4 .04 – – – Other economic hedges Interest rate contracts Futures and forwards Buy 3,812 17 .07 452 1 .06 Sell 3,201 12 .09 2,559 7 .12 Options Purchased 2,935 – .06 – – – Written 3,199 29 .10 5 1 .08 Receive fixed/pay floating swaps 3,733 42 9.98 4,748 18 10.18 Pay fixed/receive floating swaps 287 2 9.82 4,158 35 9.97 Foreign exchange forward contracts 3,023 13 .01 2,380 10 .03 Equity contracts 62 – .47 24 1 .82 Credit contracts 1,192 2 2.58 2,821 3 2.99 Other (a) 36 – .04 662 64 2.60 Total $ 27,442 $ 201 $ 22,818 $ 286 December 31, 2014 Fair value hedges Interest rate contracts Receive fixed/pay floating swaps $ 2,750 $ 65 5.69 $ – $ – – Cash flow hedges Interest rate contracts Pay fixed/receive floating swaps 272 6 7.76 5,748 315 1.94 Receive fixed/pay floating swaps 250 – .16 – – – Net investment hedges Foreign exchange forward contracts 1,047 31 .04 – – – Other economic hedges Interest rate contracts Futures and forwards Buy 4,839 45 .07 60 – .08 Sell 448 10 .13 6,713 62 .09 Options Purchased 2,500 – .06 – – – Written 2,643 31 .08 4 – .11 Receive fixed/pay floating swaps 3,552 14 10.22 250 1 10.22 Pay fixed/receive floating swaps 15 – 10.22 – – – Foreign exchange forward contracts 510 3 .03 6,176 41 .02 Equity contracts 86 3 .60 – – – Credit contracts 1,247 3 3.29 2,282 5 2.85 Other (a) 58 4 .03 390 48 3.20 Total $ 20,217 $ 215 $ 21,623 $ 472 (a) Includes short-term underwriting purchase and sale commitments with total asset and liability notional values of $36 million and $58 million at December 31, 2015 and 2014, respectively, and derivative liability swap agreements related to the sale of a portion of the Company’s Class B common shares of Visa Inc. The Visa swap agreements had a total notional value, fair value and weighted average remaining maturity of $626 million, $64 million and 2.75 years at December 31, 2015, respectively, compared to $332 million, $44 million and 3.75 years at December 31, 2014, respectively. |
Customer-Related Derivative Positions of Company | The following table summarizes the customer-related derivative positions of the Company: Asset Derivatives Liability Derivatives (Dollars in Millions) Notional Fair Weighted-Average In Years Notional Fair Weighted-Average In Years December 31, 2015 Interest rate contracts Receive fixed/pay floating swaps $ 32,647 $ 1,097 5.69 $ 14,068 $ 54 4.71 Pay fixed/receive floating swaps 10,685 43 4.55 35,045 1,160 5.74 Options Purchased 8,705 10 2.61 146 1 2.23 Written 146 2 2.23 8,482 9 2.57 Futures Buy – – – 2,859 2 .84 Sell 45 – .97 – – – Foreign exchange rate contracts Forwards, spots and swaps 18,399 851 .59 17,959 830 .58 Options Purchased 1,485 43 1.19 – – – Written – – – 1,485 43 1.19 Total $ 72,112 $ 2,046 $ 80,044 $ 2,099 December 31, 2014 Interest rate contracts Receive fixed/pay floating swaps $ 21,724 $ 888 6.09 $ 5,880 $ 24 3.79 Pay fixed/receive floating swaps 4,622 26 3.27 21,821 892 6.08 Options Purchased 4,409 10 3.79 24 – 2.42 Written 24 – 2.42 4,375 10 3.79 Futures Buy 1,811 – .22 226 – .45 Sell 152 – 1.08 46 – 1.73 Foreign exchange rate contracts Forwards, spots and swaps 17,062 890 .52 14,645 752 .59 Options Purchased 976 39 .44 – – – Written – – – 976 39 .44 Total $ 50,780 $ 1,853 $ 47,993 $ 1,717 |
Summary of Effective Portion of Gains (Losses) Recognized in Other Comprehensive Income (Loss) and Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings | The table below shows the effective portion of the gains (losses) recognized in other comprehensive income (loss) and the gains (losses) reclassified from other comprehensive income (loss) into earnings (net-of-tax) for the years ended December 31: Gains (Losses) Recognized in Other Gains (Losses) Reclassified from (Dollars in Millions) 2015 2014 2013 2015 2014 2013 Asset and Liability Management Positions Cash flow hedges Interest rate contracts (a) $ (15 ) $ (26 ) $ 25 $ (120 ) $ (115 ) $ (118 ) Net investment hedges Foreign exchange forward contracts 101 130 (45 ) – – – Note: Ineffectiveness on cash flow and net investment hedges was not material for the years ended December 31, 2015, 2014 and 2013. (a) Gains (Losses) reclassified from other comprehensive income (loss) into interest income on loans and interest expense on long-term debt. |
Summary of Gains (Losses) Recognized in Earnings for Fair Value Hedges, Other Economic Hedges and Customer-Related Positions | The table below shows the gains (losses) recognized in earnings for fair value hedges, other economic hedges and the customer-related positions for the years ended December 31: (Dollars in Millions) Location of Gains (Losses) 2015 2014 2013 Asset and Liability Management Positions Fair value hedges (a) Interest rate contracts Other noninterest income $ 7 $ 29 $ (9 ) Other economic hedges Interest rate contracts Futures and forwards Mortgage banking revenue 186 (122 ) 615 Purchased and written options Mortgage banking revenue 191 287 243 Receive fixed/pay floating swaps Mortgage banking revenue 139 384 (322 ) Pay fixed/receive floating swaps Mortgage banking revenue (33 ) – – Foreign exchange forward contracts Commercial products revenue 108 (29 ) 49 Equity contracts Compensation expense (1 ) 2 2 Credit contracts Other noninterest income 2 – 6 Other Other noninterest income – (43 ) – Customer-Related Positions Interest rate contracts Receive fixed/pay floating swaps Other noninterest income 360 686 (361 ) Pay fixed/receive floating swaps Other noninterest income (320 ) (652 ) 378 Purchased and written options Other noninterest income 3 – – Futures Other noninterest income 1 – – Foreign exchange rate contracts Forwards, spots and swaps Commercial products revenue 74 66 51 Purchased and written options Commercial products revenue 2 1 – (a) Gains (Losses) on items hedged by interest rate contracts included in noninterest income (expense), were $(7) million, $(27) million and $8 million for the years ended December 31, 2015, 2014 and 2013, respectively. The ineffective portion was immaterial for the years ended December 31, 2015, 2014 and 2013. |
Netting Arrangements for Cert50
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Summary of Maturities by Category of Collateral Pledged for Repurchase Agreements | The following table summarizes the maturities by category of collateral pledged for repurchase agreements at December 31, 2015: (Dollars in Millions) Overnight and Less Than Total U.S. Treasury and agencies $ 122 $ – $ 122 Residential agency mortgage-backed securities 802 168 970 Gross amount of recognized liabilities $ 924 $ 168 $ 1,092 |
Information on Company's Accounting Netting Adjustments and Items Not Offset in Consolidated Balance Sheet Assets But Available for Offset in Event of Default | The following tables provide information on the Company’s netting adjustments, and items not offset on the Consolidated Balance Sheet but available for offset in the event of default: (Dollars in Millions) Gross Recognized Gross Amounts Consolidated (a) Net Amounts Consolidated Gross Amounts Not Offset on Net Financial (b) Collateral (c) December 31, 2015 Derivative assets (d) $ 1,879 $ (807 ) $ 1,072 $ (82 ) $ – $ 990 Reverse repurchase agreements 106 – 106 (102 ) (4 ) – Securities borrowed 772 – 772 – (753 ) 19 Total $ 2,757 $ (807 ) $ 1,950 $ (184 ) $ (757 ) $ 1,009 December 31, 2014 Derivative assets (d) $ 1,847 $ (870 ) $ 977 $ (58 ) $ – $ 919 Reverse repurchase agreements 40 – 40 (40 ) – – Securities borrowed 638 – 638 – (620 ) 18 Total $ 2,525 $ (870 ) $ 1,655 $ (98 ) $ (620 ) $ 937 (a) Includes $165 million and $258 million of cash collateral related payables that were netted against derivative assets at December 31, 2015 and 2014, respectively. (b) For derivative assets this includes any derivative liability fair values that could be offset in the event of counterparty default; for reverse repurchase agreements this includes any repurchase agreement payables that could be offset in the event of counterparty default; for securities borrowed this includes any securities loaned payables that could be offset in the event of counterparty default. (c) Includes the fair value of securities received by the Company from the counterparty. These securities are not included on the Consolidated Balance Sheet unless the counterparty defaults. (d) Excludes $368 million and $221 million of derivative assets centrally cleared or otherwise not subject to netting arrangements at December 31, 2015 and 2014, respectively. |
Information on Company's Accounting Netting Adjustments and Items Not Offset in Consolidated Balance Sheet Liabilities But Available for Offset in Event of Default | (Dollars in Millions) Gross Recognized Gross Amounts Consolidated (a) Net Amounts Consolidated Gross Amounts Not Offset on Net Financial (b) Collateral (c) December 31, 2015 Derivative liabilities (d) $ 1,809 $ (1,283 ) $ 526 $ (82 ) $ – $ 444 Repurchase agreements 1,092 – 1,092 (102 ) (990 ) – Total $ 2,901 $ (1,283 ) $ 1,618 $ (184 ) $ (990 ) $ 444 December 31, 2014 Derivative liabilities (d) $ 1,847 $ (1,317 ) $ 530 $ (58 ) $ – $ 472 Repurchase agreements 948 – 948 (40 ) (908 ) – Securities loaned 47 – 47 – (46 ) 1 Total $ 2,842 $ (1,317 ) $ 1,525 $ (98 ) $ (954 ) $ 473 (a) Includes $641 million and $705 million of cash collateral related receivables that were netted against derivative liabilities at December 31, 2015 and 2014, respectively. (b) For derivative liabilities this includes any derivative asset fair values that could be offset in the event of counterparty default; for repurchase agreements this includes any reverse repurchase agreement receivables that could be offset in the event of counterparty default; for securities loaned this includes any securities borrowed receivables that could be offset in the event of counterparty default. (c) Includes the fair value of securities pledged by the Company to the counterparty. These securities are included on the Consolidated Balance Sheet unless the Company defaults. (d) Excludes $576 million and $342 million of derivative liabilities centrally cleared or otherwise not subject to netting arrangements at December 31, 2015 and 2014, respectively. |
Fair Values of Assets and Lia51
Fair Values of Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Valuation Assumption Ranges for Level 3 Available-for-Sale Investment Securities | The following table shows the significant valuation assumption ranges for Level 3 available-for-sale investment securities at December 31, 2015: Minimum Maximum Average Residential Prime Non-Agency Mortgage-Backed Securities (a) Estimated lifetime prepayment rates 5 % 20 % 14 % Lifetime probability of default rates – 7 4 Lifetime loss severity rates 15 60 33 Discount margin 2 5 3 Residential Non-Prime Non-Agency Mortgage-Backed Securities (b) Estimated lifetime prepayment rates 3 % 13 % 8 % Lifetime probability of default rates 4 12 7 Lifetime loss severity rates 20 70 52 Discount margin 1 6 3 Other Asset-Backed Securities Estimated lifetime prepayment rates 6 % 6 % 6 % Lifetime probability of default rates 5 5 5 Lifetime loss severity rates 40 40 40 Discount margin 6 6 6 (a) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads). (b) Includes all securities not meeting the conditions to be designated as prime. |
Valuation Assumption Ranges for MSRs | The following table shows the significant valuation assumption ranges for MSRs at December 31, 2015: Minimum Maximum Average Expected prepayment 10 % 19 % 11 % Discount rate 9 13 10 |
Valuation Assumption Ranges for Derivative Commitments | The following table shows the significant valuation assumption ranges for the Company’s derivative commitments to purchase and originate mortgage loans at December 31, 2015: Minimum Maximum Average Expected loan close rate 9 % 100 % 79 % Inherent MSR value (basis points per loan) 30 196 120 |
Balances of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table summarizes the balances of assets and liabilities measured at fair value on a recurring basis: (Dollars in Millions) Level 1 Level 2 Level 3 Netting Total December 31, 2015 Available-for-sale securities U.S. Treasury and agencies $ 3,708 $ 888 $ – $ – $ 4,596 Mortgage-backed securities Residential Agency – 50,076 – – 50,076 Non-agency Prime (a) – – 318 – 318 Non-prime (b) – – 240 – 240 Commercial Agency – 52 – – 52 Asset-backed securities Collateralized debt obligations/Collateralized loan obligations – 19 – – 19 Other – 539 2 – 541 Obligations of state and political subdivisions – 5,316 – – 5,316 Corporate debt securities 102 499 9 – 610 Perpetual preferred securities 48 113 – – 161 Other investments 40 28 – – 68 Total available-for-sale 3,898 57,530 569 – 61,997 Mortgage loans held for sale – 3,110 – – 3,110 Mortgage servicing rights – – 2,512 – 2,512 Derivative assets – 1,632 615 (807 ) 1,440 Other assets 202 589 – – 791 Total $ 4,100 $ 62,861 $ 3,696 $ (807 ) $ 69,850 Derivative liabilities $ 2 $ 2,266 $ 117 $ (1,283 ) $ 1,102 Short-term borrowings (c) 122 645 – – 767 Total $ 124 $ 2,911 $ 117 $ (1,283 ) $ 1,869 December 31, 2014 Available-for-sale securities U.S. Treasury and agencies $ 1,351 $ 1,281 $ – $ – $ 2,632 Mortgage-backed securities Residential Agency – 45,017 – – 45,017 Non-agency Prime (a) – – 405 – 405 Non-prime (b) – – 280 – 280 Commercial Agency – 115 – – 115 Asset-backed securities Collateralized debt obligations/Collateralized loan obligations – 22 – – 22 Other – 557 62 – 619 Obligations of state and political subdivisions – 5,868 – – 5,868 Obligations of foreign governments – 6 – – 6 Corporate debt securities 101 504 9 – 614 Perpetual preferred securities 55 162 – – 217 Other investments 251 23 – – 274 Total available-for-sale 1,758 53,555 756 – 56,069 Mortgage loans held for sale – 4,774 – – 4,774 Mortgage servicing rights – – 2,338 – 2,338 Derivative assets – 1,408 660 (870 ) 1,198 Other assets 231 641 – – 872 Total $ 1,989 $ 60,378 $ 3,754 $ (870 ) $ 65,251 Derivative liabilities $ – $ 2,103 $ 86 $ (1,317 ) $ 872 Short-term borrowings (c) 101 608 – – 709 Total $ 101 $ 2,711 $ 86 $ (1,317 ) $ 1,581 (a) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads). (b) Includes all securities not meeting the conditions to be designated as prime. (c) Represents the Company’s obligation on securities sold short required to be accounted for at fair value per applicable accounting guidance. |
Changes in Fair Value for All Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3) | The following table presents the changes in fair value for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31: (Dollars in Millions) Beginning Net Gains Net Gains Purchases Sales Principal Issuances Settlements End of Net Change Still Held at 2015 Available-for-sale securities Mortgage-backed securities Residential non-agency Prime (a) $ 405 $ – $ (4 ) $ – $ – $ (83 ) $ – $ – $ 318 $ (4 ) Non-prime (b) 280 (1 ) (1 ) – – (38 ) – – 240 (1 ) Asset-backed securities Other 62 4 (2 ) – (51 ) (11 ) – – 2 – Corporate debt securities 9 – – – – – – – 9 – Total available-for-sale 756 3 (c) (7 ) (f) – (51 ) (132 ) – – 569 (5 ) Mortgage servicing rights 2,338 (487 ) (d) – 29 – – 632 (g) – 2,512 (487 ) (d) Net derivative assets and liabilities 574 707 (e) – 1 (13 ) – – (771 ) 498 135 (h) 2014 Available-for-sale securities Mortgage-backed securities Residential non-agency Prime (a) $ 478 $ – $ 15 $ – $ – $ (88 ) $ – $ – $ 405 $ 14 Non-prime (b) 297 (6 ) 19 – – (30 ) – – 280 19 Asset-backed securities Other 63 4 – 5 – (10 ) – – 62 – Corporate debt securities 9 – – – – – – – 9 – Total available-for-sale 847 (2 ) (i) 34 (f) 5 – (128 ) – – 756 33 Mortgage servicing rights 2,680 (588 ) (d) – 5 (141 ) – 382 (g) – 2,338 (588 ) (d) Net derivative assets and liabilities 445 904 (j) – 1 (4 ) – – (772 ) 574 188 (k) 2013 Available-for-sale securities Mortgage-backed securities Residential non-agency Prime (a) $ 624 $ (6 ) $ 8 $ – $ – $ (148 ) $ – $ – $ 478 $ 9 Non-prime (b) 355 (13 ) 17 – (20 ) (42 ) – – 297 17 Asset-backed securities Other 15 3 1 51 – (7 ) – – 63 – Corporate debt securities 9 – – – – – – – 9 – Total available-for-sale 1,003 (16 ) (l) 26 (f) 51 (20 ) (197 ) – – 847 26 Mortgage servicing rights 1,700 203 (d) – 8 – – 769 (g) – 2,680 203 (d) Net derivative assets and liabilities 1,179 (18 ) (m) – 1 (5 ) – – (712 ) 445 (321 ) (n) (a) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads). (b) Includes all securities not meeting the conditions to be designated as prime. (c) Included in interest income. (d) Included in mortgage banking revenue. (e) Approximately $289 million included in other noninterest income and $418 million included in mortgage banking revenue. (f) Included in changes in unrealized gains and losses on securities available-for-sale. (g) Represents MSRs capitalized during the period. (h) Approximately $92 million included in other noninterest income and $43 million included in mortgage banking revenue. (i) Approximately $(3) million included in securities gains (losses) and $1 million included in interest income. (j) Approximately $404 million included in other noninterest income and $500 million included in mortgage banking revenue. (k) Approximately $128 million included in other noninterest income and $60 million included in mortgage banking revenue. (l) Approximately $(14) million included in securities gains (losses) and $(2) million included in interest income. (m) Approximately $(149) million included in other noninterest income and $131 million included in mortgage banking revenue. (n) Approximately $(340) million included in other noninterest income and $19 million included in mortgage banking revenue. |
Adjusted Carrying Values for Assets Measured at Fair Value on Nonrecurring Basis | The following table summarizes the balances as of the measurement date of assets measured at fair value on a nonrecurring basis, and still held as of the reporting date as of December 31: 2015 2014 (Dollars in Millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Loans (a) $ – $ – $ 87 $ 87 $ – $ – $ 77 $ 77 Other assets (b) – – 66 66 – – 90 90 (a) Represents the carrying value of loans for which adjustments were based on the fair value of the collateral, excluding loans fully charged-off. (b) Primarily represents the fair value of foreclosed properties that were measured at fair value based on an appraisal or broker price opinion of the collateral subsequent to their initial acquisition. |
Losses Recognized Related to Nonrecurring Fair Value Measurements of Individual Assets or Portfolios | The following table summarizes losses recognized related to nonrecurring fair value measurements of individual assets or portfolios for the years ended December 31: (Dollars in Millions) 2015 2014 2013 Loans (a) $ 175 $ 108 $ 83 Other assets (b) 42 70 96 (a) Represents write-downs of student loans held for sale based on non-binding quoted prices received for the portfolio, that were subsequently transferred to loans, and write-downs of loans which were based on the fair value of the collateral, excluding loans fully charged-off. (b) Primarily represents related losses of foreclosed properties that were measured at fair value subsequent to their initial acquisition. |
Differences Between Aggregate Fair Value Carrying Amount of MLHFS for which Fair Value Option has been Elected and Aggregate Unpaid Principal Amount Contractually Obligated to Receive at Maturity | The following table summarizes the differences between the aggregate fair value carrying amount of MLHFS for which the fair value option has been elected and the aggregate unpaid principal amount that the Company is contractually obligated to receive at maturity as of December 31: 2015 2014 (Dollars in Millions) Fair Value Aggregate Carrying Fair Value Aggregate Carrying Total loans $ 3,110 $ 3,032 $ 78 $ 4,774 $ 4,582 $ 192 Nonaccrual loans 5 7 (2 ) 6 9 (3 ) Loans 90 days or more past due – – – 1 1 – |
Estimated Fair Values of Financial Instruments | The estimated fair values of the Company’s financial instruments as of December 31, are shown in the table below: 2015 2014 Carrying Amount Fair Value Carrying Amount Fair Value (Dollars in Millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial Assets Cash and due from banks $ 11,147 $ 11,147 $ – $ – $ 11,147 $ 10,654 $ 10,654 $ – $ – $ 10,654 Federal funds sold and securities purchased under resale agreements 169 – 169 – 169 118 – 118 – 118 Investment securities held-to-maturity 43,590 2,275 41,138 80 43,493 44,974 1,928 43,124 88 45,140 Loans held for sale (a) 74 – – 74 74 18 – – 18 18 Loans (b) 256,899 – – 259,736 259,736 243,735 – – 245,424 245,424 Other financial instruments 2,311 – 921 1,398 2,319 2,187 – 924 1,269 2,193 Financial Liabilities Deposits 300,400 – 300,225 – 300,225 282,733 – 282,708 – 282,708 Short-term borrowings (c) 27,110 – 26,782 – 26,782 29,184 – 28,973 – 28,973 Long-term debt 32,078 – 32,412 – 32,412 32,260 – 32,659 – 32,659 Other liabilities 1,353 – – 1,353 1,353 1,231 – – 1,231 1,231 (a) Excludes mortgages held for sale for which the fair value option under applicable accounting guidance was elected. (b) Excludes loans measured at fair value on a nonrecurring basis. (c) Excludes the Company’s obligation on securities sold short required to be accounted for at fair value per applicable accounting guidance. |
Guarantees and Contingent Lia52
Guarantees and Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contract or Notional Amounts of Unfunded Commitments to Extend Credit | The contract or notional amounts of unfunded commitments to extend credit at December 31, 2015, excluding those commitments considered derivatives, were as follows: Term (Dollars in Millions) Less Than Greater Total Commercial and commercial real estate loans $ 25,917 $ 93,924 $ 119,841 Corporate and purchasing card loans (a) 23,608 – 23,608 Residential mortgages 315 13 328 Retail credit card loans (a) 95,832 – 95,832 Other retail loans 12,951 21,141 34,092 Covered loans – 568 568 Other 5,203 94 5,297 (a) Primarily cancelable at the Company’s discretion. |
Future Minimum Payments Under Capital Leases and Noncancelable Operating Leases | Future minimum payments, net of sublease rentals, under capitalized leases and noncancelable operating leases with initial or remaining terms of one year or more, consisted of the following at December 31, 2015: (Dollars in Millions) Capitalized Operating 2016 $ 14 $ 265 2017 13 242 2018 13 203 2019 11 166 2020 10 126 Thereafter 42 471 Total minimum lease payments 103 $ 1,473 Less amount representing interest 35 Present value of net minimum lease payments $ 68 |
Summary of Other Guarantees and Contingent Liabilities | The following table is a summary of other guarantees and contingent liabilities of the Company at December 31, 2015: (Dollars in Millions) Collateral Carrying Amount Maximum Standby letters of credit $ – $ 57 $ 13,020 Third party borrowing arrangements – – 8 Securities lending indemnifications 4,387 – 4,246 Asset sales – 119 5,089 Merchant processing 409 61 94,995 Contingent consideration arrangements – 2 2 Tender option bond program guarantee 2,254 – 2,183 Minimum revenue guarantees – 2 12 Other – – 792 |
Contract or Notional Amount of Letters of Credit | The contract or notional amount of letters of credit at December 31, 2015, were as follows: Term (Dollars in Millions) Less Than Greater Total Standby $ 5,701 $ 7,319 $ 13,020 Commercial 218 48 266 |
U.S. Bancorp (Parent Company) (
U.S. Bancorp (Parent Company) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Statement of Financial Position of Parent Company Only | CONDENSED BALANCE SHEET At December 31 (Dollars in Millions) 2015 2014 Assets Due from banks, principally interest-bearing $ 9,426 $ 10,775 Available-for-sale securities 352 464 Investments in bank subsidiaries 41,708 39,599 Investments in nonbank subsidiaries 2,060 1,906 Advances to bank subsidiaries 3,150 2,650 Advances to nonbank subsidiaries 823 550 Other assets 983 1,762 Total assets $ 58,502 $ 57,706 Liabilities and Shareholders’ Equity Short-term funds borrowed $ 25 $ 177 Long-term debt 11,453 13,189 Other liabilities 893 861 Shareholders’ equity 46,131 43,479 Total liabilities and shareholders’ equity $ 58,502 $ 57,706 |
Condensed Income Statement of Parent Company Only | CONDENSED STATEMENT OF INCOME Year Ended December 31 (Dollars in Millions) 2015 2014 2013 Income Dividends from bank subsidiaries $ 3,900 $ 3,850 $ 6,100 Dividends from nonbank subsidiaries 3 38 9 Interest from subsidiaries 120 123 118 Other income 55 64 66 Total income 4,078 4,075 6,293 Expense Interest expense 292 335 325 Other expense 105 90 81 Total expense 397 425 406 Income before income taxes and equity in undistributed income of subsidiaries 3,681 3,650 5,887 Applicable income taxes (207 ) (94 ) (88 ) Income of parent company 3,888 3,744 5,975 Equity in undistributed income (losses) of subsidiaries 1,991 2,107 (139 ) Net income attributable to U.S. Bancorp $ 5,879 $ 5,851 $ 5,836 |
Condensed Statement of Cash Flows of Parent Company Only | CONDENSED STATEMENT OF CASH FLOWS Year Ended December 31 (Dollars in Millions) 2015 2014 2013 Operating Activities Net income attributable to U.S. Bancorp $ 5,879 $ 5,851 $ 5,836 Adjustments to reconcile net income to net cash provided by operating activities Equity in undistributed (income) losses of subsidiaries (1,991 ) (2,107 ) 139 Other, net 507 48 (40 ) Net cash provided by operating activities 4,395 3,792 5,935 Investing Activities Proceeds from sales and maturities of investment securities 153 46 75 Purchases of investment securities (47 ) (39 ) (118 ) Net (increase) decrease in short-term advances to subsidiaries (273 ) 984 4,543 Long-term advances to subsidiaries (500 ) (1,800 ) (750 ) Principal collected on long-term advances to subsidiaries – 1,400 – Other, net (6 ) (52 ) 3 Net cash (used in) provided by investing activities (673 ) 539 3,753 Financing Activities Net (decrease) increase in short-term borrowings (152 ) 39 4 Proceeds from issuance of long-term debt – 3,250 1,500 Principal payments or redemption of long-term debt (1,750 ) (1,500 ) (2,850 ) Proceeds from issuance of preferred stock 745 – 487 Proceeds from issuance of common stock 295 453 524 Redemption of preferred stock – – (500 ) Repurchase of common stock (2,190 ) (2,200 ) (2,282 ) Cash dividends paid on preferred stock (242 ) (243 ) (254 ) Cash dividends paid on common stock (1,777 ) (1,726 ) (1,576 ) Net cash used in financing activities (5,071 ) (1,927 ) (4,947 ) Change in cash and due from banks (1,349 ) 2,404 4,741 Cash and due from banks at beginning of year 10,775 8,371 3,630 Cash and due from banks at end of year $ 9,426 $ 10,775 $ 8,371 |
Loans and Allowance for Credi54
Loans and Allowance for Credit Losses - Commercial Loans by Industry Group and Geography Excluding Covered Loans (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Loans by Industry Group and Geography [Line Items] | ||
Commercial | $ 88,402 | $ 80,377 |
Commercial, percentage | 100.00% | 100.00% |
California [Member] | ||
Loans by Industry Group and Geography [Line Items] | ||
Commercial | $ 11,253 | $ 9,961 |
Commercial, percentage | 12.70% | 12.40% |
Colorado [Member] | ||
Loans by Industry Group and Geography [Line Items] | ||
Commercial | $ 3,930 | $ 3,528 |
Commercial, percentage | 4.50% | 4.40% |
Illinois [Member] | ||
Loans by Industry Group and Geography [Line Items] | ||
Commercial | $ 4,636 | $ 4,108 |
Commercial, percentage | 5.30% | 5.10% |
Minnesota [Member] | ||
Loans by Industry Group and Geography [Line Items] | ||
Commercial | $ 7,166 | $ 6,316 |
Commercial, percentage | 8.10% | 7.90% |
Missouri [Member] | ||
Loans by Industry Group and Geography [Line Items] | ||
Commercial | $ 3,309 | $ 2,832 |
Commercial, percentage | 3.80% | 3.50% |
Ohio [Member] | ||
Loans by Industry Group and Geography [Line Items] | ||
Commercial | $ 4,063 | $ 3,534 |
Commercial, percentage | 4.60% | 4.40% |
Oregon [Member] | ||
Loans by Industry Group and Geography [Line Items] | ||
Commercial | $ 1,938 | $ 2,130 |
Commercial, percentage | 2.20% | 2.60% |
Washington [Member] | ||
Loans by Industry Group and Geography [Line Items] | ||
Commercial | $ 3,219 | $ 3,237 |
Commercial, percentage | 3.60% | 4.00% |
Wisconsin [Member] | ||
Loans by Industry Group and Geography [Line Items] | ||
Commercial | $ 2,936 | $ 3,090 |
Commercial, percentage | 3.30% | 3.80% |
Iowa, Kansas, Nebraska, North Dakota, South Dakota [Member] | ||
Loans by Industry Group and Geography [Line Items] | ||
Commercial | $ 4,543 | $ 4,400 |
Commercial, percentage | 5.10% | 5.50% |
Arkansas, Indiana, Kentucky, Tennessee [Member] | ||
Loans by Industry Group and Geography [Line Items] | ||
Commercial | $ 5,106 | $ 4,949 |
Commercial, percentage | 5.80% | 6.20% |
Idaho, Montana, Wyoming [Member] | ||
Loans by Industry Group and Geography [Line Items] | ||
Commercial | $ 1,427 | $ 1,475 |
Commercial, percentage | 1.60% | 1.80% |
Arizona, Nevada, New Mexico, Utah [Member] | ||
Loans by Industry Group and Geography [Line Items] | ||
Commercial | $ 3,280 | $ 2,951 |
Commercial, percentage | 3.70% | 3.70% |
Total Banking Region [Member] | ||
Loans by Industry Group and Geography [Line Items] | ||
Commercial | $ 56,806 | $ 52,511 |
Commercial, percentage | 64.30% | 65.30% |
Florida, Michigan, New York, Pennsylvania, Texas [Member] | ||
Loans by Industry Group and Geography [Line Items] | ||
Commercial | $ 15,819 | $ 14,036 |
Commercial, percentage | 17.90% | 17.50% |
All Other States [Member] | ||
Loans by Industry Group and Geography [Line Items] | ||
Commercial | $ 15,777 | $ 13,830 |
Commercial, percentage | 17.80% | 17.20% |
Total Outside Company's Banking Region [Member] | ||
Loans by Industry Group and Geography [Line Items] | ||
Commercial | $ 31,596 | $ 27,866 |
Commercial, percentage | 35.70% | 34.70% |
Manufacturing [Member] | ||
Loans by Industry Group and Geography [Line Items] | ||
Commercial | $ 13,404 | $ 12,261 |
Commercial, percentage | 15.20% | 15.30% |
Real Estate, Rental and Leasing [Member] | ||
Loans by Industry Group and Geography [Line Items] | ||
Commercial | $ 9,514 | $ 7,779 |
Commercial, percentage | 10.80% | 9.70% |
Finance and Insurance [Member] | ||
Loans by Industry Group and Geography [Line Items] | ||
Commercial | $ 8,288 | $ 7,799 |
Commercial, percentage | 9.40% | 9.70% |
Wholesale Trade [Member] | ||
Loans by Industry Group and Geography [Line Items] | ||
Commercial | $ 8,069 | $ 7,350 |
Commercial, percentage | 9.10% | 9.10% |
Retail Trade [Member] | ||
Loans by Industry Group and Geography [Line Items] | ||
Commercial | $ 6,846 | $ 6,428 |
Commercial, percentage | 7.70% | 8.00% |
Healthcare and Social Assistance [Member] | ||
Loans by Industry Group and Geography [Line Items] | ||
Commercial | $ 5,802 | $ 5,280 |
Commercial, percentage | 6.60% | 6.60% |
Public Administration [Member] | ||
Loans by Industry Group and Geography [Line Items] | ||
Commercial | $ 4,190 | $ 4,033 |
Commercial, percentage | 4.70% | 5.00% |
Information [Member] | ||
Loans by Industry Group and Geography [Line Items] | ||
Commercial | $ 3,542 | $ 2,702 |
Commercial, percentage | 4.00% | 3.40% |
Professional, Scientific and Technical Services [Member] | ||
Loans by Industry Group and Geography [Line Items] | ||
Commercial | $ 3,493 | $ 3,121 |
Commercial, percentage | 4.00% | 3.90% |
Transport and Storage [Member] | ||
Loans by Industry Group and Geography [Line Items] | ||
Commercial | $ 3,262 | $ 2,941 |
Commercial, percentage | 3.70% | 3.70% |
Educational Services [Member] | ||
Loans by Industry Group and Geography [Line Items] | ||
Commercial | $ 2,791 | $ 2,286 |
Commercial, percentage | 3.20% | 2.80% |
Arts, Entertainment and Recreation [Member] | ||
Loans by Industry Group and Geography [Line Items] | ||
Commercial | $ 2,772 | $ 2,493 |
Commercial, percentage | 3.10% | 3.10% |
Mining [Member] | ||
Loans by Industry Group and Geography [Line Items] | ||
Commercial | $ 2,208 | $ 2,604 |
Commercial, percentage | 2.50% | 3.20% |
Agriculture, Forestry, Fishing and Hunting [Member] | ||
Loans by Industry Group and Geography [Line Items] | ||
Commercial | $ 1,721 | $ 1,642 |
Commercial, percentage | 1.90% | 2.00% |
Other Services [Member] | ||
Loans by Industry Group and Geography [Line Items] | ||
Commercial | $ 1,703 | $ 1,449 |
Commercial, percentage | 1.90% | 1.80% |
Utilities [Member] | ||
Loans by Industry Group and Geography [Line Items] | ||
Commercial | $ 1,435 | $ 1,404 |
Commercial, percentage | 1.60% | 1.70% |
Other [Member] | ||
Loans by Industry Group and Geography [Line Items] | ||
Commercial | $ 9,362 | $ 8,805 |
Commercial, percentage | 10.60% | 11.00% |
Loans and Allowance for Credi55
Loans and Allowance for Credit Losses - Commercial Real Estate Loans by Property Type and Geography Excluding Covered Loans (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Loans by Property Type and Geography [Line Items] | ||
Commercial real estate | $ 42,137 | $ 42,795 |
Commercial real estate, percentage | 100.00% | 100.00% |
California [Member] | ||
Loans by Property Type and Geography [Line Items] | ||
Commercial real estate | $ 10,456 | $ 10,545 |
Commercial real estate, percentage | 24.80% | 24.60% |
Colorado [Member] | ||
Loans by Property Type and Geography [Line Items] | ||
Commercial real estate | $ 2,004 | $ 1,955 |
Commercial real estate, percentage | 4.80% | 4.60% |
Illinois [Member] | ||
Loans by Property Type and Geography [Line Items] | ||
Commercial real estate | $ 1,810 | $ 2,153 |
Commercial real estate, percentage | 4.30% | 5.00% |
Minnesota [Member] | ||
Loans by Property Type and Geography [Line Items] | ||
Commercial real estate | $ 2,022 | $ 2,031 |
Commercial real estate, percentage | 4.80% | 4.70% |
Missouri [Member] | ||
Loans by Property Type and Geography [Line Items] | ||
Commercial real estate | $ 1,382 | $ 1,453 |
Commercial real estate, percentage | 3.30% | 3.40% |
Ohio [Member] | ||
Loans by Property Type and Geography [Line Items] | ||
Commercial real estate | $ 1,260 | $ 1,391 |
Commercial real estate, percentage | 3.00% | 3.30% |
Oregon [Member] | ||
Loans by Property Type and Geography [Line Items] | ||
Commercial real estate | $ 1,988 | $ 2,012 |
Commercial real estate, percentage | 4.70% | 4.70% |
Washington [Member] | ||
Loans by Property Type and Geography [Line Items] | ||
Commercial real estate | $ 3,422 | $ 3,501 |
Commercial real estate, percentage | 8.10% | 8.20% |
Wisconsin [Member] | ||
Loans by Property Type and Geography [Line Items] | ||
Commercial real estate | $ 2,323 | $ 2,293 |
Commercial real estate, percentage | 5.50% | 5.40% |
Iowa, Kansas, Nebraska, North Dakota, South Dakota [Member] | ||
Loans by Property Type and Geography [Line Items] | ||
Commercial real estate | $ 2,227 | $ 2,202 |
Commercial real estate, percentage | 5.30% | 5.10% |
Arkansas, Indiana, Kentucky, Tennessee [Member] | ||
Loans by Property Type and Geography [Line Items] | ||
Commercial real estate | $ 1,708 | $ 1,764 |
Commercial real estate, percentage | 4.10% | 4.10% |
Idaho, Montana, Wyoming [Member] | ||
Loans by Property Type and Geography [Line Items] | ||
Commercial real estate | $ 1,275 | $ 1,319 |
Commercial real estate, percentage | 3.00% | 3.10% |
Arizona, Nevada, New Mexico, Utah [Member] | ||
Loans by Property Type and Geography [Line Items] | ||
Commercial real estate | $ 3,259 | $ 3,383 |
Commercial real estate, percentage | 7.70% | 7.90% |
Total Banking Region [Member] | ||
Loans by Property Type and Geography [Line Items] | ||
Commercial real estate | $ 35,136 | $ 36,002 |
Commercial real estate, percentage | 83.40% | 84.10% |
Florida, Michigan, New York, Pennsylvania, Texas [Member] | ||
Loans by Property Type and Geography [Line Items] | ||
Commercial real estate | $ 3,793 | $ 3,656 |
Commercial real estate, percentage | 9.00% | 8.60% |
All Other States [Member] | ||
Loans by Property Type and Geography [Line Items] | ||
Commercial real estate | $ 3,208 | $ 3,137 |
Commercial real estate, percentage | 7.60% | 7.30% |
Total Outside Company's Banking Region [Member] | ||
Loans by Property Type and Geography [Line Items] | ||
Commercial real estate | $ 7,001 | $ 6,793 |
Commercial real estate, percentage | 16.60% | 15.90% |
Business Owner Occupied [Member] | ||
Loans by Property Type and Geography [Line Items] | ||
Commercial real estate | $ 11,186 | $ 11,535 |
Commercial real estate, percentage | 26.60% | 26.90% |
Industrial Commercial Property [Member] | ||
Loans by Property Type and Geography [Line Items] | ||
Commercial real estate | $ 1,530 | $ 1,582 |
Commercial real estate, percentage | 3.60% | 3.70% |
Office Commercial Property [Member] | ||
Loans by Property Type and Geography [Line Items] | ||
Commercial real estate | $ 5,480 | $ 5,680 |
Commercial real estate, percentage | 13.00% | 13.30% |
Retail Commercial Property [Member] | ||
Loans by Property Type and Geography [Line Items] | ||
Commercial real estate | $ 4,944 | $ 4,896 |
Commercial real estate, percentage | 11.70% | 11.40% |
Other Commercial Property [Member] | ||
Loans by Property Type and Geography [Line Items] | ||
Commercial real estate | $ 4,165 | $ 4,670 |
Commercial real estate, percentage | 9.90% | 10.90% |
Multi-Family [Member] | ||
Loans by Property Type and Geography [Line Items] | ||
Commercial real estate | $ 8,833 | $ 8,548 |
Commercial real estate, percentage | 21.00% | 20.00% |
Hotel/Motel [Member] | ||
Loans by Property Type and Geography [Line Items] | ||
Commercial real estate | $ 3,428 | $ 3,624 |
Commercial real estate, percentage | 8.10% | 8.50% |
Residential Homebuilders [Member] | ||
Loans by Property Type and Geography [Line Items] | ||
Commercial real estate | $ 2,319 | $ 1,996 |
Commercial real estate, percentage | 5.50% | 4.70% |
Healthcare Facilities [Member] | ||
Loans by Property Type and Geography [Line Items] | ||
Commercial real estate | $ 252 | $ 264 |
Commercial real estate, percentage | 0.60% | 0.60% |
Investment Securities - Investm
Investment Securities - Investment Securities (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Contractual Maturities of Investment Securities [Line Items] | |||
Available-for-sale securities, total, amortized cost | $ 61,817 | $ 55,432 | |
Available-for-sale securities, total, fair value | [1] | $ 61,997 | $ 56,069 |
Available-for-sale securities, total, weighted-average yield | 2.21% | 2.32% | |
Available-for-sale securities, total, weighted-average maturity in years | 4 years 8 months 12 days | 4 years 3 months 18 days | |
Held-to-maturity securities, total, amortized cost | [1] | $ 43,590 | $ 44,974 |
Held-to-maturity securities, total, weighted-average maturity in years | 4 years 2 months 12 days | 4 years | |
Held-to-maturity securities, total, fair value | $ 43,493 | $ 45,140 | |
Held-to-maturity securities, total, weighted-average yield | 1.92% | 1.92% | |
Amortized Cost of Investment Securities | $ 105,407 | $ 100,406 | |
Amortized Cost of Investment Securities, Percentage | 100.00% | 100.00% | |
U.S. Treasury and Agencies [Member] | |||
Contractual Maturities of Investment Securities [Line Items] | |||
Available-for-sale securities, maturing in one year or less, amortized cost | $ 476 | ||
Available-for-sale securities, maturing after one year through five years, amortized cost | 1,387 | ||
Available-for-sale securities, maturing after five years through ten years, amortized cost | 2,747 | ||
Available-for-sale securities, maturing after ten years, amortized cost | 1 | ||
Available-for-sale securities, total, amortized cost | 4,611 | $ 2,622 | |
Available-for-sale securities, maturing in one year or less, fair value | 477 | ||
Available-for-sale securities, maturing after one year through five years, fair value | 1,393 | ||
Available-for-sale securities, maturing after five years through ten years, fair value | 2,725 | ||
Available-for-sale securities, maturing after ten years, fair value | 1 | ||
Available-for-sale securities, total, fair value | $ 4,596 | 2,632 | |
Available-for-sale securities, maturing in one year or less, weighted-average yield | 2.38% | ||
Available-for-sale securities, maturing in one year or less, weighted-average maturity in years | 4 months 24 days | ||
Available for sale securities, maturing after one year through five years, weighted-average yield | 1.38% | ||
Available-for-sale securities, maturing after one year through five years, weighted-average maturity in years | 2 years 6 months | ||
Available-for-sale securities, maturing after five years through ten years, weighted-average yield | 2.05% | ||
Available-for-sale securities, maturing after five years through ten years, weighted-average maturity in years | 6 years 9 months 18 days | ||
Available-for-sale securities, maturing after ten years, weighted-average yield | 4.15% | ||
Available-for-sale securities, maturing after ten years, weighted-average maturity in years | 11 years 8 months 12 days | ||
Available-for-sale securities, total, weighted-average yield | 1.88% | ||
Available-for-sale securities, total, weighted-average maturity in years | 4 years 9 months 18 days | ||
Held-to-maturity securities, maturing after one year through five years, amortized cost | $ 1,097 | ||
Held-to-maturity securities, maturing after one year through five years, weighted-average maturity in years | 2 years 8 months 12 days | ||
Held-to-maturity securities, maturing after five years through ten years, amortized cost | $ 1,828 | ||
Held-to-maturity securities, maturing after five years through ten years, weighted-average maturity in years | 6 years 10 months 24 days | ||
Held-to-maturity securities, total, amortized cost | $ 2,925 | 2,717 | |
Held-to-maturity securities, total, weighted-average maturity in years | 5 years 3 months 18 days | ||
Held to maturity securities, maturing after one year through five years, fair value | $ 1,103 | ||
Held-to-maturity securities, maturing after five years through ten years, fair value | 1,816 | ||
Held-to-maturity securities, total, fair value | $ 2,919 | 2,714 | |
Held-to-maturity securities, maturing after one year through five years, weighted-average yield | 1.42% | ||
Held-to-maturity securities, maturing after five years through ten years, weighted-average yield | 2.14% | ||
Held-to-maturity securities, total, weighted-average yield | 1.87% | ||
Amortized Cost of Investment Securities | $ 7,536 | $ 5,339 | |
Amortized Cost of Investment Securities, Percentage | 7.20% | 5.30% | |
Mortgage-Backed Securities [Member] | |||
Contractual Maturities of Investment Securities [Line Items] | |||
Available-for-sale securities, maturing in one year or less, amortized cost | $ 360 | ||
Available-for-sale securities, maturing after one year through five years, amortized cost | 32,988 | ||
Available-for-sale securities, maturing after five years through ten years, amortized cost | 16,468 | ||
Available-for-sale securities, maturing after ten years, amortized cost | 829 | ||
Available-for-sale securities, total, amortized cost | 50,645 | ||
Available-for-sale securities, maturing in one year or less, fair value | 363 | ||
Available-for-sale securities, maturing after one year through five years, fair value | 33,030 | ||
Available-for-sale securities, maturing after five years through ten years, fair value | 16,466 | ||
Available-for-sale securities, maturing after ten years, fair value | 827 | ||
Available-for-sale securities, total, fair value | $ 50,686 | ||
Available-for-sale securities, maturing in one year or less, weighted-average yield | 2.25% | ||
Available-for-sale securities, maturing in one year or less, weighted-average maturity in years | 7 months 6 days | ||
Available for sale securities, maturing after one year through five years, weighted-average yield | 1.92% | ||
Available-for-sale securities, maturing after one year through five years, weighted-average maturity in years | 4 years 1 month 6 days | ||
Available-for-sale securities, maturing after five years through ten years, weighted-average yield | 1.44% | ||
Available-for-sale securities, maturing after five years through ten years, weighted-average maturity in years | 5 years 8 months 12 days | ||
Available-for-sale securities, maturing after ten years, weighted-average yield | 1.41% | ||
Available-for-sale securities, maturing after ten years, weighted-average maturity in years | 12 years 3 months 18 days | ||
Available-for-sale securities, total, weighted-average yield | 1.76% | ||
Available-for-sale securities, total, weighted-average maturity in years | 4 years 8 months 12 days | ||
Held-to-maturity securities, maturing in one year or less, amortized cost | $ 210 | ||
Held-to-maturity securities, maturing in one year or less, weighted-average maturity in years | 8 months 12 days | ||
Held-to-maturity securities, maturing after one year through five years, amortized cost | $ 31,258 | ||
Held-to-maturity securities, maturing after one year through five years, weighted-average maturity in years | 3 years 8 months 12 days | ||
Held-to-maturity securities, maturing after five years through ten years, amortized cost | $ 8,933 | ||
Held-to-maturity securities, maturing after five years through ten years, weighted-average maturity in years | 5 years 6 months | ||
Held-to-maturity securities, maturing after ten years, amortized cost | $ 219 | ||
Held-to-maturity securities, maturing after ten years, weighted-average maturity in years | 11 years 8 months 12 days | ||
Held-to-maturity securities, total, amortized cost | $ 40,620 | ||
Held-to-maturity securities, total, weighted-average maturity in years | 4 years 2 months 12 days | ||
Held-to-maturity securities, maturing in one year or less, fair value | $ 210 | ||
Held to maturity securities, maturing after one year through five years, fair value | 31,130 | ||
Held-to-maturity securities, maturing after five years through ten years, fair value | 8,962 | ||
Held-to-maturity securities, maturing after ten years, fair value | 220 | ||
Held-to-maturity securities, total, fair value | $ 40,522 | ||
Held-to-maturity securities, maturing in one year or less, weighted-average yield | 2.08% | ||
Held-to-maturity securities, maturing after one year through five years, weighted-average yield | 2.07% | ||
Held-to-maturity securities, maturing after five years through ten years, weighted-average yield | 1.44% | ||
Held-to-maturity securities, maturing after ten years, weighted-average yield | 1.36% | ||
Held-to-maturity securities, total, weighted-average yield | 1.92% | ||
Amortized Cost of Investment Securities | $ 91,265 | $ 87,645 | |
Amortized Cost of Investment Securities, Percentage | 86.60% | 87.30% | |
Asset-Backed Securities [Member] | |||
Contractual Maturities of Investment Securities [Line Items] | |||
Available-for-sale securities, maturing after one year through five years, amortized cost | $ 194 | ||
Available-for-sale securities, maturing after five years through ten years, amortized cost | 354 | ||
Available-for-sale securities, total, amortized cost | 548 | ||
Available-for-sale securities, maturing after one year through five years, fair value | 199 | ||
Available-for-sale securities, maturing after five years through ten years, fair value | 361 | ||
Available-for-sale securities, total, fair value | $ 560 | ||
Available for sale securities, maturing after one year through five years, weighted-average yield | 3.27% | ||
Available-for-sale securities, maturing after one year through five years, weighted-average maturity in years | 3 years 4 months 24 days | ||
Available-for-sale securities, maturing after five years through ten years, weighted-average yield | 2.75% | ||
Available-for-sale securities, maturing after five years through ten years, weighted-average maturity in years | 5 years 10 months 24 days | ||
Available-for-sale securities, total, weighted-average yield | 2.94% | ||
Available-for-sale securities, total, weighted-average maturity in years | 5 years | ||
Held-to-maturity securities, maturing in one year or less, weighted-average maturity in years | 1 month 6 days | ||
Held-to-maturity securities, maturing after one year through five years, amortized cost | $ 6 | ||
Held-to-maturity securities, maturing after one year through five years, weighted-average maturity in years | 3 years 4 months 24 days | ||
Held-to-maturity securities, maturing after five years through ten years, amortized cost | $ 3 | ||
Held-to-maturity securities, maturing after five years through ten years, weighted-average maturity in years | 6 years 3 months 18 days | ||
Held-to-maturity securities, maturing after ten years, amortized cost | $ 1 | ||
Held-to-maturity securities, maturing after ten years, weighted-average maturity in years | 11 years 9 months 18 days | ||
Held-to-maturity securities, total, amortized cost | $ 10 | ||
Held-to-maturity securities, total, weighted-average maturity in years | 5 years 2 months 12 days | ||
Held-to-maturity securities, maturing in one year or less, fair value | $ 1 | ||
Held to maturity securities, maturing after one year through five years, fair value | 8 | ||
Held-to-maturity securities, maturing after five years through ten years, fair value | 3 | ||
Held-to-maturity securities, maturing after ten years, fair value | 7 | ||
Held-to-maturity securities, total, fair value | $ 19 | ||
Held-to-maturity securities, maturing in one year or less, weighted-average yield | 1.01% | ||
Held-to-maturity securities, maturing after one year through five years, weighted-average yield | 1.05% | ||
Held-to-maturity securities, maturing after five years through ten years, weighted-average yield | 1.17% | ||
Held-to-maturity securities, maturing after ten years, weighted-average yield | 1.18% | ||
Held-to-maturity securities, total, weighted-average yield | 1.10% | ||
Amortized Cost of Investment Securities | $ 558 | $ 638 | |
Amortized Cost of Investment Securities, Percentage | 0.50% | 0.60% | |
Obligations of State and Political Subdivisions [Member] | |||
Contractual Maturities of Investment Securities [Line Items] | |||
Available-for-sale securities, maturing in one year or less, amortized cost | $ 2,175 | ||
Available-for-sale securities, maturing after one year through five years, amortized cost | 1,976 | ||
Available-for-sale securities, maturing after five years through ten years, amortized cost | 881 | ||
Available-for-sale securities, maturing after ten years, amortized cost | 117 | ||
Available-for-sale securities, total, amortized cost | 5,149 | $ 5,604 | |
Available-for-sale securities, maturing in one year or less, fair value | 2,216 | ||
Available-for-sale securities, maturing after one year through five years, fair value | 2,072 | ||
Available-for-sale securities, maturing after five years through ten years, fair value | 902 | ||
Available-for-sale securities, maturing after ten years, fair value | 126 | ||
Available-for-sale securities, total, fair value | $ 5,316 | 5,868 | |
Available-for-sale securities, maturing in one year or less, weighted-average yield | 7.04% | ||
Available-for-sale securities, maturing in one year or less, weighted-average maturity in years | 6 months | ||
Available for sale securities, maturing after one year through five years, weighted-average yield | 6.87% | ||
Available-for-sale securities, maturing after one year through five years, weighted-average maturity in years | 1 year 9 months 18 days | ||
Available-for-sale securities, maturing after five years through ten years, weighted-average yield | 5.52% | ||
Available-for-sale securities, maturing after five years through ten years, weighted-average maturity in years | 7 years 4 months 24 days | ||
Available-for-sale securities, maturing after ten years, weighted-average yield | 7.15% | ||
Available-for-sale securities, maturing after ten years, weighted-average maturity in years | 14 years 6 months | ||
Available-for-sale securities, total, weighted-average yield | 6.72% | ||
Available-for-sale securities, total, weighted-average maturity in years | 2 years 6 months | ||
Held-to-maturity securities, maturing in one year or less, weighted-average maturity in years | 6 months | ||
Held-to-maturity securities, maturing after one year through five years, amortized cost | $ 1 | ||
Held-to-maturity securities, maturing after one year through five years, weighted-average maturity in years | 2 years 7 months 6 days | ||
Held-to-maturity securities, maturing after five years through ten years, amortized cost | $ 3 | ||
Held-to-maturity securities, maturing after five years through ten years, weighted-average maturity in years | 8 years 10 months 24 days | ||
Held-to-maturity securities, maturing after ten years, amortized cost | $ 4 | ||
Held-to-maturity securities, maturing after ten years, weighted-average maturity in years | 10 years 6 months | ||
Held-to-maturity securities, total, amortized cost | $ 8 | 9 | |
Held-to-maturity securities, total, weighted-average maturity in years | 9 years 1 month 6 days | ||
Held to maturity securities, maturing after one year through five years, fair value | $ 1 | ||
Held-to-maturity securities, maturing after five years through ten years, fair value | 3 | ||
Held-to-maturity securities, maturing after ten years, fair value | 4 | ||
Held-to-maturity securities, total, fair value | $ 8 | 9 | |
Held-to-maturity securities, maturing in one year or less, weighted-average yield | 11.31% | ||
Held-to-maturity securities, maturing after one year through five years, weighted-average yield | 8.03% | ||
Held-to-maturity securities, maturing after five years through ten years, weighted-average yield | 3.94% | ||
Held-to-maturity securities, maturing after ten years, weighted-average yield | 2.32% | ||
Held-to-maturity securities, total, weighted-average yield | 3.49% | ||
Amortized Cost of Investment Securities | $ 5,157 | $ 5,613 | |
Amortized Cost of Investment Securities, Percentage | 4.90% | 5.60% | |
Other Debt Securities and Obligations of Foreign Governments [Member] | |||
Contractual Maturities of Investment Securities [Line Items] | |||
Available-for-sale securities, maturing after ten years, amortized cost | $ 677 | ||
Available-for-sale securities, total, amortized cost | 677 | ||
Available-for-sale securities, maturing after ten years, fair value | 610 | ||
Available-for-sale securities, total, fair value | $ 610 | ||
Available-for-sale securities, maturing after ten years, weighted-average yield | 2.61% | ||
Available-for-sale securities, maturing after ten years, weighted-average maturity in years | 17 years 7 months 6 days | ||
Available-for-sale securities, total, weighted-average yield | 2.61% | ||
Available-for-sale securities, total, weighted-average maturity in years | 17 years 7 months 6 days | ||
Held-to-maturity securities, maturing in one year or less, amortized cost | $ 1 | ||
Held-to-maturity securities, maturing in one year or less, weighted-average maturity in years | 7 months 6 days | ||
Held-to-maturity securities, maturing after one year through five years, amortized cost | $ 26 | ||
Held-to-maturity securities, maturing after one year through five years, weighted-average maturity in years | 3 years 9 months 18 days | ||
Held-to-maturity securities, total, amortized cost | $ 27 | ||
Held-to-maturity securities, total, weighted-average maturity in years | 3 years 7 months 6 days | ||
Held-to-maturity securities, maturing in one year or less, fair value | $ 1 | ||
Held to maturity securities, maturing after one year through five years, fair value | 24 | ||
Held-to-maturity securities, total, fair value | $ 25 | ||
Held-to-maturity securities, maturing in one year or less, weighted-average yield | 1.64% | ||
Held-to-maturity securities, maturing after one year through five years, weighted-average yield | 1.27% | ||
Held-to-maturity securities, total, weighted-average yield | 1.28% | ||
Amortized Cost of Investment Securities | $ 891 | $ 1,171 | |
Amortized Cost of Investment Securities, Percentage | 0.80% | 1.20% | |
Other Investments Including Perpetual Preferred Securities [Member] | |||
Contractual Maturities of Investment Securities [Line Items] | |||
Available-for-sale securities, total, amortized cost | $ 187 | ||
Available-for-sale securities, total, fair value | $ 229 | ||
Available-for-sale securities, total, weighted-average yield | 4.59% | ||
Available-for-sale securities, total, weighted-average maturity in years | 22 years 10 months 24 days | ||
[1] | Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral. |
Investment Securities - Inves57
Investment Securities - Investment Securities (Parenthetical) (Detail) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Contractual Maturities of Investment Securities [Abstract] | ||
Federal statutory rate | 35.00% | |
Weighted-average maturity of available-for-sale investment securities | 4 years 8 months 12 days | 4 years 3 months 18 days |
Weighted-average yield of available-for-sale investment securities | 2.21% | 2.32% |
Weighted-average maturity of held-to-maturity investment securities | 4 years 2 months 12 days | 4 years |
Weighted-average yield of held-to-maturity investment securities | 1.92% | 1.92% |
Loans and Allowance for Credi58
Loans and Allowance for Credit Losses - Summary of Nonperforming Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Nonperforming Assets [Line Items] | |||||
Total commercial | $ 88,402 | $ 80,377 | |||
Total commercial real estate | 42,137 | 42,795 | |||
Residential Mortgages | 53,496 | 51,619 | |||
Credit card | 21,012 | 18,515 | |||
Total other retail | 51,206 | 49,264 | |||
Total nonperforming loans, excluding covered loans | 256,253 | 242,570 | |||
Covered loans | 4,596 | 5,281 | |||
Total nonperforming loans | 260,849 | 247,851 | |||
Covered Other Real Estate | 1,064 | 1,212 | |||
Total nonperforming assets | 1,523 | 1,808 | |||
Accruing loans 90 days or more past due | 831 | 945 | |||
Nonperforming Assets [Member] | |||||
Nonperforming Assets [Line Items] | |||||
Commercial | 160 | 99 | $ 122 | $ 107 | $ 280 |
Lease financing | 14 | 13 | 12 | 16 | 32 |
Total commercial | 174 | 112 | 134 | 123 | 312 |
Commercial mortgages | 92 | 175 | 182 | 308 | 354 |
Construction and development | 35 | 84 | 121 | 238 | 545 |
Total commercial real estate | 127 | 259 | 303 | 546 | 899 |
Residential Mortgages | 712 | 864 | 770 | 661 | 650 |
Credit card | 9 | 30 | 78 | 146 | 224 |
Retail leasing | 3 | 1 | 1 | 1 | |
Home equity and second mortgages | 136 | 170 | 167 | 189 | 40 |
Other | 23 | 16 | 23 | 27 | 27 |
Total other retail | 162 | 187 | 191 | 217 | 67 |
Total nonperforming loans, excluding covered loans | 1,184 | 1,452 | 1,476 | 1,693 | 2,152 |
Covered loans | 8 | 14 | 127 | 386 | 926 |
Total nonperforming loans | 1,192 | 1,466 | 1,603 | 2,079 | 3,078 |
Other Real Estate | 280 | 288 | 327 | 381 | 404 |
Covered Other Real Estate | 32 | 37 | 97 | 197 | 274 |
Other Assets | 19 | 17 | 10 | 14 | 18 |
Total nonperforming assets | 1,523 | 1,808 | 2,037 | 2,671 | 3,774 |
Total nonperforming assets, excluding covered assets | 1,483 | 1,757 | 1,813 | 2,088 | 2,574 |
Nonperforming Assets Excluding Covered Assets [Member] | Nonperforming Assets [Member] | |||||
Nonperforming Assets [Line Items] | |||||
Accruing loans 90 days or more past due | $ 541 | $ 550 | $ 713 | $ 660 | $ 843 |
Nonperforming loans to total loans | 0.46% | 0.60% | 0.65% | 0.80% | 1.10% |
Nonperforming assets to total loans plus other real estate | 0.58% | 0.72% | 0.80% | 0.98% | 1.32% |
Nonperforming Assets Including Covered Assets [Member] | Nonperforming Assets [Member] | |||||
Nonperforming Assets [Line Items] | |||||
Accruing loans 90 days or more past due | $ 831 | $ 945 | $ 1,189 | $ 1,323 | $ 1,753 |
Nonperforming loans to total loans | 0.46% | 0.59% | 0.68% | 0.93% | 1.47% |
Nonperforming assets to total loans plus other real estate | 0.58% | 0.73% | 0.86% | 1.19% | 1.79% |
Loans and Allowance for Credi59
Loans and Allowance for Credit Losses - Summary of Change in Nonperforming Assets (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Nonperforming Assets [Line Items] | |
Balance December 31, 2014 | $ 1,808 |
Additions to nonperforming assets | |
New nonaccrual loans and foreclosed properties | 918 |
Advances on loans | 54 |
Total additions | 972 |
Reductions in nonperforming assets | |
Paydowns, payoffs | (554) |
Net sales | (207) |
Return to performing status | (178) |
Charge-offs | (318) |
Total reductions | (1,257) |
Net additions to (reductions in) nonperforming assets | (285) |
Balance December 31, 2015 | 1,523 |
Commercial and Commercial Real Estate Loans [Member] | |
Nonperforming Assets [Line Items] | |
Balance December 31, 2014 | 431 |
Additions to nonperforming assets | |
New nonaccrual loans and foreclosed properties | 394 |
Advances on loans | 54 |
Total additions | 448 |
Reductions in nonperforming assets | |
Paydowns, payoffs | (271) |
Net sales | (53) |
Return to performing status | (6) |
Charge-offs | (213) |
Total reductions | (543) |
Net additions to (reductions in) nonperforming assets | (95) |
Balance December 31, 2015 | 336 |
Residential Mortgages, Credit Card and Other Retail [Member] | |
Nonperforming Assets [Line Items] | |
Balance December 31, 2014 | 1,326 |
Additions to nonperforming assets | |
New nonaccrual loans and foreclosed properties | 500 |
Total additions | 500 |
Reductions in nonperforming assets | |
Paydowns, payoffs | (275) |
Net sales | (129) |
Return to performing status | (171) |
Charge-offs | (104) |
Total reductions | (679) |
Net additions to (reductions in) nonperforming assets | (179) |
Balance December 31, 2015 | 1,147 |
Covered Assets [Member] | |
Nonperforming Assets [Line Items] | |
Balance December 31, 2014 | 51 |
Additions to nonperforming assets | |
New nonaccrual loans and foreclosed properties | 24 |
Total additions | 24 |
Reductions in nonperforming assets | |
Paydowns, payoffs | (8) |
Net sales | (25) |
Return to performing status | (1) |
Charge-offs | (1) |
Total reductions | (35) |
Net additions to (reductions in) nonperforming assets | (11) |
Balance December 31, 2015 | $ 40 |
Loans and Allowance for Credi60
Loans and Allowance for Credit Losses - Summary of Change in Nonperforming Assets (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Receivables [Abstract] | |||||
Period of accruing loans excluded from nonperforming assets and related ratios | 90 days | 90 days | 90 days | 90 days | 90 days |
GNMA loans that are 90 days past due and continue to accrue interest | $ 2,900 | $ 3,100 | $ 3,700 | $ 3,200 | $ 2,600 |
Foreclosed GNMA loans that continue to accrue interest and excluded from nonperforming assets | $ 535 | $ 641 | $ 527 | $ 548 | $ 692 |
Shareholders' Equity - Regulato
Shareholders' Equity - Regulatory Capital Ratios (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common equity tier 1 capital as a percent of risk-weighted assets - Minimum capital ratio requirement | 4.50% | 4.00% |
Tier 1 capital as a percent of risk-weighted assets - Minimum capital ratio requirement | 6.00% | 5.50% |
Total risk-based capital as a percent of risk-weighted assets - Minimum capital ratio requirement | 8.00% | 8.00% |
Tier 1 capital as a percent of adjusted quarterly average assets (leverage ratio) - Minimum capital ratio requirement | 4.00% | 4.00% |
Common equity tier 1 capital as a percent of risk-weighted assets - Well capitalized ratio requirement | 6.50% | |
Tier 1 capital as a percent of risk-weighted assets - Well capitalized ratio requirement | 8.00% | 6.00% |
Total risk-based capital as a percent of risk-weighted assets - Well capitalized ratio requirement | 10.00% | 10.00% |
Tier 1 capital as a percent of adjusted quarterly average assets (leverage ratio) - Well capitalized ratio requirement | 5.00% | 5.00% |
Basel III Transitional Standardized Approach: [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 capital | $ 38,431 | $ 36,020 |
Total risk-based capital | 45,313 | 43,208 |
Risk-weighted assets | 341,360 | 317,398 |
Basel III transitional advanced approaches: [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 capital | 38,431 | 36,020 |
Total risk-based capital | 42,262 | 40,475 |
Risk-weighted assets | 261,668 | 248,596 |
U.S. Bancorp [Member] | Basel III Transitional Standardized Approach: [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common equity tier 1 capital | 32,612 | 30,856 |
Tier 1 capital | 38,431 | 36,020 |
Total risk-based capital | 45,313 | 43,208 |
Risk-weighted assets | $ 341,360 | $ 317,398 |
Common equity tier 1 capital as a percent of risk-weighted assets | 9.60% | 9.70% |
Tier 1 capital as a percent of risk-weighted assets | 11.30% | 11.30% |
Total risk-based capital as a percent of risk-weighted assets | 13.30% | 13.60% |
Tier 1 capital as a percent of adjusted quarterly average assets (leverage ratio) | 9.50% | 9.30% |
U.S. Bancorp [Member] | Basel III transitional advanced approaches: [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common equity tier 1 capital | $ 32,612 | $ 30,856 |
Tier 1 capital | 38,431 | 36,020 |
Total risk-based capital | 42,262 | 40,475 |
Risk-weighted assets | $ 261,668 | $ 248,596 |
Common equity tier 1 capital as a percent of risk-weighted assets | 12.50% | 12.40% |
Tier 1 capital as a percent of risk-weighted assets | 14.70% | 14.50% |
Total risk-based capital as a percent of risk-weighted assets | 16.20% | 16.30% |
U.S. Bank National Association [Member] | Basel III Transitional Standardized Approach: [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common equity tier 1 capital | $ 33,831 | $ 32,381 |
Tier 1 capital | 34,148 | 32,789 |
Total risk-based capital | 41,112 | 40,008 |
Risk-weighted assets | $ 336,938 | $ 313,261 |
Common equity tier 1 capital as a percent of risk-weighted assets | 10.00% | 10.30% |
Tier 1 capital as a percent of risk-weighted assets | 10.10% | 10.50% |
Total risk-based capital as a percent of risk-weighted assets | 12.20% | 12.80% |
Tier 1 capital as a percent of adjusted quarterly average assets (leverage ratio) | 8.50% | 8.60% |
U.S. Bank National Association [Member] | Basel III transitional advanced approaches: [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common equity tier 1 capital | $ 33,831 | $ 32,381 |
Tier 1 capital | 34,148 | 32,789 |
Total risk-based capital | 38,090 | 37,299 |
Risk-weighted assets | $ 258,207 | $ 245,007 |
Common equity tier 1 capital as a percent of risk-weighted assets | 13.10% | 13.20% |
Tier 1 capital as a percent of risk-weighted assets | 13.20% | 13.40% |
Total risk-based capital as a percent of risk-weighted assets | 14.80% | 15.20% |
Significant Accounting Polici62
Significant Accounting Policies - Line of Business Financial Performance (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Income Statement | |||
Net interest income (taxable-equivalent basis) | $ 11,214 | $ 10,997 | |
Net interest income (taxable-equivalent basis), Percent change | 2.00% | ||
Noninterest income | $ 9,092 | 9,161 | |
Noninterest income, Percent change | (0.80%) | ||
Securities gains (losses), net | 3 | $ 9 | |
Securities gains (losses), net, Percent change | 0.00% | ||
Total net revenue | $ 20,306 | 20,161 | |
Total net revenue, Percent change | 0.70% | ||
Noninterest expense, Percent change | 2.30% | ||
Other intangibles, Percent change | (12.60%) | ||
Total noninterest expense, Percent change | 2.00% | ||
Income before provision and income taxes, Percent change | (0.80%) | ||
Provision for credit losses, Percent change | (7.90%) | ||
Income before income taxes, Percent change | 0.30% | ||
Net income, Percent change | 0.40% | ||
Net (income) loss attributable to noncontrolling interests, Percent change | 5.30% | ||
Net income attributable to U.S. Bancorp, Percent change | 0.50% | ||
Noninterest expense | $ 10,757 | 10,516 | |
Other intangibles | 174 | 199 | 223 |
Total noninterest expense | 10,931 | 10,715 | 10,274 |
Income before provision and income taxes | 9,375 | 9,446 | |
Provision for credit losses | 1,132 | 1,229 | 1,340 |
Income before income taxes | 8,243 | 8,217 | |
Income taxes and taxable-equivalent adjustment | 2,310 | 2,309 | |
Net income | 5,933 | 5,908 | 5,732 |
Net (income) loss attributable to noncontrolling interests | (54) | (57) | 104 |
Net income attributable to U.S. Bancorp | 5,879 | 5,851 | $ 5,836 |
Average Balance Sheet | |||
Commercial | $ 84,083 | 75,734 | |
Commercial, Percent change | 11.00% | ||
Commercial real estate | $ 42,415 | 40,592 | |
Commercial real estate, Percent change | 4.50% | ||
Residential mortgages | $ 51,840 | 51,818 | |
Credit card | $ 18,057 | 17,635 | |
Credit card, Percent change | 2.40% | ||
Other retail | $ 49,079 | 48,353 | |
Other retail, Percent change | 1.50% | ||
Total loans, excluding covered loans | $ 245,474 | 234,132 | |
Total loans, excluding covered loans, Percent change | 4.80% | ||
Covered loans | $ 4,985 | 7,560 | |
Covered loans, Percent change | (34.10%) | ||
Total loans | $ 250,459 | 241,692 | |
Total loans, Percent change | 3.60% | ||
Goodwill, Percent change | 0.60% | ||
Other intangible assets, Percent change | (5.60%) | ||
Assets, Percent change | 7.60% | ||
Noninterest-bearing deposits, Percent change | 7.80% | ||
Interest checking, Percent change | 5.10% | ||
Savings products, Percent change | 18.60% | ||
Time deposits, Percent change | (14.90%) | ||
Total deposits, Percent change | 7.70% | ||
Total U.S. Bancorp shareholders' equity, Percent change | 4.60% | ||
Goodwill | $ 9,370 | 9,312 | |
Other intangible assets | 3,151 | 3,338 | |
Assets | 408,865 | 380,004 | |
Noninterest-bearing deposits | 79,203 | 73,455 | |
Interest checking | 55,974 | 53,248 | |
Savings products | 116,416 | 98,173 | |
Time deposits | 35,558 | 41,764 | |
Total deposits | 287,151 | 266,640 | |
Total U.S. Bancorp shareholders' equity | 44,813 | 42,837 | |
Wholesale Banking and Commercial Real Estate [Member] | |||
Condensed Income Statement | |||
Net interest income (taxable-equivalent basis) | $ 2,034 | 2,030 | |
Net interest income (taxable-equivalent basis), Percent change | 0.20% | ||
Noninterest income | $ 890 | 965 | |
Noninterest income, Percent change | (7.80%) | ||
Securities gains (losses), net, Percent change | 0.00% | ||
Total net revenue | $ 2,924 | 2,995 | |
Total net revenue, Percent change | (2.40%) | ||
Noninterest expense, Percent change | 5.80% | ||
Total noninterest expense, Percent change | 5.80% | ||
Income before provision and income taxes, Percent change | (8.00%) | ||
Income before income taxes, Percent change | (19.00%) | ||
Income taxes and taxable-equivalent adjustment, Percent change | (18.90%) | ||
Net income, Percent change | (19.00%) | ||
Net income attributable to U.S. Bancorp, Percent change | (19.00%) | ||
Noninterest expense | $ 1,295 | 1,224 | |
Other intangibles | 4 | 4 | |
Total noninterest expense | 1,299 | 1,228 | |
Income before provision and income taxes | 1,625 | 1,767 | |
Provision for credit losses | 235 | 51 | |
Income before income taxes | 1,390 | 1,716 | |
Income taxes and taxable-equivalent adjustment | 506 | 624 | |
Net income | 884 | 1,092 | |
Net income attributable to U.S. Bancorp | 884 | 1,092 | |
Average Balance Sheet | |||
Commercial | $ 64,369 | 57,864 | |
Commercial, Percent change | 11.20% | ||
Commercial real estate | $ 19,415 | 18,452 | |
Commercial real estate, Percent change | 5.20% | ||
Residential mortgages | $ 8 | 12 | |
Residential mortgages, Percent change | (33.30%) | ||
Other retail | $ 2 | 4 | |
Other retail, Percent change | (50.00%) | ||
Total loans, excluding covered loans | $ 83,794 | 76,332 | |
Total loans, excluding covered loans, Percent change | 9.80% | ||
Covered loans | 190 | ||
Total loans | $ 83,794 | 76,522 | |
Total loans, Percent change | 9.50% | ||
Goodwill, Percent change | 1.20% | ||
Other intangible assets, Percent change | (4.80%) | ||
Assets, Percent change | 10.00% | ||
Noninterest-bearing deposits, Percent change | 11.50% | ||
Interest checking, Percent change | (29.60%) | ||
Savings products, Percent change | 53.10% | ||
Time deposits, Percent change | (17.20%) | ||
Total deposits, Percent change | 9.10% | ||
Total U.S. Bancorp shareholders' equity, Percent change | 9.00% | ||
Goodwill | $ 1,647 | 1,627 | |
Other intangible assets | 20 | 21 | |
Assets | 92,205 | 83,787 | |
Noninterest-bearing deposits | 36,018 | 32,302 | |
Interest checking | 7,436 | 10,557 | |
Savings products | 28,047 | 18,321 | |
Time deposits | 15,025 | 18,140 | |
Total deposits | 86,526 | 79,320 | |
Total U.S. Bancorp shareholders' equity | 8,251 | 7,568 | |
Consumer and Small Business Banking [Member] | |||
Condensed Income Statement | |||
Net interest income (taxable-equivalent basis) | $ 4,617 | 4,717 | |
Net interest income (taxable-equivalent basis), Percent change | (2.10%) | ||
Noninterest income | $ 2,497 | 2,601 | |
Noninterest income, Percent change | (4.00%) | ||
Securities gains (losses), net, Percent change | 0.00% | ||
Total net revenue | $ 7,114 | 7,318 | |
Total net revenue, Percent change | (2.80%) | ||
Noninterest expense, Percent change | 5.80% | ||
Total noninterest expense, Percent change | 5.80% | ||
Income before provision and income taxes, Percent change | (17.20%) | ||
Provision for credit losses, Percent change | (67.70%) | ||
Income before income taxes, Percent change | (8.70%) | ||
Income taxes and taxable-equivalent adjustment, Percent change | (8.80%) | ||
Net income, Percent change | (8.70%) | ||
Net income attributable to U.S. Bancorp, Percent change | (8.70%) | ||
Noninterest expense | $ 4,818 | 4,552 | |
Other intangibles | 40 | 40 | |
Total noninterest expense | 4,858 | 4,592 | |
Income before provision and income taxes | 2,256 | 2,726 | |
Provision for credit losses | 127 | 393 | |
Income before income taxes | 2,129 | 2,333 | |
Income taxes and taxable-equivalent adjustment | 775 | 850 | |
Net income | 1,354 | 1,483 | |
Net income attributable to U.S. Bancorp | 1,354 | 1,483 | |
Average Balance Sheet | |||
Commercial | $ 10,051 | 9,070 | |
Commercial, Percent change | 10.80% | ||
Commercial real estate | $ 19,006 | 18,825 | |
Commercial real estate, Percent change | 1.00% | ||
Residential mortgages | $ 50,007 | 50,405 | |
Residential mortgages, Percent change | (0.80%) | ||
Other retail | $ 46,964 | 46,220 | |
Other retail, Percent change | 1.60% | ||
Total loans, excluding covered loans | $ 126,028 | 124,520 | |
Total loans, excluding covered loans, Percent change | 1.20% | ||
Covered loans | $ 4,934 | 5,780 | |
Covered loans, Percent change | (14.60%) | ||
Total loans | $ 130,962 | 130,300 | |
Total loans, Percent change | 0.50% | ||
Goodwill, Percent change | 2.20% | ||
Other intangible assets, Percent change | (3.00%) | ||
Assets, Percent change | 2.60% | ||
Noninterest-bearing deposits, Percent change | 10.10% | ||
Interest checking, Percent change | 10.30% | ||
Savings products, Percent change | 7.70% | ||
Time deposits, Percent change | (11.80%) | ||
Total deposits, Percent change | 6.10% | ||
Total U.S. Bancorp shareholders' equity, Percent change | (4.60%) | ||
Goodwill | $ 3,682 | 3,603 | |
Other intangible assets | 2,594 | 2,674 | |
Assets | 147,832 | 144,137 | |
Noninterest-bearing deposits | 26,137 | 23,743 | |
Interest checking | 39,957 | 36,222 | |
Savings products | 53,813 | 49,974 | |
Time deposits | 15,829 | 17,951 | |
Total deposits | 135,736 | 127,890 | |
Total U.S. Bancorp shareholders' equity | 10,953 | 11,484 | |
Wealth Management and Securities Services [Member] | |||
Condensed Income Statement | |||
Net interest income (taxable-equivalent basis) | $ 386 | 383 | |
Net interest income (taxable-equivalent basis), Percent change | 0.80% | ||
Noninterest income | $ 1,466 | 1,396 | |
Noninterest income, Percent change | 5.00% | ||
Securities gains (losses), net, Percent change | 0.00% | ||
Total net revenue | $ 1,852 | 1,779 | |
Total net revenue, Percent change | 4.10% | ||
Noninterest expense, Percent change | 5.70% | ||
Other intangibles, Percent change | (15.20%) | ||
Total noninterest expense, Percent change | 5.20% | ||
Income before provision and income taxes, Percent change | 0.20% | ||
Income before income taxes, Percent change | 2.50% | ||
Income taxes and taxable-equivalent adjustment, Percent change | 2.80% | ||
Net income, Percent change | 2.40% | ||
Net income attributable to U.S. Bancorp, Percent change | 2.40% | ||
Noninterest expense | $ 1,420 | 1,343 | |
Other intangibles | 28 | 33 | |
Total noninterest expense | 1,448 | 1,376 | |
Income before provision and income taxes | 404 | 403 | |
Provision for credit losses | 9 | ||
Income before income taxes | 404 | 394 | |
Income taxes and taxable-equivalent adjustment | 147 | 143 | |
Net income | 257 | 251 | |
Net income attributable to U.S. Bancorp | 257 | 251 | |
Average Balance Sheet | |||
Commercial | $ 2,321 | 1,964 | |
Commercial, Percent change | 18.20% | ||
Commercial real estate | $ 571 | 602 | |
Commercial real estate, Percent change | (5.10%) | ||
Residential mortgages | $ 1,816 | 1,392 | |
Residential mortgages, Percent change | 30.50% | ||
Other retail | $ 1,517 | 1,457 | |
Other retail, Percent change | 4.10% | ||
Total loans, excluding covered loans | $ 6,225 | 5,415 | |
Total loans, excluding covered loans, Percent change | 15.00% | ||
Covered loans | $ 1 | 5 | |
Covered loans, Percent change | (80.00%) | ||
Total loans | $ 6,226 | 5,420 | |
Total loans, Percent change | 14.90% | ||
Goodwill, Percent change | (0.10%) | ||
Other intangible assets, Percent change | (20.80%) | ||
Assets, Percent change | 8.00% | ||
Noninterest-bearing deposits, Percent change | (4.50%) | ||
Interest checking, Percent change | 35.20% | ||
Savings products, Percent change | 15.70% | ||
Time deposits, Percent change | (14.30%) | ||
Total deposits, Percent change | 10.00% | ||
Total U.S. Bancorp shareholders' equity, Percent change | 1.10% | ||
Goodwill | $ 1,567 | 1,568 | |
Other intangible assets | 126 | 159 | |
Assets | 9,178 | 8,500 | |
Noninterest-bearing deposits | 14,469 | 15,157 | |
Interest checking | 7,944 | 5,877 | |
Savings products | 33,984 | 29,361 | |
Time deposits | 3,344 | 3,901 | |
Total deposits | 59,741 | 54,296 | |
Total U.S. Bancorp shareholders' equity | 2,308 | 2,284 | |
Payment Services [Member] | |||
Condensed Income Statement | |||
Net interest income (taxable-equivalent basis) | $ 1,930 | 1,749 | |
Net interest income (taxable-equivalent basis), Percent change | 10.30% | ||
Noninterest income | $ 3,371 | 3,292 | |
Noninterest income, Percent change | 2.40% | ||
Securities gains (losses), net, Percent change | 0.00% | ||
Total net revenue | $ 5,301 | 5,041 | |
Total net revenue, Percent change | 5.20% | ||
Noninterest expense, Percent change | 10.00% | ||
Other intangibles, Percent change | (16.40%) | ||
Total noninterest expense, Percent change | 8.60% | ||
Income before provision and income taxes, Percent change | 1.90% | ||
Provision for credit losses, Percent change | 2.70% | ||
Income before income taxes, Percent change | 1.60% | ||
Income taxes and taxable-equivalent adjustment, Percent change | 1.60% | ||
Net income, Percent change | 1.50% | ||
Net (income) loss attributable to noncontrolling interests, Percent change | 11.40% | ||
Net income attributable to U.S. Bancorp, Percent change | 1.90% | ||
Noninterest expense | $ 2,540 | 2,310 | |
Other intangibles | 102 | 122 | |
Total noninterest expense | 2,642 | 2,432 | |
Income before provision and income taxes | 2,659 | 2,609 | |
Provision for credit losses | 787 | 766 | |
Income before income taxes | 1,872 | 1,843 | |
Income taxes and taxable-equivalent adjustment | 681 | 670 | |
Net income | 1,191 | 1,173 | |
Net (income) loss attributable to noncontrolling interests | (31) | (35) | |
Net income attributable to U.S. Bancorp | 1,160 | 1,138 | |
Average Balance Sheet | |||
Commercial | $ 7,059 | 6,542 | |
Commercial, Percent change | 7.90% | ||
Credit card | $ 18,057 | 17,635 | |
Credit card, Percent change | 2.40% | ||
Other retail | $ 596 | 672 | |
Other retail, Percent change | (11.30%) | ||
Total loans, excluding covered loans | $ 25,712 | 24,849 | |
Total loans, excluding covered loans, Percent change | 3.50% | ||
Covered loans | 5 | ||
Total loans | $ 25,712 | 24,854 | |
Total loans, Percent change | 3.50% | ||
Goodwill, Percent change | (1.60%) | ||
Other intangible assets, Percent change | (15.10%) | ||
Assets, Percent change | 2.20% | ||
Noninterest-bearing deposits, Percent change | 18.80% | ||
Interest checking, Percent change | 9.00% | ||
Savings products, Percent change | 16.70% | ||
Total deposits, Percent change | 14.70% | ||
Total U.S. Bancorp shareholders' equity, Percent change | 3.00% | ||
Goodwill | $ 2,474 | 2,514 | |
Other intangible assets | 411 | 484 | |
Assets | 31,796 | 31,097 | |
Noninterest-bearing deposits | 879 | 740 | |
Interest checking | 605 | 555 | |
Savings products | 91 | 78 | |
Total deposits | 1,575 | 1,373 | |
Total U.S. Bancorp shareholders' equity | 5,868 | 5,697 | |
Treasury and Corporate Support [Member] | |||
Condensed Income Statement | |||
Net interest income (taxable-equivalent basis) | $ 2,247 | 2,118 | |
Net interest income (taxable-equivalent basis), Percent change | 6.10% | ||
Noninterest income | $ 868 | 907 | |
Noninterest income, Percent change | (4.30%) | ||
Securities gains (losses), net | 3 | ||
Securities gains (losses), net, Percent change | 0.00% | ||
Total net revenue | $ 3,115 | 3,028 | |
Total net revenue, Percent change | 2.90% | ||
Noninterest expense, Percent change | (37.10%) | ||
Total noninterest expense, Percent change | (37.10%) | ||
Income before provision and income taxes, Percent change | 25.20% | ||
Income before income taxes, Percent change | 26.80% | ||
Net income, Percent change | 17.70% | ||
Net (income) loss attributable to noncontrolling interests, Percent change | (4.50%) | ||
Net income attributable to U.S. Bancorp, Percent change | 17.90% | ||
Noninterest expense | $ 684 | 1,087 | |
Total noninterest expense | 684 | 1,087 | |
Income before provision and income taxes | 2,431 | 1,941 | |
Provision for credit losses | (17) | 10 | |
Income before income taxes | 2,448 | 1,931 | |
Income taxes and taxable-equivalent adjustment | 201 | 22 | |
Net income | 2,247 | 1,909 | |
Net (income) loss attributable to noncontrolling interests | (23) | (22) | |
Net income attributable to U.S. Bancorp | 2,224 | 1,887 | |
Average Balance Sheet | |||
Commercial | $ 283 | 294 | |
Commercial, Percent change | (3.70%) | ||
Commercial real estate | $ 3,423 | 2,713 | |
Commercial real estate, Percent change | 26.20% | ||
Residential mortgages | $ 9 | 9 | |
Total loans, excluding covered loans | $ 3,715 | 3,016 | |
Total loans, excluding covered loans, Percent change | 23.20% | ||
Covered loans | $ 50 | 1,580 | |
Covered loans, Percent change | (96.80%) | ||
Total loans | $ 3,765 | 4,596 | |
Total loans, Percent change | (18.10%) | ||
Assets, Percent change | 13.70% | ||
Noninterest-bearing deposits, Percent change | 12.40% | ||
Interest checking, Percent change | (13.50%) | ||
Savings products, Percent change | 9.60% | ||
Time deposits, Percent change | (23.30%) | ||
Total deposits, Percent change | (5.00%) | ||
Total U.S. Bancorp shareholders' equity, Percent change | 10.30% | ||
Assets | $ 127,854 | 112,483 | |
Noninterest-bearing deposits | 1,700 | 1,513 | |
Interest checking | 32 | 37 | |
Savings products | 481 | 439 | |
Time deposits | 1,360 | 1,772 | |
Total deposits | 3,573 | 3,761 | |
Total U.S. Bancorp shareholders' equity | $ 17,433 | $ 15,804 |
Significant Accounting Polici63
Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2015USD ($)SecurityLoanSegmentBusiness | |
Significant Accounting Policies Additional Information [Line Items] | |
Number of reportable operating segments | Segment | 5 |
Wealth Management and Securities Services Number of Businesses | Business | 5 |
Maximum equity investments in public entities accounted for as available-for-sale securities and carried at fair value | 20.00% |
Minimum ownership percentage for significant influence in entities accounted for using equity method | 20.00% |
Maximum ownership percentage for significant influence in entities accounted for using equity method | 50.00% |
Minimum ownership percentage for Limited Partnerships and Limited Liability Companies accounted for using equity method | 5.00% |
Number of loan portfolio segments | Segment | 3 |
Minimum period for non collection of principal and interest placed on nonaccrual status for commercial lending segment loans | 90 days |
Minimum period beyond which revolving consumer lines and credit cards are charged off | 180 days |
Minimum period beyond which residential mortgages and other retail loans secured by 1-4 family properties are charged down to fair value of the collateral securing the loan less costs to sell | 180 days |
Minimum period beyond which other retail loans not secured by 1-4 family properties are charged off | 120 days |
Maximum restructuring period under credit card and other retail loan financial difficulty modifications | 60 months |
Pension assets unrealized difference between actual experience and expected returns amortization period | 12 years |
Junior Lien [Member] | |
Significant Accounting Policies Additional Information [Line Items] | |
Loans and lines in a junior lien position secured by 1-4 family properties placed on nonaccrual status | 120 days |
First Lien [Member] | |
Significant Accounting Policies Additional Information [Line Items] | |
Loans and lines in a junior lien position placed on nonaccrual status when behind a first lien past due | 180 days |
Furniture, Fixtures and Equipment [Member] | Maximum [Member] | |
Significant Accounting Policies Additional Information [Line Items] | |
Useful life | 20 years |
Furniture, Fixtures and Equipment [Member] | Minimum [Member] | |
Significant Accounting Policies Additional Information [Line Items] | |
Useful life | 3 years |
Building [Member] | |
Significant Accounting Policies Additional Information [Line Items] | |
Useful life | 40 years |
Commercial Lending Segment [Member] | |
Significant Accounting Policies Additional Information [Line Items] | |
Number of classes of loans | 2 |
Commercial Lending Segment [Member] | Maximum [Member] | |
Significant Accounting Policies Additional Information [Line Items] | |
Period of loss experience | 15 years |
Commercial Lending Segment [Member] | Minimum [Member] | |
Significant Accounting Policies Additional Information [Line Items] | |
Impairment loan threshold for allowance in which loans are individually analyzed | $ | $ 5,000,000 |
Consumer Lending Segment [Member] | |
Significant Accounting Policies Additional Information [Line Items] | |
Number of classes of loans | 3 |
Covered Loan Segment [Member] | |
Significant Accounting Policies Additional Information [Line Items] | |
Number of classes of loans | 1 |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) - Charter One Acquisition [Member] $ in Millions | Jun. 30, 2014USD ($) |
Business Acquisition [Line Items] | |
Value of loans acquired | $ 969 |
Value of deposits acquired | $ 4,800 |
Restrictions on Cash and Due 65
Restrictions on Cash and Due from Banks - Additional Information (Detail) - USD ($) $ in Billions | Dec. 31, 2015 | Dec. 31, 2014 |
Cash and Cash Equivalents [Abstract] | ||
Minimum average reserve balances required by banking regulators | $ 2.2 | $ 2 |
Balances held at the federal reserve and other financial institutions | $ 3.3 | $ 4.4 |
Investment Securities - Inves66
Investment Securities - Investment Securities Held-to-Maturity (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity securities, Amortized Cost | [1] | $ 43,590 | $ 44,974 |
Held-to-maturity securities, Unrealized Gains | 199 | 362 | |
Held-to-maturity securities, Unrealized Losses Other-than-Temporary | 0 | 0 | |
Held-to-maturity securities, Unrealized Losses Other | (296) | (196) | |
Held-to-maturity securities, Fair Value | 43,493 | 45,140 | |
U.S. Treasury and Agencies [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity securities, Amortized Cost | 2,925 | 2,717 | |
Held-to-maturity securities, Unrealized Gains | 14 | 15 | |
Held-to-maturity securities, Unrealized Losses Other-than-Temporary | 0 | 0 | |
Held-to-maturity securities, Unrealized Losses Other | (20) | (18) | |
Held-to-maturity securities, Fair Value | 2,919 | 2,714 | |
Mortgage-Backed Securities Residential [Member] | Agency [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity securities, Amortized Cost | 40,619 | 42,204 | |
Held-to-maturity securities, Unrealized Gains | 175 | 335 | |
Held-to-maturity securities, Unrealized Losses Other-than-Temporary | 0 | 0 | |
Held-to-maturity securities, Unrealized Losses Other | (273) | (176) | |
Held-to-maturity securities, Fair Value | 40,521 | 42,363 | |
Mortgage-Backed Securities Residential [Member] | Non-Agency Non-Prime [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity securities, Amortized Cost | 1 | 1 | |
Held-to-maturity securities, Unrealized Losses Other-than-Temporary | 0 | 0 | |
Held-to-maturity securities, Fair Value | 1 | 1 | |
Asset-Backed Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity securities, Amortized Cost | 10 | ||
Held-to-maturity securities, Fair Value | 19 | ||
Asset-Backed Securities [Member] | Collateralized Loan Obligations [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity securities, Unrealized Gains | 6 | 7 | |
Held-to-maturity securities, Unrealized Losses Other-than-Temporary | 0 | 0 | |
Held-to-maturity securities, Fair Value | 6 | 7 | |
Asset-Backed Securities [Member] | Asset-Backed Securities Other [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity securities, Amortized Cost | 10 | 13 | |
Held-to-maturity securities, Unrealized Gains | 3 | 4 | |
Held-to-maturity securities, Unrealized Losses Other-than-Temporary | 0 | 0 | |
Held-to-maturity securities, Fair Value | 13 | 17 | |
Obligations of State and Political Subdivisions [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity securities, Amortized Cost | 8 | 9 | |
Held-to-maturity securities, Unrealized Gains | 1 | 1 | |
Held-to-maturity securities, Unrealized Losses Other-than-Temporary | 0 | 0 | |
Held-to-maturity securities, Unrealized Losses Other | (1) | (1) | |
Held-to-maturity securities, Fair Value | 8 | 9 | |
Obligations of Foreign Governments [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity securities, Amortized Cost | 9 | 9 | |
Held-to-maturity securities, Unrealized Losses Other-than-Temporary | 0 | 0 | |
Held-to-maturity securities, Fair Value | 9 | 9 | |
Other Debt Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held-to-maturity securities, Amortized Cost | 18 | 21 | |
Held-to-maturity securities, Unrealized Losses Other-than-Temporary | 0 | 0 | |
Held-to-maturity securities, Unrealized Losses Other | (2) | (1) | |
Held-to-maturity securities, Fair Value | $ 16 | $ 20 | |
[1] | Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral. |
Investment Securities - Inves67
Investment Securities - Investment Securities Available-for-Sale (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, Amortized Cost | $ 61,817 | $ 55,432 | |
Available-for-sale securities, Unrealized Gains | 660 | 980 | |
Available-for-sale securities, Unrealized Losses Other-than-Temporary | (4) | (3) | |
Available-for-sale securities, Unrealized Losses Other | (476) | (340) | |
Available-for-sale securities, Fair Value | [1] | 61,997 | 56,069 |
U.S. Treasury and Agencies [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, Amortized Cost | 4,611 | 2,622 | |
Available-for-sale securities, Unrealized Gains | 12 | 14 | |
Available-for-sale securities, Unrealized Losses Other | (27) | (4) | |
Available-for-sale securities, Fair Value | 4,596 | 2,632 | |
Mortgage-Backed Securities Residential [Member] | Agency [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, Amortized Cost | 50,056 | 44,668 | |
Available-for-sale securities, Unrealized Gains | 384 | 593 | |
Available-for-sale securities, Unrealized Losses Other | (364) | (244) | |
Available-for-sale securities, Fair Value | 50,076 | 45,017 | |
Mortgage-Backed Securities Residential [Member] | Non-Agency Prime [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, Amortized Cost | 316 | 399 | |
Available-for-sale securities, Unrealized Gains | 6 | 9 | |
Available-for-sale securities, Unrealized Losses Other-than-Temporary | (3) | (2) | |
Available-for-sale securities, Unrealized Losses Other | (1) | (1) | |
Available-for-sale securities, Fair Value | 318 | 405 | |
Mortgage-Backed Securities Residential [Member] | Non-Agency Non-Prime [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, Amortized Cost | 221 | 261 | |
Available-for-sale securities, Unrealized Gains | 20 | 20 | |
Available-for-sale securities, Unrealized Losses Other-than-Temporary | (1) | (1) | |
Available-for-sale securities, Fair Value | 240 | 280 | |
Commercial [Member] | Agency [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, Amortized Cost | 52 | 112 | |
Available-for-sale securities, Unrealized Gains | 3 | ||
Available-for-sale securities, Fair Value | 52 | 115 | |
Asset-Backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, Amortized Cost | 548 | ||
Available-for-sale securities, Fair Value | 560 | ||
Asset-Backed Securities [Member] | Collateralized Loan Obligations [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, Amortized Cost | 16 | 18 | |
Available-for-sale securities, Unrealized Gains | 3 | 4 | |
Available-for-sale securities, Fair Value | 19 | 22 | |
Asset-Backed Securities [Member] | Asset-Backed Securities Other [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, Amortized Cost | 532 | 607 | |
Available-for-sale securities, Unrealized Gains | 9 | 13 | |
Available-for-sale securities, Unrealized Losses Other | (1) | ||
Available-for-sale securities, Fair Value | 541 | 619 | |
Obligations of State and Political Subdivisions [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, Amortized Cost | 5,149 | 5,604 | |
Available-for-sale securities, Unrealized Gains | 169 | 265 | |
Available-for-sale securities, Unrealized Losses Other | (2) | (1) | |
Available-for-sale securities, Fair Value | 5,316 | 5,868 | |
Obligations of Foreign Governments [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, Amortized Cost | 6 | ||
Available-for-sale securities, Fair Value | 6 | ||
Corporate Debt Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, Amortized Cost | 677 | 690 | |
Available-for-sale securities, Unrealized Gains | 3 | 3 | |
Available-for-sale securities, Unrealized Losses Other | (70) | (79) | |
Available-for-sale securities, Fair Value | 610 | 614 | |
Perpetual Preferred Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, Amortized Cost | 153 | 200 | |
Available-for-sale securities, Unrealized Gains | 20 | 27 | |
Available-for-sale securities, Unrealized Losses Other | (12) | (10) | |
Available-for-sale securities, Fair Value | 161 | 217 | |
Other Investment [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, Amortized Cost | 34 | 245 | |
Available-for-sale securities, Unrealized Gains | 34 | 29 | |
Available-for-sale securities, Fair Value | $ 68 | $ 274 | |
[1] | Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral. |
Investment Securities - Inves68
Investment Securities - Investment Securities Available-for-Sale (Parenthetical) (Detail) | Dec. 31, 2015CreditScore |
Investments, Debt and Equity Securities [Abstract] | |
Minimum weighted average credit score of prime securities | 725 |
Maximum loan-to-value of prime securities | 80.00% |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Investments, Debt and Equity Securities [Abstract] | ||
Weighted-average maturity of available-for-sale investment securities | 4 years 8 months 12 days | 4 years 3 months 18 days |
Weighted-average yields of available-for-sale investment securities | 2.21% | 2.32% |
Weighted-average maturity of held-to-maturity investment securities | 4 years 2 months 12 days | 4 years |
Weighted-average yields of held-to-maturity investment securities | 1.92% | 1.92% |
Fair value of securities pledged | $ 13,100 | $ 12,600 |
Fair value of securities pledged as collateral where counterparty has right to repledge or resell | $ 1,000 | $ 856 |
Investment Securities - Amount
Investment Securities - Amount of Interest Income from Taxable and Non-Taxable Investment Securities (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest Income, Securities, Operating, by Taxable Status [Abstract] | |||
Taxable | $ 1,778 | $ 1,634 | $ 1,375 |
Non-taxable | 223 | 232 | 256 |
Total interest income from investment securities | $ 2,001 | $ 1,866 | $ 1,631 |
Investment Securities - Amoun71
Investment Securities - Amount of Gross Gains and Losses Realized through Sales of Available-for-sale Investment Securities (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Available-for-sale Securities, Gross Realized Gain (Loss), Excluding Other than Temporary Impairments [Abstract] | |||
Realized gains | $ 7 | $ 11 | $ 23 |
Realized losses | (6) | ||
Net realized gains (losses) | $ 1 | 11 | 23 |
Income tax (benefit) on net realized gains (losses) | $ 4 | $ 9 |
Investment Securities - Changes
Investment Securities - Changes in Credit Losses on Debt Securities Excluding Perpetual Preferred Securities (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Credit Losses on Debt Securities [RollForward] | |||
Balance at beginning of period | $ 101 | $ 116 | $ 134 |
Decreases in expected cash flows on securities for which other-than-temporary impairment was previously recognized | 1 | 3 | 14 |
Total other-than-temporary impairment on debt securities | 1 | 3 | 14 |
Increases in expected cash flows | (3) | (5) | (2) |
Realized losses | (15) | (13) | (23) |
Credit losses on security sales and securities expected to be sold | (7) | ||
Balance at end of period | $ 84 | $ 101 | $ 116 |
Investment Securities - Gross U
Investment Securities - Gross Unrealized Losses and Fair Value of Company's Investment Securities (Detail) $ in Millions | Dec. 31, 2015USD ($) |
Continuous Gross Unrealized Losses And Fair Value [Abstract] | |
Fair Value Less Than 12 Months | $ 19,125 |
Unrealized Losses Less Than 12 Months | (169) |
Fair Value 12 Months or Greater | 4,241 |
Unrealized Losses 12 Months or Greater | (127) |
Fair Value Total | 23,366 |
Unrealized Losses Total | (296) |
Fair Value Less Than 12 Months | 21,617 |
Unrealized Losses Less Than 12 Months | (199) |
Fair Value 12 Months or Greater | 6,961 |
Unrealized Losses 12 Months or Greater | (281) |
Fair Value Total | 28,578 |
Unrealized Losses Total | (480) |
U.S. Treasury and Agencies [Member] | |
Continuous Gross Unrealized Losses And Fair Value [Abstract] | |
Fair Value Less Than 12 Months | 1,306 |
Unrealized Losses Less Than 12 Months | (19) |
Fair Value 12 Months or Greater | 60 |
Unrealized Losses 12 Months or Greater | (1) |
Fair Value Total | 1,366 |
Unrealized Losses Total | (20) |
Fair Value Less Than 12 Months | 2,919 |
Unrealized Losses Less Than 12 Months | (27) |
Fair Value 12 Months or Greater | 8 |
Fair Value Total | 2,927 |
Unrealized Losses Total | (27) |
Mortgage-Backed Securities Residential [Member] | Agency [Member] | |
Continuous Gross Unrealized Losses And Fair Value [Abstract] | |
Fair Value Less Than 12 Months | 17,819 |
Unrealized Losses Less Than 12 Months | (150) |
Fair Value 12 Months or Greater | 4,156 |
Unrealized Losses 12 Months or Greater | (123) |
Fair Value Total | 21,975 |
Unrealized Losses Total | (273) |
Fair Value Less Than 12 Months | 18,603 |
Unrealized Losses Less Than 12 Months | (171) |
Fair Value 12 Months or Greater | 6,267 |
Unrealized Losses 12 Months or Greater | (193) |
Fair Value Total | 24,870 |
Unrealized Losses Total | (364) |
Mortgage-Backed Securities Residential [Member] | Non-Agency Prime [Member] | |
Continuous Gross Unrealized Losses And Fair Value [Abstract] | |
Fair Value Less Than 12 Months | 59 |
Unrealized Losses Less Than 12 Months | (1) |
Fair Value 12 Months or Greater | 107 |
Unrealized Losses 12 Months or Greater | (3) |
Fair Value Total | 166 |
Unrealized Losses Total | (4) |
Mortgage-Backed Securities Residential [Member] | Non-Agency Non-Prime [Member] | |
Continuous Gross Unrealized Losses And Fair Value [Abstract] | |
Fair Value 12 Months or Greater | 17 |
Unrealized Losses 12 Months or Greater | (1) |
Fair Value Total | 17 |
Unrealized Losses Total | (1) |
Asset-Backed Securities [Member] | Asset-Backed Securities Other [Member] | |
Continuous Gross Unrealized Losses And Fair Value [Abstract] | |
Fair Value 12 Months or Greater | 6 |
Fair Value Total | 6 |
Fair Value 12 Months or Greater | 2 |
Fair Value Total | 2 |
Obligations of State and Political Subdivisions [Member] | |
Continuous Gross Unrealized Losses And Fair Value [Abstract] | |
Fair Value 12 Months or Greater | 2 |
Unrealized Losses 12 Months or Greater | (1) |
Fair Value Total | 2 |
Unrealized Losses Total | (1) |
Fair Value Less Than 12 Months | 35 |
Fair Value 12 Months or Greater | 62 |
Unrealized Losses 12 Months or Greater | (2) |
Fair Value Total | 97 |
Unrealized Losses Total | (2) |
Corporate Debt Securities [Member] | |
Continuous Gross Unrealized Losses And Fair Value [Abstract] | |
Fair Value 12 Months or Greater | 425 |
Unrealized Losses 12 Months or Greater | (70) |
Fair Value Total | 425 |
Unrealized Losses Total | (70) |
Perpetual Preferred Securities [Member] | |
Continuous Gross Unrealized Losses And Fair Value [Abstract] | |
Fair Value 12 Months or Greater | 73 |
Unrealized Losses 12 Months or Greater | (12) |
Fair Value Total | 73 |
Unrealized Losses Total | (12) |
Other Investment [Member] | |
Continuous Gross Unrealized Losses And Fair Value [Abstract] | |
Fair Value Less Than 12 Months | 1 |
Fair Value Total | 1 |
Other Debt Securities [Member] | |
Continuous Gross Unrealized Losses And Fair Value [Abstract] | |
Fair Value 12 Months or Greater | 17 |
Unrealized Losses 12 Months or Greater | (2) |
Fair Value Total | 17 |
Unrealized Losses Total | $ (2) |
Investment Securities - Gross74
Investment Securities - Gross Unrealized Losses and Fair Value of Company's Investment Securities (Parenthetical) (Detail) $ in Millions | Dec. 31, 2015USD ($) |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |
Residential Non-Agency Mortgage-Backed Securities Unrealized Losses | $ 480 |
Non-Agency [Member] | Mortgage-Backed Securities Residential [Member] | |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |
Residential Non-Agency Mortgage-Backed Securities Unrealized Losses | $ 5 |
Loans and Allowance for Credi75
Loans and Allowance for Credit Losses - Composition of Loan Portfolio (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, excluding covered loans | $ 256,253 | $ 242,570 |
Total loans | 260,849 | 247,851 |
Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, excluding covered loans | 83,116 | 74,996 |
Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, excluding covered loans | 88,402 | 80,377 |
Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, excluding covered loans | 42,137 | 42,795 |
Residential Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, excluding covered loans | 53,496 | 51,619 |
Other Retail [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, excluding covered loans | 51,206 | 49,264 |
Lease Financing [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, excluding covered loans | 5,286 | 5,381 |
Commercial Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, excluding covered loans | 31,773 | 33,360 |
Construction and Development [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, excluding covered loans | 10,364 | 9,435 |
Residential Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, excluding covered loans | 40,425 | 38,598 |
Home Equity Loans, First Liens [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, excluding covered loans | 13,071 | 13,021 |
Credit Card [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, excluding covered loans | 21,012 | 18,515 |
Retail Leasing [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, excluding covered loans | 5,232 | 5,871 |
Home Equity and Second Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, excluding covered loans | 16,384 | 15,916 |
Revolving Credit [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, excluding covered loans | 3,354 | 3,309 |
Installment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, excluding covered loans | 7,030 | 6,242 |
Automobile [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, excluding covered loans | 16,587 | 14,822 |
Student [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, excluding covered loans | 2,619 | 3,104 |
Total Loans, Excluding Covered Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, excluding covered loans | 256,253 | 242,570 |
Covered Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 4,596 | $ 5,281 |
Loans and Allowance for Credi76
Loans and Allowance for Credit Losses - Additional Information (Detail) $ in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2015USD ($)SecurityLoan | Dec. 31, 2015USD ($)MortgageLoan | Dec. 31, 2014USD ($) | |
Loans and Allowance for Credit Losses [Line Items] | |||
Loans pledged at the Federal Home Loan Bank | $ 78,100 | $ 78,100 | $ 79,800 |
Loans pledged at the Federal Reserve Bank | 63,400 | 63,400 | 61,800 |
Unearned interest and deferred fees and costs on originated loans | 550 | 550 | 574 |
Foreclosed residential real estate property included in other real estate owned | 282 | 282 | 270 |
Foreclosed residential real estate property included in other real estate owned excluding covered assets | 250 | 250 | 233 |
Foreclosed residential real estate related to mortgage loans whose payments are insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs | 535 | 535 | 641 |
Residential mortgage loans secured by residential real estate in process of foreclosure | 2,600 | $ 2,600 | 2,900 |
Number of residential mortgage loans, home equity and second mortgage loans, and GNMA loans where trial period was unsuccessful and no longer eligible for a permanent modification | MortgageLoan | 1,885 | ||
Outstanding balance of residential mortgage loans, home equity and second mortgage loans, and GNMA loans where trial period was unsuccessful and no longer eligible for a permanent modification | $ 252 | ||
Government National Mortgage Association [Member] | |||
Loans and Allowance for Credit Losses [Line Items] | |||
Residential mortgage loans secured by residential real estate in process of foreclosure purchased from Government National Mortgage Association mortgage pools whose repayments are insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs | $ 1,900 | $ 1,900 | $ 2,100 |
Home Equity and Second Mortgages [Member] | |||
Loans and Allowance for Credit Losses [Line Items] | |||
Number of loans in trial period | SecurityLoan | 66 | ||
Outstanding balance of loans in trial period | $ 5 | ||
Estimated post-modification balance of loans in trial period | $ 5 | ||
Residential Mortgages [Member] | |||
Loans and Allowance for Credit Losses [Line Items] | |||
Number of loans in trial period | SecurityLoan | 151 | ||
Outstanding balance of loans in trial period | $ 18 | ||
Estimated post-modification balance of loans in trial period | $ 24 | ||
Government National Mortgage Association [Member] | |||
Loans and Allowance for Credit Losses [Line Items] | |||
Number of loans in trial period | SecurityLoan | 1,954 | ||
Outstanding balance of loans in trial period | $ 257 | ||
Estimated post-modification balance of loans in trial period | $ 259 |
Loans and Allowance for Credi77
Loans and Allowance for Credit Losses - Changes in Accretable Balance for Purchased Impaired Loans (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Deteriorated Loans Transferred in [Abstract] | |||
Balance at beginning of period | $ 1,309 | $ 1,655 | $ 1,709 |
Accretion | (382) | (441) | (499) |
Disposals | (132) | (131) | (172) |
Reclassifications from nonaccretable difference | 163 | 229 | 258 |
Other | (1) | (3) | 359 |
Balance at end of period | $ 957 | $ 1,309 | $ 1,655 |
Loans and Allowance for Credi78
Loans and Allowance for Credit Losses - Activity in Allowance for Credit Losses by Portfolio Type (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance at beginning of period | $ 4,375 | $ 4,537 | $ 4,733 |
Provision for credit losses | 1,132 | 1,229 | 1,340 |
Loans charged off | 1,516 | 1,679 | 1,934 |
Less recoveries of loans charged off | (344) | (345) | (469) |
Net loans charged off | 1,172 | 1,334 | 1,465 |
Other changes | (29) | (57) | (71) |
Balance at end of period | 4,306 | 4,375 | 4,537 |
Commercial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance at beginning of period | 1,146 | 1,075 | 1,051 |
Provision for credit losses | 361 | 266 | 144 |
Loans charged off | 314 | 305 | 246 |
Less recoveries of loans charged off | (95) | (110) | (126) |
Net loans charged off | 219 | 195 | 120 |
Other changes | (1) | ||
Balance at end of period | 1,287 | 1,146 | 1,075 |
Commercial Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance at beginning of period | 726 | 776 | 857 |
Provision for credit losses | (30) | (63) | (114) |
Loans charged off | 22 | 36 | 92 |
Less recoveries of loans charged off | (50) | (49) | (125) |
Net loans charged off | (28) | (13) | (33) |
Balance at end of period | 724 | 726 | 776 |
Residential Mortgages [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance at beginning of period | 787 | 875 | 935 |
Provision for credit losses | (47) | 107 | 212 |
Loans charged off | 135 | 216 | 297 |
Less recoveries of loans charged off | (26) | (21) | (25) |
Net loans charged off | 109 | 195 | 272 |
Balance at end of period | 631 | 787 | 875 |
Other Retail [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance at beginning of period | 771 | 781 | 848 |
Provision for credit losses | 193 | 278 | 351 |
Loans charged off | 319 | 384 | 523 |
Less recoveries of loans charged off | (98) | (96) | (105) |
Net loans charged off | 221 | 288 | 418 |
Balance at end of period | 743 | 771 | 781 |
Credit Card [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance at beginning of period | 880 | 884 | 863 |
Provision for credit losses | 654 | 657 | 677 |
Loans charged off | 726 | 725 | 739 |
Less recoveries of loans charged off | (75) | (67) | (83) |
Net loans charged off | 651 | 658 | 656 |
Other changes | (3) | ||
Balance at end of period | 883 | 880 | 884 |
Total Loans, Excluding Covered Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance at beginning of period | 4,310 | 4,391 | 4,554 |
Provision for credit losses | 1,131 | 1,245 | 1,270 |
Loans charged off | 1,516 | 1,666 | 1,897 |
Less recoveries of loans charged off | (344) | (343) | (464) |
Net loans charged off | 1,172 | 1,323 | 1,433 |
Other changes | (1) | (3) | |
Balance at end of period | 4,268 | 4,310 | 4,391 |
Covered Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance at beginning of period | 65 | 146 | 179 |
Provision for credit losses | 1 | (16) | 70 |
Loans charged off | 13 | 37 | |
Less recoveries of loans charged off | (2) | (5) | |
Net loans charged off | 11 | 32 | |
Other changes | (28) | (54) | (71) |
Balance at end of period | $ 38 | $ 65 | $ 146 |
Loans and Allowance for Credi79
Loans and Allowance for Credit Losses - Additional Detail of Allowance for Credit Losses and Related Loan Balances by Portfolio Type (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance Balance at End of Period | ||||
Loans individually evaluated for impairment | $ 13 | $ 9 | ||
TDRs collectively evaluated for impairment | 345 | 449 | ||
Other loans collectively evaluated for impairment | 3,900 | 3,825 | ||
Loans acquired with deteriorated credit quality | 48 | 92 | ||
Total allowance for credit losses | 4,306 | 4,375 | $ 4,537 | $ 4,733 |
Loan Balance at End of Period | ||||
Loans individually evaluated for impairment | 390 | 299 | ||
TDRs collectively evaluated for impairment | 5,070 | 5,681 | ||
Other loans collectively evaluated for impairment | 252,590 | 238,555 | ||
Loans acquired with deteriorated credit quality | 2,799 | 3,316 | ||
Total loans | 256,253 | 242,570 | ||
Total loans | 260,849 | 247,851 | ||
Commercial [Member] | ||||
Allowance Balance at End of Period | ||||
Loans individually evaluated for impairment | 11 | 5 | ||
TDRs collectively evaluated for impairment | 10 | 12 | ||
Other loans collectively evaluated for impairment | 1,266 | 1,129 | ||
Total allowance for credit losses | 1,287 | 1,146 | 1,075 | 1,051 |
Loan Balance at End of Period | ||||
Loans individually evaluated for impairment | 336 | 159 | ||
TDRs collectively evaluated for impairment | 138 | 124 | ||
Other loans collectively evaluated for impairment | 87,927 | 80,093 | ||
Loans acquired with deteriorated credit quality | 1 | 1 | ||
Total loans | 88,402 | 80,377 | ||
Commercial Real Estate [Member] | ||||
Allowance Balance at End of Period | ||||
Loans individually evaluated for impairment | 2 | 4 | ||
TDRs collectively evaluated for impairment | 7 | 12 | ||
Other loans collectively evaluated for impairment | 703 | 678 | ||
Loans acquired with deteriorated credit quality | 12 | 32 | ||
Total allowance for credit losses | 724 | 726 | 776 | 857 |
Loan Balance at End of Period | ||||
Loans individually evaluated for impairment | 41 | 128 | ||
TDRs collectively evaluated for impairment | 235 | 393 | ||
Other loans collectively evaluated for impairment | 41,566 | 41,744 | ||
Loans acquired with deteriorated credit quality | 295 | 530 | ||
Total loans | 42,137 | 42,795 | ||
Residential Mortgages [Member] | ||||
Allowance Balance at End of Period | ||||
TDRs collectively evaluated for impairment | 236 | 319 | ||
Other loans collectively evaluated for impairment | 395 | 468 | ||
Total allowance for credit losses | 631 | 787 | 875 | 935 |
Loan Balance at End of Period | ||||
Loans individually evaluated for impairment | 13 | 12 | ||
TDRs collectively evaluated for impairment | 4,241 | 4,653 | ||
Other loans collectively evaluated for impairment | 49,241 | 46,953 | ||
Loans acquired with deteriorated credit quality | 1 | 1 | ||
Total loans | 53,496 | 51,619 | ||
Other Retail [Member] | ||||
Allowance Balance at End of Period | ||||
TDRs collectively evaluated for impairment | 33 | 41 | ||
Other loans collectively evaluated for impairment | 710 | 730 | ||
Total allowance for credit losses | 743 | 771 | 781 | 848 |
Loan Balance at End of Period | ||||
TDRs collectively evaluated for impairment | 211 | 237 | ||
Other loans collectively evaluated for impairment | 50,995 | 49,027 | ||
Total loans | 51,206 | 49,264 | ||
Credit Card [Member] | ||||
Allowance Balance at End of Period | ||||
TDRs collectively evaluated for impairment | 57 | 61 | ||
Other loans collectively evaluated for impairment | 826 | 819 | ||
Total allowance for credit losses | 883 | 880 | 884 | 863 |
Loan Balance at End of Period | ||||
TDRs collectively evaluated for impairment | 210 | 240 | ||
Other loans collectively evaluated for impairment | 20,802 | 18,275 | ||
Total loans | 21,012 | 18,515 | ||
Total Loans, Excluding Covered Loans [Member] | ||||
Allowance Balance at End of Period | ||||
Loans individually evaluated for impairment | 13 | 9 | ||
TDRs collectively evaluated for impairment | 343 | 445 | ||
Other loans collectively evaluated for impairment | 3,900 | 3,824 | ||
Loans acquired with deteriorated credit quality | 12 | 32 | ||
Total allowance for credit losses | 4,268 | 4,310 | 4,391 | 4,554 |
Loan Balance at End of Period | ||||
Loans individually evaluated for impairment | 390 | 299 | ||
TDRs collectively evaluated for impairment | 5,035 | 5,647 | ||
Other loans collectively evaluated for impairment | 250,531 | 236,092 | ||
Loans acquired with deteriorated credit quality | 297 | 532 | ||
Total loans | 256,253 | 242,570 | ||
Covered Loans [Member] | ||||
Allowance Balance at End of Period | ||||
TDRs collectively evaluated for impairment | 2 | 4 | ||
Other loans collectively evaluated for impairment | 1 | |||
Loans acquired with deteriorated credit quality | 36 | 60 | ||
Total allowance for credit losses | 38 | 65 | $ 146 | $ 179 |
Loan Balance at End of Period | ||||
TDRs collectively evaluated for impairment | 35 | 34 | ||
Other loans collectively evaluated for impairment | 2,059 | 2,463 | ||
Loans acquired with deteriorated credit quality | 2,502 | 2,784 | ||
Total loans | $ 4,596 | $ 5,281 |
Loans and Allowance for Credi80
Loans and Allowance for Credit Losses - Summary of Loans by Portfolio Type and Delinquency Status of those that Continue to Accrue Interest and are Nonperforming (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | $ 257,721 | $ 244,327 |
Accruing 30-89 Days Past Due | 1,105 | 1,113 |
Accruing 90 Days or More Past Due | 831 | 945 |
Nonperforming | 1,192 | 1,466 |
Total loans, excluding covered loans | 256,253 | 242,570 |
Total loans | 260,849 | 247,851 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 87,863 | 79,977 |
Accruing 30-89 Days Past Due | 317 | 247 |
Accruing 90 Days or More Past Due | 48 | 41 |
Nonperforming | 174 | 112 |
Total loans, excluding covered loans | 88,402 | 80,377 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 41,907 | 42,406 |
Accruing 30-89 Days Past Due | 89 | 110 |
Accruing 90 Days or More Past Due | 14 | 20 |
Nonperforming | 127 | 259 |
Total loans, excluding covered loans | 42,137 | 42,795 |
Residential Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 52,438 | 50,330 |
Accruing 30-89 Days Past Due | 170 | 221 |
Accruing 90 Days or More Past Due | 176 | 204 |
Nonperforming | 712 | 864 |
Total loans, excluding covered loans | 53,496 | 51,619 |
Other Retail [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 50,745 | 48,764 |
Accruing 30-89 Days Past Due | 224 | 238 |
Accruing 90 Days or More Past Due | 75 | 75 |
Nonperforming | 162 | 187 |
Total loans, excluding covered loans | 51,206 | 49,264 |
Credit Card [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 20,532 | 18,046 |
Accruing 30-89 Days Past Due | 243 | 229 |
Accruing 90 Days or More Past Due | 228 | 210 |
Nonperforming | 9 | 30 |
Total loans, excluding covered loans | 21,012 | 18,515 |
Total Loans, Excluding Covered Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 253,485 | 239,523 |
Accruing 30-89 Days Past Due | 1,043 | 1,045 |
Accruing 90 Days or More Past Due | 541 | 550 |
Nonperforming | 1,184 | 1,452 |
Total loans, excluding covered loans | 256,253 | 242,570 |
Covered Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 4,236 | 4,804 |
Accruing 30-89 Days Past Due | 62 | 68 |
Accruing 90 Days or More Past Due | 290 | 395 |
Nonperforming | 8 | 14 |
Total loans | $ 4,596 | $ 5,281 |
Loans and Allowance for Credi81
Loans and Allowance for Credit Losses - Summary of Loans by Portfolio Type and Delinquency Status of those that Continue to Accrue Interest and are Nonperforming (Parenthetical) (Detail) - Government National Mortgage Association [Member] - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-89 days past due purchased from Government National Mortgage Association mortgage pools whose payments are insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs, were classified as current | $ 320 | $ 431 |
Loans 90 days or more past due purchased from Government National Mortgage Association mortgage pools whose payments are insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs, were classified as current | $ 2,900 | $ 3,100 |
Loans and Allowance for Credi82
Loans and Allowance for Credit Losses - Summary of Loans by Portfolio Type and Company's Internal Credit Quality Rating (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | $ 256,253 | $ 242,570 |
Total loans | 260,849 | 247,851 |
Total outstanding commitments | 548,404 | 508,678 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 255,014 | 242,581 |
Total outstanding commitments | 539,614 | 501,535 |
Special Mention Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,002 | 1,680 |
Total outstanding commitments | 3,945 | 2,964 |
Classified Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 3,833 | 3,590 |
Total outstanding commitments | 4,845 | 4,179 |
Total Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 5,835 | 5,270 |
Total outstanding commitments | 8,790 | 7,143 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 88,402 | 80,377 |
Commercial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 85,206 | 78,409 |
Commercial [Member] | Special Mention Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 1,629 | 1,204 |
Commercial [Member] | Classified Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 1,567 | 764 |
Commercial [Member] | Total Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 3,196 | 1,968 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 42,137 | 42,795 |
Commercial Real Estate [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 41,079 | 41,322 |
Commercial Real Estate [Member] | Special Mention Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 365 | 451 |
Commercial Real Estate [Member] | Classified Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 693 | 1,022 |
Commercial Real Estate [Member] | Total Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 1,058 | 1,473 |
Residential Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 53,496 | 51,619 |
Residential Mortgages [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 52,548 | 50,479 |
Residential Mortgages [Member] | Special Mention Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 2 | 5 |
Residential Mortgages [Member] | Classified Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 946 | 1,135 |
Residential Mortgages [Member] | Total Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 948 | 1,140 |
Other Retail [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 51,206 | 49,264 |
Other Retail [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 50,899 | 48,932 |
Other Retail [Member] | Special Mention Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 6 | 20 |
Other Retail [Member] | Classified Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 301 | 312 |
Other Retail [Member] | Total Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 307 | 332 |
Credit Card [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 21,012 | 18,515 |
Credit Card [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 20,775 | 18,275 |
Credit Card [Member] | Classified Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 237 | 240 |
Credit Card [Member] | Total Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 237 | 240 |
Total Loans, Excluding Covered Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 256,253 | 242,570 |
Total Loans, Excluding Covered Loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 250,507 | 237,417 |
Total Loans, Excluding Covered Loans [Member] | Special Mention Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 2,002 | 1,680 |
Total Loans, Excluding Covered Loans [Member] | Classified Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 3,744 | 3,473 |
Total Loans, Excluding Covered Loans [Member] | Total Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 5,746 | 5,153 |
Covered Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 4,596 | 5,281 |
Covered Loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 4,507 | 5,164 |
Covered Loans [Member] | Classified Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 89 | 117 |
Covered Loans [Member] | Total Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 89 | $ 117 |
Loans and Allowance for Credi83
Loans and Allowance for Credit Losses - Summary of Loans by Portfolio Type and Company's Internal Credit Quality Rating (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Energy Business Sector [Member] | Special Mention or Classified Rating [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans to Customers in Energy Related Businesses | $ 1,100 | $ 122 |
Government National Mortgage Association [Member] | Trouble Debt Restructure [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Restructured GNMA loans whose repayments are insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs, were classified with a pass rating | 1,900 | 2,200 |
GNMA loans 90 days or more past due whose repayments are insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs, were classified with a pass rating | $ 2,900 | $ 3,100 |
Loans and Allowance for Credi84
Loans and Allowance for Credit Losses - Summary of Impaired Loans, which Include Nonaccrual and TDR Loans, by Portfolio Class (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Impaired [Line Items] | ||
Period-end Recorded Investment | $ 5,902 | $ 6,571 |
Unpaid Principal Balance | 7,879 | 8,623 |
Valuation Allowance | 369 | 476 |
Commitments to Lend Additional Funds | 160 | 74 |
Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Period-end Recorded Investment | 520 | 329 |
Unpaid Principal Balance | 1,110 | 769 |
Valuation Allowance | 25 | 21 |
Commitments to Lend Additional Funds | 154 | 51 |
Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Period-end Recorded Investment | 336 | 624 |
Unpaid Principal Balance | 847 | 1,250 |
Valuation Allowance | 11 | 23 |
Commitments to Lend Additional Funds | 1 | 18 |
Residential Mortgages [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Period-end Recorded Investment | 2,575 | 2,730 |
Unpaid Principal Balance | 3,248 | 3,495 |
Valuation Allowance | 199 | 273 |
Other Retail [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Period-end Recorded Investment | 309 | 361 |
Unpaid Principal Balance | 503 | 570 |
Valuation Allowance | 35 | 44 |
Commitments to Lend Additional Funds | 4 | 4 |
Credit Card [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Period-end Recorded Investment | 210 | 240 |
Unpaid Principal Balance | 210 | 240 |
Valuation Allowance | 57 | 61 |
Total Loans, Excluding GNMA and Covered Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Period-end Recorded Investment | 3,950 | 4,284 |
Unpaid Principal Balance | 5,918 | 6,324 |
Valuation Allowance | 327 | 422 |
Commitments to Lend Additional Funds | 159 | 73 |
Covered Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Period-end Recorded Investment | 39 | 43 |
Unpaid Principal Balance | 48 | 55 |
Valuation Allowance | 2 | 4 |
Commitments to Lend Additional Funds | 1 | 1 |
Government National Mortgage Association [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Period-end Recorded Investment | 1,913 | 2,244 |
Unpaid Principal Balance | 1,913 | 2,244 |
Valuation Allowance | $ 40 | $ 50 |
Loans and Allowance for Credi85
Loans and Allowance for Credit Losses - Summary of Impaired Loans, which Include Nonaccrual and TDR Loans, by Portfolio Class (Parenthetical) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Loan and Lease Receivables, Impaired [Abstract] | |
Interest income recognized on impaired loans | $ 274 |
Interest income that would have been recognized on impaired loans at original contractual loan terms | $ 370 |
Loans and Allowance for Credi86
Loans and Allowance for Credit Losses - Impaired Loans Average Recorded Investment and Interest Income Recognized (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | $ 6,160 | $ 7,341 | $ 7,338 |
Interest Income Recognized | 274 | 340 | 369 |
Commercial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 383 | 414 | 382 |
Interest Income Recognized | 13 | 9 | 29 |
Commercial Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 433 | 592 | 889 |
Interest Income Recognized | 16 | 26 | 39 |
Residential Mortgages [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 2,666 | 2,742 | 2,749 |
Interest Income Recognized | 131 | 140 | 134 |
Other Retail [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 336 | 377 | 424 |
Interest Income Recognized | 14 | 17 | 24 |
Credit Card [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 221 | 273 | 366 |
Interest Income Recognized | 4 | 9 | 16 |
Total Loans, Excluding GNMA and Covered Loans [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 4,039 | 4,398 | 4,810 |
Interest Income Recognized | 178 | 201 | 242 |
Covered Loans [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 42 | 334 | 561 |
Interest Income Recognized | 1 | 15 | 27 |
Government National Mortgage Association [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 2,079 | 2,609 | 1,967 |
Interest Income Recognized | $ 95 | $ 124 | $ 100 |
Loans and Allowance for Credi87
Loans and Allowance for Credit Losses - Summary of Loans Modified as TDRs (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)SecurityLoan | Dec. 31, 2014USD ($)SecurityLoan | Dec. 31, 2013USD ($)SecurityLoan | |
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 41,312 | 42,542 | 44,733 |
Pre-Modification Outstanding Loan Balance | $ 1,779 | $ 1,809 | $ 2,158 |
Post-Modification Outstanding Loan Balance | $ 1,785 | $ 1,781 | $ 2,058 |
Commercial [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 1,607 | 2,027 | 2,429 |
Pre-Modification Outstanding Loan Balance | $ 385 | $ 238 | $ 166 |
Post-Modification Outstanding Loan Balance | $ 396 | $ 203 | $ 155 |
Commercial Real Estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 108 | 78 | 165 |
Pre-Modification Outstanding Loan Balance | $ 78 | $ 80 | $ 205 |
Post-Modification Outstanding Loan Balance | $ 76 | $ 71 | $ 198 |
Residential Mortgages [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 2,080 | 2,089 | 2,179 |
Pre-Modification Outstanding Loan Balance | $ 260 | $ 271 | $ 309 |
Post-Modification Outstanding Loan Balance | $ 258 | $ 274 | $ 304 |
Other Retail [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 2,530 | 2,833 | 4,290 |
Pre-Modification Outstanding Loan Balance | $ 54 | $ 61 | $ 103 |
Post-Modification Outstanding Loan Balance | $ 54 | $ 61 | $ 102 |
Credit Card [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 26,772 | 26,511 | 26,669 |
Pre-Modification Outstanding Loan Balance | $ 133 | $ 144 | $ 160 |
Post-Modification Outstanding Loan Balance | $ 134 | $ 145 | $ 161 |
Total Loans, Excluding GNMA and Covered Loans [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 33,097 | 33,538 | 35,732 |
Pre-Modification Outstanding Loan Balance | $ 910 | $ 794 | $ 943 |
Post-Modification Outstanding Loan Balance | $ 918 | $ 754 | $ 920 |
Covered Loans [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 16 | 43 | 123 |
Pre-Modification Outstanding Loan Balance | $ 5 | $ 15 | $ 94 |
Post-Modification Outstanding Loan Balance | $ 5 | $ 14 | $ 72 |
Government National Mortgage Association [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 8,199 | 8,961 | 8,878 |
Pre-Modification Outstanding Loan Balance | $ 864 | $ 1,000 | $ 1,121 |
Post-Modification Outstanding Loan Balance | $ 862 | $ 1,013 | $ 1,066 |
Loans and Allowance for Credi88
Loans and Allowance for Credit Losses - Summary of Loans Modified as TDRs in the Past Twelve Months that have Subsequently Defaulted (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)SecurityLoan | Dec. 31, 2014USD ($)SecurityLoan | Dec. 31, 2013USD ($)SecurityLoan | |
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 8,310 | 9,332 | 15,344 |
Amount Defaulted | $ | $ 182 | $ 306 | $ 1,117 |
Commercial [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 494 | 629 | 642 |
Amount Defaulted | $ | $ 21 | $ 44 | $ 46 |
Commercial Real Estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 18 | 22 | 87 |
Amount Defaulted | $ | $ 8 | $ 12 | $ 102 |
Residential Mortgages [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 273 | 611 | 1,099 |
Amount Defaulted | $ | $ 36 | $ 86 | $ 163 |
Other Retail [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 636 | 845 | 1,841 |
Amount Defaulted | $ | $ 12 | $ 24 | $ 80 |
Credit Card [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 6,286 | 6,335 | 6,640 |
Amount Defaulted | $ | $ 29 | $ 33 | $ 37 |
Total Loans, Excluding GNMA and Covered Loans [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 7,707 | 8,442 | 10,309 |
Amount Defaulted | $ | $ 106 | $ 199 | $ 428 |
Covered Loans [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 5 | 14 | 63 |
Amount Defaulted | $ | $ 1 | $ 5 | $ 49 |
Government National Mortgage Association [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 598 | 876 | 4,972 |
Amount Defaulted | $ | $ 75 | $ 102 | $ 640 |
Loans and Allowance for Credi89
Loans and Allowance for Credit Losses - Carrying Amount of Covered Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Covered Assets [Line Items] | ||
Purchased Impaired Loans | $ 2,502 | $ 2,784 |
Purchased Nonimpaired Loans | 1,062 | 1,322 |
Other | 1,064 | 1,212 |
Covered loans | 4,596 | 5,281 |
Total Covered Assets | 4,628 | 5,318 |
Residential Mortgages [Member] | ||
Covered Assets [Line Items] | ||
Purchased Impaired Loans | 2,502 | 2,784 |
Purchased Nonimpaired Loans | 615 | 738 |
Covered loans | 3,117 | 3,522 |
Other Retail [Member] | ||
Covered Assets [Line Items] | ||
Purchased Nonimpaired Loans | 447 | 584 |
Covered loans | 447 | 584 |
Losses Reimbursable by FDIC [Member] | ||
Covered Assets [Line Items] | ||
Other | 517 | 717 |
Covered loans | 517 | 717 |
Unamortized Changes in FDIC Asset [Member] | ||
Covered Assets [Line Items] | ||
Other | 515 | 458 |
Covered loans | 515 | 458 |
Covered Loans [Member] | ||
Covered Assets [Line Items] | ||
Purchased Impaired Loans | 2,502 | 2,784 |
Purchased Nonimpaired Loans | 1,062 | 1,322 |
Other | 1,032 | 1,175 |
Covered loans | 4,596 | 5,281 |
Foreclosed Real Estate [Member] | ||
Covered Assets [Line Items] | ||
Other | 32 | 37 |
Total Covered Assets | $ 32 | $ 37 |
Loans and Allowance for Credi90
Loans and Allowance for Credit Losses - Carrying Amount of Covered Assets (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Loss sharing agreement remaining term | 4 years |
Leases - Components of Net Inve
Leases - Components of Net Investment in Sales-Type and Direct Financing Leases (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Capital Leases, Net Investment in Direct Financing and Sales Type Leases [Abstract] | ||
Aggregate future minimum lease payments to be received | $ 10,257 | $ 11,173 |
Unguaranteed residual values accruing to the lessor's benefit | 766 | 695 |
Unearned income | (887) | (1,004) |
Initial direct costs | 204 | 202 |
Total net investment in sales-type and direct financing leases | $ 10,340 | $ 11,066 |
Leases - Components of Net In92
Leases - Components of Net Investment in Sales-Type and Direct Financing Leases (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Capital Leases, Net Investment in Direct Financing and Sales Type Leases [Abstract] | ||
Accumulated allowance for uncollectible minimum lease payments | $ 66 | $ 65 |
Leases - Minimum Future Lease P
Leases - Minimum Future Lease Payments to be Received from Sales-Type and Direct Financing Leases (Detail) $ in Millions | Dec. 31, 2015USD ($) |
Capital Leases, Future Minimum Payments Receivable, Fiscal Year Maturity [Abstract] | |
2,016 | $ 3,772 |
2,017 | 3,207 |
2,018 | 1,880 |
2,019 | 756 |
2,020 | 307 |
Thereafter | $ 335 |
Accounting for Transfers and 94
Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Minimum [Member] | |||
Variable Interest Entity [Line Items] | |||
Aggregate amount of investments in unconsolidated VIEs | $ 1 | $ 1 | |
Maximum [Member] | |||
Variable Interest Entity [Line Items] | |||
Aggregate amount of investments in unconsolidated VIEs | 46 | 53 | |
Conduit [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets related to consolidated VIEs | 28 | 35 | |
Tender Option Bond Program [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets related to consolidated VIEs | 2,300 | 2,900 | |
Liabilities related to consolidated VIEs | 2,200 | 2,700 | |
Community Development and Tax Advantaged Investments [Member] | |||
Variable Interest Entity [Line Items] | |||
Federal and state income tax credits recognized in tax expense | 733 | 773 | $ 758 |
Expense related to investments | 698 | 771 | 934 |
Investment tax credits | 1,200 | 937 | 780 |
Expenses related to investments recognized in tax expense | 261 | 258 | $ 297 |
Investment carrying amount | 5,257 | 4,259 | |
Maximum exposure to loss | 9,436 | 8,393 | |
Assets related to consolidated VIEs | 3,000 | 2,700 | |
Liabilities related to consolidated VIEs | 2,200 | 2,000 | |
Private Investment Funds and Partnerships [Member] | |||
Variable Interest Entity [Line Items] | |||
Investment carrying amount | 32 | 94 | |
Maximum exposure to loss | $ 47 | $ 105 |
Accounting for Transfers and 95
Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities - Summary of Investments in Community Development and Tax-advantaged VIEs (Detail) - Community Development and Tax Advantaged Investments [Member] - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Variable Interest Entity [Line Items] | ||
Investment carrying amount | $ 5,257 | $ 4,259 |
Unfunded capital and other commitments | 2,499 | 1,743 |
Maximum exposure to loss | $ 9,436 | $ 8,393 |
Premises and Equipment - Premis
Premises and Equipment - Premises and Equipment (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Gross Premises and Equipment | $ 6,723 | $ 6,728 |
Less accumulated depreciation and amortization | (4,210) | (4,110) |
Total Premises and Equipment | 2,513 | 2,618 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross Premises and Equipment | 522 | 534 |
Buildings and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross Premises and Equipment | 3,348 | 3,323 |
Furniture, Fixtures and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross Premises and Equipment | 2,721 | 2,719 |
Capitalized Building and Equipment Leases [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross Premises and Equipment | 113 | 126 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross Premises and Equipment | $ 19 | $ 26 |
Mortgage Servicing Rights - Add
Mortgage Servicing Rights - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Transfers and Servicing of Financial Assets [Abstract] | |||
Residential mortgage loans serviced for others including subserviced mortgages with no corresponding MSRs asset | $ 231,800 | $ 225,000 | |
Gain/Loss on fair value changes of MSRs due to changes in valuation assumptions and derivatives used to economically hedge MSRs | 23 | 241 | $ 192 |
Loan servicing fees | $ 728 | 732 | $ 754 |
Gain related to excess servicing rights sold | $ 44 |
Mortgage Servicing Rights - Cha
Mortgage Servicing Rights - Changes in Fair Value of Capitalized MSRs (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Transfers and Servicing of Financial Assets [Abstract] | |||
Balance at beginning of period | $ 2,338 | $ 2,680 | $ 1,700 |
Rights purchased | 29 | 5 | 8 |
Rights capitalized | 632 | 382 | 769 |
Rights sold | (141) | ||
Changes in fair value of MSRs | |||
Due to fluctuations in market interest rates | (58) | (276) | 617 |
Due to revised assumptions or models | 10 | 86 | 33 |
Other changes in fair value | (439) | (398) | (447) |
Balance at end of period | $ 2,512 | $ 2,338 | $ 2,680 |
Mortgage Servicing Rights - C99
Mortgage Servicing Rights - Changes in Fair Value of Capitalized MSRs (Parenthetical) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2014USD ($) | |
Transfers and Servicing of Financial Assets [Abstract] | |
Gain related to excess servicing rights sold | $ 44 |
Mortgage Servicing Rights - Sen
Mortgage Servicing Rights - Sensitivity to Changes in Market Interest Rates to Fair Value of MSRs Portfolio and Related Derivative Instruments (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Down Scenario [Member] | Mortgage Servicing Rights [Member] | ||
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ||
Net fair value 100 basis points | $ (598) | $ (540) |
Net fair value 50 basis points | (250) | (242) |
Net fair value 25 basis points | (114) | (114) |
Down Scenario [Member] | Derivative [Member] | ||
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ||
Net fair value 100 basis points | 475 | 441 |
Net fair value 50 basis points | 226 | 223 |
Net fair value 25 basis points | 107 | 109 |
Down Scenario [Member] | Net sensitivity [Member] | ||
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ||
Net fair value 100 basis points | (123) | (99) |
Net fair value 50 basis points | (24) | (19) |
Net fair value 25 basis points | (7) | (5) |
Up Scenario [Member] | Mortgage Servicing Rights [Member] | ||
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ||
Net fair value 100 basis points | 344 | 346 |
Net fair value 50 basis points | 176 | 185 |
Net fair value 25 basis points | 96 | 100 |
Up Scenario [Member] | Derivative [Member] | ||
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ||
Net fair value 100 basis points | (377) | (375) |
Net fair value 50 basis points | (192) | (197) |
Net fair value 25 basis points | (98) | (102) |
Up Scenario [Member] | Net sensitivity [Member] | ||
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ||
Net fair value 100 basis points | (33) | (29) |
Net fair value 50 basis points | (16) | (12) |
Net fair value 25 basis points | $ (2) | $ (2) |
Mortgage Servicing Rights - MSR
Mortgage Servicing Rights - MSRs and Related Characteristics by Portfolio (Detail) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015USD ($)BasisPointMultiple | Dec. 31, 2014USD ($)BasisPointMultiple | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | |
Servicing Assets at Fair Value [Line Items] | ||||
Fair value | $ 2,512 | $ 2,338 | $ 2,680 | $ 1,700 |
Mortgage Servicing Rights [Member] | ||||
Servicing Assets at Fair Value [Line Items] | ||||
Servicing portfolio | 229,375 | 222,797 | ||
Fair value | $ 2,512 | $ 2,338 | ||
Value (bps) | BasisPoint | 110 | 105 | ||
Weighted-average servicing fees (bps) | BasisPoint | 29 | 29 | ||
Multiple (value/servicing fees) | Multiple | 3.79 | 3.62 | ||
Weighted-average note rate | 4.13% | 4.19% | ||
Weighted-average age (in years) | 3 years 4 months 24 days | 3 years 2 months 12 days | ||
Weighted-average expected prepayment (constant prepayment rate) | 11.30% | 12.10% | ||
Weighted-average expected life (in years) | 6 years 4 months 24 days | 6 years 3 months 18 days | ||
Weighted-average discount rate | 10.00% | 10.10% | ||
HFA [Member] | Mortgage Servicing Rights [Member] | ||||
Servicing Assets at Fair Value [Line Items] | ||||
Servicing portfolio | $ 26,492 | $ 19,706 | ||
Fair value | $ 297 | $ 213 | ||
Value (bps) | BasisPoint | 112 | 108 | ||
Weighted-average servicing fees (bps) | BasisPoint | 36 | 37 | ||
Multiple (value/servicing fees) | Multiple | 3.11 | 2.92 | ||
Weighted-average note rate | 4.46% | 4.58% | ||
Weighted-average age (in years) | 3 years 1 month 6 days | 3 years 7 months 6 days | ||
Weighted-average expected prepayment (constant prepayment rate) | 12.80% | 12.80% | ||
Weighted-average expected life (in years) | 6 years 1 month 6 days | 6 years 2 months 12 days | ||
Weighted-average discount rate | 11.80% | 11.90% | ||
Government [Member] | Mortgage Servicing Rights [Member] | ||||
Servicing Assets at Fair Value [Line Items] | ||||
Servicing portfolio | $ 40,350 | $ 40,471 | ||
Fair value | $ 443 | $ 426 | ||
Value (bps) | BasisPoint | 110 | 105 | ||
Weighted-average servicing fees (bps) | BasisPoint | 34 | 33 | ||
Multiple (value/servicing fees) | Multiple | 3.24 | 3.18 | ||
Weighted-average note rate | 4.08% | 4.18% | ||
Weighted-average age (in years) | 3 years 7 months 6 days | 3 years 2 months 12 days | ||
Weighted-average expected prepayment (constant prepayment rate) | 13.90% | 14.80% | ||
Weighted-average expected life (in years) | 5 years 8 months 12 days | 5 years 6 months | ||
Weighted-average discount rate | 11.20% | 11.20% | ||
Conventional [Member] | Mortgage Servicing Rights [Member] | ||||
Servicing Assets at Fair Value [Line Items] | ||||
Servicing portfolio | $ 162,533 | $ 162,620 | ||
Fair value | $ 1,772 | $ 1,699 | ||
Value (bps) | BasisPoint | 109 | 104 | ||
Weighted-average servicing fees (bps) | BasisPoint | 27 | 27 | ||
Multiple (value/servicing fees) | Multiple | 4.04 | 3.85 | ||
Weighted-average note rate | 4.09% | 4.14% | ||
Weighted-average age (in years) | 3 years 4 months 24 days | 3 years 1 month 6 days | ||
Weighted-average expected prepayment (constant prepayment rate) | 10.40% | 11.40% | ||
Weighted-average expected life (in years) | 6 years 7 months 6 days | 6 years 6 months | ||
Weighted-average discount rate | 9.40% | 9.60% |
Intangible Assets - Intangible
Intangible Assets - Intangible Assets (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill | $ 9,361 | $ 9,389 | $ 9,205 | $ 9,143 |
Mortgage servicing rights | 2,512 | 2,338 | $ 2,680 | $ 1,700 |
Total | $ 12,711 | 12,551 | ||
Merchant Processing Contracts [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization Method | SL/AC | |||
Finite-Lived Intangible Assets | $ 135 | 174 | ||
Core Deposit Benefits [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization Method | SL/AC | |||
Finite-Lived Intangible Assets | $ 194 | 234 | ||
Trust Relationships [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization Method | SL/AC | |||
Finite-Lived Intangible Assets | $ 75 | 97 | ||
Other Identified Intangibles [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization Method | SL/AC | |||
Finite-Lived Intangible Assets | $ 434 | $ 319 | ||
Straight line method [Member] | Merchant Processing Contracts [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Estimated Life | 8 years | |||
Straight line method [Member] | Core Deposit Benefits [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Estimated Life | 22 years | |||
Straight line method [Member] | Trust Relationships [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Estimated Life | 10 years | |||
Straight line method [Member] | Other Identified Intangibles [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Estimated Life | 8 years | |||
Accelerated method [Member] | Merchant Processing Contracts [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Estimated Life | 8 years | |||
Accelerated method [Member] | Core Deposit Benefits [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Estimated Life | 5 years | |||
Accelerated method [Member] | Trust Relationships [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Estimated Life | 6 years | |||
Accelerated method [Member] | Other Identified Intangibles [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Estimated Life | 4 years |
Intangible Assets - Aggregate A
Intangible Assets - Aggregate Amortization Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangibles | $ 174 | $ 199 | $ 223 |
Merchant Processing Contracts [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangibles | 35 | 50 | 64 |
Core Deposit Benefits [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangibles | 40 | 38 | 41 |
Trust Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangibles | 21 | 27 | 34 |
Other Identified Intangibles [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangibles | $ 78 | $ 84 | $ 84 |
Intangible Assets - Estimated A
Intangible Assets - Estimated Amortization Expense (Detail) $ in Millions | Dec. 31, 2015USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2,016 | $ 173 |
2,017 | 162 |
2,018 | 130 |
2,019 | 101 |
2,020 | $ 78 |
Intangible Assets - Changes in
Intangible Assets - Changes in Carrying Value of Goodwill (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill [Line Items] | |||
Goodwill, Beginning Balance | $ 9,389 | $ 9,205 | $ 9,143 |
Goodwill acquired | 217 | 57 | |
Other | (28) | (33) | 5 |
Goodwill, Ending Balance | 9,361 | 9,389 | 9,205 |
Wholesale Banking and Commercial Real Estate [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Beginning Balance | 1,648 | 1,605 | 1,605 |
Goodwill acquired | 43 | 0 | |
Other | (1) | ||
Goodwill, Ending Balance | 1,647 | 1,648 | 1,605 |
Consumer and Small Business Banking [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Beginning Balance | 3,680 | 3,514 | 3,514 |
Goodwill acquired | 166 | 0 | |
Other | 1 | ||
Goodwill, Ending Balance | 3,681 | 3,680 | 3,514 |
Wealth Management and Securities Services [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Beginning Balance | 1,570 | 1,565 | 1,528 |
Goodwill acquired | 8 | 37 | |
Other | (3) | (3) | |
Goodwill, Ending Balance | 1,567 | 1,570 | 1,565 |
Payment Services [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Beginning Balance | 2,491 | 2,521 | 2,496 |
Goodwill acquired | 20 | ||
Other | (25) | (30) | 5 |
Goodwill, Ending Balance | $ 2,466 | $ 2,491 | $ 2,521 |
Short-Term Borrowings - Summary
Short-Term Borrowings - Summary of Short-Term Borrowings (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Short-term Debt [Line Items] | |||
Short-term borrowings | $ 27,877 | $ 29,893 | $ 27,608 |
Short-term borrowings, interest rate, at year end | 0.27% | 0.19% | 0.52% |
Short-term borrowings, average for the year | $ 27,960 | $ 30,252 | $ 27,683 |
Short-term borrowings, interest rate, average for the year | 0.89% | 0.88% | 1.29% |
Federal Funds Purchased [Member] | |||
Short-term Debt [Line Items] | |||
Short-term borrowings | $ 647 | $ 886 | $ 594 |
Short-term borrowings, interest rate, at year end | 0.23% | 0.12% | 0.11% |
Short-term borrowings, average for the year | $ 1,169 | $ 2,366 | $ 1,879 |
Short-term borrowings, interest rate, average for the year | 15.05% | 7.94% | 9.72% |
Short-term borrowings, maximum month end balance | $ 1,868 | $ 3,258 | $ 3,569 |
Securities Sold under Agreements to Repurchase [Member] | |||
Short-term Debt [Line Items] | |||
Short-term borrowings | $ 1,092 | $ 948 | $ 2,057 |
Short-term borrowings, interest rate, at year end | 0.02% | 0.05% | 5.34% |
Short-term borrowings, average for the year | $ 973 | $ 798 | $ 2,403 |
Short-term borrowings, interest rate, average for the year | 0.10% | 1.07% | 4.65% |
Short-term borrowings, maximum month end balance | $ 1,124 | $ 948 | $ 3,121 |
Commercial Paper [Member] | |||
Short-term Debt [Line Items] | |||
Short-term borrowings | $ 22,022 | $ 22,197 | $ 19,400 |
Short-term borrowings, interest rate, at year end | 0.21% | 0.12% | 0.11% |
Short-term borrowings, average for the year | $ 21,892 | $ 21,227 | $ 17,467 |
Short-term borrowings, interest rate, average for the year | 0.12% | 0.12% | 0.12% |
Short-term borrowings, maximum month end balance | $ 23,101 | $ 22,322 | $ 19,400 |
Other Short-Term Borrowings [Member] | |||
Short-term Debt [Line Items] | |||
Short-term borrowings | $ 4,116 | $ 5,862 | $ 5,557 |
Short-term borrowings, interest rate, at year end | 0.69% | 0.51% | 0.19% |
Short-term borrowings, average for the year | $ 3,926 | $ 5,861 | $ 5,934 |
Short-term borrowings, interest rate, average for the year | 1.13% | 0.78% | 0.72% |
Short-term borrowings, maximum month end balance | $ 7,656 | $ 7,417 | $ 6,301 |
Short-Term Borrowings - Summ107
Short-Term Borrowings - Summary of Short-Term Borrowings (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Short-term Debt [Abstract] | |||
Federal statutory rate | 35.00% | ||
Compensation expense included in federal funds purchased and short-term borrowings rates | $ 175 | $ 186 | $ 181 |
Long-Term Debt - Summary of Lon
Long-Term Debt - Summary of Long-term Debt (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Long-term debt | $ 32,078 | $ 32,260 |
Parent Company [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 11,453 | 13,189 |
Parent Company [Member] | Capitalized Lease Obligations, Mortgage Indebtedness and Other [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 204 | 190 |
Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 20,625 | 19,071 |
Subsidiaries [Member] | Capitalized Lease Obligations, Mortgage Indebtedness and Other [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 755 | 607 |
Fixed Rate [Member] | Parent Company [Member] | Subordinated Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.95% | |
Debt Instrument Maturity Year, start | Jan. 1, 2022 | |
Debt Instrument Maturity Year, End | Dec. 31, 2022 | |
Long-term debt | $ 1,300 | 1,300 |
Fixed Rate [Member] | Parent Company [Member] | Subordinated Debt One [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.60% | |
Debt Instrument Maturity Year, start | Jan. 1, 2024 | |
Debt Instrument Maturity Year, End | Dec. 31, 2024 | |
Long-term debt | $ 1,000 | 1,000 |
Fixed Rate [Member] | Parent Company [Member] | Subordinated Notes Two [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 7.50% | |
Debt Instrument Maturity Year, start | Jan. 1, 2026 | |
Debt Instrument Maturity Year, End | Dec. 31, 2026 | |
Long-term debt | $ 199 | 199 |
Fixed Rate [Member] | Parent Company [Member] | Medium-term Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 1.65% | |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 4.125% | |
Debt Instrument Maturity Year, start | Jan. 1, 2016 | |
Debt Instrument Maturity Year, End | Dec. 31, 2024 | |
Long-term debt | $ 7,500 | 9,250 |
Fixed Rate [Member] | Parent Company [Member] | Junior Subordinated Debentures [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.442% | |
Debt Instrument Maturity Year, start | Jan. 1, 2016 | |
Debt Instrument Maturity Year, End | Dec. 31, 2016 | |
Long-term debt | $ 500 | 500 |
Fixed Rate [Member] | Subsidiaries [Member] | Subordinated Notes Three [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.80% | |
Debt Instrument Maturity Year, start | Jan. 1, 2015 | |
Debt Instrument Maturity Year, End | Dec. 31, 2015 | |
Long-term debt | 500 | |
Fixed Rate [Member] | Subsidiaries [Member] | Subordinated Notes Four [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.778% | |
Debt Instrument Maturity Year, start | Jan. 1, 2020 | |
Debt Instrument Maturity Year, End | Dec. 31, 2020 | |
Long-term debt | 500 | |
Fixed Rate [Member] | Subsidiaries [Member] | Federal Home Loan Bank Advances [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 1.25% | |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 8.25% | |
Debt Instrument Maturity Year, start | Jan. 1, 2017 | |
Debt Instrument Maturity Year, End | Dec. 31, 2026 | |
Long-term debt | $ 11 | 11 |
Fixed Rate [Member] | Subsidiaries [Member] | Bank Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 1.10% | |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 2.80% | |
Debt Instrument Maturity Year, start | Jan. 1, 2017 | |
Debt Instrument Maturity Year, End | Dec. 31, 2025 | |
Long-term debt | $ 5,850 | 4,050 |
Floating Rate [Member] | Parent Company [Member] | Medium-term Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 0.72% | |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 0.852% | |
Debt Instrument Maturity Year, start | Jan. 1, 2018 | |
Debt Instrument Maturity Year, End | Dec. 31, 2019 | |
Long-term debt | $ 750 | 750 |
Floating Rate [Member] | Subsidiaries [Member] | Federal Home Loan Bank Advances [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 0.335% | |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 0.847% | |
Debt Instrument Maturity Year, start | Jan. 1, 2016 | |
Debt Instrument Maturity Year, End | Dec. 31, 2025 | |
Long-term debt | $ 9,081 | 7,334 |
Floating Rate [Member] | Subsidiaries [Member] | Bank Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 0.016% | |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 0.803% | |
Debt Instrument Maturity Year, start | Jan. 1, 2016 | |
Debt Instrument Maturity Year, End | Dec. 31, 2055 | |
Long-term debt | $ 4,928 | $ 6,069 |
Long-Term Debt - Summary of 109
Long-Term Debt - Summary of Long-term Debt (Parenthetical) (Detail) | Dec. 31, 2015 |
Medium-term Notes [Member] | |
Debt Instrument [Line Items] | |
Weighted-average interest rate | 2.43% |
Federal Home Loan Bank Advances [Member] | |
Debt Instrument [Line Items] | |
Weighted-average interest rate | 0.57% |
Bank Notes [Member] | |
Debt Instrument [Line Items] | |
Weighted-average interest rate | 1.20% |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) $ in Billions | Dec. 31, 2015 | Dec. 31, 2014 |
Federal Home Loan Bank and Federal Reserve Bank [Member] | ||
Debt Instrument [Line Items] | ||
Unused Borrowing Capacity under Federal Home Loan Bank and Federal Reserve Bank | $ 74.9 | $ 76 |
Long-Term Debt - Maturities of
Long-Term Debt - Maturities of Long-term Debt Outstanding (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
2,016 | $ 6,359 | |
2,017 | 7,144 | |
2,018 | 5,786 | |
2,019 | 3,505 | |
2,020 | 47 | |
Thereafter | 9,237 | |
Total | 32,078 | $ 32,260 |
Parent Company [Member] | ||
Debt Instrument [Line Items] | ||
2,016 | 1,926 | |
2,017 | 1,249 | |
2,018 | 1,498 | |
2,019 | 1,511 | |
Thereafter | 5,269 | |
Total | $ 11,453 | $ 13,189 |
Junior Subordinated Debentures
Junior Subordinated Debentures - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2011 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||
Issuance Trust | USB Capital IX | ||
Debentures Redeemed | $ 176 | ||
Long-term Debt Securities [Member] | |||
Debt Instrument [Line Items] | |||
Debenture amount | $ 500 | $ 500 | |
USB Capital IX [Member] | |||
Debt Instrument [Line Items] | |||
Percentage of common equity in wholly owned and sponsored USB Capital IX | 100.00% | ||
Value of preferred stock held by unconsolidated trust | $ 676 | $ 676 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Billions | 12 Months Ended | ||||||
Dec. 31, 2015 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2006 | Dec. 31, 2014 | |
Class of Stock [Line Items] | |||||||
Number of common stock shares authorized | 4,000,000,000 | 4,000,000,000 | |||||
Number of preferred stock shares authorized | 50,000,000 | 50,000,000 | |||||
Number of common stock shares outstanding | 1,700,000,000 | 1,800,000,000 | |||||
Number of common stock shares reserved for future issuance | 80,000,000 | ||||||
Remaining authorized share repurchase amount | $ 1.3 | ||||||
Series H [Member] | |||||||
Class of Stock [Line Items] | |||||||
Preferred Stock, Shares Issued | 20,000 | ||||||
Liquidation preference per share | $ 25,000 | ||||||
Preferred stock dividend rate fixed percentage | 5.15% | ||||||
Redemption period of preferred stock | 90 days | ||||||
Preferred stock redemption date | Jul. 15, 2018 | ||||||
Series F [Member] | |||||||
Class of Stock [Line Items] | |||||||
Preferred Stock, Shares Issued | 44,000 | ||||||
Liquidation preference per share | $ 25,000 | ||||||
Preferred stock dividend rate variable percentage | 4.468% | ||||||
Preferred stock dividend rate fixed percentage | 6.50% | ||||||
Redemption period of preferred stock | 90 days | ||||||
Preferred stock redemption date | Jan. 15, 2022 | ||||||
Preferred stock dividend rate period | Three-month LIBOR plus | ||||||
Series G [Member] | |||||||
Class of Stock [Line Items] | |||||||
Preferred Stock, Shares Issued | 43,400 | ||||||
Liquidation preference per share | $ 25,000 | ||||||
Preferred stock dividend rate variable percentage | 4.86125% | ||||||
Preferred stock dividend rate fixed percentage | 6.00% | ||||||
Redemption period of preferred stock | 90 days | ||||||
Preferred stock redemption date | Apr. 15, 2017 | ||||||
Preferred stock dividend rate period | Three-month LIBOR plus | ||||||
Series A [Member] | |||||||
Class of Stock [Line Items] | |||||||
Preferred Stock, Shares Issued | 6,764 | 5,746 | |||||
Liquidation preference per share | $ 100,000 | $ 100,000 | $ 100,000 | ||||
Preferred stock dividend rate variable percentage | 1.02% | 1.02% | 1.147% | ||||
Preferred stock dividend rate fixed percentage | 3.50% | 3.50% | |||||
Preferred stock dividend rate period | Three-month LIBOR plus | Three-month LIBOR plus | Three-month LIBOR plus | ||||
Minority interest preferred stock, shares issued | 5,000 | ||||||
Series B [Member] | |||||||
Class of Stock [Line Items] | |||||||
Preferred Stock, Shares Issued | 40,000 | ||||||
Liquidation preference per share | $ 25,000 | ||||||
Preferred stock dividend rate variable percentage | 0.60% | ||||||
Preferred stock dividend rate fixed percentage | 3.50% | ||||||
Preferred stock dividend rate period | Three-month LIBOR plus | ||||||
Series I [Member] | |||||||
Class of Stock [Line Items] | |||||||
Preferred Stock, Shares Issued | 30,000 | ||||||
Liquidation preference per share | $ 25,000 | ||||||
Preferred stock dividend rate variable percentage | 3.486% | ||||||
Preferred stock dividend rate fixed percentage | 5.125% | ||||||
Redemption period of preferred stock | 90 days | ||||||
Preferred stock redemption date | Jan. 15, 2021 | ||||||
Preferred stock dividend rate period | Three-month LIBOR plus |
Shareholders' Equity - Number o
Shareholders' Equity - Number of Shares Issued and Outstanding and Carrying Amount of Preferred Stock (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Class of Stock [Line Items] | ||
Shares Issued and Outstanding | 189,910 | 159,910 |
Liquidation Preference | $ 5,686 | $ 4,936 |
Discount | 185 | 180 |
Carrying Amount | $ 5,501 | $ 4,756 |
Series A [Member] | ||
Class of Stock [Line Items] | ||
Shares Issued and Outstanding | 12,510 | 12,510 |
Liquidation Preference | $ 1,251 | $ 1,251 |
Discount | 145 | 145 |
Carrying Amount | $ 1,106 | $ 1,106 |
Series B [Member] | ||
Class of Stock [Line Items] | ||
Shares Issued and Outstanding | 40,000 | 40,000 |
Liquidation Preference | $ 1,000 | $ 1,000 |
Carrying Amount | $ 1,000 | $ 1,000 |
Series F [Member] | ||
Class of Stock [Line Items] | ||
Shares Issued and Outstanding | 44,000 | 44,000 |
Liquidation Preference | $ 1,100 | $ 1,100 |
Discount | 12 | 12 |
Carrying Amount | $ 1,088 | $ 1,088 |
Series G [Member] | ||
Class of Stock [Line Items] | ||
Shares Issued and Outstanding | 43,400 | 43,400 |
Liquidation Preference | $ 1,085 | $ 1,085 |
Discount | 10 | 10 |
Carrying Amount | $ 1,075 | $ 1,075 |
Series H [Member] | ||
Class of Stock [Line Items] | ||
Shares Issued and Outstanding | 20,000 | 20,000 |
Liquidation Preference | $ 500 | $ 500 |
Discount | 13 | 13 |
Carrying Amount | $ 487 | $ 487 |
Series I [Member] | ||
Class of Stock [Line Items] | ||
Shares Issued and Outstanding | 30,000 | |
Liquidation Preference | $ 750 | |
Discount | 5 | |
Carrying Amount | $ 745 |
Shareholders' Equity - Numbe115
Shareholders' Equity - Number of Shares Issued and Outstanding and Carrying Amount of Preferred Stock (Parenthetical) (Detail) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Equity [Abstract] | ||
Preferred stock, par value | $ 1 | $ 1 |
Shareholders' Equity - Common S
Shareholders' Equity - Common Stock Repurchased (Detail) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Equity [Abstract] | |||
Common stock repurchased shares | 52 | 54 | 65 |
Purchase of treasury stock | $ 2,246 | $ 2,262 | $ 2,336 |
Shareholders' Equity - Reconcil
Shareholders' Equity - Reconciliation of Transactions Affecting Accumulated Other Comprehensive Income (Loss) Included in Shareholders' Equity (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | $ (896) | $ (1,071) | $ (923) |
Changes in unrealized gains and losses | (457) | 764 | (1,223) |
Changes in unrealized gains and losses, Unrealized Gains (Losses) on Derivative Hedges | (25) | (41) | 37 |
Changes in unrealized gains and losses, Unrealized Gains (Losses) on Retirement Plans | (142) | (733) | 590 |
Changes in unrealized gains and losses | (624) | (10) | (596) |
Other-than-temporary impairment not recognized in earnings on securities available-for-sale | 1 | 8 | |
Foreign currency translation adjustment | 20 | (4) | (34) |
Reclassification to earnings of realized gains and losses | 393 | 297 | 373 |
Applicable income taxes | 88 | (109) | 101 |
Balance at end of period | (1,019) | (896) | (1,071) |
Foreign Currency Translation [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | (62) | (60) | (40) |
Foreign currency translation adjustment | 20 | (4) | (34) |
Applicable income taxes | (1) | 2 | 14 |
Balance at end of period | (43) | (62) | (60) |
Unrealized Gains (Losses) on Retirement Plans [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | (1,106) | (743) | (1,265) |
Changes in unrealized gains and losses, Unrealized Gains (Losses) on Retirement Plans | (142) | (733) | 590 |
Reclassification to earnings of realized gains and losses | 223 | 144 | 249 |
Applicable income taxes | (31) | 226 | (317) |
Balance at end of period | (1,056) | (1,106) | (743) |
Unrealized Gains (Losses) on Derivative Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | (172) | (261) | (404) |
Changes in unrealized gains and losses, Unrealized Gains (Losses) on Derivative Hedges | (25) | (41) | 37 |
Reclassification to earnings of realized gains and losses | 195 | 186 | 192 |
Applicable income taxes | (65) | (56) | (86) |
Balance at end of period | (67) | (172) | (261) |
Unrealized Gains (Losses) on Securities Transferred From Available For Sale to Held To Maturity [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | 52 | 70 | 107 |
Reclassification to earnings of realized gains and losses | (25) | (30) | (59) |
Applicable income taxes | 9 | 12 | 22 |
Balance at end of period | 36 | 52 | 70 |
Unrealized Gains (Losses) on Securities Available-For-Sale [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | 392 | (77) | 679 |
Changes in unrealized gains and losses | (457) | 764 | (1,223) |
Other-than-temporary impairment not recognized in earnings on securities available-for-sale | 1 | 8 | |
Reclassification to earnings of realized gains and losses | (3) | (9) | |
Applicable income taxes | 176 | (293) | 468 |
Balance at end of period | $ 111 | $ 392 | $ (77) |
Shareholders' Equity - Impact t
Shareholders' Equity - Impact to Net Income for Items Reclassified out of Accumulated Other Comprehensive Income and into Earnings (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Realized gains (losses) on sale of securities | $ 1 | $ 11 | $ 23 |
Amortization of unrealized gains on securities transferred from available-for-sale to held-to-maturity, Interest income | 12,402 | 12,228 | 12,285 |
Realized gains (losses) on derivative hedges | 11,001 | 10,775 | 10,604 |
Actuarial gains (losses), prior service cost (credit) and transition obligation (asset) amortization | (1,167) | (1,041) | (1,140) |
Total securities gains (losses), net | 3 | 9 | |
Applicable income taxes | (2,097) | (2,087) | (2,032) |
Net income | 5,933 | 5,908 | 5,732 |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Net income | (242) | (183) | (229) |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | Unrealized Gains (Losses) on Securities Available-For-Sale [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Realized gains (losses) on sale of securities | 1 | 11 | 23 |
Other-than-temporary impairment recognized in earnings | (1) | (8) | (14) |
Total securities gains (losses), net | 3 | 9 | |
Applicable income taxes | (1) | (4) | |
Net income | 2 | 5 | |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | Unrealized Gains (Losses) on Securities Transferred From Available For Sale to Held To Maturity [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Amortization of unrealized gains on securities transferred from available-for-sale to held-to-maturity, Interest income | 25 | 30 | 59 |
Applicable income taxes | (9) | (12) | (22) |
Net income | 16 | 18 | 37 |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | Unrealized Gains (Losses) on Derivative Hedges [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Realized gains (losses) on derivative hedges | (195) | (186) | (192) |
Applicable income taxes | 75 | 71 | 74 |
Net income | (120) | (115) | (118) |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | Unrealized Gains (Losses) on Retirement Plans [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Actuarial gains (losses), prior service cost (credit) and transition obligation (asset) amortization | (223) | (144) | (249) |
Applicable income taxes | 85 | 56 | 96 |
Net income | $ (138) | $ (88) | $ (153) |
Shareholders' Equity - Componen
Shareholders' Equity - Components of Company's Regulatory Capital (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Less intangible assets | ||
Qualifying preferred stock | $ 5,501 | $ 4,756 |
Basel III Transitional Standardized Approach: [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common shareholders' equity | 40,630 | 38,723 |
Less intangible assets | ||
Goodwill (net of deferred tax liability) | (8,295) | (8,403) |
Other disallowed intangible assets | (335) | (165) |
Other | 612 | 701 |
Total common equity tier 1 capital | 32,612 | 30,856 |
Qualifying preferred stock | 5,501 | 4,756 |
Noncontrolling interests eligible for tier 1 capital | 318 | 408 |
Total tier 1 capital | 38,431 | 36,020 |
Eligible portion of allowance for credit losses | 4,255 | 3,957 |
Subordinated debt and noncontrolling interests eligible for tier 2 capital | 2,616 | 3,215 |
Other | 11 | 16 |
Total tier 2 capital | 6,882 | 7,188 |
Total risk-based capital | 45,313 | 43,208 |
Risk-weighted assets | 341,360 | 317,398 |
Basel III transitional advanced approaches: [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common shareholders' equity | 40,630 | 38,723 |
Less intangible assets | ||
Goodwill (net of deferred tax liability) | (8,295) | (8,403) |
Other disallowed intangible assets | (335) | (165) |
Other | 612 | 701 |
Total common equity tier 1 capital | 32,612 | 30,856 |
Qualifying preferred stock | 5,501 | 4,756 |
Noncontrolling interests eligible for tier 1 capital | 318 | 408 |
Total tier 1 capital | 38,431 | 36,020 |
Eligible portion of allowance for credit losses | 1,204 | 1,224 |
Subordinated debt and noncontrolling interests eligible for tier 2 capital | 2,616 | 3,215 |
Other | 11 | 16 |
Total tier 2 capital | 3,831 | 4,455 |
Total risk-based capital | 42,262 | 40,475 |
Risk-weighted assets | $ 261,668 | $ 248,596 |
Earnings Per Share - Components
Earnings Per Share - Components of Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||
Net income attributable to U.S. Bancorp | $ 5,879 | $ 5,851 | $ 5,836 |
Preferred dividends | (247) | (243) | (250) |
Impact of preferred stock redemption | (8) | ||
Earnings allocated to participating stock awards | (24) | (25) | (26) |
Net income applicable to U.S. Bancorp common shareholders | $ 5,608 | $ 5,583 | $ 5,552 |
Average common shares outstanding | 1,764 | 1,803 | 1,839 |
Net effect of the exercise and assumed purchase of stock awards | 8 | 10 | 10 |
Average diluted common shares outstanding | 1,772 | 1,813 | 1,849 |
Earnings per common share | $ 3.18 | $ 3.10 | $ 3.02 |
Diluted earnings per common share | $ 3.16 | $ 3.08 | $ 3 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares shares in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2013 | |
Stock Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Options outstanding of common shares | 1 | 5 |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Qualified employees maximum contribution to defined contribution savings plan allowed in percentage of annual compensation | 75.00% | ||
Company contribution to defined savings plan | 4.00% | ||
Company contribution, percentage company contribution matches of the employee's percentage contribution matched | 100.00% | ||
Employee retirement savings plan matching expenses | $ 131 | $ 122 | $ 118 |
Vesting service period for defined benefit pension plan | 3 years | ||
Plan assets of the qualified pension plans that have asset management arrangements with related parties | $ 63 | 70 | |
Global Equities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset allocation for the company's qualified pension plan | 43.00% | ||
Domestic Mid-Small Cap Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset allocation for the company's qualified pension plan | 7.00% | ||
Emerging Markets Equities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset allocation for the company's qualified pension plan | 5.00% | ||
Real Estate Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset allocation for the company's qualified pension plan | 5.00% | ||
Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset allocation for the company's qualified pension plan | 30.00% | ||
Hedge Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset allocation for the company's qualified pension plan | 5.00% | ||
Private Equity Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset allocation for the company's qualified pension plan | 5.00% | ||
Qualified Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Company contributions to pension and postretirement welfare plan | $ 414 | 475 | |
Company contributions to pension and postretirement welfare plan in next fiscal year | 348 | ||
Non Qualified Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Company contributions to pension and postretirement welfare plan in next fiscal year | 22 | ||
Postretirement Welfare Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Company contributions to pension and postretirement welfare plan | 8 | $ 7 | |
Company contributions to pension and postretirement welfare plan in next fiscal year | $ 7 |
Employee Benefits - Summary of
Employee Benefits - Summary of Changes in Projected Benefit Obligation, Plan Assets, Funded Status, Amounts Recognized in Consolidated Balance Sheet and Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension Plans [Member] | |||
Change In Projected Benefit Obligation | |||
Benefit obligation at beginning of measurement period | $ 4,612 | $ 3,895 | |
Service cost | 188 | 152 | $ 168 |
Interest cost | 195 | 197 | 170 |
Actuarial loss (gain) | (176) | 781 | |
Lump sum settlements | (37) | (286) | |
Benefit payments | (132) | (127) | |
Benefit obligation at end of measurement period | 4,650 | 4,612 | 3,895 |
Change In Fair Value Of Plan Assets | |||
Balance at beginning of period | 3,187 | 2,831 | |
Actual return on plan assets | (99) | 269 | |
Employer contributions | 436 | 500 | |
Lump sum settlements | (37) | (286) | |
Benefit payments | (132) | (127) | |
Balance at end of period | 3,355 | 3,187 | 2,831 |
Funded (Unfunded) Status | (1,295) | (1,425) | |
Current benefit liability | (21) | (21) | |
Noncurrent benefit liability | (1,274) | (1,404) | |
Recognized amount | (1,295) | (1,425) | |
Net actuarial gain (loss) | (1,806) | (1,894) | |
Net prior service credit (cost) | 7 | 11 | |
Recognized amount | (1,799) | (1,883) | |
Postretirement Welfare Plan [Member] | |||
Change In Projected Benefit Obligation | |||
Benefit obligation at beginning of measurement period | 104 | 100 | |
Service cost | 3 | ||
Interest cost | 3 | 3 | 4 |
Participants' contributions | 10 | 11 | |
Actuarial loss (gain) | (5) | 13 | |
Benefit payments | (21) | (25) | |
Federal subsidy on benefits paid | 2 | 2 | |
Benefit obligation at end of measurement period | 93 | 104 | 100 |
Change In Fair Value Of Plan Assets | |||
Balance at beginning of period | 85 | 92 | |
Employer contributions | 8 | 7 | |
Participants' contributions | 10 | 11 | |
Benefit payments | (21) | (25) | |
Balance at end of period | 82 | 85 | $ 92 |
Funded (Unfunded) Status | (11) | (19) | |
Noncurrent benefit liability | (11) | (19) | |
Recognized amount | (11) | (19) | |
Net actuarial gain (loss) | 55 | 55 | |
Net prior service credit (cost) | 28 | 31 | |
Recognized amount | $ 83 | $ 86 |
Employee Benefits - Summary 124
Employee Benefits - Summary of Changes in Projected Benefit Obligation, Plan Assets, Funded Status, Amounts Recognized in Consolidated Balance Sheet and Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Detail) - Pension Plans [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Payment to deferred vested participants | $ 242 | |
Accumulated benefit obligation for all pension plans | $ 4,300 | $ 4,300 |
Employee Benefits - Pension Pla
Employee Benefits - Pension Plans with Benefit Obligations in Excess of Plan Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Pension Plans with Projected Benefit Obligations in Excess of Plan Assets | ||
Projected benefit obligation | $ 4,650 | $ 4,612 |
Fair value of plan assets | 3,355 | 3,187 |
Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets | ||
Projected benefit obligation | 4,650 | 4,612 |
Accumulated benefit obligation | 4,310 | 4,250 |
Fair value of plan assets | $ 3,355 | $ 3,187 |
Employee Benefits - Components
Employee Benefits - Components of Net Periodic Benefit Cost and Other Amounts Recognized in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension Plans [Member] | |||
Components Of Net Periodic Benefit Cost | |||
Service cost | $ 188 | $ 152 | $ 168 |
Interest cost | 195 | 197 | 170 |
Expected return on plan assets | (223) | (208) | (176) |
Prior service cost (credit) and transition obligation (asset) amortization | (4) | (5) | (5) |
Actuarial loss (gain) amortization | 234 | 158 | 264 |
Net periodic benefit cost | 390 | 294 | 421 |
Net actuarial gain (loss) arising during the year | (146) | (719) | 555 |
Net actuarial loss (gain) amortized during the year | 234 | 158 | 264 |
Net prior service cost (credit) and transition obligation (asset) amortized during the year | (4) | (5) | (5) |
Total recognized in other comprehensive income (loss) | 84 | (566) | 814 |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | (306) | (860) | 393 |
Postretirement Welfare Plan [Member] | |||
Components Of Net Periodic Benefit Cost | |||
Service cost | 3 | ||
Interest cost | 3 | 3 | 4 |
Expected return on plan assets | (1) | (1) | (2) |
Prior service cost (credit) and transition obligation (asset) amortization | (3) | (3) | (1) |
Actuarial loss (gain) amortization | (4) | (6) | (9) |
Net periodic benefit cost | (5) | (7) | (5) |
Net actuarial gain (loss) arising during the year | 4 | (14) | |
Net actuarial loss (gain) amortized during the year | (4) | (6) | (9) |
Net prior service credit (cost) arising during the year | 35 | ||
Net prior service cost (credit) and transition obligation (asset) amortized during the year | (3) | (3) | (1) |
Total recognized in other comprehensive income (loss) | (3) | (23) | 25 |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | $ 2 | $ (16) | $ 30 |
Employee Benefits - Componen127
Employee Benefits - Components of Net Periodic Benefit Cost and Other Amounts Recognized in Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Pretax estimated actuarial loss (gain) that will be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost | $ 175 |
Pretax estimated prior service cost (credit) for pension plan that will be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost | (5) |
Postretirement Welfare Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Pretax estimated actuarial loss (gain) that will be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost | (4) |
Pretax estimated prior service cost (credit) for pension plan that will be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost | $ (3) |
Employee Benefits - Weighted Av
Employee Benefits - Weighted Average Assumptions to Determine Projected Benefit Obligations (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Effect on accumulated postretirement benefit obligation | ||
One percent increase | $ 5 | $ 6 |
One percent decrease | $ (5) | $ (5) |
Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 4.45% | 4.13% |
Rate of compensation increase | 4.06% | 4.07% |
Postretirement Welfare Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.59% | 3.46% |
Projected Benefit Obligation Assumptions [Member] | ||
Health care cost trend rate for the next year | ||
Health care cost trend rate assumed for next fiscal year | 6.50% | 7.00% |
Employee Benefits - Weighted129
Employee Benefits - Weighted Average Assumptions to Determine Projected Benefit Obligations (Parenthetical) (Detail) - Projected Benefit Obligation Assumptions [Member] | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Assumed rate decrease | 5.00% | |
Health care cost trend rate to decrease Period | 2,019 | |
Postretirement Welfare Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assumed plan duration | 6 years 3 months 18 days | 6 years 9 months 18 days |
Qualified Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assumed plan duration | 15 years | 15 years 10 months 24 days |
Non Qualified Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assumed plan duration | 11 years 10 months 24 days | 12 years 4 months 24 days |
Employee Benefits - Weighted130
Employee Benefits - Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Health care cost trend rate | |||
One percent increase | $ 0 | $ 0 | $ 0 |
One percent decrease | $ 0 | $ 0 | $ 0 |
Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.13% | 4.97% | 4.07% |
Expected return on plan assets | 7.50% | 7.50% | 7.50% |
Rate of compensation increase | 4.07% | 4.02% | 4.08% |
Postretirement Welfare Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.46% | 3.93% | 3.10% |
Expected return on plan assets | 1.50% | 1.50% | 1.50% |
Prior to Age 65 [Member] | Net Periodic Benefit Cost Assumptions [Member] | |||
Health care cost trend rate | |||
Health care cost trend rate | 7.00% | 7.50% | 8.00% |
After Age 65 [Member] | Net Periodic Benefit Cost Assumptions [Member] | |||
Health care cost trend rate | |||
Health care cost trend rate | 7.00% | 7.50% | 8.00% |
Employee Benefits - Weighted131
Employee Benefits - Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost (Parenthetical) (Detail) - Net Periodic Benefit Cost Assumptions [Member] | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Postretirement Welfare Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assumed plan duration | 6 years 9 months 18 days | 6 years 4 months 24 days |
Qualified Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assumed plan duration | 15 years 10 months 24 days | 14 years 7 months 6 days |
Non Qualified Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assumed plan duration | 12 years 4 months 24 days | 11 years 6 months |
Prior to Age 65 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assumed rate decrease | 5.00% | |
Health care cost trend rate to decrease Period | 2,019 | |
After Age 65 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assumed rate decrease | 5.00% | |
Health care cost trend rate to decrease Period | 2,019 |
Employee Benefits - Summary 132
Employee Benefits - Summary of Plan Investment Assets Measured at Fair Value (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Level 3 [Member] | Debt Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | $ 7 | |||
Level 3 [Member] | Other [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | $ 1 | $ 2 | $ 4 | $ 3 |
Pension Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 3,355 | 3,187 | 2,831 | |
Plan assets measured at fair value, excluding assets not classified in fair hierarchy | 1,779 | 1,925 | ||
Pension Plans [Member] | Cash and Cash Equivalents [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 64 | 78 | ||
Pension Plans [Member] | Debt Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 826 | 843 | ||
Pension Plans [Member] | Domestic Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 178 | 196 | ||
Pension Plans [Member] | Mid Small Cap Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 146 | 146 | ||
Pension Plans [Member] | International Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 123 | 197 | ||
Pension Plans [Member] | Real Estate Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 163 | 163 | ||
Pension Plans [Member] | Collective Investment Funds Domestic Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 679 | 539 | ||
Pension Plans [Member] | Collective Investment Fund Mid-Small Cap Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 68 | 54 | ||
Pension Plans [Member] | Collective Investment Fund Emerging Markets Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 75 | 75 | ||
Pension Plans [Member] | Collective Investment Funds International Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 533 | 421 | ||
Pension Plans [Member] | Debt Securities Mutual Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 197 | 219 | ||
Pension Plans [Member] | Emerging Markets Equity Mutual Fund Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 81 | 81 | ||
Pension Plans [Member] | Hedge Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 171 | 148 | ||
Pension Plans [Member] | Private Equity Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 50 | 25 | ||
Pension Plans [Member] | Other [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 1 | 2 | ||
Pension Plans [Member] | Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value, excluding assets not classified in fair hierarchy | 1,035 | 1,127 | ||
Pension Plans [Member] | Level 1 [Member] | Cash and Cash Equivalents [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 64 | 78 | ||
Pension Plans [Member] | Level 1 [Member] | Debt Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 361 | 347 | ||
Pension Plans [Member] | Level 1 [Member] | Domestic Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 178 | 196 | ||
Pension Plans [Member] | Level 1 [Member] | Mid Small Cap Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 146 | 146 | ||
Pension Plans [Member] | Level 1 [Member] | International Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 123 | 197 | ||
Pension Plans [Member] | Level 1 [Member] | Real Estate Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 163 | 163 | ||
Pension Plans [Member] | Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value, excluding assets not classified in fair hierarchy | 743 | 796 | ||
Pension Plans [Member] | Level 2 [Member] | Debt Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 465 | 496 | ||
Pension Plans [Member] | Level 2 [Member] | Debt Securities Mutual Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 197 | 219 | ||
Pension Plans [Member] | Level 2 [Member] | Emerging Markets Equity Mutual Fund Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 81 | 81 | ||
Pension Plans [Member] | Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value, excluding assets not classified in fair hierarchy | 1 | 2 | ||
Pension Plans [Member] | Level 3 [Member] | Other [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 1 | 2 | ||
Postretirement Welfare Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 82 | 85 | $ 92 | |
Postretirement Welfare Plan [Member] | Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 82 | 85 | ||
Plan assets measured at fair value, excluding assets not classified in fair hierarchy | 82 | 85 | ||
Postretirement Welfare Plan [Member] | Level 1 [Member] | Cash and Cash Equivalents [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | $ 82 | $ 85 |
Employee Benefits - Summary 133
Employee Benefits - Summary of Plan Investment Assets Measured at Fair Value (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Collective Investment Fund Mid-Small Cap Equity Securities [Member] | Domestic Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets measured at fair value | $ 30 | $ 25 |
Collective Investment Fund Mid-Small Cap Equity Securities [Member] | International Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets measured at fair value | 20 | 27 |
Collective Investment Fund Mid-Small Cap Equity Securities [Member] | Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets measured at fair value | 18 | 2 |
Level 1 [Member] | Mid Small Cap Equity Securities [Member] | Domestic Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets measured at fair value | 139 | 141 |
Level 1 [Member] | Mid Small Cap Equity Securities [Member] | International Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets measured at fair value | 7 | 5 |
Level 1 [Member] | Real Estate Equity Securities [Member] | Domestic Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets measured at fair value | 90 | 89 |
Level 1 [Member] | Real Estate Equity Securities [Member] | International Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets measured at fair value | $ 73 | $ 74 |
Employee Benefits - Summarizes
Employee Benefits - Summarizes Changes for All Plan investment Assets Measured at Fair Value Using Significant Unobservable Inputs (Level 3) (Detail) - Level 3 [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Balance at beginning of period | $ 2 | $ 4 | $ 3 |
Unrealized gains (losses) relating to assets still held at end of year | (1) | (2) | |
Purchases, sales, and settlements, net | 1 | ||
Balance at end of period | $ 1 | $ 2 | 4 |
Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Balance at beginning of period | 7 | ||
Purchases, sales, and settlements, net | $ (7) |
Employee Benefits - Expected Fu
Employee Benefits - Expected Future Benefit Payments (Detail) $ in Millions | Dec. 31, 2015USD ($) |
Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | $ 198 |
2,017 | 209 |
2,018 | 218 |
2,019 | 229 |
2,020 | 234 |
2021 - 2025 | 1,368 |
Postretirement Welfare Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | 13 |
2,017 | 12 |
2,018 | 12 |
2,019 | 11 |
2,020 | 10 |
2021 - 2025 | 41 |
Medicare Part D Subsidy [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | 2 |
2,017 | 2 |
2,018 | 2 |
2,019 | 2 |
2,020 | 2 |
2021 - 2025 | $ 7 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Date of grant exercisable period | 10 years | ||
Shares available for grant under various plans (subject to adjustment for forfeitures) | 47 | ||
Fair value of shares vested | $ 152 | $ 139 | $ 127 |
Stock-based compensation expense | 125 | 125 | 129 |
Stock-based compensation expense on an after tax basis | 78 | $ 78 | $ 80 |
Unrecognized compensation cost related to nonvested share-based arrangements granted under plans | $ 158 | ||
Cost expected to be recognized over a weighted-average period as compensation expense | 2 years 6 months | ||
Minimum [Member] | |||
Stock and unit awards vesting period | 3 years | ||
Maximum [Member] | |||
Stock and unit awards vesting period | 5 years |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Options Outstanding and Exercised Under Prior and Existing Stock Incentive Plans (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options Outstanding, Weighted Average Exercise Price, and Additional Disclosures [Abstract] | |||
Stock Options/Shares, Outstanding at Beginning of the Period | 33,649,198 | 46,724,765 | 63,171,918 |
Stock Options/Shares, Granted | 1,122,697 | 1,246,451 | 1,168,011 |
Stock Options/Shares, Exercised | (8,721,834) | (13,851,590) | (17,260,740) |
Stock Options/Shares, Cancelled | (324,353) | (470,428) | (354,424) |
Stock Options/Shares, Outstanding at End of the Period | 25,725,708 | 33,649,198 | 46,724,765 |
Stock Options/Shares, Exercisable at End of Period | 22,446,095 | 28,923,260 | 39,556,000 |
Weighted-Average Exercise Price, Outstanding at Beginning of the Period | $ 29.31 | $ 29.12 | $ 28.83 |
Weighted-Average Exercise Price, Granted | 44.28 | 40.32 | 33.99 |
Weighted-Average Exercise Price, Exercised | 29.59 | 29.59 | 28.41 |
Weighted-Average Exercise Price, Cancelled | 32.93 | 31.12 | 29.22 |
Weighted-Average Exercise Price, Outstanding at End of the Period | 29.82 | 29.31 | 29.12 |
Weighted-Average Exercise Price, Exercisable at End of Period | $ 28.68 | $ 28.79 | $ 29.19 |
Weighted-Average Remaining Contractual Term, Outstanding at the End of the Period | 3 years 7 months 6 days | 4 years | 4 years 4 months 24 days |
Weighted-Average Remaining Contractual Term, Exercisable at End of Period | 3 years | 3 years 4 months 24 days | 3 years 9 months 18 days |
Aggregate Intrinsic Value, Outstanding at the End of the Period | $ 331 | $ 526 | $ 527 |
Aggregate Intrinsic Value, Exercisable at End of Period | $ 314 | $ 467 | $ 444 |
Stock-Based Compensation - Weig
Stock-Based Compensation - Weighted Average Estimated Fair Value of Stock Option Granted and Assumptions Utilized by Company for Newly Issued Grants (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Estimated fair value | $ 12.23 | $ 11.38 | $ 12.13 |
Risk-free interest rates | 1.70% | 1.70% | 1.00% |
Dividend yield | 2.60% | 2.60% | 2.60% |
Stock volatility factor | 0.37% | 0.38% | 0.49% |
Expected life of options (in years) | 5 years 6 months | 5 years 6 months | 5 years 6 months |
Stock-Based Compensation - S139
Stock-Based Compensation - Summary of Certain Stock Option Activity (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Fair value of options vested | $ 25 | $ 33 | $ 41 |
Intrinsic value of options exercised | 130 | 171 | 144 |
Cash received from options exercised | 257 | 408 | 489 |
Tax benefit realized from options exercised | $ 50 | $ 66 | $ 56 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Options Outstanding Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Outstanding Options, Shares | shares | 25,725,708 |
Outstanding Options, Weighted-Average Remaining Contractual Life (Years) | 3 years 7 months 6 days |
Outstanding Options, Weighted-Average Exercise Price | $ 29.82 |
Exercisable Options, Shares | shares | 22,446,095 |
Exercisable Options, Weighted-Average Exercise Price | $ 28.68 |
Exercise Prices Range $11.02-$15.00 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range limit of Exercise Prices | 11.02 |
Upper range limit of Exercise Prices | $ 15 |
Outstanding Options, Shares | shares | 2,664,092 |
Outstanding Options, Weighted-Average Remaining Contractual Life (Years) | 3 years 1 month 6 days |
Outstanding Options, Weighted-Average Exercise Price | $ 11.20 |
Exercisable Options, Shares | shares | 2,664,092 |
Exercisable Options, Weighted-Average Exercise Price | $ 11.20 |
Exercise Prices Range $15.01-$20.00 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range limit of Exercise Prices | 15.01 |
Upper range limit of Exercise Prices | $ 20 |
Outstanding Options, Shares | shares | 161,218 |
Outstanding Options, Weighted-Average Remaining Contractual Life (Years) | 2 years |
Outstanding Options, Weighted-Average Exercise Price | $ 19.58 |
Exercisable Options, Shares | shares | 161,218 |
Exercisable Options, Weighted-Average Exercise Price | $ 19.58 |
Exercise Prices Range $20.01-$25.00 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range limit of Exercise Prices | 20.01 |
Upper range limit of Exercise Prices | $ 25 |
Outstanding Options, Shares | shares | 2,051,039 |
Outstanding Options, Weighted-Average Remaining Contractual Life (Years) | 4 years 2 months 12 days |
Outstanding Options, Weighted-Average Exercise Price | $ 23.85 |
Exercisable Options, Shares | shares | 2,051,039 |
Exercisable Options, Weighted-Average Exercise Price | $ 23.85 |
Exercise Prices Range $25.01-$30.00 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range limit of Exercise Prices | 25.01 |
Upper range limit of Exercise Prices | $ 30 |
Outstanding Options, Shares | shares | 5,911,183 |
Outstanding Options, Weighted-Average Remaining Contractual Life (Years) | 5 years |
Outstanding Options, Weighted-Average Exercise Price | $ 28.49 |
Exercisable Options, Shares | shares | 5,051,861 |
Exercisable Options, Weighted-Average Exercise Price | $ 28.47 |
Exercise Prices Range $30.01-$35.00 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range limit of Exercise Prices | 30.01 |
Upper range limit of Exercise Prices | $ 35 |
Outstanding Options, Shares | shares | 9,215,909 |
Outstanding Options, Weighted-Average Remaining Contractual Life (Years) | 2 years 7 months 6 days |
Outstanding Options, Weighted-Average Exercise Price | $ 32.21 |
Exercisable Options, Shares | shares | 8,719,854 |
Exercisable Options, Weighted-Average Exercise Price | $ 32.11 |
Exercise Prices Range $35.01-$40.00 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range limit of Exercise Prices | 35.01 |
Upper range limit of Exercise Prices | $ 40 |
Outstanding Options, Shares | shares | 3,523,469 |
Outstanding Options, Weighted-Average Remaining Contractual Life (Years) | 1 year 1 month 6 days |
Outstanding Options, Weighted-Average Exercise Price | $ 36.04 |
Exercisable Options, Shares | shares | 3,523,469 |
Exercisable Options, Weighted-Average Exercise Price | $ 36.04 |
Exercise Price Range $40.01 - $44.32 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range limit of Exercise Prices | 40.01 |
Upper range limit of Exercise Prices | $ 44.32 |
Outstanding Options, Shares | shares | 2,198,798 |
Outstanding Options, Weighted-Average Remaining Contractual Life (Years) | 8 years 7 months 6 days |
Outstanding Options, Weighted-Average Exercise Price | $ 42.32 |
Exercisable Options, Shares | shares | 274,562 |
Exercisable Options, Weighted-Average Exercise Price | $ 40.32 |
Stock-Based Compensation - S141
Stock-Based Compensation - Summary of Company's Restricted Shares of Stock and Unit Awards (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares and Weighted-Average Grant Date Fair Value [Abstract] | |||
Outstanding at beginning of period, shares | 7,921,571 | 8,653,859 | 8,935,743 |
Granted, shares | 2,897,396 | 3,133,168 | 3,717,635 |
Vested, shares | (3,428,736) | (3,409,650) | (3,744,411) |
Cancelled, shares | (495,400) | (455,806) | (255,108) |
Outstanding at end of period, shares | 6,894,831 | 7,921,571 | 8,653,859 |
Outstanding at beginning of period, weighted-average grant-date fair value | $ 34.09 | $ 29.96 | $ 25.04 |
Granted, weighted-average grant-date fair value | 44.24 | 40.37 | 33.88 |
Vested, weighted-average grant-date fair value | 33.27 | 29.38 | 22.17 |
Cancelled, weighted-average grant-date fair value | 38.66 | 34.05 | 29.18 |
Outstanding at end of period, weighted-average grant-date fair value | $ 38.44 | $ 34.09 | $ 29.96 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Federal | |||
Current | $ 1,956 | $ 1,888 | $ 1,885 |
Deferred | (223) | (126) | (83) |
Federal income tax | 1,733 | 1,762 | 1,802 |
State | |||
Current | 346 | 331 | 216 |
Deferred | 18 | (6) | 14 |
State income tax | 364 | 325 | 230 |
Applicable income taxes | $ 2,097 | $ 2,087 | $ 2,032 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes Additional Information [Abstract] | |||
Federal statutory rate | 35.00% | ||
Unrecognized tax positions that if recognized would impact the effective tax rate | $ 165 | $ 192 | $ 181 |
Unrecognized tax positions as a component of income taxes expense, accrued interest | 30 | ||
Unrecognized tax positions as a component of income tax expense, recorded in interest | (1) | $ 4 | $ (12) |
Federal, state and foreign net operating loss carryforwards | $ 1,100 | ||
Federal, state and foreign net operating loss carryforwards expiration term | Dec. 31, 2035 | ||
Base year reserves included in retained earnings of acquired thrift institutions | $ 102 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Expected Income Tax Expense at Federal Statutory Rate of 35 Percent to Company's Applicable Income Tax Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Tax at statutory rate | $ 2,810 | $ 2,798 | $ 2,717 |
State income tax, at statutory rates, net of federal tax benefit | 237 | 211 | 150 |
Tax credits and benefits, net of related expenses | (700) | (701) | (648) |
Tax-exempt income | (201) | (205) | (212) |
Noncontrolling interests | (19) | (20) | 37 |
Other items | (30) | 4 | (12) |
Applicable income taxes | $ 2,097 | $ 2,087 | $ 2,032 |
Income Taxes - Reconciliatio145
Income Taxes - Reconciliation of Changes in Federal, State and Foreign Unrecognized Tax Position Balances (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Uncertainties [Abstract] | |||
Balance at beginning of period | $ 267 | $ 264 | $ 302 |
Additions (reductions) for tax positions taken in prior years | (17) | 31 | 44 |
Additions for tax positions taken in the current year | 13 | 4 | |
Exam resolutions | (17) | (22) | (56) |
Statute expirations | (3) | (10) | (26) |
Balance at end of period | $ 243 | $ 267 | $ 264 |
Income Taxes - Significant Comp
Income Taxes - Significant Components of the Company's Net Deferred Tax Asset (Liability) (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred Tax Assets | ||
Allowance for credit losses | $ 1,615 | $ 1,652 |
Accrued expenses | 764 | 630 |
Federal, state and foreign net operating loss carryforwards | 464 | 212 |
Partnerships and other investment assets | 380 | 403 |
Pension and postretirement benefits | 247 | 437 |
Stock compensation | 131 | 143 |
Other deferred tax assets, net | 219 | 208 |
Gross deferred tax assets | 3,820 | 3,685 |
Deferred Tax Liabilities | ||
Leasing activities | (3,026) | (3,042) |
Mortgage servicing rights | (859) | (871) |
Goodwill and other intangible assets | (859) | (772) |
Loans | (204) | (212) |
Fixed assets | (111) | (90) |
Securities available-for-sale and financial instruments | (47) | (165) |
Other deferred tax liabilities, net | (55) | (159) |
Gross deferred tax liabilities | (5,161) | (5,311) |
Valuation allowance | (137) | (101) |
Net Deferred Tax Asset (Liability) | $ (1,478) | $ (1,727) |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative [Line Items] | |||
Realized and unrealized losses on derivatives classified as cash flow hedges recorded in other comprehensive income (loss) | $ 67,000,000 | $ 172,000,000 | |
Non-derivative debt instruments designated as net investment hedges | 0 | 0 | |
Fair value of derivatives under collateral agreements in a net liability position | 956,000,000 | ||
Collateral posted by company netted against net liability position | 823,000,000 | ||
Forward commitments to sell mortgage loans | 5,400,000,000 | ||
Hedged mortgage loans held for sale | 2,100,000,000 | ||
Unfunded mortgage loan commitments | 4,100,000,000 | ||
Up Scenario [Member] | Net sensitivity [Member] | |||
Derivative [Line Items] | |||
Net fair value 25 basis points | (2,000,000) | (2,000,000) | |
Net fair value 50 basis points | (16,000,000) | (12,000,000) | |
Net fair value 100 basis points | (33,000,000) | (29,000,000) | |
Down Scenario [Member] | Net sensitivity [Member] | |||
Derivative [Line Items] | |||
Net fair value 25 basis points | (7,000,000) | (5,000,000) | |
Net fair value 50 basis points | (24,000,000) | (19,000,000) | |
Net fair value 100 basis points | $ (123,000,000) | $ (99,000,000) | |
Scenario, Forecast [Member] | |||
Derivative [Line Items] | |||
Estimated loss to be reclassified from other comprehensive income (loss) into earnings | $ 68,000,000 |
Derivative Instruments - Asset
Derivative Instruments - Asset and Liability Management Derivative Positions of Company (Detail) - Asset and Liability Management Positions [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative [Line Items] | ||
Notional Value, Assets | $ 27,442 | $ 20,217 |
Fair Value, Assets | 201 | 215 |
Notional Value, Liabilities | 22,818 | 21,623 |
Fair Value, Liabilities | 286 | 472 |
Other Derivatives [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 36 | 58 |
Fair Value, Assets | $ 4 | |
Derivative Asset Average Remaining Maturity Period | 15 days | 11 days |
Notional Value, Liabilities | $ 662 | $ 390 |
Fair Value, Liabilities | $ 64 | $ 48 |
Derivative Liability Average Remaining Maturity Period | 2 years 7 months 6 days | 3 years 2 months 12 days |
Fair Value Hedges [Member] | Interest Rate Contracts [Member] | Receive Fixed/Pay Floating Swaps [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 3,050 | $ 2,750 |
Fair Value, Assets | $ 73 | $ 65 |
Derivative Asset Average Remaining Maturity Period | 4 years 5 months 5 days | 5 years 8 months 9 days |
Cash Flow Hedges [Member] | Interest Rate Contracts [Member] | Receive Fixed/Pay Floating Swaps [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 250 | |
Derivative Asset Average Remaining Maturity Period | 1 month 28 days | |
Cash Flow Hedges [Member] | Interest Rate Contracts [Member] | Pay Fixed/Receive Floating Swaps [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 1,772 | $ 272 |
Fair Value, Assets | $ 7 | $ 6 |
Derivative Asset Average Remaining Maturity Period | 9 years 2 months 19 days | 7 years 9 months 4 days |
Notional Value, Liabilities | $ 5,009 | $ 5,748 |
Fair Value, Liabilities | $ 146 | $ 315 |
Derivative Liability Average Remaining Maturity Period | 1 year 1 month 17 days | 1 year 11 months 9 days |
Net Investment Hedges [Member] | Foreign Exchange Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 1,140 | $ 1,047 |
Fair Value, Assets | $ 4 | $ 31 |
Derivative Asset Average Remaining Maturity Period | 15 days | 15 days |
Other Economic Hedges [Member] | Interest Rate Contracts [Member] | Receive Fixed/Pay Floating Swaps [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 3,733 | $ 3,552 |
Fair Value, Assets | $ 42 | $ 14 |
Derivative Asset Average Remaining Maturity Period | 9 years 11 months 23 days | 10 years 2 months 19 days |
Notional Value, Liabilities | $ 4,748 | $ 250 |
Fair Value, Liabilities | $ 18 | $ 1 |
Derivative Liability Average Remaining Maturity Period | 10 years 2 months 5 days | 10 years 2 months 19 days |
Other Economic Hedges [Member] | Interest Rate Contracts [Member] | Pay Fixed/Receive Floating Swaps [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 287 | $ 15 |
Fair Value, Assets | $ 2 | |
Derivative Asset Average Remaining Maturity Period | 9 years 9 months 26 days | 10 years 2 months 19 days |
Notional Value, Liabilities | $ 4,158 | |
Fair Value, Liabilities | $ 35 | |
Derivative Liability Average Remaining Maturity Period | 9 years 11 months 19 days | |
Other Economic Hedges [Member] | Interest Rate Contracts [Member] | Futures and Forwards [Member] | Purchased [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 3,812 | $ 4,839 |
Fair Value, Assets | $ 17 | $ 45 |
Derivative Asset Average Remaining Maturity Period | 26 days | 26 days |
Notional Value, Liabilities | $ 452 | $ 60 |
Fair Value, Liabilities | $ 1 | |
Derivative Liability Average Remaining Maturity Period | 22 days | 29 days |
Other Economic Hedges [Member] | Interest Rate Contracts [Member] | Futures and Forwards [Member] | Written [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 3,201 | $ 448 |
Fair Value, Assets | $ 12 | $ 10 |
Derivative Asset Average Remaining Maturity Period | 1 month 2 days | 1 month 17 days |
Notional Value, Liabilities | $ 2,559 | $ 6,713 |
Fair Value, Liabilities | $ 7 | $ 62 |
Derivative Liability Average Remaining Maturity Period | 1 month 13 days | 1 month 2 days |
Other Economic Hedges [Member] | Interest Rate Contracts [Member] | Options [Member] | Purchased [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 2,935 | $ 2,500 |
Derivative Asset Average Remaining Maturity Period | 22 days | 22 days |
Other Economic Hedges [Member] | Interest Rate Contracts [Member] | Options [Member] | Written [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 3,199 | $ 2,643 |
Fair Value, Assets | $ 29 | $ 31 |
Derivative Asset Average Remaining Maturity Period | 1 month 6 days | 29 days |
Notional Value, Liabilities | $ 5 | $ 4 |
Fair Value, Liabilities | $ 1 | |
Derivative Liability Average Remaining Maturity Period | 29 days | 1 month 10 days |
Other Economic Hedges [Member] | Foreign Exchange Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 3,023 | $ 510 |
Fair Value, Assets | $ 13 | $ 3 |
Derivative Asset Average Remaining Maturity Period | 4 days | 11 days |
Notional Value, Liabilities | $ 2,380 | $ 6,176 |
Fair Value, Liabilities | $ 10 | $ 41 |
Derivative Liability Average Remaining Maturity Period | 11 days | 7 days |
Other Economic Hedges [Member] | Equity Contracts [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 62 | $ 86 |
Fair Value, Assets | $ 3 | |
Derivative Asset Average Remaining Maturity Period | 5 months 19 days | 7 months 6 days |
Notional Value, Liabilities | $ 24 | |
Fair Value, Liabilities | $ 1 | |
Derivative Liability Average Remaining Maturity Period | 9 months 26 days | |
Other Economic Hedges [Member] | Credit Contracts [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 1,192 | $ 1,247 |
Fair Value, Assets | $ 2 | $ 3 |
Derivative Asset Average Remaining Maturity Period | 2 years 6 months 29 days | 3 years 3 months 15 days |
Notional Value, Liabilities | $ 2,821 | $ 2,282 |
Fair Value, Liabilities | $ 3 | $ 5 |
Derivative Liability Average Remaining Maturity Period | 2 years 11 months 27 days | 2 years 10 months 6 days |
Derivative Instruments - Ass149
Derivative Instruments - Asset and Liability Management Derivative Positions of Company (Parenthetical) (Detail) - Asset and Liability Management Positions [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative [Line Items] | ||
Notional Value, Liabilities | $ 22,818 | $ 21,623 |
Fair Value, Liabilities | 286 | 472 |
Notional Value, Assets | 27,442 | 20,217 |
Underwriting Purchase and Sale Commitments [Member] | ||
Derivative [Line Items] | ||
Notional Value, Liabilities | 36 | 58 |
Notional Value, Assets | 36 | 58 |
Swap [Member] | Visa Class B Shares [Member] | ||
Derivative [Line Items] | ||
Notional Value, Liabilities | 626 | 332 |
Fair Value, Liabilities | $ 64 | $ 44 |
Derivative Liability Average Remaining Maturity Period | 2 years 9 months | 3 years 9 months |
Derivative Instruments - Custom
Derivative Instruments - Customer-Related Derivative Positions of Company (Detail) - Customer-Related Positions [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative [Line Items] | ||
Notional Value, Assets | $ 72,112 | $ 50,780 |
Fair Value, Assets | 2,046 | 1,853 |
Notional Value, Liabilities | 80,044 | 47,993 |
Fair Value, Liabilities | 2,099 | 1,717 |
Interest Rate Contracts [Member] | Receive Fixed/Pay Floating Swaps [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | 32,647 | 21,724 |
Fair Value, Assets | $ 1,097 | $ 888 |
Derivative Asset Average Remaining Maturity Period | 5 years 8 months 9 days | 6 years 1 month 2 days |
Notional Value, Liabilities | $ 14,068 | $ 5,880 |
Fair Value, Liabilities | $ 54 | $ 24 |
Derivative Liability Average Remaining Maturity Period | 4 years 8 months 16 days | 3 years 9 months 15 days |
Interest Rate Contracts [Member] | Pay Fixed/Receive Floating Swaps [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 10,685 | $ 4,622 |
Fair Value, Assets | $ 43 | $ 26 |
Derivative Asset Average Remaining Maturity Period | 4 years 6 months 18 days | 3 years 3 months 7 days |
Notional Value, Liabilities | $ 35,045 | $ 21,821 |
Fair Value, Liabilities | $ 1,160 | $ 892 |
Derivative Liability Average Remaining Maturity Period | 5 years 8 months 27 days | 6 years 29 days |
Interest Rate Contracts [Member] | Options [Member] | Purchased [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 8,705 | $ 4,409 |
Fair Value, Assets | $ 10 | $ 10 |
Derivative Asset Average Remaining Maturity Period | 2 years 7 months 10 days | 3 years 9 months 15 days |
Notional Value, Liabilities | $ 146 | $ 24 |
Fair Value, Liabilities | $ 1 | |
Derivative Liability Average Remaining Maturity Period | 2 years 2 months 23 days | 2 years 5 months 1 day |
Interest Rate Contracts [Member] | Options [Member] | Written [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 146 | $ 24 |
Fair Value, Assets | $ 2 | |
Derivative Asset Average Remaining Maturity Period | 2 years 2 months 23 days | 2 years 5 months 1 day |
Notional Value, Liabilities | $ 8,482 | $ 4,375 |
Fair Value, Liabilities | $ 9 | $ 10 |
Derivative Liability Average Remaining Maturity Period | 2 years 6 months 26 days | 3 years 9 months 15 days |
Interest Rate Contracts [Member] | Futures [Member] | Purchased [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 1,811 | |
Derivative Asset Average Remaining Maturity Period | 2 months 19 days | |
Notional Value, Liabilities | $ 2,859 | $ 226 |
Fair Value, Liabilities | $ 2 | |
Derivative Liability Average Remaining Maturity Period | 10 months 2 days | 5 months 12 days |
Interest Rate Contracts [Member] | Futures [Member] | Written [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 45 | $ 152 |
Derivative Asset Average Remaining Maturity Period | 11 months 19 days | 1 year 29 days |
Notional Value, Liabilities | $ 46 | |
Derivative Liability Average Remaining Maturity Period | 1 year 8 months 23 days | |
Foreign Exchange Rate Contracts [Member] | Forwards, Spots and Swaps [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 18,399 | $ 17,062 |
Fair Value, Assets | $ 851 | $ 890 |
Derivative Asset Average Remaining Maturity Period | 7 months 2 days | 6 months 7 days |
Notional Value, Liabilities | $ 17,959 | $ 14,645 |
Fair Value, Liabilities | $ 830 | $ 752 |
Derivative Liability Average Remaining Maturity Period | 6 months 29 days | 7 months 2 days |
Foreign Exchange Option [Member] | Purchased [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 1,485 | $ 976 |
Fair Value, Assets | $ 43 | $ 39 |
Derivative Asset Average Remaining Maturity Period | 1 year 2 months 9 days | 5 months 9 days |
Foreign Exchange Option [Member] | Written [Member] | ||
Derivative [Line Items] | ||
Notional Value, Liabilities | $ 1,485 | $ 976 |
Fair Value, Liabilities | $ 43 | $ 39 |
Derivative Liability Average Remaining Maturity Period | 1 year 2 months 9 days | 5 months 9 days |
Derivative Instruments - Summar
Derivative Instruments - Summary of Effective Portion of Gains (Losses) Recognized in Other Comprehensive Income (Loss) and Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings (Detail) - Asset and Liability Management Positions [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash Flow Hedges [Member] | Interest Rate Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Losses) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ (15) | $ (26) | $ 25 |
Derivative Instruments, Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings | (120) | (115) | (118) |
Net Investment Hedges [Member] | Foreign Exchange Forward Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Losses) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ 101 | $ 130 | $ (45) |
Derivative Instruments - Sum152
Derivative Instruments - Summary of Gains (Losses) Recognized in Earnings for Fair Value Hedges, Other Economic Hedges and Customer-Related Positions (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Asset and Liability Management Positions [Member] | Interest Rate Contracts [Member] | Other Noninterest Income [Member] | Fair Value Hedges [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) recognized in earnings | $ 7 | $ 29 | $ (9) |
Asset and Liability Management Positions [Member] | Interest Rate Contracts [Member] | Mortgage Banking Revenue [Member] | Other Economic Hedges [Member] | Futures and Forwards [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) recognized in earnings | 186 | (122) | 615 |
Asset and Liability Management Positions [Member] | Interest Rate Contracts [Member] | Mortgage Banking Revenue [Member] | Other Economic Hedges [Member] | Options [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) recognized in earnings | 191 | 287 | 243 |
Asset and Liability Management Positions [Member] | Interest Rate Contracts [Member] | Mortgage Banking Revenue [Member] | Other Economic Hedges [Member] | Receive Fixed/Pay Floating Swaps [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) recognized in earnings | 139 | 384 | (322) |
Asset and Liability Management Positions [Member] | Interest Rate Contracts [Member] | Mortgage Banking Revenue [Member] | Other Economic Hedges [Member] | Pay Fixed/Receive Floating Swaps [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) recognized in earnings | (33) | ||
Asset and Liability Management Positions [Member] | Foreign Exchange Forward Contracts [Member] | Commercial Products Revenue [Member] | Other Economic Hedges [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) recognized in earnings | 108 | (29) | 49 |
Asset and Liability Management Positions [Member] | Equity Contracts [Member] | Compensation Expense [Member] | Other Economic Hedges [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) recognized in earnings | (1) | 2 | 2 |
Asset and Liability Management Positions [Member] | Credit Contracts [Member] | Other Noninterest Income [Member] | Other Economic Hedges [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) recognized in earnings | 2 | 6 | |
Asset and Liability Management Positions [Member] | Other Derivatives [Member] | Other Noninterest Income [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) recognized in earnings | (43) | ||
Customer-Related Positions [Member] | Interest Rate Contracts [Member] | Other Noninterest Income [Member] | Options [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) recognized in earnings | 3 | ||
Customer-Related Positions [Member] | Interest Rate Contracts [Member] | Other Noninterest Income [Member] | Receive Fixed/Pay Floating Swaps [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) recognized in earnings | 360 | 686 | (361) |
Customer-Related Positions [Member] | Interest Rate Contracts [Member] | Other Noninterest Income [Member] | Pay Fixed/Receive Floating Swaps [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) recognized in earnings | (320) | (652) | 378 |
Customer-Related Positions [Member] | Interest Rate Contracts [Member] | Other Noninterest Income [Member] | Futures [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) recognized in earnings | 1 | ||
Customer-Related Positions [Member] | Foreign Exchange Rate Contracts [Member] | Commercial Products Revenue [Member] | Options [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) recognized in earnings | 2 | 1 | |
Customer-Related Positions [Member] | Foreign Exchange Rate Contracts [Member] | Commercial Products Revenue [Member] | Forwards, Spots and Swaps [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) recognized in earnings | $ 74 | $ 66 | $ 51 |
Derivative Instruments - Sum153
Derivative Instruments - Summary of Gains (Losses) Recognized in Earnings for Fair Value Hedges, Other Economic Hedges and Customer-Related Positions (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value Hedges [Member] | Interest Rate Contracts [Member] | Asset and Liability Management Positions [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (losses) on items hedged by fair value hedges | $ (7) | $ (27) | $ 8 |
Netting Arrangements for Cer154
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities - Additional Information (Detail) $ in Billions | Dec. 31, 2015USD ($) |
Derivative [Line Items] | |
Notional amount of derivative | $ 202.4 |
Exchange Cleared [Member] | |
Derivative [Line Items] | |
Notional amount of derivative | 69.8 |
Exchange Traded [Member] | |
Derivative [Line Items] | |
Notional amount of derivative | $ 8.3 |
Netting Arrangements for Cer155
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities - Summary of Maturities by Category of Collateral Pledged for Repurchase Agreements (Detail) $ in Millions | Dec. 31, 2015USD ($) |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |
Gross amount of recognized liabilities | $ 1,092 |
U.S. Treasury and Agencies [Member] | |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |
Gross amount of recognized liabilities | 122 |
Overnight and Continuous [Member] | |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |
Gross amount of recognized liabilities | 924 |
Overnight and Continuous [Member] | U.S. Treasury and Agencies [Member] | |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |
Gross amount of recognized liabilities | 122 |
Less Than 30 Days [Member] | |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |
Gross amount of recognized liabilities | 168 |
Agency [Member] | Mortgage-Backed Securities Residential [Member] | |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |
Gross amount of recognized liabilities | 970 |
Agency [Member] | Overnight and Continuous [Member] | Mortgage-Backed Securities Residential [Member] | |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |
Gross amount of recognized liabilities | 802 |
Agency [Member] | Less Than 30 Days [Member] | Mortgage-Backed Securities Residential [Member] | |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |
Gross amount of recognized liabilities | $ 168 |
Netting Arrangements for Cer156
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities - Information on Company's Accounting Netting Adjustments and Items Not Offset in Consolidated Balance Sheet Assets But Available for Offset in Event of Default (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Offsetting [Abstract] | ||
Derivative assets Gross Recognized Assets | $ 1,879 | $ 1,847 |
Reverse repurchase agreements Gross Recognized Assets | 106 | 40 |
Securities borrowed Gross Recognized Assets | 772 | 638 |
Total Gross Recognized Assets | 2,757 | 2,525 |
Derivative assets Gross amounts assets offset in consolidated balance sheet | (807) | (870) |
Total Gross amounts assets offset in consolidated balance sheet | (807) | (870) |
Derivative assets Net Amounts Presented in the Consolidated Balance Sheet | 1,072 | 977 |
Reverse repurchase agreements Net Amounts Presented in the Consolidated Balance Sheet | 106 | 40 |
Securities borrowed Net Amounts Presented in the Consolidated Balance Sheet | 772 | 638 |
Total Net Amounts Presented in the Consolidated Balance Sheet | 1,950 | 1,655 |
Derivative assets Gross Amounts Not Offset Consolidated Balance Financial Instruments | (82) | (58) |
Reverse repurchase agreements Gross financial instrument asset amounts not offset in consolidated balance sheet | (102) | (40) |
Securities borrowed Gross financial instrument asset amounts not offset in consolidated balance sheet | 0 | 0 |
Total Gross financial instrument asset amounts not offset in consolidated balance sheet | (184) | (98) |
Reverse repurchase agreements Gross collateral received amounts not offset in consolidated balance sheet | (4) | |
Securities borrowed Gross collateral received amounts not offset in consolidated balance sheet | (753) | (620) |
Total Gross collateral received amounts not offset in consolidated balance sheet | (757) | (620) |
Derivative assets Net Amount | 990 | 919 |
Reverse repurchase agreements Net Amount | 0 | 0 |
Securities borrowed Net Amount | 19 | 18 |
Total Net Amount Assets | $ 1,009 | $ 937 |
Netting Arrangements for Cer157
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities - Information on Company's Accounting Netting Adjustments and Items Not Offset in Consolidated Balance Sheet Assets But Available for Offset in Event of Default (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Offsetting [Abstract] | ||
Cash collateral netted against derivative assets | $ 165 | $ 258 |
Derivative assets not subject to netting arrangements | $ 368 | $ 221 |
Netting Arrangements for Cer158
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities - Information on Company's Accounting Netting Adjustments and Items Not Offset in Consolidated Balance Sheet Liabilities But Available for Offset in Event of Default (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Offsetting [Abstract] | ||
Derivative liabilities Gross recognized liabilities | $ 1,809 | $ 1,847 |
Repurchase agreements Gross recognized liabilities | 1,092 | 948 |
Securities loaned Gross recognized liabilities | 47 | |
Total Gross recognized liabilities | 2,901 | 2,842 |
Derivative liabilities Gross amounts liabilities offset in consolidated balance sheet | (1,283) | (1,317) |
Total Gross amounts liabilities offset in consolidated balance sheet | (1,283) | (1,317) |
Derivative liabilities Net amounts liabilities presented in consolidated balance sheet | 526 | 530 |
Repurchase agreements Net amounts liabilities presented in consolidated balance sheet | 1,092 | 948 |
Securities loaned Net amounts liabilities presented in consolidated balance sheet | 47 | |
Total Net amounts liabilities presented in consolidated balance sheet | 1,618 | 1,525 |
Derivative liabilities Gross financial instrument liability amounts not offset in consolidated balance sheet | (82) | (58) |
Repurchase agreements Gross financial instrument liability amounts not offset in consolidated balance sheet | (102) | (40) |
Securities loaned Gross financial instruments not offset in consolidated balance sheet | 0 | 0 |
Total Gross financial instrument liability amounts not offset in consolidated balance sheet | (184) | (98) |
Repurchase agreements Gross collateral pledged amounts not offset in consolidated balance sheet | (990) | (908) |
Securities loaned Gross collateral pledged amounts not offset in consolidated balance sheet | (46) | |
Total Gross collateral pledged amounts not offset in consolidated balance sheet | (990) | (954) |
Derivative liabilities Net Amount | 444 | 472 |
Repurchase agreements Net Amount | 0 | 0 |
Securities loaned Net Amount | 1 | |
Total Net Amount Liabilities | $ 444 | $ 473 |
Netting Arrangements for Cer159
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities - Information on Company's Accounting Netting Adjustments and Items Not Offset in Consolidated Balance Sheet Liabilities But Available for Offset in Event of Default (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Offsetting [Abstract] | ||
Cash collateral netted against derivative liabilities | $ 641 | $ 705 |
Derivative liabilities not subject to netting arrangements | $ 576 | $ 342 |
Fair Values of Assets and Li160
Fair Values of Assets and Liabilities - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value Disclosures [Abstract] | |||
Fair value measurement transfers from one level to another | $ 0 | $ 0 | |
Significant changes to the valuation techniques to measure fair value during the reporting period | No significant changes to the valuation techniques used by the Company to measure fair value. | ||
Mortgage loans held for sale measured at fair value gain (loss) | $ 27,000,000 | 185,000,000 | $ (335,000,000) |
Minimum [Member] | |||
Fair Value Disclosures [Abstract] | |||
Assumed credit valuation adjustment as percentage of derivative contract fair value | 0.00% | ||
Maximum [Member] | |||
Fair Value Disclosures [Abstract] | |||
Assumed credit valuation adjustment as percentage of derivative contract fair value | 98.00% | ||
Average [Member] | |||
Fair Value Disclosures [Abstract] | |||
Assumed credit valuation adjustment as percentage of derivative contract fair value | 5.00% | ||
Standby Letters Of Credit, Unfunded Commitments and Deferred Non-Yield Loan Fees [Member] | |||
Fair Value Disclosures [Abstract] | |||
Carrying value of guarantee obligations | $ 515,000,000 | 413,000,000 | |
Other Guarantees [Member] | |||
Fair Value Disclosures [Abstract] | |||
Carrying value of guarantee obligations | $ 184,000,000 | $ 211,000,000 |
Fair Values of Assets and Li161
Fair Values of Assets and Liabilities - Valuation Assumption Ranges for Level 3 Available -for-Sale Investment Securities (Detail) - Level 3 [Member] | 12 Months Ended |
Dec. 31, 2015 | |
Minimum [Member] | Non-Agency Prime [Member] | Mortgage-Backed Securities Residential [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Estimated lifetime prepayment rates | 5.00% |
Lifetime loss severity rates | 15.00% |
Discount margin | 2.00% |
Minimum [Member] | Non-Agency Non-Prime [Member] | Mortgage-Backed Securities Residential [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Estimated lifetime prepayment rates | 3.00% |
Lifetime probability of default rates | 4.00% |
Lifetime loss severity rates | 20.00% |
Discount margin | 1.00% |
Minimum [Member] | Asset-Backed Securities Other [Member] | Asset-Backed Securities [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Estimated lifetime prepayment rates | 6.00% |
Lifetime probability of default rates | 5.00% |
Lifetime loss severity rates | 40.00% |
Discount margin | 6.00% |
Maximum [Member] | Non-Agency Prime [Member] | Mortgage-Backed Securities Residential [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Estimated lifetime prepayment rates | 20.00% |
Lifetime probability of default rates | 7.00% |
Lifetime loss severity rates | 60.00% |
Discount margin | 5.00% |
Maximum [Member] | Non-Agency Non-Prime [Member] | Mortgage-Backed Securities Residential [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Estimated lifetime prepayment rates | 13.00% |
Lifetime probability of default rates | 12.00% |
Lifetime loss severity rates | 70.00% |
Discount margin | 6.00% |
Maximum [Member] | Asset-Backed Securities Other [Member] | Asset-Backed Securities [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Estimated lifetime prepayment rates | 6.00% |
Lifetime probability of default rates | 5.00% |
Lifetime loss severity rates | 40.00% |
Discount margin | 6.00% |
Average [Member] | Non-Agency Prime [Member] | Mortgage-Backed Securities Residential [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Estimated lifetime prepayment rates | 14.00% |
Lifetime probability of default rates | 4.00% |
Lifetime loss severity rates | 33.00% |
Discount margin | 3.00% |
Average [Member] | Non-Agency Non-Prime [Member] | Mortgage-Backed Securities Residential [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Estimated lifetime prepayment rates | 8.00% |
Lifetime probability of default rates | 7.00% |
Lifetime loss severity rates | 52.00% |
Discount margin | 3.00% |
Average [Member] | Asset-Backed Securities Other [Member] | Asset-Backed Securities [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Estimated lifetime prepayment rates | 6.00% |
Lifetime probability of default rates | 5.00% |
Lifetime loss severity rates | 40.00% |
Discount margin | 6.00% |
Fair Values of Assets and Li162
Fair Values of Assets and Liabilities - Valuation Assumption Ranges for MSRs (Detail) - Mortgage Servicing Rights [Member] | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Expected prepayment | 11.30% | 12.10% |
Discount rate | 10.00% | 10.10% |
Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Expected prepayment | 10.00% | |
Discount rate | 9.00% | |
Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Expected prepayment | 19.00% | |
Discount rate | 13.00% | |
Average [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Expected prepayment | 11.00% | |
Discount rate | 10.00% |
Fair Values of Assets and Li163
Fair Values of Assets and Liabilities - Valuation Assumption Ranges for Derivative Commitments (Detail) - Derivative Mortgage Loans Commitments [Member] | Dec. 31, 2015 |
Minimum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Expected loan close rate | 9.00% |
Inherent MSR value (basis points per loan) | 30.00% |
Maximum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Expected loan close rate | 100.00% |
Inherent MSR value (basis points per loan) | 196.00% |
Average [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Expected loan close rate | 79.00% |
Inherent MSR value (basis points per loan) | 120.00% |
Fair Values of Assets and Li164
Fair Values of Assets and Liabilities - Balances of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liabilities netting | $ (1,283) | $ (1,317) | |||
Derivative liabilities total | 526 | 530 | |||
Derivative assets netting | (807) | (870) | |||
Derivative assets total | 1,072 | 977 | |||
Available-for-sale securities | [1] | 61,997 | 56,069 | ||
Mortgage loans held for sale | 3,110 | 4,774 | |||
Mortgage servicing rights | 2,512 | 2,338 | $ 2,680 | $ 1,700 | |
Fair Value, Measurements, Recurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liabilities total | 1,102 | 872 | |||
Derivative assets total | 1,440 | 1,198 | |||
Available-for-sale securities | 61,997 | 56,069 | |||
Mortgage loans held for sale | 3,110 | 4,774 | |||
Mortgage servicing rights | 2,512 | 2,338 | |||
Other assets | 791 | 872 | |||
Total | 69,850 | 65,251 | |||
Short-term borrowings | 767 | 709 | |||
Total | 1,869 | 1,581 | |||
Fair Value, Measurements, Recurring [Member] | Netting and Collateral One [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liabilities netting | (1,283) | (1,317) | |||
Derivative assets netting | (807) | (870) | |||
Total | (807) | (870) | |||
Total | (1,283) | (1,317) | |||
Fair Value, Measurements, Recurring [Member] | U.S. Treasury and Agencies [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale securities | 4,596 | 2,632 | |||
Fair Value, Measurements, Recurring [Member] | Obligations of State and Political Subdivisions [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale securities | 5,316 | 5,868 | |||
Fair Value, Measurements, Recurring [Member] | Obligations of Foreign Governments [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale securities | 6 | ||||
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale securities | 610 | 614 | |||
Fair Value, Measurements, Recurring [Member] | Perpetual Preferred Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale securities | 161 | 217 | |||
Fair Value, Measurements, Recurring [Member] | Other Investment [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale securities | 68 | 274 | |||
Fair Value, Measurements, Recurring [Member] | Mortgage-Backed Securities Residential [Member] | Non-Agency Prime [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale securities | 318 | 405 | |||
Fair Value, Measurements, Recurring [Member] | Mortgage-Backed Securities Residential [Member] | Non-Agency Non-Prime [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale securities | 240 | 280 | |||
Fair Value, Measurements, Recurring [Member] | Mortgage-Backed Securities Residential [Member] | Agency [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale securities | 50,076 | 45,017 | |||
Fair Value, Measurements, Recurring [Member] | Commercial [Member] | Agency [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale securities | 52 | 115 | |||
Fair Value, Measurements, Recurring [Member] | Asset-Backed Securities [Member] | Collateralized Loan Obligations [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale securities | 19 | 22 | |||
Fair Value, Measurements, Recurring [Member] | Asset-Backed Securities [Member] | Asset-Backed Securities Other [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale securities | 541 | 619 | |||
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liabilities before netting | 2 | ||||
Available-for-sale securities | 3,898 | 1,758 | |||
Other assets | 202 | 231 | |||
Total | 4,100 | 1,989 | |||
Short-term borrowings | 122 | 101 | |||
Total | 124 | 101 | |||
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | U.S. Treasury and Agencies [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale securities | 3,708 | 1,351 | |||
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale securities | 102 | 101 | |||
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Perpetual Preferred Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale securities | 48 | 55 | |||
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Other Investment [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale securities | 40 | 251 | |||
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liabilities before netting | 2,266 | 2,103 | |||
Derivative assets before netting | 1,632 | 1,408 | |||
Available-for-sale securities | 57,530 | 53,555 | |||
Mortgage loans held for sale | 3,110 | 4,774 | |||
Other assets | 589 | 641 | |||
Total | 62,861 | 60,378 | |||
Short-term borrowings | 645 | 608 | |||
Total | 2,911 | 2,711 | |||
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | U.S. Treasury and Agencies [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale securities | 888 | 1,281 | |||
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Obligations of State and Political Subdivisions [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale securities | 5,316 | 5,868 | |||
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Obligations of Foreign Governments [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale securities | 6 | ||||
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale securities | 499 | 504 | |||
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Perpetual Preferred Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale securities | 113 | 162 | |||
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Other Investment [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale securities | 28 | 23 | |||
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Mortgage-Backed Securities Residential [Member] | Agency [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale securities | 50,076 | 45,017 | |||
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Commercial [Member] | Agency [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale securities | 52 | 115 | |||
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Asset-Backed Securities [Member] | Collateralized Loan Obligations [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale securities | 19 | 22 | |||
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Asset-Backed Securities [Member] | Asset-Backed Securities Other [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale securities | 539 | 557 | |||
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liabilities before netting | 117 | 86 | |||
Derivative assets before netting | 615 | 660 | |||
Available-for-sale securities | 569 | 756 | |||
Mortgage servicing rights | 2,512 | 2,338 | |||
Total | 3,696 | 3,754 | |||
Total | 117 | 86 | |||
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale securities | 9 | 9 | |||
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Mortgage-Backed Securities Residential [Member] | Non-Agency Prime [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale securities | 318 | 405 | |||
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Mortgage-Backed Securities Residential [Member] | Non-Agency Non-Prime [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale securities | 240 | 280 | |||
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Asset-Backed Securities [Member] | Asset-Backed Securities Other [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale securities | $ 2 | $ 62 | |||
[1] | Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral. |
Fair Values of Assets and Li165
Fair Values of Assets and Liabilities - Changes in Fair Value for All Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Non-Agency Prime [Member] | Mortgage-Backed Securities Residential [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning of Period Balance | $ 405 | $ 478 | $ 624 |
Net Gains (Losses) Included in Net Income | (6) | ||
Net Gains (Losses) Included in Other Comprehensive Income (Loss) | (4) | 15 | 8 |
Principal Payments | (83) | (88) | (148) |
Settlements | 0 | 0 | 0 |
End of Period Balance | 318 | 405 | 478 |
Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Still Held at End of Period | (4) | 14 | 9 |
Non-Agency Non-Prime [Member] | Mortgage-Backed Securities Residential [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning of Period Balance | 280 | 297 | 355 |
Net Gains (Losses) Included in Net Income | (1) | (6) | (13) |
Net Gains (Losses) Included in Other Comprehensive Income (Loss) | (1) | 19 | 17 |
Sales | (20) | ||
Principal Payments | (38) | (30) | (42) |
Settlements | 0 | 0 | 0 |
End of Period Balance | 240 | 280 | 297 |
Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Still Held at End of Period | (1) | 19 | 17 |
Corporate Debt Securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning of Period Balance | 9 | 9 | 9 |
Settlements | 0 | 0 | 0 |
End of Period Balance | 9 | 9 | 9 |
Asset-Backed Securities Other [Member] | Asset-Backed Securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning of Period Balance | 62 | 63 | 15 |
Net Gains (Losses) Included in Net Income | 4 | 4 | 3 |
Net Gains (Losses) Included in Other Comprehensive Income (Loss) | (2) | 1 | |
Purchases | 5 | 51 | |
Sales | (51) | ||
Principal Payments | (11) | (10) | (7) |
Settlements | 0 | 0 | 0 |
End of Period Balance | 2 | 62 | 63 |
Mortgage Servicing Rights [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning of Period Balance | 2,338 | 2,680 | 1,700 |
Net Gains (Losses) Included in Net Income | (487) | (588) | 203 |
Purchases | 29 | 5 | 8 |
Sales | (141) | ||
Issuances | 632 | 382 | 769 |
Settlements | 0 | 0 | 0 |
End of Period Balance | 2,512 | 2,338 | 2,680 |
Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Still Held at End of Period | (487) | (588) | 203 |
Available-for-Sale Securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning of Period Balance | 756 | 847 | 1,003 |
Net Gains (Losses) Included in Net Income | 3 | (2) | (16) |
Net Gains (Losses) Included in Other Comprehensive Income (Loss) | (7) | 34 | 26 |
Purchases | 5 | 51 | |
Sales | (51) | (20) | |
Principal Payments | (132) | (128) | (197) |
Settlements | 0 | 0 | 0 |
End of Period Balance | 569 | 756 | 847 |
Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Still Held at End of Period | (5) | 33 | 26 |
Derivative [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning of Period Balance | 574 | 445 | 1,179 |
Net Gains (Losses) Included in Net Income | 707 | 904 | (18) |
Net Gains (Losses) Included in Other Comprehensive Income (Loss) | 0 | 0 | 0 |
Purchases | 1 | 1 | 1 |
Sales | (13) | (4) | (5) |
Principal Payments | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 |
Settlements | (771) | (772) | (712) |
End of Period Balance | 498 | 574 | 445 |
Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Still Held at End of Period | $ 135 | $ 188 | $ (321) |
Fair Values of Assets and Li166
Fair Values of Assets and Liabilities - Changes in Fair Value for All Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3) (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Noninterest Income [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Net gains and (losses) on net derivative assets and liabilities included in net income | $ 289 | $ 404 | $ (149) |
Net Change in net derivative asset and liability unrealized gains (losses) relating to assets still held at end of period | 92 | 128 | (340) |
Mortgage Banking Revenue [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Net gains and (losses) on net derivative assets and liabilities included in net income | 418 | 500 | 131 |
Net Change in net derivative asset and liability unrealized gains (losses) relating to assets still held at end of period | $ 43 | 60 | 19 |
Securities Gains Losses [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Net gains and losses on available for sale securities included in net income | (3) | (14) | |
Interest Income [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Net gains and losses on available for sale securities included in net income | $ 1 | $ (2) |
Fair Values of Assets and Li167
Fair Values of Assets and Liabilities - Adjusted Carrying Values for Assets Measured at Fair Value on Nonrecurring Basis (Detail) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | $ 87 | $ 77 |
Other assets | 66 | 90 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 87 | 77 |
Other assets | $ 66 | $ 90 |
Fair Values of Assets and Li168
Fair Values of Assets and Liabilities - Losses Recognized Related to Nonrecurring Fair Value Measurements of Individual Assets or Portfolios (Detail) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Loans Receivable [Member] | |||
Fair Value Assets Measured On Nonrecurring Basis Losses Recognized [Line Items] | |||
Asset impairment charges | $ 175 | $ 108 | $ 83 |
Other Assets [Member] | |||
Fair Value Assets Measured On Nonrecurring Basis Losses Recognized [Line Items] | |||
Asset impairment charges | $ 42 | $ 70 | $ 96 |
Fair Values of Assets and Li169
Fair Values of Assets and Liabilities - Differences Between Aggregate Fair Value Carrying Amount of MLHFS for which Fair Value Option has been Elected and Aggregate Unpaid Principal Amount Contractually Obligated to Receive at Maturity (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value Disclosures [Abstract] | ||
Fair value carrying amount, total loans | $ 3,110 | $ 4,774 |
Fair value carrying amount, nonaccrual loans | 5 | 6 |
Fair value carrying amount, loans 90 days or more past due | 1 | |
Aggregate unpaid principal, total loans | 3,032 | 4,582 |
Aggregate unpaid principal, nonaccrual loans | 7 | 9 |
Aggregate unpaid principal, loans 90 days or more past due | 1 | |
Carrying amount over (under) unpaid principal, total loans | 78 | 192 |
Carrying amount over (under) unpaid principal, nonaccrual loans | (2) | (3) |
Carrying amount over (under) unpaid principal, loans 90 days or more past due | $ 0 | $ 0 |
Fair Values of Assets and Li170
Fair Values of Assets and Liabilities - Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Financial Assets | |||||
Cash and due from banks | $ 11,147 | $ 10,654 | $ 8,477 | $ 8,252 | |
Investment securities held-to-maturity | [1] | 43,590 | 44,974 | ||
Financial Liabilities | |||||
Deposits | 300,400 | 282,733 | |||
Long-term debt | 32,078 | 32,260 | |||
Carrying Amount [Member] | |||||
Financial Assets | |||||
Cash and due from banks | 11,147 | 10,654 | |||
Federal funds sold and securities purchased under resale agreements | 169 | 118 | |||
Investment securities held-to-maturity | 43,590 | 44,974 | |||
Loans held for sale | 74 | 18 | |||
Loans | 256,899 | 243,735 | |||
Other financial instruments | 2,311 | 2,187 | |||
Financial Liabilities | |||||
Deposits | 300,400 | 282,733 | |||
Short-term borrowings | 27,110 | 29,184 | |||
Long-term debt | 32,078 | 32,260 | |||
Other Liabilities | 1,353 | 1,231 | |||
Fair Value [Member] | |||||
Financial Assets | |||||
Cash and due from banks | 11,147 | 10,654 | |||
Federal funds sold and securities purchased under resale agreements | 169 | 118 | |||
Investment securities held-to-maturity | 43,493 | 45,140 | |||
Loans held for sale | 74 | 18 | |||
Loans | 259,736 | 245,424 | |||
Other financial instruments | 2,319 | 2,193 | |||
Financial Liabilities | |||||
Deposits | 300,225 | 282,708 | |||
Short-term borrowings | 26,782 | 28,973 | |||
Long-term debt | 32,412 | 32,659 | |||
Other Liabilities | 1,353 | 1,231 | |||
Fair Value [Member] | Level 1 [Member] | |||||
Financial Assets | |||||
Cash and due from banks | 11,147 | 10,654 | |||
Investment securities held-to-maturity | 2,275 | 1,928 | |||
Fair Value [Member] | Level 2 [Member] | |||||
Financial Assets | |||||
Federal funds sold and securities purchased under resale agreements | 169 | 118 | |||
Investment securities held-to-maturity | 41,138 | 43,124 | |||
Other financial instruments | 921 | 924 | |||
Financial Liabilities | |||||
Deposits | 300,225 | 282,708 | |||
Short-term borrowings | 26,782 | 28,973 | |||
Long-term debt | 32,412 | 32,659 | |||
Fair Value [Member] | Level 3 [Member] | |||||
Financial Assets | |||||
Investment securities held-to-maturity | 80 | 88 | |||
Loans held for sale | 74 | 18 | |||
Loans | 259,736 | 245,424 | |||
Other financial instruments | 1,398 | 1,269 | |||
Financial Liabilities | |||||
Other Liabilities | $ 1,353 | $ 1,231 | |||
[1] | Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral. |
Guarantees and Contingent Li171
Guarantees and Contingent Liabilities - Additional Information (Detail) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Guarantees And Contingent Liabilities (Textual) [Abstract] | |||
Liability related to remaining Visa Litigation, carrying amount | $ 19 | ||
Rental expense for operating leases | 328 | $ 326 | $ 311 |
Standby Letters of Credit [Member] | |||
Guarantees And Contingent Liabilities (Textual) [Abstract] | |||
Maximum Potential Future Payments | $ 13,020 | ||
Weighted-average term of potential future payments guaranteed by Company under standby letter of credit arrangements | 21 months | ||
Carrying Amount | $ 57 | ||
Third Party Borrowing Arrangements [Member] | |||
Guarantees And Contingent Liabilities (Textual) [Abstract] | |||
Maximum Potential Future Payments | 8 | ||
Securities Lending Indemnifications [Member] | |||
Guarantees And Contingent Liabilities (Textual) [Abstract] | |||
Maximum Potential Future Payments | 4,246 | ||
Collateral Held | 4,387 | ||
Asset Sales [Member] | |||
Guarantees And Contingent Liabilities (Textual) [Abstract] | |||
Maximum Potential Future Payments | 5,089 | ||
Carrying Amount | 119 | ||
Reserve for potential losses related to sale or syndication of tax-advantage investments | 89 | ||
Representation and warranty reserve | 30 | 46 | |
Unresolved representation and warranty claims from GSEs | 12 | 19 | |
Merchant Processing [Member] | |||
Guarantees And Contingent Liabilities (Textual) [Abstract] | |||
Maximum Potential Future Payments | 94,995 | ||
Carrying Amount | 61 | ||
Collateral Held | 409 | ||
Value of airline tickets purchased to deliver at future date | 6,700 | ||
Company held collateral in escrow deposits, letters of credit and indemnities from financial institutions and liens on various assets | 307 | ||
Company held collateral of merchant escrow deposits with respect to future delivery risk | 26 | ||
Liability primarily related to airline processing arrangements | 49 | ||
Merchant escrow deposits held as collateral related to unresolved charge-backs | 76 | ||
Recorded liability for potential losses related to unresolved charge-backs | 12 | ||
Contingent Consideration Arrangements [Member] | |||
Guarantees And Contingent Liabilities (Textual) [Abstract] | |||
Maximum Potential Future Payments | 2 | ||
Carrying Amount | 2 | ||
Tender Option Bond Program Guarantee [Member] | |||
Guarantees And Contingent Liabilities (Textual) [Abstract] | |||
Maximum Potential Future Payments | 2,183 | ||
Collateral Held | 2,254 | ||
Minimum Revenue Guarantees [Member] | |||
Guarantees And Contingent Liabilities (Textual) [Abstract] | |||
Maximum Potential Future Payments | 12 | ||
Carrying Amount | 2 | ||
Other Guarantees [Member] | |||
Guarantees And Contingent Liabilities (Textual) [Abstract] | |||
Maximum Potential Future Payments | 792 | ||
Carrying Amount | $ 184 | $ 211 | |
Visa Class B Shares [Member] | |||
Guarantees And Contingent Liabilities (Textual) [Abstract] | |||
Number of shares sold | 2.5 | ||
Remaining shares held by the Company | 6.4 |
Guarantees and Contingent Li172
Guarantees and Contingent Liabilities - Contract or Notional Amounts of Unfunded Commitments to Extend Credit (Detail) $ in Millions | Dec. 31, 2015USD ($) |
Commercial and Commercial Real Estate Loans [Member] | |
Other Commitments [Line Items] | |
Contract or notional amounts of unfunded commitments to extend credit | $ 119,841 |
Corporate and Purchasing Card Loans [Member] | |
Other Commitments [Line Items] | |
Contract or notional amounts of unfunded commitments to extend credit | 23,608 |
Residential Mortgages [Member] | |
Other Commitments [Line Items] | |
Contract or notional amounts of unfunded commitments to extend credit | 328 |
Retail Credit Card Loans [Member] | |
Other Commitments [Line Items] | |
Contract or notional amounts of unfunded commitments to extend credit | 95,832 |
Other Retail Loans [Member] | |
Other Commitments [Line Items] | |
Contract or notional amounts of unfunded commitments to extend credit | 34,092 |
Covered Loans [Member] | |
Other Commitments [Line Items] | |
Contract or notional amounts of unfunded commitments to extend credit | 568 |
Other [Member] | |
Other Commitments [Line Items] | |
Contract or notional amounts of unfunded commitments to extend credit | 5,297 |
Less Than One Year [Member] | Commercial and Commercial Real Estate Loans [Member] | |
Other Commitments [Line Items] | |
Contract or notional amounts of unfunded commitments to extend credit | 25,917 |
Less Than One Year [Member] | Corporate and Purchasing Card Loans [Member] | |
Other Commitments [Line Items] | |
Contract or notional amounts of unfunded commitments to extend credit | 23,608 |
Less Than One Year [Member] | Residential Mortgages [Member] | |
Other Commitments [Line Items] | |
Contract or notional amounts of unfunded commitments to extend credit | 315 |
Less Than One Year [Member] | Retail Credit Card Loans [Member] | |
Other Commitments [Line Items] | |
Contract or notional amounts of unfunded commitments to extend credit | 95,832 |
Less Than One Year [Member] | Other Retail Loans [Member] | |
Other Commitments [Line Items] | |
Contract or notional amounts of unfunded commitments to extend credit | 12,951 |
Less Than One Year [Member] | Other [Member] | |
Other Commitments [Line Items] | |
Contract or notional amounts of unfunded commitments to extend credit | 5,203 |
Greater Than One Year [Member] | Commercial and Commercial Real Estate Loans [Member] | |
Other Commitments [Line Items] | |
Contract or notional amounts of unfunded commitments to extend credit | 93,924 |
Greater Than One Year [Member] | Residential Mortgages [Member] | |
Other Commitments [Line Items] | |
Contract or notional amounts of unfunded commitments to extend credit | 13 |
Greater Than One Year [Member] | Other Retail Loans [Member] | |
Other Commitments [Line Items] | |
Contract or notional amounts of unfunded commitments to extend credit | 21,141 |
Greater Than One Year [Member] | Covered Loans [Member] | |
Other Commitments [Line Items] | |
Contract or notional amounts of unfunded commitments to extend credit | 568 |
Greater Than One Year [Member] | Other [Member] | |
Other Commitments [Line Items] | |
Contract or notional amounts of unfunded commitments to extend credit | $ 94 |
Guarantees and Contingent Li173
Guarantees and Contingent Liabilities - Future Minimum Payments Under Capital Leases and Noncancelable Operating Leases (Detail) $ in Millions | Dec. 31, 2015USD ($) |
Capital Leases | |
Capital Leases, 2016 | $ 14 |
Capital Leases, 2017 | 13 |
Capital Leases, 2018 | 13 |
Capital Leases, 2019 | 11 |
Capital Leases, 2020 | 10 |
Capital Leases, Thereafter | 42 |
Total minimum capital lease payments | 103 |
Less amount representing interest | 35 |
Present value of net minimum capital lease payments | 68 |
Operating Leases | |
Operating Leases, 2016 | 265 |
Operating Leases, 2017 | 242 |
Operating Leases, 2018 | 203 |
Operating Leases, 2019 | 166 |
Operating Leases, 2020 | 126 |
Operating Leases, Thereafter | 471 |
Total minimum operating lease payments | $ 1,473 |
Guarantees and Contingent Li174
Guarantees and Contingent Liabilities - Summary of Other Guarantees and Contingent Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Standby Letters of Credit [Member] | ||
Guarantor Obligations [Line Items] | ||
Carrying Amount | $ 57 | |
Maximum Potential Future Payments | 13,020 | |
Third Party Borrowing Arrangements [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Potential Future Payments | 8 | |
Securities Lending Indemnifications [Member] | ||
Guarantor Obligations [Line Items] | ||
Collateral Held | 4,387 | |
Maximum Potential Future Payments | 4,246 | |
Asset Sales [Member] | ||
Guarantor Obligations [Line Items] | ||
Carrying Amount | 119 | |
Maximum Potential Future Payments | 5,089 | |
Merchant Processing [Member] | ||
Guarantor Obligations [Line Items] | ||
Collateral Held | 409 | |
Carrying Amount | 61 | |
Maximum Potential Future Payments | 94,995 | |
Contingent Consideration Arrangements [Member] | ||
Guarantor Obligations [Line Items] | ||
Carrying Amount | 2 | |
Maximum Potential Future Payments | 2 | |
Tender Option Bond Program Guarantee [Member] | ||
Guarantor Obligations [Line Items] | ||
Collateral Held | 2,254 | |
Maximum Potential Future Payments | 2,183 | |
Minimum Revenue Guarantees [Member] | ||
Guarantor Obligations [Line Items] | ||
Carrying Amount | 2 | |
Maximum Potential Future Payments | 12 | |
Other Guarantees [Member] | ||
Guarantor Obligations [Line Items] | ||
Carrying Amount | 184 | $ 211 |
Maximum Potential Future Payments | $ 792 |
Guarantees and Contingent Li175
Guarantees and Contingent Liabilities - Contract or Notional Amount of Letters of Credit (Detail) $ in Millions | Dec. 31, 2015USD ($) |
Standby [Member] | |
Letters Of Credit [Line Items] | |
Contract or notional amount of letters of credit | $ 13,020 |
Commercial [Member] | |
Letters Of Credit [Line Items] | |
Contract or notional amount of letters of credit | 266 |
Less Than One Year [Member] | Standby [Member] | |
Letters Of Credit [Line Items] | |
Contract or notional amount of letters of credit | 5,701 |
Less Than One Year [Member] | Commercial [Member] | |
Letters Of Credit [Line Items] | |
Contract or notional amount of letters of credit | 218 |
Greater Than One Year [Member] | Standby [Member] | |
Letters Of Credit [Line Items] | |
Contract or notional amount of letters of credit | 7,319 |
Greater Than One Year [Member] | Commercial [Member] | |
Letters Of Credit [Line Items] | |
Contract or notional amount of letters of credit | $ 48 |
U.S. Bancorp (Parent Company) -
U.S. Bancorp (Parent Company) - Condensed Statement of Financial Position of Parent Company Only (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Assets | ||||
Available-for-sale securities | [1] | $ 61,997 | $ 56,069 | |
Other assets | [1] | 29,725 | 27,059 | |
Total assets | 421,853 | 402,529 | ||
Liabilities and Shareholders' Equity | ||||
Short-term funds borrowed | 27,877 | 29,893 | $ 27,608 | |
Long-term debt | 32,078 | 32,260 | ||
Other liabilities | 14,681 | 13,475 | ||
Shareholders' equity | 46,131 | 43,479 | ||
Total liabilities and equity | 421,853 | 402,529 | ||
Parent Company [Member] | ||||
Assets | ||||
Due from banks, principally interest-bearing | 9,426 | 10,775 | ||
Available-for-sale securities | 352 | 464 | ||
Other assets | 983 | 1,762 | ||
Total assets | 58,502 | 57,706 | ||
Liabilities and Shareholders' Equity | ||||
Short-term funds borrowed | 25 | 177 | ||
Long-term debt | 11,453 | 13,189 | ||
Other liabilities | 893 | 861 | ||
Shareholders' equity | 46,131 | 43,479 | ||
Total liabilities and equity | 58,502 | 57,706 | ||
Bank Subsidiaries [Member] | Parent Company [Member] | ||||
Assets | ||||
Investments in subsidiaries | 41,708 | 39,599 | ||
Advances to subsidiaries | 3,150 | 2,650 | ||
Non-bank Subsidiaries [Member] | Parent Company [Member] | ||||
Assets | ||||
Investments in subsidiaries | 2,060 | 1,906 | ||
Advances to subsidiaries | $ 823 | $ 550 | ||
[1] | Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral. |
U.S. Bancorp (Parent Company177
U.S. Bancorp (Parent Company) - Condensed Income Statement of Parent Company Only (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income | |||
Other income | $ 907 | $ 1,040 | $ 569 |
Total net revenue | 20,306 | 20,161 | |
Expense | |||
Interest expense | 1,401 | 1,453 | 1,681 |
Other expense | 1,819 | 1,978 | 1,695 |
Income before income taxes and equity in undistributed income of subsidiaries | 8,030 | 7,995 | 7,764 |
Applicable income taxes | 2,097 | 2,087 | 2,032 |
Net income attributable to U.S. Bancorp | 5,879 | 5,851 | 5,836 |
Parent Company [Member] | |||
Income | |||
Interest from subsidiaries | 120 | 123 | 118 |
Other income | 55 | 64 | 66 |
Total net revenue | 4,078 | 4,075 | 6,293 |
Expense | |||
Interest expense | 292 | 335 | 325 |
Other expense | 105 | 90 | 81 |
Total expense | 397 | 425 | 406 |
Income before income taxes and equity in undistributed income of subsidiaries | 3,681 | 3,650 | 5,887 |
Applicable income taxes | (207) | (94) | (88) |
Income of parent company | 3,888 | 3,744 | 5,975 |
Equity in undistributed income (losses) of subsidiaries | 1,991 | 2,107 | (139) |
Net income attributable to U.S. Bancorp | 5,879 | 5,851 | 5,836 |
Bank Subsidiaries [Member] | Parent Company [Member] | |||
Income | |||
Dividends from bank subsidiaries | 3,900 | 3,850 | 6,100 |
Non-bank Subsidiaries [Member] | Parent Company [Member] | |||
Income | |||
Dividends from bank subsidiaries | $ 3 | $ 38 | $ 9 |
U.S. Bancorp (Parent Company178
U.S. Bancorp (Parent Company) - Condensed Statement of Cash Flows of Parent Company Only (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Activities | |||
Net income attributable to U.S. Bancorp | $ 5,879 | $ 5,851 | $ 5,836 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Other, net | 787 | 43 | (115) |
Net cash provided by operating activities | 8,782 | 5,332 | 11,446 |
Investing Activities | |||
Other, net | (1,526) | 506 | (303) |
Net cash (used in) provided by investing activities | (21,150) | (29,812) | (21,024) |
Financing Activities | |||
Net (decrease) increase in short-term borrowings | (2,016) | 2,285 | 1,306 |
Proceeds from issuance of long-term debt | 5,067 | 16,394 | 2,041 |
Principal payments or redemption of long-term debt | (5,311) | (4,128) | (2,883) |
Proceeds from issuance of preferred stock | 745 | 487 | |
Proceeds from issuance of common stock | 295 | 453 | 524 |
Redemption of preferred stock | (500) | ||
Repurchase of common stock | (2,190) | (2,200) | (2,282) |
Cash dividends paid on preferred stock | (242) | (243) | (254) |
Cash dividends paid on common stock | (1,777) | (1,726) | (1,576) |
Net cash provided by (used in) financing activities | 12,861 | 26,657 | 9,803 |
Change in cash and due from banks | 493 | 2,177 | 225 |
Cash and due from banks at beginning of year | 10,654 | 8,477 | 8,252 |
Cash and due from banks at end of year | 11,147 | 10,654 | 8,477 |
Parent Company [Member] | |||
Operating Activities | |||
Net income attributable to U.S. Bancorp | 5,879 | 5,851 | 5,836 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Equity in undistributed (income) losses of subsidiaries | (1,991) | (2,107) | 139 |
Other, net | 507 | 48 | (40) |
Net cash provided by operating activities | 4,395 | 3,792 | 5,935 |
Investing Activities | |||
Proceeds from sales and maturities of investment securities | 153 | 46 | 75 |
Purchases of investment securities | (47) | (39) | (118) |
Net (increase) decrease in short-term advances to subsidiaries | (273) | 984 | 4,543 |
Long-term advances to subsidiaries | (500) | (1,800) | (750) |
Principal collected on long-term advances to subsidiaries | 1,400 | ||
Other, net | (6) | (52) | 3 |
Net cash (used in) provided by investing activities | (673) | 539 | 3,753 |
Financing Activities | |||
Net (decrease) increase in short-term borrowings | (152) | 39 | 4 |
Proceeds from issuance of long-term debt | 3,250 | 1,500 | |
Principal payments or redemption of long-term debt | (1,750) | (1,500) | (2,850) |
Proceeds from issuance of preferred stock | 745 | 487 | |
Proceeds from issuance of common stock | 295 | 453 | 524 |
Redemption of preferred stock | (500) | ||
Repurchase of common stock | (2,190) | (2,200) | (2,282) |
Cash dividends paid on preferred stock | (242) | (243) | (254) |
Cash dividends paid on common stock | (1,777) | (1,726) | (1,576) |
Net cash provided by (used in) financing activities | (5,071) | (1,927) | (4,947) |
Change in cash and due from banks | (1,349) | 2,404 | 4,741 |
Cash and due from banks at beginning of year | 10,775 | 8,371 | 3,630 |
Cash and due from banks at end of year | $ 9,426 | $ 10,775 | $ 8,371 |
U.S. Bancorp (Parent Company179
U.S. Bancorp (Parent Company) - Additional Information (Detail) | Dec. 31, 2015 |
Receivables | |
Loan Limits to the company or individual affiliate | 10.00% |
Maximum limit of loans to the Company and all affiliates | 20.00% |