Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2017 | Jan. 31, 2018 | Jun. 30, 2017 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
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 | 1,651,901,674 | ||
Entity Public Float | $ 87.2 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | |
Assets | |||
Cash and due from banks | $ 19,505 | $ 15,705 | |
Investment securities | |||
Held-to-maturity (fair value $43,723 and $42,435, respectively) | 44,362 | 42,991 | |
Available-for-sale ($689 and $755 pledged as collateral, respectively) | [1] | 68,137 | 66,284 |
Loans held for sale (including $3,534 and $4,822 of mortgage loans carried at fair value, respectively) | 3,554 | 4,826 | |
Loans | |||
Commercial | 97,561 | 93,386 | |
Commercial real estate | 40,463 | 43,098 | |
Residential mortgages | 59,783 | 57,274 | |
Credit card | 22,180 | 21,749 | |
Other retail | 57,324 | 53,864 | |
Total loans, excluding covered loans | 277,311 | 269,371 | |
Covered loans | 3,121 | 3,836 | |
Total loans | 280,432 | 273,207 | |
Less allowance for loan losses | (3,925) | (3,813) | |
Net loans | 276,507 | 269,394 | |
Premises and equipment | 2,432 | 2,443 | |
Goodwill | 9,434 | 9,344 | |
Other intangible assets | 3,228 | 3,303 | |
Other assets (including $238 and $314 of trading securities at fair value pledged as collateral, respectively) | [1] | 34,881 | 31,674 |
Total assets | 462,040 | 445,964 | |
Deposits | |||
Noninterest-bearing | 87,557 | 86,097 | |
Interest-bearing | [2] | 259,658 | 248,493 |
Total deposits | 347,215 | 334,590 | |
Short-term borrowings | 16,651 | 13,963 | |
Long-term debt | 32,259 | 33,323 | |
Other liabilities | 16,249 | 16,155 | |
Total liabilities | 412,374 | 398,031 | |
Shareholders' equity | |||
Preferred stock | 5,419 | 5,501 | |
Common stock, par value $0.01 a share - authorized: 4,000,000,000 shares; issued: 2017 and 2016 - 2,125,725,742 shares | 21 | 21 | |
Capital surplus | 8,464 | 8,440 | |
Retained earnings | 54,142 | 50,151 | |
Less cost of common stock in treasury: 2017 - 470,080,231 shares; 2016 - 428,813,585 shares | (17,602) | (15,280) | |
Accumulated other comprehensive income (loss) | (1,404) | (1,535) | |
Total U.S. Bancorp shareholders' equity | 49,040 | 47,298 | |
Noncontrolling interests | 626 | 635 | |
Total equity | 49,666 | 47,933 | |
Total liabilities and equity | $ 462,040 | $ 445,964 | |
[1] | Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral. | ||
[2] | Includes time deposits greater than $250,000 balances of $6.8 billion and $3.0 billion at December 31, 2017 and 2016, respectively. |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Held-to-maturity securities, Fair Value | $ 43,723 | $ 42,435 |
Securities, pledged as collateral | 689 | 755 |
Mortgage loans, carried at fair value | $ 3,534 | $ 4,822 |
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) | 470,080,231 | 428,813,585 |
Time deposits greater than 250,000 | $ 6,800 | $ 3,000 |
Available-for-Sale Securities [Member] | ||
Securities, pledged as collateral | 689 | 755 |
Trading Securities [Member] | ||
Securities, pledged as collateral | $ 238 | $ 314 |
Consolidated Statement of Incom
Consolidated Statement of Income - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Interest Income | |||
Loans | $ 11,827 | $ 10,810 | $ 10,059 |
Loans held for sale | 144 | 154 | 206 |
Investment securities | 2,232 | 2,078 | 2,001 |
Other interest income | 182 | 125 | 136 |
Total interest income | 14,385 | 13,167 | 12,402 |
Interest Expense | |||
Deposits | 1,041 | 622 | 457 |
Short-term borrowings | 319 | 263 | 245 |
Long-term debt | 784 | 754 | 699 |
Total interest expense | 2,144 | 1,639 | 1,401 |
Net interest income | 12,241 | 11,528 | 11,001 |
Provision for credit losses | 1,390 | 1,324 | 1,132 |
Net interest income after provision for credit losses | 10,851 | 10,204 | 9,869 |
Noninterest Income | |||
Credit and debit card revenue | 1,252 | 1,177 | 1,070 |
Corporate payment products revenue | 753 | 712 | 708 |
Merchant processing services | 1,590 | 1,592 | 1,547 |
ATM processing services | 362 | 338 | 318 |
Trust and investment management fees | 1,522 | 1,427 | 1,321 |
Deposit service charges | 751 | 725 | 702 |
Treasury management fees | 618 | 583 | 561 |
Commercial products revenue | 849 | 871 | 867 |
Mortgage banking revenue | 834 | 979 | 906 |
Investment products fees | 163 | 158 | 185 |
Securities gains (losses), net | |||
Realized gains (losses), net | 57 | 27 | 1 |
Total other-than-temporary impairment | (6) | (1) | |
Portion of other-than-temporary impairment recognized in other comprehensive income (loss) | 1 | ||
Total securities gains (losses), net | 57 | 22 | |
Other | 860 | 993 | 907 |
Total noninterest income | 9,611 | 9,577 | 9,092 |
Noninterest Expense | |||
Compensation | 5,746 | 5,212 | 4,812 |
Employee benefits | 1,186 | 1,119 | 1,167 |
Net occupancy and equipment | 1,019 | 988 | 991 |
Professional services | 419 | 502 | 423 |
Marketing and business development | 542 | 435 | 361 |
Technology and communications | 977 | 955 | 887 |
Postage, printing and supplies | 323 | 311 | 297 |
Other intangibles | 175 | 179 | 174 |
Other | 2,558 | 1,975 | 1,819 |
Total noninterest expense | 12,945 | 11,676 | 10,931 |
Income before income taxes | 7,517 | 8,105 | 8,030 |
Applicable income taxes | 1,264 | 2,161 | 2,097 |
Net income | 6,253 | 5,944 | 5,933 |
Net (income) loss attributable to noncontrolling interests | (35) | (56) | (54) |
Net income attributable to U.S. Bancorp | 6,218 | 5,888 | 5,879 |
Net income applicable to U.S. Bancorp common shareholders | $ 5,913 | $ 5,589 | $ 5,608 |
Earnings per common share | $ 3.53 | $ 3.25 | $ 3.18 |
Diluted earnings per common share | 3.51 | 3.24 | 3.16 |
Dividends declared per common share | $ 1.16 | $ 1.07 | $ 1.01 |
Average common shares outstanding | 1,677 | 1,718 | 1,764 |
Average diluted common shares outstanding | 1,683 | 1,724 | 1,772 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 6,253 | $ 5,944 | $ 5,933 |
Other Comprehensive Income (Loss) | |||
Changes in unrealized gains and losses on securities available-for-sale | 178 | (858) | (457) |
Other-than-temporary impairment not recognized in earnings on securities available-for-sale | (1) | ||
Changes in unrealized gains and losses on derivative hedges | (5) | 74 | (25) |
Foreign currency translation | (2) | (28) | 20 |
Changes in unrealized gains and losses on retirement plans | (41) | (255) | (142) |
Reclassification to earnings of realized gains and losses | 77 | 247 | 393 |
Income taxes related to other comprehensive income (loss) | (76) | 305 | 88 |
Total other comprehensive income (loss) | 131 | (516) | (123) |
Comprehensive income | 6,384 | 5,428 | 5,810 |
Comprehensive (income) loss attributable to noncontrolling interests | (35) | (56) | (54) |
Comprehensive income attributable to U.S. Bancorp | $ 6,349 | $ 5,372 | $ 5,756 |
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, 2014 | $ 44,168 | $ 21 | $ 4,756 | $ 8,313 | $ 42,530 | $ (11,245) | $ (896) | $ 43,479 | $ 689 |
Shares, Beginning Balance at Dec. 31, 2014 | 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 | 1,745 | ||||||||
Net income (loss) | 5,944 | 5,888 | 5,888 | 56 | |||||
Other comprehensive income (loss) | (516) | (516) | (516) | ||||||
Preferred stock dividends | (281) | (281) | (281) | ||||||
Common stock dividends | (1,842) | (1,842) | (1,842) | ||||||
Issuance of common and treasury stock | 374 | (71) | 445 | 374 | |||||
Issuance of common and treasury stock, shares | 13 | ||||||||
Purchase of treasury stock | $ (2,600) | (2,600) | (2,600) | ||||||
Purchase of treasury stock, shares | (61) | (61) | |||||||
Distributions to noncontrolling interests | $ (56) | (56) | |||||||
Purchase of noncontrolling interests | (40) | 1 | 9 | 10 | (50) | ||||
Net other changes in noncontrolling interests | (1) | (1) | |||||||
Stock option and restricted stock grants | 134 | 134 | 134 | ||||||
Ending Balance at Dec. 31, 2016 | $ 47,933 | $ 21 | 5,501 | 8,440 | 50,151 | (15,280) | (1,535) | 47,298 | 635 |
Shares, Ending Balance at Dec. 31, 2016 | 1,700 | 1,697 | |||||||
Net income (loss) | $ 6,253 | 6,218 | 6,218 | 35 | |||||
Other comprehensive income (loss) | 131 | 131 | 131 | ||||||
Preferred stock dividends | (267) | (267) | (267) | ||||||
Common stock dividends | (1,950) | (1,950) | (1,950) | ||||||
Issuance of preferred stock | 993 | 993 | 993 | ||||||
Redemption of preferred stock | (1,085) | (1,075) | (10) | (1,085) | |||||
Issuance of common and treasury stock | 162 | (138) | 300 | 162 | |||||
Issuance of common and treasury stock, shares | 8 | ||||||||
Purchase of treasury stock | $ (2,622) | (2,622) | (2,622) | ||||||
Purchase of treasury stock, shares | (49) | (49) | |||||||
Distributions to noncontrolling interests | $ (47) | (47) | |||||||
Net other changes in noncontrolling interests | 3 | 3 | |||||||
Stock option and restricted stock grants | 162 | 162 | 162 | ||||||
Ending Balance at Dec. 31, 2017 | $ 49,666 | $ 21 | $ 5,419 | $ 8,464 | $ 54,142 | $ (17,602) | $ (1,404) | $ 49,040 | $ 626 |
Shares, Ending Balance at Dec. 31, 2017 | 1,700 | 1,656 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Activities | |||
Net income attributable to U.S. Bancorp | $ 6,218 | $ 5,888 | $ 5,879 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Provision for credit losses | 1,390 | 1,324 | 1,132 |
Depreciation and amortization of premises and equipment | 293 | 291 | 307 |
Amortization of intangibles | 175 | 179 | 174 |
(Gain) loss on sale of loans held for sale | (772) | (954) | (993) |
(Gain) loss on sale of securities and other assets | (502) | (617) | (403) |
Loans originated for sale in the secondary market, net of repayments | (35,743) | (42,867) | (43,312) |
Proceeds from sales of loans held for sale | 37,462 | 41,605 | 45,211 |
Other, net | (2,049) | 487 | 787 |
Net cash provided by operating activities | 6,472 | 5,336 | 8,782 |
Investing Activities | |||
Proceeds from sales of available-for-sale investment securities | 3,084 | 9,877 | 690 |
Proceeds from maturities of held-to-maturity investment securities | 8,306 | 9,733 | 10,567 |
Proceeds from maturities of available-for-sale investment securities | 13,042 | 14,625 | 13,395 |
Purchases of held-to-maturity investment securities | (9,712) | (9,171) | (9,234) |
Purchases of available-for-sale investment securities | (17,860) | (29,684) | (20,502) |
Net increase in loans outstanding | (8,054) | (13,383) | (11,788) |
Proceeds from sales of loans | 2,458 | 2,604 | 1,723 |
Purchases of loans | (3,040) | (2,881) | (4,475) |
Other, net | (350) | 322 | (1,526) |
Net cash used in investing activities | (12,126) | (17,958) | (21,150) |
Financing Activities | |||
Net increase in deposits | 12,625 | 34,192 | 18,290 |
Net increase (decrease) in short-term borrowings | 2,688 | (13,914) | (2,016) |
Proceeds from issuance of long-term debt | 9,434 | 10,715 | 5,067 |
Principal payments or redemption of long-term debt | (10,517) | (9,495) | (5,311) |
Proceeds from issuance of preferred stock | 993 | 745 | |
Proceeds from issuance of common stock | 159 | 355 | 295 |
Repurchase of preferred stock | (1,085) | ||
Repurchase of common stock | (2,631) | (2,556) | (2,190) |
Cash dividends paid on preferred stock | (284) | (267) | (242) |
Cash dividends paid on common stock | (1,928) | (1,810) | (1,777) |
Purchase of noncontrolling interests | (40) | ||
Net cash provided by financing activities | 9,454 | 17,180 | 12,861 |
Change in cash and due from banks | 3,800 | 4,558 | 493 |
Cash and due from banks at beginning of year | 15,705 | 11,147 | 10,654 |
Cash and due from banks at end of year | 19,505 | 15,705 | 11,147 |
Supplemental Cash Flow Disclosures | |||
Cash paid for income taxes | 555 | 595 | 742 |
Cash paid for interest | 2,086 | 1,591 | 1,434 |
Net noncash transfers to foreclosed property | $ 163 | $ 156 | $ 204 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | NOTE 1 Significant Accounting Policies U.S. Bancorp is a multi-state financial services holding company headquartered in Minneapolis, Minnesota. U.S. Bancorp and its subsidiaries (the “Company”) provide a full range of financial services, including lending and depository services through banking offices principally in the Midwest and West regions of the United States. The Company also engages in credit card, merchant, and ATM processing, mortgage banking, cash management, capital markets, insurance, trust and investment management, brokerage, and leasing activities, principally in domestic markets. Basis of Presentation Uses of Estimates 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: Corporate and Commercial Banking non-profit Consumer and Business Banking on-line Wealth Management and Investment Services Payment Services Treasury and Corporate Support tax-advantaged 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 Available-for-sale Held-to-maturity 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 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 (non-impaired non-impaired In determining the acquisition date fair value of purchased impaired loans, and in subsequent accounting, the Company generally aggregates purchased consumer loans and certain smaller balance commercial loans into pools of loans with common risk characteristics, while accounting for larger balance commercial loans individually. Expected cash flows at the purchase date in excess of the fair value of loans are recorded as interest income over the life of the loans if the timing and amount of the future cash flows is reasonably estimable. Subsequent to the purchase date, increases in cash flows over those expected at the purchase date are recognized as interest income prospectively. The present value of any decreases in expected cash flows, other than from decreases in variable interest rates, after the purchase date is recognized by recording an allowance for credit losses. Revolving loans, including lines of credit and credit cards loans, and leases are excluded from purchased impaired loans accounting. For purchased loans acquired after January 1, 2009 that are not deemed impaired at acquisition, credit discounts representing the principal losses expected over the life of the loan are a component of the initial fair value. Subsequent to the purchase date, the methods utilized to estimate the required allowance for credit losses for these loans is similar to originated loans; however, the Company records a provision for credit losses only when the required allowance exceeds any remaining credit discounts. The remaining differences between the purchase price and the unpaid principal balance at the date of acquisition are recorded in interest income over the life of the loans. 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. For each loan type, this historical loss experience is adjusted as necessary to consider any relevant changes in portfolio composition, lending policies, underwriting standards, risk management practices or economic conditions. The results of the analysis are evaluated quarterly to confirm the selected loss experience is appropriate for each commercial loan type. The allowance recorded for impaired loans greater than $5 million in the commercial lending segment is based on an individual loan analysis utilizing expected cash flows discounted using the original effective interest rate, the observable market price of the loan, or the fair value of the collateral, less selling costs, for collateral-dependent loans, rather than the migration analysis. The allowance recorded for all other commercial lending segment loans is determined on a homogenous pool basis and includes consideration of product mix, risk characteristics of the portfolio, delinquency status, bankruptcy experience, portfolio growth and historical losses, adjusted for current trends. The Company also considers the impacts of any loan modifications made to commercial lending segment loans and any subsequent payment defaults to its expectations of cash flows, principal balance, and current expectations about the borrower’s ability to pay in determining the allowance for credit losses. The allowance recorded for Troubled Debt Restructuring (“TDR”) loans and purchased impaired loans in the consumer lending segment is determined on a homogenous pool basis utilizing expected cash flows discounted using the original effective interest rate of the pool, or the prior quarter effective rate, respectively. The allowance for collateral-dependent loans in the consumer lending segment is determined based on the fair value of the collateral less costs to sell. The allowance recorded for all other consumer lending segment loans is determined on a homogenous pool basis and includes consideration of product mix, risk characteristics of the portfolio, bankruptcy experience, delinquency status, refreshed loan-to-value The allowance for the covered loan segment is evaluated each quarter in a manner similar to that described for non-covered In addition, subsequent payment defaults on loan modifications considered TDRs are considered in the underlying factors used in the determination of the appropriateness of the allowance for credit losses. For each loan segment, the Company estimates future loan charge-offs through a variety of analysis, trends and underlying assumptions. With respect to the commercial lending segment, TDRs may be collectively evaluated for impairment where observed performance history, including defaults, is a primary driver of the loss allocation. For commercial TDRs individually evaluated for impairment, attributes of the borrower are the primary factors in determining the allowance for credit losses. However, historical loss experience is also incorporated into the allowance methodology applied to this category of loans. With respect to the consumer lending segment, performance of the portfolio, including defaults on TDRs, is considered when estimating future cash flows. The Company’s methodology for determining the appropriate allowance for credit losses for each loan segment also considers the imprecision inherent in the methodologies used. As a result, in addition to the amounts determined under the methodologies described above, management also considers the potential impact of other qualitative factors which include, but are not limited to, economic factors; geographic and other concentration risks; delinquency and nonaccrual trends; current business conditions; changes in lending policy, underwriting standards and other relevant business practices; results of internal review; and the regulatory environment. The consideration of these items results in adjustments to allowance amounts included in the Company’s allowance for credit losses for each of the above loan segments. The Company also assesses the credit risk associated with off-balance off-balance Credit Quality For all loan classes, loans are considered past due based on the number of days delinquent except for monthly amortizing loans which are classified delinquent based upon the number of contractually required payments not made (for example, two missed payments is considered 30 days delinquent). When a loan is placed on nonaccrual status, unpaid accrued interest is reversed, reducing interest income in the current period. Commercial lending segment loans are generally placed on nonaccrual status when the collection of principal and interest has become 90 days past due or is otherwise considered doubtful. Commercial lending segment loans are generally fully or partially charged down to the fair value of the collateral securing the loan, less costs to sell, when the loan is placed on nonaccrual. Consumer lending segment loans are generally charged-off 1-4 charge-off 1-4 family charged-off. charged-off 1-4 charged-off charged-off charge-off. For all loan classes, interest payments received on nonaccrual loans are generally recorded as a reduction to a loan’s carrying amount while a loan is on nonaccrual and are recognized as interest income upon payoff of the loan. However, interest income may be recognized for interest payments if the remaining carrying amount of the loan is believed to be collectible. In certain circumstances, loans in any class may be restored to accrual status, such as when a loan has demonstrated sustained repayment performance or no amounts are past due and prospects for future payment are no longer in doubt; or when the loan becomes well secured and is in the process of collection. Loans where there has been a partial charge-off charged-off) Covered loans not considered to be purchased impaired are evaluated for delinquency, nonaccrual status and charge-off The Company classifies its loan portfolios using internal credit quality ratings on a quarterly basis. These ratings include pass, special mention and classified, and are an important part of the Company’s overall credit risk management process and evaluation of the allowance for credit losses. Loans with a pass rating represent those loans not classified on the Company’s rating scale for problem credits, as minimal credit risk has been identified. Special mention loans are those loans that have a potential weakness deserving management’s close attention. Classified loans are those loans where a well-defined weakness has been identified that may put full collection of contractual cash flows at risk. It is possible that others, given the same information, may reach different reasonable conclusions regarding the credit quality rating classification of specific loans. Troubled Debt Restructurings The Company has implemented certain restructuring programs that may result in TDRs. However, many of the Company’s TDRs are also determined on a case-by-case For the commercial lending segment, modifications generally result in the Company working with borrowers on a case-by-case Modifications for the consumer lending segment are generally part of programs the Company has initiated. The Company modifies residential mortgage loans under Federal Housing Administration, United States Department of Veterans Affairs, or its own internal programs. Under these programs, the Company offers qualifying homeowners the opportunity to permanently modify their loan and achieve more affordable monthly payments by providing loan concessions. These concessions may include adjustments to interest rates, conversion of adjustable rates to fixed rates, extension of maturity dates or deferrals of payments, capitalization of accrued interest and/or outstanding advances, or in limited situations, partial forgiveness of loan principal. In most instances, participation in residential mortgage loan restructuring programs requires the customer to complete a short-term trial period. A permanent loan modification is contingent on the customer successfully completing the trial period arrangement, and the loan documents are not modified until that time. The Company reports loans in a trial period arrangement as TDRs and continues to report them as TDRs after the trial period. Credit card and other retail loan TDRs are generally part of distinct restructuring programs providing customers experiencing financial difficulty with modifications whereby balances may be amortized up to 60 months, and generally include waiver of fees and reduced interest rates. In addition, the Company considers secured loans to consumer borrowers that have debt discharged through bankruptcy where the borrower has not reaffirmed the debt to be TDRs. Modifications to loans in the covered segment are similar in nature to that described above for non-covered 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. re-marketing Other Real Estate Loans Held For Sale Loans held for sale (“LHFS”) represent mortgage loans intended to be sold in the secondary market and other loans that management has an active plan to sell. LHFS are carried at the lower-of-cost-or-fair Where an election is made to carry the LHFS at fair value, any change in fair value is recognized in noninterest income. Where an election is made to carry LHFS at lower-of-cost-or-fair Derivative Financial Instruments In the ordinary course of business, the Company enters into derivative transactions to manage various risks and to accommodate the business requirements of its customers. Derivative instruments are reported in other assets or other liabilities at fair value. Changes in a derivative’s fair value are recognized currently in earnings unless specific hedge accounting criteria are met. All derivative instruments that qualify and are designated for hedge accounting are recorded at fair value and classified as either a hedge of the fair value of a recognized asset or liability (“fair value hedge”); a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”); or a hedge of the volatility of a net investment in foreign operations driven by changes in foreign currency exchange rates (“net investment hedge”). Changes in the fair value of a derivative that is highly effective and designated as a fair value hedge, and the offsetting changes in the fair value of the hedged item, are recorded in earnings. Changes in the fair value of a derivative that is highly effective and designated as a cash flow hedge are recorded in other comprehensive income (loss) until cash flows of the hedged item are realized. 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 In the ordinary course of business, the Company recognizes income derived from various revenue generating activities. Certain revenues are generated from contracts where they are recognized when, or as services or products are transferred to customers for amounts the Company expects to be entitled. Revenue generating activities related to financial assets and liabilities are also recognized; including mortgage servicing fees, loan commitment fees, foreign currency remeasurements, and gains and losses on securities, equity investments and unconsolidated subsidiaries. Certain specific policies include the following: Credit and Debit Card Revenue Corporate Payment Products Revenue Merchant Processing Services point-of-sale ATM Processing Services Trust and Investment Management Fees Deposit Service Charges Treasury Management Fees Commercial Products Revenue non-yield Mortgage Banking Revenue Investment Products Fees Other Noninterest Income Other Significant Policies Goodwill and Other Intangible Assets Income Taxes Mortgage Servicing Rights Pensions year-end 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 two-class two-class |
Accounting Changes
Accounting Changes | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Changes | NOTE 2 Accounting Changes Stock-Based Compensation Revenue Recognition Financial Instruments — Hedge Accounting Accounting for Leases Financial Instruments—Credit Losses |
Restrictions on Cash and Due fr
Restrictions on Cash and Due from Banks | 12 Months Ended |
Dec. 31, 2017 | |
Text Block [Abstract] | |
Restrictions on Cash and Due from Banks | NOTE 3 Restrictions on Cash and Due from Banks Banking regulators require bank subsidiaries to maintain minimum average reserve balances, either in the form of vault cash or reserve balances held with central banks or other financial institutions. The amount of required reserve balances were approximately $3.1 billion and $3.0 billion at December 31, 2017 and 2016, respectively, and primarily represent those required to be held at the Federal Reserve Bank. In addition to vault cash, the Company held balances at the Federal Reserve Bank and other financial institutions of $2.4 billion and $2.9 billion at December 31, 2017 and 2016, respectively, to meet these requirements. These balances are included in cash and due from banks on the Consolidated Balance Sheet. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | NOTE 4 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 available-for-sale 2017 2016 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 $ 5,181 $ 5 $ – $ (120 ) $ 5,066 $ 5,246 $ 12 $ – $ (132 ) $ 5,126 Mortgage-backed securities Residential Agency 39,150 48 – (579 ) 38,619 37,706 85 – (529 ) 37,262 Non-agency non-prime (d) – – – – – 1 – – – 1 Asset-backed securities Collateralized debt obligations/Collateralized loan obligations – 4 – – 4 – 5 – – 5 Other 6 2 – – 8 8 3 – – 11 Obligations of state and political subdivisions 6 1 – – 7 6 1 – – 7 Obligations of foreign governments 7 – – – 7 9 – – – 9 Other debt securities 12 – – – 12 15 – – (1 ) 14 Total held-to-maturity $ 44,362 $ 60 $ – $ (699 ) $ 43,723 $ 42,991 $ 106 $ – $ (662 ) $ 42,435 Available-for-sale (b) U.S. Treasury and agencies $ 23,586 $ 3 $ – $ (288 ) $ 23,301 $ 17,314 $ 11 $ – $ (198 ) $ 17,127 Mortgage-backed securities Residential Agency 38,450 152 – (571 ) 38,031 43,558 225 – (645 ) 43,138 Non-agency Prime (c) – – – – – 240 6 (3 ) (1 ) 242 Non-prime (d) – – – – – 178 20 (3 ) – 195 Commercial agency 6 – – – 6 15 – – – 15 Other asset-backed securities 413 6 – – 419 475 8 – – 483 Obligations of state and political subdivisions 6,240 147 – (29 ) 6,358 5,167 55 – (183 ) 5,039 Corporate debt securities – – – – – 11 – – (2 ) 9 Other investments 22 – – – 22 27 9 – – 36 Total available-for-sale $ 68,717 $ 308 $ – $ (888 ) $ 68,137 $ 66,985 $ 334 $ (6 ) $ (1,029 ) $ 66,284 (a) Held-to-maturity available-for-sale held-to-maturity (b) Available-for-sale (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-to-value loan-to-value (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 held-to-maturity For amortized cost, fair value and yield by maturity date of held-to-maturity available-for-sale Investment securities with a fair value of $12.8 billion at December 31, 2017, and $11.3 billion at December 31, 2016, 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 $689 million at December 31, 2017, and $755 million at December 31, 2016. The following table provides information about the amount of interest income from taxable and non-taxable Year Ended December 31 (Dollars in Millions) 2017 2016 2015 Taxable $ 2,043 $ 1,878 $ 1,778 Non-taxable 189 200 223 Total interest income from investment securities $ 2,232 $ 2,078 $ 2,001 The following table provides information about the amount of gross gains and losses realized through the sales of available-for-sale Year Ended December 31 (Dollars in Millions) 2017 2016 2015 Realized gains $ 75 $ 93 $ 7 Realized losses (18 ) (66 ) (6 ) Net realized gains (losses) $ 57 $ 27 $ 1 Income tax (benefit) on net realized gains (losses) $ 22 $ 10 $ – The Company conducts a regular assessment of its investment securities with unrealized losses to determine whether investment securities are other-than-temporarily impaired considering, among other factors, the nature of the investment securities, the credit ratings or financial condition of the issuer, the extent and duration of the unrealized loss, expected cash flows of underlying collateral, the existence of any government or agency guarantees, market conditions and whether the Company intends to sell or it is more likely than not the Company will be required to sell the investment securities. The Company determines other-than-temporary impairment recorded in earnings for 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, 2017, 2016 and 2015. At December 31, 2017, 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, 2017: Less Than 12 Months 12 Months or Greater Total (Dollars in Millions) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Held-to-maturity U.S. Treasury and agencies $ 2,109 $ (18 ) $ 2,596 $ (102 ) $ 4,705 $ (120 ) Residential agency mortgage-backed securities 17,484 (152 ) 15,308 (427 ) 32,792 (579 ) Other asset-backed securities – – 2 – 2 – Other debt securities – – 12 – 12 – Total held-to-maturity $ 19,593 $ (170 ) $ 17,918 $ (529 ) $ 37,511 $ (699 ) Available-for-sale U.S. Treasury and agencies $ 13,911 $ (128 ) $ 9,124 $ (160 ) $ 23,035 $ (288 ) Residential agency mortgage-backed securities 9,132 (75 ) 20,635 (496 ) 29,767 (571 ) Obligations of state and political subdivisions 151 (1 ) 1,313 (28 ) 1,464 (29 ) Other investments – – 1 – 1 – Total available-for-sale $ 23,194 $ (204 ) $ 31,073 $ (684 ) $ 54,267 $ (888 ) The Company does not consider these unrealized losses to be credit-related. These unrealized losses primarily relate to changes in interest rates and market spreads subsequent to purchase. A substantial portion of investment securities that have unrealized losses are either U.S. Treasury and agencies, agency mortgage-backed or state and political securities. In general, the issuers of the investment securities are contractually prohibited from prepayment at less than par, and the Company did not pay significant purchase premiums for these investment securities. At December 31, 2017, 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, 2017 | |
Receivables [Abstract] | |
Loans and Allowance for Credit Losses | NOTE 5 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) 2017 2016 Commercial Commercial $ 91,958 $ 87,928 Lease financing 5,603 5,458 Total commercial 97,561 93,386 Commercial Real Estate Commercial mortgages 29,367 31,592 Construction and development 11,096 11,506 Total commercial real estate 40,463 43,098 Residential Mortgages Residential mortgages 46,685 43,632 Home equity loans, first liens 13,098 13,642 Total residential mortgages 59,783 57,274 Credit Card 22,180 21,749 Other Retail Retail leasing 7,988 6,316 Home equity and second mortgages 16,327 16,369 Revolving credit 3,183 3,282 Installment 8,989 8,087 Automobile 18,934 17,571 Student 1,903 2,239 Total other retail 57,324 53,864 Total loans, excluding covered loans 277,311 269,371 Covered Loans 3,121 3,836 Total loans $ 280,432 $ 273,207 The Company had loans of $83.3 billion at December 31, 2017, and $84.5 billion at December 31, 2016, pledged at the Federal Home Loan Bank, and loans of $68.0 billion at December 31, 2017, and $66.5 billion at December 31, 2016, 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 Business Banking offices. Collateral for commercial loans may include marketable securities, accounts receivable, inventory, equipment and real estate. For details of the Company’s commercial portfolio by industry group and geography as of December 31, 2017 and 2016, 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, 2017 and 2016, see Table 8 included in Management’s Discussion and Analysis which is incorporated by reference into these Notes to Consolidated Financial Statements. Collateral for such loans may include the related property, marketable securities, accounts receivable, inventory and equipment. 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 $830 million at December 31, 2017, and $672 million at December 31, 2016. 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) 2017 2016 2015 Balance at beginning of period $ 698 $ 957 $ 1,309 Accretion (386 ) (392 ) (382 ) Disposals (83 ) (110 ) (132 ) Reclassifications from nonaccretable difference (a) 129 244 163 Other (8 ) (1 ) (1 ) Balance at end of period $ 350 $ 698 $ 957 (a) Primarily relates to changes in expected credit performance. Allowance for Credit Losses Activity in the allowance for credit losses by portfolio class was as follows: (Dollars in Millions) Commercial Commercial Real Estate Residential Mortgages Credit Card Other Retail Total Loans, Excluding Covered Loans Covered Loans Total Loans Balance at December 31, 2016 $ 1,450 $ 812 $ 510 $ 934 $ 617 $ 4,323 $ 34 $ 4,357 Add Provision for credit losses 186 19 (24 ) 908 304 1,393 (3 ) 1,390 Deduct Loans charged-off 414 30 65 887 355 1,751 – 1,751 Less recoveries of loans charged-off (150 ) (30 ) (28 ) (101 ) (112 ) (421 ) – (421 ) Net loans charged-off 264 – 37 786 243 1,330 – 1,330 Other changes (a) – – – – – – – – Balance at December 31, 2017 $ 1,372 $ 831 $ 449 $ 1,056 $ 678 $ 4,386 $ 31 $ 4,417 Balance at December 31, 2015 $ 1,287 $ 724 $ 631 $ 883 $ 743 $ 4,268 $ 38 $ 4,306 Add Provision for credit losses 488 75 (61 ) 728 95 1,325 (1 ) 1,324 Deduct Loans charged-off 417 22 85 759 332 1,615 – 1,615 Less recoveries of loans charged-off (92 ) (35 ) (25 ) (83 ) (111 ) (346 ) – (346 ) Net loans charged-off 325 (13 ) 60 676 221 1,269 – 1,269 Other changes (a) – – – (1 ) – (1 ) (3 ) (4 ) Balance at December 31, 2016 $ 1,450 $ 812 $ 510 $ 934 $ 617 $ 4,323 $ 34 $ 4,357 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 (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 Real Estate Residential Mortgages Credit Card Other Retail Total Loans, Excluding Covered Loans Covered Loans Total Loans Allowance Balance at December 31, 2017 Related to Loans individually evaluated for impairment (a) $ 23 $ 4 $ – $ – $ – $ 27 $ – $ 27 TDRs collectively evaluated for impairment 14 4 139 60 19 236 1 237 Other loans collectively evaluated for impairment 1,335 818 310 996 659 4,118 – 4,118 Loans acquired with deteriorated credit quality – 5 – – – 5 30 35 Total allowance for credit losses $ 1,372 $ 831 $ 449 $ 1,056 $ 678 $ 4,386 $ 31 $ 4,417 Allowance Balance at December 31, 2016 Related to Loans individually evaluated for impairment (a) $ 50 $ 4 $ – $ – $ – $ 54 $ – $ 54 TDRs collectively evaluated for impairment 12 4 180 65 20 281 1 282 Other loans collectively evaluated for impairment 1,388 798 330 869 597 3,982 – 3,982 Loans acquired with deteriorated credit quality – 6 – – – 6 33 39 Total allowance for credit losses $ 1,450 $ 812 $ 510 $ 934 $ 617 $ 4,323 $ 34 $ 4,357 (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 Real Estate Residential Mortgages Credit Card Other Retail Total Loans, Excluding Covered (b) Total Loans December 31, 2017 Loans individually evaluated for impairment (a) $ 337 $ 71 $ – $ – $ – $ 408 $ – $ 408 TDRs collectively evaluated for impairment 148 145 3,524 230 186 4,233 36 4,269 Other loans collectively evaluated for impairment 97,076 40,174 56,258 21,950 57,138 272,596 1,073 273,669 Loans acquired with deteriorated credit quality – 73 1 – – 74 2,012 2,086 Total loans $ 97,561 $ 40,463 $ 59,783 $ 22,180 $ 57,324 $ 277,311 $ 3,121 $ 280,432 December 31, 2016 Loans individually evaluated for impairment (a) $ 623 $ 70 $ – $ – $ – $ 693 $ – $ 693 TDRs collectively evaluated for impairment 145 146 3,678 222 173 4,364 35 4,399 Other loans collectively evaluated for impairment 92,611 42,751 53,595 21,527 53,691 264,175 1,553 265,728 Loans acquired with deteriorated credit quality 7 131 1 – – 139 2,248 2,387 Total loans $ 93,386 $ 43,098 $ 57,274 $ 21,749 $ 53,864 $ 269,371 $ 3,836 $ 273,207 (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 Past Due 90 Days or More Past Due Nonperforming Total December 31, 2017 Commercial $ 97,005 $ 250 $ 57 $ 249 $ 97,561 Commercial real estate 40,279 36 6 142 40,463 Residential mortgages (a) 59,013 198 130 442 59,783 Credit card 21,593 302 284 1 22,180 Other retail 56,685 376 95 168 57,324 Total loans, excluding covered loans 274,575 1,162 572 1,002 277,311 Covered loans 2,917 50 148 6 3,121 Total loans $ 277,492 $ 1,212 $ 720 $ 1,008 $ 280,432 December 31, 2016 Commercial $ 92,588 $ 263 $ 52 $ 483 $ 93,386 Commercial real estate 42,922 44 8 124 43,098 Residential mortgages (a) 56,372 151 156 595 57,274 Credit card 21,209 284 253 3 21,749 Other retail 53,340 284 83 157 53,864 Total loans, excluding covered loans 266,431 1,026 552 1,362 269,371 Covered loans 3,563 55 212 6 3,836 Total loans $ 269,994 $ 1,081 $ 764 $ 1,368 $ 273,207 (a) At December 31, 2017, $385 million of loans 30–89 days past due and $1.9 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 United States Department of Veterans Affairs, were classified as current, compared with $273 million and $2.5 billion at December 31, 2016, 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, 2017 and 2016, 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, 2017, the amount of foreclosed residential real estate held by the Company, and included in OREO, was $156 million ($135 million excluding covered assets), compared with $201 million ($175 million excluding covered assets) at December 31, 2016. These amounts exclude $267 million and $373 million at December 31, 2017 and 2016, respectively, of foreclosed residential real estate related to mortgage loans whose payments are primarily insured by the Federal Housing Administration or guaranteed by the United States 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, 2017 and 2016, was $1.7 billion and $2.1 billion, respectively, of which $1.3 billion and $1.6 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 United States 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 Mention Classified (a) Total Criticized Total December 31, 2017 Commercial $ 95,297 $ 1,130 $ 1,134 $ 2,264 $ 97,561 Commercial real estate 39,162 648 653 1,301 40,463 Residential mortgages (b) 59,141 16 626 642 59,783 Credit card 21,895 – 285 285 22,180 Other retail 57,009 6 309 315 57,324 Total loans, excluding covered loans 272,504 1,800 3,007 4,807 277,311 Covered loans 3,072 – 49 49 3,121 Total loans $ 275,576 $ 1,800 $ 3,056 $ 4,856 $ 280,432 Total outstanding commitments $ 584,072 $ 3,142 $ 3,987 $ 7,129 $ 591,201 December 31, 2016 Commercial $ 89,739 $ 1,721 $ 1,926 $ 3,647 $ 93,386 Commercial real estate 41,634 663 801 1,464 43,098 Residential mortgages (b) 56,457 10 807 817 57,274 Credit card 21,493 – 256 256 21,749 Other retail 53,576 6 282 288 53,864 Total loans, excluding covered loans 262,899 2,400 4,072 6,472 269,371 Covered loans 3,766 – 70 70 3,836 Total loans $ 266,665 $ 2,400 $ 4,142 $ 6,542 $ 273,207 Total outstanding commitments $ 562,704 $ 4,920 $ 5,629 $ 10,549 $ 573,253 (a) Classified rating on consumer loans primarily based on delinquency status. (b) At December 31, 2017, $1.9 billion of GNMA loans 90 days or more past due and $1.7 billion of restructured GNMA loans whose repayments are insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs were classified with a pass rating, compared with $2.5 billion and $1.6 billion at December 31, 2016, 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 Recorded Investment (a) Unpaid Principal Balance Valuation Allowance Commitments to Lend Additional Funds December 31, 2017 Commercial $ 550 $ 915 $ 44 $ 199 Commercial real estate 280 596 11 – Residential mortgages 1,946 2,339 116 1 Credit card 230 230 60 – Other retail 302 400 22 4 Total loans, excluding GNMA and covered loans 3,308 4,480 253 204 Loans purchased from GNMA mortgage pools 1,681 1,681 25 – Covered loans 38 44 1 – Total $ 5,027 $ 6,205 $ 279 $ 204 December 31, 2016 Commercial $ 849 $ 1,364 $ 68 $ 284 Commercial real estate 293 697 10 – Residential mortgages 2,274 2,847 153 – Credit card 222 222 64 – Other retail 281 456 22 4 Total loans, excluding GNMA and covered loans 3,919 5,586 317 288 Loans purchased from GNMA mortgage pools 1,574 1,574 28 – Covered loans 36 42 1 1 Total $ 5,529 $ 7,202 $ 346 $ 289 (a) Substantially all loans classified as impaired at December 31, 2017 and 2016, had an associated allowance for credit losses. The total amount of interest income recognized during 2017 on loans classified as impaired at December 31, 2017, excluding those acquired with deteriorated credit quality, was $204 million, compared to what would have been recognized at the original contractual terms of the loans of $265 million. Additional information on impaired loans for the years ended December 31 follows: (Dollars in Millions) Average Recorded Investment Interest Income Recognized 2017 Commercial $ 683 $ 7 Commercial real estate 273 11 Residential mortgages 2,135 103 Credit card 229 3 Other retail 287 14 Total loans, excluding GNMA and covered loans 3,607 138 Loans purchased from GNMA mortgage pools 1,672 65 Covered loans 37 1 Total $ 5,316 $ 204 2016 Commercial $ 799 $ 9 Commercial real estate 324 15 Residential mortgages 2,422 124 Credit card 214 4 Other retail 293 13 Total loans, excluding GNMA and covered loans 4,052 165 Loans purchased from GNMA mortgage pools 1,620 71 Covered loans 38 1 Total $ 5,710 $ 237 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 Troubled Debt Restructurings (Dollars in Millions) Number of Loans Pre-Modification Outstanding Loan Balance Post-Modification Outstanding Loan Balance 2017 Commercial 2,758 $ 380 $ 328 Commercial real estate 128 82 78 Residential mortgages 800 90 88 Credit card 33,615 161 162 Other retail 3,881 79 68 Total loans, excluding GNMA and covered loans 41,182 792 724 Loans purchased from GNMA mortgage pools 6,791 881 867 Covered loans 11 2 2 Total loans 47,984 $ 1,675 $ 1,593 2016 Commercial 2,352 $ 844 $ 699 Commercial real estate 102 259 256 Residential mortgages 1,576 168 178 Credit card 31,394 151 153 Other retail 2,235 41 40 Total loans, excluding GNMA and covered loans 37,659 1,463 1,326 Loans purchased from GNMA mortgage pools 11,260 1,274 1,267 Covered loans 39 6 7 Total loans 48,958 $ 2,743 $ 2,600 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 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 2017, at December 31, 2017, 37 residential mortgages, 25 home equity and second mortgage loans and 983 loans purchased from GNMA mortgage pools with outstanding balances of $5 million, $2 million and $125 million, respectively, were in a trial period and have estimated post-modification balances of $5 million, $2 million and $125 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 (Dollars in Millions) Number Amount 2017 Commercial 724 $ 53 Commercial real estate 36 9 Residential mortgages 374 41 Credit card 8,372 36 Other retail 415 5 Total loans, excluding GNMA and covered loans 9,921 144 Loans purchased from GNMA mortgage pools 1,369 177 Covered loans 4 – Total loans 11,294 $ 321 2016 Commercial 531 $ 24 Commercial real estate 27 12 Residential mortgages 132 17 Credit card 6,827 30 Other retail 434 9 Total loans, excluding GNMA and covered loans 7,951 92 Loans purchased from GNMA mortgage pools 202 25 Covered loans 4 1 Total loans 8,157 $ 118 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 In addition to the defaults in the table above, the Company had a total of 1,768 residential mortgage loans, home equity and second mortgage loans and loans purchased from GNMA mortgage pools for the year ended December 31, 2017, where borrowers did not successfully complete the trial period arrangement and, therefore, are no longer eligible for a permanent modification under the applicable modification program. These loans had aggregate outstanding balances of $206 million for the year ended December 31, 2017. Covered Assets 2017 2016 (Dollars in Millions) Purchased Impaired Loans Purchased Nonimpaired Loans Other Total Purchased Impaired Loans Purchased Nonimpaired Loans Other Total Residential mortgage loans $ 2,012 $ 400 $ – $ 2,412 $ 2,248 $ 506 $ – $ 2,754 Other retail loans – 151 – 151 – 278 – 278 Losses reimbursable by the FDIC (a) – – 320 320 – – 381 381 Unamortized changes in FDIC asset (b) – – 238 238 – – 423 423 Covered loans 2,012 551 558 3,121 2,248 784 804 3,836 Foreclosed real estate – – 21 21 – – 26 26 Total covered assets $ 2,012 $ 551 $ 579 $ 3,142 $ 2,248 $ 784 $ 830 $ 3,862 (a) Relates to loss sharing agreements with remaining terms up through the fourth quarter of 2019. (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, 2017 | |
Leases [Abstract] | |
Leases | NOTE 6 Leases The components of the net investment in sales-type and direct financing leases at December 31 were as follows: (Dollars in Millions) 2017 2016 Aggregate future minimum lease payments to be received $ 12,709 $ 11,257 Unguaranteed residual values accruing to the lessor’s benefit 1,731 1,175 Unearned income (1,205 ) (1,023 ) Initial direct costs 274 237 Total net investment in sales-type and direct financing leases (a) $ 13,509 $ 11,646 (a) The accumulated allowance for uncollectible minimum lease payments was $94 million and $83 million at December 31, 2017 and 2016, respectively. The minimum future lease payments to be received from sales-type and direct financing leases were as follows at December 31, 2017: (Dollars in Millions) 2018 $ 3,709 2019 3,643 2020 3,239 2021 1,180 2022 410 Thereafter 528 |
Accounting for Transfers and Se
Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities | NOTE 7 Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities The Company transfers financial assets in the normal course of business. The majority of the Company’s financial asset transfers are residential mortgage loan sales primarily to government-sponsored enterprises (“GSEs”), transfers of tax-advantaged For loans sold under participation agreements, the Company also considers whether the terms of the loan participation agreement meet the accounting definition of a participating interest. With the exception of servicing and certain performance-based guarantees, the Company’s continuing involvement with financial assets sold is minimal and generally limited to market customary representation and warranty clauses. Any gain or loss on sale depends on the previous carrying amount of the transferred financial assets, the consideration received, and any liabilities incurred in exchange for the transferred assets. Upon transfer, any servicing assets and other interests that continue to be held by the Company are initially recognized at fair value. For further information on MSRs, refer to Note 9. On a limited basis, the Company may acquire and package high-grade corporate bonds for select corporate customers, in which the Company generally has no continuing involvement with these transactions. Additionally, the Company is an authorized GNMA issuer and issues GNMA securities on a regular basis. The Company has no other asset securitizations or similar asset-backed financing arrangements that are off-balance The Company also provides financial support primarily through the use of waivers of management fees associated with various unconsolidated registered money market funds it manages. The Company provided $23 million, $45 million and $112 million of support to the funds during the years ended December 31, 2017, 2016 and 2015, respectively. The Company is involved in various entities that are considered to be VIEs. The Company’s investments in VIEs are primarily related to investments promoting affordable housing, community development and renewable energy sources. Some of these tax-advantaged tax-advantaged The Company is not required to consolidate VIEs in which it has concluded it does not have a controlling financial interest, and thus is not the primary beneficiary. In such cases, the Company does not have both the power to direct the entities’ most significant activities and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIEs. The Company’s investments in these unconsolidated VIEs are carried in other assets on the Consolidated Balance Sheet. The Company’s unfunded capital and other commitments related to these unconsolidated VIEs are generally carried in other liabilities on the Consolidated Balance Sheet. The Company’s maximum exposure to loss from these unconsolidated VIEs include the investment recorded on the Company’s Consolidated Balance Sheet, net of unfunded capital commitments, and previously recorded tax credits which remain subject to recapture by taxing authorities based on compliance features required to be met at the project level. While the Company believes potential losses from these investments are remote, the maximum exposure was determined by assuming a scenario where the community-based business and housing projects completely fail and do not meet certain government compliance requirements resulting in recapture of the related tax credits. The following table provides a summary of investments in community development and tax-advantaged At December 31 (Dollars in Millions) 2017 2016 Investment carrying amount $ 5,660 $ 5,009 Unfunded capital and other commitments 2,770 2,477 Maximum exposure to loss 12,120 10,373 The Company also has noncontrolling financial investments in private investment funds and partnerships considered to be VIEs, which are not consolidated. The Company’s recorded investment in these entities, carried in other assets on the Consolidated Balance Sheet, was approximately $30 million at December 31, 2017, and $28 million at December 31, 2016. The maximum exposure to loss related to these VIEs was $51 million at December 31, 2017 and $50 million at December 31, 2016, 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 $56 million at December 31, 2017, compared with less than $1 million to $40 million at December 31, 2016. The Company is required to consolidate VIEs in which it has concluded it has a controlling financial interest. The Company sponsors entities to which it transfers its interests in tax-advantaged tax-advantaged The Company also sponsors a conduit to which it previously transferred high-grade investment securities. The Company consolidates the conduit because of its ability to manage the activities of the conduit. At December 31, 2017, $18 million of the held-to-maturity In addition, the Company sponsors a municipal bond securities tender option bond program. The Company controls the activities of the program’s entities, is entitled to the residual returns and provides liquidity and remarketing arrangements to the program. As a result, the Company has consolidated the program’s entities. At December 31, 2017, $2.5 billion of available-for-sale available-for-sale |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | NOTE 8 Premises and Equipment Premises and equipment at December 31 consisted of the following: (Dollars in Millions) 2017 2016 Land $ 520 $ 516 Buildings and improvements 3,425 3,383 Furniture, fixtures and equipment 2,951 2,798 Capitalized building and equipment leases 130 125 Construction in progress 35 29 7,061 6,851 Less accumulated depreciation and amortization (4,629 ) (4,408 ) Total $ 2,432 $ 2,443 |
Mortgage Servicing Rights
Mortgage Servicing Rights | 12 Months Ended |
Dec. 31, 2017 | |
Text Block [Abstract] | |
Mortgage Servicing Rights | NOTE 9 Mortgage Servicing Rights The Company serviced $234.7 billion of residential mortgage loans for others at December 31, 2017, and $232.6 billion at December 31, 2016, 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 $15 million, $7 million and $23 million for the years ended December 31, 2017, 2016 and 2015, respectively. Loan servicing and ancillary fees, not including valuation changes, included in mortgage banking revenue were $746 million, $750 million and $728 million for the years ended December 31, 2017, 2016 and 2015, respectively. Changes in fair value of capitalized MSRs for the years ended December 31, are summarized as follows: (Dollars in Millions) 2017 2016 2015 Balance at beginning of period $ 2,591 $ 2,512 $ 2,338 Rights purchased 13 43 29 Rights capitalized 445 524 632 Changes in fair value of MSRs Due to fluctuations in market interest rates (a) (23 ) (55 ) (58 ) Due to revised assumptions or models (b) 18 19 10 Other changes in fair value (c) (399 ) (452 ) (439 ) Balance at end of period $ 2,645 $ 2,591 $ 2,512 (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 option adjusted spread, as well as the impact of any model changes. (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: 2017 2016 (Dollars in Millions) Down Down Down Up Up 50 bps Up Down Down Down Up Up 50 bps Up MSR portfolio $ (520 ) $ (231 ) $ (109 ) $ 95 $ 177 $ 302 $ (476 ) $ (209 ) $ (98 ) $ 85 $ 159 $ 270 Derivative instrument hedges 453 216 105 (96 ) (184 ) (336 ) 375 180 88 (84 ) (165 ) (314 ) Net sensitivity $ (67 ) $ (15 ) $ (4 ) $ (1 ) $ (7 ) $ (34 ) $ (101 ) $ (29 ) $ (10 ) $ 1 $ (6 ) $ (44 ) 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 A summary of the Company’s MSRs and related characteristics by portfolio as of December 31 follows: 2017 2016 (Dollars in Millions) HFA Government Conventional (c) Total HFA Government Conventional (c) Total Servicing portfolio (a) $ 40,737 $ 36,756 $ 155,353 $ 232,846 $ 34,746 $ 37,530 $ 157,771 $ 230,047 Fair value $ 450 $ 428 $ 1,767 $ 2,645 $ 398 $ 422 $ 1,771 $ 2,591 Value (bps) (b) 110 116 114 114 115 112 112 113 Weighted-average servicing fees (bps) 35 34 27 29 36 34 27 30 Multiple (value/servicing fees) 3.17 3.38 4.24 3.86 3.19 3.29 4.15 3.77 Weighted-average note rate 4.43 % 3.92 % 4.02 % 4.08 % 4.37 % 3.95 % 4.02 % 4.06 % Weighted-average age (in years) 3.0 4.3 4.2 4.0 2.9 3.8 3.8 3.7 Weighted-average expected prepayment (constant prepayment rate) 9.8 % 11.6 % 9.7 % 10.0 % 9.4 % 11.3 % 9.8 % 10.0 % Weighted-average expected life (in years) 7.7 6.5 6.9 7.0 8.0 6.8 6.9 7.0 Weighted-average option adjusted spread (d) 9.9 % 9.2 % 7.2 % 8.0 % 9.9 % 9.2 % 7.2 % 8.0 % (a) Represents principal balance of mortgages having corresponding MSR asset. (b) Calculated as fair value divided by the servicing portfolio. (c) Represents loans sold primarily to GSEs. (d) Option adjusted spread is the incremental spread added to the risk-free rate to reflect optionality and other risk inherent in the MSRs. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | NOTE 10 Intangible Assets Intangible assets consisted of the following: At December 31 (Dollars in Millions) Estimated Life (a) Amortization Method (b) Balance 2017 2016 Goodwill (c) $ 9,434 $ 9,344 Merchant processing contracts 7 years/8 years SL/AC 89 108 Core deposit benefits 22 years/5 years SL/AC 131 161 Mortgage servicing rights (c) 2,645 2,591 Trust relationships 10 years/7 years SL/AC 45 59 Other identified intangibles 6 years/4 years SL/AC 318 384 Total $ 12,662 $ 12,647 (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) 2017 2016 2015 Merchant processing contracts $ 24 $ 28 $ 35 Core deposit benefits 30 34 40 Trust relationships 14 16 21 Other identified intangibles 107 101 78 Total $ 175 $ 179 $ 174 The estimated amortization expense for the next five years is as follows: (Dollars in Millions) 2018 $ 148 2019 119 2020 93 2021 71 2022 51 The following table reflects the changes in the carrying value of goodwill for the years ended December 31, 2017, 2016 and 2015: (Dollars in Millions) Corporate and Consumer and Wealth Management and Payment Treasury and Consolidated Balance at December 31, 2014 $ 1,648 $ 3,680 $ 1,570 $ 2,491 $ – $ 9,389 Foreign exchange translation and other (1 ) 1 (3 ) (25 ) – (28 ) Balance at December 31, 2015 $ 1,647 $ 3,681 $ 1,567 $ 2,466 $ – $ 9,361 Foreign exchange translation and other – – (1 ) (16 ) – (17 ) Balance at December 31, 2016 $ 1,647 $ 3,681 $ 1,566 $ 2,450 $ – $ 9,344 Goodwill acquired – – – 62 – 62 Foreign exchange translation and other – – 3 25 – 28 Balance at December 31, 2017 $ 1,647 $ 3,681 $ 1,569 $ 2,537 $ – $ 9,434 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2017 | |
Banking and Thrift [Abstract] | |
Deposits | NOTE 11 Deposits The composition of deposits at December 31 was as follows: (Dollars in Millions) 2017 2016 Noninterest-bearing deposits $ 87,557 $ 86,097 Interest-bearing deposits Interest checking 74,520 66,298 Money market savings 107,973 109,947 Savings accounts 43,809 41,783 Time deposits 33,356 30,465 Total interest-bearing deposits 259,658 248,493 Total deposits $ 347,215 $ 334,590 The maturities of time deposits outstanding at December 31, 2017 were as follows: (Dollars in Millions) 2018 $ 27,158 2019 2,712 2020 1,570 2021 1,226 2022 685 Thereafter 5 Total $ 33,356 |
Short-Term Borrowings
Short-Term Borrowings | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Short-Term Borrowings | NOTE 12 Short-Term Borrowings (a) The following table is a summary of short-term borrowings for the last three years: 2017 2016 2015 (Dollars in Millions) Amount Rate Amount Rate Amount Rate At year-end Federal funds purchased $ 252 .77 % $ 447 .30 % $ 647 .23 % Securities sold under agreements to repurchase 803 .61 801 .12 1,092 .02 Commercial paper 8,303 .68 10,010 .30 22,022 .21 Other short-term borrowings 7,293 2.13 2,705 1.00 4,116 .69 Total $ 16,651 1.31 % $ 13,963 .43 % $ 27,877 .27 % Average for the year Federal funds purchased (b) $ 528 34.57 % $ 1,015 17.17 % $ 1,169 15.05 % Securities sold under agreements to repurchase 917 .44 891 .18 973 .10 Commercial paper 8,236 .49 14,827 .26 21,892 .12 Other short-term borrowings 5,341 1.90 3,173 1.67 3,926 1.13 Total (b) $ 15,022 2.18 % $ 19,906 1.34 % $ 27,960 .89 % Maximum month-end Federal funds purchased $ 600 $ 2,487 $ 1,868 Securities sold under agreements to repurchase 927 1,177 1,124 Commercial paper 9,950 21,441 23,101 Other short-term borrowings 7,293 6,771 7,656 (a) Interest and rates are presented on a fully taxable-equivalent basis utilizing a tax rate of 35 percent for the periods presented. (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 2017, 2016 and 2015 was $178 million, $171 million and $175 million, respectively. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | NOTE 13 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 2017 2016 U.S. Bancorp (Parent Company) Subordinated notes Fixed 2.950 % 2022 $ 1,300 $ 1,300 Fixed 3.600 % 2024 1,000 1,000 Fixed 7.500 % 2026 199 199 Fixed 3.100 % 2026 1,000 1,000 Medium-term notes Fixed .850% - 4.125 % 2018 - 2027 11,299 8,800 Floating 1.767% - 2.005 % 2018 - 2022 1,000 750 Other (b) (29 ) (4 ) Subtotal 15,769 13,045 Subsidiaries Federal Home Loan Bank advances Fixed 1.250% - 8.250 % 2018 - 2026 208 10 Floating 1.557% - 1.973 % 2018 - 2026 5,272 8,559 Bank notes Fixed 1.400% - 2.800 % 2019 - 2025 6,200 6,800 Floating 1.063% - 1.858 % 2019 - 2057 3,810 3,898 Other (c) 1,000 1,011 Subtotal 16,490 20,278 Total $ 32,259 $ 33,323 (a) Weighted-average interest rates of medium-term notes, Federal Home Loan Bank advances and bank notes were 2.51 percent, 1.83 percent and 1.86 percent, respectively. (b) Includes debt issuance fees and unrealized gains and losses and deferred amounts relating to derivative instruments. (c) Includes consolidated community development and tax-advantaged The Company has arrangements with the Federal Home Loan Bank and Federal Reserve Bank whereby the Company could have borrowed an additional $87.7 billion and $91.4 billion at December 31, 2017 and 2016, respectively, based on collateral available. Maturities of long-term debt outstanding at December 31, 2017, were: (Dollars in Millions) Parent Consolidated 2018 $ 1,499 $ 2,572 2019 1,497 8,001 2020 – 3,047 2021 2,196 2,215 2022 3,790 4,074 Thereafter 6,787 12,350 Total $ 15,769 $ 32,259 |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Shareholders' Equity | NOTE 14 Shareholders’ Equity At December 31, 2017 and 2016, 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 shares of common stock outstanding at December 31, 2017 and 2016. The Company had 59 million shares reserved for future issuances, primarily under its stock incentive plans at December 31, 2017. The number of shares issued and outstanding and the carrying amount of each outstanding series of the Company’s preferred stock were as follows: 2017 2016 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 Series H 20,000 500 13 487 20,000 500 13 487 Series I 30,000 750 5 745 30,000 750 5 745 Series J 40,000 1,000 7 993 – – – – Total preferred stock (a) 186,510 $ 5,601 $ 182 $ 5,419 189,910 $ 5,686 $ 185 $ 5,501 (a) The par value of all shares issued and outstanding at December 31, 2017 and 2016, was $1.00 per share. During 2017, the Company issued depositary shares representing an ownership interest in 40,000 shares of Series J Non-Cumulative During 2015, the Company issued depositary shares representing an ownership interest in 30,000 shares of Series I Non-Cumulative During 2013, the Company issued depositary shares representing an ownership interest in 20,000 shares of Series H Non-Cumulative During 2012, the Company issued depositary shares representing an ownership interest in 44,000 shares of Series F Non-Cumulative Non-Cumulative During 2010, the Company issued depositary shares representing an ownership interest in 5,746 shares of Series A Non-Cumulative During 2006, the Company issued depositary shares representing an ownership interest in 40,000 shares of Series B Non-Cumulative During 2017, 2016 and 2015, the Company repurchased shares of its common stock under various authorizations approved by its Board of Directors. As of December 31, 2017, 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 2017 49 $ 2,622 2016 61 2,600 2015 52 2,246 Shareholders’ equity is affected by transactions and valuations of asset and liability positions that require adjustments to accumulated other comprehensive income (loss). The reconciliation of the transactions affecting accumulated other comprehensive income (loss) included in shareholders’ equity for the years ended December 31, is as follows: (Dollars in Millions) Unrealized Gains Available-For- Sale Unrealized Gains Available-For-Sale Held-To-Maturity Unrealized Gains Unrealized Gains Foreign Currency Total 2017 Balance at beginning of period $ (431 ) $ 25 $ 55 $ (1,113 ) $ (71 ) $ (1,535 ) Changes in unrealized gains and losses 178 – (5 ) (41 ) – 132 Foreign currency translation adjustment (a) – – – – (2 ) (2 ) Reclassification to earnings of realized gains and losses (57 ) (13 ) 30 117 – 77 Applicable income taxes (47 ) 5 (9 ) (29 ) 4 (76 ) Balance at end of period $ (357 ) $ 17 $ 71 $ (1,066 ) $ (69 ) $ (1,404 ) 2016 Balance at beginning of period $ 111 $ 36 $ (67 ) $ (1,056 ) $ (43 ) $ (1,019 ) Changes in unrealized gains and losses (858 ) – 74 (255 ) – (1,039 ) Other-than-temporary impairment not recognized in earnings on securities available-for-sale (1 ) – – – – (1 ) Foreign currency translation adjustment (a) – – – – (28 ) (28 ) Reclassification to earnings of realized gains and losses (22 ) (18 ) 124 163 – 247 Applicable income taxes 339 7 (76 ) 35 – 305 Balance at end of period $ (431 ) $ 25 $ 55 $ (1,113 ) $ (71 ) $ (1,535 ) 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 ) (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 (Dollars in Millions) 2017 2016 2015 Unrealized gains (losses) on securities available-for-sale Realized gains (losses) on sale of securities $ 57 $ 27 $ 1 Total securities gains (losses), net Other-than-temporary impairment recognized in earnings – (5 ) (1 ) 57 22 – Total before tax (22 ) (9 ) – Applicable income taxes 35 13 – Net-of-tax Unrealized gains (losses) on securities transferred from available-for-sale held-to-maturity Amortization of unrealized gains 13 18 25 Interest income (5 ) (7 ) (9 ) Applicable income taxes 8 11 16 Net-of-tax Unrealized gains (losses) on derivative hedges Realized gains (losses) on derivative hedges (30 ) (124 ) (195 ) Interest expense 11 48 75 Applicable income taxes (19 ) (76 ) (120 ) Net-of-tax Unrealized gains (losses) on retirement plans Actuarial gains (losses) and prior service cost (credit) amortization (117 ) (163 ) (223 ) Employee benefits expense 45 63 85 Applicable income taxes (72 ) (100 ) (138 ) Net-of-tax Total impact to net income $ (48 ) $ (152 ) $ (242 ) Regulatory Capital Tier 1 capital is considered core capital and includes common shareholders’ equity adjusted for the aggregate impact of certain items included in other comprehensive income (loss) (“common equity tier 1 capital”), plus qualifying preferred stock, trust preferred securities and noncontrolling interests in consolidated subsidiaries subject to certain limitations. Total risk-based capital includes Tier 1 capital and other items such as subordinated debt and the allowance for credit losses. Capital measures are stated as a percentage of risk-weighted assets, which are measured based on their perceived credit and operational risks and include certain off-balance non-qualifying For a summary of the regulatory capital requirements and the actual ratios as of December 31, 2017 and 2016, 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) 2017 2016 Basel III transitional standardized approach: Common shareholders’ equity $ 43,621 $ 41,797 Less intangible assets Goodwill (net of deferred tax liability) (8,613 ) (8,203 ) Other disallowed intangible assets (466 ) (427 ) Other (a) (173 ) 553 Total common equity tier 1 capital 34,369 33,720 Qualifying preferred stock 5,419 5,501 Noncontrolling interests eligible for tier 1 capital 117 203 Other (b) (99 ) (3 ) Total tier 1 capital 39,806 39,421 Eligible portion of allowance for credit losses 4,417 4,357 Subordinated debt and noncontrolling interests eligible for tier 2 capital 3,280 3,576 Other – 1 Total tier 2 capital 7,697 7,934 Total risk-based capital $ 47,503 $ 47,355 Risk-weighted assets $ 367,771 $ 358,237 Basel III transitional advanced approaches: Common shareholders’ equity $ 43,621 $ 41,797 Less intangible assets Goodwill (net of deferred tax liability) (8,613 ) (8,203 ) Other disallowed intangible assets (466 ) (427 ) Other (a) (173 ) 553 Total common equity tier 1 capital 34,369 33,720 Qualifying preferred stock 5,419 5,501 Noncontrolling interests eligible for tier 1 capital 117 203 Other (b) (99 ) (3 ) Total tier 1 capital 39,806 39,421 Eligible portion of allowance for credit losses 1,391 1,266 Subordinated debt and noncontrolling interests eligible for tier 2 capital 3,280 3,576 Other – 1 Total tier 2 capital 4,671 4,843 Total risk-based capital $ 44,477 $ 44,264 Risk-weighted assets $ 287,211 $ 277,141 (a) Includes the impact of items included in other comprehensive income (loss), such as unrealized gains (losses) on available-for-sale (b) Includes the remaining portion of deferred tax assets not eligible for total tier 1 capital. 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 Non-cumulative The Series A Preferred Securities will be redeemable, in whole or in part, at the option of USB Realty Corp. on each fifth anniversary after the dividend payment date occurring in January 2012. Any redemption will be subject to the approval of the Office of the Comptroller of the Currency. During 2016, the Company purchased 500 shares of the Series A Preferred Securities held by third party investors at an amount below their carrying amount, recording a net gain of $9 million directly to retained earnings. As of December 31, 2017, 4,500 shares of the Series A Preferred Securities remain outstanding. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 15 Earnings Per Share The components of earnings per share were: Year Ended December 31 (Dollars and Shares in Millions, Except Per Share Data) 2017 2016 2015 Net income attributable to U.S. Bancorp $ 6,218 $ 5,888 $ 5,879 Preferred dividends (267 ) (281 ) (247 ) Impact of preferred stock redemption (a) (10 ) – – Impact of the purchase of noncontrolling interests (b) – 9 – Earnings allocated to participating stock awards (28 ) (27 ) (24 ) Net income applicable to U.S. Bancorp common shareholders $ 5,913 $ 5,589 $ 5,608 Average common shares outstanding 1,677 1,718 1,764 Net effect of the exercise and assumed purchase of stock awards 6 6 8 Average diluted common shares outstanding 1,683 1,724 1,772 Earnings per common share $ 3.53 $ 3.25 $ 3.18 Diluted earnings per common share $ 3.51 $ 3.24 $ 3.16 (a) Represents stock issuance costs originally recorded in preferred stock upon the issuance of the Company’s Series G Preferred Stock that were reclassified to retained earnings on the date the Company announced its intent to redeem the outstanding shares. (b) Represents the difference between the carrying amount and amount paid by the Company to purchase third party investor holdings of the preferred stock of USB Realty Corp, a consolidated subsidiary of the Company. Options outstanding at December 31, 2017, 2016 and 2015, to purchase 1 million common shares, were not included in the computation of diluted earnings per share for the years ended December 31, 2017, 2016 and 2015, respectively, because they were antidilutive. |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
Employee Benefits | NOTE 16 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 contributed $1.2 billion and $358 million to its qualified pension plan in 2017 and 2016, respectively, and does not expect to contribute to the plan in 2018. 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 non-qualified 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 Plans Postretirement (Dollars in Millions) 2017 2016 2017 2016 Change In Projected Benefit Obligation Benefit obligation at beginning of measurement period $ 5,073 $ 4,650 $ 75 $ 93 Service cost 187 177 – – Interest cost 220 211 2 3 Participants’ contributions – – 8 10 Actuarial loss (gain) 430 234 (1 ) (14 ) Lump sum settlements (45 ) (61 ) – – Benefit payments (145 ) (138 ) (18 ) (19 ) Federal subsidy on benefits paid – – 2 2 Benefit obligation at end of measurement period (a) $ 5,720 $ 5,073 $ 68 $ 75 Change In Fair Value Of Plan Assets Fair value at beginning of measurement period $ 3,769 $ 3,355 $ 82 $ 82 Actual return on plan assets 665 230 10 2 Employer contributions 1,238 383 5 7 Participants’ contributions – – 8 10 Lump sum settlements (45 ) (61 ) – – Benefit payments (145 ) (138 ) (18 ) (19 ) Fair value at end of measurement period $ 5,482 $ 3,769 $ 87 $ 82 Funded (Unfunded) Status $ (238 ) $ (1,304 ) $ 19 $ 7 Components Of The Consolidated Balance Sheet Noncurrent benefit asset $ 270 $ – $ 19 $ 7 Current benefit liability (23 ) (22 ) – – Noncurrent benefit liability (485 ) (1,282 ) – – Recognized amount $ (238 ) $ (1,304 ) $ 19 $ 7 Accumulated Other Comprehensive Income (Loss), Pretax Net actuarial gain (loss) $ (1,822 ) $ (1,901 ) $ 68 $ 66 Net prior service credit (cost) – 2 22 25 Recognized amount $ (1,822 ) $ (1,899 ) $ 90 $ 91 (a) At December 31, 2017 and 2016, the accumulated benefit obligation for all pension plans was $5.2 billion and $4.6 billion. The following table provides information for pension plans with benefit obligations in excess of plan assets at December 31: (Dollars in Millions) 2017 2016 Pension Plans with Projected Benefit Obligations in Excess of Plan Assets Projected benefit obligation $ 508 $ 5,073 Fair value of plan assets – 3,769 Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets Projected benefit obligation $ 508 $ 5,073 Accumulated benefit obligation 485 4,625 Fair value of plan assets – 3,769 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) 2017 2016 2015 2017 2016 2015 Components Of Net Periodic Benefit Cost Service cost $ 187 $ 177 $ 188 $ – $ – $ – Interest cost 220 211 195 2 3 3 Expected return on plan assets (284 ) (266 ) (223 ) (3 ) (1 ) (1 ) Prior service cost (credit) and transition obligation (asset) amortization (2 ) (5 ) (4 ) (3 ) (3 ) (3 ) Actuarial loss (gain) amortization 127 175 234 (5 ) (4 ) (4 ) Net periodic benefit cost $ 248 $ 292 $ 390 $ (9 ) $ (5 ) $ (5 ) Other Changes In Plan Assets And Benefit Obligations Recognized In Other Comprehensive Income (Loss) Net actuarial gain (loss) arising during the year $ (48 ) $ (270 ) $ (146 ) $ 7 $ 15 $ 4 Net actuarial loss (gain) amortized during the year 127 175 234 (5 ) (4 ) (4 ) Net prior service cost (credit) and transition obligation (asset) amortized during the year (2 ) (5 ) (4 ) (3 ) (3 ) (3 ) Total recognized in other comprehensive income (loss) $ 77 $ (100 ) $ 84 $ (1 ) $ 8 $ (3 ) Total recognized in net periodic benefit cost and other comprehensive income (loss) (a)(b) $ (171 ) $ (392 ) $ (306 ) $ 8 $ 13 $ 2 (a) The pretax estimated actuarial loss (gain) for the pension plans that will be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost in 2018 is $146 million. (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 2018 are $(6) 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) 2017 2016 2017 2016 Discount rate (a) 3.84 % 4.27 % 3.34 % 3.57 % Rate of compensation increase (b) 3.56 3.58 * * Health care cost trend rate for the next year (c) 6.75 % 7.00 % Effect on accumulated postretirement benefit obligation One percent increase $ 3 $ 4 One percent decrease (3 ) (4 ) (a) The discount rates were developed using a cash flow matching bond model with a modified duration for the qualified pension plan, non-qualified (b) Determined on an active liability-weighted basis. (c) The 2017 and 2016 rates are assumed to decrease gradually to 5.00 percent by 2025 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) 2017 2016 2015 2017 2016 2015 Discount rate (a) 4.27 % 4.45 % 4.13 % 3.57 % 3.59 % 3.46 % Expected return on plan assets (b) 7.25 7.50 7.50 3.50 1.50 1.50 Rate of compensation increase (c) 3.58 4.06 4.07 * * * Health care cost trend rate (d) Prior to age 65 7.00 % 6.50 % 7.00 % After age 65 7.00 6.50 7.00 Effect on 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 (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 2017 pre-65 post-65 pre-65 post-65 * Not applicable Investment Policies and Asset Allocation Generally, based on historical performance of the various investment asset classes, investments in equities have outperformed other investment classes but are subject to higher volatility. In an effort to minimize volatility, while recognizing the long-term up-side mid-small At December 31, 2017 and 2016, plan assets of the qualified pension plan included an asset management arrangement with related party totaling $798 million and $48 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 21 for further discussion on these levels. The assets of the qualified pension plan include investments in equity and U.S. Treasury securities whose fair values are determined based on quoted prices in active markets and are classified within Level 1 of the fair value hierarchy. The qualified pension plan also invests in U.S. agency, corporate and municipal debt securities, which are all valued based on observable market prices or data by third-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. The following table summarizes plan investment assets measured at fair value at December 31: Qualified Pension Plan Postretirement 2017 2016 2017 2016 (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 $ 727 (a) $ – $ – $ 727 $ 49 $ – $ – $ 49 $ 36 $ 82 Debt securities 517 723 – 1,240 362 577 – 939 – – Corporate stock Real estate equity securities (b) 216 – – 216 169 – – 169 – – Mutual funds Debt securities – 205 – 205 – 164 – 164 – – Emerging markets equity securities – 120 – 120 – 155 – 155 – – Other – – 2 2 – – 1 1 – – $ 1,460 $ 1,048 $ 2 2,510 $ 580 $ 896 $ 1 1,477 36 82 Plan investment assets not classified in fair value hierarchy (f) Collective investment funds Domestic equity securities 1,327 977 29 – Mid-small (c) 346 303 – – International equity securities 934 725 22 – Hedge funds (d) 200 188 – – Private equity funds (e) 165 99 – – Total plan investment assets at fair value $ 5,482 $ 3,769 $ 87 $ 82 (a) Includes an employer contribution made in late 2017, which was invested consistent with the plan’s target asset allocation, subsequent to December 31, 2017. (b) At December 31, 2017 and 2016, securities included $105 million and $98 million in domestic equities, respectively, and $111 million and $71 million in international equities, respectively. (c) At December 31, 2017 and 2016, securities included $346 million and $303 million in domestic equities, respectively. (d) This category consists of several investment strategies diversified across several hedge fund managers. (e) This category consists of several investment strategies diversified across several private equity fund managers. (f) 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 qualified pension plan investment assets measured at fair value using significant unobservable inputs (Level 3) for the years ended December 31: 2017 2016 2015 (Dollars in Millions) Other Other Other Balance at beginning of period $ 1 $ 1 $ 2 Unrealized gains (losses) relating to assets still held at end of year – – (1 ) Purchases, sales, and settlements, net 1 – – Balance at end of period $ 2 $ 1 $ 1 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 2018 $ 201 $ 10 $ 2 2019 215 9 1 2020 232 9 1 2021 250 8 1 2022 260 8 1 2023 – 2027 1,564 29 4 (a) Net of expected retiree contributions and before Medicare Part D subsidy. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | NOTE 17 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, 2017, there were 37 million shares (subject to adjustment for forfeitures) available for grant under the Company’s stock incentive plan. 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- Average Weighted-Average Aggregate (in millions) 2017 Number outstanding at beginning of period 17,059,241 $ 29.95 Granted 1,066,188 54.97 Exercised (5,389,741 ) 29.58 Cancelled (a) (67,221 ) 43.31 Number outstanding at end of period (b) 12,668,467 $ 32.15 4.5 $ 272 Exercisable at end of period 9,647,937 $ 27.87 3.3 $ 248 2016 Number outstanding at beginning of period 25,725,708 $ 29.82 Granted 1,644,288 39.50 Exercised (10,163,668 ) 31.09 Cancelled (a) (147,087 ) 35.18 Number outstanding at end of period (b) 17,059,241 $ 29.95 4.1 $ 365 Exercisable at end of period 13,856,142 $ 27.53 3.1 $ 330 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 (a) Options cancelled include both non-vested (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 2017 2016 2015 Estimated fair value $ 14.66 $ 10.28 $ 12.23 Risk-free interest rates 2.0 % 1.3 % 1.7 % Dividend yield 2.6 % 2.6 % 2.6 % Stock volatility factor .35 .36 .37 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) 2017 2016 2015 Fair value of options vested $ 13 $ 18 $ 25 Intrinsic value of options exercised 127 138 130 Cash received from options exercised 159 316 257 Tax benefit realized from options exercised 49 53 50 To satisfy option exercises, the Company predominantly uses treasury stock. Additional information regarding stock options outstanding as of December 31, 2017, is as follows: Outstanding Options Exercisable Options Range of Exercise Prices Shares Weighted- Weighted- Shares Weighted- $11.02 – $20.00 1,562,979 1.2 $ 11.95 1,562,979 $ 11.95 $20.01 – $25.00 1,363,504 2.2 23.85 1,363,504 23.85 $25.01 – $30.00 3,661,570 3.4 28.21 3,661,570 28.21 $30.01 – $35.00 1,519,505 2.6 33.37 1,519,505 33.37 $35.01 – $40.00 1,534,333 8.1 39.49 355,492 39.49 $40.01 – $45.00 1,971,691 6.6 42.33 1,184,802 41.92 $50.01 – $55.01 1,054,885 9.1 54.97 85 55.01 12,668,467 4.5 $ 32.15 9,647,937 $ 27.87 Restricted Stock and Unit Awards A summary of the status of the Company’s restricted shares of stock and unit awards is presented below: 2017 2016 2015 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 8,265,507 $ 39.50 6,894,831 $ 38.44 7,921,571 $ 34.09 Granted 2,850,927 54.45 4,879,421 39.65 2,897,396 44.24 Vested (3,295,376 ) 40.66 (3,069,035 ) 37.25 (3,428,736 ) 33.27 Cancelled (374,103 ) 43.91 (439,710 ) 40.18 (495,400 ) 38.66 Outstanding at end of period 7,446,955 $ 44.49 8,265,507 $ 39.50 6,894,831 $ 38.44 The total fair value of shares vested was $180 million, $128 million and $152 million for the years ended December 31, 2017, 2016 and 2015, respectively. Stock-based compensation expense was $163 million, $150 million and $125 million for the years ended December 31, 2017, 2016 and 2015, respectively. On an after-tax |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 18 Income Taxes The components of income tax expense were: Year Ended December 31 (Dollars in Millions) 2017 2016 2015 Federal Current $ 2,086 $ 2,585 $ 1,956 Deferred (1,180 ) (711 ) (223 ) Federal income tax 906 1,874 1,733 State Current 201 337 346 Deferred 157 (50 ) 18 State income tax 358 287 364 Total income tax provision $ 1,264 $ 2,161 $ 2,097 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) 2017 2016 2015 Tax at statutory rate $ 2,631 $ 2,837 $ 2,810 State income tax, at statutory rates, net of federal tax benefit 281 244 237 Tax effect of Revaluation of tax related assets and liabilities (a) (910 ) – – Tax credits and benefits, net of related expenses (774 ) (710 ) (700 ) Tax-exempt (200 ) (196 ) (201 ) Noncontrolling interests (12 ) (20 ) (19 ) Nondeductible legal and regulatory expenses 213 30 – Other items 35 (b) (24 ) (30 ) (c) Applicable income taxes $ 1,264 $ 2,161 $ 2,097 (a) In late 2017, tax reform legislation was enacted that, among other provisions, reduced the federal statutory rate for corporations from 35 percent to 21 percent effective in 2018. In accordance with generally accepted accounting principles, the Company revalued its deferred tax assets and liabilities at December 31, 2017, resulting in an estimated net tax benefit of $910 million, which the Company recorded in 2017. (b) Includes excess tax benefits associated with stock-based compensation under accounting guidance effective January 1, 2017. Previously, these benefits were recorded in capital surplus. (c) Includes the resolution of certain tax matters with taxing authorities in the first quarter of 2015. The tax effects of fair value adjustments on securities available-for-sale, In preparing its tax returns, the Company is required to interpret complex tax laws and regulations and utilize income and cost allocation methods to determine its taxable income. On an ongoing basis, the Company is subject to examinations by federal, state, local and foreign taxing authorities that may give rise to differing interpretations of these complex laws, regulations 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 through 2016 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) 2017 2016 2015 Balance at beginning of period $ 302 $ 243 $ 267 Additions (reductions) for tax positions taken in prior years 3 57 (17 ) Additions for tax positions taken in the current year 9 12 13 Exam resolutions (23 ) (6 ) (17 ) Statute expirations (4 ) (4 ) (3 ) Balance at end of period $ 287 $ 302 $ 243 The total amount of unrecognized tax positions that, if recognized, would impact the effective income tax rate as of December 31, 2017, 2016 and 2015, were $265 million, $234 million and $165 million, respectively. The Company classifies interest and penalties related to unrecognized tax positions as a component of income tax expense. At December 31, 2017, the Company’s unrecognized tax position balance included $53 million in accrued interest. During the years ended December 31, 2017, 2016 and 2015 the Company recorded approximately $16 million, $7 million and $(1) million, respectively, in interest on unrecognized tax positions. Deferred income tax assets and liabilities reflect the tax effect of estimated temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for the same items for income tax reporting purposes. The significant components of the Company’s net deferred tax asset (liability) follows: At December 31 (Dollars in Millions) 2017 2016 Deferred Tax Assets Federal, state and foreign net operating loss and credit carryforwards $ 2,249 $ 971 Allowance for credit losses 1,116 1,667 Accrued expenses 468 806 Partnerships and other investment assets 252 521 Securities available-for-sale 111 220 Stock compensation 79 120 Pension and postretirement benefits – 394 Other deferred tax assets, net 215 291 Gross deferred tax assets 4,490 4,990 Deferred Tax Liabilities Leasing activities (2,277 ) (3,096 ) Goodwill and other intangible assets (693 ) (962 ) Mortgage servicing rights (604 ) (883 ) Loans (160 ) (234 ) Pension and postretirement benefits (20 ) – Fixed assets (4 ) (60 ) Other deferred tax liabilities, net (131 ) (113 ) Gross deferred tax liabilities (3,889 ) (5,348 ) Valuation allowance (128 ) (121 ) Net Deferred Tax Asset (Liability) $ 473 $ (479 ) The Company has approximately $1.7 billion of federal, state and foreign net operating loss carryforwards which expire at various times through 2037. A substantial portion of these carryforwards relate to state-only net operating losses, which are subject to a full valuation allowance as they are not expected to be realized within the carryforward period. 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. In addition, the Company has $2.1 billion of federal credit carryforwards which expire at various times through 2037 which are not subject to a valuation allowance as management believes that it is more likely than not that the credits will be utilized within the carryforward period. At December 31, 2017, retained earnings included approximately $102 million of base year reserves of acquired thrift institutions, for which no deferred federal income tax liability has been recognized. These base year reserves would be recaptured if certain subsidiaries of the Company cease to qualify as a bank for federal income tax purposes. The base year reserves also remain subject to income tax penalty provisions that, in general, require recapture upon certain stock redemptions of, and excess distributions to, stockholders. |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | NOTE 19 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-of-tax) (net-of-tax) (net-of-tax). Net Investment Hedges non-derivative non-derivative non-derivative Other Derivative Positions to-be-announced non-derivative For additional information on the Company’s purpose for entering into derivative transactions and its overall risk management strategies, refer to “Management Discussion and Analysis — Use of Derivatives to Manage Interest Rate and Other Risks”, which is incorporated by reference into these Notes to Consolidated Financial Statements. The following table summarizes the asset and liability management derivative positions of the Company: Asset Derivatives Liability Derivatives (Dollars in Millions) Notional Fair Weighted-Average In Years Notional Fair Weighted-Average In Years December 31, 2017 Fair value hedges Interest rate contracts Receive fixed/pay floating swaps $ 1,000 $ 28 6.70 $ 3,600 $ 16 1.55 Cash flow hedges Interest rate contracts Pay fixed/receive floating swaps 3,772 5 6.73 – – – Net investment hedges Foreign exchange forward contracts – – – 373 8 .05 Other economic hedges Interest rate contracts Futures and forwards Buy 1,632 7 .10 1,326 2 .04 Sell 15,291 10 .89 4,511 10 .03 Options Purchased 4,985 65 7.57 – – – Written 1,285 21 .10 5 – .05 Receive fixed/pay floating swaps 2,019 5 16.49 5,469 – 8.43 Pay fixed/receive floating swaps 4,844 21 7.69 46 1 6.70 Foreign exchange forward contracts 147 1 .02 669 8 .04 Equity contracts 45 – 1.10 88 1 .58 Credit contracts 1,559 – 3.41 3,779 1 3.16 Other (a) – – – 1,164 125 2.50 Total $ 36,579 $ 163 $ 21,030 $ 172 December 31, 2016 Fair value hedges Interest rate contracts Receive fixed/pay floating swaps $ 2,550 $ 49 4.28 $ 1,250 $ 12 2.32 Cash flow hedges Interest rate contracts Pay fixed/receive floating swaps 3,272 108 8.63 2,787 35 .83 Net investment hedges Foreign exchange forward contracts 1,347 15 .04 – – – Other economic hedges Interest rate contracts Futures and forwards Buy 1,748 13 .09 1,722 18 .05 Sell 2,278 129 .08 4,214 43 .09 Options Purchased 1,565 43 8.60 – – – Written 1,073 25 .07 12 1 .06 Receive fixed/pay floating swaps 6,452 26 11.48 1,561 16 6.54 Pay fixed/receive floating swaps 4,705 13 6.51 2,320 9 7.80 Foreign exchange forward contracts 849 6 .02 867 6 .02 Equity contracts 11 – .40 102 1 .57 Credit contracts 1,397 – 3.38 3,674 2 3.57 Other (a) 19 – .03 830 106 3.42 Total $ 27,266 $ 427 $ 19,339 $ 249 (a) Includes derivative liability swap agreements related to the sale of a portion of the Company’s Class B common shares of Visa Inc. The Visa swap agreements had a total notional value, fair value and weighted average remaining maturity of $1.2 billion, $125 million and 2.50 years at December 31, 2017, respectively, compared to $811 million, $106 million and 3.50 years at December 31, 2016, respectively. In addition, includes short-term underwriting purchase and sale commitments with total asset and liability notional values of $19 million at December 31, 2016. The following table summarizes the customer-related derivative positions of the Company: Asset Derivatives Liability Derivatives (Dollars in Millions) Notional Fair Weighted-Average Notional Fair Weighted-Average December 31, 2017 Interest rate contracts Receive fixed/pay floating swaps $ 28,681 $ 679 5.71 $ 59,990 $ 840 4.27 Pay fixed/receive floating swaps 63,038 860 4.20 25,093 602 5.76 Options Purchased 29,091 22 1.61 880 14 4.24 Written 880 15 4.24 27,056 20 1.50 Futures Sell 7,007 4 1.21 – – – Foreign exchange rate contracts Forwards, spots and swaps 24,099 656 .81 23,440 636 .83 Options Purchased 4,026 83 1.20 – – – Written – – – 4,026 83 1.20 Total $ 156,822 $ 2,319 $ 140,485 $ 2,195 December 31, 2016 Interest rate contracts Receive fixed/pay floating swaps $ 38,501 $ 930 4.07 $ 39,403 $ 632 4.89 Pay fixed/receive floating swaps 36,671 612 4.99 40,324 996 4.07 Options Purchased 14,545 51 1.85 125 2 1.37 Written 125 3 1.37 13,518 50 1.70 Futures Buy 306 – 1.96 7,111 7 .90 Foreign exchange rate contracts Forwards, spots and swaps 20,664 849 .58 19,640 825 .60 Options Purchased 2,376 98 1.67 – – – Written – – – 2,376 98 1.67 Total $ 113,188 $ 2,543 $ 122,497 $ 2,610 The table below shows the effective portion of the gains (losses) recognized in other comprehensive income (loss) and the gains (losses) reclassified from other comprehensive income (loss) into earnings (net-of-tax) Gains (Losses) Recognized in Other Gains (Losses) Reclassified from (Dollars in Millions) 2017 2016 2015 2017 2016 2015 Asset and Liability Management Positions Cash flow hedges Interest rate contracts (a) $ (3 ) $ 46 $ (15 ) $ (19 ) $ (76 ) $ (120 ) Net investment hedges Foreign exchange forward contracts (56 ) 33 101 – – – Non-derivative (46 ) – – – – – Note: Ineffectiveness on cash flow and net investment hedges was not material for the years ended December 31, 2017, 2016 and 2015. (a) Gains (Losses) reclassified from other comprehensive income (loss) into interest expense. 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) 2017 2016 2015 Asset and Liability Management Positions Fair value hedges (a) Interest rate contracts Other noninterest income $ (28 ) $ (31 ) $ 7 Other economic hedges Interest rate contracts Futures and forwards Mortgage banking revenue 24 101 186 Purchased and written options Mortgage banking revenue 237 331 191 Receive fixed/pay floating swaps Mortgage banking revenue 255 226 139 Pay fixed/receive floating swaps Mortgage banking revenue (220 ) (140 ) (33 ) Foreign exchange forward contracts Commercial products revenue (69 ) (14 ) 108 Equity contracts Compensation expense 1 1 (1 ) Credit contracts Other noninterest income 3 1 2 Other Other noninterest income (1 ) (39 ) – Customer-Related Positions Interest rate contracts Receive fixed/pay floating swaps Other noninterest income (876 ) (708 ) 360 Pay fixed/receive floating swaps Other noninterest income 943 769 (320 ) Purchased and written options Other noninterest income (24 ) (5 ) 3 Futures Other noninterest income (3 ) (6 ) 1 Foreign exchange rate contracts Forwards, spots and swaps Commercial products revenue 92 88 74 Purchased and written options Commercial products revenue 2 (1 ) 2 (a) Gains (Losses) on items hedged by interest rate contracts included in noninterest income (expense), were $28 million, $31 million and $(7) million for the years ended December 31, 2017, 2016 and 2015, respectively. The ineffective portion was immaterial for the years ended December 31, 2017, 2016 and 2015. Derivatives are subject to credit risk associated with counterparties to the derivative contracts. The Company measures that credit risk using a credit valuation adjustment and includes it within the fair value of the derivative. The Company manages counterparty credit risk through diversification of its derivative positions among various counterparties, by entering into derivative positions that are centrally cleared through clearinghouses, by entering into master netting arrangements and, where possible, by requiring collateral arrangements. A master netting arrangement allows two counterparties, who have multiple derivative contracts with each other, the ability to net settle amounts under all contracts, including any related collateral, through a single payment and in a single currency. Collateral arrangements generally require the counterparty to deliver collateral (typically cash or U.S. Treasury and agency securities) equal to the Company’s net derivative receivable, subject to minimum transfer and credit rating requirements. The Company’s collateral arrangements are predominately bilateral and, therefore, contain provisions that require collateralization of the Company’s net liability derivative positions. Required collateral coverage is based on net liability thresholds and may be contingent upon the Company’s credit rating from two of the nationally recognized statistical rating organizations. If the Company’s credit rating were to fall below credit ratings thresholds established in the collateral arrangements, the counterparties to the derivatives could request immediate additional collateral coverage up to and including full collateral coverage for derivatives in a net liability position. The aggregate fair value of all derivatives under collateral arrangements that were in a net liability position at December 31, 2017, was $577 million. At December 31, 2017, the Company had $527 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, 2017 | |
Text Block [Abstract] | |
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities | NOTE 20 Netting Arrangements for Certain Financial Instruments and Securities Financing Activities The Company’s derivative portfolio consists of bilateral over-the-counter over-the-counter As part of the Company’s treasury and broker-dealer operations, the Company executes transactions that are treated as securities sold under agreements to repurchase or securities purchased under agreements to resell, both of which are accounted for as collateralized financings. Securities sold under agreements to repurchase include repurchase agreements and securities loaned transactions. Securities purchased under agreements to resell include reverse repurchase agreements and securities borrowed transactions. For securities sold under agreements to repurchase, the Company records a liability for the cash received, which is included in short-term borrowings on the Consolidated Balance Sheet. For securities purchased under agreements to resell, the Company records a receivable for the cash paid, which is included in other assets on the Consolidated Balance Sheet. Securities transferred to counterparties under repurchase agreements and securities loaned transactions continue to be recognized on the Consolidated Balance Sheet, are measured at fair value, and are included in investment securities or other assets. Securities received from counterparties under reverse repurchase agreements and securities borrowed transactions are not recognized on the Consolidated Balance Sheet unless the counterparty defaults. The securities transferred under repurchase and reverse repurchase transactions typically are U.S. Treasury and agency securities, residential agency mortgage-backed securities or corporate debt securities. The securities loaned or borrowed typically are corporate debt securities traded by the Company’s broker-dealer. In general, the securities transferred can be sold, repledged or otherwise used by the party in possession. No restrictions exist on the use of cash collateral by either party. Repurchase/reverse repurchase and securities loaned/borrowed transactions expose the Company to counterparty risk. The Company manages this risk by performing assessments, independent of business line managers, and establishing concentration limits on each counterparty. Additionally, these transactions include collateral arrangements that require the fair values of the underlying securities to be determined daily, resulting in cash being obtained or refunded to counterparties to maintain specified collateral levels. The following table summarizes the maturities by category of collateral pledged for repurchase agreements and securities loaned transactions: (Dollars in Millions) Overnight and Less Than Total December 31, 2017 Repurchase agreements U.S. Treasury and agencies $ 25 $ – $ 25 Residential agency mortgage-backed securities 644 30 674 Corporate debt securities 104 – 104 Total repurchase agreements 773 30 803 Securities loaned Corporate debt securities 111 – 111 Total securities loaned 111 – 111 Gross amount of recognized liabilities $ 884 $ 30 $ 914 December 31, 2016 Repurchase agreements U.S. Treasury and agencies $ 60 $ – $ 60 Residential agency mortgage-backed securities 681 30 711 Corporate debt securities 30 – 30 Total repurchase agreements 771 30 801 Securities loaned Corporate debt securities 223 – 223 Total securities loaned 223 – 223 Gross amount of recognized liabilities $ 994 $ 30 $ 1,024 The Company executes its derivative, repurchase/reverse repurchase and securities loaned/borrowed transactions under the respective industry standard agreements. These agreements include master netting arrangements that allow for multiple contracts executed with the same counterparty to be viewed as a single arrangement. This allows for net settlement of a single amount on a daily basis. In the event of default, the master netting arrangement provides for close-out The Company has elected to offset the assets and liabilities under netting arrangements for the balance sheet presentation of the majority of its derivative counterparties, excluding certain centrally cleared derivative contracts due to current uncertainty about the legal enforceability of netting arrangements. The netting occurs at the counterparty level, and includes all assets and liabilities related to the derivative contracts, including those associated with cash collateral received or delivered. The Company has not elected to offset the assets and liabilities under netting arrangements for the balance sheet presentation of repurchase/reverse repurchase and securities loaned/borrowed transactions. The following tables provide information on the Company’s netting adjustments, and items not offset on the Consolidated Balance Sheet but available for offset in the event of default: Gross Recognized Gross Amounts Consolidated (a) Net Amounts Consolidated Gross Amounts Not Offset on (Dollars in Millions) Financial (b) Collateral (c) Net December 31, 2017 Derivative assets (d) $ 1,759 $ (652 ) $ 1,107 $ (110 ) $ (5 ) $ 992 Reverse repurchase agreements 24 – 24 (24 ) – – Securities borrowed 923 – 923 – (896 ) 27 Total $ 2,706 $ (652 ) $ 2,054 $ (134 ) $ (901 ) $ 1,019 December 31, 2016 Derivative assets (d) $ 2,122 $ (984 ) $ 1,138 $ (78 ) $ (10 ) $ 1,050 Reverse repurchase agreements 77 – 77 (60 ) (17 ) – Securities borrowed 944 – 944 (10 ) (909 ) 25 Total $ 3,143 $ (984 ) $ 2,159 $ (148 ) $ (936 ) $ 1,075 (a) Includes $50 million and $210 million of cash collateral related payables that were netted against derivative assets at December 31, 2017 and 2016, 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 $723 million and $848 million at December 31, 2017 and 2016, respectively, of derivative assets not subject to netting arrangements or where uncertainty exists regarding legal enforceability of the netting arrangements. Gross Recognized Gross Amounts Consolidated (a) Net Amounts Consolidated Gross Amounts Not Offset on (Dollars in Millions) Financial (b) Collateral (c) Net December 31, 2017 Derivative liabilities (d) $ 1,629 $ (1,130 ) $ 499 $ (110 ) $ – $ 389 Repurchase agreements 803 – 803 (24 ) (779 ) – Securities loaned 111 – 111 – (110 ) 1 Total $ 2,543 $ (1,130 ) $ 1,413 $ (134 ) $ (889 ) $ 390 December 31, 2016 Derivative liabilities (d) $ 1,951 $ (1,185 ) $ 766 $ (78 ) $ – $ 688 Repurchase agreements 801 – 801 (60 ) (741 ) – Securities loaned 223 – 223 (10 ) (211 ) 2 Total $ 2,975 $ (1,185 ) $ 1,790 $ (148 ) $ (952 ) $ 690 (a) Includes $528 million and $411 million of cash collateral related receivables that were netted against derivative liabilities at December 31, 2017 and 2016, 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 $738 million and $908 million at December 31, 2017 and 2016, respectively, of derivative liabilities not subject to netting arrangements or where uncertainty exists regarding legal enforceability of the netting arrangements. |
Fair Values of Assets and Liabi
Fair Values of Assets and Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Values of Assets and Liabilities | NOTE 21 Fair Values of Assets and Liabilities The Company uses fair value measurements for the initial recording of certain assets and liabilities, periodic remeasurement of certain assets and liabilities, and disclosures. Derivatives, trading and available-for-sale lower-of-cost-or-fair Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A fair value measurement reflects all of the assumptions that market participants would use in pricing the asset or liability, including assumptions about the risk inherent in a particular valuation technique, the effect of a restriction on the sale or use of an asset and the risk of nonperformance. The Company groups its assets and liabilities measured at fair value into a three-level hierarchy for valuation techniques used to measure financial assets and financial liabilities at fair value. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are: – Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 1 includes U.S. Treasury securities, as well as exchange-traded instruments. – Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 includes debt securities that are traded less frequently than exchange-traded instruments and which are typically valued using third party pricing services; derivative contracts and other assets and liabilities, including securities, whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data; and MLHFS whose values are determined using quoted prices for similar assets or pricing models with inputs that are observable in the market or can be corroborated by observable market data. – Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose values are determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. This category includes MSRs, 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, 2017, 2016 and 2015, 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, 2017, 2016 and 2015, 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 services 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, obligations of state and political subdivisions and agency debt 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 non-agency available-for-sale Mortgage Loans Held For Sale Loans non-recurring Mortgage Servicing Rights Derivatives over-the-counter The Company also has other derivative contracts that are created through its operations, including commitments to purchase and originate mortgage loans and swap agreements executed in conjunction with the sale of a portion of its Class B common shares of Visa Inc. (the “Visa swaps”). The mortgage loan commitments are valued by pricing models that include market observable and unobservable inputs, which result in the commitments being classified within Level 3 of the fair value hierarchy. The unobservable inputs include assumptions about the percentage of commitments that actually become a closed loan and the MSR value that is inherent in the underlying loan value, 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 Other Financial Instruments tax-advantaged tax-advantaged tax-advantaged tax-advantaged tax-advantaged tax-advantaged 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 available-for-sale 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. At December 31, 2017, the Company did not have any available-for-sale Mortgage Servicing Rights The following table shows the significant valuation assumption ranges for MSRs at December 31, 2017: Minimum Maximum Average Expected prepayment 6 % 17 % 10 % Option adjusted spread 7 10 8 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, 2017: Minimum Maximum Average Expected loan close rate 6 % 100 % 80 % Inherent MSR value (basis points per loan) (1 ) 184 117 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, 2017, 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 2 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, 2017 Available-for-sale U.S. Treasury and agencies $ 22,572 $ 729 $ – $ – $ 23,301 Mortgage-backed securities Residential Agency – 38,031 – – 38,031 Commercial Agency – 6 – – 6 Asset-backed securities Other – 419 – – 419 Obligations of state and political subdivisions – 6,358 – – 6,358 Other investments 22 – – – 22 Total available-for-sale 22,594 45,543 – – 68,137 Mortgage loans held for sale – 3,534 – – 3,534 Mortgage servicing rights – – 2,645 – 2,645 Derivative assets 6 1,960 516 (652 ) 1,830 Other assets 154 1,163 – – 1,317 Total $ 22,754 $ 52,200 $ 3,161 $ (652 ) $ 77,463 Derivative liabilities $ – $ 1,958 $ 409 $ (1,130 ) $ 1,237 Short-term borrowings and other liabilities (c) 101 894 – – 995 Total $ 101 $ 2,852 $ 409 $ (1,130 ) $ 2,232 December 31, 2016 Available-for-sale U.S. Treasury and agencies $ 16,355 $ 772 $ – $ – $ 17,127 Mortgage-backed securities Residential Agency – 43,138 – – 43,138 Non-agency Prime (a) – – 242 – 242 Non-prime (b) – – 195 – 195 Commercial Agency – 15 – – 15 Asset-backed securities Other – 481 2 – 483 Obligations of state and political subdivisions – 5,039 – – 5,039 Corporate debt securities – – 9 – 9 Other investments 36 – – – 36 Total available-for-sale 16,391 49,445 448 – 66,284 Mortgage loans held for sale – 4,822 – – 4,822 Mortgage servicing rights – – 2,591 – 2,591 Derivative assets – 2,416 554 (984 ) 1,986 Other assets 183 1,137 – – 1,320 Total $ 16,574 $ 57,820 $ 3,593 $ (984 ) $ 77,003 Derivative liabilities $ 7 $ 2,469 $ 383 $ (1,185 ) $ 1,674 Short-term borrowings and other liabilities (c) 142 938 – – 1,080 Total $ 149 $ 3,407 $ 383 $ (1,185 ) $ 2,754 (a) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, (b) Includes all securities not meeting the conditions to be designated as prime. (c) Primarily represents the Company’s obligation on securities sold short required to be accounted for at fair value per applicable accounting guidance. The following table presents the changes in fair value for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31: (Dollars in Millions) Beginning Net Gains Net Gains Purchases Sales Principal Issuances Settlements End of Balance Net Change Held at End of Period 2017 Available-for-sale Mortgage-backed securities Residential non-agency Prime (a) $ 242 $ – $ (2 ) $ – $ (234 ) $ (6 ) $ – $ – $ – $ – Non-prime (b) 195 – (17 ) – (175 ) (3 ) – – – – Asset-backed securities Other 2 – – – (2 ) – – – – – Corporate debt securities 9 – 2 – (11 ) – – – – – Total available-for-sale 448 – (17 ) (e) – (422 ) (9 ) – – – – Mortgage servicing rights 2,591 (404 ) (c) – 13 – – 445 (f) – 2,645 (404 ) (c) Net derivative assets and liabilities 171 317 (d) – 1 (10 ) – – (372 ) 107 (52 ) (g) 2016 Available-for-sale Mortgage-backed securities Residential non-agency Prime (a) $ 318 $ (1 ) $ – $ – $ – $ (75 ) $ – $ – $ 242 $ – Non-prime (b) 240 (1 ) (2 ) – – (42 ) – – 195 (2 ) Asset-backed securities Other 2 – – – – – – – 2 – Corporate debt securities 9 – – – – – – – 9 – Total available-for-sale 569 (2 ) (h) (2 ) (e) – – (117 ) – – 448 (2 ) Mortgage servicing rights 2,512 (488 ) (c) – 43 – – 524 (f) – 2,591 (488 ) (c) Net derivative assets and liabilities 498 332 (i) – 2 (14 ) – – (647 ) 171 (257 ) (j) 2015 Available-for-sale 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 (k) (7 ) (e) – (51 ) (132 ) – – 569 (5 ) Mortgage servicing rights 2,338 (487 ) (c) – 29 – – 632 (f) – 2,512 (487 ) (c) Net derivative assets and liabilities 574 707 (l) – 1 (13 ) – – (771 ) 498 135 (m) (a) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, (b) Includes all securities not meeting the conditions to be designated as prime. (c) Included in mortgage banking revenue. (d) Approximately $21 million included in other noninterest income and $296 million included in mortgage banking revenue. (e) Included in changes in unrealized gains and losses on securities available-for-sale. (f) Represents MSRs capitalized during the period. (g) Approximately $(77) million included in other noninterest income and $25 million included in mortgage banking revenue. (h) Approximately $(3) million included in securities gains (losses) and $1 million included in interest income. (i) Approximately $(77) million included in other noninterest income and $409 million included in mortgage banking revenue. (j) Approximately $(276) million included in other noninterest income and $19 million included in mortgage banking revenue. (k) Included in interest income. (l) Approximately $289 million included in other noninterest income and $418 million included in mortgage banking revenue. (m) Approximately $92 million included in other noninterest income and $43 million included in mortgage banking revenue. The Company is also required periodically to measure certain other financial assets at fair value on a nonrecurring basis. These measurements of fair value usually result from the application of lower-of-cost-or-fair The following table summarizes the balances as of the measurement date of assets measured at fair value on a nonrecurring basis, and still held as of December 31: 2017 2016 (Dollars in Millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Loans (a) $ – $ – $ 150 $ 150 $ – $ – $ 59 $ 59 Other assets (b) – – 31 31 – – 60 60 (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) 2017 2016 2015 Loans (a) $ 171 $ 192 $ 175 Other assets (b) 20 32 42 (a) Represents write-downs of student loans held for sale based on non-binding 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: 2017 2016 (Dollars in Millions) Fair Value Aggregate Carrying Fair Value Aggregate Carrying Total loans $ 3,534 $ 3,434 $ 100 $ 4,822 $ 4,763 $ 59 Nonaccrual loans 1 2 (1 ) 2 3 (1 ) Loans 90 days or more past due 1 1 – 1 1 – Disclosures About Fair Value of Financial Instruments The following table summarizes the estimated fair value for financial instruments as of December 31, 2017 and 2016, 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: 2017 2016 Carrying Fair Value Carrying 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 $ 19,505 $ 19,505 $ – $ – $ 19,505 $ 15,705 $ 15,705 $ – $ – $ 15,705 Federal funds sold and securities purchased under resale agreements 93 – 93 – 93 138 – 138 – 138 Investment securities held-to-maturity 44,362 4,613 39,095 15 43,723 42,991 4,605 37,810 20 42,435 Loans held for sale (a) 20 – – 20 20 4 – – 4 4 Loans 276,507 – – 279,391 279,391 269,394 – – 273,422 273,422 Other financial instruments 2,393 – 1,037 1,364 2,401 2,362 – 920 1,449 2,369 Financial Liabilities Deposits 347,215 – 346,979 – 346,979 334,590 – 334,361 – 334,361 Short-term borrowings (b) 15,656 – 15,447 – 15,447 12,891 – 12,706 – 12,706 Long-term debt 32,259 – 32,377 – 32,377 33,323 – 33,678 – 33,678 Other liabilities 1,556 – – 1,556 1,556 1,702 – – 1,702 1,702 (a) Excludes mortgages held for sale for which the fair value option under applicable accounting guidance was elected. (b) Excludes the Company’s obligation on securities sold short required to be accounted for at fair value per applicable accounting guidance. The fair value of unfunded commitments, deferred non-yield non-yield |
Guarantees and Contingent Liabi
Guarantees and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Guarantees and Contingent Liabilities | NOTE 22 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 pending in the United States District Court for the Eastern District of New York. This case is the largest of the remaining Visa Litigation matters. The district court approved the settlement, but that approval was appealed by certain class members. On June 30, 2016, the United States Court of Appeals for the Second Circuit reversed the approval of the settlement and remanded the case to the district court for further proceedings consistent with the appellate ruling. On November 23, 2016, certain class members filed a petition with the United States Supreme Court asking it to review the Second Circuit’s decision to reject the settlement. On March 27, 2017, the Supreme Court denied the class members’ petition. The case is proceeding in the district court. At December 31, 2017, 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 2017, the Company sold 2.2 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. Upon final settlement of the Visa Litigation, the remaining 2.7 million Class B shares held by the Company will be eligible for conversion to Class A shares of Visa Inc., which are publicly traded. The Class B shares are excluded from the Company’s financial instruments disclosures included in Note 21. Commitments to Extend Credit The contract or notional amounts of unfunded commitments to extend credit at December 31, 2017, excluding those commitments considered derivatives, were as follows: Term (Dollars in Millions) Less Than Greater Than Total Commercial and commercial real estate loans $ 28,903 $ 100,648 $ 129,551 Corporate and purchasing card loans (a) 26,002 – 26,002 Residential mortgages 216 3 219 Retail credit card loans (a) 106,285 – 106,285 Other retail loans 13,707 23,600 37,307 Covered loans – 126 126 Other 5,672 – 5,672 (a) Primarily cancelable at the Company’s discretion. Lease Commitments (Dollars in Millions) Capitalized Operating 2018 $ 17 $ 277 2019 16 250 2020 14 210 2021 11 185 2022 9 159 Thereafter 35 563 Total minimum lease payments 102 $ 1,644 Less amount representing interest 34 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, 2017: (Dollars in Millions) Collateral Carrying Maximum Standby letters of credit $ – $ 52 $ 10,857 Third party borrowing arrangements – – 7 Securities lending indemnifications 2,912 – 2,828 Asset sales – 125 6,683 Merchant processing 481 50 95,780 Tender option bond program guarantee 2,507 – 2,337 Minimum revenue guarantees – – 7 Other – 17 1,290 Letters of Credit The contract or notional amount of letters of credit at December 31, 2017, were as follows: Term (Dollars in Millions) Less Than Greater Than Total Standby $ 4,891 $ 5,966 $ 10,857 Commercial 398 24 422 Guarantees buy-back Third Party Borrowing Arrangements Commitments from Securities Lending Asset Sales tax-advantaged buy-back tax-qualifying buy-back tax-advantaged The maximum potential future payments do not include loan sales where the Company provides standard representation and warranties to the buyer against losses related to loan underwriting documentation defects that may have existed at the time of sale that generally are identified after the occurrence of a triggering event such as delinquency. For these types of loan sales, the maximum potential future payments is generally the unpaid principal balance of loans sold measured at the end of the current reporting period. Actual losses will be significantly less than the maximum exposure, as only a fraction of loans sold will have a representation and warranty breach, and any losses on repurchase would generally be mitigated by any collateral held against the loans. The Company regularly sells loans to GSEs as part of its mortgage banking activities. The Company provides customary representations and warranties to GSEs in conjunction with these sales. These representations and warranties generally require the Company to repurchase assets if it is subsequently determined that a loan did not meet specified criteria, such as a documentation deficiency or rescission of mortgage insurance. If the Company is unable to cure or refute a repurchase request, the Company is generally obligated to repurchase the loan or otherwise reimburse the counterparty for losses. At December 31, 2017, the Company had reserved $13 million for potential losses from representation and warranty obligations, compared with $19 million at December 31, 2016. 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, 2017 and 2016, the Company had $9 million and $7 million, respectively, of unresolved representation and warranty claims from GSEs. The Company does not have a significant amount of unresolved claims from investors other than GSEs. Merchant Processing 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 $95.8 billion. In most cases, this contingent liability is unlikely to arise, as most products and services are delivered when purchased and amounts are refunded when items are returned to merchants. However, where the product or service has been purchased but is not provided until a future date (“future delivery”), the potential for this contingent liability increases. To mitigate this risk, the Company may require the merchant to make an escrow deposit, place maximum volume limitations on future delivery transactions processed by the merchant at any point in time, or require various credit enhancements (including letters of credit and bank guarantees). Also, merchant processing contracts may include event triggers to provide the Company more financial and operational control in the event of financial deterioration of the merchant. The Company currently processes card transactions in the United States, Canada, Europe and Mexico through wholly-owned subsidiaries and 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 the purchase price of such products or services purchased through the credit card associations under the charge-back provisions. Charge-back risk related to these merchants is evaluated in a manner similar to credit risk assessments and, as such, merchant processing contracts contain various provisions to protect the Company in the event of default. At December 31, 2017, the value of airline tickets purchased to be delivered at a future date through card transactions processed by the Company was $6.6 billion. The Company held collateral of $378 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 $3 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, 2017, the liability was $37 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, 2017, the Company held $100 million of merchant escrow deposits as collateral and had a recorded liability for potential losses of $13 million. Tender Option Bond Program Guarantee available-for-sale Minimum Revenue Guarantees Other Guarantees and Commitments The Company has also made other financial performance guarantees and commitments primarily related to the operations of its subsidiaries. At December 31, 2017, the maximum potential future payments guaranteed or committed by the Company under these arrangements were approximately $609 million. Litigation and Regulatory Matters Litigation Matters Regulatory Matters 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). On February 13, 2018, the Company entered into a deferred prosecution agreement (the “DPA”) with the United States Attorney’s Office in Manhattan that resolves its investigation of the Company concerning a legacy banking relationship between U.S. Bank and payday lending businesses associated with former customer Scott Tucker and U.S. Bank’s legacy Bank Secrecy Act/anti-money laundering compliance program. Under the terms of the DPA, the Company settled all allegations with the United States Attorney’s Office for the sum of $528 million (which is being credited for the amount of the civil money penalty paid to the Office of the Comptroller of the Currency (the “OCC”), as described below for a net payment to the U.S. Attorney’s Office of $453 million) and agreed to, among other things, continue its ongoing efforts to implement and maintain an adequate Bank Secrecy Act/anti-money-laundering compliance program and to provide related reports to the U.S. Attorney’s Office. The DPA defers prosecution for a period of two years, subject to the Company’s compliance with its terms. If the Company violates the DPA, its term could be extended up to an additional one year, or the Company could be subject to a prosecution or civil action based on the matters that are the subject of the DPA. In addition, the Company and certain of its affiliates entered into related regulatory settlements with the OCC, the Financial Crimes Enforcement Network (“FinCEN”) and the Board of Governors of the Federal Reserve System (“Federal Reserve”). U.S. Bank consented to the issuance of a consent order and entered into a stipulation and consent to the issuance of an order for a civil money penalty with the OCC, and was assessed a civil money penalty of $75 million by the OCC, resulting from the OCC’s 2015 Consent Order (as described below) and related review of the Company’s legacy Bank Secrecy Act/anti-money laundering compliance program. U.S. Bank also entered into a related stipulation and order of dismissal with FinCEN, which requires, among other things, an ongoing commitment to provide resources to its Bank Secrecy Act/anti-money laundering compliance program and related reporting to FinCEN and provides for payment of a civil money penalty of $185 million (which will be deemed satisfied if the Company pays the penalty required under the DPA and also pays $70 million to FinCEN). In addition, the Company and USB Americas Holding Company, a subsidiary of U.S. Bank, entered into a consent order to cease and desist and order of assessment of a civil money penalty with the Federal Reserve concerning deficiencies in the Company’s firm-wide Bank Secrecy Act/anti-money laundering compliance program and sanctions compliance program, which requires the payment of a civil money penalty of $15 million and, among other things, enhancements related to those programs. The Company has paid a total of $613 million for the penalties described above. The Company had previously accrued amounts to cover each of these matters, which were reflected in the Company’s Consolidated Balance Sheet at December 31, 2017. In October 2015, the Company entered into a Consent Order with the OCC concerning deficiencies in the Company’s Bank Secrecy Act/anti-money laundering compliance program, and requiring an ongoing review of that program. Some of the compliance program enhancements and other actions required by the Consent Order have already been, or are currently in the process of being, implemented, and are not expected to be material to the Company. In April 2011, the Company and certain other large financial institutions entered into Consent Orders with the OCC and the Federal Reserve 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. The Federal Reserve terminated its 2011 Consent Order in January 2018. Outlook |
U.S. Bancorp (Parent Company)
U.S. Bancorp (Parent Company) | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
U.S. Bancorp (Parent Company) | NOTE 23 U.S. Bancorp (Parent Company) Condensed Balance Sheet At December 31 (Dollars in Millions) 2017 2016 Assets Due from banks, principally interest-bearing $ 9,157 $ 7,800 Available-for-sale 963 225 Investments in bank subsidiaries 46,435 44,955 Investments in nonbank subsidiaries 2,540 2,326 Advances to bank subsidiaries 3,300 3,800 Advances to nonbank subsidiaries 2,055 1,265 Other assets 1,079 1,052 Total assets $ 65,529 $ 61,423 Liabilities and Shareholders’ Equity Short-term funds borrowed $ 1 $ 22 Long-term debt 15,769 13,045 Other liabilities 719 1,058 Shareholders’ equity 49,040 47,298 Total liabilities and shareholders’ equity $ 65,529 $ 61,423 Condensed Income Statement Year Ended December 31 (Dollars in Millions) 2017 2016 2015 Income Dividends from bank subsidiaries $ 4,800 $ 2,100 $ 3,900 Dividends from nonbank subsidiaries 5 4 3 Interest from subsidiaries 159 140 120 Other income 41 57 55 Total income 5,005 2,301 4,078 Expense Interest expense 402 327 292 Other expense 124 123 105 Total expense 526 450 397 Income before income taxes and equity in undistributed income of subsidiaries 4,479 1,851 3,681 Applicable income taxes (176 ) (97 ) (207 ) Income of parent company 4,655 1,948 3,888 Equity in undistributed income of subsidiaries 1,563 3,940 1,991 Net income attributable to U.S. Bancorp $ 6,218 $ 5,888 $ 5,879 Condensed Statement of Cash Flows Year Ended December 31 (Dollars in Millions) 2017 2016 2015 Operating Activities Net income attributable to U.S. Bancorp $ 6,218 $ 5,888 $ 5,879 Adjustments to reconcile net income to net cash provided by operating activities Equity in undistributed income of subsidiaries (1,563 ) (3,940 ) (1,991 ) Other, net (125 ) 75 507 Net cash provided by operating activities 4,530 2,023 4,395 Investing Activities Proceeds from sales and maturities of investment securities 100 232 153 Purchases of investment securities (844 ) (120 ) (47 ) Net increase in short-term advances to subsidiaries (790 ) (442 ) (273 ) Long-term advances to subsidiaries – (750 ) (500 ) Principal collected on long-term advances to subsidiaries 500 100 – Other, net (12 ) (12 ) (6 ) Net cash used in investing activities (1,046 ) (992 ) (673 ) Financing Activities Net decrease in short-term borrowings (21 ) (3 ) (152 ) Proceeds from issuance of long-term debt 3,920 3,550 – Principal payments or redemption of long-term debt (1,250 ) (1,926 ) (1,750 ) Proceeds from issuance of preferred stock 993 – 745 Proceeds from issuance of common stock 159 355 295 Repurchase of preferred stock (1,085 ) – – Repurchase of common stock (2,631 ) (2,556 ) (2,190 ) Cash dividends paid on preferred stock (284 ) (267 ) (242 ) Cash dividends paid on common stock (1,928 ) (1,810 ) (1,777 ) Net cash used in financing activities (2,127 ) (2,657 ) (5,071 ) Change in cash and due from banks 1,357 (1,626 ) (1,349 ) Cash and due from banks at beginning of year 7,800 9,426 10,775 Cash and due from banks at end of year $ 9,157 $ 7,800 $ 9,426 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, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 24 Subsequent Events The Company has evaluated the impact of events that have occurred subsequent to December 31, 2017 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 Polici32
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
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: Corporate and Commercial Banking non-profit Consumer and Business Banking on-line Wealth Management and Investment Services Payment Services Treasury and Corporate Support tax-advantaged 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 Available-for-sale Held-to-maturity 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 |
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 (non-impaired non-impaired In determining the acquisition date fair value of purchased impaired loans, and in subsequent accounting, the Company generally aggregates purchased consumer loans and certain smaller balance commercial loans into pools of loans with common risk characteristics, while accounting for larger balance commercial loans individually. Expected cash flows at the purchase date in excess of the fair value of loans are recorded as interest income over the life of the loans if the timing and amount of the future cash flows is reasonably estimable. Subsequent to the purchase date, increases in cash flows over those expected at the purchase date are recognized as interest income prospectively. The present value of any decreases in expected cash flows, other than from decreases in variable interest rates, after the purchase date is recognized by recording an allowance for credit losses. Revolving loans, including lines of credit and credit cards loans, and leases are excluded from purchased impaired loans accounting. For purchased loans acquired after January 1, 2009 that are not deemed impaired at acquisition, credit discounts representing the principal losses expected over the life of the loan are a component of the initial fair value. Subsequent to the purchase date, the methods utilized to estimate the required allowance for credit losses for these loans is similar to originated loans; however, the Company records a provision for credit losses only when the required allowance exceeds any remaining credit discounts. The remaining differences between the purchase price and the unpaid principal balance at the date of acquisition are recorded in interest income over the life of the loans. 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. For each loan type, this historical loss experience is adjusted as necessary to consider any relevant changes in portfolio composition, lending policies, underwriting standards, risk management practices or economic conditions. The results of the analysis are evaluated quarterly to confirm the selected loss experience is appropriate for each commercial loan type. The allowance recorded for impaired loans greater than $5 million in the commercial lending segment is based on an individual loan analysis utilizing expected cash flows discounted using the original effective interest rate, the observable market price of the loan, or the fair value of the collateral, less selling costs, for collateral-dependent loans, rather than the migration analysis. The allowance recorded for all other commercial lending segment loans is determined on a homogenous pool basis and includes consideration of product mix, risk characteristics of the portfolio, delinquency status, bankruptcy experience, portfolio growth and historical losses, adjusted for current trends. The Company also considers the impacts of any loan modifications made to commercial lending segment loans and any subsequent payment defaults to its expectations of cash flows, principal balance, and current expectations about the borrower’s ability to pay in determining the allowance for credit losses. The allowance recorded for Troubled Debt Restructuring (“TDR”) loans and purchased impaired loans in the consumer lending segment is determined on a homogenous pool basis utilizing expected cash flows discounted using the original effective interest rate of the pool, or the prior quarter effective rate, respectively. The allowance for collateral-dependent loans in the consumer lending segment is determined based on the fair value of the collateral less costs to sell. The allowance recorded for all other consumer lending segment loans is determined on a homogenous pool basis and includes consideration of product mix, risk characteristics of the portfolio, bankruptcy experience, delinquency status, refreshed loan-to-value The allowance for the covered loan segment is evaluated each quarter in a manner similar to that described for non-covered In addition, subsequent payment defaults on loan modifications considered TDRs are considered in the underlying factors used in the determination of the appropriateness of the allowance for credit losses. For each loan segment, the Company estimates future loan charge-offs through a variety of analysis, trends and underlying assumptions. With respect to the commercial lending segment, TDRs may be collectively evaluated for impairment where observed performance history, including defaults, is a primary driver of the loss allocation. For commercial TDRs individually evaluated for impairment, attributes of the borrower are the primary factors in determining the allowance for credit losses. However, historical loss experience is also incorporated into the allowance methodology applied to this category of loans. With respect to the consumer lending segment, performance of the portfolio, including defaults on TDRs, is considered when estimating future cash flows. The Company’s methodology for determining the appropriate allowance for credit losses for each loan segment also considers the imprecision inherent in the methodologies used. As a result, in addition to the amounts determined under the methodologies described above, management also considers the potential impact of other qualitative factors which include, but are not limited to, economic factors; geographic and other concentration risks; delinquency and nonaccrual trends; current business conditions; changes in lending policy, underwriting standards and other relevant business practices; results of internal review; and the regulatory environment. The consideration of these items results in adjustments to allowance amounts included in the Company’s allowance for credit losses for each of the above loan segments. The Company also assesses the credit risk associated with off-balance off-balance Credit Quality For all loan classes, loans are considered past due based on the number of days delinquent except for monthly amortizing loans which are classified delinquent based upon the number of contractually required payments not made (for example, two missed payments is considered 30 days delinquent). When a loan is placed on nonaccrual status, unpaid accrued interest is reversed, reducing interest income in the current period. Commercial lending segment loans are generally placed on nonaccrual status when the collection of principal and interest has become 90 days past due or is otherwise considered doubtful. Commercial lending segment loans are generally fully or partially charged down to the fair value of the collateral securing the loan, less costs to sell, when the loan is placed on nonaccrual. Consumer lending segment loans are generally charged-off 1-4 charge-off 1-4 family charged-off. charged-off 1-4 charged-off charged-off charge-off. For all loan classes, interest payments received on nonaccrual loans are generally recorded as a reduction to a loan’s carrying amount while a loan is on nonaccrual and are recognized as interest income upon payoff of the loan. However, interest income may be recognized for interest payments if the remaining carrying amount of the loan is believed to be collectible. In certain circumstances, loans in any class may be restored to accrual status, such as when a loan has demonstrated sustained repayment performance or no amounts are past due and prospects for future payment are no longer in doubt; or when the loan becomes well secured and is in the process of collection. Loans where there has been a partial charge-off charged-off) Covered loans not considered to be purchased impaired are evaluated for delinquency, nonaccrual status and charge-off The Company classifies its loan portfolios using internal credit quality ratings on a quarterly basis. These ratings include pass, special mention and classified, and are an important part of the Company’s overall credit risk management process and evaluation of the allowance for credit losses. Loans with a pass rating represent those loans not classified on the Company’s rating scale for problem credits, as minimal credit risk has been identified. Special mention loans are those loans that have a potential weakness deserving management’s close attention. Classified loans are those loans where a well-defined weakness has been identified that may put full collection of contractual cash flows at risk. It is possible that others, given the same information, may reach different reasonable conclusions regarding the credit quality rating classification of specific loans. Troubled Debt Restructurings The Company has implemented certain restructuring programs that may result in TDRs. However, many of the Company’s TDRs are also determined on a case-by-case For the commercial lending segment, modifications generally result in the Company working with borrowers on a case-by-case Modifications for the consumer lending segment are generally part of programs the Company has initiated. The Company modifies residential mortgage loans under Federal Housing Administration, United States Department of Veterans Affairs, or its own internal programs. Under these programs, the Company offers qualifying homeowners the opportunity to permanently modify their loan and achieve more affordable monthly payments by providing loan concessions. These concessions may include adjustments to interest rates, conversion of adjustable rates to fixed rates, extension of maturity dates or deferrals of payments, capitalization of accrued interest and/or outstanding advances, or in limited situations, partial forgiveness of loan principal. In most instances, participation in residential mortgage loan restructuring programs requires the customer to complete a short-term trial period. A permanent loan modification is contingent on the customer successfully completing the trial period arrangement, and the loan documents are not modified until that time. The Company reports loans in a trial period arrangement as TDRs and continues to report them as TDRs after the trial period. Credit card and other retail loan TDRs are generally part of distinct restructuring programs providing customers experiencing financial difficulty with modifications whereby balances may be amortized up to 60 months, and generally include waiver of fees and reduced interest rates. In addition, the Company considers secured loans to consumer borrowers that have debt discharged through bankruptcy where the borrower has not reaffirmed the debt to be TDRs. Modifications to loans in the covered segment are similar in nature to that described above for non-covered 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. re-marketing Other Real Estate |
Loans Held for Sale | Loans Held For Sale Loans held for sale (“LHFS”) represent mortgage loans intended to be sold in the secondary market and other loans that management has an active plan to sell. LHFS are carried at the lower-of-cost-or-fair Where an election is made to carry the LHFS at fair value, any change in fair value is recognized in noninterest income. Where an election is made to carry LHFS at lower-of-cost-or-fair |
Derivative Financial Instruments | Derivative Financial Instruments In the ordinary course of business, the Company enters into derivative transactions to manage various risks and to accommodate the business requirements of its customers. Derivative instruments are reported in other assets or other liabilities at fair value. Changes in a derivative’s fair value are recognized currently in earnings unless specific hedge accounting criteria are met. All derivative instruments that qualify and are designated for hedge accounting are recorded at fair value and classified as either a hedge of the fair value of a recognized asset or liability (“fair value hedge”); a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”); or a hedge of the volatility of a net investment in foreign operations driven by changes in foreign currency exchange rates (“net investment hedge”). Changes in the fair value of a derivative that is highly effective and designated as a fair value hedge, and the offsetting changes in the fair value of the hedged item, are recorded in earnings. Changes in the fair value of a derivative that is highly effective and designated as a cash flow hedge are recorded in other comprehensive income (loss) until cash flows of the hedged item are realized. 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 In the ordinary course of business, the Company recognizes income derived from various revenue generating activities. Certain revenues are generated from contracts where they are recognized when, or as services or products are transferred to customers for amounts the Company expects to be entitled. Revenue generating activities related to financial assets and liabilities are also recognized; including mortgage servicing fees, loan commitment fees, foreign currency remeasurements, and gains and losses on securities, equity investments and unconsolidated subsidiaries. Certain specific policies include the following: Credit and Debit Card Revenue Corporate Payment Products Revenue Merchant Processing Services point-of-sale ATM Processing Services Trust and Investment Management Fees Deposit Service Charges Treasury Management Fees Commercial Products Revenue non-yield Mortgage Banking Revenue Investment Products Fees Other Noninterest Income |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets |
Income Taxes | Income Taxes |
Mortgage Servicing Rights | Mortgage Servicing Rights |
Pensions | Pensions year-end |
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 two-class two-class |
Accounting Changes | Stock-Based Compensation Revenue Recognition Financial Instruments — Hedge Accounting Accounting for Leases Financial Instruments—Credit Losses |
Accounting for Transfers and Servicing of Financial Assets | The Company transfers financial assets in the normal course of business. The majority of the Company’s financial asset transfers are residential mortgage loan sales primarily to government-sponsored enterprises (“GSEs”), transfers of tax-advantaged For loans sold under participation agreements, the Company also considers whether the terms of the loan participation agreement meet the accounting definition of a participating interest. With the exception of servicing and certain performance-based guarantees, the Company’s continuing involvement with financial assets sold is minimal and generally limited to market customary representation and warranty clauses. Any gain or loss on sale depends on the previous carrying amount of the transferred financial assets, the consideration received, and any liabilities incurred in exchange for the transferred assets. Upon transfer, any servicing assets and other interests that continue to be held by the Company are initially recognized at fair value. For further information on MSRs, refer to Note 9. On a limited basis, the Company may acquire and package high-grade corporate bonds for select corporate customers, in which the Company generally has no continuing involvement with these transactions. Additionally, the Company is an authorized GNMA issuer and issues GNMA securities on a regular basis. The Company has no other asset securitizations or similar asset-backed financing arrangements that are off-balance |
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 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 typically include offsetting rights (referred to as netting arrangements), and depending on expected volume, credit risk, and counterparty preference, collateral maintenance may be required. For all derivatives under collateral support arrangements, fair value is determined daily and, depending on the collateral maintenance requirements, the Company and a counterparty may receive or deliver collateral, based upon the net fair value of all derivative positions between the Company and the counterparty. Collateral is typically cash, but securities may be allowed under collateral arrangements with certain counterparties. Receivables and payables related to cash collateral are included in other assets and other liabilities on the Consolidated Balance Sheet, along with the related derivative asset and liability fair values. Any securities pledged to counterparties as collateral remain on the Consolidated Balance Sheet. Securities received from counterparties as collateral are not recognized on the Consolidated Balance Sheet, unless the counterparty defaults. In general, securities used as collateral can be sold, repledged or otherwise used by the party in possession. No restrictions exist on the use of cash collateral by either party. As part of the Company’s treasury and broker-dealer operations, the Company executes transactions that are treated as securities sold under agreements to repurchase or securities purchased under agreements to resell, both of which are accounted for as collateralized financings. Securities sold under agreements to repurchase include repurchase agreements and securities loaned transactions. Securities purchased under agreements to resell include reverse repurchase agreements and securities borrowed transactions. For securities sold under agreements to repurchase, the Company records a liability for the cash received, which is included in short-term borrowings on the Consolidated Balance Sheet. For securities purchased under agreements to resell, the Company records a receivable for the cash paid, which is included in other assets on the Consolidated Balance Sheet. Securities transferred to counterparties under repurchase agreements and securities loaned transactions continue to be recognized on the Consolidated Balance Sheet, are measured at fair value, and are included in investment securities or other assets. Securities received from counterparties under reverse repurchase agreements and securities borrowed transactions are not recognized on the Consolidated Balance Sheet unless the counterparty defaults. The securities transferred under repurchase and reverse repurchase transactions typically are U.S. Treasury and agency securities 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. The Company executes its derivative, repurchase/reverse repurchase and securities loaned/borrowed transactions under the respective industry standard agreements. These agreements include master netting arrangements that allow for multiple contracts executed with the same counterparty to be viewed as a single arrangement. This allows for net settlement of a single amount on a daily basis. In the event of default, the master netting arrangement provides for close-out The Company has elected to offset the assets and liabilities under netting arrangements for the balance sheet presentation of the majority of its derivative counterparties, excluding certain centrally cleared derivative contracts due to current uncertainty about the legal enforceability of netting arrangements. The netting occurs at the counterparty level, and includes all assets and liabilities related to the derivative contracts, including those associated with cash collateral received or delivered. The Company has not elected to offset the assets and liabilities under netting arrangements for the balance sheet presentation of repurchase/reverse repurchase and securities loaned/borrowed transactions. |
Fair Values of Assets and Liabilities | The Company uses fair value measurements for the initial recording of certain assets and liabilities, periodic remeasurement of certain assets and liabilities, and disclosures. Derivatives, trading and available-for-sale lower-of-cost-or-fair Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A fair value measurement reflects all of the assumptions that market participants would use in pricing the asset or liability, including assumptions about the risk inherent in a particular valuation technique, the effect of a restriction on the sale or use of an asset and the risk of nonperformance. The Company groups its assets and liabilities measured at fair value into a three-level hierarchy for valuation techniques used to measure financial assets and financial liabilities at fair value. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are: – Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 1 includes U.S. Treasury securities, as well as exchange-traded instruments. – Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 includes debt securities that are traded less frequently than exchange-traded instruments and which are typically valued using third party pricing services; derivative contracts and other assets and liabilities, including securities, whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data; and MLHFS whose values are determined using quoted prices for similar assets or pricing models with inputs that are observable in the market or can be corroborated by observable market data. – Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose values are determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. This category includes MSRs, 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. 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 Polici33
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Line of Business Financial Performance | TABLE 25 Line of Business Financial Performance Corporate and Commercial Banking Consumer and Business Banking Year Ended December 31 (Dollars in Millions) 2017 2016 Percent 2017 2016 Percent Condensed Income Statement Net interest income (taxable-equivalent basis) $ 2,425 $ 2,241 8.2 % $ 5,117 $ 4,752 7.7 % Noninterest income 900 897 .3 2,445 2,526 (3.2 ) Securities gains (losses), net (3 ) 2 * – – – Total net revenue 3,322 3,140 5.8 7,562 7,278 3.9 Noninterest expense 1,566 1,440 8.8 5,117 5,058 1.2 Other intangibles 4 4 – 30 32 (6.3 ) Total noninterest expense 1,570 1,444 8.7 5,147 5,090 1.1 Income before provision and income taxes 1,752 1,696 3.3 2,415 2,188 10.4 Provision for credit losses (14 ) 365 * 354 93 * Income before income taxes 1,766 1,331 32.7 2,061 2,095 (1.6 ) Income taxes and taxable-equivalent adjustment 643 485 32.6 750 763 (1.7 ) Net income 1,123 846 32.7 1,311 1,332 (1.6 ) Net (income) loss attributable to noncontrolling interests – – – – – – Net income attributable to U.S. Bancorp $ 1,123 $ 846 32.7 $ 1,311 $ 1,332 (1.6 ) Average Balance Sheet Commercial $ 73,538 $ 70,856 3.8 % $ 10,163 $ 10,352 (1.8 )% Commercial real estate 20,456 21,183 (3.4 ) 18,437 18,231 1.1 Residential mortgages 6 8 (25.0 ) 55,960 53,402 4.8 Credit card – – – – – – Other retail – 2 * 53,296 50,247 6.1 Total loans, excluding covered loans 94,000 92,049 2.1 137,856 132,232 4.3 Covered loans – – – 3,445 4,196 (17.9 ) Total loans 94,000 92,049 2.1 141,301 136,428 3.6 Goodwill 1,647 1,647 – 3,681 3,682 – Other intangible assets 13 17 (23.5 ) 2,739 2,422 13.1 Assets 102,586 100,570 2.0 155,835 151,759 2.7 Noninterest-bearing deposits 36,001 36,912 (2.5 ) 27,983 27,516 1.7 Interest checking 9,950 8,616 15.5 47,332 43,593 8.6 Savings products 45,773 42,300 8.2 60,632 57,442 5.6 Time deposits 16,136 13,077 23.4 12,903 14,274 (9.6 ) Total deposits 107,860 100,905 6.9 148,850 142,825 4.2 Total U.S. Bancorp shareholders’ equity 9,872 8,996 9.7 11,468 11,192 2.5 * Not meaningful Wealth Management and Investment Services Payment Services Treasury and Corporate Support Consolidated Company 2017 2016 Percent 2017 2016 Percent 2017 2016 Percent 2017 2016 Percent $ 763 $ 537 42.1 % $ 2,223 $ 2,141 3.8 % $ 1,918 $ 2,060 (6.9 )% $ 12,446 $ 11,731 6.1 % 1,646 1,589 3.6 3,613 3,562 1.4 950 981 (3.2 ) 9,554 9,555 – – – – – – – 60 20 * 57 22 * 2,409 2,126 13.3 5,836 5,703 2.3 2,928 3,061 (4.3 ) 22,057 21,308 3.5 1,608 1,511 6.4 2,761 2,601 6.2 1,718 887 93.7 12,770 11,497 11.1 20 24 (16.7 ) 121 119 1.7 – – – 175 179 (2.2 ) 1,628 1,535 6.1 2,882 2,720 6.0 1,718 887 93.7 12,945 11,676 10.9 781 591 32.1 2,954 2,983 (1.0 ) 1,210 2,174 (44.3 ) 9,112 9,632 (5.4 ) (1 ) (4 ) 75.0 1,082 869 24.5 (31 ) 1 * 1,390 1,324 5.0 782 595 31.4 1,872 2,114 (11.4 ) 1,241 2,173 (42.9 ) 7,722 8,308 (7.1 ) 284 216 31.5 682 770 (11.4 ) (890 ) 130 * 1,469 2,364 (37.9 ) 498 379 31.4 1,190 1,344 (11.5 ) 2,131 2,043 4.3 6,253 5,944 5.2 – – – (13 ) (32 ) 59.4 (22 ) (24 ) 8.3 (35 ) (56 ) 37.5 $ 498 $ 379 31.4 $ 1,177 $ 1,312 (10.3 ) $ 2,109 $ 2,019 4.5 $ 6,218 $ 5,888 5.6 $ 3,434 $ 2,916 17.8 % $ 8,082 $ 7,535 7.3 % $ 687 $ 384 78.9 % $ 95,904 $ 92,043 4.2 % 508 523 (2.9 ) – – – 2,676 3,103 (13.8 ) 42,077 43,040 (2.2 ) 2,818 2,272 24.0 – – – – – – 58,784 55,682 5.6 – – – 20,906 20,490 2.0 – – – 20,906 20,490 2.0 1,660 1,557 6.6 460 524 (12.2 ) – – – 55,416 52,330 5.9 8,420 7,268 15.9 29,448 28,549 3.1 3,363 3,487 (3.6 ) 273,087 263,585 3.6 – – – – – – 5 30 (83.3 ) 3,450 4,226 (18.4 ) 8,420 7,268 15.9 29,448 28,549 3.1 3,368 3,517 (4.2 ) 276,537 267,811 3.3 1,568 1,567 .1 2,465 2,463 .1 – – – 9,361 9,359 – 81 101 (19.8 ) 401 493 (18.7 ) – – – 3,234 3,033 6.6 11,588 10,358 11.9 35,020 34,389 1.8 143,553 136,237 5.4 448,582 433,313 3.5 14,819 13,716 8.0 1,037 951 9.0 2,093 2,081 .6 81,933 81,176 .9 10,628 9,477 12.1 – – – 43 40 7.5 67,953 61,726 10.1 42,905 36,570 17.3 102 97 5.2 457 491 (6.9 ) 149,869 136,900 9.5 4,003 3,876 3.3 – – – 717 1,781 (59.7 ) 33,759 33,008 2.3 72,355 63,639 13.7 1,139 1,048 8.7 3,310 4,393 (24.7 ) 333,514 312,810 6.6 2,373 2,382 (.4 ) 6,269 6,389 (1.9 ) 18,484 18,380 .6 48,466 47,339 2.4 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | TABLE 13 Investment Securities Available-for-Sale Held-to-Maturity At December 31, 2017 (Dollars in Millions) Amortized Fair Weighted- Weighted- (e) Amortized Fair Weighted- Weighted- (e) U.S. Treasury and Agencies Maturing in one year or less $ 4,985 $ 4,965 .5 .85 % $ – $ – – – % Maturing after one year through five years 16,683 16,465 3.4 1.67 1,794 1,776 3.5 1.81 Maturing after five years through ten years 1,918 1,871 5.7 1.84 3,387 3,290 6.1 1.80 Maturing after ten years – – – – – – – – Total $ 23,586 $ 23,301 3.0 1.51 % $ 5,181 $ 5,066 5.2 1.80 % Mortgage-Backed Securities (a) Maturing in one year or less $ 79 $ 80 .5 4.33 % $ 85 $ 85 .5 2.99 % Maturing after one year through five years 17,637 17,424 4.4 2.08 23,307 22,968 3.8 2.10 Maturing after five years through ten years 18,391 18,179 5.9 2.22 15,497 15,305 5.7 2.31 Maturing after ten years 2,349 2,354 12.8 2.47 261 261 12.3 2.37 Total $ 38,456 $ 38,037 5.6 2.18 % $ 39,150 $ 38,619 4.6 2.19 % Asset-Backed Securities (a) Maturing in one year or less $ – $ – – – % $ – $ 1 .4 2.12 % Maturing after one year through five years 328 332 3.7 3.00 4 4 3.2 2.28 Maturing after five years through ten years 85 87 5.0 3.23 2 3 5.6 2.25 Maturing after ten years – – – – – 4 16.3 2.06 Total $ 413 $ 419 4.0 3.04 % $ 6 $ 12 4.1 2.27 % Obligations of State and Political Subdivisions (b)(c) Maturing in one year or less $ 183 $ 184 .2 7.40 % $ – $ – – – % Maturing after one year through five years 662 688 3.2 5.93 1 1 3.7 7.82 Maturing after five years through ten years 4,428 4,532 8.7 5.33 5 6 8.2 2.53 Maturing after ten years 967 954 19.8 5.02 – – – – Total $ 6,240 $ 6,358 9.6 5.41 % $ 6 $ 7 7.6 3.24 % Other Debt Securities Maturing in one year or less $ – $ – – – % $ – $ – – – % Maturing after one year through five years – – – – 19 19 2.5 2.26 Maturing after five years through ten years – – – – – – – – Maturing after ten years – – – – – – – – Total $ – $ – – – % $ 19 $ 19 2.5 2.26 % Other Investments $ 22 $ 22 – .01 % $ – $ – – – % Total investment securities (d) $ 68,717 $ 68,137 5.1 2.25 % $ 44,362 $ 43,723 4.7 2.14 % (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 held-to-maturity (e) Weighted-average yields for obligations of state and political subdivisions are presented on a fully-taxable equivalent basis under a federal income tax rate of 35 percent for the periods presented. Yields on available-for-sale held-to-maturity available-for-sale held-to-maturity. 2017 2016 At December 31 (Dollars in Millions) Amortized Percent Amortized Percent U.S. Treasury and agencies $ 28,767 25.5 % $ 22,560 20.5 % Mortgage-backed securities 77,606 68.6 81,698 74.3 Asset-backed securities 419 .4 483 .4 Obligations of state and political subdivisions 6,246 5.5 5,173 4.7 Other debt securities and investments 41 – 62 .1 Total investment securities $ 113,079 100.0 % $ 109,976 100.0 % |
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 available-for-sale 2017 2016 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 $ 5,181 $ 5 $ – $ (120 ) $ 5,066 $ 5,246 $ 12 $ – $ (132 ) $ 5,126 Mortgage-backed securities Residential Agency 39,150 48 – (579 ) 38,619 37,706 85 – (529 ) 37,262 Non-agency non-prime (d) – – – – – 1 – – – 1 Asset-backed securities Collateralized debt obligations/Collateralized loan obligations – 4 – – 4 – 5 – – 5 Other 6 2 – – 8 8 3 – – 11 Obligations of state and political subdivisions 6 1 – – 7 6 1 – – 7 Obligations of foreign governments 7 – – – 7 9 – – – 9 Other debt securities 12 – – – 12 15 – – (1 ) 14 Total held-to-maturity $ 44,362 $ 60 $ – $ (699 ) $ 43,723 $ 42,991 $ 106 $ – $ (662 ) $ 42,435 (a) Held-to-maturity available-for-sale held-to-maturity (b) Available-for-sale (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-to-value loan-to-value (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 available-for-sale 2017 2016 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 $ 23,586 $ 3 $ – $ (288 ) $ 23,301 $ 17,314 $ 11 $ – $ (198 ) $ 17,127 Mortgage-backed securities Residential Agency 38,450 152 – (571 ) 38,031 43,558 225 – (645 ) 43,138 Non-agency Prime (c) – – – – – 240 6 (3 ) (1 ) 242 Non-prime (d) – – – – – 178 20 (3 ) – 195 Commercial agency 6 – – – 6 15 – – – 15 Other asset-backed securities 413 6 – – 419 475 8 – – 483 Obligations of state and political subdivisions 6,240 147 – (29 ) 6,358 5,167 55 – (183 ) 5,039 Corporate debt securities – – – – – 11 – – (2 ) 9 Other investments 22 – – – 22 27 9 – – 36 Total available-for-sale $ 68,717 $ 308 $ – $ (888 ) $ 68,137 $ 66,985 $ 334 $ (6 ) $ (1,029 ) $ 66,284 (a) Held-to-maturity available-for-sale held-to-maturity (b) Available-for-sale (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-to-value loan-to-value (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 Year Ended December 31 (Dollars in Millions) 2017 2016 2015 Taxable $ 2,043 $ 1,878 $ 1,778 Non-taxable 189 200 223 Total interest income from investment securities $ 2,232 $ 2,078 $ 2,001 |
Amount of Gross Gains and Losses Realized through Sales of Available-for-Sale Investment Securities | The following table provides information about the amount of gross gains and losses realized through the sales of available-for-sale Year Ended December 31 (Dollars in Millions) 2017 2016 2015 Realized gains $ 75 $ 93 $ 7 Realized losses (18 ) (66 ) (6 ) Net realized gains (losses) $ 57 $ 27 $ 1 Income tax (benefit) on net realized gains (losses) $ 22 $ 10 $ – |
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, 2017: Less Than 12 Months 12 Months or Greater Total (Dollars in Millions) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Held-to-maturity U.S. Treasury and agencies $ 2,109 $ (18 ) $ 2,596 $ (102 ) $ 4,705 $ (120 ) Residential agency mortgage-backed securities 17,484 (152 ) 15,308 (427 ) 32,792 (579 ) Other asset-backed securities – – 2 – 2 – Other debt securities – – 12 – 12 – Total held-to-maturity $ 19,593 $ (170 ) $ 17,918 $ (529 ) $ 37,511 $ (699 ) Available-for-sale U.S. Treasury and agencies $ 13,911 $ (128 ) $ 9,124 $ (160 ) $ 23,035 $ (288 ) Residential agency mortgage-backed securities 9,132 (75 ) 20,635 (496 ) 29,767 (571 ) Obligations of state and political subdivisions 151 (1 ) 1,313 (28 ) 1,464 (29 ) Other investments – – 1 – 1 – Total available-for-sale $ 23,194 $ (204 ) $ 31,073 $ (684 ) $ 54,267 $ (888 ) |
Loans and Allowance for Credi35
Loans and Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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) 2017 2016 Commercial Commercial $ 91,958 $ 87,928 Lease financing 5,603 5,458 Total commercial 97,561 93,386 Commercial Real Estate Commercial mortgages 29,367 31,592 Construction and development 11,096 11,506 Total commercial real estate 40,463 43,098 Residential Mortgages Residential mortgages 46,685 43,632 Home equity loans, first liens 13,098 13,642 Total residential mortgages 59,783 57,274 Credit Card 22,180 21,749 Other Retail Retail leasing 7,988 6,316 Home equity and second mortgages 16,327 16,369 Revolving credit 3,183 3,282 Installment 8,989 8,087 Automobile 18,934 17,571 Student 1,903 2,239 Total other retail 57,324 53,864 Total loans, excluding covered loans 277,311 269,371 Covered Loans 3,121 3,836 Total loans $ 280,432 $ 273,207 |
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) 2017 2016 2015 Balance at beginning of period $ 698 $ 957 $ 1,309 Accretion (386 ) (392 ) (382 ) Disposals (83 ) (110 ) (132 ) Reclassifications from nonaccretable difference (a) 129 244 163 Other (8 ) (1 ) (1 ) Balance at end of period $ 350 $ 698 $ 957 (a) Primarily relates to changes in expected credit performance. |
Activity in Allowance for Credit Losses by Portfolio Class | Activity in the allowance for credit losses by portfolio class was as follows: (Dollars in Millions) Commercial Commercial Real Estate Residential Mortgages Credit Card Other Retail Total Loans, Excluding Covered Loans Covered Loans Total Loans Balance at December 31, 2016 $ 1,450 $ 812 $ 510 $ 934 $ 617 $ 4,323 $ 34 $ 4,357 Add Provision for credit losses 186 19 (24 ) 908 304 1,393 (3 ) 1,390 Deduct Loans charged-off 414 30 65 887 355 1,751 – 1,751 Less recoveries of loans charged-off (150 ) (30 ) (28 ) (101 ) (112 ) (421 ) – (421 ) Net loans charged-off 264 – 37 786 243 1,330 – 1,330 Other changes (a) – – – – – – – – Balance at December 31, 2017 $ 1,372 $ 831 $ 449 $ 1,056 $ 678 $ 4,386 $ 31 $ 4,417 Balance at December 31, 2015 $ 1,287 $ 724 $ 631 $ 883 $ 743 $ 4,268 $ 38 $ 4,306 Add Provision for credit losses 488 75 (61 ) 728 95 1,325 (1 ) 1,324 Deduct Loans charged-off 417 22 85 759 332 1,615 – 1,615 Less recoveries of loans charged-off (92 ) (35 ) (25 ) (83 ) (111 ) (346 ) – (346 ) Net loans charged-off 325 (13 ) 60 676 221 1,269 – 1,269 Other changes (a) – – – (1 ) – (1 ) (3 ) (4 ) Balance at December 31, 2016 $ 1,450 $ 812 $ 510 $ 934 $ 617 $ 4,323 $ 34 $ 4,357 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 (a) Includes net changes in credit losses to be reimbursed by the FDIC and reductions in the allowance for covered loans where the reversal of a previously recorded allowance was offset by an associated decrease in the indemnification asset, and the impact of any loan sales. |
Additional Detail of Allowance for Credit Losses and Related Loan Balances by Portfolio Class | Additional detail of the allowance for credit losses by portfolio class was as follows: (Dollars in Millions) Commercial Commercial Real Estate Residential Mortgages Credit Card Other Retail Total Loans, Excluding Covered Loans Covered Loans Total Loans Allowance Balance at December 31, 2017 Related to Loans individually evaluated for impairment (a) $ 23 $ 4 $ – $ – $ – $ 27 $ – $ 27 TDRs collectively evaluated for impairment 14 4 139 60 19 236 1 237 Other loans collectively evaluated for impairment 1,335 818 310 996 659 4,118 – 4,118 Loans acquired with deteriorated credit quality – 5 – – – 5 30 35 Total allowance for credit losses $ 1,372 $ 831 $ 449 $ 1,056 $ 678 $ 4,386 $ 31 $ 4,417 Allowance Balance at December 31, 2016 Related to Loans individually evaluated for impairment (a) $ 50 $ 4 $ – $ – $ – $ 54 $ – $ 54 TDRs collectively evaluated for impairment 12 4 180 65 20 281 1 282 Other loans collectively evaluated for impairment 1,388 798 330 869 597 3,982 – 3,982 Loans acquired with deteriorated credit quality – 6 – – – 6 33 39 Total allowance for credit losses $ 1,450 $ 812 $ 510 $ 934 $ 617 $ 4,323 $ 34 $ 4,357 (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 Real Estate Residential Mortgages Credit Card Other Retail Total Loans, Excluding Covered (b) Total Loans December 31, 2017 Loans individually evaluated for impairment (a) $ 337 $ 71 $ – $ – $ – $ 408 $ – $ 408 TDRs collectively evaluated for impairment 148 145 3,524 230 186 4,233 36 4,269 Other loans collectively evaluated for impairment 97,076 40,174 56,258 21,950 57,138 272,596 1,073 273,669 Loans acquired with deteriorated credit quality – 73 1 – – 74 2,012 2,086 Total loans $ 97,561 $ 40,463 $ 59,783 $ 22,180 $ 57,324 $ 277,311 $ 3,121 $ 280,432 December 31, 2016 Loans individually evaluated for impairment (a) $ 623 $ 70 $ – $ – $ – $ 693 $ – $ 693 TDRs collectively evaluated for impairment 145 146 3,678 222 173 4,364 35 4,399 Other loans collectively evaluated for impairment 92,611 42,751 53,595 21,527 53,691 264,175 1,553 265,728 Loans acquired with deteriorated credit quality 7 131 1 – – 139 2,248 2,387 Total loans $ 93,386 $ 43,098 $ 57,274 $ 21,749 $ 53,864 $ 269,371 $ 3,836 $ 273,207 (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 Class, Including Delinquency Status of those that Continue to Accrue Interest and are Nonperforming | The following table provides a summary of loans by portfolio class, including the delinquency status of those that continue to accrue interest, and those that are nonperforming: Accruing (Dollars in Millions) Current 30-89 Days Past Due 90 Days or More Past Due Nonperforming Total December 31, 2017 Commercial $ 97,005 $ 250 $ 57 $ 249 $ 97,561 Commercial real estate 40,279 36 6 142 40,463 Residential mortgages (a) 59,013 198 130 442 59,783 Credit card 21,593 302 284 1 22,180 Other retail 56,685 376 95 168 57,324 Total loans, excluding covered loans 274,575 1,162 572 1,002 277,311 Covered loans 2,917 50 148 6 3,121 Total loans $ 277,492 $ 1,212 $ 720 $ 1,008 $ 280,432 December 31, 2016 Commercial $ 92,588 $ 263 $ 52 $ 483 $ 93,386 Commercial real estate 42,922 44 8 124 43,098 Residential mortgages (a) 56,372 151 156 595 57,274 Credit card 21,209 284 253 3 21,749 Other retail 53,340 284 83 157 53,864 Total loans, excluding covered loans 266,431 1,026 552 1,362 269,371 Covered loans 3,563 55 212 6 3,836 Total loans $ 269,994 $ 1,081 $ 764 $ 1,368 $ 273,207 (a) At December 31, 2017, $385 million of loans 30–89 days past due and $1.9 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 United States Department of Veterans Affairs, were classified as current, compared with $273 million and $2.5 billion at December 31, 2016, respectively. |
Summary of Loans by Portfolio Class and Company's Internal Credit Quality Rating | The following table provides a summary of loans by portfolio class and the Company’s internal credit quality rating: Criticized (Dollars in Millions) Pass Special Mention Classified (a) Total Criticized Total December 31, 2017 Commercial $ 95,297 $ 1,130 $ 1,134 $ 2,264 $ 97,561 Commercial real estate 39,162 648 653 1,301 40,463 Residential mortgages (b) 59,141 16 626 642 59,783 Credit card 21,895 – 285 285 22,180 Other retail 57,009 6 309 315 57,324 Total loans, excluding covered loans 272,504 1,800 3,007 4,807 277,311 Covered loans 3,072 – 49 49 3,121 Total loans $ 275,576 $ 1,800 $ 3,056 $ 4,856 $ 280,432 Total outstanding commitments $ 584,072 $ 3,142 $ 3,987 $ 7,129 $ 591,201 December 31, 2016 Commercial $ 89,739 $ 1,721 $ 1,926 $ 3,647 $ 93,386 Commercial real estate 41,634 663 801 1,464 43,098 Residential mortgages (b) 56,457 10 807 817 57,274 Credit card 21,493 – 256 256 21,749 Other retail 53,576 6 282 288 53,864 Total loans, excluding covered loans 262,899 2,400 4,072 6,472 269,371 Covered loans 3,766 – 70 70 3,836 Total loans $ 266,665 $ 2,400 $ 4,142 $ 6,542 $ 273,207 Total outstanding commitments $ 562,704 $ 4,920 $ 5,629 $ 10,549 $ 573,253 (a) Classified rating on consumer loans primarily based on delinquency status. (b) At December 31, 2017, $1.9 billion of GNMA loans 90 days or more past due and $1.7 billion of restructured GNMA loans whose repayments are insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs were classified with a pass rating, compared with $2.5 billion and $1.6 billion at December 31, 2016, 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 Recorded Investment (a) Unpaid Principal Balance Valuation Allowance Commitments to Lend Additional Funds December 31, 2017 Commercial $ 550 $ 915 $ 44 $ 199 Commercial real estate 280 596 11 – Residential mortgages 1,946 2,339 116 1 Credit card 230 230 60 – Other retail 302 400 22 4 Total loans, excluding GNMA and covered loans 3,308 4,480 253 204 Loans purchased from GNMA mortgage pools 1,681 1,681 25 – Covered loans 38 44 1 – Total $ 5,027 $ 6,205 $ 279 $ 204 December 31, 2016 Commercial $ 849 $ 1,364 $ 68 $ 284 Commercial real estate 293 697 10 – Residential mortgages 2,274 2,847 153 – Credit card 222 222 64 – Other retail 281 456 22 4 Total loans, excluding GNMA and covered loans 3,919 5,586 317 288 Loans purchased from GNMA mortgage pools 1,574 1,574 28 – Covered loans 36 42 1 1 Total $ 5,529 $ 7,202 $ 346 $ 289 (a) Substantially all loans classified as impaired at December 31, 2017 and 2016, had an associated allowance for credit losses. The total amount of interest income recognized during 2017 on loans classified as impaired at December 31, 2017, excluding those acquired with deteriorated credit quality, was $204 million, compared to what would have been recognized at the original contractual terms of the loans of $265 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 Recorded Investment Interest Income Recognized 2017 Commercial $ 683 $ 7 Commercial real estate 273 11 Residential mortgages 2,135 103 Credit card 229 3 Other retail 287 14 Total loans, excluding GNMA and covered loans 3,607 138 Loans purchased from GNMA mortgage pools 1,672 65 Covered loans 37 1 Total $ 5,316 $ 204 2016 Commercial $ 799 $ 9 Commercial real estate 324 15 Residential mortgages 2,422 124 Credit card 214 4 Other retail 293 13 Total loans, excluding GNMA and covered loans 4,052 165 Loans purchased from GNMA mortgage pools 1,620 71 Covered loans 38 1 Total $ 5,710 $ 237 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 |
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 of Loans Pre-Modification Outstanding Loan Balance Post-Modification Outstanding Loan Balance 2017 Commercial 2,758 $ 380 $ 328 Commercial real estate 128 82 78 Residential mortgages 800 90 88 Credit card 33,615 161 162 Other retail 3,881 79 68 Total loans, excluding GNMA and covered loans 41,182 792 724 Loans purchased from GNMA mortgage pools 6,791 881 867 Covered loans 11 2 2 Total loans 47,984 $ 1,675 $ 1,593 2016 Commercial 2,352 $ 844 $ 699 Commercial real estate 102 259 256 Residential mortgages 1,576 168 178 Credit card 31,394 151 153 Other retail 2,235 41 40 Total loans, excluding GNMA and covered loans 37,659 1,463 1,326 Loans purchased from GNMA mortgage pools 11,260 1,274 1,267 Covered loans 39 6 7 Total loans 48,958 $ 2,743 $ 2,600 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 |
Summary of Loans Modified as TDRs in the Past Twelve Months that have Subsequently Defaulted | The following table provides a summary of TDR loans that defaulted (fully or partially charged-off (Dollars in Millions) Number Amount 2017 Commercial 724 $ 53 Commercial real estate 36 9 Residential mortgages 374 41 Credit card 8,372 36 Other retail 415 5 Total loans, excluding GNMA and covered loans 9,921 144 Loans purchased from GNMA mortgage pools 1,369 177 Covered loans 4 – Total loans 11,294 $ 321 2016 Commercial 531 $ 24 Commercial real estate 27 12 Residential mortgages 132 17 Credit card 6,827 30 Other retail 434 9 Total loans, excluding GNMA and covered loans 7,951 92 Loans purchased from GNMA mortgage pools 202 25 Covered loans 4 1 Total loans 8,157 $ 118 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 |
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: 2017 2016 (Dollars in Millions) Purchased Impaired Loans Purchased Nonimpaired Loans Other Total Purchased Impaired Loans Purchased Nonimpaired Loans Other Total Residential mortgage loans $ 2,012 $ 400 $ – $ 2,412 $ 2,248 $ 506 $ – $ 2,754 Other retail loans – 151 – 151 – 278 – 278 Losses reimbursable by the FDIC (a) – – 320 320 – – 381 381 Unamortized changes in FDIC asset (b) – – 238 238 – – 423 423 Covered loans 2,012 551 558 3,121 2,248 784 804 3,836 Foreclosed real estate – – 21 21 – – 26 26 Total covered assets $ 2,012 $ 551 $ 579 $ 3,142 $ 2,248 $ 784 $ 830 $ 3,862 (a) Relates to loss sharing agreements with remaining terms up through the fourth quarter of 2019. (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 Commercial Loans by Industry Group and Geography 2017 2016 At December 31 (Dollars in Millions) Loans Percent Loans Percent Industry Group Manufacturing $ 14,710 15.1 % $ 13,779 14.8 % Real estate, rental and leasing 12,461 12.8 10,553 11.3 Retail trade 8,952 9.2 7,573 8.1 Finance and insurance 8,639 8.8 8,728 9.3 Wholesale trade 7,383 7.6 7,552 8.1 Healthcare and social assistance 6,517 6.7 6,345 6.8 Public administration 5,116 5.2 4,546 4.9 Arts, entertainment and recreation 3,853 3.9 3,340 3.6 Professional, scientific and technical services 3,499 3.6 3,744 4.0 Educational services 3,414 3.5 3,167 3.4 Information 3,403 3.5 3,597 3.8 Transport and storage 3,198 3.3 3,561 3.8 Utilities 1,933 2.0 1,747 1.9 Other services 1,698 1.7 1,625 1.7 Mining 1,590 1.6 1,645 1.8 Agriculture, forestry, fishing and hunting 1,429 1.5 1,449 1.5 Other 9,766 10.0 10,435 11.2 Total $ 97,561 100.0 % $ 93,386 100.0 % Geography California $ 14,086 14.4 % $ 12,677 13.6 % Colorado 3,979 4.1 4,362 4.7 Illinois 5,245 5.4 4,636 5.0 Minnesota 7,406 7.6 7,093 7.6 Missouri 3,525 3.6 3,536 3.8 Ohio 4,330 4.5 4,270 4.6 Oregon 2,044 2.1 2,090 2.2 Washington 3,699 3.8 3,447 3.7 Wisconsin 3,539 3.6 3,512 3.8 Iowa, Kansas, Nebraska, North Dakota, South Dakota 4,806 4.9 4,900 5.2 Arkansas, Indiana, Kentucky, Tennessee 5,206 5.3 5,168 5.5 Idaho, Montana, Wyoming 1,225 1.3 1,251 1.3 Arizona, Nevada, New Mexico, Utah 3,836 3.9 3,487 3.7 Total banking region 62,926 64.5 60,429 64.7 Florida, Michigan, New York, Pennsylvania, Texas 16,408 16.8 15,467 16.6 All other states 18,227 18.7 17,490 18.7 Total outside Company’s banking region 34,635 35.5 32,957 35.3 Total $ 97,561 100.0 % $ 93,386 100.0 % |
Commercial Real Estate Loans by Property Type and Geography Excluding Covered Loans | TABLE 8 Commercial Real Estate Loans by Property Type and Geography 2017 2016 At December 31 (Dollars in Millions) Loans Percent Loans Percent Property Type Business owner occupied $ 10,205 25.2 % $ 10,899 25.3 % Commercial property Industrial 1,580 3.9 1,631 3.8 Office 5,023 12.4 5,536 12.8 Retail 4,502 11.1 4,997 11.6 Other commercial 3,757 9.3 4,064 9.4 Multi-family 8,922 22.0 9,607 22.3 Hotel/motel 3,719 9.2 3,791 8.8 Residential homebuilders 2,489 6.2 2,311 5.4 Healthcare facilities 266 .7 262 .6 Total $ 40,463 100.0 % $ 43,098 100.0 % Geography California $ 9,558 23.6 % $ 10,734 24.9 % Colorado 1,764 4.4 1,819 4.2 Illinois 1,605 4.0 1,678 3.9 Minnesota 2,031 5.0 2,177 5.0 Missouri 1,359 3.3 1,372 3.2 Ohio 1,445 3.6 1,462 3.4 Oregon 1,847 4.6 2,094 4.9 Washington 3,499 8.6 3,435 8.0 Wisconsin 2,036 5.0 2,161 5.0 Iowa, Kansas, Nebraska, North Dakota, South Dakota 2,210 5.5 2,312 5.4 Arkansas, Indiana, Kentucky, Tennessee 1,889 4.7 1,810 4.2 Idaho, Montana, Wyoming 1,163 2.9 1,271 2.9 Arizona, Nevada, New Mexico, Utah 3,134 7.7 3,257 7.6 Total banking region 33,540 82.9 35,582 82.6 Florida, Michigan, New York, Pennsylvania, Texas 3,688 9.1 3,829 8.9 All other states 3,235 8.0 3,687 8.5 Total outside Company’s banking region 6,923 17.1 7,516 17.4 Total $ 40,463 100.0 % $ 43,098 100.0 % |
Summary of Nonperforming Assets | TABLE 16 Nonperforming Assets (a) At December 31 (Dollars in Millions) 2017 2016 2015 2014 2013 Commercial Commercial $ 225 $ 443 $ 160 $ 99 $ 122 Lease financing 24 40 14 13 12 Total commercial 249 483 174 112 134 Commercial Real Estate Commercial mortgages 108 87 92 175 182 Construction and development 34 37 35 84 121 Total commercial real estate 142 124 127 259 303 Residential Mortgages (b) 442 595 712 864 770 Credit Card 1 3 9 30 78 Other Retail Retail leasing 8 2 3 1 1 Home equity and second mortgages 126 128 136 170 167 Other 34 27 23 16 23 Total other retail 168 157 162 187 191 Total nonperforming loans, excluding covered loans 1,002 1,362 1,184 1,452 1,476 Covered Loans 6 6 8 14 127 Total nonperforming loans 1,008 1,368 1,192 1,466 1,603 Other Real Estate (c)(d) 141 186 280 288 327 Covered Other Real Estate (d) 21 26 32 37 97 Other Assets 30 23 19 17 10 Total nonperforming assets $ 1,200 $ 1,603 $ 1,523 $ 1,808 $ 2,037 Total nonperforming assets, excluding covered assets $ 1,173 $ 1,571 $ 1,483 $ 1,757 $ 1,813 Excluding covered assets Accruing loans 90 days or more past due (b) $ 572 $ 552 $ 541 $ 550 $ 713 Nonperforming loans to total loans .36 % .51 % .46 % .60 % .65 % Nonperforming assets to total loans plus other real estate (c) .42 % .58 % .58 % .72 % .80 % Including covered assets Accruing loans 90 days or more past due (b) $ 720 $ 764 $ 831 $ 945 $ 1,189 Nonperforming loans to total loans .36 % .50 % .46 % .59 % .68 % Nonperforming assets to total loans plus other real estate (c) .43 % .59 % .58 % .73 % .86 % Changes in Nonperforming Assets (Dollars in Millions) Commercial and Residential Covered Total Balance December 31, 2016 $ 623 $ 948 $ 32 $ 1,603 Additions to nonperforming assets New nonaccrual loans and foreclosed properties 559 392 22 973 Advances on loans 28 1 – 29 Total additions 587 393 22 1,002 Reductions in nonperforming assets Paydowns, payoffs (415 ) (210 ) (8 ) (633 ) Net sales (50 ) (172 ) (19 ) (241 ) Return to performing status (43 ) (142 ) – (185 ) Charge-offs (e) (298 ) (48 ) – (346 ) Total reductions (806 ) (572 ) (27 ) (1,405 ) Net additions to (reductions in) nonperforming assets (219 ) (179 ) (5 ) (403 ) Balance December 31, 2017 $ 404 $ 769 $ 27 $ 1,200 (a) Throughout this document, nonperforming assets and related ratios do not include accruing loans 90 days or more past due. (b) Excludes $1.9 billion, $2.5 billion, $2.9 billion, $3.1 billion and $3.7 billion at December 31, 2017, 2016, 2015, 2014 and 2013, 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 United States Department of Veterans Affairs. (c) Foreclosed GNMA loans of $267 million, $373 million, $535 million, $641 million and $527 million at December 31, 2017, 2016, 2015, 2014 and 2013, 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 United States 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 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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) 2017 2016 Aggregate future minimum lease payments to be received $ 12,709 $ 11,257 Unguaranteed residual values accruing to the lessor’s benefit 1,731 1,175 Unearned income (1,205 ) (1,023 ) Initial direct costs 274 237 Total net investment in sales-type and direct financing leases (a) $ 13,509 $ 11,646 (a) The accumulated allowance for uncollectible minimum lease payments was $94 million and $83 million at December 31, 2017 and 2016, 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, 2017: (Dollars in Millions) 2018 $ 3,709 2019 3,643 2020 3,239 2021 1,180 2022 410 Thereafter 528 |
Accounting for Transfers and 37
Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Investments in Community Development and Tax-advantaged VIEs | The following table provides a summary of investments in community development and tax-advantaged At December 31 (Dollars in Millions) 2017 2016 Investment carrying amount $ 5,660 $ 5,009 Unfunded capital and other commitments 2,770 2,477 Maximum exposure to loss 12,120 10,373 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | Premises and equipment at December 31 consisted of the following: (Dollars in Millions) 2017 2016 Land $ 520 $ 516 Buildings and improvements 3,425 3,383 Furniture, fixtures and equipment 2,951 2,798 Capitalized building and equipment leases 130 125 Construction in progress 35 29 7,061 6,851 Less accumulated depreciation and amortization (4,629 ) (4,408 ) Total $ 2,432 $ 2,443 |
Mortgage Servicing Rights (Tabl
Mortgage Servicing Rights (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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) 2017 2016 2015 Balance at beginning of period $ 2,591 $ 2,512 $ 2,338 Rights purchased 13 43 29 Rights capitalized 445 524 632 Changes in fair value of MSRs Due to fluctuations in market interest rates (a) (23 ) (55 ) (58 ) Due to revised assumptions or models (b) 18 19 10 Other changes in fair value (c) (399 ) (452 ) (439 ) Balance at end of period $ 2,645 $ 2,591 $ 2,512 (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 option adjusted spread, as well as the impact of any model changes. (c) Primarily represents changes due to realization of expected cash flows over time (decay). |
Sensitivity to Changes in Interest Rates of the 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: 2017 2016 (Dollars in Millions) Down Down Down Up Up 50 bps Up Down Down Down Up Up 50 bps Up MSR portfolio $ (520 ) $ (231 ) $ (109 ) $ 95 $ 177 $ 302 $ (476 ) $ (209 ) $ (98 ) $ 85 $ 159 $ 270 Derivative instrument hedges 453 216 105 (96 ) (184 ) (336 ) 375 180 88 (84 ) (165 ) (314 ) Net sensitivity $ (67 ) $ (15 ) $ (4 ) $ (1 ) $ (7 ) $ (34 ) $ (101 ) $ (29 ) $ (10 ) $ 1 $ (6 ) $ (44 ) |
MSRs and Related Characteristics by Portfolio | A summary of the Company’s MSRs and related characteristics by portfolio as of December 31 follows: 2017 2016 (Dollars in Millions) HFA Government Conventional (c) Total HFA Government Conventional (c) Total Servicing portfolio (a) $ 40,737 $ 36,756 $ 155,353 $ 232,846 $ 34,746 $ 37,530 $ 157,771 $ 230,047 Fair value $ 450 $ 428 $ 1,767 $ 2,645 $ 398 $ 422 $ 1,771 $ 2,591 Value (bps) (b) 110 116 114 114 115 112 112 113 Weighted-average servicing fees (bps) 35 34 27 29 36 34 27 30 Multiple (value/servicing fees) 3.17 3.38 4.24 3.86 3.19 3.29 4.15 3.77 Weighted-average note rate 4.43 % 3.92 % 4.02 % 4.08 % 4.37 % 3.95 % 4.02 % 4.06 % Weighted-average age (in years) 3.0 4.3 4.2 4.0 2.9 3.8 3.8 3.7 Weighted-average expected prepayment (constant prepayment rate) 9.8 % 11.6 % 9.7 % 10.0 % 9.4 % 11.3 % 9.8 % 10.0 % Weighted-average expected life (in years) 7.7 6.5 6.9 7.0 8.0 6.8 6.9 7.0 Weighted-average option adjusted spread (d) 9.9 % 9.2 % 7.2 % 8.0 % 9.9 % 9.2 % 7.2 % 8.0 % (a) Represents principal balance of mortgages having corresponding MSR asset. (b) Calculated as fair value divided by the servicing portfolio. (c) Represents loans sold primarily to GSEs. (d) Option adjusted spread is the incremental spread added to the risk-free rate to reflect optionality and other risk inherent in the MSRs. |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 2017 2016 Goodwill (c) $ 9,434 $ 9,344 Merchant processing contracts 7 years/8 years SL/AC 89 108 Core deposit benefits 22 years/5 years SL/AC 131 161 Mortgage servicing rights (c) 2,645 2,591 Trust relationships 10 years/7 years SL/AC 45 59 Other identified intangibles 6 years/4 years SL/AC 318 384 Total $ 12,662 $ 12,647 (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) 2017 2016 2015 Merchant processing contracts $ 24 $ 28 $ 35 Core deposit benefits 30 34 40 Trust relationships 14 16 21 Other identified intangibles 107 101 78 Total $ 175 $ 179 $ 174 |
Estimated Amortization Expense | The estimated amortization expense for the next five years is as follows: (Dollars in Millions) 2018 $ 148 2019 119 2020 93 2021 71 2022 51 |
Changes in Carrying Value of Goodwill | The following table reflects the changes in the carrying value of goodwill for the years ended December 31, 2017, 2016 and 2015: (Dollars in Millions) Corporate and Consumer and Wealth Management and Payment Treasury and Consolidated Balance at December 31, 2014 $ 1,648 $ 3,680 $ 1,570 $ 2,491 $ – $ 9,389 Foreign exchange translation and other (1 ) 1 (3 ) (25 ) – (28 ) Balance at December 31, 2015 $ 1,647 $ 3,681 $ 1,567 $ 2,466 $ – $ 9,361 Foreign exchange translation and other – – (1 ) (16 ) – (17 ) Balance at December 31, 2016 $ 1,647 $ 3,681 $ 1,566 $ 2,450 $ – $ 9,344 Goodwill acquired – – – 62 – 62 Foreign exchange translation and other – – 3 25 – 28 Balance at December 31, 2017 $ 1,647 $ 3,681 $ 1,569 $ 2,537 $ – $ 9,434 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Banking and Thrift [Abstract] | |
Composition of Deposits | The composition of deposits at December 31 was as follows: (Dollars in Millions) 2017 2016 Noninterest-bearing deposits $ 87,557 $ 86,097 Interest-bearing deposits Interest checking 74,520 66,298 Money market savings 107,973 109,947 Savings accounts 43,809 41,783 Time deposits 33,356 30,465 Total interest-bearing deposits 259,658 248,493 Total deposits $ 347,215 $ 334,590 |
Maturities of Time Deposits Outstanding | The maturities of time deposits outstanding at December 31, 2017 were as follows: (Dollars in Millions) 2018 $ 27,158 2019 2,712 2020 1,570 2021 1,226 2022 685 Thereafter 5 Total $ 33,356 |
Short-Term Borrowings (Tables)
Short-Term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Summary of Short-Term Borrowings | The following table is a summary of short-term borrowings for the last three years: 2017 2016 2015 (Dollars in Millions) Amount Rate Amount Rate Amount Rate At year-end Federal funds purchased $ 252 .77 % $ 447 .30 % $ 647 .23 % Securities sold under agreements to repurchase 803 .61 801 .12 1,092 .02 Commercial paper 8,303 .68 10,010 .30 22,022 .21 Other short-term borrowings 7,293 2.13 2,705 1.00 4,116 .69 Total $ 16,651 1.31 % $ 13,963 .43 % $ 27,877 .27 % Average for the year Federal funds purchased (b) $ 528 34.57 % $ 1,015 17.17 % $ 1,169 15.05 % Securities sold under agreements to repurchase 917 .44 891 .18 973 .10 Commercial paper 8,236 .49 14,827 .26 21,892 .12 Other short-term borrowings 5,341 1.90 3,173 1.67 3,926 1.13 Total (b) $ 15,022 2.18 % $ 19,906 1.34 % $ 27,960 .89 % Maximum month-end Federal funds purchased $ 600 $ 2,487 $ 1,868 Securities sold under agreements to repurchase 927 1,177 1,124 Commercial paper 9,950 21,441 23,101 Other short-term borrowings 7,293 6,771 7,656 (a) Interest and rates are presented on a fully taxable-equivalent basis utilizing a tax rate of 35 percent for the periods presented. (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 2017, 2016 and 2015 was $178 million, $171 million and $175 million, respectively. |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 2017 2016 U.S. Bancorp (Parent Company) Subordinated notes Fixed 2.950 % 2022 $ 1,300 $ 1,300 Fixed 3.600 % 2024 1,000 1,000 Fixed 7.500 % 2026 199 199 Fixed 3.100 % 2026 1,000 1,000 Medium-term notes Fixed .850% - 4.125 % 2018 - 2027 11,299 8,800 Floating 1.767% - 2.005 % 2018 - 2022 1,000 750 Other (b) (29 ) (4 ) Subtotal 15,769 13,045 Subsidiaries Federal Home Loan Bank advances Fixed 1.250% - 8.250 % 2018 - 2026 208 10 Floating 1.557% - 1.973 % 2018 - 2026 5,272 8,559 Bank notes Fixed 1.400% - 2.800 % 2019 - 2025 6,200 6,800 Floating 1.063% - 1.858 % 2019 - 2057 3,810 3,898 Other (c) 1,000 1,011 Subtotal 16,490 20,278 Total $ 32,259 $ 33,323 (a) Weighted-average interest rates of medium-term notes, Federal Home Loan Bank advances and bank notes were 2.51 percent, 1.83 percent and 1.86 percent, respectively. (b) Includes debt issuance fees and unrealized gains and losses and deferred amounts relating to derivative instruments. (c) Includes consolidated community development and tax-advantaged |
Maturities of Long-term Debt Outstanding | Maturities of long-term debt outstanding at December 31, 2017, were: (Dollars in Millions) Parent Consolidated 2018 $ 1,499 $ 2,572 2019 1,497 8,001 2020 – 3,047 2021 2,196 2,215 2022 3,790 4,074 Thereafter 6,787 12,350 Total $ 15,769 $ 32,259 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Regulatory Capital Ratios | TABLE 23 Regulatory Capital Ratios U.S. Bancorp U.S. Bank National Association At December 31 (Dollars in Millions) 2017 2016 2017 2016 Basel III transitional standardized approach: Common equity tier 1 capital $ 34,369 $ 33,720 $ 37,586 $ 36,914 Tier 1 capital 39,806 39,421 37,701 37,114 Total risk-based capital 47,503 47,355 45,466 44,853 Risk-weighted assets 367,771 358,237 361,973 352,023 Common equity tier 1 capital as a percent of risk-weighted assets 9.3 % 9.4 % 10.4 % 10.5 % Tier 1 capital as a percent of risk-weighted assets 10.8 11.0 10.4 10.5 Total risk-based capital as a percent of risk-weighted assets 12.9 13.2 12.6 12.7 Tier 1 capital as a percent of adjusted quarterly average assets (leverage ratio) 8.9 9.0 8.6 8.6 Basel III transitional advanced approaches: Common equity tier 1 capital $ 34,369 $ 33,720 $ 37,586 $ 36,914 Tier 1 capital 39,806 39,421 37,701 37,114 Total risk-based capital 44,477 44,264 42,414 41,737 Risk-weighted assets 287,211 277,141 281,659 271,920 Common equity tier 1 capital as a percent of risk-weighted assets 12.0 % 12.2 % 13.3 % 13.6 % Tier 1 capital as a percent of risk-weighted assets 13.9 14.2 13.4 13.6 Total risk-based capital as a percent of risk-weighted assets 15.5 16.0 15.1 15.3 Bank Regulatory Capital Requirements Minimum Well- Capitalized 2017 Common equity tier 1 capital as a percent of risk-weighted assets 5.750 % 6.500 % Tier 1 capital as a percent of risk-weighted assets 7.250 8.000 Total risk-based capital as a percent of risk-weighted assets 9.250 10.000 Tier 1 capital as a percent of adjusted quarterly average assets (leverage ratio) 4.000 5.000 2016 Common equity tier 1 capital as a percent of risk-weighted assets 5.125 % 6.500 % Tier 1 capital as a percent of risk-weighted assets 6.625 8.000 Total risk-based capital as a percent of risk-weighted assets 8.625 10.000 Tier 1 capital as a percent of adjusted quarterly average assets (leverage ratio) 4.000 5.000 |
Number of Shares Issued and Outstanding and Carrying Amount of Preferred Stock | The number of shares issued and outstanding and the carrying amount of each outstanding series of the Company’s preferred stock were as follows: 2017 2016 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 Series H 20,000 500 13 487 20,000 500 13 487 Series I 30,000 750 5 745 30,000 750 5 745 Series J 40,000 1,000 7 993 – – – – Total preferred stock (a) 186,510 $ 5,601 $ 182 $ 5,419 189,910 $ 5,686 $ 185 $ 5,501 (a) The par value of all shares issued and outstanding at December 31, 2017 and 2016, 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 2017 49 $ 2,622 2016 61 2,600 2015 52 2,246 |
Reconciliation of Transactions Affecting Accumulated Other Comprehensive Income (Loss) Included in Shareholders' Equity | Shareholders’ equity is affected by transactions and valuations of asset and liability positions that require adjustments to accumulated other comprehensive income (loss). The reconciliation of the transactions affecting accumulated other comprehensive income (loss) included in shareholders’ equity for the years ended December 31, is as follows: (Dollars in Millions) Unrealized Gains Available-For- Sale Unrealized Gains Available-For-Sale Held-To-Maturity Unrealized Gains Unrealized Gains Foreign Currency Total 2017 Balance at beginning of period $ (431 ) $ 25 $ 55 $ (1,113 ) $ (71 ) $ (1,535 ) Changes in unrealized gains and losses 178 – (5 ) (41 ) – 132 Foreign currency translation adjustment (a) – – – – (2 ) (2 ) Reclassification to earnings of realized gains and losses (57 ) (13 ) 30 117 – 77 Applicable income taxes (47 ) 5 (9 ) (29 ) 4 (76 ) Balance at end of period $ (357 ) $ 17 $ 71 $ (1,066 ) $ (69 ) $ (1,404 ) 2016 Balance at beginning of period $ 111 $ 36 $ (67 ) $ (1,056 ) $ (43 ) $ (1,019 ) Changes in unrealized gains and losses (858 ) – 74 (255 ) – (1,039 ) Other-than-temporary impairment not recognized in earnings on securities available-for-sale (1 ) – – – – (1 ) Foreign currency translation adjustment (a) – – – – (28 ) (28 ) Reclassification to earnings of realized gains and losses (22 ) (18 ) 124 163 – 247 Applicable income taxes 339 7 (76 ) 35 – 305 Balance at end of period $ (431 ) $ 25 $ 55 $ (1,113 ) $ (71 ) $ (1,535 ) 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 ) (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 (Dollars in Millions) 2017 2016 2015 Unrealized gains (losses) on securities available-for-sale Realized gains (losses) on sale of securities $ 57 $ 27 $ 1 Total securities gains (losses), net Other-than-temporary impairment recognized in earnings – (5 ) (1 ) 57 22 – Total before tax (22 ) (9 ) – Applicable income taxes 35 13 – Net-of-tax Unrealized gains (losses) on securities transferred from available-for-sale held-to-maturity Amortization of unrealized gains 13 18 25 Interest income (5 ) (7 ) (9 ) Applicable income taxes 8 11 16 Net-of-tax Unrealized gains (losses) on derivative hedges Realized gains (losses) on derivative hedges (30 ) (124 ) (195 ) Interest expense 11 48 75 Applicable income taxes (19 ) (76 ) (120 ) Net-of-tax Unrealized gains (losses) on retirement plans Actuarial gains (losses) and prior service cost (credit) amortization (117 ) (163 ) (223 ) Employee benefits expense 45 63 85 Applicable income taxes (72 ) (100 ) (138 ) Net-of-tax Total impact to net income $ (48 ) $ (152 ) $ (242 ) |
Components of Company's Regulatory Capital | The following table provides the components of the Company’s regulatory capital at December 31: (Dollars in Millions) 2017 2016 Basel III transitional standardized approach: Common shareholders’ equity $ 43,621 $ 41,797 Less intangible assets Goodwill (net of deferred tax liability) (8,613 ) (8,203 ) Other disallowed intangible assets (466 ) (427 ) Other (a) (173 ) 553 Total common equity tier 1 capital 34,369 33,720 Qualifying preferred stock 5,419 5,501 Noncontrolling interests eligible for tier 1 capital 117 203 Other (b) (99 ) (3 ) Total tier 1 capital 39,806 39,421 Eligible portion of allowance for credit losses 4,417 4,357 Subordinated debt and noncontrolling interests eligible for tier 2 capital 3,280 3,576 Other – 1 Total tier 2 capital 7,697 7,934 Total risk-based capital $ 47,503 $ 47,355 Risk-weighted assets $ 367,771 $ 358,237 Basel III transitional advanced approaches: Common shareholders’ equity $ 43,621 $ 41,797 Less intangible assets Goodwill (net of deferred tax liability) (8,613 ) (8,203 ) Other disallowed intangible assets (466 ) (427 ) Other (a) (173 ) 553 Total common equity tier 1 capital 34,369 33,720 Qualifying preferred stock 5,419 5,501 Noncontrolling interests eligible for tier 1 capital 117 203 Other (b) (99 ) (3 ) Total tier 1 capital 39,806 39,421 Eligible portion of allowance for credit losses 1,391 1,266 Subordinated debt and noncontrolling interests eligible for tier 2 capital 3,280 3,576 Other – 1 Total tier 2 capital 4,671 4,843 Total risk-based capital $ 44,477 $ 44,264 Risk-weighted assets $ 287,211 $ 277,141 (a) Includes the impact of items included in other comprehensive income (loss), such as unrealized gains (losses) on available-for-sale (b) Includes the remaining portion of deferred tax assets not eligible for total tier 1 capital. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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) 2017 2016 2015 Net income attributable to U.S. Bancorp $ 6,218 $ 5,888 $ 5,879 Preferred dividends (267 ) (281 ) (247 ) Impact of preferred stock redemption (a) (10 ) – – Impact of the purchase of noncontrolling interests (b) – 9 – Earnings allocated to participating stock awards (28 ) (27 ) (24 ) Net income applicable to U.S. Bancorp common shareholders $ 5,913 $ 5,589 $ 5,608 Average common shares outstanding 1,677 1,718 1,764 Net effect of the exercise and assumed purchase of stock awards 6 6 8 Average diluted common shares outstanding 1,683 1,724 1,772 Earnings per common share $ 3.53 $ 3.25 $ 3.18 Diluted earnings per common share $ 3.51 $ 3.24 $ 3.16 (a) Represents stock issuance costs originally recorded in preferred stock upon the issuance of the Company’s Series G Preferred Stock that were reclassified to retained earnings on the date the Company announced its intent to redeem the outstanding shares. (b) Represents the difference between the carrying amount and amount paid by the Company to purchase third party investor holdings of the preferred stock of USB Realty Corp, a consolidated subsidiary of the Company. |
Employee Benefits (Tables)
Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
Summary of Changes in Projected Benefit Obligation, Plan Assets, Funded Status, Amounts Recognized in Consolidated Balance Sheet and Accumulated Other Comprehensive Income (Loss) | The following table summarizes the changes in benefit obligations and plan assets for the years ended December 31, and the funded status and amounts recognized in the Consolidated Balance Sheet at December 31 for the retirement plans: Pension Plans Postretirement (Dollars in Millions) 2017 2016 2017 2016 Change In Projected Benefit Obligation Benefit obligation at beginning of measurement period $ 5,073 $ 4,650 $ 75 $ 93 Service cost 187 177 – – Interest cost 220 211 2 3 Participants’ contributions – – 8 10 Actuarial loss (gain) 430 234 (1 ) (14 ) Lump sum settlements (45 ) (61 ) – – Benefit payments (145 ) (138 ) (18 ) (19 ) Federal subsidy on benefits paid – – 2 2 Benefit obligation at end of measurement period (a) $ 5,720 $ 5,073 $ 68 $ 75 Change In Fair Value Of Plan Assets Fair value at beginning of measurement period $ 3,769 $ 3,355 $ 82 $ 82 Actual return on plan assets 665 230 10 2 Employer contributions 1,238 383 5 7 Participants’ contributions – – 8 10 Lump sum settlements (45 ) (61 ) – – Benefit payments (145 ) (138 ) (18 ) (19 ) Fair value at end of measurement period $ 5,482 $ 3,769 $ 87 $ 82 Funded (Unfunded) Status $ (238 ) $ (1,304 ) $ 19 $ 7 Components Of The Consolidated Balance Sheet Noncurrent benefit asset $ 270 $ – $ 19 $ 7 Current benefit liability (23 ) (22 ) – – Noncurrent benefit liability (485 ) (1,282 ) – – Recognized amount $ (238 ) $ (1,304 ) $ 19 $ 7 Accumulated Other Comprehensive Income (Loss), Pretax Net actuarial gain (loss) $ (1,822 ) $ (1,901 ) $ 68 $ 66 Net prior service credit (cost) – 2 22 25 Recognized amount $ (1,822 ) $ (1,899 ) $ 90 $ 91 (a) At December 31, 2017 and 2016, the accumulated benefit obligation for all pension plans was $5.2 billion and $4.6 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) 2017 2016 Pension Plans with Projected Benefit Obligations in Excess of Plan Assets Projected benefit obligation $ 508 $ 5,073 Fair value of plan assets – 3,769 Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets Projected benefit obligation $ 508 $ 5,073 Accumulated benefit obligation 485 4,625 Fair value of plan assets – 3,769 |
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) 2017 2016 2015 2017 2016 2015 Components Of Net Periodic Benefit Cost Service cost $ 187 $ 177 $ 188 $ – $ – $ – Interest cost 220 211 195 2 3 3 Expected return on plan assets (284 ) (266 ) (223 ) (3 ) (1 ) (1 ) Prior service cost (credit) and transition obligation (asset) amortization (2 ) (5 ) (4 ) (3 ) (3 ) (3 ) Actuarial loss (gain) amortization 127 175 234 (5 ) (4 ) (4 ) Net periodic benefit cost $ 248 $ 292 $ 390 $ (9 ) $ (5 ) $ (5 ) Other Changes In Plan Assets And Benefit Obligations Recognized In Other Comprehensive Income (Loss) Net actuarial gain (loss) arising during the year $ (48 ) $ (270 ) $ (146 ) $ 7 $ 15 $ 4 Net actuarial loss (gain) amortized during the year 127 175 234 (5 ) (4 ) (4 ) Net prior service cost (credit) and transition obligation (asset) amortized during the year (2 ) (5 ) (4 ) (3 ) (3 ) (3 ) Total recognized in other comprehensive income (loss) $ 77 $ (100 ) $ 84 $ (1 ) $ 8 $ (3 ) Total recognized in net periodic benefit cost and other comprehensive income (loss) (a)(b) $ (171 ) $ (392 ) $ (306 ) $ 8 $ 13 $ 2 (a) The pretax estimated actuarial loss (gain) for the pension plans that will be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost in 2018 is $146 million. (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 2018 are $(6) 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) 2017 2016 2017 2016 Discount rate (a) 3.84 % 4.27 % 3.34 % 3.57 % Rate of compensation increase (b) 3.56 3.58 * * Health care cost trend rate for the next year (c) 6.75 % 7.00 % Effect on accumulated postretirement benefit obligation One percent increase $ 3 $ 4 One percent decrease (3 ) (4 ) (a) The discount rates were developed using a cash flow matching bond model with a modified duration for the qualified pension plan, non-qualified (b) Determined on an active liability-weighted basis. (c) The 2017 and 2016 rates are assumed to decrease gradually to 5.00 percent by 2025 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) 2017 2016 2015 2017 2016 2015 Discount rate (a) 4.27 % 4.45 % 4.13 % 3.57 % 3.59 % 3.46 % Expected return on plan assets (b) 7.25 7.50 7.50 3.50 1.50 1.50 Rate of compensation increase (c) 3.58 4.06 4.07 * * * Health care cost trend rate (d) Prior to age 65 7.00 % 6.50 % 7.00 % After age 65 7.00 6.50 7.00 Effect on 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 (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 2017 pre-65 post-65 pre-65 post-65 * Not applicable |
Summary of Plan Investment Assets Measured at Fair Value | The following table summarizes plan investment assets measured at fair value at December 31: Qualified Pension Plan Postretirement 2017 2016 2017 2016 (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 $ 727 (a) $ – $ – $ 727 $ 49 $ – $ – $ 49 $ 36 $ 82 Debt securities 517 723 – 1,240 362 577 – 939 – – Corporate stock Real estate equity securities (b) 216 – – 216 169 – – 169 – – Mutual funds Debt securities – 205 – 205 – 164 – 164 – – Emerging markets equity securities – 120 – 120 – 155 – 155 – – Other – – 2 2 – – 1 1 – – $ 1,460 $ 1,048 $ 2 2,510 $ 580 $ 896 $ 1 1,477 36 82 Plan investment assets not classified in fair value hierarchy (f) Collective investment funds Domestic equity securities 1,327 977 29 – Mid-small (c) 346 303 – – International equity securities 934 725 22 – Hedge funds (d) 200 188 – – Private equity funds (e) 165 99 – – Total plan investment assets at fair value $ 5,482 $ 3,769 $ 87 $ 82 (a) Includes an employer contribution made in late 2017, which was invested consistent with the plan’s target asset allocation, subsequent to December 31, 2017. (b) At December 31, 2017 and 2016, securities included $105 million and $98 million in domestic equities, respectively, and $111 million and $71 million in international equities, respectively. (c) At December 31, 2017 and 2016, securities included $346 million and $303 million in domestic equities, respectively. (d) This category consists of several investment strategies diversified across several hedge fund managers. (e) This category consists of several investment strategies diversified across several private equity fund managers. (f) 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 Qualified Pension Plan Assets Measured at Fair Value Using Significant Unobservable Inputs (Level 3) | The following table summarizes the changes in fair value for qualified pension plan investment assets measured at fair value using significant unobservable inputs (Level 3) for the years ended December 31: 2017 2016 2015 (Dollars in Millions) Other Other Other Balance at beginning of period $ 1 $ 1 $ 2 Unrealized gains (losses) relating to assets still held at end of year – – (1 ) Purchases, sales, and settlements, net 1 – – Balance at end of period $ 2 $ 1 $ 1 |
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 2018 $ 201 $ 10 $ 2 2019 215 9 1 2020 232 9 1 2021 250 8 1 2022 260 8 1 2023 – 2027 1,564 29 4 (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, 2017 | |
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- Average Weighted-Average Aggregate (in millions) 2017 Number outstanding at beginning of period 17,059,241 $ 29.95 Granted 1,066,188 54.97 Exercised (5,389,741 ) 29.58 Cancelled (a) (67,221 ) 43.31 Number outstanding at end of period (b) 12,668,467 $ 32.15 4.5 $ 272 Exercisable at end of period 9,647,937 $ 27.87 3.3 $ 248 2016 Number outstanding at beginning of period 25,725,708 $ 29.82 Granted 1,644,288 39.50 Exercised (10,163,668 ) 31.09 Cancelled (a) (147,087 ) 35.18 Number outstanding at end of period (b) 17,059,241 $ 29.95 4.1 $ 365 Exercisable at end of period 13,856,142 $ 27.53 3.1 $ 330 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 (a) Options cancelled include both non-vested (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 2017 2016 2015 Estimated fair value $ 14.66 $ 10.28 $ 12.23 Risk-free interest rates 2.0 % 1.3 % 1.7 % Dividend yield 2.6 % 2.6 % 2.6 % Stock volatility factor .35 .36 .37 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) 2017 2016 2015 Fair value of options vested $ 13 $ 18 $ 25 Intrinsic value of options exercised 127 138 130 Cash received from options exercised 159 316 257 Tax benefit realized from options exercised 49 53 50 |
Stock Options Outstanding Additional Information | Additional information regarding stock options outstanding as of December 31, 2017, is as follows: Outstanding Options Exercisable Options Range of Exercise Prices Shares Weighted- Weighted- Shares Weighted- $11.02 – $20.00 1,562,979 1.2 $ 11.95 1,562,979 $ 11.95 $20.01 – $25.00 1,363,504 2.2 23.85 1,363,504 23.85 $25.01 – $30.00 3,661,570 3.4 28.21 3,661,570 28.21 $30.01 – $35.00 1,519,505 2.6 33.37 1,519,505 33.37 $35.01 – $40.00 1,534,333 8.1 39.49 355,492 39.49 $40.01 – $45.00 1,971,691 6.6 42.33 1,184,802 41.92 $50.01 – $55.01 1,054,885 9.1 54.97 85 55.01 12,668,467 4.5 $ 32.15 9,647,937 $ 27.87 |
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: 2017 2016 2015 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 8,265,507 $ 39.50 6,894,831 $ 38.44 7,921,571 $ 34.09 Granted 2,850,927 54.45 4,879,421 39.65 2,897,396 44.24 Vested (3,295,376 ) 40.66 (3,069,035 ) 37.25 (3,428,736 ) 33.27 Cancelled (374,103 ) 43.91 (439,710 ) 40.18 (495,400 ) 38.66 Outstanding at end of period 7,446,955 $ 44.49 8,265,507 $ 39.50 6,894,831 $ 38.44 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Components of Income Tax Expense | The components of income tax expense were: Year Ended December 31 (Dollars in Millions) 2017 2016 2015 Federal Current $ 2,086 $ 2,585 $ 1,956 Deferred (1,180 ) (711 ) (223 ) Federal income tax 906 1,874 1,733 State Current 201 337 346 Deferred 157 (50 ) 18 State income tax 358 287 364 Total income tax provision $ 1,264 $ 2,161 $ 2,097 |
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) 2017 2016 2015 Tax at statutory rate $ 2,631 $ 2,837 $ 2,810 State income tax, at statutory rates, net of federal tax benefit 281 244 237 Tax effect of Revaluation of tax related assets and liabilities (a) (910 ) – – Tax credits and benefits, net of related expenses (774 ) (710 ) (700 ) Tax-exempt (200 ) (196 ) (201 ) Noncontrolling interests (12 ) (20 ) (19 ) Nondeductible legal and regulatory expenses 213 30 – Other items 35 (b) (24 ) (30 ) (c) Applicable income taxes $ 1,264 $ 2,161 $ 2,097 (a) In late 2017, tax reform legislation was enacted that, among other provisions, reduced the federal statutory rate for corporations from 35 percent to 21 percent effective in 2018. In accordance with generally accepted accounting principles, the Company revalued its deferred tax assets and liabilities at December 31, 2017, resulting in an estimated net tax benefit of $910 million, which the Company recorded in 2017. (b) Includes excess tax benefits associated with stock-based compensation under accounting guidance effective January 1, 2017. Previously, these benefits were recorded in capital surplus. (c) Includes the resolution of certain tax matters with taxing authorities in the first quarter of 2015. |
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) 2017 2016 2015 Balance at beginning of period $ 302 $ 243 $ 267 Additions (reductions) for tax positions taken in prior years 3 57 (17 ) Additions for tax positions taken in the current year 9 12 13 Exam resolutions (23 ) (6 ) (17 ) Statute expirations (4 ) (4 ) (3 ) Balance at end of period $ 287 $ 302 $ 243 |
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) 2017 2016 Deferred Tax Assets Federal, state and foreign net operating loss and credit carryforwards $ 2,249 $ 971 Allowance for credit losses 1,116 1,667 Accrued expenses 468 806 Partnerships and other investment assets 252 521 Securities available-for-sale 111 220 Stock compensation 79 120 Pension and postretirement benefits – 394 Other deferred tax assets, net 215 291 Gross deferred tax assets 4,490 4,990 Deferred Tax Liabilities Leasing activities (2,277 ) (3,096 ) Goodwill and other intangible assets (693 ) (962 ) Mortgage servicing rights (604 ) (883 ) Loans (160 ) (234 ) Pension and postretirement benefits (20 ) – Fixed assets (4 ) (60 ) Other deferred tax liabilities, net (131 ) (113 ) Gross deferred tax liabilities (3,889 ) (5,348 ) Valuation allowance (128 ) (121 ) Net Deferred Tax Asset (Liability) $ 473 $ (479 ) |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 Fair value hedges Interest rate contracts Receive fixed/pay floating swaps $ 1,000 $ 28 6.70 $ 3,600 $ 16 1.55 Cash flow hedges Interest rate contracts Pay fixed/receive floating swaps 3,772 5 6.73 – – – Net investment hedges Foreign exchange forward contracts – – – 373 8 .05 Other economic hedges Interest rate contracts Futures and forwards Buy 1,632 7 .10 1,326 2 .04 Sell 15,291 10 .89 4,511 10 .03 Options Purchased 4,985 65 7.57 – – – Written 1,285 21 .10 5 – .05 Receive fixed/pay floating swaps 2,019 5 16.49 5,469 – 8.43 Pay fixed/receive floating swaps 4,844 21 7.69 46 1 6.70 Foreign exchange forward contracts 147 1 .02 669 8 .04 Equity contracts 45 – 1.10 88 1 .58 Credit contracts 1,559 – 3.41 3,779 1 3.16 Other (a) – – – 1,164 125 2.50 Total $ 36,579 $ 163 $ 21,030 $ 172 December 31, 2016 Fair value hedges Interest rate contracts Receive fixed/pay floating swaps $ 2,550 $ 49 4.28 $ 1,250 $ 12 2.32 Cash flow hedges Interest rate contracts Pay fixed/receive floating swaps 3,272 108 8.63 2,787 35 .83 Net investment hedges Foreign exchange forward contracts 1,347 15 .04 – – – Other economic hedges Interest rate contracts Futures and forwards Buy 1,748 13 .09 1,722 18 .05 Sell 2,278 129 .08 4,214 43 .09 Options Purchased 1,565 43 8.60 – – – Written 1,073 25 .07 12 1 .06 Receive fixed/pay floating swaps 6,452 26 11.48 1,561 16 6.54 Pay fixed/receive floating swaps 4,705 13 6.51 2,320 9 7.80 Foreign exchange forward contracts 849 6 .02 867 6 .02 Equity contracts 11 – .40 102 1 .57 Credit contracts 1,397 – 3.38 3,674 2 3.57 Other (a) 19 – .03 830 106 3.42 Total $ 27,266 $ 427 $ 19,339 $ 249 (a) Includes derivative liability swap agreements related to the sale of a portion of the Company’s Class B common shares of Visa Inc. The Visa swap agreements had a total notional value, fair value and weighted average remaining maturity of $1.2 billion, $125 million and 2.50 years at December 31, 2017, respectively, compared to $811 million, $106 million and 3.50 years at December 31, 2016, respectively. In addition, includes short-term underwriting purchase and sale commitments with total asset and liability notional values of $19 million at December 31, 2016. |
Customer-Related Derivative Positions of Company | The following table summarizes the customer-related derivative positions of the Company: Asset Derivatives Liability Derivatives (Dollars in Millions) Notional Fair Weighted-Average Notional Fair Weighted-Average December 31, 2017 Interest rate contracts Receive fixed/pay floating swaps $ 28,681 $ 679 5.71 $ 59,990 $ 840 4.27 Pay fixed/receive floating swaps 63,038 860 4.20 25,093 602 5.76 Options Purchased 29,091 22 1.61 880 14 4.24 Written 880 15 4.24 27,056 20 1.50 Futures Sell 7,007 4 1.21 – – – Foreign exchange rate contracts Forwards, spots and swaps 24,099 656 .81 23,440 636 .83 Options Purchased 4,026 83 1.20 – – – Written – – – 4,026 83 1.20 Total $ 156,822 $ 2,319 $ 140,485 $ 2,195 December 31, 2016 Interest rate contracts Receive fixed/pay floating swaps $ 38,501 $ 930 4.07 $ 39,403 $ 632 4.89 Pay fixed/receive floating swaps 36,671 612 4.99 40,324 996 4.07 Options Purchased 14,545 51 1.85 125 2 1.37 Written 125 3 1.37 13,518 50 1.70 Futures Buy 306 – 1.96 7,111 7 .90 Foreign exchange rate contracts Forwards, spots and swaps 20,664 849 .58 19,640 825 .60 Options Purchased 2,376 98 1.67 – – – Written – – – 2,376 98 1.67 Total $ 113,188 $ 2,543 $ 122,497 $ 2,610 |
Summary of Effective Portion of Gains (Losses) Recognized in Other Comprehensive Income (Loss) and Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings | The table below shows the effective portion of the gains (losses) recognized in other comprehensive income (loss) and the gains (losses) reclassified from other comprehensive income (loss) into earnings (net-of-tax) Gains (Losses) Recognized in Other Gains (Losses) Reclassified from (Dollars in Millions) 2017 2016 2015 2017 2016 2015 Asset and Liability Management Positions Cash flow hedges Interest rate contracts (a) $ (3 ) $ 46 $ (15 ) $ (19 ) $ (76 ) $ (120 ) Net investment hedges Foreign exchange forward contracts (56 ) 33 101 – – – Non-derivative (46 ) – – – – – Note: Ineffectiveness on cash flow and net investment hedges was not material for the years ended December 31, 2017, 2016 and 2015. (a) Gains (Losses) reclassified from other comprehensive income (loss) into interest expense. |
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) 2017 2016 2015 Asset and Liability Management Positions Fair value hedges (a) Interest rate contracts Other noninterest income $ (28 ) $ (31 ) $ 7 Other economic hedges Interest rate contracts Futures and forwards Mortgage banking revenue 24 101 186 Purchased and written options Mortgage banking revenue 237 331 191 Receive fixed/pay floating swaps Mortgage banking revenue 255 226 139 Pay fixed/receive floating swaps Mortgage banking revenue (220 ) (140 ) (33 ) Foreign exchange forward contracts Commercial products revenue (69 ) (14 ) 108 Equity contracts Compensation expense 1 1 (1 ) Credit contracts Other noninterest income 3 1 2 Other Other noninterest income (1 ) (39 ) – Customer-Related Positions Interest rate contracts Receive fixed/pay floating swaps Other noninterest income (876 ) (708 ) 360 Pay fixed/receive floating swaps Other noninterest income 943 769 (320 ) Purchased and written options Other noninterest income (24 ) (5 ) 3 Futures Other noninterest income (3 ) (6 ) 1 Foreign exchange rate contracts Forwards, spots and swaps Commercial products revenue 92 88 74 Purchased and written options Commercial products revenue 2 (1 ) 2 (a) Gains (Losses) on items hedged by interest rate contracts included in noninterest income (expense), were $28 million, $31 million and $(7) million for the years ended December 31, 2017, 2016 and 2015, respectively. The ineffective portion was immaterial for the years ended December 31, 2017, 2016 and 2015. |
Netting Arrangements for Cert50
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text Block [Abstract] | |
Summary of Maturities by Category of Collateral Pledged for Repurchase Agreements and Securities Loaned Transactions | The following table summarizes the maturities by category of collateral pledged for repurchase agreements and securities loaned transactions: (Dollars in Millions) Overnight and Less Than Total December 31, 2017 Repurchase agreements U.S. Treasury and agencies $ 25 $ – $ 25 Residential agency mortgage-backed securities 644 30 674 Corporate debt securities 104 – 104 Total repurchase agreements 773 30 803 Securities loaned Corporate debt securities 111 – 111 Total securities loaned 111 – 111 Gross amount of recognized liabilities $ 884 $ 30 $ 914 December 31, 2016 Repurchase agreements U.S. Treasury and agencies $ 60 $ – $ 60 Residential agency mortgage-backed securities 681 30 711 Corporate debt securities 30 – 30 Total repurchase agreements 771 30 801 Securities loaned Corporate debt securities 223 – 223 Total securities loaned 223 – 223 Gross amount of recognized liabilities $ 994 $ 30 $ 1,024 |
Information on Company's Accounting Netting Adjustments and Items Not Offset in Consolidated Balance Sheet Assets But Available for Offset in Event of Default | The following tables provide information on the Company’s netting adjustments, and items not offset on the Consolidated Balance Sheet but available for offset in the event of default: Gross Recognized Gross Amounts Consolidated (a) Net Amounts Consolidated Gross Amounts Not Offset on (Dollars in Millions) Financial (b) Collateral (c) Net December 31, 2017 Derivative assets (d) $ 1,759 $ (652 ) $ 1,107 $ (110 ) $ (5 ) $ 992 Reverse repurchase agreements 24 – 24 (24 ) – – Securities borrowed 923 – 923 – (896 ) 27 Total $ 2,706 $ (652 ) $ 2,054 $ (134 ) $ (901 ) $ 1,019 December 31, 2016 Derivative assets (d) $ 2,122 $ (984 ) $ 1,138 $ (78 ) $ (10 ) $ 1,050 Reverse repurchase agreements 77 – 77 (60 ) (17 ) – Securities borrowed 944 – 944 (10 ) (909 ) 25 Total $ 3,143 $ (984 ) $ 2,159 $ (148 ) $ (936 ) $ 1,075 (a) Includes $50 million and $210 million of cash collateral related payables that were netted against derivative assets at December 31, 2017 and 2016, 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 $723 million and $848 million at December 31, 2017 and 2016, respectively, of derivative assets not subject to netting arrangements or where uncertainty exists regarding legal enforceability of the netting arrangements. |
Information on Company's Accounting Netting Adjustments and Items Not Offset in Consolidated Balance Sheet Liabilities But Available for Offset in Event of Default | Gross Recognized Gross Amounts Consolidated (a) Net Amounts Consolidated Gross Amounts Not Offset on (Dollars in Millions) Financial (b) Collateral (c) Net December 31, 2017 Derivative liabilities (d) $ 1,629 $ (1,130 ) $ 499 $ (110 ) $ – $ 389 Repurchase agreements 803 – 803 (24 ) (779 ) – Securities loaned 111 – 111 – (110 ) 1 Total $ 2,543 $ (1,130 ) $ 1,413 $ (134 ) $ (889 ) $ 390 December 31, 2016 Derivative liabilities (d) $ 1,951 $ (1,185 ) $ 766 $ (78 ) $ – $ 688 Repurchase agreements 801 – 801 (60 ) (741 ) – Securities loaned 223 – 223 (10 ) (211 ) 2 Total $ 2,975 $ (1,185 ) $ 1,790 $ (148 ) $ (952 ) $ 690 (a) Includes $528 million and $411 million of cash collateral related receivables that were netted against derivative liabilities at December 31, 2017 and 2016, 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 $738 million and $908 million at December 31, 2017 and 2016, respectively, of derivative liabilities not subject to netting arrangements or where uncertainty exists regarding legal enforceability of the netting arrangements. |
Fair Values of Assets and Lia51
Fair Values of Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Valuation Assumption Ranges for MSRs | The following table shows the significant valuation assumption ranges for MSRs at December 31, 2017: Minimum Maximum Average Expected prepayment 6 % 17 % 10 % Option adjusted spread 7 10 8 |
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, 2017: Minimum Maximum Average Expected loan close rate 6 % 100 % 80 % Inherent MSR value (basis points per loan) (1 ) 184 117 |
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, 2017 Available-for-sale U.S. Treasury and agencies $ 22,572 $ 729 $ – $ – $ 23,301 Mortgage-backed securities Residential Agency – 38,031 – – 38,031 Commercial Agency – 6 – – 6 Asset-backed securities Other – 419 – – 419 Obligations of state and political subdivisions – 6,358 – – 6,358 Other investments 22 – – – 22 Total available-for-sale 22,594 45,543 – – 68,137 Mortgage loans held for sale – 3,534 – – 3,534 Mortgage servicing rights – – 2,645 – 2,645 Derivative assets 6 1,960 516 (652 ) 1,830 Other assets 154 1,163 – – 1,317 Total $ 22,754 $ 52,200 $ 3,161 $ (652 ) $ 77,463 Derivative liabilities $ – $ 1,958 $ 409 $ (1,130 ) $ 1,237 Short-term borrowings and other liabilities (c) 101 894 – – 995 Total $ 101 $ 2,852 $ 409 $ (1,130 ) $ 2,232 December 31, 2016 Available-for-sale U.S. Treasury and agencies $ 16,355 $ 772 $ – $ – $ 17,127 Mortgage-backed securities Residential Agency – 43,138 – – 43,138 Non-agency Prime (a) – – 242 – 242 Non-prime (b) – – 195 – 195 Commercial Agency – 15 – – 15 Asset-backed securities Other – 481 2 – 483 Obligations of state and political subdivisions – 5,039 – – 5,039 Corporate debt securities – – 9 – 9 Other investments 36 – – – 36 Total available-for-sale 16,391 49,445 448 – 66,284 Mortgage loans held for sale – 4,822 – – 4,822 Mortgage servicing rights – – 2,591 – 2,591 Derivative assets – 2,416 554 (984 ) 1,986 Other assets 183 1,137 – – 1,320 Total $ 16,574 $ 57,820 $ 3,593 $ (984 ) $ 77,003 Derivative liabilities $ 7 $ 2,469 $ 383 $ (1,185 ) $ 1,674 Short-term borrowings and other liabilities (c) 142 938 – – 1,080 Total $ 149 $ 3,407 $ 383 $ (1,185 ) $ 2,754 (a) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, (b) Includes all securities not meeting the conditions to be designated as prime. (c) Primarily represents the Company’s obligation on securities sold short required to be accounted for at fair value per applicable accounting guidance. |
Changes in Fair Value for All Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3) | The following table presents the changes in fair value for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31: (Dollars in Millions) Beginning Net Gains Net Gains Purchases Sales Principal Issuances Settlements End of Balance Net Change Held at End of Period 2017 Available-for-sale Mortgage-backed securities Residential non-agency Prime (a) $ 242 $ – $ (2 ) $ – $ (234 ) $ (6 ) $ – $ – $ – $ – Non-prime (b) 195 – (17 ) – (175 ) (3 ) – – – – Asset-backed securities Other 2 – – – (2 ) – – – – – Corporate debt securities 9 – 2 – (11 ) – – – – – Total available-for-sale 448 – (17 ) (e) – (422 ) (9 ) – – – – Mortgage servicing rights 2,591 (404 ) (c) – 13 – – 445 (f) – 2,645 (404 ) (c) Net derivative assets and liabilities 171 317 (d) – 1 (10 ) – – (372 ) 107 (52 ) (g) 2016 Available-for-sale Mortgage-backed securities Residential non-agency Prime (a) $ 318 $ (1 ) $ – $ – $ – $ (75 ) $ – $ – $ 242 $ – Non-prime (b) 240 (1 ) (2 ) – – (42 ) – – 195 (2 ) Asset-backed securities Other 2 – – – – – – – 2 – Corporate debt securities 9 – – – – – – – 9 – Total available-for-sale 569 (2 ) (h) (2 ) (e) – – (117 ) – – 448 (2 ) Mortgage servicing rights 2,512 (488 ) (c) – 43 – – 524 (f) – 2,591 (488 ) (c) Net derivative assets and liabilities 498 332 (i) – 2 (14 ) – – (647 ) 171 (257 ) (j) 2015 Available-for-sale 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 (k) (7 ) (e) – (51 ) (132 ) – – 569 (5 ) Mortgage servicing rights 2,338 (487 ) (c) – 29 – – 632 (f) – 2,512 (487 ) (c) Net derivative assets and liabilities 574 707 (l) – 1 (13 ) – – (771 ) 498 135 (m) (a) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, (b) Includes all securities not meeting the conditions to be designated as prime. (c) Included in mortgage banking revenue. (d) Approximately $21 million included in other noninterest income and $296 million included in mortgage banking revenue. (e) Included in changes in unrealized gains and losses on securities available-for-sale. (f) Represents MSRs capitalized during the period. (g) Approximately $(77) million included in other noninterest income and $25 million included in mortgage banking revenue. (h) Approximately $(3) million included in securities gains (losses) and $1 million included in interest income. (i) Approximately $(77) million included in other noninterest income and $409 million included in mortgage banking revenue. (j) Approximately $(276) million included in other noninterest income and $19 million included in mortgage banking revenue. (k) Included in interest income. (l) Approximately $289 million included in other noninterest income and $418 million included in mortgage banking revenue. (m) Approximately $92 million included in other noninterest income and $43 million included in mortgage banking revenue. |
Adjusted Carrying Values for Assets Measured at Fair Value on Nonrecurring Basis | The following table summarizes the balances as of the measurement date of assets measured at fair value on a nonrecurring basis, and still held as of December 31: 2017 2016 (Dollars in Millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Loans (a) $ – $ – $ 150 $ 150 $ – $ – $ 59 $ 59 Other assets (b) – – 31 31 – – 60 60 (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) 2017 2016 2015 Loans (a) $ 171 $ 192 $ 175 Other assets (b) 20 32 42 (a) Represents write-downs of student loans held for sale based on non-binding 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: 2017 2016 (Dollars in Millions) Fair Value Aggregate Carrying Fair Value Aggregate Carrying Total loans $ 3,534 $ 3,434 $ 100 $ 4,822 $ 4,763 $ 59 Nonaccrual loans 1 2 1 2 3 (1 ) Loans 90 days or more past due 1 1 – 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: 2017 2016 Carrying Fair Value Carrying 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 $ 19,505 $ 19,505 $ – $ – $ 19,505 $ 15,705 $ 15,705 $ – $ – $ 15,705 Federal funds sold and securities purchased under resale agreements 93 – 93 – 93 138 – 138 – 138 Investment securities held-to-maturity 44,362 4,613 39,095 15 43,723 42,991 4,605 37,810 20 42,435 Loans held for sale (a) 20 – – 20 20 4 – – 4 4 Loans 276,507 – – 279,391 279,391 269,394 – – 273,422 273,422 Other financial instruments 2,393 – 1,037 1,364 2,401 2,362 – 920 1,449 2,369 Financial Liabilities Deposits 347,215 – 346,979 – 346,979 334,590 – 334,361 – 334,361 Short-term borrowings (b) 15,656 – 15,447 – 15,447 12,891 – 12,706 – 12,706 Long-term debt 32,259 – 32,377 – 32,377 33,323 – 33,678 – 33,678 Other liabilities 1,556 – – 1,556 1,556 1,702 – – 1,702 1,702 (a) Excludes mortgages held for sale for which the fair value option under applicable accounting guidance was elected. (b) Excludes the Company’s obligation on securities sold short required to be accounted for at fair value per applicable accounting guidance. |
Guarantees and Contingent Lia52
Guarantees and Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017, excluding those commitments considered derivatives, were as follows: Term (Dollars in Millions) Less Than Greater Than Total Commercial and commercial real estate loans $ 28,903 $ 100,648 $ 129,551 Corporate and purchasing card loans (a) 26,002 – 26,002 Residential mortgages 216 3 219 Retail credit card loans (a) 106,285 – 106,285 Other retail loans 13,707 23,600 37,307 Covered loans – 126 126 Other 5,672 – 5,672 (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, 2017: (Dollars in Millions) Capitalized Operating 2018 $ 17 $ 277 2019 16 250 2020 14 210 2021 11 185 2022 9 159 Thereafter 35 563 Total minimum lease payments 102 $ 1,644 Less amount representing interest 34 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, 2017: (Dollars in Millions) Collateral Carrying Maximum Standby letters of credit $ – $ 52 $ 10,857 Third party borrowing arrangements – – 7 Securities lending indemnifications 2,912 – 2,828 Asset sales – 125 6,683 Merchant processing 481 50 95,780 Tender option bond program guarantee 2,507 – 2,337 Minimum revenue guarantees – – 7 Other – 17 1,290 |
Contract or Notional Amount of Letters of Credit | The contract or notional amount of letters of credit at December 31, 2017, were as follows: Term (Dollars in Millions) Less Than Greater Than Total Standby $ 4,891 $ 5,966 $ 10,857 Commercial 398 24 422 |
U.S. Bancorp (Parent Company) (
U.S. Bancorp (Parent Company) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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) 2017 2016 Assets Due from banks, principally interest-bearing $ 9,157 $ 7,800 Available-for-sale 963 225 Investments in bank subsidiaries 46,435 44,955 Investments in nonbank subsidiaries 2,540 2,326 Advances to bank subsidiaries 3,300 3,800 Advances to nonbank subsidiaries 2,055 1,265 Other assets 1,079 1,052 Total assets $ 65,529 $ 61,423 Liabilities and Shareholders’ Equity Short-term funds borrowed $ 1 $ 22 Long-term debt 15,769 13,045 Other liabilities 719 1,058 Shareholders’ equity 49,040 47,298 Total liabilities and shareholders’ equity $ 65,529 $ 61,423 |
Condensed Income Statement of Parent Company Only | Condensed Income Statement Year Ended December 31 (Dollars in Millions) 2017 2016 2015 Income Dividends from bank subsidiaries $ 4,800 $ 2,100 $ 3,900 Dividends from nonbank subsidiaries 5 4 3 Interest from subsidiaries 159 140 120 Other income 41 57 55 Total income 5,005 2,301 4,078 Expense Interest expense 402 327 292 Other expense 124 123 105 Total expense 526 450 397 Income before income taxes and equity in undistributed income of subsidiaries 4,479 1,851 3,681 Applicable income taxes (176 ) (97 ) (207 ) Income of parent company 4,655 1,948 3,888 Equity in undistributed income of subsidiaries 1,563 3,940 1,991 Net income attributable to U.S. Bancorp $ 6,218 $ 5,888 $ 5,879 |
Condensed Statement of Cash Flows of Parent Company Only | Condensed Statement of Cash Flows Year Ended December 31 (Dollars in Millions) 2017 2016 2015 Operating Activities Net income attributable to U.S. Bancorp $ 6,218 $ 5,888 $ 5,879 Adjustments to reconcile net income to net cash provided by operating activities Equity in undistributed income of subsidiaries (1,563 ) (3,940 ) (1,991 ) Other, net (125 ) 75 507 Net cash provided by operating activities 4,530 2,023 4,395 Investing Activities Proceeds from sales and maturities of investment securities 100 232 153 Purchases of investment securities (844 ) (120 ) (47 ) Net increase in short-term advances to subsidiaries (790 ) (442 ) (273 ) Long-term advances to subsidiaries – (750 ) (500 ) Principal collected on long-term advances to subsidiaries 500 100 – Other, net (12 ) (12 ) (6 ) Net cash used in investing activities (1,046 ) (992 ) (673 ) Financing Activities Net decrease in short-term borrowings (21 ) (3 ) (152 ) Proceeds from issuance of long-term debt 3,920 3,550 – Principal payments or redemption of long-term debt (1,250 ) (1,926 ) (1,750 ) Proceeds from issuance of preferred stock 993 – 745 Proceeds from issuance of common stock 159 355 295 Repurchase of preferred stock (1,085 ) – – Repurchase of common stock (2,631 ) (2,556 ) (2,190 ) Cash dividends paid on preferred stock (284 ) (267 ) (242 ) Cash dividends paid on common stock (1,928 ) (1,810 ) (1,777 ) Net cash used in financing activities (2,127 ) (2,657 ) (5,071 ) Change in cash and due from banks 1,357 (1,626 ) (1,349 ) Cash and due from banks at beginning of year 7,800 9,426 10,775 Cash and due from banks at end of year $ 9,157 $ 7,800 $ 9,426 |
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, 2017 | Dec. 31, 2016 |
Loans by Industry Group and Geography [Line Items] | ||
Commercial | $ 97,561 | $ 93,386 |
Commercial, percentage | 100.00% | 100.00% |
California [Member] | ||
Loans by Industry Group and Geography [Line Items] | ||
Commercial | $ 14,086 | $ 12,677 |
Commercial, percentage | 14.40% | 13.60% |
Colorado [Member] | ||
Loans by Industry Group and Geography [Line Items] | ||
Commercial | $ 3,979 | $ 4,362 |
Commercial, percentage | 4.10% | 4.70% |
Illinois [Member] | ||
Loans by Industry Group and Geography [Line Items] | ||
Commercial | $ 5,245 | $ 4,636 |
Commercial, percentage | 5.40% | 5.00% |
Minnesota [Member] | ||
Loans by Industry Group and Geography [Line Items] | ||
Commercial | $ 7,406 | $ 7,093 |
Commercial, percentage | 7.60% | 7.60% |
Missouri [Member] | ||
Loans by Industry Group and Geography [Line Items] | ||
Commercial | $ 3,525 | $ 3,536 |
Commercial, percentage | 3.60% | 3.80% |
Ohio [Member] | ||
Loans by Industry Group and Geography [Line Items] | ||
Commercial | $ 4,330 | $ 4,270 |
Commercial, percentage | 4.50% | 4.60% |
Oregon [Member] | ||
Loans by Industry Group and Geography [Line Items] | ||
Commercial | $ 2,044 | $ 2,090 |
Commercial, percentage | 2.10% | 2.20% |
Washington [Member] | ||
Loans by Industry Group and Geography [Line Items] | ||
Commercial | $ 3,699 | $ 3,447 |
Commercial, percentage | 3.80% | 3.70% |
Wisconsin [Member] | ||
Loans by Industry Group and Geography [Line Items] | ||
Commercial | $ 3,539 | $ 3,512 |
Commercial, percentage | 3.60% | 3.80% |
Iowa, Kansas, Nebraska, North Dakota, South Dakota [Member] | ||
Loans by Industry Group and Geography [Line Items] | ||
Commercial | $ 4,806 | $ 4,900 |
Commercial, percentage | 4.90% | 5.20% |
Arkansas, Indiana, Kentucky, Tennessee [Member] | ||
Loans by Industry Group and Geography [Line Items] | ||
Commercial | $ 5,206 | $ 5,168 |
Commercial, percentage | 5.30% | 5.50% |
Idaho, Montana, Wyoming [Member] | ||
Loans by Industry Group and Geography [Line Items] | ||
Commercial | $ 1,225 | $ 1,251 |
Commercial, percentage | 1.30% | 1.30% |
Arizona, Nevada, New Mexico, Utah [Member] | ||
Loans by Industry Group and Geography [Line Items] | ||
Commercial | $ 3,836 | $ 3,487 |
Commercial, percentage | 3.90% | 3.70% |
Total Banking Region [Member] | ||
Loans by Industry Group and Geography [Line Items] | ||
Commercial | $ 62,926 | $ 60,429 |
Commercial, percentage | 64.50% | 64.70% |
Florida, Michigan, New York, Pennsylvania, Texas [Member] | ||
Loans by Industry Group and Geography [Line Items] | ||
Commercial | $ 16,408 | $ 15,467 |
Commercial, percentage | 16.80% | 16.60% |
All Other States [Member] | ||
Loans by Industry Group and Geography [Line Items] | ||
Commercial | $ 18,227 | $ 17,490 |
Commercial, percentage | 18.70% | 18.70% |
Total Outside Company's Banking Region [Member] | ||
Loans by Industry Group and Geography [Line Items] | ||
Commercial | $ 34,635 | $ 32,957 |
Commercial, percentage | 35.50% | 35.30% |
Manufacturing [Member] | ||
Loans by Industry Group and Geography [Line Items] | ||
Commercial | $ 14,710 | $ 13,779 |
Commercial, percentage | 15.10% | 14.80% |
Real Estate, Rental and Leasing [Member] | ||
Loans by Industry Group and Geography [Line Items] | ||
Commercial | $ 12,461 | $ 10,553 |
Commercial, percentage | 12.80% | 11.30% |
Retail Trade [Member] | ||
Loans by Industry Group and Geography [Line Items] | ||
Commercial | $ 8,952 | $ 7,573 |
Commercial, percentage | 9.20% | 8.10% |
Finance and Insurance [Member] | ||
Loans by Industry Group and Geography [Line Items] | ||
Commercial | $ 8,639 | $ 8,728 |
Commercial, percentage | 8.80% | 9.30% |
Wholesale Trade [Member] | ||
Loans by Industry Group and Geography [Line Items] | ||
Commercial | $ 7,383 | $ 7,552 |
Commercial, percentage | 7.60% | 8.10% |
Healthcare and Social Assistance [Member] | ||
Loans by Industry Group and Geography [Line Items] | ||
Commercial | $ 6,517 | $ 6,345 |
Commercial, percentage | 6.70% | 6.80% |
Public Administration [Member] | ||
Loans by Industry Group and Geography [Line Items] | ||
Commercial | $ 5,116 | $ 4,546 |
Commercial, percentage | 5.20% | 4.90% |
Arts, Entertainment and Recreation [Member] | ||
Loans by Industry Group and Geography [Line Items] | ||
Commercial | $ 3,853 | $ 3,340 |
Commercial, percentage | 3.90% | 3.60% |
Professional, Scientific and Technical Services [Member] | ||
Loans by Industry Group and Geography [Line Items] | ||
Commercial | $ 3,499 | $ 3,744 |
Commercial, percentage | 3.60% | 4.00% |
Educational Services [Member] | ||
Loans by Industry Group and Geography [Line Items] | ||
Commercial | $ 3,414 | $ 3,167 |
Commercial, percentage | 3.50% | 3.40% |
Information [Member] | ||
Loans by Industry Group and Geography [Line Items] | ||
Commercial | $ 3,403 | $ 3,597 |
Commercial, percentage | 3.50% | 3.80% |
Transport and Storage [Member] | ||
Loans by Industry Group and Geography [Line Items] | ||
Commercial | $ 3,198 | $ 3,561 |
Commercial, percentage | 3.30% | 3.80% |
Utilities [Member] | ||
Loans by Industry Group and Geography [Line Items] | ||
Commercial | $ 1,933 | $ 1,747 |
Commercial, percentage | 2.00% | 1.90% |
Other Services [Member] | ||
Loans by Industry Group and Geography [Line Items] | ||
Commercial | $ 1,698 | $ 1,625 |
Commercial, percentage | 1.70% | 1.70% |
Mining [Member] | ||
Loans by Industry Group and Geography [Line Items] | ||
Commercial | $ 1,590 | $ 1,645 |
Commercial, percentage | 1.60% | 1.80% |
Agriculture, Forestry, Fishing and Hunting [Member] | ||
Loans by Industry Group and Geography [Line Items] | ||
Commercial | $ 1,429 | $ 1,449 |
Commercial, percentage | 1.50% | 1.50% |
Other [Member] | ||
Loans by Industry Group and Geography [Line Items] | ||
Commercial | $ 9,766 | $ 10,435 |
Commercial, percentage | 10.00% | 11.20% |
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, 2017 | Dec. 31, 2016 |
Loans by Property Type and Geography [Line Items] | ||
Commercial real estate | $ 40,463 | $ 43,098 |
Commercial real estate, percentage | 100.00% | 100.00% |
California [Member] | ||
Loans by Property Type and Geography [Line Items] | ||
Commercial real estate | $ 9,558 | $ 10,734 |
Commercial real estate, percentage | 23.60% | 24.90% |
Colorado [Member] | ||
Loans by Property Type and Geography [Line Items] | ||
Commercial real estate | $ 1,764 | $ 1,819 |
Commercial real estate, percentage | 4.40% | 4.20% |
Illinois [Member] | ||
Loans by Property Type and Geography [Line Items] | ||
Commercial real estate | $ 1,605 | $ 1,678 |
Commercial real estate, percentage | 4.00% | 3.90% |
Minnesota [Member] | ||
Loans by Property Type and Geography [Line Items] | ||
Commercial real estate | $ 2,031 | $ 2,177 |
Commercial real estate, percentage | 5.00% | 5.00% |
Missouri [Member] | ||
Loans by Property Type and Geography [Line Items] | ||
Commercial real estate | $ 1,359 | $ 1,372 |
Commercial real estate, percentage | 3.30% | 3.20% |
Ohio [Member] | ||
Loans by Property Type and Geography [Line Items] | ||
Commercial real estate | $ 1,445 | $ 1,462 |
Commercial real estate, percentage | 3.60% | 3.40% |
Oregon [Member] | ||
Loans by Property Type and Geography [Line Items] | ||
Commercial real estate | $ 1,847 | $ 2,094 |
Commercial real estate, percentage | 4.60% | 4.90% |
Washington [Member] | ||
Loans by Property Type and Geography [Line Items] | ||
Commercial real estate | $ 3,499 | $ 3,435 |
Commercial real estate, percentage | 8.60% | 8.00% |
Wisconsin [Member] | ||
Loans by Property Type and Geography [Line Items] | ||
Commercial real estate | $ 2,036 | $ 2,161 |
Commercial real estate, percentage | 5.00% | 5.00% |
Iowa, Kansas, Nebraska, North Dakota, South Dakota [Member] | ||
Loans by Property Type and Geography [Line Items] | ||
Commercial real estate | $ 2,210 | $ 2,312 |
Commercial real estate, percentage | 5.50% | 5.40% |
Arkansas, Indiana, Kentucky, Tennessee [Member] | ||
Loans by Property Type and Geography [Line Items] | ||
Commercial real estate | $ 1,889 | $ 1,810 |
Commercial real estate, percentage | 4.70% | 4.20% |
Idaho, Montana, Wyoming [Member] | ||
Loans by Property Type and Geography [Line Items] | ||
Commercial real estate | $ 1,163 | $ 1,271 |
Commercial real estate, percentage | 2.90% | 2.90% |
Arizona, Nevada, New Mexico, Utah [Member] | ||
Loans by Property Type and Geography [Line Items] | ||
Commercial real estate | $ 3,134 | $ 3,257 |
Commercial real estate, percentage | 7.70% | 7.60% |
Total Banking Region [Member] | ||
Loans by Property Type and Geography [Line Items] | ||
Commercial real estate | $ 33,540 | $ 35,582 |
Commercial real estate, percentage | 82.90% | 82.60% |
Florida, Michigan, New York, Pennsylvania, Texas [Member] | ||
Loans by Property Type and Geography [Line Items] | ||
Commercial real estate | $ 3,688 | $ 3,829 |
Commercial real estate, percentage | 9.10% | 8.90% |
All Other States [Member] | ||
Loans by Property Type and Geography [Line Items] | ||
Commercial real estate | $ 3,235 | $ 3,687 |
Commercial real estate, percentage | 8.00% | 8.50% |
Total Outside Company's Banking Region [Member] | ||
Loans by Property Type and Geography [Line Items] | ||
Commercial real estate | $ 6,923 | $ 7,516 |
Commercial real estate, percentage | 17.10% | 17.40% |
Business Owner Occupied [Member] | ||
Loans by Property Type and Geography [Line Items] | ||
Commercial real estate | $ 10,205 | $ 10,899 |
Commercial real estate, percentage | 25.20% | 25.30% |
Industrial Commercial Property [Member] | ||
Loans by Property Type and Geography [Line Items] | ||
Commercial real estate | $ 1,580 | $ 1,631 |
Commercial real estate, percentage | 3.90% | 3.80% |
Office Commercial Property [Member] | ||
Loans by Property Type and Geography [Line Items] | ||
Commercial real estate | $ 5,023 | $ 5,536 |
Commercial real estate, percentage | 12.40% | 12.80% |
Retail Commercial Property [Member] | ||
Loans by Property Type and Geography [Line Items] | ||
Commercial real estate | $ 4,502 | $ 4,997 |
Commercial real estate, percentage | 11.10% | 11.60% |
Other Commercial Property [Member] | ||
Loans by Property Type and Geography [Line Items] | ||
Commercial real estate | $ 3,757 | $ 4,064 |
Commercial real estate, percentage | 9.30% | 9.40% |
Multi-Family [Member] | ||
Loans by Property Type and Geography [Line Items] | ||
Commercial real estate | $ 8,922 | $ 9,607 |
Commercial real estate, percentage | 22.00% | 22.30% |
Hotel/Motel [Member] | ||
Loans by Property Type and Geography [Line Items] | ||
Commercial real estate | $ 3,719 | $ 3,791 |
Commercial real estate, percentage | 9.20% | 8.80% |
Residential Homebuilders [Member] | ||
Loans by Property Type and Geography [Line Items] | ||
Commercial real estate | $ 2,489 | $ 2,311 |
Commercial real estate, percentage | 6.20% | 5.40% |
Healthcare Facilities [Member] | ||
Loans by Property Type and Geography [Line Items] | ||
Commercial real estate | $ 266 | $ 262 |
Commercial real estate, percentage | 0.70% | 0.60% |
Investment Securities - Investm
Investment Securities - Investment Securities (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | ||
Contractual Maturities of Investment Securities [Line Items] | |||
Available-for-sale securities, total, amortized cost | $ 68,717 | $ 66,985 | |
Amortized Cost of Investment Securities | $ 113,079 | $ 109,976 | |
Amortized Cost of Investment Securities, Percentage | 100.00% | 100.00% | |
Available-for-sale securities, total, fair value | [1] | $ 68,137 | $ 66,284 |
Available-for-sale securities, total, weighted-average maturity in years | 5 years 1 month 6 days | 5 years 1 month 6 days | |
Available-for-sale securities, total, weighted-average yield | 2.25% | 2.06% | |
Held-to-maturity securities, total, amortized cost | $ 44,362 | $ 42,991 | |
Held-to-maturity securities, total, fair value | $ 43,723 | $ 42,435 | |
Held-to-maturity securities, total, weighted-average maturity in years | 4 years 8 months 12 days | 4 years 7 months 6 days | |
Held-to-maturity securities, total, weighted-average yield | 2.14% | 1.93% | |
U.S. Treasury and Agencies [Member] | |||
Contractual Maturities of Investment Securities [Line Items] | |||
Available-for-sale securities, maturing in one year or less, amortized cost | $ 4,985 | ||
Available-for-sale securities, maturing after one year through five years, amortized cost | 16,683 | ||
Available-for-sale securities, maturing after five years through ten years, amortized cost | 1,918 | ||
Available-for-sale securities, total, amortized cost | 23,586 | $ 17,314 | |
Available-for-sale securities, maturing in one year or less, fair value | 4,965 | ||
Amortized Cost of Investment Securities | 28,767 | $ 22,560 | |
Available-for-sale securities, maturing after one year through five years, fair value | $ 16,465 | ||
Amortized Cost of Investment Securities, Percentage | 25.50% | 20.50% | |
Available-for-sale securities, maturing after five years through ten years, fair value | $ 1,871 | ||
Available-for-sale securities, total, fair value | $ 23,301 | $ 17,127 | |
Available-for-sale securities, maturing in one year or less, weighted-average maturity in years | 6 months | ||
Available-for-sale securities, maturing after one year through five years, weighted-average maturity in years | 3 years 4 months 24 days | ||
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, total, weighted-average maturity in years | 3 years | ||
Available-for-sale securities, maturing in one year or less, weighted-average yield | 0.85% | ||
Available-for-sale securities, maturing after one year through five years, weighted-average yield | 1.67% | ||
Available-for-sale securities, maturing after five years through ten years, weighted-average yield | 1.84% | ||
Available-for-sale securities, total, weighted-average yield | 1.51% | ||
Held-to-maturity securities, maturing after one year through five years, amortized cost | $ 1,794 | ||
Held-to-maturity securities, maturing after five years through ten years, amortized cost | 3,387 | ||
Held-to-maturity securities, total, amortized cost | 5,181 | 5,246 | |
Held-to-maturity securities, maturing after one year through five years, fair value | 1,776 | ||
Held-to-maturity securities, maturing after five years through ten years, fair value | 3,290 | ||
Held-to-maturity securities, total, fair value | $ 5,066 | 5,126 | |
Held-to-maturity securities, maturing after one year through five years, weighted-average maturity in years | 3 years 6 months | ||
Held-to-maturity securities, maturing after five years through ten years, weighted-average maturity in years | 6 years 1 month 6 days | ||
Held-to-maturity securities, total, weighted-average maturity in years | 5 years 2 months 12 days | ||
Held-to-maturity securities, maturing after one year through five years, weighted-average yield | 1.81% | ||
Held-to-maturity securities, maturing after five years through ten years, weighted-average yield | 1.80% | ||
Held-to-maturity securities, total, weighted-average yield | 1.80% | ||
Mortgage-Backed Securities [Member] | |||
Contractual Maturities of Investment Securities [Line Items] | |||
Available-for-sale securities, maturing in one year or less, amortized cost | $ 79 | ||
Available-for-sale securities, maturing after one year through five years, amortized cost | 17,637 | ||
Available-for-sale securities, maturing after five years through ten years, amortized cost | 18,391 | ||
Available-for-sale securities, maturing after ten years, amortized cost | 2,349 | ||
Available-for-sale securities, total, amortized cost | 38,456 | ||
Available-for-sale securities, maturing in one year or less, fair value | 80 | ||
Amortized Cost of Investment Securities | 77,606 | $ 81,698 | |
Available-for-sale securities, maturing after one year through five years, fair value | $ 17,424 | ||
Amortized Cost of Investment Securities, Percentage | 68.60% | 74.30% | |
Available-for-sale securities, maturing after five years through ten years, fair value | $ 18,179 | ||
Available-for-sale securities, maturing after ten years, fair value | 2,354 | ||
Available-for-sale securities, total, fair value | $ 38,037 | ||
Available-for-sale securities, maturing in one year or less, weighted-average maturity in years | 6 months | ||
Available-for-sale securities, maturing after one year through five years, weighted-average maturity in years | 4 years 4 months 24 days | ||
Available-for-sale securities, maturing after five years through ten years, weighted-average maturity in years | 5 years 10 months 25 days | ||
Available-for-sale securities, maturing after ten years, weighted- average maturity in years | 12 years 9 months 18 days | ||
Available-for-sale securities, total, weighted-average maturity in years | 5 years 7 months 6 days | ||
Available-for-sale securities, maturing in one year or less, weighted-average yield | 4.33% | ||
Available-for-sale securities, maturing after one year through five years, weighted-average yield | 2.08% | ||
Available-for-sale securities, maturing after five years through ten years, weighted-average yield | 2.22% | ||
Available-for-sale securities, maturing after ten years, weighted-average yield | 2.47% | ||
Available-for-sale securities, total, weighted-average yield | 2.18% | ||
Held-to-maturity securities, maturing in one year or less, amortized cost | $ 85 | ||
Held-to-maturity securities, maturing after one year through five years, amortized cost | 23,307 | ||
Held-to-maturity securities, maturing after five years through ten years, amortized cost | 15,497 | ||
Held-to-maturity securities, maturing after ten years, amortized cost | 261 | ||
Held-to-maturity securities, total, amortized cost | 39,150 | ||
Held-to-maturity securities, maturing in one year or less, fair value | 85 | ||
Held-to-maturity securities, maturing after one year through five years, fair value | 22,968 | ||
Held-to-maturity securities, maturing after five years through ten years, fair value | 15,305 | ||
Held-to-maturity securities, maturing after ten years, fair value | 261 | ||
Held-to-maturity securities, total, fair value | $ 38,619 | ||
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, weighted-average maturity in years | 3 years 9 months 18 days | ||
Held-to-maturity securities, maturing after five years through ten years, weighted-average maturity in years | 5 years 8 months 12 days | ||
Held-to-maturity securities, maturing after ten years, weighted-average maturity in years | 12 years 3 months 19 days | ||
Held-to-maturity securities, total, weighted-average maturity in years | 4 years 7 months 6 days | ||
Held-to-maturity securities, maturing in one year or less, weighted-average yield | 2.99% | ||
Held-to-maturity securities, maturing after one year through five years, weighted-average yield | 2.10% | ||
Held-to-maturity securities, maturing after five years through ten years, weighted-average yield | 2.31% | ||
Held-to-maturity securities, maturing after ten years, weighted-average yield | 2.37% | ||
Held-to-maturity securities, total, weighted-average yield | 2.19% | ||
Asset-Backed Securities [Member] | |||
Contractual Maturities of Investment Securities [Line Items] | |||
Available-for-sale securities, maturing after one year through five years, amortized cost | $ 328 | ||
Available-for-sale securities, maturing after five years through ten years, amortized cost | 85 | ||
Available-for-sale securities, total, amortized cost | 413 | ||
Amortized Cost of Investment Securities | 419 | $ 483 | |
Available-for-sale securities, maturing after one year through five years, fair value | $ 332 | ||
Amortized Cost of Investment Securities, Percentage | 0.40% | 0.40% | |
Available-for-sale securities, maturing after five years through ten years, fair value | $ 87 | ||
Available-for-sale securities, total, fair value | $ 419 | ||
Available-for-sale securities, maturing after one year through five years, weighted-average maturity in years | 3 years 8 months 12 days | ||
Available-for-sale securities, maturing after five years through ten years, weighted-average maturity in years | 5 years | ||
Available-for-sale securities, total, weighted-average maturity in years | 4 years | ||
Available-for-sale securities, maturing after one year through five years, weighted-average yield | 3.00% | ||
Available-for-sale securities, maturing after five years through ten years, weighted-average yield | 3.23% | ||
Available-for-sale securities, total, weighted-average yield | 3.04% | ||
Held-to-maturity securities, maturing after one year through five years, amortized cost | $ 4 | ||
Held-to-maturity securities, maturing after five years through ten years, amortized cost | 2 | ||
Held-to-maturity securities, total, amortized cost | 6 | ||
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 | 4 | ||
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 | $ 12 | ||
Held-to-maturity securities, maturing in one year or less, weighted-average maturity in years | 4 months 24 days | ||
Held-to-maturity securities, maturing after one year through five years, weighted-average maturity in years | 3 years 2 months 12 days | ||
Held-to-maturity securities, maturing after five years through ten years, weighted-average maturity in years | 5 years 7 months 6 days | ||
Held-to-maturity securities, maturing after ten years, weighted-average maturity in years | 16 years 3 months 19 days | ||
Held-to-maturity securities, total, weighted-average maturity in years | 4 years 1 month 6 days | ||
Held-to-maturity securities, maturing in one year or less, weighted-average yield | 2.12% | ||
Held-to-maturity securities, maturing after one year through five years, weighted-average yield | 2.28% | ||
Held-to-maturity securities, maturing after five years through ten years, weighted-average yield | 2.25% | ||
Held-to-maturity securities, maturing after ten years, weighted-average yield | 2.06% | ||
Held-to-maturity securities, total, weighted-average yield | 2.27% | ||
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 | $ 183 | ||
Available-for-sale securities, maturing after one year through five years, amortized cost | 662 | ||
Available-for-sale securities, maturing after five years through ten years, amortized cost | 4,428 | ||
Available-for-sale securities, maturing after ten years, amortized cost | 967 | ||
Available-for-sale securities, total, amortized cost | 6,240 | $ 5,167 | |
Available-for-sale securities, maturing in one year or less, fair value | 184 | ||
Amortized Cost of Investment Securities | 6,246 | $ 5,173 | |
Available-for-sale securities, maturing after one year through five years, fair value | $ 688 | ||
Amortized Cost of Investment Securities, Percentage | 5.50% | 4.70% | |
Available-for-sale securities, maturing after five years through ten years, fair value | $ 4,532 | ||
Available-for-sale securities, maturing after ten years, fair value | 954 | ||
Available-for-sale securities, total, fair value | $ 6,358 | $ 5,039 | |
Available-for-sale securities, maturing in one year or less, weighted-average maturity in years | 2 months 12 days | ||
Available-for-sale securities, maturing after one year through five years, weighted-average maturity in years | 3 years 2 months 12 days | ||
Available-for-sale securities, maturing after five years through ten years, weighted-average maturity in years | 8 years 8 months 12 days | ||
Available-for-sale securities, maturing after ten years, weighted- average maturity in years | 19 years 9 months 18 days | ||
Available-for-sale securities, total, weighted-average maturity in years | 9 years 7 months 6 days | ||
Available-for-sale securities, maturing in one year or less, weighted-average yield | 7.40% | ||
Available-for-sale securities, maturing after one year through five years, weighted-average yield | 5.93% | ||
Available-for-sale securities, maturing after five years through ten years, weighted-average yield | 5.33% | ||
Available-for-sale securities, maturing after ten years, weighted-average yield | 5.02% | ||
Available-for-sale securities, total, weighted-average yield | 5.41% | ||
Held-to-maturity securities, maturing after one year through five years, amortized cost | $ 1 | ||
Held-to-maturity securities, maturing after five years through ten years, amortized cost | 5 | ||
Held-to-maturity securities, total, amortized cost | 6 | 6 | |
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 | 6 | ||
Held-to-maturity securities, total, fair value | $ 7 | 7 | |
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, weighted-average maturity in years | 8 years 2 months 12 days | ||
Held-to-maturity securities, total, weighted-average maturity in years | 7 years 7 months 6 days | ||
Held-to-maturity securities, maturing after one year through five years, weighted-average yield | 7.82% | ||
Held-to-maturity securities, maturing after five years through ten years, weighted-average yield | 2.53% | ||
Held-to-maturity securities, total, weighted-average yield | 3.24% | ||
Other Debt Securities and Obligations of Foreign Governments [Member] | |||
Contractual Maturities of Investment Securities [Line Items] | |||
Amortized Cost of Investment Securities | $ 41 | $ 62 | |
Amortized Cost of Investment Securities, Percentage | 0.10% | ||
Held-to-maturity securities, maturing after one year through five years, amortized cost | 19 | ||
Held-to-maturity securities, total, amortized cost | 19 | ||
Held-to-maturity securities, maturing after one year through five years, fair value | 19 | ||
Held-to-maturity securities, total, fair value | $ 19 | ||
Held-to-maturity securities, maturing after one year through five years, weighted-average maturity in years | 2 years 6 months | ||
Held-to-maturity securities, total, weighted-average maturity in years | 2 years 6 months | ||
Held-to-maturity securities, maturing after one year through five years, weighted-average yield | 2.26% | ||
Held-to-maturity securities, total, weighted-average yield | 2.26% | ||
Other Investment [Member] | |||
Contractual Maturities of Investment Securities [Line Items] | |||
Available-for-sale securities, total, amortized cost | $ 22 | $ 27 | |
Available-for-sale securities, total, fair value | $ 22 | $ 36 | |
Available-for-sale securities, total, weighted-average yield | 0.01% | ||
[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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Contractual Maturities of Investment Securities [Abstract] | |||
Federal statutory rate | 35.00% | 35.00% | 35.00% |
Weighted-average maturity of available-for-sale investment securities | 5 years 1 month 6 days | 5 years 1 month 6 days | |
Weighted-average yield of available-for-sale investment securities | 2.25% | 2.06% | |
Weighted-average maturity of held-to-maturity investment securities | 4 years 8 months 12 days | 4 years 7 months 6 days | |
Weighted-average yield of held-to-maturity investment securities | 2.14% | 1.93% |
Loans and Allowance for Credi58
Loans and Allowance for Credit Losses - Summary of Nonperforming Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Nonperforming Assets [Line Items] | |||||
Nonperforming Loans | $ 1,008 | $ 1,368 | $ 1,192 | $ 1,466 | $ 1,603 |
Other Real Estate | 141 | 186 | 280 | 288 | 327 |
Covered Other Real Estate | 21 | 26 | 32 | 37 | 97 |
Other Assets | 30 | 23 | 19 | 17 | 10 |
Total nonperforming assets | 1,200 | 1,603 | 1,523 | 1,808 | 2,037 |
Total nonperforming assets, excluding covered assets | 1,173 | 1,571 | 1,483 | 1,757 | 1,813 |
Accruing loans 90 days or more past due | $ 572 | $ 552 | $ 541 | $ 550 | $ 713 |
Nonperforming loans to total loans | 0.36% | 0.51% | 0.46% | 0.60% | 0.65% |
Nonperforming assets to total loans plus other real estate | 0.42% | 0.58% | 0.58% | 0.72% | 0.80% |
Accruing loans 90 days or more past due | $ 720 | $ 764 | $ 831 | $ 945 | $ 1,189 |
Nonperforming loans to total loans | 0.36% | 0.50% | 0.46% | 0.59% | 0.68% |
Nonperforming assets to total loans plus other real estate | 0.43% | 0.59% | 0.58% | 0.73% | 0.86% |
Lease Financing [Member] | |||||
Nonperforming Assets [Line Items] | |||||
Nonperforming Loans | $ 24 | $ 40 | $ 14 | $ 13 | $ 12 |
Commercial Mortgages [Member] | |||||
Nonperforming Assets [Line Items] | |||||
Nonperforming Loans | 108 | 87 | 92 | 175 | 182 |
Construction and Development [Member] | |||||
Nonperforming Assets [Line Items] | |||||
Nonperforming Loans | 34 | 37 | 35 | 84 | 121 |
Credit Card [Member] | |||||
Nonperforming Assets [Line Items] | |||||
Nonperforming Loans | 1 | 3 | 9 | 30 | 78 |
Accruing loans 90 days or more past due | 284 | 253 | |||
Retail Leasing [Member] | |||||
Nonperforming Assets [Line Items] | |||||
Nonperforming Loans | 8 | 2 | 3 | 1 | 1 |
Home Equity and Second Mortgages [Member] | |||||
Nonperforming Assets [Line Items] | |||||
Nonperforming Loans | 126 | 128 | 136 | 170 | 167 |
Total Loans, Excluding Covered Loans [Member] | |||||
Nonperforming Assets [Line Items] | |||||
Nonperforming Loans | 1,002 | 1,362 | 1,184 | 1,452 | 1,476 |
Accruing loans 90 days or more past due | 572 | 552 | |||
Covered Loans [Member] | |||||
Nonperforming Assets [Line Items] | |||||
Nonperforming Loans | 6 | 6 | 8 | 14 | 127 |
Accruing loans 90 days or more past due | 148 | 212 | |||
Commercial [Member] | |||||
Nonperforming Assets [Line Items] | |||||
Nonperforming Loans | 225 | 443 | 160 | 99 | 122 |
Commercial [Member] | |||||
Nonperforming Assets [Line Items] | |||||
Nonperforming Loans | 249 | 483 | 174 | 112 | 134 |
Accruing loans 90 days or more past due | 57 | 52 | |||
Commercial Real Estate [Member] | |||||
Nonperforming Assets [Line Items] | |||||
Nonperforming Loans | 142 | 124 | 127 | 259 | 303 |
Accruing loans 90 days or more past due | 6 | 8 | |||
Residential Mortgages [Member] | |||||
Nonperforming Assets [Line Items] | |||||
Nonperforming Loans | 442 | 595 | 712 | 864 | 770 |
Accruing loans 90 days or more past due | 130 | 156 | |||
Other [Member] | |||||
Nonperforming Assets [Line Items] | |||||
Nonperforming Loans | 34 | 27 | 23 | 16 | 23 |
Other Retail [Member] | |||||
Nonperforming Assets [Line Items] | |||||
Nonperforming Loans | 168 | 157 | $ 162 | $ 187 | $ 191 |
Accruing loans 90 days or more past due | $ 95 | $ 83 |
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, 2017USD ($) | |
Nonperforming Assets [Line Items] | |
Balance December 31, 2016 | $ 1,603 |
Additions to nonperforming assets | |
New nonaccrual loans and foreclosed properties | 973 |
Advances on loans | 29 |
Total additions | 1,002 |
Reductions in nonperforming assets | |
Paydowns, payoffs | (633) |
Net sales | (241) |
Return to performing status | (185) |
Charge-offs | (346) |
Total reductions | (1,405) |
Net additions to (reductions in) nonperforming assets | (403) |
Balance December 31, 2017 | 1,200 |
Commercial and Commercial Real Estate Loans [Member] | |
Nonperforming Assets [Line Items] | |
Balance December 31, 2016 | 623 |
Additions to nonperforming assets | |
New nonaccrual loans and foreclosed properties | 559 |
Advances on loans | 28 |
Total additions | 587 |
Reductions in nonperforming assets | |
Paydowns, payoffs | (415) |
Net sales | (50) |
Return to performing status | (43) |
Charge-offs | (298) |
Total reductions | (806) |
Net additions to (reductions in) nonperforming assets | (219) |
Balance December 31, 2017 | 404 |
Residential Mortgages, Credit Card and Other Retail [Member] | |
Nonperforming Assets [Line Items] | |
Balance December 31, 2016 | 948 |
Additions to nonperforming assets | |
New nonaccrual loans and foreclosed properties | 392 |
Advances on loans | 1 |
Total additions | 393 |
Reductions in nonperforming assets | |
Paydowns, payoffs | (210) |
Net sales | (172) |
Return to performing status | (142) |
Charge-offs | (48) |
Total reductions | (572) |
Net additions to (reductions in) nonperforming assets | (179) |
Balance December 31, 2017 | 769 |
Covered Assets [Member] | |
Nonperforming Assets [Line Items] | |
Balance December 31, 2016 | 32 |
Additions to nonperforming assets | |
New nonaccrual loans and foreclosed properties | 22 |
Total additions | 22 |
Reductions in nonperforming assets | |
Paydowns, payoffs | (8) |
Net sales | (19) |
Total reductions | (27) |
Net additions to (reductions in) nonperforming assets | (5) |
Balance December 31, 2017 | $ 27 |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
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 | $ 1,900 | $ 2,500 | $ 2,900 | $ 3,100 | $ 3,700 |
Foreclosed GNMA loans that continue to accrue interest and excluded from nonperforming assets | $ 267 | $ 373 | $ 535 | $ 641 | $ 527 |
Shareholders' Equity - Regulato
Shareholders' Equity - Regulatory Capital Ratios (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
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 | 5.75% | 5.125% |
Tier 1 capital as a percent of risk-weighted assets - Minimum capital ratio requirement | 7.25% | 6.625% |
Total risk-based capital as a percent of risk-weighted assets - Minimum capital ratio requirement | 9.25% | 8.625% |
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% | 6.50% |
Tier 1 capital as a percent of risk-weighted assets - Well capitalized ratio requirement | 8.00% | 8.00% |
Total risk-based capital as a percent of risk-weighted assets - Well capitalized ratio requirement | 10.00% | 10.00% |
Tier 1 capital as a percent of adjusted quarterly average assets (leverage ratio) - Well capitalized ratio requirement | 5.00% | 5.00% |
Basel III Transitional Standardized Approach: [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common equity tier 1 capital | $ 34,369 | $ 33,720 |
Tier 1 capital | 39,806 | 39,421 |
Total risk-based capital | 47,503 | 47,355 |
Risk-weighted assets | 367,771 | 358,237 |
Basel III Transitional Advanced Approaches: [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common equity tier 1 capital | 34,369 | 33,720 |
Tier 1 capital | 39,806 | 39,421 |
Total risk-based capital | 44,477 | 44,264 |
Risk-weighted assets | 287,211 | 277,141 |
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 | 34,369 | 33,720 |
Tier 1 capital | 39,806 | 39,421 |
Total risk-based capital | 47,503 | 47,355 |
Risk-weighted assets | $ 367,771 | $ 358,237 |
Common equity tier 1 capital as a percent of risk-weighted assets | 9.30% | 9.40% |
Tier 1 capital as a percent of risk-weighted assets | 10.80% | 11.00% |
Total risk-based capital as a percent of risk-weighted assets | 12.90% | 13.20% |
Tier 1 capital as a percent of adjusted quarterly average assets (leverage ratio) | 8.90% | 9.00% |
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 | $ 34,369 | $ 33,720 |
Tier 1 capital | 39,806 | 39,421 |
Total risk-based capital | 44,477 | 44,264 |
Risk-weighted assets | $ 287,211 | $ 277,141 |
Common equity tier 1 capital as a percent of risk-weighted assets | 12.00% | 12.20% |
Tier 1 capital as a percent of risk-weighted assets | 13.90% | 14.20% |
Total risk-based capital as a percent of risk-weighted assets | 15.50% | 16.00% |
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 | $ 37,586 | $ 36,914 |
Tier 1 capital | 37,701 | 37,114 |
Total risk-based capital | 45,466 | 44,853 |
Risk-weighted assets | $ 361,973 | $ 352,023 |
Common equity tier 1 capital as a percent of risk-weighted assets | 10.40% | 10.50% |
Tier 1 capital as a percent of risk-weighted assets | 10.40% | 10.50% |
Total risk-based capital as a percent of risk-weighted assets | 12.60% | 12.70% |
Tier 1 capital as a percent of adjusted quarterly average assets (leverage ratio) | 8.60% | 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 | $ 37,586 | $ 36,914 |
Tier 1 capital | 37,701 | 37,114 |
Total risk-based capital | 42,414 | 41,737 |
Risk-weighted assets | $ 281,659 | $ 271,920 |
Common equity tier 1 capital as a percent of risk-weighted assets | 13.30% | 13.60% |
Tier 1 capital as a percent of risk-weighted assets | 13.40% | 13.60% |
Total risk-based capital as a percent of risk-weighted assets | 15.10% | 15.30% |
Significant Accounting Polici62
Significant Accounting Policies - Line of Business Financial Performance (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Income Statement | |||
Net interest income (taxable-equivalent basis) | $ 12,446 | $ 11,731 | |
Net interest income (taxable-equivalent basis), Percent change | 6.10% | ||
Noninterest income | $ 9,554 | 9,555 | |
Securities gains (losses), net | $ 57 | 22 | |
Securities gains (losses), net, Percent change | 0.00% | ||
Total net revenue | $ 22,057 | 21,308 | |
Total net revenue, Percent change | 3.50% | ||
Noninterest expense, Percent change | 11.10% | ||
Other intangibles, Percent change | (2.20%) | ||
Total noninterest expense, Percent change | 10.90% | ||
Income before provision and income taxes, Percent change | (5.40%) | ||
Provision for credit losses, Percent change | 5.00% | ||
Income before income taxes, Percent change | (7.10%) | ||
Income taxes and taxable-equivalent adjustment, Percent change | (37.90%) | ||
Net income, Percent change | 5.20% | ||
Net (income) loss attributable to noncontrolling interests, Percent change | 37.50% | ||
Net income attributable to U.S. Bancorp, Percent change | 5.60% | ||
Noninterest expense | $ 12,770 | 11,497 | |
Other intangibles | 175 | 179 | $ 174 |
Total noninterest expense | 12,945 | 11,676 | 10,931 |
Income before provision and income taxes | 9,112 | 9,632 | |
Provision for credit losses | 1,390 | 1,324 | 1,132 |
Income before income taxes | 7,722 | 8,308 | |
Income taxes and taxable-equivalent adjustment | 1,469 | 2,364 | |
Net income | 6,253 | 5,944 | 5,933 |
Net (income) loss attributable to noncontrolling interests | (35) | (56) | (54) |
Net income attributable to U.S. Bancorp | 6,218 | 5,888 | $ 5,879 |
Average Balance Sheet | |||
Commercial | $ 95,904 | 92,043 | |
Commercial, Percent change | 4.20% | ||
Commercial real estate | $ 42,077 | 43,040 | |
Commercial real estate, Percent change | (2.20%) | ||
Residential mortgages | $ 58,784 | 55,682 | |
Residential mortgages, Percent change | 5.60% | ||
Credit card | $ 20,906 | 20,490 | |
Credit card, Percent change | 2.00% | ||
Other retail | $ 55,416 | 52,330 | |
Other retail, Percent change | 5.90% | ||
Total loans, excluding covered loans | $ 273,087 | 263,585 | |
Total loans, excluding covered loans, Percent change | 3.60% | ||
Covered loans | $ 3,450 | 4,226 | |
Covered loans, Percent change | (18.40%) | ||
Total loans | $ 276,537 | 267,811 | |
Total loans, Percent change | 3.30% | ||
Other intangible assets, Percent change | 6.60% | ||
Assets, Percent change | 3.50% | ||
Noninterest-bearing deposits, Percent change | 0.90% | ||
Interest checking, Percent change | 10.10% | ||
Savings products, Percent change | 9.50% | ||
Time deposits, Percent change | 2.30% | ||
Total deposits, Percent change | 6.60% | ||
Total U.S. Bancorp shareholders' equity, Percent change | 2.40% | ||
Goodwill | $ 9,361 | 9,359 | |
Other intangible assets | 3,234 | 3,033 | |
Assets | 448,582 | 433,313 | |
Noninterest-bearing deposits | 81,933 | 81,176 | |
Interest checking | 67,953 | 61,726 | |
Savings products | 149,869 | 136,900 | |
Time deposits | 33,759 | 33,008 | |
Total deposits | 333,514 | 312,810 | |
Total U.S. Bancorp shareholders' equity | 48,466 | 47,339 | |
Corporate and Commercial Banking [Member] | |||
Condensed Income Statement | |||
Net interest income (taxable-equivalent basis) | $ 2,425 | 2,241 | |
Net interest income (taxable-equivalent basis), Percent change | 8.20% | ||
Noninterest income | $ 900 | 897 | |
Noninterest income, Percent change | 0.30% | ||
Securities gains (losses), net | $ (3) | 2 | |
Securities gains (losses), net, Percent change | 0.00% | ||
Total net revenue | $ 3,322 | 3,140 | |
Total net revenue, Percent change | 5.80% | ||
Noninterest expense, Percent change | 8.80% | ||
Total noninterest expense, Percent change | 8.70% | ||
Income before provision and income taxes, Percent change | 3.30% | ||
Income before income taxes, Percent change | 32.70% | ||
Income taxes and taxable-equivalent adjustment, Percent change | 32.60% | ||
Net income, Percent change | 32.70% | ||
Net income attributable to U.S. Bancorp, Percent change | 32.70% | ||
Noninterest expense | $ 1,566 | 1,440 | |
Other intangibles | 4 | 4 | |
Total noninterest expense | 1,570 | 1,444 | |
Income before provision and income taxes | 1,752 | 1,696 | |
Provision for credit losses | (14) | 365 | |
Income before income taxes | 1,766 | 1,331 | |
Income taxes and taxable-equivalent adjustment | 643 | 485 | |
Net income | 1,123 | 846 | |
Net income attributable to U.S. Bancorp | 1,123 | 846 | |
Average Balance Sheet | |||
Commercial | $ 73,538 | 70,856 | |
Commercial, Percent change | 3.80% | ||
Commercial real estate | $ 20,456 | 21,183 | |
Commercial real estate, Percent change | (3.40%) | ||
Residential mortgages | $ 6 | 8 | |
Residential mortgages, Percent change | (25.00%) | ||
Other retail | 2 | ||
Total loans, excluding covered loans | $ 94,000 | 92,049 | |
Total loans, excluding covered loans, Percent change | 2.10% | ||
Total loans | $ 94,000 | 92,049 | |
Total loans, Percent change | 2.10% | ||
Other intangible assets, Percent change | (23.50%) | ||
Assets, Percent change | 2.00% | ||
Noninterest-bearing deposits, Percent change | (2.50%) | ||
Interest checking, Percent change | 15.50% | ||
Savings products, Percent change | 8.20% | ||
Time deposits, Percent change | 23.40% | ||
Total deposits, Percent change | 6.90% | ||
Total U.S. Bancorp shareholders' equity, Percent change | 9.70% | ||
Goodwill | $ 1,647 | 1,647 | |
Other intangible assets | 13 | 17 | |
Assets | 102,586 | 100,570 | |
Noninterest-bearing deposits | 36,001 | 36,912 | |
Interest checking | 9,950 | 8,616 | |
Savings products | 45,773 | 42,300 | |
Time deposits | 16,136 | 13,077 | |
Total deposits | 107,860 | 100,905 | |
Total U.S. Bancorp shareholders' equity | 9,872 | 8,996 | |
Consumer and Business Banking [Member] | |||
Condensed Income Statement | |||
Net interest income (taxable-equivalent basis) | $ 5,117 | 4,752 | |
Net interest income (taxable-equivalent basis), Percent change | 7.70% | ||
Noninterest income | $ 2,445 | 2,526 | |
Noninterest income, Percent change | (3.20%) | ||
Securities gains (losses), net, Percent change | 0.00% | ||
Total net revenue | $ 7,562 | 7,278 | |
Total net revenue, Percent change | 3.90% | ||
Noninterest expense, Percent change | 1.20% | ||
Other intangibles, Percent change | (6.30%) | ||
Total noninterest expense, Percent change | 1.10% | ||
Income before provision and income taxes, Percent change | 10.40% | ||
Income before income taxes, Percent change | (1.60%) | ||
Income taxes and taxable-equivalent adjustment, Percent change | (1.70%) | ||
Net income, Percent change | (1.60%) | ||
Net income attributable to U.S. Bancorp, Percent change | (1.60%) | ||
Noninterest expense | $ 5,117 | 5,058 | |
Other intangibles | 30 | 32 | |
Total noninterest expense | 5,147 | 5,090 | |
Income before provision and income taxes | 2,415 | 2,188 | |
Provision for credit losses | 354 | 93 | |
Income before income taxes | 2,061 | 2,095 | |
Income taxes and taxable-equivalent adjustment | 750 | 763 | |
Net income | 1,311 | 1,332 | |
Net income attributable to U.S. Bancorp | 1,311 | 1,332 | |
Average Balance Sheet | |||
Commercial | $ 10,163 | 10,352 | |
Commercial, Percent change | (1.80%) | ||
Commercial real estate | $ 18,437 | 18,231 | |
Commercial real estate, Percent change | 1.10% | ||
Residential mortgages | $ 55,960 | 53,402 | |
Residential mortgages, Percent change | 4.80% | ||
Other retail | $ 53,296 | 50,247 | |
Other retail, Percent change | 6.10% | ||
Total loans, excluding covered loans | $ 137,856 | 132,232 | |
Total loans, excluding covered loans, Percent change | 4.30% | ||
Covered loans | $ 3,445 | 4,196 | |
Covered loans, Percent change | (17.90%) | ||
Total loans | $ 141,301 | 136,428 | |
Total loans, Percent change | 3.60% | ||
Other intangible assets, Percent change | 13.10% | ||
Assets, Percent change | 2.70% | ||
Noninterest-bearing deposits, Percent change | 1.70% | ||
Interest checking, Percent change | 8.60% | ||
Savings products, Percent change | 5.60% | ||
Time deposits, Percent change | (9.60%) | ||
Total deposits, Percent change | 4.20% | ||
Total U.S. Bancorp shareholders' equity, Percent change | 2.50% | ||
Goodwill | $ 3,681 | 3,682 | |
Other intangible assets | 2,739 | 2,422 | |
Assets | 155,835 | 151,759 | |
Noninterest-bearing deposits | 27,983 | 27,516 | |
Interest checking | 47,332 | 43,593 | |
Savings products | 60,632 | 57,442 | |
Time deposits | 12,903 | 14,274 | |
Total deposits | 148,850 | 142,825 | |
Total U.S. Bancorp shareholders' equity | 11,468 | 11,192 | |
Wealth Management and Investment Services [Member] | |||
Condensed Income Statement | |||
Net interest income (taxable-equivalent basis) | $ 763 | 537 | |
Net interest income (taxable-equivalent basis), Percent change | 42.10% | ||
Noninterest income | $ 1,646 | 1,589 | |
Noninterest income, Percent change | 3.60% | ||
Securities gains (losses), net, Percent change | 0.00% | ||
Total net revenue | $ 2,409 | 2,126 | |
Total net revenue, Percent change | 13.30% | ||
Noninterest expense, Percent change | 6.40% | ||
Other intangibles, Percent change | (16.70%) | ||
Total noninterest expense, Percent change | 6.10% | ||
Income before provision and income taxes, Percent change | 32.10% | ||
Provision for credit losses, Percent change | 75.00% | ||
Income before income taxes, Percent change | 31.40% | ||
Income taxes and taxable-equivalent adjustment, Percent change | 31.50% | ||
Net income, Percent change | 31.40% | ||
Net income attributable to U.S. Bancorp, Percent change | 31.40% | ||
Noninterest expense | $ 1,608 | 1,511 | |
Other intangibles | 20 | 24 | |
Total noninterest expense | 1,628 | 1,535 | |
Income before provision and income taxes | 781 | 591 | |
Provision for credit losses | (1) | (4) | |
Income before income taxes | 782 | 595 | |
Income taxes and taxable-equivalent adjustment | 284 | 216 | |
Net income | 498 | 379 | |
Net income attributable to U.S. Bancorp | 498 | 379 | |
Average Balance Sheet | |||
Commercial | $ 3,434 | 2,916 | |
Commercial, Percent change | 17.80% | ||
Commercial real estate | $ 508 | 523 | |
Commercial real estate, Percent change | (2.90%) | ||
Residential mortgages | $ 2,818 | 2,272 | |
Residential mortgages, Percent change | 24.00% | ||
Other retail | $ 1,660 | 1,557 | |
Other retail, Percent change | 6.60% | ||
Total loans, excluding covered loans | $ 8,420 | 7,268 | |
Total loans, excluding covered loans, Percent change | 15.90% | ||
Total loans | $ 8,420 | 7,268 | |
Total loans, Percent change | 15.90% | ||
Goodwill, Percent change | 0.10% | ||
Other intangible assets, Percent change | (19.80%) | ||
Assets, Percent change | 11.90% | ||
Noninterest-bearing deposits, Percent change | 8.00% | ||
Interest checking, Percent change | 12.10% | ||
Savings products, Percent change | 17.30% | ||
Time deposits, Percent change | 3.30% | ||
Total deposits, Percent change | 13.70% | ||
Total U.S. Bancorp shareholders' equity, Percent change | (0.40%) | ||
Goodwill | $ 1,568 | 1,567 | |
Other intangible assets | 81 | 101 | |
Assets | 11,588 | 10,358 | |
Noninterest-bearing deposits | 14,819 | 13,716 | |
Interest checking | 10,628 | 9,477 | |
Savings products | 42,905 | 36,570 | |
Time deposits | 4,003 | 3,876 | |
Total deposits | 72,355 | 63,639 | |
Total U.S. Bancorp shareholders' equity | 2,373 | 2,382 | |
Payment Services [Member] | |||
Condensed Income Statement | |||
Net interest income (taxable-equivalent basis) | $ 2,223 | 2,141 | |
Net interest income (taxable-equivalent basis), Percent change | 3.80% | ||
Noninterest income | $ 3,613 | 3,562 | |
Noninterest income, Percent change | 1.40% | ||
Securities gains (losses), net, Percent change | 0.00% | ||
Total net revenue | $ 5,836 | 5,703 | |
Total net revenue, Percent change | 2.30% | ||
Noninterest expense, Percent change | 6.20% | ||
Other intangibles, Percent change | 1.70% | ||
Total noninterest expense, Percent change | 6.00% | ||
Income before provision and income taxes, Percent change | (1.00%) | ||
Provision for credit losses, Percent change | 24.50% | ||
Income before income taxes, Percent change | (11.40%) | ||
Income taxes and taxable-equivalent adjustment, Percent change | (11.40%) | ||
Net income, Percent change | (11.50%) | ||
Net (income) loss attributable to noncontrolling interests, Percent change | 59.40% | ||
Net income attributable to U.S. Bancorp, Percent change | (10.30%) | ||
Noninterest expense | $ 2,761 | 2,601 | |
Other intangibles | 121 | 119 | |
Total noninterest expense | 2,882 | 2,720 | |
Income before provision and income taxes | 2,954 | 2,983 | |
Provision for credit losses | 1,082 | 869 | |
Income before income taxes | 1,872 | 2,114 | |
Income taxes and taxable-equivalent adjustment | 682 | 770 | |
Net income | 1,190 | 1,344 | |
Net (income) loss attributable to noncontrolling interests | (13) | (32) | |
Net income attributable to U.S. Bancorp | 1,177 | 1,312 | |
Average Balance Sheet | |||
Commercial | $ 8,082 | 7,535 | |
Commercial, Percent change | 7.30% | ||
Credit card | $ 20,906 | 20,490 | |
Credit card, Percent change | 2.00% | ||
Other retail | $ 460 | 524 | |
Other retail, Percent change | (12.20%) | ||
Total loans, excluding covered loans | $ 29,448 | 28,549 | |
Total loans, excluding covered loans, Percent change | 3.10% | ||
Total loans | $ 29,448 | 28,549 | |
Total loans, Percent change | 3.10% | ||
Goodwill, Percent change | 0.10% | ||
Other intangible assets, Percent change | (18.70%) | ||
Assets, Percent change | 1.80% | ||
Noninterest-bearing deposits, Percent change | 9.00% | ||
Savings products, Percent change | 5.20% | ||
Total deposits, Percent change | 8.70% | ||
Total U.S. Bancorp shareholders' equity, Percent change | (1.90%) | ||
Goodwill | $ 2,465 | 2,463 | |
Other intangible assets | 401 | 493 | |
Assets | 35,020 | 34,389 | |
Noninterest-bearing deposits | 1,037 | 951 | |
Savings products | 102 | 97 | |
Total deposits | 1,139 | 1,048 | |
Total U.S. Bancorp shareholders' equity | 6,269 | 6,389 | |
Treasury and Corporate Support [Member] | |||
Condensed Income Statement | |||
Net interest income (taxable-equivalent basis) | $ 1,918 | 2,060 | |
Net interest income (taxable-equivalent basis), Percent change | (6.90%) | ||
Noninterest income | $ 950 | 981 | |
Noninterest income, Percent change | (3.20%) | ||
Securities gains (losses), net | $ 60 | 20 | |
Securities gains (losses), net, Percent change | 0.00% | ||
Total net revenue | $ 2,928 | 3,061 | |
Total net revenue, Percent change | (4.30%) | ||
Noninterest expense, Percent change | 93.70% | ||
Total noninterest expense, Percent change | 93.70% | ||
Income before provision and income taxes, Percent change | (44.30%) | ||
Income before income taxes, Percent change | (42.90%) | ||
Net income, Percent change | 4.30% | ||
Net (income) loss attributable to noncontrolling interests, Percent change | 8.30% | ||
Net income attributable to U.S. Bancorp, Percent change | 4.50% | ||
Noninterest expense | $ 1,718 | 887 | |
Total noninterest expense | 1,718 | 887 | |
Income before provision and income taxes | 1,210 | 2,174 | |
Provision for credit losses | (31) | 1 | |
Income before income taxes | 1,241 | 2,173 | |
Income taxes and taxable-equivalent adjustment | (890) | 130 | |
Net income | 2,131 | 2,043 | |
Net (income) loss attributable to noncontrolling interests | (22) | (24) | |
Net income attributable to U.S. Bancorp | 2,109 | 2,019 | |
Average Balance Sheet | |||
Commercial | $ 687 | 384 | |
Commercial, Percent change | 78.90% | ||
Commercial real estate | $ 2,676 | 3,103 | |
Commercial real estate, Percent change | (13.80%) | ||
Total loans, excluding covered loans | $ 3,363 | 3,487 | |
Total loans, excluding covered loans, Percent change | (3.60%) | ||
Covered loans | $ 5 | 30 | |
Covered loans, Percent change | (83.30%) | ||
Total loans | $ 3,368 | 3,517 | |
Total loans, Percent change | (4.20%) | ||
Assets, Percent change | 5.40% | ||
Noninterest-bearing deposits, Percent change | 0.60% | ||
Interest checking, Percent change | 7.50% | ||
Savings products, Percent change | (6.90%) | ||
Time deposits, Percent change | (59.70%) | ||
Total deposits, Percent change | (24.70%) | ||
Total U.S. Bancorp shareholders' equity, Percent change | 0.60% | ||
Assets | $ 143,553 | 136,237 | |
Noninterest-bearing deposits | 2,093 | 2,081 | |
Interest checking | 43 | 40 | |
Savings products | 457 | 491 | |
Time deposits | 717 | 1,781 | |
Total deposits | 3,310 | 4,393 | |
Total U.S. Bancorp shareholders' equity | $ 18,484 | $ 18,380 |
Significant Accounting Polici63
Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2017USD ($)SecurityLoanSegmentBusiness | |
Significant Accounting Policies Additional Information [Line Items] | |
Number of reportable operating segments | Segment | 5 |
Wealth Management and Investment 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 plan assets unrealized difference between actual experience and expected returns amortization period | 15 years |
Furniture, Fixtures and Equipment [Member] | Minimum [Member] | |
Significant Accounting Policies Additional Information [Line Items] | |
Useful life | 3 years |
Furniture, Fixtures and Equipment [Member] | Maximum [Member] | |
Significant Accounting Policies Additional Information [Line Items] | |
Useful life | 20 years |
Building [Member] | Maximum [Member] | |
Significant Accounting Policies Additional Information [Line Items] | |
Useful life | 40 years |
Residential Mortgages [Member] | 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 |
Residential Mortgages [Member] | 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 |
Commercial Lending Segment [Member] | |
Significant Accounting Policies Additional Information [Line Items] | |
Number of classes of loans | 2 |
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 |
Restrictions on Cash and Due 64
Restrictions on Cash and Due from Banks - Additional Information (Detail) - USD ($) $ in Billions | Dec. 31, 2017 | Dec. 31, 2016 |
Cash and Cash Equivalents [Abstract] | ||
Minimum average reserve balances required by banking regulators | $ 3.1 | $ 3 |
Balances held at the federal reserve and other financial institutions | $ 2.4 | $ 2.9 |
Investment Securities - Inves65
Investment Securities - Investment Securities Held-to-Maturity (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, Amortized Cost | $ 44,362 | $ 42,991 |
Held-to-maturity securities, Unrealized Gains | 60 | 106 |
Held-to-maturity securities, Unrealized Losses Other | (699) | (662) |
Held-to-maturity securities, Fair Value | 43,723 | 42,435 |
U.S. Treasury and Agencies [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, Amortized Cost | 5,181 | 5,246 |
Held-to-maturity securities, Unrealized Gains | 5 | 12 |
Held-to-maturity securities, Unrealized Losses Other | (120) | (132) |
Held-to-maturity securities, Fair Value | 5,066 | 5,126 |
Mortgage-Backed Securities Residential [Member] | Agency [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, Amortized Cost | 39,150 | 37,706 |
Held-to-maturity securities, Unrealized Gains | 48 | 85 |
Held-to-maturity securities, Unrealized Losses Other | (579) | (529) |
Held-to-maturity securities, Fair Value | 38,619 | 37,262 |
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 | |
Held-to-maturity securities, Fair Value | 1 | |
Asset-Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, Amortized Cost | 6 | |
Held-to-maturity securities, Fair Value | 12 | |
Asset-Backed Securities [Member] | Collateralized Loan Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, Unrealized Gains | 4 | 5 |
Held-to-maturity securities, Fair Value | 4 | 5 |
Asset-Backed Securities [Member] | Asset-Backed Securities Other [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, Amortized Cost | 6 | 8 |
Held-to-maturity securities, Unrealized Gains | 2 | 3 |
Held-to-maturity securities, Fair Value | 8 | 11 |
Obligations of State and Political Subdivisions [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, Amortized Cost | 6 | 6 |
Held-to-maturity securities, Unrealized Gains | 1 | 1 |
Held-to-maturity securities, Fair Value | 7 | 7 |
Obligations of Foreign Governments [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, Amortized Cost | 7 | 9 |
Held-to-maturity securities, Fair Value | 7 | 9 |
Other Debt Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, Amortized Cost | 12 | 15 |
Held-to-maturity securities, Unrealized Losses Other | (1) | |
Held-to-maturity securities, Fair Value | $ 12 | $ 14 |
Investment Securities - Inves66
Investment Securities - Investment Securities Available-for-Sale (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, Amortized Cost | $ 68,717 | $ 66,985 | |
Available-for-sale securities, Unrealized Gains | 308 | 334 | |
Available-for-sale securities, Unrealized Losses Other-than-Temporary | (6) | ||
Available-for-sale securities, Unrealized Losses Other | (888) | (1,029) | |
Available-for-sale securities, Fair Value | [1] | 68,137 | 66,284 |
U.S. Treasury and Agencies [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, Amortized Cost | 23,586 | 17,314 | |
Available-for-sale securities, Unrealized Gains | 3 | 11 | |
Available-for-sale securities, Unrealized Losses Other | (288) | (198) | |
Available-for-sale securities, Fair Value | 23,301 | 17,127 | |
Mortgage-Backed Securities Residential [Member] | Agency [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, Amortized Cost | 38,450 | 43,558 | |
Available-for-sale securities, Unrealized Gains | 152 | 225 | |
Available-for-sale securities, Unrealized Losses Other | (571) | (645) | |
Available-for-sale securities, Fair Value | 38,031 | 43,138 | |
Mortgage-Backed Securities Residential [Member] | Non-Agency Prime [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, Amortized Cost | 240 | ||
Available-for-sale securities, Unrealized Gains | 6 | ||
Available-for-sale securities, Unrealized Losses Other-than-Temporary | (3) | ||
Available-for-sale securities, Unrealized Losses Other | (1) | ||
Available-for-sale securities, Fair Value | 242 | ||
Mortgage-Backed Securities Residential [Member] | Non-Agency Non-Prime [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, Amortized Cost | 178 | ||
Available-for-sale securities, Unrealized Gains | 20 | ||
Available-for-sale securities, Unrealized Losses Other-than-Temporary | (3) | ||
Available-for-sale securities, Fair Value | 195 | ||
Commercial [Member] | Agency [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, Amortized Cost | 6 | 15 | |
Available-for-sale securities, Fair Value | 6 | 15 | |
Asset-Backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, Amortized Cost | 413 | ||
Available-for-sale securities, Fair Value | 419 | ||
Asset-Backed Securities [Member] | Asset-Backed Securities Other [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, Amortized Cost | 413 | 475 | |
Available-for-sale securities, Unrealized Gains | 6 | 8 | |
Available-for-sale securities, Fair Value | 419 | 483 | |
Obligations of State and Political Subdivisions [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, Amortized Cost | 6,240 | 5,167 | |
Available-for-sale securities, Unrealized Gains | 147 | 55 | |
Available-for-sale securities, Unrealized Losses Other | (29) | (183) | |
Available-for-sale securities, Fair Value | 6,358 | 5,039 | |
Corporate Debt Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, Amortized Cost | 11 | ||
Available-for-sale securities, Unrealized Losses Other | (2) | ||
Available-for-sale securities, Fair Value | 9 | ||
Other Investment [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, Amortized Cost | 22 | 27 | |
Available-for-sale securities, Unrealized Gains | 9 | ||
Available-for-sale securities, Fair Value | $ 22 | $ 36 | |
[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 (Parenthetical) (Detail) | Dec. 31, 2017CreditScore |
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, 2017 | Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | ||
Weighted-average maturity of available-for-sale investment securities | 5 years 1 month 6 days | 5 years 1 month 6 days |
Weighted-average yields of available-for-sale investment securities | 2.25% | 2.06% |
Weighted-average maturity of held-to-maturity investment securities | 4 years 8 months 12 days | 4 years 7 months 6 days |
Weighted-average yields of held-to-maturity investment securities | 2.14% | 1.93% |
Fair value of securities pledged | $ 12,800 | $ 11,300 |
Fair value of securities pledged as collateral where counterparty has right to repledge or resell | $ 689 | $ 755 |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Interest Income, Securities, Operating, by Taxable Status [Abstract] | |||
Taxable | $ 2,043 | $ 1,878 | $ 1,778 |
Non-taxable | 189 | 200 | 223 |
Total interest income from investment securities | $ 2,232 | $ 2,078 | $ 2,001 |
Investment Securities - Amoun70
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Available-for-sale Securities, Gross Realized Gain (Loss), Excluding Other than Temporary Impairments [Abstract] | |||
Realized gains | $ 75 | $ 93 | $ 7 |
Realized losses | (18) | (66) | (6) |
Net realized gains (losses) | 57 | 27 | $ 1 |
Income tax (benefit) on net realized gains (losses) | $ 22 | $ 10 |
Investment Securities - Gross U
Investment Securities - Gross Unrealized Losses and Fair Value of Company's Investment Securities (Detail) $ in Millions | Dec. 31, 2017USD ($) |
Continuous Gross Unrealized Losses And Fair Value [Abstract] | |
Fair Value Less Than 12 Months | $ 19,593 |
Unrealized Losses Less Than 12 Months | (170) |
Fair Value 12 Months or Greater | 17,918 |
Unrealized Losses 12 Months or Greater | (529) |
Fair Value Total | 37,511 |
Unrealized Losses Total | (699) |
Fair Value Less Than 12 Months | 23,194 |
Unrealized Losses Less Than 12 Months | (204) |
Fair Value 12 Months or Greater | 31,073 |
Unrealized Losses 12 Months or Greater | (684) |
Fair Value Total | 54,267 |
Unrealized Losses Total | (888) |
U.S. Treasury and Agencies [Member] | |
Continuous Gross Unrealized Losses And Fair Value [Abstract] | |
Fair Value Less Than 12 Months | 2,109 |
Unrealized Losses Less Than 12 Months | (18) |
Fair Value 12 Months or Greater | 2,596 |
Unrealized Losses 12 Months or Greater | (102) |
Fair Value Total | 4,705 |
Unrealized Losses Total | (120) |
Fair Value Less Than 12 Months | 13,911 |
Unrealized Losses Less Than 12 Months | (128) |
Fair Value 12 Months or Greater | 9,124 |
Unrealized Losses 12 Months or Greater | (160) |
Fair Value Total | 23,035 |
Unrealized Losses Total | (288) |
Mortgage-Backed Securities Residential [Member] | Agency [Member] | |
Continuous Gross Unrealized Losses And Fair Value [Abstract] | |
Fair Value Less Than 12 Months | 17,484 |
Unrealized Losses Less Than 12 Months | (152) |
Fair Value 12 Months or Greater | 15,308 |
Unrealized Losses 12 Months or Greater | (427) |
Fair Value Total | 32,792 |
Unrealized Losses Total | (579) |
Fair Value Less Than 12 Months | 9,132 |
Unrealized Losses Less Than 12 Months | (75) |
Fair Value 12 Months or Greater | 20,635 |
Unrealized Losses 12 Months or Greater | (496) |
Fair Value Total | 29,767 |
Unrealized Losses Total | (571) |
Obligations of State and Political Subdivisions [Member] | |
Continuous Gross Unrealized Losses And Fair Value [Abstract] | |
Fair Value Less Than 12 Months | 151 |
Unrealized Losses Less Than 12 Months | (1) |
Fair Value 12 Months or Greater | 1,313 |
Unrealized Losses 12 Months or Greater | (28) |
Fair Value Total | 1,464 |
Unrealized Losses Total | (29) |
Other Investment [Member] | |
Continuous Gross Unrealized Losses And Fair Value [Abstract] | |
Fair Value 12 Months or Greater | 1 |
Fair Value 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 | 2 |
Fair Value Total | 2 |
Other Debt Securities [Member] | |
Continuous Gross Unrealized Losses And Fair Value [Abstract] | |
Fair Value 12 Months or Greater | 12 |
Fair Value Total | $ 12 |
Loans and Allowance for Credi72
Loans and Allowance for Credit Losses - Composition of Loan Portfolio (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, excluding covered loans | $ 277,311 | $ 269,371 |
Total loans | 280,432 | 273,207 |
Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, excluding covered loans | 91,958 | 87,928 |
Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, excluding covered loans | 97,561 | 93,386 |
Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, excluding covered loans | 40,463 | 43,098 |
Residential Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, excluding covered loans | 59,783 | 57,274 |
Other Retail [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, excluding covered loans | 57,324 | 53,864 |
Lease Financing [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, excluding covered loans | 5,603 | 5,458 |
Commercial Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, excluding covered loans | 29,367 | 31,592 |
Construction and Development [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, excluding covered loans | 11,096 | 11,506 |
Residential Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, excluding covered loans | 46,685 | 43,632 |
Home Equity Loans, First Liens [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, excluding covered loans | 13,098 | 13,642 |
Credit Card [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, excluding covered loans | 22,180 | 21,749 |
Retail Leasing [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, excluding covered loans | 7,988 | 6,316 |
Home Equity and Second Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, excluding covered loans | 16,327 | 16,369 |
Revolving Credit [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, excluding covered loans | 3,183 | 3,282 |
Installment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, excluding covered loans | 8,989 | 8,087 |
Automobile [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, excluding covered loans | 18,934 | 17,571 |
Student [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, excluding covered loans | 1,903 | 2,239 |
Total Loans, Excluding Covered Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, excluding covered loans | 277,311 | 269,371 |
Covered Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 3,121 | $ 3,836 |
Loans and Allowance for Credi73
Loans and Allowance for Credit Losses - Additional Information (Detail) $ in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2017USD ($)SecurityLoan | Dec. 31, 2017USD ($)MortgageLoan | Dec. 31, 2016USD ($) | |
Loans and Allowance for Credit Losses [Line Items] | |||
Loans pledged at the Federal Home Loan Bank | $ 83,300 | $ 83,300 | $ 84,500 |
Loans pledged at the Federal Reserve Bank | 68,000 | 68,000 | 66,500 |
Unearned interest and deferred fees and costs on originated loans | 830 | 830 | 672 |
Foreclosed residential real estate property included in other real estate owned | 156 | 156 | 201 |
Foreclosed residential real estate property included in other real estate owned excluding covered assets | 135 | 135 | 175 |
Foreclosed residential real estate related to mortgage loans whose payments are insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs | 267 | 267 | 373 |
Residential mortgage loans secured by residential real estate in process of foreclosure | 1,700 | $ 1,700 | 2,100 |
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 | 1,768 | ||
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 | $ 206 | ||
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 GNMA mortgage pools whose repayments are insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs | $ 1,300 | $ 1,300 | $ 1,600 |
Home Equity and Second Mortgages [Member] | |||
Loans and Allowance for Credit Losses [Line Items] | |||
Number of loans in trial period | SecurityLoan | 25 | ||
Outstanding balance of loans in trial period | $ 2 | ||
Estimated post-modification balance of loans in trial period | $ 2 | ||
Residential Mortgages [Member] | |||
Loans and Allowance for Credit Losses [Line Items] | |||
Number of loans in trial period | SecurityLoan | 37 | ||
Outstanding balance of loans in trial period | $ 5 | ||
Estimated post-modification balance of loans in trial period | $ 5 | ||
Government National Mortgage Association [Member] | |||
Loans and Allowance for Credit Losses [Line Items] | |||
Number of loans in trial period | SecurityLoan | 983 | ||
Outstanding balance of loans in trial period | $ 125 | ||
Estimated post-modification balance of loans in trial period | $ 125 |
Loans and Allowance for Credi74
Loans and Allowance for Credit Losses - Changes in Accretable Balance for Purchased Impaired Loans (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Deteriorated Loans Transferred in [Abstract] | |||
Balance at beginning of period | $ 698 | $ 957 | $ 1,309 |
Accretion | (386) | (392) | (382) |
Disposals | (83) | (110) | (132) |
Reclassifications from nonaccretable difference | 129 | 244 | 163 |
Other | (8) | (1) | (1) |
Balance at end of period | $ 350 | $ 698 | $ 957 |
Loans and Allowance for Credi75
Loans and Allowance for Credit Losses - Activity in Allowance for Credit Losses by Portfolio Class (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance at beginning of period | $ 4,357 | $ 4,306 | $ 4,375 |
Provision for credit losses | 1,390 | 1,324 | 1,132 |
Loans charged-off | 1,751 | 1,615 | 1,516 |
Less recoveries of loans charged-off | (421) | (346) | (344) |
Net loans charged-off | 1,330 | 1,269 | 1,172 |
Other changes | (4) | (29) | |
Balance at end of period | 4,417 | 4,357 | 4,306 |
Commercial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance at beginning of period | 1,450 | 1,287 | 1,146 |
Provision for credit losses | 186 | 488 | 361 |
Loans charged-off | 414 | 417 | 314 |
Less recoveries of loans charged-off | (150) | (92) | (95) |
Net loans charged-off | 264 | 325 | 219 |
Other changes | (1) | ||
Balance at end of period | 1,372 | 1,450 | 1,287 |
Commercial Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance at beginning of period | 812 | 724 | 726 |
Provision for credit losses | 19 | 75 | (30) |
Loans charged-off | 30 | 22 | 22 |
Less recoveries of loans charged-off | (30) | (35) | (50) |
Net loans charged-off | (13) | (28) | |
Balance at end of period | 831 | 812 | 724 |
Residential Mortgages [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance at beginning of period | 510 | 631 | 787 |
Provision for credit losses | (24) | (61) | (47) |
Loans charged-off | 65 | 85 | 135 |
Less recoveries of loans charged-off | (28) | (25) | (26) |
Net loans charged-off | 37 | 60 | 109 |
Balance at end of period | 449 | 510 | 631 |
Other Retail [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance at beginning of period | 617 | 743 | 771 |
Provision for credit losses | 304 | 95 | 193 |
Loans charged-off | 355 | 332 | 319 |
Less recoveries of loans charged-off | (112) | (111) | (98) |
Net loans charged-off | 243 | 221 | 221 |
Balance at end of period | 678 | 617 | 743 |
Credit Card [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance at beginning of period | 934 | 883 | 880 |
Provision for credit losses | 908 | 728 | 654 |
Loans charged-off | 887 | 759 | 726 |
Less recoveries of loans charged-off | (101) | (83) | (75) |
Net loans charged-off | 786 | 676 | 651 |
Other changes | (1) | ||
Balance at end of period | 1,056 | 934 | 883 |
Total Loans, Excluding Covered Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance at beginning of period | 4,323 | 4,268 | 4,310 |
Provision for credit losses | 1,393 | 1,325 | 1,131 |
Loans charged-off | 1,751 | 1,615 | 1,516 |
Less recoveries of loans charged-off | (421) | (346) | (344) |
Net loans charged-off | 1,330 | 1,269 | 1,172 |
Other changes | (1) | (1) | |
Balance at end of period | 4,386 | 4,323 | 4,268 |
Covered Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance at beginning of period | 34 | 38 | 65 |
Provision for credit losses | (3) | (1) | 1 |
Other changes | (3) | (28) | |
Balance at end of period | $ 31 | $ 34 | $ 38 |
Loans and Allowance for Credi76
Loans and Allowance for Credit Losses - Additional Detail of Allowance for Credit Losses and Related Loan Balances by Portfolio Class (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Allowance Balance at End of Period | ||||
Loans individually evaluated for impairment | $ 27 | $ 54 | ||
TDRs collectively evaluated for impairment | 237 | 282 | ||
Other loans collectively evaluated for impairment | 4,118 | 3,982 | ||
Loans acquired with deteriorated credit quality | 35 | 39 | ||
Total allowance for credit losses | 4,417 | 4,357 | $ 4,306 | $ 4,375 |
Loan Balance at End of Period | ||||
Loans individually evaluated for impairment | 408 | 693 | ||
TDRs collectively evaluated for impairment | 4,269 | 4,399 | ||
Other loans collectively evaluated for impairment | 273,669 | 265,728 | ||
Loans acquired with deteriorated credit quality | 2,086 | 2,387 | ||
Total loans | 277,311 | 269,371 | ||
Total loans | 280,432 | 273,207 | ||
Commercial [Member] | ||||
Allowance Balance at End of Period | ||||
Loans individually evaluated for impairment | 23 | 50 | ||
TDRs collectively evaluated for impairment | 14 | 12 | ||
Other loans collectively evaluated for impairment | 1,335 | 1,388 | ||
Total allowance for credit losses | 1,372 | 1,450 | 1,287 | 1,146 |
Loan Balance at End of Period | ||||
Loans individually evaluated for impairment | 337 | 623 | ||
TDRs collectively evaluated for impairment | 148 | 145 | ||
Other loans collectively evaluated for impairment | 97,076 | 92,611 | ||
Loans acquired with deteriorated credit quality | 7 | |||
Total loans | 97,561 | 93,386 | ||
Commercial Real Estate [Member] | ||||
Allowance Balance at End of Period | ||||
Loans individually evaluated for impairment | 4 | 4 | ||
TDRs collectively evaluated for impairment | 4 | 4 | ||
Other loans collectively evaluated for impairment | 818 | 798 | ||
Loans acquired with deteriorated credit quality | 5 | 6 | ||
Total allowance for credit losses | 831 | 812 | 724 | 726 |
Loan Balance at End of Period | ||||
Loans individually evaluated for impairment | 71 | 70 | ||
TDRs collectively evaluated for impairment | 145 | 146 | ||
Other loans collectively evaluated for impairment | 40,174 | 42,751 | ||
Loans acquired with deteriorated credit quality | 73 | 131 | ||
Total loans | 40,463 | 43,098 | ||
Residential Mortgages [Member] | ||||
Allowance Balance at End of Period | ||||
TDRs collectively evaluated for impairment | 139 | 180 | ||
Other loans collectively evaluated for impairment | 310 | 330 | ||
Total allowance for credit losses | 449 | 510 | 631 | 787 |
Loan Balance at End of Period | ||||
TDRs collectively evaluated for impairment | 3,524 | 3,678 | ||
Other loans collectively evaluated for impairment | 56,258 | 53,595 | ||
Loans acquired with deteriorated credit quality | 1 | 1 | ||
Total loans | 59,783 | 57,274 | ||
Other Retail [Member] | ||||
Allowance Balance at End of Period | ||||
TDRs collectively evaluated for impairment | 19 | 20 | ||
Other loans collectively evaluated for impairment | 659 | 597 | ||
Total allowance for credit losses | 678 | 617 | 743 | 771 |
Loan Balance at End of Period | ||||
TDRs collectively evaluated for impairment | 186 | 173 | ||
Other loans collectively evaluated for impairment | 57,138 | 53,691 | ||
Total loans | 57,324 | 53,864 | ||
Credit Card [Member] | ||||
Allowance Balance at End of Period | ||||
TDRs collectively evaluated for impairment | 60 | 65 | ||
Other loans collectively evaluated for impairment | 996 | 869 | ||
Total allowance for credit losses | 1,056 | 934 | 883 | 880 |
Loan Balance at End of Period | ||||
TDRs collectively evaluated for impairment | 230 | 222 | ||
Other loans collectively evaluated for impairment | 21,950 | 21,527 | ||
Total loans | 22,180 | 21,749 | ||
Total Loans, Excluding Covered Loans [Member] | ||||
Allowance Balance at End of Period | ||||
Loans individually evaluated for impairment | 27 | 54 | ||
TDRs collectively evaluated for impairment | 236 | 281 | ||
Other loans collectively evaluated for impairment | 4,118 | 3,982 | ||
Loans acquired with deteriorated credit quality | 5 | 6 | ||
Total allowance for credit losses | 4,386 | 4,323 | 4,268 | 4,310 |
Loan Balance at End of Period | ||||
Loans individually evaluated for impairment | 408 | 693 | ||
TDRs collectively evaluated for impairment | 4,233 | 4,364 | ||
Other loans collectively evaluated for impairment | 272,596 | 264,175 | ||
Loans acquired with deteriorated credit quality | 74 | 139 | ||
Total loans | 277,311 | 269,371 | ||
Covered Loans [Member] | ||||
Allowance Balance at End of Period | ||||
TDRs collectively evaluated for impairment | 1 | 1 | ||
Loans acquired with deteriorated credit quality | 30 | 33 | ||
Total allowance for credit losses | 31 | 34 | $ 38 | $ 65 |
Loan Balance at End of Period | ||||
TDRs collectively evaluated for impairment | 36 | 35 | ||
Other loans collectively evaluated for impairment | 1,073 | 1,553 | ||
Loans acquired with deteriorated credit quality | 2,012 | 2,248 | ||
Total loans | $ 3,121 | $ 3,836 |
Loans and Allowance for Credi77
Loans and Allowance for Credit Losses - Summary of Loans by Portfolio Class, Including Delinquency Status of those that Continue to Accrue Interest and are Nonperforming (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Current | $ 277,492 | $ 269,994 | |||
Accruing 30-89 Days Past Due | 1,212 | 1,081 | |||
Accruing 90 Days or More Past Due | 720 | 764 | $ 831 | $ 945 | $ 1,189 |
Nonperforming | 1,008 | 1,368 | 1,192 | 1,466 | 1,603 |
Total loans, excluding covered loans | 277,311 | 269,371 | |||
Total loans | 280,432 | 273,207 | |||
Commercial [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Current | 97,005 | 92,588 | |||
Accruing 30-89 Days Past Due | 250 | 263 | |||
Accruing 90 Days or More Past Due | 57 | 52 | |||
Nonperforming | 249 | 483 | 174 | 112 | 134 |
Total loans, excluding covered loans | 97,561 | 93,386 | |||
Commercial Real Estate [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Current | 40,279 | 42,922 | |||
Accruing 30-89 Days Past Due | 36 | 44 | |||
Accruing 90 Days or More Past Due | 6 | 8 | |||
Nonperforming | 142 | 124 | 127 | 259 | 303 |
Total loans, excluding covered loans | 40,463 | 43,098 | |||
Residential Mortgages [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Current | 59,013 | 56,372 | |||
Accruing 30-89 Days Past Due | 198 | 151 | |||
Accruing 90 Days or More Past Due | 130 | 156 | |||
Nonperforming | 442 | 595 | 712 | 864 | 770 |
Total loans, excluding covered loans | 59,783 | 57,274 | |||
Other Retail [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Current | 56,685 | 53,340 | |||
Accruing 30-89 Days Past Due | 376 | 284 | |||
Accruing 90 Days or More Past Due | 95 | 83 | |||
Nonperforming | 168 | 157 | 162 | 187 | 191 |
Total loans, excluding covered loans | 57,324 | 53,864 | |||
Credit Card [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Current | 21,593 | 21,209 | |||
Accruing 30-89 Days Past Due | 302 | 284 | |||
Accruing 90 Days or More Past Due | 284 | 253 | |||
Nonperforming | 1 | 3 | 9 | 30 | 78 |
Total loans, excluding covered loans | 22,180 | 21,749 | |||
Total Loans, Excluding Covered Loans [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Current | 274,575 | 266,431 | |||
Accruing 30-89 Days Past Due | 1,162 | 1,026 | |||
Accruing 90 Days or More Past Due | 572 | 552 | |||
Nonperforming | 1,002 | 1,362 | 1,184 | 1,452 | 1,476 |
Total loans, excluding covered loans | 277,311 | 269,371 | |||
Covered Loans [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Current | 2,917 | 3,563 | |||
Accruing 30-89 Days Past Due | 50 | 55 | |||
Accruing 90 Days or More Past Due | 148 | 212 | |||
Nonperforming | 6 | 6 | $ 8 | $ 14 | $ 127 |
Total loans | $ 3,121 | $ 3,836 |
Loans and Allowance for Credi78
Loans and Allowance for Credit Losses - Summary of Loans by Portfolio Class, Including Delinquency Status of those that Continue to Accrue Interest and are Nonperforming (Parenthetical) (Detail) - Government National Mortgage Association [Member] - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
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 United States Department of Veterans Affairs, were classified as current | $ 385 | $ 273 |
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 United States Department of Veterans Affairs, were classified as current | $ 1,900 | $ 2,500 |
Loans and Allowance for Credi79
Loans and Allowance for Credit Losses - Summary of Loans by Portfolio Class and Company's Internal Credit Quality Rating (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | $ 277,311 | $ 269,371 |
Total loans | 280,432 | 273,207 |
Total outstanding commitments | 591,201 | 573,253 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 275,576 | 266,665 |
Total outstanding commitments | 584,072 | 562,704 |
Special Mention Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,800 | 2,400 |
Total outstanding commitments | 3,142 | 4,920 |
Classified Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 3,056 | 4,142 |
Total outstanding commitments | 3,987 | 5,629 |
Total Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 4,856 | 6,542 |
Total outstanding commitments | 7,129 | 10,549 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 97,561 | 93,386 |
Commercial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 95,297 | 89,739 |
Commercial [Member] | Special Mention Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 1,130 | 1,721 |
Commercial [Member] | Classified Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 1,134 | 1,926 |
Commercial [Member] | Total Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 2,264 | 3,647 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 40,463 | 43,098 |
Commercial Real Estate [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 39,162 | 41,634 |
Commercial Real Estate [Member] | Special Mention Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 648 | 663 |
Commercial Real Estate [Member] | Classified Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 653 | 801 |
Commercial Real Estate [Member] | Total Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 1,301 | 1,464 |
Residential Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 59,783 | 57,274 |
Residential Mortgages [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 59,141 | 56,457 |
Residential Mortgages [Member] | Special Mention Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 16 | 10 |
Residential Mortgages [Member] | Classified Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 626 | 807 |
Residential Mortgages [Member] | Total Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 642 | 817 |
Other Retail [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 57,324 | 53,864 |
Other Retail [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 57,009 | 53,576 |
Other Retail [Member] | Special Mention Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 6 | 6 |
Other Retail [Member] | Classified Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 309 | 282 |
Other Retail [Member] | Total Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 315 | 288 |
Credit Card [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 22,180 | 21,749 |
Credit Card [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 21,895 | 21,493 |
Credit Card [Member] | Classified Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 285 | 256 |
Credit Card [Member] | Total Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 285 | 256 |
Total Loans, Excluding Covered Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 277,311 | 269,371 |
Total Loans, Excluding Covered Loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 272,504 | 262,899 |
Total Loans, Excluding Covered Loans [Member] | Special Mention Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 1,800 | 2,400 |
Total Loans, Excluding Covered Loans [Member] | Classified Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 3,007 | 4,072 |
Total Loans, Excluding Covered Loans [Member] | Total Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans, excluding covered loans | 4,807 | 6,472 |
Covered Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 3,121 | 3,836 |
Covered Loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 3,072 | 3,766 |
Covered Loans [Member] | Classified Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 49 | 70 |
Covered Loans [Member] | Total Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 49 | $ 70 |
Loans and Allowance for Credi80
Loans and Allowance for Credit Losses - Summary of Loans by Portfolio Class and Company's Internal Credit Quality Rating (Parenthetical) (Detail) - Government National Mortgage Association [Member] - USD ($) $ in Billions | Dec. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment [Line Items] | ||
Restructured GNMA loans whose repayments are insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs, were classified with a pass rating | $ 1.7 | $ 1.6 |
GNMA loans 90 days or more past due whose repayments are insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs, were classified with a pass rating | $ 1.9 | $ 2.5 |
Loans and Allowance for Credi81
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, 2017 | Dec. 31, 2016 |
Financing Receivable, Impaired [Line Items] | ||
Period-end Recorded Investment | $ 5,027 | $ 5,529 |
Unpaid Principal Balance | 6,205 | 7,202 |
Valuation Allowance | 279 | 346 |
Commitments to Lend Additional Funds | 204 | 289 |
Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Period-end Recorded Investment | 550 | 849 |
Unpaid Principal Balance | 915 | 1,364 |
Valuation Allowance | 44 | 68 |
Commitments to Lend Additional Funds | 199 | 284 |
Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Period-end Recorded Investment | 280 | 293 |
Unpaid Principal Balance | 596 | 697 |
Valuation Allowance | 11 | 10 |
Residential Mortgages [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Period-end Recorded Investment | 1,946 | 2,274 |
Unpaid Principal Balance | 2,339 | 2,847 |
Valuation Allowance | 116 | 153 |
Commitments to Lend Additional Funds | 1 | |
Other Retail [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Period-end Recorded Investment | 302 | 281 |
Unpaid Principal Balance | 400 | 456 |
Valuation Allowance | 22 | 22 |
Commitments to Lend Additional Funds | 4 | 4 |
Credit Card [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Period-end Recorded Investment | 230 | 222 |
Unpaid Principal Balance | 230 | 222 |
Valuation Allowance | 60 | 64 |
Total Loans, Excluding GNMA and Covered Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Period-end Recorded Investment | 3,308 | 3,919 |
Unpaid Principal Balance | 4,480 | 5,586 |
Valuation Allowance | 253 | 317 |
Commitments to Lend Additional Funds | 204 | 288 |
Covered Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Period-end Recorded Investment | 38 | 36 |
Unpaid Principal Balance | 44 | 42 |
Valuation Allowance | 1 | 1 |
Commitments to Lend Additional Funds | 1 | |
Government National Mortgage Association [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Period-end Recorded Investment | 1,681 | 1,574 |
Unpaid Principal Balance | 1,681 | 1,574 |
Valuation Allowance | $ 25 | $ 28 |
Loans and Allowance for Credi82
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, 2017USD ($) | |
Loan and Lease Receivables, Impaired [Abstract] | |
Interest income recognized on impaired loans | $ 204 |
Interest income that would have been recognized on impaired loans at original contractual loan terms | $ 265 |
Loans and Allowance for Credi83
Loans and Allowance for Credit Losses - Impaired Loans Average Recorded Investment and Interest Income Recognized (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | $ 5,316 | $ 5,710 | $ 6,160 |
Interest Income Recognized | 204 | 237 | 274 |
Commercial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 683 | 799 | 383 |
Interest Income Recognized | 7 | 9 | 13 |
Commercial Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 273 | 324 | 433 |
Interest Income Recognized | 11 | 15 | 16 |
Residential Mortgages [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 2,135 | 2,422 | 2,666 |
Interest Income Recognized | 103 | 124 | 131 |
Other Retail [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 287 | 293 | 336 |
Interest Income Recognized | 14 | 13 | 14 |
Credit Card [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 229 | 214 | 221 |
Interest Income Recognized | 3 | 4 | 4 |
Total Loans, Excluding GNMA and Covered Loans [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 3,607 | 4,052 | 4,039 |
Interest Income Recognized | 138 | 165 | 178 |
Covered Loans [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 37 | 38 | 42 |
Interest Income Recognized | 1 | 1 | 1 |
Government National Mortgage Association [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 1,672 | 1,620 | 2,079 |
Interest Income Recognized | $ 65 | $ 71 | $ 95 |
Loans and Allowance for Credi84
Loans and Allowance for Credit Losses - Summary of Loans Modified as TDRs (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($)SecurityLoan | Dec. 31, 2016USD ($)SecurityLoan | Dec. 31, 2015USD ($)SecurityLoan | |
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 47,984 | 48,958 | 41,312 |
Pre-Modification Outstanding Loan Balance | $ 1,675 | $ 2,743 | $ 1,779 |
Post-Modification Outstanding Loan Balance | $ 1,593 | $ 2,600 | $ 1,785 |
Commercial [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 2,758 | 2,352 | 1,607 |
Pre-Modification Outstanding Loan Balance | $ 380 | $ 844 | $ 385 |
Post-Modification Outstanding Loan Balance | $ 328 | $ 699 | $ 396 |
Commercial Real Estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 128 | 102 | 108 |
Pre-Modification Outstanding Loan Balance | $ 82 | $ 259 | $ 78 |
Post-Modification Outstanding Loan Balance | $ 78 | $ 256 | $ 76 |
Residential Mortgages [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 800 | 1,576 | 2,080 |
Pre-Modification Outstanding Loan Balance | $ 90 | $ 168 | $ 260 |
Post-Modification Outstanding Loan Balance | $ 88 | $ 178 | $ 258 |
Other Retail [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 3,881 | 2,235 | 2,530 |
Pre-Modification Outstanding Loan Balance | $ 79 | $ 41 | $ 54 |
Post-Modification Outstanding Loan Balance | $ 68 | $ 40 | $ 54 |
Credit Card [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 33,615 | 31,394 | 26,772 |
Pre-Modification Outstanding Loan Balance | $ 161 | $ 151 | $ 133 |
Post-Modification Outstanding Loan Balance | $ 162 | $ 153 | $ 134 |
Total Loans, Excluding GNMA and Covered Loans [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 41,182 | 37,659 | 33,097 |
Pre-Modification Outstanding Loan Balance | $ 792 | $ 1,463 | $ 910 |
Post-Modification Outstanding Loan Balance | $ 724 | $ 1,326 | $ 918 |
Covered Loans [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 11 | 39 | 16 |
Pre-Modification Outstanding Loan Balance | $ 2 | $ 6 | $ 5 |
Post-Modification Outstanding Loan Balance | $ 2 | $ 7 | $ 5 |
Government National Mortgage Association [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 6,791 | 11,260 | 8,199 |
Pre-Modification Outstanding Loan Balance | $ 881 | $ 1,274 | $ 864 |
Post-Modification Outstanding Loan Balance | $ 867 | $ 1,267 | $ 862 |
Loans and Allowance for Credi85
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, 2017USD ($)SecurityLoan | Dec. 31, 2016USD ($)SecurityLoan | Dec. 31, 2015USD ($)SecurityLoan | |
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 11,294 | 8,157 | 8,310 |
Amount Defaulted | $ | $ 321 | $ 118 | $ 182 |
Commercial [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 724 | 531 | 494 |
Amount Defaulted | $ | $ 53 | $ 24 | $ 21 |
Commercial Real Estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 36 | 27 | 18 |
Amount Defaulted | $ | $ 9 | $ 12 | $ 8 |
Residential Mortgages [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 374 | 132 | 273 |
Amount Defaulted | $ | $ 41 | $ 17 | $ 36 |
Other Retail [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 415 | 434 | 636 |
Amount Defaulted | $ | $ 5 | $ 9 | $ 12 |
Credit Card [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 8,372 | 6,827 | 6,286 |
Amount Defaulted | $ | $ 36 | $ 30 | $ 29 |
Total Loans, Excluding GNMA and Covered Loans [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 9,921 | 7,951 | 7,707 |
Amount Defaulted | $ | $ 144 | $ 92 | $ 106 |
Covered Loans [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 4 | 4 | 5 |
Amount Defaulted | $ | $ 1 | $ 1 | |
Government National Mortgage Association [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 1,369 | 202 | 598 |
Amount Defaulted | $ | $ 177 | $ 25 | $ 75 |
Loans and Allowance for Credi86
Loans and Allowance for Credit Losses - Carrying Amount of Covered Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Covered Assets [Line Items] | ||
Purchased Impaired Loans | $ 2,012 | $ 2,248 |
Purchased Nonimpaired Loans | 551 | 784 |
Other | 579 | 830 |
Covered loans | 3,121 | 3,836 |
Total Covered Assets | 3,142 | 3,862 |
Residential Mortgages [Member] | ||
Covered Assets [Line Items] | ||
Purchased Impaired Loans | 2,012 | 2,248 |
Purchased Nonimpaired Loans | 400 | 506 |
Covered loans | 2,412 | 2,754 |
Other Retail [Member] | ||
Covered Assets [Line Items] | ||
Purchased Nonimpaired Loans | 151 | 278 |
Covered loans | 151 | 278 |
Losses Reimbursable by FDIC [Member] | ||
Covered Assets [Line Items] | ||
Other | 320 | 381 |
Covered loans | 320 | 381 |
Unamortized Changes in FDIC Asset [Member] | ||
Covered Assets [Line Items] | ||
Other | 238 | 423 |
Covered loans | 238 | 423 |
Covered Loans [Member] | ||
Covered Assets [Line Items] | ||
Purchased Impaired Loans | 2,012 | 2,248 |
Purchased Nonimpaired Loans | 551 | 784 |
Other | 558 | 804 |
Covered loans | 3,121 | 3,836 |
Foreclosed Real Estate [Member] | ||
Covered Assets [Line Items] | ||
Other | 21 | 26 |
Total Covered Assets | $ 21 | $ 26 |
Leases - Components of Net Inve
Leases - Components of Net Investment in Sales-Type and Direct Financing Leases (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Capital Leases, Net Investment in Direct Financing and Sales Type Leases [Abstract] | ||
Aggregate future minimum lease payments to be received | $ 12,709 | $ 11,257 |
Unguaranteed residual values accruing to the lessor's benefit | 1,731 | 1,175 |
Unearned income | (1,205) | (1,023) |
Initial direct costs | 274 | 237 |
Total net investment in sales-type and direct financing leases | $ 13,509 | $ 11,646 |
Leases - Components of Net In88
Leases - Components of Net Investment in Sales-Type and Direct Financing Leases (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Capital Leases, Net Investment in Direct Financing and Sales Type Leases [Abstract] | ||
Accumulated allowance for uncollectible minimum lease payments | $ 94 | $ 83 |
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, 2017USD ($) |
Capital Leases, Future Minimum Payments Receivable, Fiscal Year Maturity [Abstract] | |
2,018 | $ 3,709 |
2,019 | 3,643 |
2,020 | 3,239 |
2,021 | 1,180 |
2,022 | 410 |
Thereafter | $ 528 |
Accounting for Transfers and 90
Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Minimum [Member] | |||
Variable Interest Entity [Line Items] | |||
Aggregate amount of investments in unconsolidated VIEs | $ 1,000,000 | $ 1,000,000 | |
Maximum [Member] | |||
Variable Interest Entity [Line Items] | |||
Aggregate amount of investments in unconsolidated VIEs | 56,000,000 | 40,000,000 | |
Financial Support Waived Fees [Member] | |||
Variable Interest Entity [Line Items] | |||
Financial or other support to money market funds | 23,000,000 | 45,000,000 | $ 112,000,000 |
Private Investment Funds and Partnerships [Member] | |||
Variable Interest Entity [Line Items] | |||
Investment carrying amount | 30,000,000 | 28,000,000 | |
Maximum exposure to loss | 51,000,000 | 50,000,000 | |
Community Development and Tax Advantaged Investments [Member] | |||
Variable Interest Entity [Line Items] | |||
Federal and state income tax credits recognized in tax expense | 711,000,000 | 698,000,000 | 733,000,000 |
Expense related to investments | 741,000,000 | 672,000,000 | 698,000,000 |
Investment tax credits | 1,500,000,000 | 1,400,000,000 | 1,200,000,000 |
Expenses related to investments recognized in tax expense | 317,000,000 | 251,000,000 | $ 261,000,000 |
Investment carrying amount | 5,660,000,000 | 5,009,000,000 | |
Maximum exposure to loss | 12,120,000,000 | 10,373,000,000 | |
Assets related to consolidated VIEs | 3,500,000,000 | 3,500,000,000 | |
Liabilities related to consolidated VIEs | 2,500,000,000 | 2,600,000,000 | |
Conduit [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets related to consolidated VIEs | 18,000,000 | 24,000,000 | |
Tender Option Bond Program [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets related to consolidated VIEs | 2,500,000,000 | 1,100,000,000 | |
Liabilities related to consolidated VIEs | $ 2,300,000,000 | $ 1,100,000,000 |
Accounting for Transfers and 91
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, 2017 | Dec. 31, 2016 |
Variable Interest Entity [Line Items] | ||
Investment carrying amount | $ 5,660 | $ 5,009 |
Unfunded capital and other commitments | 2,770 | 2,477 |
Maximum exposure to loss | $ 12,120 | $ 10,373 |
Premises and Equipment - Premis
Premises and Equipment - Premises and Equipment (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Gross Premises and Equipment | $ 7,061 | $ 6,851 |
Less accumulated depreciation and amortization | (4,629) | (4,408) |
Total Premises and Equipment | 2,432 | 2,443 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross Premises and Equipment | 520 | 516 |
Buildings and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross Premises and Equipment | 3,425 | 3,383 |
Furniture, Fixtures and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross Premises and Equipment | 2,951 | 2,798 |
Capitalized Building and Equipment Leases [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross Premises and Equipment | 130 | 125 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross Premises and Equipment | $ 35 | $ 29 |
Mortgage Servicing Rights - Add
Mortgage Servicing Rights - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Transfers and Servicing of Financial Assets [Abstract] | |||
Residential mortgage loans serviced for others including subserviced mortgages with no corresponding MSRs asset | $ 234,700 | $ 232,600 | |
Gain (Loss) on fair value changes of MSRs due to changes in valuation assumptions and derivatives used to economically hedge MSRs | 15 | 7 | $ 23 |
Loan servicing and ancillary fees | $ 746 | $ 750 | $ 728 |
Mortgage Servicing Rights - Cha
Mortgage Servicing Rights - Changes in Fair Value of Capitalized MSRs (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Transfers and Servicing of Financial Assets [Abstract] | |||
Balance at beginning of period | $ 2,591 | $ 2,512 | $ 2,338 |
Rights purchased | 13 | 43 | 29 |
Rights capitalized | 445 | 524 | 632 |
Changes in fair value of MSRs | |||
Due to fluctuations in market interest rates | (23) | (55) | (58) |
Due to revised assumptions or models | 18 | 19 | 10 |
Other changes in fair value | (399) | (452) | (439) |
Balance at end of period | $ 2,645 | $ 2,591 | $ 2,512 |
Mortgage Servicing Rights - Sen
Mortgage Servicing Rights - Sensitivity to Changes in Interest Rates of the Fair Value of MSRs Portfolio and Related Derivative Instruments (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
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 | $ (520) | $ (476) |
Net fair value 50 basis points | (231) | (209) |
Net fair value 25 basis points | (109) | (98) |
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 | 453 | 375 |
Net fair value 50 basis points | 216 | 180 |
Net fair value 25 basis points | 105 | 88 |
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 | (67) | (101) |
Net fair value 50 basis points | (15) | (29) |
Net fair value 25 basis points | (4) | (10) |
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 | 302 | 270 |
Net fair value 50 basis points | 177 | 159 |
Net fair value 25 basis points | 95 | 85 |
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 | (336) | (314) |
Net fair value 50 basis points | (184) | (165) |
Net fair value 25 basis points | (96) | (84) |
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 | (34) | (44) |
Net fair value 50 basis points | (7) | (6) |
Net fair value 25 basis points | $ (1) | $ 1 |
Mortgage Servicing Rights - MSR
Mortgage Servicing Rights - MSRs and Related Characteristics by Portfolio (Detail) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017USD ($)BasisPointMultiple | Dec. 31, 2016USD ($)BasisPointMultiple | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Servicing Assets at Fair Value [Line Items] | ||||
Fair value | $ 2,645 | $ 2,591 | $ 2,512 | $ 2,338 |
Mortgage Servicing Rights [Member] | ||||
Servicing Assets at Fair Value [Line Items] | ||||
Servicing portfolio | 232,846 | 230,047 | ||
Fair value | $ 2,645 | $ 2,591 | ||
Value (bps) | BasisPoint | 114 | 113 | ||
Weighted-average servicing fees (bps) | BasisPoint | 29 | 30 | ||
Multiple (value/servicing fees) | Multiple | 3.86 | 3.77 | ||
Weighted-average note rate | 4.08% | 4.06% | ||
Weighted-average age (in years) | 4 years | 3 years 8 months 12 days | ||
Weighted-average expected prepayment (constant prepayment rate) | 10.00% | 10.00% | ||
Weighted-average expected life (in years) | 7 years | 7 years | ||
Weighted-average option adjusted spread | 8.00% | 8.00% | ||
HFA [Member] | Mortgage Servicing Rights [Member] | ||||
Servicing Assets at Fair Value [Line Items] | ||||
Servicing portfolio | $ 40,737 | $ 34,746 | ||
Fair value | $ 450 | $ 398 | ||
Value (bps) | BasisPoint | 110 | 115 | ||
Weighted-average servicing fees (bps) | BasisPoint | 35 | 36 | ||
Multiple (value/servicing fees) | Multiple | 3.17 | 3.19 | ||
Weighted-average note rate | 4.43% | 4.37% | ||
Weighted-average age (in years) | 3 years | 2 years 10 months 25 days | ||
Weighted-average expected prepayment (constant prepayment rate) | 9.80% | 9.40% | ||
Weighted-average expected life (in years) | 7 years 8 months 12 days | 8 years | ||
Weighted-average option adjusted spread | 9.90% | 9.90% | ||
Government Insured [Member] | Mortgage Servicing Rights [Member] | ||||
Servicing Assets at Fair Value [Line Items] | ||||
Servicing portfolio | $ 36,756 | $ 37,530 | ||
Fair value | $ 428 | $ 422 | ||
Value (bps) | BasisPoint | 116 | 112 | ||
Weighted-average servicing fees (bps) | BasisPoint | 34 | 34 | ||
Multiple (value/servicing fees) | Multiple | 3.38 | 3.29 | ||
Weighted-average note rate | 3.92% | 3.95% | ||
Weighted-average age (in years) | 4 years 3 months 19 days | 3 years 9 months 18 days | ||
Weighted-average expected prepayment (constant prepayment rate) | 11.60% | 11.30% | ||
Weighted-average expected life (in years) | 6 years 6 months | 6 years 9 months 18 days | ||
Weighted-average option adjusted spread | 9.20% | 9.20% | ||
Conventional [Member] | Mortgage Servicing Rights [Member] | ||||
Servicing Assets at Fair Value [Line Items] | ||||
Servicing portfolio | $ 155,353 | $ 157,771 | ||
Fair value | $ 1,767 | $ 1,771 | ||
Value (bps) | BasisPoint | 114 | 112 | ||
Weighted-average servicing fees (bps) | BasisPoint | 27 | 27 | ||
Multiple (value/servicing fees) | Multiple | 4.24 | 4.15 | ||
Weighted-average note rate | 4.02% | 4.02% | ||
Weighted-average age (in years) | 4 years 2 months 12 days | 3 years 9 months 18 days | ||
Weighted-average expected prepayment (constant prepayment rate) | 9.70% | 9.80% | ||
Weighted-average expected life (in years) | 6 years 10 months 25 days | 6 years 10 months 25 days | ||
Weighted-average option adjusted spread | 7.20% | 7.20% |
Intangible Assets - Intangible
Intangible Assets - Intangible Assets (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill | $ 9,434 | $ 9,344 | $ 9,361 | $ 9,389 |
Mortgage servicing rights | 2,645 | 2,591 | $ 2,512 | $ 2,338 |
Total | $ 12,662 | 12,647 | ||
Merchant Processing Contracts [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization Method | SL/AC | |||
Finite-Lived Intangible Assets | $ 89 | 108 | ||
Core Deposit Benefits [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization Method | SL/AC | |||
Finite-Lived Intangible Assets | $ 131 | 161 | ||
Trust Relationships [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization Method | SL/AC | |||
Finite-Lived Intangible Assets | $ 45 | 59 | ||
Other Identified Intangibles [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization Method | SL/AC | |||
Finite-Lived Intangible Assets | $ 318 | $ 384 | ||
Straight line method [Member] | Merchant Processing Contracts [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Estimated Life | 7 years | |||
Straight line method [Member] | Core Deposit Benefits [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Estimated Life | 22 years | |||
Straight line method [Member] | Trust Relationships [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Estimated Life | 10 years | |||
Straight line method [Member] | Other Identified Intangibles [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Estimated Life | 6 years | |||
Accelerated method [Member] | Merchant Processing Contracts [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Estimated Life | 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 | 7 years | |||
Accelerated method [Member] | Other Identified Intangibles [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Estimated Life | 4 years |
Intangible Assets - Aggregate A
Intangible Assets - Aggregate Amortization Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangibles | $ 175 | $ 179 | $ 174 |
Merchant Processing Contracts [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangibles | 24 | 28 | 35 |
Core Deposit Benefits [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangibles | 30 | 34 | 40 |
Trust Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangibles | 14 | 16 | 21 |
Other Identified Intangibles [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangibles | $ 107 | $ 101 | $ 78 |
Intangible Assets - Estimated A
Intangible Assets - Estimated Amortization Expense (Detail) $ in Millions | Dec. 31, 2017USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2,018 | $ 148 |
2,019 | 119 |
2,020 | 93 |
2,021 | 71 |
2,022 | $ 51 |
Intangible Assets - Changes in
Intangible Assets - Changes in Carrying Value of Goodwill (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill [Line Items] | |||
Goodwill, Beginning Balance | $ 9,344 | $ 9,361 | $ 9,389 |
Goodwill acquired | 62 | ||
Foreign exchange translation and other | 28 | (17) | (28) |
Goodwill, Ending Balance | 9,434 | 9,344 | 9,361 |
Corporate and Commercial Banking [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Beginning Balance | 1,647 | 1,647 | 1,648 |
Foreign exchange translation and other | (1) | ||
Goodwill, Ending Balance | 1,647 | 1,647 | 1,647 |
Consumer and Business Banking [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Beginning Balance | 3,681 | 3,681 | 3,680 |
Foreign exchange translation and other | 1 | ||
Goodwill, Ending Balance | 3,681 | 3,681 | 3,681 |
Wealth Management and Investment Services [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Beginning Balance | 1,566 | 1,567 | 1,570 |
Foreign exchange translation and other | 3 | (1) | (3) |
Goodwill, Ending Balance | 1,569 | 1,566 | 1,567 |
Payment Services [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Beginning Balance | 2,450 | 2,466 | 2,491 |
Goodwill acquired | 62 | ||
Foreign exchange translation and other | 25 | (16) | (25) |
Goodwill, Ending Balance | $ 2,537 | $ 2,450 | $ 2,466 |
Deposits - Composition of Depos
Deposits - Composition of Deposits (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | |
Banking and Thrift [Abstract] | |||
Noninterest-bearing deposits | $ 87,557 | $ 86,097 | |
Interest-bearing deposits | |||
Interest checking | 74,520 | 66,298 | |
Money market savings | 107,973 | 109,947 | |
Savings accounts | 43,809 | 41,783 | |
Time deposits | 33,356 | 30,465 | |
Total interest-bearing deposits | [1] | 259,658 | 248,493 |
Total deposits | $ 347,215 | $ 334,590 | |
[1] | Includes time deposits greater than $250,000 balances of $6.8 billion and $3.0 billion at December 31, 2017 and 2016, respectively. |
Deposits - Maturities of Time D
Deposits - Maturities of Time Deposits Outstanding (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Banking and Thrift [Abstract] | ||
2,018 | $ 27,158 | |
2,019 | 2,712 | |
2,020 | 1,570 | |
2,021 | 1,226 | |
2,022 | 685 | |
Thereafter | 5 | |
Total | $ 33,356 | $ 30,465 |
Short-Term Borrowings - Summary
Short-Term Borrowings - Summary of Short-Term Borrowings (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Short-term Debt [Line Items] | |||
Short-term borrowings | $ 16,651 | $ 13,963 | $ 27,877 |
Short-term borrowings, interest rate, at year end | 1.31% | 0.43% | 0.27% |
Short-term borrowings, average for the year | $ 15,022 | $ 19,906 | $ 27,960 |
Short-term borrowings, interest rate, average for the year | 2.18% | 1.34% | 0.89% |
Federal Funds Purchased [Member] | |||
Short-term Debt [Line Items] | |||
Short-term borrowings | $ 252 | $ 447 | $ 647 |
Short-term borrowings, interest rate, at year end | 0.77% | 0.30% | 0.23% |
Short-term borrowings, average for the year | $ 528 | $ 1,015 | $ 1,169 |
Short-term borrowings, interest rate, average for the year | 34.57% | 17.17% | 15.05% |
Short-term borrowings, maximum month end balance | $ 600 | $ 2,487 | $ 1,868 |
Securities Sold under Agreements to Repurchase [Member] | |||
Short-term Debt [Line Items] | |||
Short-term borrowings | $ 803 | $ 801 | $ 1,092 |
Short-term borrowings, interest rate, at year end | 0.61% | 0.12% | 0.02% |
Short-term borrowings, average for the year | $ 917 | $ 891 | $ 973 |
Short-term borrowings, interest rate, average for the year | 0.44% | 0.18% | 0.10% |
Short-term borrowings, maximum month end balance | $ 927 | $ 1,177 | $ 1,124 |
Commercial Paper [Member] | |||
Short-term Debt [Line Items] | |||
Short-term borrowings | $ 8,303 | $ 10,010 | $ 22,022 |
Short-term borrowings, interest rate, at year end | 0.68% | 0.30% | 0.21% |
Short-term borrowings, average for the year | $ 8,236 | $ 14,827 | $ 21,892 |
Short-term borrowings, interest rate, average for the year | 0.49% | 0.26% | 0.12% |
Short-term borrowings, maximum month end balance | $ 9,950 | $ 21,441 | $ 23,101 |
Other Short-Term Borrowings [Member] | |||
Short-term Debt [Line Items] | |||
Short-term borrowings | $ 7,293 | $ 2,705 | $ 4,116 |
Short-term borrowings, interest rate, at year end | 2.13% | 1.00% | 0.69% |
Short-term borrowings, average for the year | $ 5,341 | $ 3,173 | $ 3,926 |
Short-term borrowings, interest rate, average for the year | 1.90% | 1.67% | 1.13% |
Short-term borrowings, maximum month end balance | $ 7,293 | $ 6,771 | $ 7,656 |
Short-Term Borrowings - Summ104
Short-Term Borrowings - Summary of Short-Term Borrowings (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Short-term Debt [Abstract] | |||
Federal statutory rate | 35.00% | 35.00% | 35.00% |
Compensation expense included in federal funds purchased and short-term borrowings rates | $ 178 | $ 171 | $ 175 |
Long-Term Debt - Summary of Lon
Long-Term Debt - Summary of Long-term Debt (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||
Long-term debt | $ 32,259 | $ 33,323 |
Parent Company [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 15,769 | 13,045 |
Parent Company [Member] | Other Debt Issuance Fees and Unrealized Gains and Losses and Deferred Amounts Relating to Derivative Instruments [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | (29) | (4) |
Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 16,490 | 20,278 |
Subsidiaries [Member] | Other Consolidated Community Development and Tax-Advantaged Investment Vies, Capitalized Lease Obligations, Debt Issuance Fees, and Unrealized Gains and Losses and Deferred Amounts Relating to Derivative Instruments [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 1,000 | 1,011 |
Fixed Rate [Member] | Parent Company [Member] | Medium-term Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument Maturity Year, start | Jan. 1, 2018 | |
Debt Instrument Maturity Year, End | Dec. 31, 2027 | |
Long-term debt | $ 11,299 | 8,800 |
Fixed Rate [Member] | Parent Company [Member] | Medium-term Notes [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 0.85% | |
Fixed Rate [Member] | Parent Company [Member] | Medium-term Notes [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.125% | |
Fixed Rate [Member] | Parent Company [Member] | Subordinated 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] | Subordinated Notes Three [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.10% | |
Debt Instrument Maturity Year, start | Jan. 1, 2026 | |
Debt Instrument Maturity Year, End | Dec. 31, 2026 | |
Long-term debt | $ 1,000 | 1,000 |
Fixed Rate [Member] | Subsidiaries [Member] | Federal Home Loan Bank Advances [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument Maturity Year, start | Jan. 1, 2018 | |
Debt Instrument Maturity Year, End | Dec. 31, 2026 | |
Long-term debt | $ 208 | 10 |
Fixed Rate [Member] | Subsidiaries [Member] | Federal Home Loan Bank Advances [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.25% | |
Fixed Rate [Member] | Subsidiaries [Member] | Federal Home Loan Bank Advances [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 8.25% | |
Fixed Rate [Member] | Subsidiaries [Member] | Bank Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument Maturity Year, start | Jan. 1, 2019 | |
Debt Instrument Maturity Year, End | Dec. 31, 2025 | |
Long-term debt | $ 6,200 | 6,800 |
Fixed Rate [Member] | Subsidiaries [Member] | Bank Notes [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.40% | |
Fixed Rate [Member] | Subsidiaries [Member] | Bank Notes [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.80% | |
Floating Rate [Member] | Parent Company [Member] | Medium-term Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument Maturity Year, start | Jan. 1, 2018 | |
Debt Instrument Maturity Year, End | Dec. 31, 2022 | |
Long-term debt | $ 1,000 | 750 |
Floating Rate [Member] | Parent Company [Member] | Medium-term Notes [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.767% | |
Floating Rate [Member] | Parent Company [Member] | Medium-term Notes [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.005% | |
Floating Rate [Member] | Subsidiaries [Member] | Federal Home Loan Bank Advances [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument Maturity Year, start | Jan. 1, 2018 | |
Debt Instrument Maturity Year, End | Dec. 31, 2026 | |
Long-term debt | $ 5,272 | 8,559 |
Floating Rate [Member] | Subsidiaries [Member] | Federal Home Loan Bank Advances [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.557% | |
Floating Rate [Member] | Subsidiaries [Member] | Federal Home Loan Bank Advances [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.973% | |
Floating Rate [Member] | Subsidiaries [Member] | Bank Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument Maturity Year, start | Jan. 1, 2019 | |
Debt Instrument Maturity Year, End | Dec. 31, 2057 | |
Long-term debt | $ 3,810 | $ 3,898 |
Floating Rate [Member] | Subsidiaries [Member] | Bank Notes [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.063% | |
Floating Rate [Member] | Subsidiaries [Member] | Bank Notes [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.858% |
Long-Term Debt - Summary of 106
Long-Term Debt - Summary of Long-term Debt (Parenthetical) (Detail) | Dec. 31, 2017 |
Medium-term Notes [Member] | |
Debt Instrument [Line Items] | |
Weighted-average interest rate | 2.51% |
Federal Home Loan Bank Advances [Member] | |
Debt Instrument [Line Items] | |
Weighted-average interest rate | 1.83% |
Bank Notes [Member] | |
Debt Instrument [Line Items] | |
Weighted-average interest rate | 1.86% |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) $ in Billions | Dec. 31, 2017 | Dec. 31, 2016 |
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 | $ 87.7 | $ 91.4 |
Long-Term Debt - Maturities of
Long-Term Debt - Maturities of Long-term Debt Outstanding (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
2,018 | $ 2,572 | |
2,019 | 8,001 | |
2,020 | 3,047 | |
2,021 | 2,215 | |
2,022 | 4,074 | |
Thereafter | 12,350 | |
Total | 32,259 | $ 33,323 |
Parent Company [Member] | ||
Debt Instrument [Line Items] | ||
2,018 | 1,499 | |
2,019 | 1,497 | |
2,021 | 2,196 | |
2,022 | 3,790 | |
Thereafter | 6,787 | |
Total | $ 15,769 | $ 13,045 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2006 | |
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 | 1,700,000,000 | ||||||
Number of common stock shares reserved for future issuance | 59,000,000 | |||||||
Issuance costs of redeemed preferred stock | $ (10) | |||||||
Remaining authorized share repurchase amount | $ 1,300 | |||||||
Preferred stock outstanding | 186,510 | 189,910 | ||||||
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 | |||||||
Preferred stock outstanding | 20,000 | 20,000 | ||||||
Series F [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Preferred Stock, Shares Issued | 44,000 | |||||||
Liquidation preference per share | $ 25,000 | |||||||
Preferred stock dividend rate fixed percentage | 6.50% | |||||||
Preferred stock dividend rate variable percentage | 4.468% | |||||||
Redemption period of preferred stock | 90 days | |||||||
Preferred stock redemption date | Jan. 15, 2022 | |||||||
Preferred stock outstanding | 44,000 | 44,000 | ||||||
Series G [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Preferred Stock, Shares Issued | 43,400 | |||||||
Liquidation preference per share | $ 25,000 | |||||||
Issuance costs of redeemed preferred stock | $ (10) | |||||||
Preferred stock outstanding | 43,400 | |||||||
Series A [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Preferred Stock, Shares Issued | 6,764 | 5,746 | ||||||
Liquidation preference per share | $ 100,000 | $ 100,000 | ||||||
Preferred stock dividend rate fixed percentage | 3.50% | 3.50% | ||||||
Preferred stock dividend rate variable percentage | 1.02% | 1.02% | ||||||
Preferred stock outstanding | 12,510 | 12,510 | ||||||
Series A [Member] | Noncontrolling Interests [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Liquidation preference per share | $ 100,000 | |||||||
Preferred stock dividend rate variable percentage | 1.147% | |||||||
Minority interest preferred stock, shares issued | 5,000 | |||||||
Number of stock repurchased during period | 500 | |||||||
Gain due to repurchase of preferred stock | $ 9 | |||||||
Preferred stock outstanding | 4,500 | |||||||
Series B [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Preferred Stock, Shares Issued | 40,000 | |||||||
Liquidation preference per share | $ 25,000 | |||||||
Preferred stock dividend rate fixed percentage | 3.50% | |||||||
Preferred stock dividend rate variable percentage | 0.60% | |||||||
Preferred stock outstanding | 40,000 | 40,000 | ||||||
Series I [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Preferred Stock, Shares Issued | 30,000 | |||||||
Liquidation preference per share | $ 25,000 | |||||||
Preferred stock dividend rate fixed percentage | 5.125% | |||||||
Preferred stock dividend rate variable percentage | 3.486% | |||||||
Redemption period of preferred stock | 90 days | |||||||
Preferred stock redemption date | Jan. 15, 2021 | |||||||
Preferred stock outstanding | 30,000 | 30,000 | ||||||
Series J [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Preferred Stock, Shares Issued | 40,000 | |||||||
Liquidation preference per share | $ 25,000 | |||||||
Preferred stock dividend rate fixed percentage | 5.30% | |||||||
Preferred stock dividend rate variable percentage | 2.914% | |||||||
Redemption period of preferred stock | 90 days | |||||||
Preferred stock redemption date | Apr. 15, 2027 | |||||||
Preferred stock outstanding | 40,000 |
Shareholders' Equity - Number o
Shareholders' Equity - Number of Shares Issued and Outstanding and Carrying Amount of Preferred Stock (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Class of Stock [Line Items] | ||
Shares Issued and Outstanding | 186,510 | 189,910 |
Liquidation Preference | $ 5,601 | $ 5,686 |
Discount | 182 | 185 |
Carrying Amount | $ 5,419 | $ 5,501 |
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 | |
Liquidation Preference | $ 1,085 | |
Discount | 10 | |
Carrying Amount | $ 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 | 30,000 |
Liquidation Preference | $ 750 | $ 750 |
Discount | 5 | 5 |
Carrying Amount | $ 745 | $ 745 |
Series J [Member] | ||
Class of Stock [Line Items] | ||
Shares Issued and Outstanding | 40,000 | |
Liquidation Preference | $ 1,000 | |
Discount | 7 | |
Carrying Amount | $ 993 |
Shareholders' Equity - Numbe111
Shareholders' Equity - Number of Shares Issued and Outstanding and Carrying Amount of Preferred Stock (Parenthetical) (Detail) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Equity [Abstract] | |||
Common stock repurchased shares | 49 | 61 | 52 |
Purchase of treasury stock | $ 2,622 | $ 2,600 | $ 2,246 |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | $ (1,535) | $ (1,019) | $ (896) |
Changes in unrealized gains and losses | 178 | (858) | (457) |
Changes in unrealized gains and losses | (5) | 74 | (25) |
Changes in unrealized gains and losses | (41) | (255) | (142) |
Changes in unrealized gains and losses | 132 | (1,039) | (624) |
Other-than-temporary impairment not recognized in earnings on securities available-for-sale | (1) | ||
Foreign currency translation adjustment | (2) | (28) | 20 |
Reclassification to earnings of realized gains and losses | 77 | 247 | 393 |
Applicable income taxes | (76) | 305 | 88 |
Balance at end of period | (1,404) | (1,535) | (1,019) |
Foreign Currency Translation [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | (71) | (43) | (62) |
Foreign currency translation adjustment | (2) | (28) | 20 |
Applicable income taxes | 4 | (1) | |
Balance at end of period | (69) | (71) | (43) |
Unrealized Gains (Losses) on Retirement Plans [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | (1,113) | (1,056) | (1,106) |
Changes in unrealized gains and losses | (41) | (255) | (142) |
Reclassification to earnings of realized gains and losses | 117 | 163 | 223 |
Applicable income taxes | (29) | 35 | (31) |
Balance at end of period | (1,066) | (1,113) | (1,056) |
Unrealized Gains (Losses) on Derivative Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | 55 | (67) | (172) |
Changes in unrealized gains and losses | (5) | 74 | (25) |
Reclassification to earnings of realized gains and losses | 30 | 124 | 195 |
Applicable income taxes | (9) | (76) | (65) |
Balance at end of period | 71 | 55 | (67) |
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 | 25 | 36 | 52 |
Reclassification to earnings of realized gains and losses | (13) | (18) | (25) |
Applicable income taxes | 5 | 7 | 9 |
Balance at end of period | 17 | 25 | 36 |
Unrealized Gains (Losses) on Securities Available-For-Sale [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | (431) | 111 | 392 |
Changes in unrealized gains and losses | 178 | (858) | (457) |
Other-than-temporary impairment not recognized in earnings on securities available-for-sale | (1) | ||
Reclassification to earnings of realized gains and losses | (57) | (22) | |
Applicable income taxes | (47) | 339 | 176 |
Balance at end of period | $ (357) | $ (431) | $ 111 |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Realized gains (losses) on sale of securities | $ 57 | $ 27 | $ 1 |
Amortization of unrealized gains on securities transferred from available-for-sale to held-to-maturity, Interest income | 14,385 | 13,167 | 12,402 |
Realized gains (losses) on derivative hedges | (2,144) | (1,639) | (1,401) |
Actuarial gains (losses) and prior service cost (credit) amortization | (1,186) | (1,119) | (1,167) |
Total securities gains (losses), net | 57 | 22 | |
Applicable income taxes | (1,264) | (2,161) | (2,097) |
Net income | 6,253 | 5,944 | 5,933 |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Net income | (48) | (152) | (242) |
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 | 57 | 27 | 1 |
Other-than-temporary impairment recognized in earnings | (5) | (1) | |
Total securities gains (losses), net | 57 | 22 | |
Applicable income taxes | (22) | (9) | |
Net income | 35 | 13 | |
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 | 13 | 18 | 25 |
Applicable income taxes | (5) | (7) | (9) |
Net income | 8 | 11 | 16 |
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 | (30) | (124) | (195) |
Applicable income taxes | 11 | 48 | 75 |
Net income | (19) | (76) | (120) |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | Unrealized Gains (Losses) on Retirement Plans [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Actuarial gains (losses) and prior service cost (credit) amortization | (117) | (163) | (223) |
Applicable income taxes | 45 | 63 | 85 |
Net income | $ (72) | $ (100) | $ (138) |
Shareholders' Equity - Componen
Shareholders' Equity - Components of Company's Regulatory Capital (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Less intangible assets | ||
Qualifying preferred stock | $ 5,419 | $ 5,501 |
Basel III Transitional Standardized Approach: [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common shareholders' equity | 43,621 | 41,797 |
Less intangible assets | ||
Goodwill (net of deferred tax liability) | (8,613) | (8,203) |
Other disallowed intangible assets | (466) | (427) |
Other | (173) | 553 |
Total common equity tier 1 capital | 34,369 | 33,720 |
Qualifying preferred stock | 5,419 | 5,501 |
Noncontrolling interests eligible for tier 1 capital | 117 | 203 |
Other | (99) | (3) |
Total tier 1 capital | 39,806 | 39,421 |
Eligible portion of allowance for credit losses | 4,417 | 4,357 |
Subordinated debt and noncontrolling interests eligible for tier 2 capital | 3,280 | 3,576 |
Other | 1 | |
Total tier 2 capital | 7,697 | 7,934 |
Total risk-based capital | 47,503 | 47,355 |
Risk-weighted assets | 367,771 | 358,237 |
Basel III Transitional Advanced Approaches: [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common shareholders' equity | 43,621 | 41,797 |
Less intangible assets | ||
Goodwill (net of deferred tax liability) | (8,613) | (8,203) |
Other disallowed intangible assets | (466) | (427) |
Other | (173) | 553 |
Total common equity tier 1 capital | 34,369 | 33,720 |
Qualifying preferred stock | 5,419 | 5,501 |
Noncontrolling interests eligible for tier 1 capital | 117 | 203 |
Other | (99) | (3) |
Total tier 1 capital | 39,806 | 39,421 |
Eligible portion of allowance for credit losses | 1,391 | 1,266 |
Subordinated debt and noncontrolling interests eligible for tier 2 capital | 3,280 | 3,576 |
Other | 1 | |
Total tier 2 capital | 4,671 | 4,843 |
Total risk-based capital | 44,477 | 44,264 |
Risk-weighted assets | $ 287,211 | $ 277,141 |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |||
Net income attributable to U.S. Bancorp | $ 6,218 | $ 5,888 | $ 5,879 |
Preferred dividends | (267) | (281) | (247) |
Impact of preferred stock redemption | (10) | ||
Impact of the purchase of noncontrolling interests | 9 | ||
Earnings allocated to participating stock awards | (28) | (27) | (24) |
Net income applicable to U.S. Bancorp common shareholders | $ 5,913 | $ 5,589 | $ 5,608 |
Average common shares outstanding | 1,677 | 1,718 | 1,764 |
Net effect of the exercise and assumed purchase of stock awards | 6 | 6 | 8 |
Average diluted common shares outstanding | 1,683 | 1,724 | 1,772 |
Earnings per common share | $ 3.53 | $ 3.25 | $ 3.18 |
Diluted earnings per common share | $ 3.51 | $ 3.24 | $ 3.16 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Stock Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Options outstanding of common shares | 1 | 1 | 1 |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
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 | $ 156,000,000 | $ 142,000,000 | $ 131,000,000 |
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 | $ 798,000,000 | 48,000,000 | |
Global Equities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset allocation for the company's qualified pension plan | 43.00% | ||
Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset allocation for the company's qualified pension plan | 30.00% | ||
Domestic Mid-Small Cap Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset allocation for the company's qualified pension plan | 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% | ||
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% | ||
Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Company contributions to qualified pension and postretirement welfare plan | $ 1,238,000,000 | 383,000,000 | |
Pension Plans [Member] | Qualified Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Company contributions to qualified pension and postretirement welfare plan | 1,200,000,000 | 358,000,000 | |
Company contributions to pension and postretirement welfare plan in next fiscal year | 0 | ||
Pension Plans [Member] | Nonqualified Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Company contributions to pension and postretirement welfare plan in next fiscal year | 23,000,000 | ||
Postretirement Welfare Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Company contributions to qualified pension and postretirement welfare plan | 5,000,000 | $ 7,000,000 | |
Company contributions to pension and postretirement welfare plan in next fiscal year | $ 5,000,000 |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Pension Plans [Member] | |||
Change In Projected Benefit Obligation | |||
Benefit obligation at beginning of measurement period | $ 5,073 | $ 4,650 | |
Service cost | 187 | 177 | $ 188 |
Interest cost | 220 | 211 | 195 |
Actuarial loss (gain) | 430 | 234 | |
Lump sum settlements | (45) | (61) | |
Benefit payments | (145) | (138) | |
Benefit obligation at end of measurement period | 5,720 | 5,073 | 4,650 |
Change In Fair Value Of Plan Assets | |||
Balance at beginning of period | 3,769 | 3,355 | |
Actual return on plan assets | 665 | 230 | |
Employer contributions | 1,238 | 383 | |
Lump sum settlements | (45) | (61) | |
Benefit payments | (145) | (138) | |
Balance at end of period | 5,482 | 3,769 | 3,355 |
Funded (Unfunded) Status | (238) | (1,304) | |
Noncurrent benefit asset | 270 | ||
Current benefit liability | (23) | (22) | |
Noncurrent benefit liability | (485) | (1,282) | |
Recognized amount | (238) | (1,304) | |
Net actuarial gain (loss) | (1,822) | (1,901) | |
Net prior service credit (cost) | 2 | ||
Recognized amount | (1,822) | (1,899) | |
Postretirement Welfare Plan [Member] | |||
Change In Projected Benefit Obligation | |||
Benefit obligation at beginning of measurement period | 75 | 93 | |
Interest cost | 2 | 3 | 3 |
Participants' contributions | 8 | 10 | |
Actuarial loss (gain) | (1) | (14) | |
Benefit payments | (18) | (19) | |
Federal subsidy on benefits paid | 2 | 2 | |
Benefit obligation at end of measurement period | 68 | 75 | 93 |
Change In Fair Value Of Plan Assets | |||
Balance at beginning of period | 82 | 82 | |
Actual return on plan assets | 10 | 2 | |
Employer contributions | 5 | 7 | |
Participants' contributions | 8 | 10 | |
Benefit payments | (18) | (19) | |
Balance at end of period | 87 | 82 | $ 82 |
Funded (Unfunded) Status | 19 | 7 | |
Noncurrent benefit asset | 19 | 7 | |
Recognized amount | 19 | 7 | |
Net actuarial gain (loss) | 68 | 66 | |
Net prior service credit (cost) | 22 | 25 | |
Recognized amount | $ 90 | $ 91 |
Employee Benefits - Summary 120
Employee Benefits - Summary of Changes in Projected Benefit Obligation, Plan Assets, Funded Status, Amounts Recognized in Consolidated Balance Sheet and Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Detail) - USD ($) $ in Billions | Dec. 31, 2017 | Dec. 31, 2016 |
Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation for all pension plans | $ 5.2 | $ 4.6 |
Employee Benefits - Pension Pla
Employee Benefits - Pension Plans with Benefit Obligations in Excess of Plan Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Pension Plans with Projected Benefit Obligations in Excess of Plan Assets | ||
Projected benefit obligation | $ 508 | $ 5,073 |
Fair value of plan assets | 3,769 | |
Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets | ||
Projected benefit obligation | 508 | 5,073 |
Accumulated benefit obligation | $ 485 | 4,625 |
Fair value of plan assets | $ 3,769 |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Pension Plans [Member] | |||
Components Of Net Periodic Benefit Cost | |||
Service cost | $ 187 | $ 177 | $ 188 |
Interest cost | 220 | 211 | 195 |
Expected return on plan assets | (284) | (266) | (223) |
Prior service cost (credit) and transition obligation (asset) amortization | (2) | (5) | (4) |
Actuarial loss (gain) amortization | 127 | 175 | 234 |
Net periodic benefit cost | 248 | 292 | 390 |
Net actuarial gain (loss) arising during the year | (48) | (270) | (146) |
Net actuarial loss (gain) amortized during the year | 127 | 175 | 234 |
Net prior service cost (credit) and transition obligation (asset) amortized during the year | (2) | (5) | (4) |
Total recognized in other comprehensive income (loss) | 77 | (100) | 84 |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | (171) | (392) | (306) |
Postretirement Welfare Plan [Member] | |||
Components Of Net Periodic Benefit Cost | |||
Interest cost | 2 | 3 | 3 |
Expected return on plan assets | (3) | (1) | (1) |
Prior service cost (credit) and transition obligation (asset) amortization | (3) | (3) | (3) |
Actuarial loss (gain) amortization | (5) | (4) | (4) |
Net periodic benefit cost | (9) | (5) | (5) |
Net actuarial gain (loss) arising during the year | 7 | 15 | 4 |
Net actuarial loss (gain) amortized during the year | (5) | (4) | (4) |
Net prior service cost (credit) and transition obligation (asset) amortized during the year | (3) | (3) | (3) |
Total recognized in other comprehensive income (loss) | (1) | 8 | (3) |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | $ 8 | $ 13 | $ 2 |
Employee Benefits - Componen123
Employee Benefits - Components of Net Periodic Benefit Cost and Other Amounts Recognized in Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Detail) $ in Millions | Dec. 31, 2017USD ($) |
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 | $ 146 |
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 | (6) |
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, 2017 | Dec. 31, 2016 | |
Effect on accumulated postretirement benefit obligation | ||
One percent increase | $ 3 | $ 4 |
One percent decrease | $ (3) | $ (4) |
Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.84% | 4.27% |
Rate of compensation increase | 3.56% | 3.58% |
Postretirement Welfare Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.34% | 3.57% |
Projected Benefit Obligation Assumptions [Member] | ||
Health care cost trend rate for the next year | ||
Health care cost trend rate assumed for next fiscal year | 6.75% | 7.00% |
Employee Benefits - Weighted125
Employee Benefits - Weighted Average Assumptions to Determine Projected Benefit Obligations (Parenthetical) (Detail) - Projected Benefit Obligation Assumptions [Member] | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Assumed rate decrease | 5.00% | 5.00% |
Health care cost trend rate to decrease Period | 2,025 | 2,025 |
Pension Plans [Member] | Qualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assumed plan duration | 15 years 9 months 18 days | 15 years 6 months |
Pension Plans [Member] | Nonqualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assumed plan duration | 12 years 3 months 19 days | 12 years 1 month 6 days |
Postretirement Welfare Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assumed plan duration | 6 years 1 month 6 days | 6 years 2 months 12 days |
Employee Benefits - Weighted126
Employee Benefits - Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
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 | 4.27% | 4.45% | 4.13% |
Expected return on plan assets | 7.25% | 7.50% | 7.50% |
Rate of compensation increase | 3.58% | 4.06% | 4.07% |
Postretirement Welfare Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.57% | 3.59% | 3.46% |
Expected return on plan assets | 3.50% | 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% | 6.50% | 7.00% |
After Age 65 [Member] | Net Periodic Benefit Cost Assumptions [Member] | |||
Health care cost trend rate | |||
Health care cost trend rate | 7.00% | 6.50% | 7.00% |
Employee Benefits - Weighted127
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Prior to Age 65 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assumed rate decrease | 5.00% | 5.00% | 5.00% |
Health care cost trend rate to decrease Period | 2,025 | 2,019 | 2,019 |
After Age 65 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assumed rate decrease | 5.00% | 5.00% | 5.00% |
Health care cost trend rate to decrease Period | 2,025 | 2,019 | 2,019 |
Pension Plans [Member] | Qualified Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assumed plan duration | 15 years 6 months | 15 years | |
Pension Plans [Member] | Nonqualified Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assumed plan duration | 12 years 1 month 6 days | 11 years 10 months 25 days | |
Postretirement Welfare Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assumed plan duration | 6 years 2 months 12 days | 6 years 3 months 19 days |
Employee Benefits - Summary 128
Employee Benefits - Summary of Plan Investment Assets Measured at Fair Value (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Level 3 [Member] | Other [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | $ 2 | $ 1 | $ 1 | $ 2 |
Pension Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 5,482 | 3,769 | 3,355 | |
Plan assets measured at fair value, excluding assets not classified in fair hierarchy | 2,510 | 1,477 | ||
Pension Plans [Member] | Cash and Cash Equivalents [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 727 | 49 | ||
Pension Plans [Member] | Debt Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 1,240 | 939 | ||
Pension Plans [Member] | Real Estate Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 216 | 169 | ||
Pension Plans [Member] | Debt Securities Mutual Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 205 | 164 | ||
Pension Plans [Member] | Emerging Markets Equity Mutual Fund Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 120 | 155 | ||
Pension Plans [Member] | Other [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 2 | 1 | ||
Pension Plans [Member] | Collective Investment Funds Domestic Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 1,327 | 977 | ||
Pension Plans [Member] | Collective Investment Fund Mid-Small Cap Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 346 | 303 | ||
Pension Plans [Member] | Collective Investment Funds International Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 934 | 725 | ||
Pension Plans [Member] | Hedge Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 200 | 188 | ||
Pension Plans [Member] | Private Equity Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 165 | 99 | ||
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 | 1,460 | 580 | ||
Pension Plans [Member] | Level 1 [Member] | Cash and Cash Equivalents [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 727 | 49 | ||
Pension Plans [Member] | Level 1 [Member] | Debt Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 517 | 362 | ||
Pension Plans [Member] | Level 1 [Member] | Real Estate Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 216 | 169 | ||
Pension Plans [Member] | Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value, excluding assets not classified in fair hierarchy | 1,048 | 896 | ||
Pension Plans [Member] | Level 2 [Member] | Debt Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 723 | 577 | ||
Pension Plans [Member] | Level 2 [Member] | Debt Securities Mutual Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 205 | 164 | ||
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 | 120 | 155 | ||
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 | 2 | 1 | ||
Pension Plans [Member] | Level 3 [Member] | Other [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 2 | 1 | ||
Postretirement Welfare Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 87 | 82 | $ 82 | |
Postretirement Welfare Plan [Member] | Collective Investment Funds Domestic Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 29 | |||
Postretirement Welfare Plan [Member] | Collective Investment Funds International Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 22 | |||
Postretirement Welfare Plan [Member] | Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value, excluding assets not classified in fair hierarchy | 36 | 82 | ||
Postretirement Welfare Plan [Member] | Level 1 [Member] | Cash and Cash Equivalents [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | $ 36 | $ 82 |
Employee Benefits - Summary 129
Employee Benefits - Summary of Plan Investment Assets Measured at Fair Value (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Real Estate Equity Securities [Member] | Level 1 [Member] | Domestic Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets measured at fair value | $ 105 | $ 98 |
Real Estate Equity Securities [Member] | Level 1 [Member] | International Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets measured at fair value | 111 | 71 |
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 | $ 346 | $ 303 |
Employee Benefits - Summarizes
Employee Benefits - Summarizes Changes for Qualified Pension Plan Investment Assets Measured at Fair Value Using Significant Unobservable Inputs (Level 3) (Detail) - Other [Member] - Level 3 [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Balance at beginning of period | $ 1 | $ 1 | $ 2 |
Unrealized gains (losses) relating to assets still held at end of year | (1) | ||
Purchases, sales, and settlements, net | 1 | ||
Balance at end of period | $ 2 | $ 1 | $ 1 |
Employee Benefits - Expected Fu
Employee Benefits - Expected Future Benefit Payments (Detail) $ in Millions | Dec. 31, 2017USD ($) |
Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | $ 201 |
2,019 | 215 |
2,020 | 232 |
2,021 | 250 |
2,022 | 260 |
2023 - 2027 | 1,564 |
Postretirement Welfare Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | 10 |
2,019 | 9 |
2,020 | 9 |
2,021 | 8 |
2,022 | 8 |
2023 - 2027 | 29 |
Medicare Part D Subsidy [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | 2 |
2,019 | 1 |
2,020 | 1 |
2,021 | 1 |
2,022 | 1 |
2023 - 2027 | $ 4 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Shares available for grant under Company's stock incentive plan (subject to adjustment for forfeitures) | 37 | ||
Fair value of shares vested | $ 180 | $ 128 | $ 152 |
Stock-based compensation expense | 163 | 150 | 125 |
Stock-based compensation expense on an after tax basis | 101 | $ 93 | $ 78 |
Unrecognized compensation cost related to nonvested share-based arrangements granted under plans | $ 191 | ||
Unrecognized compensation cost 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] | |||
Date of grant exercisable period | 10 years | ||
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Stock Options/Shares Outstanding, Weighted-Average Exercise Price, and Additional Disclosures [Abstract] | |||
Stock Options/Shares, Outstanding at Beginning of the Period | 17,059,241 | 25,725,708 | 33,649,198 |
Stock Options/Shares, Granted | 1,066,188 | 1,644,288 | 1,122,697 |
Stock Options/Shares, Exercised | (5,389,741) | (10,163,668) | (8,721,834) |
Stock Options/Shares, Cancelled | (67,221) | (147,087) | (324,353) |
Stock Options/Shares, Outstanding at End of the Period | 12,668,467 | 17,059,241 | 25,725,708 |
Stock Options/Shares, Exercisable at End of Period | 9,647,937 | 13,856,142 | 22,446,095 |
Weighted-Average Exercise Price, Outstanding at Beginning of the Period | $ 29.95 | $ 29.82 | $ 29.31 |
Weighted-Average Exercise Price, Granted | 54.97 | 39.50 | 44.28 |
Weighted-Average Exercise Price, Exercised | 29.58 | 31.09 | 29.59 |
Weighted-Average Exercise Price, Cancelled | 43.31 | 35.18 | 32.93 |
Weighted-Average Exercise Price, Outstanding at End of the Period | 32.15 | 29.95 | 29.82 |
Weighted-Average Exercise Price, Exercisable at End of Period | $ 27.87 | $ 27.53 | $ 28.68 |
Weighted-Average Remaining Contractual Term, Outstanding at the End of the Period | 4 years 6 months | 4 years 1 month 6 days | 3 years 7 months 6 days |
Weighted-Average Remaining Contractual Term, Exercisable at End of Period | 3 years 3 months 19 days | 3 years 1 month 6 days | 3 years |
Aggregate Intrinsic Value, Outstanding at the End of the Period | $ 272 | $ 365 | $ 331 |
Aggregate Intrinsic Value, Exercisable at End of Period | $ 248 | $ 330 | $ 314 |
Stock-Based Compensation - Weig
Stock-Based Compensation - Weighted-Average Estimated Fair Value of Stock Options Granted and Assumptions Utilized by Company for Newly Issued Grants (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Estimated fair value | $ 14.66 | $ 10.28 | $ 12.23 |
Risk-free interest rates | 2.00% | 1.30% | 1.70% |
Dividend yield | 2.60% | 2.60% | 2.60% |
Stock volatility factor | 0.35% | 0.36% | 0.37% |
Expected life of options (in years) | 5 years 6 months | 5 years 6 months | 5 years 6 months |
Stock-Based Compensation - S135
Stock-Based Compensation - Summary of Certain Stock Option Activity (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Fair value of options vested | $ 13 | $ 18 | $ 25 |
Intrinsic value of options exercised | 127 | 138 | 130 |
Cash received from options exercised | 159 | 316 | 257 |
Tax benefit realized from options exercised | $ 49 | $ 53 | $ 50 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Options Outstanding Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Outstanding Options, Shares | shares | 12,668,467 |
Outstanding Options, Weighted-Average Remaining Contractual Life (Years) | 4 years 6 months |
Outstanding Options, Weighted-Average Exercise Price | $ 32.15 |
Exercisable Options, Shares | shares | 9,647,937 |
Exercisable Options, Weighted-Average Exercise Price | $ 27.87 |
Exercise Price Range $11.02-$20.00 [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 | $ 20 |
Outstanding Options, Shares | shares | 1,562,979 |
Outstanding Options, Weighted-Average Remaining Contractual Life (Years) | 1 year 2 months 12 days |
Outstanding Options, Weighted-Average Exercise Price | $ 11.95 |
Exercisable Options, Shares | shares | 1,562,979 |
Exercisable Options, Weighted-Average Exercise Price | $ 11.95 |
Exercise Price 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 | 1,363,504 |
Outstanding Options, Weighted-Average Remaining Contractual Life (Years) | 2 years 2 months 12 days |
Outstanding Options, Weighted-Average Exercise Price | $ 23.85 |
Exercisable Options, Shares | shares | 1,363,504 |
Exercisable Options, Weighted-Average Exercise Price | $ 23.85 |
Exercise Price Range $25.01-$30.00 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range limit of Exercise Prices | 25.01 |
Upper range limit of Exercise Prices | $ 30 |
Outstanding Options, Shares | shares | 3,661,570 |
Outstanding Options, Weighted-Average Remaining Contractual Life (Years) | 3 years 4 months 24 days |
Outstanding Options, Weighted-Average Exercise Price | $ 28.21 |
Exercisable Options, Shares | shares | 3,661,570 |
Exercisable Options, Weighted-Average Exercise Price | $ 28.21 |
Exercise Price Range $30.01-$35.00 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range limit of Exercise Prices | 30.01 |
Upper range limit of Exercise Prices | $ 35 |
Outstanding Options, Shares | shares | 1,519,505 |
Outstanding Options, Weighted-Average Remaining Contractual Life (Years) | 2 years 7 months 6 days |
Outstanding Options, Weighted-Average Exercise Price | $ 33.37 |
Exercisable Options, Shares | shares | 1,519,505 |
Exercisable Options, Weighted-Average Exercise Price | $ 33.37 |
Exercise Price Range $35.01-$40.00 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range limit of Exercise Prices | 35.01 |
Upper range limit of Exercise Prices | $ 40 |
Outstanding Options, Shares | shares | 1,534,333 |
Outstanding Options, Weighted-Average Remaining Contractual Life (Years) | 8 years 1 month 6 days |
Outstanding Options, Weighted-Average Exercise Price | $ 39.49 |
Exercisable Options, Shares | shares | 355,492 |
Exercisable Options, Weighted-Average Exercise Price | $ 39.49 |
Exercise Price Range $40.01-$45.00 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range limit of Exercise Prices | 40.01 |
Upper range limit of Exercise Prices | $ 45 |
Outstanding Options, Shares | shares | 1,971,691 |
Outstanding Options, Weighted-Average Remaining Contractual Life (Years) | 6 years 7 months 6 days |
Outstanding Options, Weighted-Average Exercise Price | $ 42.33 |
Exercisable Options, Shares | shares | 1,184,802 |
Exercisable Options, Weighted-Average Exercise Price | $ 41.92 |
Exercise Price Range $50.01-$55.01 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range limit of Exercise Prices | 50.01 |
Upper range limit of Exercise Prices | $ 55.01 |
Outstanding Options, Shares | shares | 1,054,885 |
Outstanding Options, Weighted-Average Remaining Contractual Life (Years) | 9 years 1 month 6 days |
Outstanding Options, Weighted-Average Exercise Price | $ 54.97 |
Exercisable Options, Shares | shares | 85 |
Exercisable Options, Weighted-Average Exercise Price | $ 55.01 |
Stock-Based Compensation - S137
Stock-Based Compensation - Summary of Company's Restricted Shares of Stock and Unit Awards (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
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 | 8,265,507 | 6,894,831 | 7,921,571 |
Granted, shares | 2,850,927 | 4,879,421 | 2,897,396 |
Vested, shares | (3,295,376) | (3,069,035) | (3,428,736) |
Cancelled, shares | (374,103) | (439,710) | (495,400) |
Outstanding at end of period, shares | 7,446,955 | 8,265,507 | 6,894,831 |
Outstanding at beginning of period, weighted-average grant-date fair value | $ 39.50 | $ 38.44 | $ 34.09 |
Granted, weighted-average grant-date fair value | 54.45 | 39.65 | 44.24 |
Vested, weighted-average grant-date fair value | 40.66 | 37.25 | 33.27 |
Cancelled, weighted-average grant-date fair value | 43.91 | 40.18 | 38.66 |
Outstanding at end of period, weighted-average grant-date fair value | $ 44.49 | $ 39.50 | $ 38.44 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Federal | |||
Current | $ 2,086 | $ 2,585 | $ 1,956 |
Deferred | (1,180) | (711) | (223) |
Federal income tax | 906 | 1,874 | 1,733 |
State | |||
Current | 201 | 337 | 346 |
Deferred | 157 | (50) | 18 |
State income tax | 358 | 287 | 364 |
Applicable income taxes | $ 1,264 | $ 2,161 | $ 2,097 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes Additional Information [Abstract] | |||
Federal statutory rate | 35.00% | 35.00% | 35.00% |
Unrecognized tax positions that if recognized would impact the effective tax rate | $ 265 | $ 234 | $ 165 |
Unrecognized tax positions as a component of income taxes expense, accrued interest | 53 | ||
Interest recorded on unrecognized tax positions | 16 | $ 7 | $ (1) |
Federal, state and foreign net operating loss carryforwards | $ 1,700 | ||
Federal, state and foreign net operating loss carryforwards expiration term | Dec. 31, 2037 | ||
Base year reserves included in retained earnings of acquired thrift institutions for which no deferred federal income tax liability has been recognized | $ 102 | ||
Federal [Member] | |||
Income Taxes Additional Information [Abstract] | |||
Credit carryforwards | $ 2,100 | ||
Credit carryforwards expiration term | Dec. 31, 2037 |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Tax at statutory rate | $ 2,631 | $ 2,837 | $ 2,810 |
State income tax, at statutory rates, net of federal tax benefit | 281 | 244 | 237 |
Revaluation of tax related assets and liabilities | (910) | ||
Tax credits and benefits, net of related expenses | (774) | (710) | (700) |
Tax-exempt income | (200) | (196) | (201) |
Noncontrolling interests | (12) | (20) | (19) |
Nondeductible legal and regulatory expenses | 213 | 30 | |
Other items | 35 | (24) | (30) |
Applicable income taxes | $ 1,264 | $ 2,161 | $ 2,097 |
Income Taxes - Reconciliatio141
Income Taxes - Reconciliation of Expected Income Tax Expense at Federal Statutory Rate of 35 Percent to Company's Applicable Income Tax Expense (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Reconciliation [Line Items] | ||||
Corporate tax | 35.00% | 35.00% | 35.00% | |
Net income tax benefit | $ (910) | |||
Scenario, Forecast [Member] | ||||
Income Tax Reconciliation [Line Items] | ||||
Corporate tax | 21.00% |
Income Taxes - Reconciliatio142
Income Taxes - Reconciliation of Changes in Federal, State and Foreign Unrecognized Tax Position Balances (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Uncertainties [Abstract] | |||
Balance at beginning of period | $ 302 | $ 243 | $ 267 |
Additions (reductions) for tax positions taken in prior years | 3 | 57 | (17) |
Additions for tax positions taken in the current year | 9 | 12 | 13 |
Exam resolutions | (23) | (6) | (17) |
Statute expirations | (4) | (4) | (3) |
Balance at end of period | $ 287 | $ 302 | $ 243 |
Income Taxes - Significant Comp
Income Taxes - Significant Components of the Company's Net Deferred Tax Asset (Liability) (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred Tax Assets | ||
Federal, state and foreign net operating loss and credit carryforwards | $ 2,249 | $ 971 |
Allowance for credit losses | 1,116 | 1,667 |
Accrued expenses | 468 | 806 |
Partnerships and other investment assets | 252 | 521 |
Securities available-for-sale and financial instruments | 111 | 220 |
Stock compensation | 79 | 120 |
Pension and postretirement benefits | 394 | |
Other deferred tax assets, net | 215 | 291 |
Gross deferred tax assets | 4,490 | 4,990 |
Deferred Tax Liabilities | ||
Leasing activities | (2,277) | (3,096) |
Goodwill and other intangible assets | (693) | (962) |
Mortgage servicing rights | (604) | (883) |
Loans | (160) | (234) |
Pension and postretirement benefits | (20) | |
Fixed assets | (4) | (60) |
Other deferred tax liabilities, net | (131) | (113) |
Gross deferred tax liabilities | (3,889) | (5,348) |
Valuation allowance | (128) | (121) |
Net Deferred Tax Asset | $ 473 | |
Net Deferred Tax Liability | $ (479) |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative [Line Items] | |||
Realized and unrealized gains (losses) on derivatives classified as cash flow hedges recorded in other comprehensive income (loss) | $ 71,000,000 | $ 55,000,000 | |
Non-derivative debt instruments designated as net investment hedges | 1,200,000,000 | 0 | |
Fair value of derivatives under collateral agreements in a net liability position | 577,000,000 | ||
Collateral posted by company netted against net liability position | 527,000,000 | ||
Forward commitments to sell mortgage loans | 4,400,000,000 | ||
Hedged mortgage loans held for sale | 2,200,000,000 | ||
Unfunded mortgage loan commitments | 2,300,000,000 | ||
Up Scenario [Member] | Net Sensitivity [Member] | |||
Derivative [Line Items] | |||
Net fair value 25 basis points | (1,000,000) | 1,000,000 | |
Net fair value 50 basis points | (7,000,000) | (6,000,000) | |
Net fair value 100 basis points | (34,000,000) | (44,000,000) | |
Down Scenario [Member] | Net Sensitivity [Member] | |||
Derivative [Line Items] | |||
Net fair value 25 basis points | (4,000,000) | (10,000,000) | |
Net fair value 50 basis points | (15,000,000) | (29,000,000) | |
Net fair value 100 basis points | $ (67,000,000) | $ (101,000,000) | |
Scenario, Forecast [Member] | |||
Derivative [Line Items] | |||
Estimated gain to be reclassified from other comprehensive income (loss) into earnings | $ 4,000,000 |
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, 2017 | Dec. 31, 2016 | |
Derivative [Line Items] | ||
Notional Value, Assets | $ 36,579 | $ 27,266 |
Fair Value, Assets | 163 | 427 |
Notional Value, Liabilities | 21,030 | 19,339 |
Fair Value, Liabilities | 172 | 249 |
Other Derivatives [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 19 | |
Derivative Asset Average Remaining Maturity Period | 11 days | |
Notional Value, Liabilities | 1,164 | $ 830 |
Fair Value, Liabilities | $ 125 | $ 106 |
Derivative Liability Average Remaining Maturity Period | 2 years 6 months | 3 years 5 months 1 day |
Other Economic Hedges [Member] | Interest Rate Contracts [Member] | Receive Fixed/Pay Floating Swaps [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 2,019 | $ 6,452 |
Fair Value, Assets | $ 5 | $ 26 |
Derivative Asset Average Remaining Maturity Period | 16 years 5 months 27 days | 11 years 5 months 23 days |
Notional Value, Liabilities | $ 5,469 | $ 1,561 |
Fair Value, Liabilities | $ 16 | |
Derivative Liability Average Remaining Maturity Period | 8 years 5 months 5 days | 6 years 6 months 14 days |
Other Economic Hedges [Member] | Interest Rate Contracts [Member] | Pay Fixed/Receive Floating Swaps [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 4,844 | $ 4,705 |
Fair Value, Assets | $ 21 | $ 13 |
Derivative Asset Average Remaining Maturity Period | 7 years 8 months 9 days | 6 years 6 months 3 days |
Notional Value, Liabilities | $ 46 | $ 2,320 |
Fair Value, Liabilities | $ 1 | $ 9 |
Derivative Liability Average Remaining Maturity Period | 6 years 8 months 12 days | 7 years 9 months 18 days |
Other Economic Hedges [Member] | Interest Rate Contracts [Member] | Futures and Forwards [Member] | Purchased [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 1,632 | $ 1,748 |
Fair Value, Assets | $ 7 | $ 13 |
Derivative Asset Average Remaining Maturity Period | 1 month 6 days | 1 month 2 days |
Notional Value, Liabilities | $ 1,326 | $ 1,722 |
Fair Value, Liabilities | $ 2 | $ 18 |
Derivative Liability Average Remaining Maturity Period | 15 days | 18 days |
Other Economic Hedges [Member] | Interest Rate Contracts [Member] | Futures and Forwards [Member] | Written [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 15,291 | $ 2,278 |
Fair Value, Assets | $ 10 | $ 129 |
Derivative Asset Average Remaining Maturity Period | 10 months 21 days | 29 days |
Notional Value, Liabilities | $ 4,511 | $ 4,214 |
Fair Value, Liabilities | $ 10 | $ 43 |
Derivative Liability Average Remaining Maturity Period | 11 days | 1 month 2 days |
Other Economic Hedges [Member] | Interest Rate Contracts [Member] | Options [Member] | Purchased [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 4,985 | $ 1,565 |
Fair Value, Assets | $ 65 | $ 43 |
Derivative Asset Average Remaining Maturity Period | 7 years 6 months 25 days | 8 years 7 months 6 days |
Other Economic Hedges [Member] | Interest Rate Contracts [Member] | Options [Member] | Written [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 1,285 | $ 1,073 |
Fair Value, Assets | $ 21 | $ 25 |
Derivative Asset Average Remaining Maturity Period | 1 month 6 days | 26 days |
Notional Value, Liabilities | $ 5 | $ 12 |
Fair Value, Liabilities | $ 1 | |
Derivative Liability Average Remaining Maturity Period | 18 days | 22 days |
Other Economic Hedges [Member] | Foreign Exchange Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 147 | $ 849 |
Fair Value, Assets | $ 1 | $ 6 |
Derivative Asset Average Remaining Maturity Period | 7 days | 7 days |
Notional Value, Liabilities | $ 669 | $ 867 |
Fair Value, Liabilities | $ 8 | $ 6 |
Derivative Liability Average Remaining Maturity Period | 15 days | 7 days |
Other Economic Hedges [Member] | Equity Contracts [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 45 | $ 11 |
Derivative Asset Average Remaining Maturity Period | 1 year 1 month 6 days | 4 months 24 days |
Notional Value, Liabilities | $ 88 | $ 102 |
Fair Value, Liabilities | $ 1 | $ 1 |
Derivative Liability Average Remaining Maturity Period | 6 months 29 days | 6 months 25 days |
Other Economic Hedges [Member] | Credit Contracts [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 1,559 | $ 1,397 |
Derivative Asset Average Remaining Maturity Period | 3 years 4 months 28 days | 3 years 4 months 17 days |
Notional Value, Liabilities | $ 3,779 | $ 3,674 |
Fair Value, Liabilities | $ 1 | $ 2 |
Derivative Liability Average Remaining Maturity Period | 3 years 1 month 27 days | 3 years 6 months 25 days |
Fair Value Hedges [Member] | Interest Rate Contracts [Member] | Receive Fixed/Pay Floating Swaps [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 1,000 | $ 2,550 |
Fair Value, Assets | $ 28 | $ 49 |
Derivative Asset Average Remaining Maturity Period | 6 years 8 months 12 days | 4 years 3 months 11 days |
Notional Value, Liabilities | $ 3,600 | $ 1,250 |
Fair Value, Liabilities | $ 16 | $ 12 |
Derivative Liability Average Remaining Maturity Period | 1 year 6 months 18 days | 2 years 3 months 26 days |
Cash Flow Hedges [Member] | Interest Rate Contracts [Member] | Pay Fixed/Receive Floating Swaps [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 3,772 | $ 3,272 |
Fair Value, Assets | $ 5 | $ 108 |
Derivative Asset Average Remaining Maturity Period | 6 years 8 months 23 days | 8 years 7 months 17 days |
Notional Value, Liabilities | $ 2,787 | |
Fair Value, Liabilities | $ 35 | |
Derivative Liability Average Remaining Maturity Period | 9 months 29 days | |
Net Investment Hedges [Member] | Foreign Exchange Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 1,347 | |
Fair Value, Assets | $ 15 | |
Derivative Asset Average Remaining Maturity Period | 15 days | |
Notional Value, Liabilities | $ 373 | |
Fair Value, Liabilities | $ 8 | |
Derivative Liability Average Remaining Maturity Period | 18 days |
Derivative Instruments - Ass146
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, 2017 | Dec. 31, 2016 | |
Derivative [Line Items] | ||
Notional Value, Assets | $ 36,579 | $ 27,266 |
Notional Value, Liabilities | 21,030 | 19,339 |
Fair Value, Liabilities | 172 | 249 |
Underwriting Purchase and Sale Commitments [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | 19 | |
Notional Value, Liabilities | 19 | |
Swap [Member] | Visa Class B Shares [Member] | ||
Derivative [Line Items] | ||
Notional Value, Liabilities | 1,200 | 811 |
Fair Value, Liabilities | $ 125 | $ 106 |
Derivative Liability Average Remaining Maturity Period | 2 years 6 months | 3 years 6 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, 2017 | Dec. 31, 2016 | |
Derivative [Line Items] | ||
Notional Value, Assets | $ 156,822 | $ 113,188 |
Fair Value, Assets | 2,319 | 2,543 |
Notional Value, Liabilities | 140,485 | 122,497 |
Fair Value, Liabilities | 2,195 | 2,610 |
Interest Rate Contracts [Member] | Receive Fixed/Pay Floating Swaps [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | 28,681 | 38,501 |
Fair Value, Assets | $ 679 | $ 930 |
Derivative Asset Average Remaining Maturity Period | 5 years 8 months 16 days | 4 years 26 days |
Notional Value, Liabilities | $ 59,990 | $ 39,403 |
Fair Value, Liabilities | $ 840 | $ 632 |
Derivative Liability Average Remaining Maturity Period | 4 years 3 months 8 days | 4 years 10 months 21 days |
Interest Rate Contracts [Member] | Pay Fixed/Receive Floating Swaps [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 63,038 | $ 36,671 |
Fair Value, Assets | $ 860 | $ 612 |
Derivative Asset Average Remaining Maturity Period | 4 years 2 months 12 days | 4 years 11 months 26 days |
Notional Value, Liabilities | $ 25,093 | $ 40,324 |
Fair Value, Liabilities | $ 602 | $ 996 |
Derivative Liability Average Remaining Maturity Period | 5 years 9 months 3 days | 4 years 26 days |
Interest Rate Contracts [Member] | Options [Member] | Purchased [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 29,091 | $ 14,545 |
Fair Value, Assets | $ 22 | $ 51 |
Derivative Asset Average Remaining Maturity Period | 1 year 7 months 10 days | 1 year 10 months 6 days |
Notional Value, Liabilities | $ 880 | $ 125 |
Fair Value, Liabilities | $ 14 | $ 2 |
Derivative Liability Average Remaining Maturity Period | 4 years 2 months 27 days | 1 year 4 months 13 days |
Interest Rate Contracts [Member] | Options [Member] | Written [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 880 | $ 125 |
Fair Value, Assets | $ 15 | $ 3 |
Derivative Asset Average Remaining Maturity Period | 4 years 2 months 27 days | 1 year 4 months 13 days |
Notional Value, Liabilities | $ 27,056 | $ 13,518 |
Fair Value, Liabilities | $ 20 | $ 50 |
Derivative Liability Average Remaining Maturity Period | 1 year 6 months | 1 year 8 months 12 days |
Interest Rate Contracts [Member] | Futures [Member] | Purchased [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 306 | |
Derivative Asset Average Remaining Maturity Period | 1 year 11 months 15 days | |
Notional Value, Liabilities | $ 7,111 | |
Fair Value, Liabilities | $ 7 | |
Derivative Liability Average Remaining Maturity Period | 10 months 25 days | |
Interest Rate Contracts [Member] | Futures [Member] | Written [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 7,007 | |
Fair Value, Assets | $ 4 | |
Derivative Asset Average Remaining Maturity Period | 1 year 2 months 16 days | |
Foreign Exchange Rate Contracts [Member] | Forwards, Spots and Swaps [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 24,099 | $ 20,664 |
Fair Value, Assets | $ 656 | $ 849 |
Derivative Asset Average Remaining Maturity Period | 9 months 22 days | 6 months 29 days |
Notional Value, Liabilities | $ 23,440 | $ 19,640 |
Fair Value, Liabilities | $ 636 | $ 825 |
Derivative Liability Average Remaining Maturity Period | 9 months 29 days | 7 months 6 days |
Foreign Exchange Option [Member] | Purchased [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 4,026 | $ 2,376 |
Fair Value, Assets | $ 83 | $ 98 |
Derivative Asset Average Remaining Maturity Period | 1 year 2 months 12 days | 1 year 8 months 2 days |
Foreign Exchange Option [Member] | Written [Member] | ||
Derivative [Line Items] | ||
Notional Value, Liabilities | $ 4,026 | $ 2,376 |
Fair Value, Liabilities | $ 83 | $ 98 |
Derivative Liability Average Remaining Maturity Period | 1 year 2 months 12 days | 1 year 8 months 2 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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
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 | $ (3) | $ 46 | $ (15) |
Derivative Instruments, Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings | (19) | (76) | (120) |
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 | (56) | $ 33 | $ 101 |
Net Investment Hedges [Member] | Non Derivative Debt Instruments [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Losses) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ (46) |
Derivative Instruments - Sum149
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
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 | $ (24) | $ (5) | $ 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 | (876) | (708) | 360 |
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 | 943 | 769 | (320) |
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 | (3) | (6) | 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 | 92 | 88 | 74 |
Customer-Related Positions [Member] | Foreign Exchange Option [Member] | Commercial Products Revenue [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) recognized in earnings | 2 | (1) | 2 |
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 | (28) | (31) | 7 |
Asset and Liability Management Positions [Member] | Other Derivatives [Member] | Other Noninterest Income [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) recognized in earnings | (1) | (39) | |
Asset and Liability Management Positions [Member] | Other Economic Hedges [Member] | Interest Rate Contracts [Member] | Mortgage Banking Revenue [Member] | Futures and Forwards [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) recognized in earnings | 24 | 101 | 186 |
Asset and Liability Management Positions [Member] | Other Economic Hedges [Member] | Interest Rate Contracts [Member] | Mortgage Banking Revenue [Member] | Options [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) recognized in earnings | 237 | 331 | 191 |
Asset and Liability Management Positions [Member] | Other Economic Hedges [Member] | Interest Rate Contracts [Member] | Mortgage Banking Revenue [Member] | Receive Fixed/Pay Floating Swaps [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) recognized in earnings | 255 | 226 | 139 |
Asset and Liability Management Positions [Member] | Other Economic Hedges [Member] | Interest Rate Contracts [Member] | Mortgage Banking Revenue [Member] | Pay Fixed/Receive Floating Swaps [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) recognized in earnings | (220) | (140) | (33) |
Asset and Liability Management Positions [Member] | Other Economic Hedges [Member] | Foreign Exchange Forward Contracts [Member] | Commercial Products Revenue [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) recognized in earnings | (69) | (14) | 108 |
Asset and Liability Management Positions [Member] | Other Economic Hedges [Member] | Equity Contracts [Member] | Compensation Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) recognized in earnings | 1 | 1 | (1) |
Asset and Liability Management Positions [Member] | Other Economic Hedges [Member] | Credit Contracts [Member] | Other Noninterest Income [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) recognized in earnings | $ 3 | $ 1 | $ 2 |
Derivative Instruments - Sum150
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Asset and Liability Management Positions [Member] | Interest Rate Contracts [Member] | Fair Value Hedges [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (losses) on items hedged by fair value hedges | $ 28 | $ 31 | $ (7) |
Netting Arrangements for Cer151
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities - Additional Information (Detail) $ in Billions | Dec. 31, 2017USD ($) |
Derivative [Line Items] | |
Notional amount of derivative | $ 354.9 |
Over the Counter Trades [Member] | |
Derivative [Line Items] | |
Notional amount of derivative | 189.8 |
Exchange Cleared [Member] | |
Derivative [Line Items] | |
Notional amount of derivative | 146.1 |
Exchange Traded [Member] | |
Derivative [Line Items] | |
Notional amount of derivative | $ 19 |
Netting Arrangements for Cer152
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities - Summary of Maturities by Category of Collateral Pledged for Repurchase Agreements and Securities Loaned Transactions (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | $ 803 | $ 801 |
Securities loaned | 111 | 223 |
Gross amount of recognized liabilities for repurchase agreements and securities loaned | 914 | 1,024 |
Overnight and Continuous [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 773 | 771 |
Securities loaned | 111 | 223 |
Gross amount of recognized liabilities for repurchase agreements and securities loaned | 884 | 994 |
Less Than 30 Days [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 30 | 30 |
Gross amount of recognized liabilities for repurchase agreements and securities loaned | 30 | 30 |
Corporate Debt Securities [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 104 | 30 |
Securities loaned | 111 | 223 |
Corporate Debt Securities [Member] | Overnight and Continuous [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 104 | 30 |
Securities loaned | 111 | 223 |
U.S. Treasury and Agencies [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 25 | 60 |
U.S. Treasury and Agencies [Member] | Overnight and Continuous [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 25 | 60 |
Mortgage-Backed Securities Residential [Member] | Agency [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 674 | 711 |
Mortgage-Backed Securities Residential [Member] | Overnight and Continuous [Member] | Agency [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 644 | 681 |
Mortgage-Backed Securities Residential [Member] | Less Than 30 Days [Member] | Agency [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | $ 30 | $ 30 |
Netting Arrangements for Cer153
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, 2017 | Dec. 31, 2016 |
Offsetting [Abstract] | ||
Derivative assets Gross Recognized Assets | $ 1,759 | $ 2,122 |
Reverse repurchase agreements Gross Recognized Assets | 24 | 77 |
Securities borrowed Gross Recognized Assets | 923 | 944 |
Total Gross Recognized Assets | 2,706 | 3,143 |
Derivative assets Gross amounts assets offset in consolidated balance sheet | (652) | (984) |
Total Gross amounts assets offset in consolidated balance sheet | (652) | (984) |
Derivative assets Net Amounts Presented in the Consolidated Balance Sheet | 1,107 | 1,138 |
Reverse repurchase agreements Net Amounts Presented in the Consolidated Balance Sheet | 24 | 77 |
Securities borrowed Net Amounts Presented in the Consolidated Balance Sheet | 923 | 944 |
Total Net Amounts Presented in the Consolidated Balance Sheet | 2,054 | 2,159 |
Derivative assets Gross financial instrument asset amounts not offset in consolidated balance sheet | (110) | (78) |
Reverse repurchase agreements Gross financial instrument asset amounts not offset in consolidated balance sheet | (24) | (60) |
Securities borrowed Gross financial instrument asset amounts not offset in consolidated balance sheet | (10) | |
Total Gross financial instrument asset amounts not offset in consolidated balance sheet | (134) | (148) |
Derivative assets Gross collateral received amounts not offset in consolidated balance sheet | (5) | (10) |
Reverse repurchase agreements Gross collateral received amounts not offset in consolidated balance sheet | (17) | |
Securities borrowed Gross collateral received amounts not offset in consolidated balance sheet | (896) | (909) |
Total Gross collateral received amounts not offset in consolidated balance sheet | (901) | (936) |
Derivative assets Net Amount | 992 | 1,050 |
Reverse repurchase agreements Net Amount | 0 | 0 |
Securities borrowed Net Amount | 27 | 25 |
Total Net Amount Assets | $ 1,019 | $ 1,075 |
Netting Arrangements for Cer154
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, 2017 | Dec. 31, 2016 |
Offsetting [Abstract] | ||
Cash collateral netted against derivative assets | $ 50 | $ 210 |
Derivative assets not subject to netting arrangements | $ 723 | $ 848 |
Netting Arrangements for Cer155
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, 2017 | Dec. 31, 2016 |
Offsetting [Abstract] | ||
Derivative liabilities Gross recognized liabilities | $ 1,629 | $ 1,951 |
Repurchase agreements Gross recognized liabilities | 803 | 801 |
Securities loaned Gross recognized liabilities | 111 | 223 |
Total Gross recognized liabilities | 2,543 | 2,975 |
Derivative liabilities Gross amounts liabilities offset in consolidated balance sheet | (1,130) | (1,185) |
Total Gross amounts liabilities offset in consolidated balance sheet | (1,130) | (1,185) |
Derivative liabilities Net amounts liabilities presented in consolidated balance sheet | 499 | 766 |
Repurchase agreements Net amounts liabilities presented in consolidated balance sheet | 803 | 801 |
Securities loaned Net amounts liabilities presented in consolidated balance sheet | 111 | 223 |
Total Net amounts liabilities presented in consolidated balance sheet | 1,413 | 1,790 |
Derivative liabilities Gross financial instrument liability amounts not offset in consolidated balance sheet | (110) | (78) |
Repurchase agreements Gross financial instrument liability amounts not offset in consolidated balance sheet | (24) | (60) |
Securities loaned Gross financial instruments not offset in consolidated balance sheet | (10) | |
Total Gross financial instrument liability amounts not offset in consolidated balance sheet | (134) | (148) |
Repurchase agreements Gross collateral pledged amounts not offset in consolidated balance sheet | (779) | (741) |
Securities loaned Gross collateral pledged amounts not offset in consolidated balance sheet | (110) | (211) |
Total Gross collateral pledged amounts not offset in consolidated balance sheet | (889) | (952) |
Derivative liabilities Net Amount | 389 | 688 |
Repurchase agreements Net Amount | 0 | 0 |
Securities loaned Net Amount | 1 | 2 |
Total Net Amount Liabilities | $ 390 | $ 690 |
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 Liabilities But Available for Offset in Event of Default (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Offsetting [Abstract] | ||
Cash collateral netted against derivative liabilities | $ 528 | $ 411 |
Derivative liabilities not subject to netting arrangements | $ 738 | $ 908 |
Fair Values of Assets and Li157
Fair Values of Assets and Liabilities - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |||
Fair value measurement transfers from one level to another | $ 0 | $ 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, net gain | $ 84,000,000 | 33,000,000 | $ 27,000,000 |
Carrying value of unfunded commitments, deferred non-yield related loan fees and standby letters of credit | 555,000,000 | 618,000,000 | |
Other guarantees carrying value | $ 192,000,000 | $ 186,000,000 | |
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 | 2.00% |
Fair Values of Assets and Li158
Fair Values of Assets and Liabilities - Valuation Assumption Ranges for MSRs (Detail) - Mortgage Servicing Rights [Member] | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Expected prepayment | 10.00% | 10.00% |
Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Expected prepayment | 6.00% | |
Option adjusted spread | 7.00% | |
Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Expected prepayment | 17.00% | |
Option adjusted spread | 10.00% | |
Average [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Expected prepayment | 10.00% | |
Option adjusted spread | 8.00% |
Fair Values of Assets and Li159
Fair Values of Assets and Liabilities - Valuation Assumption Ranges for Derivative Commitments (Detail) - Derivative Mortgage Loans Commitments [Member] | Dec. 31, 2017 |
Minimum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Expected loan close rate | 6.00% |
Inherent MSR value (basis points per loan) | (1.00%) |
Maximum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Expected loan close rate | 100.00% |
Inherent MSR value (basis points per loan) | 184.00% |
Average [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Expected loan close rate | 80.00% |
Inherent MSR value (basis points per loan) | 117.00% |
Fair Values of Assets and Li160
Fair Values of Assets and Liabilities - Balances of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liabilities netting | $ (1,130) | $ (1,185) | |||
Derivative liabilities total | 499 | 766 | |||
Derivative assets netting | (652) | (984) | |||
Derivative assets total | 1,107 | 1,138 | |||
Available-for-sale securities | [1] | 68,137 | 66,284 | ||
Mortgage loans held for sale | 3,534 | 4,822 | |||
Mortgage servicing rights | 2,645 | 2,591 | $ 2,512 | $ 2,338 | |
Fair Value, Measurements, Recurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liabilities total | 1,237 | 1,674 | |||
Derivative assets total | 1,830 | 1,986 | |||
Available-for-sale securities | 68,137 | 66,284 | |||
Mortgage loans held for sale | 3,534 | 4,822 | |||
Mortgage servicing rights | 2,645 | 2,591 | |||
Other assets | 1,317 | 1,320 | |||
Total | 77,463 | 77,003 | |||
Short-term borrowings and other liabilities | 995 | 1,080 | |||
Total | 2,232 | 2,754 | |||
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 | (1,130) | (1,185) | |||
Derivative assets netting | (652) | (984) | |||
Total | (652) | (984) | |||
Total | (1,130) | (1,185) | |||
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 | 23,301 | 17,127 | |||
Fair Value, Measurements, Recurring [Member] | Obligations of State and Political Subdivisions [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale securities | 6,358 | 5,039 | |||
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 | ||||
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 | 22 | 36 | |||
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 | 242 | ||||
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 | 195 | ||||
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 | 38,031 | 43,138 | |||
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 | 6 | 15 | |||
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 | 419 | 483 | |||
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 | 7 | ||||
Derivative assets before netting | 6 | ||||
Available-for-sale securities | 22,594 | 16,391 | |||
Other assets | 154 | 183 | |||
Total | 22,754 | 16,574 | |||
Short-term borrowings and other liabilities | 101 | 142 | |||
Total | 101 | 149 | |||
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 | 22,572 | 16,355 | |||
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 | 22 | 36 | |||
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liabilities before netting | 1,958 | 2,469 | |||
Derivative assets before netting | 1,960 | 2,416 | |||
Available-for-sale securities | 45,543 | 49,445 | |||
Mortgage loans held for sale | 3,534 | 4,822 | |||
Other assets | 1,163 | 1,137 | |||
Total | 52,200 | 57,820 | |||
Short-term borrowings and other liabilities | 894 | 938 | |||
Total | 2,852 | 3,407 | |||
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 | 729 | 772 | |||
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Obligations of State and Political Subdivisions [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale securities | 6,358 | 5,039 | |||
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 | 38,031 | 43,138 | |||
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 | 6 | 15 | |||
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 | 419 | 481 | |||
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 | 409 | 383 | |||
Derivative assets before netting | 516 | 554 | |||
Available-for-sale securities | 448 | ||||
Mortgage servicing rights | 2,645 | 2,591 | |||
Total | 3,161 | 3,593 | |||
Total | $ 409 | 383 | |||
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 | ||||
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 | 242 | ||||
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 | 195 | ||||
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 | ||||
[1] | Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral. |
Fair Values of Assets and Li161
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
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 | $ 242 | $ 318 | $ 405 |
Net Gains (Losses) Included in Net Income | (1) | ||
Net Gains (Losses) Included in Other Comprehensive Income (Loss) | (2) | (4) | |
Sales | (234) | ||
Principal Payments | (6) | (75) | (83) |
Settlements | 0 | 0 | 0 |
End of Period Balance | 242 | 318 | |
Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period | (4) | ||
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 | 195 | 240 | 280 |
Net Gains (Losses) Included in Net Income | (1) | (1) | |
Net Gains (Losses) Included in Other Comprehensive Income (Loss) | (17) | (2) | (1) |
Sales | (175) | ||
Principal Payments | (3) | (42) | (38) |
Settlements | 0 | 0 | 0 |
End of Period Balance | 195 | 240 | |
Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period | (2) | (1) | |
Corporate Debt Securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning of Period Balance | 9 | 9 | 9 |
Net Gains (Losses) Included in Other Comprehensive Income (Loss) | 2 | ||
Sales | (11) | ||
Settlements | 0 | 0 | 0 |
End of Period Balance | 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 | 2 | 2 | 62 |
Net Gains (Losses) Included in Net Income | 4 | ||
Net Gains (Losses) Included in Other Comprehensive Income (Loss) | (2) | ||
Sales | (2) | (51) | |
Principal Payments | (11) | ||
Settlements | 0 | 0 | 0 |
End of Period Balance | 2 | 2 | |
Mortgage Servicing Rights [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning of Period Balance | 2,591 | 2,512 | 2,338 |
Net Gains (Losses) Included in Net Income | (404) | (488) | (487) |
Purchases | 13 | 43 | 29 |
Issuances | 445 | 524 | 632 |
Settlements | 0 | 0 | 0 |
End of Period Balance | 2,645 | 2,591 | 2,512 |
Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period | (404) | (488) | (487) |
Available-for-Sale Securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning of Period Balance | 448 | 569 | 756 |
Net Gains (Losses) Included in Net Income | (2) | 3 | |
Net Gains (Losses) Included in Other Comprehensive Income (Loss) | (17) | (2) | (7) |
Sales | (422) | (51) | |
Principal Payments | (9) | (117) | (132) |
Settlements | 0 | 0 | 0 |
End of Period Balance | 448 | 569 | |
Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period | (2) | (5) | |
Derivative [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning of Period Balance | 171 | 498 | 574 |
Net Gains (Losses) Included in Net Income | 317 | 332 | 707 |
Net Gains (Losses) Included in Other Comprehensive Income (Loss) | 0 | 0 | 0 |
Purchases | 1 | 2 | 1 |
Sales | (10) | (14) | (13) |
Principal Payments | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 |
Settlements | (372) | (647) | (771) |
End of Period Balance | 107 | 171 | 498 |
Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period | $ (52) | $ (257) | $ 135 |
Fair Values of Assets and Li162
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
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 | $ 21 | $ (77) | $ 289 |
Net Change in net derivative asset and liability unrealized gains (losses) relating to assets still held at end of period | (77) | (276) | 92 |
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 | 296 | 409 | 418 |
Net Change in net derivative asset and liability unrealized gains (losses) relating to assets still held at end of period | $ 25 | 19 | $ 43 |
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) | ||
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 |
Fair Values of Assets and Li163
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, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | $ 150 | $ 59 |
Other assets | 31 | 60 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 150 | 59 |
Other assets | $ 31 | $ 60 |
Fair Values of Assets and Li164
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Loans Receivable [Member] | |||
Fair Value Assets Measured On Nonrecurring Basis Losses Recognized [Line Items] | |||
Losses recognized related to nonrecurring fair value measurements | $ 171 | $ 192 | $ 175 |
Other Assets [Member] | |||
Fair Value Assets Measured On Nonrecurring Basis Losses Recognized [Line Items] | |||
Losses recognized related to nonrecurring fair value measurements | $ 20 | $ 32 | $ 42 |
Fair Values of Assets and Li165
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, 2017 | Dec. 31, 2016 |
Fair Value Disclosures [Abstract] | ||
Fair value carrying amount, total loans | $ 3,534 | $ 4,822 |
Fair value carrying amount, nonaccrual loans | 1 | 2 |
Fair value carrying amount, loans 90 days or more past due | 1 | 1 |
Aggregate unpaid principal, total loans | 3,434 | 4,763 |
Aggregate unpaid principal, nonaccrual loans | 2 | 3 |
Aggregate unpaid principal, loans 90 days or more past due | 1 | 1 |
Carrying amount over (under) unpaid principal, total loans | 100 | 59 |
Carrying amount over (under) unpaid principal, nonaccrual loans | (1) | (1) |
Carrying amount over (under) unpaid principal, loans 90 days or more past due | $ 0 | $ 0 |
Fair Values of Assets and Li166
Fair Values of Assets and Liabilities - Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Financial Assets | ||||
Cash and due from banks | $ 19,505 | $ 15,705 | $ 11,147 | $ 10,654 |
Investment securities held-to-maturity | 44,362 | 42,991 | ||
Loans | 276,507 | 269,394 | ||
Financial Liabilities | ||||
Deposits | 347,215 | 334,590 | ||
Long-term debt | 32,259 | 33,323 | ||
Carrying Amount [Member] | ||||
Financial Assets | ||||
Cash and due from banks | 19,505 | 15,705 | ||
Federal funds sold and securities purchased under resale agreements | 93 | 138 | ||
Investment securities held-to-maturity | 44,362 | 42,991 | ||
Loans held for sale | 20 | 4 | ||
Loans | 276,507 | 269,394 | ||
Other financial instruments | 2,393 | 2,362 | ||
Financial Liabilities | ||||
Deposits | 347,215 | 334,590 | ||
Short-term borrowings | 15,656 | 12,891 | ||
Long-term debt | 32,259 | 33,323 | ||
Other liabilities | 1,556 | 1,702 | ||
Fair Value [Member] | ||||
Financial Assets | ||||
Cash and due from banks | 19,505 | 15,705 | ||
Federal funds sold and securities purchased under resale agreements | 93 | 138 | ||
Investment securities held-to-maturity | 43,723 | 42,435 | ||
Loans held for sale | 20 | 4 | ||
Loans | 279,391 | 273,422 | ||
Other financial instruments | 2,401 | 2,369 | ||
Financial Liabilities | ||||
Deposits | 346,979 | 334,361 | ||
Short-term borrowings | 15,447 | 12,706 | ||
Long-term debt | 32,377 | 33,678 | ||
Other liabilities | 1,556 | 1,702 | ||
Fair Value [Member] | Level 1 [Member] | ||||
Financial Assets | ||||
Cash and due from banks | 19,505 | 15,705 | ||
Investment securities held-to-maturity | 4,613 | 4,605 | ||
Fair Value [Member] | Level 2 [Member] | ||||
Financial Assets | ||||
Federal funds sold and securities purchased under resale agreements | 93 | 138 | ||
Investment securities held-to-maturity | 39,095 | 37,810 | ||
Other financial instruments | 1,037 | 920 | ||
Financial Liabilities | ||||
Deposits | 346,979 | 334,361 | ||
Short-term borrowings | 15,447 | 12,706 | ||
Long-term debt | 32,377 | 33,678 | ||
Fair Value [Member] | Level 3 [Member] | ||||
Financial Assets | ||||
Investment securities held-to-maturity | 15 | 20 | ||
Loans held for sale | 20 | 4 | ||
Loans | 279,391 | 273,422 | ||
Other financial instruments | 1,364 | 1,449 | ||
Financial Liabilities | ||||
Other liabilities | $ 1,556 | $ 1,702 |
Guarantees and Contingent Li167
Guarantees and Contingent Liabilities - Additional Information (Detail) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Guarantees And Contingent Liabilities (Textual) [Abstract] | ||||
Liability related to remaining Visa Litigation, carrying amount | $ 19 | |||
Rental expense for operating leases | 338 | $ 326 | $ 328 | |
Securities Lending Indemnifications [Member] | ||||
Guarantees And Contingent Liabilities (Textual) [Abstract] | ||||
Maximum Potential Future Payments | 2,828 | |||
Collateral Held | 2,912 | |||
Tender Option Bond Program Guarantee [Member] | ||||
Guarantees And Contingent Liabilities (Textual) [Abstract] | ||||
Maximum Potential Future Payments | 2,337 | |||
Collateral Held | 2,507 | |||
Minimum Revenue Guarantees [Member] | ||||
Guarantees And Contingent Liabilities (Textual) [Abstract] | ||||
Maximum Potential Future Payments | 7 | |||
Standby Letters of Credit [Member] | ||||
Guarantees And Contingent Liabilities (Textual) [Abstract] | ||||
Maximum Potential Future Payments | $ 10,857 | |||
Weighted-average term of standby letter of credit arrangements | 20 months | |||
Carrying Amount | $ 52 | |||
Third Party Borrowing Arrangements [Member] | ||||
Guarantees And Contingent Liabilities (Textual) [Abstract] | ||||
Maximum Potential Future Payments | 7 | |||
Asset Sales [Member] | ||||
Guarantees And Contingent Liabilities (Textual) [Abstract] | ||||
Maximum Potential Future Payments | 6,683 | |||
Carrying Amount | 125 | |||
Reserve for potential losses related to sale or syndication of tax-advantage investments | 112 | |||
Representation and warranty reserve | 13 | 19 | ||
Unresolved representation and warranty claims from GSEs | 9 | $ 7 | ||
Merchant Processing [Member] | ||||
Guarantees And Contingent Liabilities (Textual) [Abstract] | ||||
Maximum Potential Future Payments | 95,780 | |||
Carrying Amount | 50 | |||
Collateral Held | 481 | |||
Value of airline tickets purchased to deliver at future date through card transactions | 6,600 | |||
Company held collateral in escrow deposits, letters of credit and indemnities from financial institutions and liens on various assets | 378 | |||
Company held collateral of merchant escrow deposits with respect to future delivery risk | 3 | |||
Liability primarily related to airline processing arrangements | 37 | |||
Merchant escrow deposits held as collateral related to unresolved charge-backs | 100 | |||
Recorded liability for potential losses related to unresolved charge-backs | 13 | |||
Other Guarantees [Member] | ||||
Guarantees And Contingent Liabilities (Textual) [Abstract] | ||||
Maximum Potential Future Payments | 1,290 | |||
Carrying Amount | 17 | |||
Maximum potential future payments related to operations of subsidiaries | $ 609 | |||
Other Guarantees [Member] | USB Capital IX [Member] | ||||
Guarantees And Contingent Liabilities (Textual) [Abstract] | ||||
Percentage of common equity in wholly owned USB Capital IX | 100.00% | |||
Issuance trust | USB Capital IX | |||
Total assets of trust consisting primarily of Series A Preferred Stock | $ 682 | |||
Company payment obligation guarantee of trust to third party investors | $ 681 | |||
Subsequent Event [Member] | ||||
Guarantees And Contingent Liabilities (Textual) [Abstract] | ||||
United States Attorney's office settlement | $ 528 | |||
United States Attorney's office settlement net payment | 453 | |||
Office of the Comptroller of the Currency civil money penalty | 75 | |||
Financial Crimes Enforcement Network civil money penalty | 185 | |||
Financial Crimes Enforcement Network civil money penalty payment | 70 | |||
Federal Reserve civil money penalty | 15 | |||
Settlement and civil money penalty payment | $ 613 | |||
Visa Class B Shares [Member] | ||||
Guarantees And Contingent Liabilities (Textual) [Abstract] | ||||
Number of shares sold | 2.2 | |||
Remaining shares held by the Company | 2.7 |
Guarantees and Contingent Li168
Guarantees and Contingent Liabilities - Contract or Notional Amounts of Unfunded Commitments to Extend Credit (Detail) $ in Millions | Dec. 31, 2017USD ($) |
Commercial and Commercial Real Estate Loans [Member] | |
Other Commitments [Line Items] | |
Contract or notional amounts of unfunded commitments to extend credit | $ 129,551 |
Corporate and Purchasing Card Loans [Member] | |
Other Commitments [Line Items] | |
Contract or notional amounts of unfunded commitments to extend credit | 26,002 |
Residential Mortgages [Member] | |
Other Commitments [Line Items] | |
Contract or notional amounts of unfunded commitments to extend credit | 219 |
Credit Card [Member] | |
Other Commitments [Line Items] | |
Contract or notional amounts of unfunded commitments to extend credit | 106,285 |
Other Retail Loans [Member] | |
Other Commitments [Line Items] | |
Contract or notional amounts of unfunded commitments to extend credit | 37,307 |
Covered Loans [Member] | |
Other Commitments [Line Items] | |
Contract or notional amounts of unfunded commitments to extend credit | 126 |
Other [Member] | |
Other Commitments [Line Items] | |
Contract or notional amounts of unfunded commitments to extend credit | 5,672 |
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 | 28,903 |
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 | 26,002 |
Less Than One Year [Member] | Residential Mortgages [Member] | |
Other Commitments [Line Items] | |
Contract or notional amounts of unfunded commitments to extend credit | 216 |
Less Than One Year [Member] | Credit Card [Member] | |
Other Commitments [Line Items] | |
Contract or notional amounts of unfunded commitments to extend credit | 106,285 |
Less Than One Year [Member] | Other Retail Loans [Member] | |
Other Commitments [Line Items] | |
Contract or notional amounts of unfunded commitments to extend credit | 13,707 |
Less Than One Year [Member] | Other [Member] | |
Other Commitments [Line Items] | |
Contract or notional amounts of unfunded commitments to extend credit | 5,672 |
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 | 100,648 |
Greater Than One Year [Member] | Residential Mortgages [Member] | |
Other Commitments [Line Items] | |
Contract or notional amounts of unfunded commitments to extend credit | 3 |
Greater Than One Year [Member] | Other Retail Loans [Member] | |
Other Commitments [Line Items] | |
Contract or notional amounts of unfunded commitments to extend credit | 23,600 |
Greater Than One Year [Member] | Covered Loans [Member] | |
Other Commitments [Line Items] | |
Contract or notional amounts of unfunded commitments to extend credit | $ 126 |
Guarantees and Contingent Li169
Guarantees and Contingent Liabilities - Future Minimum Payments Under Capital Leases and Noncancelable Operating Leases (Detail) $ in Millions | Dec. 31, 2017USD ($) |
Capital Leases | |
Capital Leases, 2018 | $ 17 |
Capital Leases, 2019 | 16 |
Capital Leases, 2020 | 14 |
Capital Leases, 2021 | 11 |
Capital Leases, 2022 | 9 |
Capital Leases, Thereafter | 35 |
Total minimum capital lease payments | 102 |
Less amount representing interest | 34 |
Present value of net minimum capital lease payments | 68 |
Operating Leases | |
Operating Leases, 2018 | 277 |
Operating Leases, 2019 | 250 |
Operating Leases, 2020 | 210 |
Operating Leases, 2021 | 185 |
Operating Leases, 2022 | 159 |
Operating Leases, Thereafter | 563 |
Total minimum operating lease payments | $ 1,644 |
Guarantees and Contingent Li170
Guarantees and Contingent Liabilities - Summary of Other Guarantees and Contingent Liabilities (Detail) $ in Millions | Dec. 31, 2017USD ($) |
Standby Letters of Credit [Member] | |
Guarantor Obligations [Line Items] | |
Carrying Amount | $ 52 |
Maximum Potential Future Payments | 10,857 |
Third Party Borrowing Arrangements [Member] | |
Guarantor Obligations [Line Items] | |
Maximum Potential Future Payments | 7 |
Securities Lending Indemnifications [Member] | |
Guarantor Obligations [Line Items] | |
Collateral Held | 2,912 |
Maximum Potential Future Payments | 2,828 |
Asset Sales [Member] | |
Guarantor Obligations [Line Items] | |
Carrying Amount | 125 |
Maximum Potential Future Payments | 6,683 |
Merchant Processing [Member] | |
Guarantor Obligations [Line Items] | |
Collateral Held | 481 |
Carrying Amount | 50 |
Maximum Potential Future Payments | 95,780 |
Tender Option Bond Program Guarantee [Member] | |
Guarantor Obligations [Line Items] | |
Collateral Held | 2,507 |
Maximum Potential Future Payments | 2,337 |
Minimum Revenue Guarantees [Member] | |
Guarantor Obligations [Line Items] | |
Maximum Potential Future Payments | 7 |
Other Guarantees [Member] | |
Guarantor Obligations [Line Items] | |
Carrying Amount | 17 |
Maximum Potential Future Payments | $ 1,290 |
Guarantees and Contingent Li171
Guarantees and Contingent Liabilities - Contract or Notional Amount of Letters of Credit (Detail) $ in Millions | Dec. 31, 2017USD ($) |
Standby Letters of Credit [Member] | |
Letters Of Credit [Line Items] | |
Contract or notional amount of letters of credit | $ 10,857 |
Commercial [Member] | |
Letters Of Credit [Line Items] | |
Contract or notional amount of letters of credit | 422 |
Less Than One Year [Member] | Standby Letters of Credit [Member] | |
Letters Of Credit [Line Items] | |
Contract or notional amount of letters of credit | 4,891 |
Less Than One Year [Member] | Commercial [Member] | |
Letters Of Credit [Line Items] | |
Contract or notional amount of letters of credit | 398 |
Greater Than One Year [Member] | Standby Letters of Credit [Member] | |
Letters Of Credit [Line Items] | |
Contract or notional amount of letters of credit | 5,966 |
Greater Than One Year [Member] | Commercial [Member] | |
Letters Of Credit [Line Items] | |
Contract or notional amount of letters of credit | $ 24 |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Assets | ||||
Available-for-sale securities | [1] | $ 68,137 | $ 66,284 | |
Other assets | [1] | 34,881 | 31,674 | |
Total assets | 462,040 | 445,964 | ||
Liabilities and Shareholders' Equity | ||||
Short-term funds borrowed | 16,651 | 13,963 | $ 27,877 | |
Long-term debt | 32,259 | 33,323 | ||
Other liabilities | 16,249 | 16,155 | ||
Shareholders' equity | 49,040 | 47,298 | ||
Total liabilities and equity | 462,040 | 445,964 | ||
Parent Company [Member] | ||||
Assets | ||||
Due from banks, principally interest-bearing | 9,157 | 7,800 | ||
Available-for-sale securities | 963 | 225 | ||
Other assets | 1,079 | 1,052 | ||
Total assets | 65,529 | 61,423 | ||
Liabilities and Shareholders' Equity | ||||
Short-term funds borrowed | 1 | 22 | ||
Long-term debt | 15,769 | 13,045 | ||
Other liabilities | 719 | 1,058 | ||
Shareholders' equity | 49,040 | 47,298 | ||
Total liabilities and equity | 65,529 | 61,423 | ||
Bank Subsidiaries [Member] | Parent Company [Member] | ||||
Assets | ||||
Investments in subsidiaries | 46,435 | 44,955 | ||
Advances to subsidiaries | 3,300 | 3,800 | ||
Nonbank Subsidiaries [Member] | Parent Company [Member] | ||||
Assets | ||||
Investments in subsidiaries | 2,540 | 2,326 | ||
Advances to subsidiaries | $ 2,055 | $ 1,265 | ||
[1] | Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral. |
U.S. Bancorp (Parent Company173
U.S. Bancorp (Parent Company) - Condensed Income Statement of Parent Company Only (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income | |||
Other income | $ 860 | $ 993 | $ 907 |
Total net revenue | 22,057 | 21,308 | |
Expense | |||
Interest expense | 2,144 | 1,639 | 1,401 |
Other expense | 2,558 | 1,975 | 1,819 |
Income before income taxes and equity in undistributed income of subsidiaries | 7,517 | 8,105 | 8,030 |
Applicable income taxes | 1,264 | 2,161 | 2,097 |
Net income attributable to U.S. Bancorp | 6,218 | 5,888 | 5,879 |
Parent Company [Member] | |||
Income | |||
Interest from subsidiaries | 159 | 140 | 120 |
Other income | 41 | 57 | 55 |
Total net revenue | 5,005 | 2,301 | 4,078 |
Expense | |||
Interest expense | 402 | 327 | 292 |
Other expense | 124 | 123 | 105 |
Total expense | 526 | 450 | 397 |
Income before income taxes and equity in undistributed income of subsidiaries | 4,479 | 1,851 | 3,681 |
Applicable income taxes | (176) | (97) | (207) |
Income of parent company | 4,655 | 1,948 | 3,888 |
Equity in undistributed income of subsidiaries | 1,563 | 3,940 | 1,991 |
Net income attributable to U.S. Bancorp | 6,218 | 5,888 | 5,879 |
Bank Subsidiaries [Member] | Parent Company [Member] | |||
Income | |||
Dividends from subsidiaries | 4,800 | 2,100 | 3,900 |
Nonbank Subsidiaries [Member] | Parent Company [Member] | |||
Income | |||
Dividends from subsidiaries | $ 5 | $ 4 | $ 3 |
U.S. Bancorp (Parent Company174
U.S. Bancorp (Parent Company) - Condensed Statement of Cash Flows of Parent Company Only (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Activities | |||
Net income attributable to U.S. Bancorp | $ 6,218 | $ 5,888 | $ 5,879 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Other, net | (2,049) | 487 | 787 |
Net cash provided by operating activities | 6,472 | 5,336 | 8,782 |
Investing Activities | |||
Other, net | (350) | 322 | (1,526) |
Net cash used in investing activities | (12,126) | (17,958) | (21,150) |
Financing Activities | |||
Net decrease in short-term borrowings | 2,688 | (13,914) | (2,016) |
Proceeds from issuance of long-term debt | 9,434 | 10,715 | 5,067 |
Principal payments or redemption of long-term debt | (10,517) | (9,495) | (5,311) |
Proceeds from issuance of preferred stock | 993 | 745 | |
Proceeds from issuance of common stock | 159 | 355 | 295 |
Repurchase of preferred stock | (1,085) | ||
Repurchase of common stock | (2,631) | (2,556) | (2,190) |
Cash dividends paid on preferred stock | (284) | (267) | (242) |
Cash dividends paid on common stock | (1,928) | (1,810) | (1,777) |
Net cash provided by financing activities | 9,454 | 17,180 | 12,861 |
Change in cash and due from banks | 3,800 | 4,558 | 493 |
Cash and due from banks at beginning of year | 15,705 | 11,147 | 10,654 |
Cash and due from banks at end of year | 19,505 | 15,705 | 11,147 |
Parent Company [Member] | |||
Operating Activities | |||
Net income attributable to U.S. Bancorp | 6,218 | 5,888 | 5,879 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Equity in undistributed income of subsidiaries | (1,563) | (3,940) | (1,991) |
Other, net | (125) | 75 | 507 |
Net cash provided by operating activities | 4,530 | 2,023 | 4,395 |
Investing Activities | |||
Proceeds from sales and maturities of investment securities | 100 | 232 | 153 |
Purchases of investment securities | (844) | (120) | (47) |
Net increase in short-term advances to subsidiaries | (790) | (442) | (273) |
Long-term advances to subsidiaries | (750) | (500) | |
Principal collected on long-term advances to subsidiaries | 500 | 100 | |
Other, net | (12) | (12) | (6) |
Net cash used in investing activities | (1,046) | (992) | (673) |
Financing Activities | |||
Net decrease in short-term borrowings | (21) | (3) | (152) |
Proceeds from issuance of long-term debt | 3,920 | 3,550 | |
Principal payments or redemption of long-term debt | (1,250) | (1,926) | (1,750) |
Proceeds from issuance of preferred stock | 993 | 745 | |
Proceeds from issuance of common stock | 159 | 355 | 295 |
Repurchase of preferred stock | (1,085) | ||
Repurchase of common stock | (2,631) | (2,556) | (2,190) |
Cash dividends paid on preferred stock | (284) | (267) | (242) |
Cash dividends paid on common stock | (1,928) | (1,810) | (1,777) |
Net cash provided by financing activities | (2,127) | (2,657) | (5,071) |
Change in cash and due from banks | 1,357 | (1,626) | (1,349) |
Cash and due from banks at beginning of year | 7,800 | 9,426 | 10,775 |
Cash and due from banks at end of year | $ 9,157 | $ 7,800 | $ 9,426 |
U.S. Bancorp (Parent Company175
U.S. Bancorp (Parent Company) - Additional Information (Detail) | Dec. 31, 2017 |
Receivables | |
Loan Limits to the company or individual affiliate | 10.00% |
Maximum limit of loans to the Company and all affiliates | 20.00% |