Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2020 | Jan. 31, 2021 | Jun. 30, 2020 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Entity Registrant Name | US BANCORP \DE\ | ||
Document Period End Date | Dec. 31, 2020 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Shell Company | false | ||
Entity Current Reporting Status | Yes | ||
Entity Smaller Reporting Company | false | ||
Entity Emerging Growth Company | false | ||
Document Transition Report | false | ||
Document Annual Report | true | ||
Entity File Number | 1-6880 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 41-0255900 | ||
Entity Interactive Data Current | Yes | ||
Entity Address, Postal Zip Code | 55402 | ||
Entity Address, City or Town | Minneapolis | ||
Entity Address, State or Province | MN | ||
Entity Address, Address Line One | 800 Nicollet Mall | ||
City Area Code | 651 | ||
Local Phone Number | 466-3000 | ||
Entity Common Stock, Shares Outstanding | 1,502,136,131 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0000036104 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Public Float | $ 55.5 | ||
ICFR Auditor Attestation Flag | true | ||
Common Stock [Member] | |||
Document Information [Line Items] | |||
Trading Symbol | USB | ||
Title of 12(b) Security | Common Stock | ||
Security Exchange Name | NYSE | ||
Series A Preferred Stock [Member] | |||
Document Information [Line Items] | |||
Trading Symbol | USB PrA | ||
Title of 12(b) Security | Depositary Shares | ||
Security Exchange Name | NYSE | ||
Series B Preferred Stock [Member] | |||
Document Information [Line Items] | |||
Trading Symbol | USB PrH | ||
Title of 12(b) Security | Depositary Shares | ||
Security Exchange Name | NYSE | ||
Series F Preferred Stock [Member] | |||
Document Information [Line Items] | |||
Trading Symbol | USB PrM | ||
Title of 12(b) Security | Depositary Shares | ||
Security Exchange Name | NYSE | ||
Series K Preferred Stock [Member] | |||
Document Information [Line Items] | |||
Trading Symbol | USB PrP | ||
Title of 12(b) Security | Depositary Shares | ||
Security Exchange Name | NYSE | ||
Series L Preferred Stock [Member] | |||
Document Information [Line Items] | |||
Trading Symbol | USB PrQ | ||
Title of 12(b) Security | Depositary Shares | ||
Security Exchange Name | NYSE | ||
Series M Preferred Stock [Member] | |||
Document Information [Line Items] | |||
Trading Symbol | USB PrR | ||
Title of 12(b) Security | Depositary Shares | ||
Security Exchange Name | NYSE | ||
Series X [Member] | |||
Document Information [Line Items] | |||
Trading Symbol | USB/24B | ||
Title of 12(b) Security | Medium-Term Notes | ||
Security Exchange Name | NYSE |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | ||
Assets | ||||
Cash and due from banks | $ 62,580 | $ 22,405 | ||
Available-for-sale investment securities ($402 and $269 pledged as collateral, respectively) | 136,840 | [1] | 122,613 | |
Loans held for sale (including $8,524 and $5,533 of mortgage loans carried at fair value, respectively) | 8,761 | 5,578 | ||
Loans | ||||
Total loans | 297,707 | 296,102 | ||
Less allowance for loan losses | (7,314) | (4,020) | ||
Net loans | 290,393 | 292,082 | ||
Premises and equipment | 3,468 | 3,702 | ||
Goodwill | 9,918 | 9,655 | ||
Other intangible assets | 2,864 | 3,223 | ||
Other assets (including $1,255 and $951 of trading securities at fair value pledged as collateral, respectively) | 39,081 | 36,168 | ||
Total assets | 553,905 | 495,426 | ||
Deposits | ||||
Noninterest-bearing | 118,089 | 75,590 | ||
Interest-bearing | [2] | 311,681 | 286,326 | |
Total deposits | 429,770 | 361,916 | ||
Short-term borrowings | 11,766 | 23,723 | ||
Long-term debt | 41,297 | 40,167 | ||
Other liabilities | 17,347 | 17,137 | ||
Total liabilities | 500,180 | 442,943 | ||
Shareholders' equity | ||||
Preferred stock | 5,983 | 5,984 | ||
Common stock, par value $0.01 a share — authorized: 4,000,000,000 shares; issued: 2020 and 2019 — 2,125,725,742 shares | 21 | 21 | ||
Capital surplus | 8,511 | 8,475 | ||
Retained earnings | 64,188 | 63,186 | ||
Less cost of common stock in treasury: 2020 — 618,618,084 shares; 2019 — 591,570,506 shares | (25,930) | (24,440) | ||
Accumulated other comprehensive income (loss) | 322 | (1,373) | ||
Total U.S. Bancorp shareholders' equity | 53,095 | 51,853 | ||
Noncontrolling interests | 630 | 630 | ||
Total equity | 53,725 | 52,483 | ||
Total liabilities and equity | 553,905 | 495,426 | ||
Commercial | ||||
Loans | ||||
Total loans | 102,871 | 103,863 | ||
Commercial real estate | ||||
Loans | ||||
Total loans | 39,311 | 39,746 | ||
Residential mortgages | ||||
Loans | ||||
Total loans | 76,155 | 70,586 | ||
Credit card | ||||
Loans | ||||
Total loans | 22,346 | 24,789 | ||
Other retail | ||||
Loans | ||||
Total loans | $ 57,024 | $ 57,118 | ||
[1] | The weighted-average maturity of total available-for-sale investment securities was 4.2 years at December 31, 2019, with a corresponding weighted-average yield of 2.38 percent. | |||
[2] | lncludes time deposits greater than $250,000 balances of $4.4 billion and $7.8 billion at December 31, 2020 and 2019, respectively. |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Securities, pledged as collateral | $ 402 | $ 269 |
Mortgage loans, carried at fair value | $ 8,524 | $ 5,533 |
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) | 618,618,084 | 591,570,506 |
Time deposits greater than 250,000 | $ 4,400 | $ 7,800 |
Available-for-Sale Securities [Member] | ||
Securities, pledged as collateral | 402 | 269 |
Trading Assets, Excluding Debt and Equity Securities [Member] | ||
Securities, pledged as collateral | $ 1,255 | $ 951 |
Consolidated Statement of Incom
Consolidated Statement of Income - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest Income | |||
Loans | $ 12,018 | $ 14,099 | $ 13,120 |
Loans held for sale | 216 | 162 | 165 |
Investment securities | 2,428 | 2,893 | 2,616 |
Other interest income | 178 | 340 | 272 |
Total interest income | 14,840 | 17,494 | 16,173 |
Interest Expense | |||
Deposits | 950 | 2,855 | 1,869 |
Short-term borrowings | 141 | 360 | 378 |
Long-term debt | 924 | 1,227 | 1,007 |
Total interest expense | 2,015 | 4,442 | 3,254 |
Net interest income | 12,825 | 13,052 | 12,919 |
Provision for credit losses | 3,806 | 1,504 | 1,379 |
Net interest income after provision for credit losses | 9,019 | 11,548 | 11,540 |
Noninterest Income | |||
Credit and debit card revenue | 1,338 | 1,413 | 1,401 |
Corporate payment products revenue | 497 | 664 | 644 |
Merchant processing services | 1,261 | 1,601 | 1,531 |
Trust and investment management fees | 1,736 | 1,673 | 1,619 |
Deposit service charges | 677 | 909 | 1,070 |
Treasury management fees | 568 | 578 | 594 |
Commercial products revenue | 1,143 | 934 | 895 |
Mortgage banking revenue | 2,064 | 874 | 720 |
Investment products fees | 192 | 186 | 188 |
Securities gains (losses), net | 177 | 73 | 30 |
Other | 748 | 926 | 910 |
Total noninterest income | 10,401 | 9,831 | 9,602 |
Noninterest Expense | |||
Compensation | 6,635 | 6,325 | 6,162 |
Employee benefits | 1,303 | 1,286 | 1,231 |
Net occupancy and equipment | 1,092 | 1,123 | 1,063 |
Professional services | 430 | 454 | 407 |
Marketing and business development | 318 | 426 | 429 |
Technology and communications | 1,294 | 1,095 | 978 |
Postage, printing and supplies | 288 | 290 | 324 |
Other intangibles | 176 | 168 | 161 |
Other | 1,833 | 1,618 | 1,709 |
Total noninterest expense | 13,369 | 12,785 | 12,464 |
Income before income taxes | 6,051 | 8,594 | 8,678 |
Applicable income taxes | 1,066 | 1,648 | 1,554 |
Net income | 4,985 | 6,946 | 7,124 |
Net (income) loss attributable to noncontrolling interests | (26) | (32) | (28) |
Net income attributable to U.S. Bancorp | 4,959 | 6,914 | 7,096 |
Net income applicable to U.S. Bancorp common shareholders | $ 4,621 | $ 6,583 | $ 6,784 |
Earnings per common share | $ 3.06 | $ 4.16 | $ 4.15 |
Diluted earnings per common share | $ 3.06 | $ 4.16 | $ 4.14 |
Average common shares outstanding | 1,509 | 1,581 | 1,634 |
Average diluted common shares outstanding | 1,510 | 1,583 | 1,638 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 4,985 | $ 6,946 | $ 7,124 |
Other Comprehensive Income (Loss) | |||
Changes in unrealized gains and losses on investment securities available-for-sale | 2,905 | 1,693 | (656) |
Unrealized gains and losses on held-to-maturity investment securities transferred to available-for-sale | 141 | ||
Changes in unrealized gains and losses on derivative hedges | (194) | (229) | 39 |
Foreign currency translation | 2 | 26 | 3 |
Changes in unrealized gains and losses on retirement plans | (401) | (380) | (302) |
Reclassification to earnings of realized gains and losses | (42) | 20 | 93 |
Income taxes related to other comprehensive income (loss) | (575) | (322) | 205 |
Total other comprehensive income (loss) | 1,695 | 949 | (618) |
Comprehensive income | 6,680 | 7,895 | 6,506 |
Comprehensive (income) loss attributable to noncontrolling interests | (26) | (32) | (28) |
Comprehensive income attributable to U.S. Bancorp | $ 6,654 | $ 7,863 | $ 6,478 |
Consolidated Statement of Share
Consolidated Statement of Shareholders' Equity - USD ($) shares in Millions, $ in Millions | Total | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | Preferred Stock [Member] | Capital Surplus [Member] | Retained Earnings [Member] | Retained Earnings [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | [1] | Total U.S. Bancorp Shareholders' Equity [Member] | Total U.S. Bancorp Shareholders' Equity [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Noncontrolling Interests [Member] | ||||
Beginning Balance at Dec. 31, 2017 | $ 49,666 | $ (1) | [1] | $ 21 | $ 5,419 | $ 8,464 | $ 54,142 | $ 299 | [1] | $ (17,602) | $ (1,404) | $ (300) | $ 49,040 | $ (1) | $ 626 | |||
Shares, Beginning Balance at Dec. 31, 2017 | 1,656 | |||||||||||||||||
Net income (loss) | 7,124 | 7,096 | 7,096 | 28 | ||||||||||||||
Other comprehensive income (loss) | (618) | (618) | (618) | |||||||||||||||
Preferred stock dividends | [2] | (282) | (282) | (282) | ||||||||||||||
Common stock dividends | (2,190) | (2,190) | (2,190) | |||||||||||||||
Issuance of preferred stock | 565 | 565 | ||||||||||||||||
Issuance of preferred stock, shares | 6 | 565 | ||||||||||||||||
Issuance of common and treasury stock | 91 | (167) | 258 | 91 | ||||||||||||||
Issuance of common and treasury stock, shares | 6 | 565 | ||||||||||||||||
Purchase of treasury stock | $ (2,844) | (2,844) | (2,844) | |||||||||||||||
Purchase of treasury stock, shares | (54) | (54) | ||||||||||||||||
Distributions to noncontrolling interests | $ (31) | (31) | ||||||||||||||||
Net other changes in noncontrolling interests | 5 | 5 | ||||||||||||||||
Stock option and restricted stock grants | 172 | 172 | 172 | |||||||||||||||
Shares, Ending Balance at Dec. 31, 2018 | 1,608 | |||||||||||||||||
Ending Balance at Dec. 31, 2018 | 51,657 | 2 | $ 21 | $ 5,984 | 8,469 | 59,065 | 2 | (20,188) | (2,322) | 51,029 | 2 | 628 | ||||||
Net income (loss) | 6,946 | 6,914 | 6,914 | 32 | ||||||||||||||
Other comprehensive income (loss) | 949 | 949 | 949 | |||||||||||||||
Preferred stock dividends | [3] | (302) | (302) | (302) | ||||||||||||||
Common stock dividends | (2,493) | (2,493) | (2,493) | |||||||||||||||
Issuance of preferred stock, shares | 7 | |||||||||||||||||
Issuance of common and treasury stock | 89 | (174) | 263 | 89 | ||||||||||||||
Issuance of common and treasury stock, shares | 7 | |||||||||||||||||
Purchase of treasury stock | $ (4,515) | (4,515) | (4,515) | |||||||||||||||
Purchase of treasury stock, shares | (81) | (81) | ||||||||||||||||
Distributions to noncontrolling interests | $ (31) | (31) | ||||||||||||||||
Net other changes in noncontrolling interests | 1 | 1 | ||||||||||||||||
Stock option and restricted stock grants | $ 180 | 180 | 180 | |||||||||||||||
Shares, Ending Balance at Dec. 31, 2019 | 1,500 | 1,534 | ||||||||||||||||
Ending Balance at Dec. 31, 2019 | $ 52,483 | $ (1,099) | [4] | $ 21 | 5,984 | 8,475 | 63,186 | $ (1,099) | [4] | (24,440) | (1,373) | 51,853 | $ (1,099) | [4] | 630 | |||
Net income (loss) | 4,985 | 4,959 | 4,959 | 26 | ||||||||||||||
Other comprehensive income (loss) | 1,695 | 1,695 | 1,695 | |||||||||||||||
Preferred stock dividends | [5] | (304) | (304) | (304) | ||||||||||||||
Common stock dividends | (2,541) | (2,541) | (2,541) | |||||||||||||||
Issuance of preferred stock | 486 | 486 | 486 | |||||||||||||||
Issuance of preferred stock, shares | 4 | |||||||||||||||||
Call of preferred stock | (500) | (487) | (13) | (500) | ||||||||||||||
Issuance of common and treasury stock | 17 | (154) | 171 | 17 | ||||||||||||||
Issuance of common and treasury stock, shares | 4 | |||||||||||||||||
Purchase of treasury stock | $ (1,661) | (1,661) | (1,661) | |||||||||||||||
Purchase of treasury stock, shares | (31) | (31) | ||||||||||||||||
Distributions to noncontrolling interests | $ (25) | (25) | ||||||||||||||||
Net other changes in noncontrolling interests | (1) | (1) | ||||||||||||||||
Stock option and restricted stock grants | $ 190 | 190 | 190 | |||||||||||||||
Shares, Ending Balance at Dec. 31, 2020 | 1,500 | 1,507 | ||||||||||||||||
Ending Balance at Dec. 31, 2020 | $ 53,725 | $ 21 | $ 5,983 | $ 8,511 | $ 64,188 | $ (25,930) | $ 322 | $ 53,095 | $ 630 | |||||||||
[1] | Reflects the adoption of new accounting guidance on January 1, 2018 to reclassify the impact of the reduced federal statutory tax rate for corporations included in 2017 tax reform legislation from accumulated other comprehensive income to retained earnings. | |||||||||||||||||
[2] | Reflects dividends declared per share on the Company’s Series A, Series B, Series F, Series H, Series I, Series J and Series K Non-Cumulative Perpetual Preferred Stock of $3,548.61, $887.15, $1,625.00, $1,287.52, $1,281.25, $1,325.00 and $576.74, respectively. | |||||||||||||||||
[3] | Reflects dividends declared per share on the Company’s Series A, Series B, Series F, Series H, Series I, Series J and Series K Non-Cumulative Perpetual Preferred Stock of $3,654.95, $887.15, $1,625.00, $1,287.52, $1,281.25, $1,325.00 and $1,375.00, respectively. | |||||||||||||||||
[4] | Effective January 1, 2020, the Company adopted accounting guidance which changed impairment recognition of financial instruments to a model that is based on expected losses rather than incurred losses. Upon adoption, the Company increased its allowance for credit losses and reduced retained earnings net of deferred tax liabilities through a cumulative-effect adjustment. | |||||||||||||||||
[5] | Reflects dividends declared per share on the Company’s Series A, Series B, Series F, Series H, Series I, Series J, Series K and Series L Non-Cumulative Perpetual Preferred Stock of $3,558.332, $889.58, $1,625.00, $1,287.52, $1,281.25, $1,325.00, $1,375.00 and $203.13, respectively. |
Consolidated Statement of Sha_2
Consolidated Statement of Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Common stock dividends, share | $ 1.68 | $ 1.58 | $ 1.34 |
Series A [Member] | |||
Preferred stock dividends declared per share | 3,558.332 | 3,654.95 | 3,548.61 |
Series B [Member] | |||
Preferred stock dividends declared per share | 889.58 | 887.15 | 887.15 |
Series F [Member] | |||
Preferred stock dividends declared per share | 1,625 | 1,625 | 1,625 |
Series H [Member] | |||
Preferred stock dividends declared per share | 1,287.52 | 1,287.52 | 1,287.52 |
Series I [Member] | |||
Preferred stock dividends declared per share | 1,281.25 | 1,281.25 | 1,281.25 |
Series J [Member] | |||
Preferred stock dividends declared per share | 1,325 | 1,325 | 1,325 |
Series K [Member] | |||
Preferred stock dividends declared per share | 1,375 | $ 1,375 | $ 576.74 |
Series L [Member] | |||
Preferred stock dividends declared per share | $ 203.13 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Activities | |||
Net income attributable to U.S. Bancorp | $ 4,959 | $ 6,914 | $ 7,096 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Provision for credit losses | 3,806 | 1,504 | 1,379 |
Depreciation and amortization of premises and equipment | 351 | 334 | 306 |
Amortization of intangibles | 176 | 168 | 161 |
(Gain) loss on sale of loans held for sale | (2,193) | (762) | (394) |
(Gain) loss on sale of securities and other assets | (344) | (469) | (510) |
Loans originated for sale, net of repayments | (67,449) | (36,561) | (29,214) |
Proceeds from sales of loans held for sale | 65,468 | 33,303 | 30,730 |
Other, net | (1,058) | 458 | 1,010 |
Net cash provided by operating activities | 3,716 | 4,889 | 10,564 |
Investing Activities | |||
Proceeds from sales of available-for-sale investment securities | 15,596 | 11,252 | 1,400 |
Proceeds from maturities of held-to-maturity investment securities | 9,137 | 6,619 | |
Proceeds from maturities of available-for-sale investment securities | 40,639 | 11,454 | 11,411 |
Purchases of held-to-maturity investment securities | (6,701) | (9,793) | |
Purchases of available-for-sale investment securities | (68,662) | (33,814) | (10,077) |
Net decrease (increase) in loans outstanding | 6,350 | (9,871) | (9,234) |
Proceeds from sales of loans | 2,250 | 2,899 | 4,862 |
Purchases of loans | (11,622) | (3,805) | (3,694) |
Net decrease (increase) in securities purchased under agreements to resell | 645 | (816) | (182) |
Other, net | (636) | (1,295) | (289) |
Net cash used in investing activities | (15,440) | (21,560) | (8,977) |
Financing Activities | |||
Net increase (decrease) in deposits | 67,854 | 16,441 | (1,740) |
Net (decrease) increase in short-term borrowings | (11,957) | 9,584 | (2,512) |
Proceeds from issuance of long-term debt | 14,501 | 9,899 | 12,078 |
Principal payments or redemption of long-term debt | (14,476) | (11,119) | (2,928) |
Proceeds from issuance of preferred stock | 486 | 565 | |
Proceeds from issuance of common stock | 15 | 88 | 86 |
Repurchase of common stock | (1,672) | (4,525) | (2,822) |
Cash dividends paid on preferred stock | (300) | (302) | (274) |
Cash dividends paid on common stock | (2,552) | (2,443) | (2,092) |
Net cash provided by financing activities | 51,899 | 17,623 | 361 |
Change in cash and due from banks | 40,175 | 952 | 1,948 |
Cash and due from banks at beginning of period | 22,405 | 21,453 | 19,505 |
Cash and due from banks at end of period | 62,580 | 22,405 | 21,453 |
Supplemental Cash Flow Disclosures | |||
Cash paid for income taxes | 1,025 | 941 | 365 |
Cash paid for interest | 2,199 | 4,404 | 3,056 |
Noncash transfer of held-to-maturity investment securities to available-for-sale | 43,596 | ||
Net noncash transfers to foreclosed property | $ 23 | $ 60 | $ 115 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
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, through on-line services, over mobile devices and through other distribution channels. 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 estimates Securities Realized gains or losses on securities are determined on a trade date basis based on the specific amortized cost of the investments sold. Trading Securities Available-for-sale Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase the amounts at which the securities were acquired or sold, plus accrued interest. Collateral requirements are continually monitored and additional collateral is received or provided as required. The Company records a receivable or payable for cash collateral paid or received. Equity Investments Equity investments in entities where the Company has a significant influence (generally between 20 percent and 50 percent ownership), but does not control the entity, are accounted for using the equity method. Investments in limited partnerships and similarly structured limited liability companies where the Company’s ownership interest is greater than 5 percent are accounted for using the equity method. Equity investments not using the equity method are accounted for at fair value with changes in fair value and realized gains or losses reported in noninterest income, unless fair value is not readily determinable, in which case the investment is carried at cost subject to adjustments for any observable market transactions on the same or similar instruments of the investee. Most of the Company’s equity investments do not have readily determinable fair values. All equity investments are evaluated for impairment at least annually and more frequently if certain criteria are met. Loans The Company offers a broad array of lending products and categorizes its loan portfolio into two segments, which is the level at which it develops and documents a systematic methodology to determine the allowance for credit losses. The Company’s two loan portfolio segments are commercial lending and consumer lending. 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. Previously, the Company categorized loans covered under loss sharing or similar credit protection agreements with the Federal Deposit Insurance Corporation (“FDIC”), along with the related indemnification asset, in a separate covered loans segment. During 2018 the majority of these loans were sold and the loss share coverage expired. Any remaining balances were reclassified to the loan segment they would have otherwise been included in had the loss share coverage not been in place. Originated Loans Held for Investment loan and/or commitment period as yield adjustments. Purchased Loans loan-to-value Commitments to Extend Credit Allowance for Credit Losses The economic scenarios are updated at least quarterly and are designed to provide a range of reasonable estimates, both better and worse than current expectations. Scenarios are weighted based on the Company’s expectation of economic conditions for the foreseeable future and reflect significant judgment and consider uncertainties that exist The allowance recorded for credit losses utilizes forward-looking expected loss models to consider a variety of factors affecting lifetime credit losses. These factors include, but are not limited to, macroeconomic variables such as unemployment rate, real estate prices, gross domestic product levels, corporate bonds spreads and long-term interest rate forecasts, as well as loan and borrower characteristics, such as internal risk ratings on commercial loans and consumer credit scores, delinquency status, collateral type and available valuation information, consideration of end-of-term charged-off The allowance recorded for Troubled Debt Restructuring (“TDR”) 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. TDRs generally do not include loan modifications granted to customers resulting directly from the economic effects of the COVID-19 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. The Company’s methodology for determining the appropriate allowance for credit losses also considers the imprecision inherent in the methodologies used and allocated to the various loan portfolios. As a result, amounts determined under the methodologies described above, are adjusted by management to consider the potential impact of other qualitative factors not captured in the quantitative model adjustments which include, but are not limited to the following: model imprecision, imprecision in economic scenario assumptions, and emerging risks related to either changes in the environment that are affecting specific portfolios, or changes in portfolio concentrations over time that may affect model performance. The consideration of these items results in adjustments to allowance amounts included in the Company’s allowance for credit losses for each loan portfolio. The Company also assesses the credit risk associated with off-balance off-balance The results of the analysis are evaluated quarterly to confirm the estimates are appropriate for each specific loan portfolio, as well as the entire loan portfolio, as the entire allowance for credit losses is available for the entire loan portfolio. Prior to January 1, 2020, the allowance for credit losses was established based on an incurred loss model. The allowance recorded for loans in the commercial lending segment was based on the migration analysis of commercial loans and actual loss experience. The allowance recorded for loans in the consumer lending segment loans was determined on a homogenous pool basis and primarily included consideration of delinquency status and historical losses. In addition to the amounts determined under the methodologies described above, management also considered the potential impact of qualitative factors. Credit Quality For all loan portfolio 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) The Company classifies its loan portfolio classes 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, 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. Loan modifications or concessions granted to borrowers resulting directly from the effects of the COVID-19 Leases end-of-term Residual values on leased assets are reviewed regularly for impairment. Residual valuations for retail leases are based on independent assessments of expected used automobile sale prices at the end of the lease term. Impairment tests are conducted based on these valuations considering the probability of the lessee returning the asset to the Company, re-marketing end-of-term off-lease The Company, as lessee, leases certain assets for use in its operations. Leased assets primarily include retail branches, operations centers and other corporate locations, and, to a lesser extent, office and computer equipment. For each lease with an original term greater than 12 months, the Company records a lease liability and a corresponding right of use (“ROU”) asset. The Company accounts for the lease and non-lease Certain of the Company’s real estate leases include options to extend. Lease extension options are generally exercisable at market rates. Such option periods do not provide a significant incentive, and their exercise is not reasonably certain. Accordingly, the Company does not generally recognize payments occurring during option periods in the calculation of its ROU assets and lease liabilities. Other Real Estate Loans Held For Sale Loans held for sale (“LHFS”) represent mortgage loans intended to be sold in the secondary market and other loans that management has an active plan to sell. LHFS are carried at the lower-of-cost-or-fair Where an election is made to carry the LHFS at fair value, any change in fair value is recognized in noninterest income. Where an election is made to carry LHFS at lower-of-cost-or-fair Derivative Financial Instruments In the ordinary course of business, the Company enters into derivative transactions to manage various risks and to accommodate the business requirements of its customers. Derivative instruments are reported in other assets or other liabilities at fair value. Changes in a derivative’s fair value are recognized currently in earnings unless specific hedge accounting criteria are met. All derivative instruments that qualify and are designated for hedge accounting are recorded at fair value and classified as either a hedge of the fair value of a recognized asset or liability (“fair value hedge”); a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”); or a hedge of the volatility of a net investment in foreign operations driven by changes in foreign currency exchange rates (“net investment hedge”). Changes in the fair value of a derivative that is highly effective and designated as a fair value hedge, and the offsetting changes in the fair value of the hedged item, are recorded in earnings. Changes in the fair value of a derivative that is highly effective and designated as a cash flow hedge are recorded in other comprehensive income (loss) until cash flows of the hedged item are realized. Changes in the fair value of net investment hedges that are highly effective are recorded in other comprehensive income (loss). The Company performs an assessment, at inception and, at a minimum, quarterly thereafter, to determine the effectiveness of the derivative in offsetting changes in the value or cash flows of the hedged item(s). If a derivative designated as a cash flow hedge is terminated or ceases to be highly effective, the gain or loss in other comprehensive income (loss) is amortized to earnings over the period the forecasted hedged transactions impact earnings. If a hedged forecasted transaction is no longer probable, hedge accounting is ceased and any gain or loss included in other comprehensive income (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 Company predominately records credit and debit card revenue within the Payment Services line of business. Corporate Payment Products Revenue Merchant Processing Services point-of-sale Trust and Investment Management Fees Deposit Service Charges of business. 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 liabilities and related expense is the projected unit credit method. The projected benefit obligation is principally determined based on the present value of projected benefit distributions at an assumed discount rate. The discount rate utilized is based on the investment yield of high quality corporate bonds available in the marketplace with maturities equal to projected cash flows of future benefit payments as of the measurement date. Periodic pension expense (or income) includes service costs, interest costs based on the assumed discount rate, the expected return on plan assets based on an actuarially derived market-related value and amortization of actuarial gains and losses. Service cost is included in employee benefits expense on the Consolidated Statement of Income, with all other components of periodic pension expense included in other noninterest expense on the Consolidated Statement of Income. Pension accounting reflects the long-term nature of benefit obligations and the investment horizon of plan assets, and can have the effect of reducing earnings volatility related to short-term changes in interest rates and market valuations. Actuarial gains and losses include the impact of plan amendments and various unrecognized gains and losses which are deferred and amortized over the future service periods of active employees or the remaining life expectancies of inactive participants. The market-related value utilized to determine the expected return on plan assets is based on fair value adjusted for the difference between expected returns and actual performance of plan assets. The unrealized difference between actual experience and expected returns is included in expense over a period of approximately 15 years for active employees and approximately 30 years for inactive participants. The overfunded or underfunded status of each plan is recorded as an asset or liability on the Consolidated Balance Sheet, with changes in that status recognized through other comprehensive income (loss). Premises and Equipment The Company, as lessee, records an ROU asset for each lease with an original term greater than 12 months. ROU assets are included in premises and equipment, with the corresponding lease liabilities included in long-term debt and other liabilities. Capitalized Software internal-use Stock-Based Compensation value of the shares at the date of grant. Restricted stock and restricted stock unit grants are awarded at no cost to the recipient. Stock-based compensation for awards is recognized in the Company’s results of operations over the vesting period. The Company immediately recognizes compensation cost of awards to employees that meet retirement status, despite their continued active employment. The amortization of stock-based compensation reflects estimated forfeitures adjusted for actual forfeiture experience. As compensation expense is recognized, a deferred tax asset is recorded that represents an estimate of the future tax deduction from exercise or release of restrictions. At the time stock-based awards are exercised, cancelled, expire, or restrictions are released, the Company may be required to recognize an adjustment to tax expense, depending on the market price of the Company’s common stock at that time. Per Share Calculations two-class two-class |
Accounting Changes
Accounting Changes | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Changes | NOTE 2 Accounting Changes Financial Instruments—Credit Losses instruments portfolios where the allowance for loan losses had not previously considered the full term of the loans. The Company has elected to defer the impact of the effect of the guidance at adoption plus 25 percent of its quarterly credit reserve increases over the next two years on its The adoption of this guidance did not have a material impact on the Company’s available-for-sale Reference Interest Rate Transition |
Restrictions on Cash and Due fr
Restrictions on Cash and Due from Banks | 12 Months Ended |
Dec. 31, 2020 | |
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 $73 million and $3.2 billion at December 31, 2020 and 2019, respectively. The Company held balances at central banks and other financial institutions of $55.4 billion and $16.2 billion at December 31, 2020 and 2019, respectively, to meet these requirements and for other purposes. These balances are included in cash and due from banks on the Consolidated Balance Sheet. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | NOTE 4 Investment Securities The Company’s available-for-sale held-to-maturity The amortized cost, gross unrealized holding gains and losses, and fair value of available-for-sale 2020 2019 (Dollars in Millions) Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair U.S. Treasury and agencies $ 21,954 $ 462 $ (25 ) $ 22,391 $ 19,845 $ 61 $ (67 ) $ 19,839 Mortgage-backed securities Residential agency 98,031 1,950 (13 ) 99,968 93,903 557 (349 ) 94,111 Commercial agency 5,251 170 (15 ) 5,406 1,482 – (29 ) 1,453 Asset-backed securities 200 5 – 205 375 8 – 383 Obligations of state and political subdivisions 8,166 695 – 8,861 6,499 318 (3 ) 6,814 Other 9 – – 9 13 – – 13 Total available-for-sale $ 133,611 $ 3,282 $ (53 ) $ 136,840 $ 122,117 $ 944 $ (448 ) $ 122,613 Investment securities with a fair value of $11.0 billion at December 31, 2020, and $8.4 billion at December 31, 2019, were pledged to secure public, private and trust securities where the Company and certain counterparties have The following table provides information about the amount of interest income from taxable and non-taxable Year Ended December 31 (Dollars in Millions) 2020 2019 2018 Taxable $ 2,201 $ 2,680 $ 2,396 Non-taxable 227 213 220 Total interest income from investment securities $ 2,428 $ 2,893 $ 2,616 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) 2020 2019 2018 Realized gains $ 200 $ 99 $ 30 Realized losses (23 ) (26 ) – Net realized gains (losses) $ 177 $ 73 $ 30 Income tax (benefit) on net realized gains (losses) $ 45 $ 18 $ 7 The Company conducts a regular assessment available-for-sale unrealized loss, expected cash flows of underlying available-for-sale At December 31, 2020, certain investment securities had a fair value below amortized cost. available-for-sale Less Than 12 Months 12 Months or Greater Total (Dollars in Millions) Fair Unrealized Fair Unrealized Fair Unrealized U.S. Treasury and agencies $ 3,144 $ (25 ) $ – $ – $ 3,144 $ (25 ) Residential agency mortgage-backed securities 2,748 (11 ) 1,028 (2 ) 3,776 (13 ) Commercial agency mortgage-backed securities 1,847 (15 ) – – 1,847 (15 ) Asset-backed securities – – 2 – 2 – Obligations of state and political subdivisions 2 – – – 2 – Other 6 – – – 6 – Total investment securities $ 7,747 $ (51 ) $ 1,030 $ (2 ) $ 8,777 $ (53 ) These unrealized losses primarily relate to changes from prepayment at less than par, and the Company did not pay significant purchase premiums for these investment securities. At December 31, 2020, 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. During the year ended December 31, 2020, the Company did not purchase any available-for-sale The following table provides information about the amortized cost, fair value and yield by maturity date of the available-for-sale (Dollars in Millions) Amortized Fair Value Weighted- Average Maturity in Years Weighted- (e) U.S. Treasury and Agencies Maturing in one year or less $ 5,069 $ 5,101 .5 1.53 % Maturing after one year through five years 10,491 10,740 2.5 1.29 Maturing after five years through ten years 5,874 6,034 8.2 1.39 Maturing after ten years 520 516 12.5 1.52 Total $ 21,954 $ 22,391 3.8 1.37 % Mortgage-Backed Securities (a) Maturing in one year or less $ 682 $ 688 .6 1.54 % Maturing after one year through five years 90,156 92,059 2.5 1.48 Maturing after five years through ten years 12,425 12,607 6.9 1.44 Maturing after ten years 19 20 12.2 1.31 Total $ 103,282 $ 105,374 3.0 1.47 % Asset-Backed Securities (a) Maturing in one year or less $ – $ – – .52 % Maturing after one year through five years 3 4 3.0 1.91 Maturing after five years through ten years 197 200 6.2 1.46 Maturing after ten years – 1 14.2 2.41 Total $ 200 $ 205 6.2 1.47 % Obligations of State and Political Subdivisions (b) (c) Maturing in one year or less $ 115 $ 117 .5 4.44 % Maturing after one year through five years 1,245 1,327 3.2 4.43 Maturing after five years through ten years 6,779 7,386 7.0 3.90 Maturing after ten years 27 31 10.9 3.88 Total $ 8,166 $ 8,861 6.3 3.99 % Other Maturing in one year or less $ 9 $ 9 .1 1.81 % Maturing after one year through five years – – – – Maturing after five years through ten years – – – – Maturing after ten years – – – – Total $ 9 $ 9 .1 1.81 % Total investment securities (d) $ 133,611 $ 136,840 3.4 1.61 % (a) Information related to asset and mortgage-backed securities included above is presented based upon weighted-average maturities that take into account anticipated future prepayments. (b) Information related to obligations of state and political subdivisions is presented based upon yield to first optional call date if the security is purchased at a premium, and yield to maturity if the security is purchased at par or a discount. (c) Maturity calculations for obligations of state and political subdivisions are based on the first optional call date for securities with a fair value above par and the contractual maturity date for securities with a fair value equal to or below par. (d) The weighted-average maturity of total available-for-sale (e) Weighted-average yields for obligations of state and political subdivisions are presented on a fully-taxable equivalent basis based on a federal income tax rate of 21 percent. Yields on investment securities are computed based on amortized cost balances. |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 2020 | |
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) 2020 2019 Commercial Commercial $ 97,315 $ 98,168 Lease financing 5,556 5,695 Total commercial 102,871 103,863 Commercial Real Estate Commercial mortgages 28,472 29,404 Construction and development 10,839 10,342 Total commercial real estate 39,311 39,746 Residential Mortgages Residential mortgages 66,525 59,865 Home equity loans, first liens 9,630 10,721 Total residential mortgages 76,155 70,586 Credit Card 22,346 24,789 Other Retail Retail leasing 8,150 8,490 Home equity and second mortgages 12,472 15,036 Revolving credit 2,688 2,899 Installment 13,823 11,038 Automobile 19,722 19,435 Student 169 220 Total other retail 57,024 57,118 Total loans $ 297,707 $ 296,102 The Company had loans of $96.1 billion at December 31, 2020, and $96.2 billion at December 31, 2019, pledged at the Federal Home Loan Bank, and loans of $67.8 billion at December 31, 2020, and $76.3 billion at December 31, 2019, pledged at the Federal Reserve Bank. The Company offers a broad array of lending products to consumer and commercial customers, in various industries, across several geographical locations, predominately in the states in which it has Consumer and Business Banking offices. Collateral for commercial and commercial real estate loans may include marketable securities, accounts receivable, inventory, equipment, real estate, or the related property. Originated loans are reported at the principal amount outstanding, net of unearned interest and deferred fees and costs, and any partial charge-offs recorded non-purchased Allowance for Credit Losses allowance unfunded credit commitments. The allowance for credit Activity in the allowance for credit losses by portfolio class was as follows: (Dollars in Millions) Commercial Commercial Residential Credit Other Covered Total Balance at December 31, 2019 $ 1,484 $ 799 $ 433 $ 1,128 $ 647 $ – $ 4,491 Add Change in accounting principle (a) 378 (122 ) (30 ) 872 401 – 1,499 Provision for credit losses 1,074 1,054 158 1,184 336 – 3,806 Deduct Loans charged-off 575 210 19 975 401 – 2,180 Less recoveries of loans charged-off (62 ) (23 ) (31 ) (146 ) (132 ) – (394 ) Net loans charged-off 513 187 (12 ) 829 269 – 1,786 Balance at December 31, 2020 $ 2,423 $ 1,544 $ 573 $ 2,355 $ 1,115 $ – $ 8,010 Balance at December 31, 2018 $ 1,454 $ 800 $ 455 $ 1,102 $ 630 $ – $ 4,441 Add Provision for credit losses 315 13 (19 ) 919 276 – 1,504 Deduct Loans charged-off 399 21 34 1,028 385 – 1,867 Less recoveries of loans charged-off (114 ) (7 ) (31 ) (135 ) (126 ) – (413 ) Net loans charged-off 285 14 3 893 259 – 1,454 Balance at December 31, 2019 $ 1,484 $ 799 $ 433 $ 1,128 $ 647 $ – $ 4,491 Balance at December 31, 2017 $ 1,372 $ 831 $ 449 $ 1,056 $ 678 $ 31 $ 4,417 Add Provision for credit losses 333 (50 ) 23 892 211 (30 ) 1,379 Deduct Loans charged-off 350 9 48 970 383 – 1,760 Less recoveries of loans charged-off (99 ) (28 ) (31 ) (124 ) (124 ) – (406 ) Net loans charged-off 251 (19 ) 17 846 259 – 1,354 Other changes – – – – – (1 ) (1 ) Balance at December 31, 2018 $ 1,454 $ 800 $ 455 $ 1,102 $ 630 $ – $ 4,441 (a) Effective January 1, 2020, the Company adopted accounting guidance which changed impairment recognition of financial instruments to a model that is based on expected losses rather than incurred losses. The increase in the allowance for credit losses from December 31, 2019 to December 31, 2020 reflected the deteriorating and ongoing effects of adverse economic conditions driven by the impact of COVID-19 economies. Expected loss estimates consider both Credit Quality are an important part of the Company’s The following table provides a summary of loans by portfolio class, including the delinquency status of those that continue to accrue interest, and those that are nonperforming: Accruing (Dollars in Millions) Current 30-89 Days 90 Days or Nonperforming (b) Total December 31, 2020 Commercial $ 102,127 $ 314 $ 55 $ 375 $ 102,871 Commercial real estate 38,676 183 2 450 39,311 Residential mortgages (a) 75,529 244 137 245 76,155 Credit card 21,918 231 197 – 22,346 Other retail 56,466 318 86 154 57,024 Total loans $ 294,716 $ 1,290 $ 477 $ 1,224 $ 297,707 December 31, 2019 Commercial $ 103,273 $ 307 $ 79 $ 204 $ 103,863 Commercial real estate 39,627 34 3 82 39,746 Residential mortgages (a) 70,071 154 120 241 70,586 Credit card 24,162 321 306 – 24,789 Other retail 56,463 393 97 165 57,118 Total loans $ 293,596 $ 1,209 $ 605 $ 692 $ 296,102 (a) At December 31, 2020, $1.4 billion of loans 30–89 days past due and $1.8 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 $428 million and $1.7 billion at December 31, 2019, respectively. (b) Substantially all nonperforming loans at December 31, 2020 and 2019, had an associated allowance for credit losses. The Company recognized interest income on nonperforming loans of $23 million and $24 million for the years ended December 31, 2020 and 2019, respectively, compared to what would have been recognized at the original contractual terms of the loans of $45 million and $43 million, respectively. At December 31, 2020, total nonperforming assets held by the company were $1.3 billion, compared with $829 million at December 31, 2019. Total nonperforming assets included $1.2 billion of nonperforming loans, $24 million of OREO and $50 million of other nonperforming assets owned by the Company at December 31, 2020, compared with $692 million, $78 million and $59 million, respectively at December 31, 2019. At December 31, 2020, the amount of foreclosed residential real estate held by the Company, and included in OREO, was $23 million, compared with $74 million at December 31, 2019. These amounts excluded $33 million and $155 million at December 31, 2020 and 2019, respectively, of foreclosed residential real estate related to mortgage The following table provides a summary of loans by portfolio class and the Company’s internal credit quality rating: December 31, 2020 December 31, 2019 Criticized Criticized (Dollars in Millions) Pass Special Classified (a) Total Total Pass Special Classified (a) Total Total Commercial Originated in 2020 $ 34,557 $ 1,335 $ 1,753 $ 3,088 $ 37,645 $ – $ – $ – $ – $ – Originated in 2019 17,867 269 349 618 18,485 33,550 174 222 396 33,946 Originated in 2018 12,349 351 176 527 12,876 21,394 420 136 556 21,950 Originated in 2017 5,257 117 270 387 5,644 10,464 165 97 262 10,726 Originated in 2016 2,070 81 26 107 2,177 4,984 10 37 47 5,031 Originated prior to 2016 2,884 47 89 136 3,020 5,151 86 96 182 5,333 Revolving 22,445 299 280 579 23,024 26,307 292 278 570 26,877 Total commercial 97,429 2,499 2,943 5,442 102,871 101,850 1,147 866 2,013 103,863 Commercial real estate Originated in 2020 9,446 461 1,137 1,598 11,044 – – – – – Originated in 2019 9,514 454 1,005 1,459 10,973 12,976 108 108 216 13,192 Originated in 2018 6,053 411 639 1,050 7,103 9,455 71 56 127 9,582 Originated in 2017 2,650 198 340 538 3,188 5,863 99 64 163 6,026 Originated in 2016 2,005 132 140 272 2,277 3,706 117 60 177 3,883 Originated prior to 2016 2,757 108 169 277 3,034 4,907 78 101 179 5,086 Revolving 1,445 9 238 247 1,692 1,965 11 1 12 1,977 Total commercial real estate 33,870 1,773 3,668 5,441 39,311 38,872 484 390 874 39,746 Residential mortgages (b) Originated in 2020 23,262 1 3 4 23,266 – – – – – Originated in 2019 13,969 1 17 18 13,987 18,819 2 1 3 18,822 Originated in 2018 5,670 1 22 23 5,693 9,204 – 11 11 9,215 Originated in 2017 6,918 1 24 25 6,943 9,605 – 21 21 9,626 Originated in 2016 8,487 2 32 34 8,521 11,378 – 29 29 11,407 Originated prior to 2016 17,434 – 310 310 17,744 21,168 – 348 348 21,516 Revolving 1 – – – 1 – – – – – Total residential mortgages 75,741 6 408 414 76,155 70,174 2 410 412 70,586 Credit card (c) 22,149 – 197 197 22,346 24,483 – 306 306 24,789 Other retail Originated in 2020 17,589 – 7 7 17,596 – – – – – Originated in 2019 11,605 – 23 23 11,628 15,907 – 11 11 15,918 Originated in 2018 6,814 – 27 27 6,841 10,131 – 23 23 10,154 Originated in 2017 3,879 – 22 22 3,901 7,907 – 28 28 7,935 Originated in 2016 1,825 – 11 11 1,836 3,679 – 20 20 3,699 Originated prior to 2016 1,906 – 18 18 1,924 3,274 – 28 28 3,302 Revolving 12,647 – 110 110 12,757 15,509 10 138 148 15,657 Revolving converted to term 503 – 38 38 541 418 – 35 35 453 Total other retail 56,768 – 256 256 57,024 56,825 10 283 293 57,118 Total loans $ 285,957 $ 4,278 $ 7,472 $ 11,750 $ 297,707 $ 292,204 $ 1,643 $ 2,255 $ 3,898 $ 296,102 Total outstanding commitments $ 627,606 $ 8,772 $ 9,374 $ 18,146 $ 645,752 $ 619,224 $ 2,451 $ 2,873 $ 5,324 $ 624,548 Note: Year of origination is based on the origination date of a loan or the date when the maturity date, pricing or commitment amount is amended. (a) Classified rating on consumer loans primarily based on delinquency status. (b) At December 31, 2020, $1.8 billion of GNMA loans 90 days or more past due and $1.4 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 $1.7 billion and $1.6 billion at December 31, 2019, respectively. (c) All credit card loans are considered revolving loans. Troubled Debt Restructurings (Dollars in Millions) Number Pre-Modification Balance Post- 2020 Commercial 3,423 $ 628 $ 493 Commercial real estate 149 262 218 Residential mortgages 1,176 402 401 Credit card 23,549 135 136 Other retail 4,027 117 114 Total loans, excluding loans purchased from GNMA mortgage pools 32,324 1,544 1,362 Loans purchased from GNMA mortgage pools 4,630 667 659 Total loans 36,954 $ 2,211 $ 2,021 2019 Commercial 3,445 $ 376 $ 359 Commercial real estate 136 129 125 Residential mortgages 417 55 54 Credit card 34,247 185 186 Other retail 2,952 63 61 Total loans, excluding loans purchased from GNMA mortgage pools 41,197 808 785 Loans purchased from GNMA mortgage pools 6,257 856 827 Total loans 47,454 $ 1,664 $ 1,612 2018 Commercial 2,824 $ 336 $ 311 Commercial real estate 127 168 169 Residential mortgages 526 73 69 Credit card 33,318 169 171 Other retail 2,462 58 55 Covered Loans 3 1 1 Total loans, excluding loans purchased from GNMA mortgage pools 39,260 805 776 Loans purchased from GNMA mortgage pools 6,268 821 803 Total loans 45,528 $ 1,626 $ 1,579 Residential mortgages, home equity and second mortgages A $64 million, respectively, were in a trial period and have estimated post-modification balances of $13 million, less than $1 million and $65 million, respectively, assuming permanent modification occurs at the end of the trial period. Loan modifications or concessions granted to borrowers resulting directly from the effects of the COVID-19 generally COVID-19 The following table provides a summary of TDR loans that defaulted (fully or partially charged-off (Dollars in Millions) Number Amount 2020 Commercial 1,148 $ 80 Commercial real estate 50 30 Residential mortgages 38 5 Credit card 6,688 35 Other retail 307 4 Total loans, excluding loans purchased from GNMA mortgage pools 8,231 154 Loans purchased from GNMA mortgage pools 498 66 Total loans 8,729 $ 220 2019 Commercial 1,040 $ 46 Commercial real estate 36 24 Residential mortgages 137 15 Credit card 8,273 40 Other retail 380 10 Total loans, excluding loans purchased from GNMA mortgage pools 9,866 135 Loans purchased from GNMA mortgage pools 997 131 Total loans 10,863 $ 266 2018 Commercial 836 $ 71 Commercial real estate 39 15 Residential mortgages 191 18 Credit card 8,012 35 Other retail 334 5 Covered loans 1 – Total loans, excluding loans purchased from GNMA mortgage pools 9,413 144 Loans purchased from GNMA mortgage pools 1,447 187 Total loans 10,860 $ 331 In addition to the defaults in the table above, the Company had a total of 115 residential mortgage loans, home equity and second mortgage loans and loans purchased from GNMA mortgage pools for the year ended December 31, 2020, 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 $14 million for the year ended December 31, 2020. As of December 31, 2020, the Company had $128 million of commitments to lend additional funds to borrowers whose terms of their outstanding owed balances have been modified in TDRs. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Leases | NOTE 6 Leases The Company, as a lessor, originates retail and commercial leases either directly to the consumer or indirectly through dealer networks. Retail leases consist primarily of automobiles, while commercial leases may The components of the net investment in sales (Dollars in Millions) 2020 2019 Lease receivables $ 11,890 $ 12,324 Unguaranteed residual values accruing to the lessor’s benefit 1,787 1,834 Total net investment in sales-type and direct financing leases $ 13,677 $ 14,158 The Company, as a lessor, recorded $952 million and $996 million of revenue on its Consolidated Statement of Income for the years ended December 31, 2020 and 2019, respectively, primarily consisting of interest income on sales-type and direct financing leases The contractual future lease payments to be received by the Company, at December 31, 2020, were as follows: (Dollars in Millions) Sales-type and Operating leases 2021 $ 4,288 $ 153 2022 3,664 121 2023 2,816 83 2024 1,210 56 2025 307 38 Thereafter 496 17 Total lease payments 12,781 $ 468 Amounts representing interest (891 ) Lease receivables $ 11,890 The Company, as lessee, leases certain assets for use in its operations. Leased assets primarily include retail branches, operations centers and other corporate locations, and, to a lesser extent, office and computer equipment. For each lease with an original term greater than 12 months, the Company records a lease liability and a corresponding right of use (“ROU”) asset. At December 31, 2020, the Company’s ROU assets included in premises and equipment and lease liabilities included in long-term debt and other liabilities, were $1.1 billion and $1.3 billion, respectively, compared with $1.3 billion of ROU assets and $1.4 billion of lease liabilities at December 31, 2019, respectively. Total costs incurred by the Company, as a lessee, were $374 million and $394 million for the years ended December 31, 2020 and 2019, respectively, and principally related to contractual lease payments on operating leases. The Company’s leases do not impose significant covenants or other restrictions on the Company. The following table presents amounts relevant to the Company’s assets leased for use in its operations for the years ended December 31: (Dollars in Millions) 2020 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 305 $ 302 Operating cash flows from finance leases 6 7 Financing cash flows from finance leases 12 10 Right of use assets obtained in exchange for new operating lease liabilities 128 134 Right of use assets obtained in exchange for new finance lease liabilities 6 10 The following table presents the weighted-average remaining lease terms and discount 2020 2019 Weighted-average remaining lease term of operating leases (in years) 7.0 7.4 Weighted-average remaining lease term of finance leases (in years) 9.6 10.7 Weighted-average discount rate of operating leases 3.0 % 3.2 % Weighted-average discount rate of finance leases 12.5 % 14.3 % The contractual future lease obligations of the Company at December 31, 2020, were as follows: (Dollars in Millions) Operating leases Finance leases 2021 $ 290 $ 18 2022 254 15 2023 209 15 2024 155 13 2025 111 11 Thereafter 344 29 Total lease payments 1,363 101 Amounts representing interest (129 ) (25 ) Lease liabilities $ 1,234 $ 76 |
Accounting for Transfers and Se
Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities | 12 Months Ended |
Dec. 31, 2020 | |
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 MSR’s, refer to Note 9. On a limited basis, the Company may acquire and package high-grade corporate bonds for select corporate customers, in which the Company generally has no continuing involvement with these transactions. Additionally, the Company is an authorized GNMA issuer and issues GNMA securities on a regular basis. The Company has no other asset securitizations or similar asset-backed financing arrangements that are off-balance The Company also provides financial support primarily through the use of waivers of trust and investment management fees associated with various unconsolidated registered money market funds it manages. The Company provided $89 million, $30 million and $25 million of support to the funds during the years ended December 31, 2020, 2019 and 2018, 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) 2020 2019 Investment carrying amount $ 5,378 $ 6,148 Unfunded capital and other commitments 2,334 2,938 Maximum exposure to loss 11,219 12,118 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 $35 million at December 31, 2020 and $31 million at December 31, 2019. The maximum exposure to loss related to these VIEs was $57 million at December 31, 2020 and $55 million at December 31, 2019, 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 $78 million at December 31, 2020, compared with less than $1 million to $87 million at December 31, 2019. 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 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, 2020, $2.4 billion of available-for-sale available-for-sale |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
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) 2020 2019 Land $ 487 $ 504 Buildings and improvements 3,519 3,513 Furniture, fixtures and equipment 3,439 3,366 Right of use assets on operating leases 1,038 1,141 Right of use assets on finance leases 110 111 Construction in progress 25 21 8,618 8,656 Less accumulated depreciation and amortization (5,150 ) (4,954 ) Total $ 3,468 $ 3,702 |
Mortgage Servicing Rights
Mortgage Servicing Rights | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Mortgage Servicing Rights | NOTE 9 Mortgage Servicing Rights The Company capitalizes MSRs as separate assets when loans are sold and servicing is retained. MSRs may also be purchased from others. The Company carries MSRs at fair value, with changes in the fair value recorded in earnings during the period in which they occur. The Company serviced $211.8 billion of residential mortgage loans for others at December 31, 2020, and $226.0 billion at December 31, 2019, including subserviced mortgages with no corresponding MSR asset. Included in mortgage banking revenue are the MSR fair value changes arising from market rate and model Changes in fair value of capitalized MSRs for the years ended December 31, are summarized as follows: (Dollars in Millions) 2020 2019 2018 Balance at beginning of period $ 2,546 $ 2,791 $ 2,645 Rights purchased 34 20 8 Rights capitalized 1,030 559 397 Rights sold (a) 3 5 (27 ) Changes in fair value of MSRs Due to fluctuations in market interest rates (b) (719 ) (390 ) 98 Due to revised assumptions or models (c) (12 ) 23 56 Other changes in fair value (d) (672 ) (462 ) (386 ) Balance at end of period $ 2,210 $ 2,546 $ 2,791 (a) MSRs sold include those having a negative fair value, resulting from the loans being severely delinquent. (b) Includes changes in MSR value associated with changes in market interest rates, including estimated prepayment rates and anticipated earnings on escrow deposits. (c) Includes changes in MSR value not caused by changes in market interest rates, such as changes in assumed cost to service, ancillary income and option adjusted spread, as well as the impact of any model changes. (d) Primarily the change in MSR value from passage of time and cash flows realized (decay), but also includes the impact of changes to expected cash flows not associated with changes in market interest rates, such as the impact of deliquencies. The estimated sensitivity to changes in interest rates of the fair value of the MSR portfolio and the related derivative instruments as of December 31 follows: 2020 2019 (Dollars in Millions) Down Down Down Up Up Up Down Down Down Up Up Up MSR portfolio $ (442 ) $ (271 ) $ (150 ) $ 169 $ 343 $ 671 $ (663 ) $ (316 ) $ (153 ) $ 141 $ 269 $ 485 Derivative instrument hedges 523 281 145 (149 ) (304 ) (625 ) 613 306 152 (143 ) (279 ) (550 ) Net sensitivity $ 81 $ 10 $ (5 ) $ 20 $ 39 $ 46 $ (50 ) $ (10 ) $ (1 ) $ (2 ) $ (10 ) $ (65 ) 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 low- government A summary of the Company’s MSRs and related characteristics by portfolio as of December 31 follows: 2020 2019 (Dollars in Millions) HFA Government Conventional (d) Total HFA Government Conventional (d) Total Servicing portfolio (a) $ 40,396 $ 25,474 $ 143,085 $ 208,955 $ 44,906 $ 35,302 $ 143,310 $ 223,518 Fair value $ 406 $ 261 $ 1,543 $ 2,210 $ 486 $ 451 $ 1,609 $ 2,546 Value (bps) (b) 101 102 108 106 108 128 112 114 Weighted-average servicing fees (bps) 35 40 30 32 34 39 28 31 Multiple (value/servicing fees) 2.87 2.56 3.55 3.26 3.15 3.29 4.00 3.67 Weighted-average note rate 4.43 % 3.91 % 3.78 % 3.92 % 4.65 % 3.99 % 4.07 % 4.17 % Weighted-average age (in years) 3.8 5.6 4.2 4.3 3.7 4.9 4.8 4.6 Weighted-average expected prepayment (constant prepayment rate) 14.1 % 18.0 % 13.8 % 14.4 % 12.2 % 13.7 % 12.2 % 12.4 % Weighted-average expected life (in years) 5.6 4.3 5.5 5.4 6.5 5.7 5.9 6.0 Weighted-average option adjusted spread (c) 7.7 % 7.3 % 6.2 % 6.6 % 8.4 % 7.9 % 6.9 % 7.3 % (a) Represents principal balance of mortgages having corresponding MSR asset. (b) Calculated as fair value divided by the servicing portfolio. (c) Option adjusted spread is the incremental spread added to the risk-free rate to reflect optionality and other risk inherent in the MSRs. (d) Represents loans sold primarily to GSEs. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | NOTE 10 Intangible Assets Intangible assets consisted of the following: Estimated (a) Amortization (b) Balance At December 31 (Dollars in Millions) 2020 2019 Goodwill (c) $ 9,918 $ 9,655 Merchant processing contracts 6 years/7 SL/AC 235 225 Core deposit benefits 22 SL/AC 64 82 Mortgage servicing rights (c) 2,210 2,546 Trust relationships 10 SL/AC 19 27 Other identified intangibles 6 SL/AC 336 343 Total $ 12,782 $ 12,878 (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) 2020 2019 2018 Merchant processing contracts $ 49 $ 45 $ 24 Core deposit benefits 18 22 26 Trust relationships 9 10 11 Other identified intangibles 100 91 100 Total $ 176 $ 168 $ 161 The estimated amortization expense for the next five years is as follows: (Dollars in Millions) 2021 $ 149 2022 137 2023 98 2024 77 2025 52 The following table reflects the changes in the carrying value of goodwill for the years ended December 31, 2020, 2019 and 2018: (Dollars in Millions) Corporate and Consumer and Wealth Management Payment Treasury and Consolidated Balance at December 31, 2017 $ 1,647 $ 3,681 $ 1,569 $ 2,537 $ – $ 9,434 Goodwill acquired – – – 105 – 105 Disposal – (155 ) – – – (155 ) Foreign exchange translation and other – (51 ) 49 (13 ) – (15 ) Balance at December 31, 2018 $ 1,647 $ 3,475 $ 1,618 $ 2,629 $ – $ 9,369 Goodwill acquired – – – 285 – 285 Foreign exchange translation and other – – (1 ) 2 — 1 Balance at December 31, 2019 $ 1,647 $ 3,475 $ 1,617 $ 2,916 $ – $ 9,655 Goodwill acquired – – – 180 – 180 Foreign exchange translation and other – – 2 81 – 83 Balance at December 31, 2020 $ 1,647 $ 3,475 $ 1,619 $ 3,177 $ – $ 9,918 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2020 | |
Banking and Thrift, Interest [Abstract] | |
Deposits | NOTE 11 Deposits The composition of deposits at December 31 was as follows: (Dollars in Millions) 2020 2019 Noninterest-bearing deposits $ 118,089 $ 75,590 Interest-bearing deposits Interest checking 95,894 75,949 Money market savings 128,058 120,082 Savings accounts 57,035 47,401 Time deposits 30,694 42,894 Total interest-bearing deposits 311,681 286,326 Total deposits $ 429,770 $ 361,916 The maturities of time deposits outstanding at December 31, 2020 were as follows: (Dollars in Millions) 2021 $ 23,808 2022 3,751 2023 1,314 2024 1,351 2025 468 Thereafter 2 Total $ 30,694 |
Short-Term Borrowings
Short-Term Borrowings | 12 Months Ended |
Dec. 31, 2020 | |
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: 2020 2019 2018 (Dollars in Millions) Amount Rate Amount Rate Amount Rate At year-end Federal funds purchased $ 777 . 08 % $ 828 1.45 % $ 458 2.05 % Securities sold under agreements to repurchase 1,430 . 16 1,165 1.41 2,582 2.20 Commercial paper 6,007 . 01 7,576 1.07 6,940 1.35 Other short-term borrowings 3,552 1.51 14,154 1.94 4,159 2.68 Total $ 11,766 . 49 % $ 23,723 1.62 % $ 14,139 1.92 % Average for the year Federal funds purchased $ 1,660 . 35 % $ 1,457 1.94 % $ 1,070 1.70 % Securities sold under agreements to repurchase 1,686 . 50 1,770 2.00 2,279 1.87 Commercial paper 8,141 . 26 8,186 1.45 6,929 . 94 Other short-term borrowings 7,695 1.41 6,724 2.78 11,512 2.27 Total $ 19,182 . 75 % $ 18,137 2.04 % $ 21,790 1.78 % Maximum month-end Federal funds purchased $ 2,811 $ 3,629 $ 4,532 Securities sold under agreements to repurchase 2,183 2,755 3,225 Commercial paper 9,514 9,431 7,846 Other short-term borrowings 20,569 14,154 16,588 (a) Interest and rates are presented on a fully taxable-equivalent basis utilizing a tax rate of 21 percent. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2020 | |
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 Rate (a) Maturity Date 2020 2019 U.S. Bancorp (Parent Company) Subordinated notes Fixed 2.950 % 2022 $ 1,300 $ 1,300 Fixed 3.600 % 2024 1,000 1,000 Fixed 7.500 % 2026 199 199 Fixed 3.100 % 2026 1,000 1,000 Fixed 3.000 % 2029 1,000 1,000 Medium-term notes Fixed .850 % 202 2030 15,492 13,820 Floating . 855 % 2022 250 250 Other (b) 683 33 Subtotal 20,924 18,602 Subsidiaries Federal Home Loan Bank advances Fixed 1.250 8.250 % 2021 2026 1,003 1,106 Floating . 474 765 % 2022 2026 3,272 3,272 Bank notes Fixed 1.800% - 3.450 % 2021 2025 9,100 9,550 Floating – 653 % 2021 2059 5,888 6,789 Other (c) 1,110 848 Subtotal 20,373 21,565 Total $ 41,297 $ 40,167 (a) Weighted-average interest rates of medium-term notes, Federal Home Loan Bank advances and bank notes were 2.61 percent, 1.12 percent and 1.83 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 at December 31, 2020, were: (Dollars in Millions) Parent Consolidated 2021 $ 1,509 $ 7,266 2022 3,855 8,610 2023 – 2,870 2024 5,913 5,933 2025 2,283 5,888 Thereafter 7,364 10,730 Total $ 20,924 $ 41,297 |
Shareholder' Equity
Shareholder' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Shareholders' Equity | NOTE 14 Shareholders’ Equity At December 31, 2020 and 2019, the Company had authority to issue 4 billion shares of common stock and 50 million shares of preferred stock. The Company had 1.5 billion shares of common stock outstanding at December 31, 2020 and 2019. The Company had 41 million shares reserved for future issuances, primarily under its stock incentive plans at December 31, 2020. The number of shares issued and outstanding and the carrying amount of each outstanding series of the Company’s preferred stock were as follows: 2020 2019 At December 31 (Dollars in Millions) Shares Liquidation Discount Carrying Shares Liquidation Discount Carrying Series A 12,510 $ 1,251 $ 145 $ 1,106 12,510 $ 1,251 $ 145 $ 1,106 Series B 40,000 1,000 – 1,000 40,000 1,000 – 1,000 Series F 44,000 1,100 12 1,088 44,000 1,100 12 1,088 Series H – – – – 20,000 500 13 487 Series I 30,000 750 5 745 30,000 750 5 745 Series J 40,000 1,000 7 993 40,000 1,000 7 993 Series K 23,000 575 10 565 23,000 575 10 565 Series L 20,000 500 14 486 – – – – Total preferred stock (a) 209,510 $ 6,176 $ 193 $ 5,983 209,510 $ 6,176 $ 192 $ 5,984 (a) The par value of all shares issued and outstanding at December 31, 2020 and 2019, was $1.00 per share. During 2020, the Company issued depositary shares representing an ownership interest in 20,000 shares of Series L Non-Cumulative During 2018, the Company issued depositary shares representing an ownership interest in 23,000 shares of Series K Non-Cumulative 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 During 2010, the Company issued depositary shares representing an ownership interest in 5,746 shares of Series A Non-Cumulative 1.02 percent or 3.50 percent. The Series A Preferred Stock is redeemable at the Company’s option, subject to prior approval by the Federal Reserve Board. During 2006, the Company issued depositary shares representing an ownership interest in 40,000 shares of Series B Non-Cumulative .60 Dividends for certain of the Company’s outstanding series of preferred stock described above are, or will in the future be, calculated by reference to LIBOR. The outstanding series contain fallback provisions in the event that LIBOR is no longer published or quoted, but these fallback provisions have not yet been utilized. During 2020, 2019 and 2018, the Company repurchased shares of its common stock under various authorizations approved by its Board of Directors. Beginning in March 2020 and continuing through the remainder of the year, the Company suspended all common stock repurchases except for those done exclusively in connection with its stock-based compensation programs. This action was initially taken by the Company to maintain strong capital levels given the impact and uncertainties of COVID-19 COVID-19 The following table summarizes the Company’s common stock repurchased in each of the last three years: (Dollars and Shares in Millions) Shares Value 2020 31 $ 1,661 2019 81 4,515 2018 54 2,844 Shareholders’ equity is affected by transactions and valuations of asset and liability positions that require adjustments to accumulated other comprehensive income (loss). The reconciliation of the transactions affecting accumulated other comprehensive income (loss) included in shareholders’ equity for the years ended December 31, is as follows: (Dollars in Millions) Unrealized Gains Available-For-Sale Unrealized Gains From Available-For-Sale Held-To-Maturity Unrealized Gains Unrealized Gains Foreign Currency Total 2020 Balance at beginning of period $ 379 $ – $ (51 ) $ (1,636 ) $ (65 ) $ (1,373 ) Changes in unrealized gains and losses 2,905 – (194 ) (401 ) – 2,310 Foreign currency translation adjustment (a) – – – – 2 2 Reclassification to earnings of realized gains and losses (177 ) – 10 125 — (42 ) Applicable income taxes (690 ) – 46 70 (1 ) (575 ) Balance at end of period $ 2,417 $ – $ (189 ) $ (1,842 ) $ (64 ) $ 322 2019 Balance at beginning of period $ (946 ) $ 14 $ 112 $ (1,418 ) $ (84 ) $ (2,322 ) Changes in unrealized gains and losses 1,693 – (229 ) (380 ) – 1,084 Unrealized gains and losses on held-to-maturity available-for-sale 150 (9 ) – – – 141 Foreign currency translation adjustment (a) – – – – 26 26 Reclassification to earnings of realized gains and losses (73 ) (7 ) 11 89 – 20 Applicable income taxes (445 ) 2 55 73 (7 ) (322 ) Balance at end of period $ 379 $ – $ (51 ) $ (1,636 ) $ (65 ) $ (1,373 ) 2018 Balance at beginning of period $ (357 ) $ 17 $ 71 $ (1,066 ) $ (69 ) $ (1,404 ) Revaluation of tax related balances (b) (77 ) 4 15 (229 ) (13 ) (300 ) Changes in unrealized gains and losses (656 ) – 39 (302 ) – (919 ) Foreign currency translation adjustment (a) – – – – 3 3 Reclassification to earnings of realized gains and losses (30 ) (9 ) (5 ) 137 – 93 Applicable income taxes 174 2 (8 ) 42 (5 ) 205 Balance at end of period $ (946 ) $ 14 $ 112 $ (1,418 ) $ (84 ) $ (2,322 ) (a) Represents the impact of changes in foreign currency exchange rates on the Company’s investment in foreign operations and related hedges. (b) Reflects the adoption of new accounting guidance on January 1, 2018 to reclassify the impact of the reduced federal statutory rate for corporations included in 2017 tax reform legislation from accumulated other comprehensive income to retained earnings. Additional detail about the impact to net income for items reclassified out of accumulated other comprehensive income (loss) and into earnings for the years ended December 31, is as follows: Impact to Net Income Affected Line Item in the (Dollars in Millions) 2020 2019 2018 Unrealized gains (losses) on investment securities available-for-sale Realized gains (losses) on sale of investment securities $ 177 $ 73 $ 30 Securities gains (losses), net (45 ) (18 ) (7 ) Applicable income taxes 132 55 23 Net-of-tax Unrealized gains (losses) on investment securities transferred from available-for-sale held-to-maturity Amortization of unrealized gains – 7 9 Interest income – (2 ) (2 ) Applicable income taxes – 5 7 Net-of-tax Unrealized gains (losses) on derivative hedges Realized gains (losses) on derivative hedges (10 ) (11 ) 5 Interest expense 3 3 (2 ) Applicable income taxes (7 ) (8 ) 3 Net-of-tax Unrealized gains (losses) on retirement plans Actuarial gains (losses) and prior service cost (credit) amortization (125 ) (89 ) (137 ) Other noninterest expense 32 22 35 Applicable income taxes (93 ) (67 ) (102 ) Net-of-tax Total impact to net income $ 32 $ (15 ) $ (69 ) 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 risks and include certain off-balance commitments, letters of credit, and derivative contracts. During 2020, the Company elected to adopt a rule issued during The Company is also subject to leverage ratio requirements, which is defined as Tier 1 capital as a percentage of adjusted average assets under the standardized approach and Tier 1 capital as a percentage of total on- off-balance The following table provides a summary of the regulatory capital requirements in effect, along with the actual components and ratios for the Company and its bank subsidiary, at December 31, 2020 and 2019: U.S. Bancorp U.S. Bank National Association (Dollars in Millions) 2020 2019 2020 2019 Basel III standardized approach: Common shareholders’ equity $ 47,112 $ 45,869 $ 52,589 $ 48,592 Less intangible assets Goodwill (net of deferred tax liability) (9,014 ) (8,788 ) (9,034 ) (8,806 ) Other disallowed intangible assets (654 ) (677 ) (654 ) (710 ) Other (a) 601 (691 ) 1,254 38 Total common equity tier 1 capital 38,045 35,713 44,155 39,114 Qualifying preferred stock 5,983 5,984 – – Noncontrolling interests eligible for tier 1 capital 451 28 451 28 Other (b) (5 ) (4 ) (6 ) (4 ) Total tier 1 capital 44,474 41,721 44,600 39,138 Eligible portion of allowance for credit losses 4,905 4,491 4,850 4,491 Subordinated debt and noncontrolling interests eligible for tier 2 capital 3,223 3,532 3,517 3,365 Total tier 2 capital 8,128 8,023 8,367 7,856 Total risk-based capital $ 52,602 $ 49,744 $ 52,967 $ 46,994 Risk-weighted assets $ 393,648 $ 391,269 $ 387,388 $ 383,560 Common equity tier 1 capital as a percent of risk-weighted assets 9.7 % 9.1 % 11.4 % 10.2 % Tier 1 capital as a percent of risk-weighted assets 11.3 10.7 11.5 10.2 Total risk-based capital as a percent of risk-weighted assets 13.4 12.7 13.7 12.3 Tier 1 capital as a percent of adjusted quarterly average assets (leverage ratio) 8.3 8.8 8.4 8.4 Tier 1 capital as a percent of total on- off-balance 7.3 7.0 6.8 % 6.7 Minimum (c) Well- Bank Regulatory Capital Requirements Common equity tier 1 capital as a percent of risk-weighted assets 7.0 % 6.5 % (d) Tier 1 capital as a percent of risk-weighted assets 8.5 8.0 Total risk-based capital as a percent of risk-weighted assets 10.5 10.0 Tier 1 capital as a percent of adjusted quarterly average assets (leverage ratio) 4.0 5.0 (d) Tier 1 capital as a percent of total on- off-balance 3.0 3.0 (a) Includes the impact of items included in other comprehensive income (loss), such as unrealized gains (losses) on available-for-sale (b) Includes the remaining portion of deferred tax assets not eligible for total tier 1 capital. (c) The minimum common equity tier 1 capital, tier 1 capital and total risk-based capital ratio requirements for 2020 reflect a stress capital buffer requirement of 2.5 percent. In 2019, these minimum capital ratio requirements reflected a capital conservation buffer requirement of 2.5 percent, which has since been replaced by the stress capital buffer requirement. Banks and financial services holding companies must maintain minimum capital levels, including a stress capital buffer requirement, to avoid limitations on capital distributions and certain discretionary compensation payments. (d) A minimum well-capitalized threshold does not apply to U.S. Bancorp for this ratio as it is not formally defined under applicable banking regulations for bank holding companies. Fixed-to-Floating Non-cumulative dividend period, such dividend shall not be cumulative and shall cease to accrue and be payable, and USB Realty Corp. will have no obligation to pay dividends accrued for such dividend period, whether or not dividends on the Series A Preferred Securities are declared for any future dividend period. The Series A Preferred Securities will be redeemable, in whole or in part, at the option of USB Realty Corp. on each fifth anniversary after the dividend payment date occurring in January 2012. Any redemption will be subject to the approval of the Office of the Comptroller of the Currency. During 2016, the Company purchased 500 shares of the Series A Preferred Securities held by third-party investors. As of December 31, 2020, 4,500 shares of the Series A Preferred Securities remain outstanding. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2020 | |
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) 2020 2019 2018 Net income attributable to U.S. Bancorp $ 4,959 $ 6,914 $ 7,096 Preferred dividends (304 ) (302 ) (282 ) Impact of preferred stock call (a) (13 ) – – Earnings allocated to participating stock awards (21 ) (29 ) (30 ) Net income applicable to U.S. Bancorp common shareholders $ 4,621 $ 6,583 $ 6,784 Average common shares outstanding 1,509 1,581 1,634 Net effect of the exercise and assumed purchase of stock awards 1 2 4 Average diluted common shares outstanding 1,510 1,583 1,638 Earnings per common share $ 3.06 $ 4.16 $ 4.15 Diluted earnings per common share $ 3.06 $ 4.16 $ 4.14 (a) Represents stock issuance costs originally recorded in preferred stock upon issuance of the Company’s Series H Preferred Stock that were reclassified to retained earnings on the date the Company announced its intent to redeem the outstanding shares. Options outstanding at December 31, 2020, to purchase 2 million common shares and outstanding at December 31, 2019 and 2018, to purchase 1 million common shares, were not included in the computation of diluted earnings per share for the years ended December 31, 2020, 2019 and 2018, because they were antidilutive. |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Employee Benefits | NOTE 16 Employee Benefits Employee Retirement Savings Plan Pension Plans past plan mergers, a portion of pension benefits may also be provided using a cash balance benefit formula where only interest credits continue to be credited to participants’ accounts. In general, the Company’s qualified pension plans’ 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 plans, their performance and significant plan assumptions, including the assumed discount rate and the long-term rate of return (“LTROR”). 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 Compensation and Human Resources Committee (the “Committee”) oversees the Company’s process of evaluating the plans, their performance and significant plan assumptions . The Company’s funding policy is to contribute amounts to its plans 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 $1.1 billion to its qualified pension plans in 2020. The Company did not contribute to its qualified pension plan in 2019. The Company does not expect to contribute to the plans in 2021. Any contributions made to the qualified plans are invested in accordance with established investment policies and asset allocation strategies. In addition to the funded qualified pension plans, the Company maintains a non-qualified benefit obligation and net pension expense are substantially consistent with those assumptions used for the funded qualified plans. In 2021, the Company expects to contribute approximately $27 million to its non-qualified Postretirement Welfare Plan Pension Plans Postretirement (Dollars in Millions) 2020 2019 2020 2019 Change In Projected Benefit Obligation (a) Benefit obligation at beginning of measurement period $ 6,829 $ 5,507 $ 47 $ 54 Service cost 235 192 – – Interest cost 235 249 1 2 Participants’ contributions – – 6 7 Plan amendments (18 ) – – – Actuarial loss (gain) 754 1,100 (4 ) (4 ) Lump sum settlements (55 ) (56 ) – – Benefit payments (175 ) (163 ) (13 ) (13 ) Federal subsidy on benefits paid – – 1 1 Benefit obligation at end of measurement period (b) $ 7,805 $ 6,829 $ 38 $ 47 Change In Fair Value Of Plan Assets Fair value at beginning of measurement period $ 5,838 $ 4,936 $ 84 $ 81 Actual return on plan assets 737 1,095 1 6 Employer contributions 1,153 26 5 4 Participants’ contributions – – 6 6 Lump sum settlements (55 ) (56 ) – – Benefit payments (175 ) (163 ) (13 ) (13 ) Other changes (c) – – (83 ) – Fair value at end of measurement period $ 7,498 $ 5,838 $ – $ 84 Funded (Unfunded) Status $ (307 ) $ (991 ) $ (38 ) $ 37 Components Of The Consolidated Balance Sheet Noncurrent benefit asset $ 369 $ – $ – $ 37 Current benefit liability (27 ) (25 ) (5 ) – Noncurrent benefit liability (649 ) (966 ) (33 ) – Recognized amount $ (307 ) $ (991 ) $ (38 ) $ 37 Accumulated Other Comprehensive Income (Loss), Pretax Net actuarial gain (loss) $ (2,557 ) $ (2,271 ) $ 63 $ 68 Net prior service credit (cost) 18 – 11 14 Recognized amount $ (2,539 ) $ (2,271 ) $ 74 $ 82 (a) The increases in the projected benefit obligation for 2020 and 2019 were primarily due to decreases in the discount rate. (b) At December 31, 2020 and 2019, the accumulated benefit obligation for all pension plans was $7.1 billion and $6.2 billion, respectively. (c) The fair value of postretirement welfare plan assets decreased in 2020 due to the dissolution of the VEBA trust. Prior to dissolution, the remaining assets in the VEBA trust were used to pay benefits under other programs of the Company’s health and welfare plan, as permitted by the VEBA trust agreement. The postreirement welfare plan now operates as an unfunded plan. (Dollars in Millions) 2020 2019 Pension Plans with Projected Benefit Obligations in Excess of Plan Assets Projected benefit obligation $ 676 $ 6,829 Fair value of plan assets – 5,838 Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets Accumulated benefit obligation $ 628 $ 553 Fair value of plan assets – – Pension Plans Postretirement Welfare Plan (Dollars in Millions) 2020 2019 2018 2020 2019 2018 Components Of Net Periodic Benefit Cost Service cost $ 235 $ 192 $ 208 $ – $ – $ – Interest cost 235 249 224 1 2 2 Expected return on plan assets (403 ) (383 ) (379 ) (3 ) (3 ) (3 ) Prior service cost (credit) and transition obligation (asset) amortization – – – (3 ) (3 ) (3 ) Actuarial loss (gain) amortization 134 98 146 (6 ) (6 ) (6 ) Net periodic benefit cost $ 201 $ 156 $ 199 $ (11 ) $ (10 ) $ (10 ) Other Changes In Plan Assets And Benefit Obligations Recognized In Other Comprehensive Income (Loss) Net actuarial gain (loss) arising during the year $ (420 ) $ (388 ) $ (305 ) $ 1 $ 7 $ 3 Net actuarial loss (gain) amortized during the year 134 98 146 (6 ) (6 ) (6 ) Net prior service (cost) credit and transition (obligation) asset arising during the year 18 – – – – – Net prior service cost (credit) and transition obligation (asset) amortized during the year – – – (3 ) (3 ) (3 ) Total recognized in other comprehensive income (loss) $ (268 ) $ (290 ) $ (159 ) $ (8 ) $ (2 ) $ (6 ) Total recognized in net periodic benefit cost and other comprehensive income (loss) $ (469 ) $ (446 ) $ (358 ) $ 3 $ 8 $ 4 Pension Plans Postretirement (Dollars in Millions) 2020 2019 2020 2019 Discount rate (a) 2.75 % 3.40 % 1.82 % 2.80 % Cash balance interest crediting rate 3.00 3.00 * * Rate of compensation increase (b) 3.56 3.56 * * Health care cost trend rate (c) Prior to age 65 6.00 % 6.25 % After age 65 6.00 % 6.25 % (a) The discount rates were developed using a cash flow matching bond model with a modified duration for the qualified pension plan, legacy pension plan, non-qualified non-qualified (b) Determined on an active liability-weighted basis. (c) The 2020 and 2019 pre-65 post-65 * Not applicable Pension Plans Postretirement Welfare Plan (Dollars in Millions) 2020 2019 2018 2020 2019 2018 Discount rate (a) 3.40 % 4.45 % 3.84 % 2.80 % 4.05 % 3.34 % Cash balance interest crediting rate 3.00 3.00 3.00 * * * Expected return on plan assets (b) 7.25 7.25 7.25 3.50 3.50 3.50 Rate of compensation increase (c) 3.56 3.52 3.56 * * * Health care cost trend rate (d) Prior to age 65 6.25 % 6.50 % 6.75 % After age 65 6.25 10.00 6.75 (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 2020, 2019 and 2018 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, 2020 and 2019, plan assets included an asset management arrangement with a In accordance with authoritative accounting guidance, the Company groups plan assets into a three-level hierarchy for valuation techniques used to measure their fair value based on whether the valuation inputs are observable or unobservable. Refer to Note 21 for further discussion on these levels. The assets of the qualified pension plans 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 plans also invest 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 plans invest 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. Qualified Pension Plan s Postretirement Welfare Plan 2020 2019 2020 2019 (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 $ 975 (a) $ – $ – $ 975 $ 58 $ – $ – $ 58 $ – $ 40 Debt securities 894 1,224 – 2,118 727 1,073 – 1,800 – – Mutual funds Debt securities – 371 – 371 – 304 – 304 – – Emerging markets equity securities – 174 – 174 – 136 – 136 – – Other – – 6 6 – – 3 3 – – $ 1,869 $ 1,769 $ 6 3,644 $ 785 $ 1,513 $ 3 2,301 – 40 Plan investment assets not classified in fair value hierarchy (b) Collective investment funds Domestic equity securities 1,515 1,328 – 27 Mid-small (c) 431 323 – – International equity securities 718 752 – 17 Domestic real estate securities 520 547 – – Hedge funds (d) 251 283 – – Private equity funds (e) 419 304 – – Total plan investment assets at fair value $ 7,498 $ 5,838 $ – $ 84 (a) Includes an employer contribution made in late 2020, which was invested consistently with the plan’s target asset allocation subsequent to December 31, 2020. (b) These investments are valued based on net asset value per share as a practical expedient; fair values are provided to reconcile to total investment assets of the plans at fair value. (c) At December 31, 2020 and 2019, securities included $431 million and $323 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. 2020 2019 2018 (Dollars in Millions) Other Other Other Balance at beginning of period $ 3 $ 3 $ 2 Unrealized gains (losses) relating to assets still held at end of year 3 – – Purchases, sales, and settlements, net – – 1 Balance at end of period $ 6 $ 3 $ 3 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) 2021 $ 250 $ 5 2022 266 4 2023 292 4 2024 312 4 2025 362 3 2026-2030 1,880 12 (a) Net of expected retiree contributions and before Medicare Part D subsidy. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [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 Stock Option Awards The following is a summary of stock options outstanding and exercised under prior and existing stock incentive plans of the Company: Year Ended December 31 Stock Weighted- Weighted-Average Aggregate 2020 Number outstanding at beginning of period 5,718,256 $ 39.25 Exercised (513,293 ) 27.48 Cancelled (a) (24,572 ) 45.08 Number outstanding at end of period (b) 5,180,391 $ 40.38 3.7 $ 32 Exercisable at end of period 4,942,077 $ 39.68 3.6 $ 34 2019 Number outstanding at beginning of period 9,115,010 $ 34.52 Exercised (3,333,467 ) 26.36 Cancelled (a) (63,287 ) 36.74 Number outstanding at end of period (b) 5,718,256 $ 39.25 4.4 $ 115 Exercisable at end of period 4,869,805 $ 37.67 4.0 $ 105 2018 Number outstanding at beginning of period 12,668,467 $ 32.15 Exercised (3,443,494 ) 25.41 Cancelled (a) (109,963 ) 46.72 Number outstanding at end of period (b) 9,115,010 $ 34.52 4.3 $ 102 Exercisable at end of period 7,372,036 $ 31.61 3.5 $ 104 Note: The Company did not grant any stock option awards during 2020, 2019 and 2018. (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 summarizes certain stock option activity of the Company: Year Ended December 31 (Dollars in Millions) 2020 2019 2018 Fair value of options vested $ 7 $ 10 $ 14 Intrinsic value of options exercised 11 95 97 Cash received from options exercised 14 88 87 Tax benefit realized from options exercised 3 24 24 To satisfy option exercises, the Company predominantly uses treasury stock. Additional information regarding stock options outstanding as of December 31, 2020, is as follows: Outstanding Options Exercisable Options Range of Exercise Prices Shares Weighted- Weighted- Shares Weighted- $23.36—$25.00 1,248 .3 $ 24.84 1,248 $ 24.84 $25.01—$30.00 1,047,197 .8 28.65 1,047,197 28.65 $30.01—$35.00 527,422 2.1 33.98 527,422 33.98 $35.01—$40.00 1,227,889 5.1 39.49 1,227,889 39.49 $40.01—$45.00 1,424,608 3.6 42.42 1,424,608 42.42 $45.01—$50.00 – – – – – $50.01—$55.01 952,027 6.1 54.97 713,713 54.97 5,180,391 3.7 $ 40.38 4,942,077 $ 39.68 Restricted Stock and Unit Awards A summary of the status of the Company’s restricted shares of stock and unit awards is presented below: 2020 2019 2018 Year Ended December 31 Shares Weighted- Shares Weighted- Shares Weighted- Outstanding at beginning of period 6,606,833 $ 48.99 6,719,298 $ 48.17 7,446,955 $ 44.49 Granted 3,552,923 53.90 3,519,474 50.45 3,213,023 55.03 Vested (3,534,770 ) 49.28 (3,270,778 ) 48.69 (3,373,323 ) 46.42 Cancelled (281,673 ) 53.51 (361,161 ) 50.55 (567,357 ) 49.07 Outstanding at end of period 6,343,313 $ 51.38 6,606,833 $ 48.99 6,719,298 $ 48.17 The total fair value of shares vested was $182 million, $175 million and $182 million for the years ended December 31, 2020, 2019 and 2018, respectively. Stock-based compensation expense was $189 million, $178 million and $174 million for the years ended December 31, 2020, 2019 and 2018, respectively. On an after-tax basis, stock-based compensation was $142 million, $133 million and $130 million for the years ended December 31, 2020, 2019 and 2018, respectively. As of December 31, 2020, there was $128 million of total unrecognized compensation cost related to nonvested share-based arrangements granted under the plans. That cost is expected to be recognized over a weighted-average period of 1.7 years as compensation expense. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 18 Income Taxes The components of income tax expense were: Year Ended December 31 (Dollars in Millions) 2020 2019 2018 Federal Current $ 1,146 $ 1,162 $ 1,287 Deferred (291 ) 166 (148 ) Federal income tax 855 1,328 1,139 State Current 355 379 395 Deferred (144 ) (59 ) 20 State income tax 211 320 415 Total income tax provision $ 1,066 $ 1,648 $ 1,554 A reconciliation of expected income tax expense at the federal statutory rate of 21 percent to the Company’s applicable income tax expense follows: Year Ended December 31 (Dollars in Millions) 2020 2019 2018 Tax at statutory rate $ 1,271 $ 1,805 $ 1,822 State income tax, at statutory rates, net of federal tax benefit 240 355 352 Tax effect of Tax credits and benefits, net of related expenses (370 ) (424 ) (513 ) Tax-exempt (117 ) (120 ) (130 ) Nondeductible legal and regulatory expenses 29 23 52 Other items (a) 13 9 (29 ) Applicable income taxes $ 1,066 $ 1,648 $ 1,554 (a) Includes excess tax benefits associated with stock-based compensation and adjustments related to deferred tax assets and liabilities. The tax effects of fair value adjustments on securities available-for-sale, In preparing its tax returns, the Company is required to interpret complex tax laws and regulations and utilize income and cost allocation methods to determine its taxable income. On an ongoing basis, the Company is subject to examinations by federal, state, local and foreign taxing authorities that may give rise to differing interpretations of these complex laws, regulations 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, 2014 are completed and resolved. The Company’s tax returns for the years ended December 31, 2015, 2016, 2017 and 2018 are under examination by the Internal Revenue Service. The years open to examination by foreign, state and local government authorities vary by jurisdiction. A reconciliation of the changes in the federal, state and foreign uncertain tax position balances are summarized as follows: Year Ended December 31 (Dollars in Millions) 2020 2019 2018 Balance at beginning of period $ 432 $ 335 $ 287 Additions for tax positions taken in prior years 62 168 93 Additions for tax positions taken in the current year 6 6 10 Exam resolutions (8 ) (62 ) (51 ) Statute expirations (18 ) (15 ) (4 ) Balance at end of period $ 474 $ 432 $ 335 ended December 31, 2020, 2019 and 2018 the Company recorded approximately $5 million, $7 million and $(25) million, respectively, in interest and penalties on uncertain tax positions. Deferred income tax assets and liabilities reflect the tax effect of estimated temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for the same items for income tax reporting purposes. The significant components of the Company’s net deferred tax asset (liability) follows: At December 31 (Dollars in Millions) 2020 2019 Deferred Tax Assets Federal, state and foreign net operating loss and credit carryforwards $ 2,495 $ 2,592 Allowance for credit losses 2,042 1,155 Accrued expenses 554 485 Obligation for operating leases 293 328 Pension and postretirement benefits 108 193 Stock compensation 84 78 Partnerships and other investment assets 9 91 Fixed assets – 2 Other deferred tax assets, net 383 257 Gross deferred tax assets 5,968 5,181 Deferred Tax Liabilities Leasing activities (2,511 ) (2,700 ) Goodwill and other intangible assets (802 ) (763 ) Securities available-for-sale (755 ) (111 ) Mortgage servicing rights (408 ) (546 ) Right of use operating leases (249 ) (282 ) Fixed assets (226 ) – Loans (112 ) (139 ) Other deferred tax liabilities, net (145 ) (131 ) Gross deferred tax liabilities (5,208 ) (4,672 ) Valuation allowance (163 ) (127 ) Net Deferred Tax Asset $ 597 $ 382 The Company has approximately $2.3 billion of federal, state and foreign net operating loss carryforwards which expire at various times beginning in 2021 portion of these carryforwards relate to state-only net operating losses, for which the related deferred tax asset is subject to a full valuation allowance as the carryforwards 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 $2.3 billion of federal credit carryforwards which expire at various times through 2040 |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2020 | |
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 available-for-sale Cash Flow Hedges (net-of-tax) (net-of-tax) comprehensive income (loss) into earnings during the next 12 months is a loss of $41 million (net-of-tax). Net Investment Hedges non-derivative non-derivative Other Derivative Positions to-be-announced non-derivative Asset Derivatives Liability Derivatives (Dollars in Millions) Notional Fair Weighted-Average Notional Fair Weighted-Average December 31, 2020 Fair value hedges Interest rate contracts Receive fixed/pay floating swaps $ 8,500 $ – 1.86 $ – $ – – Cash flow hedges Interest rate contracts Pay fixed/receive floating swaps – – – 3,250 – 4.59 Net investment hedges Foreign exchange forward contracts 479 – .06 336 3 .06 Other economic hedges Interest rate contracts Futures and forwards Buy 16,431 73 .50 1,925 5 .07 Sell 10,440 48 .04 28,976 157 .07 Options Purchased 11,610 121 4.11 – – – Written 5,073 202 .13 7,770 198 2.53 Receive fixed/pay floating swaps 11,064 – 7.31 907 – 23.43 Pay fixed/receive floating swaps 78 – 13.68 8,538 – 5.67 Foreign exchange forward contracts 292 1 .04 341 2 .05 Equity contracts 127 3 .39 45 – .46 Other (a) 47 1 .11 1,832 183 2.44 Total $ 64,141 $ 449 $ 53,920 $ 548 December 31, 2019 Fair value hedges Interest rate contracts Receive fixed/pay floating swaps $ 18,300 $ – 3.89 $ 4,900 $ – 3.49 Cash flow hedges Interest rate contracts Pay fixed/receive floating swaps 1,532 – 6.06 7,150 10 2.11 Net investment hedges Foreign exchange forward contracts – – – 287 3 .04 Other economic hedges Interest rate contracts Futures and forwards Buy 5,409 17 .08 5,477 11 .07 Sell 16,333 13 .81 8,113 25 .03 Options Purchased 10,180 79 2.97 – – – Written 1,270 30 .08 4,238 81 2.07 Receive fixed/pay floating swaps 4,408 – 5.99 5,316 – 13.04 Pay fixed/receive floating swaps 1,259 – 5.67 4,497 – 6.03 Foreign exchange forward contracts 113 1 .05 467 6 .04 Equity contracts 128 2 .45 20 – 1.06 Other (a) 34 – .01 1,823 165 2.45 Total $ 58,966 $ 142 $ 42,288 $ 301 (a) Includes derivative liability swap agreements related to the sale of a portion of the Company’s Class B common and preferred shares of Visa Inc. The Visa swap agreements had a total notional value, fair value and weighted-average remaining maturity of $1.8 billion, $182 million and 2.50 years at December 31, 2020, respectively, compared to $1.8 billion, $165 million and 2.50 years at December 31, 2019, respectively. In addition, includes short-term underwriting purchase and sale commitments with total asset and liability notional values of $47 million at December 31, 2020, and $34 million at December 31, 2019. 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, 2020 Interest rate contracts Receive fixed/pay floating swaps $ 144,859 $ 3,782 4.93 $ 12,027 $ 99 8.72 Pay fixed/receive floating swaps 15,048 2 8.43 134,963 1,239 4.71 Other (a) 9,921 6 3.75 6,387 3 4.22 Options Purchased 72,655 111 1.40 1,454 46 2.96 Written 1,736 46 2.76 68,205 81 1.25 Futures Buy 1,851 – 1.22 924 – .05 Sell – – – 4,090 – .72 Foreign exchange rate contracts Forwards, spots and swaps 44,845 1,590 .96 45,992 1,565 1.13 Options Purchased 519 14 .90 – – – Written – – – 519 14 .90 Credit contracts 2,876 1 2.75 7,479 7 3.81 Total $ 294,310 $ 5,552 $ 282,040 $ 3,054 December 31, 2019 Interest rate contracts Receive fixed/pay floating swaps $ 108,560 $ 1,865 4.83 $ 31,544 $ 88 3.83 Pay fixed/receive floating swaps 28,150 30 3.83 101,078 753 4.55 Other (a) 6,895 1 3.45 6,218 2 2.98 Options Purchased 46,406 43 2.06 12,804 47 1.25 Written 6,901 49 1.93 49,741 41 1.82 Futures Buy 894 – .21 – – – Sell 3,874 1 1.18 1,995 – 1.04 Foreign exchange rate contracts Forwards, spots and swaps 36,350 748 .97 36,671 729 1.07 Options Purchased 1,354 17 .54 – – – Written – – – 1,354 17 .54 Credit contracts 2,879 1 3.28 7,488 5 4.33 Total $ 242,263 $ 2,755 $ 248,893 $ 1,682 (a) Primarily represents floating rate interest rate swaps that pay based on differentials between specified interest rate indexes. The table below shows the effective portion of the gains (losses) recognized in other comprehensive income (loss) and the gains (losses) reclassified from other comprehensive income (loss) into earnings (net-of-tax) Gains (Losses) Recognized in Other Gains (Losses) Reclassified from (Dollars in Millions) 2020 2019 2018 2020 2019 2018 Asset and Liability Management Positions Cash flow hedges Interest rate contracts $ (145 ) $ (171 ) $ 29 $ (7 ) $ (8 ) $ 3 Net investment hedges Foreign exchange forward contracts (21 ) 3 39 – – – Non-derivative (90 ) 13 32 – – – Note: The Company does not exclude components from effectiveness testing for cash flow and net investment hedges. The table below shows the effect of fair value and cash flow hedge accounting on the Consolidated Statement of Income for the years ended December 31: Interest Income Interest Expense (Dollars in Millions) 2020 2019 2018 2020 2019 2018 Total amount of income and expense line items presented in the Consolidated Statement of Income in which the effects of fair value or cash flow hedges are recorded $ 14,840 $ 17,494 $ 16,173 $ 2,015 $ 4,442 $ 3,254 Asset and Liability Management Positions Fair value hedges Interest rate contract derivatives 1 – – (134 ) (44 ) 5 Hedged items (1 ) – – 134 44 (5 ) Cash Flow hedges Interest rate contract derivatives – – – 10 11 (5 ) Note: The Company does not exclude components from effectiveness testing for fair value and cash flow hedges. The Company reclassified losses of $41 million into earnings during the year ended December 31, 2020, as a result of the discontinuance of cash flow hedges. The Company did not reclassify gains or losses into earnings as a result of the discontinuance of cash flow hedges during the years ended December 31, 2019 and 2018. The table below shows cumulative hedging adjustments and the carrying amount of assets and liabilities designated in fair value hedges: Carrying Amount of the Cumulative Hedging (a) At December 31 (Dollars in Millions) 2020 2019 2020 2019 Line Item in the Consolidated Balance Sheet Available-for-sale $ 99 $ – $ (1 ) $ – Long-term debt 8,567 23,195 903 35 (a) The cumulative hedging adjustment related to discontinued hedging relationships was $726 million and $(7) million at December 31, 2020 and 2019, respectively. The table below shows the gains (losses) recognized in earnings for other economic hedges and the customer-related positions for the years ended December 31: (Dollars in Millions) Location of Gains (Losses) 2020 2019 2018 Asset and Liability Management Positions Other economic hedges Interest rate contracts Futures and forwards Mortgage banking revenue/ $ 82 $ 34 $ 110 Purchased and written options Mortgage banking revenue 1,527 432 188 Swaps Mortgage banking revenue 598 316 (111 ) Foreign exchange forward contracts Other noninterest income 3 (24 ) 39 Equity contracts Compensation expense 3 – (4 ) Other Other noninterest income (70 ) (140 ) 2 Customer-Related Positions Interest rate contracts Swaps Commercial products revenue 135 82 47 Purchased and written options Commercial products revenue (8 ) 10 2 Futures Commercial products revenue (18 ) (5 ) 9 Foreign exchange rate contracts Forwards, spots and swaps Commercial products revenue 78 82 84 Purchased and written options Commercial products revenue 1 1 – Credit contracts Commercial products revenue (32 ) (18 ) 2 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, 2020, was $1.5 billion. At December 31, 2020, the Company had $1.3 billion 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, 2020 | |
Text Block [Abstract] | |
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities | NOTE 20 Netting Arrangements for Certain Financial Instruments Financing Activities The Company’s derivative portfolio consists of bilateral over-the-counter trades, certain interest rate derivatives and credit contracts required to be centrally cleared through clearinghouses per current regulations, and exchange-traded positions which may include U.S. Treasury and Eurodollar futures or options on U.S. Treasury futures. Of the Company’s $694.4 billion total notional amount of derivative positions at December 31, 2020, $362.8 billion related to bilateral over-the-counter trades, $315.5 billion related to those centrally cleared through clearinghouses and $16.1 billion related to those that were exchange-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. Refer to Note 19 for further discussion of the Company’s derivatives, including collateral arrangements. As part of the Company’s treasury and broker-dealer operations, the Company executes transactions that are treated as securities sold under agreements to repurchase or securities purchased under agreements to resell, both of which are accounted for as collateralized financings. Securities sold under agreements to repurchase include repurchase agreements and securities loaned transactions. Securities purchased under agreements to resell include reverse repurchase agreements and securities borrowed transactions. For securities sold under agreements to repurchase, the Company records a liability for the cash received, which is included in short-term borrowings on the Consolidated Balance Sheet. For securities purchased under agreements to resell, the Company records a receivable for the cash paid, which is included in other assets on the Consolidated Balance Sheet. Securities transferred to counterparties under repurchase agreements and securities loaned transactions continue to be recognized on the Consolidated Balance Sheet, are measured at fair value, and are included in investment securities or other assets. Securities received from counterparties under reverse repurchase agreements and securities borrowed transactions are not recognized on the Consolidated Balance Sheet unless the counterparty defaults. The securities transferred under repurchase and reverse repurchase transactions typically are U.S. Treasury and agency securities, residential agency mortgage-backed securities or corporate debt securities. The securities loaned or borrowed typically are corporate debt securities traded by the Company’s broker-dealer subsidiary. In general, the securities transferred can be sold, repledged or otherwise used by the party in possession. No restrictions exist on the use of cash collateral by either party. Repurchase/reverse repurchase and securities loaned/borrowed transactions expose the Company to counterparty risk. The Company manages this risk by performing assessments, independent of business line managers, and establishing concentration limits on each counterparty. Additionally, these transactions include collateral arrangements that require the fair values of the underlying securities to be determined daily, resulting in cash being obtained or refunded to counterparties to maintain specified collateral levels. The following table summarizes the maturities by category of collateral pledged for repurchase agreements and securities loaned transactions (Dollars in Millions) Overnight and Less Than 30-89 Days Greater Than Total December 31, 2020 Repurchase agreements U.S. Treasury and agencies $ 472 $ – $ – $ – $ 472 Residential agency mortgage-backed securities 398 – – – 398 Corporate debt securities 560 – – – 560 Total repurchase agreements 1,430 – – – 1,430 Securities loaned Corporate debt securities 218 – – – 218 Total securities loaned 218 – – – 218 Gross amount of recognized liabilities $ 1,648 $ – $ – $ – $ 1,648 December 31, 2019 Repurchase agreements U.S. Treasury and agencies $ 289 $ – $ – $ – $ 289 Residential agency mortgage-backed securities 266 – – – 266 Corporate debt securities 610 – – – 610 Total repurchase agreements 1,165 – – – 1,165 Securities loaned Corporate debt securities 50 – – – 50 Total securities loaned 50 – – – 50 Gross amount of recognized liabilities $ 1,215 $ – $ – $ – $ 1,215 The Company executes its derivative, repurchase/reverse repurchase and securities loaned/borrowed transactions under the respective industry standard agreements. These agreements include master netting arrangements that allow for multiple contracts executed with the same counterparty to be viewed as a single arrangement. This allows for net settlement of a single amount on a daily basis. In the event of default, the master netting arrangement provides for close-out netting, which allows all of these positions with the defaulting counterparty to be terminated and net settled with a single payment amount. The Company has elected to offset the assets and liabilities under netting arrangements for the balance sheet presentation of the majority of its derivative counterparties. 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 (Dollars in Millions) Gross Gross Amounts (a) Net Amounts Gross Amounts Not Offset on Net Amount Financial (b) Collateral (c) December 31, 2020 Derivative assets (d) $ 5,744 $ (1,874 ) $ 3,870 $ (109 ) $ (287 ) $ 3,474 Reverse repurchase agreements 377 – 377 (262 ) (115 ) – Securities borrowed 1,716 – 1,716 – (1,670 ) 46 Total $ 7,837 $ (1,874 ) $ 5,963 $ (371 ) $ (2,072 ) $ 3,520 December 31, 2019 Derivative assets (d) $ 2,857 $ (982 ) $ 1,875 $ (80 ) $ (116 ) $ 1,679 Reverse repurchase agreements 1,021 – 1,021 (152 ) (869 ) – Securities borrowed 1,624 – 1,624 – (1,569 ) 55 Total $ 5,502 $ (982 ) $ 4,520 $ (232 ) $ (2,554 ) $ 1,734 (a) Includes $898 million and $429 million of cash collateral related payables that were netted against derivative assets at December 31, 2020 and 2019, 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 $257 million and $40 million at December 31, 2020 and 2019, respectively, of derivative assets not subject to netting arrangements. Gross Recognized Gross Amounts Consolidated (a) Net Amounts Consolidated Gross Amounts Not Offset on (Dollars in Millions) Financial (b) Collateral (c) Net Amount December 31, 2020 Derivative liabilities (d) $ 3,419 $ (2,312 ) $ 1,107 $ (109 ) $ – $ 998 Repurchase agreements 1,430 – 1,430 (262 ) (1,168 ) – Securities loaned 218 – 218 – (215 ) 3 Total $ 5,067 $ (2,312 ) $ 2,755 $ (371 ) $ (1,383 ) $ 1,001 December 31, 2019 Derivative liabilities (d) $ 1,816 $ (1,067 ) $ 749 $ (80 ) $ – $ 669 Repurchase agreements 1,165 – 1,165 (152 ) (1,012 ) 1 Securities loaned 50 – 50 – (49 ) 1 Total $ 3,031 $ (1,067 ) $ 1,964 $ (232 ) $ (1,061 ) $ 671 (a) Includes $1.3 billion and $514 million of cash collateral related receivables that were netted against derivative liabilities at December 31, 2020 and 2019, 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 $183 million and $167 million at December 31, 2020 and 2019, respectively, of derivative liabilities not subject to netting arrangements. |
Fair Values of Assets and Liabi
Fair Values of Assets and Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
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 and certain derivative contracts. Valuation Methodologies The valuation methodologies used by the Company to measure financial assets and liabilities at fair value are described below. In addition, the following section includes an indication of the level of the fair value hierarchy in which the assets or liabilities are classified. Where appropriate, the descriptions include information about the valuation models and key inputs to those models. During the years ended December 31, 2020, 2019 and 2018, there were no significant changes to the valuation techniques used by the Company to measure fair value. Available-For-Sale For other securities, quoted market prices may not be readily available for the specific securities. When possible, the Company determines fair value based on market observable information, including quoted market prices for similar securities, inactive transaction prices, and broker quotes. These securities are classified within Level 2 of the fair value hierarchy. Level 2 valuations are generally provided by a third party pricing service. 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. Mortgage Loans Held For Sale Mortgage Servicing Rights projecting future cash flows for different interest rate scenarios using prepayment rates and other assumptions, and discounts these cash flows using a risk adjusted rate based on option adjusted spread levels. There is minimal observable market activity for MSRs on comparable portfolios and, therefore, the determination of fair value requires significant management judgment. Refer to Note 9 for further information on MSR valuation assumptions. 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 and preferred shares of Visa Inc. (the “Visa swaps”). The mortgage loan commitments are valued by pricing models that include market observable and unobservable inputs, which result in the commitments being classified within Level 3 of the fair value hierarchy. The unobservable inputs include assumptions about the percentage of commitments that actually become a closed loan and the MSR value that is inherent in the underlying loan value. The Visa swaps require payments by either the Company or the purchaser of the Visa Inc. Class B common and preferred shares when there are changes in the conversion rate of the Visa Inc. Class B common and preferred shares to Visa Inc. Class A common and preferred shares, respectively, as well as quarterly payments to the purchaser based on specified terms of the agreements. Management reviews and updates the Visa swaps fair value in conjunction with its review of Visa Inc. related litigation contingencies, and the associated escrow funding. The expected litigation resolution impacts the Visa Inc. Class B common share to Visa Inc. Class A common share conversion rate, as well as the ultimate termination date for the Visa swaps. Accordingly, the Visa swaps are classified within Level 3. Refer to Note 22 for further information on the Visa Inc. restructuring and related card association litigation. Significant Unobservable Inputs of Level 3 Assets and Liabilities The following section provides information to facilitate an understanding of the uncertainty in the fair value measurements for the Company’s Level 3 assets and liabilities recorded at fair value on the Consolidated Balance Sheet. This section includes a description of the significant inputs used by the Company and a description of any interrelationships between these inputs. The discussion below excludes nonrecurring fair value measurements of collateral value used for impairment measures for loans and OREO. These valuations utilize third party appraisal or broker price opinions, and are classified as Level 3 due to the significant judgment involved. Mortgage Servicing Rights The following table shows the significant valuation assumption ranges for MSRs at December 31, 2020: Minimum Maximum Weighted (a) Expected prepayment 9 % 21 % 14 % Option adjusted spread 6 11 7 (a) Determined based on the relative fair value of the related mortgage loans serviced. Derivatives The significant unobservable inputs used in the fair value measurement of the Company’s derivative commitments to The following table shows the significant valuation assumption ranges for the Company’s derivative commitments to purchase and originate mortgage loans at December 31, 2020: Minimum Maximum Weighted (a) Expected loan close rate 22 % 100 % 76 % Inherent MSR value (basis points per loan) 39 177 117 (a) Determined based on the relative fair value of the related mortgage loans. fair value of the counterparty’s derivative contracts prior to adjustment was 0 percent, 100 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 occurring, and the timing of the resolution of the related litigation loss estimates in excess, or shortfall, of the Company’s proportional share of escrow funds. An increase in the loss estimate or a delay in the resolution of the related litigation would have resulted in an increase in the derivative liability. A decrease in the loss estimate or an acceleration of the resolution of the related litigation would have resulted in a decrease in the derivative liability. The following table summarizes the balances of assets and liabilities measured at fair value on a recurring basis: (Dollars in Millions) Level 1 Level 2 Level 3 Netting Total December 31, 2020 Available-for-sale U.S. Treasury and agencies $ 19,251 $ 3,140 $ – $ – $ 22,391 Mortgage-backed securities Residential agency – 99,968 – – 99,968 Commercial agency – 5,406 – – 5,406 Asset-backed securities – 198 7 – 205 Obligations of state and political subdivisions – 8,860 1 – 8,861 Other – 9 – – 9 Total available-for-sale 19,251 117,581 8 – 136,840 Mortgage loans held for sale – 8,524 – – 8,524 Mortgage servicing rights – – 2,210 – 2,210 Derivative assets 4 3,235 2,762 (1,874 ) 4,127 Other assets 302 1,601 – – 1,903 Total $ 19,557 $ 130,941 $ 4,980 $ (1,874 ) $ 153,604 Derivative liabilities $ – $ 3,166 $ 436 $ (2,312 ) $ 1,290 Short-term borrowings and other liabilities (a) 85 1,672 – – 1,757 Total $ 85 $ 4,838 $ 436 $ (2,312) $ 3,047 December 31, 2019 Available-for-sale U.S. Treasury and agencies $ 18,986 $ 853 $ – $ – $ 19,839 Mortgage-backed securities Residential agency – 94,111 – – 94,111 Commercial agency – 1,453 – – 1,453 Asset-backed securities – 375 8 – 383 Obligations of state and political subdivisions – 6,813 1 – 6,814 Other – 13 – – 13 Total available-for-sale 18,986 103,618 9 – 122,613 Mortgage loans held for sale – 5,533 – – 5,533 Mortgage servicing rights – – 2,546 – 2,546 Derivative assets 9 1,707 1,181 (982 ) 1,915 Other assets 312 1,563 – – 1,875 Total $ 19,307 $ 112,421 $ 3,736 $ (982) $ 134,482 Derivative liabilities $ – $ 1,612 $ 371 $ (1,067) $ 916 Short-term borrowings and other liabilities (a) 50 1,578 – – 1,628 Total $ 50 $ 3,190 $ 371 $ (1,067) $ 2,544 Note: Excluded from the table above are equity investments without readily determinable fair values. The Company has elected to carry these investments at historical cost, adjusted for impairment and any changes resulting from observable price changes for identical or similar investments of the issuer. The aggregate carrying amount of these equity investments was $85 million and $91 million at December 31, 2020 and 2019, respectively. The Company has not recorded impairments or adjustments for observable price changes on these equity investments during 2020 and 2019, or on a cumulative basis. (a) Primarily represents the Company’s obligation on securities sold short required to be accounted for at fair value per applicable accounting guidance. The following table presents the changes in fair value for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31: (Dollars in Millions) Beginning Net Gains Purchases Sales Principal Issuances Settlements Transfers into End of Net Change 2020 Available-for-sale Asset-backed securities $ 8 $ – $ – $ – $ (1 ) $ – $ – $ – $ 7 $ – Obligations of state and political subdivisions 1 – – – – – – – 1 – Total available-for-sale 9 – – – (1 ) – – – 8 – Mortgage servicing rights 2,546 (1,403 ) (a) 34 3 – 1,030 (c) – – 2,210 (1,403 ) (a) Net derivative assets and liabilities 810 2,922 (b) 247 (3 ) – – (1,650 ) – 2,326 1,649 (d) 2019 Available-for-sale Asset-backed securities $ – $ – $ – $ – $ – $ – $ – $ 8 $ 8 $ – Obligations of state and political subdivisions – – – – – – – 1 1 – Total available-for-sale – – – – – – – 9 9 – Mortgage servicing rights 2,791 (829 ) (a) 20 5 – 559 (c) – – 2,546 (829 ) (a) Net derivative assets and liabilities 80 769 (e) 142 (9 ) – – (172 ) – 810 782 (f) 2018 Mortgage servicing rights $ 2,645 $ (232 ) (a) $ 8 $ (27 ) $ – $ 397 (c) $ – $ – $ 2,791 $ (232 ) (a) Net derivative assets and liabilities 107 21 (g) 13 (41 ) – – (20 ) – 80 34 (h) (a) Included in mortgage banking revenue. (b) Approximately $1.9 billion, $1.1 billion and $(70) million included in mortgage banking revenue, commercial products revenue and other noninterest income, respectively. (c) Represents MSRs capitalized during the period. (d) Approximately $247 million, $1.5 billion and $(70) million included in mortgage banking revenue, commercial products revenue and other noninterest income, respectively. (e) Approximately $482 million, $428 million and $(141) million included in mortgage banking revenue, commercial products revenue and other noninterest income, respectively. (f) Approximately $35 million, $888 million and $(141) million included in mortgage banking revenue, commercial products revenue and other noninterest income, respectively. (g) Approximately $160 million, $(141) million and $2 (h) Approximately $20 million, $12 million and $2 million included in mortgage banking revenue, commercial products revenue and other noninterest income, respectively. 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: 2020 2019 (Dollars in Millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Loans (a) $ – $ – $ 385 $ 385 $ – $ – $ 136 $ 136 Other assets (b) – – 30 30 – – 46 46 (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) 2020 2019 2018 Loans (a) $ 426 $ 122 $ 83 Other assets (b) 21 17 26 (a) Represents write-downs of loans which were based on the fair value of the collateral, excluding loans fully charged-off. (b) Primarily represents related losses of foreclosed properties that were measured at fair value subsequent to their initial acquisition. Fair Value Option The following table summarizes the differences between the aggregate fair value carrying amount of MLHFS for which the fair value option has been elected and the aggregate unpaid principal amount that the Company is contractually obligated to receive at maturity as of December 31: 2020 2019 (Dollars in Millions) Fair Value Aggregate Carrying Fair Value Aggregate Carrying Total loans $ 8,524 $ 8,136 $ 388 $ 5,533 $ 5,366 $ 167 Nonaccrual loans 1 1 – 1 1 – Loans 90 days or more past due 2 2 – 1 1 – Fair Value of Financial Instruments The following section summarizes the estimated fair value for financial instruments accounted for at amortized cost as of December 31, 2020 and 2019. 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, receivables and payables due in one year or less, insurance contracts, equity investments not accounted for at fair value, and deposits with no defined or contractual maturities are excluded. The estimated fair values of the Company’s financial instruments as of December 31, are shown in the table below: 2020 2019 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 $ 62,580 $ 62,580 $ – $ – $ 62,580 $ 22,405 $ 22,405 $ – $ – $ 22,405 Federal funds sold and securities purchased under resale agreements 377 – 377 – 377 1,036 – 1,036 – 1,036 Loans held for sale (a) 237 – – 237 237 45 – – 43 43 Loans 290,393 – – 300,419 300,419 292,082 – – 297,241 297,241 Other (b) 1,772 – 731 1,041 1,772 1,923 – 929 994 1,923 Financial Liabilities Time deposits 30,694 – 30,864 – 30,864 42,894 – 42,831 – 42,831 Short-term borrowings (c) 10,009 – 9,956 – 9,956 22,095 – 21,961 – 21,961 Long-term debt 41,297 – 42,485 – 42,485 40,167 – 41,077 – 41,077 Other (d) 4,052 – 1,234 2,818 4,052 3,678 – 1,342 2,336 3,678 (a) Excludes mortgages held for sale for which the fair value option under applicable accounting guidance was elected. (b) Includes investments in Federal Reserve Bank and Federal Home Loan Bank stock and tax-advantaged (c) Excludes the Company’s obligation on securities sold short required to be accounted for at fair value per applicable accounting guidance. (d) Includes operating lease liabilities and liabilities related to tax-advantaged non-yield non-yield |
Guarantees and Contingent Liabi
Guarantees and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Guarantees and Contingent Liabilities | NOTE 22 Guarantees and Contingent Liabilities Visa Restructuring and Card Association Litigation Visa U.S.A. Inc. (“Visa U.S.A.”) and MasterCard International (collectively, the “Card Brands”) are defendants in antitrust lawsuits challenging the practices of the Card Brands (the “Visa Litigation”). Visa U.S.A. member banks have a contingent obligation to indemnify Visa Inc. under the Visa U.S.A. bylaws (which were modified at the time of the restructuring in October 2007) for potential losses arising from the Visa Litigation. The indemnification by the Visa U.S.A. member banks has no specific maximum amount. Using proceeds from its IPO and through reductions to the conversion ratio applicable to the Class B shares held by Visa U.S.A. member banks, Visa Inc. has funded an escrow account for the benefit of member financial institutions to fund their indemnification obligations associated with the Visa Litigation. The receivable related to the escrow account is classified in other liabilities as a direct offset to the related Visa Litigation contingent liability. In October 2012, Visa signed a settlement agreement to resolve class action claims associated with the multi-district interchange litigation pending in the United States District Court for the Eastern District of New York (the “Multi-District Litigation”). The U.S. Court of Appeals for the Second Circuit reversed the approval of that settlement and remanded the matter to the district court. Thereafter, the case was split into two putative class actions, one seeking damages (the “Damages Action”) and a separate class action seeking injunctive relief only (the “Injunctive Action”). In September 2018, Visa signed a new settlement agreement, superseding the original settlement agreement, to resolve the Damages Action. The Damages Action settlement was approved by the United States District Court for the Eastern District of New York, but is now on appeal. The Injunctive Action, which generally seeks changes to Visa rules, is still pending. Commitments to Extend Credit of the borrower. The collateral may include marketable securities, receivables, inventory, equipment and real estate. Since the Company expects many of the commitments to expire without being drawn, total commitment amounts do not necessarily represent the Company’s future liquidity requirements. In addition, the commitments include consumer credit lines that are cancelable upon notification to the consumer. The contract or notional amounts of unfunded commitments to extend credit at December 31, 2020, excluding those commitments considered derivatives, were as follows: Term (Dollars in Millions) Less Than Greater Total Commercial and commercial real estate loans $ 43,642 $ 110,382 $ 154,024 Corporate and purchasing card loans (a) 29,541 – 29,541 Residential mortgages 319 1 320 Retail credit card loans (a) 117,827 – 117,827 Other retail loans 12,980 22,998 35,978 Other 6,486 10 6,496 (a) Primarily cancelable at the Company’s discretion. Other Guarantees and Contingent Liabilities The following table is a summary of other guarantees and contingent liabilities of the Company at December 31, 2020: (Dollars in Millions) Collateral Carrying Maximum Standby letters of credit $ – $ 70 $ 9,789 Third party borrowing arrangements – – 2 Securities lending indemnifications 6,461 – 6,298 Asset sales – 80 6,165 Merchant processing 579 211 89,352 Tender option bond program guarantee 2,374 – 2,036 Other – 71 1,292 Letters of Credit exposure is similar to that in any extension of credit, up to the letter’s contractual amount. Management assesses the borrower’s credit to determine the necessary collateral, which may include marketable securities, receivables, inventory, equipment and real estate. Since the conditions requiring the Company to fund letters of credit may not occur, the Company expects its liquidity requirements to be less than the total outstanding commitments. The maximum potential future payments guaranteed by the Company under standby letter of credit arrangements at December 31, 2020, were approximately $9.8 billion with a weighted-average term of approximately 19 months. The estimated fair value of standby letters of credit was approximately $70 million at December 31, 2020. The contract or notional amount of letters of credit at December 31, 2020, were as follows: Term (Dollars in Millions) Less Than Greater Total Standby $ 4,526 $ 5,263 $ 9,789 Commercial 536 30 566 Guarantees buy-back Third Party Borrowing Arrangements Commitments from Securities Lending Asset Sales assets, primarily loan portfolios and 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 GSE for losses. At December 31, 2020, the Company had reserved $19 million for potential losses from representation and warranty obligations, compared with $9 million at December 31, 2019. 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, 2020 and 2019, the Company had $13 million and $10 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 of 2020 this amount totaled approximately $89.4 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 and Europe through wholly-owned subsidiaries. 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, 2020, the value of airline tickets purchased to be delivered at a future date through card transactions processed by the Company was $6.0 billion. The Company held collateral of $442 million in escrow deposits, letters of credit and indemnities from financial institutions, and liens on various assets. In addition to specific collateral or other credit enhancements, the Company maintains a liability for its implied guarantees associated with future delivery. At December 31, 2020, the liability was $185 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, 2020, the Company held $137 million of merchant escrow deposits as collateral and had a recorded liability for potential losses of $26 million. Tender Option Bond Program Guarantee available-for-sale 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, 2020, the maximum potential future payments guaranteed or committed by the Company under these arrangements were approximately $611 million. Litigation and Regulatory Matters The Company is subject to various litigation and regulatory matters that arise in the ordinary course of its business. The Company establishes reserves for such matters when potential losses become probable and can be reasonably estimated. The Company believes the ultimate resolution of existing legal and regulatory matters will not have a material adverse effect on the financial condition, results of operations or cash flows of the Company. However, in light of the uncertainties inherent in these matters, it is possible that the ultimate resolution of one or more of these matters may have a material adverse effect on the Company’s results from operations for a particular period, and future changes in circumstances or additional information could result in additional accruals or resolution in excess of established accruals, which could adversely affect the Company’s results from operations, potentially materially. Residential Mortgage-Backed Securities Litigation Regulatory Matters Outlook |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Business Segments | NOTE 23 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. These operating segments are components of the Company about which financial information is prepared and is evaluated regularly by management in deciding how to allocate resources and assess performance. The Company has five reportable operating segments: Corporate and Commercial Banking non-profit Consumer and Business Banking on-line Wealth Management and Investment Services Payment Services Treasury and Corporate Support tax-advantaged Basis of Presentation credit quality of the loan balances managed, but with the impact of changes in economic forecasts recorded in Treasury and Corporate Support. Goodwill and other intangible assets are assigned to the business segments based on the mix of business of an entity acquired by the Company. Within the Company, capital levels are evaluated and managed centrally; however, capital is allocated to the business segments to support evaluation of business performance. Business segments are allocated capital on a risk-adjusted basis considering economic and regulatory capital requirements. Generally, the determination of the amount of capital allocated to each business segment includes credit allocations following a Basel III regulatory framework. Interest income and expense is determined based on the assets and liabilities managed by the business segment. Because funding and asset liability management is a central function, funds transfer-pricing methodologies are utilized to allocate a cost of funds used or credit for funds provided to all business segment assets and liabilities, respectively, using a matched funding concept. Also, each business unit is allocated the taxable-equivalent benefit of tax-exempt charge-off. Designations, assignments and allocations change from time to time as management systems are enhanced, methods of evaluating performance or product lines change or business segments are realigned to better respond to the Company’s diverse customer base. During 2020, certain organization and methodology changes were made and, accordingly, 2019 results were restated and presented on a comparable basis. Business segment results for the years ended December 31 were as follows: Corporate and Commercial Banking Consumer and Business Banking Wealth Management and (Dollars in Millions) 2020 2019 2020 2019 2020 2019 Condensed Income Statement Net interest income (taxable-equivalent basis) $ 3,259 $ 3,101 $ 6,263 $ 6,351 $ 996 $ 1,172 Noninterest income 1,078 861 3,360 2,385 1,877 1,803 Total net revenue 4,337 3,962 9,623 8,736 2,873 2,975 Noninterest expense 1,680 1,624 5,573 5,257 1,871 1,775 Other intangibles – 4 16 20 12 13 Total noninterest expense 1,680 1,628 5,589 5,277 1,883 1,788 Income (loss) before provision and income taxes 2,657 2,334 4,034 3,459 990 1,187 Provision for credit losses 575 89 322 311 38 (3 ) Income (loss) before income taxes 2,082 2,245 3,712 3,148 952 1,190 Income taxes and taxable-equivalent adjustment 521 562 929 789 238 299 Net income (loss) 1,561 1,683 2,783 2,359 714 891 Net (income) loss attributable to noncontrolling interests – – – – – – Net income (loss) attributable to U.S. Bancorp $ 1,561 $ 1,683 $ 2,783 $ 2,359 $ 714 $ 891 Average Balance Sheet Loans $ 108,320 $ 99,037 $ 152,634 $ 144,616 $ 11,327 $ 10,085 Other earning assets 4,163 3,751 7,186 3,989 287 282 Goodwill 1,647 1,647 3,500 3,496 1,617 1,617 Other intangible assets 6 8 2,106 2,619 39 49 Assets 120,829 108,983 170,531 158,932 14,448 13,336 Noninterest-bearing deposits 40,109 29,400 35,543 27,831 16,275 13,231 Interest-bearing deposits 83,684 72,822 147,336 129,235 66,172 62,142 Total deposits 123,793 102,222 182,879 157,066 82,447 75,373 Total U.S. Bancorp shareholders’ equity 16,385 15,508 15,058 15,151 2,482 2,441 Payment Services Treasury and Corporate Support Consolidated Company (Dollars in Millions) 2020 2019 2020 2019 2020 2019 Condensed Income Statement Net interest income (taxable-equivalent basis) $ 2,530 $ 2,474 $ (124 ) $ 57 $ 12,924 $ 13,155 Noninterest income 3,124 (a) 3,711 (a) 962 1,071 10,401 (b) 9,831 (b) Total net revenue 5,654 6,185 838 1,128 23,325 22,986 Noninterest expense 3,133 3,005 936 956 13,193 12,617 Other intangibles 148 131 – – 176 168 Total noninterest expense 3,281 3,136 936 956 13,369 12,785 Income (loss) before provision and income taxes 2,373 3,049 (98 ) 172 9,956 10,201 Provision for credit losses 681 1,109 2,190 (2 ) 3,806 1,504 Income (loss) before income taxes 1,692 1,940 (2,288 ) 174 6,150 8,697 Income taxes and taxable-equivalent adjustment 423 486 (946 ) (385 ) 1,165 1,751 Net income (loss) 1,269 1,454 (1,342 ) 559 4,985 6,946 Net (income) loss attributable to noncontrolling interests – – (26 ) (32 ) (26 ) (32 ) Net income (loss) attributable to U.S. Bancorp $ 1,269 $ 1,454 $ (1,368 ) $ 527 $ 4,959 $ 6,914 Average Balance Sheet Loans $ 31,539 $ 33,566 $ 3,449 $ 3,382 $ 307,269 $ 290,686 Other earning assets 5 6 162,492 131,823 174,133 139,851 Goodwill 3,060 2,818 – – 9,824 9,578 Other intangible assets 580 536 – – 2,731 3,212 Assets 36,496 39,424 188,903 154,978 531,207 475,653 Noninterest-bearing deposits 4,356 1,261 2,256 2,140 98,539 73,863 Interest-bearing deposits 122 114 2,762 8,636 300,076 272,949 Total deposits 4,478 1,375 5,018 10,776 398,615 346,812 Total U.S. Bancorp shareholders’ equity 6,095 6,069 12,226 13,454 52,246 52,623 (a) Presented net of related rewards and rebate costs and certain partner payments of $2.1 billion and $2.2 billion for 2020 and 2019, respectively. (b) Includes revenue generated from certain contracts with customers of $6.9 billion and $7.3 billion for 2020 and 2019, respectively. |
U.S. Bancorp (Parent Company)
U.S. Bancorp (Parent Company) | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Information Disclosure [Abstract] | |
U.S. Bancorp (Parent Company) | NOTE 24 U.S. Bancorp (Parent Company) Condensed Balance Sheet At December 31 (Dollars in Millions) 2020 2019 Assets Due from banks, principally interest-bearing $ 12,279 $ 11,583 Available-for-sale 1,469 1,631 Investments in bank subsidiaries 52,551 48,518 Investments in nonbank subsidiaries 3,286 3,128 Advances to bank subsidiaries 3,850 3,850 Advances to nonbank subsidiaries 1,118 1,465 Other assets 869 1,211 Total assets $ 75,422 $ 71,386 Liabilities and Shareholders’ Equity Short-term funds borrowed $ – $ 8 Long-term debt 20,924 18,602 Other liabilities 1,403 923 Shareholders’ equity 53,095 51,853 Total liabilities and shareholders’ equity $ 75,422 $ 71,386 Condensed Income Statement Year Ended December 31 (Dollars in Millions) 2020 2019 2018 Income Dividends from bank subsidiaries $ 1,500 $ 7,100 $ 5,300 Dividends from nonbank subsidiaries 24 6 6 Interest from subsidiaries 172 317 220 Other income 85 25 33 Total income 1,781 7,448 5,559 Expense Interest expense 433 551 471 Other expense 140 140 133 Total expense 573 691 604 Income before income taxes and equity in undistributed income of subsidiaries 1,208 6,757 4,955 Applicable income taxes (78 ) (92 ) (91 ) Income of parent company 1,286 6,849 5,046 Equity in undistributed income of subsidiaries 3,673 65 2,050 Net income attributable to U.S. Bancorp $ 4,959 $ 6,914 $ 7,096 Condensed Statement of Cash Flows Year Ended December 31 (Dollars in Millions) 2020 2019 2018 Operating Activities Net income attributable to U.S. Bancorp $ 4,959 $ 6,914 $ 7,096 Adjustments to reconcile net income to net cash provided by operating activities Equity in undistributed income of subsidiaries (3,673 ) (65 ) (2,050 ) Other, net 907 231 359 Net cash provided by operating activities 2,193 7,080 5,405 Investing Activities Proceeds from sales and maturities of investment securities 258 291 39 Purchases of investment securities – (1,013 ) (10 ) Net (increase) decrease in short-term advances to subsidiaries 347 578 (488 ) Long-term advances to subsidiaries – (2,600 ) (500 ) Principal collected on long-term advances to subsidiaries – 2,550 – Other, net 379 (341 ) 304 Net cash provided by (used in) investing activities 984 (535 ) (655 ) Financing Activities Net increase (decrease) in short-term borrowings (8 ) 8 (1 ) Proceeds from issuance of long-term debt 2,750 3,743 2,100 Principal payments or redemption of long-term debt (1,200 ) (1,500 ) (1,500 ) Proceeds from issuance of preferred stock 486 – 565 Proceeds from issuance of common stock 15 88 86 Repurchase of common stock (1,672 ) (4,525 ) (2,822 ) Cash dividends paid on preferred stock (300 ) (302 ) (274 ) Cash dividends paid on common stock (2,552 ) (2,443 ) (2,092 ) Net cash used in financing activities (2,481 ) (4,931 ) (3,938 ) Change in cash and due from banks 696 1,614 812 Cash and due from banks at beginning of year 11,583 9,969 9,157 Cash and due from banks at end of year $ 12,279 $ 11,583 $ 9,969 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, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 25 Subsequent Events The Company has evaluated the impact of events that have occurred subsequent to December 31, 2020 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 Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation |
Uses of Estimates | Uses of Estimates estimates |
Securities | Securities Realized gains or losses on securities are determined on a trade date basis based on the specific amortized cost of the investments sold. Trading Securities Available-for-sale Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase |
Equity Investments | Equity Investments Equity investments in entities where the Company has a significant influence (generally between 20 percent and 50 percent ownership), but does not control the entity, are accounted for using the equity method. Investments in limited partnerships and similarly structured limited liability companies where the Company’s ownership interest is greater than 5 percent are accounted for using the equity method. Equity investments not using the equity method are accounted for at fair value with changes in fair value and realized gains or losses reported in noninterest income, unless fair value is not readily determinable, in which case the investment is carried at cost subject to adjustments for any observable market transactions on the same or similar instruments of the investee. Most of the Company’s equity investments do not have readily determinable fair values. All equity investments are evaluated for impairment at least annually and more frequently if certain criteria are met. |
Loans | Loans The Company offers a broad array of lending products and categorizes its loan portfolio into two segments, which is the level at which it develops and documents a systematic methodology to determine the allowance for credit losses. The Company’s two loan portfolio segments are commercial lending and consumer lending. 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. Previously, the Company categorized loans covered under loss sharing or similar credit protection agreements with the Federal Deposit Insurance Corporation (“FDIC”), along with the related indemnification asset, in a separate covered loans segment. During 2018 the majority of these loans were sold and the loss share coverage expired. Any remaining balances were reclassified to the loan segment they would have otherwise been included in had the loss share coverage not been in place. Originated Loans Held for Investment loan and/or commitment period as yield adjustments. Purchased Loans loan-to-value Commitments to Extend Credit Allowance for Credit Losses The economic scenarios are updated at least quarterly and are designed to provide a range of reasonable estimates, both better and worse than current expectations. Scenarios are weighted based on the Company’s expectation of economic conditions for the foreseeable future and reflect significant judgment and consider uncertainties that exist The allowance recorded for credit losses utilizes forward-looking expected loss models to consider a variety of factors affecting lifetime credit losses. These factors include, but are not limited to, macroeconomic variables such as unemployment rate, real estate prices, gross domestic product levels, corporate bonds spreads and long-term interest rate forecasts, as well as loan and borrower characteristics, such as internal risk ratings on commercial loans and consumer credit scores, delinquency status, collateral type and available valuation information, consideration of end-of-term charged-off The allowance recorded for Troubled Debt Restructuring (“TDR”) 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. TDRs generally do not include loan modifications granted to customers resulting directly from the economic effects of the COVID-19 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. The Company’s methodology for determining the appropriate allowance for credit losses also considers the imprecision inherent in the methodologies used and allocated to the various loan portfolios. As a result, amounts determined under the methodologies described above, are adjusted by management to consider the potential impact of other qualitative factors not captured in the quantitative model adjustments which include, but are not limited to the following: model imprecision, imprecision in economic scenario assumptions, and emerging risks related to either changes in the environment that are affecting specific portfolios, or changes in portfolio concentrations over time that may affect model performance. The consideration of these items results in adjustments to allowance amounts included in the Company’s allowance for credit losses for each loan portfolio. The Company also assesses the credit risk associated with off-balance off-balance The results of the analysis are evaluated quarterly to confirm the estimates are appropriate for each specific loan portfolio, as well as the entire loan portfolio, as the entire allowance for credit losses is available for the entire loan portfolio. Prior to January 1, 2020, the allowance for credit losses was established based on an incurred loss model. The allowance recorded for loans in the commercial lending segment was based on the migration analysis of commercial loans and actual loss experience. The allowance recorded for loans in the consumer lending segment loans was determined on a homogenous pool basis and primarily included consideration of delinquency status and historical losses. In addition to the amounts determined under the methodologies described above, management also considered the potential impact of qualitative factors. Credit Quality For all loan portfolio 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) The Company classifies its loan portfolio classes 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, 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. Loan modifications or concessions granted to borrowers resulting directly from the effects of the COVID-19 Leases end-of-term Residual values on leased assets are reviewed regularly for impairment. Residual valuations for retail leases are based on independent assessments of expected used automobile sale prices at the end of the lease term. Impairment tests are conducted based on these valuations considering the probability of the lessee returning the asset to the Company, re-marketing end-of-term off-lease The Company, as lessee, leases certain assets for use in its operations. Leased assets primarily include retail branches, operations centers and other corporate locations, and, to a lesser extent, office and computer equipment. For each lease with an original term greater than 12 months, the Company records a lease liability and a corresponding right of use (“ROU”) asset. The Company accounts for the lease and non-lease Certain of the Company’s real estate leases include options to extend. Lease extension options are generally exercisable at market rates. Such option periods do not provide a significant incentive, and their exercise is not reasonably certain. Accordingly, the Company does not generally recognize payments occurring during option periods in the calculation of its ROU assets and lease liabilities. Other Real Estate |
Loans Held For Sale | Loans Held For Sale Loans held for sale (“LHFS”) represent mortgage loans intended to be sold in the secondary market and other loans that management has an active plan to sell. LHFS are carried at the lower-of-cost-or-fair Where an election is made to carry the LHFS at fair value, any change in fair value is recognized in noninterest income. Where an election is made to carry LHFS at lower-of-cost-or-fair |
Derivative Financial Instruments | Derivative Financial Instruments In the ordinary course of business, the Company enters into derivative transactions to manage various risks and to accommodate the business requirements of its customers. Derivative instruments are reported in other assets or other liabilities at fair value. Changes in a derivative’s fair value are recognized currently in earnings unless specific hedge accounting criteria are met. All derivative instruments that qualify and are designated for hedge accounting are recorded at fair value and classified as either a hedge of the fair value of a recognized asset or liability (“fair value hedge”); a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”); or a hedge of the volatility of a net investment in foreign operations driven by changes in foreign currency exchange rates (“net investment hedge”). Changes in the fair value of a derivative that is highly effective and designated as a fair value hedge, and the offsetting changes in the fair value of the hedged item, are recorded in earnings. Changes in the fair value of a derivative that is highly effective and designated as a cash flow hedge are recorded in other comprehensive income (loss) until cash flows of the hedged item are realized. Changes in the fair value of net investment hedges that are highly effective are recorded in other comprehensive income (loss). The Company performs an assessment, at inception and, at a minimum, quarterly thereafter, to determine the effectiveness of the derivative in offsetting changes in the value or cash flows of the hedged item(s). If a derivative designated as a cash flow hedge is terminated or ceases to be highly effective, the gain or loss in other comprehensive income (loss) is amortized to earnings over the period the forecasted hedged transactions impact earnings. If a hedged forecasted transaction is no longer probable, hedge accounting is ceased and any gain or loss included in other comprehensive income (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 Company predominately records credit and debit card revenue within the Payment Services line of business. Corporate Payment Products Revenue Merchant Processing Services point-of-sale Trust and Investment Management Fees Deposit Service Charges of business. 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 liabilities and related expense is the projected unit credit method. The projected benefit obligation is principally determined based on the present value of projected benefit distributions at an assumed discount rate. The discount rate utilized is based on the investment yield of high quality corporate bonds available in the marketplace with maturities equal to projected cash flows of future benefit payments as of the measurement date. Periodic pension expense (or income) includes service costs, interest costs based on the assumed discount rate, the expected return on plan assets based on an actuarially derived market-related value and amortization of actuarial gains and losses. Service cost is included in employee benefits expense on the Consolidated Statement of Income, with all other components of periodic pension expense included in other noninterest expense on the Consolidated Statement of Income. Pension accounting reflects the long-term nature of benefit obligations and the investment horizon of plan assets, and can have the effect of reducing earnings volatility related to short-term changes in interest rates and market valuations. Actuarial gains and losses include the impact of plan amendments and various unrecognized gains and losses which are deferred and amortized over the future service periods of active employees or the remaining life expectancies of inactive participants. The market-related value utilized to determine the expected return on plan assets is based on fair value adjusted for the difference between expected returns and actual performance of plan assets. The unrealized difference between actual experience and expected returns is included in expense over a period of approximately 15 years for active employees and approximately 30 years for inactive participants. The overfunded or underfunded status of each plan is recorded as an asset or liability on the Consolidated Balance Sheet, with changes in that status recognized through other comprehensive income (loss). |
Premises and Equipment | Premises and Equipment The Company, as lessee, records an ROU asset for each lease with an original term greater than 12 months. ROU assets are included in premises and equipment, with the corresponding lease liabilities included in long-term debt and other liabilities. |
Capitalized Software | Capitalized Software internal-use |
Stock-Based Compensation | Stock-Based Compensation |
Per Share Calculations | Per Share Calculations two-class two-class |
Accounting Changes | Financial Instruments—Credit Losses instruments portfolios where the allowance for loan losses had not previously considered the full term of the loans. The Company has elected to defer the impact of the effect of the guidance at adoption plus 25 percent of its quarterly credit reserve increases over the next two years on its The adoption of this guidance did not have a material impact on the Company’s available-for-sale Reference Interest Rate Transition |
Accounting for Transfers and Servicing of Financial Assets | |
Variable Interest Entities | The Company is not required to consolidate VIEs in which it has concluded it does not have a controlling financial interest, and thus is not the primary beneficiary. In such cases, the Company does not have both the power to direct the entities’ most significant activities and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIEs. The Company’s investments in these unconsolidated VIEs are carried in other assets on the Consolidated Balance Sheet. The Company’s unfunded capital and other commitments related to these unconsolidated VIEs are generally carried in other liabilities on the Consolidated Balance Sheet. The Company’s maximum exposure to loss from these unconsolidated VIEs include the investment recorded on the Company’s Consolidated Balance Sheet, net of unfunded capital commitments, and previously recorded tax credits which remain subject to recapture by taxing authorities based on compliance features required to be met at the project level. While the Company believes potential losses from these investments are remote, the maximum exposure was determined by assuming a scenario where the community-based business and housing projects completely fail and do not meet certain government compliance requirements resulting in recapture of the related tax credits. |
Netting Arrangements for Certain Financial Instruments | The Company’s derivative portfolio consists of bilateral over-the-counter trades, certain interest rate derivatives and credit contracts required to be centrally cleared through clearinghouses per current regulations, and exchange-traded positions which may include U.S. Treasury and Eurodollar futures or options on U.S. Treasury futures.The Company’s derivative contracts typically include offsetting rights (referred to as netting arrangements), and depending on expected volume, credit risk, and counterparty preference, collateral maintenance may be required. For all derivatives under collateral support arrangements, fair value is determined daily and, depending on the collateral maintenance requirements, the Company and a counterparty may receive or deliver collateral, based upon the net fair value of all derivative positions between the Company and the counterparty. Collateral is typically cash, but securities may be allowed under collateral arrangements with certain counterparties. Receivables and payables related to cash collateral are included in other assets and other liabilities on the Consolidated Balance Sheet, along with the related derivative asset and liability fair values. Any securities pledged to counterparties as collateral remain on the Consolidated Balance Sheet. Securities received from counterparties as collateral are not recognized on the Consolidated Balance Sheet, unless the counterparty defaults. In general, securities used as collateral can be sold, repledged or otherwise used by the party in possession. No restrictions exist on the use of cash collateral by either party. Refer to Note 19 for further discussion of the Company’s derivatives, including collateral arrangements. As part of the Company’s treasury and broker-dealer operations, the Company executes transactions that are treated as securities sold under agreements to repurchase or securities purchased under agreements to resell, both of which are accounted for as collateralized financings. Securities sold under agreements to repurchase include repurchase agreements and securities loaned transactions. Securities purchased under agreements to resell include reverse repurchase agreements and securities borrowed transactions. For securities sold under agreements to repurchase, the Company records a liability for the cash received, which is included in short-term borrowings on the Consolidated Balance Sheet. For securities purchased under agreements to resell, the Company records a receivable for the cash paid, which is included in other assets on the Consolidated Balance Sheet. Securities transferred to counterparties under repurchase agreements and securities loaned transactions continue to be recognized on the Consolidated Balance Sheet, are measured at fair value, and are included in investment securities or other assets. Securities received from counterparties under reverse repurchase agreements and securities borrowed transactions are not recognized on the Consolidated Balance Sheet unless the counterparty defaults. The securities transferred under repurchase and reverse repurchase transactions typically are U.S. Treasury and agency securities, residential agency mortgage-backed securities or corporate debt securities. The securities loaned or borrowed typically are corporate debt securities traded by the Company’s broker-dealer subsidiary. In general, the securities transferred can be sold, repledged or otherwise used by the party in possession. No restrictions exist on the use of cash collateral by either party. Repurchase/reverse repurchase and securities loaned/borrowed transactions expose the Company to counterparty risk. The Company manages this risk by performing assessments, independent of business line managers, and establishing concentration limits on each counterparty. Additionally, these transactions include collateral arrangements that require the fair values of the underlying securities to be determined daily, resulting in cash being obtained or refunded to counterparties to maintain specified collateral levels. The Company executes its derivative, repurchase/reverse repurchase and securities loaned/borrowed transactions under the respective industry standard agreements. These agreements include master netting arrangements that allow for multiple contracts executed with the same counterparty to be viewed as a single arrangement. This allows for net settlement of a single amount on a daily basis. In the event of default, the master netting arrangement provides for close-out netting, which allows all of these positions with the defaulting counterparty to be terminated and net settled with a single payment amount. The Company has elected to offset the assets and liabilities under netting arrangements for the balance sheet presentation of the majority of its derivative counterparties. 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 and certain derivative contracts. |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities Available-for-Sale | The amortized cost, gross unrealized holding gains and losses, and fair value of available-for-sale 2020 2019 (Dollars in Millions) Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair U.S. Treasury and agencies $ 21,954 $ 462 $ (25 ) $ 22,391 $ 19,845 $ 61 $ (67 ) $ 19,839 Mortgage-backed securities Residential agency 98,031 1,950 (13 ) 99,968 93,903 557 (349 ) 94,111 Commercial agency 5,251 170 (15 ) 5,406 1,482 – (29 ) 1,453 Asset-backed securities 200 5 – 205 375 8 – 383 Obligations of state and political subdivisions 8,166 695 – 8,861 6,499 318 (3 ) 6,814 Other 9 – – 9 13 – – 13 Total available-for-sale $ 133,611 $ 3,282 $ (53 ) $ 136,840 $ 122,117 $ 944 $ (448 ) $ 122,613 |
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) 2020 2019 2018 Taxable $ 2,201 $ 2,680 $ 2,396 Non-taxable 227 213 220 Total interest income from investment securities $ 2,428 $ 2,893 $ 2,616 |
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) 2020 2019 2018 Realized gains $ 200 $ 99 $ 30 Realized losses (23 ) (26 ) – Net realized gains (losses) $ 177 $ 73 $ 30 Income tax (benefit) on net realized gains (losses) $ 45 $ 18 $ 7 |
Gross Unrealized Losses and Fair Value of Company's Investment Securities | available-for-sale Less Than 12 Months 12 Months or Greater Total (Dollars in Millions) Fair Unrealized Fair Unrealized Fair Unrealized U.S. Treasury and agencies $ 3,144 $ (25 ) $ – $ – $ 3,144 $ (25 ) Residential agency mortgage-backed securities 2,748 (11 ) 1,028 (2 ) 3,776 (13 ) Commercial agency mortgage-backed securities 1,847 (15 ) – – 1,847 (15 ) Asset-backed securities – – 2 – 2 – Obligations of state and political subdivisions 2 – – – 2 – Other 6 – – – 6 – Total investment securities $ 7,747 $ (51 ) $ 1,030 $ (2 ) $ 8,777 $ (53 ) |
Investment Securities | The following table provides information about the amortized cost, fair value and yield by maturity date of the available-for-sale (Dollars in Millions) Amortized Fair Value Weighted- Average Maturity in Years Weighted- (e) U.S. Treasury and Agencies Maturing in one year or less $ 5,069 $ 5,101 .5 1.53 % Maturing after one year through five years 10,491 10,740 2.5 1.29 Maturing after five years through ten years 5,874 6,034 8.2 1.39 Maturing after ten years 520 516 12.5 1.52 Total $ 21,954 $ 22,391 3.8 1.37 % Mortgage-Backed Securities (a) Maturing in one year or less $ 682 $ 688 .6 1.54 % Maturing after one year through five years 90,156 92,059 2.5 1.48 Maturing after five years through ten years 12,425 12,607 6.9 1.44 Maturing after ten years 19 20 12.2 1.31 Total $ 103,282 $ 105,374 3.0 1.47 % Asset-Backed Securities (a) Maturing in one year or less $ – $ – – .52 % Maturing after one year through five years 3 4 3.0 1.91 Maturing after five years through ten years 197 200 6.2 1.46 Maturing after ten years – 1 14.2 2.41 Total $ 200 $ 205 6.2 1.47 % Obligations of State and Political Subdivisions (b) (c) Maturing in one year or less $ 115 $ 117 .5 4.44 % Maturing after one year through five years 1,245 1,327 3.2 4.43 Maturing after five years through ten years 6,779 7,386 7.0 3.90 Maturing after ten years 27 31 10.9 3.88 Total $ 8,166 $ 8,861 6.3 3.99 % Other Maturing in one year or less $ 9 $ 9 .1 1.81 % Maturing after one year through five years – – – – Maturing after five years through ten years – – – – Maturing after ten years – – – – Total $ 9 $ 9 .1 1.81 % Total investment securities (d) $ 133,611 $ 136,840 3.4 1.61 % (a) Information related to asset and mortgage-backed securities included above is presented based upon weighted-average maturities that take into account anticipated future prepayments. (b) Information related to obligations of state and political subdivisions is presented based upon yield to first optional call date if the security is purchased at a premium, and yield to maturity if the security is purchased at par or a discount. (c) Maturity calculations for obligations of state and political subdivisions are based on the first optional call date for securities with a fair value above par and the contractual maturity date for securities with a fair value equal to or below par. (d) The weighted-average maturity of total available-for-sale (e) Weighted-average yields for obligations of state and political subdivisions are presented on a fully-taxable equivalent basis based on a federal income tax rate of 21 percent. Yields on investment securities are computed based on amortized cost balances. |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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) 2020 2019 Commercial Commercial $ 97,315 $ 98,168 Lease financing 5,556 5,695 Total commercial 102,871 103,863 Commercial Real Estate Commercial mortgages 28,472 29,404 Construction and development 10,839 10,342 Total commercial real estate 39,311 39,746 Residential Mortgages Residential mortgages 66,525 59,865 Home equity loans, first liens 9,630 10,721 Total residential mortgages 76,155 70,586 Credit Card 22,346 24,789 Other Retail Retail leasing 8,150 8,490 Home equity and second mortgages 12,472 15,036 Revolving credit 2,688 2,899 Installment 13,823 11,038 Automobile 19,722 19,435 Student 169 220 Total other retail 57,024 57,118 Total loans $ 297,707 $ 296,102 |
Activity in Allowance for Credit Losses by Portfolio Class | Activity in the allowance for credit losses by portfolio class was as follows: (Dollars in Millions) Commercial Commercial Residential Credit Other Covered Total Balance at December 31, 2019 $ 1,484 $ 799 $ 433 $ 1,128 $ 647 $ – $ 4,491 Add Change in accounting principle (a) 378 (122 ) (30 ) 872 401 – 1,499 Provision for credit losses 1,074 1,054 158 1,184 336 – 3,806 Deduct Loans charged-off 575 210 19 975 401 – 2,180 Less recoveries of loans charged-off (62 ) (23 ) (31 ) (146 ) (132 ) – (394 ) Net loans charged-off 513 187 (12 ) 829 269 – 1,786 Balance at December 31, 2020 $ 2,423 $ 1,544 $ 573 $ 2,355 $ 1,115 $ – $ 8,010 Balance at December 31, 2018 $ 1,454 $ 800 $ 455 $ 1,102 $ 630 $ – $ 4,441 Add Provision for credit losses 315 13 (19 ) 919 276 – 1,504 Deduct Loans charged-off 399 21 34 1,028 385 – 1,867 Less recoveries of loans charged-off (114 ) (7 ) (31 ) (135 ) (126 ) – (413 ) Net loans charged-off 285 14 3 893 259 – 1,454 Balance at December 31, 2019 $ 1,484 $ 799 $ 433 $ 1,128 $ 647 $ – $ 4,491 Balance at December 31, 2017 $ 1,372 $ 831 $ 449 $ 1,056 $ 678 $ 31 $ 4,417 Add Provision for credit losses 333 (50 ) 23 892 211 (30 ) 1,379 Deduct Loans charged-off 350 9 48 970 383 – 1,760 Less recoveries of loans charged-off (99 ) (28 ) (31 ) (124 ) (124 ) – (406 ) Net loans charged-off 251 (19 ) 17 846 259 – 1,354 Other changes – – – – – (1 ) (1 ) Balance at December 31, 2018 $ 1,454 $ 800 $ 455 $ 1,102 $ 630 $ – $ 4,441 (a) Effective January 1, 2020, the Company adopted accounting guidance which changed impairment recognition of financial instruments to a model that is based on expected losses rather than incurred losses. |
Summary of Loans by Portfolio Class, Including Delinquency Status of those that Continue to Accrue Interest and are Nonperforming | The following table provides a summary of loans by portfolio class, including the delinquency status of those that continue to accrue interest, and those that are nonperforming: Accruing (Dollars in Millions) Current 30-89 Days 90 Days or Nonperforming (b) Total December 31, 2020 Commercial $ 102,127 $ 314 $ 55 $ 375 $ 102,871 Commercial real estate 38,676 183 2 450 39,311 Residential mortgages (a) 75,529 244 137 245 76,155 Credit card 21,918 231 197 – 22,346 Other retail 56,466 318 86 154 57,024 Total loans $ 294,716 $ 1,290 $ 477 $ 1,224 $ 297,707 December 31, 2019 Commercial $ 103,273 $ 307 $ 79 $ 204 $ 103,863 Commercial real estate 39,627 34 3 82 39,746 Residential mortgages (a) 70,071 154 120 241 70,586 Credit card 24,162 321 306 – 24,789 Other retail 56,463 393 97 165 57,118 Total loans $ 293,596 $ 1,209 $ 605 $ 692 $ 296,102 (a) At December 31, 2020, $1.4 billion of loans 30–89 days past due and $1.8 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 $428 million and $1.7 billion at December 31, 2019, respectively. (b) Substantially all nonperforming loans at December 31, 2020 and 2019, had an associated allowance for credit losses. The Company recognized interest income on nonperforming loans of $23 million and $24 million for the years ended December 31, 2020 and 2019, respectively, compared to what would have been recognized at the original contractual terms of the loans of $45 million and $43 million, 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: December 31, 2020 December 31, 2019 Criticized Criticized (Dollars in Millions) Pass Special Classified (a) Total Total Pass Special Classified (a) Total Total Commercial Originated in 2020 $ 34,557 $ 1,335 $ 1,753 $ 3,088 $ 37,645 $ – $ – $ – $ – $ – Originated in 2019 17,867 269 349 618 18,485 33,550 174 222 396 33,946 Originated in 2018 12,349 351 176 527 12,876 21,394 420 136 556 21,950 Originated in 2017 5,257 117 270 387 5,644 10,464 165 97 262 10,726 Originated in 2016 2,070 81 26 107 2,177 4,984 10 37 47 5,031 Originated prior to 2016 2,884 47 89 136 3,020 5,151 86 96 182 5,333 Revolving 22,445 299 280 579 23,024 26,307 292 278 570 26,877 Total commercial 97,429 2,499 2,943 5,442 102,871 101,850 1,147 866 2,013 103,863 Commercial real estate Originated in 2020 9,446 461 1,137 1,598 11,044 – – – – – Originated in 2019 9,514 454 1,005 1,459 10,973 12,976 108 108 216 13,192 Originated in 2018 6,053 411 639 1,050 7,103 9,455 71 56 127 9,582 Originated in 2017 2,650 198 340 538 3,188 5,863 99 64 163 6,026 Originated in 2016 2,005 132 140 272 2,277 3,706 117 60 177 3,883 Originated prior to 2016 2,757 108 169 277 3,034 4,907 78 101 179 5,086 Revolving 1,445 9 238 247 1,692 1,965 11 1 12 1,977 Total commercial real estate 33,870 1,773 3,668 5,441 39,311 38,872 484 390 874 39,746 Residential mortgages (b) Originated in 2020 23,262 1 3 4 23,266 – – – – – Originated in 2019 13,969 1 17 18 13,987 18,819 2 1 3 18,822 Originated in 2018 5,670 1 22 23 5,693 9,204 – 11 11 9,215 Originated in 2017 6,918 1 24 25 6,943 9,605 – 21 21 9,626 Originated in 2016 8,487 2 32 34 8,521 11,378 – 29 29 11,407 Originated prior to 2016 17,434 – 310 310 17,744 21,168 – 348 348 21,516 Revolving 1 – – – 1 – – – – – Total residential mortgages 75,741 6 408 414 76,155 70,174 2 410 412 70,586 Credit card (c) 22,149 – 197 197 22,346 24,483 – 306 306 24,789 Other retail Originated in 2020 17,589 – 7 7 17,596 – – – – – Originated in 2019 11,605 – 23 23 11,628 15,907 – 11 11 15,918 Originated in 2018 6,814 – 27 27 6,841 10,131 – 23 23 10,154 Originated in 2017 3,879 – 22 22 3,901 7,907 – 28 28 7,935 Originated in 2016 1,825 – 11 11 1,836 3,679 – 20 20 3,699 Originated prior to 2016 1,906 – 18 18 1,924 3,274 – 28 28 3,302 Revolving 12,647 – 110 110 12,757 15,509 10 138 148 15,657 Revolving converted to term 503 – 38 38 541 418 – 35 35 453 Total other retail 56,768 – 256 256 57,024 56,825 10 283 293 57,118 Total loans $ 285,957 $ 4,278 $ 7,472 $ 11,750 $ 297,707 $ 292,204 $ 1,643 $ 2,255 $ 3,898 $ 296,102 Total outstanding commitments $ 627,606 $ 8,772 $ 9,374 $ 18,146 $ 645,752 $ 619,224 $ 2,451 $ 2,873 $ 5,324 $ 624,548 Note: Year of origination is based on the origination date of a loan or the date when the maturity date, pricing or commitment amount is amended. (a) Classified rating on consumer loans primarily based on delinquency status. (b) At December 31, 2020, $1.8 billion of GNMA loans 90 days or more past due and $1.4 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 $1.7 billion and $1.6 billion at December 31, 2019, respectively. (c) All credit card loans are considered revolving loans. |
Summary of Loans Modified as TDRs | The following table provides a summary of loans modified as TDRs for the years ended December 31, by portfolio class: (Dollars in Millions) Number Pre-Modification Balance Post- 2020 Commercial 3,423 $ 628 $ 493 Commercial real estate 149 262 218 Residential mortgages 1,176 402 401 Credit card 23,549 135 136 Other retail 4,027 117 114 Total loans, excluding loans purchased from GNMA mortgage pools 32,324 1,544 1,362 Loans purchased from GNMA mortgage pools 4,630 667 659 Total loans 36,954 $ 2,211 $ 2,021 2019 Commercial 3,445 $ 376 $ 359 Commercial real estate 136 129 125 Residential mortgages 417 55 54 Credit card 34,247 185 186 Other retail 2,952 63 61 Total loans, excluding loans purchased from GNMA mortgage pools 41,197 808 785 Loans purchased from GNMA mortgage pools 6,257 856 827 Total loans 47,454 $ 1,664 $ 1,612 2018 Commercial 2,824 $ 336 $ 311 Commercial real estate 127 168 169 Residential mortgages 526 73 69 Credit card 33,318 169 171 Other retail 2,462 58 55 Covered Loans 3 1 1 Total loans, excluding loans purchased from GNMA mortgage pools 39,260 805 776 Loans purchased from GNMA mortgage pools 6,268 821 803 Total loans 45,528 $ 1,626 $ 1,579 |
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 2020 Commercial 1,148 $ 80 Commercial real estate 50 30 Residential mortgages 38 5 Credit card 6,688 35 Other retail 307 4 Total loans, excluding loans purchased from GNMA mortgage pools 8,231 154 Loans purchased from GNMA mortgage pools 498 66 Total loans 8,729 $ 220 2019 Commercial 1,040 $ 46 Commercial real estate 36 24 Residential mortgages 137 15 Credit card 8,273 40 Other retail 380 10 Total loans, excluding loans purchased from GNMA mortgage pools 9,866 135 Loans purchased from GNMA mortgage pools 997 131 Total loans 10,863 $ 266 2018 Commercial 836 $ 71 Commercial real estate 39 15 Residential mortgages 191 18 Credit card 8,012 35 Other retail 334 5 Covered loans 1 – Total loans, excluding loans purchased from GNMA mortgage pools 9,413 144 Loans purchased from GNMA mortgage pools 1,447 187 Total loans 10,860 $ 331 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Components of Net Investment in Sales-Type and Direct Financing Leases | The components of the net investment in sales (Dollars in Millions) 2020 2019 Lease receivables $ 11,890 $ 12,324 Unguaranteed residual values accruing to the lessor’s benefit 1,787 1,834 Total net investment in sales-type and direct financing leases $ 13,677 $ 14,158 |
Contractual Future Lease Payments to be Received | The contractual future lease payments to be received by the Company, at December 31, 2020, were as follows: (Dollars in Millions) Sales-type and Operating leases 2021 $ 4,288 $ 153 2022 3,664 121 2023 2,816 83 2024 1,210 56 2025 307 38 Thereafter 496 17 Total lease payments 12,781 $ 468 Amounts representing interest (891 ) Lease receivables $ 11,890 |
Summary of Amounts Relevant to Company's Assets Leased for Use in its Operations | The following table presents amounts relevant to the Company’s assets leased for use in its operations for the years ended December 31: (Dollars in Millions) 2020 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 305 $ 302 Operating cash flows from finance leases 6 7 Financing cash flows from finance leases 12 10 Right of use assets obtained in exchange for new operating lease liabilities 128 134 Right of use assets obtained in exchange for new finance lease liabilities 6 10 |
Summary of Weighted-Average Remaining Lease Terms and Discount Rates | The following table presents the weighted-average remaining lease terms and discount 2020 2019 Weighted-average remaining lease term of operating leases (in years) 7.0 7.4 Weighted-average remaining lease term of finance leases (in years) 9.6 10.7 Weighted-average discount rate of operating leases 3.0 % 3.2 % Weighted-average discount rate of finance leases 12.5 % 14.3 % |
Schedule of Contractual Future Lease Obligations | The contractual future lease obligations of the Company at December 31, 2020, were as follows: (Dollars in Millions) Operating leases Finance leases 2021 $ 290 $ 18 2022 254 15 2023 209 15 2024 155 13 2025 111 11 Thereafter 344 29 Total lease payments 1,363 101 Amounts representing interest (129 ) (25 ) Lease liabilities $ 1,234 $ 76 |
Accounting for Transfers and _2
Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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) 2020 2019 Investment carrying amount $ 5,378 $ 6,148 Unfunded capital and other commitments 2,334 2,938 Maximum exposure to loss 11,219 12,118 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | Premises and equipment at December 31 consisted of the following (Dollars in Millions) 2020 2019 Land $ 487 $ 504 Buildings and improvements 3,519 3,513 Furniture, fixtures and equipment 3,439 3,366 Right of use assets on operating leases 1,038 1,141 Right of use assets on finance leases 110 111 Construction in progress 25 21 8,618 8,656 Less accumulated depreciation and amortization (5,150 ) (4,954 ) Total $ 3,468 $ 3,702 |
Mortgage Servicing Rights (Tabl
Mortgage Servicing Rights (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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) 2020 2019 2018 Balance at beginning of period $ 2,546 $ 2,791 $ 2,645 Rights purchased 34 20 8 Rights capitalized 1,030 559 397 Rights sold (a) 3 5 (27 ) Changes in fair value of MSRs Due to fluctuations in market interest rates (b) (719 ) (390 ) 98 Due to revised assumptions or models (c) (12 ) 23 56 Other changes in fair value (d) (672 ) (462 ) (386 ) Balance at end of period $ 2,210 $ 2,546 $ 2,791 (a) MSRs sold include those having a negative fair value, resulting from the loans being severely delinquent. (b) Includes changes in MSR value associated with changes in market interest rates, including estimated prepayment rates and anticipated earnings on escrow deposits. (c) Includes changes in MSR value not caused by changes in market interest rates, such as changes in assumed cost to service, ancillary income and option adjusted spread, as well as the impact of any model changes. (d) Primarily the change in MSR value from passage of time and cash flows realized (decay), but also includes the impact of changes to expected cash flows not associated with changes in market interest rates, such as the impact of deliquencies. |
Sensitivity to Changes in Interest Rates of the Fair Value of MSR Portfolio and Related Derivative Instruments | The estimated sensitivity to changes in interest rates of the fair value of the MSR portfolio and the related derivative instruments as of December 31 follows: 2020 2019 (Dollars in Millions) Down Down Down Up Up Up Down Down Down Up Up Up MSR portfolio $ (442 ) $ (271 ) $ (150 ) $ 169 $ 343 $ 671 $ (663 ) $ (316 ) $ (153 ) $ 141 $ 269 $ 485 Derivative instrument hedges 523 281 145 (149 ) (304 ) (625 ) 613 306 152 (143 ) (279 ) (550 ) Net sensitivity $ 81 $ 10 $ (5 ) $ 20 $ 39 $ 46 $ (50 ) $ (10 ) $ (1 ) $ (2 ) $ (10 ) $ (65 ) |
MSRs and Related Characteristics by Portfolio | A summary of the Company’s MSRs and related characteristics by portfolio as of December 31 follows: 2020 2019 (Dollars in Millions) HFA Government Conventional (d) Total HFA Government Conventional (d) Total Servicing portfolio (a) $ 40,396 $ 25,474 $ 143,085 $ 208,955 $ 44,906 $ 35,302 $ 143,310 $ 223,518 Fair value $ 406 $ 261 $ 1,543 $ 2,210 $ 486 $ 451 $ 1,609 $ 2,546 Value (bps) (b) 101 102 108 106 108 128 112 114 Weighted-average servicing fees (bps) 35 40 30 32 34 39 28 31 Multiple (value/servicing fees) 2.87 2.56 3.55 3.26 3.15 3.29 4.00 3.67 Weighted-average note rate 4.43 % 3.91 % 3.78 % 3.92 % 4.65 % 3.99 % 4.07 % 4.17 % Weighted-average age (in years) 3.8 5.6 4.2 4.3 3.7 4.9 4.8 4.6 Weighted-average expected prepayment (constant prepayment rate) 14.1 % 18.0 % 13.8 % 14.4 % 12.2 % 13.7 % 12.2 % 12.4 % Weighted-average expected life (in years) 5.6 4.3 5.5 5.4 6.5 5.7 5.9 6.0 Weighted-average option adjusted spread (c) 7.7 % 7.3 % 6.2 % 6.6 % 8.4 % 7.9 % 6.9 % 7.3 % (a) Represents principal balance of mortgages having corresponding MSR asset. (b) Calculated as fair value divided by the servicing portfolio. (c) Option adjusted spread is the incremental spread added to the risk-free rate to reflect optionality and other risk inherent in the MSRs. (d) Represents loans sold primarily to GSEs. |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible assets consisted of the following: Estimated (a) Amortization (b) Balance At December 31 (Dollars in Millions) 2020 2019 Goodwill (c) $ 9,918 $ 9,655 Merchant processing contracts 6 years/7 SL/AC 235 225 Core deposit benefits 22 SL/AC 64 82 Mortgage servicing rights (c) 2,210 2,546 Trust relationships 10 SL/AC 19 27 Other identified intangibles 6 SL/AC 336 343 Total $ 12,782 $ 12,878 (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) 2020 2019 2018 Merchant processing contracts $ 49 $ 45 $ 24 Core deposit benefits 18 22 26 Trust relationships 9 10 11 Other identified intangibles 100 91 100 Total $ 176 $ 168 $ 161 |
Estimated Amortization Expense | The estimated amortization expense for the next five years is as follows: (Dollars in Millions) 2021 $ 149 2022 137 2023 98 2024 77 2025 52 |
Changes in Carrying Value of Goodwill | The following table reflects the changes in the carrying value of goodwill for the years ended December 31, 2020, 2019 and 2018: (Dollars in Millions) Corporate and Consumer and Wealth Management Payment Treasury and Consolidated Balance at December 31, 2017 $ 1,647 $ 3,681 $ 1,569 $ 2,537 $ – $ 9,434 Goodwill acquired – – – 105 – 105 Disposal – (155 ) – – – (155 ) Foreign exchange translation and other – (51 ) 49 (13 ) – (15 ) Balance at December 31, 2018 $ 1,647 $ 3,475 $ 1,618 $ 2,629 $ – $ 9,369 Goodwill acquired – – – 285 – 285 Foreign exchange translation and other – – (1 ) 2 — 1 Balance at December 31, 2019 $ 1,647 $ 3,475 $ 1,617 $ 2,916 $ – $ 9,655 Goodwill acquired – – – 180 – 180 Foreign exchange translation and other – – 2 81 – 83 Balance at December 31, 2020 $ 1,647 $ 3,475 $ 1,619 $ 3,177 $ – $ 9,918 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Banking and Thrift, Interest [Abstract] | |
Composition of Deposits | The composition of deposits at December 31 was as follows: (Dollars in Millions) 2020 2019 Noninterest-bearing deposits $ 118,089 $ 75,590 Interest-bearing deposits Interest checking 95,894 75,949 Money market savings 128,058 120,082 Savings accounts 57,035 47,401 Time deposits 30,694 42,894 Total interest-bearing deposits 311,681 286,326 Total deposits $ 429,770 $ 361,916 |
Maturities of Time Deposits Outstanding | The maturities of time deposits outstanding at December 31, 2020 were as follows: (Dollars in Millions) 2021 $ 23,808 2022 3,751 2023 1,314 2024 1,351 2025 468 Thereafter 2 Total $ 30,694 |
Short-Term Borrowings (Tables)
Short-Term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Summary of Short-Term Borrowings | The following table is a summary of short-term borrowings for the last three years: 2020 2019 2018 (Dollars in Millions) Amount Rate Amount Rate Amount Rate At year-end Federal funds purchased $ 777 . 08 % $ 828 1.45 % $ 458 2.05 % Securities sold under agreements to repurchase 1,430 . 16 1,165 1.41 2,582 2.20 Commercial paper 6,007 . 01 7,576 1.07 6,940 1.35 Other short-term borrowings 3,552 1.51 14,154 1.94 4,159 2.68 Total $ 11,766 . 49 % $ 23,723 1.62 % $ 14,139 1.92 % Average for the year Federal funds purchased $ 1,660 . 35 % $ 1,457 1.94 % $ 1,070 1.70 % Securities sold under agreements to repurchase 1,686 . 50 1,770 2.00 2,279 1.87 Commercial paper 8,141 . 26 8,186 1.45 6,929 . 94 Other short-term borrowings 7,695 1.41 6,724 2.78 11,512 2.27 Total $ 19,182 . 75 % $ 18,137 2.04 % $ 21,790 1.78 % Maximum month-end Federal funds purchased $ 2,811 $ 3,629 $ 4,532 Securities sold under agreements to repurchase 2,183 2,755 3,225 Commercial paper 9,514 9,431 7,846 Other short-term borrowings 20,569 14,154 16,588 (a) Interest and rates are presented on a fully taxable-equivalent basis utilizing a tax rate of 21 percent. |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 Rate (a) Maturity Date 2020 2019 U.S. Bancorp (Parent Company) Subordinated notes Fixed 2.950 % 2022 $ 1,300 $ 1,300 Fixed 3.600 % 2024 1,000 1,000 Fixed 7.500 % 2026 199 199 Fixed 3.100 % 2026 1,000 1,000 Fixed 3.000 % 2029 1,000 1,000 Medium-term notes Fixed .850 % 202 2030 15,492 13,820 Floating . 855 % 2022 250 250 Other (b) 683 33 Subtotal 20,924 18,602 Subsidiaries Federal Home Loan Bank advances Fixed 1.250 8.250 % 2021 2026 1,003 1,106 Floating . 474 765 % 2022 2026 3,272 3,272 Bank notes Fixed 1.800% - 3.450 % 2021 2025 9,100 9,550 Floating – 653 % 2021 2059 5,888 6,789 Other (c) 1,110 848 Subtotal 20,373 21,565 Total $ 41,297 $ 40,167 (a) Weighted-average interest rates of medium-term notes, Federal Home Loan Bank advances and bank notes were 2.61 percent, 1.12 percent and 1.83 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, 2020, were: (Dollars in Millions) Parent Consolidated 2021 $ 1,509 $ 7,266 2022 3,855 8,610 2023 – 2,870 2024 5,913 5,933 2025 2,283 5,888 Thereafter 7,364 10,730 Total $ 20,924 $ 41,297 |
Shareholder' Equity (Tables)
Shareholder' Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Federal Home Loan Banks [Abstract] | |
Number of Shares Issued and Outstanding and Carrying Amount of Preferred Stock | The number of shares issued and outstanding and the carrying amount of each outstanding series of the Company’s preferred stock were as follows: 2020 2019 At December 31 (Dollars in Millions) Shares Liquidation Discount Carrying Shares Liquidation Discount Carrying Series A 12,510 $ 1,251 $ 145 $ 1,106 12,510 $ 1,251 $ 145 $ 1,106 Series B 40,000 1,000 – 1,000 40,000 1,000 – 1,000 Series F 44,000 1,100 12 1,088 44,000 1,100 12 1,088 Series H – – – – 20,000 500 13 487 Series I 30,000 750 5 745 30,000 750 5 745 Series J 40,000 1,000 7 993 40,000 1,000 7 993 Series K 23,000 575 10 565 23,000 575 10 565 Series L 20,000 500 14 486 – – – – Total preferred stock (a) 209,510 $ 6,176 $ 193 $ 5,983 209,510 $ 6,176 $ 192 $ 5,984 (a) The par value of all shares issued and outstanding at December 31, 2020 and 2019, 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 2020 31 $ 1,661 2019 81 4,515 2018 54 2,844 |
Reconciliation of Transactions Affecting Accumulated Other Comprehensive Income (Loss) Included in Shareholders' Equity | The reconciliation of the transactions affecting accumulated other comprehensive income (loss) included in shareholders’ equity for the years ended December 31, is as follows: (Dollars in Millions) Unrealized Gains Available-For-Sale Unrealized Gains From Available-For-Sale Held-To-Maturity Unrealized Gains Unrealized Gains Foreign Currency Total 2020 Balance at beginning of period $ 379 $ – $ (51 ) $ (1,636 ) $ (65 ) $ (1,373 ) Changes in unrealized gains and losses 2,905 – (194 ) (401 ) – 2,310 Foreign currency translation adjustment (a) – – – – 2 2 Reclassification to earnings of realized gains and losses (177 ) – 10 125 — (42 ) Applicable income taxes (690 ) – 46 70 (1 ) (575 ) Balance at end of period $ 2,417 $ – $ (189 ) $ (1,842 ) $ (64 ) $ 322 2019 Balance at beginning of period $ (946 ) $ 14 $ 112 $ (1,418 ) $ (84 ) $ (2,322 ) Changes in unrealized gains and losses 1,693 – (229 ) (380 ) – 1,084 Unrealized gains and losses on held-to-maturity available-for-sale 150 (9 ) – – – 141 Foreign currency translation adjustment (a) – – – – 26 26 Reclassification to earnings of realized gains and losses (73 ) (7 ) 11 89 – 20 Applicable income taxes (445 ) 2 55 73 (7 ) (322 ) Balance at end of period $ 379 $ – $ (51 ) $ (1,636 ) $ (65 ) $ (1,373 ) 2018 Balance at beginning of period $ (357 ) $ 17 $ 71 $ (1,066 ) $ (69 ) $ (1,404 ) Revaluation of tax related balances (b) (77 ) 4 15 (229 ) (13 ) (300 ) Changes in unrealized gains and losses (656 ) – 39 (302 ) – (919 ) Foreign currency translation adjustment (a) – – – – 3 3 Reclassification to earnings of realized gains and losses (30 ) (9 ) (5 ) 137 – 93 Applicable income taxes 174 2 (8 ) 42 (5 ) 205 Balance at end of period $ (946 ) $ 14 $ 112 $ (1,418 ) $ (84 ) $ (2,322 ) (a) Represents the impact of changes in foreign currency exchange rates on the Company’s investment in foreign operations and related hedges. (b) Reflects the adoption of new accounting guidance on January 1, 2018 to reclassify the impact of the reduced federal statutory rate for corporations included in 2017 tax reform legislation from accumulated other comprehensive income to retained earnings. |
Impact to Net Income for Items Reclassified out of Accumulated Other Comprehensive Income and into Earnings | Additional detail about the impact to net income for items reclassified out of accumulated other comprehensive income (loss) and into earnings for the years ended December 31, is as follows: Impact to Net Income Affected Line Item in the (Dollars in Millions) 2020 2019 2018 Unrealized gains (losses) on investment securities available-for-sale Realized gains (losses) on sale of investment securities $ 177 $ 73 $ 30 Securities gains (losses), net (45 ) (18 ) (7 ) Applicable income taxes 132 55 23 Net-of-tax Unrealized gains (losses) on investment securities transferred from available-for-sale held-to-maturity Amortization of unrealized gains – 7 9 Interest income – (2 ) (2 ) Applicable income taxes – 5 7 Net-of-tax Unrealized gains (losses) on derivative hedges Realized gains (losses) on derivative hedges (10 ) (11 ) 5 Interest expense 3 3 (2 ) Applicable income taxes (7 ) (8 ) 3 Net-of-tax Unrealized gains (losses) on retirement plans Actuarial gains (losses) and prior service cost (credit) amortization (125 ) (89 ) (137 ) Other noninterest expense 32 22 35 Applicable income taxes (93 ) (67 ) (102 ) Net-of-tax Total impact to net income $ 32 $ (15 ) $ (69 ) |
Components of regulatory capital and summary of regulatory capital requirements and ratios | The following table provides a summary of the regulatory capital requirements in effect, along with the actual components and ratios for the Company and its bank subsidiary, at December 31, 2020 and 2019: U.S. Bancorp U.S. Bank National Association (Dollars in Millions) 2020 2019 2020 2019 Basel III standardized approach: Common shareholders’ equity $ 47,112 $ 45,869 $ 52,589 $ 48,592 Less intangible assets Goodwill (net of deferred tax liability) (9,014 ) (8,788 ) (9,034 ) (8,806 ) Other disallowed intangible assets (654 ) (677 ) (654 ) (710 ) Other (a) 601 (691 ) 1,254 38 Total common equity tier 1 capital 38,045 35,713 44,155 39,114 Qualifying preferred stock 5,983 5,984 – – Noncontrolling interests eligible for tier 1 capital 451 28 451 28 Other (b) (5 ) (4 ) (6 ) (4 ) Total tier 1 capital 44,474 41,721 44,600 39,138 Eligible portion of allowance for credit losses 4,905 4,491 4,850 4,491 Subordinated debt and noncontrolling interests eligible for tier 2 capital 3,223 3,532 3,517 3,365 Total tier 2 capital 8,128 8,023 8,367 7,856 Total risk-based capital $ 52,602 $ 49,744 $ 52,967 $ 46,994 Risk-weighted assets $ 393,648 $ 391,269 $ 387,388 $ 383,560 Common equity tier 1 capital as a percent of risk-weighted assets 9.7 % 9.1 % 11.4 % 10.2 % Tier 1 capital as a percent of risk-weighted assets 11.3 10.7 11.5 10.2 Total risk-based capital as a percent of risk-weighted assets 13.4 12.7 13.7 12.3 Tier 1 capital as a percent of adjusted quarterly average assets (leverage ratio) 8.3 8.8 8.4 8.4 Tier 1 capital as a percent of total on- off-balance 7.3 7.0 6.8 % 6.7 Minimum (c) Well- Bank Regulatory Capital Requirements Common equity tier 1 capital as a percent of risk-weighted assets 7.0 % 6.5 % (d) Tier 1 capital as a percent of risk-weighted assets 8.5 8.0 Total risk-based capital as a percent of risk-weighted assets 10.5 10.0 Tier 1 capital as a percent of adjusted quarterly average assets (leverage ratio) 4.0 5.0 (d) Tier 1 capital as a percent of total on- off-balance 3.0 3.0 (a) Includes the impact of items included in other comprehensive income (loss), such as unrealized gains (losses) on available-for-sale (b) Includes the remaining portion of deferred tax assets not eligible for total tier 1 capital. (c) The minimum common equity tier 1 capital, tier 1 capital and total risk-based capital ratio requirements for 2020 reflect a stress capital buffer requirement of 2.5 percent. In 2019, these minimum capital ratio requirements reflected a capital conservation buffer requirement of 2.5 percent, which has since been replaced by the stress capital buffer requirement. Banks and financial services holding companies must maintain minimum capital levels, including a stress capital buffer requirement, to avoid limitations on capital distributions and certain discretionary compensation payments. (d) A minimum well-capitalized threshold does not apply to U.S. Bancorp for this ratio as it is not formally defined under applicable banking regulations for bank holding companies. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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) 2020 2019 2018 Net income attributable to U.S. Bancorp $ 4,959 $ 6,914 $ 7,096 Preferred dividends (304 ) (302 ) (282 ) Impact of preferred stock call (a) (13 ) – – Earnings allocated to participating stock awards (21 ) (29 ) (30 ) Net income applicable to U.S. Bancorp common shareholders $ 4,621 $ 6,583 $ 6,784 Average common shares outstanding 1,509 1,581 1,634 Net effect of the exercise and assumed purchase of stock awards 1 2 4 Average diluted common shares outstanding 1,510 1,583 1,638 Earnings per common share $ 3.06 $ 4.16 $ 4.15 Diluted earnings per common share $ 3.06 $ 4.16 $ 4.14 (a) Represents stock issuance costs originally recorded in preferred stock upon issuance of the Company’s Series H Preferred Stock that were reclassified to retained earnings on the date the Company announced its intent to redeem the outstanding shares. |
Employee Benefits (Tables)
Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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) 2020 2019 2020 2019 Change In Projected Benefit Obligation (a) Benefit obligation at beginning of measurement period $ 6,829 $ 5,507 $ 47 $ 54 Service cost 235 192 – – Interest cost 235 249 1 2 Participants’ contributions – – 6 7 Plan amendments (18 ) – – – Actuarial loss (gain) 754 1,100 (4 ) (4 ) Lump sum settlements (55 ) (56 ) – – Benefit payments (175 ) (163 ) (13 ) (13 ) Federal subsidy on benefits paid – – 1 1 Benefit obligation at end of measurement period (b) $ 7,805 $ 6,829 $ 38 $ 47 Change In Fair Value Of Plan Assets Fair value at beginning of measurement period $ 5,838 $ 4,936 $ 84 $ 81 Actual return on plan assets 737 1,095 1 6 Employer contributions 1,153 26 5 4 Participants’ contributions – – 6 6 Lump sum settlements (55 ) (56 ) – – Benefit payments (175 ) (163 ) (13 ) (13 ) Other changes (c) – – (83 ) – Fair value at end of measurement period $ 7,498 $ 5,838 $ – $ 84 Funded (Unfunded) Status $ (307 ) $ (991 ) $ (38 ) $ 37 Components Of The Consolidated Balance Sheet Noncurrent benefit asset $ 369 $ – $ – $ 37 Current benefit liability (27 ) (25 ) (5 ) – Noncurrent benefit liability (649 ) (966 ) (33 ) – Recognized amount $ (307 ) $ (991 ) $ (38 ) $ 37 Accumulated Other Comprehensive Income (Loss), Pretax Net actuarial gain (loss) $ (2,557 ) $ (2,271 ) $ 63 $ 68 Net prior service credit (cost) 18 – 11 14 Recognized amount $ (2,539 ) $ (2,271 ) $ 74 $ 82 (a) The increases in the projected benefit obligation for 2020 and 2019 were primarily due to decreases in the discount rate. (b) At December 31, 2020 and 2019, the accumulated benefit obligation for all pension plans was $7.1 billion and $6.2 billion, respectively. (c) The fair value of postretirement welfare plan assets decreased in 2020 due to the dissolution of the VEBA trust. Prior to dissolution, the remaining assets in the VEBA trust were used to pay benefits under other programs of the Company’s health and welfare plan, as permitted by the VEBA trust agreement. The postreirement welfare plan now operates as an unfunded plan. |
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) 2020 2019 Pension Plans with Projected Benefit Obligations in Excess of Plan Assets Projected benefit obligation $ 676 $ 6,829 Fair value of plan assets – 5,838 Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets Accumulated benefit obligation $ 628 $ 553 Fair value of plan assets – – |
Components of Net Periodic Benefit Cost and Other Amounts Recognized in Accumulated Other Comprehensive Income (Loss) | The following table sets forth the components of net periodic benefit cost and other amounts recognized in accumulated other comprehensive income (loss) for the years ended December 31 for the retirement plans: Pension Plans Postretirement Welfare Plan (Dollars in Millions) 2020 2019 2018 2020 2019 2018 Components Of Net Periodic Benefit Cost Service cost $ 235 $ 192 $ 208 $ – $ – $ – Interest cost 235 249 224 1 2 2 Expected return on plan assets (403 ) (383 ) (379 ) (3 ) (3 ) (3 ) Prior service cost (credit) and transition obligation (asset) amortization – – – (3 ) (3 ) (3 ) Actuarial loss (gain) amortization 134 98 146 (6 ) (6 ) (6 ) Net periodic benefit cost $ 201 $ 156 $ 199 $ (11 ) $ (10 ) $ (10 ) Other Changes In Plan Assets And Benefit Obligations Recognized In Other Comprehensive Income (Loss) Net actuarial gain (loss) arising during the year $ (420 ) $ (388 ) $ (305 ) $ 1 $ 7 $ 3 Net actuarial loss (gain) amortized during the year 134 98 146 (6 ) (6 ) (6 ) Net prior service (cost) credit and transition (obligation) asset arising during the year 18 – – – – – Net prior service cost (credit) and transition obligation (asset) amortized during the year – – – (3 ) (3 ) (3 ) Total recognized in other comprehensive income (loss) $ (268 ) $ (290 ) $ (159 ) $ (8 ) $ (2 ) $ (6 ) Total recognized in net periodic benefit cost and other comprehensive income (loss) $ (469 ) $ (446 ) $ (358 ) $ 3 $ 8 $ 4 |
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) 2020 2019 2020 2019 Discount rate (a) 2.75 % 3.40 % 1.82 % 2.80 % Cash balance interest crediting rate 3.00 3.00 * * Rate of compensation increase (b) 3.56 3.56 * * Health care cost trend rate (c) Prior to age 65 6.00 % 6.25 % After age 65 6.00 % 6.25 % (a) The discount rates were developed using a cash flow matching bond model with a modified duration for the qualified pension plan, legacy pension plan, non-qualified non-qualified (b) Determined on an active liability-weighted basis. (c) The 2020 and 2019 pre-65 post-65 * 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) 2020 2019 2018 2020 2019 2018 Discount rate (a) 3.40 % 4.45 % 3.84 % 2.80 % 4.05 % 3.34 % Cash balance interest crediting rate 3.00 3.00 3.00 * * * Expected return on plan assets (b) 7.25 7.25 7.25 3.50 3.50 3.50 Rate of compensation increase (c) 3.56 3.52 3.56 * * * Health care cost trend rate (d) Prior to age 65 6.25 % 6.50 % 6.75 % After age 65 6.25 10.00 6.75 (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 2020, 2019 and 2018 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 s Postretirement Welfare Plan 2020 2019 2020 2019 (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 $ 975 (a) $ – $ – $ 975 $ 58 $ – $ – $ 58 $ – $ 40 Debt securities 894 1,224 – 2,118 727 1,073 – 1,800 – – Mutual funds Debt securities – 371 – 371 – 304 – 304 – – Emerging markets equity securities – 174 – 174 – 136 – 136 – – Other – – 6 6 – – 3 3 – – $ 1,869 $ 1,769 $ 6 3,644 $ 785 $ 1,513 $ 3 2,301 – 40 Plan investment assets not classified in fair value hierarchy (b) Collective investment funds Domestic equity securities 1,515 1,328 – 27 Mid-small (c) 431 323 – – International equity securities 718 752 – 17 Domestic real estate securities 520 547 – – Hedge funds (d) 251 283 – – Private equity funds (e) 419 304 – – Total plan investment assets at fair value $ 7,498 $ 5,838 $ – $ 84 (a) Includes an employer contribution made in late 2020, which was invested consistently with the plan’s target asset allocation subsequent to December 31, 2020. (b) These investments are valued based on net asset value per share as a practical expedient; fair values are provided to reconcile to total investment assets of the plans at fair value. (c) At December 31, 2020 and 2019, securities included $431 million and $323 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. |
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 plans investment assets measured at fair value using significant unobservable inputs (Level 3) for the years ended December 31: 2020 2019 2018 (Dollars in Millions) Other Other Other Balance at beginning of period $ 3 $ 3 $ 2 Unrealized gains (losses) relating to assets still held at end of year 3 – – Purchases, sales, and settlements, net – – 1 Balance at end of period $ 6 $ 3 $ 3 |
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) 2021 $ 250 $ 5 2022 266 4 2023 292 4 2024 312 4 2025 362 3 2026-2030 1,880 12 (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, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Stock Options Outstanding and Exercised Under Prior and Existing Stock Incentive Plans | The following is a summary of stock options outstanding and exercised under prior and existing stock incentive plans of the Company: Year Ended December 31 Stock Weighted- Weighted-Average Aggregate 2020 Number outstanding at beginning of period 5,718,256 $ 39.25 Exercised (513,293 ) 27.48 Cancelled (a) (24,572 ) 45.08 Number outstanding at end of period (b) 5,180,391 $ 40.38 3.7 $ 32 Exercisable at end of period 4,942,077 $ 39.68 3.6 $ 34 2019 Number outstanding at beginning of period 9,115,010 $ 34.52 Exercised (3,333,467 ) 26.36 Cancelled (a) (63,287 ) 36.74 Number outstanding at end of period (b) 5,718,256 $ 39.25 4.4 $ 115 Exercisable at end of period 4,869,805 $ 37.67 4.0 $ 105 2018 Number outstanding at beginning of period 12,668,467 $ 32.15 Exercised (3,443,494 ) 25.41 Cancelled (a) (109,963 ) 46.72 Number outstanding at end of period (b) 9,115,010 $ 34.52 4.3 $ 102 Exercisable at end of period 7,372,036 $ 31.61 3.5 $ 104 Note: The Company did not grant any stock option awards during 2020, 2019 and 2018. (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. |
Summary of Certain Stock Option Activity | The following summarizes certain stock option activity of the Company: Year Ended December 31 (Dollars in Millions) 2020 2019 2018 Fair value of options vested $ 7 $ 10 $ 14 Intrinsic value of options exercised 11 95 97 Cash received from options exercised 14 88 87 Tax benefit realized from options exercised 3 24 24 |
Stock Options Outstanding Additional Information | Additional information regarding stock options outstanding as of December 31, 2020, is as follows: Outstanding Options Exercisable Options Range of Exercise Prices Shares Weighted- Weighted- Shares Weighted- $23.36—$25.00 1,248 .3 $ 24.84 1,248 $ 24.84 $25.01—$30.00 1,047,197 .8 28.65 1,047,197 28.65 $30.01—$35.00 527,422 2.1 33.98 527,422 33.98 $35.01—$40.00 1,227,889 5.1 39.49 1,227,889 39.49 $40.01—$45.00 1,424,608 3.6 42.42 1,424,608 42.42 $45.01—$50.00 – – – – – $50.01—$55.01 952,027 6.1 54.97 713,713 54.97 5,180,391 3.7 $ 40.38 4,942,077 $ 39.68 |
Summary of Company's Restricted Shares of Stock and Unit Awards | A summary of the status of the Company’s restricted shares of stock and unit awards is presented below: 2020 2019 2018 Year Ended December 31 Shares Weighted- Shares Weighted- Shares Weighted- Outstanding at beginning of period 6,606,833 $ 48.99 6,719,298 $ 48.17 7,446,955 $ 44.49 Granted 3,552,923 53.90 3,519,474 50.45 3,213,023 55.03 Vested (3,534,770 ) 49.28 (3,270,778 ) 48.69 (3,373,323 ) 46.42 Cancelled (281,673 ) 53.51 (361,161 ) 50.55 (567,357 ) 49.07 Outstanding at end of period 6,343,313 $ 51.38 6,606,833 $ 48.99 6,719,298 $ 48.17 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Components of Income Tax Expense | The components of income tax expense were: Year Ended December 31 (Dollars in Millions) 2020 2019 2018 Federal Current $ 1,146 $ 1,162 $ 1,287 Deferred (291 ) 166 (148 ) Federal income tax 855 1,328 1,139 State Current 355 379 395 Deferred (144 ) (59 ) 20 State income tax 211 320 415 Total income tax provision $ 1,066 $ 1,648 $ 1,554 |
Reconciliation of Expected Income Tax Expense at Federal Statutory Rate of 21 Percent to Company's Applicable Income Tax Expense | A reconciliation of expected income tax expense at the federal statutory rate of 21 percent to the Company’s applicable income tax expense follows: Year Ended December 31 (Dollars in Millions) 2020 2019 2018 Tax at statutory rate $ 1,271 $ 1,805 $ 1,822 State income tax, at statutory rates, net of federal tax benefit 240 355 352 Tax effect of Tax credits and benefits, net of related expenses (370 ) (424 ) (513 ) Tax-exempt (117 ) (120 ) (130 ) Nondeductible legal and regulatory expenses 29 23 52 Other items (a) 13 9 (29 ) Applicable income taxes $ 1,066 $ 1,648 $ 1,554 (a) Includes excess tax benefits associated with stock-based compensation and adjustments related to deferred tax assets and liabilities. |
Reconciliation of Changes in Federal, State and Foreign Unrecognized Tax Position Balances | A reconciliation of the changes in the federal, state and foreign uncertain tax position balances are summarized as follows: Year Ended December 31 (Dollars in Millions) 2020 2019 2018 Balance at beginning of period $ 432 $ 335 $ 287 Additions for tax positions taken in prior years 62 168 93 Additions for tax positions taken in the current year 6 6 10 Exam resolutions (8 ) (62 ) (51 ) Statute expirations (18 ) (15 ) (4 ) Balance at end of period $ 474 $ 432 $ 335 |
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) 2020 2019 Deferred Tax Assets Federal, state and foreign net operating loss and credit carryforwards $ 2,495 $ 2,592 Allowance for credit losses 2,042 1,155 Accrued expenses 554 485 Obligation for operating leases 293 328 Pension and postretirement benefits 108 193 Stock compensation 84 78 Partnerships and other investment assets 9 91 Fixed assets – 2 Other deferred tax assets, net 383 257 Gross deferred tax assets 5,968 5,181 Deferred Tax Liabilities Leasing activities (2,511 ) (2,700 ) Goodwill and other intangible assets (802 ) (763 ) Securities available-for-sale (755 ) (111 ) Mortgage servicing rights (408 ) (546 ) Right of use operating leases (249 ) (282 ) Fixed assets (226 ) – Loans (112 ) (139 ) Other deferred tax liabilities, net (145 ) (131 ) Gross deferred tax liabilities (5,208 ) (4,672 ) Valuation allowance (163 ) (127 ) Net Deferred Tax Asset $ 597 $ 382 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Asset and Liability Management Derivative Positions of Company | The following table summarizes the asset and liability management derivative positions of the Company: Asset Derivatives Liability Derivatives (Dollars in Millions) Notional Fair Weighted-Average Notional Fair Weighted-Average December 31, 2020 Fair value hedges Interest rate contracts Receive fixed/pay floating swaps $ 8,500 $ – 1.86 $ – $ – – Cash flow hedges Interest rate contracts Pay fixed/receive floating swaps – – – 3,250 – 4.59 Net investment hedges Foreign exchange forward contracts 479 – .06 336 3 .06 Other economic hedges Interest rate contracts Futures and forwards Buy 16,431 73 .50 1,925 5 .07 Sell 10,440 48 .04 28,976 157 .07 Options Purchased 11,610 121 4.11 – – – Written 5,073 202 .13 7,770 198 2.53 Receive fixed/pay floating swaps 11,064 – 7.31 907 – 23.43 Pay fixed/receive floating swaps 78 – 13.68 8,538 – 5.67 Foreign exchange forward contracts 292 1 .04 341 2 .05 Equity contracts 127 3 .39 45 – .46 Other (a) 47 1 .11 1,832 183 2.44 Total $ 64,141 $ 449 $ 53,920 $ 548 December 31, 2019 Fair value hedges Interest rate contracts Receive fixed/pay floating swaps $ 18,300 $ – 3.89 $ 4,900 $ – 3.49 Cash flow hedges Interest rate contracts Pay fixed/receive floating swaps 1,532 – 6.06 7,150 10 2.11 Net investment hedges Foreign exchange forward contracts – – – 287 3 .04 Other economic hedges Interest rate contracts Futures and forwards Buy 5,409 17 .08 5,477 11 .07 Sell 16,333 13 .81 8,113 25 .03 Options Purchased 10,180 79 2.97 – – – Written 1,270 30 .08 4,238 81 2.07 Receive fixed/pay floating swaps 4,408 – 5.99 5,316 – 13.04 Pay fixed/receive floating swaps 1,259 – 5.67 4,497 – 6.03 Foreign exchange forward contracts 113 1 .05 467 6 .04 Equity contracts 128 2 .45 20 – 1.06 Other (a) 34 – .01 1,823 165 2.45 Total $ 58,966 $ 142 $ 42,288 $ 301 (a) Includes derivative liability swap agreements related to the sale of a portion of the Company’s Class B common and preferred shares of Visa Inc. The Visa swap agreements had a total notional value, fair value and weighted-average remaining maturity of $1.8 billion, $182 million and 2.50 years at December 31, 2020, respectively, compared to $1.8 billion, $165 million and 2.50 years at December 31, 2019, respectively. In addition, includes short-term underwriting purchase and sale commitments with total asset and liability notional values of $47 million at December 31, 2020, and $34 million at December 31, 2019. |
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, 2020 Interest rate contracts Receive fixed/pay floating swaps $ 144,859 $ 3,782 4.93 $ 12,027 $ 99 8.72 Pay fixed/receive floating swaps 15,048 2 8.43 134,963 1,239 4.71 Other (a) 9,921 6 3.75 6,387 3 4.22 Options Purchased 72,655 111 1.40 1,454 46 2.96 Written 1,736 46 2.76 68,205 81 1.25 Futures Buy 1,851 – 1.22 924 – .05 Sell – – – 4,090 – .72 Foreign exchange rate contracts Forwards, spots and swaps 44,845 1,590 .96 45,992 1,565 1.13 Options Purchased 519 14 .90 – – – Written – – – 519 14 .90 Credit contracts 2,876 1 2.75 7,479 7 3.81 Total $ 294,310 $ 5,552 $ 282,040 $ 3,054 December 31, 2019 Interest rate contracts Receive fixed/pay floating swaps $ 108,560 $ 1,865 4.83 $ 31,544 $ 88 3.83 Pay fixed/receive floating swaps 28,150 30 3.83 101,078 753 4.55 Other (a) 6,895 1 3.45 6,218 2 2.98 Options Purchased 46,406 43 2.06 12,804 47 1.25 Written 6,901 49 1.93 49,741 41 1.82 Futures Buy 894 – .21 – – – Sell 3,874 1 1.18 1,995 – 1.04 Foreign exchange rate contracts Forwards, spots and swaps 36,350 748 .97 36,671 729 1.07 Options Purchased 1,354 17 .54 – – – Written – – – 1,354 17 .54 Credit contracts 2,879 1 3.28 7,488 5 4.33 Total $ 242,263 $ 2,755 $ 248,893 $ 1,682 (a) Primarily represents floating rate interest rate swaps that pay based on differentials between specified interest rate indexes. |
Summary of Effective Portion of Gains (Losses) Recognized in Other Comprehensive Income (Loss) and Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings | The table below shows the effective portion of the gains (losses) recognized in other comprehensive income (loss) and the gains (losses) reclassified from other comprehensive income (loss) into earnings (net-of-tax) Gains (Losses) Recognized in Other Gains (Losses) Reclassified from (Dollars in Millions) 2020 2019 2018 2020 2019 2018 Asset and Liability Management Positions Cash flow hedges Interest rate contracts $ (145 ) $ (171 ) $ 29 $ (7 ) $ (8 ) $ 3 Net investment hedges Foreign exchange forward contracts (21 ) 3 39 – – – Non-derivative (90 ) 13 32 – – – Note: The Company does not exclude components from effectiveness testing for cash flow and net investment hedges. |
Effect of Fair Value and Cash Flow Hedge Accounting Included in Interest Expense on Consolidated Statement of Income | The table below shows the effect of fair value and cash flow hedge accounting on the Consolidated Statement of Income for the years ended December 31: Interest Income Interest Expense (Dollars in Millions) 2020 2019 2018 2020 2019 2018 Total amount of income and expense line items presented in the Consolidated Statement of Income in which the effects of fair value or cash flow hedges are recorded $ 14,840 $ 17,494 $ 16,173 $ 2,015 $ 4,442 $ 3,254 Asset and Liability Management Positions Fair value hedges Interest rate contract derivatives 1 – – (134 ) (44 ) 5 Hedged items (1 ) – – 134 44 (5 ) Cash Flow hedges Interest rate contract derivatives – – – 10 11 (5 ) Note: The Company does not exclude components from effectiveness testing for fair value and cash flow hedges. The Company reclassified losses of $41 million into earnings during the year ended December 31, 2020, as a result of the discontinuance of cash flow hedges. The Company did not reclassify gains or losses into earnings as a result of the discontinuance of cash flow hedges during the years ended December 31, 2019 and 2018. |
Summary of Cumulative Hedging Adjustments and the Carrying Amount of Assets and Liabilities Designated in Fair Value Hedges | The table below shows cumulative hedging adjustments and the carrying amount of assets and liabilities designated in fair value hedges: Carrying Amount of the Cumulative Hedging (a) At December 31 (Dollars in Millions) 2020 2019 2020 2019 Line Item in the Consolidated Balance Sheet Available-for-sale $ 99 $ – $ (1 ) $ – Long-term debt 8,567 23,195 903 35 (a) The cumulative hedging adjustment related to discontinued hedging relationships was $726 million and $(7) million at December 31, 2020 and 2019, respectively. |
Summary of Gains (Losses) Recognized in Earnings for Other Economic Hedges and Customer-Related Positions | The table below shows the gains (losses) recognized in earnings for other economic hedges and the customer-related positions for the years ended December 31: (Dollars in Millions) Location of Gains (Losses) 2020 2019 2018 Asset and Liability Management Positions Other economic hedges Interest rate contracts Futures and forwards Mortgage banking revenue/ $ 82 $ 34 $ 110 Purchased and written options Mortgage banking revenue 1,527 432 188 Swaps Mortgage banking revenue 598 316 (111 ) Foreign exchange forward contracts Other noninterest income 3 (24 ) 39 Equity contracts Compensation expense 3 – (4 ) Other Other noninterest income (70 ) (140 ) 2 Customer-Related Positions Interest rate contracts Swaps Commercial products revenue 135 82 47 Purchased and written options Commercial products revenue (8 ) 10 2 Futures Commercial products revenue (18 ) (5 ) 9 Foreign exchange rate contracts Forwards, spots and swaps Commercial products revenue 78 82 84 Purchased and written options Commercial products revenue 1 1 – Credit contracts Commercial products revenue (32 ) (18 ) 2 |
Netting Arrangements for Cert_2
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Summary of Maturities by Category of Collateral Pledged for Repurchase Agreements and Securities Loaned Transactions | The following table summarizes the maturities by category of collateral pledged for repurchase agreements and securities loaned transactions (Dollars in Millions) Overnight and Less Than 30-89 Days Greater Than Total December 31, 2020 Repurchase agreements U.S. Treasury and agencies $ 472 $ – $ – $ – $ 472 Residential agency mortgage-backed securities 398 – – – 398 Corporate debt securities 560 – – – 560 Total repurchase agreements 1,430 – – – 1,430 Securities loaned Corporate debt securities 218 – – – 218 Total securities loaned 218 – – – 218 Gross amount of recognized liabilities $ 1,648 $ – $ – $ – $ 1,648 December 31, 2019 Repurchase agreements U.S. Treasury and agencies $ 289 $ – $ – $ – $ 289 Residential agency mortgage-backed securities 266 – – – 266 Corporate debt securities 610 – – – 610 Total repurchase agreements 1,165 – – – 1,165 Securities loaned Corporate debt securities 50 – – – 50 Total securities loaned 50 – – – 50 Gross amount of recognized liabilities $ 1,215 $ – $ – $ – $ 1,215 |
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 (Dollars in Millions) Gross Gross Amounts (a) Net Amounts Gross Amounts Not Offset on Net Amount Financial (b) Collateral (c) December 31, 2020 Derivative assets (d) $ 5,744 $ (1,874 ) $ 3,870 $ (109 ) $ (287 ) $ 3,474 Reverse repurchase agreements 377 – 377 (262 ) (115 ) – Securities borrowed 1,716 – 1,716 – (1,670 ) 46 Total $ 7,837 $ (1,874 ) $ 5,963 $ (371 ) $ (2,072 ) $ 3,520 December 31, 2019 Derivative assets (d) $ 2,857 $ (982 ) $ 1,875 $ (80 ) $ (116 ) $ 1,679 Reverse repurchase agreements 1,021 – 1,021 (152 ) (869 ) – Securities borrowed 1,624 – 1,624 – (1,569 ) 55 Total $ 5,502 $ (982 ) $ 4,520 $ (232 ) $ (2,554 ) $ 1,734 (a) Includes $898 million and $429 million of cash collateral related payables that were netted against derivative assets at December 31, 2020 and 2019, 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 $257 million and $40 million at December 31, 2020 and 2019, respectively, of derivative assets not subject to netting arrangements. |
Information on Company's Accounting Netting Adjustments and Items Not Offset in Consolidated Balance Sheet Liabilities But Available for Offset in Event of Default | Gross Recognized Gross Amounts Consolidated (a) Net Amounts Consolidated Gross Amounts Not Offset on (Dollars in Millions) Financial (b) Collateral (c) Net Amount December 31, 2020 Derivative liabilities (d) $ 3,419 $ (2,312 ) $ 1,107 $ (109 ) $ – $ 998 Repurchase agreements 1,430 – 1,430 (262 ) (1,168 ) – Securities loaned 218 – 218 – (215 ) 3 Total $ 5,067 $ (2,312 ) $ 2,755 $ (371 ) $ (1,383 ) $ 1,001 December 31, 2019 Derivative liabilities (d) $ 1,816 $ (1,067 ) $ 749 $ (80 ) $ – $ 669 Repurchase agreements 1,165 – 1,165 (152 ) (1,012 ) 1 Securities loaned 50 – 50 – (49 ) 1 Total $ 3,031 $ (1,067 ) $ 1,964 $ (232 ) $ (1,061 ) $ 671 (a) Includes $1.3 billion and $514 million of cash collateral related receivables that were netted against derivative liabilities at December 31, 2020 and 2019, 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 $183 million and $167 million at December 31, 2020 and 2019, respectively, of derivative liabilities not subject to netting arrangements. |
Fair Values of Assets and Lia_2
Fair Values of Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Valuation Assumption Ranges for MSRs | The following table shows the significant valuation assumption ranges for MSRs at December 31, 2020: Minimum Maximum Weighted (a) Expected prepayment 9 % 21 % 14 % Option adjusted spread 6 11 7 (a) Determined based on the relative fair value of the related mortgage loans serviced. |
Valuation Assumption Ranges for Derivative Commitments | The following table shows the significant valuation assumption ranges for the Company’s derivative commitments to purchase and originate mortgage loans at December 31, 2020: Minimum Maximum Weighted (a) Expected loan close rate 22 % 100 % 76 % Inherent MSR value (basis points per loan) 39 177 117 (a) Determined based on the relative fair value of the related mortgage loans. |
Balances of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table summarizes the balances of assets and liabilities measured at fair value on a recurring basis: (Dollars in Millions) Level 1 Level 2 Level 3 Netting Total December 31, 2020 Available-for-sale U.S. Treasury and agencies $ 19,251 $ 3,140 $ – $ – $ 22,391 Mortgage-backed securities Residential agency – 99,968 – – 99,968 Commercial agency – 5,406 – – 5,406 Asset-backed securities – 198 7 – 205 Obligations of state and political subdivisions – 8,860 1 – 8,861 Other – 9 – – 9 Total available-for-sale 19,251 117,581 8 – 136,840 Mortgage loans held for sale – 8,524 – – 8,524 Mortgage servicing rights – – 2,210 – 2,210 Derivative assets 4 3,235 2,762 (1,874 ) 4,127 Other assets 302 1,601 – – 1,903 Total $ 19,557 $ 130,941 $ 4,980 $ (1,874 ) $ 153,604 Derivative liabilities $ – $ 3,166 $ 436 $ (2,312 ) $ 1,290 Short-term borrowings and other liabilities (a) 85 1,672 – – 1,757 Total $ 85 $ 4,838 $ 436 $ (2,312) $ 3,047 December 31, 2019 Available-for-sale U.S. Treasury and agencies $ 18,986 $ 853 $ – $ – $ 19,839 Mortgage-backed securities Residential agency – 94,111 – – 94,111 Commercial agency – 1,453 – – 1,453 Asset-backed securities – 375 8 – 383 Obligations of state and political subdivisions – 6,813 1 – 6,814 Other – 13 – – 13 Total available-for-sale 18,986 103,618 9 – 122,613 Mortgage loans held for sale – 5,533 – – 5,533 Mortgage servicing rights – – 2,546 – 2,546 Derivative assets 9 1,707 1,181 (982 ) 1,915 Other assets 312 1,563 – – 1,875 Total $ 19,307 $ 112,421 $ 3,736 $ (982) $ 134,482 Derivative liabilities $ – $ 1,612 $ 371 $ (1,067) $ 916 Short-term borrowings and other liabilities (a) 50 1,578 – – 1,628 Total $ 50 $ 3,190 $ 371 $ (1,067) $ 2,544 Note: Excluded from the table above are equity investments without readily determinable fair values. The Company has elected to carry these investments at historical cost, adjusted for impairment and any changes resulting from observable price changes for identical or similar investments of the issuer. The aggregate carrying amount of these equity investments was $85 million and $91 million at December 31, 2020 and 2019, respectively. The Company has not recorded impairments or adjustments for observable price changes on these equity investments during 2020 and 2019, or on a cumulative basis. (a) Primarily represents the Company’s obligation on securities sold short required to be accounted for at fair value per applicable accounting guidance. |
Changes in Fair Value for All Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3) | The following table presents the changes in fair value for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31: (Dollars in Millions) Beginning Net Gains Purchases Sales Principal Issuances Settlements Transfers into End of Net Change 2020 Available-for-sale Asset-backed securities $ 8 $ – $ – $ – $ (1 ) $ – $ – $ – $ 7 $ – Obligations of state and political subdivisions 1 – – – – – – – 1 – Total available-for-sale 9 – – – (1 ) – – – 8 – Mortgage servicing rights 2,546 (1,403 ) (a) 34 3 – 1,030 (c) – – 2,210 (1,403 ) (a) Net derivative assets and liabilities 810 2,922 (b) 247 (3 ) – – (1,650 ) – 2,326 1,649 (d) 2019 Available-for-sale Asset-backed securities $ – $ – $ – $ – $ – $ – $ – $ 8 $ 8 $ – Obligations of state and political subdivisions – – – – – – – 1 1 – Total available-for-sale – – – – – – – 9 9 – Mortgage servicing rights 2,791 (829 ) (a) 20 5 – 559 (c) – – 2,546 (829 ) (a) Net derivative assets and liabilities 80 769 (e) 142 (9 ) – – (172 ) – 810 782 (f) 2018 Mortgage servicing rights $ 2,645 $ (232 ) (a) $ 8 $ (27 ) $ – $ 397 (c) $ – $ – $ 2,791 $ (232 ) (a) Net derivative assets and liabilities 107 21 (g) 13 (41 ) – – (20 ) – 80 34 (h) (a) Included in mortgage banking revenue. (b) Approximately $1.9 billion, $1.1 billion and $(70) million included in mortgage banking revenue, commercial products revenue and other noninterest income, respectively. (c) Represents MSRs capitalized during the period. (d) Approximately $247 million, $1.5 billion and $(70) million included in mortgage banking revenue, commercial products revenue and other noninterest income, respectively. (e) Approximately $482 million, $428 million and $(141) million included in mortgage banking revenue, commercial products revenue and other noninterest income, respectively. (f) Approximately $35 million, $888 million and $(141) million included in mortgage banking revenue, commercial products revenue and other noninterest income, respectively. (g) Approximately $160 million, $(141) million and $2 (h) Approximately $20 million, $12 million and $2 million included in mortgage banking revenue, commercial products revenue and other noninterest income, respectively. |
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: 2020 2019 (Dollars in Millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Loans (a) $ – $ – $ 385 $ 385 $ – $ – $ 136 $ 136 Other assets (b) – – 30 30 – – 46 46 (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) 2020 2019 2018 Loans (a) $ 426 $ 122 $ 83 Other assets (b) 21 17 26 (a) Represents write-downs of loans which were based on the fair value of the collateral, excluding loans fully charged-off. (b) Primarily represents related losses of foreclosed properties that were measured at fair value subsequent to their initial acquisition. |
Differences Between Aggregate Fair Value Carrying Amount of MLHFS for which Fair Value Option has been Elected and Aggregate Unpaid Principal Amount Contractually Obligated to Receive at Maturity | The following table summarizes the differences between the aggregate fair value carrying amount of MLHFS for which the fair value option has been elected and the aggregate unpaid principal amount that the Company is contractually obligated to receive at maturity as of December 31: 2020 2019 (Dollars in Millions) Fair Value Aggregate Carrying Fair Value Aggregate Carrying Total loans $ 8,524 $ 8,136 $ 388 $ 5,533 $ 5,366 $ 167 Nonaccrual loans 1 1 – 1 1 – Loans 90 days or more past due 2 2 – 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: 2020 2019 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 $ 62,580 $ 62,580 $ – $ – $ 62,580 $ 22,405 $ 22,405 $ – $ – $ 22,405 Federal funds sold and securities purchased under resale agreements 377 – 377 – 377 1,036 – 1,036 – 1,036 Loans held for sale (a) 237 – – 237 237 45 – – 43 43 Loans 290,393 – – 300,419 300,419 292,082 – – 297,241 297,241 Other (b) 1,772 – 731 1,041 1,772 1,923 – 929 994 1,923 Financial Liabilities Time deposits 30,694 – 30,864 – 30,864 42,894 – 42,831 – 42,831 Short-term borrowings (c) 10,009 – 9,956 – 9,956 22,095 – 21,961 – 21,961 Long-term debt 41,297 – 42,485 – 42,485 40,167 – 41,077 – 41,077 Other (d) 4,052 – 1,234 2,818 4,052 3,678 – 1,342 2,336 3,678 (a) Excludes mortgages held for sale for which the fair value option under applicable accounting guidance was elected. (b) Includes investments in Federal Reserve Bank and Federal Home Loan Bank stock and tax-advantaged (c) Excludes the Company’s obligation on securities sold short required to be accounted for at fair value per applicable accounting guidance. (d) Includes operating lease liabilities and liabilities related to tax-advantaged |
Guarantees and Contingent Lia_2
Guarantees and Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020, excluding those commitments considered derivatives, were as follows: Term (Dollars in Millions) Less Than Greater Total Commercial and commercial real estate loans $ 43,642 $ 110,382 $ 154,024 Corporate and purchasing card loans (a) 29,541 – 29,541 Residential mortgages 319 1 320 Retail credit card loans (a) 117,827 – 117,827 Other retail loans 12,980 22,998 35,978 Other 6,486 10 6,496 (a) Primarily cancelable at the Company’s discretion. |
Summary of Other Guarantees and Contingent Liabilities | The following table is a summary of other guarantees and contingent liabilities of the Company at December 31, 2020: (Dollars in Millions) Collateral Carrying Maximum Standby letters of credit $ – $ 70 $ 9,789 Third party borrowing arrangements – – 2 Securities lending indemnifications 6,461 – 6,298 Asset sales – 80 6,165 Merchant processing 579 211 89,352 Tender option bond program guarantee 2,374 – 2,036 Other – 71 1,292 |
Contract or Notional Amount of Letters of Credit | The contract or notional amount of letters of credit at December 31, 2020, were as follows: Term (Dollars in Millions) Less Than Greater Total Standby $ 4,526 $ 5,263 $ 9,789 Commercial 536 30 566 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Business Segments Reporting Information Details | Business segment results for the years ended December 31 were as follows: Corporate and Commercial Banking Consumer and Business Banking Wealth Management and (Dollars in Millions) 2020 2019 2020 2019 2020 2019 Condensed Income Statement Net interest income (taxable-equivalent basis) $ 3,259 $ 3,101 $ 6,263 $ 6,351 $ 996 $ 1,172 Noninterest income 1,078 861 3,360 2,385 1,877 1,803 Total net revenue 4,337 3,962 9,623 8,736 2,873 2,975 Noninterest expense 1,680 1,624 5,573 5,257 1,871 1,775 Other intangibles – 4 16 20 12 13 Total noninterest expense 1,680 1,628 5,589 5,277 1,883 1,788 Income (loss) before provision and income taxes 2,657 2,334 4,034 3,459 990 1,187 Provision for credit losses 575 89 322 311 38 (3 ) Income (loss) before income taxes 2,082 2,245 3,712 3,148 952 1,190 Income taxes and taxable-equivalent adjustment 521 562 929 789 238 299 Net income (loss) 1,561 1,683 2,783 2,359 714 891 Net (income) loss attributable to noncontrolling interests – – – – – – Net income (loss) attributable to U.S. Bancorp $ 1,561 $ 1,683 $ 2,783 $ 2,359 $ 714 $ 891 Average Balance Sheet Loans $ 108,320 $ 99,037 $ 152,634 $ 144,616 $ 11,327 $ 10,085 Other earning assets 4,163 3,751 7,186 3,989 287 282 Goodwill 1,647 1,647 3,500 3,496 1,617 1,617 Other intangible assets 6 8 2,106 2,619 39 49 Assets 120,829 108,983 170,531 158,932 14,448 13,336 Noninterest-bearing deposits 40,109 29,400 35,543 27,831 16,275 13,231 Interest-bearing deposits 83,684 72,822 147,336 129,235 66,172 62,142 Total deposits 123,793 102,222 182,879 157,066 82,447 75,373 Total U.S. Bancorp shareholders’ equity 16,385 15,508 15,058 15,151 2,482 2,441 Payment Services Treasury and Corporate Support Consolidated Company (Dollars in Millions) 2020 2019 2020 2019 2020 2019 Condensed Income Statement Net interest income (taxable-equivalent basis) $ 2,530 $ 2,474 $ (124 ) $ 57 $ 12,924 $ 13,155 Noninterest income 3,124 (a) 3,711 (a) 962 1,071 10,401 (b) 9,831 (b) Total net revenue 5,654 6,185 838 1,128 23,325 22,986 Noninterest expense 3,133 3,005 936 956 13,193 12,617 Other intangibles 148 131 – – 176 168 Total noninterest expense 3,281 3,136 936 956 13,369 12,785 Income (loss) before provision and income taxes 2,373 3,049 (98 ) 172 9,956 10,201 Provision for credit losses 681 1,109 2,190 (2 ) 3,806 1,504 Income (loss) before income taxes 1,692 1,940 (2,288 ) 174 6,150 8,697 Income taxes and taxable-equivalent adjustment 423 486 (946 ) (385 ) 1,165 1,751 Net income (loss) 1,269 1,454 (1,342 ) 559 4,985 6,946 Net (income) loss attributable to noncontrolling interests – – (26 ) (32 ) (26 ) (32 ) Net income (loss) attributable to U.S. Bancorp $ 1,269 $ 1,454 $ (1,368 ) $ 527 $ 4,959 $ 6,914 Average Balance Sheet Loans $ 31,539 $ 33,566 $ 3,449 $ 3,382 $ 307,269 $ 290,686 Other earning assets 5 6 162,492 131,823 174,133 139,851 Goodwill 3,060 2,818 – – 9,824 9,578 Other intangible assets 580 536 – – 2,731 3,212 Assets 36,496 39,424 188,903 154,978 531,207 475,653 Noninterest-bearing deposits 4,356 1,261 2,256 2,140 98,539 73,863 Interest-bearing deposits 122 114 2,762 8,636 300,076 272,949 Total deposits 4,478 1,375 5,018 10,776 398,615 346,812 Total U.S. Bancorp shareholders’ equity 6,095 6,069 12,226 13,454 52,246 52,623 (a) Presented net of related rewards and rebate costs and certain partner payments of $2.1 billion and $2.2 billion for 2020 and 2019, respectively. (b) Includes revenue generated from certain contracts with customers of $6.9 billion and $7.3 billion for 2020 and 2019, respectively. |
U.S. Bancorp (Parent Company) (
U.S. Bancorp (Parent Company) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Statement of Financial Position of Parent Company Only | Condensed Balance Sheet At December 31 (Dollars in Millions) 2020 2019 Assets Due from banks, principally interest-bearing $ 12,279 $ 11,583 Available-for-sale 1,469 1,631 Investments in bank subsidiaries 52,551 48,518 Investments in nonbank subsidiaries 3,286 3,128 Advances to bank subsidiaries 3,850 3,850 Advances to nonbank subsidiaries 1,118 1,465 Other assets 869 1,211 Total assets $ 75,422 $ 71,386 Liabilities and Shareholders’ Equity Short-term funds borrowed $ – $ 8 Long-term debt 20,924 18,602 Other liabilities 1,403 923 Shareholders’ equity 53,095 51,853 Total liabilities and shareholders’ equity $ 75,422 $ 71,386 |
Condensed Income Statement of Parent Company Only | Condensed Income Statement Year Ended December 31 (Dollars in Millions) 2020 2019 2018 Income Dividends from bank subsidiaries $ 1,500 $ 7,100 $ 5,300 Dividends from nonbank subsidiaries 24 6 6 Interest from subsidiaries 172 317 220 Other income 85 25 33 Total income 1,781 7,448 5,559 Expense Interest expense 433 551 471 Other expense 140 140 133 Total expense 573 691 604 Income before income taxes and equity in undistributed income of subsidiaries 1,208 6,757 4,955 Applicable income taxes (78 ) (92 ) (91 ) Income of parent company 1,286 6,849 5,046 Equity in undistributed income of subsidiaries 3,673 65 2,050 Net income attributable to U.S. Bancorp $ 4,959 $ 6,914 $ 7,096 |
Condensed Statement of Cash Flows of Parent Company Only | Condensed Statement of Cash Flows Year Ended December 31 (Dollars in Millions) 2020 2019 2018 Operating Activities Net income attributable to U.S. Bancorp $ 4,959 $ 6,914 $ 7,096 Adjustments to reconcile net income to net cash provided by operating activities Equity in undistributed income of subsidiaries (3,673 ) (65 ) (2,050 ) Other, net 907 231 359 Net cash provided by operating activities 2,193 7,080 5,405 Investing Activities Proceeds from sales and maturities of investment securities 258 291 39 Purchases of investment securities – (1,013 ) (10 ) Net (increase) decrease in short-term advances to subsidiaries 347 578 (488 ) Long-term advances to subsidiaries – (2,600 ) (500 ) Principal collected on long-term advances to subsidiaries – 2,550 – Other, net 379 (341 ) 304 Net cash provided by (used in) investing activities 984 (535 ) (655 ) Financing Activities Net increase (decrease) in short-term borrowings (8 ) 8 (1 ) Proceeds from issuance of long-term debt 2,750 3,743 2,100 Principal payments or redemption of long-term debt (1,200 ) (1,500 ) (1,500 ) Proceeds from issuance of preferred stock 486 – 565 Proceeds from issuance of common stock 15 88 86 Repurchase of common stock (1,672 ) (4,525 ) (2,822 ) Cash dividends paid on preferred stock (300 ) (302 ) (274 ) Cash dividends paid on common stock (2,552 ) (2,443 ) (2,092 ) Net cash used in financing activities (2,481 ) (4,931 ) (3,938 ) Change in cash and due from banks 696 1,614 812 Cash and due from banks at beginning of year 11,583 9,969 9,157 Cash and due from banks at end of year $ 12,279 $ 11,583 $ 9,969 |
Significant Accounting Polici_3
Significant Accounting Policies - Additional information (Detail) - Computer Software, Intangible Asset [Member] | 12 Months Ended |
Dec. 31, 2020 | |
Maximum [Member] | |
Minimum period beyond which revolving consumer lines and credit cards are charged off | |
Finite-Lived Intangible Asset, Useful Life | 7 years |
Minimum [Member] | |
Minimum period beyond which revolving consumer lines and credit cards are charged off | |
Finite-Lived Intangible Asset, Useful Life | 3 years |
Accounting Changes - Additional
Accounting Changes - Additional Information (Detail) - Accounting Standards Update 2016-13 [Member] $ in Billions | Jan. 01, 2020USD ($) |
Increase in allowance for credit losses due to new accounting standard | $ 1.5 |
Decrease in retained earnings due to new accounting standard | $ 1.1 |
Restrictions on Cash and Due _2
Restrictions on Cash and Due from Banks - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Cash and Cash Equivalents [Abstract] | ||
Minimum Average Reserve Balances Required By Banking Regulators | $ 73 | $ 3,200 |
Balances held at the central banks and other financial institutions | $ 55,400 | $ 16,200 |
Investment Securities - Availab
Investment Securities - Available-for-Sale (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Securities, Available-for-sale [Line Items] | |||
Available-for-sale Securities, Amortized Cost | $ 133,611 | [1] | $ 122,117 |
Available-for-sale securities, Unrealized Gains | 3,282 | 944 | |
Available-for-sale securities, Unrealized Losses | (53) | (448) | |
Available-for-sale securities, Fair Value | 136,840 | [1] | 122,613 |
U.S. Treasury and Agencies [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Available-for-sale Securities, Amortized Cost | 21,954 | 19,845 | |
Available-for-sale securities, Unrealized Gains | 462 | 61 | |
Available-for-sale securities, Unrealized Losses | (25) | (67) | |
Available-for-sale securities, Fair Value | 22,391 | 19,839 | |
Residential Mortgage-Backed Securities [Member] | Agency [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Available-for-sale Securities, Amortized Cost | 98,031 | 93,903 | |
Available-for-sale securities, Unrealized Gains | 1,950 | 557 | |
Available-for-sale securities, Unrealized Losses | (13) | (349) | |
Available-for-sale securities, Fair Value | 99,968 | 94,111 | |
Commercial [Member] | Agency [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Available-for-sale Securities, Amortized Cost | 5,251 | 1,482 | |
Available-for-sale securities, Unrealized Gains | 170 | ||
Available-for-sale securities, Unrealized Losses | (15) | (29) | |
Available-for-sale securities, Fair Value | 5,406 | 1,453 | |
Asset-Backed Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Available-for-sale Securities, Amortized Cost | 200 | [2] | 375 |
Available-for-sale securities, Unrealized Gains | 5 | 8 | |
Available-for-sale securities, Fair Value | 205 | [2] | 383 |
Obligations of State and Political Subdivisions [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Available-for-sale Securities, Amortized Cost | 8,166 | [3] | 6,499 |
Available-for-sale securities, Unrealized Gains | 695 | 318 | |
Available-for-sale securities, Unrealized Losses | (3) | ||
Available-for-sale securities, Fair Value | 8,861 | [3] | 6,814 |
Other [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Available-for-sale Securities, Amortized Cost | 9 | 13 | |
Available-for-sale securities, Fair Value | $ 9 | $ 13 | |
[1] | The weighted-average maturity of total available-for-sale investment securities was 4.2 years at December 31, 2019, with a corresponding weighted-average yield of 2.38 percent. | ||
[2] | Information related to asset and mortgage-backed securities included above is presented based upon weighted-average maturities that take into account anticipated future prepayments. | ||
[3] | Maturity calculations for obligations of state and political subdivisions are based on the first optional call date for securities with a fair value above par and the contractual maturity date for securities with a fair value equal to or below par. |
Investment Securities - Amount
Investment Securities - Amount of Interest Income from Taxable and Non-Taxable Investment Securities (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest Income, Securities, Operating, by Taxable Status [Abstract] | |||
Taxable | $ 2,201 | $ 2,680 | $ 2,396 |
Non-taxable | 227 | 213 | 220 |
Total interest income from investment securities | $ 2,428 | $ 2,893 | $ 2,616 |
Investment Securities - Amoun_2
Investment Securities - Amount of Gross Gains and Losses Realized through Sales of Available-for-Sale Investment Securities (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Securities, Available-for-sale, Realized Gain (Loss) [Abstract] | |||
Realized gains | $ 200 | $ 99 | $ 30 |
Realized losses | (23) | (26) | |
Net realized gains (losses) | 177 | 73 | 30 |
Income tax (benefit) on net realized gains (losses) | $ 45 | $ 18 | $ 7 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Investments, Debt and Equity Securities [Abstract] | ||
Fair value of securities pledged | $ 11,000 | $ 8,400 |
Fair value of securities pledged as collateral where counterparty has right to repledge or resell | $ 402 | $ 269 |
Investment Securities - Gross U
Investment Securities - Gross Unrealized Losses and Fair Value of Company's Investment Securities (Detail) $ in Millions | Dec. 31, 2020USD ($) |
Continuous Gross Unrealized Losses And Fair Value [Abstract] | |
Fair Value Less Than 12 Months | $ 7,747 |
Unrealized Losses Less Than 12 Months | (51) |
Fair Value 12 Months or Greater | 1,030 |
Unrealized Losses 12 Months or Greater | (2) |
Fair Value Total | 8,777 |
Unrealized Losses Total | (53) |
U.S. Treasury and Agencies [Member] | |
Continuous Gross Unrealized Losses And Fair Value [Abstract] | |
Fair Value Less Than 12 Months | 3,144 |
Unrealized Losses Less Than 12 Months | (25) |
Fair Value Total | 3,144 |
Unrealized Losses Total | (25) |
Residential Mortgage-Backed Securities [Member] | |
Continuous Gross Unrealized Losses And Fair Value [Abstract] | |
Fair Value Less Than 12 Months | 2,748 |
Unrealized Losses Less Than 12 Months | (11) |
Fair Value 12 Months or Greater | 1,028 |
Unrealized Losses 12 Months or Greater | (2) |
Fair Value Total | 3,776 |
Unrealized Losses Total | (13) |
Commercial Mortgage Backed Securities [Member] | |
Continuous Gross Unrealized Losses And Fair Value [Abstract] | |
Fair Value Less Than 12 Months | 1,847 |
Unrealized Losses Less Than 12 Months | (15) |
Fair Value Total | 1,847 |
Unrealized Losses Total | (15) |
Asset-Backed Securities [Member] | |
Continuous Gross Unrealized Losses And Fair Value [Abstract] | |
Fair Value 12 Months or Greater | 2 |
Fair Value Total | 2 |
Obligations of State and Political Subdivisions [Member] | |
Continuous Gross Unrealized Losses And Fair Value [Abstract] | |
Fair Value Less Than 12 Months | 2 |
Fair Value Total | 2 |
Other [Member] | |
Continuous Gross Unrealized Losses And Fair Value [Abstract] | |
Fair Value Less Than 12 Months | 6 |
Fair Value Total | $ 6 |
Investment Securities - Amortiz
Investment Securities - Amortized Cost, Fair Value and Yield by Maturity Date (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | |||
Contractual Maturities of Investment Securities [Line Items] | ||||
Available-for-sale securities, Amortized Cost | $ 133,611 | [1] | $ 122,117 | |
Available-for-sale securities, total, fair value | $ 136,840 | [1] | $ 122,613 | |
Available-for-sale securities, total, weighted-average maturity in years | 3 years 4 months 24 days | [1] | 4 years 2 months 12 days | |
Available-for-sale securities, total, weighted-average yield | 1.61% | [1],[2] | 2.38% | |
U.S. Treasury and Agencies [Member] | ||||
Contractual Maturities of Investment Securities [Line Items] | ||||
Available-for-sale securities, maturing in one year or less, amortized cost | $ 5,069 | |||
Available-for-sale securities, maturing after one year through five years, amortized cost | 10,491 | |||
Available-for-sale securities, maturing after five years through ten years, amortized cost | 5,874 | |||
Available-for-sale securities, maturing after ten years, amortized cost | 520 | |||
Available-for-sale securities, Amortized Cost | 21,954 | $ 19,845 | ||
Available-for-sale securities, maturing in one year or less, fair value | 5,101 | |||
Available-for-sale securities, maturing after one year through five years, fair value | 10,740 | |||
Available-for-sale securities, maturing after five years through ten years, fair value | 6,034 | |||
Available-for-sale securities, maturing after ten years, fair value | 516 | |||
Available-for-sale securities, total, fair value | $ 22,391 | 19,839 | ||
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 | 2 years 6 months | |||
Available-for-sale securities, maturing after five years through ten years, weighted-average maturity in years | 8 years 2 months 12 days | |||
Available-for-sale securities, maturing after ten years, weighted- average maturity in years | 12 years 6 months | |||
Available-for-sale securities, total, weighted-average maturity in years | 3 years 9 months 18 days | |||
Available-for-sale securities, maturing in one year or less, weighted-average yield | [2] | 1.53% | ||
Available-for-sale securities, maturing after one year through five years, weighted-average yield | [2] | 1.29% | ||
Available-for-sale securities, maturing after five years through ten years, weighted-average yield | [2] | 1.39% | ||
Available-for-sale securities, maturing after ten years, weighted-average yield | [2] | 1.52% | ||
Available-for-sale securities, total, weighted-average yield | [2] | 1.37% | ||
Mortgage-Backed Securities [Member] | ||||
Contractual Maturities of Investment Securities [Line Items] | ||||
Available-for-sale securities, maturing in one year or less, amortized cost | [3] | $ 682 | ||
Available-for-sale securities, maturing after one year through five years, amortized cost | [3] | 90,156 | ||
Available-for-sale securities, maturing after five years through ten years, amortized cost | [3] | 12,425 | ||
Available-for-sale securities, maturing after ten years, amortized cost | [3] | 19 | ||
Available-for-sale securities, Amortized Cost | [3] | 103,282 | ||
Available-for-sale securities, maturing in one year or less, fair value | [3] | 688 | ||
Available-for-sale securities, maturing after one year through five years, fair value | [3] | 92,059 | ||
Available-for-sale securities, maturing after five years through ten years, fair value | [3] | 12,607 | ||
Available-for-sale securities, maturing after ten years, fair value | [3] | 20 | ||
Available-for-sale securities, total, fair value | [3] | $ 105,374 | ||
Available-for-sale securities, maturing in one year or less, weighted-average maturity in years | [3] | 7 months 6 days | ||
Available-for-sale securities, maturing after one year through five years, weighted-average maturity in years | [3] | 2 years 6 months | ||
Available-for-sale securities, maturing after five years through ten years, weighted-average maturity in years | [3] | 6 years 10 months 24 days | ||
Available-for-sale securities, maturing after ten years, weighted- average maturity in years | [3] | 12 years 2 months 12 days | ||
Available-for-sale securities, total, weighted-average maturity in years | [3] | 3 years | ||
Available-for-sale securities, maturing in one year or less, weighted-average yield | [2],[3] | 1.54% | ||
Available-for-sale securities, maturing after one year through five years, weighted-average yield | [2],[3] | 1.48% | ||
Available-for-sale securities, maturing after five years through ten years, weighted-average yield | [2],[3] | 1.44% | ||
Available-for-sale securities, maturing after ten years, weighted-average yield | [2],[3] | 1.31% | ||
Available-for-sale securities, total, weighted-average yield | [2],[3] | 1.47% | ||
Asset-Backed Securities [Member] | ||||
Contractual Maturities of Investment Securities [Line Items] | ||||
Available-for-sale securities, maturing after one year through five years, amortized cost | [3] | $ 3 | ||
Available-for-sale securities, maturing after five years through ten years, amortized cost | [3] | 197 | ||
Available-for-sale securities, Amortized Cost | 200 | [3] | 375 | |
Available-for-sale securities, maturing after one year through five years, fair value | [3] | 4 | ||
Available-for-sale securities, maturing after five years through ten years, fair value | [3] | 200 | ||
Available-for-sale securities, maturing after ten years, fair value | [3] | 1 | ||
Available-for-sale securities, total, fair value | $ 205 | [3] | 383 | |
Available-for-sale securities, maturing after one year through five years, weighted-average maturity in years | [3] | 3 years | ||
Available-for-sale securities, maturing after five years through ten years, weighted-average maturity in years | [3] | 6 years 2 months 12 days | ||
Available-for-sale securities, maturing after ten years, weighted- average maturity in years | [3] | 14 years 2 months 12 days | ||
Available-for-sale securities, total, weighted-average maturity in years | [3] | 6 years 2 months 12 days | ||
Available-for-sale securities, maturing in one year or less, weighted-average yield | [2],[3] | 52.00% | ||
Available-for-sale securities, maturing after one year through five years, weighted-average yield | [2],[3] | 1.91% | ||
Available-for-sale securities, maturing after five years through ten years, weighted-average yield | [2],[3] | 1.46% | ||
Available-for-sale securities, maturing after ten years, weighted-average yield | [2],[3] | 2.41% | ||
Available-for-sale securities, total, weighted-average yield | [2],[3] | 1.47% | ||
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 | [4] | $ 115 | ||
Available-for-sale securities, maturing after one year through five years, amortized cost | [4] | 1,245 | ||
Available-for-sale securities, maturing after five years through ten years, amortized cost | [4] | 6,779 | ||
Available-for-sale securities, maturing after ten years, amortized cost | [4] | 27 | ||
Available-for-sale securities, Amortized Cost | 8,166 | [4] | 6,499 | |
Available-for-sale securities, maturing in one year or less, fair value | [4] | 117 | ||
Available-for-sale securities, maturing after one year through five years, fair value | [4] | 1,327 | ||
Available-for-sale securities, maturing after five years through ten years, fair value | [4] | 7,386 | ||
Available-for-sale securities, maturing after ten years, fair value | [4] | 31 | ||
Available-for-sale securities, total, fair value | $ 8,861 | [4] | 6,814 | |
Available-for-sale securities, maturing in one year or less, weighted-average maturity in years | [4] | 6 months | ||
Available-for-sale securities, maturing after one year through five years, weighted-average maturity in years | [4] | 3 years 2 months 12 days | ||
Available-for-sale securities, maturing after five years through ten years, weighted-average maturity in years | [4] | 7 years | ||
Available-for-sale securities, maturing after ten years, weighted- average maturity in years | [4] | 10 years 10 months 24 days | ||
Available-for-sale securities, total, weighted-average maturity in years | [4] | 6 years 3 months 18 days | ||
Available-for-sale securities, maturing in one year or less, weighted-average yield | [2],[4] | 4.44% | ||
Available-for-sale securities, maturing after one year through five years, weighted-average yield | [2],[4] | 4.43% | ||
Available-for-sale securities, maturing after five years through ten years, weighted-average yield | [2],[4] | 3.90% | ||
Available-for-sale securities, maturing after ten years, weighted-average yield | [2],[4] | 3.88% | ||
Available-for-sale securities, total, weighted-average yield | [2],[4] | 3.99% | ||
Other [Member] | ||||
Contractual Maturities of Investment Securities [Line Items] | ||||
Available-for-sale securities, maturing in one year or less, amortized cost | $ 9 | |||
Available-for-sale securities, Amortized Cost | 9 | 13 | ||
Available-for-sale securities, maturing in one year or less, fair value | 9 | |||
Available-for-sale securities, total, fair value | $ 9 | $ 13 | ||
Available-for-sale securities, maturing in one year or less, weighted-average maturity in years | 1 month 6 days | |||
Available-for-sale securities, total, weighted-average maturity in years | 1 month 6 days | |||
Available-for-sale securities, maturing in one year or less, weighted-average yield | [2] | 1.81% | ||
Available-for-sale securities, total, weighted-average yield | [2] | 1.81% | ||
[1] | The weighted-average maturity of total available-for-sale investment securities was 4.2 years at December 31, 2019, with a corresponding weighted-average yield of 2.38 percent. | |||
[2] | Weighted-average yields for obligations of state and political subdivisions are presented on a fully-taxable equivalent basis based on a federal income tax rate of 21 percent. Yields on investment securities are computed based on amortized cost balances. | |||
[3] | Information related to asset and mortgage-backed securities included above is presented based upon weighted-average maturities that take into account anticipated future prepayments. | |||
[4] | Maturity calculations for obligations of state and political subdivisions are based on the first optional call date for securities with a fair value above par and the contractual maturity date for securities with a fair value equal to or below par. |
Investment Securities - Amort_2
Investment Securities - Amortized Cost, Fair Value and Yield by Maturity Date (Parenthetical) (Detail) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Contractual Maturities of Investment Securities [Abstract] | ||||
Federal statutory rate | 21.00% | 21.00% | 21.00% | |
Available for sale securities weighted average maturities | 3 years 4 months 24 days | [1] | 4 years 2 months 12 days | |
Debt securities available for sale weighted average yield | 1.61% | [1],[2] | 2.38% | |
[1] | The weighted-average maturity of total available-for-sale investment securities was 4.2 years at December 31, 2019, with a corresponding weighted-average yield of 2.38 percent. | |||
[2] | Weighted-average yields for obligations of state and political subdivisions are presented on a fully-taxable equivalent basis based on a federal income tax rate of 21 percent. Yields on investment securities are computed based on amortized cost balances. |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses - Composition of Loan Portfolio (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 297,707 | $ 296,102 |
Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 97,315 | 98,168 |
Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 102,871 | 103,863 |
Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 39,311 | 39,746 |
Residential Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 76,155 | 70,586 |
Other Retail [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 57,024 | 57,118 |
Lease Financing [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 5,556 | 5,695 |
Commercial Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 28,472 | 29,404 |
Construction and Development [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 10,839 | 10,342 |
Residential Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 66,525 | 59,865 |
Home Equity Loans, First Liens [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 9,630 | 10,721 |
Credit Card [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 22,346 | 24,789 |
Retail Leasing [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 8,150 | 8,490 |
Home Equity and Second Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 12,472 | 15,036 |
Revolving Credit [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 2,688 | 2,899 |
Installment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 13,823 | 11,038 |
Automobile [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 19,722 | 19,435 |
Student [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 169 | $ 220 |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses - Additional Information (Detail) $ in Millions | 12 Months Ended | |
Dec. 31, 2020USD ($)SecurityLoanMortgageLoan | Dec. 31, 2019USD ($) | |
Loans and Allowance for Credit Losses [Line Items] | ||
Loans pledged at the Federal Home Loan Bank | $ 96,100 | $ 96,200 |
Loans pledged at the Federal Reserve Bank | 67,800 | 76,300 |
Unearned interest and deferred fees and costs on originated loans | 763 | 781 |
Foreclosed residential real estate property included in other real estate owned | 23 | 74 |
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 | 33 | 155 |
Residential mortgage loans secured by residential real estate in process of foreclosure | $ 1,000 | 1,500 |
Number of residential mortgage loans, home equity and second mortgage loans, and GNMA loans where trial period was unsuccessful and no longer eligible for a permanent modification | MortgageLoan | 115 | |
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 | $ 14 | |
Nonperforming loans | 1,224 | 692 |
Other real estate non-performing | 24 | 78 |
Non-performing assets other | 50 | 59 |
Non-performing assets | 1,300 | 829 |
Commitments to lend additional funds | 128 | |
Modifications related to borrowers impacted by COVID | 10,100 | |
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 | $ 812 | 1,200 |
Home Equity and Second Mortgages [Member] | ||
Loans and Allowance for Credit Losses [Line Items] | ||
Number of loans in trial period | SecurityLoan | 9 | |
Outstanding balance of loans in trial period | $ 1 | |
Estimated post-modification balance of loans in trial period | $ 1 | |
Residential Mortgages [Member] | ||
Loans and Allowance for Credit Losses [Line Items] | ||
Number of loans in trial period | SecurityLoan | 44 | |
Outstanding balance of loans in trial period | $ 12 | |
Estimated post-modification balance of loans in trial period | 13 | |
Nonperforming loans | $ 245 | $ 241 |
Government National Mortgage Association [Member] | ||
Loans and Allowance for Credit Losses [Line Items] | ||
Number of loans in trial period | SecurityLoan | 423 | |
Outstanding balance of loans in trial period | $ 64 | |
Estimated post-modification balance of loans in trial period | $ 65 |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses - Activity in Allowance for Credit Losses by Portfolio Class (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance at beginning of period | $ 4,491 | $ 4,441 | $ 4,417 |
Change in accounting principle | 1,499 | ||
Provision for credit losses | 3,806 | 1,504 | 1,379 |
Loans charged-off | 2,180 | 1,867 | 1,760 |
Less recoveries of loans charged-off | (394) | (413) | (406) |
Net loans charged-off | 1,786 | 1,454 | 1,354 |
Other changes | (1) | ||
Balance at end of period | 8,010 | 4,491 | 4,441 |
Commercial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance at beginning of period | 1,484 | 1,454 | 1,372 |
Change in accounting principle | 378 | ||
Provision for credit losses | 1,074 | 315 | 333 |
Loans charged-off | 575 | 399 | 350 |
Less recoveries of loans charged-off | (62) | (114) | (99) |
Net loans charged-off | 513 | 285 | 251 |
Balance at end of period | 2,423 | 1,484 | 1,454 |
Commercial Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance at beginning of period | 799 | 800 | 831 |
Change in accounting principle | (122) | ||
Provision for credit losses | 1,054 | 13 | (50) |
Loans charged-off | 210 | 21 | 9 |
Less recoveries of loans charged-off | (23) | (7) | (28) |
Net loans charged-off | 187 | 14 | (19) |
Balance at end of period | 1,544 | 799 | 800 |
Residential Mortgages [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance at beginning of period | 433 | 455 | 449 |
Change in accounting principle | (30) | ||
Provision for credit losses | 158 | (19) | 23 |
Loans charged-off | 19 | 34 | 48 |
Less recoveries of loans charged-off | (31) | (31) | (31) |
Net loans charged-off | (12) | 3 | 17 |
Balance at end of period | 573 | 433 | 455 |
Other Retail [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance at beginning of period | 647 | 630 | 678 |
Change in accounting principle | 401 | ||
Provision for credit losses | 336 | 276 | 211 |
Loans charged-off | 401 | 385 | 383 |
Less recoveries of loans charged-off | (132) | (126) | (124) |
Net loans charged-off | 269 | 259 | 259 |
Balance at end of period | 1,115 | 647 | 630 |
Credit Card [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance at beginning of period | 1,128 | 1,102 | 1,056 |
Change in accounting principle | 872 | ||
Provision for credit losses | 1,184 | 919 | 892 |
Loans charged-off | 975 | 1,028 | 970 |
Less recoveries of loans charged-off | (146) | (135) | (124) |
Net loans charged-off | 829 | 893 | 846 |
Balance at end of period | $ 2,355 | $ 1,128 | 1,102 |
Covered Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance at beginning of period | 31 | ||
Provision for credit losses | (30) | ||
Other changes | $ (1) |
Loans and Allowance for Credi_6
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, 2020 | Dec. 31, 2019 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | $ 294,716 | $ 293,596 |
Accruing 30-89 Days Past Due | 1,290 | 1,209 |
Accruing 90 Days or More Past Due | 477 | 605 |
Nonperforming | 1,224 | 692 |
Total loans | 297,707 | 296,102 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 102,127 | 103,273 |
Accruing 30-89 Days Past Due | 314 | 307 |
Accruing 90 Days or More Past Due | 55 | 79 |
Nonperforming | 375 | 204 |
Total loans | 102,871 | 103,863 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 38,676 | 39,627 |
Accruing 30-89 Days Past Due | 183 | 34 |
Accruing 90 Days or More Past Due | 2 | 3 |
Nonperforming | 450 | 82 |
Total loans | 39,311 | 39,746 |
Residential Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 75,529 | 70,071 |
Accruing 30-89 Days Past Due | 244 | 154 |
Accruing 90 Days or More Past Due | 137 | 120 |
Nonperforming | 245 | 241 |
Total loans | 76,155 | 70,586 |
Other Retail [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 56,466 | 56,463 |
Accruing 30-89 Days Past Due | 318 | 393 |
Accruing 90 Days or More Past Due | 86 | 97 |
Nonperforming | 154 | 165 |
Total loans | 57,024 | 57,118 |
Credit Card [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 21,918 | 24,162 |
Accruing 30-89 Days Past Due | 231 | 321 |
Accruing 90 Days or More Past Due | 197 | 306 |
Total loans | $ 22,346 | $ 24,789 |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses - Summary of Loans by Portfolio Class, Including Delinquency Status of those that Continue to Accrue Interest and are Nonperforming (Parenthetical) (Detail) - Government National Mortgage Association [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans 30-89 days past due purchased from Government National Mortgage Association mortgage pools, classified as current | $ 1,400 | $ 428 |
Loans 90 days or more past due purchased from Government National Mortgage Association mortgage pools, classified as current | 1,800 | 1,700 |
Interest income on nonperforming loans | 23 | 24 |
Interest income on nonperforming loans if based on original contractual terms | $ 45 | $ 43 |
Loans and Allowance for Credi_8
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, 2020 | Dec. 31, 2019 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 297,707 | $ 296,102 |
Total outstanding commitments | 645,752 | 624,548 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 285,957 | 292,204 |
Total outstanding commitments | 627,606 | 619,224 |
Special Mention Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 4,278 | 1,643 |
Total outstanding commitments | 8,772 | 2,451 |
Classified Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 7,472 | 2,255 |
Total outstanding commitments | 9,374 | 2,873 |
Total Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 11,750 | 3,898 |
Total outstanding commitments | 18,146 | 5,324 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Originated in 2020 | 37,645 | |
Originated in 2019 | 18,485 | 33,946 |
Originated in 2018 | 12,876 | 21,950 |
Originated in 2017 | 5,644 | 10,726 |
Originated in 2016 | 2,177 | 5,031 |
Originated prior to 2016 | 3,020 | 5,333 |
Revolving | 23,024 | 26,877 |
Total loans | 102,871 | 103,863 |
Commercial [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Originated in 2020 | 34,557 | |
Originated in 2019 | 17,867 | 33,550 |
Originated in 2018 | 12,349 | 21,394 |
Originated in 2017 | 5,257 | 10,464 |
Originated in 2016 | 2,070 | 4,984 |
Originated prior to 2016 | 2,884 | 5,151 |
Revolving | 22,445 | 26,307 |
Total loans | 97,429 | 101,850 |
Commercial [Member] | Special Mention Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Originated in 2020 | 1,335 | |
Originated in 2019 | 269 | 174 |
Originated in 2018 | 351 | 420 |
Originated in 2017 | 117 | 165 |
Originated in 2016 | 81 | 10 |
Originated prior to 2016 | 47 | 86 |
Revolving | 299 | 292 |
Total loans | 2,499 | 1,147 |
Commercial [Member] | Classified Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Originated in 2020 | 1,753 | |
Originated in 2019 | 349 | 222 |
Originated in 2018 | 176 | 136 |
Originated in 2017 | 270 | 97 |
Originated in 2016 | 26 | 37 |
Originated prior to 2016 | 89 | 96 |
Revolving | 280 | 278 |
Total loans | 2,943 | 866 |
Commercial [Member] | Total Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Originated in 2020 | 3,088 | |
Originated in 2019 | 618 | 396 |
Originated in 2018 | 527 | 556 |
Originated in 2017 | 387 | 262 |
Originated in 2016 | 107 | 47 |
Originated prior to 2016 | 136 | 182 |
Revolving | 579 | 570 |
Total loans | 5,442 | 2,013 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Originated in 2020 | 11,044 | |
Originated in 2019 | 10,973 | 13,192 |
Originated in 2018 | 7,103 | 9,582 |
Originated in 2017 | 3,188 | 6,026 |
Originated in 2016 | 2,277 | 3,883 |
Originated prior to 2016 | 3,034 | 5,086 |
Revolving | 1,692 | 1,977 |
Total loans | 39,311 | 39,746 |
Commercial Real Estate [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Originated in 2020 | 9,446 | |
Originated in 2019 | 9,514 | 12,976 |
Originated in 2018 | 6,053 | 9,455 |
Originated in 2017 | 2,650 | 5,863 |
Originated in 2016 | 2,005 | 3,706 |
Originated prior to 2016 | 2,757 | 4,907 |
Revolving | 1,445 | 1,965 |
Total loans | 33,870 | 38,872 |
Commercial Real Estate [Member] | Special Mention Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Originated in 2020 | 461 | |
Originated in 2019 | 454 | 108 |
Originated in 2018 | 411 | 71 |
Originated in 2017 | 198 | 99 |
Originated in 2016 | 132 | 117 |
Originated prior to 2016 | 108 | 78 |
Revolving | 9 | 11 |
Total loans | 1,773 | 484 |
Commercial Real Estate [Member] | Classified Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Originated in 2020 | 1,137 | |
Originated in 2019 | 1,005 | 108 |
Originated in 2018 | 639 | 56 |
Originated in 2017 | 340 | 64 |
Originated in 2016 | 140 | 60 |
Originated prior to 2016 | 169 | 101 |
Revolving | 238 | 1 |
Total loans | 3,668 | 390 |
Commercial Real Estate [Member] | Total Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Originated in 2020 | 1,598 | |
Originated in 2019 | 1,459 | 216 |
Originated in 2018 | 1,050 | 127 |
Originated in 2017 | 538 | 163 |
Originated in 2016 | 272 | 177 |
Originated prior to 2016 | 277 | 179 |
Revolving | 247 | 12 |
Total loans | 5,441 | 874 |
Residential Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Originated in 2020 | 23,266 | |
Originated in 2019 | 13,987 | 18,822 |
Originated in 2018 | 5,693 | 9,215 |
Originated in 2017 | 6,943 | 9,626 |
Originated in 2016 | 8,521 | 11,407 |
Originated prior to 2016 | 17,744 | 21,516 |
Revolving | 1 | |
Total loans | 76,155 | 70,586 |
Residential Mortgages [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Originated in 2020 | 23,262 | |
Originated in 2019 | 13,969 | 18,819 |
Originated in 2018 | 5,670 | 9,204 |
Originated in 2017 | 6,918 | 9,605 |
Originated in 2016 | 8,487 | 11,378 |
Originated prior to 2016 | 17,434 | 21,168 |
Revolving | 1 | |
Total loans | 75,741 | 70,174 |
Residential Mortgages [Member] | Special Mention Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Originated in 2020 | 1 | |
Originated in 2019 | 1 | 2 |
Originated in 2018 | 1 | |
Originated in 2017 | 1 | |
Originated in 2016 | 2 | |
Total loans | 6 | 2 |
Residential Mortgages [Member] | Classified Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Originated in 2020 | 3 | |
Originated in 2019 | 17 | 1 |
Originated in 2018 | 22 | 11 |
Originated in 2017 | 24 | 21 |
Originated in 2016 | 32 | 29 |
Originated prior to 2016 | 310 | 348 |
Total loans | 408 | 410 |
Residential Mortgages [Member] | Total Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Originated in 2020 | 4 | |
Originated in 2019 | 18 | 3 |
Originated in 2018 | 23 | 11 |
Originated in 2017 | 25 | 21 |
Originated in 2016 | 34 | 29 |
Originated prior to 2016 | 310 | 348 |
Total loans | 414 | 412 |
Other Retail [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Originated in 2020 | 17,596 | |
Originated in 2019 | 11,628 | 15,918 |
Originated in 2018 | 6,841 | 10,154 |
Originated in 2017 | 3,901 | 7,935 |
Originated in 2016 | 1,836 | 3,699 |
Originated prior to 2016 | 1,924 | 3,302 |
Revolving | 12,757 | 15,657 |
Revolving converted to term | 541 | 453 |
Total loans | 57,024 | 57,118 |
Other Retail [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Originated in 2020 | 17,589 | |
Originated in 2019 | 11,605 | 15,907 |
Originated in 2018 | 6,814 | 10,131 |
Originated in 2017 | 3,879 | 7,907 |
Originated in 2016 | 1,825 | 3,679 |
Originated prior to 2016 | 1,906 | 3,274 |
Revolving | 12,647 | 15,509 |
Revolving converted to term | 503 | 418 |
Total loans | 56,768 | 56,825 |
Other Retail [Member] | Special Mention Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Revolving | 10 | |
Total loans | 10 | |
Other Retail [Member] | Classified Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Originated in 2020 | 7 | |
Originated in 2019 | 23 | 11 |
Originated in 2018 | 27 | 23 |
Originated in 2017 | 22 | 28 |
Originated in 2016 | 11 | 20 |
Originated prior to 2016 | 18 | 28 |
Revolving | 110 | 138 |
Revolving converted to term | 38 | 35 |
Total loans | 256 | 283 |
Other Retail [Member] | Total Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Originated in 2020 | 7 | |
Originated in 2019 | 23 | 11 |
Originated in 2018 | 27 | 23 |
Originated in 2017 | 22 | 28 |
Originated in 2016 | 11 | 20 |
Originated prior to 2016 | 18 | 28 |
Revolving | 110 | 148 |
Revolving converted to term | 38 | 35 |
Total loans | 256 | 293 |
Credit Card [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 22,346 | 24,789 |
Credit Card [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 22,149 | 24,483 |
Credit Card [Member] | Classified Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 197 | 306 |
Credit Card [Member] | Total Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 197 | $ 306 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses - Summary of Loans by Portfolio Class and Company's Internal Credit Quality Rating (Parenthetical) (Detail) - Government National Mortgage Association [Member] - USD ($) $ in Billions | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Recorded Investment [Line Items] | ||
Restructured GNMA loans,classified with a pass rating | $ 1.4 | $ 1.6 |
GNMA loans 90 days or more past due, classified with a pass rating | $ 1.8 | $ 1.7 |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses - Summary of Loans Modified as TDRs (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($)SecurityLoan | Dec. 31, 2019USD ($)SecurityLoan | Dec. 31, 2018USD ($)SecurityLoan | |
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 36,954 | 47,454 | 45,528 |
Pre-Modification Outstanding Loan Balance | $ 2,211 | $ 1,664 | $ 1,626 |
Post-Modification Outstanding Loan Balance | $ 2,021 | $ 1,612 | $ 1,579 |
Commercial [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 3,423 | 3,445 | 2,824 |
Pre-Modification Outstanding Loan Balance | $ 628 | $ 376 | $ 336 |
Post-Modification Outstanding Loan Balance | $ 493 | $ 359 | $ 311 |
Commercial Real Estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 149 | 136 | 127 |
Pre-Modification Outstanding Loan Balance | $ 262 | $ 129 | $ 168 |
Post-Modification Outstanding Loan Balance | $ 218 | $ 125 | $ 169 |
Residential Mortgages [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 1,176 | 417 | 526 |
Pre-Modification Outstanding Loan Balance | $ 402 | $ 55 | $ 73 |
Post-Modification Outstanding Loan Balance | $ 401 | $ 54 | $ 69 |
Other Retail [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 4,027 | 2,952 | 2,462 |
Pre-Modification Outstanding Loan Balance | $ 117 | $ 63 | $ 58 |
Post-Modification Outstanding Loan Balance | $ 114 | $ 61 | $ 55 |
Credit Card [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 23,549 | 34,247 | 33,318 |
Pre-Modification Outstanding Loan Balance | $ 135 | $ 185 | $ 169 |
Post-Modification Outstanding Loan Balance | $ 136 | $ 186 | $ 171 |
Covered Loans [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 3 | ||
Pre-Modification Outstanding Loan Balance | $ 1 | ||
Post-Modification Outstanding Loan Balance | $ 1 | ||
Total Loans, Excluding Loans Purchased from GNMA Mortgage Pools [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 32,324 | 41,197 | 39,260 |
Pre-Modification Outstanding Loan Balance | $ 1,544 | $ 808 | $ 805 |
Post-Modification Outstanding Loan Balance | $ 1,362 | $ 785 | $ 776 |
Government National Mortgage Association [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 4,630 | 6,257 | 6,268 |
Pre-Modification Outstanding Loan Balance | $ 667 | $ 856 | $ 821 |
Post-Modification Outstanding Loan Balance | $ 659 | $ 827 | $ 803 |
Loans and Allowance for Cred_11
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, 2020USD ($)SecurityLoan | Dec. 31, 2019USD ($)SecurityLoan | Dec. 31, 2018USD ($)SecurityLoan | |
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | 8,729 | 10,863 | 10,860 |
Amount Defaulted | $ | $ 220 | $ 266 | $ 331 |
Commercial [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | 1,148 | 1,040 | 836 |
Amount Defaulted | $ | $ 80 | $ 46 | $ 71 |
Commercial Real Estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | 50 | 36 | 39 |
Amount Defaulted | $ | $ 30 | $ 24 | $ 15 |
Residential Mortgages [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | 38 | 137 | 191 |
Amount Defaulted | $ | $ 5 | $ 15 | $ 18 |
Other Retail [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | 307 | 380 | 334 |
Amount Defaulted | $ | $ 4 | $ 10 | $ 5 |
Credit Card [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | 6,688 | 8,273 | 8,012 |
Amount Defaulted | $ | $ 35 | $ 40 | $ 35 |
Covered Loans [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | 1 | ||
Total Loans, Excluding Loans Purchased from GNMA Mortgage Pools [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | 8,231 | 9,866 | 9,413 |
Amount Defaulted | $ | $ 154 | $ 135 | $ 144 |
Government National Mortgage Association [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | 498 | 997 | 1,447 |
Amount Defaulted | $ | $ 66 | $ 131 | $ 187 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Leased Assets [Line Items] | ||
Lease revenue | $ 952 | $ 996 |
Right of use lease assets | 1,100 | 1,300 |
Lease liabilities | 1,300 | 1,400 |
Lease cost | $ 374 | $ 394 |
Leases - Components of Net Inve
Leases - Components of Net Investment in Sales - Type and Direct Financing Leases (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Net Investment in Leases [Abstract] | ||
Lease receivables | $ 11,890 | $ 12,324 |
Unguaranteed residual values accruing to the lessor's benefit | 1,787 | 1,834 |
Total net investment in sales-type and direct financing leases | $ 13,677 | $ 14,158 |
Leases - Contractual Future Lea
Leases - Contractual Future Lease Payments to be Received (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Sales-type and direct finance leases, 2021 | $ 4,288 | |
Sales-type and direct finance leases, 2022 | 3,664 | |
Sales-type and direct finance leases, 2023 | 2,816 | |
Sales-type and direct finance leases, 2024 | 1,210 | |
Sales-type and direct finance leases, 2025 | 307 | |
Sales-type and direct finance leases, thereafter | 496 | |
Sales-type and direct finance leases, lease payments | 12,781 | |
Sales-type and direct finance leases, amounts representing interest | (891) | |
Sales-type and direct finance leases, lease receivables | 11,890 | $ 12,324 |
Operating leases, 2021 | 153 | |
Operating leases, 2022 | 121 | |
Operating leases, 2023 | 83 | |
Operating leases, 2024 | 56 | |
Operating leases, 2025 | 38 | |
Operating leases, thereafter | 17 | |
Operating leases, lease payments | $ 468 |
Leases - Summary of Amounts Rel
Leases - Summary of Amounts Relevant to Company's Assets Leased for Use in its Operations (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash paid for amounts included in the measurement of lease liabilities | ||
Operating cash flows from operating leases | $ 305 | $ 302 |
Operating cash flows from finance leases | 6 | 7 |
Financing cash flows from finance leases | 12 | 10 |
Right of use assets obtained in exchange for new operating lease liabilities | 128 | 134 |
Right of use assets obtained in exchange for new finance lease liabilities | $ 6 | $ 10 |
Leases - Summary of Weighted-Av
Leases - Summary of Weighted-Average Remaining Lease Terms and Discount Rates (Detail) | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Weighted-average remaining lease term of operating leases (in years) | 7 years | 7 years 4 months 24 days |
Weighted-average remaining lease term of finance leases (in years) | 9 years 7 months 6 days | 10 years 8 months 12 days |
Weighted-average discount rate of operating leases | 3.00% | 3.20% |
Weighted-average discount rate of finance leases | 12.50% | 14.30% |
Leases - Schedule of Contractua
Leases - Schedule of Contractual Future Lease Obligations (Detail) $ in Millions | Dec. 31, 2020USD ($) |
Contractual Obligation, Fiscal Year Maturity Schedule [Abstract] | |
Operating leases, 2021 | $ 290 |
Operating leases, 2022 | 254 |
Operating leases, 2023 | 209 |
Operating leases, 2024 | 155 |
Operating leases, 2025 | 111 |
Operating leases, Thereafter | 344 |
Operating leases | 1,363 |
Operating leases, amounts representing interest | (129) |
Operating leases, lease liabilities | $ 1,234 |
Operating lease, liability, statement of financial position [Extensible List] | us-gaap:OperatingLeaseLiability |
Finance leases, 2021 | $ 18 |
Finance leases, 2022 | 15 |
Finance leases, 2023 | 15 |
Finance leases, 2024 | 13 |
Finance leases, 2025 | 11 |
Finance leases, thereafter | 29 |
Finance leases | 101 |
Finance leases, Amounts representing interest | (25) |
Finance leases, lease liabilities | $ 76 |
Accounting for Transfers and _3
Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Variable Interest Entity [Line Items] | |||
Assets related to consolidated VIEs | $ 553,905 | $ 495,426 | |
Liabilities related to consolidated VIEs | 500,180 | 442,943 | |
Community Development And Tax Advantaged Investments [Member] | |||
Variable Interest Entity [Line Items] | |||
Federal and state income tax credits recognized in tax expense | 578 | 615 | $ 689 |
Expense related to investments | 545 | 557 | 604 |
Investment tax credits | 414 | 506 | 639 |
Expenses related to investments recognized in tax expense | 367 | 318 | 275 |
Financial Support Waived Fees [Member] | |||
Variable Interest Entity [Line Items] | |||
Financial or other support to money market funds | 89 | 30 | $ 25 |
Variable Interest Entity Not Primary Beneficiary [Member] | Private Investment Funds and Partnerships [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum exposure to loss | 57 | 55 | |
Assets related to consolidated VIEs | 35 | 31 | |
Variable Interest Entity Not Primary Beneficiary [Member] | Community Development And Tax Advantaged Investments [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum exposure to loss | 11,219 | 12,118 | |
Assets related to consolidated VIEs | 5,378 | 6,148 | |
Liabilities related to consolidated VIEs | 2,334 | 2,938 | |
Variable Interest Entity Not Primary Beneficiary [Member] | Minimum [Member] | |||
Variable Interest Entity [Line Items] | |||
Aggregate amount of investments in unconsolidated VIEs | 1 | 1 | |
Variable Interest Entity Not Primary Beneficiary [Member] | Maximum [Member] | |||
Variable Interest Entity [Line Items] | |||
Aggregate amount of investments in unconsolidated VIEs | 78 | 87 | |
Variable Interest Entity Primary Beneficiary [Member] | Community Development And Tax Advantaged Investments [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets related to consolidated VIEs | 4,900 | 4,000 | |
Liabilities related to consolidated VIEs | 3,700 | 3,200 | |
Variable Interest Entity Primary Beneficiary [Member] | Tender Option Bond Program [Member] | |||
Variable Interest Entity [Line Items] | |||
Assets related to consolidated VIEs | 2,400 | 3,000 | |
Liabilities related to consolidated VIEs | $ 1,500 | $ 2,700 |
Accounting for Transfers and _4
Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities - Summary of Investments in Community Development and Tax-advantaged VIEs (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Variable Interest Entity [Line Items] | ||
Investment carrying amount | $ 553,905 | $ 495,426 |
Unfunded capital and other commitments | 500,180 | 442,943 |
Variable Interest Entity Not Primary Beneficiary [Member] | Community Development And Tax Advantaged Investments [Member] | ||
Variable Interest Entity [Line Items] | ||
Investment carrying amount | 5,378 | 6,148 |
Unfunded capital and other commitments | 2,334 | 2,938 |
Maximum exposure to loss | $ 11,219 | $ 12,118 |
Premises and Equipment - Premis
Premises and Equipment - Premises and Equipment (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Gross Premises and Equipment | $ 8,618 | $ 8,656 |
Less accumulated depreciation and amortization | (5,150) | (4,954) |
Total Premises and Equipment | 3,468 | 3,702 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross Premises and Equipment | 487 | 504 |
Buildings and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross Premises and Equipment | 3,519 | 3,513 |
Furniture, Fixtures and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross Premises and Equipment | 3,439 | 3,366 |
Right of Use Assets on Operating Leases [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross Premises and Equipment | 1,038 | 1,141 |
Right of Use Assets on Finance Leases [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross Premises and Equipment | 110 | 111 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross Premises and Equipment | $ 25 | $ 21 |
Mortgage Servicing Rights - Add
Mortgage Servicing Rights - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Transfers and Servicing of Financial Assets [Abstract] | |||
Residential mortgage loans serviced for others including subserviced mortgages with no corresponding MSRs asset | $ 211,800 | $ 226,000 | |
Gain (Loss) on fair value changes of MSRs due to changes in valuation assumptions and derivatives used to economically hedge MSRs | 18 | (24) | $ 47 |
Loan servicing and ancillary fees | $ 718 | $ 734 | $ 746 |
Mortgage Servicing Rights - Cha
Mortgage Servicing Rights - Changes in Fair Value of Capitalized MSRs (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Transfers and Servicing of Financial Assets [Abstract] | |||
Balance at beginning of period | $ 2,546 | $ 2,791 | $ 2,645 |
Rights purchased | 34 | 20 | 8 |
Rights capitalized | 1,030 | 559 | 397 |
Rights sold | 3 | 5 | (27) |
Changes in fair value of MSRs | |||
Due to fluctuations in market interest rates | (719) | (390) | 98 |
Due to revised assumptions or models | (12) | 23 | 56 |
Other changes in fair value | (672) | (462) | (386) |
Balance at end of period | $ 2,210 | $ 2,546 | $ 2,791 |
Mortgage Servicing Rights - Sen
Mortgage Servicing Rights - Sensitivity to Changes in Interest Rates of the Fair Value of MSR Portfolio and Related Derivative Instruments (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
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 | $ (442) | $ (663) |
Net fair value 50 basis points | (271) | (316) |
Net fair value 25 basis points | (150) | (153) |
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 | 523 | 613 |
Net fair value 50 basis points | 281 | 306 |
Net fair value 25 basis points | 145 | 152 |
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 | 81 | (50) |
Net fair value 50 basis points | 10 | (10) |
Net fair value 25 basis points | (5) | (1) |
Up Scenario [Member] | Mortgage Servicing Rights [Member] | ||
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ||
Net fair value 100 basis points | 671 | 485 |
Net fair value 50 basis points | 343 | 269 |
Net fair value 25 basis points | 169 | 141 |
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 | (625) | (550) |
Net fair value 50 basis points | (304) | (279) |
Net fair value 25 basis points | (149) | (143) |
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 | 46 | (65) |
Net fair value 50 basis points | 39 | (10) |
Net fair value 25 basis points | $ 20 | $ (2) |
Mortgage Servicing Rights - MSR
Mortgage Servicing Rights - MSRs and Related Characteristics by Portfolio (Detail) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020USD ($)BasisPointMultiple | Dec. 31, 2019USD ($)BasisPointMultiple | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Servicing Assets at Fair Value [Line Items] | ||||
Fair value | $ 2,210 | $ 2,546 | $ 2,791 | $ 2,645 |
Mortgage Servicing Rights [Member] | ||||
Servicing Assets at Fair Value [Line Items] | ||||
Servicing portfolio | 208,955 | 223,518 | ||
Fair value | $ 2,210 | $ 2,546 | ||
Value (bps) | BasisPoint | 106 | 114 | ||
Weighted-average servicing fees (bps) | BasisPoint | 32 | 31 | ||
Multiple (value/servicing fees) | Multiple | 3.26 | 3.67 | ||
Weighted-average note rate | 3.92% | 4.17% | ||
Weighted-average age (in years) | 4 years 3 months 18 days | 4 years 7 months 6 days | ||
Weighted-average expected prepayment (constant prepayment rate) | 14.40% | 12.40% | ||
Weighted-average expected life (in years) | 5 years 4 months 24 days | 6 years | ||
Weighted-average option adjusted spread | 6.60% | 7.30% | ||
HFA [Member] | Mortgage Servicing Rights [Member] | ||||
Servicing Assets at Fair Value [Line Items] | ||||
Servicing portfolio | $ 40,396 | $ 44,906 | ||
Fair value | $ 406 | $ 486 | ||
Value (bps) | BasisPoint | 101 | 108 | ||
Weighted-average servicing fees (bps) | BasisPoint | 35 | 34 | ||
Multiple (value/servicing fees) | Multiple | 2.87 | 3.15 | ||
Weighted-average note rate | 4.43% | 4.65% | ||
Weighted-average age (in years) | 3 years 9 months 18 days | 3 years 8 months 12 days | ||
Weighted-average expected prepayment (constant prepayment rate) | 14.10% | 12.20% | ||
Weighted-average expected life (in years) | 5 years 7 months 6 days | 6 years 6 months | ||
Weighted-average option adjusted spread | 7.70% | 8.40% | ||
Government Insured [Member] | Mortgage Servicing Rights [Member] | ||||
Servicing Assets at Fair Value [Line Items] | ||||
Servicing portfolio | $ 25,474 | $ 35,302 | ||
Fair value | $ 261 | $ 451 | ||
Value (bps) | BasisPoint | 102 | 128 | ||
Weighted-average servicing fees (bps) | BasisPoint | 40 | 39 | ||
Multiple (value/servicing fees) | Multiple | 2.56 | 3.29 | ||
Weighted-average note rate | 3.91% | 3.99% | ||
Weighted-average age (in years) | 5 years 7 months 6 days | 4 years 10 months 24 days | ||
Weighted-average expected prepayment (constant prepayment rate) | 18.00% | 13.70% | ||
Weighted-average expected life (in years) | 4 years 3 months 18 days | 5 years 8 months 12 days | ||
Weighted-average option adjusted spread | 7.30% | 7.90% | ||
Conventional [Member] | Mortgage Servicing Rights [Member] | ||||
Servicing Assets at Fair Value [Line Items] | ||||
Servicing portfolio | $ 143,085 | $ 143,310 | ||
Fair value | $ 1,543 | $ 1,609 | ||
Value (bps) | BasisPoint | 108 | 112 | ||
Weighted-average servicing fees (bps) | BasisPoint | 30 | 28 | ||
Multiple (value/servicing fees) | Multiple | 3.55 | 4 | ||
Weighted-average note rate | 3.78% | 4.07% | ||
Weighted-average age (in years) | 4 years 2 months 12 days | 4 years 9 months 18 days | ||
Weighted-average expected prepayment (constant prepayment rate) | 13.80% | 12.20% | ||
Weighted-average expected life (in years) | 5 years 6 months | 5 years 10 months 24 days | ||
Weighted-average option adjusted spread | 6.20% | 6.90% |
Intangible Assets - Intangible
Intangible Assets - Intangible Assets (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill | $ 9,918 | $ 9,655 | $ 9,369 | $ 9,434 |
Mortgage servicing rights | 2,210 | 2,546 | $ 2,791 | $ 2,645 |
Total | $ 12,782 | 12,878 | ||
Merchant Processing Contracts [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization Method | SL/AC | |||
Finite-Lived Intangible Assets | $ 235 | 225 | ||
Core Deposit Benefits [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization Method | SL/AC | |||
Finite-Lived Intangible Assets | $ 64 | 82 | ||
Trust Relationships [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization Method | SL/AC | |||
Finite-Lived Intangible Assets | $ 19 | 27 | ||
Other Identified Intangibles [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization Method | SL/AC | |||
Finite-Lived Intangible Assets | $ 336 | $ 343 | ||
Straight line method [Member] | Merchant Processing Contracts [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Estimated Life | 6 years | |||
Straight line method [Member] | Core Deposit Benefits [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Estimated Life | 22 years | |||
Straight line method [Member] | Trust Relationships [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Estimated Life | 10 years | |||
Straight line method [Member] | Other Identified Intangibles [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Estimated Life | 6 years | |||
Accelerated method [Member] | Merchant Processing Contracts [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Estimated Life | 7 years | |||
Accelerated method [Member] | Core Deposit Benefits [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Estimated Life | 5 years | |||
Accelerated method [Member] | Trust Relationships [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Estimated Life | 7 years | |||
Accelerated method [Member] | Other Identified Intangibles [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Estimated Life | 4 years |
Intangible Assets - Aggregate A
Intangible Assets - Aggregate Amortization Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangibles | $ 176 | $ 168 | $ 161 |
Merchant Processing Contracts [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangibles | 49 | 45 | 24 |
Core Deposit Benefits [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangibles | 18 | 22 | 26 |
Trust Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangibles | 9 | 10 | 11 |
Other Identified Intangibles [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangibles | $ 100 | $ 91 | $ 100 |
Intangible Assets - Estimated A
Intangible Assets - Estimated Amortization Expense (Detail) $ in Millions | Dec. 31, 2020USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2021 | $ 149 |
2022 | 137 |
2023 | 98 |
2024 | 77 |
2025 | $ 52 |
Intangible Assets - Changes in
Intangible Assets - Changes in Carrying Value of Goodwill (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill [Line Items] | |||
Goodwill, Beginning Balance | $ 9,655 | $ 9,369 | $ 9,434 |
Goodwill acquired | 180 | 285 | 105 |
Disposal | (155) | ||
Foreign exchange translation and other | 83 | 1 | (15) |
Goodwill, Ending Balance | 9,918 | 9,655 | 9,369 |
Corporate and Commercial Banking [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Beginning Balance | 1,647 | 1,647 | 1,647 |
Goodwill, Ending Balance | 1,647 | 1,647 | 1,647 |
Consumer and Business Banking [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Beginning Balance | 3,475 | 3,475 | 3,681 |
Disposal | (155) | ||
Foreign exchange translation and other | (51) | ||
Goodwill, Ending Balance | 3,475 | 3,475 | 3,475 |
Wealth Management and Investment Services [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Beginning Balance | 1,617 | 1,618 | 1,569 |
Foreign exchange translation and other | 2 | (1) | 49 |
Goodwill, Ending Balance | 1,619 | 1,617 | 1,618 |
Payment Services [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Beginning Balance | 2,916 | 2,629 | 2,537 |
Goodwill acquired | 180 | 285 | 105 |
Foreign exchange translation and other | 81 | 2 | (13) |
Goodwill, Ending Balance | $ 3,177 | $ 2,916 | $ 2,629 |
Deposits - Composition of Depos
Deposits - Composition of Deposits (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | |
Banking and Thrift, Interest [Abstract] | |||
Noninterest-bearing deposits | $ 118,089 | $ 75,590 | |
Interest-bearing deposits | |||
Interest checking | 95,894 | 75,949 | |
Money market savings | 128,058 | 120,082 | |
Savings accounts | 57,035 | 47,401 | |
Time deposits | 30,694 | 42,894 | |
Total interest-bearing deposits | [1] | 311,681 | 286,326 |
Total deposits | $ 429,770 | $ 361,916 | |
[1] | lncludes time deposits greater than $250,000 balances of $4.4 billion and $7.8 billion at December 31, 2020 and 2019, respectively. |
Deposits - Maturities of Time D
Deposits - Maturities of Time Deposits Outstanding (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Banking and Thrift, Interest [Abstract] | ||
2021 | $ 23,808 | |
2022 | 3,751 | |
2023 | 1,314 | |
2024 | 1,351 | |
2025 | 468 | |
Thereafter | 2 | |
Total | $ 30,694 | $ 42,894 |
Short-Term Borrowings - Summary
Short-Term Borrowings - Summary of Short-Term Borrowings (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Short-term Debt [Line Items] | |||
Short-term borrowings | $ 11,766 | $ 23,723 | $ 14,139 |
Short-term borrowings, interest rate, at year end | 0.49% | 1.62% | 1.92% |
Short-term borrowings, average for the year | $ 19,182 | $ 18,137 | $ 21,790 |
Short-term borrowings, interest rate, average for the year | 0.75% | 2.04% | 1.78% |
Federal Funds Purchased [Member] | |||
Short-term Debt [Line Items] | |||
Short-term borrowings | $ 777 | $ 828 | $ 458 |
Short-term borrowings, interest rate, at year end | 0.08% | 1.45% | 2.05% |
Short-term borrowings, average for the year | $ 1,660 | $ 1,457 | $ 1,070 |
Short-term borrowings, interest rate, average for the year | 0.35% | 1.94% | 1.70% |
Short-term borrowings, maximum month end balance | $ 2,811 | $ 3,629 | $ 4,532 |
Securities Sold under Agreements to Repurchase [Member] | |||
Short-term Debt [Line Items] | |||
Short-term borrowings | $ 1,430 | $ 1,165 | $ 2,582 |
Short-term borrowings, interest rate, at year end | 0.16% | 1.41% | 2.20% |
Short-term borrowings, average for the year | $ 1,686 | $ 1,770 | $ 2,279 |
Short-term borrowings, interest rate, average for the year | 0.50% | 2.00% | 1.87% |
Short-term borrowings, maximum month end balance | $ 2,183 | $ 2,755 | $ 3,225 |
Commercial Paper [Member] | |||
Short-term Debt [Line Items] | |||
Short-term borrowings | $ 6,007 | $ 7,576 | $ 6,940 |
Short-term borrowings, interest rate, at year end | 0.01% | 1.07% | 1.35% |
Short-term borrowings, average for the year | $ 8,141 | $ 8,186 | $ 6,929 |
Short-term borrowings, interest rate, average for the year | 0.26% | 1.45% | 0.94% |
Short-term borrowings, maximum month end balance | $ 9,514 | $ 9,431 | $ 7,846 |
Other [Member] | |||
Short-term Debt [Line Items] | |||
Short-term borrowings | $ 3,552 | $ 14,154 | $ 4,159 |
Short-term borrowings, interest rate, at year end | 1.51% | 1.94% | 2.68% |
Short-term borrowings, average for the year | $ 7,695 | $ 6,724 | $ 11,512 |
Short-term borrowings, interest rate, average for the year | 1.41% | 2.78% | 2.27% |
Short-term borrowings, maximum month end balance | $ 20,569 | $ 14,154 | $ 16,588 |
Short-Term Borrowings - Summa_2
Short-Term Borrowings - Summary of Short-Term Borrowings (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Short-term Debt [Abstract] | |||
Federal statutory rate | 21.00% | 21.00% | 21.00% |
Long-Term Debt - Summary of Lon
Long-Term Debt - Summary of Long-term Debt (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||
Long-term debt | $ 41,297 | $ 40,167 |
Parent Company [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 20,924 | 18,602 |
Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 20,373 | 21,565 |
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 | $ 1,110 | 848 |
Fixed Rate [Member] | Parent Company [Member] | Subordinated Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.95% | |
Debt Instrument Maturity Year, End | Dec. 31, 2022 | |
Long-term debt | $ 1,300 | 1,300 |
Fixed Rate [Member] | Parent Company [Member] | Subordinated Debt One [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.60% | |
Debt Instrument Maturity Year, End | Dec. 31, 2024 | |
Long-term debt | $ 1,000 | 1,000 |
Fixed Rate [Member] | Parent Company [Member] | Subordinated Notes Two [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 7.50% | |
Debt Instrument Maturity Year, End | Dec. 31, 2026 | |
Long-term debt | $ 199 | 199 |
Fixed Rate [Member] | Parent Company [Member] | Subordinated Notes Three [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.10% | |
Debt Instrument Maturity Year, End | Dec. 31, 2026 | |
Long-term debt | $ 1,000 | 1,000 |
Fixed Rate [Member] | Parent Company [Member] | Medium-term Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument Maturity Year, start | Jan. 1, 2021 | |
Debt Instrument Maturity Year, End | Dec. 31, 2030 | |
Long-term debt | $ 15,492 | 13,820 |
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] | Other Debt Issuance Fees and Unrealized Gains and Losses and Deferred Amounts Relating to Derivative Instruments [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 683 | 33 |
Fixed Rate [Member] | Parent Company [Member] | Subordinated Debt Four [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.00% | |
Debt Instrument Maturity Year, End | Dec. 31, 2029 | |
Long-term debt | $ 1,000 | 1,000 |
Fixed Rate [Member] | Subsidiaries [Member] | Federal Home Loan Bank Advances [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument Maturity Year, start | Jan. 1, 2021 | |
Debt Instrument Maturity Year, End | Dec. 31, 2026 | |
Long-term debt | $ 1,003 | 1,106 |
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, 2021 | |
Debt Instrument Maturity Year, End | Dec. 31, 2025 | |
Long-term debt | $ 9,100 | 9,550 |
Fixed Rate [Member] | Subsidiaries [Member] | Bank Notes [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.80% | |
Fixed Rate [Member] | Subsidiaries [Member] | Bank Notes [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.45% | |
Floating Rate [Member] | Parent Company [Member] | Medium-term Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 0.855% | |
Debt Instrument Maturity Year, End | Dec. 31, 2022 | |
Long-term debt | $ 250 | 250 |
Floating Rate [Member] | Subsidiaries [Member] | Federal Home Loan Bank Advances [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument Maturity Year, start | Jan. 1, 2022 | |
Debt Instrument Maturity Year, End | Dec. 31, 2026 | |
Long-term debt | $ 3,272 | 3,272 |
Floating Rate [Member] | Subsidiaries [Member] | Federal Home Loan Bank Advances [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 0.474% | |
Floating Rate [Member] | Subsidiaries [Member] | Federal Home Loan Bank Advances [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 0.765% | |
Floating Rate [Member] | Subsidiaries [Member] | Bank Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument Maturity Year, start | Jan. 1, 2021 | |
Debt Instrument Maturity Year, End | Dec. 31, 2059 | |
Long-term debt | $ 5,888 | $ 6,789 |
Floating Rate [Member] | Subsidiaries [Member] | Bank Notes [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 0.653% |
Long-Term Debt - Summary of L_2
Long-Term Debt - Summary of Long-term Debt (Parenthetical) (Detail) | Dec. 31, 2020 |
Medium-term Notes [Member] | |
Debt Instrument [Line Items] | |
Weighted-average interest rate | 2.61% |
Federal Home Loan Bank Advances [Member] | |
Debt Instrument [Line Items] | |
Weighted-average interest rate | 1.12% |
Bank Notes [Member] | |
Debt Instrument [Line Items] | |
Weighted-average interest rate | 1.83% |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) $ in Billions | Dec. 31, 2020 | Dec. 31, 2019 |
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 | $ 96.5 | $ 97.4 |
Long-Term Debt - Maturities of
Long-Term Debt - Maturities of Long-term Debt Outstanding (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
2021 | $ 7,266 | |
2022 | 8,610 | |
2023 | 2,870 | |
2024 | 5,933 | |
2025 | 5,888 | |
Thereafter | 10,730 | |
Total | 41,297 | $ 40,167 |
Parent Company [Member] | ||
Debt Instrument [Line Items] | ||
2021 | 1,509 | |
2022 | 3,855 | |
2024 | 5,913 | |
2025 | 2,283 | |
Thereafter | 7,364 | |
Total | $ 20,924 | $ 18,602 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||||||||||
Dec. 31, 2020 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2006 | Jan. 01, 2021 | Dec. 31, 2019 | Dec. 31, 2013 | |
Class of Stock [Line Items] | ||||||||||||
Number of preferred stock shares authorized | 50,000,000 | 50,000,000 | ||||||||||
Number of common stock shares authorized | 4,000,000,000 | 4,000,000,000 | ||||||||||
Number of common stock shares outstanding | 1,500,000,000 | 1,500,000,000 | ||||||||||
Number of common stock shares reserved for future issuance | 41,000,000 | |||||||||||
Remaining authorized share repurchase amount | $ 3,000 | |||||||||||
Preferred stock outstanding | 209,510 | 209,510 | ||||||||||
Impact of preferred stock call | $ 13 | |||||||||||
Series H [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Preferred Stock, Shares Issued | 20,000 | |||||||||||
Liquidation preference per share | $ 25,000 | |||||||||||
Preferred stock outstanding | 20,000 | |||||||||||
Impact of preferred stock call | $ 13 | |||||||||||
Series F [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Preferred Stock, Shares Issued | 44,000 | |||||||||||
Liquidation preference per share | $ 25,000 | |||||||||||
Preferred stock dividend rate fixed percentage | 6.50% | |||||||||||
Redemption period of preferred stock | 90 days | |||||||||||
Preferred stock redemption date | Jan. 15, 2022 | |||||||||||
Preferred stock dividend rate variable percentage | 4.468% | |||||||||||
Preferred stock outstanding | 44,000 | 44,000 | ||||||||||
Series K Preferred Stock [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Preferred Stock, Shares Issued | 23,000 | |||||||||||
Liquidation preference per share | $ 25,000 | |||||||||||
Preferred stock dividend rate fixed percentage | 5.50% | |||||||||||
Redemption period of preferred stock | 90 days | |||||||||||
Preferred stock redemption date | Oct. 15, 2023 | |||||||||||
Preferred stock outstanding | 23,000 | 23,000 | ||||||||||
Series A [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Preferred Stock, Shares Issued | 6,764 | 5,746 | ||||||||||
Liquidation preference per share | $ 100,000 | |||||||||||
Preferred stock dividend rate fixed percentage | 3.50% | 3.50% | ||||||||||
Preferred stock dividend rate variable percentage | 1.02% | 1.02% | ||||||||||
Preferred stock outstanding | 12,510 | 12,510 | ||||||||||
Series A [Member] | Noncontrolling Interests [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Liquidation preference per share | $ 100,000 | |||||||||||
Preferred stock dividend rate variable percentage | 1.147% | |||||||||||
Minority interest preferred stock, shares issued | 5,000 | |||||||||||
Number of stock repurchased during period | 500 | |||||||||||
Preferred stock outstanding | 4,500 | |||||||||||
Series B [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Preferred Stock, Shares Issued | 40,000 | |||||||||||
Liquidation preference per share | $ 25,000 | |||||||||||
Preferred stock dividend rate fixed percentage | 3.50% | |||||||||||
Preferred stock dividend rate variable percentage | 0.006% | |||||||||||
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% | |||||||||||
Preferred stock outstanding | 30,000 | 30,000 | ||||||||||
Series J [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Preferred Stock, Shares Issued | 40,000 | |||||||||||
Liquidation preference per share | $ 25,000 | |||||||||||
Preferred stock dividend rate fixed percentage | 5.30% | |||||||||||
Redemption period of preferred stock | 90 days | |||||||||||
Preferred stock redemption date | Apr. 15, 2027 | |||||||||||
Preferred stock dividend rate variable percentage | 2.914% | |||||||||||
Preferred stock outstanding | 40,000 | 40,000 | ||||||||||
Series L [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Preferred Stock, Shares Issued | 20,000 | |||||||||||
Liquidation preference per share | $ 25,000 | |||||||||||
Preferred stock dividend rate fixed percentage | 3.75% | |||||||||||
Redemption period of preferred stock | 90 days | |||||||||||
Preferred stock redemption date | Jan. 15, 2026 | |||||||||||
Preferred stock outstanding | 20,000 |
Shareholders' Equity - Number o
Shareholders' Equity - Number of Shares Issued and Outstanding and Carrying Amount of Preferred Stock (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Class of Stock [Line Items] | ||
Shares Issued and Outstanding | 209,510 | 209,510 |
Liquidation Preference | $ 6,176 | $ 6,176 |
Discount | 193 | 192 |
Carrying Amount | $ 5,983 | $ 5,984 |
Series A [Member] | ||
Class of Stock [Line Items] | ||
Shares Issued and Outstanding | 12,510 | 12,510 |
Liquidation Preference | $ 1,251 | $ 1,251 |
Discount | 145 | 145 |
Carrying Amount | $ 1,106 | $ 1,106 |
Series B [Member] | ||
Class of Stock [Line Items] | ||
Shares Issued and Outstanding | 40,000 | 40,000 |
Liquidation Preference | $ 1,000 | $ 1,000 |
Carrying Amount | $ 1,000 | $ 1,000 |
Series F [Member] | ||
Class of Stock [Line Items] | ||
Shares Issued and Outstanding | 44,000 | 44,000 |
Liquidation Preference | $ 1,100 | $ 1,100 |
Discount | 12 | 12 |
Carrying Amount | $ 1,088 | $ 1,088 |
Series H [Member] | ||
Class of Stock [Line Items] | ||
Shares Issued and Outstanding | 20,000 | |
Liquidation Preference | $ 500 | |
Discount | 13 | |
Carrying Amount | $ 487 | |
Series I [Member] | ||
Class of Stock [Line Items] | ||
Shares Issued and Outstanding | 30,000 | 30,000 |
Liquidation Preference | $ 750 | $ 750 |
Discount | 5 | 5 |
Carrying Amount | $ 745 | $ 745 |
Series J [Member] | ||
Class of Stock [Line Items] | ||
Shares Issued and Outstanding | 40,000 | 40,000 |
Liquidation Preference | $ 1,000 | $ 1,000 |
Discount | 7 | 7 |
Carrying Amount | $ 993 | $ 993 |
Series K [Member] | ||
Class of Stock [Line Items] | ||
Shares Issued and Outstanding | 23,000 | 23,000 |
Liquidation Preference | $ 575 | $ 575 |
Discount | 10 | 10 |
Carrying Amount | $ 565 | $ 565 |
Series L [Member] | ||
Class of Stock [Line Items] | ||
Shares Issued and Outstanding | 20,000 | |
Liquidation Preference | $ 500 | |
Discount | 14 | |
Carrying Amount | $ 486 |
Shareholders' Equity - Number_2
Shareholders' Equity - Number of Shares Issued and Outstanding and Carrying Amount of Preferred Stock (Parenthetical) (Detail) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Equity [Abstract] | |||
Common stock repurchased shares | 31 | 81 | 54 |
Purchase of treasury stock | $ 1,661 | $ 4,515 | $ 2,844 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | $ (1,373) | $ (2,322) | $ (1,404) |
Revaluation of tax related balances | (300) | ||
Changes in unrealized gains and losses | 2,905 | 1,693 | (656) |
Changes in unrealized gains and losses | (194) | (229) | 39 |
Changes in unrealized gains and losses | (401) | (380) | (302) |
Changes in unrealized gains and losses | 2,310 | 1,084 | (919) |
Unrealized gains and losses on held-to-maturity investment securities transferred to available-for-sale | 141 | ||
Foreign currency translation adjustment | 2 | 26 | 3 |
Reclassification to earnings of realized gains and losses | (42) | 20 | 93 |
Applicable income taxes | (575) | (322) | 205 |
Balance at end of period | 322 | (1,373) | (2,322) |
Foreign Currency Translation [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | (65) | (84) | (69) |
Revaluation of tax related balances | (13) | ||
Foreign currency translation adjustment | 2 | 26 | 3 |
Applicable income taxes | (1) | (7) | (5) |
Balance at end of period | (64) | (65) | (84) |
Unrealized Gains (Losses) on Retirement Plans [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | (1,636) | (1,418) | (1,066) |
Revaluation of tax related balances | (229) | ||
Changes in unrealized gains and losses | (401) | (380) | (302) |
Reclassification to earnings of realized gains and losses | 125 | 89 | 137 |
Applicable income taxes | 70 | 73 | 42 |
Balance at end of period | (1,842) | (1,636) | (1,418) |
Unrealized Gains (Losses) on Derivative Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | (51) | 112 | 71 |
Revaluation of tax related balances | 15 | ||
Changes in unrealized gains and losses | (194) | (229) | 39 |
Reclassification to earnings of realized gains and losses | 10 | 11 | (5) |
Applicable income taxes | 46 | 55 | (8) |
Balance at end of period | (189) | (51) | 112 |
Unrealized Gains (Losses) on Investment Securities Transferred From Available For Sale to Held To Maturity [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | 14 | 17 | |
Revaluation of tax related balances | 4 | ||
Unrealized gains and losses on held-to-maturity investment securities transferred to available-for-sale | (9) | ||
Reclassification to earnings of realized gains and losses | (7) | (9) | |
Applicable income taxes | 2 | 2 | |
Balance at end of period | 14 | ||
Unrealized Gains (Losses) on Investment Securities Available-For-Sale [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at beginning of period | 379 | (946) | (357) |
Revaluation of tax related balances | (77) | ||
Changes in unrealized gains and losses | 2,905 | 1,693 | (656) |
Unrealized gains and losses on held-to-maturity investment securities transferred to available-for-sale | 150 | ||
Reclassification to earnings of realized gains and losses | (177) | (73) | (30) |
Applicable income taxes | (690) | (445) | 174 |
Balance at end of period | $ 2,417 | $ 379 | $ (946) |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Realized gains (losses) on sale of investment securities | $ 177 | $ 73 | $ 30 |
Amortization of unrealized gains on securities transferred from available-for-sale to held-to-maturity, Interest income | 14,840 | 17,494 | 16,173 |
Realized gains (losses) on derivative hedges | (2,015) | (4,442) | (3,254) |
Actuarial gains (losses) and prior service cost (credit) amortization | (1,833) | (1,618) | (1,709) |
Applicable income taxes | (1,066) | (1,648) | (1,554) |
Net income | 4,985 | 6,946 | 7,124 |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Net income | 32 | (15) | (69) |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | Unrealized Gains (Losses) on investment securities available-for-sale [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Realized gains (losses) on sale of investment securities | 177 | 73 | 30 |
Applicable income taxes | (45) | (18) | (7) |
Net income | 132 | 55 | 23 |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | Unrealized gains (losses) on investment securities transferred from available-for-sale to held-to-maturity [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Amortization of unrealized gains on securities transferred from available-for-sale to held-to-maturity, Interest income | 7 | 9 | |
Applicable income taxes | (2) | (2) | |
Net income | 5 | 7 | |
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 | (10) | (11) | 5 |
Applicable income taxes | 3 | 3 | (2) |
Net income | (7) | (8) | 3 |
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 | (125) | (89) | (137) |
Applicable income taxes | 32 | 22 | 35 |
Net income | $ (93) | $ (67) | $ (102) |
Shareholders' Equity - Componen
Shareholders' Equity - Components of Company's Regulatory Capital Requirements Under Banking Regulations (Detail) $ in Millions | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Less intangible assets | ||
Qualifying preferred stock | $ 5,983 | $ 5,984 |
Bank Regulatory Capital Requirements | ||
Common equity tier 1 capital as a percent of risk-weighted assets - Minimum capital ratio requirement (%) | 0.070 | |
Tier 1 capital as a percent of risk-weighted assets - Minimum capital ratio requirement | 0.085 | |
Total risk-based capital as a percent of risk-weighted assets - Minimum capital ratio requirement | 0.105 | |
Tier 1 capital as a percent of adjusted quarterly average assets (leverage ratio) - Minimum capital ratio requirement | 0.040 | |
Tier 1 capital as a percent of total on- and off-balance sheet leverage exposure (total leverage exposure ratio) - Minimum capital ratio requirement | 0.030 | |
Common equity tier 1 capital as a percent of risk-weighted assets - Well capitalized ratio requirement | 0.065 | |
Tier 1 capital as a percent of risk-weighted assets - Well capitalized ratio requirement | 0.080 | |
Total risk-based capital as a percent of risk-weighted assets - Well capitalized ratio requirement | 0.100 | |
Tier 1 capital as a percent of adjusted quarterly average assets (leverage ratio) - Well capitalized ratio requirement | 0.050 | |
Tier 1 capital as a percent of total on- and off-balance sheet leverage exposure (total leverage exposure ratio) - Well capitalized ratio requirement | 0.030 | |
U.S. Bancorp [Member] | Basel III Standardized Approach: [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common shareholders' equity | $ 47,112 | 45,869 |
Less intangible assets | ||
Goodwill (net of deferred tax liability) | (9,014) | (8,788) |
Other disallowed intangible assets | (654) | (677) |
Other | 601 | (691) |
Total common equity tier 1 capital | 38,045 | 35,713 |
Qualifying preferred stock | 5,983 | 5,984 |
Noncontrolling interests eligible for tier 1 capital | 451 | 28 |
Other | (5) | (4) |
Total tier 1 capital | 44,474 | 41,721 |
Eligible portion of allowance for credit losses | 4,905 | 4,491 |
Subordinated debt and noncontrolling interests eligible for tier 2 capital | 3,223 | 3,532 |
Total tier 2 capital | 8,128 | 8,023 |
Total risk-based capital | 52,602 | 49,744 |
Risk-weighted assets | $ 393,648 | $ 391,269 |
Common equity tier 1 capital as a percent of risk-weighted assets | 0.097 | 0.091 |
Tier 1 capital as a percent of risk-weighted assets | 0.113 | 0.107 |
Total risk-based capital as a percent of risk-weighted assets | 0.134 | 0.127 |
Tier 1 capital as a percent of adjusted quarterly average assets | 0.083 | 0.088 |
Tier 1 capital as a percent of total on- and off-balance sheet leverage exposure | 0.073 | 0.070 |
U.S. Bank National Association [Member] | Basel III Standardized Approach: [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common shareholders' equity | $ 52,589 | $ 48,592 |
Less intangible assets | ||
Goodwill (net of deferred tax liability) | (9,034) | (8,806) |
Other disallowed intangible assets | (654) | (710) |
Other | 1,254 | 38 |
Total common equity tier 1 capital | 44,155 | 39,114 |
Noncontrolling interests eligible for tier 1 capital | 451 | 28 |
Other | (6) | (4) |
Total tier 1 capital | 44,600 | 39,138 |
Eligible portion of allowance for credit losses | 4,850 | 4,491 |
Subordinated debt and noncontrolling interests eligible for tier 2 capital | 3,517 | 3,365 |
Total tier 2 capital | 8,367 | 7,856 |
Total risk-based capital | 52,967 | 46,994 |
Risk-weighted assets | $ 387,388 | $ 383,560 |
Common equity tier 1 capital as a percent of risk-weighted assets | 0.114 | 0.102 |
Tier 1 capital as a percent of risk-weighted assets | 0.115 | 0.102 |
Total risk-based capital as a percent of risk-weighted assets | 0.137 | 0.123 |
Tier 1 capital as a percent of adjusted quarterly average assets | 0.084 | 0.084 |
Tier 1 capital as a percent of total on- and off-balance sheet leverage exposure | 0.068 | 0.067 |
Shareholders' Equity - Compon_2
Shareholders' Equity - Components of Company's Regulatory Capital Requirements Under Banking Regulations (Detail) (Parenthetical) | Dec. 31, 2020 | Dec. 31, 2019 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Capital conservation buffer ratio | 0.025 | |
Stress capital buffer ratio | 0.025 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||||
Earnings Per Share [Abstract] | ||||||
Net income attributable to U.S. Bancorp | $ 4,959 | $ 6,914 | $ 7,096 | |||
Preferred dividends | (304) | [1] | (302) | [2] | (282) | [3] |
Impact of preferred stock call | (13) | |||||
Earnings allocated to participating stock awards | (21) | (29) | (30) | |||
Net income applicable to U.S. Bancorp common shareholders | $ 4,621 | $ 6,583 | $ 6,784 | |||
Average common shares outstanding | 1,509 | 1,581 | 1,634 | |||
Net effect of the exercise and assumed purchase of stock awards | 1 | 2 | 4 | |||
Average diluted common shares outstanding | 1,510 | 1,583 | 1,638 | |||
Earnings per common share | $ 3.06 | $ 4.16 | $ 4.15 | |||
Diluted earnings per common share | $ 3.06 | $ 4.16 | $ 4.14 | |||
[1] | Reflects dividends declared per share on the Company’s Series A, Series B, Series F, Series H, Series I, Series J, Series K and Series L Non-Cumulative Perpetual Preferred Stock of $3,558.332, $889.58, $1,625.00, $1,287.52, $1,281.25, $1,325.00, $1,375.00 and $203.13, respectively. | |||||
[2] | Reflects dividends declared per share on the Company’s Series A, Series B, Series F, Series H, Series I, Series J and Series K Non-Cumulative Perpetual Preferred Stock of $3,654.95, $887.15, $1,625.00, $1,287.52, $1,281.25, $1,325.00 and $1,375.00, respectively. | |||||
[3] | Reflects dividends declared per share on the Company’s Series A, Series B, Series F, Series H, Series I, Series J and Series K Non-Cumulative Perpetual Preferred Stock of $3,548.61, $887.15, $1,625.00, $1,287.52, $1,281.25, $1,325.00 and $576.74, respectively. |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Stock Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Options outstanding of common shares | 2 | 1 | 1 |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Qualified employees maximum contribution to defined contribution savings plan allowed in percentage of annual compensation | 75.00% | ||
Company contribution, percentage company contribution matches of the employee's percentage contribution matched | 100.00% | ||
Employee retirement savings plan matching expenses | $ 192 | $ 179 | $ 171 |
Vesting service period for defined benefit pension plan | 3 years | ||
Global Equities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset allocation for the company's qualified pension plan | 30.00% | ||
Domestic Mid-Small Cap Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset allocation for the company's qualified pension plan | 5.00% | ||
Emerging Markets Equities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset allocation for the company's qualified pension plan | 5.00% | ||
Real Estate Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset allocation for the company's qualified pension plan | 10.00% | ||
Long-duration bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset allocation for the company's qualified pension plan | 35.00% | ||
Hedge Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset allocation for the company's qualified pension plan | 5.00% | ||
Private Equity Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset allocation for the company's qualified pension plan | 10.00% | ||
Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Company contributions to qualified pension and postretirement welfare plan | $ 1,153 | 26 | |
Plan assets measured at fair value | 7,498 | 5,838 | 4,936 |
Pension Plans [Member] | Qualified Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Company contributions to qualified pension and postretirement welfare plan | 1,100 | ||
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 | 27 | ||
Pension Plans [Member] | Hedge Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | 251 | 283 | |
Pension Plans [Member] | Private Equity Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | 419 | 304 | |
Postretirement Welfare Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Company contributions to qualified pension and postretirement welfare plan | 5 | 4 | |
Company contributions to pension and postretirement welfare plan in next fiscal year | 5 | ||
Plan assets measured at fair value | 84 | $ 81 | |
Management Arrangement With Related Party [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets measured at fair value | $ 1,000 | $ 57 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Pension Plans [Member] | |||
Change In Projected Benefit Obligation | |||
Benefit obligation at beginning of measurement period | $ 6,829 | $ 5,507 | |
Service cost | 235 | 192 | $ 208 |
Interest cost | 235 | 249 | 224 |
Plan amendments | (18) | ||
Actuarial loss (gain) | 754 | 1,100 | |
Lump sum settlements | (55) | (56) | |
Benefit payments | (175) | (163) | |
Benefit obligation at end of measurement period | 7,805 | 6,829 | 5,507 |
Change In Fair Value Of Plan Assets | |||
Balance at beginning of period | 5,838 | 4,936 | |
Actual return on plan assets | 737 | 1,095 | |
Employer contributions | 1,153 | 26 | |
Lump sum settlements | (55) | (56) | |
Benefit payments | (175) | (163) | |
Balance at end of period | 7,498 | 5,838 | 4,936 |
Funded (Unfunded) Status | (307) | (991) | |
Noncurrent benefit asset | 369 | ||
Current benefit liability | (27) | (25) | |
Noncurrent benefit liability | (649) | (966) | |
Recognized amount | (307) | (991) | |
Net actuarial gain (loss) | (2,557) | (2,271) | |
Net prior service credit (cost) | 18 | ||
Recognized amount | (2,539) | (2,271) | |
Postretirement Welfare Plan [Member] | |||
Change In Projected Benefit Obligation | |||
Benefit obligation at beginning of measurement period | 47 | 54 | |
Interest cost | 1 | 2 | 2 |
Participants' contributions | 6 | 7 | |
Actuarial loss (gain) | (4) | (4) | |
Benefit payments | (13) | (13) | |
Federal subsidy on benefits paid | 1 | 1 | |
Benefit obligation at end of measurement period | 38 | 47 | 54 |
Change In Fair Value Of Plan Assets | |||
Balance at beginning of period | 84 | 81 | |
Actual return on plan assets | 1 | 6 | |
Employer contributions | 5 | 4 | |
Participants' contributions | 6 | 6 | |
Benefit payments | (13) | (13) | |
Other changes | (83) | ||
Balance at end of period | 84 | $ 81 | |
Funded (Unfunded) Status | (38) | 37 | |
Noncurrent benefit asset | 37 | ||
Current benefit liability | (5) | ||
Noncurrent benefit liability | (33) | ||
Recognized amount | (38) | 37 | |
Net actuarial gain (loss) | 63 | 68 | |
Net prior service credit (cost) | 11 | 14 | |
Recognized amount | $ 74 | $ 82 |
Employee Benefits - Summary o_2
Employee Benefits - Summary of Changes in Projected Benefit Obligation, Plan Assets, Funded Status, Amounts Recognized in Consolidated Balance Sheet and Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Detail) - USD ($) $ in Billions | Dec. 31, 2020 | Dec. 31, 2019 |
Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation for all pension plans | $ 7.1 | $ 6.2 |
Employee Benefits - Pension Pla
Employee Benefits - Pension Plans with Benefit Obligations in Excess of Plan Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Pension Plans with Projected Benefit Obligations in Excess of Plan Assets | ||
Projected benefit obligation | $ 676 | $ 6,829 |
Fair value of plan assets | 5,838 | |
Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets | ||
Accumulated benefit obligation | $ 628 | $ 553 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Pension Plans [Member] | |||
Components Of Net Periodic Benefit Cost | |||
Service cost | $ 235 | $ 192 | $ 208 |
Interest cost | 235 | 249 | 224 |
Expected return on plan assets | (403) | (383) | (379) |
Actuarial loss (gain) amortization | 134 | 98 | 146 |
Net periodic benefit cost | 201 | 156 | 199 |
Net actuarial gain (loss) arising during the year | (420) | (388) | (305) |
Net actuarial loss (gain) amortized during the year | 134 | 98 | 146 |
Net prior service (cost) credit and transition (obligation) asset arising during the year | 18 | ||
Total recognized in other comprehensive income (loss) | (268) | (290) | (159) |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | (469) | (446) | (358) |
Postretirement Welfare Plan [Member] | |||
Components Of Net Periodic Benefit Cost | |||
Interest cost | 1 | 2 | 2 |
Expected return on plan assets | (3) | (3) | (3) |
Prior service cost (credit) and transition obligation (asset) amortization | (3) | (3) | (3) |
Actuarial loss (gain) amortization | (6) | (6) | (6) |
Net periodic benefit cost | (11) | (10) | (10) |
Net actuarial gain (loss) arising during the year | 1 | 7 | 3 |
Net actuarial loss (gain) amortized during the year | (6) | (6) | (6) |
Net prior service cost (credit) and transition obligation (asset) amortized during the year | (3) | (3) | (3) |
Total recognized in other comprehensive income (loss) | (8) | (2) | (6) |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | $ 3 | $ 8 | $ 4 |
Employee Benefits - Weighted Av
Employee Benefits - Weighted Average Assumptions to Determine Projected Benefit Obligations (Detail) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Projected Benefit Obligation Assumptions [Member] | Prior to age 65 [Member] | ||
Health care cost trend rate | ||
Health care cost trend rate | 6.00% | 6.25% |
Projected Benefit Obligation Assumptions [Member] | After age 65 [Member] | ||
Health care cost trend rate | ||
Health care cost trend rate | 6.00% | 6.25% |
Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 2.75% | 3.40% |
Cash balance interest crediting rate | 3.00% | 3.00% |
Rate of compensation increase | 3.56% | 3.56% |
Postretirement Welfare Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 1.82% | 2.80% |
Employee Benefits - Weighted _2
Employee Benefits - Weighted Average Assumptions to Determine Projected Benefit Obligations (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Prior to age 65 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assumed rate decrease | 5.00% | 5.00% | 5.00% |
Health care cost trend rate to decrease Period | 2025 | 2025 | 2025 |
After age 65 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assumed rate decrease | 5.00% | 5.00% | 5.00% |
Health care cost trend rate to decrease Period | 2025 | 2025 | 2025 |
Postretirement Welfare Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assumed plan duration | 6 years 1 month 6 days | 6 years 1 month 6 days | |
Qualified Plan [Member] | Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assumed plan duration | 18 years 7 months 6 days | 15 years 9 months 18 days | |
Legacy plan [Member] | Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assumed plan duration | 12 years 10 months 24 days | ||
Nonqualified Plan [Member] | Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assumed plan duration | 12 years 6 months | 12 years 3 months 18 days |
Employee Benefits - Weighted _3
Employee Benefits - Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost (Detail) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.40% | 4.45% | 3.84% |
Cash balance interest crediting rate | 3.00% | 3.00% | 3.00% |
Expected return on plan assets | 7.25% | 7.25% | 7.25% |
Rate of compensation increase | 3.56% | 3.52% | 3.56% |
Postretirement Welfare Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 2.80% | 4.05% | 3.34% |
Expected return on plan assets | 3.50% | 3.50% | 3.50% |
Net Periodic Benefit Cost Assumptions [Member] | Prior to age 65 [Member] | |||
Health care cost trend rate | |||
Health care cost trend rate | 6.25% | 6.50% | 6.75% |
Net Periodic Benefit Cost Assumptions [Member] | After age 65 [Member] | |||
Health care cost trend rate | |||
Health care cost trend rate | 6.25% | 10.00% | 6.75% |
Employee Benefits - Weighted _4
Employee Benefits - Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Prior to age 65 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assumed rate decrease | 5.00% | 5.00% | 5.00% |
Health care cost trend rate to decrease Period | 2025 | 2025 | 2025 |
After age 65 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assumed rate decrease | 5.00% | 5.00% | 5.00% |
Health care cost trend rate to decrease Period | 2025 | 2025 | 2025 |
Net Periodic Benefit Cost Assumptions [Member] | Postretirement Welfare Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assumed plan duration | 6 years 1 month 6 days | 5 years 10 months 24 days | |
Net Periodic Benefit Cost Assumptions [Member] | Qualified Plan [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assumed plan duration | 15 years 9 months 18 days | 14 years 8 months 12 days | |
Net Periodic Benefit Cost Assumptions [Member] | Nonqualified Plan [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assumed plan duration | 12 years 3 months 18 days | 11 years 6 months |
Employee Benefits - Summary o_3
Employee Benefits - Summary of Plan Investment Assets Measured at Fair Value (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Level 3 [Member] | Other [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | $ 6 | $ 3 | $ 3 | $ 2 |
Pension Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 7,498 | 5,838 | 4,936 | |
Plan assets measured at fair value, excluding assets not classified in fair hierarchy | 3,644 | 2,301 | ||
Pension Plans [Member] | Cash and Cash Equivalents [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 975 | 58 | ||
Pension Plans [Member] | Debt Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 2,118 | 1,800 | ||
Pension Plans [Member] | Debt Securities Mutual Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 371 | 304 | ||
Pension Plans [Member] | Emerging Markets Equity Mutual Fund Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 174 | 136 | ||
Pension Plans [Member] | Other [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 6 | 3 | ||
Pension Plans [Member] | Collective Investment Funds Domestic Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 1,515 | 1,328 | ||
Pension Plans [Member] | Collective Investment Fund Mid-Small Cap Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 431 | 323 | ||
Pension Plans [Member] | Collective Investment Funds International Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 718 | 752 | ||
Pension Plans [Member] | Hedge Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 251 | 283 | ||
Pension Plans [Member] | Private Equity Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 419 | 304 | ||
Pension Plans [Member] | Domestic Real Estate Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 520 | 547 | ||
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 | 1,869 | 785 | ||
Pension Plans [Member] | Level 1 [Member] | Cash and Cash Equivalents [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 58 | |||
Pension Plans [Member] | Level 1 [Member] | Debt Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 894 | 727 | ||
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 | 1,769 | 1,513 | ||
Pension Plans [Member] | Level 2 [Member] | Debt Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 1,224 | 1,073 | ||
Pension Plans [Member] | Level 2 [Member] | Debt Securities Mutual Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 371 | 304 | ||
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 | 174 | 136 | ||
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 | 6 | 3 | ||
Pension Plans [Member] | Level 3 [Member] | Other [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | $ 6 | 3 | ||
Postretirement Welfare Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 84 | $ 81 | ||
Postretirement Welfare Plan [Member] | Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 84 | |||
Plan assets measured at fair value, excluding assets not classified in fair hierarchy | 40 | |||
Postretirement Welfare Plan [Member] | Level 1 [Member] | Cash and Cash Equivalents [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 40 | |||
Postretirement Welfare Plan [Member] | Level 1 [Member] | Collective Investment Funds Domestic Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | 27 | |||
Postretirement Welfare Plan [Member] | Level 1 [Member] | Collective Investment Funds International Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets measured at fair value | $ 17 |
Employee Benefits - Summary o_4
Employee Benefits - Summary of Plan Investment Assets Measured at Fair Value (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
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 | $ 431 | $ 323 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Balance at beginning of period | $ 3 | $ 3 | $ 2 |
Unrealized gains (losses) relating to assets still held at end of year | 3 | ||
Purchases, sales, and settlements, net | 1 | ||
Balance at end of period | $ 6 | $ 3 | $ 3 |
Employee Benefits - Expected Fu
Employee Benefits - Expected Future Benefit Payments (Detail) $ in Millions | Dec. 31, 2020USD ($) |
Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2021 | $ 250 |
2022 | 266 |
2023 | 292 |
2024 | 312 |
2025 | 362 |
2026-2030 | 1,880 |
Postretirement Welfare Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2021 | 5 |
2022 | 4 |
2023 | 4 |
2024 | 4 |
2025 | 3 |
2026-2030 | $ 12 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Shares available for grant under Company's stock incentive plan (subject to adjustment for forfeitures) | 28 | ||
Fair value of shares vested | $ 182 | $ 175 | $ 182 |
Stock-based compensation expense | 189 | 178 | 174 |
Stock-based compensation expense on an after tax basis | 142 | $ 133 | $ 130 |
Unrecognized compensation cost related to nonvested share-based arrangements granted under plans | $ 128 | ||
Unrecognized compensation cost recognized over a weighted-average period as compensation expense | 1 year 8 months 12 days | ||
Minimum [Member] | |||
Date of grant exercisable period | 10 years | ||
Stock and unit awards vesting period | 3 years | ||
Maximum [Member] | |||
Stock and unit awards vesting period | 5 years |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Options Outstanding and Exercised Under Prior and Existing Stock Incentive Plans (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
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 | 5,718,256 | 9,115,010 | 12,668,467 |
Stock Options/Shares, Exercised | (513,293) | (3,333,467) | (3,443,494) |
Stock Options/Shares, Cancelled | (24,572) | (63,287) | (109,963) |
Stock Options/Shares, Outstanding at End of the Period | 5,180,391 | 5,718,256 | 9,115,010 |
Stock Options/Shares, Exercisable at End of Period | 4,942,077 | 4,869,805 | 7,372,036 |
Weighted-Average Exercise Price, Outstanding at Beginning of the Period | $ 39.25 | $ 34.52 | $ 32.15 |
Weighted-Average Exercise Price, Exercised | 27.48 | 26.36 | 25.41 |
Weighted-Average Exercise Price, Cancelled | 45.08 | 36.74 | 46.72 |
Weighted-Average Exercise Price, Outstanding at End of the Period | 40.38 | 39.25 | 34.52 |
Weighted-Average Exercise Price, Exercisable at End of Period | $ 39.68 | $ 37.67 | $ 31.61 |
Weighted-Average Remaining Contractual Term, Outstanding at the End of the Period | 3 years 8 months 12 days | 4 years 4 months 24 days | 4 years 3 months 18 days |
Weighted-Average Remaining Contractual Term, Exercisable at End of Period | 3 years 7 months 6 days | 4 years | 3 years 6 months |
Aggregate Intrinsic Value, Outstanding at the End of the Period | $ 32 | $ 115 | $ 102 |
Aggregate Intrinsic Value, Exercisable at End of Period | $ 34 | $ 105 | $ 104 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Certain Stock Option Activity (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Fair value of options vested | $ 7 | $ 10 | $ 14 |
Intrinsic value of options exercised | 11 | 95 | 97 |
Cash received from options exercised | 14 | 88 | 87 |
Tax benefit realized from options exercised | $ 3 | $ 24 | $ 24 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Options Outstanding Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Outstanding Options, Shares | shares | 5,180,391 |
Outstanding Options, Weighted-Average Remaining Contractual Life (Years) | 3 years 8 months 12 days |
Outstanding Options, Weighted-Average Exercise Price | $ 40.38 |
Exercisable Options, Shares | shares | 4,942,077 |
Exercisable Options, Weighted-Average Exercise Price | $ 39.68 |
Exercise Price Range $23.36-$25.00 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range limit of Exercise Prices | 23.36 |
Upper range limit of Exercise Prices | $ 25 |
Outstanding Options, Shares | shares | 1,248 |
Outstanding Options, Weighted-Average Remaining Contractual Life (Years) | 3 months 18 days |
Outstanding Options, Weighted-Average Exercise Price | $ 24.84 |
Exercisable Options, Shares | shares | 1,248 |
Exercisable Options, Weighted-Average Exercise Price | $ 24.84 |
Exercise Price Range $25.01-$30.00 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range limit of Exercise Prices | 25.01 |
Upper range limit of Exercise Prices | $ 30 |
Outstanding Options, Shares | shares | 1,047,197 |
Outstanding Options, Weighted-Average Remaining Contractual Life (Years) | 9 months 18 days |
Outstanding Options, Weighted-Average Exercise Price | $ 28.65 |
Exercisable Options, Shares | shares | 1,047,197 |
Exercisable Options, Weighted-Average Exercise Price | $ 28.65 |
Exercise Price Range $30.01-$35.00 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range limit of Exercise Prices | 30.01 |
Upper range limit of Exercise Prices | $ 35 |
Outstanding Options, Shares | shares | 527,422 |
Outstanding Options, Weighted-Average Remaining Contractual Life (Years) | 2 years 1 month 6 days |
Outstanding Options, Weighted-Average Exercise Price | $ 33.98 |
Exercisable Options, Shares | shares | 527,422 |
Exercisable Options, Weighted-Average Exercise Price | $ 33.98 |
Exercise Price Range $35.01-$40.00 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range limit of Exercise Prices | 35.01 |
Upper range limit of Exercise Prices | $ 40 |
Outstanding Options, Shares | shares | 1,227,889 |
Outstanding Options, Weighted-Average Remaining Contractual Life (Years) | 5 years 1 month 6 days |
Outstanding Options, Weighted-Average Exercise Price | $ 39.49 |
Exercisable Options, Shares | shares | 1,227,889 |
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 | 1,424,608 |
Outstanding Options, Weighted-Average Remaining Contractual Life (Years) | 3 years 7 months 6 days |
Outstanding Options, Weighted-Average Exercise Price | $ 42.42 |
Exercisable Options, Shares | shares | 1,424,608 |
Exercisable Options, Weighted-Average Exercise Price | $ 42.42 |
Exercise Price Range $45.01-$50.00 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range limit of Exercise Prices | 45.01 |
Upper range limit of Exercise Prices | 50 |
Exercise Price Range $50.01-$55.01 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range limit of Exercise Prices | 50.01 |
Upper range limit of Exercise Prices | $ 55.01 |
Outstanding Options, Shares | shares | 952,027 |
Outstanding Options, Weighted-Average Remaining Contractual Life (Years) | 6 years 1 month 6 days |
Outstanding Options, Weighted-Average Exercise Price | $ 54.97 |
Exercisable Options, Shares | shares | 713,713 |
Exercisable Options, Weighted-Average Exercise Price | $ 54.97 |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Company's Restricted Shares of Stock and Unit Awards (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number Of Shares And Weighted Average Grant Date Fair Value [Abstract] | |||
Outstanding at beginning of period, shares | 6,606,833 | 6,719,298 | 7,446,955 |
Granted, shares | 3,552,923 | 3,519,474 | 3,213,023 |
Vested, shares | (3,534,770) | (3,270,778) | (3,373,323) |
Cancelled, shares | (281,673) | (361,161) | (567,357) |
Outstanding at end of period, shares | 6,343,313 | 6,606,833 | 6,719,298 |
Outstanding at beginning of period, weighted-average grant-date fair value | $ 48.99 | $ 48.17 | $ 44.49 |
Granted, weighted-average grant-date fair value | 53.90 | 50.45 | 55.03 |
Vested, weighted-average grant-date fair value | 49.28 | 48.69 | 46.42 |
Cancelled, weighted-average grant-date fair value | 53.51 | 50.55 | 49.07 |
Outstanding at end of period, weighted-average grant-date fair value | $ 51.38 | $ 48.99 | $ 48.17 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Federal | |||
Current | $ 1,146 | $ 1,162 | $ 1,287 |
Deferred | (291) | 166 | (148) |
Federal income tax | 855 | 1,328 | 1,139 |
State | |||
Current | 355 | 379 | 395 |
Deferred | (144) | (59) | 20 |
State income tax | 211 | 320 | 415 |
Applicable income taxes | $ 1,066 | $ 1,648 | $ 1,554 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes Additional Information [Abstract] | |||
Federal statutory rate | 21.00% | 21.00% | 21.00% |
Unrecognized tax positions that if recognized would impact the effective tax rate | $ 280 | $ 274 | $ 273 |
Interest recorded on unrecognized tax positions | 5 | $ 7 | $ (25) |
Unrecognized tax positions as a component of income taxes expense, accrued interest | 40 | ||
Federal, state and foreign net operating loss carryforwards | 2,300 | ||
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 | $ 2,300 | ||
Minimum [Member] | |||
Income Taxes Additional Information [Abstract] | |||
Federal, state and foreign net operating loss carryforwards expiration term | Dec. 31, 2021 | ||
Maximum [Member] | Federal [Member] | |||
Income Taxes Additional Information [Abstract] | |||
Credit carryforwards expiration term | Dec. 31, 2040 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Expected Income Tax Expense at Federal Statutory Rate of 21 Percent to Company's Applicable Income Tax Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Tax at statutory rate | $ 1,271 | $ 1,805 | $ 1,822 |
State income tax, at statutory rates, net of federal tax benefit | 240 | 355 | 352 |
Tax credits and benefits, net of related expenses | (370) | (424) | (513) |
Tax-exempt income | (117) | (120) | (130) |
Nondeductible legal and regulatory expenses | 29 | 23 | 52 |
Other items | 13 | 9 | (29) |
Applicable income taxes | $ 1,066 | $ 1,648 | $ 1,554 |
Income Taxes - Reconciliation_2
Income Taxes - Reconciliation of Changes in Federal, State and Foreign Unrecognized Tax Position Balances (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Uncertainties [Abstract] | |||
Balance at beginning of period | $ 432 | $ 335 | $ 287 |
Additions for tax positions taken in prior years | 62 | 168 | 93 |
Additions for tax positions taken in the current year | 6 | 6 | 10 |
Exam resolutions | (8) | (62) | (51) |
Statute expirations | (18) | (15) | (4) |
Balance at end of period | $ 474 | $ 432 | $ 335 |
Income Taxes - Significant Comp
Income Taxes - Significant Components of the Company's Net Deferred Tax Asset (Liability) (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred Tax Assets, Gross [Abstract] | ||
Federal, state and foreign net operating loss and credit carryforwards | $ 2,495 | $ 2,592 |
Allowance for credit losses | 2,042 | 1,155 |
Accrued expenses | 554 | 485 |
Obligation for operating leases | 293 | 328 |
Pension and postretirement benefits | 108 | 193 |
Stock compensation | 84 | 78 |
Partnerships and other investment assets | 9 | 91 |
Fixed assets | 2 | |
Other deferred tax assets, net | 383 | 257 |
Gross deferred tax assets | 5,968 | 5,181 |
Deferred Tax Liabilities | ||
Leasing activities | (2,511) | (2,700) |
Goodwill and other intangible assets | (802) | (763) |
Securities available-for-sale and financial instruments | (755) | (111) |
Mortgage servicing rights | (408) | (546) |
Right of use operating leases | (249) | (282) |
Fixed assets | (226) | |
Loans | (112) | (139) |
Other deferred tax liabilities, net | (145) | (131) |
Gross deferred tax liabilities | (5,208) | (4,672) |
Valuation allowance | (163) | (127) |
Net Deferred Tax Asset | $ 597 | $ 382 |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative [Line Items] | |||
Realized and unrealized gains (losses) on derivatives classified as cash flow hedges recorded in other comprehensive income (loss) | $ (189) | $ (51) | |
Fair value of derivatives under collateral agreements in a net liability position | 1,500 | ||
Collateral posted by company netted against net liability position | 1,300 | ||
Net Investment Hedging [Member] | |||
Derivative [Line Items] | |||
Non-derivative debt instruments designated as net investment hedges | $ 1,400 | $ 1,300 | |
Scenario, Forecast [Member] | |||
Derivative [Line Items] | |||
Estimated gain to be reclassified from other comprehensive income (loss) into earnings | $ (41) |
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, 2020 | Dec. 31, 2019 | |
Derivative [Line Items] | ||
Notional Value, Assets | $ 64,141 | $ 58,966 |
Fair Value, Assets | 449 | 142 |
Notional Value, Liabilities | 53,920 | 42,288 |
Fair Value, Liabilities | 548 | 301 |
Other Derivatives [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | 47 | $ 34 |
Fair Value, Assets | $ 1 | |
Derivative Asset Average Remaining Maturity Period | 1 month 9 days | 3 days |
Notional Value, Liabilities | $ 1,832 | $ 1,823 |
Fair Value, Liabilities | $ 183 | $ 165 |
Derivative Liability Average Remaining Maturity Period | 2 years 5 months 8 days | 2 years 5 months 12 days |
Other Economic Hedges [Member] | Interest Rate Contracts [Member] | Receive Fixed/Pay Floating Swaps [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 11,064 | $ 4,408 |
Derivative Asset Average Remaining Maturity Period | 7 years 3 months 21 days | 5 years 11 months 26 days |
Notional Value, Liabilities | $ 907 | $ 5,316 |
Derivative Liability Average Remaining Maturity Period | 23 years 5 months 4 days | 13 years 14 days |
Other Economic Hedges [Member] | Interest Rate Contracts [Member] | Pay Fixed/Receive Floating Swaps [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 78 | $ 1,259 |
Derivative Asset Average Remaining Maturity Period | 13 years 8 months 4 days | 5 years 8 months 1 day |
Notional Value, Liabilities | $ 8,538 | $ 4,497 |
Derivative Liability Average Remaining Maturity Period | 5 years 8 months 1 day | 6 years 10 days |
Other Economic Hedges [Member] | Interest Rate Contracts [Member] | Futures and Forwards [Member] | Purchased [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 16,431 | $ 5,409 |
Fair Value, Assets | $ 73 | $ 17 |
Derivative Asset Average Remaining Maturity Period | 6 months | 29 days |
Notional Value, Liabilities | $ 1,925 | $ 5,477 |
Fair Value, Liabilities | $ 5 | $ 11 |
Derivative Liability Average Remaining Maturity Period | 25 days | 25 days |
Other Economic Hedges [Member] | Interest Rate Contracts [Member] | Futures and Forwards [Member] | Written [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 10,440 | $ 16,333 |
Fair Value, Assets | $ 48 | $ 13 |
Derivative Asset Average Remaining Maturity Period | 14 days | 9 months 21 days |
Notional Value, Liabilities | $ 28,976 | $ 8,113 |
Fair Value, Liabilities | $ 157 | $ 25 |
Derivative Liability Average Remaining Maturity Period | 25 days | 10 days |
Other Economic Hedges [Member] | Interest Rate Contracts [Member] | Options [Member] | Purchased [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 11,610 | $ 10,180 |
Fair Value, Assets | $ 121 | $ 79 |
Derivative Asset Average Remaining Maturity Period | 4 years 1 month 9 days | 2 years 11 months 19 days |
Other Economic Hedges [Member] | Interest Rate Contracts [Member] | Options [Member] | Written [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 5,073 | $ 1,270 |
Fair Value, Assets | $ 202 | $ 30 |
Derivative Asset Average Remaining Maturity Period | 1 month 17 days | 29 days |
Notional Value, Liabilities | $ 7,770 | $ 4,238 |
Fair Value, Liabilities | $ 198 | $ 81 |
Derivative Liability Average Remaining Maturity Period | 2 years 6 months 10 days | 2 years 25 days |
Other Economic Hedges [Member] | Foreign Exchange Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 292 | $ 113 |
Fair Value, Assets | $ 1 | $ 1 |
Derivative Asset Average Remaining Maturity Period | 14 days | 18 days |
Notional Value, Liabilities | $ 341 | $ 467 |
Fair Value, Liabilities | $ 2 | $ 6 |
Derivative Liability Average Remaining Maturity Period | 18 days | 14 days |
Other Economic Hedges [Member] | Equity Contracts [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 127 | $ 128 |
Fair Value, Assets | $ 3 | $ 2 |
Derivative Asset Average Remaining Maturity Period | 4 months 20 days | 5 months 12 days |
Notional Value, Liabilities | $ 45 | $ 20 |
Derivative Liability Average Remaining Maturity Period | 5 months 15 days | 1 year 21 days |
Fair Value Hedges [Member] | Interest Rate Contracts [Member] | Receive Fixed/Pay Floating Swaps [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 8,500 | $ 18,300 |
Derivative Asset Average Remaining Maturity Period | 1 year 10 months 9 days | 3 years 10 months 20 days |
Notional Value, Liabilities | $ 4,900 | |
Derivative Liability Average Remaining Maturity Period | 3 years 5 months 26 days | |
Cash Flow Hedges [Member] | Interest Rate Contracts [Member] | Pay Fixed/Receive Floating Swaps [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 1,532 | |
Derivative Asset Average Remaining Maturity Period | 6 years 21 days | |
Notional Value, Liabilities | $ 3,250 | $ 7,150 |
Fair Value, Liabilities | $ 10 | |
Derivative Liability Average Remaining Maturity Period | 4 years 7 months 2 days | 2 years 1 month 9 days |
Net Investment Hedges [Member] | Foreign Exchange Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 479 | |
Derivative Asset Average Remaining Maturity Period | 21 days | |
Notional Value, Liabilities | $ 336 | $ 287 |
Fair Value, Liabilities | $ 3 | $ 3 |
Derivative Liability Average Remaining Maturity Period | 21 days | 14 days |
Derivative Instruments - Asse_2
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, 2020 | Dec. 31, 2019 | |
Derivative [Line Items] | ||
Notional Value, Assets | $ 64,141 | $ 58,966 |
Notional Value, Liabilities | 53,920 | 42,288 |
Fair Value, Liabilities | 548 | 301 |
Swap [Member] | Visa Class B Shares [Member] | ||
Derivative [Line Items] | ||
Notional Value, Liabilities | 1,800 | 1,800 |
Fair Value, Liabilities | $ 182 | $ 165 |
Derivative Liability Average Remaining Maturity Period | 2 years 6 months | 2 years 6 months |
Underwriting Purchase and Sale Commitments [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 47 | $ 34 |
Notional Value, Liabilities | $ 47 | $ 34 |
Derivative Instruments - Custom
Derivative Instruments - Customer-Related Derivative Positions of Company (Detail) - Customer-Related Positions [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative [Line Items] | ||
Notional Value, Assets | $ 294,310 | $ 242,263 |
Fair Value, Assets | 5,552 | 2,755 |
Notional Value, Liabilities | 282,040 | 248,893 |
Fair Value, Liabilities | 3,054 | 1,682 |
Interest Rate Contracts [Member] | Receive Fixed/Pay Floating Swaps [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | 144,859 | 108,560 |
Fair Value, Assets | $ 3,782 | $ 1,865 |
Derivative Asset Average Remaining Maturity Period | 4 years 11 months 4 days | 4 years 9 months 29 days |
Notional Value, Liabilities | $ 12,027 | $ 31,544 |
Fair Value, Liabilities | $ 99 | $ 88 |
Derivative Liability Average Remaining Maturity Period | 8 years 8 months 19 days | 3 years 9 months 29 days |
Interest Rate Contracts [Member] | Pay Fixed/Receive Floating Swaps [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 15,048 | $ 28,150 |
Fair Value, Assets | $ 2 | $ 30 |
Derivative Asset Average Remaining Maturity Period | 8 years 5 months 4 days | 3 years 9 months 29 days |
Notional Value, Liabilities | $ 134,963 | $ 101,078 |
Fair Value, Liabilities | $ 1,239 | $ 753 |
Derivative Liability Average Remaining Maturity Period | 4 years 8 months 15 days | 4 years 6 months 18 days |
Interest Rate Contracts [Member] | Other Derivatives [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 9,921 | $ 6,895 |
Fair Value, Assets | $ 6 | $ 1 |
Derivative Asset Average Remaining Maturity Period | 3 years 9 months | 3 years 5 months 12 days |
Notional Value, Liabilities | $ 6,387 | $ 6,218 |
Fair Value, Liabilities | $ 3 | $ 2 |
Derivative Liability Average Remaining Maturity Period | 4 years 2 months 19 days | 2 years 11 months 23 days |
Interest Rate Contracts [Member] | Options [Member] | Purchased [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 72,655 | $ 46,406 |
Fair Value, Assets | $ 111 | $ 43 |
Derivative Asset Average Remaining Maturity Period | 1 year 4 months 24 days | 2 years 21 days |
Notional Value, Liabilities | $ 1,454 | $ 12,804 |
Fair Value, Liabilities | $ 46 | $ 47 |
Derivative Liability Average Remaining Maturity Period | 2 years 11 months 15 days | 1 year 3 months |
Interest Rate Contracts [Member] | Options [Member] | Written [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 1,736 | $ 6,901 |
Fair Value, Assets | $ 46 | $ 49 |
Derivative Asset Average Remaining Maturity Period | 2 years 9 months 3 days | 1 year 11 months 4 days |
Notional Value, Liabilities | $ 68,205 | $ 49,741 |
Fair Value, Liabilities | $ 81 | $ 41 |
Derivative Liability Average Remaining Maturity Period | 1 year 3 months | 1 year 9 months 25 days |
Interest Rate Contracts [Member] | Futures [Member] | Purchased [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 1,851 | $ 894 |
Derivative Asset Average Remaining Maturity Period | 1 year 2 months 19 days | 2 months 15 days |
Notional Value, Liabilities | $ 924 | |
Derivative Liability Average Remaining Maturity Period | 18 days | |
Interest Rate Contracts [Member] | Futures [Member] | Written [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 3,874 | |
Fair Value, Assets | $ 1 | |
Derivative Asset Average Remaining Maturity Period | 1 year 2 months 4 days | |
Notional Value, Liabilities | $ 4,090 | $ 1,995 |
Derivative Liability Average Remaining Maturity Period | 8 months 19 days | 1 year 14 days |
Foreign Exchange Rate Contracts [Member] | Forwards, Spots and Swaps [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 44,845 | $ 36,350 |
Fair Value, Assets | $ 1,590 | $ 748 |
Derivative Asset Average Remaining Maturity Period | 11 months 15 days | 11 months 19 days |
Notional Value, Liabilities | $ 45,992 | $ 36,671 |
Fair Value, Liabilities | $ 1,565 | $ 729 |
Derivative Liability Average Remaining Maturity Period | 1 year 1 month 17 days | 1 year 25 days |
Foreign Exchange Option [Member] | Purchased [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 519 | $ 1,354 |
Fair Value, Assets | $ 14 | $ 17 |
Derivative Asset Average Remaining Maturity Period | 10 months 24 days | 6 months 14 days |
Foreign Exchange Option [Member] | Written [Member] | ||
Derivative [Line Items] | ||
Notional Value, Liabilities | $ 519 | $ 1,354 |
Fair Value, Liabilities | $ 14 | $ 17 |
Derivative Liability Average Remaining Maturity Period | 10 months 24 days | 6 months 14 days |
Credit Contracts [Member] | ||
Derivative [Line Items] | ||
Notional Value, Assets | $ 2,876 | $ 2,879 |
Fair Value, Assets | $ 1 | $ 1 |
Derivative Asset Average Remaining Maturity Period | 2 years 9 months | 3 years 3 months 10 days |
Notional Value, Liabilities | $ 7,479 | $ 7,488 |
Fair Value, Liabilities | $ 7 | $ 5 |
Derivative Liability Average Remaining Maturity Period | 3 years 9 months 21 days | 4 years 3 months 29 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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
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 | $ (145) | $ (171) | $ 29 |
Derivative Instruments, Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings | (7) | (8) | 3 |
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 | (21) | 3 | 39 |
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 | $ (90) | $ 13 | $ 32 |
Derivative Instruments - Effect
Derivative Instruments - Effect of Fair Value and Cash Flow Hedge Accounting on Consolidated Statement of Income (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest Income [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total amount of income line items presented in the Consolidated Statement of Income in which the effects of fair value or cash flow hedges are recorded | $ 14,840 | $ 17,494 | $ 16,173 |
Interest Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total amount of income line items presented in the Consolidated Statement of Income in which the effects of fair value or cash flow hedges are recorded | 2,015 | 4,442 | 3,254 |
Asset and Liability Management Positions [Member] | Fair Value Hedges [Member] | Interest Income [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gains (Losses) Recognized in Earnings related to fair value hedged item | (1) | ||
Asset and Liability Management Positions [Member] | Fair Value Hedges [Member] | Interest Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gains (Losses) Recognized in Earnings related to fair value hedged item | 134 | 44 | (5) |
Asset and Liability Management Positions [Member] | Fair Value Hedges [Member] | Interest Rate Contracts [Member] | Interest Income [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gains (Losses) Recognized in Earnings related to fair value hedge | 1 | ||
Asset and Liability Management Positions [Member] | Fair Value Hedges [Member] | Interest Rate Contracts [Member] | Interest Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gains (Losses) Recognized in Earnings related to fair value hedge | (134) | (44) | 5 |
Asset and Liability Management Positions [Member] | Cash Flow Hedges [Member] | Interest Rate Contracts [Member] | Interest Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gains (Losses) Recognized in Earnings related to cash flow hedge | $ 10 | $ 11 | $ (5) |
Derivative Instruments - Effe_2
Derivative Instruments - Effect of Fair Value and Cash Flow Hedge Accounting on Consolidated Statement of Income (Parenthetical) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Derivative Instrument Detail [Abstract] | |
Gains (losses) recognized in earnings related discontinuance of cash flow hedges | $ 41 |
Derivative Instruments - Summ_2
Derivative Instruments - Summary of Cumulative Hedging Adjustments and the Carrying Amount of Assets and Liabilities Designated in Fair Value Hedges (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Available-for-Sale Securities [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Carrying Amount of the Hedged Assets | $ 99 | |
Cumulative hedging adjustment included in the carrying amount of the hedged assets | (1) | |
Long-term Debt Securities [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Carrying amount of the hedged liabilities | 8,567 | $ 23,195 |
Cumulative hedging adjustment included in the carrying amount of the hedged liabilities | $ 903 | $ 35 |
Derivative Instruments - Summ_3
Derivative Instruments - Summary of Cumulative Hedging Adjustments and the Carrying Amount of Assets and Liabilities Designated in Fair Value Hedges (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Long-term Debt Securities [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Cumulative hedging adjustment related to discontinued hedging relationships | $ 726 | $ (7) |
Derivative Instruments - Summ_4
Derivative Instruments - Summary of Gains (Losses) Recognized in Earnings for Other Economic Hedges and Customer-Related Positions (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Customer-Related Positions [Member] | Interest Rate Contracts [Member] | Commercial Products Revenue [Member] | Options [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) recognized in earnings | $ (8) | $ 10 | $ 2 |
Customer-Related Positions [Member] | Interest Rate Contracts [Member] | Commercial Products Revenue [Member] | Futures [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) recognized in earnings | (18) | (5) | 9 |
Customer-Related Positions [Member] | Swaps [Member] | Commercial Products Revenue [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) recognized in earnings | 135 | 82 | 47 |
Customer-Related Positions [Member] | Credit Contracts [Member] | Commercial Products Revenue [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) recognized in earnings | (32) | (18) | 2 |
Customer-Related Positions [Member] | Foreign Exchange Rate Contracts [Member] | Commercial Products Revenue [Member] | Options [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) recognized in earnings | 1 | 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 | 78 | 82 | 84 |
Asset and Liability Management Positions [Member] | Other Economic Hedges [Member] | Interest Rate Contracts [Member] | Mortgage Banking Revenue/Other Noninterest Income [Member] | Futures and Forwards [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) recognized in earnings | 82 | 34 | 110 |
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 | 1,527 | 432 | 188 |
Asset and Liability Management Positions [Member] | Other Economic Hedges [Member] | Swaps [Member] | Mortgage Banking Revenue [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) recognized in earnings | 598 | 316 | (111) |
Asset and Liability Management Positions [Member] | Other Economic Hedges [Member] | Foreign Exchange Forward Contracts [Member] | Other Noninterest Income [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) recognized in earnings | 3 | (24) | 39 |
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 | 3 | (4) | |
Asset and Liability Management Positions [Member] | Other Economic Hedges [Member] | Other Derivatives [Member] | Other Noninterest Income [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) recognized in earnings | $ (70) | $ (140) | $ 2 |
Netting Arrangements for Cert_3
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities - Additional Information (Detail) $ in Billions | Dec. 31, 2020USD ($) |
Derivative [Line Items] | |
Notional amount of derivative | $ 694.4 |
Over the Counter Trades [Member] | |
Derivative [Line Items] | |
Notional amount of derivative | 362.8 |
Exchange Cleared [Member] | |
Derivative [Line Items] | |
Notional amount of derivative | 315.5 |
Exchange Traded [Member] | |
Derivative [Line Items] | |
Notional amount of derivative | $ 16.1 |
Netting Arrangements for Cert_4
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities - Summary of Maturities by Category of Collateral Pledged for Repurchase Agreements and Securities Loaned Transactions (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | $ 1,430 | $ 1,165 |
Securities loaned | 218 | 50 |
Gross amount of recognized liabilities for repurchase agreements and securities loaned | 1,648 | 1,215 |
Overnight and Continuous [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 1,430 | 1,165 |
Securities loaned | 218 | 50 |
Gross amount of recognized liabilities for repurchase agreements and securities loaned | 1,648 | 1,215 |
U.S. Treasury and Agencies [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 472 | 289 |
U.S. Treasury and Agencies [Member] | Overnight and Continuous [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 472 | 289 |
Residential Mortgage-Backed Securities [Member] | Agency [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 398 | 266 |
Residential Mortgage-Backed Securities [Member] | Overnight and Continuous [Member] | Agency [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 398 | 266 |
Corporate Debt Securities [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 560 | 610 |
Securities loaned | 218 | 50 |
Corporate Debt Securities [Member] | Overnight and Continuous [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 560 | 610 |
Securities loaned | $ 218 | $ 50 |
Netting Arrangements for Cert_5
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities - Information on Company's Accounting Netting Adjustments and Items Not Offset in Consolidated Balance Sheet Assets But Available for Offset in Event of Default (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Offsetting [Abstract] | ||
Derivative assets Gross Recognized Assets | $ 5,744 | $ 2,857 |
Reverse repurchase agreements Gross Recognized Assets | 377 | 1,021 |
Securities borrowed Gross Recognized Assets | 1,716 | 1,624 |
Total Gross Recognized Assets | 7,837 | 5,502 |
Derivative assets Gross amounts assets offset in consolidated balance sheet | (1,874) | (982) |
Total Gross amounts assets offset in consolidated balance sheet | (1,874) | (982) |
Derivative assets Net Amounts Presented in the Consolidated Balance Sheet | 3,870 | 1,875 |
Reverse repurchase agreements Net Amounts Presented in the Consolidated Balance Sheet | 377 | 1,021 |
Securities borrowed Net Amounts Presented in the Consolidated Balance Sheet | 1,716 | 1,624 |
Total Net Amounts Presented in the Consolidated Balance Sheet | 5,963 | 4,520 |
Derivative assets Gross financial instrument asset amounts not offset in consolidated balance sheet | (109) | (80) |
Reverse repurchase agreements Gross financial instrument asset amounts not offset in consolidated balance sheet | (262) | (152) |
Total Gross financial instrument asset amounts not offset in consolidated balance sheet | (371) | (232) |
Derivative assets Gross collateral received amounts not offset in consolidated balance sheet | (287) | (116) |
Reverse repurchase agreements Gross collateral received amounts not offset in consolidated balance sheet | (115) | (869) |
Securities borrowed Gross collateral received amounts not offset in consolidated balance sheet | (1,670) | (1,569) |
Total Gross collateral received amounts not offset in consolidated balance sheet | (2,072) | (2,554) |
Derivative assets Net Amount | 3,474 | 1,679 |
Securities borrowed Net Amount | 46 | 55 |
Total Net Amount Assets | $ 3,520 | $ 1,734 |
Netting Arrangements for Cert_6
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities - Information on Company's Accounting Netting Adjustments and Items Not Offset in Consolidated Balance Sheet Assets But Available for Offset in Event of Default (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Offsetting [Abstract] | ||
Cash collateral netted against derivative assets | $ 898 | $ 429 |
Derivative assets not subject to netting arrangements | $ 257 | $ 40 |
Netting Arrangements for Cert_7
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities - Information on Company's Accounting Netting Adjustments and Items Not Offset in Consolidated Balance Sheet Liabilities But Available for Offset in Event of Default (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Offsetting [Abstract] | ||
Derivative liabilities Gross recognized liabilities | $ 3,419 | $ 1,816 |
Repurchase agreements Gross recognized liabilities | 1,430 | 1,165 |
Securities loaned Gross recognized liabilities | 218 | 50 |
Total Gross recognized liabilities | 5,067 | 3,031 |
Derivative liabilities Gross amounts liabilities offset in consolidated balance sheet | (2,312) | (1,067) |
Total Gross amounts liabilities offset in consolidated balance sheet | (2,312) | (1,067) |
Derivative liabilities Net amounts liabilities presented in consolidated balance sheet | 1,107 | 749 |
Repurchase agreements Net amounts liabilities presented in consolidated balance sheet | 1,430 | 1,165 |
Securities loaned Net amounts liabilities presented in consolidated balance sheet | 218 | 50 |
Total Net amounts liabilities presented in consolidated balance sheet | 2,755 | 1,964 |
Derivative liabilities Gross financial instrument liability amounts not offset in consolidated balance sheet | (109) | (80) |
Repurchase agreements Gross financial instrument liability amounts not offset in consolidated balance sheet | (262) | (152) |
Total Gross financial instrument liability amounts not offset in consolidated balance sheet | (371) | (232) |
Repurchase agreements Gross collateral pledged amounts not offset in consolidated balance sheet | (1,168) | (1,012) |
Securities loaned Gross collateral pledged amounts not offset in consolidated balance sheet | (215) | (49) |
Total Gross collateral pledged amounts not offset in consolidated balance sheet | (1,383) | (1,061) |
Derivative liabilities Net Amount | 998 | 669 |
Repurchase agreements Net Amount | 1 | |
Securities loaned Net Amount | 3 | 1 |
Total Net Amount Liabilities | $ 1,001 | $ 671 |
Netting Arrangements for Cert_8
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities - Information on Company's Accounting Netting Adjustments and Items Not Offset in Consolidated Balance Sheet Liabilities But Available for Offset in Event of Default (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Offsetting [Abstract] | ||
Cash collateral netted against derivative liabilities | $ 1,300 | $ 514 |
Derivative liabilities not subject to netting arrangements | $ 183 | $ 167 |
Fair Values of Assets and Lia_3
Fair Values of Assets and Liabilities - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |||
Carrying value of unfunded commitments, deferred non-yield related loan fees and standby letters of credit | $ 774 | $ 528 | |
Other guarantees carrying value | 362 | 200 | |
Changes to fair value of these MLHFS | $ 362 | $ 73 | $ (60) |
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 | 100.00% | ||
Weighted Average [Member] | |||
Fair Value Disclosures [Abstract] | |||
Assumed credit valuation adjustment as percentage of derivative contract fair value | 2.00% |
Fair Values of Assets and Lia_4
Fair Values of Assets and Liabilities - Valuation Assumption Ranges for MSRs (Detail) - Mortgage Servicing Rights [Member] | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Expected prepayment | 14.40% | 12.40% |
Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Expected prepayment | 9.00% | |
Option adjusted spread | 6.00% | |
Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Expected prepayment | 21.00% | |
Option adjusted spread | 11.00% | |
Weighted Average [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Expected prepayment | 14.00% | |
Option adjusted spread | 7.00% |
Fair Values of Assets and Lia_5
Fair Values of Assets and Liabilities - Valuation Assumption Ranges for Derivative Commitments (Detail) - Derivative Mortgage Loans Commitments [Member] | Dec. 31, 2020 |
Minimum [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Expected loan close rate | 22.00% |
Inherent MSR value (basis points per loan) | 39.00% |
Maximum [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Expected loan close rate | 100.00% |
Inherent MSR value (basis points per loan) | 177.00% |
Weighted Average [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Expected loan close rate | 76.00% |
Inherent MSR value (basis points per loan) | 117.00% |
Fair Values of Assets and Lia_6
Fair Values of Assets and Liabilities - Balances of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liabilities netting | $ (2,312) | $ (1,067) | |||
Derivative assets netting | (1,874) | (982) | |||
Available-for-sale securities | 136,840 | [1] | 122,613 | ||
Mortgage loans held for sale | 8,524 | 5,533 | |||
Mortgage servicing rights | 2,210 | 2,546 | $ 2,791 | $ 2,645 | |
Asset-Backed Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale securities | 205 | [2] | 383 | ||
Other [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale securities | 9 | 13 | |||
Fair Value, Measurements, Recurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative liabilities total | 1,290 | 916 | |||
Derivative assets total | 4,127 | 1,915 | |||
Available-for-sale securities | 136,840 | 122,613 | |||
Mortgage loans held for sale | 8,524 | 5,533 | |||
Mortgage servicing rights | 2,210 | 2,546 | |||
Other assets | 1,903 | 1,875 | |||
Total | 153,604 | 134,482 | |||
Short-term borrowings and other liabilities | 1,757 | 1,628 | |||
Total | 3,047 | 2,544 | |||
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 | (2,312) | (1,067) | |||
Derivative assets netting | (1,874) | (982) | |||
Total | (1,874) | (982) | |||
Total | (2,312) | (1,067) | |||
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 | 22,391 | 19,839 | |||
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 | 8,861 | 6,814 | |||
Fair Value, Measurements, Recurring [Member] | Residential Mortgage-Backed Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale securities | 99,968 | 94,111 | |||
Fair Value, Measurements, Recurring [Member] | Commercial [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale securities | 5,406 | 1,453 | |||
Fair Value, Measurements, Recurring [Member] | Asset-Backed Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale securities | 205 | 383 | |||
Fair Value, Measurements, Recurring [Member] | Other [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale securities | 9 | 13 | |||
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets before netting | 4 | 9 | |||
Available-for-sale securities | 19,251 | 18,986 | |||
Other assets | 302 | 312 | |||
Total | 19,557 | 19,307 | |||
Short-term borrowings and other liabilities | 85 | 50 | |||
Total | 85 | 50 | |||
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 | 19,251 | 18,986 | |||
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 | 3,166 | 1,612 | |||
Derivative assets before netting | 3,235 | 1,707 | |||
Available-for-sale securities | 117,581 | 103,618 | |||
Mortgage loans held for sale | 8,524 | 5,533 | |||
Other assets | 1,601 | 1,563 | |||
Total | 130,941 | 112,421 | |||
Short-term borrowings and other liabilities | 1,672 | 1,578 | |||
Total | 4,838 | 3,190 | |||
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 | 3,140 | 853 | |||
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 | 8,860 | 6,813 | |||
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Residential Mortgage-Backed Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale securities | 99,968 | 94,111 | |||
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Commercial [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale securities | 5,406 | 1,453 | |||
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Asset-Backed Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale securities | 198 | 375 | |||
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Other [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale securities | 9 | 13 | |||
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 | 436 | 371 | |||
Derivative assets before netting | 2,762 | 1,181 | |||
Available-for-sale securities | 8 | 9 | |||
Mortgage servicing rights | 2,210 | 2,546 | |||
Total | 4,980 | 3,736 | |||
Total | 436 | 371 | |||
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Obligations of State and Political Subdivisions [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale securities | 1 | 1 | |||
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Asset-Backed Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale securities | $ 7 | $ 8 | |||
[1] | The weighted-average maturity of total available-for-sale investment securities was 4.2 years at December 31, 2019, with a corresponding weighted-average yield of 2.38 percent. | ||||
[2] | Information related to asset and mortgage-backed securities included above is presented based upon weighted-average maturities that take into account anticipated future prepayments. |
Fair Values of Assets and Lia_7
Fair Values of Assets and Liabilities - Balances of Assets and Liabilities Measured at Fair Value on Recurring Basis (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value Disclosures [Abstract] | ||
Equity investments without readily determinable fair values | $ 85 | $ 91 |
Fair Values of Assets and Lia_8
Fair Values of Assets and Liabilities - Changes in Fair Value for All Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Mortgage Servicing Rights [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning of Period Balance | $ 2,546 | $ 2,791 | $ 2,645 |
Net Gains (Losses) Included in Net Income | (1,403) | (829) | (232) |
Purchases | 34 | 20 | 8 |
Sales | 3 | 5 | (27) |
Issuances | 1,030 | 559 | 397 |
End of Period Balance | 2,210 | 2,546 | 2,791 |
Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period | (1,403) | (829) | (232) |
Available-for-Sale Securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning of Period Balance | 9 | ||
Principal Payments | (1) | ||
Transfers into Level 3 | 9 | ||
End of Period Balance | 8 | 9 | |
Derivative [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning of Period Balance | 810 | 80 | 107 |
Net Gains (Losses) Included in Net Income | 2,922 | 769 | 21 |
Purchases | 247 | 142 | 13 |
Sales | (3) | (9) | (41) |
Settlements | (1,650) | (172) | (20) |
End of Period Balance | 2,326 | 810 | 80 |
Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period | 1,649 | 782 | $ 34 |
Asset-Backed Securities [Member] | Available-for-Sale Securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning of Period Balance | 8 | ||
Principal Payments | (1) | ||
Transfers into Level 3 | 8 | ||
End of Period Balance | 7 | 8 | |
Asset-Backed Securities [Member] | Available-for-Sale Securities [Member] | Obligations of State and Political Subdivisions [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning of Period Balance | 1 | ||
Transfers into Level 3 | 1 | ||
End of Period Balance | $ 1 | $ 1 |
Fair Values of Assets and Lia_9
Fair Values of Assets and Liabilities - Changes in Fair Value for All Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3) (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
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 | $ (70) | $ (141) | $ 2 |
Net Change in net derivative asset and liability unrealized gains (losses) relating to assets still held at end of period | (70) | (141) | 2 |
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 | 1,900 | 482 | 160 |
Net Change in net derivative asset and liability unrealized gains (losses) relating to assets still held at end of period | 247 | 35 | 20 |
Commercial Products 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 | 1,100 | 428 | (141) |
Net Change in net derivative asset and liability unrealized gains (losses) relating to assets still held at end of period | $ 1,500 | $ 888 | $ 12 |
Fair Values of Assets and Li_10
Fair Values of Assets and Liabilities - Adjusted Carrying Values for Assets Measured at Fair Value on Nonrecurring Basis (Detail) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | $ 385 | $ 136 |
Other assets | 30 | 46 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 385 | 136 |
Other assets | $ 30 | $ 46 |
Fair Values of Assets and Li_11
Fair Values of Assets and Liabilities - Losses Recognized Related to Nonrecurring Fair Value Measurements of Individual Assets or Portfolios (Detail) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Loans [Member] | |||
Fair Value Assets Measured On Nonrecurring Basis Losses Recognized [Line Items] | |||
Losses recognized related to nonrecurring fair value measurements | $ 426 | $ 122 | $ 83 |
Other Assets [Member] | |||
Fair Value Assets Measured On Nonrecurring Basis Losses Recognized [Line Items] | |||
Losses recognized related to nonrecurring fair value measurements | $ 21 | $ 17 | $ 26 |
Fair Values of Assets and Li_12
Fair Values of Assets and Liabilities - Differences Between Aggregate Fair Value Carrying Amount of MLHFS for which Fair Value Option has been Elected and Aggregate Unpaid Principal Amount Contractually Obligated to Receive at Maturity (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value Disclosures [Abstract] | ||
Fair value carrying amount, total loans | $ 8,524 | $ 5,533 |
Fair value carrying amount, nonaccrual loans | 1 | 1 |
Fair value carrying amount, loans 90 days or more past due | 2 | 1 |
Aggregate unpaid principal, total loans | 8,136 | 5,366 |
Aggregate unpaid principal, nonaccrual loans | 1 | 1 |
Aggregate unpaid principal, loans 90 days or more past due | 2 | 1 |
Carrying amount over (under) unpaid principal, total loans | $ 388 | $ 167 |
Fair Values of Assets and Li_13
Fair Values of Assets and Liabilities - Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Financial Assets | ||||
Cash and due from banks | $ 62,580 | $ 22,405 | $ 21,453 | $ 19,505 |
Loans | 290,393 | 292,082 | ||
Financial Liabilities | ||||
Time deposits | 30,694 | 42,894 | ||
Long-term debt | 41,297 | 40,167 | ||
Carrying Amount [Member] | ||||
Financial Assets | ||||
Cash and due from banks | 62,580 | 22,405 | ||
Federal funds sold and securities purchased under resale agreements | 377 | 1,036 | ||
Loans held for sale | 237 | 45 | ||
Loans | 290,393 | 292,082 | ||
Other | 1,772 | 1,923 | ||
Financial Liabilities | ||||
Time deposits | 30,694 | 42,894 | ||
Short-term borrowings | 10,009 | 22,095 | ||
Long-term debt | 41,297 | 40,167 | ||
Other | 4,052 | 3,678 | ||
Fair Value [Member] | ||||
Financial Assets | ||||
Cash and due from banks | 62,580 | 22,405 | ||
Federal funds sold and securities purchased under resale agreements | 377 | 1,036 | ||
Loans held for sale | 237 | 43 | ||
Loans | 300,419 | 297,241 | ||
Other | 1,772 | 1,923 | ||
Financial Liabilities | ||||
Time deposits | 30,864 | 42,831 | ||
Short-term borrowings | 9,956 | 21,961 | ||
Long-term debt | 42,485 | 41,077 | ||
Other | 4,052 | 3,678 | ||
Fair Value [Member] | Level 1 [Member] | ||||
Financial Assets | ||||
Cash and due from banks | 62,580 | 22,405 | ||
Fair Value [Member] | Level 2 [Member] | ||||
Financial Assets | ||||
Federal funds sold and securities purchased under resale agreements | 377 | 1,036 | ||
Other | 731 | 929 | ||
Financial Liabilities | ||||
Time deposits | 30,864 | 42,831 | ||
Short-term borrowings | 9,956 | 21,961 | ||
Long-term debt | 42,485 | 41,077 | ||
Other | 1,234 | 1,342 | ||
Fair Value [Member] | Level 3 [Member] | ||||
Financial Assets | ||||
Loans held for sale | 237 | 43 | ||
Loans | 300,419 | 297,241 | ||
Other | 1,041 | 994 | ||
Financial Liabilities | ||||
Other | $ 2,818 | $ 2,336 |
Guarantees and Contingent Lia_3
Guarantees and Contingent Liabilities - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Securities Lending Indemnifications [Member] | ||
Guarantees And Contingent Liabilities (Textual) [Abstract] | ||
Maximum Potential Future Payments | $ 6,298 | |
Collateral Held | 6,461 | |
Tender Option Bond Program Guarantee [Member] | ||
Guarantees And Contingent Liabilities (Textual) [Abstract] | ||
Maximum Potential Future Payments | 2,036 | |
Collateral Held | 2,374 | |
Standby Letters of Credit [Member] | ||
Guarantees And Contingent Liabilities (Textual) [Abstract] | ||
Maximum Potential Future Payments | $ 9,789 | |
Weighted-average term of standby letter of credit arrangements | 19 months | |
Carrying Amount | $ 70 | |
Third Party Borrowing Arrangements [Member] | ||
Guarantees And Contingent Liabilities (Textual) [Abstract] | ||
Maximum Potential Future Payments | 2 | |
Asset Sales [Member] | ||
Guarantees And Contingent Liabilities (Textual) [Abstract] | ||
Maximum Potential Future Payments | 6,165 | |
Carrying Amount | 80 | |
Merchant Processing [Member] | ||
Guarantees And Contingent Liabilities (Textual) [Abstract] | ||
Maximum Potential Future Payments | 89,352 | |
Carrying Amount | 211 | |
Collateral Held | 579 | |
Airline Processing Arrangements [Member] | ||
Guarantees And Contingent Liabilities (Textual) [Abstract] | ||
Value of airline tickets purchased to deliver at future date through card transactions | 6,000 | |
Representation and Warranty [Member] | ||
Guarantees And Contingent Liabilities (Textual) [Abstract] | ||
Carrying Amount | 19 | $ 9 |
Unresolved representation and warranty claims from GSEs | 13 | $ 10 |
Unresolved Merchant Charge-backs [Member] | ||
Guarantees And Contingent Liabilities (Textual) [Abstract] | ||
Carrying Amount | 26 | |
Collateral Held | 137 | |
Escrow Deposits Letters of Credit Indemnities [Member] | Airline Processing Arrangements [Member] | ||
Guarantees And Contingent Liabilities (Textual) [Abstract] | ||
Collateral Held | 442 | |
Merchant Escrow Deposits [Member] | Airline Processing Arrangements [Member] | ||
Guarantees And Contingent Liabilities (Textual) [Abstract] | ||
Carrying Amount | 185 | |
Wholly Owned Unconsolidated Trust [Member] | ||
Guarantees And Contingent Liabilities (Textual) [Abstract] | ||
Maximum Potential Future Payments | $ 681 | |
Percentage of common equity in wholly owned USB Capital IX | 100.00% | |
Total assets of trust consisting primarily of Series A Preferred Stock | $ 682 | |
Subsidiaries Financial Performance [Member] | ||
Guarantees And Contingent Liabilities (Textual) [Abstract] | ||
Maximum Potential Future Payments | $ 611 |
Guarantees and Contingent Lia_4
Guarantees and Contingent Liabilities - Contract or Notional Amounts of Unfunded Commitments to Extend Credit (Detail) $ in Millions | Dec. 31, 2020USD ($) |
Commercial and Commercial Real Estate Loans [Member] | |
Other Commitments [Line Items] | |
Contract or notional amounts of unfunded commitments to extend credit | $ 154,024 |
Corporate and Purchasing Card Loans [Member] | |
Other Commitments [Line Items] | |
Contract or notional amounts of unfunded commitments to extend credit | 29,541 |
Residential Mortgages [Member] | |
Other Commitments [Line Items] | |
Contract or notional amounts of unfunded commitments to extend credit | 320 |
Credit Card [Member] | |
Other Commitments [Line Items] | |
Contract or notional amounts of unfunded commitments to extend credit | 117,827 |
Other Retail Loans [Member] | |
Other Commitments [Line Items] | |
Contract or notional amounts of unfunded commitments to extend credit | 35,978 |
Other [Member] | |
Other Commitments [Line Items] | |
Contract or notional amounts of unfunded commitments to extend credit | 6,496 |
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 | 43,642 |
Less Than One Year [Member] | Corporate and Purchasing Card Loans [Member] | |
Other Commitments [Line Items] | |
Contract or notional amounts of unfunded commitments to extend credit | 29,541 |
Less Than One Year [Member] | Residential Mortgages [Member] | |
Other Commitments [Line Items] | |
Contract or notional amounts of unfunded commitments to extend credit | 319 |
Less Than One Year [Member] | Credit Card [Member] | |
Other Commitments [Line Items] | |
Contract or notional amounts of unfunded commitments to extend credit | 117,827 |
Less Than One Year [Member] | Other Retail Loans [Member] | |
Other Commitments [Line Items] | |
Contract or notional amounts of unfunded commitments to extend credit | 12,980 |
Less Than One Year [Member] | Other [Member] | |
Other Commitments [Line Items] | |
Contract or notional amounts of unfunded commitments to extend credit | 6,486 |
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 | 110,382 |
Greater Than One Year [Member] | Residential Mortgages [Member] | |
Other Commitments [Line Items] | |
Contract or notional amounts of unfunded commitments to extend credit | 1 |
Greater Than One Year [Member] | Other Retail Loans [Member] | |
Other Commitments [Line Items] | |
Contract or notional amounts of unfunded commitments to extend credit | 22,998 |
Greater Than One Year [Member] | Other [Member] | |
Other Commitments [Line Items] | |
Contract or notional amounts of unfunded commitments to extend credit | $ 10 |
Guarantees and Contingent Lia_5
Guarantees and Contingent Liabilities - Summary of Other Guarantees and Contingent Liabilities (Detail) $ in Millions | Dec. 31, 2020USD ($) |
Standby Letters of Credit [Member] | |
Guarantor Obligations [Line Items] | |
Carrying Amount | $ 70 |
Maximum Potential Future Payments | 9,789 |
Third Party Borrowing Arrangements [Member] | |
Guarantor Obligations [Line Items] | |
Maximum Potential Future Payments | 2 |
Securities Lending Indemnifications [Member] | |
Guarantor Obligations [Line Items] | |
Collateral Held | 6,461 |
Maximum Potential Future Payments | 6,298 |
Asset Sales [Member] | |
Guarantor Obligations [Line Items] | |
Carrying Amount | 80 |
Maximum Potential Future Payments | 6,165 |
Merchant Processing [Member] | |
Guarantor Obligations [Line Items] | |
Collateral Held | 579 |
Carrying Amount | 211 |
Maximum Potential Future Payments | 89,352 |
Tender Option Bond Program Guarantee [Member] | |
Guarantor Obligations [Line Items] | |
Collateral Held | 2,374 |
Maximum Potential Future Payments | 2,036 |
Other Guarantees [Member] | |
Guarantor Obligations [Line Items] | |
Carrying Amount | 71 |
Maximum Potential Future Payments | $ 1,292 |
Guarantees and Contingent Lia_6
Guarantees and Contingent Liabilities - Contract or Notional Amount of Letters of Credit (Detail) $ in Millions | Dec. 31, 2020USD ($) |
Commercial [Member] | |
Letters Of Credit [Line Items] | |
Contract or notional amount of letters of credit | $ 566 |
Commercial [Member] | Less Than One Year [Member] | |
Letters Of Credit [Line Items] | |
Contract or notional amount of letters of credit | 536 |
Commercial [Member] | Greater Than One Year [Member] | |
Letters Of Credit [Line Items] | |
Contract or notional amount of letters of credit | 30 |
Standby Letters of Credit [Member] | |
Letters Of Credit [Line Items] | |
Contract or notional amount of letters of credit | 9,789 |
Standby Letters of Credit [Member] | Less Than One Year [Member] | |
Letters Of Credit [Line Items] | |
Contract or notional amount of letters of credit | 4,526 |
Standby Letters of Credit [Member] | Greater Than One Year [Member] | |
Letters Of Credit [Line Items] | |
Contract or notional amount of letters of credit | $ 5,263 |
Business Segments - Additional
Business Segments - Additional Information (Detail) - USD ($) $ in Billions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue generated from certain contracts with customers included in non-interest income | $ 6.9 | $ 7.3 |
Payment Services [Member] | ||
Rewards and Rebate Costs and Certain Partner Payments Included in Noninterest Income | $ 2.1 | $ 2.2 |
Business Segments - Business Se
Business Segments - Business Segment Results (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||
Noninterest income | $ 10,401 | $ 9,831 | $ 9,602 |
Other intangibles | 176 | 168 | 161 |
Total noninterest expense | 13,369 | 12,785 | 12,464 |
Provision for credit losses | 3,806 | 1,504 | 1,379 |
Net income | 4,985 | 6,946 | 7,124 |
Net (income) loss attributable to noncontrolling interests | (26) | (32) | (28) |
Net income attributable to U.S. Bancorp | 4,959 | 6,914 | $ 7,096 |
Corporate and Commercial Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income (taxable-equivalent basis) | 3,259 | 3,101 | |
Noninterest income | 1,078 | 861 | |
Total income | 4,337 | 3,962 | |
Noninterest expense | 1,680 | 1,624 | |
Other intangibles | 4 | ||
Total noninterest expense | 1,680 | 1,628 | |
Income before provision and income taxes | 2,657 | 2,334 | |
Provision for credit losses | 575 | 89 | |
Income before income taxes | 2,082 | 2,245 | |
Income taxes and taxable-equivalent adjustment | 521 | 562 | |
Net income | 1,561 | 1,683 | |
Net income attributable to U.S. Bancorp | 1,561 | 1,683 | |
Loans | 108,320 | 99,037 | |
Other earning assets | 4,163 | 3,751 | |
Goodwill | 1,647 | 1,647 | |
Other intangible assets | 6 | 8 | |
Assets | 120,829 | 108,983 | |
Noninterest-bearing deposits | 40,109 | 29,400 | |
Interest-bearing deposits | 83,684 | 72,822 | |
Total deposits | 123,793 | 102,222 | |
Total U.S. Bancorp shareholders' equity | 16,385 | 15,508 | |
Consumer and Business Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income (taxable-equivalent basis) | 6,263 | 6,351 | |
Noninterest income | 3,360 | 2,385 | |
Total income | 9,623 | 8,736 | |
Noninterest expense | 5,573 | 5,257 | |
Other intangibles | 16 | 20 | |
Total noninterest expense | 5,589 | 5,277 | |
Income before provision and income taxes | 4,034 | 3,459 | |
Provision for credit losses | 322 | 311 | |
Income before income taxes | 3,712 | 3,148 | |
Income taxes and taxable-equivalent adjustment | 929 | 789 | |
Net income | 2,783 | 2,359 | |
Net income attributable to U.S. Bancorp | 2,783 | 2,359 | |
Loans | 152,634 | 144,616 | |
Other earning assets | 7,186 | 3,989 | |
Goodwill | 3,500 | 3,496 | |
Other intangible assets | 2,106 | 2,619 | |
Assets | 170,531 | 158,932 | |
Noninterest-bearing deposits | 35,543 | 27,831 | |
Interest-bearing deposits | 147,336 | 129,235 | |
Total deposits | 182,879 | 157,066 | |
Total U.S. Bancorp shareholders' equity | 15,058 | 15,151 | |
Wealth Management and Investment Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income (taxable-equivalent basis) | 996 | 1,172 | |
Noninterest income | 1,877 | 1,803 | |
Total income | 2,873 | 2,975 | |
Noninterest expense | 1,871 | 1,775 | |
Other intangibles | 12 | 13 | |
Total noninterest expense | 1,883 | 1,788 | |
Income before provision and income taxes | 990 | 1,187 | |
Provision for credit losses | 38 | (3) | |
Income before income taxes | 952 | 1,190 | |
Income taxes and taxable-equivalent adjustment | 238 | 299 | |
Net income | 714 | 891 | |
Net income attributable to U.S. Bancorp | 714 | 891 | |
Loans | 11,327 | 10,085 | |
Other earning assets | 287 | 282 | |
Goodwill | 1,617 | 1,617 | |
Other intangible assets | 39 | 49 | |
Assets | 14,448 | 13,336 | |
Noninterest-bearing deposits | 16,275 | 13,231 | |
Interest-bearing deposits | 66,172 | 62,142 | |
Total deposits | 82,447 | 75,373 | |
Total U.S. Bancorp shareholders' equity | 2,482 | 2,441 | |
Payments Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income (taxable-equivalent basis) | 2,530 | 2,474 | |
Noninterest income | 3,124 | 3,711 | |
Total income | 5,654 | 6,185 | |
Noninterest expense | 3,133 | 3,005 | |
Other intangibles | 148 | 131 | |
Total noninterest expense | 3,281 | 3,136 | |
Income before provision and income taxes | 2,373 | 3,049 | |
Provision for credit losses | 681 | 1,109 | |
Income before income taxes | 1,692 | 1,940 | |
Income taxes and taxable-equivalent adjustment | 423 | 486 | |
Net income | 1,269 | 1,454 | |
Net income attributable to U.S. Bancorp | 1,269 | 1,454 | |
Loans | 31,539 | 33,566 | |
Other earning assets | 5 | 6 | |
Goodwill | 3,060 | 2,818 | |
Other intangible assets | 580 | 536 | |
Assets | 36,496 | 39,424 | |
Noninterest-bearing deposits | 4,356 | 1,261 | |
Interest-bearing deposits | 122 | 114 | |
Total deposits | 4,478 | 1,375 | |
Total U.S. Bancorp shareholders' equity | 6,095 | 6,069 | |
Treasury and Corporate Support [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income (taxable-equivalent basis) | (124) | 57 | |
Noninterest income | 962 | 1,071 | |
Total income | 838 | 1,128 | |
Noninterest expense | 936 | 956 | |
Total noninterest expense | 936 | 956 | |
Income before provision and income taxes | (98) | 172 | |
Provision for credit losses | 2,190 | (2) | |
Income before income taxes | (2,288) | 174 | |
Income taxes and taxable-equivalent adjustment | (946) | (385) | |
Net income | (1,342) | 559 | |
Net (income) loss attributable to noncontrolling interests | (26) | (32) | |
Net income attributable to U.S. Bancorp | (1,368) | 527 | |
Loans | 3,449 | 3,382 | |
Other earning assets | 162,492 | 131,823 | |
Assets | 188,903 | 154,978 | |
Noninterest-bearing deposits | 2,256 | 2,140 | |
Interest-bearing deposits | 2,762 | 8,636 | |
Total deposits | 5,018 | 10,776 | |
Total U.S. Bancorp shareholders' equity | 12,226 | 13,454 | |
Consolidated Company [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income (taxable-equivalent basis) | 12,924 | 13,155 | |
Noninterest income | 10,401 | 9,831 | |
Total income | 23,325 | 22,986 | |
Noninterest expense | 13,193 | 12,617 | |
Other intangibles | 176 | 168 | |
Total noninterest expense | 13,369 | 12,785 | |
Income before provision and income taxes | 9,956 | 10,201 | |
Provision for credit losses | 3,806 | 1,504 | |
Income before income taxes | 6,150 | 8,697 | |
Income taxes and taxable-equivalent adjustment | 1,165 | 1,751 | |
Net income | 4,985 | 6,946 | |
Net (income) loss attributable to noncontrolling interests | (26) | (32) | |
Net income attributable to U.S. Bancorp | 4,959 | 6,914 | |
Loans | 307,269 | 290,686 | |
Other earning assets | 174,133 | 139,851 | |
Goodwill | 9,824 | 9,578 | |
Other intangible assets | 2,731 | 3,212 | |
Assets | 531,207 | 475,653 | |
Noninterest-bearing deposits | 98,539 | 73,863 | |
Interest-bearing deposits | 300,076 | 272,949 | |
Total deposits | 398,615 | 346,812 | |
Total U.S. Bancorp shareholders' equity | $ 52,246 | $ 52,623 |
U.S. Bancorp (Parent Company) -
U.S. Bancorp (Parent Company) - Additional Information (Detail) | Dec. 31, 2020 |
Receivables | |
Loan Limits to the company or individual affiliate | 10.00% |
Maximum limit of loans to the Company and all affiliates | 20.00% |
U.S. Bancorp (Parent Company)_2
U.S. Bancorp (Parent Company) - Condensed Statement of Financial Position of Parent Company Only (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Assets | ||||
Available-for-sale investment securities | $ 136,840 | [1] | $ 122,613 | |
Other assets | 39,081 | 36,168 | ||
Total assets | 553,905 | 495,426 | ||
Liabilities and Shareholders' Equity | ||||
Short-term funds borrowed | 11,766 | 23,723 | $ 14,139 | |
Long-term debt | 41,297 | 40,167 | ||
Other liabilities | 17,347 | 17,137 | ||
Shareholders' equity | 53,095 | 51,853 | ||
Total liabilities and equity | 553,905 | 495,426 | ||
Parent Company [Member] | ||||
Assets | ||||
Due from banks, principally interest-bearing | 12,279 | 11,583 | ||
Available-for-sale investment securities | 1,469 | 1,631 | ||
Other assets | 869 | 1,211 | ||
Total assets | 75,422 | 71,386 | ||
Liabilities and Shareholders' Equity | ||||
Short-term funds borrowed | 8 | |||
Long-term debt | 20,924 | 18,602 | ||
Other liabilities | 1,403 | 923 | ||
Shareholders' equity | 53,095 | 51,853 | ||
Total liabilities and equity | 75,422 | 71,386 | ||
Bank Subsidiaries [Member] | Parent Company [Member] | ||||
Assets | ||||
Investments in subsidiaries | 52,551 | 48,518 | ||
Advances to subsidiaries | 3,850 | 3,850 | ||
Nonbank Subsidiaries [Member] | Parent Company [Member] | ||||
Assets | ||||
Investments in subsidiaries | 3,286 | 3,128 | ||
Advances to subsidiaries | $ 1,118 | $ 1,465 | ||
[1] | The weighted-average maturity of total available-for-sale investment securities was 4.2 years at December 31, 2019, with a corresponding weighted-average yield of 2.38 percent. |
U.S. Bancorp (Parent Company)_3
U.S. Bancorp (Parent Company) - Condensed Income Statement of Parent Company Only (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income | |||
Other income | $ 748 | $ 926 | $ 910 |
Expense | |||
Interest expense | 2,015 | 4,442 | 3,254 |
Other expense | 1,833 | 1,618 | 1,709 |
Income before income taxes and equity in undistributed income of subsidiaries | 6,051 | 8,594 | 8,678 |
Applicable income taxes | 1,066 | 1,648 | 1,554 |
Net income attributable to U.S. Bancorp | 4,959 | 6,914 | 7,096 |
Parent Company [Member] | |||
Income | |||
Interest from subsidiaries | 172 | 317 | 220 |
Other income | 85 | 25 | 33 |
Total income | 1,781 | 7,448 | 5,559 |
Expense | |||
Interest expense | 433 | 551 | 471 |
Other expense | 140 | 140 | 133 |
Total expense | 573 | 691 | 604 |
Income before income taxes and equity in undistributed income of subsidiaries | 1,208 | 6,757 | 4,955 |
Applicable income taxes | (78) | (92) | (91) |
Income of parent company | 1,286 | 6,849 | 5,046 |
Equity in undistributed income of subsidiaries | 3,673 | 65 | 2,050 |
Net income attributable to U.S. Bancorp | 4,959 | 6,914 | 7,096 |
Bank Subsidiaries [Member] | Parent Company [Member] | |||
Income | |||
Dividends from subsidiaries | 1,500 | 7,100 | 5,300 |
Nonbank Subsidiaries [Member] | Parent Company [Member] | |||
Income | |||
Dividends from subsidiaries | $ 24 | $ 6 | $ 6 |
U.S. Bancorp (Parent Company)_4
U.S. Bancorp (Parent Company) - Condensed Statement of Cash Flows of Parent Company Only (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Activities | |||
Net income attributable to U.S. Bancorp | $ 4,959 | $ 6,914 | $ 7,096 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Other, net | (1,058) | 458 | 1,010 |
Net cash provided by operating activities | 3,716 | 4,889 | 10,564 |
Investing Activities | |||
Other, net | (636) | (1,295) | (289) |
Net cash used in investing activities | (15,440) | (21,560) | (8,977) |
Financing Activities | |||
Net increase (decrease) in short-term borrowings | (11,957) | 9,584 | (2,512) |
Proceeds from issuance of long-term debt | 14,501 | 9,899 | 12,078 |
Principal payments or redemption of long-term debt | (14,476) | (11,119) | (2,928) |
Proceeds from issuance of preferred stock | 486 | 565 | |
Proceeds from issuance of common stock | 15 | 88 | 86 |
Repurchase of common stock | (1,672) | (4,525) | (2,822) |
Cash dividends paid on preferred stock | (300) | (302) | (274) |
Cash dividends paid on common stock | (2,552) | (2,443) | (2,092) |
Net cash provided by financing activities | 51,899 | 17,623 | 361 |
Cash and due from banks at beginning of period | 22,405 | 21,453 | 19,505 |
Cash and due from banks at end of period | 62,580 | 22,405 | 21,453 |
Parent Company [Member] | |||
Operating Activities | |||
Net income attributable to U.S. Bancorp | 4,959 | 6,914 | 7,096 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Equity in undistributed income of subsidiaries | (3,673) | (65) | (2,050) |
Other, net | 907 | 231 | 359 |
Net cash provided by operating activities | 2,193 | 7,080 | 5,405 |
Investing Activities | |||
Proceeds from sales and maturities of investment securities | 258 | 291 | 39 |
Purchases of investment securities | (1,013) | (10) | |
Net (increase) decrease in short-term advances to subsidiaries | 347 | 578 | (488) |
Long-term advances to subsidiaries | (2,600) | (500) | |
Principal collected on long-term advances to subsidiaries | 2,550 | ||
Other, net | 379 | (341) | 304 |
Net cash used in investing activities | 984 | (535) | (655) |
Financing Activities | |||
Net increase (decrease) in short-term borrowings | (8) | 8 | (1) |
Proceeds from issuance of long-term debt | 2,750 | 3,743 | 2,100 |
Principal payments or redemption of long-term debt | (1,200) | (1,500) | (1,500) |
Proceeds from issuance of preferred stock | 486 | 565 | |
Proceeds from issuance of common stock | 15 | 88 | 86 |
Repurchase of common stock | (1,672) | (4,525) | (2,822) |
Cash dividends paid on preferred stock | (300) | (302) | (274) |
Cash dividends paid on common stock | (2,552) | (2,443) | (2,092) |
Net cash provided by financing activities | (2,481) | (4,931) | (3,938) |
Change in cash and due from banks | 696 | 1,614 | 812 |
Cash and due from banks at beginning of period | 11,583 | 9,969 | 9,157 |
Cash and due from banks at end of period | $ 12,279 | $ 11,583 | $ 9,969 |