Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 31, 2017 | Jun. 30, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | Q4 | ||
Trading Symbol | COF | ||
Entity Registrant Name | CAPITAL ONE FINANCIAL CORP | ||
Entity Central Index Key | 927,628 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 480,641,838 | ||
Entity Public Float | $ 31,929,010,767 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Interest income: | |||
Loans, including loans held for sale | $ 21,203 | $ 18,785 | $ 17,662 |
Investment securities | 1,599 | 1,575 | 1,628 |
Other | 89 | 99 | 107 |
Total interest income | 22,891 | 20,459 | 19,397 |
Interest expense: | |||
Deposits | 1,213 | 1,091 | 1,088 |
Securitized debt obligations | 216 | 151 | 145 |
Senior and subordinated notes | 476 | 330 | 299 |
Other borrowings | 113 | 53 | 47 |
Total interest expense | 2,018 | 1,625 | 1,579 |
Net interest income | 20,873 | 18,834 | 17,818 |
Provision for loan, lease and other losses | 6,459 | 4,536 | 3,541 |
Net interest income after provision for credit losses | 14,414 | 14,298 | 14,277 |
Non-interest income: | |||
Service charges and other customer-related fees | 1,646 | 1,856 | 2,008 |
Interchange fees, net | 2,452 | 2,264 | 2,046 |
Gain (Loss) on Sale of Securities, Net | (11) | (32) | (3) |
Other | 541 | 491 | 421 |
Total non-interest income | 4,628 | 4,579 | 4,472 |
Non-interest expense: | |||
Salaries and associate benefits | 5,202 | 4,975 | 4,593 |
Occupancy and equipment | 1,944 | 1,829 | 1,745 |
Marketing | 1,811 | 1,744 | 1,561 |
Professional services | 1,075 | 1,120 | 1,053 |
Communications and data processing | 1,169 | 1,055 | 961 |
Amortization of intangibles | 386 | 430 | 532 |
Other | 1,971 | 1,843 | 1,735 |
Total non-interest expense | 13,558 | 12,996 | 12,180 |
Income from continuing operations before income taxes | 5,484 | 5,881 | 6,569 |
Income tax provision | 1,714 | 1,869 | 2,146 |
Income from continuing operations, net of tax | 3,770 | 4,012 | 4,423 |
Income (loss) from discontinued operations, net of tax | (19) | 38 | 5 |
Net income | 3,751 | 4,050 | 4,428 |
Dividends and undistributed earnings allocated to participating securities | (24) | (20) | (18) |
Preferred stock dividends | (214) | (158) | (67) |
Net income available to common stockholders | $ 3,513 | $ 3,872 | $ 4,343 |
Basic earnings per common share: | |||
Net income from continuing operations (in dollars per share) | $ 7 | $ 7.08 | $ 7.70 |
Income (loss) from discontinued operations (in dollars per share) | (0.04) | 0.07 | 0.01 |
Net income per basic common share (in dollars per share) | 6.96 | 7.15 | 7.71 |
Diluted earnings per common share: | |||
Net income from continuing operations (in dollars per share) | 6.93 | 7 | 7.58 |
Income (loss) from discontinued operations (in dollars per share) | (0.04) | 0.07 | 0.01 |
Net income per diluted common share (in dollars per share) | 6.89 | 7.07 | 7.59 |
Dividends paid per common share (in dollars per share) | $ 1.60 | $ 1.50 | $ 1.20 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||||||||||
Net income | $ 791 | $ 1,005 | $ 942 | $ 1,013 | $ 920 | $ 1,114 | $ 863 | $ 1,153 | $ 3,751 | $ 4,050 | $ 4,428 |
After Tax | |||||||||||
Net unrealized gains (losses) on securities available for sale | (166) | (248) | 304 | ||||||||
Net changes in securities held to maturity | 104 | 96 | 76 | ||||||||
Net unrealized gains (losses) on cash flow hedges | (198) | 110 | 120 | ||||||||
Foreign currency translation adjustments | (79) | (135) | (48) | ||||||||
Other | 6 | (9) | (10) | ||||||||
Other comprehensive income (loss), net of tax | (333) | (186) | 442 | ||||||||
Comprehensive income | $ 3,418 | $ 3,864 | $ 4,870 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Cash and cash equivalents: | ||
Cash and due from banks | $ 4,185 | $ 3,407 |
Interest-bearing deposits and other short-term investments | 5,791 | 4,616 |
Total cash and cash equivalents | 9,976 | 8,023 |
Restricted cash for securitization investors | 2,517 | 1,017 |
Securities available for sale, at fair value | 40,737 | 39,061 |
Securities held to maturity, at carrying value | 25,712 | 24,619 |
Loans held for investment: | ||
Total loans held for investment | 245,586 | 229,851 |
Allowance for Loan and Lease losses | (6,503) | (5,130) |
Net loans held for investment | 239,083 | 224,721 |
Loans held for sale, at lower of cost or fair value | 1,043 | 904 |
Premises and equipment, net | 3,675 | 3,584 |
Interest receivable | 1,351 | 1,189 |
Goodwill | 14,519 | 14,480 |
Other assets | 18,420 | 16,450 |
Total assets | 357,033 | 334,048 |
Liabilities: | ||
Interest payable | 327 | 299 |
Deposits: | ||
Non-interest-bearing deposits | 25,502 | 25,847 |
Interest-bearing deposits | 211,266 | 191,874 |
Total deposits | 236,768 | 217,721 |
Securitized debt obligations | 18,826 | 16,166 |
Other debt: | ||
Federal funds purchased and securities loaned or sold under agreements to repurchase | 992 | 981 |
Senior and subordinated notes | 23,431 | 21,837 |
Other borrowings | 17,211 | 20,131 |
Total other debt | 41,634 | 42,949 |
Other liabilities | 11,964 | 9,629 |
Total liabilities | 309,519 | 286,764 |
Stockholders’ equity: | ||
Preferred stock (par value $.01 per share; 50,000,000 shares authorized; 4,475,000 and 3,375,000 shares issued and outstanding as of December 31, 2016 and 2015, respectively) | 0 | 0 |
Common stock (par value $.01 per share; 1,000,000,000 shares authorized; 653,736,607 and 648,317,395 shares issued as of December 31, 2016 and 2015, respectively, 480,218,547 and 527,259,920 shares outstanding as of December 31, 2016 and 2015, respectively) | 7 | 6 |
Additional paid-in capital, net | 31,157 | 29,655 |
Retained earnings | 29,766 | 27,045 |
Accumulated other comprehensive loss | (949) | (616) |
Treasury stock, at cost (par value $.01 per share; 173,518,060 and 121,057,475 shares as of December 31, 2016 and 2015, respectively) | (12,467) | (8,806) |
Total stockholders’ equity | 47,514 | 47,284 |
Total liabilities and stockholders’ equity | 357,033 | 334,048 |
Unsecuritized loans held for investment | ||
Cash and cash equivalents: | ||
Total cash and cash equivalents | 7,296 | 7,245 |
Securities available for sale, at fair value | 901 | 905 |
Loans held for investment: | ||
Total loans held for investment | 213,824 | 196,068 |
Other assets | 672 | 739 |
Total assets | 57,758 | 58,086 |
Other debt: | ||
Senior and subordinated notes | 8,304 | 8,657 |
Other borrowings | 1,610 | 1,591 |
Other liabilities | 330 | 554 |
Total liabilities | 10,244 | 10,802 |
Stockholders’ equity: | ||
Total stockholders’ equity | 47,514 | 47,284 |
Total liabilities and stockholders’ equity | 57,758 | 58,086 |
Loans held in consolidated trusts | ||
Loans held for investment: | ||
Total loans held for investment | $ 31,762 | $ 33,783 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 4,475,000 | 3,375,000 |
Preferred stock, shares outstanding | 4,475,000 | 3,375,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 653,736,607 | 648,317,395 |
Common stock, shares outstanding | 480,218,547 | 527,259,920 |
Treasury stock, common, shares | 173,518,060 | 121,057,475 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Millions | Total | Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock |
Beginning balance at Dec. 31, 2013 | $ 41,632 | $ 0 | $ 6 | $ 26,526 | $ 20,292 | $ (872) | $ (4,320) |
Beginning balance (shares) at Dec. 31, 2013 | 875,000 | 637,151,800 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Comprehensive income | 4,870 | 4,428 | 442 | ||||
Dividends, Common Stock | (680) | (680) | |||||
Cash dividends - preferred series | (67) | (67) | |||||
Purchases of treasury stock | (2,045) | (2,045) | |||||
Issuances of common stock and restricted stock, shares, net of forfeitures | 1,373,725 | ||||||
Issuances of common stock and restricted stock, value, net of forfeitures | 100 | $ 0 | 100 | ||||
Exercise of stock options and warrants, tax effects of exercises and restricted stock vesting, shares | 5,031,523 | ||||||
Exercise of stock options and warrants, tax effects of exercises and restricted stock vesting, value | 146 | $ 0 | 146 | ||||
Stock Issued During Period, Shares, New Issues | 1,000,000 | ||||||
Stock Issued During Period, Value, New Issues | 969 | $ 0 | 969 | ||||
Compensation expense for restricted stock awards, restricted stock units and stock options | 128 | 128 | |||||
Ending balance at Dec. 31, 2014 | 45,053 | $ 0 | $ 6 | 27,869 | 23,973 | (430) | (6,365) |
Ending balance (shares) at Dec. 31, 2014 | 1,875,000 | 643,557,048 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Comprehensive income | 3,864 | 4,050 | (186) | ||||
Common Stock Dividends, Shares | 46,846 | ||||||
Dividends, Common Stock | (816) | $ 0 | (820) | ||||
Dividends, Share-based Compensation, Stock | 4 | ||||||
Cash dividends - preferred series | (158) | (158) | |||||
Purchases of treasury stock | (2,441) | (2,441) | |||||
Issuances of common stock and restricted stock, shares, net of forfeitures | 2,603,953 | ||||||
Issuances of common stock and restricted stock, value, net of forfeitures | 111 | $ 0 | 111 | ||||
Exercise of stock options and warrants, tax effects of exercises and restricted stock vesting, shares | 2,109,548 | ||||||
Exercise of stock options and warrants, tax effects of exercises and restricted stock vesting, value | 71 | $ 0 | 71 | ||||
Stock Issued During Period, Shares, New Issues | 1,500,000 | ||||||
Stock Issued During Period, Value, New Issues | 1,472 | $ 0 | 1,472 | ||||
Compensation expense for restricted stock awards, restricted stock units and stock options | 128 | 128 | |||||
Ending balance at Dec. 31, 2015 | 47,284 | $ 0 | $ 6 | 29,655 | 27,045 | (616) | (8,806) |
Ending balance (shares) at Dec. 31, 2015 | 3,375,000 | 648,317,395 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Comprehensive income | 3,418 | 3,751 | (333) | ||||
Common Stock Dividends, Shares | 52,338 | ||||||
Dividends, Common Stock | (812) | $ 0 | (816) | ||||
Dividends, Share-based Compensation, Stock | 4 | ||||||
Cash dividends - preferred series | (214) | (214) | |||||
Purchases of treasury stock | (3,661) | (3,661) | |||||
Issuances of common stock and restricted stock, shares, net of forfeitures | 3,272,745 | ||||||
Issuances of common stock and restricted stock, value, net of forfeitures | 131 | $ 1 | 130 | ||||
Exercise of stock options and warrants, tax effects of exercises and restricted stock vesting, shares | 2,094,129 | ||||||
Exercise of stock options and warrants, tax effects of exercises and restricted stock vesting, value | 102 | $ 0 | 102 | ||||
Stock Issued During Period, Shares, New Issues | 1,100,000 | ||||||
Stock Issued During Period, Value, New Issues | 1,066 | $ 0 | 1,066 | ||||
Compensation expense for restricted stock awards, restricted stock units and stock options | 200 | 200 | |||||
Ending balance at Dec. 31, 2016 | $ 47,514 | $ 0 | $ 7 | $ 31,157 | $ 29,766 | $ (949) | $ (12,467) |
Ending balance (shares) at Dec. 31, 2016 | 4,475,000 | 653,736,607 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating activities: | |||
Income from continuing operations, net of tax | $ 3,770 | $ 4,012 | $ 4,423 |
Income (loss) from discontinued operations, net of tax | (19) | 38 | 5 |
Net income | 3,751 | 4,050 | 4,428 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for loan, lease and other losses | 6,459 | 4,536 | 3,541 |
Depreciation and amortization, net | 2,428 | 2,100 | 2,002 |
Deferred tax benefit | (686) | (402) | (76) |
Net (gain) loss on sales of securities available for sale | (6) | 2 | (21) |
Impairment losses on securities available for sale | 17 | 30 | 24 |
Gain on sales of loans held for sale | (80) | (86) | (48) |
Stock plan compensation expense | 239 | 161 | 205 |
Other noncash income | (11) | 0 | 0 |
Loans held for sale: | |||
Originations and purchases | (8,645) | (6,942) | (5,619) |
Proceeds from sales and paydowns | 8,390 | 6,805 | 5,365 |
Changes in operating assets and liabilities: | |||
Changes in interest receivable | (159) | (72) | (29) |
Changes in other assets | (1,907) | (596) | (402) |
Changes in interest payable | 28 | 45 | 22 |
Changes in other liabilities | 2,013 | 575 | 99 |
Net change from discontinued operations | 25 | (79) | (187) |
Net cash from operating activities | 11,856 | 10,127 | 9,304 |
Securities available for sale: | |||
Purchases | (14,154) | (12,200) | (12,650) |
Proceeds from paydowns and maturities | 7,867 | 7,742 | 7,968 |
Proceeds from sales | 4,146 | 4,379 | 7,417 |
Securities held to maturity: | |||
Purchases | (3,787) | (4,277) | (4,827) |
Proceeds from paydowns and maturities | 2,681 | 2,163 | 1,471 |
Loans: | |||
Net changes in loans held for investment | (22,036) | (18,575) | (16,563) |
Principal recoveries of loans previously charged off | 1,493 | 1,498 | 1,582 |
Purchases of premises and equipment | (779) | (532) | (502) |
Payments to Acquire Businesses, Net of Cash Acquired | (629) | (9,314) | (24) |
Net cash from other investing activities | (432) | (610) | 137 |
Net cash from investing activities | (25,630) | (29,726) | (15,991) |
Financing activities: | |||
Changes in restricted cash for securitization investors | (1,500) | (783) | 640 |
Changes in deposits | 19,031 | 12,163 | 1,017 |
Proceeds from Issuance of Secured Debt | 6,259 | 5,062 | 4,291 |
Maturities and paydowns of securitized debt obligations | (3,540) | (500) | (2,992) |
Issuance of senior and subordinated notes and long-term FHLB advances | 22,984 | 31,830 | 7,714 |
Maturities and paydowns of senior and subordinated notes and long-term FHLB advances | (24,170) | (9,579) | (2,375) |
Changes in other short-term borrowings | 11 | (16,066) | 919 |
Common stock: | |||
Net proceeds from issuances | 131 | 111 | 100 |
Dividends paid | (812) | (816) | (679) |
Preferred stock: | |||
Net proceeds from issuances | 1,066 | 1,472 | 969 |
Dividends paid | (214) | (158) | (67) |
Purchases of treasury stock | (3,661) | (2,441) | (2,045) |
Proceeds from share-based payment activities | 142 | 85 | 146 |
Net cash from financing activities | 15,727 | 20,380 | 7,638 |
Changes in cash and cash equivalents | 1,953 | 781 | 951 |
Cash and cash equivalents at beginning of the period | 8,023 | 7,242 | 6,291 |
Cash and cash equivalents at end of the period | 9,976 | 8,023 | 7,242 |
Non-cash item: | |||
Net transfers from loans held for investment to loans held for sale | 552 | 268 | 182 |
Interest paid | 2,250 | 1,643 | 1,569 |
Income tax paid | $ 2,121 | $ 1,732 | $ 1,603 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 1—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Company Capital One Financial Corporation, a Delaware Corporation established in 1994 and headquartered in McLean, Virginia, is a diversified financial services holding company with banking and non-banking subsidiaries. Capital One Financial Corporation and its subsidiaries (the “Company”) offer a broad array of financial products and services to consumers, small businesses and commercial clients through branches, the internet and other distribution channels. As of December 31, 2016 , our principal subsidiaries included: • Capital One Bank (USA), National Association (“COBNA”), which offers credit and debit card products, other lending products and deposit products; and • Capital One, National Association (“CONA”), which offers a broad spectrum of banking products and financial services to consumers, small businesses and commercial clients. The Company is hereafter collectively referred to as “we,” “us” or “our.” COBNA and CONA are collectively referred to as the “Banks.” We also offer products outside of the United States of America (“U.S.”) principally through Capital One (Europe) plc (“COEP”), an indirect subsidiary of COBNA organized and located in the United Kingdom (“U.K.”), and through a branch of COBNA in Canada. COEP has authority, among other things, to provide credit card loans. Our branch of COBNA in Canada also has the authority to provide credit card loans. Our principal operations are currently organized for management reporting purposes into three major business segments, which are defined based on the products and services provided or the type of customer served: Credit Card, Consumer Banking and Commercial Banking. We provide details on our business segments, the integration of recent acquisitions into our business segments and the allocation methodologies and accounting policies used to derive our business segment results in “ Note 18—Business Segments .” On December 1, 2015, we completed the acquisition of the Healthcare Financial Services business of General Electric Capital Corporation (“HFS acquisition”). During the second quarter of 2016, we finalized purchase accounting. Including post-closing purchase price adjustments during the first six months of 2016, total cash consideration for the acquisition was $9.0 billion , net of $180 million of cash acquired, and we recognized approximately $9.2 billion in assets, primarily consisting of $8.2 billion in loans, $134 million in intangible assets and $518 million in goodwill. Basis of Presentation and Use of Estimates The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the U.S. (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and in the related disclosures. These estimates are based on information available as of the date of the consolidated financial statements. While management makes its best judgment, actual amounts or results could differ from these estimates. Certain prior period amounts have been reclassified to conform to the current period presentation. The reclassifications were primarily related to income from certain consumer and commercial banking activity from Other to Service charges and other customer-related fees within Non-interest income, and a reclassification of certain system processing costs from Professional services to Communications and data processing within Non-interest expense. These reclassifications were made to better reflect the nature of income earned and expenses incurred. We have also consolidated the Non-interest income presentation of Other-than-temporary impairment (“OTTI”) with net realized gains or losses from investment securities into a new Net securities gains(losses) line. These reclassifications were only made to the consolidated statements of income and did not have an impact on total Non-interest income, total Non-interest expense or Net income previously reported on SEC Forms 10-K for the impacted periods. Principles of Consolidation The consolidated financial statements include the accounts of Capital One Financial Corporation and all other entities in which we have a controlling financial interest. We determine whether we have a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity (“VIE”). All significant intercompany account balances and transactions have been eliminated. Voting Interest Entities Voting interest entities are entities that have sufficient equity and provide the equity investors voting rights that give them the power to make significant decisions relating to the entity’s operations. Since a controlling financial interest in an entity is typically obtained through ownership of a majority voting interest, we consolidate our majority-owned subsidiaries and other voting interest entities in which we hold, directly or indirectly, more than 50% of the voting rights or where we exercise control through other contractual rights. Investments in entities where we do not have a controlling financial interest but we have significant influence over the entity’s financial and operating decisions (generally defined as owning a voting interest of 20% to 50%) are accounted for under the equity method. If we own less than 20% of a voting interest entity, we generally carry the investment at cost, except marketable equity securities, which we carry at fair value with changes in fair value included in accumulated other comprehensive income (“AOCI”). We report investments accounted for under the equity or cost method in other assets on our consolidated balance sheets, and include our share of income or loss on equity method investments and dividends on cost method investments in other non-interest income in our consolidated statements of income. Variable Interest Entities VIEs are entities that, by design, either (i) lack sufficient equity to permit the entity to finance its activities without additional subordinated financial support from other parties; or (ii) have equity investors that do not have the ability to make significant decisions relating to the entity’s operations through voting rights, or do not have the obligation to absorb the expected losses, or do not have the right to receive the residual returns of the entity. The entity that has a controlling financial interest in a VIE is referred to as the primary beneficiary and is required to consolidate the VIE. An entity is deemed to be the primary beneficiary of a VIE if that entity has both (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; and (ii) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. In determining whether we are the primary beneficiary of a VIE, we consider both qualitative and quantitative factors regarding the nature, size and form of our involvement with the VIE, such as our role in establishing the VIE and our ongoing rights and responsibilities; our economic interests, including debt and equity investments, servicing fees and other arrangements deemed to be variable interests in the VIE; the design of the VIE, including the capitalization structure, subordination of interests, payment priority, relative share of interests held across various classes within the VIE’s capital structure and the reasons why the interests are held by us. We perform on-going reassessments to evaluate whether changes in an entity’s capital structure or changes in the nature of our involvement with the entity result in a change to the VIE designation or a change to our consolidation conclusion. See “ Note 6—Variable Interest Entities and Securitizations ” for further details. Cash and Cash Equivalents Cash and cash equivalents include cash and due from banks, and interest bearing deposits and other-short term investments, all of which, if applicable, have stated maturities of three months or less when acquired. Securities Resale and Repurchase Agreements Securities purchased under resale agreements and securities loaned or sold under agreements to repurchase, principally U.S. government and agency obligations, are not accounted for as sales but as collateralized financing transactions and recorded at the amounts at which the securities were acquired or sold, plus accrued interest. We continually monitor the market value of these securities and deliver additional collateral to or obtain additional collateral from counterparties, as appropriate. Investment Securities Our investment portfolio consists primarily of the following: U.S. Treasury securities; U.S. government-sponsored enterprise or agency (“Agency”) and non-agency residential mortgage-backed securities (“RMBS”); Agency and non-agency commercial mortgage-backed securities (“CMBS”); other asset-backed securities (“ABS”); and other securities. The accounting and measurement framework for our investment securities differs depending on the security classification. We classify securities as available for sale or held to maturity based on our investment strategy and management’s assessment of our intent and ability to hold the securities until maturity. Securities that we may sell prior to maturity in response to changes in our investment strategy, liquidity needs, interest rate risk profile or for other reasons are classified as available for sale. Securities that we have the intent and ability to hold until maturity are classified as held to maturity. We report securities available for sale on our consolidated balance sheets at fair value with unrealized gains or losses recorded, net of tax, as a component of AOCI. We report securities held to maturity on our consolidated balance sheets at carrying value. Carrying value generally is equal to amortized cost. Investment securities transferred into the held to maturity category from the available for sale category are recorded at fair value at the date of transfer. Any unrealized gains or losses at the transfer date are thereafter included in AOCI. Such unrealized gains or losses are accreted over the remaining life of the security and are expected to offset the amortization of the related premium or discount created upon the investment securities transfer into the held to maturity category, with no expected impact on future net income. Unamortized premiums, discounts and other basis adjustments are recognized in interest income over the contractual lives of the securities using the effective interest method. We record purchases and sales of investment securities on a trade date basis. Realized gains or losses from the sale of debt securities are computed using the first in first out method of identification, and are included in non-interest income in our consolidated statements of income. If we intend to sell an available for sale security in an unrealized loss position or it is more likely than not that we will be required to sell the security prior to recovery of its amortized cost basis, the entire difference between the amortized cost basis of the security and its fair value is recognized in our consolidated statements of income. We regularly evaluate our securities whose values have declined below amortized cost to assess whether the decline in fair value represents an OTTI. Amortized cost reflects historical cost adjusted for amortization of premiums, accretion of discounts and any previously recorded impairments. We discuss our assessment of and accounting for OTTI in “ Note 3—Investment Securities .” We discuss the techniques we use in determining the fair value of our investment securities in “ Note 17—Fair Value Measurement .” Our investment portfolio also includes certain acquired debt securities that were deemed to be credit impaired at the acquisition date, and therefore are accounted for in accordance with accounting guidance for purchased credit-impaired (“PCI”) loans and debt securities. These securities are recorded at fair value at the acquisition date using the estimated cash flows we expect to collect discounted by the prevailing market interest rate. The difference between the contractually required payments due and the undiscounted cash flows we expect to collect at acquisition, considering the impact of prepayments, is referred to as the nonaccretable difference. The nonaccretable difference reflects estimated future credit losses expected to be incurred over the life of the security, and is neither accreted into income nor recorded on our consolidated balance sheet. The excess of the undiscounted cash flows expected to be collected over the estimated fair value of credit-impaired debt securities at acquisition is referred to as the accretable yield, which is accreted into interest income using an effective yield method over the remaining life of the security. Decreases in expected cash flows attributable to credit result in the recognition of OTTI. Significant increases in expected cash flows are recognized prospectively over the remaining life of the security as an adjustment to the accretable yield. See “Loans Acquired” section of this Note for further discussion of accounting guidance for purchased credit-impaired loans and debt securities. Loans Our loan portfolio consists of loans held for investment, including loans underlying our consolidated securitization trusts, and loans held for sale, and is divided into three portfolio segments: credit card, consumer banking and commercial banking loans. Credit card loans consist of domestic and international credit card loans. Consumer banking loans consist of auto, home and retail banking loans. Commercial banking loans consist of commercial and multifamily real estate, commercial and industrial, and small-ticket commercial real estate loans. Loan Classification Upon origination or purchase, we classify loans as held for investment or held for sale based on our investment strategy and management’s intent and ability with regard to the loans which may change over time. The accounting and measurement framework for loans differs depending on the loan classification, whether the loans are originated or purchased and whether purchased loans are considered credit-impaired at the date of acquisition. The presentation within the consolidated statements of cash flows is based on management’s intent at acquisition or origination. Cash flows related to non-securitized loans held for investment are included in cash flows from investing activities on our consolidated statements of cash flows while cash flows from loans for securitization investors are included in cash flows from financing activities. The difference is due to the treatment of securitization transactions as secured borrowings. Cash flows related to loans held for sale are included in cash flows from operating activities on our consolidated statements of cash flows. Loans Held for Investment Loans that we have the ability and intent to hold for the foreseeable future and loans associated with securitization transactions accounted for as secured borrowings are classified as held for investment. Loans classified as held for investment, except PCI loans accounted for based upon expected cash flows described below, are reported at their amortized cost, which is the outstanding principal balance, net of any unearned income, unamortized deferred fees and costs, unamortized premiums and discounts and charge-offs. Credit card loans also include billed finance charges and fees, net of the estimated uncollectible amount. Interest income is recognized on loans held for investment on an accrual basis. We generally defer certain loan origination fees and direct loan origination costs on originated loans, premiums and discounts on purchased loans and loan commitment fees. We recognize these amounts in interest income as yield adjustments over the life of the loan and/or commitment period using the effective interest method. Where appropriate, prepayment estimates are factored into the calculation of the constant effective yield necessary to apply the interest method. Prepayment estimates are based on historical prepayment data and existing and forecasted interest rates and economic data. For credit card loans, loan origination fees and direct loan origination costs are amortized on a straight-line basis over a 12 -month period. We establish an allowance for loan losses for probable losses inherent in our held for investment loan portfolio as of each balance sheet date. Loans held for investment are subject to our allowance for loan and lease losses methodology described below under “Allowance for Loan and Lease Losses.” Loans Held for Sale Loans purchased or originated with the intent to sell or for which we do not have the ability and intent to hold for the foreseeable future are classified as held for sale. Interest on these loans is recognized on an accrual basis. These loans are recorded at the lower of amortized cost or fair value. Loan origination fees and direct loan origination costs are deferred until the loan is sold and are then recognized as part of the total gain or loss on sale. If a loan is transferred from held for investment to held for sale, declines in fair value related to credit are recorded as a charge-off and amortization of deferred loan origination fees and costs ceases. Subsequent to transfer, we report write-downs or recoveries in fair value up to the carrying value at the date of transfer and realized gains or losses on loans held for sale in our consolidated statements of income as a component of other non-interest income. We calculate the gain or loss on loan sales as the difference between the proceeds received and the carrying value of the loans sold, net of the fair value of any retained servicing rights. Loans Acquired All purchased loans, including loans transferred in a business combination, acquired on or after January 1, 2009, are initially recorded at fair value, which includes consideration of expected future losses, as of the date of the acquisition. We account for purchased loans using the guidance for accounting for purchased credit-impaired loans and debt securities, which is based upon expected cash flows, if the purchased loans have a discount attributable, at least in part, to credit deterioration and they are not specifically scoped out of the guidance. We refer to these purchased loans that are subsequently accounted for based on expected cash flows to be collected as “PCI loans” in accordance with Accounting Standard Codification (“ASC”) 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality (formerly known as “Statement of Position 03-3, Accounting for Certain Loans or Debt Securities Acquired in a Transfer, ” commonly referred to as “SOP 03-3”). Other purchased loans that don’t meet our criteria described above are accounted for based on contractual cash flows. Loans Acquired and Accounted for Based on Expected Cash Flows In accounting for purchased loans based on expected cash flows, we first determine the contractually required payments due, which represent the total undiscounted amount of all uncollected principal and interest payments, adjusted for the effect of estimated prepayments. We then estimate the undiscounted cash flows we expect to collect, incorporating several key assumptions including expected default rates, loss severities and the amount and timing of prepayments. We estimate the fair value by discounting the estimated cash flows we expect to collect using an observable market rate of interest, when available, adjusted for factors that a market participant would consider in determining fair value. We may aggregate loans acquired in the same fiscal quarter into one or more pools if the loans have common risk characteristics. A pool is then accounted for as a single asset, with a single composite interest rate and an aggregate fair value and expected cash flows. The excess of cash flows expected to be collected over the estimated fair value of purchased loans is referred to as the accretable yield. This amount is not recorded on our consolidated balance sheets, but is accreted into interest income over the life of the loan, or pool of loans, using the effective interest method. The difference between total contractual payments on the loans and all expected cash flows represents the nonaccretable difference or the amount of principal and interest not considered collectible. Subsequent to acquisition, we evaluate our estimate of cash flows expected to be collected on a quarterly basis. These evaluations require the use of key assumptions and estimates similar to those used in estimating the initial fair value at acquisition. Subsequent changes in the estimated cash flows expected to be collected may result in changes in the accretable yield and nonaccretable difference or reclassifications from the nonaccretable difference to the accretable yield. Decreases in expected cash flows resulting from credit deterioration subsequent to acquisition will generally result in an impairment charge recognized in our provision for credit losses and an increase in the allowance for loan and lease losses. Charge-offs are not recorded until the expected credit losses within the nonaccretable difference are depleted. In addition, PCI loans are not classified as delinquent or nonperforming, as we expect to collect our net investment in these loans. Increases in the cash flows expected to be collected would first reduce any previously recorded allowance for loan and lease losses established subsequent to acquisition. The excess over the recorded allowance for loan and lease losses would result in a reclassification to the accretable yield from the nonaccretable difference and an increase in interest income recognized over the remaining life of the loan or pool of loans. Disposals of loans in the form of sales to third parties, receipt of payment in full or in part by the borrower, and foreclosure of the collateral, result in removal of the loan from the PCI loans portfolio. See “ Note 4—Loans ” for additional information. Loans Acquired and Accounted for Based on Contractual Cash Flows To determine the fair value of loans at acquisition in a business combination, we estimate discounted contractual cash flows due using an observable market rate of interest, when available, adjusted for factors that a market participant would consider in determining fair value. In determining fair value, contractual cash flows are adjusted to include prepayment estimates based upon trends in default rates and loss severities. The difference between the fair value and the contractual cash flows is recorded as a loan discount or premium at acquisition. Subsequent to acquisition, the loans are classified and accounted for as either held for investment or held for sale based on management’s ability and intent. Loans held for investment are subject to our allowance for loan and lease losses methodology described below under “Allowance for Loan and Lease Losses.” We are permitted to aggregate loans acquired in the same fiscal quarter into one or more pools if the loans have common risk characteristics. If we elect to pool loans, a pool is then accounted for as a single asset with a single composite interest rate and an aggregate fair value and expected cash flows. Loan Modifications and Restructurings As part of our loss mitigation efforts, we may provide modifications to a borrower experiencing financial difficulty to improve long-term collectability of the loan and to avoid the need for foreclosure or repossession of collateral. A loan modification in which a concession is granted to a borrower experiencing financial difficulty is accounted for and reported as a troubled debt restructuring (“TDR”). Our loan modifications typically include an extension of the loan term, a reduction in the interest rate, or a combination of both. We describe our accounting for and measurement of impairment on restructured loans below under “Impaired Loans.” See “ Note 4—Loans ” for additional information on our loan modifications and restructurings. Delinquent and Nonperforming Loans The entire balance of a loan is considered contractually delinquent if the minimum required payment is not received by the first statement cycle date equal to or following the due date specified on the customer’s billing statement. Delinquency is reported on loans that are 30 or more days past due. Interest and fees continue to accrue on past due loans until the date the loan is placed on nonaccrual status, if applicable. We generally place loans on nonaccrual status when we believe the collectability of interest and principal is not reasonably assured. Nonperforming loans generally include loans that have been placed on nonaccrual status, but we do not report loans classified as held for sale as nonperforming. Our policies for classifying loans as nonperforming, by loan category, are as follows: • Credit card loans: As permitted by regulatory guidance issued by the Federal Financial Institutions Examination Council (“FFIEC”), our policy is generally to exempt credit card loans from being classified as nonperforming as these loans are generally charged off in the period the account becomes 180 days past due. Consistent with industry conventions, we generally continue to accrue interest and fees on delinquent credit card loans until the loans are charged-off. We classify certain credit card loans issued in the U.K. as nonperforming when the account becomes 120 days past due depending on the specific facts and circumstances. • Consumer banking loans: We classify consumer banking loans as nonperforming when we determine that the collectability of all interest and principal on the loan is not reasonably assured, generally when the loan becomes 90 days past due. • Commercial banking loans : We classify commercial banking loans as nonperforming as of the date we determine that the collectability of all interest and principal on the loan is not reasonably assured. • Modified loans and troubled debt restructurings: Modified loans, including TDRs, that are current at the time of the restructuring remain on accrual status if there is demonstrated performance prior to the restructuring and continued performance under the modified terms is expected. Otherwise, the modified loan is classified as nonperforming and placed on nonaccrual status until the borrower demonstrates a sustained period of performance over several payment cycles, generally six months of consecutive payments, under the modified terms of the loan. • PCI loans: PCI loans are not classified as delinquent or nonperforming. Interest and fees accrued but not collected at the date a loan is placed on nonaccrual status are reversed against earnings. In addition, the amortization of net deferred loan fees is suspended. Interest and fee income is subsequently recognized only upon the receipt of cash payments. However, if there is doubt regarding the ultimate collectability of loan principal, all cash received is generally applied against the principal balance of the loan. Nonaccrual loans are generally returned to accrual status when all principal and interest is current and repayment of the remaining contractual principal and interest is reasonably assured, or when the loan is both well-secured and in the process of collection and collectability is no longer doubtful. Impaired Loans A loan is considered impaired when, based on current information and events, it is probable that we will be unable to collect all amounts due from the borrower in accordance with the original contractual terms of the loan. Generally, we report loans as impaired based on the method for measuring impairment in accordance with applicable accounting guidance. Loans held for sale are not reported as impaired, as these loans are recorded at lower of cost or fair value. Impaired loans also exclude PCI loans accounted for based on expected cash flows at acquisition because this accounting methodology takes into consideration future credit losses. Loans defined as individually impaired, based on applicable accounting guidance, include larger balance nonperforming loans and TDR loans. Our policies for identifying loans as individually impaired, by loan category, are as follows: • Credit card loans: Credit card loans that have been modified in a troubled debt restructuring are identified and accounted for as individually impaired. • Consumer banking loans: Consumer loans that have been modified in a troubled debt restructuring are identified and accounted for as individually impaired. • Commercial banking loans: Commercial loans classified as nonperforming and commercial loans that have been modified in a troubled debt restructuring are reported as individually impaired. • PCI loans: PCI loans are tracked and reported separately from other impaired loans. The majority of individually impaired loans are evaluated for an asset-specific allowance. Although a loan modified in a TDR may be returned to accrual status if the criteria above under “Delinquent and Nonperforming Loans” are met, we continue to report the loan as impaired until maturity. We generally measure impairment and the related asset-specific allowance for individually impaired loans based on the difference between the recorded investment of the loan and the present value of the expected future cash flows, discounted at the original effective interest rate of the loan at the time of modification. If the loan is collateral dependent, we measure impairment based upon the fair value of the underlying collateral, which we determine based on the current fair value of the collateral less estimated selling costs, instead of discounted cash flows. Loans are identified as collateral dependent if we believe that collateral is the sole source of repayment. Charge-Offs We charge off loans as a reduction to the allowance for loan and lease losses when we determine the loan is uncollectible and record subsequent recoveries of previously charged off amounts as an increase to the allowance for loan and lease losses. We exclude accrued and unpaid finance charges and fees and certain fraud losses from charge-offs. Costs to recover charged-off loans are recorded as collection expense and included in our consolidated statements of income as a component of other non-interest expense as incurred. Our charge-off time frames for loans by loan type are presented below. • Credit card loans: We generally charge-off credit card loans in the period the account becomes 180 days past due. We charge off delinquent credit card loans for which revolving privileges have been revoked as part of loan workout when the account becomes 120 days past due. Credit card loans in bankruptcy are generally charged-off by the end of the month following 30 days after the receipt of a complete bankruptcy notification from the bankruptcy court. Credit card loans of deceased account holders are charged-off by the end of the month following 60 days of receipt of notification. • Consumer banking loans: We generally charge-off consumer banking loans at the earlier of the date when the account is a specified number of days past due or upon repossession of the underlying collateral. Our charge-off time frame is 180 days for home loans and 120 days for auto loans. Small business banking loans generally charge off at 90 or 120 days past due based on when unpaid principal loan amounts are deemed uncollectible. We calculate the initial charge-off amount for home loans based on the excess of our recorded investment in the loan over the fair value of the underlying property less estimated selling costs as of the date of the charge-off. We update our home value estimates on a regular basis and may recognize additional charge-offs for subsequent declines in home values. Consumer loans in bankruptcy, except for auto and home loans, generally are charged-off within 40 days of receipt of notification from the bankruptcy court. Auto and home loans where the borrower has filed for bankruptcy are generally charged-off in the period that the loan is both 60 days or more past due and 60 days or more past the bankruptcy notification date. Auto and home loans where the borrower has filed for Chapter 7 bankruptcy, where the debt has been discharged and the borrower did not reaffirm the debt are charged off by the end of the month in which |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | NOTE 2—DISCONTINUED OPERATIONS Our discontinued operations consist of the mortgage origination operations of our wholesale mortgage banking unit, GreenPoint Mortgage Funding, Inc. (“GreenPoint”) and the manufactured housing operations of GreenPoint Credit, LLC, a subsidiary of GreenPoint, both of which were acquired as part of the North Fork Bancorporation, Inc. (“North Fork”) acquisition in December 2006. Although the manufactured housing operations were sold to a third party in 2004 prior to our acquisition of North Fork, we acquired certain retained interests and obligations related to those operations as part of the acquisition. Separately, in the third quarter of 2007 we closed the mortgage origination operations of the wholesale mortgage banking unit. The results of both the wholesale banking unit and the manufactured housing operations have been accounted for as discontinued operations and are reported as income or loss from discontinued operations, net of tax, on the consolidated statements of income. We have no significant continuing involvement in these operations. The following table summarizes the results from discontinued operations for the years ended December 31, 2016, 2015 and 2014. Table 2.1 : Results of Discontinued Operations Year Ended December 31, (Dollars in millions) 2016 2015 2014 Income (loss) from discontinued operations before income taxes $ (30 ) $ 60 $ 8 Income tax provision (benefit) (11 ) 22 3 Income (loss) from discontinued operations, net of tax $ (19 ) $ 38 $ 5 The discontinued mortgage origination operations of our wholesale mortgage banking unit had remaining assets which primarily consisted of a deferred tax asset related to the reserve for representations and warranties on loans previously sold to third parties. We also have contingent obligations to exercise certain mandatory clean-up calls associated with securitization transactions undertaken by the discontinued GreenPoint Credit, LLC manufactured housing operations in the event the third party servicer does not fulfill its obligation to exercise these clean-up calls. See “ Note 6—Variable Interest Entities and Securitizations ” for information related to our retained interests and obligations associated with GreenPoint Credit, LLC manufactured housing operations, and see “ Note 19—Commitments, Contingencies, Guarantees and Others ” for information related to reserves we have established for our mortgage representation and warranty exposure. |
Selected Quarterly Financial In
Selected Quarterly Financial Information Selected Quarterly Financial Information | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Information | (Dollars in millions, except per share data and as noted) (unaudited) 2016 2015 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Summarized results of operations: Interest income $ 6,009 $ 5,794 $ 5,571 $ 5,517 $ 5,384 $ 5,164 $ 4,937 $ 4,974 Interest expense 562 517 478 461 423 404 400 398 Net interest income 5,447 5,277 5,093 5,056 4,961 4,760 4,537 4,576 Provision for credit losses 1,752 1,588 1,592 1,527 1,380 1,092 1,129 935 Net interest income after provision for credit losses 3,695 3,689 3,501 3,529 3,581 3,668 3,408 3,641 Non-interest income 1,119 1,184 1,161 1,164 1,233 1,140 1,135 1,071 Non-interest expense 3,679 3,361 3,295 3,223 3,480 3,160 3,307 3,049 Income from continuing operations before income taxes 1,135 1,512 1,367 1,470 1,334 1,648 1,236 1,663 Income tax provision 342 496 424 452 426 530 384 529 Income from continuing operations, net of tax 793 1,016 943 1,018 908 1,118 852 1,134 Income (loss) from discontinued operations, net of tax (2 ) (11 ) (1 ) (5 ) 12 (4 ) 11 19 Net income 791 1,005 942 1,013 920 1,114 863 1,153 Dividends and undistributed earnings allocated to participating securities (1) (6 ) (6 ) (6 ) (6 ) (4 ) (6 ) (4 ) (6 ) Preferred stock dividends (75 ) (37 ) (65 ) (37 ) (68 ) (29 ) (29 ) (32 ) Net income available to common stockholders $ 710 $ 962 $ 871 $ 970 $ 848 $ 1,079 $ 830 $ 1,115 Common share statistics: Basic earnings per common share: (1) Net income from continuing operations $ 1.47 $ 1.94 $ 1.70 $ 1.86 $ 1.58 $ 2.01 $ 1.50 $ 2.00 Income (loss) from discontinued operations 0.00 (0.02 ) 0.00 (0.01 ) 0.02 (0.01 ) 0.02 0.03 Net income per basic common share $ 1.47 $ 1.92 $ 1.70 $ 1.85 $ 1.60 $ 2.00 $ 1.52 $ 2.03 Diluted earnings per common share: (1) Net income from continuing operations $ 1.45 $ 1.92 $ 1.69 $ 1.85 $ 1.56 $ 1.99 $ 1.48 $ 1.97 Income (loss) from discontinued operations 0.00 (0.02 ) 0.00 (0.01 ) 0.02 (0.01 ) 0.02 0.03 Net income per diluted common share $ 1.45 $ 1.90 $ 1.69 $ 1.84 $ 1.58 $ 1.98 $ 1.50 $ 2.00 Weighted-average common shares outstanding (in millions): Basic common shares 483.5 501.1 511.7 523.5 530.8 540.6 545.6 550.2 Diluted common shares 489.2 505.9 516.5 528.0 536.3 546.3 552.0 557.2 Balance sheet (average balances): Loans held for investment $ 240,027 $ 235,843 $ 230,379 $ 226,736 $ 220,052 $ 211,227 $ 206,337 $ 205,194 Interest-earning assets 317,853 310,987 302,764 299,456 292,054 283,082 276,585 278,427 Total assets 350,225 343,153 334,479 331,919 323,354 313,822 307,206 309,401 Interest-bearing deposits 206,464 196,913 195,641 194,125 189,885 185,800 183,946 182,998 Total deposits 232,204 222,251 221,146 219,180 215,899 210,974 209,143 207,851 Borrowings 58,624 60,708 54,359 53,761 48,850 45,070 41,650 46,082 Total stockholders’ equity 47,972 49,033 48,934 49,078 48,712 48,456 47,255 46,397 __________ (1) Dividends and undistributed earnings allocated to participating securities, earnings per share and preferred stock dividends are computed independently for each period. Accordingly, the sum of each quarter may not agree to the year-to-date total. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | NOTE 3—INVESTMENT SECURITIES Our investment portfolio consists primarily of the following: U.S. Treasury securities; U.S. government-sponsored enterprise or agency (“Agency”) and non-agency residential mortgage-backed securities (“RMBS”); Agency and non-agency commercial mortgage-backed securities (“CMBS”); other asset-backed securities (“ABS”); and other securities. The carrying value of our investments in U.S. Treasury and Agency securities represented 91% and 90% of our total investment securities as of December 31, 2016 and 2015 , respectively. The table below presents the overview of our investment securities portfolio as of December 31, 2016 and 2015 . Table 3.1 : Overview of Investment Securities Portfolio (Dollars in millions) December 31, 2016 December 31, 2015 Securities available for sale, at fair value $ 40,737 $ 39,061 Securities held to maturity, at carrying value 25,712 24,619 Total investment securities $ 66,449 $ 63,680 The table below presents the amortized cost, gross unrealized gains and losses, and fair value of securities available for sale as of December 31, 2016 and 2015 . Table 3.2 : Investment Securities Available for Sale December 31, 2016 (Dollars in millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses (1) Fair Value Investment securities available for sale: U.S. Treasury securities $ 5,103 $ 11 $ (49 ) $ 5,065 RMBS: Agency (2) 26,830 109 (412 ) 26,527 Non-agency 2,349 382 (9 ) 2,722 Total RMBS 29,179 491 (421 ) 29,249 CMBS: Agency (2) 3,335 14 (45 ) 3,304 Non-agency 1,676 21 (13 ) 1,684 Total CMBS 5,011 35 (58 ) 4,988 Other ABS (3) 714 1 (1 ) 714 Other securities (4) 726 1 (6 ) 721 Total investment securities available for sale $ 40,733 $ 539 $ (535 ) $ 40,737 December 31, 2015 (Dollars in millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses (1) Fair Value Investment securities available for sale: U.S. Treasury securities $ 4,664 $ 5 $ (9 ) $ 4,660 RMBS: Agency (2) 24,332 165 (212 ) 24,285 Non-agency 2,680 368 (22 ) 3,026 Total RMBS 27,012 533 (234 ) 27,311 CMBS: Agency (2) 3,690 21 (47 ) 3,664 Non-agency 1,723 16 (24 ) 1,715 Total CMBS 5,413 37 (71 ) 5,379 Other ABS (3) 1,345 1 (6 ) 1,340 Other securities (4) 370 2 (1 ) 371 Total investment securities available for sale $ 38,804 $ 578 $ (321 ) $ 39,061 __________ (1) Includes non-credit-related OTTI that is recorded in AOCI of $9 million and $22 million as of December 31, 2016 and 2015 , respectively. All of this amount is related to non-agency RMBS. (2) Includes Government National Mortgage Association (“Ginnie Mae”) guaranteed securities, Federal National Mortgage Association (“Fannie Mae”) and Federal Home Loan Mortgage Corporation (“Freddie Mac”) issued securities. (3) ABS collateralized by credit card loans constituted approximately 57% and 71% of the other ABS portfolio as of December 31, 2016 and 2015 , respectively, and ABS collateralized by auto dealer floor plan inventory loans and leases constituted approximately 23% and 11% of the other ABS portfolio as of December 31, 2016 and 2015 , respectively. (4) Includes supranational bonds, foreign government bonds and equity investments. The table below presents the amortized cost, carrying value, gross unrealized gains and losses, and fair value of securities held to maturity as of December 31, 2016 and 2015 . Table 3.3 : Investment Securities Held to Maturity December 31, 2016 (Dollars in millions) Amortized Cost Unrealized Losses Recorded in AOCI (1) Carrying Value Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities $ 199 $ 0 $ 199 $ 0 $ 0 $ 199 Agency RMBS 23,022 (897 ) 22,125 606 (158 ) 22,573 Agency CMBS 3,480 (92 ) 3,388 77 (41 ) 3,424 Total investment securities held to maturity $ 26,701 $ (989 ) $ 25,712 $ 683 $ (199 ) $ 26,196 December 31, 2015 (Dollars in millions) Amortized Cost Unrealized Losses Recorded in AOCI (1) Carrying Value Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities $ 199 $ 0 $ 199 $ 0 $ (1 ) $ 198 Agency RMBS 22,561 (1,048 ) 21,513 692 (72 ) 22,133 Agency CMBS 3,012 (105 ) 2,907 87 (8 ) 2,986 Total investment securities held to maturity $ 25,772 $ (1,153 ) $ 24,619 $ 779 $ (81 ) $ 25,317 __________ (1) Certain investment securities were transferred from the available for sale category to the held to maturity category in 2013. This amount represents the unrealized holding gain or loss at the date of transfer, net of any subsequent accretion. Any bonds purchased into the securities held to maturity portfolio rather than transferred, will not have unrealized losses recognized in AOCI. Investment Securities in a Gross Unrealized Loss Position The table below provides, by major security type, information about our securities available for sale in a gross unrealized loss position and the length of time that individual securities have been in a continuous unrealized loss position as of December 31, 2016 and 2015 . Table 3.4 : Securities in a Gross Unrealized Loss Position December 31, 2016 Less than 12 Months 12 Months or Longer Total (Dollars in millions) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Investment securities available for sale: U.S. Treasury securities $ 1,060 $ (49 ) $ 0 $ 0 $ 1,060 $ (49 ) RMBS: Agency 16,899 (329 ) 4,865 (83 ) 21,764 (412 ) Non-agency 128 (2 ) 145 (7 ) 273 (9 ) Total RMBS 17,027 (331 ) 5,010 (90 ) 22,037 (421 ) CMBS: Agency 1,624 (21 ) 745 (24 ) 2,369 (45 ) Non-agency 826 (11 ) 129 (2 ) 955 (13 ) Total CMBS 2,450 (32 ) 874 (26 ) 3,324 (58 ) Other ABS 187 (1 ) 21 0 208 (1 ) Other securities 417 (6 ) 0 0 417 (6 ) Total investment securities available for sale in a gross unrealized loss position $ 21,141 $ (419 ) $ 5,905 $ (116 ) $ 27,046 $ (535 ) December 31, 2015 Less than 12 Months 12 Months or Longer Total (Dollars in millions) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Investment securities available for sale: U.S. Treasury securities $ 3,096 $ (9 ) $ 1 $ 0 $ 3,097 $ (9 ) RMBS: Agency 12,025 (110 ) 4,420 (102 ) 16,445 (212 ) Non-agency 355 (10 ) 155 (12 ) 510 (22 ) Total RMBS 12,380 (120 ) 4,575 (114 ) 16,955 (234 ) CMBS: Agency 1,352 (9 ) 1,148 (38 ) 2,500 (47 ) Non-agency 739 (13 ) 330 (11 ) 1,069 (24 ) Total CMBS 2,091 (22 ) 1,478 (49 ) 3,569 (71 ) Other ABS 825 (5 ) 255 (1 ) 1,080 (6 ) Other securities 250 0 19 (1 ) 269 (1 ) Total investment securities available for sale in a gross unrealized loss position $ 18,642 $ (156 ) $ 6,328 $ (165 ) $ 24,970 $ (321 ) As of December 31, 2016 , the amortized cost of approximately 860 securities available for sale exceeded their fair value by $535 million , of which $116 million related to securities that had been in a loss position for 12 months or longer. As of December 31, 2016 , our investments in non-agency RMBS and CMBS, other ABS and other securities accounted for $29 million , or 5% , of total gross unrealized losses on securities available for sale. As of December 31, 2016 , the carrying value of approximately 170 securities classified as held to maturity exceeded their fair value by $199 million . Gross unrealized losses on our investment securities have increased since December 31, 2015. The unrealized losses related to investment securities for which we have not recognized credit impairment were primarily attributable to changes in market interest rates. As discussed in more detail below, we conduct periodic reviews of all investment securities with unrealized losses to assess whether impairment is other-than-temporary. Maturities and Yields of Investment Securities The following tables summarize the remaining scheduled contractual maturities, assuming no prepayments, of our investment securities as of December 31, 2016 . Table 3.5 : Contractual Maturities of Securities Available for Sale December 31, 2016 (Dollars in millions) Amortized Cost Fair Value Due in 1 year or less $ 1,025 $ 1,027 Due after 1 year through 5 years 4,100 4,106 Due after 5 years through 10 years 3,382 3,350 Due after 10 years (1) 32,226 32,254 Total $ 40,733 $ 40,737 __________ (1) Investments with no stated maturities, which consist of equity securities, are included with contractual maturities due after 10 years. Table 3.6 : Contractual Maturities of Securities Held to Maturity December 31, 2016 (Dollars in millions) Carrying Value Fair Value Due after 1 year through 5 years $ 199 $ 199 Due after 5 years through 10 years 1,363 1,422 Due after 10 years 24,150 24,575 Total $ 25,712 $ 26,196 Because borrowers may have the right to call or prepay certain obligations, the expected maturities of our securities are likely to differ from the scheduled contractual maturities presented above. The table below summarizes, by major security type, the expected maturities and weighted-average yields of our investment securities as of December 31, 2016 . Table 3.7 : Expected Maturities and Weighted-Average Yields of Securities December 31, 2016 (Dollars in millions) Due in 1 Year or Less Due > 1 Year through 5 Years Due > 5 Years through 10 Years Due > 10 Years Total Fair value of securities available for sale: U.S. Treasury securities $ 652 $ 2,854 $ 1,559 $ 0 $ 5,065 RMBS: Agency 94 9,755 16,678 0 26,527 Non-agency 29 941 1,436 316 2,722 Total RMBS 123 10,696 18,114 316 29,249 CMBS: Agency 144 1,544 1,616 0 3,304 Non-agency 146 780 758 0 1,684 Total CMBS 290 2,324 2,374 0 4,988 Other ABS 247 460 7 0 714 Other securities 207 344 77 93 721 Total securities available for sale $ 1,519 $ 16,678 $ 22,131 $ 409 $ 40,737 Amortized cost of securities available for sale $ 1,521 $ 16,548 $ 22,286 $ 378 $ 40,733 Weighted-average yield for securities available for sale (1) 1.26 % 2.17 % 2.51 % 6.55 % 2.36 % Carrying value of securities held to maturity: U.S. Treasury securities $ 0 $ 199 $ 0 $ 0 $ 199 Agency RMBS 0 1,363 16,418 4,344 22,125 Agency CMBS 0 130 2,456 802 3,388 Total securities held to maturity $ 0 $ 1,692 $ 18,874 $ 5,146 $ 25,712 Fair value of securities held to maturity $ 0 $ 1,714 $ 19,314 $ 5,168 $ 26,196 Weighted-average yield for securities held to maturity (1) 0.00 % 2.71 % 2.54 % 3.33 % 2.70 % __________ (1) The weighted-average yield represents the effective yield for the investment securities and is calculated based on the amortized cost of each security. Other-Than-Temporary Impairment We evaluate all securities in an unrealized loss position at least on a quarterly basis, and more often as market conditions require, to assess whether the impairment is other-than-temporary. Our OTTI assessment is based on a discounted cash flow analysis which requires careful use of judgments and assumptions. A number of qualitative and quantitative criteria may be considered in our assessment as applicable, including the size and the nature of the portfolio; historical and projected performance such as prepayment, default and loss severity for the RMBS portfolio; recent credit events specific to the issuer and/or industry to which the issuer belongs; the payment structure of the security; external credit ratings of the issuer and any failure or delay of the issuer to make scheduled interest or principal payments; the value of underlying collateral; our intent and ability to hold the security; and current and projected market and macro-economic conditions. If we intend to sell a security in an unrealized loss position or it is more likely than not that we will be required to sell the security prior to recovery of its amortized cost basis, the entire difference between the amortized cost basis of the security and its fair value is recognized in earnings. As of December 31, 2016 , for any securities with unrealized losses recorded in AOCI, we do not intend to sell, nor believe that we will be required to sell, these securities prior to recovery of their amortized cost. For those securities that we do not intend to sell nor expect to be required to sell, an analysis is performed to determine if any of the impairment is due to credit-related factors or whether it is due to other factors, such as interest rates. Credit-related impairment is recognized in earnings, with the remaining unrealized non-credit-related impairment recorded in AOCI. We determine the credit component based on the difference between the security’s amortized cost basis and the present value of its expected cash flows, discounted based on the effective yield. The table below presents a rollforward of the credit-related OTTI recognized in earnings for the years ended December 31, 2016, 2015 and 2014 on investment securities for which we had no intent to sell. Table 3.8 : Credit Impairment Rollforward Year Ended December 31, (Dollars in millions) 2016 2015 2014 Credit loss component, beginning of period $ 199 $ 175 $ 160 Additions: Initial credit impairment 3 7 5 Subsequent credit impairment 8 18 12 Total additions 11 25 17 Reductions due to payoffs, disposals, transfers and other (3 ) (1 ) (2 ) Credit loss component, end of period $ 207 $ 199 $ 175 Realized Gains and Losses on Securities and OTTI Recognized in Earnings The following table presents the gross realized gains and losses on the sale and redemption of securities available for sale, and the OTTI losses recognized in earnings for the years ended December 31, 2016, 2015 and 2014 . We also present the proceeds from the sale of securities available for sale for the periods presented. We did not sell any investment securities that are classified as held to maturity. Table 3.9 : Realized Gains and Losses and OTTI Recognized in Earnings Year Ended December 31, (Dollars in millions) 2016 2015 2014 Realized gains (losses): Gross realized gains $ 12 $ 23 $ 55 Gross realized losses (6 ) (25 ) (34 ) Net realized gains (losses) gains 6 (2 ) 21 OTTI recognized in earnings: Credit-related OTTI (11 ) (25 ) (17 ) Intent-to-sell OTTI (6 ) (5 ) (7 ) Total OTTI recognized in earnings (17 ) (30 ) (24 ) Net securities gains (losses) $ (11 ) $ (32 ) $ (3 ) Total proceeds from sales $ 4,146 $ 4,379 $ 7,417 Securities Pledged and Received As part of our liquidity management strategy, we pledge securities to secure borrowings from counterparties including the FHLB. We also pledge securities to secure trust and public deposits and for other purposes as required or permitted by law. We pledged securities available for sale with a fair value of $1.9 billion and $1.7 billion as of December 31, 2016 and 2015 , respectively. We also pledged securities held to maturity with a carrying value of $8.1 billion and $8.7 billion as of December 31, 2016 and 2015 , respectively. Of the total securities pledged as collateral, we have encumbered a fair value of $9.3 billion and $10.6 billion as of December 31, 2016 and 2015 , respectively, primarily related to Public Fund deposits. We accepted pledges of securities with a fair value of $16 million and $172 million as of December 31, 2016 and 2015 , respectively, primarily related to our derivative transactions. Purchased Credit-Impaired Debt Securities The table below presents the outstanding balance and carrying value of the purchased credit-impaired debt securities as of December 31, 2016 and 2015 . Table 3.10 : Outstanding Balance and Carrying Value of Acquired Credit-Impaired Debt Securities (Dollars in millions) December 31, 2016 December 31, 2015 Outstanding balance $ 2,899 $ 3,285 Carrying value 2,277 2,480 Changes in Accretable Yield of Purchased Credit-Impaired Debt Securities The following table presents changes in the accretable yield related to the purchased credit-impaired debt securities for the years ended December 31, 2016, 2015 and 2014 . Table 3.11 : Changes in the Accretable Yield of Purchased Credit-Impaired Debt Securities Year Ended December 31, (Dollars in millions) 2016 2015 2014 Accretable yield, beginning of period $ 1,237 $ 1,250 $ 1,423 Additions from new acquisitions 0 0 34 Accretion recognized in earnings (206 ) (240 ) (243 ) Reduction due to payoffs, disposals, transfers and other (2 ) (1 ) (3 ) Net reclassifications from nonaccretable difference 144 228 39 Accretable yield, end of period $ 1,173 $ 1,237 $ 1,250 |
Loans
Loans | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Loans | NOTE 4—LOANS Loan Portfolio Composition Our loan portfolio consists of loans held for investment, including loans held in our consolidated trusts, and loans held for sale, and is divided into three portfolio segments: credit card, consumer banking and commercial banking. Credit card loans consist of domestic and international credit card loans. Consumer banking loans consist of auto, home and retail banking loans. Commercial banking loans consist of commercial and multifamily real estate, commercial and industrial, and small-ticket commercial real estate loans. Our portfolio of loans held for investment also includes certain consumer and commercial loans acquired through business combinations that were recorded at fair value at acquisition and subsequently accounted for based on cash flows expected to be collected, which are referred to as PCI loans. See “ Note 1—Summary of Significant Accounting Policies ” for additional information on the accounting guidance for these loans. Credit Quality We closely monitor economic conditions and loan performance trends to manage and evaluate our exposure to credit risk. Trends in delinquency rates are an indicator, among other considerations, of credit risk within our loan portfolio. The level of nonperforming loans represents another indicator of the potential for future credit losses. Accordingly, key metrics we track and use in evaluating the credit quality of our loan portfolio include delinquency and nonperforming loan rates, as well as net charge-off rates and our internal risk ratings of larger balance commercial loans. The table below presents the composition and an aging analysis of our loans held for investment portfolio as of December 31, 2016 and 2015 . The delinquency aging includes all past due loans, both performing and nonperforming. Table 4.1 : Loan Portfolio Composition and Aging Analysis December 31, 2016 (Dollars in millions) Current 30-59 Days 60-89 Days > 90 Days Total Delinquent Loans PCI Loans Total Loans Credit Card: Domestic credit card (1) $ 93,279 $ 1,153 $ 846 $ 1,840 $ 3,839 $ 2 $ 97,120 International credit card 8,115 124 72 121 317 0 8,432 Total credit card 101,394 1,277 918 1,961 4,156 2 105,552 Consumer Banking: Auto 44,762 2,041 890 223 3,154 0 47,916 Home loan 6,951 44 20 141 205 14,428 21,584 Retail banking 3,477 22 7 20 49 28 3,554 Total consumer banking 55,190 2,107 917 384 3,408 14,456 73,054 Commercial Banking: Commercial and multifamily real estate 26,536 45 0 0 45 28 26,609 Commercial and industrial 38,831 27 84 297 408 585 39,824 Total commercial lending 65,367 72 84 297 453 613 66,433 Small-ticket commercial real estate 473 7 1 2 10 0 483 Total commercial banking 65,840 79 85 299 463 613 66,916 Other loans 56 3 0 5 8 0 64 Total loans (2) $ 222,480 $ 3,466 $ 1,920 $ 2,649 $ 8,035 $ 15,071 $ 245,586 % of Total loans 90.59% 1.41% 0.78% 1.08% 3.27 % 6.14% 100.00 % December 31, 2015 (Dollars in millions) Current 30-59 Days 60-89 Days > 90 Days Total Delinquent Loans PCI Loans Total Loans Credit Card: Domestic credit card $ 84,954 $ 906 $ 658 $ 1,421 $ 2,985 $ 0 $ 87,939 International credit card 7,903 110 67 106 283 0 8,186 Total credit card 92,857 1,016 725 1,527 3,268 0 96,125 Consumer Banking: Auto 38,549 1,901 880 219 3,000 0 41,549 Home loan 6,465 41 18 176 235 18,527 25,227 Retail banking 3,514 21 8 20 49 33 3,596 Total consumer banking 48,528 1,963 906 415 3,284 18,560 70,372 Commercial Banking: Commercial and multifamily real estate 25,449 34 0 4 38 31 25,518 Commercial and industrial 35,920 51 34 203 288 927 37,135 Total commercial lending 61,369 85 34 207 326 958 62,653 Small-ticket commercial real estate 607 3 1 2 6 0 613 Total commercial banking 61,976 88 35 209 332 958 63,266 Other loans 77 2 2 7 11 0 88 Total loans (1) $ 203,438 $ 3,069 $ 1,668 $ 2,158 $ 6,895 $ 19,518 $ 229,851 % of Total loans 88.51% 1.33% 0.73% 0.94% 3.00 % 8.49% 100.00 % __________ (1) Loans (other than PCI loans) include unearned income, unamortized premiums and discounts, and unamortized deferred fees and costs totaling $558 million and $499 million as of December 31, 2016 and 2015 , respectively. We pledge loan collateral at the FHLB to secure borrowing capacity. The outstanding balance of the pledged loans totaled $29.3 billion and $36.9 billion as of December 31, 2016 and 2015 , respectively. The following table presents the outstanding balance of loans 90 days or more past due that continue to accrue interest and loans classified as nonperforming as of December 31, 2016 and 2015 . Table 4.2 : 90+ Day Delinquent Loans Accruing Interest and Nonperforming Loans (1) December 31, 2016 December 31, 2015 (Dollars in millions) > 90 Days and Accruing Nonperforming Loans > 90 Days and Accruing Nonperforming Loans Credit Card: Domestic credit card $ 1,840 N/A $ 1,421 N/A International credit card 96 $ 42 79 $ 53 Total credit card 1,936 42 1,500 53 Consumer Banking: Auto 0 223 0 219 Home loan 0 273 0 311 Retail banking 0 31 0 28 Total consumer banking 0 527 0 558 December 31, 2016 December 31, 2015 (Dollars in millions) > 90 Days and Accruing Nonperforming Loans > 90 Days and Accruing Nonperforming Loans Commercial Banking: Commercial and multifamily real estate $ 0 $ 30 $ 0 $ 7 Commercial and industrial 0 988 5 538 Total commercial lending 0 1,018 5 545 Small-ticket commercial real estate 0 4 0 5 Total commercial banking 0 1,022 5 550 Other loans 0 8 0 9 Total $ 1,936 $ 1,599 $ 1,505 $ 1,170 % of Total loans 0.79% 0.65% 0.65% 0.51% __________ (1) Nonperfor ming loans generally include loans that have been placed on nonaccrual status. PCI loans are excluded from loans reported as 90 days or more past due and accruing interest as well as nonperforming loans. See “ Note 1—Summary of Significant Accounting Policies ” for additional information on our policies for nonperforming loans. Credit Card Our credit card loan portfolio is highly diversified across millions of accounts and numerous geographies without significant individual exposure. We therefore generally manage credit risk on a portfolio basis. The risk in our credit card loan portfolio correlates to broad economic trends, such as unemployment rates and home values, as well as customer liquidity, all of which can have a material effect on credit performance. The primary indicators we assess in monitoring the credit quality and risk of our credit card portfolio are delinquency and charge-off trends, including an analysis of loan migration between delinquency categories over time. The table below displays the geographic profile of our credit card loan portfolio as of December 31, 2016 and 2015 . We also present net charge-offs for the years ended December 31, 2016 and 2015 . Table 4.3 : Credit Card Risk Profile by Geographic Region December 31, 2016 December 31, 2015 (Dollars in millions) Amount % of Total (1) Amount % of Total (1) Domestic credit card: California $ 11,068 10.5% $ 10,029 10.5% Texas 7,227 6.8 6,344 6.6 New York 7,090 6.7 6,446 6.7 Florida 6,540 6.2 5,712 5.9 Illinois 4,492 4.3 4,121 4.3 Pennsylvania 4,048 3.8 3,764 3.9 Ohio 3,654 3.5 3,371 3.5 New Jersey 3,488 3.3 3,210 3.3 Michigan 3,164 3.0 2,922 3.0 Other 46,349 43.9 42,020 43.8 Total domestic credit card 97,120 92.0 87,939 91.5 International credit card: Canada 5,594 5.3 4,889 5.1 United Kingdom 2,838 2.7 3,297 3.4 Total international credit card 8,432 8.0 8,186 8.5 Total credit card $ 105,552 100.0% $ 96,125 100.0 % __________ (1) P ercentages by geographic region are calculated based on period-end amounts. Table 4.4 : Credit Card Net Charge-Offs Year Ended December 31, 2016 2015 (Dollars in millions) Amount Rate (1) Amount Rate Net charge-offs: (1) Domestic credit card $ 3,681 4.16% $ 2,718 3.45% International credit card 272 3.33 200 2.50 Total credit card $ 3,953 4.09 $ 2,918 3.36 __________ (1) Net charge-offs consist of the unpaid principal balance that we determine to be uncollectible, net of recovered amounts. The net charge-off rate is calculated for each loan category by dividing net charge-offs by average balance of loans held for investment for the period. Net charge-offs and the net charge-off rate are impacted periodically by fluctuations in recoveries, including loan sales. Consumer Banking Our consumer banking loan portfolio consists of auto, home and retail banking loans. Similar to our credit card loan portfolio, the risk in our consumer banking loan portfolio correlates to broad economic trends, such as unemployment rates, gross domestic product (“GDP”) and home values, as well as customer liquidity, all of which can have a material effect on credit performance. Delinquency, nonperforming loans and charge-off trends are key indicators we assess in monitoring the credit quality and risk of our consumer banking loan portfolio. The table below displays the geographic profile of our consumer banking loan portfolio, including PCI loans. We also present the delinquency and nonperforming loan rates of our consumer banking loan portfolio as of December 31, 2016 and 2015 , as well as net charge-offs for the years ended December 31, 2016 and 2015 . Table 4.5 : Consumer Banking Risk Profile by Geographic Region December 31, 2016 December 31, 2015 (Dollars in millions) Amount % of Total (1) Amount % of Total (1) Auto: Texas $ 6,304 8.6% $ 5,463 7.8% California 5,448 7.5 4,611 6.5 Florida 3,985 5.5 3,315 4.7 Georgia 2,506 3.4 2,245 3.2 Louisiana 2,159 3.0 1,882 2.7 Illinois 2,065 2.8 1,859 2.6 Ohio 2,017 2.8 1,738 2.5 Other 23,432 32.0 20,436 29.0 Total auto 47,916 65.6 41,549 59.0 Home loan: California 4,993 6.8 5,884 8.4 New York 2,036 2.8 2,171 3.1 Maryland 1,409 1.9 1,539 2.2 Illinois 1,218 1.7 1,490 2.1 Virginia 1,204 1.7 1,354 1.9 New Jersey 1,112 1.5 1,293 1.8 Louisiana 985 1.3 1,146 1.6 Other 8,627 11.8 10,350 14.8 Total home loan 21,584 29.5 25,227 35.9 December 31, 2016 December 31, 2015 (Dollars in millions) Amount % of Total (1) Amount % of Total (1) Retail banking: Louisiana $ 1,010 1.4 % $ 1,071 1.5 % New York 941 1.3 921 1.3 Texas 756 1.0 757 1.1 New Jersey 238 0.3 259 0.4 Maryland 190 0.3 180 0.3 Virginia 156 0.2 151 0.2 Other 263 0.4 257 0.3 Total retail banking 3,554 4.9 3,596 5.1 Total consumer banking $ 73,054 100.0% $ 70,372 100.0% __________ (1) Pe rcentages by geographic region are calculated based on period-end amounts. Table 4.6 : Consumer Banking Net Charge-Offs and Nonperforming Loans Year Ended December 31, 2016 2015 (Dollars in millions) Amount Rate (1) Amount Rate (1) Net charge-offs: Auto $ 752 1.69% $ 674 1.69% Home loan (2) 14 0.06 9 0.03 Retail banking 54 1.53 48 1.33 Total consumer banking (2) $ 820 1.15 $ 731 1.03 December 31, 2016 December 31, 2015 (Dollars in millions) Amount Rate (3) Amount Rate (3) Nonperforming loans: Auto $ 223 0.47% $ 219 0.53 % Home loan (4) 273 1.26 311 1.23 Retail banking 31 0.86 28 0.77 Total consumer banking (4) $ 527 0.72 $ 558 0.79 __________ (1) The net charge-off rate is calculated for each loan category by dividing net charge-offs by average balance of loans held for investment for the period. (2) Excluding the impact of PCI loans, the net charge-off rates for our home loan and total consumer banking portfolios were 0.20% and 1.49% , respectively, for the years ended December 31, 2016 , compared to 0.13% and 1.45% , respectively, for the year ended December 31, 2015 . (3) Nonperforming loan rates are calculated based on nonperforming loans for each category divided by period-end total loans held for investment for each respective category. (4) Excluding the impact of PCI loans, the nonperforming loan rates for our home loan and total consumer banking portfolios were 3.81% and 0.90% , respectively, as of December 31, 2016 , compared to 4.68% and 1.08% , respectively, as of December 31, 2015 . Home Loan Our home loan portfolio consists of both first-lien and second-lien residential mortgage loans. In evaluating the credit quality and risk of our home loan portfolio, we continually monitor a variety of mortgage loan characteristics that may affect the default experience on this loan portfolio, such as vintage, geographic concentrations, lien priority and product type. Certain loan concentrations have experienced higher delinquency rates as a result of the significant decline in home prices after the peak in 2006 and subsequent rise in unemployment. These loan concentrations include loans originated between 2006 and 2008 in an environment of decreasing home sales, broadly declining home prices and more relaxed underwriting standards. The following table presents the distribution of our home loan portfolio as of December 31, 2016 and 2015 , based on selected key risk characteristics. Table 4.7 : Home Loan Risk Profile by Vintage, Geography, Lien Priority and Interest Rate Type December 31, 2016 Loans PCI Loans (1) Total Home Loans (Dollars in millions) Amount % of Total (2) Amount % of Total (2) Amount % of Total (2) Origination year: (3) < = 2007 $ 2,038 9.4% $ 7,424 34.4% $ 9,462 43.8% 2008 128 0.6 2,260 10.5 2,388 11.1 2009 80 0.4 1,088 5.0 1,168 5.4 2010 82 0.4 1,562 7.2 1,644 7.6 2011 139 0.6 1,683 7.8 1,822 8.4 2012 969 4.5 268 1.2 1,237 5.7 2013 465 2.2 59 0.2 524 2.4 2014 557 2.6 31 0.2 588 2.8 2015 1,024 4.7 30 0.2 1,054 4.9 2016 1,674 7.8 23 0.1 1,697 7.9 Total $ 7,156 33.2% $ 14,428 66.8% $ 21,584 100.0% Geographic concentration: (4) California $ 976 4.5% $ 4,017 18.6% $ 4,993 23.1% New York 1,343 6.2 693 3.2 2,036 9.4 Maryland 585 2.7 824 3.9 1,409 6.6 Illinois 108 0.5 1,110 5.1 1,218 5.6 Virginia 490 2.3 714 3.3 1,204 5.6 New Jersey 379 1.8 733 3.4 1,112 5.2 Louisiana 962 4.5 23 0.1 985 4.6 Florida 159 0.7 772 3.6 931 4.3 Arizona 89 0.4 799 3.7 888 4.1 Texas 725 3.4 98 0.4 823 3.8 Other 1,340 6.2 4,645 21.5 5,985 27.7 Total $ 7,156 33.2% $ 14,428 66.8% $ 21,584 100.0 % Lien type: 1 st lien $ 6,182 28.7% $ 14,159 65.5% $ 20,341 94.2% 2 nd lien 974 4.5 269 1.3 1,243 5.8 Total $ 7,156 33.2% $ 14,428 66.8% $ 21,584 100.0% Interest rate type: Fixed rate $ 3,394 15.8% $ 1,822 8.4% $ 5,216 24.2% Adjustable rate 3,762 17.4 12,606 58.4 16,368 75.8 Total $ 7,156 33.2% $ 14,428 66.8% $ 21,584 100.0% December 31, 2015 Loans PCI Loans (1) Total Home Loans (Dollars in millions) Amount % of Total (2) Amount % of Total (2) Amount % of Total (2) Origination year: (3) < = 2007 $ 2,559 10.1% $ 8,956 35.5% $ 11,515 45.6% 2008 157 0.6 2,866 11.4 3,023 12.0 2009 97 0.4 1,498 5.9 1,595 6.3 2010 97 0.4 2,208 8.8 2,305 9.2 2011 176 0.7 2,476 9.8 2,652 10.5 2012 1,276 5.1 389 1.5 1,665 6.6 2013 557 2.2 71 0.3 628 2.5 2014 680 2.7 31 0.1 711 2.8 2015 1,101 4.4 32 0.1 1,133 4.5 Total $ 6,700 26.6% $ 18,527 73.4% $ 25,227 100.0% Geographic concentration: (4) California $ 871 3.5% $ 5,013 19.9% $ 5,884 23.4% New York 1,295 5.1 876 3.5 2,171 8.6 Maryland 511 2.0 1,028 4.1 1,539 6.1 Illinois 89 0.4 1,401 5.5 1,490 5.9 Virginia 428 1.7 926 3.7 1,354 5.4 New Jersey 353 1.4 940 3.7 1,293 5.1 Louisiana 1,069 4.2 27 0.1 1,096 4.3 Florida 157 0.6 989 3.9 1,146 4.5 Arizona 81 0.4 995 3.9 1,076 4.3 Washington 113 0.4 806 3.2 919 3.6 Other 1,733 6.9 5,526 21.9 7,259 28.8 Total $ 6,700 26.6% $ 18,527 73.4% $ 25,227 100.0 % Lien type: 1 st lien $ 5,705 22.6% $ 18,207 72.2% $ 23,912 94.8% 2 nd lien 995 4.0 320 1.2 1,315 5.2 Total $ 6,700 26.6% $ 18,527 73.4% $ 25,227 100.0% Interest rate type: Fixed rate $ 2,751 10.9% $ 2,264 9.0% $ 5,015 19.9% Adjustable rate 3,949 15.7 16,263 64.4 20,212 80.1 Total $ 6,700 26.6% $ 18,527 73.4% $ 25,227 100.0% __________ (1) The PCI loan balances with an origination date in the years subsequent to 2012 represent refinancing of previously acquired home loans. (2) Percentages within each risk category are calculated based on period-end amounts. (3) Modified loans are reported in the origination year of the initial borrowing. (4) States listed represent those that have the highest individual concentration of home loans. Our recorded investment in home loans that are in process of foreclosure was $382 million and $474 million as of December 31, 2016 and 2015 , respectively. We commence the foreclosure process on home loans when a borrower becomes at least 120 days delinquent in accordance with Consumer Financial Protection Bureau regulations. Foreclosure procedures and timelines vary according to state laws. As of December 31, 2016 and 2015 , the carrying value of the foreclosed residential real estate properties we hold and report as other assets on our consolidated balance sheets totaled $69 million and $123 million , respectively. Commercial Banking We evaluate the credit risk of commercial loans using a dual risk-rating system. We assign internal risk ratings to loans based on relevant information about the ability of the borrowers to repay their debt. In determining the risk rating of a particular loan, some of the factors considered are the borrower’s current financial condition, historical and projected future credit performance, prospects for support from financially responsible guarantors, the estimated realizable value of any collateral and current economic trends. The scale based on our internal risk rating system is as follows: • Noncriticized: Loans that have not been designated as criticized, frequently referred to as “pass” loans. • Criticized performing: Loans in which the financial condition of the obligor is stressed, affecting earnings, cash flows or collateral values. The borrower currently has adequate capacity to meet near-term obligations; however, the stress, left unabated, may result in deterioration of the repayment prospects at some future date. • Criticized nonperforming: Loans that are not adequately protected by the current net worth and paying capacity of the obligor or the collateral pledged, if any. Loans classified as criticized nonperforming have a well-defined weakness, or weaknesses, which jeopardize the full repayment of the debt. These loans are characterized by the distinct possibility that we will sustain a credit loss if the deficiencies are not corrected and are generally placed on nonaccrual status. We use our internal risk rating system for regulatory reporting, determining the frequency of credit exposure reviews, and evaluating and determining the allowance for loan and lease losses for commercial loans. Loans of $1 million or more that are designated as criticized performing and criticized nonperforming are reviewed quarterly by management to determine if they are appropriately classified/rated and whether any impairment exists. Noncriticized loans greater than $1 million are specifically reviewed, at least annually, to determine the appropriate risk rating. In addition, we evaluate the risk rating during the renewal process of any loan or if a loan becomes past due. The following table presents the geographic distribution and internal risk ratings of our commercial loan portfolio as of December 31, 2016 and 2015 . Table 4.8 : Commercial Banking Risk Profile by Geographic Region and Internal Risk Rating December 31, 2016 (Dollars in millions) Commercial and Multifamily Real Estate % of Total (1) Commercial and Industrial % of Total (1) Small-ticket Commercial Real Estate % of Total (1) Total Commercial Banking % of Total (1) Geographic concentration: (2) Northeast $ 15,714 59.0% $ 9,628 24.2% $ 298 61.7% $ 25,640 38.3% Mid-Atlantic 3,024 11.4 3,450 8.7 16 3.3 6,490 9.7 South 4,032 15.2 15,193 38.1 34 7.0 19,259 28.8 Other 3,839 14.4 11,553 29.0 135 28.0 15,527 23.2 Total $ 26,609 100.0% $ 39,824 100.0% $ 483 100.0% $ 66,916 100.0% Internal risk rating: (3) Noncriticized $ 26,309 98.9% $ 36,046 90.5% $ 473 97.9% $ 62,828 93.9% Criticized performing 242 0.9 2,205 5.5 6 1.3 2,453 3.7 Criticized nonperforming 30 0.1 988 2.5 4 0.8 1,022 1.5 PCI loans (4) 28 0.1 585 1.5 0 0.0 613 0.9 Total $ 26,609 100.0% $ 39,824 100.0 % $ 483 100.0% $ 66,916 100.0% December 31, 2015 (Dollars in millions) Commercial and Multifamily Real Estate % of Total (1) Commercial and Industrial % of Total (1) Small-ticket Commercial Real Estate % of Total (1) Total Commercial Banking % of Total (1) Geographic concentration: (2) Northeast $ 15,949 62.5% $ 8,074 21.8% $ 376 61.3% $ 24,399 38.6% Mid-Atlantic 2,797 11.0 3,010 8.1 25 4.1 5,832 9.2 South 4,070 15.9 15,240 41.0 40 6.5 19,350 30.6 Other 2,702 10.6 10,811 29.1 172 28.1 13,685 21.6 Total $ 25,518 100.0% $ 37,135 100.0% $ 613 100.0% $ 63,266 100.0% Internal risk rating: (3) Noncriticized $ 25,130 98.5% $ 34,008 91.6% $ 605 98.7% $ 59,743 94.4% Criticized performing 350 1.4 1,662 4.5 3 0.5 2,015 3.2 Criticized nonperforming 7 0.0 538 1.4 5 0.8 550 0.9 PCI loans (4) 31 0.1 927 2.5 0 0.0 958 1.5 Total $ 25,518 100.0% $ 37,135 100.0% $ 613 100.0% $ 63,266 100.0% __________ (1) Percentages calculated based on total loans held for investment in each respective loan category using period-end amounts. (2) Geographic concentration is generally determined by the location of the borrower’s business or the location of the collateral associated with the loan. Northeast consists of CT, MA, ME, NH, NJ, NY, PA and VT. Mid-Atlantic consists of DC, DE, MD, VA and WV. South consists of AL, AR, FL, GA, KY, LA, MO, MS, NC, SC, TN and TX. (3) Criticized exposures correspond to the “Special Mention,” “Substandard” and “Doubtful” asset c ategories defined by banking regulatory authorities. (4) We evaluate PCI loans based on their actual risk ratings. Were these PCI loans classified based on their risk ratings, $346 million and $128 million would have been classified as Noncriticized, $247 million and $793 million as Criticized performing, and $20 million and $37 million as Criticized nonperforming as of December 31, 2016 and 2015 , respectively. Impaired Loans The following table presents information about our impaired loans, excluding PCI loans, which are reported separately as of December 31, 2016 , and 2015 , and for the years ended December 31, 2016 , 2015 and 2014: Table 4.9 : Impaired Loans (1) December 31, 2016 (Dollars in millions) With an Allowance Without an Allowance Total Recorded Investment Related Allowance Net Recorded Investment Unpaid Principal Balance Credit Card: Domestic credit card $ 581 $ 0 $ 581 $ 174 $ 407 $ 566 International credit card 134 0 134 65 69 129 Total credit card (2) 715 0 715 239 476 695 Consumer Banking: Auto (3) 316 207 523 24 499 807 Home loan 241 117 358 19 339 464 Retail banking 52 10 62 14 48 65 Total consumer banking 609 334 943 57 886 1,336 Commercial Banking: Commercial and multifamily real estate 83 29 112 7 105 112 Commercial and industrial 1,249 144 1,393 162 1,231 1,444 Total commercial lending 1,332 173 1,505 169 1,336 1,556 Small-ticket commercial real estate 4 0 4 0 4 4 Total commercial banking 1,336 173 1,509 169 1,340 1,560 Total $ 2,660 $ 507 $ 3,167 $ 465 $ 2,702 $ 3,591 December 31, 2015 (Dollars in millions) With an Allowance Without an Allowance Total Recorded Investment Related Allowance Net Recorded Investment Unpaid Principal Balance Credit Card: Domestic credit card $ 541 $ 0 $ 541 $ 150 $ 391 $ 526 International credit card 125 0 125 59 66 121 Total credit card (2) 666 0 666 209 457 647 Consumer Banking: Auto (3) 273 215 488 22 466 772 Home loan 229 136 365 18 347 456 Retail banking 51 10 61 14 47 62 Total consumer banking 553 361 914 54 860 1,290 Commercial Banking: Commercial and multifamily real estate 82 3 85 11 74 88 Commercial and industrial 515 278 793 75 718 862 Total commercial lending 597 281 878 86 792 950 Small-ticket commercial real estate 6 0 6 0 6 7 Total commercial banking 603 281 884 86 798 957 Total $ 1,822 $ 642 $ 2,464 $ 349 $ 2,115 $ 2,894 Year Ended December 31, 2016 2015 2014 (Dollars in millions) Average Interest Average Interest Average Interest Credit Card: Domestic credit card $ 540 $ 58 $ 539 $ 57 $ 571 $ 58 International credit card 133 10 135 10 160 11 Total credit card (2) 673 68 674 67 731 69 Consumer Banking: Auto (3) 501 86 462 82 387 72 Home loan 361 5 364 4 388 5 Retail banking 62 2 56 2 69 2 Total consumer banking 924 93 882 88 844 79 Commercial Banking: Commercial and multifamily real estate 111 3 109 3 175 6 Commercial and industrial 1,215 13 466 5 185 4 Total commercial lending 1,326 16 575 8 360 10 Small-ticket commercial real estate 7 0 7 0 8 0 Total commercial banking 1,333 16 582 8 368 10 Total $ 2,930 $ 177 $ 2,138 $ 163 $ 1,943 $ 158 __________ (1) Impaired loans include loans modified in troubled debt restructurings (“TDRs”), all nonperforming commercial loans and nonperforming home loans with a specific impairment. Impaired loans without an allowance generally represent loans that have been charged down to the fair value of the underlying collateral for which we believe no additional losses have been incurred, or where the fair value of the underlying collateral meets or exceeds the loan’s amortized cost. (2) The period-end and average recorded investments of credit card loans include finance charges and fees. (3) Although assets from loan recovery inventory are not reported in our loans held for investment, they are included as impaired loans above since they are reported as TD Rs. The total recorded investment of loans modified in TDRs represents $2.5 billion and $1.8 billion of the impaired loans presented above as of December 31, 2016 and 2015 , respectively. Consumer TDRs classified as performing totaled $1.1 billion and $1.0 billion as of December 31, 2016 and 2015 , respectively. Commercial TDRs classified as performing totaled $487 million and $334 million as of December 31, 2016 and 2015 , respectively. Commitments to lend additional funds on loans modified in TDRs totaled $208 million and $34 million at December 31, 2016 and 2015, respectively. As part of our loan modification programs to borrowers experiencing financial difficulty, we may provide multiple concessions to minimize our economic loss and improve long-term loan performance and collectability. The following tables present the major modification types, recorded investment amounts and financial effects of loans modified in TDRs during the years ended December 31, 2016 , 2015 and 2014: Table 4.10 : Troubled Debt Restructurings Total Loans (1)(2) Year Ended December 31, 2016 Reduced Interest Rate Term Extension Balance Reduction (Dollars in millions) % of (3)(4) Average (5) % of (4)(6) Average (7) % of (4)(8) Gross (9) Credit Card: Domestic credit card $ 312 100% 13.19% 0% 0 0% $ 0 International credit card 138 100 25.87 0 0 0 0 Total credit card 450 100 17.09 0 0 0 0 Consumer Banking: Auto 356 44 3.91 74 7 25 78 Home loan 48 64 2.25 87 243 2 0 Retail banking 18 23 7.89 68 10 9 1 Total consumer banking 422 46 3.73 75 38 22 79 Commercial Banking: Commercial and multifamily real estate 38 0 0.00 67 6 32 3 Commercial and industrial 743 5 0.09 57 20 7 26 Total commercial lending 781 4 0.09 57 19 8 29 Small-ticket commercial real estate 1 0 0.00 0 0 0 0 Total commercial banking 782 4 0.09 57 19 8 29 Total $ 1,654 41 12.42 46 27 9 $ 108 Total Loans (1)(2) Year Ended December 31, 2015 Reduced Interest Rate Term Extension Balance Reduction (Dollars in millions) % of (3)(4) Average (5) % of (4)(6) Average (7) % of (4)(8) Gross (9) Credit Card: Domestic credit card $ 293 100% 12.28% 0% 0 0% $ 0 International credit card 121 100 25.88 0 0 0 0 Total credit card 414 100 16.26 0 0 0 0 Consumer Banking: Auto 347 41 3.49 69 8 30 93 Home loan 48 61 2.70 79 231 7 0 Retail banking 24 18 6.88 87 6 0 0 Total consumer banking 419 42 3.44 71 36 26 93 Commercial Banking: Commercial and multifamily real estate 12 0 0.00 86 14 18 1 Commercial and industrial 249 0 0.67 34 7 0 0 Total commercial lending 261 0 0.67 36 8 1 1 Small-ticket commercial real estate 1 0 0.00 0 0 0 0 Total commercial banking 262 0 0.67 36 8 1 1 Total $ 1,095 54 12.42 36 29 10 $ 94 Total Loans (1)(2) Year Ended December 31, 2014 Reduced Interest Rate Term Extension Balance Reduction (Dollars in millions) % of (3)(4) Average (5) % of TDR Activity (4)(6) Average (7) % of (4)(8) Gross (9) Credit Card: Domestic credit card $ 269 100% 11.59% 0 % 0 0% $ 0 International credit card 149 100 25.39 0 0 0 0 Total credit card 418 100 16.51 0 0 0 0 Consumer Banking: Auto 334 39 1.38 65 9 34 102 Home loan 35 31 2.60 38 152 5 1 Retail banking 11 10 4.21 67 9 0 0 Total consumer banking 380 37 1.50 63 17 30 103 Commercial Banking: Commercial and multifamily real estate 72 35 1.31 93 8 6 2 Commercial and industrial 101 3 1.66 62 9 1 1 Total commercial lending 173 17 1.35 75 9 3 3 Small-ticket commercial real estate 2 0 0.00 0 0 0 0 Total commercial banking 175 17 1.35 74 9 3 3 Total $ 973 60 12.17 38 14 12 $ 106 __________ (1) Represents the recorded investment of total loans modified in TDRs at the end of the quarter in which they were modified, excluding an immaterial amount of accrued interest receivable. (2) We present the modification types utilized most prevalently across our loan portfolios. As not every modification type is included in the table above, the total % of TDR activity may not add up to 100%. Some loans may receive more than one type of concession as part of the modification. (3) Represents percentage of loans modified in TDRs during the period that were granted a reduced interest rate. (4) Due to multiple concessions granted to some troubled borrowers, percentages may total more than 100% for certain loan types. (5) Represents weighted average interest rate reduction for those loans that received an interest rate concession. (6) Represents percentage of loans modified in TDRs during the period that were granted a maturity date extension. (7) Represents weighted average change in maturity date for those loans that received a maturity date extension. (8) Represents percentage of loans modified in TDRs during the period that were granted forgiveness or forbearance of a portion of their balance. (9) Represents the gross balance forgiven. For loans modified in bankruptcy, the gross balance reduction represents collateral value write-downs associated with the discharge of the borrower’s obligations. TDR—Subsequent Defaults of Completed TDR Modifications The following table presents the type, number and recorded investment amount of loans modified in TDRs that experienced a default during the period and had completed a modification event in the twelve months prior to the default. A default occurs if the loan is either 90 days or more delinquent, has been charged off as of the end of the period presented or has been reclassified from accrual to nonaccrual status. Table 4.11 : TDR — Subsequent Defaults Year Ended December 31, 2016 2015 2014 (Dollars in millions) Number of Amount Number of Amount Number of Amount Credit Card: Domestic credit card 42,250 $ 73 42,808 $ 71 40,814 $ 63 International credit card (1) 40,498 82 33,888 81 38,195 106 Total credit card 82,748 155 76,696 152 79,009 169 Consumer Banking: Auto 8,587 96 8,647 99 6,651 72 Home loan 56 7 14 2 24 5 Retail banking 48 9 26 2 75 10 Total consumer banking 8,691 112 8,687 103 6,750 87 Commercial Banking: Commercial and multifamily real estate 1 1 0 0 5 11 Commercial and industrial 150 281 7 19 2 1 Total commercial lending 151 282 7 19 7 12 Small-ticket commercial real estate 7 1 3 0 33 3 Total commercial banking 158 283 10 19 40 15 Total 91,597 $ 550 85,393 $ 274 85,799 $ 271 __________ (1) In the U.K., regulators require the acceptance of payment plan proposals in which the modified payments may be less than the contractual minimum amount. As a result, loans entering long-term TDR payment programs in the U.K. typically continue to age and ultimately charge off even when fully in compliance with the TDR program terms. PCI Loans Outstanding Balance and Carrying Value of PCI Loans The table below presents the outstanding balance and the carrying value of PCI loans as of December 31, 2016 and 2015 . The table also displays loans which would have otherwise been considered impaired at acquisition based on our applicable accounting policies. See “ Note 1—Summary of Significant Accounting Policies ” for information related to our accounting policies for impaired loans. Table 4.12 : PCI Loans December 31, 2016 December 31, 2015 (Dollars in millions) Total Impaired Loans Non-Impaired Loans Total Impaired Loans Non-Impaired Loans Outstanding balance $ 16,506 $ 3,272 $ 13,234 $ 21,151 $ 3,840 $ 17,311 Carrying value (1) 15,074 2,263 12,811 19,516 2,629 16,887 __________ (1) Includes $31 million and $37 million of allowance for loan and lease losses for these loans as of December 31, 2016 and 2015 , respectively. We recorded a $6 million release and a $10 million provision for credit losses for the years ended December 31, 2016 and 2015 , respectively, for PCI loans. Changes in Accretable Yield The following table presents changes in the accretable yield on the PCI l |
Allowance for Loan and Lease Lo
Allowance for Loan and Lease Losses | 12 Months Ended |
Dec. 31, 2016 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Allowance for Loans and Lease Losses | NOTE 5—ALLOWANCE FOR LOAN AND LEASE LOSSES AND RESERVE FOR UNFUNDED LENDING COMMITMENTS Our allowance for loan and lease losses represents management’s best estimate of incurred loan and lease losses inherent in our loans held for investment portfolio as of each balance sheet date. In addition to the allowance for loan and lease losses, we also estimate probable losses related to unfunded lending commitments, such as letters of credit, financial guarantees and binding unfunded loan commitments. The provision for losses on unfunded lending commitments is included in the provision for credit losses in our consolidated statements of income and the related reserve for unfunded lending commitments is included in other liabilities on our consolidated balance sheets. See “ Note 1—Summary of Significant Accounting Policies ” for further discussion on the methodology and policy for determining our allowance for loan and lease losses for each of our loan portfolio segments, as well as information on our reserve for unfunded lending commitments. Allowance for Loan and Lease Losses and Reserve for Unfunded Lending Commitments Activity The table below summarizes changes in the allowance for loan and lease losses and reserve for unfunded lending commitments by portfolio segment for the years ended December 31, 2016 , 2015 and 2014 . Table 5.1 : Allowance for Loan and Lease Losses and Reserve for Unfunded Lending Commitments Activity (Dollars in millions) Credit Card Consumer Commercial Banking Other (1) Total Allowance for loan and lease losses: Balance as of December 31, 2013 $ 3,214 $ 752 $ 338 $ 11 $ 4,315 Provision (benefit) for loan and lease losses 2,750 703 67 (5 ) 3,515 Charge-offs (3,963 ) (989 ) (34 ) (10 ) (4,996 ) Recoveries 1,235 314 24 9 1,582 Net charge-offs (2,728 ) (675 ) (10 ) (1 ) (3,414 ) Other changes (2) (32 ) (1 ) 0 0 (33 ) Balance as of December 31, 2014 3,204 779 395 5 4,383 Reserve for unfunded lending commitments: Balance as of December 31, 2013 0 7 80 0 87 Provision for losses on unfunded lending commitments 0 0 26 0 26 Balance as of December 31, 2014 0 7 106 0 113 Combined allowance and reserve as of December 31, 2014 $ 3,204 $ 786 $ 501 $ 5 $ 4,496 Allowance for loan and lease losses: Balance as of December 31, 2014 $ 3,204 $ 779 $ 395 $ 5 $ 4,383 Provision (benefit) for loan and lease losses 3,417 819 256 (2 ) 4,490 Charge-offs (4,028 ) (1,082 ) (76 ) (7 ) (5,193 ) Recoveries 1,110 351 29 8 1,498 Net charge-offs (2,918 ) (731 ) (47 ) 1 (3,695 ) Other changes (2) (49 ) 1 0 0 (48 ) Balance as of December 31, 2015 3,654 868 604 4 5,130 Reserve for unfunded lending commitments: Balance as of December 31, 2014 0 7 106 0 113 Provision for losses on unfunded lending commitments 0 0 46 0 46 Other changes (2) 0 0 9 0 9 Balance as of December 31, 2015 0 7 161 0 168 Combined allowance and reserve as of December 31, 2015 $ 3,654 $ 875 $ 765 $ 4 $ 5,298 (Dollars in millions) Credit Card Consumer Commercial Banking Other (1) Total Allowance for loan and lease losses: Balance as of December 31, 2015 $ 3,654 $ 868 $ 604 $ 4 $ 5,130 Provision (benefit) for loan and lease losses 4,926 1,055 515 (5 ) 6,491 Charge-offs (5,019 ) (1,226 ) (307 ) (3 ) (6,555 ) Recoveries 1,066 406 15 6 1,493 Net charge-offs (3,953 ) (820 ) (292 ) 3 (5,062 ) Other changes (2) (21 ) (1 ) (34 ) 0 (56 ) Balance as of December 31, 2016 4,606 1,102 793 2 6,503 Reserve for unfunded lending commitments: Balance as of December 31, 2015 0 7 161 0 168 Provision (benefit) for losses on unfunded lending commitments 0 0 (32 ) 0 (32 ) Other changes (2) 0 0 0 0 0 Balance as of December 31, 2016 0 7 129 0 136 Combined allowance and reserve as of December 31, 2016 $ 4,606 $ 1,109 $ 922 $ 2 $ 6,639 __________ (1) Primarily consists of the legacy loan portfolio of our discontinued GreenPoint mortgage operations. (2) Represents foreign currency translation adjustments and the net impact of loan transfers and sales. Components of Allowance for Loan and Lease Losses by Impairment Methodology The table below presents the components of our allowance for loan and lease losses by portfolio segment and impairment methodology with the recorded investment of the related loans as of December 31, 2016 and 2015 . Table 5.2 : Components of Allowance for Loan and Lease Losses by Impairment Methodology December 31, 2016 (Dollars in millions) Credit Card Consumer Banking Commercial Banking Other Total Allowance for loan and lease losses: Collectively evaluated (1) $ 4,367 $ 1,016 $ 622 $ 2 $ 6,007 Asset-specific (2) 239 57 169 0 465 PCI loans (3) 0 29 2 0 31 Total allowance for loan and lease losses $ 4,606 $ 1,102 $ 793 $ 2 $ 6,503 Loans held for investment: Collectively evaluated (1) $ 104,835 $ 57,862 $ 64,794 $ 64 $ 227,555 Asset-specific (2) 715 736 1,509 0 2,960 PCI loans (3) 2 14,456 613 0 15,071 Total loans held for investment $ 105,552 $ 73,054 $ 66,916 $ 64 $ 245,586 Allowance coverage ratio (4) 4.36% 1.51% 1.19% 3.13% 2.65% December 31, 2015 (Dollars in millions) Credit Consumer Banking Commercial Banking Other Total Allowance for loan and lease losses: Collectively evaluated (1) $ 3,445 $ 778 $ 517 $ 4 $ 4,744 Asset-specific (2) 209 54 86 0 349 PCI loans (3) 0 36 1 0 37 Total allowance for loan and lease losses $ 3,654 $ 868 $ 604 $ 4 $ 5,130 Loans held for investment: Collectively evaluated (1) $ 95,459 $ 51,113 $ 61,424 $ 88 $ 208,084 Asset-specific (2) 666 699 884 0 2,249 PCI loans (3) 0 18,560 958 0 19,518 Total loans held for investment $ 96,125 $ 70,372 $ 63,266 $ 88 $ 229,851 Allowance coverage ratio (4) 3.80% 1.23% 0.95% 4.94% 2.23% __________ (1) The component of the allowance for loan and lease losses for credit card and other consumer loans that we collectively evaluate for impairment is based on a statistical calculation supplemented by management judgment and interpretation. The component of the allowance for loan and lease losses for commercial loans that we collectively evaluate for impairment is based on historical loss experience for loans with similar characteristics and consideration of credit quality supplemented by management judgment and interpretation. (2) The asset-specific component of the allowance for loan and lease losses for smaller-balance impaired loans is calculated on a pool basis using historical loss experience for the respective class of assets. The asset-specific component of the allowance for loan and lease losses for larger-balance commercial loans is individually calculated for each loan. (3) The PCI loans component of the allowance for loan and lease losses is accounted for based on expected cash flows. See “ Note 1—Summary of Significant Accounting Policies ” for details on these loans. (4) Allowance coverage ratio is calculated by dividing the period-end allowance for loan and lease losses by period-end loans held for investment within the specified loan category. We have certain credit card partnership arrangements in which our partner agrees to share a portion of the credit losses associated with the partnership that qualify for net accounting treatment. The expected reimbursements from these partners, which are netted against our allowance for loan and lease losses, result in reductions to reported net charge-offs and provision for credit losses. See “ Note 1—Summary of Significant Accounting Policies ” for further discussion on our card partnership agreements. The table below summarizes the changes in the expected reimbursements from these partners for the years ended December 31, 2016, 2015 and 2014 . Table 5.3 : Summary of Loss Sharing Arrangements Impacts Year Ended December 31, (Dollars in millions) 2016 2015 2014 Expected reimbursements from loss sharing partners: Balance as of beginning of the period $ 194 $ 143 $ 140 Impact to net charge-offs (229 ) (189 ) (164 ) Impact to provision for credit losses 263 240 167 Balance as of end of the period $ 228 $ 194 $ 143 |
Variable Interest Entities and
Variable Interest Entities and Securitizations | 12 Months Ended |
Dec. 31, 2016 | |
Variable Interest Entities and Securitization [Abstract] | |
Variable Interest Entities and Securitizations | NOTE 6—VARIABLE INTEREST ENTITIES AND SECURITIZATIONS In the normal course of business, we enter into various types of transactions with entities that are considered to be VIEs. Our primary involvement with VIEs has been related to our securitization transactions in which we transferred assets from our balance sheet to securitization trusts. We have primarily securitized credit card and home loans, which have provided a source of funding for us and enabled us to transfer a certain portion of the economic risk of the loans or related debt securities to third parties. The entity that has a controlling financial interest in a VIE is referred to as the primary beneficiary and is required to consolidate the VIE. The majority of the VIEs in which we are involved have been consolidated in our financial statements. Summary of Consolidated and Unconsolidated VIEs The assets of our consolidated VIEs primarily consist of cash, credit card loan receivables and the related allowance for loan and lease losses, which we report on our consolidated balance sheets under restricted cash, loans held in consolidated trusts, and allowance for loan and lease losses, respectively. The assets of a particular VIE are the primary source of fundings to settle its obligations. The creditors of the VIEs typically do not have recourse to the general credit of the Company. The liabilities primarily consist of debt securities issued by the VIEs, which we report under securitized debt obligations. For unconsolidated VIEs, we present the carrying amount of assets and liabilities reflected on our consolidated balance sheets and our maximum exposure to loss. Our maximum exposure to loss is estimated based on the unlikely event that all of the assets in the VIEs become worthless and we are required to meet our maximum remaining funding obligations. The table below presents a summary of certain VIEs in which we had continuing involvement or held a variable interest, aggregated based on VIEs with similar characteristics, as of December 31, 2016 and 2015 . We separately present information for consolidated and unconsolidated VIEs. Table 6.1 : Carrying Amount of Consolidated and Unconsolidated VIEs December 31, 2016 Consolidated Unconsolidated (Dollars in millions) Carrying Amount of Assets Carrying Amount of Liabilities Carrying Amount of Assets Carrying Amount of Liabilities Maximum Exposure to Loss Securitization-Related VIEs: Credit card loan securitizations (1) $ 33,550 $ 19,662 $ 0 $ 0 $ 0 Home loan securitizations (2) 0 0 201 27 1,276 Total securitization-related VIEs 33,550 19,662 201 27 1,276 Other VIEs: (3) Affordable housing entities 174 9 3,862 1,093 3,862 Entities that provide capital to low-income and rural communities 927 127 0 0 0 Other 0 0 187 0 187 Total other VIEs 1,101 136 4,049 1,093 4,049 Total VIEs $ 34,651 $ 19,798 $ 4,250 $ 1,120 $ 5,325 December 31, 2015 Consolidated Unconsolidated (Dollars in millions) Carrying Amount of Assets Carrying Amount of Liabilities Carrying Amount of Assets Carrying Amount of Liabilities Maximum Exposure to Loss Securitization-Related VIEs: Credit card loan securitizations (1) $ 34,800 $ 16,925 $ 0 $ 0 $ 0 Home loan securitizations (2) 0 0 211 27 873 Total securitization-related VIEs 34,800 16,925 211 27 873 Other VIEs: Affordable housing entities 0 0 3,852 555 3,852 Entities that provide capital to low-income and rural communities 352 101 0 0 0 Other 0 0 57 0 57 Total other VIEs 352 101 3,909 555 3,909 Total VIEs $ 35,152 $ 17,026 $ 4,120 $ 582 $ 4,782 __________ (1) Represents the carrying amount of assets and liabilities owned by the VIE, which includes the seller’s interest and repurchased notes held by other related parties. (2) The carrying amount of assets of unconsolidated securitization-related VIEs consists of retained interests associated with the securitization of option-adjustable rate mortgage (“option-ARM”) loans and letters of credit related to manufactured housing securitizations. These are reported on our consolidated balance sheets within other assets. The carrying amount of liabilities of unconsolidated securitization-related VIEs is comprised of obligations on certain swap agreements associated with the securitizations of manufactured housing loans and other obligations. These are reported on our consolidated balance sheets within other liabilities. (3) In certain investment structures, we consolidate a VIE which in turn holds as its primary asset an investment in an unconsolidated VIE. In these instances, we disclose the carrying amount of assets and liabilities on our consolidated balance sheets in the unconsolidated VIEs to avoid duplicating our exposure, as the unconsolidated VIEs are generally the operating entities generating the exposure. The carrying amount of assets and liabilities included in the unconsolidated VIE columns above related to these investment structures were $1.9 billion of assets and $618 million of liabilities as of December 31, 2016. Securitization-Related VIEs In a securitization transaction, assets from our balance sheet are transferred to a trust, which generally meets the definition of a VIE. Our primary securitization activity is in the form of credit card securitizations, conducted through securitization trusts which we consolidate. Our continuing involvement in these securitization transactions mainly consists of acting as the primary servicer and holding certain retained interests. We transfer residential home loans and multifamily commercial loans that we originate to the government-sponsored enterprises (“GSEs”) and retain the right to service the transferred loans pursuant to the guidelines set forth by the GSEs. Subsequent to such transfers, these loans are commonly securitized into RMBS or CMBS by the GSEs. We also hold RMBS, CMBS and ABS in our investment portfolio, which represent an interest in the respective securitization trusts employed in the transactions under which those securities were issued. We do not consolidate the securitization trusts employed in these transactions as we do not have the power to direct the activities that most significantly impact the economic performance of these securitization trusts. Our maximum exposure to loss as a result of our involvement with these VIEs is the carrying value of the MSRs and investment securities on our consolidated balance sheets. See “ Note 7—Goodwill and Intangible Assets ” for information related to our MSRs associated with these residential home loan and multifamily commercial loan securitizations and “ Note 3—Investment Securities ” for more information on the securities held in our investment securities portfolio. We exclude these VIEs from the tables within this note because we do not consider our continuing involvement with these VIEs to be significant; we either invest in securities issued by the VIE and were not involved in the design of the VIE, or no transfers have occurred between the VIE and us. In addition, where we have certain lending arrangements in the normal course of business with entities that could be VIEs, we have also excluded these VIEs from the tables presented in this note. See “ Note 4—Loans ” for additional information regarding our lending arrangements in the normal course of business. We also may have exposure associated with contractual obligations to repurchase previously transferred loans due to breaches of representations and warranties. See “ Note 19—Commitments, Contingencies, Guarantees and Others ” for information related to reserves we have established for our mortgage representation and warranty exposure. The table below presents our continuing involvement in certain securitization-related VIEs as of December 31, 2016 and 2015 . Table 6.2 : Continuing Involvement in Securitization-Related VIEs Mortgage (Dollars in millions) Credit Card Option- ARM GreenPoint HELOCs GreenPoint Manufactured Housing December 31, 2016: Securities held by third-party investors $ 18,826 $ 1,499 $ 56 $ 697 Receivables in the trust 31,762 1,549 50 702 Cash balance of spread or reserve accounts 0 8 N/A 130 Retained interests Yes Yes Yes Yes Servicing retained Yes Yes (1) No No (2) Amortization event (3) No No No No December 31, 2015: Securities held by third-party investors $ 16,166 $ 1,754 $ 74 $ 789 Receivables in the trust 33,783 1,814 68 794 Cash balance of spread or reserve accounts 0 8 N/A 134 Retained interests Yes Yes Yes Yes Servicing retained Yes Yes (1) No No (2) Amortization event (3) No No No No __________ (1) We continue to service only certain option-ARM securitizations. (2) The core servicing activities for the manufactured housing securitizations are completed by a third party. (3) Amortization events vary according to each specific trust agreement but generally are triggered by declines in performance or credit metrics of the underlying assets, such as net charge-off rates or delinquency rates, beyond certain predetermined thresholds. Generally, the occurrence of an amortization event changes the sequencing and amount of trust-related cash flows to the benefit of more senior interest holders. Credit Card Securitizations We hold certain retained interests in our credit card securitizations and continue to service the receivables in these trusts. As of December 31, 2016 and 2015 , we were deemed to be the primary beneficiary, and accordingly, all of these trusts have been consolidated in our financial statements. Mortgage Securitizations Option-ARM Loans We had previously securitized option-ARM loans by transferring these loans to securitization trusts that had issued mortgage-backed securities to investors. The outstanding balance of debt securities held by third-party investors related to these mortgage loan securitization trusts was $1.5 billion and $1.8 billion as of December 31, 2016 and 2015 , respectively. We continue to service a portion of the remaining mortgage loans in these securitizations. We also retain rights to future cash flows arising from these securitizations, the most significant being certificated interest-only bonds issued by the trusts. We generally estimate the fair value of these retained interests based on the estimated present value of expected future cash flows, using our best estimates of the key assumptions which include credit losses, prepayment speeds and discount rates commensurate with the risks involved. For the mortgage loans that we continue to service, we do not consolidate the related trusts because we do not have the right to receive benefits nor the obligation to absorb losses that could potentially be significant to the trusts. For the remaining trusts, for which we no longer service the underlying mortgage loans, we do not consolidate these entities since we do not have the power to direct the activities that most significantly impact the economic performance of the trusts. In connection with the securitization of certain option-ARM loans, a third party is obligated to advance a portion of any “negative amortization” resulting from monthly payments that are less than the interest accrued for that payment period. We have an agreement in place with the third party that mirrors this advance requirement. The amount advanced is tracked through mortgage-backed securities retained as part of the securitization transaction. As advances occur, we record an asset in the form of negative amortization bonds, which are held at fair value in other assets on our consolidated balance sheets. Our maximum exposure is affected by rate caps and monthly payment change caps, but the funding obligation cannot exceed the difference between the original loan balance multiplied by a preset negative amortization cap and the current unpaid principal balance. We have also entered into certain derivative contracts related to the securitization activities. These are classified as free-standing derivatives, with fair value adjustments recorded in non-interest income in our consolidated statements of income. See “ Note 10—Derivative Instruments and Hedging Activities ” for further details on these derivatives. GreenPoint Mortgage Home Equity Lines of Credit (“HELOCs”) Our discontinued wholesale mortgage banking unit, GreenPoint Mortgage Funding, Inc. (“GreenPoint”), previously sold HELOCs in whole loan sales that were subsequently securitized by third parties. GreenPoint acquired residual interests in certain of those securitization trusts. We do not consolidate these trusts because we either lack the power to direct the activities that most significantly impact the economic performance of the trusts or because we do not have the right to receive benefits or the obligation to absorb losses that could potentially be significant to the trusts. As the residual interest holder, GreenPoint is required to fund advances on the HELOCs when certain performance triggers are met due to deterioration in asset performance. On behalf of GreenPoint, we have funded cumulative advances of $30 million as of both December 31, 2016 and 2015 . We also have unfunded commitments of $5 million and $6 million related to those interests for our non-consolidated VIEs as of December 31, 2016 and 2015 , respectively. GreenPoint Credit Manufactured Housing We have retained certain interests and obligations related to the discontinued manufactured housing operations of GreenPoint Credit, LLC, a subsidiary of GreenPoint. Such discontinued operations, including the related recourse obligations, servicing rights and the primary obligation to execute mandatory clean-up calls in certain securitization transactions were sold to a third party in 2004. We do not consolidate these securitization trusts because we do not have the power to direct the activities that most significantly impact the economic performance of the trusts as we no longer service the loans. The unpaid principal balance of manufactured housing securitization transactions where we are the residual interest holder was $702 million and $794 million as of December 31, 2016 and 2015 , respectively. In the event the third party servicer does not fulfill its obligation to exercise the clean-up calls on certain securitizations, the obligation reverts to us and we would be required to acquire a maximum of approximately $420 million of loan receivables and other assets upon our execution of these clean-up calls with the requirement to absorb any losses on the loan receivables and other assets. See “ Note 19—Commitments, Contingencies, Guarantees and Others ” for information related to these obligations. We were required to fund letters of credit to cover losses on certain manufactured housing securitizations. We have the right to receive any funds remaining in the letters of credit after the securities are released. The fair value of these letters of credit are included in other assets on our consolidated balance sheets and totaled $85 million and $76 million as of December 31, 2016 and 2015 , respectively. We also have credit exposure on agreements that we entered into to absorb a portion of the risk of loss on certain manufactured housing securitizations not subject to the funded letters of credit. Our maximum credit exposure related to these agreements totaled $12 million and $13 million as of December 31, 2016 and 2015 , respectively. These agreements are included in other liabilities on our consolidated balance sheets, and our obligation under these agreements was $8 million as of both December 31, 2016 and 2015 . Other VIEs Affordable Housing Entities As part of our community reinvestment initiatives, we invest in private investment funds that make equity investments in multi-family affordable housing properties. We receive affordable housing tax credits for these investments. The activities of these entities are financed with a combination of invested equity capital and debt. We account for certain of our investments in qualified affordable housing projects using the proportional amortization method if certain criteria are met. The proportional amortization method amortizes the cost of the investment over the period in which the investor expects to receive tax credits and other tax benefits, and the resulting amortization is recognized as a component of income tax expense attributable to continuing operations. For the years ended December 31, 2016 and 2015 , we recognized amortization of $393 million and $337 million , respectively, and tax credits of $444 million and $382 million , respectively, associated with these investments within income tax provision. The carrying value of our equity investments in these qualified affordable housing projects was $3.8 billion and $3.5 billion as of December 31, 2016 and 2015 , respectively. We are periodically required to provide additional financial or other support during the period of the investments. We had recorded liabilities of $1.2 billion and $1.3 billion for these unfunded commitments as of December 31, 2016 and 2015 , respectively, which is expected to be paid from 2017 to 2019 . For those investment funds considered to be VIEs, we are not required to consolidate them if we do not have the power to direct the activities that most significantly impact the economic performance of those entities. We record our interests in these unconsolidated VIEs in loans held for investment, other assets and other liabilities on our consolidated balance sheets. Our interests consisted of assets of approximately $3.9 billion as of both December 31, 2016 and 2015 . Our maximum exposure to these entities is limited to our variable interests in the entities of $3.9 billion as of both December 31, 2016 and 2015 . The creditors of the VIEs have no recourse to our general credit and we do not provide additional financial or other support other than during the period that we are contractually required to provide it. The total assets of the unconsolidated VIE investment funds were $11.5 billion and $11.4 billion as of December 31, 2016 and 2015 , respectively. Entities that Provide Capital to Low-Income and Rural Communities We hold variable interests in entities (“Investor Entities”) that invest in community development entities (“CDEs”) that provide debt financing to businesses and non-profit entities in low-income and rural communities. Variable interests in the CDEs held by the consolidated Investor Entities are also our variable interests. The activities of the Investor Entities are financed with a combination of invested equity capital and debt. The activities of the CDEs are financed solely with invested equity capital. We receive federal and state tax credits for these investments. We consolidate the VIEs in which we have the power to direct the activities that most significantly impact the VIE’s economic performance and where we have the obligation to absorb losses or right to receive benefits that could be potentially significant to the VIE. We have also consolidated other investments and CDEs that are not considered to be VIEs, but where we hold a controlling financial interest. The assets of the VIEs that we consolidated, which totaled approximately $927 million and $352 million as of December 31, 2016 and 2015 , respectively, are reflected on our consolidated balance sheets in cash, loans held for investment, interest receivable and other assets. The liabilities are reflected in other liabilities. The creditors of the VIEs have no recourse to our general credit. We have not provided additional financial or other support other than during the period that we are contractually required to provide it. Other Other VIEs include variable interests that we hold in companies that promote renewable energy sources and other equity method investments. We were not required to consolidate these entities because we do not have the power to direct the activities that most significantly impact their economic performance. Our maximum exposure to these entities is limited to the investment on our consolidated balance sheets of $187 million and $57 million as of December 31, 2016 and 2015 , respectively. The creditors of the other VIEs have no recourse to our general credit. We have not provided additional financial or other support other than during the period that we are contractually required to provide it. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | NOTE 7—GOODWILL AND INTANGIBLE ASSETS The table below displays the components of goodwill, intangible assets and MSRs as of December 31, 2016 and 2015 . Goodwill is presented separately on our consolidated balance sheets. Intangible assets and MSRs are included in other assets on our consolidated balance sheets. Table 7.1 : Components of Goodwill, Intangible Assets and MSRs December 31, 2016 (Dollars in millions) Carrying (1) Accumulated Amortization (1) Net Remaining Goodwill $ 14,519 N/A $ 14,519 N/A Intangible assets: Purchased credit card relationship (“PCCR”) intangibles 2,151 $ (1,715 ) 436 4.4 years Core deposit intangibles 1,391 (1,345 ) 46 2.0 years Other (2) 314 (131 ) 183 8.7 years Total intangible assets 3,856 (3,191 ) 665 5.4 years Total goodwill and intangible assets $ 18,375 $ (3,191 ) $ 15,184 MSRs: Consumer MSRs (3) $ 80 N/A $ 80 Commercial MSRs (4) 276 $ (82 ) 194 Total MSRs $ 356 $ (82 ) $ 274 December 31, 2015 (Dollars in millions) Carrying (1) Accumulated Amortization (1) Net Remaining Goodwill $ 14,480 N/A $ 14,480 N/A Intangible assets: PCCR intangibles 2,156 $ (1,467 ) 689 5.1 years Core deposit intangibles 1,771 (1,662 ) 109 2.9 years Other (2) 378 (135 ) 243 9.6 years Total intangible assets 4,305 (3,264 ) 1,041 5.9 years Total goodwill and intangible assets $ 18,785 $ (3,264 ) $ 15,521 MSRs: Consumer MSRs (3) $ 68 N/A $ 68 Commercial MSRs (4) 212 $ (51 ) 161 Total MSRs $ 280 $ (51 ) $ 229 __________ (1) Certain intangible assets that were fully amortized in prior periods were removed from our consolidated balance sheets. (2) Primarily consists of intangibles for sponsorship relationships, brokerage relationship intangibles, partnership and other contract intangibles and trade name intangibles. (3) Represents MSRs related to our Consumer Banking business that are carried at fair value on our consolidated balance sheets. (4) Represents MSRs related to our Commercial Banking business that are subsequently accounted for under the amortization method and periodically assessed for impairment. We recorded $31 million and $27 million of amortization expense for the years ended December 31, 2016 and 2015 , respectively. Goodwill The following table presents goodwill attributable to each of our business segments as of December 31, 2016 and 2015 . Table 7.2 : Goodwill Attributable to Business Segments (Dollars in millions) Credit Card Consumer Banking Commercial Banking Total Balance as of December 31, 2014 $ 5,001 $ 4,593 $ 4,384 $ 13,978 Acquisitions (1) 1 7 500 508 Other adjustments (5 ) 0 (1 ) (6 ) Balance as of December 31, 2015 $ 4,997 $ 4,600 $ 4,883 $ 14,480 Acquisitions (1) 36 0 18 54 Other adjustments (15 ) 0 0 (15 ) Balance as of December 31, 2016 $ 5,018 $ 4,600 $ 4,901 $ 14,519 __________ (1) In connection with the HFS acquisition, we recorded goodwill of $518 million representing the amount by which the purchase price exceeded the fair value of the net assets acquired. The goodwill was assigned to the Commercial Banking segment. We did not recognize any goodwill impairment during 2016 , 2015 or 2014 . The goodwill impairment test, performed as of October 1 of each year, is a two-step test. The first step identifies whether there is potential impairment by comparing the fair value of a reporting unit to its carrying amount, including goodwill. If the fair value of a reporting unit is less than its carrying amount, the second step of the impairment test is required to measure the amount of any potential impairment loss. The fair value of reporting units is calculated using a discounted cash flow methodology, a form of the income approach. The calculation uses projected cash flows based on each reporting unit’s internal forecast and uses the perpetuity growth method to calculate terminal values. These cash flows and terminal values are then discounted using appropriate discount rates, which are largely based on our external cost of equity with adjustments for risk inherent in each reporting unit. Cash flows are adjusted, as necessary, in order to maintain each reporting unit’s equity capital requirements. Our discounted cash flow analysis requires management to make judgments about future loan and deposit growth, revenue growth, credit losses, and capital rates. Discount rates used in 2016 for the reporting units ranged from 8% to 13% . The key inputs into the discounted cash flow analysis were consistent with market data, where available, indicating that assumptions used were within a reasonable range of observable market data. For our 2016 goodwill impairment test for our International Card reporting unit, we engaged an independent valuation specialist to assist in the determination of the International Card reporting unit fair value. We employed both a discounted cash flow and market approach to calculate the fair value of our International Card reporting unit. Based on our analysis, fair value exceeded the carrying amount for all reporting units as of our annual testing date; therefore, the second step of impairment testing was unnecessary. Intangible Assets In connection with our acquisitions, we recorded intangible assets which include purchased credit card relationship (“PCCR”) intangibles, core deposit intangibles, brokerage relationship intangibles, partnership contract intangibles, other contract intangibles, trademark intangibles and other intangibles, which are subject to amortization. At acquisition, the PCCR intangibles reflect the estimated value of existing credit card holder relationships and the core deposit intangibles reflect the estimated value of deposit relationships. During 2016, we recorded an impairment charge of $17 million related primarily to our brokerage relationship intangibles. There were no meaningful intangible asset impairments in 2015 or 2014 . Intangible assets are typically amortized over their respective estimated useful lives on either an accelerated or straight-line basis. The following table summarizes the actual amortization expense recorded for the years ended December 31, 2016 , 2015 and 2014 and the estimated future amortization expense for intangible assets as of December 31, 2016 : Table 7.3 : Amortization Expense (Dollars in millions) Amortization Actual for the year ended December 31, 2014 $ 532 2015 430 2016 386 Estimated future amounts for the year ended December 31, 2017 245 2018 176 2019 108 2020 57 2021 27 Thereafter 48 Total estimated future amounts $ 661 |
Premises, Equipment & Lease Com
Premises, Equipment & Lease Commitments | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment and Lease Commitments [Abstract] | |
Premises, Equipment & Lease Commitments | NOTE 8—PREMISES, EQUIPMENT AND LEASE COMMITMENTS Premises and Equipment Premises and equipment as of December 31, 2016 and 2015 were as follows: Table 8.1 : Components of Premises and Equipment December 31, (Dollars in millions) 2016 2015 Land $ 423 $ 458 Buildings and improvements 2,958 2,674 Furniture and equipment 1,834 1,735 Computer software 1,681 1,618 In progress 591 514 Total premises and equipment, gross 7,487 6,999 Less: Accumulated depreciation and amortization (3,812 ) (3,415 ) Total premises and equipment, net $ 3,675 $ 3,584 Depreciation and amortization expense was $710 million , $638 million and $656 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. Lease Commitments Certain premises and equipment are leased under agreements that expire at various dates through 2056, without taking into consideration available renewal options. Many of these leases provide for payment by us, as the lessee, of property taxes, insurance premiums, cost of maintenance and other costs. In some cases, rentals are subject to increases in relation to a cost of living index. Total rent expenses amounted to approximately $330 million , $276 million and $265 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. Future minimum rental commitments as of December 31, 2016 , for all non-cancellable operating leases with initial or remaining terms of one year or more are as follows: Table 8.2 : Lease Commitments (Dollars in millions) Estimated Future 2017 $ 317 2018 314 2019 284 2020 262 2021 236 Thereafter 1,173 Total $ 2,586 Minimum sublease rental income of $192 million due in future years under non-cancellable leases has not been included in the table above as a reduction to minimum lease payments. |
Deposits and Borrowings
Deposits and Borrowings | 12 Months Ended |
Dec. 31, 2016 | |
Deposits and Borrowings [Abstract] | |
Deposits and Borrowings | NOTE 9—DEPOSITS AND BORROWINGS Deposits Our deposits, which are our largest source of funding for our assets and operations, consist of non-interest-bearing and interest-bearing deposits, which include checking accounts, money market deposit accounts, negotiable order of withdrawals, savings deposits and time deposits. We had $211.3 billion and $191.9 billion in interest-bearing deposits as of December 31, 2016 and 2015 , respectively. Time deposits issued by domestic offices totaled $19.8 billion and $12.2 billion as of December 31, 2016 and 2015 , respectively. Of these deposits, the amount of domestic time deposits with a denomination of $100,000 or more was $2.9 billion and $1.9 billion as of December 31, 2016 and 2015 , respectively. Deposits issued by foreign offices totaled $480 million and $843 million as of December 31, 2016 and 2015 , respectively. Securitized and Unsecured Debt Obligations In addition to our deposits, which serve as our primary funding source, we use a variety of other funding sources including short-term borrowings, the issuance of senior and subordinated notes and other borrowings, and securitization transactions. In addition, we utilize FHLB advances, which are secured by certain portions of our loan and investment securities portfolios, for our funding needs. The securitized debt obligations are separately presented on our consolidated balance sheets as they represent obligations of consolidated securitization trusts, while federal funds purchased and securities loaned or sold under agreements to repurchase, senior and subordinated notes and other borrowings, including FHLB advances, are included in other debt on our consolidated balance sheets. Securitized Debt Obligations Our outstanding borrowings due to securitization investors increased to $18.8 billion as of December 31, 2016 , from $16.2 billion as of December 31, 2015 . During 2016 , approximately $6.3 billion of new debt was issued to third-party investors from our credit card loan securitization trust offset by $3.5 billion of maturities and paydowns. Senior and Subordinated Notes As of December 31, 2016 , we had $23.4 billion of senior and subordinated notes outstanding, inclusive of fair value hedging adjustments of $280 million . As of December 31, 2015 , we had $21.8 billion of senior and subordinated notes outstanding, inclusive of fair value hedging adjustments of $134 million . During 2016 , we issued $4.4 billion of long-term senior and subordinated debt comprised of $655 million of floating-rate notes and $3.8 billion of fixed-rate notes. During 2016 , $2.7 billion of senior and subordinated notes were matured or redeemed. See “ Note 10—Derivative Instruments and Hedging Activities ” for information about our fair value hedging activities. FHLB Advances and Other We have access to funding through the FHLB system and the Federal Reserve Discount Window. Our FHLB and Federal Reserve memberships require us to hold FHLB and Federal Reserve stock which totaled $1.9 billion and $2.1 billion as of December 31, 2016 and 2015 , respectively, and are included in other assets on our consolidated balance sheets. Our FHLB advances and lines of credit are secured by our investment securities, residential home loans, multifamily real estate loans, commercial real estate loans and HELOCs. Outstanding FHLB advances totaled $17.2 billion and $20.1 billion as of December 31, 2016 and 2015 , respectively, substantially all of which represented long-term advances generally callable on either a one-month or a three-month basis. We have access to short-term borrowings through the Federal Reserve. Our membership with the Federal Reserve is secured by our investment in Federal Reserve stock, totaling $1.2 billion as of both December 31, 2016 and 2015 . On an annual basis, we process immaterial overnight test trades to ensure continued system functionality and borrowing capabilities. We did not access the Federal Reserve Discount Window for funding during 2016 or 2015 . Composition of Deposits, Short-Term Borrowings and Long-Term Debt The table below summarizes the components of our deposits, short-term borrowings and long-term debt as of December 31, 2016 and 2015 . Our total short-term borrowings consist of federal funds purchased and securities loaned or sold under agreements to repurchase and other short-term borrowings with an original contractual maturity of one year or less. Our long-term debt consists of borrowings with an original contractual maturity of greater than one year. The amounts presented for outstanding borrowings include unamortized debt premiums and discounts, net of debt issuance costs and fair value hedge accounting adjustments. Table 9.1 : Components of Deposits, Short-Term Borrowings and Long-Term Debt (Dollars in millions) December 31, December 31, Deposits: Non-interest-bearing deposits $ 25,502 $ 25,847 Interest-bearing deposits 211,266 191,874 Total deposits $ 236,768 $ 217,721 Short-term borrowings: Federal funds purchased and securities loaned or sold under agreements to repurchase $ 992 $ 981 Total short-term borrowings $ 992 $ 981 December 31, 2016 (Dollars in millions) Maturity Dates Interest Rates Weighted- Average Interest Rate Outstanding Amount December 31, Long-term debt: Securitized debt obligations (1) 2017 - 2025 0.74 - 5.75% 1.61% $ 18,826 $ 16,166 Senior and subordinated notes: (1) Fixed unsecured senior debt 2017 - 2025 1.20 - 6.75 2.65 17,546 16,559 Floating unsecured senior debt 2018 - 2019 1.56 - 2.06 1.73 1,353 1,198 Total unsecured senior debt 2.58 18,899 17,757 Fixed unsecured subordinated debt 2019 - 2026 3.38 - 8.80 4.09 4,532 4,080 Total senior and subordinated notes 23,431 21,837 Other long-term borrowings: FHLB advances 2017 - 2025 0.45 - 6.41 0.64 17,179 20,098 Capital lease obligations 2017 - 2035 3.09 - 12.86 4.17 32 33 Total other long-term borrowings 17,211 20,131 Total long-term debt $ 59,468 $ 58,134 Total short-term borrowings and long-term debt $ 60,460 $ 59,115 __________ (1) Outstanding amount includes any fair value hedge accounting adjustments. Interest-bearing time deposits, securitized debt obligations and other debt as of December 31, 2016 mature as follows: Table 9.2 : Maturity Profile of Borrowings and Debt (Dollars in millions) 2017 2018 2019 2020 2021 Thereafter Total Interest-bearing time deposits (1) $ 6,543 $ 5,095 $ 2,740 $ 3,268 $ 1,928 $ 250 $ 19,824 Securitized debt obligations 7,233 2,366 5,637 1,562 1,698 330 18,826 Federal funds purchased and securities loaned or sold sold under agreements to repurchase 992 0 0 0 0 0 992 Senior and subordinated notes 2,814 4,684 5,701 0 3,474 6,758 23,431 Other borrowings 19 10 1,252 1,001 5,651 9,278 17,211 Total $ 17,601 $ 12,155 $ 15,330 $ 5,831 $ 12,751 $ 16,616 $ 80,284 __________ (1) Includes only those interest bearing deposits which have a contractual maturity date. Components of Interest Expense The following table displays interest expense attributable to short-term borrowings and long-term debt for the years ended December 31, 2016, 2015 and 2014 : Table 9.3 : Components of Interest Expense on Short-Term Borrowings and Long-Term Debt Year Ended December 31, (Dollars in millions) 2016 2015 2014 Short-term borrowings: Federal funds purchased and securities loaned or sold under agreements to repurchase $ 2 $ 1 $ 2 FHLB advances 0 9 19 Total short-term borrowings 2 10 21 Long-term debt: Securitized debt obligations (1) 216 151 145 Senior and subordinated notes (1) 476 330 299 Other long-term borrowings 111 43 26 Total long-term debt 803 524 470 Total interest expense on short-term borrowings and long-term debt $ 805 $ 534 $ 491 _ _________ (1) Interest expense includes the impact from hedge accounting. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | NOTE 10—DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES Use of Derivatives We manage asset and liability positions and market risk exposure and limits in accordance with market risk management policies that are approved by our Board of Directors. Our primary market risks stem from the impact on our earnings and economic value of equity from changes in interest rates and, to a lesser extent, changes in foreign exchange rates. We employ several techniques to manage our interest rate sensitivity, which include changing the duration and re-pricing characteristics of various assets and liabilities by using interest rate derivatives. Our current policies also include the use of derivatives to hedge exposures denominated in foreign currency so we may limit our earnings and capital ratio exposures to foreign exchange risk. We execute our derivative contracts in both the over-the-counter (“OTC”) and exchange-traded derivative markets, and clear eligible derivative transactions through Central Counterparty Clearinghouses (“CCPs”) or often referred to as “central clearinghouses” as required under the Dodd-Frank Act. The majority of our derivatives are interest rate swaps. In addition, we may use a variety of other derivative instruments, including caps, floors, options, futures and forward contracts, to manage our interest rate and foreign exchange risks. We offer various interest rate, foreign exchange rate and commodity derivatives as an accommodation to our customers within our Commercial Banking business, and usually offset our exposure through derivative transactions with other counterparties. Accounting for Derivatives Our derivatives are designated as either qualifying accounting hedges or free-standing derivatives. Qualifying accounting hedges are designated as fair value hedges, cash flow hedges or net investment hedges. Free-standing derivatives primarily consist of customer-accommodation derivatives and economic hedges that do not qualify for hedge accounting. • Fair Value Hedges: We designate derivatives as fair value hedges when they are used to manage our exposure to changes in the fair value of certain financial assets and liabilities, which fluctuate in value as a result of movements in interest rates. Changes in the fair value of derivatives designated as fair value hedges are recorded in earnings together with offsetting changes in the fair value of the hedged item and any resulting ineffectiveness. Our fair value hedges consist of interest rate swaps that are intended to modify our exposure to interest rate risk on various fixed-rate assets and liabilities. • Cash Flow Hedges: We designate derivatives as cash flow hedges when they are used to manage our exposure to variability in cash flows related to forecasted transactions. Changes in the fair value of derivatives designated as cash flow hedges are recorded as a component of AOCI, to the extent that the hedge relationships are effective, and amounts are reclassified from AOCI to earnings as the forecasted transactions impact earnings. To the extent that any ineffectiveness exists in the hedge relationships, the amounts are recorded in current period earnings. Our cash flow hedges use interest rate swaps and floors that are intended to hedge the variability in interest receipts or interest payments on some of our variable-rate assets or liabilities. We also enter into foreign currency forward derivative contracts to hedge our exposure to variability in cash flows related to intercompany borrowings denominated in foreign currency. • Net Investment Hedges: We use net investment hedges to manage the foreign currency exposure related to our net investments in foreign operations that have functional currencies other than the U.S. dollar. Changes in the fair value of net investment hedges are recorded in the translation adjustment component of AOCI, offsetting the translation gain or loss from those foreign operations. We execute net investment hedges using foreign exchange forward contracts to hedge the translation exposure of the net investment in our foreign operations. • Free-Standing Derivatives: We use free-standing derivatives to hedge the risk of changes in the fair value of residential MSRs, mortgage loan origination and purchase commitments and other interests held. We also categorize our customer accommodation derivatives and the related offsetting contracts as free-standing derivatives. Changes in the fair value of free-standing derivatives are recorded in earnings as a component of other non-interest income. Balance Sheet Presentation The following table summarizes the notional and fair values of our derivative instruments on a gross basis as of December 31, 2016 and 2015 , which are segregated by derivatives that are designated as accounting hedges and those that are not, and are further segregated by type of contract within those two categories. The total derivative assets and liabilities are adjusted on an aggregate basis to take into consideration the effects of legally enforceable master netting agreements and any associated cash collateral received or paid. Table 10.1 : Derivative Assets and Liabilities at Fair Value December 31, 2016 December 31, 2015 Notional or Contractual Amount Derivative (1) Notional or Contractual Amount Derivative (1) (Dollars in millions) Assets Liabilities Assets Liabilities Derivatives designated as accounting hedges: Interest rate contracts: Fair value hedges $ 40,480 $ 295 $ 569 $ 34,417 $ 550 $ 146 Cash flow hedges 50,400 151 287 30,450 167 61 Total interest rate contracts 90,880 446 856 64,867 717 207 Foreign exchange contracts: Cash flow hedges 5,620 108 9 5,580 239 2 Net investment hedges 2,396 163 0 2,562 87 0 Total foreign exchange contracts 8,016 271 9 8,142 326 2 Total derivatives designated as accounting hedges 98,896 717 865 73,009 1,043 209 Derivatives not designated as accounting hedges: Interest rate contracts covering: MSRs (2) 1,696 17 21 1,665 11 7 Customer accommodation 39,474 670 530 28,841 431 290 Other interest rate exposures (3) 1,105 33 8 1,519 33 10 Total interest rate contracts 42,275 720 559 32,025 475 307 Other contracts 1,767 57 14 882 0 4 Total derivatives not designated as accounting hedges 44,042 777 573 32,907 475 311 Total derivatives $ 142,938 $ 1,494 $ 1,438 $ 105,916 $ 1,518 $ 520 Less: netting adjustment (4) (539 ) (336 ) (532 ) (143 ) Total derivative assets/liabilities $ 955 $ 1,102 $ 986 $ 377 __________ (1) Derivative assets and liabilities include interest accruals and exclude valuation adjustments related to non-performance risk. (2) Includes interest rate swaps and to-be-announced contracts. (3) Other interest rate exposures include mortgage-related derivatives. (4) Represents balance sheet netting of derivative assets and liabilities, and related payables and receivables for cash collateral held or placed with the same counterparty. See Table 10.2 for further information. Offsetting of Financial Assets and Liabilities Derivative contracts and repurchase agreements that we execute bilaterally in the OTC market are governed by enforceable master netting arrangements where we generally have the right to offset exposure with the same counterparty. Either counterparty can generally request to net settle all contracts through a single payment upon default on, or termination of, any one contract. We elect to offset the derivative assets and liabilities under netting arrangements for balance sheet presentation where a right of setoff exists. Derivative contracts that are cleared with central clearinghouses through our Future Commission Merchants (“FCMs”) are not subject to offsetting due to the uncertainty existing around an end-user’s ability to setoff these derivative contracts. Therefore, as of December 31, 2016 and 2015 , we did not offset our derivative positions cleared through clearinghouses. We also maintain collateral agreements with certain derivative counterparties. For bilateral derivatives, we review our collateral positions on a daily basis and exchange collateral with our counterparties in accordance with standard International Swaps and Derivatives Association documentation and other related agreements. Agreements with certain bilateral counterparties require both parties to maintain collateral in the event the fair values of derivative instruments exceed established exposure thresholds. For centrally cleared derivatives, we are subject to initial margin posting and daily variation margin exchange with the central clearinghouses. Acceptable types of collateral are typically in the form of cash or high quality liquid securities. The exchange of collateral is dependent upon the fair value of the derivative instruments as well as the fair value of the pledged collateral. When valuing collateral, an estimate of the variation in price and liquidity over time is subtracted in the form of a “haircut” to discount the value of the collateral pledged. The following table presents as of December 31, 2016 and 2015 the gross and net fair values of our derivative assets and liabilities and repurchase agreements, as well as the related offsetting amounts permitted under U.S. GAAP. The table also includes cash and non-cash collateral received or pledged associated with such arrangements. The collateral amounts shown are limited to the extent of the related net derivative fair values or outstanding balances, thus instances of over-collateralization are not shown. Table 10.2 : Offsetting of Financial Assets and Financial Liabilities Gross Amounts Gross Amounts Offset in the Balance Sheet Net Amounts as Recognized Securities Collateral Held Under Master Netting Agreements (Dollars in millions) Financial Instruments Cash Collateral Received Net Exposure As of December 31, 2016 Derivatives assets (1)(2) $ 1,494 $ (152 ) $ (387 ) $ 955 $ (11 ) $ 944 As of December 31, 2015 Derivatives assets (1)(2) 1,518 (86 ) (446 ) 986 (156 ) 830 Gross Amounts Gross Amounts Offset in the Balance Sheet Net Amounts as Recognized Securities Collateral Pledged Under Master Netting Agreements (Dollars in millions) Financial Instruments Cash Collateral Pledged Net Exposure As of December 31, 2016 Derivatives liabilities (1)(2) $ 1,438 $ (152 ) $ (184 ) $ 1,102 $ 0 $ 1,102 Repurchase agreements (3)(4) 992 0 0 992 (992 ) 0 As of December 31, 2015 Derivatives liabilities (1)(2) 520 (86 ) (57 ) 377 0 377 Repurchase agreements (3) 969 0 0 969 (969 ) 0 __________ (1) The gross balances include derivative assets and derivative liabilities as of December 31, 2016 that totaled $491 million and $908 million , respectively, related to the centrally cleared derivative contracts. The comparable amounts as of December 31, 2015 totaled $429 million and $314 million , respectively. These contracts were not subject to offsetting as of December 31, 2016 and 2015 . (2) We received cash collateral from derivative counterparties totaling $448 million and $544 million as of December 31, 2016 and 2015 , respectively. We also received securities from derivative counterparties with a fair value of $16 million and $172 million as of December 31, 2016 and 2015 , respectively, which we have the ability to re-pledge. We posted $1.5 billion and $304 million of cash collateral as of December 31, 2016 and 2015 , respectively. (3) As of December 31, 2016 and 2015 , we only had repurchase obligations outstanding and did not have any reverse repurchase receivables. (4) Represents customer repurchase agreements that mature the next business day. As of December 31, 2016 , we pledged collateral with a fair value of $1.0 billion under these customer repurchase agreements, which were primarily agency RMBS securities. Derivatives Counterparty Credit Risk Derivative instruments contain an element of credit risk that arises from the potential failure of a counterparty to perform according to the terms of the contract. Our exposure to derivative counterparty credit risk, at any point in time, is represented by the fair value of derivatives in a gain position, or derivative asset position, assuming no recoveries of underlying collateral. We also engage in certain foreign exchange derivatives that may give rise to counterparty settlement risk. To mitigate the risk of counterparty default, we enter into legally enforceable master netting agreements and collateral agreements, where possible, with certain derivative counterparties. We generally enter into these agreements on a bilateral basis with our counterparties. These bilateral agreements typically provide the right to offset exposures and require one counterparty to post collateral in the event the fair values of derivatives exceed established thresholds to the other counterparty. We also clear eligible OTC derivatives with central clearinghouses through FCMs as part of the regulatory requirement. The use of the central clearinghouses and the FCMs reduces our bilateral counterparty credit exposures while it increases our credit exposures to CCPs and FCMs. Certain of our agreements governing derivative transactions include provisions that may require us to post more collateral or otherwise change terms in our agreements under certain circumstances. Certain of our derivative contracts include provisions requiring that our debt maintain a credit rating of investment grade or above by each of the major credit rating agencies. In the event of a downgrade of our debt credit rating below investment grade, some of our counterparties would have the right to terminate the derivative contract and close out the existing positions, or demand immediate and ongoing full overnight collateralization on derivative instruments in a net liability position. Had our debt credit rating fallen below investment grade, we would have been required to post additional $81 million and $55 million of collateral as of December 31, 2016 and 2015, respectively. In addition, certain of our derivative contracts may also allow, in the event of a downgrade of our debt credit rating of any kind, our counterparties to demand additional collateral on such derivative instruments in a net liability position. The fair value of derivative instruments with credit risk-related contingent features in a net liability position was less than $1 million as of both December 31, 2016 and 2015 . We record counterparty credit risk valuation adjustments on our OTC derivative contracts to properly reflect the credit quality of the counterparty. We consider collateral and legally enforceable master netting agreements that mitigate our credit exposure to each counterparty in determining the counterparty credit risk valuation adjustment, which may be adjusted in future periods due to changes in the fair value of the derivative contracts, collateral and creditworthiness of the counterparty. The cumulative counterparty credit risk valuation adjustment recorded on our consolidated balance sheets as a reduction to the derivative asset balance was $6 million and $4 million as of December 31, 2016 and 2015 , respectively. We also adjust the fair value of our derivative liabilities to reflect the impact of our own credit quality. We calculate this adjustment by comparing the spreads on our credit default swaps to the discount benchmark curve. The cumulative credit risk valuation adjustment related to our credit quality recorded on our consolidated balance sheets as a reduction in the derivative liability balance was less than $1 million as of both December 31, 2016 and 2015 . Income Statement Presentation and AOCI The following table summarizes the impact of derivatives and the related hedged items in our consolidated statements of income and AOCI. Fair Value Hedges and Free-Standing Derivatives The net gains (losses) recognized in earnings related to derivatives in fair value hedging relationships and free-standing derivatives are presented below for the years ended December 31, 2016, 2015 and 2014 . Table 10.3 : Gains and Losses on Fair Value Hedges and Free-Standing Derivatives Year Ended December 31, (Dollars in millions) 2016 2015 2014 Derivatives designated as accounting hedges: (1) Fair value interest rate contracts: Gains (losses) recognized in earnings on derivatives $ (613 ) $ (66 ) $ 200 Gains (losses) recognized in earnings on hedged items 603 75 (157 ) Net fair value hedge ineffectiveness gains (losses) (10 ) 9 43 Derivatives not designated as accounting hedges: (1) Interest rate contracts covering: MSRs (1 ) 3 23 Customer accommodation 37 21 18 Other interest rate exposures 68 44 11 Total interest rate contracts 104 68 52 Foreign exchange contracts 0 0 1 Other contracts (9 ) (2 ) (1 ) Total gains on derivatives not designated as accounting hedges 95 66 52 Net derivative gains recognized in earnings $ 85 $ 75 $ 95 __________ (1) Amounts are recorded in our consolidated statements of income in other non-interest income. Cash Flow and Net Investment Hedges The table below shows the net gains (losses) related to derivatives designated as cash flow hedges and net investment hedges for the years ended December 31, 2016, 2015 and 2014 . Table 10.4 : Gains and Losses on Derivatives Designated as Cash Flow Hedges and Net Investment Hedges Year Ended December 31, (Dollars in millions) 2016 2015 2014 Gains (losses) recorded in AOCI: Cash flow hedges: Interest rate contracts $ (6 ) $ 301 $ 251 Foreign exchange contracts 3 (17 ) (23 ) Subtotal (3 ) 284 228 Net investment hedges: Foreign exchange contracts 280 83 132 Net derivatives gains (losses) recognized in AOCI $ 277 $ 367 $ 360 Gains (losses) recorded in earnings: Cash flow hedges: Gains (losses) reclassified from AOCI into earnings: Interest rate contracts (1) $ 192 $ 190 $ 131 Foreign exchange contracts (2) 3 (16 ) (23 ) Subtotal 195 174 108 Gains (losses) recognized in earnings due to ineffectiveness: Interest rate contracts (2) (4 ) 2 1 Net derivative gains (losses) recognized in earnings $ 191 $ 176 $ 109 __________ (1) Amounts reclassified are recorded in our consolidated statements of income in interest income or interest expense. (2) Amounts are recorded in our consolidated statements of income in other non-interest income or other interest income. In the next 12 months, we expect to reclassify to earnings net after-tax gains of $112 million currently recorded in AOCI as of December 31, 2016 . These amounts will offset the cash flows associated with the hedged forecasted transactions. The maximum length of time over which forecasted transactions were hedged was approximately six years as of December 31, 2016 . The amount we expect to reclassify into earnings may change as a result of changes in market conditions and ongoing actions taken as part of our overall risk management strategy. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Stockholders' Equity | NOTE 11—STOCKHOLDERS’ EQUITY Preferred Stock The following table summarizes the Company’s preferred stock issued and outstanding as of December 31, 2016 and 2015 . Table 11.1 : Preferred Stock Issued and Outstanding (1) Redeemable by Issuer Beginning Per Annum Dividend Rate Dividend Frequency Liquidation Preference per Share Carrying Value (in millions) Series Description Issuance Date Total Shares Outstanding December 31, 2016 December 31, 2015 Series B 6.00% Non-Cumulative August 20, 2012 September 1, 2017 6.00% Quarterly $ 1,000 875,000 $ 853 $ 853 Series C 6.25% Non-Cumulative June 12, 2014 September 1, 2019 6.25 Quarterly 1,000 500,000 484 484 Series D 6.70% Non-Cumulative October 31, 2014 December 1, 2019 6.70 Quarterly 1,000 500,000 485 485 Series E Fixed-to-Floating Rate Non-Cumulative May 14, 2015 June 1, 2020 5.55% through 5/31/2020; Semi-Annually through 5/31/2020; Quarterly thereafter 1,000 1,000,000 988 988 Series F 6.20% Non-Cumulative August 24, 2015 December 1, 2020 6.20 Quarterly 1,000 500,000 484 484 Series G 5.20% Non-Cumulative July 29, 2016 December 1, 2021 5.20 Quarterly 1,000 600,000 583 N/A Series H 6.00% Non-Cumulative November 29, 2016 December 1, 2021 6.00 Quarterly 1,000 500,000 483 N/A Total $ 4,360 $ 3,294 __________ (1) With the exception of Series E, ownership is held in the form of depositary shares, each representing a 1/40th interest in a share of fixed-rate non-cumulative perpetual preferred stock. Accumulated Other Comprehensive Income The following table presents the changes in AOCI by component for the years ended December 31, 2016, 2015 and 2014 . Table 11.2 : Accumulated Other Comprehensive Income (Dollars in millions) Securities Available for Sale Securities Held to Maturity (1) Cash Flow Hedges Foreign (2) Other Total AOCI as of December 31, 2013 $ 106 $ (897 ) $ (110 ) $ 40 $ (11 ) $ (872 ) Other comprehensive income (loss) before reclassifications 302 0 228 (48 ) (5 ) 477 Amounts reclassified from AOCI into earnings 2 76 (108 ) 0 (5 ) (35 ) Net other comprehensive income (loss) 304 76 120 (48 ) (10 ) 442 AOCI as of December 31, 2014 410 (821 ) 10 (8 ) (21 ) (430 ) Other comprehensive income (loss) before reclassifications (268 ) 0 284 (135 ) (5 ) (124 ) Amounts reclassified from AOCI into earnings 20 96 (174 ) 0 (4 ) (62 ) Net other comprehensive income (loss) (248 ) 96 110 (135 ) (9 ) (186 ) AOCI as of December 31, 2015 162 (725 ) 120 (143 ) (30 ) (616 ) Other comprehensive income (loss) before reclassifications (172 ) 0 (3 ) (79 ) 7 (247 ) Amounts reclassified from AOCI into earnings 6 104 (195 ) 0 (1 ) (86 ) Net other comprehensive income (loss) (166 ) 104 (198 ) (79 ) 6 (333 ) AOCI as of December 31, 2016 $ (4 ) $ (621 ) $ (78 ) $ (222 ) $ (24 ) $ (949 ) __________ (1) The amortization of unrealized holding gains or losses reported in AOCI for securities held to maturity will be offset by the amortization of premium or discount created from the transfer of securities from available for sale to held to maturity, which occurred at fair value. These unrealized gains or losses will be amortized over the remaining life of the security with no expected impact on future net income. (2) Includes the impact from hedging instruments designated as net investment hedges. The following table presents the impacts on net income of amounts reclassified from each component of AOCI for the years ended December 31, 2016, 2015 and 2014 . Table 11.3 : Reclassifications from AOCI Amount Reclassified from AOCI (Dollars in millions) Year Ended December 31, AOCI Components Affected Income Statement Line Item 2016 2015 2014 Securities available for sale: Non-interest income $ (10 ) $ (32 ) $ (3 ) Income tax provision (benefit) (4 ) (12 ) (1 ) Net income (loss) (6 ) (20 ) (2 ) Securities held to maturity: (1) Interest income (164 ) (151 ) (131 ) Income tax provision (benefit) (60 ) (55 ) (55 ) Net income (loss) (104 ) (96 ) (76 ) Cash flow hedges: Interest rate contracts: Interest income 306 303 209 Foreign exchange contracts: Interest income 6 (5 ) 0 Non-interest income (2 ) (21 ) (36 ) Income from continuing operations before income taxes 310 277 173 Income tax provision 115 103 65 Net income 195 174 108 Amount Reclassified from AOCI (Dollars in millions) Year Ended December 31, AOCI Components Affected Income Statement Line Item 2016 2015 2014 Other: Various (pension and other) 2 5 11 Income tax provision 1 1 6 Net income 1 4 5 Total reclassifications $ 86 $ 62 $ 35 __________ (1) The amortization of unrealized holding gains or losses reported in AOCI for securities held to maturity will be offset by the amortization of premium or discount created from the transfer of securities from available for sale to held to maturity, which occurred at fair value. These unrealized gains or losses will be amortized over the remaining life of the security with no expected impact on future net income. The table below summarizes other comprehensive income activity and the related tax impact for the years ended December 31, 2016, 2015 and 2014 . Table 11.4 : Other Comprehensive Income (Loss) Year Ended December 31, 2016 2015 2014 (Dollars in millions) Before Tax Provision After Tax Before Tax Provision After Tax Before Tax Provision After Tax Other comprehensive income (loss): Net unrealized gains (losses) on securities available for sale $ (254 ) $ (88 ) $ (166 ) $ (393 ) $ (145 ) $ (248 ) $ 482 $ 178 $ 304 Net changes in securities held to maturity 164 60 104 151 55 96 131 55 76 Net unrealized gains (losses) on cash flow hedges (315 ) (117 ) (198 ) 175 65 110 192 72 120 Foreign currency translation adjustments (1) 86 165 (79 ) (86 ) 49 (135 ) 29 77 (48 ) Other 10 4 6 (14 ) (5 ) (9 ) (18 ) (8 ) (10 ) Other comprehensive income (loss) $ (309 ) $ 24 $ (333 ) $ (167 ) $ 19 $ (186 ) $ 816 $ 374 $ 442 __________ (1) Includes the impact from hedging instruments designated as net investment hedges. |
Regulatory and Capital Adequacy
Regulatory and Capital Adequacy | 12 Months Ended |
Dec. 31, 2016 | |
Banking and Thrift [Abstract] | |
Regulatory and Capital Adequacy | NOTE 12—REGULATORY AND CAPITAL ADEQUACY Regulation and Capital Adequacy Bank holding companies (“BHCs”) and national banks are subject to capital adequacy standards adopted by the Federal Banking Agencies, including the Basel III Capital Rule. Moreover, the Banks, as insured depository institutions, are subject to PCA capital regulations,which require the Federal Banking Agencies to take prompt corrective action for banks that do not meet PCA capital requirements. The Company entered parallel run under Advanced Approaches on January 1, 2015, during which we calculate capital ratios under both the Basel III Standardized Approach and the Basel III Advanced Approaches, though we continue to use the Standardized Approach for purposes of meeting regulatory capital requirements. As of January 1, 2015, under the Basel III Capital Rule, the regulatory minimum risk-based and leverage capital requirements for Advanced Approaches banking organizations include a common equity Tier 1 capital ratio of at least 4.5% , a Tier 1 capital ratio of at least 6.0% , a total capital ratio of at least 8.0% and a Tier 1 leverage capital ratio of at least 4.0% . The Basel III Capital Rule introduced a supplementary leverage ratio for all Advanced Approaches banking organizations, which compares Tier 1 capital to total leverage exposure, which includes all on-balance sheet assets and certain off-balance sheet exposures, including derivatives and unused commitments. Beginning in the first quarter of 2015, as an Advanced Approaches banking organization, we are required to calculate and publicly disclose our supplementary leverage ratio. The supplementary leverage ratio minimum requirement of 3.0% becomes effective on January 1, 2018. For additional information about the capital adequacy guidelines we are subject to, see “Part 1— Item 1. Business — Supervision and Regulation .” The following table provides a comparison of our regulatory capital amounts and ratios under the Basel III Standardized Approach subject to transition provisions, the regulatory minimum capital adequacy ratios and the PCA well-capitalized level for each ratio (where applicable) as of December 31, 2016 and 2015 . Table 12.1 : Capital Ratios Under Basel III (1) December 31, 2016 December 31, 2015 (Dollars in millions) Capital Amount Capital Minimum Well- Capital Amount Capital Minimum Well- Capital One Financial Corp: Common equity Tier 1 capital (2) $ 28,803 10.1% 4.5% N/A $ 29,544 11.1% 4.5% N/A Tier 1 capital (3) 33,162 11.6 6.0 6.0% 32,838 12.4 6.0 6.0% Total capital (4) 40,817 14.3 8.0 10.0 38,838 14.6 8.0 10.0 Tier 1 leverage (5) 33,162 9.9 4.0 N/A 32,838 10.6 4.0 N/A Supplementary leverage (6) 33,162 8.6 N/A N/A 32,838 9.2 N/A N/A Capital One Bank (USA), N.A.: Common equity Tier 1 capital (2) $ 11,568 12.0% 4.5% 6.5% $ 10,644 12.2% 4.5% 6.5% Tier 1 capital (3) 11,568 12.0 6.0 8.0 10,644 12.2 6.0 8.0 Total capital (4) 14,230 14.8 8.0 10.0 13,192 15.2 8.0 10.0 Tier 1 leverage (5) 11,568 10.8 4.0 5.0 10,644 10.8 4.0 5.0 Supplementary leverage (6) 11,568 8.9 N/A N/A 10,644 9.0 N/A N/A Capital One, N.A.: Common equity Tier 1 capital (2) $ 20,670 10.6% 4.5% 6.5% $ 21,765 11.8% 4.5% 6.5% Tier 1 capital (3) 20,670 10.6 6.0 8.0 21,765 11.8 6.0 8.0 Total capital (4) 23,117 11.8 8.0 10.0 23,832 12.9 8.0 10.0 Tier 1 leverage (5) 20,670 7.7 4.0 5.0 21,765 8.8 4.0 5.0 Supplementary leverage (6) 20,670 6.9 N/A N/A 21,765 7.9 N/A N/A __________ (1) Capital ratios are calculated based on the Basel III Standardized Approach framework, subject to applicable transition provisions, such as the inclusion of the unrealized gains and losses on securities available for sale included in AOCI and adjustments related to intangible assets other than goodwill. The inclusion of AOCI and the adjustments related to intangible assets are phased-in at 40% for 2015, 60% for 2016, 80% for 2017 and 100% for 2018. Capital ratios that are not applicable are denoted by “N/A.” (2) Common equity Tier 1 capital ratio is a regulatory capital measure calculated based on common equity Tier 1 capital divided by risk-weighted assets. (3) Tier 1 capital ratio is a regulatory capital measure calculated based on Tier 1 capital divided by risk-weighted assets. (4) Total capital ratio is a regulatory capital measure calculated based on total capital divided by risk-weighted assets. (5) Tier 1 leverage ratio is a regulatory capital measure calculated based on Tier 1 capital divided by adjusted average assets . (6) Supplementary leverage ratio (“SLR”) is a regulatory capital measure calculated based on Tier 1 capital divided by total leverage exposure. The Company exceeded the minimum capital requirements and each of the Banks exceeded the minimum regulatory requirements and were well-capitalized under PCA requirements as of both December 31, 2016 and 2015 . Regulatory restrictions exist that limit the ability of the Banks to transfer funds to our BHC. As of December 31, 2016 , funds available for dividend payments from COBNA and CONA were $3.9 billion and $1.0 billion , respectively. Applicable provisions that may be contained in our borrowing agreements or the borrowing agreements of our subsidiaries may limit our subsidiaries’ ability to pay dividends to us or our ability to pay dividends to our stockholders. |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | NOTE 13—EARNINGS PER COMMON SHARE The following table sets forth the computation of basic and diluted earnings per common share: Table 13.1 : Computation of Basic and Diluted Earnings per Common Share Year Ended December 31, (Dollars and shares in millions, except per share data) 2016 2015 2014 Income from continuing operations, net of tax $ 3,770 $ 4,012 $ 4,423 Income (loss) from discontinued operations, net of tax (19 ) 38 5 Net income 3,751 4,050 4,428 Dividends and undistributed earnings allocated to participating securities (1) (24 ) (20 ) (18 ) Preferred stock dividends (214 ) (158 ) (67 ) Net income available to common stockholders $ 3,513 $ 3,872 $ 4,343 Total weighted-average basic shares outstanding 504.9 541.8 563.1 Effect of dilutive securities: Stock options 2.0 2.6 2.7 Other contingently issuable shares 1.3 1.3 1.6 Warrants (2) 1.6 2.3 4.5 Total effect of dilutive securities 4.9 6.2 8.8 Total weighted-average diluted shares outstanding 509.8 548.0 571.9 Basic earnings per common share: Net income from continuing operations $ 7.00 $ 7.08 $ 7.70 Income (loss) from discontinued operations (0.04 ) 0.07 0.01 Net income per basic common share $ 6.96 $ 7.15 $ 7.71 Diluted earnings per common share: (3) Net income from continuing operations $ 6.93 $ 7.00 $ 7.58 Income (loss) from discontinued operations (0.04 ) 0.07 0.01 Net income per diluted common share $ 6.89 $ 7.07 $ 7.59 __________ (1) Dividends and undistributed earnings allocated to participating securities includes undistributed earnings allocated to participating securities using the two-class method under the accounting guidance for computing earnings per share. (2) Represents warrants issued as part of the U.S. Department of Treasury’s Troubled Assets Relief Program (“TARP”). There were 4.1 million warrants to purchase common stock outstanding as of both December 31, 2016 and 2015, and 6.4 million as of December 31, 2014. (3) Excluded from the computation of diluted earnings per share were 1.7 million shares related to options with exercise prices ranging from $63.73 to $88.81 , 1.9 million shares related to options with exercise prices ranging from $70.96 to $88.81 and 2.9 million shares related to options with exercise prices ranging from $70.96 to $88.81 for the years ended December 31, 2016, 2015 and 2014 , respectively, because their inclusion would be anti-dilutive. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation Plans | NOTE 14—STOCK-BASED COMPENSATION PLANS Stock Plans We have one active stock-based compensation plan available for the issuance of shares to employees, directors and third-party service providers (if applicable). As of December 31, 2016 , under the Amended and Restated 2004 Stock Incentive plan (“2004 Plan”), we are authorized to issue 55 million common shares in various forms, including incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock awards (“RSAs”), share-settled restricted stock units (“RSUs”), performance share awards (“PSAs”) and performance share units (“PSUs”). Of this amount, 17 million shares remain available for future issuance as of December 31, 2016 . The 2004 Plan permits the use of newly issued shares or treasury shares upon the settlement of options and stock-based incentive awards, and we generally settle by issuing new shares. We also issue cash-settled restricted stock units (and in the past issued cash equity units). These cash-settled units are not counted against the common shares authorized for issuance or available for issuance under the 2004 Plan. Total compensation expense recognized for stock-based compensation for 2016 , 2015 and 2014 was $239 million , $161 million and $205 million , respectively. The total income tax benefit recognized in the consolidated statements of income for stock-based compensation for 2016 , 2015 and 2014 was $89 million , $61 million and $77 million , respectively. Stock Options Stock options have a maximum contractual term of ten years. Generally, the exercise price of stock options will equal the fair market value of our common stock on the date of grant. Option vesting is determined at the time of grant and may be subject to the achievement of any applicable performance conditions. Options generally become exercisable over three years beginning on the first anniversary of the date of grant; however, some option grants cliff-vest on or shortly after the first or third anniversary of the grant date. The following table presents a summary of 2016 activity for stock options and the balance of stock options exercisable as of December 31, 2016 . Table 14.1 : Summary of Stock Options Activity (Shares in thousands, and intrinsic value in millions) Shares Weighted- Weighted- Aggregate Outstanding as of January 1, 2016 9,322 $ 53.98 Granted 441 63.73 Exercised (2,091 ) 64.61 Forfeited (88 ) 86.29 Expired (599 ) 88.64 Outstanding as of December 31, 2016 6,985 $ 48.03 4.0 years $ 274 Exercisable as of December 31, 2016 5,955 $ 44.34 3.2 years $ 255 The weighted-average fair value of each option granted for 2016 , 2015 and 2014 was $16.36 , $15.11 and $16.39 , respectively. The total intrinsic value of stock options exercised during 2016 , 2015 and 2014 was $31 million , $23 million and $24 million , respectively. The unrecognized compensation expense related to stock options as of December 31, 2016 was $4 million , which is expected to be amortized over a weighted-average period of approximately nine months. The following table sets forth the cash received from the exercise of stock options under all stock-based incentive arrangements, and the actual income tax benefit realized related to tax deductions from the exercise of the stock options. Table 14.2 : Stock Options Cash Flow Impact Year Ended December 31, (Dollars in millions) 2016 2015 2014 Cash received for options exercised $ 135 $ 64 $ 131 Tax benefit realized for options exercised 12 9 9 Compensation expense for stock options is based on the grant date fair value, which is estimated using the Black-Scholes option-pricing model. Certain stock options have discretionary vesting conditions and are remeasured at fair value each reporting period. The option pricing model requires the use of numerous assumptions, many of which are subjective. The following table presents the weighted-average assumptions used to value stock options granted during 2016 , 2015 and 2014 . Table 14.3 : Assumptions Used to Value Stock Options Granted Year Ended December 31, 2016 2015 2014 Dividend yield (1) 2.07 % 1.82 % 1.74 % Volatility (2) 30.00 24.00 26.00 Risk-free interest rate (3) 1.64 1.55 1.92 Expected option lives (4) 6.6 years 6.3 years 6.1 years __________ (1) Dividend yield represents the expected dividend rate over the life of the option. (2) The volatility assumption for 2016 grants was based on the implied volatility of exchange-traded options and the historical volatility of common stock. The volatility assumption for 2015 and 2014 grants was based on the implied volatility of exchange-traded options and warrants. (3) The risk-free interest rate is based on the U.S. Treasury yield curve. (4) Expected option lives represents the period of time that options granted are expected to remain outstanding based on historical activities. Restricted Stock Awards and Units RSAs and RSUs represent share-settled awards that do not contain performance conditions and are granted to certain employees at no cost to the recipient. RSAs and RSUs generally vest over three years from the date of grant; however, some RSAs and RSUs cliff vest on or shortly after the first or third anniversary of the grant date. These awards and units are subject to forfeiture until certain restrictions have lapsed, including continued employment for a specified period of time. A recipient of a RSA is entitled to voting rights and is generally entitled to dividends on the common stock. A recipient of a RSU is entitled to receive a share of common stock after the applicable restrictions lapse. Additionally, a recipient of a RSU is generally entitled to receive cash payments or additional shares of common stock equivalent to any dividends paid on the underlying common stock during the period the RSU is outstanding, but is not entitled to voting rights. Generally, the value of RSAs and RSUs will equal the fair market value of our common stock on the date of grant and the expense is recognized over the vesting period. The following table presents a summary of 2016 activity for RSAs and RSUs. Table 14.4 : Summary of Restricted Stock Awards and Units Restricted Stock Awards Restricted Stock Units (Shares/units in thousands) Shares Weighted-Average Units Weighted-Average Unvested as of January 1, 2016 387 $ 61.28 2,310 $ 70.34 Granted 0 0.00 1,810 65.19 Vested (313 ) 60.85 (664 ) 73.83 Forfeited (7 ) 61.10 (198 ) 71.08 Unvested as of December 31, 2016 67 $ 63.34 3,258 $ 66.72 There were no RSAs granted in 2016 , 2015 and 2014 , as we shifted to primarily granting RSUs beginning in 2014. The total fair value of RSAs that vested during 2016 , 2015 and 2014 was $21 million , $28 million and $57 million , respectively. The unrecognized compensation expense related to unvested RSAs as of December 31, 2016 was $1 million , which is expected to be amortized over a weighted-average period of 1.8 years . The weighted-average grant date fair value of RSUs in 2016 , 2015 and 2014 was $65.19 , $76.15 and $72.12 , respectively. The total fair value of RSUs that vested during 2016 , 2015 and 2014 was $42 million , $27 million and $5 million , respectively. The unrecognized compensation expense related to unvested RSUs as of December 31, 2016 was $96 million , which is expected to be amortized over a weighted-average period of 1.8 years . Performance Share Awards and Units PSAs and PSUs represent share-settled awards that contain performance conditions and are granted to certain employees at no cost to the recipient. PSAs and PSUs generally vest over three years from the date of grant; however, some PSUs cliff vest on or shortly after the third anniversary of the grant date. Generally, the value of PSAs and PSUs will equal the fair market value of our common stock on the date of grant and the expense is recognized over the vesting period. Certain PSAs and PSUs have discretionary vesting conditions and are remeasured at fair value each reporting period. A recipient of a PSA is entitled to voting rights and is generally entitled to dividends on the common stock. A recipient of a PSU is entitled to receive a share of common stock after the applicable restrictions lapse. Additionally, a recipient of a PSU is generally entitled to receive cash payments or additional shares of common stock equivalent to any dividends paid on the underlying common stock during the period the PSU is outstanding, but is not entitled to voting rights. The number of PSAs that vest each year, and PSUs that step vest over three years, can be reduced by 50% or 100% depending on whether specific performance goals are met during the vesting period. The number of three-year cliff vesting PSUs that will ultimately vest is contingent upon meeting specific performance goals over a three -year period. These PSUs also include an opportunity to receive from 0% to 150% of the target number of common shares. The following table presents a summary of 2016 activity for PSAs and PSUs. Table 14.5 : Summary of Performance Share Awards and Units Performance Share Awards Performance Share Units (Shares/units in thousands) Shares Weighted-Average Units Weighted-Average Unvested as of January 1, 2016 183 $ 57.30 1,706 $ 70.95 Granted (1) 0 0.00 1,213 62.89 Vested (1) (177 ) 56.86 (823 ) 63.06 Forfeited 0 0.00 (19 ) 66.75 Unvested as of December 31, 2016 6 $ 70.96 2,077 $ 69.40 __________ (1) Granted and vested include adjustments for achievement of specific performance goals for performance share units granted in prior periods. There were no PSAs granted in 2016 and 2015 . The weighted-average grant date fair value of PSAs granted during 2014 was $70.96 . The total fair value of PSAs that vested during 2016 , 2015 and 2014 was $11 million , $30 million and $33 million , respectively. There was no unrecognized compensation expense related to unvested PSAs as of December 31, 2016 . The weighted-average grant date fair value of PSUs granted during 2016 , 2015 and 2014 was $62.89 , $65.98 and $68.66 , respectively. The total fair value of performance share units that vested on the vesting date was $54 million , $74 million and $20 million in 2016 , 2015 and 2014 , respectively. The unrecognized compensation expense related to unvested performance share units as of December 31, 2016 was $33 million , which is expected to be amortized over a weighted-average period of 1 year . Cash-Settled Units Cash-settled units are recorded as liabilities and marked-to-market on a quarterly basis. Cash-settled units are settled with a cash payment for each unit vested that is equal to the average fair market value of our common stock for the 15 or 20 trading days preceding the vesting date. Cash-settled units generally vest over three years beginning on the first anniversary of the date of grant; however, some cash-settled units cliff vest shortly before the one year anniversary of the grant date or on or shortly after the third anniversary of the grant date. Cash-settled units vesting during 2016 , 2015 and 2014 resulted in cash payments to associates of $36 million , $70 million and $72 million , respectively. There was no unrecognized compensation cost for unvested cash-settled units as of December 31, 2016 . Associate Stock Purchase Plan We maintain an Associate Stock Purchase Plan (“Purchase Plan”) which is a compensatory plan under the accounting guidance for stock-based compensation. We recognized $18 million , $16 million and $13 million in compensation expense for 2016 , 2015 and 2014 , respectively, under the Purchase Plan. Under the Purchase Plan, eligible associates are permitted to contribute between 1% and 15% of their base salary through payroll deductions and receive a 17.65% Company match on the contributions. Both the associates’ contributions and the Company match are applied to the purchase of our unissued common or treasury stock at the current market price. Shares may also be acquired on the open market. Dividends for active participants are automatically reinvested in additional shares of common stock. Of the 18 million total authorized shares as of December 31, 2016 , 5 million shares were available for issuance. Dividend Reinvestment and Stock Purchase Plan In 2002, we implemented our Dividend Reinvestment and Stock Purchase Plan (“2002 DRP”), which allows participating stockholders to purchase additional shares of our common stock through automatic reinvestment of dividends or optional cash investments. Of the 8 million total authorized shares as of December 31, 2016 , 7 million shares were available for issuance under the 2002 DRP. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | NOTE 15—EMPLOYEE BENEFIT PLANS Defined Contribution Plan We sponsor a contributory Associate Savings Plan (the “Plan”) in which all full-time and part-time associates over the age of 18 are eligible to participate. We make non-elective contributions to each eligible associates’ account and match a portion of associate contributions. We also sponsor a voluntary non-qualified deferred compensation plan in which select groups of employees are eligible to participate. We make contributions to this plan based on participants’ deferral of salary, bonuses and other eligible pay. In addition, we match participants’ excess compensation (compensation over the Internal Revenue Service compensation limit) less deferrals. We contributed a total of $252 million , $234 million and $214 million to these plans during the years ended December 31, 2016, 2015 and 2014 , respectively. Defined Benefit Pension and Other Postretirement Benefit Plans We sponsor a frozen qualified defined benefit pension plan and several non-qualified defined benefit pension plans. We also sponsor a plan that provides other postretirement benefits, including medical and life insurance coverage. Our pension plans and the other postretirement benefit plans are valued using December 31, 2016 and 2015 measurement dates. Our policy is to amortize prior service amounts on a straight-line basis over the average remaining years of service to full eligibility for benefits of active plan participants. The following table sets forth, on an aggregated basis, changes in the benefit obligation and plan assets, the funded status and how the funded status is recognized on our consolidated balance sheets. Table 15.1 : Changes in Benefit Obligation and Plan Assets Defined Pension Other Postretirement (Dollars in millions) 2016 2015 2016 2015 Change in benefit obligation: Accumulated benefit obligation as of January 1, $ 185 $ 204 $ 45 $ 55 Service cost 2 1 0 0 Interest cost 7 8 2 2 Benefits paid (14 ) (15 ) (3 ) (3 ) Net actuarial loss (gain) 0 (13 ) (5 ) (9 ) Accumulated benefit obligation as of December 31, $ 180 $ 185 $ 39 $ 45 Change in plan assets: Fair value of plan assets as of January 1, $ 222 $ 239 $ 5 $ 7 Actual return on plan assets 17 (3 ) 1 (1 ) Employer contributions 1 1 3 2 Benefits paid (14 ) (15 ) (3 ) (3 ) Fair value of plan assets as of December 31, $ 226 $ 222 $ 6 $ 5 Over (under) funded status as of December 31, $ 46 $ 37 $ (33 ) $ (40 ) Defined Pension Other Postretirement (Dollars in millions) 2016 2015 2016 2015 Balance sheet presentation as of December 31, Other assets $ 57 $ 48 $ 0 $ 0 Other liabilities (11 ) (11 ) (33 ) (40 ) Net amount recognized as of December 31, $ 46 $ 37 $ (33 ) $ (40 ) The following table presents the components of net periodic benefit costs and other amounts recognized in other comprehensive income. Table 15.2 : Components of Net Periodic Benefit Cost Year Ended December 31, 2016 2015 2014 2016 2015 2014 (Dollars in millions) Defined Pension Other Postretirement Components of net periodic benefit cost: Service cost $ 2 $ 1 $ 1 $ 0 $ 0 $ 0 Interest cost 7 8 8 2 2 2 Expected return on plan assets (14 ) (15 ) (14 ) 0 0 0 Amortization of transition obligation, prior service credit and net actuarial loss (gain) 1 1 1 (6 ) (4 ) (3 ) Net periodic benefit gain $ (4 ) $ (5 ) $ (4 ) $ (4 ) $ (2 ) $ (1 ) Changes recognized in other comprehensive income, pretax: Net actuarial gain (loss) $ 4 $ (5 ) $ (16 ) $ 5 $ 7 $ (3 ) Reclassification adjustments for amounts recognized in net periodic benefit cost 1 1 1 (6 ) (4 ) (3 ) Total gain (loss) recognized in other comprehensive income $ 5 $ (4 ) $ (15 ) $ (1 ) $ 3 $ (6 ) Pre-tax amounts recognized in AOCI that have not yet been recognized as a component of net periodic benefit cost consist of the following: Table 15.3 : Amounts Recognized in AOCI December 31, 2016 2015 2016 2015 (Dollars in millions) Defined Pension Other Postretirement Prior service cost $ 0 $ 0 $ (2 ) $ (2 ) Net actuarial gain (loss) (66 ) (71 ) 12 12 Accumulated other comprehensive income (loss) $ (66 ) $ (71 ) $ 10 $ 10 Pre-tax amounts recorded in AOCI as of December 31, 2016 that are expected to be recognized as a component of our net periodic benefit cost in 2017 consist of the following: Table 15.4 : Estimated Amortization of Unamortized Actuarial Gains and Losses - 2017 2017 Estimate (Dollars in millions) Defined Other Prior service cost $ 0 $ 0 Net actuarial gain (loss) (1 ) 5 Net gain (loss) $ (1 ) $ 5 The following table presents weighted-average assumptions used in the accounting for the plans: Table 15.5 : Assumptions Used in the Accounting for the Plans December 31, 2016 2015 2014 2016 2015 2014 Defined Pension Other Postretirement Assumptions for benefit obligations at measurement date: Discount rate 4.0% 4.2% 3.9% 4.0% 4.2% 3.9% Assumptions for periodic benefit cost for the year ended: Discount rate 4.2 3.9 4.6 4.2 3.9 4.6 Expected long-term rate of return on plan assets 6.5 6.5 6.5 6.5 6.5 6.5 Assumptions for year-end valuations: Health care cost trend rate assumed for next year: Pre-age 65 N/A N/A N/A 6.7 7.0 7.3 Post-age 65 N/A N/A N/A 6.8 7.1 7.4 Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) N/A N/A N/A 4.5 4.5 4.5 Year the rate reaches the ultimate trend rate N/A N/A N/A 2037 2037 2028 To develop the expected long-term rate of return on plan assets assumption, consideration was given to the current level of expected returns on risk-free investments (primarily government bonds), the historical level of the risk premium associated with the other asset classes in which the portfolio is invested and the expectations for future returns of each asset class. The expected return for each asset class was then weighted based on the target asset allocation to develop the expected long-term rate of return on the plan assets assumption for the portfolio. Assumed health care trend rates have a significant effect on the amounts reported for the other postretirement benefit plans. The following table presents the effect of a one-percent change in the assumed health care cost trend rate on our accumulated postretirement benefit obligation. There were insignificant effects on total service and interest cost for the years ended December 31, 2016, 2015 and 2014 . Table 15.6 : Sensitivity Analysis Year Ended December 31, 2016 2015 (Dollars in millions) 1% Increase 1% Decrease 1% Increase 1% Decrease Effect on year-end postretirement benefit obligation $ 4 $ (4 ) $ 5 $ (4 ) Plan Assets The asset allocations as of the annual measurement dates are as follows: Table 15.7 : Plan Assets December 31, 2016 2015 Common collective trusts (1) 62% 57% Corporate bonds (Standard & Poor’s (“S&P”) rating of A or higher) 6 6 Corporate bonds (S&P rating of lower than A) 12 13 Government securities 13 18 Mortgage-backed securities 5 5 Municipal bonds 1 1 Money market fund 1 0 Total 100% 100% __________ (1) Common collective trusts primarily include domestic and international equity securities. Plan assets are invested using a total return investment approach whereby a mix of equity securities and debt securities are used to preserve asset values, diversify risk and enhance our ability to achieve our benchmark for long-term investment return. Investment strategies and asset allocations are based on careful consideration of plan liabilities, the plan’s funded status and our financial condition. Investment performance and asset allocation are measured and monitored on a quarterly basis. Plan assets are managed in a balanced portfolio comprised of three major components: a domestic equity portion, an international equity portion and a domestic fixed income portion. The expected role of plan equity investments is to maximize the long-term real growth of fund assets, while the role of fixed income investments is to generate current income, provide for more stable periodic returns and provide some protection against a prolonged decline in the market value of fund equity investments. The investment guidelines provide the following asset allocation targets and ranges: domestic equity target of 39% and allowable range of 34% to 44% , international equity target of 16% and allowable range of 11% to 21% , fixed income securities target of 45% and allowable range of 35% to 55% . Fair Value Measurement For information on fair value measurements, including descriptions of Level 1, 2 and 3 of the fair value hierarchy and the valuation methods we utilize, see “ Note 1—Summary of Significant Accounting Policies ” and “ Note 17—Fair Value Measurement .” Table 15.8 : Plan Assets Measured at Fair Value on a Recurring Basi s December 31, 2016 Fair Value Measurements Using Assets at Fair Value (Dollars in millions) Level 1 Level 2 Level 3 Plan assets, at fair value: Corporate bonds (S&P rating of A or higher) $ 0 $ 15 $ 0 $ 15 Corporate bonds (S&P rating of lower than A) 0 29 0 29 Government securities 0 31 0 31 Mortgage-backed securities 0 11 0 11 Municipal bonds 0 1 0 1 Money market fund 0 2 0 2 Plan assets in fair value hierarchy $ 0 $ 89 $ 0 $ 89 Plan assets not classified in fair value hierarchy (1) : Common collective trusts 143 Total plan assets, at fair value $ 232 December 31, 2015 Fair Value Measurements Using Assets at Fair Value (Dollars in millions) Level 1 Level 2 Level 3 Plan assets, at fair value: Corporate bonds (S&P rating of A or higher) $ 0 $ 15 $ 0 $ 15 Corporate bonds (S&P rating of lower than A) 0 30 0 30 Government securities 0 40 0 40 Mortgage-backed securities 0 12 0 12 Municipal bonds 0 1 0 1 Plan assets in fair value hierarchy $ 0 $ 98 $ 0 $ 98 Plan assets not classified in fair value hierarchy (1) : Common collective trusts 129 Total plan assets, at fair value $ 227 __________ (1) These plan assets are measured at net asset value per share (or its equivalent) as practical expedient and have not been classified in the fair value hierarchy. The fair value amounts are presented in this table to reconcile to the line items presented in Table 15.1 : Changes in Benefit Obligation and Plan Assets. Expected Future Benefit Payments The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: Table 15.9 : Expected Future Benefits Payments (Dollars in millions) Pension Postretirement 2017 $ 12 $ 3 2018 12 3 2019 12 3 2020 11 3 2021 11 3 2022-2026 52 11 In 2017, $1 million in contributions are expected to be made to the pension plans and $2 million in contributions are expected to be made to other postretirement benefits plans. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | We recognize the current and deferred tax consequences of all transactions that have been recognized in the consolidated financial statements using the provisions of enacted tax laws. Deferred tax assets and liabilities are determined based on differences between the financial reporting and tax basis of assets and liabilities, and are measured using the enacted tax rates and laws that are expected to apply to taxable income in the years in which the differences are expected to be settled or realized. Valuation allowances are recorded to reduce deferred tax assets to an amount that is more likely than not to be realized. The following table presents significant components of the provision for income taxes attributable to continuing operations: Table 16.1 : Significant Components of the Provision for Income Taxes Attributable to Continuing Operations Year Ended December 31, (Dollars in millions) 2016 2015 2014 Current income tax provision: Federal taxes $ 2,087 $ 1,991 $ 1,934 State taxes 209 207 197 International taxes 104 73 91 Total current provision $ 2,400 $ 2,271 $ 2,222 Deferred income tax provision (benefit): Federal taxes $ (621 ) $ (368 ) $ (125 ) State taxes (63 ) (39 ) 22 International taxes (2 ) 5 27 Total deferred provision (benefit) $ (686 ) $ (402 ) $ (76 ) Total income tax provision $ 1,714 $ 1,869 $ 2,146 The international income tax provision related to pre-tax earnings from foreign operations totaled approximately $287 million , $288 million and $466 million in 2016 , 2015 and 2014 , respectively. The following table presents the income tax provision (benefit) reported in stockholders’ equity: Table 16.2 : Income Tax Provision (Benefit) Reported in Stockholders’ Equity Year Ended December 31, (Dollars in millions) 2016 2015 2014 Income tax provision recorded in AOCI (1) $ 24 $ 19 $ 374 Income tax provision (benefit) recorded in additional paid in capital 33 (7 ) 16 Foreign currency translation (gains) losses (5 ) 23 6 Total income tax provision recorded in stockholders’ equity $ 52 $ 35 $ 396 __________ (1) Income tax provision (benefit) recorded in AOCI includes the impact from hedging instruments designated as net investment hedges. The following table presents the reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate applicable to income from continuing operations for the years ended December 31, 2016 , 2015 and 2014 : Table 16.3 : Effective Income Tax Rate Year Ended December 31, 2016 2015 2014 Income tax at U.S. federal statutory tax rate 35.0% 35.0% 35.0% State taxes, net of federal benefit 1.9 1.9 1.8 Low-income housing, new markets and other tax credits (4.9 ) (4.0 ) (3.0 ) Other foreign tax differences, net 0.3 (0.2 ) (0.6 ) Other, net (1.0 ) (0.9 ) (0.5 ) Effective income tax rate 31.3% 31.8% 32.7% The following table presents significant components of the Company’s deferred tax assets and liabilities at December 31, 2016 and 2015 : Table 16.4 : Significant Components of Deferred Tax Assets and Liabilities (Dollars in millions) December 31, 2016 December 31, 2015 Deferred tax assets: Allowance for loan and lease losses $ 2,350 $ 1,853 Rewards programs 1,348 1,192 Security and loan valuations 869 912 Goodwill and intangibles 294 245 Compensation and employee benefits 276 303 Representation and warranty reserve 234 226 Net operating loss and tax credit carryforwards 188 176 Unearned income 186 143 Net unrealized losses on derivatives 35 0 Other assets 270 329 Subtotal 6,050 5,379 Valuation allowance (179 ) (166 ) Total deferred tax assets 5,871 5,213 Deferred tax liabilities: Original issue discount 1,012 940 Fixed assets and leases 221 242 Net unrealized gains on derivatives 0 46 Other liabilities 328 323 Total deferred tax liabilities 1,561 1,551 Net deferred tax assets $ 4,310 $ 3,662 As of December 31, 2016 , we have federal net operating loss carryforwards and losses of $19 million attributable to prior acquisitions that expire from 2018 to 2036. Under IRS rules, the Company’s ability to utilize these losses against future income is limited. We have state operating loss carryforwards with a net tax value of $182 million that expire from 2017 to 2036. The valuation allowance increased by $13 million to $179 million as of December 31, 2016 in order to adjust the tax benefit of certain state deferred tax assets and net operating loss carryforwards to the amount we have determined is more likely than not to be realized. We recognize accrued interest and penalties related to income taxes as a component of income tax expense. We recognized a $5 million benefit for net interest and penalties for 2016 and a $3 million benefit for both 2015 and 2014 . The following table presents the accrued balance of tax, interest and penalties related to unrecognized tax benefits: Table 16.5 : Reconciliation of the Change in Unrecognized Tax Benefits (Dollars in millions) Gross Accrued Gross Tax, Balance as of January 1, 2014 $ 114 $ 39 $ 153 Additions for tax positions related to prior years 9 2 11 Reductions for tax positions related to prior years due to IRS and other settlements (16 ) (5 ) (21 ) Balance as of December 31, 2014 $ 107 $ 36 $ 143 Additions for tax positions related to prior years 38 8 46 Reductions for tax positions related to prior years due to IRS and other settlements (15 ) (11 ) (26 ) Balance as of December 31, 2015 $ 130 $ 33 $ 163 Additions for tax positions related to prior years 0 6 6 Reductions for tax positions related to prior years due to IRS and other settlements (45 ) (15 ) (60 ) Balance as of December 31, 2016 $ 85 $ 24 $ 109 Portion of balance at December 31, 2016 that, if recognized, would impact the effective income tax rate $ 55 $ 16 $ 71 We are subject to examination by the IRS and other tax authorities in certain countries and states in which we operate. The tax years subject to examination vary by jurisdiction. During 2016, the IRS completed its examination of the Company’s federal income tax returns for the tax years 2012 and 2013. The Company entered into the IRS Compliance Assurance Process (“CAP”) for the Company’s 2014 federal income tax return. The Company’s 2015 and 2016 tax years were under CAP examination in 2016. For the 2015 tax year, the CAP examination process was substantially completed in 2016 prior to the filing of the Company’s 2015 federal income tax return. A single issue remains under examination for both 2014 and 2015, which the Company does not anticipate will impact its unrecognized tax benefits. The Company continued in the CAP examination process for the 2016 tax year during 2016, with a similar expectation that the IRS examination will be substantially completed prior to the filing of its 2016 federal income tax return in 2017. The Company has also been accepted into CAP for 2017. It is reasonably possible that further adjustments to the Company’s unrecognized tax benefits may be made within twelve months of the reporting date as a result of the above-referenced pending matters. At this time, an estimate of the potential change to the amount of unrecognized tax benefits cannot be made. As of December 31, 2016 , U.S. income taxes and foreign withholding taxes have not been provided on approximately $1.3 billion of unremitted earnings of subsidiaries operating outside the U.S., in accordance with the guidance for accounting for income taxes in special areas. These earnings are considered by management to be invested indefinitely. Upon repatriation of these earnings, we could be subject to both U.S. income taxes (subject to possible adjustment for foreign tax credits) and withholding taxes payable to various foreign countries. Determination of the amount of unrecognized deferred U.S. income tax liability and foreign withholding tax on these unremitted earnings is not practicable at this time because such liability is dependent upon circumstances existing if and when remittance occurs. As of December 31, 2016 , U.S. income taxes of approximately $107 million have not been provided for approximately $287 million of previously acquired thrift bad debt reserves created for tax purposes as of December 31, 1987. These amounts, acquired as a result of the acquisitions of North Fork Bancorporation, Inc. (“North Fork”) and Chevy Chase Bank, F.S.B. (“CCB”), are subject to recapture in the unlikely event that CONA, as successor to North Fork and CCB, makes distributions in excess of earnings and profits, redeems its stock, or liquidates. |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | NOTE 17—FAIR VALUE MEASUREMENT Fair value, also referred to as an exit price, is defined as the price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The fair value accounting guidance provides a three-level fair value hierarchy for classifying financial instruments. This hierarchy is based on the markets in which the assets or liabilities trade and whether the inputs to the valuation techniques used to measure fair value are observable or unobservable. The fair value measurement of a financial asset or liability is assigned a level based on the lowest level of any input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are described below: Level 1: Valuation is based on quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Valuation is based on observable market-based inputs, other than quoted prices in active markets for identical assets or liabilities, quoted prices in markets that are not active, or models using inputs that are observable or can be corroborated by observable market data of substantially the full term of the assets or liabilities. Level 3: Valuation is generated from techniques that use significant assumptions not observable in the market. Valuation techniques include pricing models, discounted cash flow methodologies or similar techniques. The accounting guidance for fair value measurements requires that we maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The accounting guidance provides for the irrevocable option to elect, on a contract-by-contract basis, to measure certain financial assets and liabilities at fair value at inception of the contract and record any subsequent changes in fair value in earnings. We have not made any material fair value option elections as of or for the periods disclosed herein. Fair Value Governance and Control We have a governance framework and a number of key controls that are intended to ensure that our fair value measurements are appropriate and reliable. Our governance framework provides for independent oversight and segregation of duties. Our control processes include review and approval of new transaction types, price verification and review of valuation judgments, methods, models, process controls and results. Groups independent of our trading and investing functions participate in the review and validation process. Tasks performed by these groups include periodic verification of fair value measurements to determine if assigned fair values are reasonable, including comparing prices from third-party pricing services to other available market information. Our Fair Value Committee (“FVC”), which includes representation from business areas, Risk Management and Finance divisions, provides guidance and oversight to ensure an appropriate valuation control environment. The FVC regularly reviews and approves our fair valuations to ensure that our valuation practices are consistent with industry standards and adhere to regulatory and accounting guidance. We have a model policy, established by an independent Model Risk Office, which governs the validation of models and related supporting documentation to ensure the appropriate use of models for pricing and fair value measurements. The Model Risk Office validates all models and provides ongoing monitoring of their performance. The fair valuation governance process is set up in a manner that allows the Chairperson of the FVC to escalate valuation disputes that cannot be resolved by the FVC to a more senior committee called the Valuations Advisory Committee (“VAC”) for resolution. The VAC is chaired by the Chief Financial Officer and includes other members of senior management. The VAC is only required to convene to review escalated valuation disputes. Financial Assets and Liabilities The following describes the valuation techniques used in estimating the fair value of our financial assets and liabilities recorded at fair value on a recurring basis or nonrecurring basis, and for financial instruments not recorded at fair value. We applied the fair value provisions to the financial instruments not recognized on the consolidated balance sheets at fair value. The provisions requiring us to maximize the use of observable inputs and to measure fair value using a notion of exit price were factored into our selection of inputs for our established valuation techniques. Investment Securities Quoted prices in active markets are used to measure the fair value of U.S. Treasury securities. For the majority of securities in other investment categories, we utilize multiple third-party pricing services to obtain fair value measurements. A pricing service may be considered as the primary pricing provider for certain securities and the designation of the primary pricing provider may vary depending on how closely aligned its prices are to other vendor prices, and how consistent the prices are with other available market information. The determination of the primary pricing provider is based on our experience and validation benchmark of the pricing service’s performance in terms of providing fair value measurements for the various types of securities. RMBS and CMBS securities are generally classified as Level 2 or 3. When significant assumptions are not consistently observable, fair values are derived using the best available data. Such data may include quotes provided by dealers, valuation from external pricing services, independent pricing models, or other model-based valuation techniques, for example, calculation of the present values of future cash flows incorporating assumptions such as benchmark yields, spreads, prepayment speeds, credit ratings and losses. Generally, the pricing services utilize observable market data to the extent available. Pricing models may be used, which can vary by asset class and may also incorporate available trade, bid and other market information. Across asset classes, information such as trader/dealer inputs, credit spreads, forward curves and prepayment speeds are used to help determine appropriate valuations. Because many fixed income securities do not trade on a daily basis, the pricing models may apply available information through processes such as benchmarking curves, grouping securities based on their characteristics and using matrix pricing to prepare valuations. In addition, model processes are used by the pricing services to develop prepayment assumptions. We validate the pricing obtained from the primary pricing providers through comparison of pricing to additional sources, including other pricing services, dealer pricing indications in transaction results and other internal sources. Pricing variances among different pricing sources are analyzed. Additionally, on an on-going basis, we request more detailed information from the valuation vendors to understand the pricing methodology and assumptions used to value the securities. Derivative Assets and Liabilities We use both exchange-traded and OTC derivatives to manage our interest rate and foreign currency risk exposures. When quoted market prices are available and used to value our exchange-traded derivatives, we classify them as Level 1. However, predominantly all of our derivatives do not have readily available quoted market prices. Therefore, we value most of our derivatives using vendor-based valuation techniques. We primarily rely on market observable inputs for our models, such as interest rate yield curves, credit curves, option volatility and currency rates. These inputs can vary depending on the type of derivatives and nature of the underlying rate, price or index upon which the derivative’s value is based. We typically classify derivatives as Level 2 when significant inputs can be observed in a liquid market and the model itself does not require significant judgment. When instruments are traded in less liquid markets and significant inputs are unobservable, such as interest rate swaps whose remaining terms do not correlate with market observable interest rate yield curves, such derivatives are classified as Level 3. The impact of counterparty non-performance risk is considered when measuring the fair value of derivative assets. Official internal pricing is compared against additional pricing sources such as external valuation agents and other internal sources. Pricing variances among different pricing sources are analyzed and validated. These derivatives are included in other assets or other liabilities on the consolidated balance sheets. Mortgage Servicing Rights We record consumer MSRs at fair value on a recurring basis.We determine the fair value of MSRs using a valuation model that calculates the present value of estimated future net servicing income. The model incorporates assumptions that we believe other market participants use in estimating future net servicing income, including estimates of prepayment speeds, discount rate, option-adjusted spreads, cost to service, contractual servicing fee income, ancillary income and late fees. Fair value measurements of MSRs use significant unobservable inputs and, accordingly, are classified as Level 3. In the event we enter into an agreement with a third party to sell the MSRs, the valuation is based on the agreed upon sale price which is considered to be the exit price and such MSRs are classified as Level 2. Retained Interests in Securitizations We have retained interests in various mortgage securitizations from previous acquisitions. Our retained interests primarily include amounts previously funded under letters of credit to cover losses on certain manufactured housing securitizations, interest-only bonds issued by a trust and negative amortization bonds. We record these retained interests at fair value using market indications and valuation models to calculate the present value of future cash flows. The models incorporate various assumptions that market participants use in estimating future cash flows including constant prepayment rate, discount rate, default rate and loss severity. Due to the use of significant unobservable inputs, retained interests in securitizations are classified as Level 3 under the fair value hierarchy. Deferred Compensation Plan Assets We offer a voluntary non-qualified deferred compensation plan to eligible associates. In addition to participant deferrals, we make contributions to the plan. Participants invest these contributions in a variety of publicly traded mutual funds. The plan assets, which consist of publicly traded mutual funds, are classified as Level 1. Other Assets Other assets subject to nonrecurring fair value measurements include foreclosed property, other repossessed assets and long-lived assets held for sale. Foreclosed property, other repossessed assets and long-lived assets held for sale are carried at the lower of the carrying amount or fair value less costs to sell. The fair value is determined based on the appraisal value, listing price of the property or collateral provided by independent appraisers, and is adjusted for the estimated costs to sell. Due to the use of significant unobservable inputs, these assets are classified as Level 3 under the fair value hierarchy. Fair value adjustments for these assets are recorded in other non-interest expense in the consolidated statements of income. Cash and Cash Equivalents Cash and cash equivalents consist of cash and due from banks, interest bearing deposits and other short-term investments. Cash and due from banks are generally classified as Level 1. Interest bearing deposits and other short-term investments are generally classified as Level 2, as their fair value approximates carrying value. Restricted Cash for Securitization Investors Restricted cash for securitization investors are classified as Level 1. Net Loans Held For Investment Loans held for investment that are individually impaired are carried at the lower of cost or fair value of the underlying collateral, less the estimated cost to sell. The fair values of credit card loans, auto loans, home loans and commercial loans are estimated using a discounted cash flow method, which is a form of the income approach. Discount rates are determined considering rates at which similar portfolios of loans would be made under current conditions and considering liquidity spreads applicable to each loan portfolio based on the secondary market. The fair value of credit card loans excludes any value related to customer account relationships. For loans held for investment that are recorded at fair value on our consolidated balance sheets and measured on a nonrecurring basis, the fair value is determined using appraisal values that are obtained from independent appraisers, broker pricing opinions or other available market information, adjusted for the estimated cost to sell. Due to the use of significant unobservable inputs, loans held for investment are classified as Level 3 under the fair value hierarchy. Fair value adjustments for individually impaired collateralized loans held for investment are recorded in provision for credit losses in the consolidated statements of income. Loans Held For Sale Loans held for sale are carried at the lower of aggregate cost, net of deferred fees and deferred origination costs, or fair value. We originate loans with the intent to sell them. Certain commercial mortgage loans are sold to government-sponsored enterprises as part of a delegated underwriting and servicing (“DUS”) program. For DUS commercial mortgage loans, the fair value is estimated primarily using contractual prices and other market observable inputs. For residential mortgage loans classified as held for sale, the fair value is estimated using observable market prices for loans with similar characteristics as the primary component, with the secondary component derived from typical securitization activities and market conditions. Credit card loans held for sale are valued based on other market observable inputs. These assets are therefore classified as Level 2. Fair value adjustments to loans held for sale are recorded in other non-interest income in our consolidated statements of income. Interest Receivable Interest receivable is classified as Level 2, as its fair value estimate uses only observable market inputs. Other Investments Other investments include FHLB and Federal Reserve stock and cost method investments. These investments are classified as Level 2 when their fair value estimates use observable market inputs and as Level 3 if any significant unobservable inputs are employed in determining the fair value. Deposits Non-interest bearing deposits are classified as Level 1. Interest-bearing deposits with no stated maturities are classified as Level 2, as the fair value is equal to the amount payable on demand at the reporting date. Interest-bearing deposits with stated maturities are also classified as Level 2, as the fair value is estimated utilizing a discounted cash flow analysis using market observable inputs such as current interest rates. Securitized Debt Obligations We utilize multiple third-party pricing services to obtain fair value measurements for the majority of our securitized debt obligations. The pricing services use pricing models that incorporate market observable data to the extent available, such as trade, bid and other market information. We use internal pricing models such as discounted cash flow models or similar techniques to estimate the fair value of certain securitization trusts where third-party pricing is not available. Securitized debt obligations are generally classified as Level 2. Senior and Subordinated Notes We also engage multiple third-party pricing services to estimate the fair value of senior and subordinated notes. The pricing services utilize pricing models that incorporate available trade, bid and other market information. The spread assumptions and relevant credit information are also incorporated into the pricing models. Senior and subordinated notes are generally classified as Level 2. Federal Funds Purchased and Securities Loaned or Sold under Agreements to Repurchase The federal funds purchased and securities loaned or sold under agreements to repurchase are mainly overnight secured lending transactions. They are classified as Level 2 since their fair value estimates use observable market inputs. Other Borrowings Other borrowings primarily consist of FHLB advances. The fair value of FHLB advances is determined based on discounted expected cash flows using discount rates consistent with current market rates for FHLB advances with similar remaining terms. They are classified as Level 2. Interest Payable Interest payable is classified as Level 2, as its fair value estimate is based on observable market inputs. The determination of the leveling of financial instruments in the fair value hierarchy is performed at the end of each reporting period. We consider all available information, including observable market data, indications of market liquidity and orderliness, and our understanding of the valuation techniques and significant inputs. Based upon the specific facts and circumstances of each instrument or instrument category, judgments are made regarding the significance of the observable or unobservable inputs to the instruments’ fair value measurement in its entirety. If unobservable inputs are considered significant, the instrument is classified as Level 3. The process for determining fair value using unobservable inputs is generally more subjective and involves a high degree of management judgment and assumptions. During 2016 , we had minimal movements between Levels 1 and 2. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table displays our assets and liabilities measured on our consolidated balance sheets at fair value on a recurring basis as of December 31, 2016 and 2015 : Table 17.1 : Assets and Liabilities Measured at Fair Value on a Recurring Basis December 31, 2016 Fair Value Measurements Using (Dollars in millions) Level 1 Level 2 Level 3 Total Assets: Securities available for sale: U.S. Treasury securities $ 5,065 $ 0 $ 0 $ 5,065 RMBS 0 28,731 518 29,249 CMBS 0 4,937 51 4,988 Other ABS 0 714 0 714 Other securities 295 417 9 721 Total securities available for sale 5,360 34,799 578 40,737 Other assets: Derivative assets (1)(2) 7 1,440 47 1,494 Other (3) 219 0 281 500 Total assets $ 5,586 $ 36,239 $ 906 $ 42,731 Liabilities: Other liabilities: Derivative liabilities (1)(2) $ 12 $ 1,397 $ 29 $ 1,438 Total liabilities $ 12 $ 1,397 $ 29 $ 1,438 December 31, 2015 Fair Value Measurements Using (Dollars in millions) Level 1 Level 2 Level 3 Total Assets: Securities available for sale: U.S. Treasury securities $ 4,660 $ 0 $ 0 $ 4,660 RMBS 0 26,807 504 27,311 CMBS 0 5,282 97 5,379 Other ABS 0 1,340 0 1,340 Other securities 355 2 14 371 Total securities available for sale 5,015 33,431 615 39,061 Other assets: Derivative assets (1)(2) 2 1,459 57 1,518 Other (3) 183 0 279 462 Total assets $ 5,200 $ 34,890 $ 951 $ 41,041 Liabilities: Other liabilities: Derivative liabilities (1)(2) $ 2 $ 491 $ 27 $ 520 Total liabilities $ 2 $ 491 $ 27 $ 520 __________ (1) The balances represent gross derivative amounts and are not reduced by the impact of legally enforceable master netting agreements that allow us to net positive and negative positions and the related payables and receivables for cash collateral held or placed with the same counterparty. The net derivative assets were $955 million and $986 million , and the net derivative liabilities were $1.1 billion and $377 million as of December 31, 2016 and 2015 , respectively. See “ Note 10—Derivative Instruments and Hedging Activities ” for further information, including further disaggregation of the balance composition. (2) Does not reflect $5 million and $4 million recognized as a net valuation allowance on derivative assets and liabilities for non-performance risk as of December 31, 2016 and 2015 , respectively. Non-performance risk is included in the derivative assets and liabilities, which are part of other assets and liabilities on the consolidated balance sheets and offset through non-interest income in the consolidated statements of income. (3) Other includes consumer MSRs of $80 million and $68 million , retained interests in securitizations of $201 million and $211 million and deferred compensation plan assets of $219 million and $183 million as of December 31, 2016 and 2015 , respectively. Level 3 Recurring Fair Value Rollforward The table below presents a reconciliation for all assets and liabilities measured and recognized at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2016 and 2015 . When assets and liabilities are transferred between levels, we recognize the transfer as of the end of the period. Table 17.2 : Level 3 Recurring Fair Value Rollforward Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Year Ended December 31, 2016 Total Gains (Losses) (Realized/Unrealized) Net Unrealized (3) (Dollars in millions) Balance, January 1, 2016 Included in Net Income (1) Included in OCI Purchases Sales Issuances Settlements Transfers Into Level 3 (2) Transfers Out of Level 3 (2) Balance, December 31, 2016 Assets: Securities available for sale: RMBS $ 504 $ 31 $ 9 $ 110 $ 0 $ 0 $ (98 ) $ 380 $ (418 ) $ 518 $ 32 CMBS 97 0 0 266 0 0 (14 ) 64 (362 ) 51 0 Other ABS 0 0 0 30 0 0 0 0 (30 ) 0 0 Other securities 14 (9 ) 0 14 0 0 (10 ) 0 0 9 0 Total securities available for sale 615 22 9 420 0 0 (122 ) 444 (810 ) 578 32 Other assets: Derivative assets (4) 57 12 0 0 0 69 (73 ) 0 (18 ) 47 12 Consumer MSRs 68 (5 ) 0 0 0 23 (6 ) 0 0 80 (5 ) Retained interest in securitizations 211 (10 ) 0 0 0 0 0 0 0 201 (10 ) Liabilities: Other liabilities: Derivative liabilities (4) $ (27 ) $ (17 ) $ 0 $ 0 $ 0 $ (33 ) $ 40 $ 0 $ 8 $ (29 ) $ (17 ) Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Year Ended December 31, 2015 Total Gains (Losses) (Realized/Unrealized) Net Unrealized (3) (Dollars in millions) Balance, January 1, 2015 Included in Net Income (1) Included in OCI Purchases Sales Issuances Settlements Transfers Into Level 3 (2) Transfers Out of Level 3 (2) Balance, Assets: Securities available for sale: Corporate debt securities guaranteed by U.S. government agencies $ 333 $ (1 ) $ 6 $ 0 $ (226 ) $ 0 $ (12 ) $ 0 $ (100 ) $ 0 $ 0 RMBS 561 35 (3 ) 0 0 0 (63 ) 343 (369 ) 504 36 CMBS 228 0 (1 ) 138 0 0 (52 ) 0 (216 ) 97 0 Other ABS 65 1 (2 ) 0 (20 ) 0 0 0 (44 ) 0 0 Other securities 18 0 0 4 0 0 (8 ) 0 0 14 0 Total securities available for sale 1,205 35 0 142 (246 ) 0 (135 ) 343 (729 ) 615 36 Other assets: Derivative assets (4) 66 14 0 0 0 49 (59 ) 0 (13 ) 57 14 Consumer MSRs 53 (1 ) 0 0 0 22 (6 ) 0 0 68 (1 ) Retained interest in securitizations 221 (10 ) 0 0 0 0 0 0 0 211 (10 ) Liabilities: Other liabilities: Derivative liabilities (4) $ (43 ) $ (9 ) $ 0 $ 0 $ 0 $ (20 ) $ 36 $ 0 $ 9 $ (27 ) $ (9 ) Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Year Ended December 31, 2014 Total Gains (Losses) (Realized/Unrealized) Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of December 31, 2014 (3) (Dollars in millions) Balance, January 1, 2014 Included in Net Income (1) Included in OCI Purchases Sales Issuances Settlements Transfers Into Level 3 (2) Transfers Out of Level 3 (2) Balance, December 31, 2014 Assets: Securities available for sale: Corporate debt securities guaranteed by U.S. government agencies $ 927 $ (5 ) $ 20 $ 0 $ (248 ) $ 0 $ (63 ) $ 64 $ (362 ) $ 333 $ 0 RMBS 1,304 65 39 1,022 0 0 (171 ) 259 (1,957 ) 561 64 CMBS 739 0 3 192 0 0 (75 ) 66 (697 ) 228 0 Other ABS 343 5 12 0 0 0 (3 ) 75 (367 ) 65 5 Other securities 17 (1 ) 0 0 0 0 (8 ) 10 0 18 0 Total securities available for sale 3,330 64 74 1,214 (248 ) 0 (320 ) 474 (3,383 ) 1,205 69 Other assets: Derivative assets (4) 50 20 0 0 0 20 (21 ) 0 (3 ) 66 19 Consumer MSRs 69 (27 ) 0 0 0 15 (4 ) 0 0 53 (27 ) Retained interest in securitization 199 22 0 0 0 0 0 0 0 221 22 Liabilities: Other liabilities: Derivative liabilities (4) $ (38 ) $ (20 ) $ 0 $ 0 $ 0 $ (15 ) $ 29 $ 0 $ 1 $ (43 ) $ (20 ) __________ (1) Gains (losses) related to Level 3 Consumer MSRs, derivative assets and derivative liabilities, and retained interests in securitizations are reported in other non-interest income, which is a component of non-interest income, in our consolidated statements of income. (2) For the years ended December 31, 2016 , 2015 and 2014 , the transfers into Level 3 were primarily driven by less consistency among vendor pricing on individual securities, while the transfers out of Level 3 were primarily driven by greater consistency among multiple pricing sources. (3) The amount presented for unrealized gains (losses) for assets still held as of the reporting date primarily represents impairments of securities available for sale, accretion on certain fixed maturity securities, changes in fair value of derivative instruments and mortgage servicing rights transactions. (4) All Level 3 derivative assets and liabilities are presented on a gross basis and are not reduced by the impact of legally enforceable master netting agreements that allow us to net positive and negative positions and the related payables and receivables for cash collateral held or placed with the same counterparty. Significant Level 3 Fair Value Asset and Liability Input Sensitivity Changes in unobservable inputs may have a significant impact on fair value. Certain of these unobservable inputs will, in isolation, have a directionally consistent impact on the fair value of the instrument for a given change in that input. Alternatively, the fair value of the instrument may move in an opposite direction for a given change in another input. In general, an increase in the discount rate, default rates, loss severity and credit spreads, in isolation, would result in a decrease in the fair value measurement. In addition, an increase in default rates would generally be accompanied by a decrease in recovery rates, slower prepayment rates and an increase in liquidity spreads. Techniques and Inputs for Level 3 Fair Value Measurements The following table presents the significant unobservable inputs used to determine the fair values of our Level 3 financial instruments on a recurring basis. We utilize multiple third-party pricing services to obtain fair value for our securities. Several of our third-party pricing services are only able to provide unobservable input information for a limited number of securities due to software licensing restrictions. Other third-party pricing services are able to provide unobservable input information for all securities for which they provide a valuation. As a result, the unobservable input information for the securities available for sale presented below represents a composite summary of all information we are able to obtain. The unobservable input information for all other Level 3 financial instruments is based on the assumptions used in our internal valuation models. Table 17.3 : Quantitative Information about Level 3 Fair Value Measurements Quantitative Information about Level 3 Fair Value Measurements (Dollars in millions) Fair Value at December 31, Significant Valuation Techniques Significant Unobservable Inputs Range Weighted Average Assets: Securities available for sale: RMBS $ 518 Discounted cash flows (3rd party pricing) Yield 0-15% 5% CMBS 51 Discounted cash flows (3rd party pricing) Yield 2% 2% Other securities 9 Discounted cash flows Yield 1-2% 1% Other assets: Derivative assets (1) 47 Discounted cash flows Swap rates 2% 2% Consumer MSRs 80 Discounted cash flows Total prepayment rate 8-20% 15% Retained interests in securitization (2) 201 Discounted cash flows Life of receivables (months) 6-87 N/A Liabilities: Derivative liabilities (1) $ 29 Discounted cash flows Swap rates 2% 2% Quantitative Information about Level 3 Fair Value Measurements (Dollars in millions) Fair Value at December 31, 2015 Significant Valuation Techniques Significant Unobservable Inputs Range Weighted Average Assets: Securities available for sale: RMBS $ 504 Discounted cash flows (3rd party pricing) Yield 0-12% 6% CMBS 97 Discounted cash flows (3rd party pricing) Yield 2-3% 3% Other securities 14 Discounted cash flows Yield 1% 1% Other assets: Derivative assets (1) 57 Discounted cash flows Swap rates 2% 2% Consumer MSRs 68 Discounted cash flows Total prepayment rate 11-18% 16% Retained interests in securitization (2) 211 Discounted cash flows Life of receivables (months) Constant prepayment rate 16-75 N/A Liabilities: Derivative liabilities (1) $ 27 Discounted cash flows Swap rates 2% 2% __________ (1) All Level 3 derivative assets and liabilities are presented on a gross basis and are not reduced by the impact of legally enforceable master netting agreements that allow us to net positive and negative positions and the related payables and receivables for cash collateral held or placed with the same counterparty. (2) Due to the nature of the various mortgage securitization structures in which we have retained interests, it is not meaningful to present a consolidated weighted average for the significant unobservable inputs. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis We are required to measure and recognize certain assets at fair value on a nonrecurring basis on the consolidated balance sheets. These assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, from the application of lower of cost or fair value accounting or when we evaluate for impairment). The following table presents the carrying amount of the assets measured at fair value on a nonrecurring basis and still held as of December 31, 2016 and 2015 , and for which a nonrecurring fair value measurement was recorded during the years then ended: Table 17.4 : Nonrecurring Fair Value Measurements Related to Assets Still Held at Period End December 31, 2016 Estimated Fair Value Hierarchy Total (Dollars in millions) Level 2 Level 3 Loans held for investment $ 0 $ 587 $ 587 Loans held for sale 157 0 157 Other assets (1) 0 83 83 Total $ 157 $ 670 $ 827 December 31, 2015 Estimated Fair Value Hierarchy Total (Dollars in millions) Level 2 Level 3 Loans held for investment $ 0 $ 362 $ 362 Loans held for sale 149 0 149 Other assets (1) 0 92 92 Total $ 149 $ 454 $ 603 __________ (1) Other assets includes foreclosed property and repossessed assets of $43 million and long-lived assets held for sale of $40 million as of December 31, 2016 , compared to foreclosed property and repossessed assets of $54 million and long-lived assets held for sale of $38 million as of December 31, 2015 . In the above table, loans held for investment primarily include nonperforming loans for which specific reserves or charge-offs have been recognized. These loans are classified as Level 3, as they are valued based in part on the estimated fair value of the underlying collateral and the non-recoverable rate, which is considered to be a significant unobservable input. Collateral fair value sources include the appraisal value obtained from independent appraisers, broker pricing opinions or other available market information. The non-recoverable rate ranged from 0% to 73% , with a weighted average of 16% , and from 9% to 73% , with a weighted average of 20% , as of December 31, 2016 and 2015 , respectively. The fair value of the other assets classified as Level 3 is determined based on appraisal value or listing price which involves significant judgment; the significant unobservable inputs and related quantitative information are not meaningful to disclose as they vary significantly across properties and collateral. The following table presents total nonrecurring fair value measurements for the period, included in earnings, attributable to the change in fair value relating to assets that are still held at December 31, 2016 , 2015 and 2014 : Table 17.5 : Nonrecurring Fair Value Measurements Included in Earnings Related to Assets Still Held at Period End Total Gains (Losses) Year Ended December 31, (Dollars in millions) 2016 2015 2014 Loans held for investment $ (230 ) $ (80 ) $ (24 ) Loans held for sale (2 ) (1 ) 0 Other assets (1) (19 ) (45 ) (12 ) Total $ (251 ) $ (126 ) $ (36 ) __________ (1) Other |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Business Segments | NOTE 18—BUSINESS SEGMENTS Our principal operations are currently organized into three major business segments, which are defined based on the products and services provided or the type of customer served: Credit Card, Consumer Banking and Commercial Banking. The operations of acquired businesses have been integrated into our existing business segments. Certain activities that are not part of a segment, such as management of our corporate investment portfolio and asset/liability management by our centralized Corporate Treasury group, are included in the Other category. • Credit Card: Consists of our domestic consumer and small business card lending, and the international card lending businesses in Canada and the United Kingdom. • Consumer Banking: Consists of our branch-based lending and deposit gathering activities for consumers and small businesses, national deposit gathering, national auto lending and consumer home loan lending and servicing activities. • Commercial Banking: Consists of our lending, deposit gathering and treasury management services to commercial real estate and commercial and industrial customers. Our commercial and industrial customers typically include companies with annual revenues between $10 million to $1 billion . • Other category: Includes the residual impact of the allocation of our centralized Corporate Treasury group activities, such as management of our corporate investment portfolio and asset/liability management, to our business segments. Accordingly, net gains and losses on our investment securities portfolio and certain trading activities are included in the Other category. Other category also includes foreign exchange-rate fluctuations on foreign currency-denominated transactions; unallocated corporate expenses that do not directly support the operations of the business segments or for which the business segments are not considered financially accountable in evaluating their performance, such as acquisition and restructuring charges; certain provisions for representation and warranty reserves related to continuing operations; certain material items that are non-recurring in nature; and offsets related to certain line-item reclassifications. Basis of Presentation We report the results of each of our business segments on a continuing operations basis. See “ Note 2—Discontinued Operations ” for a discussion of our discontinued operations. The results of our individual businesses reflect the manner in which management evaluates performance and makes decisions about funding our operations and allocating resources. Business Segment Reporting Methodology The results of our business segments are intended to present each segment as if it were a stand-alone business. Our internal management and reporting process used to derive our segment results employs various allocation methodologies, including funds transfer pricing, to assign certain balance sheet assets, deposits and other liabilities and their related revenue and expenses directly or indirectly attributable to each business segment. Our funds transfer pricing process provides a funds credit for sources of funds, such as deposits generated by our Consumer Banking and Commercial Banking businesses, and a funds charge for the use of funds by each segment. Due to the integrated nature of our business segments, estimates and judgments have been made in allocating certain revenue and expense items. Transactions between segments are based on specific criteria or approximate third-party rates. We regularly assess the assumptions, methodologies and reporting classifications used for segment reporting, which may result in the implementation of refinements or changes in future periods. The following is additional information on the principles and methodologies used in preparing our business segment results. • Net interest income: Interest income from loans held for investment and interest expense from deposits and other interest-bearing liabilities are reflected within each applicable business segment. Because funding and asset/liability management are managed centrally by our Corporate Treasury Group, net interest income for our business segments also includes the results of a funds transfer pricing process that is intended 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. The taxable-equivalent benefit of tax-exempt products is also allocated to each business unit with a corresponding increase in income tax expense. • Non-interest income: Non-interest fees and other revenue associated with loans or customers managed by each business segment and other direct revenues are accounted for within each business segment. • Provision for credit losses: The provision for credit losses is directly attributable to the business segment in which the loans are managed. • Non-interest expense: Non-interest expenses directly managed and incurred by a business segment are accounted for within each business segment. We allocate certain non-interest expenses indirectly incurred by business segments, such as corporate support functions, to each business segment based on various factors, including the actual cost of the services from the service providers, the utilization of the services, the number of employees or other relevant factors. • Goodwill and intangible assets: Goodwill and intangible assets that are not directly attributable to business segments are assigned to business segments based on the relative fair value of each segment. Intangible amortization is included in the results of the applicable segment. • Income taxes: Income taxes are assessed for each business segment based on a standard tax rate with the residual tax expense or benefit to arrive at the consolidated effective tax rate included in the Other category. • Loans held for investment: Loans are reported within each business segment based on product or customer type. • Deposits: Deposits are reported within each business segment based on product or customer type. Segment Results and Reconciliation We may periodically change our business segments or reclassify business segment results based on modifications to our management reporting methodologies and changes in organizational alignment. The following tables present our business segment results for the years ended December 31, 2016, 2015 and 2014 , selected balance sheet data as of December 31, 2016 , 2015 and 2014 , and a reconciliation of our total business segment results to our reported consolidated income from continuing operations, loans held for investment and deposits. Table 18.1 : Segment Results and Reconciliation Year Ended December 31, 2016 (Dollars in millions) Credit Consumer Commercial (1) Other (1) Consolidated Net interest income $ 12,635 $ 5,829 $ 2,216 $ 193 $ 20,873 Non-interest income 3,380 733 578 (63 ) 4,628 Total net revenue 16,015 6,562 2,794 130 25,501 Provision (benefit) for credit losses 4,926 1,055 483 (5 ) 6,459 Non-interest expense 7,703 4,139 1,407 309 13,558 Income (loss) from continuing operations before income taxes 3,386 1,368 904 (174 ) 5,484 Income tax provision (benefit) 1,226 498 329 (339 ) 1,714 Income from continuing operations, net of tax $ 2,160 $ 870 $ 575 $ 165 $ 3,770 Loans held for investment $ 105,552 $ 73,054 $ 66,916 $ 64 $ 245,586 Deposits 0 181,917 33,866 20,985 236,768 Year Ended December 31, 2015 (Dollars in millions) Credit Consumer Commercial (1) Other (1) Consolidated Net interest income $ 11,161 $ 5,755 $ 1,865 $ 53 $ 18,834 Non-interest income 3,421 710 487 (39 ) 4,579 Total net revenue 14,582 6,465 2,352 14 23,413 Provision (benefit) for credit losses 3,417 819 302 (2 ) 4,536 Non-interest expense 7,502 4,026 1,156 312 12,996 Income (loss) from continuing operations before income taxes 3,663 1,620 894 (296 ) 5,881 Income tax provision (benefit) 1,309 586 324 (350 ) 1,869 Income from continuing operations, net of tax $ 2,354 $ 1,034 $ 570 $ 54 $ 4,012 Loans held for investment $ 96,125 $ 70,372 $ 63,266 $ 88 $ 229,851 Deposits 0 172,702 34,257 10,762 217,721 Year Ended December 31, 2014 (Dollars in millions) Credit Consumer Commercial (1) Other (1) Consolidated Net interest income $ 10,310 $ 5,748 $ 1,751 $ 9 $ 17,818 Non-interest income 3,311 684 450 27 4,472 Total net revenue 13,621 6,432 2,201 36 22,290 Provision (benefit) for credit losses 2,750 703 93 (5 ) 3,541 Non-interest expense 7,063 3,869 1,083 165 12,180 Income (loss) from continuing operations before income taxes 3,808 1,860 1,025 (124 ) 6,569 Income tax provision (benefit) 1,329 665 366 (214 ) 2,146 Income from continuing operations, net of tax $ 2,479 $ 1,195 $ 659 $ 90 $ 4,423 Loans held for investment $ 85,876 $ 71,439 $ 50,890 $ 111 $ 208,316 Deposits 0 168,078 31,954 5,516 205,548 __________ (1) Some of our tax-related commercial investments generate tax-exempt income or tax credits. Accordingly, we make certain reclassifications within our Commercial Banking business results to present revenues and yields on a taxable-equivalent basis, calculated assuming an effective tax rate approximately equal to our federal statutory tax rate of 35% with offsetting reclassifications to the Other category. |
Commitments, Contingencies, Gua
Commitments, Contingencies, Guarantees, and Others | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies, Guarantees, and Others | NOTE 19—COMMITMENTS, CONTINGENCIES, GUARANTEES AND OTHERS Commitments to Lend Our unfunded lending commitments primarily consist of credit card lines, loan commitments to customers of both our Commercial Banking and Consumer Banking businesses, as well as standby and commercial letters of credit. These commitments, other than credit card lines, are legally binding conditional agreements that have fixed expirations or termination dates and specified interest rates and purposes. The contractual amount of these commitments represents the maximum possible credit risk to us should the counterparty draw upon the commitment. We generally manage the potential risk of unfunded lending commitments by limiting the total amount of arrangements, monitoring the size and maturity structure of these portfolios and applying the same credit standards for all of our credit activities. For unused credit card lines, we have not experienced and do not anticipate that all of our customers will access their entire available line at any given point in time. Commitments to extend credit other than credit card lines generally require customers to maintain certain credit standards. Collateral requirements and loan-to-value (“LTV”) ratios are the same as those for funded transactions and are established based on management's credit assessment of the customer. These commitments may expire without being drawn upon; therefore, the total commitment amount does not necessarily represent future funding requirements. We also issue letters of credit, such as financial standby, performance standby and commercial letters of credit, to meet the financing needs of our customers. Standby letters of credit are conditional commitments issued by us to guarantee the performance of a customer to a third party in a borrowing arrangement. Commercial letters of credit are short-term commitments issued primarily to facilitate trade finance activities for customers and are generally collateralized by the goods being shipped to the client. These collateral requirements are similar to those for funded transactions and are established based on management’s credit assessment of the customer. Management conducts regular reviews of all outstanding letters of credit and the results of these reviews are considered in assessing the adequacy of our allowance for loan and lease losses. The following table presents contractual amount and carrying value of our unfunded lending commitments as of December 31, 2016 and 2015. The carrying value represents our reserve and deferred revenue on legally binding commitments. Table 19.1 : Unfunded Lending Commitments: Contractual Amount and Carrying Value Contractual Amount Carrying Value (Dollars in millions) December 31, December 31, December 31, December 31, Standby letter of credit and commercial letter of credit (1) $ 1,936 $ 1,874 $ 42 $ 37 Credit card lines 312,864 308,257 N/A N/A Other loan commitments (2) 28,402 27,883 98 134 Total unfunded lending commitments $ 343,202 $ 338,014 $ 140 $ 171 __________ (1) These financial guarantees had expiration dates ranging from 2017 to 2025 as of December 31, 2016. (2) Includes $699 million and $1.0 billion of advised lines of credit as of December 31, 2016 and December 31, 2015, respectively. Loss Sharing Agreements and Other Obligations Within our Commercial Banking business, we originate multifamily commercial real estate loans with the intent to sell them to the GSEs. We enter into loss sharing agreements with the GSEs upon the sale of the loans. At inception, we record a liability representing the fair value of our obligation which is subsequently amortized as we are released from risk of payment under the loss sharing agreement. If payment under the loss sharing agreement becomes probable and estimable, an additional liability may be recorded on the consolidated balance sheets and a non-interest expense may be recognized in the consolidated statements of income. The amount of liability recognized on our consolidated balance sheets for our loss sharing agreements was $48 million and $40 million as of December 31, 2016 and December 31, 2015 , respectively. In certain securitizations in connection with the discontinued manufactured housing operations of GreenPoint Credit, LLC, the third party servicer has an obligation to exercise mandatory clean-up calls. In the event the third party servicer does not fulfill its obligation to exercise these clean-up calls, the obligation reverts to us. The amount of loan receivables and other assets subject to these clean-up calls is approximately $420 million . Based on our current projections, we expect these securitizations to reach their individual clean-up call thresholds beginning in 2017 and continuing through 2019. According to current information and estimates, we also expect the fair value of the loan receivables and other assets to be less than the contractual amount required to exercise the clean-up calls. We monitor the underlying assets for trends in delinquencies and related losses and review the third party servicer’s financial strength. As of December 31, 2016, our best estimate is that any reasonably possible future losses associated with these clean-up call obligations are not significant to the Company’s financial position. U.K. Cross Sell In the U.K., we previously sold payment protection insurance (“PPI”) and other ancillary cross sell products. In response to an elevated level of customer complaints across the industry, heightened media coverage and pressure from consumer advocacy groups, the U.K. Financial Conduct Authority (“FCA”), formerly the Financial Services Authority, investigated and raised concerns about the way the industry has handled complaints related to the sale of these insurance policies. For the past several years, the U.K.’s Financial Ombudsman Service (“FOS”) has been adjudicating customer complaints relating to PPI, escalated to it by consumers who disagree with the rejection of their complaint by firms, leading to customer remediation payments by us and others within the industry. On October 2, 2015, the FCA issued a Statement on PPI (“FCA Proposal”) announcing it has decided to consult on the introduction of a time bar for PPI complaints and on new rules and guidance about how banks should handle unfair relationship PPI complaints covered by s.140A of the Consumer Credit Act of 1974 (“Consumer Credit Act”). Following feedback on the FCA Proposal, the FCA issued a further Consultation Paper on August 2, 2016, suggesting some amendments to its proposed rules on how banks should handle unfair relationship PPI complaints and indicating an expectation that the complaint deadline will fall by the end of June 2019. This timetable was based on making a decision about whether to proceed, and making rules and guidance, by the end of December 2016. On December 9, 2016, the FCA issued a statement delaying any further announcement until the first quarter of 2017. In determining our best estimate of incurred losses for future remediation payments, management considers numerous factors, including (i) the number of customer complaints we expect in the future; (ii) our expectation of upholding those complaints; (iii) the expected number of complaints customers escalate to the FOS; (iv) our expectation of the FOS upholding such escalated complaints; (v) the number of complaints that fall under the s.140A of the Consumer Credit Act; and (vi) the estimated remediation payout to customers. We monitor these factors each quarter and adjust our reserves to reflect the latest data. Management’s best estimate of incurred losses related to U.K. cross sell products, including PPI, totaled $238 million and $176 million as of December 31, 2016 and 2015 , respectively. In the year ended December 31, 2016 , we added $161 million to our reserve in response to the above FCA announcements. Other movements to the reserve were a combination of utilization of the reserve through customer refund payments and foreign exchange movements. Our best estimate of reasonably possible future losses beyond our reserve as of December 31, 2016 is approximately $300 million . The increase in this estimate from the prior quarter reflects the heightened level of uncertainty resulting from the continuing delay to the issuance of new rules. Mortgage Representation and Warranty Liabilities We acquired three subsidiaries that originated residential mortgage loans and sold these loans to various purchasers, including purchasers who created securitization trusts. These subsidiaries are Capital One Home Loans, LLC, which was acquired in February 2005; GreenPoint, which was acquired in December 2006 as part of the North Fork acquisition; and CCB, which was acquired in February 2009 and subsequently merged into CONA (collectively, the “subsidiaries”). In connection with their sales of mortgage loans, the subsidiaries entered into agreements containing varying representations and warranties about, among other things, the ownership of the loan, the validity of the lien securing the loan, the loan’s compliance with any applicable loan criteria established by the purchaser, including underwriting guidelines and the existence of mortgage insurance, and the loan’s compliance with applicable federal, state and local laws. The representations and warranties do not address the credit performance of the mortgage loans, but mortgage loan performance often influences whether a claim for breach of representation and warranty will be asserted and has an effect on the amount of any loss in the event of a breach of a representation or warranty. Each of these subsidiaries may be required to repurchase mortgage loans in the event of certain breaches of these representations and warranties. In the event of a repurchase, the subsidiary is typically required to pay the unpaid principal balance of the loan together with interest and certain expenses (including, in certain cases, legal costs incurred by the purchaser and/or others). The subsidiary then recovers the loan or, if the loan has been foreclosed, the underlying collateral. The subsidiary is exposed to any losses on the repurchased loans, taking into account any recoveries on the collateral. In some instances, rather than repurchase the loans, a subsidiary may agree to make cash payments to make a purchaser whole on losses or to settle repurchase claims, possibly including claims for attorneys’ fees and interest. In addition, our subsidiaries may be required to indemnify certain purchasers and others against losses they incur as a result of certain breaches of representations and warranties. These subsidiaries, in total, originated and sold to non-affiliates approximately $111 billion original principal balance of mortgage loans between 2005 and 2008, which are the years (or “vintages”) with respect to which our subsidiaries have received the vast majority of the repurchase-related requests and other related claims. The following table presents the original principal balance of mortgage loan originations, by vintage for 2005 through 2008, for the three general categories of purchasers of mortgage loans and the estimated unpaid principal balance as of December 31, 2016 and 2015 : Table 19.2 : Unpaid Principal Balance of Mortgage Loans Originated and Sold to Third Parties Based on Category of Purchaser Estimated Unpaid Principal Balance Original Principal Balance (Dollars in billions) December 31, December 31, Total 2008 2007 2006 2005 GSEs $ 2 $ 2 $ 11 $ 1 $ 4 $ 3 $ 3 Insured Securitizations 3 4 20 0 2 8 10 Uninsured Securitizations and Other 12 14 80 3 15 30 32 Total $ 17 $ 20 $ 111 $ 4 $ 21 $ 41 $ 45 Of the $20 billion in original principal balance of mortgage loans sold directly by our subsidiaries to private-label purchasers who placed the loans into securitizations supported by bond insurance (“Insured Securitizations”), approximately 48% of the original principal balance was covered by bond insurance. Further, approximately $16 billion original principal balance was placed in securitizations as to which the monoline bond insurers have made repurchase-related requests or loan file requests to one of our subsidiaries (“Active Insured Securitizations”) and the remaining approximately $4 billion original principal balance was placed in securitizations as to which the monoline bond insurers have not made repurchase-related requests or loan file requests to one of our subsidiaries (“Inactive Insured Securitizations”). Insured Securitizations often allow the monoline bond insurer to act independently of the investors. Bond insurers typically have indemnity agreements directly with both the mortgage originators and the securitizers, and they often have super-majority rights within the trust documentation that allow them to direct trustees to pursue mortgage repurchase-related requests without coordination with other investors. Because we do not service most of the loans our subsidiaries sold to others, we do not have complete information about the current ownership of a portion of the $80 billion in original principal balance of mortgage loans not sold directly to GSEs or placed in Insured Securitizations. We have determined based on information obtained from third-party databases that about $48 billion original principal balance of these mortgage loans was placed in private-label publicly issued securitizations not supported by bond insurance (“Uninsured Securitizations”). An additional approximately $22 billion original principal balance of mortgage loans were initially sold to private investors as whole loans. Various known and unknown investors purchased the remaining $10 billion original principal balance of mortgage loans. With respect to the $111 billion in original principal balance of mortgage loans originated and sold to others between 2005 and 2008, we estimate that approximately $17 billion in unpaid principal balance remains outstanding as of December 31, 2016 , of which approximately $3 billion in unpaid principal balance is at least 90 days delinquent. Approximately $23 billion in losses have been realized by third parties. Because we do not service most of the loans we sold to others, we do not have complete information about the underlying credit performance levels for some of these mortgage loans. These amounts reflect our best estimates, including extrapolations of underlying credit performance where necessary. These estimates could change as we get additional data or refine our analysis. The subsidiaries had open repurchase-related requests with regard to approximately $1.4 billion original principal balance of mortgage loans as of December 31, 2016 , flat from December 31, 2015 . Currently, repurchase-related demands predominantly relate to the 2006 and 2007 vintages. We have received relatively few repurchase-related demands for vintages after 2007, mostly because GreenPoint ceased originating mortgages in August 2007. The following table presents information on pending repurchase-related requests by counterparty category and timing of initial request. The amounts presented are based on original loan principal balances. Table 19.3 : Open Pipeline All Vintages (All Entities) (1) (Dollars in millions) GSEs Insured Securitizations Uninsured Securitizations and Other Total Open claims as of December 31, 2014 $ 16 $ 649 $ 1,847 $ 2,512 Gross new demands received 23 0 23 46 Loans repurchased/made whole (17 ) 0 (1 ) (18 ) Demands rescinded (21 ) (115 ) (1,054 ) (1,190 ) Open claims as of December 31, 2015 $ 1 $ 534 $ 815 $ 1,350 Gross new demands received 14 1 13 28 Loans repurchased/made whole (4 ) 0 0 (4 ) Demands rescinded (3 ) 0 (2 ) (5 ) Open claims as of December 31, 2016 $ 8 $ 535 $ 826 $ 1,369 __________ (1) The open pipeline includes all timely repurchase-related requests ever received by our subsidiaries where the requesting party has not formally rescinded the repurchase-related request or our subsidiary has not agreed to either repurchase the loan at issue or make the requesting party whole with respect to its losses. The demands rescinded in 2015 reflect the ruling from New York’s highest court in June 2015 that the statute of limitations for repurchase claims begins when the relevant representations and warranties were made, as opposed to some later date during the life of the loan. Finally, the amounts reflected in this chart are the original principal balance amounts of the mortgage loans at issue and do not correspond to the losses our subsidiary would incur upon the repurchase of these loans. The following table summarizes changes in our representation and warranty reserve for the years ended December 31, 2016 , 2015 and 2014 : Table 19.4 : Changes in Representation and Warranty Reserve (1) Year Ended December 31, (Dollars in millions) 2016 2015 2014 Representation and warranty reserve, beginning of period $ 610 $ 731 $ 1,172 Provision (benefit) for mortgage representation and warranty losses: Recorded in continuing operations (2 ) (16 ) (26 ) Recorded in discontinued operations 21 (64 ) (7 ) Total provision (benefit) for mortgage representation and warranty losses 19 (80 ) (33 ) Net realized recoveries (losses) 1 (41 ) (408 ) Representation and warranty reserve, end of period $ 630 $ 610 $ 731 __________ (1) Reported on our consolidated balance sheets as a component of other liabilities. The following table summarizes the allocation of our representation and warranty reserve as of December 31, 2016 and 2015 : Table 19.5 : Allocation of Representation and Warranty Reserve Reserve Liability Loans Sold 2005 to 2008 (1) December 31, (Dollars in millions, except for loans sold) 2016 2015 Selected period-end data: Active Insured Securitizations and GSEs $ 499 $ 480 $ 27 Inactive Insured Securitizations and Others 131 130 84 Total $ 630 $ 610 $ 111 __________ (1) Reflects, in billions, the total original principal balance of loans originated by our subsidiaries and sold to third-party investors between 2005 and 2008. We established reserves for the $11 billion original principal balance of GSE loans, based on open claims and historic repurchase rates. We have entered into and completed repurchase or settlement agreements with respect to the majority of our repurchase exposure within this category. Our reserves could also be impacted by any claims which may be brought by governmental agencies under the Financial Institutions Reform, Recovery and Enforcement Act (“FIRREA”), the False Claims Act or other federal or state statutes. For example, GreenPoint and Capital One have received requests for information and/or subpoenas from various governmental regulators and law enforcement authorities, including members of the RMBS Working Group, relating to the origination of loans for sale to the GSEs and to RMBS participants. We are cooperating with these regulators and other authorities in responding to such requests. For the $16 billion original principal balance in Active Insured Securitizations, our reserving approach is based upon the expected resolution of litigation with the monoline bond insurers. Accordingly, our representation and warranty reserves for this category are litigation reserves. In establishing litigation reserves for this category, we consider the current and future monoline insurer losses inherent within the securitization and apply legal judgment to the developing factual and legal record to estimate the liability for each securitization. We consider as factors within the analysis our own past monoline settlements in addition to publicly available industry monoline settlements. Our reserves with respect to the U.S. Bank Litigation, referenced below, are contained within the Active Insured Securitization reserve category. Further, to the extent we have litigation reserves with respect to indemnification risks from certain representation and warranty lawsuits brought by monoline bond insurers against third-party securitizations sponsors, where one of our subsidiaries provided some or all of the mortgage collateral within the securitization but is not a defendant in the litigation, such reserves are also contained within this category. For the $4 billion original principal balance of mortgage loans in the Inactive Insured Securitizations category and the $48 billion original principal balance of mortgage loans in the Uninsured Securitizations category, we establish reserves based on an assessment of probable and estimable legal liability, if any, utilizing both our own experience and publicly available industry settlement information to estimate lifetime liability. In contrast with the bond insurers in the Insured Securitizations, investors in Uninsured Securitizations often face a number of legal and logistical hurdles before they can force a securitization trustee to pursue mortgage repurchases, including the need to coordinate with a certain percentage of investors holding the securities and to indemnify the trustee for any litigation it undertakes. Accordingly, we only reserve for such exposures when a trustee or investor with standing brings claims and it is probable we have incurred a loss. Some Uninsured Securitization investors from this category are currently suing investment banks and securitization sponsors under federal and/or state securities laws. Although we face some indirect indemnity risks from these litigations, we generally have not established reserves with respect to these indemnity risks because we do not consider them to be both probable and reasonably estimable liabilities. In addition, to the extent we have litigation reserves with respect to indemnification risks from certain representation and warranty lawsuits brought by parties who purchased loans from our subsidiaries and subsequently re-sold the loans into securitizations, such reserves are also contained within this category. For the $22 billion original principal balance of mortgage loans sold to private investors as whole loans, we establish reserves based on open claims and historical repurchase rates. The aggregate reserve for all three subsidiaries totaled $630 million as of December 31, 2016 , compared to $610 million as of December 31, 2015 . We recorded a net provision for mortgage representation and warranty losses of $19 million (which includes a benefit of $2 million before taxes in continuing operations and a provision of $21 million before taxes in discontinued operations) in 2016 . As part of our business planning processes, we have considered various outcomes relating to the future representation and warranty liabilities of our subsidiaries that are possible but do not rise to the level of being both probable and reasonably estimable outcomes justifying an incremental accrual under applicable accounting standards. Our current best estimate of reasonably possible future losses from representation and warranty claims beyond our reserves as of December 31, 2016 is approximately $1.5 billion , a decrease from our $1.6 billion estimate at December 31, 2015 . The decrease in this estimate was primarily driven by favorable rulings in representation and warranty-related litigation. The estimate as of December 31, 2016 covers all reasonably possible losses relating to representation and warranty claim activity, including those relating to the cases more specifically described below in Mortgage Repurchase Litigation. In estimating reasonably possible future losses in excess of our current reserves, for Active Insured Securitizations, we assume loss rates on the high end of those observed in monoline settlements or court rulings. For our remaining GSE exposures, Uninsured Securitizations and whole loan exposures, our reasonably possible risk estimates assume lifetime loss rates and claims rates at the highest levels of our past experience and also consider the limited instances of observed settlements. We do not however, based on industry precedent, assume claim rates or loss rates for these risk categories will be as high as those assumed for the Active Insured Securitizations. Should the number of claims or the loss rates on these claims increase significantly, our estimate of reasonably possible risk would increase materially. We also assume that repurchase-related requests will be resolved at discounts reflecting the nature of the claims, the vintage of the underlying loans and evolving legal precedents. Notwithstanding our ongoing attempts to estimate a reasonably possible amount of future losses beyond our current accrual levels based on current information, it is possible that actual future losses will exceed both the current accrual level and our current estimate of the amount of reasonably possible losses. Our reserve and reasonably possible loss estimates involve considerable judgment and reflect that there is still significant uncertainty regarding numerous factors that may impact the ultimate loss levels, including, but not limited to: litigation outcomes; court rulings; governmental enforcement decisions; future repurchase and indemnification claim levels; securitization trustees pursuing mortgage repurchase litigation unilaterally or in coordination with investors; investors successfully pursuing repurchase litigation independently and without the involvement of the trustee as a party; ultimate repurchase and indemnification rates; future mortgage loan performance levels; actual recoveries on the collateral; and macroeconomic conditions (including unemployment levels and housing prices). In light of the significant uncertainty as to the ultimate liability our subsidiaries may incur from these matters, an adverse outcome in one or more of these matters could be material to our consolidated results of operations or cash flows for any particular reporting period. Litigation In accordance with the current accounting standards for loss contingencies, we establish reserves for litigation related matters that arise from the ordinary course of our business activities when it is probable that a loss associated with a claim or proceeding has been incurred and the amount of the loss can be reasonably estimated. None of the amounts we currently have recorded individually or in the aggregate are considered to be material to our financial condition. Litigation claims and proceedings of all types are subject to many uncertain factors that generally cannot be predicted with assurance. Below we provide a description of potentially material legal proceedings and claims. For some of the matters disclosed below, we are able to determine estimates of potential future outcomes that are not probable and reasonably estimable outcomes justifying either the establishment of a reserve or an incremental reserve build, but which are reasonably possible outcomes. For other disclosed matters, such an estimate is not possible at this time. For those matters below where an estimate is possible (excluding the reasonably possible future losses relating to the U.S. Bank Litigation and the Federal Housing Finance Agency (“FHFA”) Litigation because reasonably possible losses with respect to those litigations are included within the reasonably possible representation and warranty liabilities discussed above), management currently estimates the reasonably possible future losses beyond our reserves as of December 31, 2016 are approximately $200 million . Notwithstanding our attempt to estimate a reasonably possible range of loss beyond our current accrual levels for some litigation matters based on current information, it is possible that actual future losses will exceed both the current accrual level and the range of reasonably possible losses disclosed here. Given the inherent uncertainties involved in these matters, especially those involving governmental agencies, and the very large or indeterminate damages sought in some of these matters, there is significant uncertainty as to the ultimate liability we may incur from these litigation matters and an adverse outcome in one or more of these matters could be material to our consolidated results of operations or cash flows for any particular reporting period. Interchange Litigation In 2005, a number of entities, each purporting to represent a class of retail merchants, filed antitrust lawsuits against MasterCard and Visa and several member banks, including our subsidiaries and us, alleging among other things, that the defendants conspired to fix the level of interchange fees. The complaints seek injunctive relief and civil monetary damages, which could be trebled. Separately, a number of large merchants have asserted similar claims against Visa and MasterCard only (together with the lawsuits described above, “Interchange Lawsuits”). In October 2005, the class and merchant Interchange Lawsuits were consolidated before the U.S. District Court for the Eastern District of New York for certain purposes, including discovery. In July 2012, the parties executed and filed with the court a Memorandum of Understanding agreeing to resolve the litigation on certain terms set forth in a settlement agreement attached to the Memorandum. The class settlement provides for, among other things, (i) payments by defendants to the class and individual plaintiffs totaling approximately $6.6 billion ; (ii) a distribution to the class merchants of an amount equal to 10 basis points of certain interchange transactions for a period of eight months ; and (iii) modifications to certain Visa and MasterCard rules regarding point of sale practices. In December 2013, the district court granted final approval of the proposed class settlement, which was appealed to the Second Circuit Court of Appeals in January 2014. On June 30, 2016, the Second Circuit Court of Appeals vacated the district court’s certification of the class, reversed approval of the proposed class settlement, and remanded the litigation to the district court for further proceedings, ruling that some of the merchants that were part of the proposed class settlement were not adequately represented. Because the Second Circuit ruling remands the litigation to the district court for further proceedings, the ultimate outcome in this matter is uncertain. On November 23, 2016, the class plaintiffs petitioned the United States Supreme Court to hear plaintiffs’ appeal of the Second Circuit reversal. Several merchant plaintiffs also opted out of the class settlement before it was overturned, some of which have sued MasterCard, Visa and various member banks, including Capital One. The opt-out cases are consolidated before the U.S. District Court for the Eastern District of New York for certain purposes, including discovery. Visa and MasterCard have settled a number of individual opt-out cases, requiring non-material payments from all banks, including Capital One. Separate settlement and judgment sharing agreements between Capital One, MasterCard and Visa allocate the liabilities of any judgment or settlement arising from the Interchange Lawsuits and associated opt-out cases. Visa created a litigation escrow account following its IPO of stock in 2008, which funds any settlements for its member banks, and any settlements related to MasterCard allocated losses are reflected in Capital One’s reserves. Mortgage Repurchase Litigation In February 2009, GreenPoint was named as a defendant in a lawsuit commenced in the New York County Supreme Court, by U.S. Bank, N. A., Syncora Guarantee Inc. and CIFG Assurance North America, Inc. (“U.S. Bank Litigation”). Plaintiffs allege, among other things, that GreenPoint breached certain representations and warranties in two contracts pursuant to which GreenPoint sold approximately 30,000 mortgage loans having an aggregate original principal balance of approximately $ 1.8 billion to a purchaser that ultimately transferred most of these mortgage loans to a securitization trust. Some of the securities issued by the trust were insured by Syncora and CIFG. Plaintiffs seek unspecified damages and an order compelling GreenPoint to repurchase the entire portfolio of 30,000 mortgage loans based on alleged breaches of representations and warranties relating to a limited sampling of loans in the portfolio, or, alternatively, the repurchase of specific mortgage loans to which the alleged breaches of representations and warranties relate. In March 2010, the court granted GreenPoint’s motion to dismiss with respect to plaintiffs Syncora and CIFG but denied the motion with respect to U.S. Bank. GreenPoint subsequently answered the complaint with respect to U.S. Bank, denying the allegations, and filed a counterclaim against U.S. Bank alleging breach of covenant of go |
Capital One Financial Corporati
Capital One Financial Corporation (Parent Company Only) | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Capital One Financial Corporation (Parent Company Only) | NOTE 20—CAPITAL ONE FINANCIAL CORPORATION (PARENT COMPANY ONLY) Financial Information The following Parent Company Only financial statements are provided in accordance with Regulation S-X of the SEC. Table 20.1 : Parent Company Statements of Income Year Ended December 31, (Dollars in millions) 2016 2015 2014 Interest income $ 120 $ 120 $ 114 Interest expense 258 185 204 Dividends from subsidiaries 3,936 450 3,449 Non-interest income (loss) (13 ) 10 53 Non-interest expense 48 178 85 Income before income taxes and equity in undistributed earnings of subsidiaries 3,737 217 3,327 Income tax provision (benefit) (79 ) (67 ) 11 Equity in undistributed earnings of subsidiaries (65 ) 3,766 1,112 Net income 3,751 4,050 4,428 Other comprehensive income (loss), net of tax (333 ) (186 ) 442 Comprehensive income $ 3,418 $ 3,864 $ 4,870 Table 20.2 : Parent Company Balance Sheets December 31, (Dollars in millions) 2016 2015 Assets: Cash and cash equivalents $ 7,296 $ 7,245 Investments in subsidiaries 48,297 48,676 Loans to subsidiaries 592 521 Securities available for sale 901 905 Other assets 672 739 Total assets $ 57,758 $ 58,086 Liabilities: Senior and subordinated notes $ 8,304 $ 8,657 Borrowings from subsidiaries 1,610 1,591 Accrued expenses and other liabilities 330 554 Total liabilities 10,244 10,802 Total stockholders’ equity 47,514 47,284 Total liabilities and stockholders’ equity $ 57,758 $ 58,086 Table 20.3 : Parent Company Statements of Cash Flows Year Ended December 31, (Dollars in millions) 2016 2015 2014 Operating activities: Net income $ 3,751 $ 4,050 $ 4,428 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of subsidiaries 65 (3,766 ) (1,112 ) Other operating activities (10 ) (300 ) (83 ) Net cash from operating activities 3,806 (16 ) 3,233 Investing activities: Net payments (to) from subsidiaries (163 ) (172 ) 94 Proceeds from paydowns and maturities of securities available for sale 71 65 50 Purchases of securities available for sale 0 0 (143 ) Changes in loans to subsidiaries (71 ) 973 (7 ) Net cash from investing activities (163 ) 866 (6 ) Financing activities: Borrowings: Changes in borrowings from subsidiaries 19 18 28 Issuance of senior and subordinated notes 1,487 2,487 1,498 Proceeds from paydowns and maturities of senior and subordinated notes (1,750 ) (2,625 ) (2,100 ) Common stock: Net proceeds from issuances 131 111 100 Dividends paid (812 ) (816 ) (679 ) Preferred stock: Net proceeds from issuances 1,066 1,472 969 Dividends paid (214 ) (158 ) (67 ) Purchases of treasury stock (3,661 ) (2,441 ) (2,045 ) Proceeds from share-based payment activities 142 85 146 Net cash from financing activities (3,592 ) (1,867 ) (2,150 ) Changes in cash and cash equivalents 51 (1,017 ) 1,077 Cash and cash equivalents at beginning of year 7,245 8,262 7,185 Cash and cash equivalents at end of year $ 7,296 $ 7,245 $ 8,262 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 21—RELATED PARTY TRANSACTIONS In the ordinary course of business, we may have loans issued to our executive officers, directors, and principal stockholders. Pursuant to our policy, such loans are issued on the same terms as those prevailing at the time for comparable loans to unrelated persons and do not involve more than the normal risk of collectability. |
Summary of Significant Accoun30
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the U.S. (“U.S. GAAP”). |
Use of Estimates | The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and in the related disclosures. These estimates are based on information available as of the date of the consolidated financial statements. While management makes its best judgment, actual amounts or results could differ from these estimates. |
Principles of Consolidation | The consolidated financial statements include the accounts of Capital One Financial Corporation and all other entities in which we have a controlling financial interest. We determine whether we have a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity (“VIE”). All significant intercompany account balances and transactions have been eliminated. |
Voting Interest Entities | Voting interest entities are entities that have sufficient equity and provide the equity investors voting rights that give them the power to make significant decisions relating to the entity’s operations. Since a controlling financial interest in an entity is typically obtained through ownership of a majority voting interest, we consolidate our majority-owned subsidiaries and other voting interest entities in which we hold, directly or indirectly, more than 50% of the voting rights or where we exercise control through other contractual rights. |
Equity and Cost Method Investments | Investments in entities where we do not have a controlling financial interest but we have significant influence over the entity’s financial and operating decisions (generally defined as owning a voting interest of 20% to 50%) are accounted for under the equity method. If we own less than 20% of a voting interest entity, we generally carry the investment at cost, except marketable equity securities, which we carry at fair value with changes in fair value included in accumulated other comprehensive income (“AOCI”). We report investments accounted for under the equity or cost method in other assets on our consolidated balance sheets, and include our share of income or loss on equity method investments and dividends on cost method investments in other non-interest income in our consolidated statements of income. |
Variable Interest Entities | VIEs are entities that, by design, either (i) lack sufficient equity to permit the entity to finance its activities without additional subordinated financial support from other parties; or (ii) have equity investors that do not have the ability to make significant decisions relating to the entity’s operations through voting rights, or do not have the obligation to absorb the expected losses, or do not have the right to receive the residual returns of the entity. The entity that has a controlling financial interest in a VIE is referred to as the primary beneficiary and is required to consolidate the VIE. An entity is deemed to be the primary beneficiary of a VIE if that entity has both (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; and (ii) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. In determining whether we are the primary beneficiary of a VIE, we consider both qualitative and quantitative factors regarding the nature, size and form of our involvement with the VIE, such as our role in establishing the VIE and our ongoing rights and responsibilities; our economic interests, including debt and equity investments, servicing fees and other arrangements deemed to be variable interests in the VIE; the design of the VIE, including the capitalization structure, subordination of interests, payment priority, relative share of interests held across various classes within the VIE’s capital structure and the reasons why the interests are held by us. We perform on-going reassessments to evaluate whether changes in an entity’s capital structure or changes in the nature of our involvement with the entity result in a change to the VIE designation or a change to our consolidation conclusion. See “ Note 6—Variable Interest Entities and Securitizations ” for further details. |
Cash and Cash Equivalents | Cash and cash equivalents include cash and due from banks, and interest bearing deposits and other-short term investments, all of which, if applicable, have stated maturities of three months or less when acquired. |
Securities Resale and Repurchase Agreements | Securities purchased under resale agreements and securities loaned or sold under agreements to repurchase, principally U.S. government and agency obligations, are not accounted for as sales but as collateralized financing transactions and recorded at the amounts at which the securities were acquired or sold, plus accrued interest. We continually monitor the market value of these securities and deliver additional collateral to or obtain additional collateral from counterparties, as appropriate. |
Investment Securities | Our investment portfolio consists primarily of the following: U.S. Treasury securities; U.S. government-sponsored enterprise or agency (“Agency”) and non-agency residential mortgage-backed securities (“RMBS”); Agency and non-agency commercial mortgage-backed securities (“CMBS”); other asset-backed securities (“ABS”); and other securities. The accounting and measurement framework for our investment securities differs depending on the security classification. We classify securities as available for sale or held to maturity based on our investment strategy and management’s assessment of our intent and ability to hold the securities until maturity. Securities that we may sell prior to maturity in response to changes in our investment strategy, liquidity needs, interest rate risk profile or for other reasons are classified as available for sale. Securities that we have the intent and ability to hold until maturity are classified as held to maturity. We report securities available for sale on our consolidated balance sheets at fair value with unrealized gains or losses recorded, net of tax, as a component of AOCI. We report securities held to maturity on our consolidated balance sheets at carrying value. Carrying value generally is equal to amortized cost. Investment securities transferred into the held to maturity category from the available for sale category are recorded at fair value at the date of transfer. Any unrealized gains or losses at the transfer date are thereafter included in AOCI. Such unrealized gains or losses are accreted over the remaining life of the security and are expected to offset the amortization of the related premium or discount created upon the investment securities transfer into the held to maturity category, with no expected impact on future net income. Unamortized premiums, discounts and other basis adjustments are recognized in interest income over the contractual lives of the securities using the effective interest method. We record purchases and sales of investment securities on a trade date basis. Realized gains or losses from the sale of debt securities are computed using the first in first out method of identification, and are included in non-interest income in our consolidated statements of income. If we intend to sell an available for sale security in an unrealized loss position or it is more likely than not that we will be required to sell the security prior to recovery of its amortized cost basis, the entire difference between the amortized cost basis of the security and its fair value is recognized in our consolidated statements of income. We regularly evaluate our securities whose values have declined below amortized cost to assess whether the decline in fair value represents an OTTI. Amortized cost reflects historical cost adjusted for amortization of premiums, accretion of discounts and any previously recorded impairments. We discuss our assessment of and accounting for OTTI in “ Note 3—Investment Securities .” We discuss the techniques we use in determining the fair value of our investment securities in “ Note 17—Fair Value Measurement .” Our investment portfolio also includes certain acquired debt securities that were deemed to be credit impaired at the acquisition date, and therefore are accounted for in accordance with accounting guidance for purchased credit-impaired (“PCI”) loans and debt securities. These securities are recorded at fair value at the acquisition date using the estimated cash flows we expect to collect discounted by the prevailing market interest rate. The difference between the contractually required payments due and the undiscounted cash flows we expect to collect at acquisition, considering the impact of prepayments, is referred to as the nonaccretable difference. The nonaccretable difference reflects estimated future credit losses expected to be incurred over the life of the security, and is neither accreted into income nor recorded on our consolidated balance sheet. The excess of the undiscounted cash flows expected to be collected over the estimated fair value of credit-impaired debt securities at acquisition is referred to as the accretable yield, which is accreted into interest income using an effective yield method over the remaining life of the security. Decreases in expected cash flows attributable to credit result in the recognition of OTTI. Significant increases in expected cash flows are recognized prospectively over the remaining life of the security as an adjustment to the accretable yield. |
Loans | Our loan portfolio consists of loans held for investment, including loans underlying our consolidated securitization trusts, and loans held for sale, and is divided into three portfolio segments: credit card, consumer banking and commercial banking loans. Credit card loans consist of domestic and international credit card loans. Consumer banking loans consist of auto, home and retail banking loans. Commercial banking loans consist of commercial and multifamily real estate, commercial and industrial, and small-ticket commercial real estate loans. Loan Classification Upon origination or purchase, we classify loans as held for investment or held for sale based on our investment strategy and management’s intent and ability with regard to the loans which may change over time. The accounting and measurement framework for loans differs depending on the loan classification, whether the loans are originated or purchased and whether purchased loans are considered credit-impaired at the date of acquisition. The presentation within the consolidated statements of cash flows is based on management’s intent at acquisition or origination. Cash flows related to non-securitized loans held for investment are included in cash flows from investing activities on our consolidated statements of cash flows while cash flows from loans for securitization investors are included in cash flows from financing activities. The difference is due to the treatment of securitization transactions as secured borrowings. Cash flows related to loans held for sale are included in cash flows from operating activities on our consolidated statements of cash flows. Loans Held for Investment Loans that we have the ability and intent to hold for the foreseeable future and loans associated with securitization transactions accounted for as secured borrowings are classified as held for investment. Loans classified as held for investment, except PCI loans accounted for based upon expected cash flows described below, are reported at their amortized cost, which is the outstanding principal balance, net of any unearned income, unamortized deferred fees and costs, unamortized premiums and discounts and charge-offs. Credit card loans also include billed finance charges and fees, net of the estimated uncollectible amount. Interest income is recognized on loans held for investment on an accrual basis. We generally defer certain loan origination fees and direct loan origination costs on originated loans, premiums and discounts on purchased loans and loan commitment fees. We recognize these amounts in interest income as yield adjustments over the life of the loan and/or commitment period using the effective interest method. Where appropriate, prepayment estimates are factored into the calculation of the constant effective yield necessary to apply the interest method. Prepayment estimates are based on historical prepayment data and existing and forecasted interest rates and economic data. For credit card loans, loan origination fees and direct loan origination costs are amortized on a straight-line basis over a 12 -month period. We establish an allowance for loan losses for probable losses inherent in our held for investment loan portfolio as of each balance sheet date. Loans held for investment are subject to our allowance for loan and lease losses methodology described below under “Allowance for Loan and Lease Losses.” Loans Held for Sale Loans purchased or originated with the intent to sell or for which we do not have the ability and intent to hold for the foreseeable future are classified as held for sale. Interest on these loans is recognized on an accrual basis. These loans are recorded at the lower of amortized cost or fair value. Loan origination fees and direct loan origination costs are deferred until the loan is sold and are then recognized as part of the total gain or loss on sale. If a loan is transferred from held for investment to held for sale, declines in fair value related to credit are recorded as a charge-off and amortization of deferred loan origination fees and costs ceases. Subsequent to transfer, we report write-downs or recoveries in fair value up to the carrying value at the date of transfer and realized gains or losses on loans held for sale in our consolidated statements of income as a component of other non-interest income. We calculate the gain or loss on loan sales as the difference between the proceeds received and the carrying value of the loans sold, net of the fair value of any retained servicing rights. Loans Acquired All purchased loans, including loans transferred in a business combination, acquired on or after January 1, 2009, are initially recorded at fair value, which includes consideration of expected future losses, as of the date of the acquisition. We account for purchased loans using the guidance for accounting for purchased credit-impaired loans and debt securities, which is based upon expected cash flows, if the purchased loans have a discount attributable, at least in part, to credit deterioration and they are not specifically scoped out of the guidance. We refer to these purchased loans that are subsequently accounted for based on expected cash flows to be collected as “PCI loans” in accordance with Accounting Standard Codification (“ASC”) 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality (formerly known as “Statement of Position 03-3, Accounting for Certain Loans or Debt Securities Acquired in a Transfer, ” commonly referred to as “SOP 03-3”). Other purchased loans that don’t meet our criteria described above are accounted for based on contractual cash flows. Loans Acquired and Accounted for Based on Expected Cash Flows In accounting for purchased loans based on expected cash flows, we first determine the contractually required payments due, which represent the total undiscounted amount of all uncollected principal and interest payments, adjusted for the effect of estimated prepayments. We then estimate the undiscounted cash flows we expect to collect, incorporating several key assumptions including expected default rates, loss severities and the amount and timing of prepayments. We estimate the fair value by discounting the estimated cash flows we expect to collect using an observable market rate of interest, when available, adjusted for factors that a market participant would consider in determining fair value. We may aggregate loans acquired in the same fiscal quarter into one or more pools if the loans have common risk characteristics. A pool is then accounted for as a single asset, with a single composite interest rate and an aggregate fair value and expected cash flows. The excess of cash flows expected to be collected over the estimated fair value of purchased loans is referred to as the accretable yield. This amount is not recorded on our consolidated balance sheets, but is accreted into interest income over the life of the loan, or pool of loans, using the effective interest method. The difference between total contractual payments on the loans and all expected cash flows represents the nonaccretable difference or the amount of principal and interest not considered collectible. Subsequent to acquisition, we evaluate our estimate of cash flows expected to be collected on a quarterly basis. These evaluations require the use of key assumptions and estimates similar to those used in estimating the initial fair value at acquisition. Subsequent changes in the estimated cash flows expected to be collected may result in changes in the accretable yield and nonaccretable difference or reclassifications from the nonaccretable difference to the accretable yield. Decreases in expected cash flows resulting from credit deterioration subsequent to acquisition will generally result in an impairment charge recognized in our provision for credit losses and an increase in the allowance for loan and lease losses. Charge-offs are not recorded until the expected credit losses within the nonaccretable difference are depleted. In addition, PCI loans are not classified as delinquent or nonperforming, as we expect to collect our net investment in these loans. Increases in the cash flows expected to be collected would first reduce any previously recorded allowance for loan and lease losses established subsequent to acquisition. The excess over the recorded allowance for loan and lease losses would result in a reclassification to the accretable yield from the nonaccretable difference and an increase in interest income recognized over the remaining life of the loan or pool of loans. Disposals of loans in the form of sales to third parties, receipt of payment in full or in part by the borrower, and foreclosure of the collateral, result in removal of the loan from the PCI loans portfolio. See “ Note 4—Loans ” for additional information. Loans Acquired and Accounted for Based on Contractual Cash Flows To determine the fair value of loans at acquisition in a business combination, we estimate discounted contractual cash flows due using an observable market rate of interest, when available, adjusted for factors that a market participant would consider in determining fair value. In determining fair value, contractual cash flows are adjusted to include prepayment estimates based upon trends in default rates and loss severities. The difference between the fair value and the contractual cash flows is recorded as a loan discount or premium at acquisition. Subsequent to acquisition, the loans are classified and accounted for as either held for investment or held for sale based on management’s ability and intent. Loans held for investment are subject to our allowance for loan and lease losses methodology described below under “Allowance for Loan and Lease Losses.” We are permitted to aggregate loans acquired in the same fiscal quarter into one or more pools if the loans have common risk characteristics. If we elect to pool loans, a pool is then accounted for as a single asset with a single composite interest rate and an aggregate fair value and expected cash flows. Loan Modifications and Restructurings As part of our loss mitigation efforts, we may provide modifications to a borrower experiencing financial difficulty to improve long-term collectability of the loan and to avoid the need for foreclosure or repossession of collateral. A loan modification in which a concession is granted to a borrower experiencing financial difficulty is accounted for and reported as a troubled debt restructuring (“TDR”). Our loan modifications typically include an extension of the loan term, a reduction in the interest rate, or a combination of both. We describe our accounting for and measurement of impairment on restructured loans below under “Impaired Loans.” See “ Note 4—Loans ” for additional information on our loan modifications and restructurings. Delinquent and Nonperforming Loans The entire balance of a loan is considered contractually delinquent if the minimum required payment is not received by the first statement cycle date equal to or following the due date specified on the customer’s billing statement. Delinquency is reported on loans that are 30 or more days past due. Interest and fees continue to accrue on past due loans until the date the loan is placed on nonaccrual status, if applicable. We generally place loans on nonaccrual status when we believe the collectability of interest and principal is not reasonably assured. Nonperforming loans generally include loans that have been placed on nonaccrual status, but we do not report loans classified as held for sale as nonperforming. Our policies for classifying loans as nonperforming, by loan category, are as follows: • Credit card loans: As permitted by regulatory guidance issued by the Federal Financial Institutions Examination Council (“FFIEC”), our policy is generally to exempt credit card loans from being classified as nonperforming as these loans are generally charged off in the period the account becomes 180 days past due. Consistent with industry conventions, we generally continue to accrue interest and fees on delinquent credit card loans until the loans are charged-off. We classify certain credit card loans issued in the U.K. as nonperforming when the account becomes 120 days past due depending on the specific facts and circumstances. • Consumer banking loans: We classify consumer banking loans as nonperforming when we determine that the collectability of all interest and principal on the loan is not reasonably assured, generally when the loan becomes 90 days past due. • Commercial banking loans : We classify commercial banking loans as nonperforming as of the date we determine that the collectability of all interest and principal on the loan is not reasonably assured. • Modified loans and troubled debt restructurings: Modified loans, including TDRs, that are current at the time of the restructuring remain on accrual status if there is demonstrated performance prior to the restructuring and continued performance under the modified terms is expected. Otherwise, the modified loan is classified as nonperforming and placed on nonaccrual status until the borrower demonstrates a sustained period of performance over several payment cycles, generally six months of consecutive payments, under the modified terms of the loan. • PCI loans: PCI loans are not classified as delinquent or nonperforming. Interest and fees accrued but not collected at the date a loan is placed on nonaccrual status are reversed against earnings. In addition, the amortization of net deferred loan fees is suspended. Interest and fee income is subsequently recognized only upon the receipt of cash payments. However, if there is doubt regarding the ultimate collectability of loan principal, all cash received is generally applied against the principal balance of the loan. Nonaccrual loans are generally returned to accrual status when all principal and interest is current and repayment of the remaining contractual principal and interest is reasonably assured, or when the loan is both well-secured and in the process of collection and collectability is no longer doubtful. Impaired Loans A loan is considered impaired when, based on current information and events, it is probable that we will be unable to collect all amounts due from the borrower in accordance with the original contractual terms of the loan. Generally, we report loans as impaired based on the method for measuring impairment in accordance with applicable accounting guidance. Loans held for sale are not reported as impaired, as these loans are recorded at lower of cost or fair value. Impaired loans also exclude PCI loans accounted for based on expected cash flows at acquisition because this accounting methodology takes into consideration future credit losses. Loans defined as individually impaired, based on applicable accounting guidance, include larger balance nonperforming loans and TDR loans. Our policies for identifying loans as individually impaired, by loan category, are as follows: • Credit card loans: Credit card loans that have been modified in a troubled debt restructuring are identified and accounted for as individually impaired. • Consumer banking loans: Consumer loans that have been modified in a troubled debt restructuring are identified and accounted for as individually impaired. • Commercial banking loans: Commercial loans classified as nonperforming and commercial loans that have been modified in a troubled debt restructuring are reported as individually impaired. • PCI loans: PCI loans are tracked and reported separately from other impaired loans. The majority of individually impaired loans are evaluated for an asset-specific allowance. Although a loan modified in a TDR may be returned to accrual status if the criteria above under “Delinquent and Nonperforming Loans” are met, we continue to report the loan as impaired until maturity. We generally measure impairment and the related asset-specific allowance for individually impaired loans based on the difference between the recorded investment of the loan and the present value of the expected future cash flows, discounted at the original effective interest rate of the loan at the time of modification. If the loan is collateral dependent, we measure impairment based upon the fair value of the underlying collateral, which we determine based on the current fair value of the collateral less estimated selling costs, instead of discounted cash flows. Loans are identified as collateral dependent if we believe that collateral is the sole source of repayment. Charge-Offs We charge off loans as a reduction to the allowance for loan and lease losses when we determine the loan is uncollectible and record subsequent recoveries of previously charged off amounts as an increase to the allowance for loan and lease losses. We exclude accrued and unpaid finance charges and fees and certain fraud losses from charge-offs. Costs to recover charged-off loans are recorded as collection expense and included in our consolidated statements of income as a component of other non-interest expense as incurred. Our charge-off time frames for loans by loan type are presented below. • Credit card loans: We generally charge-off credit card loans in the period the account becomes 180 days past due. We charge off delinquent credit card loans for which revolving privileges have been revoked as part of loan workout when the account becomes 120 days past due. Credit card loans in bankruptcy are generally charged-off by the end of the month following 30 days after the receipt of a complete bankruptcy notification from the bankruptcy court. Credit card loans of deceased account holders are charged-off by the end of the month following 60 days of receipt of notification. • Consumer banking loans: We generally charge-off consumer banking loans at the earlier of the date when the account is a specified number of days past due or upon repossession of the underlying collateral. Our charge-off time frame is 180 days for home loans and 120 days for auto loans. Small business banking loans generally charge off at 90 or 120 days past due based on when unpaid principal loan amounts are deemed uncollectible. We calculate the initial charge-off amount for home loans based on the excess of our recorded investment in the loan over the fair value of the underlying property less estimated selling costs as of the date of the charge-off. We update our home value estimates on a regular basis and may recognize additional charge-offs for subsequent declines in home values. Consumer loans in bankruptcy, except for auto and home loans, generally are charged-off within 40 days of receipt of notification from the bankruptcy court. Auto and home loans where the borrower has filed for bankruptcy are generally charged-off in the period that the loan is both 60 days or more past due and 60 days or more past the bankruptcy notification date. Auto and home loans where the borrower has filed for Chapter 7 bankruptcy, where the debt has been discharged and the borrower did not reaffirm the debt are charged off by the end of the month in which the bankruptcy notification is received. Consumer loans of deceased account holders are charged-off by the end of the month following 60 days of receipt of notification. • Commercial banking loans: We charge-off commercial loans in the period we determine that the unpaid principal loan amounts are uncollectible. • PCI loans: We do not record charge-offs on PCI loans that are performing in accordance with or better than our expectations as of the date of acquisition, as the fair values of these loans already reflect a discount for expected future credit losses. We record charge-offs on PCI loans only if actual losses exceed estimated credit losses incorporated into the fair value recorded at acquisition. |
Allowance for Loans and Lease Losses | We maintain an allowance for loan and lease losses (“allowance”) that represents management’s best estimate of incurred loan and lease losses inherent in our held-for-investment portfolio as of each balance sheet date. The provision for credit losses, which is charged to income, reflects credit losses we believe have been incurred and will eventually be reflected over time in our charge-offs. Charge-offs of uncollectible amounts are deducted from the allowance and subsequent recoveries are added back. Management performs a quarterly analysis of our loan portfolio to determine if impairment has occurred and to assess the adequacy of the allowance based on historical and current trends as well as other factors affecting credit losses. We apply documented systematic methodologies to separately calculate the allowance for our consumer loan and commercial loan portfolios and for loans within each of these portfolios that we identify as individually impaired. Our allowance for loan and lease losses consists of three components that are allocated to cover the estimated probable losses in each loan portfolio based on the results of our detailed review and loan impairment assessment process: (i) a component for loans collectively evaluated for impairment; (ii) an asset-specific component for individually impaired loans; and (iii) a component related to PCI loans that have experienced significant decreases in expected cash flows subsequent to acquisition. Each of our allowance components is supplemented by an amount that represents management’s qualitative judgment of the imprecision and risks inherent in the processes and assumptions used in establishing the allowance. Management’s judgment involves an assessment of subjective factors, such as process risk, modeling assumption and adjustment risks and probable internal and external events that will likely impact losses. Our consumer loan portfolio consists of smaller-balance, homogeneous loans, divided into four primary portfolio segments: credit card loans, auto loans, residential home loans and retail banking loans. Each of these portfolios is further divided by our business units into pools based on common risk characteristics, such as origination year, contract type, interest rate and geography, which are collectively evaluated for impairment. The commercial loan portfolio is primarily composed of larger-balance, non-homogeneous loans. These loans are subject to individual reviews that result in internal risk ratings. In assessing the risk rating of a particular loan, among the factors we consider are the financial condition of the borrower, geography, collateral performance, historical loss experience, and industry-specific information that management believes is relevant in determining the occurrence of a loss event and measuring impairment. These factors are based on an evaluation of historical and current information, and involve subjective assessment and interpretation. Emphasizing one factor over another or considering additional factors could impact the risk rating assigned to that loan. The component of the allowance related to credit card and other consumer loans that we collectively evaluate for impairment is based on a statistical calculation, which is supplemented by management judgment as described above. Because of the homogeneous nature of our consumer loan portfolios, the allowance is based on the aggregated portfolio segment evaluations. The allowance is established through a process that begins with estimates of incurred losses in each pool based upon various statistical analyses. Loss forecast models are utilized to estimate probable losses incurred and consider several portfolio indicators including, but not limited to, historical loss experience, account seasoning, the value of collateral underlying secured loans, estimated foreclosures or defaults based on observable trends, delinquencies, bankruptcy filings, unemployment, credit bureau scores and general economic and business trends. Management believes these factors are relevant in estimating probable losses incurred and also considers an evaluation of overall portfolio credit quality based on indicators such as changes in our credit evaluation, underwriting and collection management policies, the effect of other external factors such as competition and legal and regulatory requirements, general economic conditions and business trends, and uncertainties in forecasting and modeling techniques used in estimating our allowance. We update our consumer loss forecast models and portfolio indicators on a quarterly basis to incorporate information reflective of the current economic environment. The component of the allowance for commercial loans that we collectively evaluate for impairment is based on our historical loss experience for loans with similar risk characteristics and consideration of the current credit quality of the portfolio, which is supplemented by management judgment as described above. We apply internal risk ratings to commercial loans, which we use to assess credit quality and derive a total loss estimate based on an estimated probability of default (default rate) and loss given default (loss severity). Management may also apply judgment to adjust the loss factors derived, taking into consideration both quantitative and qualitative factors, including general economic conditions, specific industry and geographic trends, portfolio concentrations, trends in internal credit quality indicators, and current and past underwriting standards that have occurred but are not yet reflected in the historical data underlying our loss estimates. The asset-specific component of the allowance covers smaller-balance homogeneous consumer loans whose terms have been modified in a TDR and larger balance nonperforming, non-homogeneous commercial loans. As discussed above under “Impaired Loans,” we generally measure the asset-specific component of the allowance based on the difference between the recorded investment of individually impaired loans and the present value of expected future cash flows. When the present value of expected future cash flows is lower than the carrying value of the loan, impairment is recognized through the provision for credit losses. If the loan is collateral dependent, we measure impairment based on the current fair value of the collateral less estimated selling costs, instead of discounted cash flows. The asset-specific component of the allowance for smaller-balance impaired loans is calculated on a pool basis using historical loss experience for the respective class of assets. The asset-specific component of the allowance for larger-balance commercial loans is individually calculated for each loan. Key considerations in determining the allowance include the borrower’s overall financial condition, resources and payment history, prospects for support from financially responsible guarantors, and when applicable, the estimated realizable value of any collateral. We record all purchased loans at fair value at acquisition. Applicable accounting guidance prohibits the carry over or creation of valuation allowances in the initial accounting for impaired loans acquired in a transfer. Subsequent to acquisition, decreases in expected principal cash flows of PCI loans would trigger the recognition of impairment through our provision for credit losses. Subsequent increases in expected cash flows would first result in a recovery of any previously recorded allowance, to the extent applicable, and then increase the accretable yield. Write-downs on purchased impaired loans in excess of the nonaccretable difference are charged against the allowance for loan and lease losses. See “ Note 4—Loans ” for information on loan portfolios associated with acquisitions. In addition to the allowance, we also estimate probable losses related to contractually binding unfunded lending commitments, such as letters of credit and financial guarantees, and binding unfunded loan commitments. The provision for unfunded lending commitments is included in the provision for credit losses in our consolidated statements of income and the related reserve for unfunded lending commitments is included in other liabilities on our consolidated balance sheets. Unfunded lending commitments are subject to individual reviews and are analyzed and segregated by risk according to our internal risk rating scale, which we use to assess credit quality and derive a total loss estimate. We assess these risk classifications, taking into consideration both quantitative and qualitative factors, including historical loss experience, utilization assumptions, current economic conditions, performance trends within specific portfolio segments and other pertinent information to estimate the reserve for unfunded lending commitments. Determining the appropriateness of the allowance is complex and requires judgment by management about the effect of matters that are inherently uncertain. Subsequent evaluations of the loan portfolio, in light of the factors then prevailing, may result in significant changes in the allowance and the reserve for unfunded lending commitments in future periods. |
Securitization of Loans | Our loan securitization activities primarily involve the securitization of credit card loans, which have provided a source of funding for us. See “ Note 6—Variable Interest Entities and Securitizations ” for additional details. Loan securitization involves the transfer of a pool of loan receivables from our portfolio to a trust. The trust then sells an undivided interest in the pool of loan receivables to third-party investors through the issuance of debt securities and transfers the proceeds from the debt issuance to us as consideration for the loan receivables transferred. The debt securities are collateralized by the transferred receivables from our portfolio. We remove loans from our consolidated balance sheets when securitizations qualify as sales to non-consolidated VIEs, recognize assets retained and liabilities assumed at fair value and record a gain or loss on the transferred loans. Alternatively, when the transfer does not qualify as a sale but instead is considered a secured borrowing or when the sale is to a consolidated VIE, the asset will remain on our consolidated balance sheets with an offsetting liability recognized for the amount of proceeds received. |
Premises and Equipment | Premises and equipment, including leasehold improvements, are carried at cost less accumulated depreciation and amortization. Land is carried at cost. We capitalize direct costs incurred during the application development stage of internally developed software projects. Depreciation and amortization expenses are generally calculated using the straight-line method over the estimated useful lives of the assets. Useful lives for premises and equipment are estimated as follows: Premises & Equipment Useful Lives Buildings and improvement 5-39 years Furniture and equipment 3-10 years Computer software 3-5 years Leasehold improvements Lesser of useful life or the remaining Expenditures for maintenance and repairs are expensed to earnings as incurred. Gains or losses upon disposition are reflected in earnings as realized. |
Goodwill and Other Intangible Assets | Goodwill represents the excess of acquisition cost of an acquired business over the fair value of assets acquired and liabilities assumed and is assigned to one or more reporting units at the date of acquisition. A reporting unit is defined as an operating segment, or a business that is one level below an operating segment. Goodwill is not amortized but is tested for impairment at the reporting unit level annually or more frequently if adverse circumstances indicate that it is more likely than not that the carrying amount of a reporting unit exceeds its fair value. These indicators include a sustained, significant decline in the Company’s stock price, a decline in its expected future cash flows, significant disposition activity, a significant adverse change in the economic or business environment, and the testing for recoverability of a significant asset group, among others. The annual goodwill impairment test, performed as of October 1 of each year, is a two-step test. The first step identifies whether there is potential impairment by comparing the fair value of a reporting unit to its carrying amount, including goodwill. If fair value is less than the carrying amount, the second step of the impairment test is required to measure the amount of any potential impairment loss. For purposes of our annual goodwill impairment test in 2016, our reporting units were Domestic Card, International Card, Auto, Other Consumer Banking and Commercial Banking. Subsequent to the completion of this impairment test, we determined that the Domestic Card and International Card components should be combined into one reporting unit. Therefore, as of December 31, 2016, our reporting units are Credit Card, Auto, Other Consumer Banking and Commercial Banking. Intangible assets with finite useful lives are amortized on either an accelerated or straight-line basis over their estimated useful lives and are evaluated for impairment whenever events or changes in circumstances indicate the carrying amount of the assets may not be recoverable. |
Mortgage Servicing Rights | Mortgage servicing rights (“MSRs”) are initially recorded at fair value when mortgage loans are sold or securitized in the secondary market and the right to service these loans is retained for a fee. Subsequently, our consumer MSRs are carried at fair value on our consolidated balance sheets with changes in fair value recognized in non-interest income. Our commercial MSRs are subsequently accounted for under the amortization method and are periodically evaluated for impairment, which is recognized as a reduction in non-interest income. |
Foreclosed Property and Repossessed Assets | Foreclosed property and repossessed assets obtained through our lending activities typically include commercial and residential real estate or personal property, such as automobiles, and are recorded at net realizable value. For home loans collateralized by residential real estate, we reclassify loans to foreclosed property at the earlier of when we obtain legal title to the residential real estate property or when the borrower conveys all interest in the property to us. For all other foreclosed property and repossessed assets, we reclassify the loan to repossessed assets upon repossession of the property in satisfaction of the loan. Net realizable value is the estimated fair value of the underlying collateral less estimated selling costs and is based on appraisals, when available. We routinely monitor and update the net realizable value of the foreclosed property or repossessed asset, adjusting our accounting to be equal to the lower of cost or net realizable value. Any changes in net realizable value and gains or losses realized from disposition of the property are recorded in non-interest expense. |
Representation and Warranty Reserve | In connection with the sales of mortgage loans, certain of our subsidiaries entered into agreements containing varying representations and warranties about, among other things, the ownership of the loan, the validity of the lien securing the loan, the loan’s compliance with any applicable loan criteria established by the purchaser, including underwriting guidelines and the ongoing existence of mortgage insurance, and the loan’s compliance with applicable federal, state and local laws. We may be required to repurchase the mortgage loan, indemnify the investor or insurer, or reimburse the investor for loan losses incurred on the loan in the event of a material breach of contractual representations or warranties. We have established representation and warranty reserves for losses that we consider to be both probable and reasonably estimable associated with the mortgage loans sold by each subsidiary, including both litigation and non-litigation liabilities. The reserve-setting process relies heavily on estimates, which are inherently uncertain, and requires the application of judgment. We evaluate these estimates on a quarterly basis. Losses incurred on loans that we are required to either repurchase or make payments to the investor under indemnification provisions are charged against the representation and warranty reserve. The representation and warranty reserve is included in other liabilities on our consolidated balance sheets. Changes to the representation and warranty reserve related to GreenPoint Mortgage Funding, Inc. (“GreenPoint”) are reported as discontinued operations for all periods presented. |
Customer Rewards Reserve [Policy Text Block] | We offer products, primarily credit cards, which include programs that allow members to earn rewards, in the form of points, that can be redeemed for cash (primarily in the form of statement credits), gift cards, airline tickets or merchandise, based on account activity. The amount of reward that a customer earns varies based on the terms and conditions of the rewards program and product. Customer rewards costs are generally recorded as an offset to interchange income, with a corresponding increase to the customer rewards reserve, when the rewards are earned by the customer. The customer rewards reserve is computed based on the estimated future cost of earned points that are expected to be redeemed and the average cost per point redeemed. The customer rewards reserve is reduced as points are redeemed. In estimating the customer rewards reserve, we consider historical rewards redemption behavior, the terms and conditions of the current rewards programs and card purchase activity. The customer rewards reserve is sensitive to changes in the reward redemption type and redemption rate, which is based on the expectation that the vast majority of all points earned will eventually be redeemed. The customer rewards reserve, which is included in other liabilities on our consolidated balance sheets, totaled $3.6 billion and $3.2 billion as of December 31, 2016 and 2015 , respectively. |
Revenue Recognition | Interest Income and Fees We recognize interest income, including finance charges, and fees on loans in interest and non-interest income in our consolidated statements of income in accordance with the contractual provisions of the credit arrangements. Loan origination fees and costs and premiums and discounts are generally deferred and amortized over the average life of the related loans using the effective interest method, except for those related to originated credit cards, which are amortized over 12 months on a straight-line basis. Direct loan origination costs consist of both internal and external costs associated with the origination of a loan. Finance charges and fees on credit card loans, net of amounts that we consider uncollectible, are included in loan receivables and revenue when the fees are earned. Annual membership fees are deferred and amortized into income over one year on a straight-line basis. We continue to accrue finance charges and fees on credit card loans until the account is charged-off. Our methodology for estimating the uncollectible portion of billed finance charges and fees is consistent with the methodology we use to estimate the allowance for incurred principal losses on our credit card loan receivables. Interchange Income Interchange income represents merchant fees for credit card transactions processed through the MasterCard ® (“MasterCard”) and Visa ® (“Visa”) interchange networks, net of the fee retained by the merchant’s processing bank. The levels and structure of interchange rates are set by MasterCard and Visa and are based on cardholder purchase volumes. We recognize interchange income as earned at the time of purchase. Card Partnership Agreements Our partnership agreements relate to alliances with retailers and other partners to provide lending and other services to mutual customers. We primarily issue private-label and co-branded credit card loans to these customers over the term of the partnership agreements, which typically range from two to ten years. Certain partners assist in or perform marketing activities on our behalf and promote our products and services to their customers. As compensation for providing these services, we often pay royalties, bounties or other special bonuses to these partners. Depending upon the nature of the payments, they are recorded as a reduction of revenue, marketing expenses or other operating expenses. We have certain credit card partnership arrangements in which our partner agrees to share in a portion of the credit losses associated with the partnership. If a partnership agreement provides for profit, revenue or loss sharing payments, we must determine whether to report those payments on a gross or net basis in our consolidated financial statements. We evaluate the contractual provisions of each transaction and applicable accounting guidance to determine the manner in which to report the impact of sharing arrangements in our consolidated financial statements. Our consolidated net income is the same regardless of whether revenue and loss sharing arrangements are reported on a gross or net basis. When presented on a net basis, the loss sharing amounts due from partners are recorded as a reduction to our provision for credit losses in our consolidated statements of income and reduce the charge-off amounts that we report. The allowance for loan and lease losses attributable to these portfolios is also reduced by the expected reimbursements from these partners for loss sharing amounts. See “ Note 5—Allowance for Loan and Lease Losses and Reserve for Unfunded Lending Commitments ” for additional information related to our loss sharing arrangements. Collaborative Arrangements A collaborative arrangement is a contractual arrangement that involves a joint operating activity between two or more parties that are active participants in the activity. These parties are exposed to significant risks and rewards based upon the economic success of the joint operating activity. We assess each of our partnership agreements with profit, revenue or loss sharing payments to determine if a collaborative arrangement exists and, if so, how revenue generated from third parties, costs incurred and transactions between participants in the collaborative arrangement should be accounted for and reported on our consolidated financial statements. We currently have one partnership agreement that meets the definition of a collaborative agreement. We share a fixed percentage of revenues, consisting of finance charges and late fees, with the partner, and the partner is required to reimburse us for a fixed percentage of credit losses incurred. Revenues and losses related to the partner’s credit card program and partnership agreement are reported on a net basis in our consolidated financial statements. Revenue sharing amounts attributable to the partner are recorded as an offset against total net revenue in our consolidated statements of income. Interest income was reduced by $1.2 billion , $1.1 billion and $1.0 billion in 2016, 2015, and 2014, respectively, for amounts earned by the partner, as part of the revenue sharing agreement. The financial statement impact of all of our loss sharing arrangements that qualify for net accounting treatment is disclosed in “ Note 5—Allowance for Loan and Lease Losses and Reserve for Unfunded Lending Commitments .” |
Stock-based Compensation | We reserve common shares for issuance to employees, directors and third-party service providers, in various forms, including stock options, stock appreciation rights, restricted stock awards and units and performance share awards and units. In addition, we also issue cash equity units and cash-settled restricted stock units which are not counted against the common shares reserved for issuance or available for issuance because they are settled in cash. For awards settled in shares, we generally recognize compensation expense on a straight-line basis over the award’s requisite service period. If an award settled in shares contains a performance condition with graded vesting, we recognize compensation expense using the accelerated attribution method. Equity units and restricted stock units that are cash-settled are accounted for as liability awards which results in quarterly expense fluctuations based on changes in our stock price through the date that the awards are settled. Awards that continue to vest after retirement are expensed over the shorter of the period of time between the grant date and the final vesting period or between the grant date and when the participant becomes retirement eligible; awards to participants who are retirement eligible at the grant date are subject to immediate expense recognition upon grant. Stock-based compensation expense is included in salaries and associate benefits in the consolidated statements of income. Stock-based compensation expense for equity classified stock options is based on the grant date fair value, which is estimated using a Black-Scholes option pricing model. Significant judgment is required when determining the inputs into the fair value model. For awards other than stock options, the fair value of stock-based compensation used in determining compensation expense will generally equal the fair market value of our common stock on the date of grant. Certain share-settled awards have discretionary vesting conditions which result in a requirement to remeasure at fair value each reporting period and potential for compensation expense to fluctuate with changes in our stock price. |
Marketing Expense | We expense marketing costs as incurred. Television advertising costs are expensed during the period in which the advertisements are aired. |
Income Taxes | We recognize the current and deferred tax consequences of all transactions that have been recognized in the financial statements using the provisions of the enacted tax laws. Current income tax expense represents our estimated taxes to be paid or refunded for the current period and includes income tax expense related to our uncertain tax positions, as well as tax-related interest and penalties. Deferred tax assets and liabilities are determined based on differences between the financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. We record valuation allowances to reduce deferred tax assets to the amount that is more likely than not to be realized. |
Earnings Per Share | Earnings per share is calculated and reported under the “two-class” method. The “two-class” method is an earnings allocation method under which earnings per share is calculated for each class of common stock and participating security considering both dividends declared or accumulated and participation rights in undistributed earnings as if all such earnings had been distributed during the period. We have unvested share-based payment awards which have a right to receive nonforfeitable dividends. These share-based payment awards are deemed to be participating securities. Earnings per common share is calculated by dividing net income, after deducting dividends on preferred stock and undistributed earnings allocated to participating securities, by the average number of common shares outstanding during the period, net of any treasury shares. We calculate diluted earnings per share by dividing net income, after deducting dividends on preferred stock and undistributed earnings allocated to participating securities, by the average number of common shares outstanding during the period, net of any treasury shares, after consideration of the potential dilutive effect of common stock equivalents. Common stock equivalents include warrants, stock options, restricted stock awards and units and performance share awards and units. Common stock equivalents are calculated based upon the treasury stock method using an average market price of common shares sold during the period. Dilution is not considered when the Company is in a net loss position. Common stock equivalents that have an antidilutive effect are excluded from the computation of diluted earnings per share. |
Derivative Instruments and Hedging Activities | All derivative financial instruments, whether designated for hedge accounting or not, are reported at their fair value on our consolidated balance sheets as either assets or liabilities, with consideration of legally enforceable master netting arrangements that allow us to net settle positive and negative positions and offset cash collateral with the same counterparty. We report net derivatives in a gain position, or derivative assets, on our consolidated balance sheets as a component of other assets. We report net derivatives in a loss position, or derivative liabilities, on our consolidated balance sheets as a component of other liabilities. |
Fair Value | Fair value, also referred to as an exit price, is defined as the price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The fair value accounting guidance provides a three-level fair value hierarchy for classifying financial instruments. This hierarchy is based on whether the inputs to the valuation techniques used to measure fair value are observable or unobservable. Fair value measurement of a financial asset or liability is assigned to a level based on the lowest level of any input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are described below: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities Level 2: Observable market-based inputs, other than quoted prices in active markets for identical assets or liabilities Level 3: Unobservable inputs The accounting guidance for fair value requires that we maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The accounting guidance also provides for the irrevocable option to elect, on a contract-by-contract basis, to measure certain financial assets and liabilities at fair value at inception of the contract and record any subsequent changes in fair value into income. We have not made any material fair value option elections as of and for the years ended December 31, 2016 , 2015 and 2014. |
Accounting for Acquisitions | We account for business combinations under the acquisition method of accounting. Under the acquisition method, tangible and intangible identifiable assets acquired, liabilities assumed and any noncontrolling interest in the acquiree are recorded at fair value as of the acquisition date, with limited exceptions. Transaction costs and costs to restructure the acquired company are expensed as incurred. Goodwill is recognized as the excess of the acquisition price over the estimated fair value of the net assets acquired. Likewise, if the fair value of the net assets acquired is greater than the acquisition price, a bargain purchase gain is recognized and recorded in non-interest income. If the acquired set of activities and assets does not meet the accounting definition of a business, the transaction is accounted for as an asset acquisition. In an asset acquisition, the assets acquired are recorded at the purchase price plus any transaction costs incurred and no goodwill is recognized. |
New Accounting Standards Adopted | Consolidation: Amendments to the Consolidation Analysis In February 2015, the Financial Accounting Standards Board (“FASB”) issued revised guidance for evaluating whether organizations should consolidate certain legal entities such as limited partnerships, limited liability corporations and securitization structures. The guidance also removed the indefinite deferral of specialized guidance for certain investment funds. We adopted the guidance effective in the first quarter of 2016 on a modified retrospective basis. Our adoption of this guidance did not have an impact on our financial condition, results of operations or liquidity. See “ Note 6—Variable Interest Entities and Securitizations ” for information regarding our involvement with VIEs. Recently Issued but Not Yet Adopted Accounting Standards Clarifying the Definition of a Business In January 2017, the FASB issued revised guidance for determining whether a purchased set of assets and liabilities constitutes a purchase of a business. The guidance is intended to reduce the number of acquisitions that qualify as a purchase of a business by requiring an entity to determine whether substantially all of the gross assets acquired are concentrated in a single identifiable asset, or group of similar assets, and if so, the acquired set is not considered a business. In addition to this initial test, for the acquired set of assets to be considered a business, the set must include an input and process that contribute to the ability to create an output, and removes a previous requirement to evaluate whether a market participant could replace any of the elements, if missing. The guidance is effective for us on January 1, 2018, with early adoption permitted using the prospective transition method. Upon adoption, the guidance can be applied retroactively to transactions, provided the transactions have not been previously reported in our financial statements. We believe the new guidance will result in more acquisitions being accounted for as asset acquisitions than business combinations. We are currently assessing the potential impact to other applications of the definition of a business within our accounting policies and whether we may early adopt the standard. Restricted Cash In November 2016 , the FASB issued revised guidance to require our consolidated statements of cash flows to include restricted cash. Therefore, amounts generally described as restricted cash or restricted cash equivalents will be included within our beginning-of-period and end-of-period total cash amounts reported on the consolidated statements of cash flows. Disclosure of the nature of the restrictions on cash balances is required under the guidance. The guidance is effective for us on January 1, 2018, with early adoption permitted using the retrospective transition method. Our restricted cash is primarily related to our securitization activities and is classified as Restricted cash for securitization investors on our consolidated balance sheets. The changes in restricted cash balance are currently presented as a financing activity in our consolidated statements of cash flows. Upon adoption, the presentation of restricted cash amounts will change as noted above. Measurement of Credit Losses on Financial Instruments In June 2016, the FASB issued revised guidance for impairments on financial instruments. The guidance requires an impairment model (known as the current expected credit loss (“CECL”) model) that is based on expected rather than incurred losses, with an anticipated result of more timely loss recognition. The CECL model is applicable to loans held for investment, securities held to maturity, lease receivables, financial guarantee contracts and certain unconditional loan commitments. The CECL model will replace our current accounting for PCI and impaired loans. The guidance also amends the available for sale (“AFS”) debt securities other-than-temporary impairment (“OTTI”) model. Credit losses (and subsequent recoveries) on AFS debt securities will be recorded through an allowance approach, rather than the current U.S. GAAP practice of permanent write-downs for credit losses and accreting positive changes through interest income over time. This guidance will be effective for us on January 1, 2020, with early adoption permitted no earlier than January 1, 2019. We are currently assessing the potential impact on our consolidated financial statements; however, due to the significant differences in the revised guidance from existing GAAP, the implementation of this guidance may result in material changes in our accounting for credit losses on financial instruments. Improvements to Employee Share-Based Accounting In March 2016, the FASB issued revised guidance for accounting for employee share-based payments, including the accounting for income taxes, forfeitures and statutory tax withholding requirements, as well as classification in the consolidated statements of cash flows. The guidance was effective beginning on January 1, 2017, with early adoption permitted. The impact of this guidance will not be material to our consolidated financial statements and we adopted this guidance on the effective date. Leases In February 2016, the FASB issued revised guidance for leases. The guidance requires lessees to recognize right of use assets and lease liabilities on the balance sheet and disclose key information about leasing arrangements for all leases, with certain practical expedients. This will be effective for us on January 1, 2019, with early adoption permitted. We plan to adopt the standard on the effective date. We are currently assessing the potential impact on our consolidated financial statements; however, we expect our total assets and liabilities on our consolidated balance sheet to increase. Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, the FASB issued revised guidance for the recognition, measurement, presentation, and disclosure of financial instruments. The main provisions of the guidance include, (i) most equity investments are to be measured at fair value and recorded through net income, except those accounted for under the equity method of accounting, or those that do not have a readily determinable fair value (for which a practical expedient can be elected); (ii) the use of the exit price notion is required when valuing financial instruments for disclosure purposes; (iii) an entity shall present separately in other comprehensive income the portion of the total change in the fair value of a liability under fair value option resulting from a change in the instrument-specific credit risk; (iv) the determination of the need for a valuation allowance on a deferred tax asset related to an available-for-sale securities must be made in combination with other deferred tax assets. The guidance eliminates the current classifications of equity securities as trading or available-for-sale and will require separate presentation of financial assets and liabilities by category and form of the financial assets on the face of the consolidated balance sheets or within the accompanying notes. The guidance also eliminates the requirement to disclose the methods and significant assumptions used to estimate fair value of financial instruments measured at amortized cost on the balance sheet. The guidance will be effective January 1, 2018. Early adoption is only permitted for the requirement to present the portion of the total change in fair value attributable to a change in the instrument-specific credit risk in other comprehensive income. We are currently assessing the potential impact of this new guidance on our consolidated financial statements. Revenue from Contracts with Customers In May 2014, the FASB issued revised guidance for the recognition, measurement and disclosure of revenue from contracts with customers. The original guidance has been amended through subsequent accounting standard updates that resulted in technical corrections, improvements, and a one-year deferral of the effective date to January 1, 2018. The guidance, as amended, is applicable to all entities and, once effective, will replace significant portions of existing industry and transaction-specific revenue recognition rules with a more principles-based recognition model. Most revenue associated with financial instruments, including interest income, loan origination fees and credit card fees, is outside the scope of the guidance. Gains and losses on investment securities, derivatives and sales of financial instruments are similarly excluded from the scope. Entities can elect to adopt the guidance either on a full or modified retrospective basis. Full retrospective adoption will require a cumulative effect adjustment to retained earnings as of the beginning of the earliest comparative period presented. Modified retrospective adoption will require a cumulative effect adjustment to retained earnings as of the beginning of the reporting period in which the entity first applies the new guidance. We plan to adopt this guidance on the effective date, January 1, 2018. We do not expect the guidance to have a material impact on our consolidated balance sheets, results of operations or cash flows. However, we are still assessing whether our current income statement presentation of certain credit card-related activities will be impacted by this new guidance. |
Offsetting of Financial Assets and Liabilities | Derivative contracts and repurchase agreements that we execute bilaterally in the OTC market are governed by enforceable master netting arrangements where we generally have the right to offset exposure with the same counterparty. Either counterparty can generally request to net settle all contracts through a single payment upon default on, or termination of, any one contract. We elect to offset the derivative assets and liabilities under netting arrangements for balance sheet presentation where a right of setoff exists. Derivative contracts that are cleared with central clearinghouses through our Future Commission Merchants (“FCMs”) are not subject to offsetting due to the uncertainty existing around an end-user’s ability to setoff these derivative contracts. Therefore, as of December 31, 2016 and 2015 , we did not offset our derivative positions cleared through clearinghouses. We also maintain collateral agreements with certain derivative counterparties. For bilateral derivatives, we review our collateral positions on a daily basis and exchange collateral with our counterparties in accordance with standard International Swaps and Derivatives Association documentation and other related agreements. Agreements with certain bilateral counterparties require both parties to maintain collateral in the event the fair values of derivative instruments exceed established exposure thresholds. For centrally cleared derivatives, we are subject to initial margin posting and daily variation margin exchange with the central clearinghouses. Acceptable types of collateral are typically in the form of cash or high quality liquid securities. The exchange of collateral is dependent upon the fair value of the derivative instruments as well as the fair value of the pledged collateral. When valuing collateral, an estimate of the variation in price and liquidity over time is subtracted in the form of a “haircut” to discount the value of the collateral pledged. The following table presents as of December 31, 2016 and 2015 the gross and net fair values of our derivative assets and liabilities and repurchase agreements, as well as the related offsetting amounts permitted under U.S. GAAP. The table also includes cash and non-cash collateral received or pledged associated with such arrangements. The collateral amounts shown are limited to the extent of the related net derivative fair values or outstanding balances, thus instances of over-collateralization are not shown. |
Summary of Significant Accoun31
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Schedule of Property, Plant and Equipment | Premises & Equipment Useful Lives Buildings and improvement 5-39 years Furniture and equipment 3-10 years Computer software 3-5 years Leasehold improvements Lesser of useful life or the remaining Premises and equipment as of December 31, 2016 and 2015 were as follows: Table 8.1 : Components of Premises and Equipment December 31, (Dollars in millions) 2016 2015 Land $ 423 $ 458 Buildings and improvements 2,958 2,674 Furniture and equipment 1,834 1,735 Computer software 1,681 1,618 In progress 591 514 Total premises and equipment, gross 7,487 6,999 Less: Accumulated depreciation and amortization (3,812 ) (3,415 ) Total premises and equipment, net $ 3,675 $ 3,584 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summary of Results from Discontinued Operations | Table 2.1 : Results of Discontinued Operations Year Ended December 31, (Dollars in millions) 2016 2015 2014 Income (loss) from discontinued operations before income taxes $ (30 ) $ 60 $ 8 Income tax provision (benefit) (11 ) 22 3 Income (loss) from discontinued operations, net of tax $ (19 ) $ 38 $ 5 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Schedule Of Expected Maturity And Weighted Average Yield Of Securities [Line Items] | |
Schedule of Investment Portfolio | The table below presents the overview of our investment securities portfolio as of December 31, 2016 and 2015 . Table 3.1 : Overview of Investment Securities Portfolio (Dollars in millions) December 31, 2016 December 31, 2015 Securities available for sale, at fair value $ 40,737 $ 39,061 Securities held to maturity, at carrying value 25,712 24,619 Total investment securities $ 66,449 $ 63,680 |
Schedule of Available-for-Sale Securities | The table below presents the amortized cost, gross unrealized gains and losses, and fair value of securities available for sale as of December 31, 2016 and 2015 . Table 3.2 : Investment Securities Available for Sale December 31, 2016 (Dollars in millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses (1) Fair Value Investment securities available for sale: U.S. Treasury securities $ 5,103 $ 11 $ (49 ) $ 5,065 RMBS: Agency (2) 26,830 109 (412 ) 26,527 Non-agency 2,349 382 (9 ) 2,722 Total RMBS 29,179 491 (421 ) 29,249 CMBS: Agency (2) 3,335 14 (45 ) 3,304 Non-agency 1,676 21 (13 ) 1,684 Total CMBS 5,011 35 (58 ) 4,988 Other ABS (3) 714 1 (1 ) 714 Other securities (4) 726 1 (6 ) 721 Total investment securities available for sale $ 40,733 $ 539 $ (535 ) $ 40,737 December 31, 2015 (Dollars in millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses (1) Fair Value Investment securities available for sale: U.S. Treasury securities $ 4,664 $ 5 $ (9 ) $ 4,660 RMBS: Agency (2) 24,332 165 (212 ) 24,285 Non-agency 2,680 368 (22 ) 3,026 Total RMBS 27,012 533 (234 ) 27,311 CMBS: Agency (2) 3,690 21 (47 ) 3,664 Non-agency 1,723 16 (24 ) 1,715 Total CMBS 5,413 37 (71 ) 5,379 Other ABS (3) 1,345 1 (6 ) 1,340 Other securities (4) 370 2 (1 ) 371 Total investment securities available for sale $ 38,804 $ 578 $ (321 ) $ 39,061 __________ (1) Includes non-credit-related OTTI that is recorded in AOCI of $9 million and $22 million as of December 31, 2016 and 2015 , respectively. All of this amount is related to non-agency RMBS. (2) Includes Government National Mortgage Association (“Ginnie Mae”) guaranteed securities, Federal National Mortgage Association (“Fannie Mae”) and Federal Home Loan Mortgage Corporation (“Freddie Mac”) issued securities. (3) ABS collateralized by credit card loans constituted approximately 57% and 71% of the other ABS portfolio as of December 31, 2016 and 2015 , respectively, and ABS collateralized by auto dealer floor plan inventory loans and leases constituted approximately 23% and 11% of the other ABS portfolio as of December 31, 2016 and 2015 , respectively. (4) Includes supranational bonds, foreign government bonds and equity investments. |
Investment Securities Held to Maturity | The table below presents the amortized cost, carrying value, gross unrealized gains and losses, and fair value of securities held to maturity as of December 31, 2016 and 2015 . Table 3.3 : Investment Securities Held to Maturity December 31, 2016 (Dollars in millions) Amortized Cost Unrealized Losses Recorded in AOCI (1) Carrying Value Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities $ 199 $ 0 $ 199 $ 0 $ 0 $ 199 Agency RMBS 23,022 (897 ) 22,125 606 (158 ) 22,573 Agency CMBS 3,480 (92 ) 3,388 77 (41 ) 3,424 Total investment securities held to maturity $ 26,701 $ (989 ) $ 25,712 $ 683 $ (199 ) $ 26,196 December 31, 2015 (Dollars in millions) Amortized Cost Unrealized Losses Recorded in AOCI (1) Carrying Value Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities $ 199 $ 0 $ 199 $ 0 $ (1 ) $ 198 Agency RMBS 22,561 (1,048 ) 21,513 692 (72 ) 22,133 Agency CMBS 3,012 (105 ) 2,907 87 (8 ) 2,986 Total investment securities held to maturity $ 25,772 $ (1,153 ) $ 24,619 $ 779 $ (81 ) $ 25,317 __________ (1) Certain investment securities were transferred from the available for sale category to the held to maturity category in 2013. This amount represents the unrealized holding gain or loss at the date of transfer, net of any subsequent accretion. Any bonds purchased into the securities held to maturity portfolio rather than transferred, will not have unrealized losses recognized in AOCI. |
Schedule of Available-for-Sale Securities in Gross Unrealized Loss Position | The table below provides, by major security type, information about our securities available for sale in a gross unrealized loss position and the length of time that individual securities have been in a continuous unrealized loss position as of December 31, 2016 and 2015 . Table 3.4 : Securities in a Gross Unrealized Loss Position December 31, 2016 Less than 12 Months 12 Months or Longer Total (Dollars in millions) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Investment securities available for sale: U.S. Treasury securities $ 1,060 $ (49 ) $ 0 $ 0 $ 1,060 $ (49 ) RMBS: Agency 16,899 (329 ) 4,865 (83 ) 21,764 (412 ) Non-agency 128 (2 ) 145 (7 ) 273 (9 ) Total RMBS 17,027 (331 ) 5,010 (90 ) 22,037 (421 ) CMBS: Agency 1,624 (21 ) 745 (24 ) 2,369 (45 ) Non-agency 826 (11 ) 129 (2 ) 955 (13 ) Total CMBS 2,450 (32 ) 874 (26 ) 3,324 (58 ) Other ABS 187 (1 ) 21 0 208 (1 ) Other securities 417 (6 ) 0 0 417 (6 ) Total investment securities available for sale in a gross unrealized loss position $ 21,141 $ (419 ) $ 5,905 $ (116 ) $ 27,046 $ (535 ) December 31, 2015 Less than 12 Months 12 Months or Longer Total (Dollars in millions) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Investment securities available for sale: U.S. Treasury securities $ 3,096 $ (9 ) $ 1 $ 0 $ 3,097 $ (9 ) RMBS: Agency 12,025 (110 ) 4,420 (102 ) 16,445 (212 ) Non-agency 355 (10 ) 155 (12 ) 510 (22 ) Total RMBS 12,380 (120 ) 4,575 (114 ) 16,955 (234 ) CMBS: Agency 1,352 (9 ) 1,148 (38 ) 2,500 (47 ) Non-agency 739 (13 ) 330 (11 ) 1,069 (24 ) Total CMBS 2,091 (22 ) 1,478 (49 ) 3,569 (71 ) Other ABS 825 (5 ) 255 (1 ) 1,080 (6 ) Other securities 250 0 19 (1 ) 269 (1 ) Total investment securities available for sale in a gross unrealized loss position $ 18,642 $ (156 ) $ 6,328 $ (165 ) $ 24,970 $ (321 ) |
Schedule of Contractual Maturities for Securities | The table below summarizes, by major security type, the expected maturities and weighted-average yields of our investment securities as of December 31, 2016 . Table 3.7 : Expected Maturities and Weighted-Average Yields of Securities December 31, 2016 (Dollars in millions) Due in 1 Year or Less Due > 1 Year through 5 Years Due > 5 Years through 10 Years Due > 10 Years Total Fair value of securities available for sale: U.S. Treasury securities $ 652 $ 2,854 $ 1,559 $ 0 $ 5,065 RMBS: Agency 94 9,755 16,678 0 26,527 Non-agency 29 941 1,436 316 2,722 Total RMBS 123 10,696 18,114 316 29,249 CMBS: Agency 144 1,544 1,616 0 3,304 Non-agency 146 780 758 0 1,684 Total CMBS 290 2,324 2,374 0 4,988 Other ABS 247 460 7 0 714 Other securities 207 344 77 93 721 Total securities available for sale $ 1,519 $ 16,678 $ 22,131 $ 409 $ 40,737 Amortized cost of securities available for sale $ 1,521 $ 16,548 $ 22,286 $ 378 $ 40,733 Weighted-average yield for securities available for sale (1) 1.26 % 2.17 % 2.51 % 6.55 % 2.36 % Carrying value of securities held to maturity: U.S. Treasury securities $ 0 $ 199 $ 0 $ 0 $ 199 Agency RMBS 0 1,363 16,418 4,344 22,125 Agency CMBS 0 130 2,456 802 3,388 Total securities held to maturity $ 0 $ 1,692 $ 18,874 $ 5,146 $ 25,712 Fair value of securities held to maturity $ 0 $ 1,714 $ 19,314 $ 5,168 $ 26,196 Weighted-average yield for securities held to maturity (1) 0.00 % 2.71 % 2.54 % 3.33 % 2.70 % __________ (1) The weighted-average yield represents the effective yield for the investment securities and is calculated based on the amortized cost of each security. |
Schedule of Credit Losses Related to Debt Securities Recognized in Earnings | The table below presents a rollforward of the credit-related OTTI recognized in earnings for the years ended December 31, 2016, 2015 and 2014 on investment securities for which we had no intent to sell. Table 3.8 : Credit Impairment Rollforward Year Ended December 31, (Dollars in millions) 2016 2015 2014 Credit loss component, beginning of period $ 199 $ 175 $ 160 Additions: Initial credit impairment 3 7 5 Subsequent credit impairment 8 18 12 Total additions 11 25 17 Reductions due to payoffs, disposals, transfers and other (3 ) (1 ) (2 ) Credit loss component, end of period $ 207 $ 199 $ 175 |
Schedule of Gross Realized Gains and Losses on Sale and Redemption of Available-for-Sale Securities Recognized in Earnings | The following table presents the gross realized gains and losses on the sale and redemption of securities available for sale, and the OTTI losses recognized in earnings for the years ended December 31, 2016, 2015 and 2014 . We also present the proceeds from the sale of securities available for sale for the periods presented. We did not sell any investment securities that are classified as held to maturity. Table 3.9 : Realized Gains and Losses and OTTI Recognized in Earnings Year Ended December 31, (Dollars in millions) 2016 2015 2014 Realized gains (losses): Gross realized gains $ 12 $ 23 $ 55 Gross realized losses (6 ) (25 ) (34 ) Net realized gains (losses) gains 6 (2 ) 21 OTTI recognized in earnings: Credit-related OTTI (11 ) (25 ) (17 ) Intent-to-sell OTTI (6 ) (5 ) (7 ) Total OTTI recognized in earnings (17 ) (30 ) (24 ) Net securities gains (losses) $ (11 ) $ (32 ) $ (3 ) Total proceeds from sales $ 4,146 $ 4,379 $ 7,417 |
Schedule of Outstanding Contractual Balance and Carrying Value of Credit-Impaired ING Direct Debt Securities | The table below presents the outstanding balance and carrying value of the purchased credit-impaired debt securities as of December 31, 2016 and 2015 . Table 3.10 : Outstanding Balance and Carrying Value of Acquired Credit-Impaired Debt Securities (Dollars in millions) December 31, 2016 December 31, 2015 Outstanding balance $ 2,899 $ 3,285 Carrying value 2,277 2,480 |
Schedule of Changes in Accretable Yield of Acquired Securities | The following table presents changes in the accretable yield related to the purchased credit-impaired debt securities for the years ended December 31, 2016, 2015 and 2014 . Table 3.11 : Changes in the Accretable Yield of Purchased Credit-Impaired Debt Securities Year Ended December 31, (Dollars in millions) 2016 2015 2014 Accretable yield, beginning of period $ 1,237 $ 1,250 $ 1,423 Additions from new acquisitions 0 0 34 Accretion recognized in earnings (206 ) (240 ) (243 ) Reduction due to payoffs, disposals, transfers and other (2 ) (1 ) (3 ) Net reclassifications from nonaccretable difference 144 228 39 Accretable yield, end of period $ 1,173 $ 1,237 $ 1,250 |
Available-for-sale Securities | |
Schedule Of Expected Maturity And Weighted Average Yield Of Securities [Line Items] | |
Schedule of Contractual Maturities for Securities | The following tables summarize the remaining scheduled contractual maturities, assuming no prepayments, of our investment securities as of December 31, 2016 . Table 3.5 : Contractual Maturities of Securities Available for Sale December 31, 2016 (Dollars in millions) Amortized Cost Fair Value Due in 1 year or less $ 1,025 $ 1,027 Due after 1 year through 5 years 4,100 4,106 Due after 5 years through 10 years 3,382 3,350 Due after 10 years (1) 32,226 32,254 Total $ 40,733 $ 40,737 __________ (1) Investments with no stated maturities, which consist of equity securities, are included with contractual maturities due after 10 years. |
Securities Held to Maturity | |
Schedule Of Expected Maturity And Weighted Average Yield Of Securities [Line Items] | |
Schedule of Contractual Maturities for Securities | Table 3.6 : Contractual Maturities of Securities Held to Maturity December 31, 2016 (Dollars in millions) Carrying Value Fair Value Due after 1 year through 5 years $ 199 $ 199 Due after 5 years through 10 years 1,363 1,422 Due after 10 years 24,150 24,575 Total $ 25,712 $ 26,196 |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Loan Portfolio Composition and Aging Analysis | The table below presents the composition and an aging analysis of our loans held for investment portfolio as of December 31, 2016 and 2015 . The delinquency aging includes all past due loans, both performing and nonperforming. Table 4.1 : Loan Portfolio Composition and Aging Analysis December 31, 2016 (Dollars in millions) Current 30-59 Days 60-89 Days > 90 Days Total Delinquent Loans PCI Loans Total Loans Credit Card: Domestic credit card (1) $ 93,279 $ 1,153 $ 846 $ 1,840 $ 3,839 $ 2 $ 97,120 International credit card 8,115 124 72 121 317 0 8,432 Total credit card 101,394 1,277 918 1,961 4,156 2 105,552 Consumer Banking: Auto 44,762 2,041 890 223 3,154 0 47,916 Home loan 6,951 44 20 141 205 14,428 21,584 Retail banking 3,477 22 7 20 49 28 3,554 Total consumer banking 55,190 2,107 917 384 3,408 14,456 73,054 Commercial Banking: Commercial and multifamily real estate 26,536 45 0 0 45 28 26,609 Commercial and industrial 38,831 27 84 297 408 585 39,824 Total commercial lending 65,367 72 84 297 453 613 66,433 Small-ticket commercial real estate 473 7 1 2 10 0 483 Total commercial banking 65,840 79 85 299 463 613 66,916 Other loans 56 3 0 5 8 0 64 Total loans (2) $ 222,480 $ 3,466 $ 1,920 $ 2,649 $ 8,035 $ 15,071 $ 245,586 % of Total loans 90.59% 1.41% 0.78% 1.08% 3.27 % 6.14% 100.00 % December 31, 2015 (Dollars in millions) Current 30-59 Days 60-89 Days > 90 Days Total Delinquent Loans PCI Loans Total Loans Credit Card: Domestic credit card $ 84,954 $ 906 $ 658 $ 1,421 $ 2,985 $ 0 $ 87,939 International credit card 7,903 110 67 106 283 0 8,186 Total credit card 92,857 1,016 725 1,527 3,268 0 96,125 Consumer Banking: Auto 38,549 1,901 880 219 3,000 0 41,549 Home loan 6,465 41 18 176 235 18,527 25,227 Retail banking 3,514 21 8 20 49 33 3,596 Total consumer banking 48,528 1,963 906 415 3,284 18,560 70,372 Commercial Banking: Commercial and multifamily real estate 25,449 34 0 4 38 31 25,518 Commercial and industrial 35,920 51 34 203 288 927 37,135 Total commercial lending 61,369 85 34 207 326 958 62,653 Small-ticket commercial real estate 607 3 1 2 6 0 613 Total commercial banking 61,976 88 35 209 332 958 63,266 Other loans 77 2 2 7 11 0 88 Total loans (1) $ 203,438 $ 3,069 $ 1,668 $ 2,158 $ 6,895 $ 19,518 $ 229,851 % of Total loans 88.51% 1.33% 0.73% 0.94% 3.00 % 8.49% 100.00 % __________ (1) Loans (other than PCI loans) include unearned income, unamortized premiums and discounts, and unamortized deferred fees and costs totaling $558 million and $499 million as of December 31, 2016 and 2015 , respectively. |
90 Plus Day Delinquent Loans Accruing Interest and Nonperforming Loans | The following table presents the outstanding balance of loans 90 days or more past due that continue to accrue interest and loans classified as nonperforming as of December 31, 2016 and 2015 . Table 4.2 : 90+ Day Delinquent Loans Accruing Interest and Nonperforming Loans (1) December 31, 2016 December 31, 2015 (Dollars in millions) > 90 Days and Accruing Nonperforming Loans > 90 Days and Accruing Nonperforming Loans Credit Card: Domestic credit card $ 1,840 N/A $ 1,421 N/A International credit card 96 $ 42 79 $ 53 Total credit card 1,936 42 1,500 53 Consumer Banking: Auto 0 223 0 219 Home loan 0 273 0 311 Retail banking 0 31 0 28 Total consumer banking 0 527 0 558 December 31, 2016 December 31, 2015 (Dollars in millions) > 90 Days and Accruing Nonperforming Loans > 90 Days and Accruing Nonperforming Loans Commercial Banking: Commercial and multifamily real estate $ 0 $ 30 $ 0 $ 7 Commercial and industrial 0 988 5 538 Total commercial lending 0 1,018 5 545 Small-ticket commercial real estate 0 4 0 5 Total commercial banking 0 1,022 5 550 Other loans 0 8 0 9 Total $ 1,936 $ 1,599 $ 1,505 $ 1,170 % of Total loans 0.79% 0.65% 0.65% 0.51% __________ (1) Nonperfor ming loans generally include loans that have been placed on nonaccrual status. PCI loans are excluded from loans reported as 90 days or more past due and accruing interest as well as nonperforming loans. See “ Note 1—Summary of Significant Accounting Policies ” for additional information on our policies for nonperforming loans. |
Loans and Leases Receivable Disclosure [Line Items] | |
Individually Impaired Loans, Excluding Acquired Loans | The following table presents information about our impaired loans, excluding PCI loans, which are reported separately as of December 31, 2016 , and 2015 , and for the years ended December 31, 2016 , 2015 and 2014: Table 4.9 : Impaired Loans (1) December 31, 2016 (Dollars in millions) With an Allowance Without an Allowance Total Recorded Investment Related Allowance Net Recorded Investment Unpaid Principal Balance Credit Card: Domestic credit card $ 581 $ 0 $ 581 $ 174 $ 407 $ 566 International credit card 134 0 134 65 69 129 Total credit card (2) 715 0 715 239 476 695 Consumer Banking: Auto (3) 316 207 523 24 499 807 Home loan 241 117 358 19 339 464 Retail banking 52 10 62 14 48 65 Total consumer banking 609 334 943 57 886 1,336 Commercial Banking: Commercial and multifamily real estate 83 29 112 7 105 112 Commercial and industrial 1,249 144 1,393 162 1,231 1,444 Total commercial lending 1,332 173 1,505 169 1,336 1,556 Small-ticket commercial real estate 4 0 4 0 4 4 Total commercial banking 1,336 173 1,509 169 1,340 1,560 Total $ 2,660 $ 507 $ 3,167 $ 465 $ 2,702 $ 3,591 December 31, 2015 (Dollars in millions) With an Allowance Without an Allowance Total Recorded Investment Related Allowance Net Recorded Investment Unpaid Principal Balance Credit Card: Domestic credit card $ 541 $ 0 $ 541 $ 150 $ 391 $ 526 International credit card 125 0 125 59 66 121 Total credit card (2) 666 0 666 209 457 647 Consumer Banking: Auto (3) 273 215 488 22 466 772 Home loan 229 136 365 18 347 456 Retail banking 51 10 61 14 47 62 Total consumer banking 553 361 914 54 860 1,290 Commercial Banking: Commercial and multifamily real estate 82 3 85 11 74 88 Commercial and industrial 515 278 793 75 718 862 Total commercial lending 597 281 878 86 792 950 Small-ticket commercial real estate 6 0 6 0 6 7 Total commercial banking 603 281 884 86 798 957 Total $ 1,822 $ 642 $ 2,464 $ 349 $ 2,115 $ 2,894 Year Ended December 31, 2016 2015 2014 (Dollars in millions) Average Interest Average Interest Average Interest Credit Card: Domestic credit card $ 540 $ 58 $ 539 $ 57 $ 571 $ 58 International credit card 133 10 135 10 160 11 Total credit card (2) 673 68 674 67 731 69 Consumer Banking: Auto (3) 501 86 462 82 387 72 Home loan 361 5 364 4 388 5 Retail banking 62 2 56 2 69 2 Total consumer banking 924 93 882 88 844 79 Commercial Banking: Commercial and multifamily real estate 111 3 109 3 175 6 Commercial and industrial 1,215 13 466 5 185 4 Total commercial lending 1,326 16 575 8 360 10 Small-ticket commercial real estate 7 0 7 0 8 0 Total commercial banking 1,333 16 582 8 368 10 Total $ 2,930 $ 177 $ 2,138 $ 163 $ 1,943 $ 158 __________ (1) Impaired loans include loans modified in troubled debt restructurings (“TDRs”), all nonperforming commercial loans and nonperforming home loans with a specific impairment. Impaired loans without an allowance generally represent loans that have been charged down to the fair value of the underlying collateral for which we believe no additional losses have been incurred, or where the fair value of the underlying collateral meets or exceeds the loan’s amortized cost. (2) The period-end and average recorded investments of credit card loans include finance charges and fees. (3) Although assets from loan recovery inventory are not reported in our loans held for investment, they are included as impaired loans above since they are reported as TD Rs. |
TDR Disclosures in Progress Financial Impact of Modification | The following tables present the major modification types, recorded investment amounts and financial effects of loans modified in TDRs during the years ended December 31, 2016 , 2015 and 2014: Table 4.10 : Troubled Debt Restructurings Total Loans (1)(2) Year Ended December 31, 2016 Reduced Interest Rate Term Extension Balance Reduction (Dollars in millions) % of (3)(4) Average (5) % of (4)(6) Average (7) % of (4)(8) Gross (9) Credit Card: Domestic credit card $ 312 100% 13.19% 0% 0 0% $ 0 International credit card 138 100 25.87 0 0 0 0 Total credit card 450 100 17.09 0 0 0 0 Consumer Banking: Auto 356 44 3.91 74 7 25 78 Home loan 48 64 2.25 87 243 2 0 Retail banking 18 23 7.89 68 10 9 1 Total consumer banking 422 46 3.73 75 38 22 79 Commercial Banking: Commercial and multifamily real estate 38 0 0.00 67 6 32 3 Commercial and industrial 743 5 0.09 57 20 7 26 Total commercial lending 781 4 0.09 57 19 8 29 Small-ticket commercial real estate 1 0 0.00 0 0 0 0 Total commercial banking 782 4 0.09 57 19 8 29 Total $ 1,654 41 12.42 46 27 9 $ 108 Total Loans (1)(2) Year Ended December 31, 2015 Reduced Interest Rate Term Extension Balance Reduction (Dollars in millions) % of (3)(4) Average (5) % of (4)(6) Average (7) % of (4)(8) Gross (9) Credit Card: Domestic credit card $ 293 100% 12.28% 0% 0 0% $ 0 International credit card 121 100 25.88 0 0 0 0 Total credit card 414 100 16.26 0 0 0 0 Consumer Banking: Auto 347 41 3.49 69 8 30 93 Home loan 48 61 2.70 79 231 7 0 Retail banking 24 18 6.88 87 6 0 0 Total consumer banking 419 42 3.44 71 36 26 93 Commercial Banking: Commercial and multifamily real estate 12 0 0.00 86 14 18 1 Commercial and industrial 249 0 0.67 34 7 0 0 Total commercial lending 261 0 0.67 36 8 1 1 Small-ticket commercial real estate 1 0 0.00 0 0 0 0 Total commercial banking 262 0 0.67 36 8 1 1 Total $ 1,095 54 12.42 36 29 10 $ 94 Total Loans (1)(2) Year Ended December 31, 2014 Reduced Interest Rate Term Extension Balance Reduction (Dollars in millions) % of (3)(4) Average (5) % of TDR Activity (4)(6) Average (7) % of (4)(8) Gross (9) Credit Card: Domestic credit card $ 269 100% 11.59% 0 % 0 0% $ 0 International credit card 149 100 25.39 0 0 0 0 Total credit card 418 100 16.51 0 0 0 0 Consumer Banking: Auto 334 39 1.38 65 9 34 102 Home loan 35 31 2.60 38 152 5 1 Retail banking 11 10 4.21 67 9 0 0 Total consumer banking 380 37 1.50 63 17 30 103 Commercial Banking: Commercial and multifamily real estate 72 35 1.31 93 8 6 2 Commercial and industrial 101 3 1.66 62 9 1 1 Total commercial lending 173 17 1.35 75 9 3 3 Small-ticket commercial real estate 2 0 0.00 0 0 0 0 Total commercial banking 175 17 1.35 74 9 3 3 Total $ 973 60 12.17 38 14 12 $ 106 __________ (1) Represents the recorded investment of total loans modified in TDRs at the end of the quarter in which they were modified, excluding an immaterial amount of accrued interest receivable. (2) We present the modification types utilized most prevalently across our loan portfolios. As not every modification type is included in the table above, the total % of TDR activity may not add up to 100%. Some loans may receive more than one type of concession as part of the modification. (3) Represents percentage of loans modified in TDRs during the period that were granted a reduced interest rate. (4) Due to multiple concessions granted to some troubled borrowers, percentages may total more than 100% for certain loan types. (5) Represents weighted average interest rate reduction for those loans that received an interest rate concession. (6) Represents percentage of loans modified in TDRs during the period that were granted a maturity date extension. (7) Represents weighted average change in maturity date for those loans that received a maturity date extension. (8) Represents percentage of loans modified in TDRs during the period that were granted forgiveness or forbearance of a portion of their balance. (9) Represents the gross balance forgiven. For loans modified in bankruptcy, the gross balance reduction represents collateral value write-downs associated with the discharge of the borrower’s obligations. TDR—Subsequent Defaults of Completed TDR Modifications The following table presents the type, number and recorded investment amount of loans modified in TDRs that experienced a default during the period and had completed a modification event in the twelve months prior to the default. A default occurs if the loan is either 90 days or more delinquent, has been charged off as of the end of the period presented or has been reclassified from accrual to nonaccrual status. Table 4.11 : TDR — Subsequent Defaults Year Ended December 31, 2016 2015 2014 (Dollars in millions) Number of Amount Number of Amount Number of Amount Credit Card: Domestic credit card 42,250 $ 73 42,808 $ 71 40,814 $ 63 International credit card (1) 40,498 82 33,888 81 38,195 106 Total credit card 82,748 155 76,696 152 79,009 169 Consumer Banking: Auto 8,587 96 8,647 99 6,651 72 Home loan 56 7 14 2 24 5 Retail banking 48 9 26 2 75 10 Total consumer banking 8,691 112 8,687 103 6,750 87 Commercial Banking: Commercial and multifamily real estate 1 1 0 0 5 11 Commercial and industrial 150 281 7 19 2 1 Total commercial lending 151 282 7 19 7 12 Small-ticket commercial real estate 7 1 3 0 33 3 Total commercial banking 158 283 10 19 40 15 Total 91,597 $ 550 85,393 $ 274 85,799 $ 271 __________ (1) In the U.K., regulators require the acceptance of payment plan proposals in which the modified payments may be less than the contractual minimum amount. As a result, loans entering long-term TDR payment programs in the U.K. typically continue to age and ultimately charge off even when fully in compliance with the TDR program terms. |
Outstanding Balance and Carrying Value of Acquired Loans | The table below presents the outstanding balance and the carrying value of PCI loans as of December 31, 2016 and 2015 . The table also displays loans which would have otherwise been considered impaired at acquisition based on our applicable accounting policies. See “ Note 1—Summary of Significant Accounting Policies ” for information related to our accounting policies for impaired loans. Table 4.12 : PCI Loans December 31, 2016 December 31, 2015 (Dollars in millions) Total Impaired Loans Non-Impaired Loans Total Impaired Loans Non-Impaired Loans Outstanding balance $ 16,506 $ 3,272 $ 13,234 $ 21,151 $ 3,840 $ 17,311 Carrying value (1) 15,074 2,263 12,811 19,516 2,629 16,887 __________ (1) Includes $31 million and $37 million of allowance for loan and lease losses for these loans as of December 31, 2016 and 2015 , respectively. We recorded a $6 million release and a $10 million provision for credit losses for the years ended December 31, 2016 and 2015 , respectively, for PCI loans. |
Changes in Accretable Yield on Acquired Loans | The following table presents changes in the accretable yield on the PCI loans: Table 4.13 : Changes in Accretable Yield on PCI Loans (Dollars in millions) Total PCI Loans Impaired Loans Non-Impaired Loans Accretable yield as of December 31, 2013 $ 6,420 $ 2,114 $ 4,306 Accretion recognized in earnings (1,042 ) (379 ) (663 ) Reclassifications from nonaccretable differences (1) 214 94 120 Changes in accretable yield for non-credit related changes in expected cash flows (2) (939 ) (344 ) (595 ) Accretable yield as of December 31, 2014 $ 4,653 $ 1,485 $ 3,168 Addition due to acquisition 123 7 116 Accretion recognized in earnings (817 ) (284 ) (533 ) Reclassifications from (to) nonaccretable differences (1) 26 43 (17 ) Changes in accretable yield for non-credit related changes in expected cash flows (2) (502 ) (7 ) (495 ) Accretable yield as of December 31, 2015 $ 3,483 $ 1,244 $ 2,239 Accretion recognized in earnings (711 ) (235 ) (476 ) Reclassifications from nonaccretable differences (1) 138 49 89 Changes in accretable yield for non-credit related changes in expected cash flows (2) 267 6 261 Accretable yield as of December 31, 2016 $ 3,177 $ 1,064 $ 2,113 __________ (1) Represents changes in accretable yield for those loans in pools that are driven primarily by credit performance. (2) Represents changes in accretable yield for those loans in pools that are driven primarily by actual prepayments and changes in estimated prepayments. |
Credit Card Portfolio Segment [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Schedule of Concentration Risk, by Risk Factor, Including Delinquency and Performing Status | The table below displays the geographic profile of our credit card loan portfolio as of December 31, 2016 and 2015 . We also present net charge-offs for the years ended December 31, 2016 and 2015 . Table 4.3 : Credit Card Risk Profile by Geographic Region December 31, 2016 December 31, 2015 (Dollars in millions) Amount % of Total (1) Amount % of Total (1) Domestic credit card: California $ 11,068 10.5% $ 10,029 10.5% Texas 7,227 6.8 6,344 6.6 New York 7,090 6.7 6,446 6.7 Florida 6,540 6.2 5,712 5.9 Illinois 4,492 4.3 4,121 4.3 Pennsylvania 4,048 3.8 3,764 3.9 Ohio 3,654 3.5 3,371 3.5 New Jersey 3,488 3.3 3,210 3.3 Michigan 3,164 3.0 2,922 3.0 Other 46,349 43.9 42,020 43.8 Total domestic credit card 97,120 92.0 87,939 91.5 International credit card: Canada 5,594 5.3 4,889 5.1 United Kingdom 2,838 2.7 3,297 3.4 Total international credit card 8,432 8.0 8,186 8.5 Total credit card $ 105,552 100.0% $ 96,125 100.0 % __________ (1) P ercentages by geographic region are calculated based on period-end amounts. |
Schedule of Net Charge-Offs | Table 4.4 : Credit Card Net Charge-Offs Year Ended December 31, 2016 2015 (Dollars in millions) Amount Rate (1) Amount Rate Net charge-offs: (1) Domestic credit card $ 3,681 4.16% $ 2,718 3.45% International credit card 272 3.33 200 2.50 Total credit card $ 3,953 4.09 $ 2,918 3.36 __________ (1) Net charge-offs consist of the unpaid principal balance that we determine to be uncollectible, net of recovered amounts. The net charge-off rate is calculated for each loan category by dividing net charge-offs by average balance of loans held for investment for the period. Net charge-offs and the net charge-off rate are impacted periodically by fluctuations in recoveries, including loan sales. |
Consumer Portfolio Segment [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Schedule of Concentration Risk, by Risk Factor, Including Delinquency and Performing Status | The table below displays the geographic profile of our consumer banking loan portfolio, including PCI loans. We also present the delinquency and nonperforming loan rates of our consumer banking loan portfolio as of December 31, 2016 and 2015 , as well as net charge-offs for the years ended December 31, 2016 and 2015 . Table 4.5 : Consumer Banking Risk Profile by Geographic Region December 31, 2016 December 31, 2015 (Dollars in millions) Amount % of Total (1) Amount % of Total (1) Auto: Texas $ 6,304 8.6% $ 5,463 7.8% California 5,448 7.5 4,611 6.5 Florida 3,985 5.5 3,315 4.7 Georgia 2,506 3.4 2,245 3.2 Louisiana 2,159 3.0 1,882 2.7 Illinois 2,065 2.8 1,859 2.6 Ohio 2,017 2.8 1,738 2.5 Other 23,432 32.0 20,436 29.0 Total auto 47,916 65.6 41,549 59.0 Home loan: California 4,993 6.8 5,884 8.4 New York 2,036 2.8 2,171 3.1 Maryland 1,409 1.9 1,539 2.2 Illinois 1,218 1.7 1,490 2.1 Virginia 1,204 1.7 1,354 1.9 New Jersey 1,112 1.5 1,293 1.8 Louisiana 985 1.3 1,146 1.6 Other 8,627 11.8 10,350 14.8 Total home loan 21,584 29.5 25,227 35.9 December 31, 2016 December 31, 2015 (Dollars in millions) Amount % of Total (1) Amount % of Total (1) Retail banking: Louisiana $ 1,010 1.4 % $ 1,071 1.5 % New York 941 1.3 921 1.3 Texas 756 1.0 757 1.1 New Jersey 238 0.3 259 0.4 Maryland 190 0.3 180 0.3 Virginia 156 0.2 151 0.2 Other 263 0.4 257 0.3 Total retail banking 3,554 4.9 3,596 5.1 Total consumer banking $ 73,054 100.0% $ 70,372 100.0% __________ (1) Pe rcentages by geographic region are calculated based on period-end amounts. |
Schedule of Net Charge-Offs | Table 4.6 : Consumer Banking Net Charge-Offs and Nonperforming Loans Year Ended December 31, 2016 2015 (Dollars in millions) Amount Rate (1) Amount Rate (1) Net charge-offs: Auto $ 752 1.69% $ 674 1.69% Home loan (2) 14 0.06 9 0.03 Retail banking 54 1.53 48 1.33 Total consumer banking (2) $ 820 1.15 $ 731 1.03 December 31, 2016 December 31, 2015 (Dollars in millions) Amount Rate (3) Amount Rate (3) Nonperforming loans: Auto $ 223 0.47% $ 219 0.53 % Home loan (4) 273 1.26 311 1.23 Retail banking 31 0.86 28 0.77 Total consumer banking (4) $ 527 0.72 $ 558 0.79 __________ (1) The net charge-off rate is calculated for each loan category by dividing net charge-offs by average balance of loans held for investment for the period. (2) Excluding the impact of PCI loans, the net charge-off rates for our home loan and total consumer banking portfolios were 0.20% and 1.49% , respectively, for the years ended December 31, 2016 , compared to 0.13% and 1.45% , respectively, for the year ended December 31, 2015 . (3) Nonperforming loan rates are calculated based on nonperforming loans for each category divided by period-end total loans held for investment for each respective category. (4) Excluding the impact of PCI loans, the nonperforming loan rates for our home loan and total consumer banking portfolios were 3.81% and 0.90% , respectively, as of December 31, 2016 , compared to 4.68% and 1.08% , respectively, as of December 31, 2015 . |
Consumer Portfolio Segment [Member] | Home loan | |
Loans and Leases Receivable Disclosure [Line Items] | |
Schedule of Concentration of Risk, by Risk Factor | The following table presents the distribution of our home loan portfolio as of December 31, 2016 and 2015 , based on selected key risk characteristics. Table 4.7 : Home Loan Risk Profile by Vintage, Geography, Lien Priority and Interest Rate Type December 31, 2016 Loans PCI Loans (1) Total Home Loans (Dollars in millions) Amount % of Total (2) Amount % of Total (2) Amount % of Total (2) Origination year: (3) < = 2007 $ 2,038 9.4% $ 7,424 34.4% $ 9,462 43.8% 2008 128 0.6 2,260 10.5 2,388 11.1 2009 80 0.4 1,088 5.0 1,168 5.4 2010 82 0.4 1,562 7.2 1,644 7.6 2011 139 0.6 1,683 7.8 1,822 8.4 2012 969 4.5 268 1.2 1,237 5.7 2013 465 2.2 59 0.2 524 2.4 2014 557 2.6 31 0.2 588 2.8 2015 1,024 4.7 30 0.2 1,054 4.9 2016 1,674 7.8 23 0.1 1,697 7.9 Total $ 7,156 33.2% $ 14,428 66.8% $ 21,584 100.0% Geographic concentration: (4) California $ 976 4.5% $ 4,017 18.6% $ 4,993 23.1% New York 1,343 6.2 693 3.2 2,036 9.4 Maryland 585 2.7 824 3.9 1,409 6.6 Illinois 108 0.5 1,110 5.1 1,218 5.6 Virginia 490 2.3 714 3.3 1,204 5.6 New Jersey 379 1.8 733 3.4 1,112 5.2 Louisiana 962 4.5 23 0.1 985 4.6 Florida 159 0.7 772 3.6 931 4.3 Arizona 89 0.4 799 3.7 888 4.1 Texas 725 3.4 98 0.4 823 3.8 Other 1,340 6.2 4,645 21.5 5,985 27.7 Total $ 7,156 33.2% $ 14,428 66.8% $ 21,584 100.0 % Lien type: 1 st lien $ 6,182 28.7% $ 14,159 65.5% $ 20,341 94.2% 2 nd lien 974 4.5 269 1.3 1,243 5.8 Total $ 7,156 33.2% $ 14,428 66.8% $ 21,584 100.0% Interest rate type: Fixed rate $ 3,394 15.8% $ 1,822 8.4% $ 5,216 24.2% Adjustable rate 3,762 17.4 12,606 58.4 16,368 75.8 Total $ 7,156 33.2% $ 14,428 66.8% $ 21,584 100.0% December 31, 2015 Loans PCI Loans (1) Total Home Loans (Dollars in millions) Amount % of Total (2) Amount % of Total (2) Amount % of Total (2) Origination year: (3) < = 2007 $ 2,559 10.1% $ 8,956 35.5% $ 11,515 45.6% 2008 157 0.6 2,866 11.4 3,023 12.0 2009 97 0.4 1,498 5.9 1,595 6.3 2010 97 0.4 2,208 8.8 2,305 9.2 2011 176 0.7 2,476 9.8 2,652 10.5 2012 1,276 5.1 389 1.5 1,665 6.6 2013 557 2.2 71 0.3 628 2.5 2014 680 2.7 31 0.1 711 2.8 2015 1,101 4.4 32 0.1 1,133 4.5 Total $ 6,700 26.6% $ 18,527 73.4% $ 25,227 100.0% Geographic concentration: (4) California $ 871 3.5% $ 5,013 19.9% $ 5,884 23.4% New York 1,295 5.1 876 3.5 2,171 8.6 Maryland 511 2.0 1,028 4.1 1,539 6.1 Illinois 89 0.4 1,401 5.5 1,490 5.9 Virginia 428 1.7 926 3.7 1,354 5.4 New Jersey 353 1.4 940 3.7 1,293 5.1 Louisiana 1,069 4.2 27 0.1 1,096 4.3 Florida 157 0.6 989 3.9 1,146 4.5 Arizona 81 0.4 995 3.9 1,076 4.3 Washington 113 0.4 806 3.2 919 3.6 Other 1,733 6.9 5,526 21.9 7,259 28.8 Total $ 6,700 26.6% $ 18,527 73.4% $ 25,227 100.0 % Lien type: 1 st lien $ 5,705 22.6% $ 18,207 72.2% $ 23,912 94.8% 2 nd lien 995 4.0 320 1.2 1,315 5.2 Total $ 6,700 26.6% $ 18,527 73.4% $ 25,227 100.0% Interest rate type: Fixed rate $ 2,751 10.9% $ 2,264 9.0% $ 5,015 19.9% Adjustable rate 3,949 15.7 16,263 64.4 20,212 80.1 Total $ 6,700 26.6% $ 18,527 73.4% $ 25,227 100.0% __________ (1) The PCI loan balances with an origination date in the years subsequent to 2012 represent refinancing of previously acquired home loans. (2) Percentages within each risk category are calculated based on period-end amounts. (3) Modified loans are reported in the origination year of the initial borrowing. (4) States listed represent those that have the highest individual concentration of home loans. |
Commercial Banking | |
Loans and Leases Receivable Disclosure [Line Items] | |
Schedule of Concentration of Risk, by Risk Factor | The following table presents the geographic distribution and internal risk ratings of our commercial loan portfolio as of December 31, 2016 and 2015 . Table 4.8 : Commercial Banking Risk Profile by Geographic Region and Internal Risk Rating December 31, 2016 (Dollars in millions) Commercial and Multifamily Real Estate % of Total (1) Commercial and Industrial % of Total (1) Small-ticket Commercial Real Estate % of Total (1) Total Commercial Banking % of Total (1) Geographic concentration: (2) Northeast $ 15,714 59.0% $ 9,628 24.2% $ 298 61.7% $ 25,640 38.3% Mid-Atlantic 3,024 11.4 3,450 8.7 16 3.3 6,490 9.7 South 4,032 15.2 15,193 38.1 34 7.0 19,259 28.8 Other 3,839 14.4 11,553 29.0 135 28.0 15,527 23.2 Total $ 26,609 100.0% $ 39,824 100.0% $ 483 100.0% $ 66,916 100.0% Internal risk rating: (3) Noncriticized $ 26,309 98.9% $ 36,046 90.5% $ 473 97.9% $ 62,828 93.9% Criticized performing 242 0.9 2,205 5.5 6 1.3 2,453 3.7 Criticized nonperforming 30 0.1 988 2.5 4 0.8 1,022 1.5 PCI loans (4) 28 0.1 585 1.5 0 0.0 613 0.9 Total $ 26,609 100.0% $ 39,824 100.0 % $ 483 100.0% $ 66,916 100.0% December 31, 2015 (Dollars in millions) Commercial and Multifamily Real Estate % of Total (1) Commercial and Industrial % of Total (1) Small-ticket Commercial Real Estate % of Total (1) Total Commercial Banking % of Total (1) Geographic concentration: (2) Northeast $ 15,949 62.5% $ 8,074 21.8% $ 376 61.3% $ 24,399 38.6% Mid-Atlantic 2,797 11.0 3,010 8.1 25 4.1 5,832 9.2 South 4,070 15.9 15,240 41.0 40 6.5 19,350 30.6 Other 2,702 10.6 10,811 29.1 172 28.1 13,685 21.6 Total $ 25,518 100.0% $ 37,135 100.0% $ 613 100.0% $ 63,266 100.0% Internal risk rating: (3) Noncriticized $ 25,130 98.5% $ 34,008 91.6% $ 605 98.7% $ 59,743 94.4% Criticized performing 350 1.4 1,662 4.5 3 0.5 2,015 3.2 Criticized nonperforming 7 0.0 538 1.4 5 0.8 550 0.9 PCI loans (4) 31 0.1 927 2.5 0 0.0 958 1.5 Total $ 25,518 100.0% $ 37,135 100.0% $ 613 100.0% $ 63,266 100.0% __________ (1) Percentages calculated based on total loans held for investment in each respective loan category using period-end amounts. (2) Geographic concentration is generally determined by the location of the borrower’s business or the location of the collateral associated with the loan. Northeast consists of CT, MA, ME, NH, NJ, NY, PA and VT. Mid-Atlantic consists of DC, DE, MD, VA and WV. South consists of AL, AR, FL, GA, KY, LA, MO, MS, NC, SC, TN and TX. (3) Criticized exposures correspond to the “Special Mention,” “Substandard” and “Doubtful” asset c ategories defined by banking regulatory authorities. (4) We evaluate PCI loans based on their actual risk ratings. Were these PCI loans classified based on their risk ratings, $346 million and $128 million would have been classified as Noncriticized, $247 million and $793 million as Criticized performing, and $20 million and $37 million as Criticized nonperforming as of December 31, 2016 and 2015 , respectively. |
Allowance for Loan and Lease 35
Allowance for Loan and Lease Losses (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Allowance for Credit Losses on Financing Receivables | The table below presents the components of our allowance for loan and lease losses by portfolio segment and impairment methodology with the recorded investment of the related loans as of December 31, 2016 and 2015 . Table 5.2 : Components of Allowance for Loan and Lease Losses by Impairment Methodology December 31, 2016 (Dollars in millions) Credit Card Consumer Banking Commercial Banking Other Total Allowance for loan and lease losses: Collectively evaluated (1) $ 4,367 $ 1,016 $ 622 $ 2 $ 6,007 Asset-specific (2) 239 57 169 0 465 PCI loans (3) 0 29 2 0 31 Total allowance for loan and lease losses $ 4,606 $ 1,102 $ 793 $ 2 $ 6,503 Loans held for investment: Collectively evaluated (1) $ 104,835 $ 57,862 $ 64,794 $ 64 $ 227,555 Asset-specific (2) 715 736 1,509 0 2,960 PCI loans (3) 2 14,456 613 0 15,071 Total loans held for investment $ 105,552 $ 73,054 $ 66,916 $ 64 $ 245,586 Allowance coverage ratio (4) 4.36% 1.51% 1.19% 3.13% 2.65% December 31, 2015 (Dollars in millions) Credit Consumer Banking Commercial Banking Other Total Allowance for loan and lease losses: Collectively evaluated (1) $ 3,445 $ 778 $ 517 $ 4 $ 4,744 Asset-specific (2) 209 54 86 0 349 PCI loans (3) 0 36 1 0 37 Total allowance for loan and lease losses $ 3,654 $ 868 $ 604 $ 4 $ 5,130 Loans held for investment: Collectively evaluated (1) $ 95,459 $ 51,113 $ 61,424 $ 88 $ 208,084 Asset-specific (2) 666 699 884 0 2,249 PCI loans (3) 0 18,560 958 0 19,518 Total loans held for investment $ 96,125 $ 70,372 $ 63,266 $ 88 $ 229,851 Allowance coverage ratio (4) 3.80% 1.23% 0.95% 4.94% 2.23% __________ (1) The component of the allowance for loan and lease losses for credit card and other consumer loans that we collectively evaluate for impairment is based on a statistical calculation supplemented by management judgment and interpretation. The component of the allowance for loan and lease losses for commercial loans that we collectively evaluate for impairment is based on historical loss experience for loans with similar characteristics and consideration of credit quality supplemented by management judgment and interpretation. (2) The asset-specific component of the allowance for loan and lease losses for smaller-balance impaired loans is calculated on a pool basis using historical loss experience for the respective class of assets. The asset-specific component of the allowance for loan and lease losses for larger-balance commercial loans is individually calculated for each loan. (3) The PCI loans component of the allowance for loan and lease losses is accounted for based on expected cash flows. See “ Note 1—Summary of Significant Accounting Policies ” for details on these loans. (4) Allowance coverage ratio is calculated by dividing the period-end allowance for loan and lease losses by period-end loans held for investment within the specified loan category. The table below summarizes changes in the allowance for loan and lease losses and reserve for unfunded lending commitments by portfolio segment for the years ended December 31, 2016 , 2015 and 2014 . Table 5.1 : Allowance for Loan and Lease Losses and Reserve for Unfunded Lending Commitments Activity (Dollars in millions) Credit Card Consumer Commercial Banking Other (1) Total Allowance for loan and lease losses: Balance as of December 31, 2013 $ 3,214 $ 752 $ 338 $ 11 $ 4,315 Provision (benefit) for loan and lease losses 2,750 703 67 (5 ) 3,515 Charge-offs (3,963 ) (989 ) (34 ) (10 ) (4,996 ) Recoveries 1,235 314 24 9 1,582 Net charge-offs (2,728 ) (675 ) (10 ) (1 ) (3,414 ) Other changes (2) (32 ) (1 ) 0 0 (33 ) Balance as of December 31, 2014 3,204 779 395 5 4,383 Reserve for unfunded lending commitments: Balance as of December 31, 2013 0 7 80 0 87 Provision for losses on unfunded lending commitments 0 0 26 0 26 Balance as of December 31, 2014 0 7 106 0 113 Combined allowance and reserve as of December 31, 2014 $ 3,204 $ 786 $ 501 $ 5 $ 4,496 Allowance for loan and lease losses: Balance as of December 31, 2014 $ 3,204 $ 779 $ 395 $ 5 $ 4,383 Provision (benefit) for loan and lease losses 3,417 819 256 (2 ) 4,490 Charge-offs (4,028 ) (1,082 ) (76 ) (7 ) (5,193 ) Recoveries 1,110 351 29 8 1,498 Net charge-offs (2,918 ) (731 ) (47 ) 1 (3,695 ) Other changes (2) (49 ) 1 0 0 (48 ) Balance as of December 31, 2015 3,654 868 604 4 5,130 Reserve for unfunded lending commitments: Balance as of December 31, 2014 0 7 106 0 113 Provision for losses on unfunded lending commitments 0 0 46 0 46 Other changes (2) 0 0 9 0 9 Balance as of December 31, 2015 0 7 161 0 168 Combined allowance and reserve as of December 31, 2015 $ 3,654 $ 875 $ 765 $ 4 $ 5,298 (Dollars in millions) Credit Card Consumer Commercial Banking Other (1) Total Allowance for loan and lease losses: Balance as of December 31, 2015 $ 3,654 $ 868 $ 604 $ 4 $ 5,130 Provision (benefit) for loan and lease losses 4,926 1,055 515 (5 ) 6,491 Charge-offs (5,019 ) (1,226 ) (307 ) (3 ) (6,555 ) Recoveries 1,066 406 15 6 1,493 Net charge-offs (3,953 ) (820 ) (292 ) 3 (5,062 ) Other changes (2) (21 ) (1 ) (34 ) 0 (56 ) Balance as of December 31, 2016 4,606 1,102 793 2 6,503 Reserve for unfunded lending commitments: Balance as of December 31, 2015 0 7 161 0 168 Provision (benefit) for losses on unfunded lending commitments 0 0 (32 ) 0 (32 ) Other changes (2) 0 0 0 0 0 Balance as of December 31, 2016 0 7 129 0 136 Combined allowance and reserve as of December 31, 2016 $ 4,606 $ 1,109 $ 922 $ 2 $ 6,639 __________ (1) Primarily consists of the legacy loan portfolio of our discontinued GreenPoint mortgage operations. (2) Represents foreign currency translation adjustments and the net impact of loan transfers and sales. |
Schedule of Loss sharing arrangement impact | The table below summarizes the changes in the expected reimbursements from these partners for the years ended December 31, 2016, 2015 and 2014 . Table 5.3 : Summary of Loss Sharing Arrangements Impacts Year Ended December 31, (Dollars in millions) 2016 2015 2014 Expected reimbursements from loss sharing partners: Balance as of beginning of the period $ 194 $ 143 $ 140 Impact to net charge-offs (229 ) (189 ) (164 ) Impact to provision for credit losses 263 240 167 Balance as of end of the period $ 228 $ 194 $ 143 |
Variable Interest Entities an36
Variable Interest Entities and Securitizations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Variable Interest Entities and Securitization [Abstract] | |
Carrying Amount of Assets and Liabilities of Variable Interest Entities | The assets of our consolidated VIEs primarily consist of cash, credit card loan receivables and the related allowance for loan and lease losses, which we report on our consolidated balance sheets under restricted cash, loans held in consolidated trusts, and allowance for loan and lease losses, respectively. The assets of a particular VIE are the primary source of fundings to settle its obligations. The creditors of the VIEs typically do not have recourse to the general credit of the Company. The liabilities primarily consist of debt securities issued by the VIEs, which we report under securitized debt obligations. For unconsolidated VIEs, we present the carrying amount of assets and liabilities reflected on our consolidated balance sheets and our maximum exposure to loss. Our maximum exposure to loss is estimated based on the unlikely event that all of the assets in the VIEs become worthless and we are required to meet our maximum remaining funding obligations. The table below presents a summary of certain VIEs in which we had continuing involvement or held a variable interest, aggregated based on VIEs with similar characteristics, as of December 31, 2016 and 2015 . We separately present information for consolidated and unconsolidated VIEs. Table 6.1 : Carrying Amount of Consolidated and Unconsolidated VIEs December 31, 2016 Consolidated Unconsolidated (Dollars in millions) Carrying Amount of Assets Carrying Amount of Liabilities Carrying Amount of Assets Carrying Amount of Liabilities Maximum Exposure to Loss Securitization-Related VIEs: Credit card loan securitizations (1) $ 33,550 $ 19,662 $ 0 $ 0 $ 0 Home loan securitizations (2) 0 0 201 27 1,276 Total securitization-related VIEs 33,550 19,662 201 27 1,276 Other VIEs: (3) Affordable housing entities 174 9 3,862 1,093 3,862 Entities that provide capital to low-income and rural communities 927 127 0 0 0 Other 0 0 187 0 187 Total other VIEs 1,101 136 4,049 1,093 4,049 Total VIEs $ 34,651 $ 19,798 $ 4,250 $ 1,120 $ 5,325 December 31, 2015 Consolidated Unconsolidated (Dollars in millions) Carrying Amount of Assets Carrying Amount of Liabilities Carrying Amount of Assets Carrying Amount of Liabilities Maximum Exposure to Loss Securitization-Related VIEs: Credit card loan securitizations (1) $ 34,800 $ 16,925 $ 0 $ 0 $ 0 Home loan securitizations (2) 0 0 211 27 873 Total securitization-related VIEs 34,800 16,925 211 27 873 Other VIEs: Affordable housing entities 0 0 3,852 555 3,852 Entities that provide capital to low-income and rural communities 352 101 0 0 0 Other 0 0 57 0 57 Total other VIEs 352 101 3,909 555 3,909 Total VIEs $ 35,152 $ 17,026 $ 4,120 $ 582 $ 4,782 __________ (1) Represents the carrying amount of assets and liabilities owned by the VIE, which includes the seller’s interest and repurchased notes held by other related parties. (2) The carrying amount of assets of unconsolidated securitization-related VIEs consists of retained interests associated with the securitization of option-adjustable rate mortgage (“option-ARM”) loans and letters of credit related to manufactured housing securitizations. These are reported on our consolidated balance sheets within other assets. The carrying amount of liabilities of unconsolidated securitization-related VIEs is comprised of obligations on certain swap agreements associated with the securitizations of manufactured housing loans and other obligations. These are reported on our consolidated balance sheets within other liabilities. (3) In certain investment structures, we consolidate a VIE which in turn holds as its primary asset an investment in an unconsolidated VIE. In these instances, we disclose the carrying amount of assets and liabilities on our consolidated balance sheets in the unconsolidated VIEs to avoid duplicating our exposure, as the unconsolidated VIEs are generally the operating entities generating the exposure. The carrying amount of assets and liabilities included in the unconsolidated VIE columns above related to these investment structures were $1.9 billion of assets and $618 million of liabilities as of December 31, 2016. |
External Debt and Receivable Balances of Securitization Programs | The table below presents our continuing involvement in certain securitization-related VIEs as of December 31, 2016 and 2015 . Table 6.2 : Continuing Involvement in Securitization-Related VIEs Mortgage (Dollars in millions) Credit Card Option- ARM GreenPoint HELOCs GreenPoint Manufactured Housing December 31, 2016: Securities held by third-party investors $ 18,826 $ 1,499 $ 56 $ 697 Receivables in the trust 31,762 1,549 50 702 Cash balance of spread or reserve accounts 0 8 N/A 130 Retained interests Yes Yes Yes Yes Servicing retained Yes Yes (1) No No (2) Amortization event (3) No No No No December 31, 2015: Securities held by third-party investors $ 16,166 $ 1,754 $ 74 $ 789 Receivables in the trust 33,783 1,814 68 794 Cash balance of spread or reserve accounts 0 8 N/A 134 Retained interests Yes Yes Yes Yes Servicing retained Yes Yes (1) No No (2) Amortization event (3) No No No No __________ (1) We continue to service only certain option-ARM securitizations. (2) The core servicing activities for the manufactured housing securitizations are completed by a third party. (3) Amortization events vary according to each specific trust agreement but generally are triggered by declines in performance or credit metrics of the underlying assets, such as net charge-off rates or delinquency rates, beyond certain predetermined thresholds. Generally, the occurrence of an amortization event changes the sequencing and amount of trust-related cash flows to the benefit of more senior interest holders. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Components of Goodwill, Intangible Assets and MSRs | The table below displays the components of goodwill, intangible assets and MSRs as of December 31, 2016 and 2015 . Goodwill is presented separately on our consolidated balance sheets. Intangible assets and MSRs are included in other assets on our consolidated balance sheets. Table 7.1 : Components of Goodwill, Intangible Assets and MSRs December 31, 2016 (Dollars in millions) Carrying (1) Accumulated Amortization (1) Net Remaining Goodwill $ 14,519 N/A $ 14,519 N/A Intangible assets: Purchased credit card relationship (“PCCR”) intangibles 2,151 $ (1,715 ) 436 4.4 years Core deposit intangibles 1,391 (1,345 ) 46 2.0 years Other (2) 314 (131 ) 183 8.7 years Total intangible assets 3,856 (3,191 ) 665 5.4 years Total goodwill and intangible assets $ 18,375 $ (3,191 ) $ 15,184 MSRs: Consumer MSRs (3) $ 80 N/A $ 80 Commercial MSRs (4) 276 $ (82 ) 194 Total MSRs $ 356 $ (82 ) $ 274 December 31, 2015 (Dollars in millions) Carrying (1) Accumulated Amortization (1) Net Remaining Goodwill $ 14,480 N/A $ 14,480 N/A Intangible assets: PCCR intangibles 2,156 $ (1,467 ) 689 5.1 years Core deposit intangibles 1,771 (1,662 ) 109 2.9 years Other (2) 378 (135 ) 243 9.6 years Total intangible assets 4,305 (3,264 ) 1,041 5.9 years Total goodwill and intangible assets $ 18,785 $ (3,264 ) $ 15,521 MSRs: Consumer MSRs (3) $ 68 N/A $ 68 Commercial MSRs (4) 212 $ (51 ) 161 Total MSRs $ 280 $ (51 ) $ 229 __________ (1) Certain intangible assets that were fully amortized in prior periods were removed from our consolidated balance sheets. (2) Primarily consists of intangibles for sponsorship relationships, brokerage relationship intangibles, partnership and other contract intangibles and trade name intangibles. (3) Represents MSRs related to our Consumer Banking business that are carried at fair value on our consolidated balance sheets. (4) Represents MSRs related to our Commercial Banking business that are subsequently accounted for under the amortization method and periodically assessed for impairment. We recorded $31 million and $27 million of amortization expense for the years ended December 31, 2016 and 2015 , respectively. |
Goodwill Attributable to Business Segments | The following table presents goodwill attributable to each of our business segments as of December 31, 2016 and 2015 . Table 7.2 : Goodwill Attributable to Business Segments (Dollars in millions) Credit Card Consumer Banking Commercial Banking Total Balance as of December 31, 2014 $ 5,001 $ 4,593 $ 4,384 $ 13,978 Acquisitions (1) 1 7 500 508 Other adjustments (5 ) 0 (1 ) (6 ) Balance as of December 31, 2015 $ 4,997 $ 4,600 $ 4,883 $ 14,480 Acquisitions (1) 36 0 18 54 Other adjustments (15 ) 0 0 (15 ) Balance as of December 31, 2016 $ 5,018 $ 4,600 $ 4,901 $ 14,519 __________ (1) In connection with the HFS acquisition, we recorded goodwill of $518 million representing the amount by which the purchase price exceeded the fair value of the net assets acquired. The goodwill was assigned to the Commercial Banking segment. |
Schedule of Finite-Lived Intangible Assets Amortization Expenses and Future Amortization Expense | The following table summarizes the actual amortization expense recorded for the years ended December 31, 2016 , 2015 and 2014 and the estimated future amortization expense for intangible assets as of December 31, 2016 : Table 7.3 : Amortization Expense (Dollars in millions) Amortization Actual for the year ended December 31, 2014 $ 532 2015 430 2016 386 Estimated future amounts for the year ended December 31, 2017 245 2018 176 2019 108 2020 57 2021 27 Thereafter 48 Total estimated future amounts $ 661 |
Premises, Equipment & Lease C38
Premises, Equipment & Lease Commitments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment and Lease Commitments [Abstract] | |
Schedule of Property, Plant and Equipment | Premises & Equipment Useful Lives Buildings and improvement 5-39 years Furniture and equipment 3-10 years Computer software 3-5 years Leasehold improvements Lesser of useful life or the remaining Premises and equipment as of December 31, 2016 and 2015 were as follows: Table 8.1 : Components of Premises and Equipment December 31, (Dollars in millions) 2016 2015 Land $ 423 $ 458 Buildings and improvements 2,958 2,674 Furniture and equipment 1,834 1,735 Computer software 1,681 1,618 In progress 591 514 Total premises and equipment, gross 7,487 6,999 Less: Accumulated depreciation and amortization (3,812 ) (3,415 ) Total premises and equipment, net $ 3,675 $ 3,584 |
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum rental commitments as of December 31, 2016 , for all non-cancellable operating leases with initial or remaining terms of one year or more are as follows: Table 8.2 : Lease Commitments (Dollars in millions) Estimated Future 2017 $ 317 2018 314 2019 284 2020 262 2021 236 Thereafter 1,173 Total $ 2,586 |
Deposits and Borrowings (Tables
Deposits and Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Deposits and Borrowings [Abstract] | |
Components of Deposits, Short-term Borrowings and Long-term Debt | The table below summarizes the components of our deposits, short-term borrowings and long-term debt as of December 31, 2016 and 2015 . Our total short-term borrowings consist of federal funds purchased and securities loaned or sold under agreements to repurchase and other short-term borrowings with an original contractual maturity of one year or less. Our long-term debt consists of borrowings with an original contractual maturity of greater than one year. The amounts presented for outstanding borrowings include unamortized debt premiums and discounts, net of debt issuance costs and fair value hedge accounting adjustments. Table 9.1 : Components of Deposits, Short-Term Borrowings and Long-Term Debt (Dollars in millions) December 31, December 31, Deposits: Non-interest-bearing deposits $ 25,502 $ 25,847 Interest-bearing deposits 211,266 191,874 Total deposits $ 236,768 $ 217,721 Short-term borrowings: Federal funds purchased and securities loaned or sold under agreements to repurchase $ 992 $ 981 Total short-term borrowings $ 992 $ 981 December 31, 2016 (Dollars in millions) Maturity Dates Interest Rates Weighted- Average Interest Rate Outstanding Amount December 31, Long-term debt: Securitized debt obligations (1) 2017 - 2025 0.74 - 5.75% 1.61% $ 18,826 $ 16,166 Senior and subordinated notes: (1) Fixed unsecured senior debt 2017 - 2025 1.20 - 6.75 2.65 17,546 16,559 Floating unsecured senior debt 2018 - 2019 1.56 - 2.06 1.73 1,353 1,198 Total unsecured senior debt 2.58 18,899 17,757 Fixed unsecured subordinated debt 2019 - 2026 3.38 - 8.80 4.09 4,532 4,080 Total senior and subordinated notes 23,431 21,837 Other long-term borrowings: FHLB advances 2017 - 2025 0.45 - 6.41 0.64 17,179 20,098 Capital lease obligations 2017 - 2035 3.09 - 12.86 4.17 32 33 Total other long-term borrowings 17,211 20,131 Total long-term debt $ 59,468 $ 58,134 Total short-term borrowings and long-term debt $ 60,460 $ 59,115 __________ (1) Outstanding amount includes any fair value hedge accounting adjustments. |
Schedule of Maturity Profile of Borrowings and Debt | Interest-bearing time deposits, securitized debt obligations and other debt as of December 31, 2016 mature as follows: Table 9.2 : Maturity Profile of Borrowings and Debt (Dollars in millions) 2017 2018 2019 2020 2021 Thereafter Total Interest-bearing time deposits (1) $ 6,543 $ 5,095 $ 2,740 $ 3,268 $ 1,928 $ 250 $ 19,824 Securitized debt obligations 7,233 2,366 5,637 1,562 1,698 330 18,826 Federal funds purchased and securities loaned or sold sold under agreements to repurchase 992 0 0 0 0 0 992 Senior and subordinated notes 2,814 4,684 5,701 0 3,474 6,758 23,431 Other borrowings 19 10 1,252 1,001 5,651 9,278 17,211 Total $ 17,601 $ 12,155 $ 15,330 $ 5,831 $ 12,751 $ 16,616 $ 80,284 __________ (1) Includes only those interest bearing deposits which have a contractual maturity date. |
Schedule of Components of Interest Expense on Short-Term Borrowings and Long-Term Debt | The following table displays interest expense attributable to short-term borrowings and long-term debt for the years ended December 31, 2016, 2015 and 2014 : Table 9.3 : Components of Interest Expense on Short-Term Borrowings and Long-Term Debt Year Ended December 31, (Dollars in millions) 2016 2015 2014 Short-term borrowings: Federal funds purchased and securities loaned or sold under agreements to repurchase $ 2 $ 1 $ 2 FHLB advances 0 9 19 Total short-term borrowings 2 10 21 Long-term debt: Securitized debt obligations (1) 216 151 145 Senior and subordinated notes (1) 476 330 299 Other long-term borrowings 111 43 26 Total long-term debt 803 524 470 Total interest expense on short-term borrowings and long-term debt $ 805 $ 534 $ 491 _ _________ (1) Interest expense includes the impact from hedge accounting. |
Derivative Instruments and He40
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Notional and Fair Values of Derivative Instruments | The following table summarizes the notional and fair values of our derivative instruments on a gross basis as of December 31, 2016 and 2015 , which are segregated by derivatives that are designated as accounting hedges and those that are not, and are further segregated by type of contract within those two categories. The total derivative assets and liabilities are adjusted on an aggregate basis to take into consideration the effects of legally enforceable master netting agreements and any associated cash collateral received or paid. Table 10.1 : Derivative Assets and Liabilities at Fair Value December 31, 2016 December 31, 2015 Notional or Contractual Amount Derivative (1) Notional or Contractual Amount Derivative (1) (Dollars in millions) Assets Liabilities Assets Liabilities Derivatives designated as accounting hedges: Interest rate contracts: Fair value hedges $ 40,480 $ 295 $ 569 $ 34,417 $ 550 $ 146 Cash flow hedges 50,400 151 287 30,450 167 61 Total interest rate contracts 90,880 446 856 64,867 717 207 Foreign exchange contracts: Cash flow hedges 5,620 108 9 5,580 239 2 Net investment hedges 2,396 163 0 2,562 87 0 Total foreign exchange contracts 8,016 271 9 8,142 326 2 Total derivatives designated as accounting hedges 98,896 717 865 73,009 1,043 209 Derivatives not designated as accounting hedges: Interest rate contracts covering: MSRs (2) 1,696 17 21 1,665 11 7 Customer accommodation 39,474 670 530 28,841 431 290 Other interest rate exposures (3) 1,105 33 8 1,519 33 10 Total interest rate contracts 42,275 720 559 32,025 475 307 Other contracts 1,767 57 14 882 0 4 Total derivatives not designated as accounting hedges 44,042 777 573 32,907 475 311 Total derivatives $ 142,938 $ 1,494 $ 1,438 $ 105,916 $ 1,518 $ 520 Less: netting adjustment (4) (539 ) (336 ) (532 ) (143 ) Total derivative assets/liabilities $ 955 $ 1,102 $ 986 $ 377 __________ (1) Derivative assets and liabilities include interest accruals and exclude valuation adjustments related to non-performance risk. (2) Includes interest rate swaps and to-be-announced contracts. (3) Other interest rate exposures include mortgage-related derivatives. (4) Represents balance sheet netting of derivative assets and liabilities, and related payables and receivables for cash collateral held or placed with the same counterparty. See Table 10.2 for further information. |
Offsetting Assets | The following table presents as of December 31, 2016 and 2015 the gross and net fair values of our derivative assets and liabilities and repurchase agreements, as well as the related offsetting amounts permitted under U.S. GAAP. The table also includes cash and non-cash collateral received or pledged associated with such arrangements. The collateral amounts shown are limited to the extent of the related net derivative fair values or outstanding balances, thus instances of over-collateralization are not shown. Table 10.2 : Offsetting of Financial Assets and Financial Liabilities Gross Amounts Gross Amounts Offset in the Balance Sheet Net Amounts as Recognized Securities Collateral Held Under Master Netting Agreements (Dollars in millions) Financial Instruments Cash Collateral Received Net Exposure As of December 31, 2016 Derivatives assets (1)(2) $ 1,494 $ (152 ) $ (387 ) $ 955 $ (11 ) $ 944 As of December 31, 2015 Derivatives assets (1)(2) 1,518 (86 ) (446 ) 986 (156 ) 830 |
Offsetting Liabilities | Gross Amounts Gross Amounts Offset in the Balance Sheet Net Amounts as Recognized Securities Collateral Pledged Under Master Netting Agreements (Dollars in millions) Financial Instruments Cash Collateral Pledged Net Exposure As of December 31, 2016 Derivatives liabilities (1)(2) $ 1,438 $ (152 ) $ (184 ) $ 1,102 $ 0 $ 1,102 Repurchase agreements (3)(4) 992 0 0 992 (992 ) 0 As of December 31, 2015 Derivatives liabilities (1)(2) 520 (86 ) (57 ) 377 0 377 Repurchase agreements (3) 969 0 0 969 (969 ) 0 __________ (1) The gross balances include derivative assets and derivative liabilities as of December 31, 2016 that totaled $491 million and $908 million , respectively, related to the centrally cleared derivative contracts. The comparable amounts as of December 31, 2015 totaled $429 million and $314 million , respectively. These contracts were not subject to offsetting as of December 31, 2016 and 2015 . (2) We received cash collateral from derivative counterparties totaling $448 million and $544 million as of December 31, 2016 and 2015 , respectively. We also received securities from derivative counterparties with a fair value of $16 million and $172 million as of December 31, 2016 and 2015 , respectively, which we have the ability to re-pledge. We posted $1.5 billion and $304 million of cash collateral as of December 31, 2016 and 2015 , respectively. (3) As of December 31, 2016 and 2015 , we only had repurchase obligations outstanding and did not have any reverse repurchase receivables. (4) Represents customer repurchase agreements that mature the next business day. As of December 31, 2016 , we pledged collateral with a fair value of $1.0 billion under these customer repurchase agreements, which were primarily agency RMBS securities. |
Fair Value Hedging and Free-Standing Derivatives | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Derivative Instruments, Gain (Loss) | The net gains (losses) recognized in earnings related to derivatives in fair value hedging relationships and free-standing derivatives are presented below for the years ended December 31, 2016, 2015 and 2014 . Table 10.3 : Gains and Losses on Fair Value Hedges and Free-Standing Derivatives Year Ended December 31, (Dollars in millions) 2016 2015 2014 Derivatives designated as accounting hedges: (1) Fair value interest rate contracts: Gains (losses) recognized in earnings on derivatives $ (613 ) $ (66 ) $ 200 Gains (losses) recognized in earnings on hedged items 603 75 (157 ) Net fair value hedge ineffectiveness gains (losses) (10 ) 9 43 Derivatives not designated as accounting hedges: (1) Interest rate contracts covering: MSRs (1 ) 3 23 Customer accommodation 37 21 18 Other interest rate exposures 68 44 11 Total interest rate contracts 104 68 52 Foreign exchange contracts 0 0 1 Other contracts (9 ) (2 ) (1 ) Total gains on derivatives not designated as accounting hedges 95 66 52 Net derivative gains recognized in earnings $ 85 $ 75 $ 95 __________ (1) Amounts are recorded in our consolidated statements of income in other non-interest income. |
Cash Flow Hedging and Net Investment Hedging | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Derivative Instruments, Gain (Loss) | The table below shows the net gains (losses) related to derivatives designated as cash flow hedges and net investment hedges for the years ended December 31, 2016, 2015 and 2014 . Table 10.4 : Gains and Losses on Derivatives Designated as Cash Flow Hedges and Net Investment Hedges Year Ended December 31, (Dollars in millions) 2016 2015 2014 Gains (losses) recorded in AOCI: Cash flow hedges: Interest rate contracts $ (6 ) $ 301 $ 251 Foreign exchange contracts 3 (17 ) (23 ) Subtotal (3 ) 284 228 Net investment hedges: Foreign exchange contracts 280 83 132 Net derivatives gains (losses) recognized in AOCI $ 277 $ 367 $ 360 Gains (losses) recorded in earnings: Cash flow hedges: Gains (losses) reclassified from AOCI into earnings: Interest rate contracts (1) $ 192 $ 190 $ 131 Foreign exchange contracts (2) 3 (16 ) (23 ) Subtotal 195 174 108 Gains (losses) recognized in earnings due to ineffectiveness: Interest rate contracts (2) (4 ) 2 1 Net derivative gains (losses) recognized in earnings $ 191 $ 176 $ 109 __________ (1) Amounts reclassified are recorded in our consolidated statements of income in interest income or interest expense. (2) Amounts are recorded in our consolidated statements of income in other non-interest income or other interest income. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Schedule of Preferred Stock | The following table summarizes the Company’s preferred stock issued and outstanding as of December 31, 2016 and 2015 . Table 11.1 : Preferred Stock Issued and Outstanding (1) Redeemable by Issuer Beginning Per Annum Dividend Rate Dividend Frequency Liquidation Preference per Share Carrying Value (in millions) Series Description Issuance Date Total Shares Outstanding December 31, 2016 December 31, 2015 Series B 6.00% Non-Cumulative August 20, 2012 September 1, 2017 6.00% Quarterly $ 1,000 875,000 $ 853 $ 853 Series C 6.25% Non-Cumulative June 12, 2014 September 1, 2019 6.25 Quarterly 1,000 500,000 484 484 Series D 6.70% Non-Cumulative October 31, 2014 December 1, 2019 6.70 Quarterly 1,000 500,000 485 485 Series E Fixed-to-Floating Rate Non-Cumulative May 14, 2015 June 1, 2020 5.55% through 5/31/2020; Semi-Annually through 5/31/2020; Quarterly thereafter 1,000 1,000,000 988 988 Series F 6.20% Non-Cumulative August 24, 2015 December 1, 2020 6.20 Quarterly 1,000 500,000 484 484 Series G 5.20% Non-Cumulative July 29, 2016 December 1, 2021 5.20 Quarterly 1,000 600,000 583 N/A Series H 6.00% Non-Cumulative November 29, 2016 December 1, 2021 6.00 Quarterly 1,000 500,000 483 N/A Total $ 4,360 $ 3,294 __________ (1) With the exception of Series E, ownership is held in the form of depositary shares, each representing a 1/40th interest in a share of fixed-rate non-cumulative perpetual preferred stock |
Change in AOCI Gain (Loss) by Component (Net of Tax) | The following table presents the changes in AOCI by component for the years ended December 31, 2016, 2015 and 2014 . Table 11.2 : Accumulated Other Comprehensive Income (Dollars in millions) Securities Available for Sale Securities Held to Maturity (1) Cash Flow Hedges Foreign (2) Other Total AOCI as of December 31, 2013 $ 106 $ (897 ) $ (110 ) $ 40 $ (11 ) $ (872 ) Other comprehensive income (loss) before reclassifications 302 0 228 (48 ) (5 ) 477 Amounts reclassified from AOCI into earnings 2 76 (108 ) 0 (5 ) (35 ) Net other comprehensive income (loss) 304 76 120 (48 ) (10 ) 442 AOCI as of December 31, 2014 410 (821 ) 10 (8 ) (21 ) (430 ) Other comprehensive income (loss) before reclassifications (268 ) 0 284 (135 ) (5 ) (124 ) Amounts reclassified from AOCI into earnings 20 96 (174 ) 0 (4 ) (62 ) Net other comprehensive income (loss) (248 ) 96 110 (135 ) (9 ) (186 ) AOCI as of December 31, 2015 162 (725 ) 120 (143 ) (30 ) (616 ) Other comprehensive income (loss) before reclassifications (172 ) 0 (3 ) (79 ) 7 (247 ) Amounts reclassified from AOCI into earnings 6 104 (195 ) 0 (1 ) (86 ) Net other comprehensive income (loss) (166 ) 104 (198 ) (79 ) 6 (333 ) AOCI as of December 31, 2016 $ (4 ) $ (621 ) $ (78 ) $ (222 ) $ (24 ) $ (949 ) __________ (1) The amortization of unrealized holding gains or losses reported in AOCI for securities held to maturity will be offset by the amortization of premium or discount created from the transfer of securities from available for sale to held to maturity, which occurred at fair value. These unrealized gains or losses will be amortized over the remaining life of the security with no expected impact on future net income. (2) Includes the impact from hedging instruments designated as net investment hedges. |
Reclassifications from AOCI | The following table presents the impacts on net income of amounts reclassified from each component of AOCI for the years ended December 31, 2016, 2015 and 2014 . Table 11.3 : Reclassifications from AOCI Amount Reclassified from AOCI (Dollars in millions) Year Ended December 31, AOCI Components Affected Income Statement Line Item 2016 2015 2014 Securities available for sale: Non-interest income $ (10 ) $ (32 ) $ (3 ) Income tax provision (benefit) (4 ) (12 ) (1 ) Net income (loss) (6 ) (20 ) (2 ) Securities held to maturity: (1) Interest income (164 ) (151 ) (131 ) Income tax provision (benefit) (60 ) (55 ) (55 ) Net income (loss) (104 ) (96 ) (76 ) Cash flow hedges: Interest rate contracts: Interest income 306 303 209 Foreign exchange contracts: Interest income 6 (5 ) 0 Non-interest income (2 ) (21 ) (36 ) Income from continuing operations before income taxes 310 277 173 Income tax provision 115 103 65 Net income 195 174 108 Amount Reclassified from AOCI (Dollars in millions) Year Ended December 31, AOCI Components Affected Income Statement Line Item 2016 2015 2014 Other: Various (pension and other) 2 5 11 Income tax provision 1 1 6 Net income 1 4 5 Total reclassifications $ 86 $ 62 $ 35 __________ (1) The amortization of unrealized holding gains or losses reported in AOCI for securities held to maturity will be offset by the amortization of premium or discount created from the transfer of securities from available for sale to held to maturity, which occurred at fair value. These unrealized gains or losses will be amortized over the remaining life of the security with no expected impact on future net |
Components of Other Comprehensive Income (Loss) and Related Tax Impact | The table below summarizes other comprehensive income activity and the related tax impact for the years ended December 31, 2016, 2015 and 2014 . Table 11.4 : Other Comprehensive Income (Loss) Year Ended December 31, 2016 2015 2014 (Dollars in millions) Before Tax Provision After Tax Before Tax Provision After Tax Before Tax Provision After Tax Other comprehensive income (loss): Net unrealized gains (losses) on securities available for sale $ (254 ) $ (88 ) $ (166 ) $ (393 ) $ (145 ) $ (248 ) $ 482 $ 178 $ 304 Net changes in securities held to maturity 164 60 104 151 55 96 131 55 76 Net unrealized gains (losses) on cash flow hedges (315 ) (117 ) (198 ) 175 65 110 192 72 120 Foreign currency translation adjustments (1) 86 165 (79 ) (86 ) 49 (135 ) 29 77 (48 ) Other 10 4 6 (14 ) (5 ) (9 ) (18 ) (8 ) (10 ) Other comprehensive income (loss) $ (309 ) $ 24 $ (333 ) $ (167 ) $ 19 $ (186 ) $ 816 $ 374 $ 442 __________ (1) Includes the impact from hedging instruments designated as net investment hedges. |
Regulatory and Capital Adequa42
Regulatory and Capital Adequacy (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Banking and Thrift [Abstract] | |
Schedule of Comparison of Capital Ratios | The following table provides a comparison of our regulatory capital amounts and ratios under the Basel III Standardized Approach subject to transition provisions, the regulatory minimum capital adequacy ratios and the PCA well-capitalized level for each ratio (where applicable) as of December 31, 2016 and 2015 . Table 12.1 : Capital Ratios Under Basel III (1) December 31, 2016 December 31, 2015 (Dollars in millions) Capital Amount Capital Minimum Well- Capital Amount Capital Minimum Well- Capital One Financial Corp: Common equity Tier 1 capital (2) $ 28,803 10.1% 4.5% N/A $ 29,544 11.1% 4.5% N/A Tier 1 capital (3) 33,162 11.6 6.0 6.0% 32,838 12.4 6.0 6.0% Total capital (4) 40,817 14.3 8.0 10.0 38,838 14.6 8.0 10.0 Tier 1 leverage (5) 33,162 9.9 4.0 N/A 32,838 10.6 4.0 N/A Supplementary leverage (6) 33,162 8.6 N/A N/A 32,838 9.2 N/A N/A Capital One Bank (USA), N.A.: Common equity Tier 1 capital (2) $ 11,568 12.0% 4.5% 6.5% $ 10,644 12.2% 4.5% 6.5% Tier 1 capital (3) 11,568 12.0 6.0 8.0 10,644 12.2 6.0 8.0 Total capital (4) 14,230 14.8 8.0 10.0 13,192 15.2 8.0 10.0 Tier 1 leverage (5) 11,568 10.8 4.0 5.0 10,644 10.8 4.0 5.0 Supplementary leverage (6) 11,568 8.9 N/A N/A 10,644 9.0 N/A N/A Capital One, N.A.: Common equity Tier 1 capital (2) $ 20,670 10.6% 4.5% 6.5% $ 21,765 11.8% 4.5% 6.5% Tier 1 capital (3) 20,670 10.6 6.0 8.0 21,765 11.8 6.0 8.0 Total capital (4) 23,117 11.8 8.0 10.0 23,832 12.9 8.0 10.0 Tier 1 leverage (5) 20,670 7.7 4.0 5.0 21,765 8.8 4.0 5.0 Supplementary leverage (6) 20,670 6.9 N/A N/A 21,765 7.9 N/A N/A __________ (1) Capital ratios are calculated based on the Basel III Standardized Approach framework, subject to applicable transition provisions, such as the inclusion of the unrealized gains and losses on securities available for sale included in AOCI and adjustments related to intangible assets other than goodwill. The inclusion of AOCI and the adjustments related to intangible assets are phased-in at 40% for 2015, 60% for 2016, 80% for 2017 and 100% for 2018. Capital ratios that are not applicable are denoted by “N/A.” (2) Common equity Tier 1 capital ratio is a regulatory capital measure calculated based on common equity Tier 1 capital divided by risk-weighted assets. (3) Tier 1 capital ratio is a regulatory capital measure calculated based on Tier 1 capital divided by risk-weighted assets. (4) Total capital ratio is a regulatory capital measure calculated based on total capital divided by risk-weighted assets. (5) Tier 1 leverage ratio is a regulatory capital measure calculated based on Tier 1 capital divided by adjusted average assets . (6) Supplementary leverage ratio (“SLR”) is a regulatory capital measure calculated based on Tier 1 capital divided by total leverage exposure. |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Earnings Per Common Share | The following table sets forth the computation of basic and diluted earnings per common share: Table 13.1 : Computation of Basic and Diluted Earnings per Common Share Year Ended December 31, (Dollars and shares in millions, except per share data) 2016 2015 2014 Income from continuing operations, net of tax $ 3,770 $ 4,012 $ 4,423 Income (loss) from discontinued operations, net of tax (19 ) 38 5 Net income 3,751 4,050 4,428 Dividends and undistributed earnings allocated to participating securities (1) (24 ) (20 ) (18 ) Preferred stock dividends (214 ) (158 ) (67 ) Net income available to common stockholders $ 3,513 $ 3,872 $ 4,343 Total weighted-average basic shares outstanding 504.9 541.8 563.1 Effect of dilutive securities: Stock options 2.0 2.6 2.7 Other contingently issuable shares 1.3 1.3 1.6 Warrants (2) 1.6 2.3 4.5 Total effect of dilutive securities 4.9 6.2 8.8 Total weighted-average diluted shares outstanding 509.8 548.0 571.9 Basic earnings per common share: Net income from continuing operations $ 7.00 $ 7.08 $ 7.70 Income (loss) from discontinued operations (0.04 ) 0.07 0.01 Net income per basic common share $ 6.96 $ 7.15 $ 7.71 Diluted earnings per common share: (3) Net income from continuing operations $ 6.93 $ 7.00 $ 7.58 Income (loss) from discontinued operations (0.04 ) 0.07 0.01 Net income per diluted common share $ 6.89 $ 7.07 $ 7.59 __________ (1) Dividends and undistributed earnings allocated to participating securities includes undistributed earnings allocated to participating securities using the two-class method under the accounting guidance for computing earnings per share. (2) Represents warrants issued as part of the U.S. Department of Treasury’s Troubled Assets Relief Program (“TARP”). There were 4.1 million warrants to purchase common stock outstanding as of both December 31, 2016 and 2015, and 6.4 million as of December 31, 2014. (3) Excluded from the computation of diluted earnings per share were 1.7 million shares related to options with exercise prices ranging from $63.73 to $88.81 , 1.9 million shares related to options with exercise prices ranging from $70.96 to $88.81 and 2.9 million shares related to options with exercise prices ranging from $70.96 to $88.81 for the years ended December 31, 2016, 2015 and 2014 , respectively, because their inclusion would be anti-dilutive. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Stock Option Activity | The following table presents a summary of 2016 activity for stock options and the balance of stock options exercisable as of December 31, 2016 . Table 14.1 : Summary of Stock Options Activity (Shares in thousands, and intrinsic value in millions) Shares Weighted- Weighted- Aggregate Outstanding as of January 1, 2016 9,322 $ 53.98 Granted 441 63.73 Exercised (2,091 ) 64.61 Forfeited (88 ) 86.29 Expired (599 ) 88.64 Outstanding as of December 31, 2016 6,985 $ 48.03 4.0 years $ 274 Exercisable as of December 31, 2016 5,955 $ 44.34 3.2 years $ 255 |
Summary of Stock Options Cash Flow Impact | The following table sets forth the cash received from the exercise of stock options under all stock-based incentive arrangements, and the actual income tax benefit realized related to tax deductions from the exercise of the stock options. Table 14.2 : Stock Options Cash Flow Impact Year Ended December 31, (Dollars in millions) 2016 2015 2014 Cash received for options exercised $ 135 $ 64 $ 131 Tax benefit realized for options exercised 12 9 9 |
Weighted Average Assumptions Used to value Stock Options Granted | The following table presents the weighted-average assumptions used to value stock options granted during 2016 , 2015 and 2014 . Table 14.3 : Assumptions Used to Value Stock Options Granted Year Ended December 31, 2016 2015 2014 Dividend yield (1) 2.07 % 1.82 % 1.74 % Volatility (2) 30.00 24.00 26.00 Risk-free interest rate (3) 1.64 1.55 1.92 Expected option lives (4) 6.6 years 6.3 years 6.1 years __________ (1) Dividend yield represents the expected dividend rate over the life of the option. (2) The volatility assumption for 2016 grants was based on the implied volatility of exchange-traded options and the historical volatility of common stock. The volatility assumption for 2015 and 2014 grants was based on the implied volatility of exchange-traded options and warrants. (3) The risk-free interest rate is based on the U.S. Treasury yield curve. (4) Expected option lives represents the period of time that options granted are expected to remain outstanding based on historical activities. |
Summary of Activity for Restricted Stock Awards and Units | The following table presents a summary of 2016 activity for RSAs and RSUs. Table 14.4 : Summary of Restricted Stock Awards and Units Restricted Stock Awards Restricted Stock Units (Shares/units in thousands) Shares Weighted-Average Units Weighted-Average Unvested as of January 1, 2016 387 $ 61.28 2,310 $ 70.34 Granted 0 0.00 1,810 65.19 Vested (313 ) 60.85 (664 ) 73.83 Forfeited (7 ) 61.10 (198 ) 71.08 Unvested as of December 31, 2016 67 $ 63.34 3,258 $ 66.72 |
Schedule of Activity for Performance Share and Performance Units | The following table presents a summary of 2016 activity for PSAs and PSUs. Table 14.5 : Summary of Performance Share Awards and Units Performance Share Awards Performance Share Units (Shares/units in thousands) Shares Weighted-Average Units Weighted-Average Unvested as of January 1, 2016 183 $ 57.30 1,706 $ 70.95 Granted (1) 0 0.00 1,213 62.89 Vested (1) (177 ) 56.86 (823 ) 63.06 Forfeited 0 0.00 (19 ) 66.75 Unvested as of December 31, 2016 6 $ 70.96 2,077 $ 69.40 __________ (1) Granted and vested include adjustments for achievement of specific performance goals for performance share units granted in prior periods. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Changes in Benefit Obligation and Plan Assets | The following table sets forth, on an aggregated basis, changes in the benefit obligation and plan assets, the funded status and how the funded status is recognized on our consolidated balance sheets. Table 15.1 : Changes in Benefit Obligation and Plan Assets Defined Pension Other Postretirement (Dollars in millions) 2016 2015 2016 2015 Change in benefit obligation: Accumulated benefit obligation as of January 1, $ 185 $ 204 $ 45 $ 55 Service cost 2 1 0 0 Interest cost 7 8 2 2 Benefits paid (14 ) (15 ) (3 ) (3 ) Net actuarial loss (gain) 0 (13 ) (5 ) (9 ) Accumulated benefit obligation as of December 31, $ 180 $ 185 $ 39 $ 45 Change in plan assets: Fair value of plan assets as of January 1, $ 222 $ 239 $ 5 $ 7 Actual return on plan assets 17 (3 ) 1 (1 ) Employer contributions 1 1 3 2 Benefits paid (14 ) (15 ) (3 ) (3 ) Fair value of plan assets as of December 31, $ 226 $ 222 $ 6 $ 5 Over (under) funded status as of December 31, $ 46 $ 37 $ (33 ) $ (40 ) |
Schedule of Amounts Recognized in Balance Sheet | Defined Pension Other Postretirement (Dollars in millions) 2016 2015 2016 2015 Balance sheet presentation as of December 31, Other assets $ 57 $ 48 $ 0 $ 0 Other liabilities (11 ) (11 ) (33 ) (40 ) Net amount recognized as of December 31, $ 46 $ 37 $ (33 ) $ (40 ) |
Schedule of Net Periodic Benefit Cost | The following table presents the components of net periodic benefit costs and other amounts recognized in other comprehensive income. Table 15.2 : Components of Net Periodic Benefit Cost Year Ended December 31, 2016 2015 2014 2016 2015 2014 (Dollars in millions) Defined Pension Other Postretirement Components of net periodic benefit cost: Service cost $ 2 $ 1 $ 1 $ 0 $ 0 $ 0 Interest cost 7 8 8 2 2 2 Expected return on plan assets (14 ) (15 ) (14 ) 0 0 0 Amortization of transition obligation, prior service credit and net actuarial loss (gain) 1 1 1 (6 ) (4 ) (3 ) Net periodic benefit gain $ (4 ) $ (5 ) $ (4 ) $ (4 ) $ (2 ) $ (1 ) |
Schedule of Changes Recognized in Accumulated Other Comprehensive Income | Changes recognized in other comprehensive income, pretax: Net actuarial gain (loss) $ 4 $ (5 ) $ (16 ) $ 5 $ 7 $ (3 ) Reclassification adjustments for amounts recognized in net periodic benefit cost 1 1 1 (6 ) (4 ) (3 ) Total gain (loss) recognized in other comprehensive income $ 5 $ (4 ) $ (15 ) $ (1 ) $ 3 $ (6 ) |
Schedule of Pre-Tax Amounts in Accumulated Other Comprehensive Income | Pre-tax amounts recognized in AOCI that have not yet been recognized as a component of net periodic benefit cost consist of the following: Table 15.3 : Amounts Recognized in AOCI December 31, 2016 2015 2016 2015 (Dollars in millions) Defined Pension Other Postretirement Prior service cost $ 0 $ 0 $ (2 ) $ (2 ) Net actuarial gain (loss) (66 ) (71 ) 12 12 Accumulated other comprehensive income (loss) $ (66 ) $ (71 ) $ 10 $ 10 |
Schedule of Pre-Tax Amount In Accumulated Other Comprehensive Income That Are Expected To Be Recognized Of Net Periodic Benefit Cost | Pre-tax amounts recorded in AOCI as of December 31, 2016 that are expected to be recognized as a component of our net periodic benefit cost in 2017 consist of the following: Table 15.4 : Estimated Amortization of Unamortized Actuarial Gains and Losses - 2017 2017 Estimate (Dollars in millions) Defined Other Prior service cost $ 0 $ 0 Net actuarial gain (loss) (1 ) 5 Net gain (loss) $ (1 ) $ 5 |
Schedule Of Weighted Average Assumptions Used in Accounting for Plans | The following table presents weighted-average assumptions used in the accounting for the plans: Table 15.5 : Assumptions Used in the Accounting for the Plans December 31, 2016 2015 2014 2016 2015 2014 Defined Pension Other Postretirement Assumptions for benefit obligations at measurement date: Discount rate 4.0% 4.2% 3.9% 4.0% 4.2% 3.9% Assumptions for periodic benefit cost for the year ended: Discount rate 4.2 3.9 4.6 4.2 3.9 4.6 Expected long-term rate of return on plan assets 6.5 6.5 6.5 6.5 6.5 6.5 Assumptions for year-end valuations: Health care cost trend rate assumed for next year: Pre-age 65 N/A N/A N/A 6.7 7.0 7.3 Post-age 65 N/A N/A N/A 6.8 7.1 7.4 Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) N/A N/A N/A 4.5 4.5 4.5 Year the rate reaches the ultimate trend rate N/A N/A N/A 2037 2037 2028 |
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | Assumed health care trend rates have a significant effect on the amounts reported for the other postretirement benefit plans. The following table presents the effect of a one-percent change in the assumed health care cost trend rate on our accumulated postretirement benefit obligation. There were insignificant effects on total service and interest cost for the years ended December 31, 2016, 2015 and 2014 . Table 15.6 : Sensitivity Analysis Year Ended December 31, 2016 2015 (Dollars in millions) 1% Increase 1% Decrease 1% Increase 1% Decrease Effect on year-end postretirement benefit obligation $ 4 $ (4 ) $ 5 $ (4 ) |
Schedule of Allocation of Plan Assets | Table 15.8 : Plan Assets Measured at Fair Value on a Recurring Basi s December 31, 2016 Fair Value Measurements Using Assets at Fair Value (Dollars in millions) Level 1 Level 2 Level 3 Plan assets, at fair value: Corporate bonds (S&P rating of A or higher) $ 0 $ 15 $ 0 $ 15 Corporate bonds (S&P rating of lower than A) 0 29 0 29 Government securities 0 31 0 31 Mortgage-backed securities 0 11 0 11 Municipal bonds 0 1 0 1 Money market fund 0 2 0 2 Plan assets in fair value hierarchy $ 0 $ 89 $ 0 $ 89 Plan assets not classified in fair value hierarchy (1) : Common collective trusts 143 Total plan assets, at fair value $ 232 December 31, 2015 Fair Value Measurements Using Assets at Fair Value (Dollars in millions) Level 1 Level 2 Level 3 Plan assets, at fair value: Corporate bonds (S&P rating of A or higher) $ 0 $ 15 $ 0 $ 15 Corporate bonds (S&P rating of lower than A) 0 30 0 30 Government securities 0 40 0 40 Mortgage-backed securities 0 12 0 12 Municipal bonds 0 1 0 1 Plan assets in fair value hierarchy $ 0 $ 98 $ 0 $ 98 Plan assets not classified in fair value hierarchy (1) : Common collective trusts 129 Total plan assets, at fair value $ 227 __________ (1) These plan assets are measured at net asset value per share (or its equivalent) as practical expedient and have not been classified in the fair value hierarchy. The fair value amounts are presented in this table to reconcile to the line items presented in Table 15.1 : Changes in Benefit Obligation and Plan Assets. The asset allocations as of the annual measurement dates are as follows: Table 15.7 : Plan Assets December 31, 2016 2015 Common collective trusts (1) 62% 57% Corporate bonds (Standard & Poor’s (“S&P”) rating of A or higher) 6 6 Corporate bonds (S&P rating of lower than A) 12 13 Government securities 13 18 Mortgage-backed securities 5 5 Municipal bonds 1 1 Money market fund 1 0 Total 100% 100% __________ (1) Common collective trusts primarily include domestic and international equity securities. |
Schedule of Expected Future Benefit Payments | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: Table 15.9 : Expected Future Benefits Payments (Dollars in millions) Pension Postretirement 2017 $ 12 $ 3 2018 12 3 2019 12 3 2020 11 3 2021 11 3 2022-2026 52 11 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Significant Components of Provision for Income Taxes Attributable to Continuing Operations | The following table presents significant components of the provision for income taxes attributable to continuing operations: Table 16.1 : Significant Components of the Provision for Income Taxes Attributable to Continuing Operations Year Ended December 31, (Dollars in millions) 2016 2015 2014 Current income tax provision: Federal taxes $ 2,087 $ 1,991 $ 1,934 State taxes 209 207 197 International taxes 104 73 91 Total current provision $ 2,400 $ 2,271 $ 2,222 Deferred income tax provision (benefit): Federal taxes $ (621 ) $ (368 ) $ (125 ) State taxes (63 ) (39 ) 22 International taxes (2 ) 5 27 Total deferred provision (benefit) $ (686 ) $ (402 ) $ (76 ) Total income tax provision $ 1,714 $ 1,869 $ 2,146 |
Schedule of Income Tax Provision (Benefit) Reported in Stockholders' Equity | The following table presents the income tax provision (benefit) reported in stockholders’ equity: Table 16.2 : Income Tax Provision (Benefit) Reported in Stockholders’ Equity Year Ended December 31, (Dollars in millions) 2016 2015 2014 Income tax provision recorded in AOCI (1) $ 24 $ 19 $ 374 Income tax provision (benefit) recorded in additional paid in capital 33 (7 ) 16 Foreign currency translation (gains) losses (5 ) 23 6 Total income tax provision recorded in stockholders’ equity $ 52 $ 35 $ 396 __________ (1) Income tax provision (benefit) recorded in AOCI includes the impact from hedging instruments designated as net investment hedges. |
Schedule of Effective Income Tax Rate | The following table presents the reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate applicable to income from continuing operations for the years ended December 31, 2016 , 2015 and 2014 : Table 16.3 : Effective Income Tax Rate Year Ended December 31, 2016 2015 2014 Income tax at U.S. federal statutory tax rate 35.0% 35.0% 35.0% State taxes, net of federal benefit 1.9 1.9 1.8 Low-income housing, new markets and other tax credits (4.9 ) (4.0 ) (3.0 ) Other foreign tax differences, net 0.3 (0.2 ) (0.6 ) Other, net (1.0 ) (0.9 ) (0.5 ) Effective income tax rate 31.3% 31.8% 32.7% |
Schedule of Significant Components of Deferred Tax Assets and Liabilities | The following table presents significant components of the Company’s deferred tax assets and liabilities at December 31, 2016 and 2015 : Table 16.4 : Significant Components of Deferred Tax Assets and Liabilities (Dollars in millions) December 31, 2016 December 31, 2015 Deferred tax assets: Allowance for loan and lease losses $ 2,350 $ 1,853 Rewards programs 1,348 1,192 Security and loan valuations 869 912 Goodwill and intangibles 294 245 Compensation and employee benefits 276 303 Representation and warranty reserve 234 226 Net operating loss and tax credit carryforwards 188 176 Unearned income 186 143 Net unrealized losses on derivatives 35 0 Other assets 270 329 Subtotal 6,050 5,379 Valuation allowance (179 ) (166 ) Total deferred tax assets 5,871 5,213 Deferred tax liabilities: Original issue discount 1,012 940 Fixed assets and leases 221 242 Net unrealized gains on derivatives 0 46 Other liabilities 328 323 Total deferred tax liabilities 1,561 1,551 Net deferred tax assets $ 4,310 $ 3,662 |
Schedule of Reconciliation of Change in Unrecognized Tax Benefits | The following table presents the accrued balance of tax, interest and penalties related to unrecognized tax benefits: Table 16.5 : Reconciliation of the Change in Unrecognized Tax Benefits (Dollars in millions) Gross Accrued Gross Tax, Balance as of January 1, 2014 $ 114 $ 39 $ 153 Additions for tax positions related to prior years 9 2 11 Reductions for tax positions related to prior years due to IRS and other settlements (16 ) (5 ) (21 ) Balance as of December 31, 2014 $ 107 $ 36 $ 143 Additions for tax positions related to prior years 38 8 46 Reductions for tax positions related to prior years due to IRS and other settlements (15 ) (11 ) (26 ) Balance as of December 31, 2015 $ 130 $ 33 $ 163 Additions for tax positions related to prior years 0 6 6 Reductions for tax positions related to prior years due to IRS and other settlements (45 ) (15 ) (60 ) Balance as of December 31, 2016 $ 85 $ 24 $ 109 Portion of balance at December 31, 2016 that, if recognized, would impact the effective income tax rate $ 55 $ 16 $ 71 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table displays our assets and liabilities measured on our consolidated balance sheets at fair value on a recurring basis as of December 31, 2016 and 2015 : Table 17.1 : Assets and Liabilities Measured at Fair Value on a Recurring Basis December 31, 2016 Fair Value Measurements Using (Dollars in millions) Level 1 Level 2 Level 3 Total Assets: Securities available for sale: U.S. Treasury securities $ 5,065 $ 0 $ 0 $ 5,065 RMBS 0 28,731 518 29,249 CMBS 0 4,937 51 4,988 Other ABS 0 714 0 714 Other securities 295 417 9 721 Total securities available for sale 5,360 34,799 578 40,737 Other assets: Derivative assets (1)(2) 7 1,440 47 1,494 Other (3) 219 0 281 500 Total assets $ 5,586 $ 36,239 $ 906 $ 42,731 Liabilities: Other liabilities: Derivative liabilities (1)(2) $ 12 $ 1,397 $ 29 $ 1,438 Total liabilities $ 12 $ 1,397 $ 29 $ 1,438 December 31, 2015 Fair Value Measurements Using (Dollars in millions) Level 1 Level 2 Level 3 Total Assets: Securities available for sale: U.S. Treasury securities $ 4,660 $ 0 $ 0 $ 4,660 RMBS 0 26,807 504 27,311 CMBS 0 5,282 97 5,379 Other ABS 0 1,340 0 1,340 Other securities 355 2 14 371 Total securities available for sale 5,015 33,431 615 39,061 Other assets: Derivative assets (1)(2) 2 1,459 57 1,518 Other (3) 183 0 279 462 Total assets $ 5,200 $ 34,890 $ 951 $ 41,041 Liabilities: Other liabilities: Derivative liabilities (1)(2) $ 2 $ 491 $ 27 $ 520 Total liabilities $ 2 $ 491 $ 27 $ 520 __________ (1) The balances represent gross derivative amounts and are not reduced by the impact of legally enforceable master netting agreements that allow us to net positive and negative positions and the related payables and receivables for cash collateral held or placed with the same counterparty. The net derivative assets were $955 million and $986 million , and the net derivative liabilities were $1.1 billion and $377 million as of December 31, 2016 and 2015 , respectively. See “ Note 10—Derivative Instruments and Hedging Activities ” for further information, including further disaggregation of the balance composition. (2) Does not reflect $5 million and $4 million recognized as a net valuation allowance on derivative assets and liabilities for non-performance risk as of December 31, 2016 and 2015 , respectively. Non-performance risk is included in the derivative assets and liabilities, which are part of other assets and liabilities on the consolidated balance sheets and offset through non-interest income in the consolidated statements of income. (3) Other includes consumer MSRs of $80 million and $68 million , retained interests in securitizations of $201 million and $211 million and deferred compensation plan assets of $219 million and $183 million as of December 31, 2016 and 2015 , respectively. |
Schedule of Level 3 Inputs Reconciliation for Assets | The table below presents a reconciliation for all assets and liabilities measured and recognized at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2016 and 2015 . When assets and liabilities are transferred between levels, we recognize the transfer as of the end of the period. Table 17.2 : Level 3 Recurring Fair Value Rollforward Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Year Ended December 31, 2016 Total Gains (Losses) (Realized/Unrealized) Net Unrealized (3) (Dollars in millions) Balance, January 1, 2016 Included in Net Income (1) Included in OCI Purchases Sales Issuances Settlements Transfers Into Level 3 (2) Transfers Out of Level 3 (2) Balance, December 31, 2016 Assets: Securities available for sale: RMBS $ 504 $ 31 $ 9 $ 110 $ 0 $ 0 $ (98 ) $ 380 $ (418 ) $ 518 $ 32 CMBS 97 0 0 266 0 0 (14 ) 64 (362 ) 51 0 Other ABS 0 0 0 30 0 0 0 0 (30 ) 0 0 Other securities 14 (9 ) 0 14 0 0 (10 ) 0 0 9 0 Total securities available for sale 615 22 9 420 0 0 (122 ) 444 (810 ) 578 32 Other assets: Derivative assets (4) 57 12 0 0 0 69 (73 ) 0 (18 ) 47 12 Consumer MSRs 68 (5 ) 0 0 0 23 (6 ) 0 0 80 (5 ) Retained interest in securitizations 211 (10 ) 0 0 0 0 0 0 0 201 (10 ) Liabilities: Other liabilities: Derivative liabilities (4) $ (27 ) $ (17 ) $ 0 $ 0 $ 0 $ (33 ) $ 40 $ 0 $ 8 $ (29 ) $ (17 ) Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Year Ended December 31, 2015 Total Gains (Losses) (Realized/Unrealized) Net Unrealized (3) (Dollars in millions) Balance, January 1, 2015 Included in Net Income (1) Included in OCI Purchases Sales Issuances Settlements Transfers Into Level 3 (2) Transfers Out of Level 3 (2) Balance, Assets: Securities available for sale: Corporate debt securities guaranteed by U.S. government agencies $ 333 $ (1 ) $ 6 $ 0 $ (226 ) $ 0 $ (12 ) $ 0 $ (100 ) $ 0 $ 0 RMBS 561 35 (3 ) 0 0 0 (63 ) 343 (369 ) 504 36 CMBS 228 0 (1 ) 138 0 0 (52 ) 0 (216 ) 97 0 Other ABS 65 1 (2 ) 0 (20 ) 0 0 0 (44 ) 0 0 Other securities 18 0 0 4 0 0 (8 ) 0 0 14 0 Total securities available for sale 1,205 35 0 142 (246 ) 0 (135 ) 343 (729 ) 615 36 Other assets: Derivative assets (4) 66 14 0 0 0 49 (59 ) 0 (13 ) 57 14 Consumer MSRs 53 (1 ) 0 0 0 22 (6 ) 0 0 68 (1 ) Retained interest in securitizations 221 (10 ) 0 0 0 0 0 0 0 211 (10 ) Liabilities: Other liabilities: Derivative liabilities (4) $ (43 ) $ (9 ) $ 0 $ 0 $ 0 $ (20 ) $ 36 $ 0 $ 9 $ (27 ) $ (9 ) Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Year Ended December 31, 2014 Total Gains (Losses) (Realized/Unrealized) Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of December 31, 2014 (3) (Dollars in millions) Balance, January 1, 2014 Included in Net Income (1) Included in OCI Purchases Sales Issuances Settlements Transfers Into Level 3 (2) Transfers Out of Level 3 (2) Balance, December 31, 2014 Assets: Securities available for sale: Corporate debt securities guaranteed by U.S. government agencies $ 927 $ (5 ) $ 20 $ 0 $ (248 ) $ 0 $ (63 ) $ 64 $ (362 ) $ 333 $ 0 RMBS 1,304 65 39 1,022 0 0 (171 ) 259 (1,957 ) 561 64 CMBS 739 0 3 192 0 0 (75 ) 66 (697 ) 228 0 Other ABS 343 5 12 0 0 0 (3 ) 75 (367 ) 65 5 Other securities 17 (1 ) 0 0 0 0 (8 ) 10 0 18 0 Total securities available for sale 3,330 64 74 1,214 (248 ) 0 (320 ) 474 (3,383 ) 1,205 69 Other assets: Derivative assets (4) 50 20 0 0 0 20 (21 ) 0 (3 ) 66 19 Consumer MSRs 69 (27 ) 0 0 0 15 (4 ) 0 0 53 (27 ) Retained interest in securitization 199 22 0 0 0 0 0 0 0 221 22 Liabilities: Other liabilities: Derivative liabilities (4) $ (38 ) $ (20 ) $ 0 $ 0 $ 0 $ (15 ) $ 29 $ 0 $ 1 $ (43 ) $ (20 ) __________ (1) Gains (losses) related to Level 3 Consumer MSRs, derivative assets and derivative liabilities, and retained interests in securitizations are reported in other non-interest income, which is a component of non-interest income, in our consolidated statements of income. (2) For the years ended December 31, 2016 , 2015 and 2014 , the transfers into Level 3 were primarily driven by less consistency among vendor pricing on individual securities, while the transfers out of Level 3 were primarily driven by greater consistency among multiple pricing sources. (3) The amount presented for unrealized gains (losses) for assets still held as of the reporting date primarily represents impairments of securities available for sale, accretion on certain fixed maturity securities, changes in fair value of derivative instruments and mortgage servicing rights transactions. (4) All Level 3 derivative assets and liabilities are presented on a gross basis and are not reduced by the impact of legally enforceable master netting agreements that allow us to net positive and negative positions and the related payables and receivables for cash collateral held or placed with the same counterparty. |
Schedule of Level 3 Inputs Reconciliation for Liabilities | The table below presents a reconciliation for all assets and liabilities measured and recognized at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2016 and 2015 . When assets and liabilities are transferred between levels, we recognize the transfer as of the end of the period. Table 17.2 : Level 3 Recurring Fair Value Rollforward Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Year Ended December 31, 2016 Total Gains (Losses) (Realized/Unrealized) Net Unrealized (3) (Dollars in millions) Balance, January 1, 2016 Included in Net Income (1) Included in OCI Purchases Sales Issuances Settlements Transfers Into Level 3 (2) Transfers Out of Level 3 (2) Balance, December 31, 2016 Assets: Securities available for sale: RMBS $ 504 $ 31 $ 9 $ 110 $ 0 $ 0 $ (98 ) $ 380 $ (418 ) $ 518 $ 32 CMBS 97 0 0 266 0 0 (14 ) 64 (362 ) 51 0 Other ABS 0 0 0 30 0 0 0 0 (30 ) 0 0 Other securities 14 (9 ) 0 14 0 0 (10 ) 0 0 9 0 Total securities available for sale 615 22 9 420 0 0 (122 ) 444 (810 ) 578 32 Other assets: Derivative assets (4) 57 12 0 0 0 69 (73 ) 0 (18 ) 47 12 Consumer MSRs 68 (5 ) 0 0 0 23 (6 ) 0 0 80 (5 ) Retained interest in securitizations 211 (10 ) 0 0 0 0 0 0 0 201 (10 ) Liabilities: Other liabilities: Derivative liabilities (4) $ (27 ) $ (17 ) $ 0 $ 0 $ 0 $ (33 ) $ 40 $ 0 $ 8 $ (29 ) $ (17 ) Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Year Ended December 31, 2015 Total Gains (Losses) (Realized/Unrealized) Net Unrealized (3) (Dollars in millions) Balance, January 1, 2015 Included in Net Income (1) Included in OCI Purchases Sales Issuances Settlements Transfers Into Level 3 (2) Transfers Out of Level 3 (2) Balance, Assets: Securities available for sale: Corporate debt securities guaranteed by U.S. government agencies $ 333 $ (1 ) $ 6 $ 0 $ (226 ) $ 0 $ (12 ) $ 0 $ (100 ) $ 0 $ 0 RMBS 561 35 (3 ) 0 0 0 (63 ) 343 (369 ) 504 36 CMBS 228 0 (1 ) 138 0 0 (52 ) 0 (216 ) 97 0 Other ABS 65 1 (2 ) 0 (20 ) 0 0 0 (44 ) 0 0 Other securities 18 0 0 4 0 0 (8 ) 0 0 14 0 Total securities available for sale 1,205 35 0 142 (246 ) 0 (135 ) 343 (729 ) 615 36 Other assets: Derivative assets (4) 66 14 0 0 0 49 (59 ) 0 (13 ) 57 14 Consumer MSRs 53 (1 ) 0 0 0 22 (6 ) 0 0 68 (1 ) Retained interest in securitizations 221 (10 ) 0 0 0 0 0 0 0 211 (10 ) Liabilities: Other liabilities: Derivative liabilities (4) $ (43 ) $ (9 ) $ 0 $ 0 $ 0 $ (20 ) $ 36 $ 0 $ 9 $ (27 ) $ (9 ) Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Year Ended December 31, 2014 Total Gains (Losses) (Realized/Unrealized) Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of December 31, 2014 (3) (Dollars in millions) Balance, January 1, 2014 Included in Net Income (1) Included in OCI Purchases Sales Issuances Settlements Transfers Into Level 3 (2) Transfers Out of Level 3 (2) Balance, December 31, 2014 Assets: Securities available for sale: Corporate debt securities guaranteed by U.S. government agencies $ 927 $ (5 ) $ 20 $ 0 $ (248 ) $ 0 $ (63 ) $ 64 $ (362 ) $ 333 $ 0 RMBS 1,304 65 39 1,022 0 0 (171 ) 259 (1,957 ) 561 64 CMBS 739 0 3 192 0 0 (75 ) 66 (697 ) 228 0 Other ABS 343 5 12 0 0 0 (3 ) 75 (367 ) 65 5 Other securities 17 (1 ) 0 0 0 0 (8 ) 10 0 18 0 Total securities available for sale 3,330 64 74 1,214 (248 ) 0 (320 ) 474 (3,383 ) 1,205 69 Other assets: Derivative assets (4) 50 20 0 0 0 20 (21 ) 0 (3 ) 66 19 Consumer MSRs 69 (27 ) 0 0 0 15 (4 ) 0 0 53 (27 ) Retained interest in securitization 199 22 0 0 0 0 0 0 0 221 22 Liabilities: Other liabilities: Derivative liabilities (4) $ (38 ) $ (20 ) $ 0 $ 0 $ 0 $ (15 ) $ 29 $ 0 $ 1 $ (43 ) $ (20 ) __________ (1) Gains (losses) related to Level 3 Consumer MSRs, derivative assets and derivative liabilities, and retained interests in securitizations are reported in other non-interest income, which is a component of non-interest income, in our consolidated statements of income. (2) For the years ended December 31, 2016 , 2015 and 2014 , the transfers into Level 3 were primarily driven by less consistency among vendor pricing on individual securities, while the transfers out of Level 3 were primarily driven by greater consistency among multiple pricing sources. (3) The amount presented for unrealized gains (losses) for assets still held as of the reporting date primarily represents impairments of securities available for sale, accretion on certain fixed maturity securities, changes in fair value of derivative instruments and mortgage servicing rights transactions. (4) All Level 3 derivative assets and liabilities are presented on a gross basis and are not reduced by the impact of legally enforceable master netting agreements that allow us to net positive and negative positions and the related payables and receivables for cash collateral held or placed with the same counterparty. |
Schedule of Assets Measured at Fair Value on Recurring Basis Quantitative Information | The following table presents the significant unobservable inputs used to determine the fair values of our Level 3 financial instruments on a recurring basis. We utilize multiple third-party pricing services to obtain fair value for our securities. Several of our third-party pricing services are only able to provide unobservable input information for a limited number of securities due to software licensing restrictions. Other third-party pricing services are able to provide unobservable input information for all securities for which they provide a valuation. As a result, the unobservable input information for the securities available for sale presented below represents a composite summary of all information we are able to obtain. The unobservable input information for all other Level 3 financial instruments is based on the assumptions used in our internal valuation models. Table 17.3 : Quantitative Information about Level 3 Fair Value Measurements Quantitative Information about Level 3 Fair Value Measurements (Dollars in millions) Fair Value at December 31, Significant Valuation Techniques Significant Unobservable Inputs Range Weighted Average Assets: Securities available for sale: RMBS $ 518 Discounted cash flows (3rd party pricing) Yield 0-15% 5% CMBS 51 Discounted cash flows (3rd party pricing) Yield 2% 2% Other securities 9 Discounted cash flows Yield 1-2% 1% Other assets: Derivative assets (1) 47 Discounted cash flows Swap rates 2% 2% Consumer MSRs 80 Discounted cash flows Total prepayment rate 8-20% 15% Retained interests in securitization (2) 201 Discounted cash flows Life of receivables (months) 6-87 N/A Liabilities: Derivative liabilities (1) $ 29 Discounted cash flows Swap rates 2% 2% Quantitative Information about Level 3 Fair Value Measurements (Dollars in millions) Fair Value at December 31, 2015 Significant Valuation Techniques Significant Unobservable Inputs Range Weighted Average Assets: Securities available for sale: RMBS $ 504 Discounted cash flows (3rd party pricing) Yield 0-12% 6% CMBS 97 Discounted cash flows (3rd party pricing) Yield 2-3% 3% Other securities 14 Discounted cash flows Yield 1% 1% Other assets: Derivative assets (1) 57 Discounted cash flows Swap rates 2% 2% Consumer MSRs 68 Discounted cash flows Total prepayment rate 11-18% 16% Retained interests in securitization (2) 211 Discounted cash flows Life of receivables (months) Constant prepayment rate 16-75 N/A Liabilities: Derivative liabilities (1) $ 27 Discounted cash flows Swap rates 2% 2% __________ (1) All Level 3 derivative assets and liabilities are presented on a gross basis and are not reduced by the impact of legally enforceable master netting agreements that allow us to net positive and negative positions and the related payables and receivables for cash collateral held or placed with the same counterparty. (2) Due to the nature of the various mortgage securitization structures in which we have retained interests, it is not meaningful to present a consolidated weighted average for the significant unobservable inputs. |
Schedule of Liabilities Measured at Fair Value on Recurring Basis Quantitative Information | The following table presents the significant unobservable inputs used to determine the fair values of our Level 3 financial instruments on a recurring basis. We utilize multiple third-party pricing services to obtain fair value for our securities. Several of our third-party pricing services are only able to provide unobservable input information for a limited number of securities due to software licensing restrictions. Other third-party pricing services are able to provide unobservable input information for all securities for which they provide a valuation. As a result, the unobservable input information for the securities available for sale presented below represents a composite summary of all information we are able to obtain. The unobservable input information for all other Level 3 financial instruments is based on the assumptions used in our internal valuation models. Table 17.3 : Quantitative Information about Level 3 Fair Value Measurements Quantitative Information about Level 3 Fair Value Measurements (Dollars in millions) Fair Value at December 31, Significant Valuation Techniques Significant Unobservable Inputs Range Weighted Average Assets: Securities available for sale: RMBS $ 518 Discounted cash flows (3rd party pricing) Yield 0-15% 5% CMBS 51 Discounted cash flows (3rd party pricing) Yield 2% 2% Other securities 9 Discounted cash flows Yield 1-2% 1% Other assets: Derivative assets (1) 47 Discounted cash flows Swap rates 2% 2% Consumer MSRs 80 Discounted cash flows Total prepayment rate 8-20% 15% Retained interests in securitization (2) 201 Discounted cash flows Life of receivables (months) 6-87 N/A Liabilities: Derivative liabilities (1) $ 29 Discounted cash flows Swap rates 2% 2% Quantitative Information about Level 3 Fair Value Measurements (Dollars in millions) Fair Value at December 31, 2015 Significant Valuation Techniques Significant Unobservable Inputs Range Weighted Average Assets: Securities available for sale: RMBS $ 504 Discounted cash flows (3rd party pricing) Yield 0-12% 6% CMBS 97 Discounted cash flows (3rd party pricing) Yield 2-3% 3% Other securities 14 Discounted cash flows Yield 1% 1% Other assets: Derivative assets (1) 57 Discounted cash flows Swap rates 2% 2% Consumer MSRs 68 Discounted cash flows Total prepayment rate 11-18% 16% Retained interests in securitization (2) 211 Discounted cash flows Life of receivables (months) Constant prepayment rate 16-75 N/A Liabilities: Derivative liabilities (1) $ 27 Discounted cash flows Swap rates 2% 2% __________ (1) All Level 3 derivative assets and liabilities are presented on a gross basis and are not reduced by the impact of legally enforceable master netting agreements that allow us to net positive and negative positions and the related payables and receivables for cash collateral held or placed with the same counterparty. (2) Due to the nature of the various mortgage securitization structures in which we have retained interests, it is not meaningful to present a consolidated weighted average for the significant unobservable inputs. |
Schedule of Assets Measured at Fair Value on Nonrecurring Basis | The following table presents the carrying amount of the assets measured at fair value on a nonrecurring basis and still held as of December 31, 2016 and 2015 , and for which a nonrecurring fair value measurement was recorded during the years then ended: Table 17.4 : Nonrecurring Fair Value Measurements Related to Assets Still Held at Period End December 31, 2016 Estimated Fair Value Hierarchy Total (Dollars in millions) Level 2 Level 3 Loans held for investment $ 0 $ 587 $ 587 Loans held for sale 157 0 157 Other assets (1) 0 83 83 Total $ 157 $ 670 $ 827 December 31, 2015 Estimated Fair Value Hierarchy Total (Dollars in millions) Level 2 Level 3 Loans held for investment $ 0 $ 362 $ 362 Loans held for sale 149 0 149 Other assets (1) 0 92 92 Total $ 149 $ 454 $ 603 __________ (1) Other assets includes foreclosed property and repossessed assets of $43 million and long-lived assets held for sale of $40 million as of December 31, 2016 , compared to foreclosed property and repossessed assets of $54 million and long-lived assets held for sale of $38 million as of December 31, 2015 . |
Schedule of Earnings Related to Assets Measured at Fair Value on Nonrecurring Basis | The following table presents total nonrecurring fair value measurements for the period, included in earnings, attributable to the change in fair value relating to assets that are still held at December 31, 2016 , 2015 and 2014 : Table 17.5 : Nonrecurring Fair Value Measurements Included in Earnings Related to Assets Still Held at Period End Total Gains (Losses) Year Ended December 31, (Dollars in millions) 2016 2015 2014 Loans held for investment $ (230 ) $ (80 ) $ (24 ) Loans held for sale (2 ) (1 ) 0 Other assets (1) (19 ) (45 ) (12 ) Total $ (251 ) $ (126 ) $ (36 ) __________ (1) Other assets includes losses related to foreclosed property, repossessed assets and long-lived assets held for sale. |
Schedule of Fair Value of Financial Instruments | The following table presents the carrying amounts and estimated fair value, including the level within the fair value hierarchy, of our financial instruments that are not measured on our consolidated balance sheets at fair value as of December 31, 2016 and December 31, 2015. Ta ble 17.6 : Fair Value of Financial Instruments December 31, 2016 Carrying Amount Estimated Fair Value Estimated Fair Value Hierarchy (Dollars in millions) Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 9,976 $ 9,976 $ 4,185 $ 5,791 $ 0 Restricted cash for securitization investors 2,517 2,517 2,517 0 0 Securities held to maturity 25,712 26,196 199 25,962 35 Net loans held for investment 239,083 242,935 0 0 242,935 Loans held for sale 1,043 1,038 0 1,038 0 Interest receivable 1,351 1,351 0 1,351 0 Other investments (1) 2,029 2,029 0 2,020 9 Financial liabilities: Deposits $ 236,768 $ 237,082 $ 25,502 $ 211,580 $ 0 Securitized debt obligations 18,826 18,920 0 18,920 0 Senior and subordinated notes 23,431 23,774 0 23,774 0 Federal funds purchased and securities loaned or sold under agreements to repurchase 992 992 0 992 0 Other borrowings 17,211 17,180 0 17,180 0 Interest payable 327 327 0 327 0 December 31, 2015 Carrying Amount Estimated Fair Value Estimated Fair Value Hierarchy (Dollars in millions) Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 8,023 $ 8,023 $ 8,023 $ 0 $ 0 Restricted cash for securitization investors 1,017 1,017 1,017 0 0 Securities held to maturity 24,619 25,317 198 25,068 51 Net loans held for investment 224,721 222,007 0 0 222,007 Loans held for sale 904 933 0 860 73 Interest receivable 1,189 1,189 0 1,189 0 Other investments (1) 2,060 2,060 0 2,060 0 Financial liabilities: Deposits $ 217,721 $ 210,922 $ 25,847 $ 15,848 $ 169,227 Securitized debt obligations 16,166 16,225 0 16,225 0 Senior and subordinated notes 21,837 22,062 0 22,062 0 Federal funds purchased and securities loaned or sold under agreements to repurchase 981 981 981 0 0 Other borrowings 20,131 20,134 0 20,134 0 Interest payable 299 299 0 299 0 __________ (1) Other investments includes FHLB, Federal Reserve stock and cost method investments. These investments are included in other assets on our consolidated balance sheets. |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Results and Reconciliation | The following tables present our business segment results for the years ended December 31, 2016, 2015 and 2014 , selected balance sheet data as of December 31, 2016 , 2015 and 2014 , and a reconciliation of our total business segment results to our reported consolidated income from continuing operations, loans held for investment and deposits. Table 18.1 : Segment Results and Reconciliation Year Ended December 31, 2016 (Dollars in millions) Credit Consumer Commercial (1) Other (1) Consolidated Net interest income $ 12,635 $ 5,829 $ 2,216 $ 193 $ 20,873 Non-interest income 3,380 733 578 (63 ) 4,628 Total net revenue 16,015 6,562 2,794 130 25,501 Provision (benefit) for credit losses 4,926 1,055 483 (5 ) 6,459 Non-interest expense 7,703 4,139 1,407 309 13,558 Income (loss) from continuing operations before income taxes 3,386 1,368 904 (174 ) 5,484 Income tax provision (benefit) 1,226 498 329 (339 ) 1,714 Income from continuing operations, net of tax $ 2,160 $ 870 $ 575 $ 165 $ 3,770 Loans held for investment $ 105,552 $ 73,054 $ 66,916 $ 64 $ 245,586 Deposits 0 181,917 33,866 20,985 236,768 Year Ended December 31, 2015 (Dollars in millions) Credit Consumer Commercial (1) Other (1) Consolidated Net interest income $ 11,161 $ 5,755 $ 1,865 $ 53 $ 18,834 Non-interest income 3,421 710 487 (39 ) 4,579 Total net revenue 14,582 6,465 2,352 14 23,413 Provision (benefit) for credit losses 3,417 819 302 (2 ) 4,536 Non-interest expense 7,502 4,026 1,156 312 12,996 Income (loss) from continuing operations before income taxes 3,663 1,620 894 (296 ) 5,881 Income tax provision (benefit) 1,309 586 324 (350 ) 1,869 Income from continuing operations, net of tax $ 2,354 $ 1,034 $ 570 $ 54 $ 4,012 Loans held for investment $ 96,125 $ 70,372 $ 63,266 $ 88 $ 229,851 Deposits 0 172,702 34,257 10,762 217,721 Year Ended December 31, 2014 (Dollars in millions) Credit Consumer Commercial (1) Other (1) Consolidated Net interest income $ 10,310 $ 5,748 $ 1,751 $ 9 $ 17,818 Non-interest income 3,311 684 450 27 4,472 Total net revenue 13,621 6,432 2,201 36 22,290 Provision (benefit) for credit losses 2,750 703 93 (5 ) 3,541 Non-interest expense 7,063 3,869 1,083 165 12,180 Income (loss) from continuing operations before income taxes 3,808 1,860 1,025 (124 ) 6,569 Income tax provision (benefit) 1,329 665 366 (214 ) 2,146 Income from continuing operations, net of tax $ 2,479 $ 1,195 $ 659 $ 90 $ 4,423 Loans held for investment $ 85,876 $ 71,439 $ 50,890 $ 111 $ 208,316 Deposits 0 168,078 31,954 5,516 205,548 __________ (1) Some of our tax-related commercial investments generate tax-exempt income or tax credits. Accordingly, we make certain reclassifications within our Commercial Banking business results to present revenues and yields on a taxable-equivalent basis, calculated assuming an effective tax rate approximately equal to our federal statutory tax rate of 35% with offsetting reclassifications to the Other category. |
Commitments, Contingencies, G49
Commitments, Contingencies, Guarantees, and Others (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of letter of credit and other loan commitments [Table Text Block] | The following table presents contractual amount and carrying value of our unfunded lending commitments as of December 31, 2016 and 2015. The carrying value represents our reserve and deferred revenue on legally binding commitments. Table 19.1 : Unfunded Lending Commitments: Contractual Amount and Carrying Value Contractual Amount Carrying Value (Dollars in millions) December 31, December 31, December 31, December 31, Standby letter of credit and commercial letter of credit (1) $ 1,936 $ 1,874 $ 42 $ 37 Credit card lines 312,864 308,257 N/A N/A Other loan commitments (2) 28,402 27,883 98 134 Total unfunded lending commitments $ 343,202 $ 338,014 $ 140 $ 171 __________ (1) These financial guarantees had expiration dates ranging from 2017 to 2025 as of December 31, 2016. (2) Includes $699 million and $1.0 billion of advised lines of credit as of December 31, 2016 and December 31, 2015, respectively. |
Schedule of Unpaid Principal Balance of Mortgage Loans Originated and Sold to Third Parties Based on Category of Purchaser | The following table presents the original principal balance of mortgage loan originations, by vintage for 2005 through 2008, for the three general categories of purchasers of mortgage loans and the estimated unpaid principal balance as of December 31, 2016 and 2015 : Table 19.2 : Unpaid Principal Balance of Mortgage Loans Originated and Sold to Third Parties Based on Category of Purchaser Estimated Unpaid Principal Balance Original Principal Balance (Dollars in billions) December 31, December 31, Total 2008 2007 2006 2005 GSEs $ 2 $ 2 $ 11 $ 1 $ 4 $ 3 $ 3 Insured Securitizations 3 4 20 0 2 8 10 Uninsured Securitizations and Other 12 14 80 3 15 30 32 Total $ 17 $ 20 $ 111 $ 4 $ 21 $ 41 $ 45 |
Schedule of Open Claims in Pipeline | The following table presents information on pending repurchase-related requests by counterparty category and timing of initial request. The amounts presented are based on original loan principal balances. Table 19.3 : Open Pipeline All Vintages (All Entities) (1) (Dollars in millions) GSEs Insured Securitizations Uninsured Securitizations and Other Total Open claims as of December 31, 2014 $ 16 $ 649 $ 1,847 $ 2,512 Gross new demands received 23 0 23 46 Loans repurchased/made whole (17 ) 0 (1 ) (18 ) Demands rescinded (21 ) (115 ) (1,054 ) (1,190 ) Open claims as of December 31, 2015 $ 1 $ 534 $ 815 $ 1,350 Gross new demands received 14 1 13 28 Loans repurchased/made whole (4 ) 0 0 (4 ) Demands rescinded (3 ) 0 (2 ) (5 ) Open claims as of December 31, 2016 $ 8 $ 535 $ 826 $ 1,369 __________ (1) The open pipeline includes all timely repurchase-related requests ever received by our subsidiaries where the requesting party has not formally rescinded the repurchase-related request or our subsidiary has not agreed to either repurchase the loan at issue or make the requesting party whole with respect to its losses. The demands rescinded in 2015 reflect the ruling from New York’s highest court in June 2015 that the statute of limitations for repurchase claims begins when the relevant representations and warranties were made, as opposed to some later date during the life of the loan. Finally, the amounts reflected in this chart are the original principal balance amounts of the mortgage loans at issue and do not correspond to the losses our subsidiary would incur upon the repurchase of these loans. |
Schedule of Changes in Representation and Warranty Reserve | The following table summarizes changes in our representation and warranty reserve for the years ended December 31, 2016 , 2015 and 2014 : Table 19.4 : Changes in Representation and Warranty Reserve (1) Year Ended December 31, (Dollars in millions) 2016 2015 2014 Representation and warranty reserve, beginning of period $ 610 $ 731 $ 1,172 Provision (benefit) for mortgage representation and warranty losses: Recorded in continuing operations (2 ) (16 ) (26 ) Recorded in discontinued operations 21 (64 ) (7 ) Total provision (benefit) for mortgage representation and warranty losses 19 (80 ) (33 ) Net realized recoveries (losses) 1 (41 ) (408 ) Representation and warranty reserve, end of period $ 630 $ 610 $ 731 __________ (1) Reported on our consolidated balance sheets as a component of other liabilities. |
Schedule of Allocation of Representation and Warranty Reserves | The following table summarizes the allocation of our representation and warranty reserve as of December 31, 2016 and 2015 : Table 19.5 : Allocation of Representation and Warranty Reserve Reserve Liability Loans Sold 2005 to 2008 (1) December 31, (Dollars in millions, except for loans sold) 2016 2015 Selected period-end data: Active Insured Securitizations and GSEs $ 499 $ 480 $ 27 Inactive Insured Securitizations and Others 131 130 84 Total $ 630 $ 610 $ 111 __________ (1) Reflects, in billions, the total original principal balance of loans originated by our subsidiaries and sold to third-party investors between 2005 and 2008. |
Capital One Financial Corpora50
Capital One Financial Corporation (Parent Company Only) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Income Statement | The following Parent Company Only financial statements are provided in accordance with Regulation S-X of the SEC. Table 20.1 : Parent Company Statements of Income Year Ended December 31, (Dollars in millions) 2016 2015 2014 Interest income $ 120 $ 120 $ 114 Interest expense 258 185 204 Dividends from subsidiaries 3,936 450 3,449 Non-interest income (loss) (13 ) 10 53 Non-interest expense 48 178 85 Income before income taxes and equity in undistributed earnings of subsidiaries 3,737 217 3,327 Income tax provision (benefit) (79 ) (67 ) 11 Equity in undistributed earnings of subsidiaries (65 ) 3,766 1,112 Net income 3,751 4,050 4,428 Other comprehensive income (loss), net of tax (333 ) (186 ) 442 Comprehensive income $ 3,418 $ 3,864 $ 4,870 |
Condensed Balance Sheet | Table 20.2 : Parent Company Balance Sheets December 31, (Dollars in millions) 2016 2015 Assets: Cash and cash equivalents $ 7,296 $ 7,245 Investments in subsidiaries 48,297 48,676 Loans to subsidiaries 592 521 Securities available for sale 901 905 Other assets 672 739 Total assets $ 57,758 $ 58,086 Liabilities: Senior and subordinated notes $ 8,304 $ 8,657 Borrowings from subsidiaries 1,610 1,591 Accrued expenses and other liabilities 330 554 Total liabilities 10,244 10,802 Total stockholders’ equity 47,514 47,284 Total liabilities and stockholders’ equity $ 57,758 $ 58,086 |
Condensed Cash Flow Statement | Table 20.3 : Parent Company Statements of Cash Flows Year Ended December 31, (Dollars in millions) 2016 2015 2014 Operating activities: Net income $ 3,751 $ 4,050 $ 4,428 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of subsidiaries 65 (3,766 ) (1,112 ) Other operating activities (10 ) (300 ) (83 ) Net cash from operating activities 3,806 (16 ) 3,233 Investing activities: Net payments (to) from subsidiaries (163 ) (172 ) 94 Proceeds from paydowns and maturities of securities available for sale 71 65 50 Purchases of securities available for sale 0 0 (143 ) Changes in loans to subsidiaries (71 ) 973 (7 ) Net cash from investing activities (163 ) 866 (6 ) Financing activities: Borrowings: Changes in borrowings from subsidiaries 19 18 28 Issuance of senior and subordinated notes 1,487 2,487 1,498 Proceeds from paydowns and maturities of senior and subordinated notes (1,750 ) (2,625 ) (2,100 ) Common stock: Net proceeds from issuances 131 111 100 Dividends paid (812 ) (816 ) (679 ) Preferred stock: Net proceeds from issuances 1,066 1,472 969 Dividends paid (214 ) (158 ) (67 ) Purchases of treasury stock (3,661 ) (2,441 ) (2,045 ) Proceeds from share-based payment activities 142 85 146 Net cash from financing activities (3,592 ) (1,867 ) (2,150 ) Changes in cash and cash equivalents 51 (1,017 ) 1,077 Cash and cash equivalents at beginning of year 7,245 8,262 7,185 Cash and cash equivalents at end of year $ 7,296 $ 7,245 $ 8,262 |
Summary of Significant Accoun51
Summary of Significant Accounting Policies - Segments (Details) $ in Millions | 7 Months Ended | 12 Months Ended | ||
Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($)Segment | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 629 | $ 9,314 | $ 24 | |
Goodwill, Acquired During Period | $ 54 | $ 508 | ||
Number of Operating Segments | Segment | 3 | |||
GE Healthcare [Member] | ||||
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 9,000 | |||
Cash Acquired from Acquisition | 180 | |||
Business Combination, Total Assets Acquired | $ 9,200 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Loans Receivable | 8,200 | |||
Business Combination, Acquired Intangibles | $ 134 | |||
Goodwill, Acquired During Period | $ 518 |
Summary of Significant Accoun52
Summary of Significant Accounting Policies - Loans and Allowance for Loan and Lease Losses (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Loans and Leases Receivable Disclosure [Line Items] | |
Threshold period past due for delinquency status of financing receivables | 30 days |
Credit Card Portfolio Segment [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Loan origination fees and direct loan origination costs amortization period | 12 months |
Threshold period past due for write-off of financing receivable | 180 days |
Credit Card Portfolio Segment [Member] | Privileges Revoked | |
Loans and Leases Receivable Disclosure [Line Items] | |
Threshold period past due for write-off of financing receivable | 120 days |
Credit Card Portfolio Segment [Member] | Notification of Death | |
Loans and Leases Receivable Disclosure [Line Items] | |
Threshold period past due for write-off of financing receivable | 60 days |
Credit Card Portfolio Segment [Member] | Chapter Seven Bankruptcy | |
Loans and Leases Receivable Disclosure [Line Items] | |
Threshold Period Following Bankruptcy Notice for Write-off of Financing Receivable | 30 days |
Credit Card Portfolio Segment [Member] | Maximum | |
Loans and Leases Receivable Disclosure [Line Items] | |
Threshold period past due for nonperforming status of financing receivables | 120 days |
Consumer Portfolio Segment [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Threshold period past due for nonperforming status of financing receivables | 90 days |
Consumer Portfolio Segment [Member] | Notification of Death | |
Loans and Leases Receivable Disclosure [Line Items] | |
Threshold period past due for write-off of financing receivable | 60 days |
Consumer Portfolio Segment [Member] | Chapter Seven Bankruptcy | |
Loans and Leases Receivable Disclosure [Line Items] | |
Threshold period past due for write-off of financing receivable | 40 days |
Consumer Portfolio Segment [Member] | Auto | |
Loans and Leases Receivable Disclosure [Line Items] | |
Threshold period past due for write-off of financing receivable | 120 days |
Consumer Portfolio Segment [Member] | Auto | Chapter Seven Bankruptcy | |
Loans and Leases Receivable Disclosure [Line Items] | |
Threshold period past due for write-off of financing receivable | 60 days |
Consumer Portfolio Segment [Member] | Home loan | |
Loans and Leases Receivable Disclosure [Line Items] | |
Threshold period past due for write-off of financing receivable | 180 days |
Consumer Portfolio Segment [Member] | Home loan | Chapter Seven Bankruptcy | |
Loans and Leases Receivable Disclosure [Line Items] | |
Threshold period past due for write-off of financing receivable | 60 days |
Consumer Portfolio Segment [Member] | Small Business Banking Loans | Minimum | |
Loans and Leases Receivable Disclosure [Line Items] | |
Threshold period past due for write-off of financing receivable | 90 days |
Consumer Portfolio Segment [Member] | Small Business Banking Loans | Maximum | |
Loans and Leases Receivable Disclosure [Line Items] | |
Threshold period past due for write-off of financing receivable | 120 days |
Summary of Significant Accoun53
Summary of Significant Accounting Policies - Useful Lives for Premises and Equipment (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Buildings and improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful Lives, years | 5 years |
Buildings and improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful Lives, years | 39 years |
Furniture and equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful Lives, years | 3 years |
Furniture and equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful Lives, years | 10 years |
Computers and software | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful Lives, years | 3 years |
Computers and software | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful Lives, years | 5 years |
Summary of Significant Accoun54
Summary of Significant Accounting Policies - Customer Rewards Reserve and Revenue Recognition (Details) - USD ($) $ in Billions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Loans and Leases Receivable Disclosure [Line Items] | ||
Customer Reward Program | $ 3.6 | $ 3.2 |
Minimum | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Partnership Agreement Initial Term | 2 years | |
Maximum | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Partnership Agreement Initial Term | 10 years | |
Credit Card Portfolio Segment [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loan Commitment and Origination Fees and Discounts or Premiums, Amortization Period | 12 months |
Summary of Significant Accoun55
Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Arrangements (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||
Reduction in Interest Income | $ (21,203) | $ (18,785) | $ (17,662) |
Collaborative Arrangement [Member] | |||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||
Reduction in Interest Income | $ (1,200) | $ (1,100) | $ (1,000) |
Discontinued Operations - Summa
Discontinued Operations - Summary of Results from Discontinued Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Income (loss) from discontinued operations, net of tax | $ (2) | $ (11) | $ (1) | $ (5) | $ 12 | $ (4) | $ 11 | $ 19 | $ (19) | $ 38 | $ 5 |
Wholesale Mortgage Banking Unit | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Income (loss) from discontinued operations before income taxes | (30) | 60 | 8 | ||||||||
Income tax provision (benefit) | (11) | 22 | 3 | ||||||||
Income (loss) from discontinued operations, net of tax | $ (19) | $ 38 | $ 5 |
Investment Securities - Schedul
Investment Securities - Schedule of Investment Portfolio (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Investments, Debt and Equity Securities [Abstract] | ||
Securities available for sale, at fair value | $ 40,737 | $ 39,061 |
Securities held to maturity, at carrying value | 25,712 | 24,619 |
Total investments securities | $ 66,449 | $ 63,680 |
Investment Securities - Additio
Investment Securities - Additional Information (Details) $ in Millions | Dec. 31, 2016USD ($)Security | Dec. 31, 2015USD ($) |
Schedule of Available-for-sale Securities [Line Items] | ||
Number of sale securities exceeding amortized cost over fair value | Security | 860 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (535) | $ (321) |
Difference in amortized cost and fair value of securities that had been in a loss position for 12 months or longer | $ (116) | (165) |
Securities held to maturity | Security | 170 | |
Fair value of securities pledged | $ 1,900 | 1,700 |
Carrying value of securities pledged | 8,100 | 8,700 |
Encumbered amount of securities pledged as collateral | 9,300 | 10,600 |
Fair value of securities pledged, accepted | 16 | 172 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | $ (199) | $ (81) |
Non-agency RMBS and CMBS, Non-agency ABS and Other Securities | Gross Unrealized Losses on Available-for-sale Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Percentage of portfolio | 5.00% | |
Investment Securities Portfolio | US Treasury and Government | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Percentage of portfolio | 91.00% | 90.00% |
Residential Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (421) | $ (234) |
Difference in amortized cost and fair value of securities that had been in a loss position for 12 months or longer | (90) | (114) |
Non-agency RMBS and CMBS, Non-agency ABS and Other Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (29) | |
Non-Agency | Residential Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Loss, before Tax, Including Portion Attributable to Noncontrolling Interest, Available-for-sale Securities | 9 | 22 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (9) | (22) |
Difference in amortized cost and fair value of securities that had been in a loss position for 12 months or longer | $ (7) | $ (12) |
Investment Securities - Sched59
Investment Securities - Schedule of Available-for-Sale Securities (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Investment securities available for sale: | ||
Total Amortized Cost | $ 40,733 | $ 38,804 |
Gross Unrealized Gains | 539 | 578 |
Gross Unrealized Losses | (535) | (321) |
Securities available for sale, at fair value | $ 40,737 | $ 39,061 |
Collateralized Credit Card Securities [Member] | Other Asset-backed Securities Portfolio | ||
Investment securities available for sale: | ||
Percentage of portfolio | 57.00% | 71.00% |
Auto Dealer Floor Plan Inventory Loans and Leases | Other Asset-backed Securities Portfolio | ||
Investment securities available for sale: | ||
Percentage of portfolio | 23.00% | 11.00% |
U.S. Treasury securities | ||
Investment securities available for sale: | ||
Total Amortized Cost | $ 5,103 | $ 4,664 |
Gross Unrealized Gains | 11 | 5 |
Gross Unrealized Losses | (49) | (9) |
Securities available for sale, at fair value | 5,065 | 4,660 |
RMBS | ||
Investment securities available for sale: | ||
Total Amortized Cost | 29,179 | 27,012 |
Gross Unrealized Gains | 491 | 533 |
Gross Unrealized Losses | (421) | (234) |
Securities available for sale, at fair value | 29,249 | 27,311 |
RMBS | Agency | ||
Investment securities available for sale: | ||
Total Amortized Cost | 26,830 | 24,332 |
Gross Unrealized Gains | 109 | 165 |
Gross Unrealized Losses | (412) | (212) |
Securities available for sale, at fair value | 26,527 | 24,285 |
RMBS | Non-Agency | ||
Investment securities available for sale: | ||
Total Amortized Cost | 2,349 | 2,680 |
Gross Unrealized Gains | 382 | 368 |
Gross Unrealized Losses | (9) | (22) |
Securities available for sale, at fair value | 2,722 | 3,026 |
Non-credit OTTI losses related to non-agency RMBS | 9 | 22 |
CMBS | ||
Investment securities available for sale: | ||
Total Amortized Cost | 5,011 | 5,413 |
Gross Unrealized Gains | 35 | 37 |
Gross Unrealized Losses | (58) | (71) |
Securities available for sale, at fair value | 4,988 | 5,379 |
CMBS | Agency | ||
Investment securities available for sale: | ||
Total Amortized Cost | 3,335 | 3,690 |
Gross Unrealized Gains | 14 | 21 |
Gross Unrealized Losses | (45) | (47) |
Securities available for sale, at fair value | 3,304 | 3,664 |
CMBS | Non-Agency | ||
Investment securities available for sale: | ||
Total Amortized Cost | 1,676 | 1,723 |
Gross Unrealized Gains | 21 | 16 |
Gross Unrealized Losses | (13) | (24) |
Securities available for sale, at fair value | 1,684 | 1,715 |
Other ABS | ||
Investment securities available for sale: | ||
Total Amortized Cost | 714 | 1,345 |
Gross Unrealized Gains | 1 | 1 |
Gross Unrealized Losses | (1) | (6) |
Securities available for sale, at fair value | 714 | 1,340 |
Other securities | ||
Investment securities available for sale: | ||
Total Amortized Cost | 726 | 370 |
Gross Unrealized Gains | 1 | 2 |
Gross Unrealized Losses | (6) | (1) |
Securities available for sale, at fair value | $ 721 | $ 371 |
Investment Securities - Investm
Investment Securities - Investment Securities Held to Maturity (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 26,701 | $ 25,772 |
Unrealized Losses Recorded in AOCI | (989) | (1,153) |
Carrying Value | 25,712 | 24,619 |
Gross Unrealized Gains | 683 | 779 |
Gross Unrealized Losses | (199) | (81) |
Fair Value | 26,196 | 25,317 |
U.S. Treasury securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 199 | 199 |
Unrealized Losses Recorded in AOCI | 0 | 0 |
Carrying Value | 199 | 199 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | (1) |
Fair Value | 199 | 198 |
Agency | RMBS | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 23,022 | 22,561 |
Unrealized Losses Recorded in AOCI | (897) | (1,048) |
Carrying Value | 22,125 | 21,513 |
Gross Unrealized Gains | 606 | 692 |
Gross Unrealized Losses | (158) | (72) |
Fair Value | 22,573 | 22,133 |
Agency | CMBS | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 3,480 | 3,012 |
Unrealized Losses Recorded in AOCI | (92) | (105) |
Carrying Value | 3,388 | 2,907 |
Gross Unrealized Gains | 77 | 87 |
Gross Unrealized Losses | (41) | (8) |
Fair Value | $ 3,424 | $ 2,986 |
Investment Securities - Sched61
Investment Securities - Schedule of Available-for-Sale Securities in Gross Unrealized Loss Position (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | $ 21,141 | $ 18,642 |
Less than 12 Months, Gross Unrealized Losses | (419) | (156) |
12 Months or Longer, Fair Value | 5,905 | 6,328 |
12 Months or Longer, Gross Unrealized Losses | (116) | (165) |
Total Fair Value | 27,046 | 24,970 |
Total Gross Unrealized Losses | (535) | (321) |
U.S. Treasury securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 1,060 | 3,096 |
Less than 12 Months, Gross Unrealized Losses | (49) | (9) |
12 Months or Longer, Fair Value | 0 | 1 |
12 Months or Longer, Gross Unrealized Losses | 0 | 0 |
Total Fair Value | 1,060 | 3,097 |
Total Gross Unrealized Losses | (49) | (9) |
RMBS | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 17,027 | 12,380 |
Less than 12 Months, Gross Unrealized Losses | (331) | (120) |
12 Months or Longer, Fair Value | 5,010 | 4,575 |
12 Months or Longer, Gross Unrealized Losses | (90) | (114) |
Total Fair Value | 22,037 | 16,955 |
Total Gross Unrealized Losses | (421) | (234) |
RMBS | Agency | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 16,899 | 12,025 |
Less than 12 Months, Gross Unrealized Losses | (329) | (110) |
12 Months or Longer, Fair Value | 4,865 | 4,420 |
12 Months or Longer, Gross Unrealized Losses | (83) | (102) |
Total Fair Value | 21,764 | 16,445 |
Total Gross Unrealized Losses | (412) | (212) |
RMBS | Non-Agency | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 128 | 355 |
Less than 12 Months, Gross Unrealized Losses | (2) | (10) |
12 Months or Longer, Fair Value | 145 | 155 |
12 Months or Longer, Gross Unrealized Losses | (7) | (12) |
Total Fair Value | 273 | 510 |
Total Gross Unrealized Losses | (9) | (22) |
CMBS | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 2,450 | 2,091 |
Less than 12 Months, Gross Unrealized Losses | (32) | (22) |
12 Months or Longer, Fair Value | 874 | 1,478 |
12 Months or Longer, Gross Unrealized Losses | (26) | (49) |
Total Fair Value | 3,324 | 3,569 |
Total Gross Unrealized Losses | (58) | (71) |
CMBS | Agency | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 1,624 | 1,352 |
Less than 12 Months, Gross Unrealized Losses | (21) | (9) |
12 Months or Longer, Fair Value | 745 | 1,148 |
12 Months or Longer, Gross Unrealized Losses | (24) | (38) |
Total Fair Value | 2,369 | 2,500 |
Total Gross Unrealized Losses | (45) | (47) |
CMBS | Non-Agency | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 826 | 739 |
Less than 12 Months, Gross Unrealized Losses | (11) | (13) |
12 Months or Longer, Fair Value | 129 | 330 |
12 Months or Longer, Gross Unrealized Losses | (2) | (11) |
Total Fair Value | 955 | 1,069 |
Total Gross Unrealized Losses | (13) | (24) |
Other ABS | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 187 | 825 |
Less than 12 Months, Gross Unrealized Losses | (1) | (5) |
12 Months or Longer, Fair Value | 21 | 255 |
12 Months or Longer, Gross Unrealized Losses | 0 | (1) |
Total Fair Value | 208 | 1,080 |
Total Gross Unrealized Losses | (1) | (6) |
Other securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 417 | 250 |
Less than 12 Months, Gross Unrealized Losses | (6) | 0 |
12 Months or Longer, Fair Value | 0 | 19 |
12 Months or Longer, Gross Unrealized Losses | 0 | (1) |
Total Fair Value | 417 | 269 |
Total Gross Unrealized Losses | $ (6) | $ (1) |
Investment Securities - Sched62
Investment Securities - Schedule of Contractual Maturities for Available for Sale Securities (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Amortized Cost | ||
Due in 1 year or less | $ 1,025 | |
Due after 1 year through 5 years | 4,100 | |
Due after 5 years through 10 years | 3,382 | |
Due after 10 years | 32,226 | |
Total Amortized Cost | 40,733 | $ 38,804 |
Fair Value | ||
Due in 1 year or less | 1,027 | |
Due after 1 year through 5 years | 4,106 | |
Due after 5 years through 10 years | 3,350 | |
Due after 10 years | 32,254 | |
Available-for-sale Securities | $ 40,737 | $ 39,061 |
Investment Securities - Sched63
Investment Securities - Schedule of Contractual Maturities of Securities Held to Maturity (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Carrying Value | ||
Due after 1 year through 5 years | $ 199 | |
Due after 5 years through 10 years | 1,363 | |
Due after 10 years | 24,150 | |
Carrying Value | 25,712 | $ 24,619 |
Fair Value | ||
Due after 1 year through 5 years | 199 | |
Due after 5 years through 10 years | 1,422 | |
Due after 10 years | 24,575 | |
Fair Value | $ 26,196 | $ 25,317 |
Investment Securities - Sched64
Investment Securities - Schedule of Expected Maturities and Weighted Average Yields of Investment Securities by Major Security Type (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Securities available for sale | ||
Due in 1 Year or Less | $ 1,519 | |
Due 1 Year through 5 Years | 16,678 | |
Due 5 Years through 10 Years | 22,131 | |
Due 10 Years | 409 | |
Available-for-sale Securities | 40,737 | $ 39,061 |
Amortized cost of securities available for sale | ||
Due in 1 Year or Less | 1,521 | |
Due 1 Year through 5 Years | 16,548 | |
Due 5 Years through 10 Years | 22,286 | |
Due 10 Years | 378 | |
Total Amortized Cost | $ 40,733 | 38,804 |
Weighted average yield for securities available for sale | ||
Due in 1 Year or Less | 1.26% | |
Due 1 Year through 5 Years | 2.17% | |
Due 5 Years through 10 Years | 2.51% | |
Due 10 Years | 6.55% | |
Total weighted average yield | 2.36% | |
Carrying value of securities held to maturity | ||
Due in 1 Year or Less | $ 0 | |
Due 1 Year through 5 Years | 1,692 | |
Due 5 Years through 10 Years | 18,874 | |
Due 10 Years | 5,146 | |
Carrying Value | 25,712 | 24,619 |
Fair value of securities held to maturity | ||
Due in 1 Year or Less | 0 | |
Due 1 Year through 5 Years | 1,714 | |
Due 5 Years through 10 Years | 19,314 | |
Due 10 Years | 5,168 | |
Fair Value | $ 26,196 | 25,317 |
Weighted average yield for securities held to maturity | ||
Due in 1 Year or Less | 0.00% | |
Due 1 Year through 5 Years | 2.71% | |
Due 5 Years through 10 Years | 2.54% | |
Due 10 Years | 3.33% | |
Total weighted average yield | 2.70% | |
U.S. Treasury securities | ||
Carrying value of securities held to maturity | ||
Due in 1 Year or Less | $ 0 | |
Due 1 Year through 5 Years | 199 | |
Due 5 Years through 10 Years | 0 | |
Due 10 Years | 0 | |
Carrying Value | 199 | 199 |
Fair value of securities held to maturity | ||
Fair Value | 199 | 198 |
U.S. Treasury securities | ||
Securities available for sale | ||
Due in 1 Year or Less | 652 | |
Due 1 Year through 5 Years | 2,854 | |
Due 5 Years through 10 Years | 1,559 | |
Due 10 Years | 0 | |
Available-for-sale Securities | 5,065 | 4,660 |
Amortized cost of securities available for sale | ||
Total Amortized Cost | 5,103 | 4,664 |
RMBS | ||
Securities available for sale | ||
Due in 1 Year or Less | 123 | |
Due 1 Year through 5 Years | 10,696 | |
Due 5 Years through 10 Years | 18,114 | |
Due 10 Years | 316 | |
Available-for-sale Securities | 29,249 | 27,311 |
Amortized cost of securities available for sale | ||
Total Amortized Cost | 29,179 | 27,012 |
RMBS | Agency | ||
Securities available for sale | ||
Due in 1 Year or Less | 94 | |
Due 1 Year through 5 Years | 9,755 | |
Due 5 Years through 10 Years | 16,678 | |
Due 10 Years | 0 | |
Available-for-sale Securities | 26,527 | 24,285 |
Amortized cost of securities available for sale | ||
Total Amortized Cost | 26,830 | 24,332 |
Carrying value of securities held to maturity | ||
Due in 1 Year or Less | 0 | |
Due 1 Year through 5 Years | 1,363 | |
Due 5 Years through 10 Years | 16,418 | |
Due 10 Years | 4,344 | |
Carrying Value | 22,125 | 21,513 |
Fair value of securities held to maturity | ||
Fair Value | 22,573 | 22,133 |
RMBS | Non-Agency | ||
Securities available for sale | ||
Due in 1 Year or Less | 29 | |
Due 1 Year through 5 Years | 941 | |
Due 5 Years through 10 Years | 1,436 | |
Due 10 Years | 316 | |
Available-for-sale Securities | 2,722 | 3,026 |
Amortized cost of securities available for sale | ||
Total Amortized Cost | 2,349 | 2,680 |
CMBS | ||
Securities available for sale | ||
Due in 1 Year or Less | 290 | |
Due 1 Year through 5 Years | 2,324 | |
Due 5 Years through 10 Years | 2,374 | |
Due 10 Years | 0 | |
Available-for-sale Securities | 4,988 | 5,379 |
Amortized cost of securities available for sale | ||
Total Amortized Cost | 5,011 | 5,413 |
CMBS | Agency | ||
Securities available for sale | ||
Due in 1 Year or Less | 144 | |
Due 1 Year through 5 Years | 1,544 | |
Due 5 Years through 10 Years | 1,616 | |
Due 10 Years | 0 | |
Available-for-sale Securities | 3,304 | 3,664 |
Amortized cost of securities available for sale | ||
Total Amortized Cost | 3,335 | 3,690 |
Carrying value of securities held to maturity | ||
Due in 1 Year or Less | 0 | |
Due 1 Year through 5 Years | 130 | |
Due 5 Years through 10 Years | 2,456 | |
Due 10 Years | 802 | |
Carrying Value | 3,388 | 2,907 |
Fair value of securities held to maturity | ||
Fair Value | 3,424 | 2,986 |
CMBS | Non-Agency | ||
Securities available for sale | ||
Due in 1 Year or Less | 146 | |
Due 1 Year through 5 Years | 780 | |
Due 5 Years through 10 Years | 758 | |
Due 10 Years | 0 | |
Available-for-sale Securities | 1,684 | 1,715 |
Amortized cost of securities available for sale | ||
Total Amortized Cost | 1,676 | 1,723 |
Other ABS | ||
Securities available for sale | ||
Due in 1 Year or Less | 247 | |
Due 1 Year through 5 Years | 460 | |
Due 5 Years through 10 Years | 7 | |
Due 10 Years | 0 | |
Available-for-sale Securities | 714 | 1,340 |
Amortized cost of securities available for sale | ||
Total Amortized Cost | 714 | 1,345 |
Other securities | ||
Securities available for sale | ||
Due in 1 Year or Less | 207 | |
Due 1 Year through 5 Years | 344 | |
Due 5 Years through 10 Years | 77 | |
Due 10 Years | 93 | |
Available-for-sale Securities | 721 | 371 |
Amortized cost of securities available for sale | ||
Total Amortized Cost | $ 726 | $ 370 |
Investment Securities - Sched65
Investment Securities - Schedule of Credit Losses Related to Debt Securities Recognized in Earnings (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | |||
Credit loss component, beginning of period | $ 199 | $ 175 | $ 160 |
Additions: | |||
Initial credit impairment | 3 | 7 | 5 |
Subsequent credit impairment | 8 | 18 | 12 |
Total additions | 11 | 25 | 17 |
Reductions due to payoffs, disposals, transfers and other | (3) | (1) | (2) |
Credit loss component, end of period | $ 207 | $ 199 | $ 175 |
Investment Securities - Sched66
Investment Securities - Schedule of Gross Realized Gains and Losses on Available-for-Sale Securities and OTTI Recognized in Earnings (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Realized gains (losses): | |||
Gross realized gains | $ 12 | $ 23 | $ 55 |
Gross realized losses | (6) | (25) | (34) |
Net realized gains (losses) gains | 6 | (2) | 21 |
OTTI recognized in earnings: | |||
Credit-related OTTI | (11) | (25) | (17) |
Intent to Sell OTTI | (6) | (5) | (7) |
Total OTTI recognized in earnings | (17) | (30) | (24) |
Net securities gains (losses) | (11) | (32) | (3) |
Proceeds from sales | $ 4,146 | $ 4,379 | $ 7,417 |
Investment Securities - Sched67
Investment Securities - Schedule of Outstanding Contractual Balance and Carrying Value of Acquired Credit-Impaired Debt Securities (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Outstanding Balance and Carrying Value of Acquired Securities | ||
Outstanding balance | $ 2,899 | $ 3,285 |
Carrying value | $ 2,277 | $ 2,480 |
Investment Securities - Sched68
Investment Securities - Schedule of Changes in Accretable Yield of Acquired Securities (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Changes in Accretable Yield of Acquired Securities [Roll Forward] | |||
Accretable yield beginning balance | $ 1,237 | $ 1,250 | $ 1,423 |
Additions from new acquisitions | 0 | 0 | 34 |
Accretion recognized in earnings | (206) | (240) | (243) |
Reduction due to payoffs, disposals, transfers and other | (2) | (1) | (3) |
Net reclassifications from (to) nonaccretable difference | 144 | 228 | 39 |
Accretable yield ending balance | $ 1,173 | $ 1,237 | $ 1,250 |
Loans - Additional Information
Loans - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Loans and Leases Receivable Disclosure [Line Items] | |||
Pledged Financial Instruments, Not separately reported, Loans Receivable, for Federal Home Loan Bank Debt, UPB | $ 29,300 | $ 36,900 | |
Loans held for investment | 245,586 | 229,851 | $ 208,316 |
Loans held for sale | 1,043 | 904 | |
Mortgage loans in process of foreclosure | 382 | 474 | |
Uncollectible Portion of Billed Finance Charges and Fees | 1,100 | 732 | 645 |
Finance Charge And Fees Reserves | 402 | 262 | |
Payments for Origination of Mortgage Loans Held-for-sale | $ 7,600 | $ 6,400 | $ 5,400 |
Loans Sold, Percent Retained Servicing | 100.00% | 100.00% | 96.00% |
Loans and Leases Receivable, Impaired, Commitment to Lend | $ 208 | $ 34 | |
Performing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Troubled debt restructurings included in impaired loans | 2,500 | 1,800 | |
Home loan | Other Assets | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Real estate acquired through foreclosure | 69 | 123 | |
Other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | 64 | 88 | |
Consumer Portfolio Segment [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | 73,054 | 70,372 | |
Consumer Portfolio Segment [Member] | Performing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Troubled debt restructurings included in impaired loans | 1,100 | 1,000 | |
Consumer Portfolio Segment [Member] | Home loan | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | 21,584 | 25,227 | |
Commercial Banking | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | 66,916 | 63,266 | |
Commercial Banking | Criticized | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Minimum loan amount reviewed quarterly by management for further deterioration | 1 | ||
Commercial Banking | Noncriticized | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Minimum loan amount requiring annual review | 1 | ||
Commercial Banking | Performing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Troubled debt restructurings included in impaired loans | 487 | 334 | |
Credit Card Portfolio Segment [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | 105,552 | 96,125 | |
Unused Commitments to Extend Credit | 312,864 | 308,257 | |
Other Portfolio Segments, Excluding Credit Card | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Unused Commitments to Extend Credit | 28,402 | 27,883 | |
Advised Line of Credit | $ 699 | $ 1,000 | |
Home Loans | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Threshold Period Past Due for Entering Foreclosure Process Status of Financing Receivables | 120 days |
Loans - Loan Portfolio Composit
Loans - Loan Portfolio Composition and Aging Analysis (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Current | $ 222,480 | $ 203,438 | |
Past due | 8,035 | 6,895 | |
Loans held for investment | $ 245,586 | $ 229,851 | $ 208,316 |
Financing Receivable, Recorded Investment, Aging, Percent of Total Loan [Abstract] | |||
Financing Receivable, Percent Current | 90.59% | 88.51% | |
Total Delinquent Loans (as percent) | 3.27% | 3.00% | |
Total Loans (as percent) | 100.00% | 100.00% | |
Loans and Leases Receivable, Deferred Income | $ 558 | $ 499 | |
Credit Card Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Current | 101,394 | 92,857 | |
Past due | 4,156 | 3,268 | |
Loans held for investment | 105,552 | 96,125 | |
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Current | 55,190 | 48,528 | |
Past due | 3,408 | 3,284 | |
Loans held for investment | 73,054 | 70,372 | |
Consumer Portfolio Segment [Member] | Auto | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Current | 44,762 | 38,549 | |
Past due | 3,154 | 3,000 | |
Loans held for investment | 47,916 | 41,549 | |
Consumer Portfolio Segment [Member] | Home loan | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Current | 6,951 | 6,465 | |
Past due | 205 | 235 | |
Loans held for investment | 21,584 | 25,227 | |
Consumer Portfolio Segment [Member] | Retail banking | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Current | 3,477 | 3,514 | |
Past due | 49 | 49 | |
Loans held for investment | 3,554 | 3,596 | |
Commercial Banking | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Current | 65,840 | 61,976 | |
Past due | 463 | 332 | |
Loans held for investment | 66,916 | 63,266 | |
Commercial Banking | Total commercial lending | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Current | 65,367 | 61,369 | |
Past due | 453 | 326 | |
Loans held for investment | 66,433 | 62,653 | |
Commercial Banking | Commercial and multifamily real estate | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Current | 26,536 | 25,449 | |
Past due | 45 | 38 | |
Loans held for investment | 26,609 | 25,518 | |
Commercial Banking | Commercial and industrial | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Current | 38,831 | 35,920 | |
Past due | 408 | 288 | |
Loans held for investment | 39,824 | 37,135 | |
Commercial Banking | Small-ticket commercial real estate | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Current | 473 | 607 | |
Past due | 10 | 6 | |
Loans held for investment | 483 | 613 | |
Other | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Current | 56 | 77 | |
Past due | 8 | 11 | |
Loans held for investment | 64 | 88 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Loans held for investment | $ 15,071 | $ 19,518 | |
Financing Receivable, Recorded Investment, Aging, Percent of Total Loan [Abstract] | |||
Total Loans (as percent) | 6.14% | 8.49% | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Credit Card Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Loans held for investment | $ 2 | $ 0 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Consumer Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Loans held for investment | 14,456 | 18,560 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Consumer Portfolio Segment [Member] | Auto | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Loans held for investment | 0 | 0 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Consumer Portfolio Segment [Member] | Home loan | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Loans held for investment | 14,428 | 18,527 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Consumer Portfolio Segment [Member] | Retail banking | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Loans held for investment | 28 | 33 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Commercial Banking | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Loans held for investment | 613 | 958 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Commercial Banking | Total commercial lending | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Loans held for investment | 613 | 958 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Commercial Banking | Commercial and multifamily real estate | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Loans held for investment | 28 | 31 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Commercial Banking | Commercial and industrial | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Loans held for investment | 585 | 927 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Commercial Banking | Small-ticket commercial real estate | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Loans held for investment | 0 | 0 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Other | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Loans held for investment | 0 | 0 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | $ 3,466 | $ 3,069 | |
Financing Receivable, Recorded Investment, Aging, Percent of Total Loan [Abstract] | |||
Total Delinquent Loans (as percent) | 1.41% | 1.33% | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Credit Card Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | $ 1,277 | $ 1,016 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Consumer Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 2,107 | 1,963 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Consumer Portfolio Segment [Member] | Auto | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 2,041 | 1,901 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Consumer Portfolio Segment [Member] | Home loan | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 44 | 41 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Consumer Portfolio Segment [Member] | Retail banking | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 22 | 21 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Banking | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 79 | 88 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Banking | Total commercial lending | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 72 | 85 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Banking | Commercial and multifamily real estate | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 45 | 34 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Banking | Commercial and industrial | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 27 | 51 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Banking | Small-ticket commercial real estate | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 7 | 3 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Other | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 3 | 2 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | $ 1,920 | $ 1,668 | |
Financing Receivable, Recorded Investment, Aging, Percent of Total Loan [Abstract] | |||
Total Delinquent Loans (as percent) | 0.78% | 0.73% | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Credit Card Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | $ 918 | $ 725 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Consumer Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 917 | 906 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Consumer Portfolio Segment [Member] | Auto | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 890 | 880 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Consumer Portfolio Segment [Member] | Home loan | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 20 | 18 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Consumer Portfolio Segment [Member] | Retail banking | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 7 | 8 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial Banking | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 85 | 35 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial Banking | Total commercial lending | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 84 | 34 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial Banking | Commercial and multifamily real estate | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 0 | 0 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial Banking | Commercial and industrial | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 84 | 34 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial Banking | Small-ticket commercial real estate | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 1 | 1 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Other | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 0 | 2 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | $ 2,649 | $ 2,158 | |
Financing Receivable, Recorded Investment, Aging, Percent of Total Loan [Abstract] | |||
Total Delinquent Loans (as percent) | 1.08% | 0.94% | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Credit Card Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | $ 1,961 | $ 1,527 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Consumer Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 384 | 415 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Consumer Portfolio Segment [Member] | Auto | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 223 | 219 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Consumer Portfolio Segment [Member] | Home loan | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 141 | 176 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Consumer Portfolio Segment [Member] | Retail banking | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 20 | 20 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial Banking | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 299 | 209 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial Banking | Total commercial lending | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 297 | 207 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial Banking | Commercial and multifamily real estate | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 0 | 4 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial Banking | Commercial and industrial | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 297 | 203 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial Banking | Small-ticket commercial real estate | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 2 | 2 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Other | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 5 | 7 | |
Geographic Distribution, Domestic [Member] | Credit Card Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Current | 93,279 | 84,954 | |
Past due | 3,839 | 2,985 | |
Loans held for investment | 97,120 | 87,939 | |
Geographic Distribution, Domestic [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Credit Card Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Loans held for investment | 2 | 0 | |
Geographic Distribution, Domestic [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Credit Card Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 1,153 | 906 | |
Geographic Distribution, Domestic [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Credit Card Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 846 | 658 | |
Geographic Distribution, Domestic [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Credit Card Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 1,840 | 1,421 | |
Geographic Distribution, Foreign [Member] | Credit Card Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Current | 8,115 | 7,903 | |
Past due | 317 | 283 | |
Loans held for investment | 8,432 | 8,186 | |
Geographic Distribution, Foreign [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | Credit Card Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Loans held for investment | 0 | 0 | |
Geographic Distribution, Foreign [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Credit Card Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 124 | 110 | |
Geographic Distribution, Foreign [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Credit Card Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | 72 | 67 | |
Geographic Distribution, Foreign [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Credit Card Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Aging [Abstract] | |||
Past due | $ 121 | $ 106 |
Loans - 90+ Day Delinquent Loan
Loans - 90+ Day Delinquent Loans Accruing Interest and Nonperforming Loans (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
90 Days Past Due and Accruing | $ 1,936 | $ 1,505 |
Nonperforming Loans | $ 1,599 | $ 1,170 |
Percent 90 days past due and still accruing | 0.79% | 0.65% |
Financing Receivable, Nonaccrual, Percent Past Due | 0.65% | 0.51% |
Credit Card Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
90 Days Past Due and Accruing | $ 1,936 | $ 1,500 |
Nonperforming Loans | 42 | 53 |
Credit Card Portfolio Segment [Member] | Geographic Distribution, Domestic [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
90 Days Past Due and Accruing | 1,840 | 1,421 |
Credit Card Portfolio Segment [Member] | Geographic Distribution, Foreign [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
90 Days Past Due and Accruing | 96 | 79 |
Nonperforming Loans | 42 | 53 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
90 Days Past Due and Accruing | 0 | 0 |
Nonperforming Loans | $ 527 | $ 558 |
Financing Receivable, Nonaccrual, Percent Past Due | 0.72% | 0.79% |
Consumer Portfolio Segment [Member] | Auto | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
90 Days Past Due and Accruing | $ 0 | $ 0 |
Nonperforming Loans | $ 223 | $ 219 |
Financing Receivable, Nonaccrual, Percent Past Due | 0.47% | 0.53% |
Consumer Portfolio Segment [Member] | Home loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
90 Days Past Due and Accruing | $ 0 | $ 0 |
Nonperforming Loans | $ 273 | $ 311 |
Financing Receivable, Nonaccrual, Percent Past Due | 1.26% | 1.23% |
Consumer Portfolio Segment [Member] | Retail banking | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
90 Days Past Due and Accruing | $ 0 | $ 0 |
Nonperforming Loans | $ 31 | $ 28 |
Financing Receivable, Nonaccrual, Percent Past Due | 0.86% | 0.77% |
Commercial Banking | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
90 Days Past Due and Accruing | $ 0 | $ 5 |
Nonperforming Loans | 1,022 | 550 |
Commercial Banking | Total commercial lending | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
90 Days Past Due and Accruing | 0 | 5 |
Nonperforming Loans | 1,018 | 545 |
Commercial Banking | Commercial and multifamily real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
90 Days Past Due and Accruing | 0 | 0 |
Nonperforming Loans | 30 | 7 |
Commercial Banking | Commercial and industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
90 Days Past Due and Accruing | 0 | 5 |
Nonperforming Loans | 988 | 538 |
Commercial Banking | Small-ticket commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
90 Days Past Due and Accruing | 0 | 0 |
Nonperforming Loans | 4 | 5 |
Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
90 Days Past Due and Accruing | 0 | 0 |
Nonperforming Loans | $ 8 | $ 9 |
Loans - Credit Card_ Risk Profi
Loans - Credit Card: Risk Profile by Geographic Region and Delinquency Status (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 245,586 | $ 229,851 | $ 208,316 |
Credit Card Portfolio Segment [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 105,552 | $ 96,125 | |
Percentage of portfolio | 100.00% | 100.00% | |
Credit Card Portfolio Segment [Member] | California | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 11,068 | $ 10,029 | |
Percentage of portfolio | 10.50% | 10.50% | |
Credit Card Portfolio Segment [Member] | Texas | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 7,227 | $ 6,344 | |
Percentage of portfolio | 6.80% | 6.60% | |
Credit Card Portfolio Segment [Member] | New York | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 7,090 | $ 6,446 | |
Percentage of portfolio | 6.70% | 6.70% | |
Credit Card Portfolio Segment [Member] | Florida | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 6,540 | $ 5,712 | |
Percentage of portfolio | 6.20% | 5.90% | |
Credit Card Portfolio Segment [Member] | Illinois | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 4,492 | $ 4,121 | |
Percentage of portfolio | 4.30% | 4.30% | |
Credit Card Portfolio Segment [Member] | Pennsylvania | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 4,048 | $ 3,764 | |
Percentage of portfolio | 3.80% | 3.90% | |
Credit Card Portfolio Segment [Member] | Ohio | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 3,654 | $ 3,371 | |
Percentage of portfolio | 3.50% | 3.50% | |
Credit Card Portfolio Segment [Member] | New Jersey | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 3,488 | $ 3,210 | |
Percentage of portfolio | 3.30% | 3.30% | |
Credit Card Portfolio Segment [Member] | Michigan | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 3,164 | $ 2,922 | |
Percentage of portfolio | 3.00% | 3.00% | |
Credit Card Portfolio Segment [Member] | Other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 46,349 | $ 42,020 | |
Percentage of portfolio | 43.90% | 43.80% | |
Credit Card Portfolio Segment [Member] | Canada | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 5,594 | $ 4,889 | |
Percentage of portfolio | 5.30% | 5.10% | |
Credit Card Portfolio Segment [Member] | United Kingdom | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 2,838 | $ 3,297 | |
Percentage of portfolio | 2.70% | 3.40% | |
Credit Card Portfolio Segment [Member] | Geographic Distribution, Domestic [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 97,120 | $ 87,939 | |
Percentage of portfolio | 92.00% | 91.50% | |
Credit Card Portfolio Segment [Member] | Geographic Distribution, Foreign [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 8,432 | $ 8,186 | |
Percentage of portfolio | 8.00% | 8.50% |
Loans - Credit Card_ Net Charge
Loans - Credit Card: Net Charge-Offs (Detail) - Credit Card Portfolio Segment [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Loans and Leases Receivable Disclosure [Line Items] | |||
Net charge-offs | $ 3,953 | $ 2,918 | $ 2,728 |
Percentage annualized net charge-off by average loans held for investment | 4.09% | 3.36% | |
Geographic Distribution, Domestic [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Net charge-offs | $ 3,681 | $ 2,718 | |
Percentage annualized net charge-off by average loans held for investment | 4.16% | 3.45% | |
Geographic Distribution, Foreign [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Net charge-offs | $ 272 | $ 200 | |
Percentage annualized net charge-off by average loans held for investment | 3.33% | 2.50% |
Loans - Consumer Banking_ Risk
Loans - Consumer Banking: Risk Profile by Geographic Region, Delinquency Status and Performing Status (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 245,586 | $ 229,851 | $ 208,316 |
Consumer Portfolio Segment [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 73,054 | $ 70,372 | |
Percentage of portfolio | 100.00% | 100.00% | |
Consumer Portfolio Segment [Member] | Auto | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 47,916 | $ 41,549 | |
Consumer Portfolio Segment [Member] | Auto | Loans Receivable | Geographic Concentration Risk | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 47,916 | $ 41,549 | |
Percentage of portfolio | 65.60% | 59.00% | |
Consumer Portfolio Segment [Member] | Auto | Loans Receivable | Geographic Concentration Risk | Texas | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 6,304 | $ 5,463 | |
Percentage of portfolio | 8.60% | 7.80% | |
Consumer Portfolio Segment [Member] | Auto | Loans Receivable | Geographic Concentration Risk | California | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 5,448 | $ 4,611 | |
Percentage of portfolio | 7.50% | 6.50% | |
Consumer Portfolio Segment [Member] | Auto | Loans Receivable | Geographic Concentration Risk | Louisiana | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 2,159 | $ 1,882 | |
Percentage of portfolio | 3.00% | 2.70% | |
Consumer Portfolio Segment [Member] | Auto | Loans Receivable | Geographic Concentration Risk | Illinois | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 2,065 | $ 1,859 | |
Percentage of portfolio | 2.80% | 2.60% | |
Consumer Portfolio Segment [Member] | Auto | Loans Receivable | Geographic Concentration Risk | Florida | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 3,985 | $ 3,315 | |
Percentage of portfolio | 5.50% | 4.70% | |
Consumer Portfolio Segment [Member] | Auto | Loans Receivable | Geographic Concentration Risk | Georgia | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 2,506 | $ 2,245 | |
Percentage of portfolio | 3.40% | 3.20% | |
Consumer Portfolio Segment [Member] | Auto | Loans Receivable | Geographic Concentration Risk | Ohio | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 2,017 | $ 1,738 | |
Percentage of portfolio | 2.80% | 2.50% | |
Consumer Portfolio Segment [Member] | Auto | Loans Receivable | Geographic Concentration Risk | Other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 23,432 | $ 20,436 | |
Percentage of portfolio | 32.00% | 29.00% | |
Consumer Portfolio Segment [Member] | Home loan | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 21,584 | $ 25,227 | |
Consumer Portfolio Segment [Member] | Home loan | Loans Receivable | Geographic Concentration Risk | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 21,584 | $ 25,227 | |
Percentage of portfolio | 29.50% | 35.90% | |
Consumer Portfolio Segment [Member] | Home loan | Loans Receivable | Geographic Concentration Risk | California | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 4,993 | $ 5,884 | |
Percentage of portfolio | 6.80% | 8.40% | |
Consumer Portfolio Segment [Member] | Home loan | Loans Receivable | Geographic Concentration Risk | Louisiana | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 985 | $ 1,146 | |
Percentage of portfolio | 1.30% | 1.60% | |
Consumer Portfolio Segment [Member] | Home loan | Loans Receivable | Geographic Concentration Risk | New York | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 2,036 | $ 2,171 | |
Percentage of portfolio | 2.80% | 3.10% | |
Consumer Portfolio Segment [Member] | Home loan | Loans Receivable | Geographic Concentration Risk | Illinois | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 1,218 | $ 1,490 | |
Percentage of portfolio | 1.70% | 2.10% | |
Consumer Portfolio Segment [Member] | Home loan | Loans Receivable | Geographic Concentration Risk | Maryland | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 1,409 | $ 1,539 | |
Percentage of portfolio | 1.90% | 2.20% | |
Consumer Portfolio Segment [Member] | Home loan | Loans Receivable | Geographic Concentration Risk | New Jersey | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 1,112 | $ 1,293 | |
Percentage of portfolio | 1.50% | 1.80% | |
Consumer Portfolio Segment [Member] | Home loan | Loans Receivable | Geographic Concentration Risk | Virginia | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 1,204 | $ 1,354 | |
Percentage of portfolio | 1.70% | 1.90% | |
Consumer Portfolio Segment [Member] | Home loan | Loans Receivable | Geographic Concentration Risk | Other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 8,627 | $ 10,350 | |
Percentage of portfolio | 11.80% | 14.80% | |
Consumer Portfolio Segment [Member] | Retail banking | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 3,554 | $ 3,596 | |
Consumer Portfolio Segment [Member] | Retail banking | Loans Receivable | Geographic Concentration Risk | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 3,554 | $ 3,596 | |
Percentage of portfolio | 4.90% | 5.10% | |
Consumer Portfolio Segment [Member] | Retail banking | Loans Receivable | Geographic Concentration Risk | Texas | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 756 | $ 757 | |
Percentage of portfolio | 1.00% | 1.10% | |
Consumer Portfolio Segment [Member] | Retail banking | Loans Receivable | Geographic Concentration Risk | Louisiana | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 1,010 | $ 1,071 | |
Percentage of portfolio | 1.40% | 1.50% | |
Consumer Portfolio Segment [Member] | Retail banking | Loans Receivable | Geographic Concentration Risk | New York | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 941 | $ 921 | |
Percentage of portfolio | 1.30% | 1.30% | |
Consumer Portfolio Segment [Member] | Retail banking | Loans Receivable | Geographic Concentration Risk | Maryland | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 190 | $ 180 | |
Percentage of portfolio | 0.30% | 0.30% | |
Consumer Portfolio Segment [Member] | Retail banking | Loans Receivable | Geographic Concentration Risk | New Jersey | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 238 | $ 259 | |
Percentage of portfolio | 0.30% | 0.40% | |
Consumer Portfolio Segment [Member] | Retail banking | Loans Receivable | Geographic Concentration Risk | Virginia | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 156 | $ 151 | |
Percentage of portfolio | 0.20% | 0.20% | |
Consumer Portfolio Segment [Member] | Retail banking | Loans Receivable | Geographic Concentration Risk | Other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 263 | $ 257 | |
Percentage of portfolio | 0.40% | 0.30% |
Loans - Consumer Banking_ Net C
Loans - Consumer Banking: Net Charge-Offs and Nonperforming Loans (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Loans and Leases Receivable Disclosure [Line Items] | |||||
Nonperforming Loans | $ 1,599 | $ 1,170 | $ 1,599 | $ 1,170 | |
Financing Receivable, Nonaccrual, Percent Past Due | 0.65% | 0.51% | |||
Consumer Portfolio Segment [Member] | |||||
Loans and Leases Receivable Disclosure [Line Items] | |||||
Net charge-offs | $ 820 | $ 731 | $ 675 | ||
Percentage annualized net charge-off by average loans held for investment | 1.15% | 1.03% | |||
Nonperforming Loans | $ 527 | $ 558 | $ 527 | $ 558 | |
Financing Receivable, Nonaccrual, Percent Past Due | 0.72% | 0.79% | |||
Percentage annualized net charge-off by average loans held for investment, excluding loans acquired (as percent) | 1.49% | 1.45% | |||
Nonperforming loans, excluding acquired loans (as percent) | 0.90% | 1.08% | |||
Consumer Portfolio Segment [Member] | Auto | |||||
Loans and Leases Receivable Disclosure [Line Items] | |||||
Net charge-offs | $ 752 | $ 674 | |||
Percentage annualized net charge-off by average loans held for investment | 1.69% | 1.69% | |||
Nonperforming Loans | $ 223 | $ 219 | $ 223 | $ 219 | |
Financing Receivable, Nonaccrual, Percent Past Due | 0.47% | 0.53% | |||
Consumer Portfolio Segment [Member] | Home loan | |||||
Loans and Leases Receivable Disclosure [Line Items] | |||||
Net charge-offs | $ 14 | $ 9 | |||
Percentage annualized net charge-off by average loans held for investment | 0.06% | 0.03% | |||
Nonperforming Loans | $ 273 | $ 311 | $ 273 | $ 311 | |
Financing Receivable, Nonaccrual, Percent Past Due | 1.26% | 1.23% | |||
Percentage annualized net charge-off by average loans held for investment, excluding loans acquired (as percent) | 0.20% | 0.13% | |||
Nonperforming loans, excluding acquired loans (as percent) | 3.81% | 4.68% | |||
Consumer Portfolio Segment [Member] | Retail banking | |||||
Loans and Leases Receivable Disclosure [Line Items] | |||||
Net charge-offs | $ 54 | $ 48 | |||
Percentage annualized net charge-off by average loans held for investment | 1.53% | 1.33% | |||
Nonperforming Loans | $ 31 | $ 28 | $ 31 | $ 28 | |
Financing Receivable, Nonaccrual, Percent Past Due | 0.86% | 0.77% |
Loans - Home Loan_ Risk Profile
Loans - Home Loan: Risk Profile by Vintage, Geography, Lien Priority and Interest Rate Type (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 245,586 | $ 229,851 | $ 208,316 |
Consumer Portfolio Segment [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 73,054 | $ 70,372 | |
Percentage of portfolio | 100.00% | 100.00% | |
Consumer Portfolio Segment [Member] | Home loan | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 21,584 | $ 25,227 | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Origination Year Concentration Risk | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 21,584 | $ 25,227 | |
Percentage of portfolio | 100.00% | 100.00% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Origination Year Concentration Risk | Origination during or before 2007 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 9,462 | $ 11,515 | |
Percentage of portfolio | 43.80% | 45.60% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Origination Year Concentration Risk | 2008 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 2,388 | $ 3,023 | |
Percentage of portfolio | 11.10% | 12.00% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Origination Year Concentration Risk | 2009 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 1,168 | $ 1,595 | |
Percentage of portfolio | 5.40% | 6.30% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Origination Year Concentration Risk | 2010 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 1,644 | $ 2,305 | |
Percentage of portfolio | 7.60% | 9.20% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Origination Year Concentration Risk | 2011 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 1,822 | $ 2,652 | |
Percentage of portfolio | 8.40% | 10.50% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Origination Year Concentration Risk | 2012 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 1,237 | $ 1,665 | |
Percentage of portfolio | 5.70% | 6.60% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Origination Year Concentration Risk | 2013 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 524 | $ 628 | |
Percentage of portfolio | 2.40% | 2.50% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Origination Year Concentration Risk | 2014 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 588 | $ 711 | |
Percentage of portfolio | 2.80% | 2.80% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Origination Year Concentration Risk | 2015 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 1,054 | $ 1,133 | |
Percentage of portfolio | 4.90% | 4.50% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Origination Year Concentration Risk | 2016 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 1,697 | ||
Percentage of portfolio | 7.90% | ||
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Geographic Concentration Risk | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 21,584 | $ 25,227 | |
Percentage of portfolio | 100.00% | 100.00% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Geographic Concentration Risk | California | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 4,993 | $ 5,884 | |
Percentage of portfolio | 23.10% | 23.40% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Geographic Concentration Risk | New York | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 2,036 | $ 2,171 | |
Percentage of portfolio | 9.40% | 8.60% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Geographic Concentration Risk | Maryland | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 1,409 | $ 1,539 | |
Percentage of portfolio | 6.60% | 6.10% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Geographic Concentration Risk | Illinois | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 1,218 | $ 1,490 | |
Percentage of portfolio | 5.60% | 5.90% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Geographic Concentration Risk | Virginia | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 1,204 | $ 1,354 | |
Percentage of portfolio | 5.60% | 5.40% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Geographic Concentration Risk | New Jersey | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 1,112 | $ 1,293 | |
Percentage of portfolio | 5.20% | 5.10% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Geographic Concentration Risk | Louisiana | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 985 | $ 1,096 | |
Percentage of portfolio | 4.60% | 4.30% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Geographic Concentration Risk | Florida | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 931 | $ 1,146 | |
Percentage of portfolio | 4.30% | 4.50% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Geographic Concentration Risk | Arizona | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 888 | $ 1,076 | |
Percentage of portfolio | 4.10% | 4.30% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Geographic Concentration Risk | Texas | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 823 | ||
Percentage of portfolio | 3.80% | ||
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Geographic Concentration Risk | Washington | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 919 | ||
Percentage of portfolio | 3.60% | ||
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Geographic Concentration Risk | Other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 5,985 | $ 7,259 | |
Percentage of portfolio | 27.70% | 28.80% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Lien Type Concentration Risk | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 21,584 | $ 25,227 | |
Percentage of portfolio | 100.00% | 100.00% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Lien Type Concentration Risk | 1st lien | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 20,341 | $ 23,912 | |
Percentage of portfolio | 94.20% | 94.80% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Lien Type Concentration Risk | 2nd lien | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 1,243 | $ 1,315 | |
Percentage of portfolio | 5.80% | 5.20% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Interest Rate Type Concentration Risk | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 21,584 | $ 25,227 | |
Percentage of portfolio | 100.00% | 100.00% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Interest Rate Type Concentration Risk | Fixed rate | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 5,216 | $ 5,015 | |
Percentage of portfolio | 24.20% | 19.90% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Interest Rate Type Concentration Risk | Adjustable rate | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 16,368 | $ 20,212 | |
Percentage of portfolio | 75.80% | 80.10% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Loans excluding Acquired Loans | Origination Year Concentration Risk | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 7,156 | $ 6,700 | |
Percentage of portfolio | 33.20% | 26.60% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Loans excluding Acquired Loans | Origination Year Concentration Risk | Origination during or before 2007 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 2,038 | $ 2,559 | |
Percentage of portfolio | 9.40% | 10.10% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Loans excluding Acquired Loans | Origination Year Concentration Risk | 2008 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 128 | $ 157 | |
Percentage of portfolio | 0.60% | 0.60% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Loans excluding Acquired Loans | Origination Year Concentration Risk | 2009 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 80 | $ 97 | |
Percentage of portfolio | 0.40% | 0.40% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Loans excluding Acquired Loans | Origination Year Concentration Risk | 2010 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 82 | $ 97 | |
Percentage of portfolio | 0.40% | 0.40% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Loans excluding Acquired Loans | Origination Year Concentration Risk | 2011 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 139 | $ 176 | |
Percentage of portfolio | 0.60% | 0.70% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Loans excluding Acquired Loans | Origination Year Concentration Risk | 2012 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 969 | $ 1,276 | |
Percentage of portfolio | 4.50% | 5.10% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Loans excluding Acquired Loans | Origination Year Concentration Risk | 2013 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 465 | $ 557 | |
Percentage of portfolio | 2.20% | 2.20% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Loans excluding Acquired Loans | Origination Year Concentration Risk | 2014 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 557 | $ 680 | |
Percentage of portfolio | 2.60% | 2.70% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Loans excluding Acquired Loans | Origination Year Concentration Risk | 2015 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 1,024 | $ 1,101 | |
Percentage of portfolio | 4.70% | 4.40% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Loans excluding Acquired Loans | Origination Year Concentration Risk | 2016 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 1,674 | ||
Percentage of portfolio | 7.80% | ||
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Loans excluding Acquired Loans | Geographic Concentration Risk | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 7,156 | $ 6,700 | |
Percentage of portfolio | 33.20% | 26.60% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Loans excluding Acquired Loans | Geographic Concentration Risk | California | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 976 | $ 871 | |
Percentage of portfolio | 4.50% | 3.50% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Loans excluding Acquired Loans | Geographic Concentration Risk | New York | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 1,343 | $ 1,295 | |
Percentage of portfolio | 6.20% | 5.10% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Loans excluding Acquired Loans | Geographic Concentration Risk | Maryland | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 585 | $ 511 | |
Percentage of portfolio | 2.70% | 2.00% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Loans excluding Acquired Loans | Geographic Concentration Risk | Illinois | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 108 | $ 89 | |
Percentage of portfolio | 0.50% | 0.40% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Loans excluding Acquired Loans | Geographic Concentration Risk | Virginia | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 490 | $ 428 | |
Percentage of portfolio | 2.30% | 1.70% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Loans excluding Acquired Loans | Geographic Concentration Risk | New Jersey | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 379 | $ 353 | |
Percentage of portfolio | 1.80% | 1.40% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Loans excluding Acquired Loans | Geographic Concentration Risk | Louisiana | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 962 | $ 1,069 | |
Percentage of portfolio | 4.50% | 4.20% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Loans excluding Acquired Loans | Geographic Concentration Risk | Florida | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 159 | $ 157 | |
Percentage of portfolio | 0.70% | 0.60% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Loans excluding Acquired Loans | Geographic Concentration Risk | Arizona | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 89 | $ 81 | |
Percentage of portfolio | 0.40% | 0.40% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Loans excluding Acquired Loans | Geographic Concentration Risk | Texas | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 725 | ||
Percentage of portfolio | 3.40% | ||
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Loans excluding Acquired Loans | Geographic Concentration Risk | Washington | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 113 | ||
Percentage of portfolio | 0.40% | ||
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Loans excluding Acquired Loans | Geographic Concentration Risk | Other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 1,340 | $ 1,733 | |
Percentage of portfolio | 6.20% | 6.90% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Loans excluding Acquired Loans | Lien Type Concentration Risk | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 7,156 | $ 6,700 | |
Percentage of portfolio | 33.20% | 26.60% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Loans excluding Acquired Loans | Lien Type Concentration Risk | 1st lien | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 6,182 | $ 5,705 | |
Percentage of portfolio | 28.70% | 22.60% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Loans excluding Acquired Loans | Lien Type Concentration Risk | 2nd lien | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 974 | $ 995 | |
Percentage of portfolio | 4.50% | 4.00% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Loans excluding Acquired Loans | Interest Rate Type Concentration Risk | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 7,156 | $ 6,700 | |
Percentage of portfolio | 33.20% | 26.60% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Loans excluding Acquired Loans | Interest Rate Type Concentration Risk | Fixed rate | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 3,394 | $ 2,751 | |
Percentage of portfolio | 15.80% | 10.90% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Loans excluding Acquired Loans | Interest Rate Type Concentration Risk | Adjustable rate | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 3,762 | $ 3,949 | |
Percentage of portfolio | 17.40% | 15.70% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Acquired Loans | Origination Year Concentration Risk | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 14,428 | $ 18,527 | |
Percentage of portfolio | 66.80% | 73.40% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Acquired Loans | Origination Year Concentration Risk | Origination during or before 2007 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 7,424 | $ 8,956 | |
Percentage of portfolio | 34.40% | 35.50% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Acquired Loans | Origination Year Concentration Risk | 2008 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 2,260 | $ 2,866 | |
Percentage of portfolio | 10.50% | 11.40% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Acquired Loans | Origination Year Concentration Risk | 2009 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 1,088 | $ 1,498 | |
Percentage of portfolio | 5.00% | 5.90% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Acquired Loans | Origination Year Concentration Risk | 2010 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 1,562 | $ 2,208 | |
Percentage of portfolio | 7.20% | 8.80% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Acquired Loans | Origination Year Concentration Risk | 2011 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 1,683 | $ 2,476 | |
Percentage of portfolio | 7.80% | 9.80% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Acquired Loans | Origination Year Concentration Risk | 2012 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 268 | $ 389 | |
Percentage of portfolio | 1.20% | 1.50% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Acquired Loans | Origination Year Concentration Risk | 2013 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 59 | $ 71 | |
Percentage of portfolio | 0.20% | 0.30% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Acquired Loans | Origination Year Concentration Risk | 2014 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 31 | $ 31 | |
Percentage of portfolio | 0.20% | 0.10% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Acquired Loans | Origination Year Concentration Risk | 2015 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 30 | $ 32 | |
Percentage of portfolio | 0.20% | 0.10% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Acquired Loans | Origination Year Concentration Risk | 2016 | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 23 | ||
Percentage of portfolio | 0.10% | ||
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Acquired Loans | Geographic Concentration Risk | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 14,428 | $ 18,527 | |
Percentage of portfolio | 66.80% | 73.40% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Acquired Loans | Geographic Concentration Risk | California | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 4,017 | $ 5,013 | |
Percentage of portfolio | 18.60% | 19.90% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Acquired Loans | Geographic Concentration Risk | New York | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 693 | $ 876 | |
Percentage of portfolio | 3.20% | 3.50% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Acquired Loans | Geographic Concentration Risk | Maryland | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 824 | $ 1,028 | |
Percentage of portfolio | 3.90% | 4.10% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Acquired Loans | Geographic Concentration Risk | Illinois | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 1,110 | $ 1,401 | |
Percentage of portfolio | 5.10% | 5.50% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Acquired Loans | Geographic Concentration Risk | Virginia | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 714 | $ 926 | |
Percentage of portfolio | 3.30% | 3.70% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Acquired Loans | Geographic Concentration Risk | New Jersey | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 733 | $ 940 | |
Percentage of portfolio | 3.40% | 3.70% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Acquired Loans | Geographic Concentration Risk | Louisiana | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 23 | $ 27 | |
Percentage of portfolio | 0.10% | 0.10% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Acquired Loans | Geographic Concentration Risk | Florida | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 772 | $ 989 | |
Percentage of portfolio | 3.60% | 3.90% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Acquired Loans | Geographic Concentration Risk | Arizona | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 799 | $ 995 | |
Percentage of portfolio | 3.70% | 3.90% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Acquired Loans | Geographic Concentration Risk | Texas | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 98 | ||
Percentage of portfolio | 0.40% | ||
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Acquired Loans | Geographic Concentration Risk | Washington | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 806 | ||
Percentage of portfolio | 3.20% | ||
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Acquired Loans | Geographic Concentration Risk | Other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 4,645 | $ 5,526 | |
Percentage of portfolio | 21.50% | 21.90% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Acquired Loans | Lien Type Concentration Risk | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 14,428 | $ 18,527 | |
Percentage of portfolio | 66.80% | 73.40% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Acquired Loans | Lien Type Concentration Risk | 1st lien | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 14,159 | $ 18,207 | |
Percentage of portfolio | 65.50% | 72.20% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Acquired Loans | Lien Type Concentration Risk | 2nd lien | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 269 | $ 320 | |
Percentage of portfolio | 1.30% | 1.20% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Acquired Loans | Interest Rate Type Concentration Risk | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 14,428 | $ 18,527 | |
Percentage of portfolio | 66.80% | 73.40% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Acquired Loans | Interest Rate Type Concentration Risk | Fixed rate | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 1,822 | $ 2,264 | |
Percentage of portfolio | 8.40% | 9.00% | |
Consumer Portfolio Segment [Member] | Home loan | Home Loans Receivable | Acquired Loans | Interest Rate Type Concentration Risk | Adjustable rate | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 12,606 | $ 16,263 | |
Percentage of portfolio | 58.40% | 64.40% |
Loans - Commercial Banking_ Ris
Loans - Commercial Banking: Risk Profile by Geographic Region and Internal Risk Rating (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 245,586 | $ 229,851 | $ 208,316 |
Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | 15,071 | 19,518 | |
Commercial Banking | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 66,916 | $ 63,266 | |
Percentage of portfolio | 100.00% | 100.00% | |
Commercial Banking | Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 613 | $ 958 | |
Commercial Banking | Commercial and multifamily real estate | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 26,609 | $ 25,518 | |
Percentage of portfolio | 100.00% | 100.00% | |
Commercial Banking | Commercial and multifamily real estate | Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 28 | $ 31 | |
Commercial Banking | Commercial and industrial | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 39,824 | $ 37,135 | |
Percentage of portfolio | 100.00% | 100.00% | |
Commercial Banking | Commercial and industrial | Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 585 | $ 927 | |
Commercial Banking | Small-ticket commercial real estate | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 483 | $ 613 | |
Percentage of portfolio | 100.00% | 100.00% | |
Commercial Banking | Small-ticket commercial real estate | Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 0 | $ 0 | |
Commercial Banking | Loans Receivable | Geographic Concentration Risk | Northeast | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 25,640 | $ 24,399 | |
Percentage of portfolio | 38.30% | 38.60% | |
Commercial Banking | Loans Receivable | Geographic Concentration Risk | Mid-Atlantic | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 6,490 | $ 5,832 | |
Percentage of portfolio | 9.70% | 9.20% | |
Commercial Banking | Loans Receivable | Geographic Concentration Risk | South | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 19,259 | $ 19,350 | |
Percentage of portfolio | 28.80% | 30.60% | |
Commercial Banking | Loans Receivable | Geographic Concentration Risk | Other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 15,527 | $ 13,685 | |
Percentage of portfolio | 23.20% | 21.60% | |
Commercial Banking | Loans Receivable | Internal Risk Rating Concentration Risk | Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 613 | $ 958 | |
Percentage of portfolio | 0.90% | 1.50% | |
Commercial Banking | Loans Receivable | Internal Risk Rating Concentration Risk | Noncriticized | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 62,828 | $ 59,743 | |
Percentage of portfolio | 93.90% | 94.40% | |
Commercial Banking | Loans Receivable | Internal Risk Rating Concentration Risk | Noncriticized | Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 346 | $ 128 | |
Commercial Banking | Loans Receivable | Internal Risk Rating Concentration Risk | Criticized | Criticized performing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 2,453 | $ 2,015 | |
Percentage of portfolio | 3.70% | 3.20% | |
Commercial Banking | Loans Receivable | Internal Risk Rating Concentration Risk | Criticized | Criticized performing | Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 247 | $ 793 | |
Commercial Banking | Loans Receivable | Internal Risk Rating Concentration Risk | Criticized | Criticized nonperforming | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 1,022 | $ 550 | |
Percentage of portfolio | 1.50% | 0.90% | |
Commercial Banking | Loans Receivable | Internal Risk Rating Concentration Risk | Criticized | Criticized nonperforming | Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 20 | $ 37 | |
Commercial Banking | Loans Receivable | Commercial and multifamily real estate | Geographic Concentration Risk | Northeast | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 15,714 | $ 15,949 | |
Percentage of portfolio | 59.00% | 62.50% | |
Commercial Banking | Loans Receivable | Commercial and multifamily real estate | Geographic Concentration Risk | Mid-Atlantic | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 3,024 | $ 2,797 | |
Percentage of portfolio | 11.40% | 11.00% | |
Commercial Banking | Loans Receivable | Commercial and multifamily real estate | Geographic Concentration Risk | South | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 4,032 | $ 4,070 | |
Percentage of portfolio | 15.20% | 15.90% | |
Commercial Banking | Loans Receivable | Commercial and multifamily real estate | Geographic Concentration Risk | Other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 3,839 | $ 2,702 | |
Percentage of portfolio | 14.40% | 10.60% | |
Commercial Banking | Loans Receivable | Commercial and multifamily real estate | Internal Risk Rating Concentration Risk | Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 28 | $ 31 | |
Percentage of portfolio | 0.10% | 0.10% | |
Commercial Banking | Loans Receivable | Commercial and multifamily real estate | Internal Risk Rating Concentration Risk | Noncriticized | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 26,309 | $ 25,130 | |
Percentage of portfolio | 98.90% | 98.50% | |
Commercial Banking | Loans Receivable | Commercial and multifamily real estate | Internal Risk Rating Concentration Risk | Criticized | Criticized performing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 242 | $ 350 | |
Percentage of portfolio | 0.90% | 1.40% | |
Commercial Banking | Loans Receivable | Commercial and multifamily real estate | Internal Risk Rating Concentration Risk | Criticized | Criticized nonperforming | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 30 | $ 7 | |
Percentage of portfolio | 0.10% | 0.00% | |
Commercial Banking | Loans Receivable | Commercial and industrial | Geographic Concentration Risk | Northeast | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 9,628 | $ 8,074 | |
Percentage of portfolio | 24.20% | 21.80% | |
Commercial Banking | Loans Receivable | Commercial and industrial | Geographic Concentration Risk | Mid-Atlantic | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 3,450 | $ 3,010 | |
Percentage of portfolio | 8.70% | 8.10% | |
Commercial Banking | Loans Receivable | Commercial and industrial | Geographic Concentration Risk | South | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 15,193 | $ 15,240 | |
Percentage of portfolio | 38.10% | 41.00% | |
Commercial Banking | Loans Receivable | Commercial and industrial | Geographic Concentration Risk | Other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 11,553 | $ 10,811 | |
Percentage of portfolio | 29.00% | 29.10% | |
Commercial Banking | Loans Receivable | Commercial and industrial | Internal Risk Rating Concentration Risk | Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 585 | $ 927 | |
Percentage of portfolio | 1.50% | 2.50% | |
Commercial Banking | Loans Receivable | Commercial and industrial | Internal Risk Rating Concentration Risk | Noncriticized | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 36,046 | $ 34,008 | |
Percentage of portfolio | 90.50% | 91.60% | |
Commercial Banking | Loans Receivable | Commercial and industrial | Internal Risk Rating Concentration Risk | Criticized | Criticized performing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 2,205 | $ 1,662 | |
Percentage of portfolio | 5.50% | 4.50% | |
Commercial Banking | Loans Receivable | Commercial and industrial | Internal Risk Rating Concentration Risk | Criticized | Criticized nonperforming | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 988 | $ 538 | |
Percentage of portfolio | 2.50% | 1.40% | |
Commercial Banking | Loans Receivable | Small-ticket commercial real estate | Geographic Concentration Risk | Northeast | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 298 | $ 376 | |
Percentage of portfolio | 61.70% | 61.30% | |
Commercial Banking | Loans Receivable | Small-ticket commercial real estate | Geographic Concentration Risk | Mid-Atlantic | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 16 | $ 25 | |
Percentage of portfolio | 3.30% | 4.10% | |
Commercial Banking | Loans Receivable | Small-ticket commercial real estate | Geographic Concentration Risk | South | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 34 | $ 40 | |
Percentage of portfolio | 7.00% | 6.50% | |
Commercial Banking | Loans Receivable | Small-ticket commercial real estate | Geographic Concentration Risk | Other | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 135 | $ 172 | |
Percentage of portfolio | 28.00% | 28.10% | |
Commercial Banking | Loans Receivable | Small-ticket commercial real estate | Internal Risk Rating Concentration Risk | Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 0 | $ 0 | |
Percentage of portfolio | 0.00% | 0.00% | |
Commercial Banking | Loans Receivable | Small-ticket commercial real estate | Internal Risk Rating Concentration Risk | Noncriticized | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 473 | $ 605 | |
Percentage of portfolio | 97.90% | 98.70% | |
Commercial Banking | Loans Receivable | Small-ticket commercial real estate | Internal Risk Rating Concentration Risk | Criticized | Criticized performing | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 6 | $ 3 | |
Percentage of portfolio | 1.30% | 0.50% | |
Commercial Banking | Loans Receivable | Small-ticket commercial real estate | Internal Risk Rating Concentration Risk | Criticized | Criticized nonperforming | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment | $ 4 | $ 5 | |
Percentage of portfolio | 0.80% | 0.80% |
Loans - Impaired Loans, Excludi
Loans - Impaired Loans, Excluding Acquired Loans (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Impaired Financing Receivable: | |||
With an Allowance | $ 2,660 | $ 1,822 | |
Without an Allowance | 507 | 642 | |
Total Recorded Investment | 3,167 | 2,464 | |
Related Allowance | 465 | 349 | |
Net Recorded Investment | 2,702 | 2,115 | |
Unpaid Principal Balance | 3,591 | 2,894 | |
Average Recorded Investment | 2,930 | 2,138 | $ 1,943 |
Interest Income Recognized | 177 | 163 | 158 |
Credit Card Portfolio Segment [Member] | |||
Impaired Financing Receivable: | |||
With an Allowance | 715 | 666 | |
Without an Allowance | 0 | 0 | |
Total Recorded Investment | 715 | 666 | |
Related Allowance | 239 | 209 | |
Net Recorded Investment | 476 | 457 | |
Unpaid Principal Balance | 695 | 647 | |
Average Recorded Investment | 673 | 674 | 731 |
Interest Income Recognized | 68 | 67 | 69 |
Credit Card Portfolio Segment [Member] | Geographic Distribution, Domestic [Member] | |||
Impaired Financing Receivable: | |||
With an Allowance | 581 | 541 | |
Without an Allowance | 0 | 0 | |
Total Recorded Investment | 581 | 541 | |
Related Allowance | 174 | 150 | |
Net Recorded Investment | 407 | 391 | |
Unpaid Principal Balance | 566 | 526 | |
Average Recorded Investment | 540 | 539 | 571 |
Interest Income Recognized | 58 | 57 | 58 |
Credit Card Portfolio Segment [Member] | Geographic Distribution, Foreign [Member] | |||
Impaired Financing Receivable: | |||
With an Allowance | 134 | 125 | |
Without an Allowance | 0 | 0 | |
Total Recorded Investment | 134 | 125 | |
Related Allowance | 65 | 59 | |
Net Recorded Investment | 69 | 66 | |
Unpaid Principal Balance | 129 | 121 | |
Average Recorded Investment | 133 | 135 | 160 |
Interest Income Recognized | 10 | 10 | 11 |
Consumer Portfolio Segment [Member] | |||
Impaired Financing Receivable: | |||
With an Allowance | 609 | 553 | |
Without an Allowance | 334 | 361 | |
Total Recorded Investment | 943 | 914 | |
Related Allowance | 57 | 54 | |
Net Recorded Investment | 886 | 860 | |
Unpaid Principal Balance | 1,336 | 1,290 | |
Average Recorded Investment | 924 | 882 | 844 |
Interest Income Recognized | 93 | 88 | 79 |
Consumer Portfolio Segment [Member] | Auto | |||
Impaired Financing Receivable: | |||
With an Allowance | 316 | 273 | |
Without an Allowance | 207 | 215 | |
Total Recorded Investment | 523 | 488 | |
Related Allowance | 24 | 22 | |
Net Recorded Investment | 499 | 466 | |
Unpaid Principal Balance | 807 | 772 | |
Average Recorded Investment | 501 | 462 | 387 |
Interest Income Recognized | 86 | 82 | 72 |
Consumer Portfolio Segment [Member] | Home loan | |||
Impaired Financing Receivable: | |||
With an Allowance | 241 | 229 | |
Without an Allowance | 117 | 136 | |
Total Recorded Investment | 358 | 365 | |
Related Allowance | 19 | 18 | |
Net Recorded Investment | 339 | 347 | |
Unpaid Principal Balance | 464 | 456 | |
Average Recorded Investment | 361 | 364 | 388 |
Interest Income Recognized | 5 | 4 | 5 |
Consumer Portfolio Segment [Member] | Retail banking | |||
Impaired Financing Receivable: | |||
With an Allowance | 52 | 51 | |
Without an Allowance | 10 | 10 | |
Total Recorded Investment | 62 | 61 | |
Related Allowance | 14 | 14 | |
Net Recorded Investment | 48 | 47 | |
Unpaid Principal Balance | 65 | 62 | |
Average Recorded Investment | 62 | 56 | 69 |
Interest Income Recognized | 2 | 2 | 2 |
Commercial Banking | |||
Impaired Financing Receivable: | |||
With an Allowance | 1,336 | 603 | |
Without an Allowance | 173 | 281 | |
Total Recorded Investment | 1,509 | 884 | |
Related Allowance | 169 | 86 | |
Net Recorded Investment | 1,340 | 798 | |
Unpaid Principal Balance | 1,560 | 957 | |
Average Recorded Investment | 1,333 | 582 | 368 |
Interest Income Recognized | 16 | 8 | 10 |
Commercial Banking | Total commercial lending | |||
Impaired Financing Receivable: | |||
With an Allowance | 1,332 | 597 | |
Without an Allowance | 173 | 281 | |
Total Recorded Investment | 1,505 | 878 | |
Related Allowance | 169 | 86 | |
Net Recorded Investment | 1,336 | 792 | |
Unpaid Principal Balance | 1,556 | 950 | |
Average Recorded Investment | 1,326 | 575 | 360 |
Interest Income Recognized | 16 | 8 | 10 |
Commercial Banking | Commercial and multifamily real estate | |||
Impaired Financing Receivable: | |||
With an Allowance | 83 | 82 | |
Without an Allowance | 29 | 3 | |
Total Recorded Investment | 112 | 85 | |
Related Allowance | 7 | 11 | |
Net Recorded Investment | 105 | 74 | |
Unpaid Principal Balance | 112 | 88 | |
Average Recorded Investment | 111 | 109 | 175 |
Interest Income Recognized | 3 | 3 | 6 |
Commercial Banking | Commercial and industrial | |||
Impaired Financing Receivable: | |||
With an Allowance | 1,249 | 515 | |
Without an Allowance | 144 | 278 | |
Total Recorded Investment | 1,393 | 793 | |
Related Allowance | 162 | 75 | |
Net Recorded Investment | 1,231 | 718 | |
Unpaid Principal Balance | 1,444 | 862 | |
Average Recorded Investment | 1,215 | 466 | 185 |
Interest Income Recognized | 13 | 5 | 4 |
Commercial Banking | Small-ticket commercial real estate | |||
Impaired Financing Receivable: | |||
With an Allowance | 4 | 6 | |
Without an Allowance | 0 | 0 | |
Total Recorded Investment | 4 | 6 | |
Related Allowance | 0 | 0 | |
Net Recorded Investment | 4 | 6 | |
Unpaid Principal Balance | 4 | 7 | |
Average Recorded Investment | 7 | 7 | 8 |
Interest Income Recognized | $ 0 | $ 0 | $ 0 |
Loans - TDR Disclosures in Prog
Loans - TDR Disclosures in Progress Financial Impact of Modification (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Modifications [Line Items] | |||
Total Loans Modified | $ 1,654 | $ 1,095 | $ 973 |
Credit Card Portfolio Segment [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Total Loans Modified | 450 | 414 | 418 |
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Total Loans Modified | 422 | 419 | 380 |
Consumer Portfolio Segment [Member] | Auto | |||
Financing Receivable, Modifications [Line Items] | |||
Total Loans Modified | 356 | 347 | 334 |
Consumer Portfolio Segment [Member] | Home loan | |||
Financing Receivable, Modifications [Line Items] | |||
Total Loans Modified | 48 | 48 | 35 |
Consumer Portfolio Segment [Member] | Retail banking | |||
Financing Receivable, Modifications [Line Items] | |||
Total Loans Modified | 18 | 24 | 11 |
Commercial Banking | |||
Financing Receivable, Modifications [Line Items] | |||
Total Loans Modified | 782 | 262 | 175 |
Commercial Banking | Total commercial lending | |||
Financing Receivable, Modifications [Line Items] | |||
Total Loans Modified | 781 | 261 | 173 |
Commercial Banking | Commercial and multifamily real estate | |||
Financing Receivable, Modifications [Line Items] | |||
Total Loans Modified | 38 | 12 | 72 |
Commercial Banking | Commercial and industrial | |||
Financing Receivable, Modifications [Line Items] | |||
Total Loans Modified | 743 | 249 | 101 |
Commercial Banking | Small-ticket commercial real estate | |||
Financing Receivable, Modifications [Line Items] | |||
Total Loans Modified | $ 1 | $ 1 | $ 2 |
Reduced Interest Rate | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 41.00% | 54.00% | 60.00% |
Average Rate Reduction | 12.42% | 12.42% | 12.17% |
Reduced Interest Rate | Credit Card Portfolio Segment [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 100.00% | 100.00% | 100.00% |
Average Rate Reduction | 17.09% | 16.26% | 16.51% |
Reduced Interest Rate | Consumer Portfolio Segment [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 46.00% | 42.00% | 37.00% |
Average Rate Reduction | 3.73% | 3.44% | 1.50% |
Reduced Interest Rate | Consumer Portfolio Segment [Member] | Auto | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 44.00% | 41.00% | 39.00% |
Average Rate Reduction | 3.91% | 3.49% | 1.38% |
Reduced Interest Rate | Consumer Portfolio Segment [Member] | Home loan | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 64.00% | 61.00% | 31.00% |
Average Rate Reduction | 2.25% | 2.70% | 2.60% |
Reduced Interest Rate | Consumer Portfolio Segment [Member] | Retail banking | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 23.00% | 18.00% | 10.00% |
Average Rate Reduction | 7.89% | 6.88% | 4.21% |
Reduced Interest Rate | Commercial Banking | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 4.00% | 0.00% | 17.00% |
Average Rate Reduction | 0.09% | 0.67% | 1.35% |
Reduced Interest Rate | Commercial Banking | Total commercial lending | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 4.00% | 0.00% | 17.00% |
Average Rate Reduction | 0.09% | 0.67% | 1.35% |
Reduced Interest Rate | Commercial Banking | Commercial and multifamily real estate | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 0.00% | 0.00% | 35.00% |
Average Rate Reduction | 0.00% | 0.00% | 1.31% |
Reduced Interest Rate | Commercial Banking | Commercial and industrial | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 5.00% | 0.00% | 3.00% |
Average Rate Reduction | 0.09% | 0.67% | 1.66% |
Reduced Interest Rate | Commercial Banking | Small-ticket commercial real estate | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 0.00% | 0.00% | 0.00% |
Average Rate Reduction | 0.00% | 0.00% | 0.00% |
Term Extension | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 46.00% | 36.00% | 38.00% |
Average Term Extension (Months) | 27 months | 29 months | 14 months |
Term Extension | Credit Card Portfolio Segment [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 0.00% | 0.00% | 0.00% |
Average Term Extension (Months) | 0 months | 0 months | 0 months |
Term Extension | Consumer Portfolio Segment [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 75.00% | 71.00% | 63.00% |
Average Term Extension (Months) | 38 months | 36 months | 17 months |
Term Extension | Consumer Portfolio Segment [Member] | Auto | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 74.00% | 69.00% | 65.00% |
Average Term Extension (Months) | 7 months | 8 months | 9 months |
Term Extension | Consumer Portfolio Segment [Member] | Home loan | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 87.00% | 79.00% | 38.00% |
Average Term Extension (Months) | 243 months | 231 months | 152 months |
Term Extension | Consumer Portfolio Segment [Member] | Retail banking | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 68.00% | 87.00% | 67.00% |
Average Term Extension (Months) | 10 months | 6 months | 9 months |
Term Extension | Commercial Banking | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 57.00% | 36.00% | 74.00% |
Average Term Extension (Months) | 19 months | 8 months | 9 months |
Term Extension | Commercial Banking | Total commercial lending | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 57.00% | 36.00% | 75.00% |
Average Term Extension (Months) | 19 months | 8 months | 9 months |
Term Extension | Commercial Banking | Commercial and multifamily real estate | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 67.00% | 86.00% | 93.00% |
Average Term Extension (Months) | 6 months | 14 months | 8 months |
Term Extension | Commercial Banking | Commercial and industrial | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 57.00% | 34.00% | 62.00% |
Average Term Extension (Months) | 20 months | 7 months | 9 months |
Term Extension | Commercial Banking | Small-ticket commercial real estate | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 0.00% | 0.00% | 0.00% |
Average Term Extension (Months) | 0 months | 0 months | 0 months |
Balance Reduction | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 9.00% | 10.00% | 12.00% |
Gross Balance Reduction | $ 108 | $ 94 | $ 106 |
Balance Reduction | Credit Card Portfolio Segment [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 0.00% | 0.00% | 0.00% |
Gross Balance Reduction | $ 0 | $ 0 | $ 0 |
Balance Reduction | Consumer Portfolio Segment [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 22.00% | 26.00% | 30.00% |
Gross Balance Reduction | $ 79 | $ 93 | $ 103 |
Balance Reduction | Consumer Portfolio Segment [Member] | Auto | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 25.00% | 30.00% | 34.00% |
Gross Balance Reduction | $ 78 | $ 93 | $ 102 |
Balance Reduction | Consumer Portfolio Segment [Member] | Home loan | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 2.00% | 7.00% | 5.00% |
Gross Balance Reduction | $ 0 | $ 0 | $ 1 |
Balance Reduction | Consumer Portfolio Segment [Member] | Retail banking | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 9.00% | 0.00% | 0.00% |
Gross Balance Reduction | $ 1 | $ 0 | $ 0 |
Balance Reduction | Commercial Banking | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 8.00% | 1.00% | 3.00% |
Gross Balance Reduction | $ 29 | $ 1 | $ 3 |
Balance Reduction | Commercial Banking | Total commercial lending | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 8.00% | 1.00% | 3.00% |
Gross Balance Reduction | $ 29 | $ 1 | $ 3 |
Balance Reduction | Commercial Banking | Commercial and multifamily real estate | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 32.00% | 18.00% | 6.00% |
Gross Balance Reduction | $ 3 | $ 1 | $ 2 |
Balance Reduction | Commercial Banking | Commercial and industrial | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 7.00% | 0.00% | 1.00% |
Gross Balance Reduction | $ 26 | $ 0 | $ 1 |
Balance Reduction | Commercial Banking | Small-ticket commercial real estate | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 0.00% | 0.00% | 0.00% |
Gross Balance Reduction | $ 0 | $ 0 | $ 0 |
Geographic Distribution, Domestic [Member] | Credit Card Portfolio Segment [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Total Loans Modified | $ 312 | $ 293 | $ 269 |
Geographic Distribution, Domestic [Member] | Reduced Interest Rate | Credit Card Portfolio Segment [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 100.00% | 100.00% | 100.00% |
Average Rate Reduction | 13.19% | 12.28% | 11.59% |
Geographic Distribution, Domestic [Member] | Term Extension | Credit Card Portfolio Segment [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 0.00% | 0.00% | 0.00% |
Average Term Extension (Months) | 0 months | 0 months | 0 months |
Geographic Distribution, Domestic [Member] | Balance Reduction | Credit Card Portfolio Segment [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 0.00% | 0.00% | 0.00% |
Gross Balance Reduction | $ 0 | $ 0 | $ 0 |
Geographic Distribution, Foreign [Member] | Credit Card Portfolio Segment [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Total Loans Modified | $ 138 | $ 121 | $ 149 |
Geographic Distribution, Foreign [Member] | Reduced Interest Rate | Credit Card Portfolio Segment [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 100.00% | 100.00% | 100.00% |
Average Rate Reduction | 25.87% | 25.88% | 25.39% |
Geographic Distribution, Foreign [Member] | Term Extension | Credit Card Portfolio Segment [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 0.00% | 0.00% | 0.00% |
Average Term Extension (Months) | 0 months | 0 months | 0 months |
Geographic Distribution, Foreign [Member] | Balance Reduction | Credit Card Portfolio Segment [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
% of TDR Activity | 0.00% | 0.00% | 0.00% |
Gross Balance Reduction | $ 0 | $ 0 | $ 0 |
Loans - TDR - Subsequent Defaul
Loans - TDR - Subsequent Defaults of Completed TDR Modifications (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016USD ($)Contract | Dec. 31, 2015USD ($)Contract | Dec. 31, 2014USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 91,597 | 85,393 | 85,799 |
Total Loans | $ | $ 550 | $ 274 | $ 271 |
Credit Card Portfolio Segment [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 82,748 | 76,696 | 79,009 |
Total Loans | $ | $ 155 | $ 152 | $ 169 |
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 8,691 | 8,687 | 6,750 |
Total Loans | $ | $ 112 | $ 103 | $ 87 |
Consumer Portfolio Segment [Member] | Auto | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 8,587 | 8,647 | 6,651 |
Total Loans | $ | $ 96 | $ 99 | $ 72 |
Consumer Portfolio Segment [Member] | Home loan | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 56 | 14 | 24 |
Total Loans | $ | $ 7 | $ 2 | $ 5 |
Consumer Portfolio Segment [Member] | Retail banking | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 48 | 26 | 75 |
Total Loans | $ | $ 9 | $ 2 | $ 10 |
Commercial Banking | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 158 | 10 | 40 |
Total Loans | $ | $ 283 | $ 19 | $ 15 |
Commercial Banking | Total commercial lending | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 151 | 7 | 7 |
Total Loans | $ | $ 282 | $ 19 | $ 12 |
Commercial Banking | Commercial and multifamily real estate | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 1 | 0 | 5 |
Total Loans | $ | $ 1 | $ 0 | $ 11 |
Commercial Banking | Commercial and industrial | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 150 | 7 | 2 |
Total Loans | $ | $ 281 | $ 19 | $ 1 |
Commercial Banking | Small-ticket commercial real estate | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 7 | 3 | 33 |
Total Loans | $ | $ 1 | $ 0 | $ 3 |
Geographic Distribution, Domestic [Member] | Credit Card Portfolio Segment [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 42,250 | 42,808 | 40,814 |
Total Loans | $ | $ 73 | $ 71 | $ 63 |
Geographic Distribution, Foreign [Member] | Credit Card Portfolio Segment [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 40,498 | 33,888 | 38,195 |
Total Loans | $ | $ 82 | $ 81 | $ 106 |
Loans - Outstanding Balance and
Loans - Outstanding Balance and Carrying Value of Acquired Loans (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||
Outstanding balance | $ 16,506 | $ 21,151 |
Carrying value | 15,074 | 19,516 |
Impaired Loans | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||
Outstanding balance | 3,272 | 3,840 |
Carrying value | 2,263 | 2,629 |
Non-Impaired Loans | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||
Outstanding balance | 13,234 | 17,311 |
Carrying value | 12,811 | 16,887 |
Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||
Financing Receivable, Allowance for Credit Losses | 31 | 37 |
Provision for credit losses for Acquired Loans | $ (6) | $ 10 |
Loans - Changes in Accretable Y
Loans - Changes in Accretable Yield on Acquired Loans (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Accretable yield, beginning balance | $ 3,483 | $ 4,653 | $ 6,420 |
Addition due to acquisition | 123 | ||
Accretion recognized in earnings | (711) | (817) | (1,042) |
Reclassifications from nonaccretable differences(1) | 138 | 26 | 214 |
Changes in accretable yield for non-credit related changes in expected cash flows(2) | 267 | (502) | (939) |
Accretable yield, ending balance | 3,177 | 3,483 | 4,653 |
Impaired Loans | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Accretable yield, beginning balance | 1,244 | 1,485 | 2,114 |
Addition due to acquisition | 7 | ||
Accretion recognized in earnings | (235) | (284) | (379) |
Reclassifications from nonaccretable differences(1) | 49 | 43 | 94 |
Changes in accretable yield for non-credit related changes in expected cash flows(2) | 6 | (7) | (344) |
Accretable yield, ending balance | 1,064 | 1,244 | 1,485 |
Non-Impaired Loans | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Accretable yield, beginning balance | 2,239 | 3,168 | 4,306 |
Addition due to acquisition | 116 | ||
Accretion recognized in earnings | (476) | (533) | (663) |
Reclassifications from nonaccretable differences(1) | 89 | 120 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Reclassifications to Nonaccretable Difference | (17) | ||
Changes in accretable yield for non-credit related changes in expected cash flows(2) | 261 | (495) | (595) |
Accretable yield, ending balance | $ 2,113 | $ 2,239 | $ 3,168 |
Allowance for Loan and Lease 83
Allowance for Loan and Lease Losses - Summary of Changes in Allowance for Loan and Lease Losses (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance as beginning of the period | $ 5,130 | ||
Balance at end of the period | 6,503 | $ 5,130 | |
Total Allowance | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance as beginning of the period | 5,130 | 4,383 | $ 4,315 |
Provision (benefit) for loan and lease losses | 6,491 | 4,490 | 3,515 |
Charge-offs | (6,555) | (5,193) | (4,996) |
Recoveries | 1,493 | 1,498 | 1,582 |
Net charge-offs | (5,062) | (3,695) | (3,414) |
Other changes | (56) | (48) | (33) |
Balance at end of the period | 6,503 | 5,130 | 4,383 |
Unfunded Lending Commitments Reserve | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance as beginning of the period | 168 | 113 | 87 |
Provision (benefit) for loan and lease losses | (32) | 46 | 26 |
Other changes | 0 | 9 | |
Balance at end of the period | 136 | 168 | 113 |
Combined Allowance & Unfunded Reserve | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance as beginning of the period | 5,298 | 4,496 | |
Balance at end of the period | 6,639 | 5,298 | 4,496 |
Credit Card Portfolio Segment [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance as beginning of the period | 3,654 | 3,204 | 3,214 |
Provision (benefit) for loan and lease losses | 4,926 | 3,417 | 2,750 |
Charge-offs | (5,019) | (4,028) | (3,963) |
Recoveries | 1,066 | 1,110 | 1,235 |
Net charge-offs | (3,953) | (2,918) | (2,728) |
Other changes | (21) | (49) | (32) |
Balance at end of the period | 4,606 | 3,654 | 3,204 |
Credit Card Portfolio Segment [Member] | Unfunded Lending Commitments Reserve | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance as beginning of the period | 0 | 0 | 0 |
Provision (benefit) for loan and lease losses | 0 | 0 | 0 |
Other changes | 0 | 0 | |
Balance at end of the period | 0 | 0 | 0 |
Credit Card Portfolio Segment [Member] | Combined Allowance & Unfunded Reserve | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance as beginning of the period | 3,654 | 3,204 | |
Balance at end of the period | 4,606 | 3,654 | 3,204 |
Consumer Portfolio Segment [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance as beginning of the period | 868 | 779 | 752 |
Provision (benefit) for loan and lease losses | 1,055 | 819 | 703 |
Charge-offs | (1,226) | (1,082) | (989) |
Recoveries | 406 | 351 | 314 |
Net charge-offs | (820) | (731) | (675) |
Other changes | (1) | 1 | (1) |
Balance at end of the period | 1,102 | 868 | 779 |
Consumer Portfolio Segment [Member] | Unfunded Lending Commitments Reserve | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance as beginning of the period | 7 | 7 | 7 |
Provision (benefit) for loan and lease losses | 0 | 0 | 0 |
Other changes | 0 | 0 | |
Balance at end of the period | 7 | 7 | 7 |
Consumer Portfolio Segment [Member] | Combined Allowance & Unfunded Reserve | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance as beginning of the period | 875 | 786 | |
Balance at end of the period | 1,109 | 875 | 786 |
Commercial Banking | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance as beginning of the period | 604 | 395 | 338 |
Provision (benefit) for loan and lease losses | 515 | 256 | 67 |
Charge-offs | (307) | (76) | (34) |
Recoveries | 15 | 29 | 24 |
Net charge-offs | (292) | (47) | (10) |
Other changes | (34) | 0 | 0 |
Balance at end of the period | 793 | 604 | 395 |
Commercial Banking | Unfunded Lending Commitments Reserve | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance as beginning of the period | 161 | 106 | 80 |
Provision (benefit) for loan and lease losses | (32) | 46 | 26 |
Other changes | 0 | 9 | |
Balance at end of the period | 129 | 161 | 106 |
Commercial Banking | Combined Allowance & Unfunded Reserve | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance as beginning of the period | 765 | 501 | |
Balance at end of the period | 922 | 765 | 501 |
Other | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance as beginning of the period | 4 | 5 | 11 |
Provision (benefit) for loan and lease losses | (5) | (2) | (5) |
Charge-offs | (3) | (7) | (10) |
Recoveries | 6 | 8 | 9 |
Net charge-offs | 3 | 1 | (1) |
Other changes | 0 | 0 | 0 |
Balance at end of the period | 2 | 4 | 5 |
Other | Unfunded Lending Commitments Reserve | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance as beginning of the period | 0 | 0 | 0 |
Provision (benefit) for loan and lease losses | 0 | 0 | 0 |
Other changes | 0 | 0 | |
Balance at end of the period | 0 | 0 | 0 |
Other | Combined Allowance & Unfunded Reserve | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance as beginning of the period | 4 | 5 | |
Balance at end of the period | $ 2 | $ 4 | $ 5 |
Allowance for Loan and Lease 84
Allowance for Loan and Lease Losses - Components of Allowance for Loan and Lease Losses by Impairment Methodology (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Allowance for loan and lease losses by impairment methodology: | ||||
Collectively evaluated | $ 6,007 | $ 4,744 | ||
Asset-specific | 465 | 349 | ||
Total allowance for loan and lease losses | 6,503 | 5,130 | ||
Loans held for investment by impairment methodology: | ||||
Collectively evaluated | 227,555 | 208,084 | ||
Asset-specific | 2,960 | 2,249 | ||
Loans held for investment | $ 245,586 | $ 229,851 | $ 208,316 | |
Allowance as a percentage of period-end loans held for investment | 2.65% | 2.23% | ||
Credit Card Portfolio Segment [Member] | ||||
Allowance for loan and lease losses by impairment methodology: | ||||
Collectively evaluated | $ 4,367 | $ 3,445 | ||
Asset-specific | 239 | 209 | ||
Total allowance for loan and lease losses | 4,606 | 3,654 | 3,204 | $ 3,214 |
Loans held for investment by impairment methodology: | ||||
Collectively evaluated | 104,835 | 95,459 | ||
Asset-specific | 715 | 666 | ||
Loans held for investment | $ 105,552 | $ 96,125 | ||
Allowance as a percentage of period-end loans held for investment | 4.36% | 3.80% | ||
Consumer Portfolio Segment [Member] | ||||
Allowance for loan and lease losses by impairment methodology: | ||||
Collectively evaluated | $ 1,016 | $ 778 | ||
Asset-specific | 57 | 54 | ||
Total allowance for loan and lease losses | 1,102 | 868 | 779 | 752 |
Loans held for investment by impairment methodology: | ||||
Collectively evaluated | 57,862 | 51,113 | ||
Asset-specific | 736 | 699 | ||
Loans held for investment | $ 73,054 | $ 70,372 | ||
Allowance as a percentage of period-end loans held for investment | 1.51% | 1.23% | ||
Commercial Banking | ||||
Allowance for loan and lease losses by impairment methodology: | ||||
Collectively evaluated | $ 622 | $ 517 | ||
Asset-specific | 169 | 86 | ||
Total allowance for loan and lease losses | 793 | 604 | 395 | 338 |
Loans held for investment by impairment methodology: | ||||
Collectively evaluated | 64,794 | 61,424 | ||
Asset-specific | 1,509 | 884 | ||
Loans held for investment | $ 66,916 | $ 63,266 | ||
Allowance as a percentage of period-end loans held for investment | 1.19% | 0.95% | ||
Other | ||||
Allowance for loan and lease losses by impairment methodology: | ||||
Collectively evaluated | $ 2 | $ 4 | ||
Asset-specific | 0 | 0 | ||
Total allowance for loan and lease losses | 2 | 4 | $ 5 | $ 11 |
Loans held for investment by impairment methodology: | ||||
Collectively evaluated | 64 | 88 | ||
Asset-specific | 0 | 0 | ||
Loans held for investment | $ 64 | $ 88 | ||
Allowance as a percentage of period-end loans held for investment | 3.13% | 4.94% | ||
Receivables Acquired with Deteriorated Credit Quality [Member] | ||||
Allowance for loan and lease losses by impairment methodology: | ||||
Financing Receivable, Allowance for Credit Losses | $ 31 | $ 37 | ||
Loans held for investment by impairment methodology: | ||||
Loans held for investment | 15,071 | 19,518 | ||
Receivables Acquired with Deteriorated Credit Quality [Member] | Credit Card Portfolio Segment [Member] | ||||
Allowance for loan and lease losses by impairment methodology: | ||||
Financing Receivable, Allowance for Credit Losses | 0 | 0 | ||
Loans held for investment by impairment methodology: | ||||
Loans held for investment | 2 | 0 | ||
Receivables Acquired with Deteriorated Credit Quality [Member] | Consumer Portfolio Segment [Member] | ||||
Allowance for loan and lease losses by impairment methodology: | ||||
Financing Receivable, Allowance for Credit Losses | 29 | 36 | ||
Loans held for investment by impairment methodology: | ||||
Loans held for investment | 14,456 | 18,560 | ||
Receivables Acquired with Deteriorated Credit Quality [Member] | Commercial Banking | ||||
Allowance for loan and lease losses by impairment methodology: | ||||
Financing Receivable, Allowance for Credit Losses | 2 | 1 | ||
Loans held for investment by impairment methodology: | ||||
Loans held for investment | 613 | 958 | ||
Receivables Acquired with Deteriorated Credit Quality [Member] | Other | ||||
Allowance for loan and lease losses by impairment methodology: | ||||
Financing Receivable, Allowance for Credit Losses | 0 | 0 | ||
Loans held for investment by impairment methodology: | ||||
Loans held for investment | $ 0 | $ 0 |
Allowance for Loan and Lease 85
Allowance for Loan and Lease Losses Allowance for Loan and Lease Losses - Loss Sharing Arrangements (Details) - Loss Sharing Agreement [Member] - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Expected reimbursement from loss sharing partners | $ 228 | $ 194 | $ 143 | $ 140 |
Impact to net charge-offs | (229) | (189) | (164) | |
Impact to provision for credit losses | $ 263 | $ 240 | $ 167 |
Variable Interest Entities an86
Variable Interest Entities and Securitizations - Carrying Amount of Assets and Liabilities of Variable Interest Entities (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Variable Interest Entity [Line Items] | ||
Carrying Amount of Assets, Consolidated | $ 34,651 | $ 35,152 |
Carrying Amount of Liabilities, Consolidated | 19,798 | 17,026 |
Carrying Amount of Assets, Unconsolidated | 4,250 | 4,120 |
Variable Interest Entity, Nonconsolidated, Carrying Amount, Liabilities | 1,120 | 582 |
Maximum exposure to loss | 5,325 | 4,782 |
Affordable housing entities | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount of Assets, Consolidated | 174 | 0 |
Carrying Amount of Liabilities, Consolidated | 9 | 0 |
Carrying Amount of Assets, Unconsolidated | 3,862 | 3,852 |
Variable Interest Entity, Nonconsolidated, Carrying Amount, Liabilities | 1,093 | 555 |
Variable Interest Entities, nonconsolidated, Carrying amount of Assets included in certain investment structures | 1,900 | |
Variable Interest Entities, nonconsolidated, Carrying amount of liabilities included in certain investment structures | 618 | |
Maximum exposure to loss | 3,862 | 3,852 |
Entities that provide capital to low-income and rural communities | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount of Assets, Consolidated | 927 | 352 |
Carrying Amount of Liabilities, Consolidated | 127 | 101 |
Carrying Amount of Assets, Unconsolidated | 0 | 0 |
Variable Interest Entity, Nonconsolidated, Carrying Amount, Liabilities | 0 | 0 |
Maximum exposure to loss | 0 | 0 |
Other | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount of Assets, Consolidated | 0 | 0 |
Carrying Amount of Liabilities, Consolidated | 0 | 0 |
Carrying Amount of Assets, Unconsolidated | 187 | 57 |
Variable Interest Entity, Nonconsolidated, Carrying Amount, Liabilities | 0 | 0 |
Maximum exposure to loss | 187 | 57 |
Total Other VIEs | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount of Assets, Consolidated | 1,101 | 352 |
Carrying Amount of Liabilities, Consolidated | 136 | 101 |
Carrying Amount of Assets, Unconsolidated | 4,049 | 3,909 |
Variable Interest Entity, Nonconsolidated, Carrying Amount, Liabilities | 1,093 | 555 |
Maximum exposure to loss | 4,049 | 3,909 |
Credit card loan securitizations | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount of Assets, Consolidated | 33,550 | 34,800 |
Carrying Amount of Liabilities, Consolidated | 19,662 | 16,925 |
Carrying Amount of Assets, Unconsolidated | 0 | 0 |
Variable Interest Entity, Nonconsolidated, Carrying Amount, Liabilities | 0 | 0 |
Maximum exposure to loss | 0 | 0 |
Home loan | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount of Assets, Consolidated | 0 | 0 |
Carrying Amount of Liabilities, Consolidated | 0 | 0 |
Carrying Amount of Assets, Unconsolidated | 201 | 211 |
Variable Interest Entity, Nonconsolidated, Carrying Amount, Liabilities | 27 | 27 |
Maximum exposure to loss | 1,276 | 873 |
Total securitization-related VIEs | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount of Assets, Consolidated | 33,550 | 34,800 |
Carrying Amount of Liabilities, Consolidated | 19,662 | 16,925 |
Carrying Amount of Assets, Unconsolidated | 201 | 211 |
Variable Interest Entity, Nonconsolidated, Carrying Amount, Liabilities | 27 | 27 |
Maximum exposure to loss | $ 1,276 | $ 873 |
Variable Interest Entities an87
Variable Interest Entities and Securitizations - External Debt and Receivable Balances of Securitization Programs (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Variable Interest Entity, Primary Beneficiary | ||
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items] | ||
Securities held by third-party investors, non-mortgage | $ 18,826 | $ 16,166 |
Receivables in the trust, non-mortgage | 31,762 | 33,783 |
Cash balance of spread or reserve accounts, non-mortgage | 0 | 0 |
Variable Interest Entity, Not Primary Beneficiary | Option- ARM | ||
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items] | ||
Securities held by third-party investors, mortgage | 1,499 | 1,754 |
Receivables in the trust, mortgage | 1,549 | 1,814 |
Cash balance of spread or reserve accounts, mortgage | 8 | 8 |
Variable Interest Entity, Not Primary Beneficiary | GreenPoint HELOCs | ||
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items] | ||
Securities held by third-party investors, mortgage | 56 | 74 |
Receivables in the trust, mortgage | 50 | 68 |
Variable Interest Entity, Not Primary Beneficiary | GreenPoint Manufactured Housing | ||
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items] | ||
Securities held by third-party investors, mortgage | 697 | 789 |
Receivables in the trust, mortgage | 702 | 794 |
Cash balance of spread or reserve accounts, mortgage | $ 130 | $ 134 |
Variable Interest Entities an88
Variable Interest Entities and Securitizations - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Variable Interest Entity [Line Items] | ||
Funded HELOCs advances | $ 30 | $ 30 |
Unfunded commitment on residual interests on trusts | 5 | 6 |
Maximum exposure to loss | 5,325 | 4,782 |
Variable Interest Entity, Nonconsolidated, Carrying Amount, Liabilities | 1,120 | 582 |
Amortization Method Qualified Affordable Housing Project Investments, Amortization | 393 | 337 |
Affordable Housing Tax Credits And Other Tax Benefits, Amount | 444 | 382 |
Amortization Method Qualified Affordable Housing Project Investments | 3,800 | 3,500 |
Qualified Affordable Housing Project Investments, Commitment | 1,200 | 1,300 |
Carrying amounts of assets, unconsolidated | 4,250 | 4,120 |
VIEs consolidated assets | $ 34,651 | 35,152 |
Minimum | ||
Variable Interest Entity [Line Items] | ||
Affordable Housing Tax Credits Commitment, Year to be Paid | 2,017 | |
Maximum | ||
Variable Interest Entity [Line Items] | ||
Affordable Housing Tax Credits Commitment, Year to be Paid | 2,019 | |
Affordable housing entities | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss | $ 3,862 | 3,852 |
Variable Interest Entity, Nonconsolidated, Carrying Amount, Liabilities | 1,093 | 555 |
Carrying amounts of assets, unconsolidated | 3,862 | 3,852 |
Total assets of the unconsolidated VIE investment funds | 11,500 | 11,400 |
VIEs consolidated assets | 174 | 0 |
Entities that provide capital to low-income and rural communities | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss | 0 | 0 |
Variable Interest Entity, Nonconsolidated, Carrying Amount, Liabilities | 0 | 0 |
Carrying amounts of assets, unconsolidated | 0 | 0 |
VIEs consolidated assets | 927 | 352 |
Other | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss | 187 | 57 |
Variable Interest Entity, Nonconsolidated, Carrying Amount, Liabilities | 0 | 0 |
Carrying amounts of assets, unconsolidated | 187 | 57 |
VIEs consolidated assets | 0 | 0 |
GreenPoint Manufactured Housing | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss | 420 | |
Qualitative and Quantitative Information, Transferor's Continuing Involvement, Arrangements of Financial Support, Amount | 12 | 13 |
Variable Interest Entity, Nonconsolidated, Carrying Amount, Liabilities | 8 | 8 |
Variable Interest Entity, Not Primary Beneficiary | Option- ARM | ||
Variable Interest Entity [Line Items] | ||
Securities held by third-party investors, mortgage | 1,499 | 1,754 |
Continuing Involvement with Derecognized Transferred Financial Assets, Amount Outstanding | 1,549 | 1,814 |
Variable Interest Entity, Not Primary Beneficiary | GreenPoint HELOCs | ||
Variable Interest Entity [Line Items] | ||
Securities held by third-party investors, mortgage | 56 | 74 |
Continuing Involvement with Derecognized Transferred Financial Assets, Amount Outstanding | 50 | 68 |
Variable Interest Entity, Not Primary Beneficiary | GreenPoint Manufactured Housing | ||
Variable Interest Entity [Line Items] | ||
Securities held by third-party investors, mortgage | 697 | 789 |
Continuing Involvement with Derecognized Transferred Financial Assets, Amount Outstanding | 702 | 794 |
Maximum exposure to loss | 420 | |
Letters of credit funded | $ 85 | $ 76 |
Goodwill and Intangible Asset89
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Impairment of Intangible Assets | $ 0 | $ 0 | |
Goodwill accumulated impairment | 0 | 0 | |
Goodwill impairment loss | 0 | $ 0 | $ 0 |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 17 | ||
Goodwill [Member] | Discounted cash flows | Minimum | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Discount rate (percent) | 8.00% | ||
Goodwill [Member] | Discounted cash flows | Maximum | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Discount rate (percent) | 13.00% |
Goodwill and Intangible Asset90
Goodwill and Intangible Assets - Components (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Intangible Assets by Major Class [Line Items] | |||
Goodwill, Gross | $ 14,519 | $ 14,480 | |
Goodwill | 14,519 | 14,480 | $ 13,978 |
Intangible Assets, Gross (Excluding Goodwill) | 3,856 | 4,305 | |
Accumulated Amortization | (3,191) | (3,264) | |
Intangible Assets, Net (Excluding Goodwill) | 665 | 1,041 | |
Intangible Assets Gross Including Goodwill | 18,375 | 18,785 | |
Total goodwill and other intangible assets, Net Carrying Value | 15,184 | 15,521 | |
Commercial MSRs, Gross | 276 | 212 | |
Commercial MSR, Accumulated Amortization | (82) | (51) | |
Consumer MSRs | 80 | 68 | |
Total MSRs, Gross | 356 | 280 | |
Servicing Asset at Amortized Cost | 194 | 161 | |
Total MSRs, Net | 274 | 229 | |
Servicing Asset at Amortized Cost, Amortization | $ 31 | $ 27 | |
Finite-Lived Intangible Assets, Remaining Amortization Period | 5 years 5 months 6 days | 5 years 10 months 24 days | |
PCCR intangibles | |||
Schedule of Intangible Assets by Major Class [Line Items] | |||
Intangible Assets, Gross (Excluding Goodwill) | $ 2,151 | $ 2,156 | |
Accumulated Amortization | (1,715) | (1,467) | |
Intangible Assets, Net (Excluding Goodwill) | $ 436 | $ 689 | |
Finite-Lived Intangible Assets, Remaining Amortization Period | 4 years 5 months 6 days | 5 years 1 month 6 days | |
Core deposit intangibles | |||
Schedule of Intangible Assets by Major Class [Line Items] | |||
Intangible Assets, Gross (Excluding Goodwill) | $ 1,391 | $ 1,771 | |
Accumulated Amortization | (1,345) | (1,662) | |
Intangible Assets, Net (Excluding Goodwill) | $ 46 | $ 109 | |
Finite-Lived Intangible Assets, Remaining Amortization Period | 2 years 6 days | 2 years 10 months 24 days | |
Other Intangible Assets [Member] | |||
Schedule of Intangible Assets by Major Class [Line Items] | |||
Intangible Assets, Gross (Excluding Goodwill) | $ 314 | $ 378 | |
Accumulated Amortization | (131) | (135) | |
Intangible Assets, Net (Excluding Goodwill) | $ 183 | $ 243 | |
Finite-Lived Intangible Assets, Remaining Amortization Period | 8 years 8 months 6 days | 9 years 7 months 6 days |
Goodwill and Intangible Asset91
Goodwill and Intangible Assets - Goodwill Attributable to Each Business Segments (Detail) - USD ($) $ in Millions | 7 Months Ended | 12 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill [Roll Forward] | |||
Goodwill, Beginning Balance | $ 14,480 | $ 13,978 | |
Goodwill, Acquired During Period | 54 | 508 | |
Other adjustments | (15) | (6) | |
Goodwill, Ending Balance | 14,519 | 14,480 | |
Commercial Banking | |||
Goodwill [Roll Forward] | |||
Goodwill, Beginning Balance | 4,883 | 4,384 | |
Goodwill, Acquired During Period | 18 | 500 | |
Other adjustments | 0 | (1) | |
Goodwill, Ending Balance | 4,901 | 4,883 | |
Credit Card | |||
Goodwill [Roll Forward] | |||
Goodwill, Beginning Balance | 4,997 | 5,001 | |
Goodwill, Acquired During Period | 36 | 1 | |
Other adjustments | (15) | (5) | |
Goodwill, Ending Balance | 5,018 | 4,997 | |
Consumer Banking | |||
Goodwill [Roll Forward] | |||
Goodwill, Beginning Balance | 4,600 | 4,593 | |
Goodwill, Acquired During Period | 0 | 7 | |
Other adjustments | 0 | 0 | |
Goodwill, Ending Balance | $ 4,600 | $ 4,600 | |
GE Healthcare [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill, Acquired During Period | $ 518 |
Goodwill and Intangible Asset92
Goodwill and Intangible Assets - Actual and Estimated Future Amortization Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Actual for the year ended | |||
Amortization of intangibles | $ 386 | $ 430 | $ 532 |
Estimated future amounts for the year ended December 31, | |||
2,017 | 245 | ||
2,018 | 176 | ||
2,019 | 108 | ||
2,020 | 57 | ||
2,021 | 27 | ||
Thereafter | 48 | ||
Net Carrying Amount | $ 661 |
Premises, Equipment & Lease C93
Premises, Equipment & Lease Commitments Premises, Equipment & Lease Commitments - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment and Lease Commitments [Abstract] | |||
Depreciation | $ 710 | $ 638 | $ 656 |
Total rent expenses from continuing operations | 330 | $ 276 | $ 265 |
Minimum sublease rental income due in future years | $ 192 |
Premises, Equipment & Lease C94
Premises, Equipment & Lease Commitments Premises, Equipment & Lease Commitments - Components of Premises and Equipment (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Total premises and equipment, gross | $ 7,487 | $ 6,999 |
Less: Accumulated depreciation and amortization | (3,812) | (3,415) |
Total premises and equipment, net | 3,675 | 3,584 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Total premises and equipment, gross | 423 | 458 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total premises and equipment, gross | 2,958 | 2,674 |
Furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total premises and equipment, gross | 1,834 | 1,735 |
Computer software | ||
Property, Plant and Equipment [Line Items] | ||
Total premises and equipment, gross | 1,681 | 1,618 |
In progress | ||
Property, Plant and Equipment [Line Items] | ||
Total premises and equipment, gross | $ 591 | $ 514 |
Premises, Equipment & Lease C95
Premises, Equipment & Lease Commitments Premises, Equipment & Lease Commitments - Future Minimum Rental Commitments (Details) $ in Millions | Dec. 31, 2016USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,017 | $ 317 |
2,018 | 314 |
2,019 | 284 |
2,020 | 262 |
2,021 | 236 |
Thereafter | 1,173 |
Total | $ 2,586 |
Deposits and Borrowings - Addit
Deposits and Borrowings - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Deposits And Borrowings [Line Items] | |||
Interest-bearing deposits | $ 211,266 | $ 191,874 | |
Domestic time deposits | 19,824 | 12,200 | |
Interest-bearing Deposit Liabilities, Foreign | 480 | 843 | |
Securitized debt obligations | 18,826 | 16,166 | |
Proceeds from Issuance of Secured Debt | 6,259 | 5,062 | $ 4,291 |
Maturities of secured debt | (3,500) | ||
Senior and subordinated notes | 23,431 | 21,837 | |
Fair value hedging losses | (280) | 134 | |
Repayments of Unsecured Debt | (2,700) | ||
Advances from Federal Home Loan Banks | 17,200 | 20,100 | |
Sum of investment in Federal Reserve stock used as security with Federal Reserve | 1,176 | 1,200 | |
Other Assets | |||
Deposits And Borrowings [Line Items] | |||
Federal Home Loan Bank Stock and Federal Reserve Bank Stock | 1,900 | 2,100 | |
Senior notes | Total unsecured senior debt | |||
Deposits And Borrowings [Line Items] | |||
Proceeds from issuance of unsecured debt | 4,400 | ||
Senior notes | Floating unsecured senior debt | |||
Deposits And Borrowings [Line Items] | |||
Proceeds from issuance of unsecured debt | 655 | ||
Senior notes | Fixed unsecured senior debt | |||
Deposits And Borrowings [Line Items] | |||
Proceeds from issuance of unsecured debt | 3,800 | ||
Geographic Distribution, Domestic [Member] | |||
Deposits And Borrowings [Line Items] | |||
Time Deposits, $100,000 or More | $ 2,875 | $ 1,900 |
Deposits and Borrowings - Depos
Deposits and Borrowings - Deposits and Short-term Borrowings (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Deposits: | |||
Non-interest-bearing deposits | $ 25,502 | $ 25,847 | |
Interest-bearing deposits | 211,266 | 191,874 | |
Total deposits | 236,768 | 217,721 | $ 205,548 |
Short-term Debt [Line Items] | |||
Short-term borrowings | 992 | 981 | |
Federal funds purchased and securities loaned or sold under agreements to repurchase | |||
Short-term Debt [Line Items] | |||
Short-term borrowings | $ 992 | $ 981 |
Deposits and Borrowings - Long-
Deposits and Borrowings - Long-Term Debt (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Long-term Debt and Capital Lease Obligations | $ 59,468 | $ 58,134 |
Debt and Capital Lease Obligations | $ 60,460 | 59,115 |
Securitized debt obligations | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate | 1.61% | |
Long-term debt | $ 18,826 | 16,166 |
Total senior and subordinated notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 23,431 | 21,837 |
Senior notes | Total unsecured senior debt | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate | 2.58% | |
Long-term debt | $ 18,899 | 17,757 |
Senior notes | Fixed unsecured senior debt | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate | 2.65% | |
Long-term debt | $ 17,546 | 16,559 |
Senior notes | Floating unsecured senior debt | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate | 1.73% | |
Long-term debt | $ 1,353 | 1,198 |
Subordinated notes | Fixed unsecured subordinated debt | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate | 4.09% | |
Long-term debt | $ 4,532 | 4,080 |
FHLB advances | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate | 0.64% | |
Long-term debt | $ 17,179 | 20,098 |
Capital Lease Obligations | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate | 4.17% | |
Long-term debt | $ 32 | 33 |
FHLB Advance and Capital Lease Obligation | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 17,211 | $ 20,131 |
Minimum [Member] | Securitized debt obligations | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 0.74% | |
Minimum [Member] | Senior notes | Fixed unsecured senior debt | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.20% | |
Minimum [Member] | Senior notes | Floating unsecured senior debt | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.56% | |
Minimum [Member] | Subordinated notes | Fixed unsecured subordinated debt | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.38% | |
Minimum [Member] | FHLB advances | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 0.45% | |
Minimum [Member] | Capital Lease Obligations | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.09% | |
Maximum [Member] | Securitized debt obligations | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | |
Maximum [Member] | Senior notes | Fixed unsecured senior debt | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.75% | |
Maximum [Member] | Senior notes | Floating unsecured senior debt | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.06% | |
Maximum [Member] | Subordinated notes | Fixed unsecured subordinated debt | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 8.80% | |
Maximum [Member] | FHLB advances | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.41% | |
Maximum [Member] | Capital Lease Obligations | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 12.86% |
Deposits and Borrowings Deposit
Deposits and Borrowings Deposits and Borrowings - Schedule of Maturity Profile of Borrowing and Debt (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Time Deposits, Fiscal Year Maturity: | ||
2,017 | $ 6,543 | |
2,018 | 5,095 | |
2,019 | 2,740 | |
2,020 | 3,268 | |
2,021 | 1,928 | |
Thereafter | 250 | |
Total | 19,824 | |
Debt Fiscal Year Maturity: | ||
Secured Debt | 18,826 | $ 16,166 |
Total, Fiscal Year Maturity: | ||
2,017 | 17,601 | |
2,018 | 12,155 | |
2,019 | 15,330 | |
2,020 | 5,831 | |
2,021 | 12,751 | |
Thereafter | 16,616 | |
Total | 80,284 | |
Securitized debt obligations | ||
Debt Fiscal Year Maturity: | ||
2,017 | 7,233 | |
2,018 | 2,366 | |
2,019 | 5,637 | |
2,020 | 1,562 | |
2,021 | 1,698 | |
Thereafter | 330 | |
Federal funds purchased and securities loaned or sold under agreements to repurchase | ||
Debt Fiscal Year Maturity: | ||
2,017 | 992 | |
2,018 | 0 | |
2,019 | 0 | |
2,020 | 0 | |
2,021 | 0 | |
Thereafter | 0 | |
Total | 992 | |
Senior and Subordinated Notes | ||
Debt Fiscal Year Maturity: | ||
2,017 | 2,814 | |
2,018 | 4,684 | |
2,019 | 5,701 | |
2,020 | 0 | |
2,021 | 3,474 | |
Thereafter | 6,758 | |
Total | 23,431 | |
FHLB advances | ||
Debt Fiscal Year Maturity: | ||
2,017 | 19 | |
2,018 | 10 | |
2,019 | 1,252 | |
2,020 | 1,001 | |
2,021 | 5,651 | |
Thereafter | 9,278 | |
Total | $ 17,211 |
Deposits and Borrowings - Sched
Deposits and Borrowings - Schedule of Components of Interest Expense on Short-Term Borrowings and Long-Term Debt (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Short-term borrowings: | |||
Federal funds purchased and securities loaned or sold under agreements to repurchase | $ 2 | $ 1 | $ 2 |
FHLB advances | 0 | 9 | 19 |
Total short-term borrowings | 2 | 10 | 21 |
Long-term debt: | |||
Securitized debt obligations | 216 | 151 | 145 |
Senior and subordinated notes | 476 | 330 | 299 |
Other long-term borrowings | 111 | 43 | 26 |
Total long-term debt | 803 | 524 | 470 |
Total interest expense | $ 805 | $ 534 | $ 491 |
Derivative Instruments and H101
Derivative Instruments and Hedging Activities - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Derivatives, Fair Value [Line Items] | ||
Additional Collateral, Independent Margin | $ 81 | $ 55 |
Derivative net liability position (less than $1 million) | 1 | 1 |
Cumulative counterparty credit risk valuation adjustment | 6 | 4 |
Cumulative credit risk valuation adjustment related to our credit quality (less than $1 million) | 1 | $ 1 |
Gain (net after-tax) recorded in AOCI related to derivatives designated as cash flow hedges expected to be reclassified to earnings over the next 12 months | $ 112 | |
Maximum length of time over which forecasted transactions were hedged, years | 6 years |
Derivative Instruments and H102
Derivative Instruments and Hedging Activities - Notional and Fair Values of Derivative Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Derivatives, Fair Value [Line Items] | ||
Notional or Contractual Amount | $ 142,938 | $ 105,916 |
Derivative Assets, Gross Amount | 1,494 | 1,518 |
Derivative Liabilities, Gross Amount | 1,438 | 520 |
Derivative Asset, Netting Adjustment | (539) | (532) |
Derivative Liability, Netting Adjustment | (336) | (143) |
Derivative Assets | 955 | 986 |
Derivative Liability | 1,102 | 377 |
Derivatives designated as accounting hedges | ||
Derivatives, Fair Value [Line Items] | ||
Notional or Contractual Amount | 98,896 | 73,009 |
Derivative Assets, Gross Amount | 717 | 1,043 |
Derivative Liabilities, Gross Amount | 865 | 209 |
Derivatives designated as accounting hedges | Interest rate contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional or Contractual Amount | 90,880 | 64,867 |
Derivative Assets, Gross Amount | 446 | 717 |
Derivative Liabilities, Gross Amount | 856 | 207 |
Derivatives designated as accounting hedges | Interest rate contracts | Fair value hedges | ||
Derivatives, Fair Value [Line Items] | ||
Notional or Contractual Amount | 40,480 | 34,417 |
Derivative Assets, Gross Amount | 295 | 550 |
Derivative Liabilities, Gross Amount | 569 | 146 |
Derivatives designated as accounting hedges | Interest rate contracts | Cash flow hedges | ||
Derivatives, Fair Value [Line Items] | ||
Notional or Contractual Amount | 50,400 | 30,450 |
Derivative Assets, Gross Amount | 151 | 167 |
Derivative Liabilities, Gross Amount | 287 | 61 |
Derivatives designated as accounting hedges | Foreign exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional or Contractual Amount | 8,016 | 8,142 |
Derivative Assets, Gross Amount | 271 | 326 |
Derivative Liabilities, Gross Amount | 9 | 2 |
Derivatives designated as accounting hedges | Foreign exchange contracts | Cash flow hedges | ||
Derivatives, Fair Value [Line Items] | ||
Notional or Contractual Amount | 5,620 | 5,580 |
Derivative Assets, Gross Amount | 108 | 239 |
Derivative Liabilities, Gross Amount | 9 | 2 |
Derivatives designated as accounting hedges | Foreign exchange contracts | Net investment hedges | ||
Derivatives, Fair Value [Line Items] | ||
Notional or Contractual Amount | 2,396 | 2,562 |
Derivative Assets, Gross Amount | 163 | 87 |
Derivative Liabilities, Gross Amount | 0 | 0 |
Derivatives not designated as accounting hedges | ||
Derivatives, Fair Value [Line Items] | ||
Notional or Contractual Amount | 44,042 | 32,907 |
Derivative Assets, Gross Amount | 777 | 475 |
Derivative Liabilities, Gross Amount | 573 | 311 |
Derivatives not designated as accounting hedges | Interest rate contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional or Contractual Amount | 42,275 | 32,025 |
Derivative Assets, Gross Amount | 720 | 475 |
Derivative Liabilities, Gross Amount | 559 | 307 |
Derivatives not designated as accounting hedges | Interest rate contracts | MSRs | ||
Derivatives, Fair Value [Line Items] | ||
Notional or Contractual Amount | 1,696 | 1,665 |
Derivative Assets, Gross Amount | 17 | 11 |
Derivative Liabilities, Gross Amount | 21 | 7 |
Derivatives not designated as accounting hedges | Interest rate contracts | Customer accommodation | ||
Derivatives, Fair Value [Line Items] | ||
Notional or Contractual Amount | 39,474 | 28,841 |
Derivative Assets, Gross Amount | 670 | 431 |
Derivative Liabilities, Gross Amount | 530 | 290 |
Derivatives not designated as accounting hedges | Interest rate contracts | Other interest rate exposures | ||
Derivatives, Fair Value [Line Items] | ||
Notional or Contractual Amount | 1,105 | 1,519 |
Derivative Assets, Gross Amount | 33 | 33 |
Derivative Liabilities, Gross Amount | 8 | 10 |
Derivatives not designated as accounting hedges | Other contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional or Contractual Amount | 1,767 | 882 |
Derivative Assets, Gross Amount | 57 | 0 |
Derivative Liabilities, Gross Amount | $ 14 | $ 4 |
Derivative Instruments and H103
Derivative Instruments and Hedging Activities - Offsetting Assets (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative, Collateral, Obligation to Return Cash | $ 448 | $ 544 |
Derivatives assets(1)(2) | ||
Gross Amounts | 1,494 | 1,518 |
Derivative Asset, Offsetting Financial Instruments | (152) | (86) |
Derivative Assets, Offsetting Cash Collateral | (387) | (446) |
Derivative Assets | 955 | 986 |
Derivative Asset, Securities Not Netted | (11) | (156) |
Net Exposure | 944 | 830 |
Derivative Asset, Not Subject to Master Netting Arrangement | 491 | 429 |
Derivative, Collateral, Obligation to Return Securities | 16 | 172 |
Derivative, Collateral, Right to Reclaim Cash | $ 1,500 | $ 304 |
Derivative Instruments and H104
Derivative Instruments and Hedging Activities - Offsetting Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Derivatives liabilities(1)(2) | ||
Derivative Liabilities, Gross Amount | $ 1,438 | $ 520 |
Derivative Liability, Offsetting Financial Instruments | (152) | (86) |
Derivative Liability, Offsetting Cash Collateral | (184) | (57) |
Derivative Liability | 1,102 | 377 |
Derivative Liability, Securities Collateral Not Netted | 0 | 0 |
Net Exposure | 1,102 | 377 |
Derivative Liability, Not Subject to Master Netting Arrangement | 908 | 314 |
Repurchase agreements(3)(4) | ||
Gross Amounts | 992 | 969 |
Securities Sold under Agreements to Repurchase, Asset | 0 | 0 |
Repurchase Agreement, Collateral, Right To Reclaim Cash, Offset | 0 | 0 |
Net Amounts as Recognized | 992 | 969 |
Offsetting Amounts Not Netted, Collateral Pledged | (992) | (969) |
Net Exposure | 0 | 0 |
Securities Sold under Agreements to Repurchase, Fair Value of Collateral | 1,000 | |
Derivative, Collateral, Obligation to Return Cash | 448 | 544 |
Derivative, Collateral, Obligation to Return Securities | 16 | 172 |
Derivative, Collateral, Right to Reclaim Cash | $ 1,500 | $ 304 |
Derivative Instruments and H105
Derivative Instruments and Hedging Activities - Net Gains (Losses) Recognized in Earnings Related to Derivatives in Fair Value Hedging Relationships and Free-Standing Derivatives (Details) - Other Non-Interest Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net derivative gains recognized in earnings | $ 85 | $ 75 | $ 95 |
Derivatives designated as accounting hedges | Fair value hedges | Interest rate contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) recognized in earnings on derivatives | (613) | (66) | 200 |
Gains (losses) recognized in earnings on hedged items | 603 | 75 | (157) |
Net fair value hedge ineffectiveness gains (losses) | (10) | 9 | 43 |
Derivatives not designated as accounting hedges | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) on derivatives not designated as accounting hedges | 95 | 66 | 52 |
Derivatives not designated as accounting hedges | Interest rate contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) on derivatives not designated as accounting hedges | 104 | 68 | 52 |
Derivatives not designated as accounting hedges | Interest rate contracts | MSRs | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) on derivatives not designated as accounting hedges | (1) | 3 | 23 |
Derivatives not designated as accounting hedges | Interest rate contracts | Customer accommodation | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) on derivatives not designated as accounting hedges | 37 | 21 | 18 |
Derivatives not designated as accounting hedges | Interest rate contracts | Other interest rate exposures | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) on derivatives not designated as accounting hedges | 68 | 44 | 11 |
Derivatives not designated as accounting hedges | Foreign exchange contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) on derivatives not designated as accounting hedges | 0 | 0 | 1 |
Derivatives not designated as accounting hedges | Other contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) on derivatives not designated as accounting hedges | $ (9) | $ (2) | $ (1) |
Derivative Instruments and H106
Derivative Instruments and Hedging Activities - Net Gains (Losses) Related to Derivatives Designated as Cash Flow Hedges and Net Investment Hedges (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) recorded in AOCI | $ 277 | $ 367 | $ 360 |
Other Non-Interest Income | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net derivative gains recognized in earnings | 85 | 75 | 95 |
Cash flow hedges | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) recorded in AOCI | (3) | 284 | 228 |
Gains (losses) reclassified from AOCI into earnings | 195 | 174 | 108 |
Net derivative gains recognized in earnings | 191 | 176 | 109 |
Cash flow hedges | Interest rate contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) recorded in AOCI | (6) | 301 | 251 |
Cash flow hedges | Interest rate contracts | Interest Income (Expense) | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) reclassified from AOCI into earnings | 192 | 190 | 131 |
Cash flow hedges | Interest rate contracts | Other Non-Interest Income | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) recognized in earnings due to ineffectiveness | (4) | 2 | 1 |
Cash flow hedges | Foreign exchange contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) recorded in AOCI | 3 | (17) | (23) |
Cash flow hedges | Foreign exchange contracts | Other Non-Interest Income | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) reclassified from AOCI into earnings | 3 | (16) | (23) |
Net investment hedges | Foreign exchange contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) recorded in AOCI | $ 280 | $ 83 | $ 132 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Preferred Stock (Details) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($) | |
Class of Stock [Line Items] | ||
Depository Share, Percent Interest in Preferred Stock | 0.025 | |
Preferred Stock, Including Additional Paid in Capital, Net of Discount | $ 4,360 | $ 3,294 |
Series B Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred Stock, Dividend Rate, Percentage | 6.00% | |
Redemption Price per Depositary Share (in dollars per share) | $ / shares | $ 1,000 | |
Number of Depositary Shares (in shares) | shares | 875,000 | |
Preferred Stock, Including Additional Paid in Capital, Net of Discount | $ 853 | 853 |
Series C Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred Stock, Dividend Rate, Percentage | 6.25% | |
Redemption Price per Depositary Share (in dollars per share) | $ / shares | $ 1,000 | |
Number of Depositary Shares (in shares) | shares | 500,000 | |
Preferred Stock, Including Additional Paid in Capital, Net of Discount | $ 484 | 484 |
Series D Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred Stock, Dividend Rate, Percentage | 6.70% | |
Redemption Price per Depositary Share (in dollars per share) | $ / shares | $ 1,000 | |
Number of Depositary Shares (in shares) | shares | 500,000 | |
Preferred Stock, Including Additional Paid in Capital, Net of Discount | $ 485 | 485 |
Series E Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred Stock, Dividend Rate, Percentage | 5.55% | |
Redemption Price per Depositary Share (in dollars per share) | $ / shares | $ 1,000 | |
Number of Depositary Shares (in shares) | shares | 1,000,000 | |
Preferred Stock, Including Additional Paid in Capital, Net of Discount | $ 988 | 988 |
Preferred Stock, Dividend Payment Rate, Variable | Libor + 380 bps | |
Preferred Stock Dividend Rate, Variable | 3.80% | |
Series F Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred Stock, Dividend Rate, Percentage | 6.20% | |
Redemption Price per Depositary Share (in dollars per share) | $ / shares | $ 1,000 | |
Number of Depositary Shares (in shares) | shares | 500,000 | |
Preferred Stock, Including Additional Paid in Capital, Net of Discount | $ 484 | $ 484 |
Series G Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred Stock, Dividend Rate, Percentage | 5.20% | |
Redemption Price per Depositary Share (in dollars per share) | $ / shares | $ 1,000 | |
Number of Depositary Shares (in shares) | shares | 600,000 | |
Preferred Stock, Including Additional Paid in Capital, Net of Discount | $ 583 | |
Series H Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred Stock, Dividend Rate, Percentage | 6.00% | |
Redemption Price per Depositary Share (in dollars per share) | $ / shares | $ 1,000 | |
Number of Depositary Shares (in shares) | shares | 500,000 | |
Preferred Stock, Including Additional Paid in Capital, Net of Discount | $ 483 |
Stockholders' Equity - Change i
Stockholders' Equity - Change in AOCI Gain (Loss) by Component (Net of Tax) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
AOCI beginning balance | $ (616) | $ (430) | $ (872) |
Other comprehensive income (loss) before reclassifications | (247) | (124) | 477 |
Net realized (gains) losses reclassified from AOCI into earnings | (86) | (62) | (35) |
Other comprehensive income (loss), net of tax | (333) | (186) | 442 |
AOCI ending balance | (949) | (616) | (430) |
Accumulated Net Unrealized Investment Gain (Loss) | Securities Available for Sale | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
AOCI beginning balance | 162 | 410 | 106 |
Other comprehensive income (loss) before reclassifications | (172) | (268) | 302 |
Net realized (gains) losses reclassified from AOCI into earnings | 6 | 20 | 2 |
Other comprehensive income (loss), net of tax | (166) | (248) | 304 |
AOCI ending balance | (4) | 162 | 410 |
Accumulated Net Unrealized Investment Gain (Loss) | Securities Held to Maturity | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
AOCI beginning balance | (725) | (821) | (897) |
Other comprehensive income (loss) before reclassifications | 0 | 0 | 0 |
Net realized (gains) losses reclassified from AOCI into earnings | 104 | 96 | 76 |
Other comprehensive income (loss), net of tax | 104 | 96 | 76 |
AOCI ending balance | (621) | (725) | (821) |
Cash Flow Hedges | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
AOCI beginning balance | 120 | 10 | (110) |
Other comprehensive income (loss) before reclassifications | (3) | 284 | 228 |
Net realized (gains) losses reclassified from AOCI into earnings | (195) | (174) | (108) |
Other comprehensive income (loss), net of tax | (198) | 110 | 120 |
AOCI ending balance | (78) | 120 | 10 |
Foreign Currency Translation Adjustments | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
AOCI beginning balance | (143) | (8) | 40 |
Other comprehensive income (loss) before reclassifications | (79) | (135) | (48) |
Net realized (gains) losses reclassified from AOCI into earnings | 0 | 0 | 0 |
Other comprehensive income (loss), net of tax | (79) | (135) | (48) |
AOCI ending balance | (222) | (143) | (8) |
Other | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
AOCI beginning balance | (30) | (21) | (11) |
Other comprehensive income (loss) before reclassifications | 7 | (5) | (5) |
Net realized (gains) losses reclassified from AOCI into earnings | (1) | (4) | (5) |
Other comprehensive income (loss), net of tax | 6 | (9) | (10) |
AOCI ending balance | $ (24) | $ (30) | $ (21) |
Stockholders' Equity - Reclassi
Stockholders' Equity - Reclassifications from AOCI (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Non-interest income | $ (541) | $ (491) | $ (421) | ||||||||
Non-interest income - OTTI | (17) | (30) | (24) | ||||||||
Interest income | $ 5,447 | $ 5,277 | $ 5,093 | $ 5,056 | $ 4,961 | $ 4,760 | $ 4,537 | $ 4,576 | 20,873 | 18,834 | 17,818 |
Income from continuing operations before income taxes | 1,135 | 1,512 | 1,367 | 1,470 | 1,334 | 1,648 | 1,236 | 1,663 | 5,484 | 5,881 | 6,569 |
Income tax provision (benefit) | 342 | 496 | 424 | 452 | 426 | 530 | 384 | 529 | 1,714 | 1,869 | 2,146 |
Net income | $ 791 | $ 1,005 | $ 942 | $ 1,013 | $ 920 | $ 1,114 | $ 863 | $ 1,153 | 3,751 | 4,050 | 4,428 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net income | 86 | 62 | 35 | ||||||||
Accumulated Net Unrealized Investment Gain (Loss) | Reclassification out of Accumulated Other Comprehensive Income [Member] | Securities Available for Sale | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Non-interest income | 10 | 32 | 3 | ||||||||
Income tax provision (benefit) | (4) | (12) | (1) | ||||||||
Net income | (6) | (20) | (2) | ||||||||
Accumulated Net Unrealized Investment Gain (Loss) | Reclassification out of Accumulated Other Comprehensive Income [Member] | Securities Held to Maturity | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Interest income | (164) | (151) | (131) | ||||||||
Income tax provision (benefit) | (60) | (55) | (55) | ||||||||
Net income | (104) | (96) | (76) | ||||||||
Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Income from continuing operations before income taxes | 310 | 277 | 173 | ||||||||
Income tax provision (benefit) | 115 | 103 | 65 | ||||||||
Net income | 195 | 174 | 108 | ||||||||
Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Income [Member] | Interest rate contracts | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Interest income | 306 | 303 | 209 | ||||||||
Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Income [Member] | Foreign exchange contracts | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Non-interest income | (2) | (21) | (36) | ||||||||
Interest income | 6 | (5) | 0 | ||||||||
Other | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Income from continuing operations before income taxes | 2 | 5 | 11 | ||||||||
Income tax provision (benefit) | 1 | 1 | 6 | ||||||||
Net income | $ 1 | $ 4 | $ 5 |
Stockholders' Equity - Componen
Stockholders' Equity - Components of Other Comprehensive Income Loss and Related Tax Impact (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Before Tax | |||
Net unrealized gains (losses) on securities available for sale | $ (254) | $ (393) | $ 482 |
Net changes in securities held to maturity | 164 | 151 | 131 |
Net unrealized gains (losses) on cash flow hedges | (315) | 175 | 192 |
Foreign currency translation adjustments | 86 | (86) | 29 |
Other | 10 | (14) | (18) |
Other comprehensive income before taxes | (309) | (167) | 816 |
Provision (Benefit) | |||
Net unrealized gains (losses) on securities available for sale | (88) | (145) | 178 |
Net changes in securities held to maturity | 60 | 55 | 55 |
Net unrealized gains (losses) on cash flow hedges | (117) | 65 | 72 |
Foreign currency translation adjustments | 165 | 49 | 77 |
Other | 4 | (5) | (8) |
Other comprehensive income (loss), provision (benefit) | 24 | 19 | 374 |
After Tax | |||
Net unrealized gains (losses) on securities available for sale | (166) | (248) | 304 |
Net changes in securities held to maturity | 104 | 96 | 76 |
Net unrealized gains (losses) on cash flow hedges | (198) | 110 | 120 |
Foreign currency translation adjustments | (79) | (135) | (48) |
Other | 6 | (9) | (10) |
Other comprehensive income (loss), net of tax | $ (333) | $ (186) | $ 442 |
Regulatory and Capital Adequ111
Regulatory and Capital Adequacy - Schedule of Comparison of Capital Ratios (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Common equity Tier 1 capital: | ||
Common equity Tier 1 Capital | $ 28,803 | $ 29,544 |
Common equity Tier 1 capital, capital ratio | 10.10% | 11.10% |
Common equity Tier 1 capital, minimum capital adequacy | 4.50% | 4.50% |
Tier 1 risk-based capital: | ||
Tier 1 capital | $ 33,162 | $ 32,838 |
Tier 1 capital, capital ratio | 11.60% | 12.40% |
Tier 1 capital, minimum capital adequacy | 6.00% | 6.00% |
Tier 1 capital, well-capitalized | 6.00% | 6.00% |
Total risk-based capital: | ||
Total capital | $ 40,817 | $ 38,838 |
Total capital, capital ratio | 14.30% | 14.60% |
Total capital, minimum capital adequacy | 8.00% | 8.00% |
Total capital, well-capitalized | 10.00% | 10.00% |
Tier 1 leverage capital: | ||
Tier 1 leverage capital | $ 33,162 | $ 32,838 |
Tier 1 leverage, capital ratio | 9.90% | 10.60% |
Tier 1 leverage, minimum capital adequacy | 4.00% | 4.00% |
Tier one capital under BaselIII standardized approach | $ 33,162 | $ 32,838 |
Basel III supplementary leverage ratio | 8.60% | 9.20% |
Capital One Bank (USA), N.A. | ||
Common equity Tier 1 capital: | ||
Common equity Tier 1 Capital | $ 11,568 | $ 10,644 |
Common equity Tier 1 capital, capital ratio | 12.00% | 12.20% |
Common equity Tier 1 capital, minimum capital adequacy | 4.50% | 4.50% |
TierOneCommonCapitalRequiredToBeWellCapitalizedToRiskWeightedAssets | 6.50% | 6.50% |
Tier 1 risk-based capital: | ||
Tier 1 capital | $ 11,568 | $ 10,644 |
Tier 1 capital, capital ratio | 12.00% | 12.20% |
Tier 1 capital, minimum capital adequacy | 6.00% | 6.00% |
Tier 1 capital, well-capitalized | 8.00% | 8.00% |
Total risk-based capital: | ||
Total capital | $ 14,230 | $ 13,192 |
Total capital, capital ratio | 14.80% | 15.20% |
Total capital, minimum capital adequacy | 8.00% | 8.00% |
Total capital, well-capitalized | 10.00% | 10.00% |
Tier 1 leverage capital: | ||
Tier 1 leverage capital | $ 11,568 | $ 10,644 |
Tier 1 leverage, capital ratio | 10.80% | 10.80% |
Tier 1 leverage, minimum capital adequacy | 4.00% | 4.00% |
Tier 1 leverage, well-capitalized | 5.00% | 5.00% |
Tier one capital under BaselIII standardized approach | $ 11,568 | $ 10,644 |
Basel III supplementary leverage ratio | 8.90% | 9.00% |
Capital One, N.A. | ||
Common equity Tier 1 capital: | ||
Common equity Tier 1 Capital | $ 20,670 | $ 21,765 |
Common equity Tier 1 capital, capital ratio | 10.60% | 11.80% |
Common equity Tier 1 capital, minimum capital adequacy | 4.50% | 4.50% |
TierOneCommonCapitalRequiredToBeWellCapitalizedToRiskWeightedAssets | 6.50% | 6.50% |
Tier 1 risk-based capital: | ||
Tier 1 capital | $ 20,670 | $ 21,765 |
Tier 1 capital, capital ratio | 10.60% | 11.80% |
Tier 1 capital, minimum capital adequacy | 6.00% | 6.00% |
Tier 1 capital, well-capitalized | 8.00% | 8.00% |
Total risk-based capital: | ||
Total capital | $ 23,117 | $ 23,832 |
Total capital, capital ratio | 11.80% | 12.90% |
Total capital, minimum capital adequacy | 8.00% | 8.00% |
Total capital, well-capitalized | 10.00% | 10.00% |
Tier 1 leverage capital: | ||
Tier 1 leverage capital | $ 20,670 | $ 21,765 |
Tier 1 leverage, capital ratio | 7.70% | 8.80% |
Tier 1 leverage, minimum capital adequacy | 4.00% | 4.00% |
Tier 1 leverage, well-capitalized | 5.00% | 5.00% |
Tier one capital under BaselIII standardized approach | $ 20,670 | $ 21,765 |
Basel III supplementary leverage ratio | 6.90% | 7.90% |
Regulatory and Capital Adequ112
Regulatory and Capital Adequacy Regulatory and Capital Adequacy - Additional Information (Details) - USD ($) $ in Billions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Basel III Transition Provisions, Inclusion of AOCI and Intangible Asset Adjustments | 60.00% | 40.00% | ||
Forecast | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Basel III Transition Provisions, Inclusion of AOCI and Intangible Asset Adjustments | 100.00% | 80.00% | ||
Capital One Bank (USA), N.A. | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments | $ 3.9 | |||
Capital One, N.A. | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments | $ 1 |
Earnings Per Common Share - Sch
Earnings Per Common Share - Schedule of Computation of Basic and Diluted Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share [Abstract] | |||||||||||
Income from continuing operations, net of tax | $ 793 | $ 1,016 | $ 943 | $ 1,018 | $ 908 | $ 1,118 | $ 852 | $ 1,134 | $ 3,770 | $ 4,012 | $ 4,423 |
Income (loss) from discontinued operations, net of tax | (2) | (11) | (1) | (5) | 12 | (4) | 11 | 19 | (19) | 38 | 5 |
Net income | 791 | 1,005 | 942 | 1,013 | 920 | 1,114 | 863 | 1,153 | 3,751 | 4,050 | 4,428 |
Dividends and undistributed earnings allocated to participating securities | (6) | (6) | (6) | (6) | (4) | (6) | (4) | (6) | (24) | (20) | (18) |
Preferred stock dividends | (75) | (37) | (65) | (37) | (68) | (29) | (29) | (32) | (214) | (158) | (67) |
Net income available to common stockholders | $ 710 | $ 962 | $ 871 | $ 970 | $ 848 | $ 1,079 | $ 830 | $ 1,115 | $ 3,513 | $ 3,872 | $ 4,343 |
Total weighted-average basic shares outstanding | 483.5 | 501.1 | 511.7 | 523.5 | 530.8 | 540.6 | 545.6 | 550.2 | 504.9 | 541.8 | 563.1 |
Effect of dilutive securities: | |||||||||||
Stock options | 2 | 2.6 | 2.7 | ||||||||
Other contingently issuable shares | 1.3 | 1.3 | 1.6 | ||||||||
Warrants | 1.6 | 2.3 | 4.5 | ||||||||
Total effect of dilutive securities | 4.9 | 6.2 | 8.8 | ||||||||
Total weighted-average diluted shares outstanding | 489.2 | 505.9 | 516.5 | 528 | 536.3 | 546.3 | 552 | 557.2 | 509.8 | 548 | 571.9 |
Basic earnings per common share: | |||||||||||
Net income from continuing operations (in dollars per share) | $ 1.47 | $ 1.94 | $ 1.70 | $ 1.86 | $ 1.58 | $ 2.01 | $ 1.50 | $ 2 | $ 7 | $ 7.08 | $ 7.70 |
Income (loss) from discontinued operations (in dollars per share) | 0 | (0.02) | 0 | (0.01) | 0.02 | (0.01) | 0.02 | 0.03 | (0.04) | 0.07 | 0.01 |
Net income per basic common share (in dollars per share) | 1.47 | 1.92 | 1.70 | 1.85 | 1.60 | 2 | 1.52 | 2.03 | 6.96 | 7.15 | 7.71 |
Diluted earnings per common share: | |||||||||||
Net income from continuing operations (in dollars per share) | 1.45 | 1.92 | 1.69 | 1.85 | 1.56 | 1.99 | 1.48 | 1.97 | 6.93 | 7 | 7.58 |
Income (loss) from discontinued operations (in dollars per share) | 0 | (0.02) | 0 | (0.01) | 0.02 | (0.01) | 0.02 | 0.03 | (0.04) | 0.07 | 0.01 |
Net income per diluted common share (in dollars per share) | $ 1.45 | $ 1.90 | $ 1.69 | $ 1.84 | $ 1.58 | $ 1.98 | $ 1.50 | $ 2 | $ 6.89 | $ 7.07 | $ 7.59 |
Earnings Per Common Share - Add
Earnings Per Common Share - Additional Information (Detail) - $ / shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Stock Option | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive options excluded from the computation of diluted earnings per share (in shares) | 1.7 | 1.9 | 2.9 |
Minimum exercise price range | $ 63.73 | $ 70.96 | $ 70.96 |
Maximum exercise price range | $ 88.81 | $ 88.81 | $ 88.81 |
Warrant | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Warrants outstanding | 4.1 | 4.1 | 6.4 |
Stock-Based Compensation Pla115
Stock-Based Compensation Plans - Summary of Stock Options Activity (Details) - Amended and Restated 2004 Stock Incentive Plan $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($)$ / sharesshares | |
Shares Subject to Options (in shares) | |
Outstanding as of beginning of the period | shares | 9,322 |
Granted | shares | 441 |
Exercised | shares | (2,091) |
Forfeited | shares | (88) |
Expired | shares | (599) |
Outstanding as of end of the period | shares | 6,985 |
Exercisable as of end of the period | shares | 5,955 |
Weighted- Average Exercise Price (in dollars per share) | |
Outstanding as of beginning of the period | $ / shares | $ 53.98 |
Granted | $ / shares | 63.73 |
Exercised | $ / shares | 64.61 |
Forfeited | $ / shares | 86.29 |
Expired | $ / shares | 88.64 |
Outstanding as of end of the period | $ / shares | 48.03 |
Exercisable as of end of the period | $ / shares | $ 44.34 |
Weighted-Average Remaining Contractual Term, Outstanding at end of period, years | 4 years |
Weighted-Average Remaining contractual Term Exercisable, at end of period years | 3 years 2 months |
Aggregate Intrinsic Value, Outstanding, at end of period | $ | $ 274 |
Aggregate Intrinsic Value, Exercisable, at end of period | $ | $ 255 |
Stock-Based Compensation Pla116
Stock-Based Compensation Plans Stock-Based Compensation Plans - Stock Options Cash Flow Impact (Details) - Amended and Restated 2004 Stock Incentive Plan - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Cash received for options exercised | $ 135 | $ 64 | $ 131 |
Tax benefit realized for options exercised | $ 12 | $ 9 | $ 9 |
Stock-Based Compensation Pla117
Stock-Based Compensation Plans - Weighted Average Assumptions used to Value Stock Options Granted (Details) - Amended and Restated 2004 Stock Incentive Plan | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Dividend yield (percent) | 2.07% | 1.82% | 1.74% |
Volatility (percent) | 30.00% | 24.00% | 26.00% |
Risk-free interest rate (percent) | 1.64% | 1.55% | 1.92% |
Expected option lives (in years) | 6 years 7 months | 6 years 3 months | 6 years 1 month |
Stock-Based Compensation Pla118
Stock-Based Compensation Plans - Summary of Activity for Restricted Stock Awards and Restricted Stock Units (Details) - Amended and Restated 2004 Stock Incentive Plan - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Restricted Stock | |||
Shares/Units | |||
Unvested as of beginning of the period | 387 | ||
Granted | 0 | 0 | 0 |
Vested | (313) | ||
Forfeited | (7) | ||
Unvested as of end of period | 67 | 387 | |
Weighted Average Grant Date Fair Value per Share (in dollars per share) | |||
Unvested as of beginning of the period | $ 61.28 | ||
Granted | 0 | ||
Vested | 60.85 | ||
Forfeited | 61.10 | ||
Unvested as of end of the period | $ 63.34 | $ 61.28 | |
Restricted Stock Units (RSUs) | |||
Shares/Units | |||
Unvested as of beginning of the period | 2,310 | ||
Granted | 1,810 | ||
Vested | (664) | ||
Forfeited | (198) | ||
Unvested as of end of period | 3,258 | 2,310 | |
Weighted Average Grant Date Fair Value per Share (in dollars per share) | |||
Unvested as of beginning of the period | $ 70.34 | ||
Granted | 65.19 | $ 76.15 | $ 72.12 |
Vested | 73.83 | ||
Forfeited | 71.08 | ||
Unvested as of end of the period | $ 66.72 | $ 70.34 |
Stock-Based Compensation Pla119
Stock-Based Compensation Plans - Summary of Activity for Performance Share and Performance Units (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Performance Shares Awards | |||
Weighted Average Grant Date Fair Value per Share (in dollars per share) | |||
Granted | $ 0 | $ 0 | $ 70.96 |
Performance Share Units | |||
Weighted Average Grant Date Fair Value per Share (in dollars per share) | |||
Granted | $ 62.89 | $ 65.98 | $ 68.66 |
Amended and Restated 2004 Stock Incentive Plan | Performance Shares Awards | |||
Shares/Units | |||
Unvested as of beginning of the period | 183 | ||
Granted | 0 | ||
Vested | (177) | ||
Forfeited | 0 | ||
Unvested as of end of period | 6 | 183 | |
Weighted Average Grant Date Fair Value per Share (in dollars per share) | |||
Unvested as of beginning of the period | $ 57.30 | ||
Granted | 0 | ||
Vested | 56.86 | ||
Forfeited | 0 | ||
Unvested as of end of the period | $ 70.96 | $ 57.30 | |
Amended and Restated 2004 Stock Incentive Plan | Performance Share Units | |||
Shares/Units | |||
Unvested as of beginning of the period | 1,706 | ||
Granted | 1,213 | ||
Vested | (823) | ||
Forfeited | (19) | ||
Unvested as of end of period | 2,077 | 1,706 | |
Weighted Average Grant Date Fair Value per Share (in dollars per share) | |||
Unvested as of beginning of the period | $ 70.95 | ||
Granted | 62.89 | ||
Vested | 63.06 | ||
Forfeited | 66.75 | ||
Unvested as of end of the period | $ 69.40 | $ 70.95 |
Stock-Based Compensation Pla120
Stock-Based Compensation Plans - Additional Information (Details) $ / shares in Units, shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)plan$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of active stock plans | plan | 1 | ||
Shares authorized under plans (in shares) | shares | 55,000 | ||
Shares available for grant under plans (in shares) | shares | 17,000 | ||
Compensation expense from award | $ 239,000,000 | $ 161,000,000 | $ 205,000,000 |
Recognized tax benefit from stock-based compensation arrangements | $ 89,000,000 | $ 61,000,000 | $ 77,000,000 |
Percentage of company's match on Associate Stock Purchase Plan contributions by employees (percent) | 17.65% | ||
Performance Shares Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 0 | $ 0 | $ 70.96 |
Performance Share Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 62.89 | $ 65.98 | $ 68.66 |
Amended and Restated 2004 Stock Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 31,000,000 | $ 23,000,000 | $ 24,000,000 |
Amended and Restated 2004 Stock Incentive Plan | Employee Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum contractual term (Years) | 10 years | ||
Award vesting period (in years) | 3 years | ||
Weighted-average fair value of options granted (in dollars per share) | $ / shares | $ 16.36 | $ 15.11 | $ 16.39 |
Unrecognized compensation expense related to unvested awards, options | $ 4,000,000 | ||
Weighted-average period of recognition of unrecognized compensation costs (Years) | 9 months | ||
Amended and Restated 2004 Stock Incentive Plan | Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 0 | ||
Award vesting period (in years) | 3 years | ||
Weighted-average period of recognition of unrecognized compensation costs (Years) | 1 year 9 months | ||
Total fair value of awards vested | $ 21,000,000 | $ 28,000,000 | $ 57,000,000 |
Weighted-average fair value of awards granted (in dollars per share) | shares | 0 | 0 | 0 |
Unrecognized compensation expense related to unvested awards, awards other than options | $ 1,000,000 | ||
Amended and Restated 2004 Stock Incentive Plan | Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 65.19 | $ 76.15 | $ 72.12 |
Award vesting period (in years) | 3 years | ||
Weighted-average period of recognition of unrecognized compensation costs (Years) | 1 year 9 months | ||
Total fair value of awards vested | $ 42,000,000 | $ 27,000,000 | $ 5,000,000 |
Weighted-average fair value of awards granted (in dollars per share) | shares | 1,810 | ||
Unrecognized compensation expense related to unvested awards, awards other than options | $ 96,000,000 | ||
Amended and Restated 2004 Stock Incentive Plan | Performance Shares Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 0 | ||
Award vesting period (in years) | 3 years | ||
Weighted-average period of recognition of unrecognized compensation costs (Years) | 1 year | ||
Total fair value of awards vested | $ 11,000,000 | 30,000,000 | 33,000,000 |
Weighted-average fair value of awards granted (in dollars per share) | shares | 0 | ||
Unrecognized compensation expense related to unvested awards, awards other than options | $ 0 | ||
Performance vesting period (in years) | 3 years | ||
Amended and Restated 2004 Stock Incentive Plan | Performance Shares Awards | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Potential annual reduction in vesting based on performance (percent) | 50.00% | ||
Percentage of target award opportunities | 0.00% | ||
Amended and Restated 2004 Stock Incentive Plan | Performance Shares Awards | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Potential annual reduction in vesting based on performance (percent) | 100.00% | ||
Percentage of target award opportunities | 150.00% | ||
Amended and Restated 2004 Stock Incentive Plan | Performance Share Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 62.89 | ||
Total fair value of awards vested | $ 54,000,000 | 74,000,000 | 20,000,000 |
Weighted-average fair value of awards granted (in dollars per share) | shares | 1,213 | ||
Unrecognized compensation expense related to unvested awards, awards other than options | $ 33,000,000 | ||
Amended and Restated 2004 Stock Incentive Plan | Cash-Settled Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expense related to unvested awards, awards other than options | 0 | ||
Cash payments to settle awards | $ 36,000,000 | 70,000,000 | 72,000,000 |
Amended and Restated 2004 Stock Incentive Plan | Cash-Settled Units | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of common stock trading days required under vesting condition | 15 days | ||
Amended and Restated 2004 Stock Incentive Plan | Cash-Settled Units | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of common stock trading days required under vesting condition | 20 days | ||
Associate Stock Purchase Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares authorized under plans (in shares) | shares | 18,000 | ||
Shares available for grant under plans (in shares) | shares | 5,000 | ||
Compensation expense from award | $ 18,000,000 | $ 16,000,000 | $ 13,000,000 |
Minimum percentage of monthly base pay required for the purchase plan | 1.00% | ||
Maximum percentage of monthly base pay eligible for the purchase plan | 15.00% | ||
Dividend Reinvestment Stock Purchase Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares authorized under plans (in shares) | shares | 8,000 | ||
Shares available for grant under plans (in shares) | shares | 7,000 |
Employee Benefit Plans - Define
Employee Benefit Plans - Defined Contribution Plan (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016USD ($)age | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Defined Contribution Plan Disclosure [Line Items] | |||
Defined contribution plan, cost | $ | $ 252 | $ 234 | $ 214 |
Associate Savings Plan | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined contribution plan, age eligible to participate | age | 18 |
Employee Benefit Plans - Def122
Employee Benefit Plans - Defined Benefit Plan and Other Postretirement Benefit Plans Narrative (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Defined Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Contributions are expected to be made | $ 1 |
Other Postretirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Contributions are expected to be made | $ 2 |
Domestic Equity | |
Defined Benefit Plan Disclosure [Line Items] | |
Asset allocation targets | 39.00% |
Asset allocation targets, minimum | 34.00% |
Asset allocation targets, maximum | 44.00% |
International Equity | |
Defined Benefit Plan Disclosure [Line Items] | |
Asset allocation targets | 16.00% |
Asset allocation targets, minimum | 11.00% |
Asset allocation targets, maximum | 21.00% |
Fixed Income Securities | |
Defined Benefit Plan Disclosure [Line Items] | |
Asset allocation targets | 45.00% |
Asset allocation targets, minimum | 35.00% |
Asset allocation targets, maximum | 55.00% |
Employee Benefit Plans - Schedu
Employee Benefit Plans - Schedule of Changes in Benefit Obligation and Plan Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Change in plan assets: | |||
Fair value of plan assets as of January 1, | $ 98 | ||
Fair value of plan assets as of December 31, | 89 | $ 98 | |
Defined Pension Benefits | |||
Change in benefit obligation: | |||
Defined benefit obligation | 180 | 185 | $ 204 |
Service cost | 2 | 1 | 1 |
Interest cost | 7 | 8 | 8 |
Benefits paid | (14) | (15) | |
Net actuarial loss (gain) | 0 | (13) | |
Change in plan assets: | |||
Fair value of plan assets as of January 1, | 222 | 239 | |
Actual return on plan assets | 17 | (3) | |
Employer contributions | 1 | 1 | |
Benefits paid | (14) | (15) | |
Fair value of plan assets as of December 31, | 226 | 222 | 239 |
Over (under) funded status as of December 31, | 46 | 37 | |
Other Postretirement Benefits | |||
Change in benefit obligation: | |||
Defined benefit obligation | 39 | 45 | 55 |
Service cost | 0 | 0 | 0 |
Interest cost | 2 | 2 | 2 |
Benefits paid | (3) | (3) | |
Net actuarial loss (gain) | (5) | (9) | |
Change in plan assets: | |||
Fair value of plan assets as of January 1, | 5 | 7 | |
Actual return on plan assets | 1 | (1) | |
Employer contributions | 3 | 2 | |
Benefits paid | (3) | (3) | |
Fair value of plan assets as of December 31, | 6 | 5 | $ 7 |
Over (under) funded status as of December 31, | $ (33) | $ (40) |
Employee Benefit Plans - Sch124
Employee Benefit Plans - Schedule of Amounts Recognized in Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Pension Benefits | ||
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | ||
Other assets | $ 57 | $ 48 |
Other liabilities | (11) | (11) |
Net amount recognized as of December 31, | 46 | 37 |
Other Postretirement Benefits | ||
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | ||
Other assets | 0 | 0 |
Other liabilities | (33) | (40) |
Net amount recognized as of December 31, | $ (33) | $ (40) |
Employee Benefit Plans - Sch125
Employee Benefit Plans - Schedule of Net Periodic Benefit Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Pension Benefits | |||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Service cost | $ 2 | $ 1 | $ 1 |
Interest cost | 7 | 8 | 8 |
Expected return on plan assets | (14) | (15) | (14) |
Amortization of transition obligation, prior service credit, and net actuarial loss (gain) | 1 | 1 | 1 |
Net periodic benefit gain | (4) | (5) | (4) |
Other Postretirement Benefits | |||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Service cost | 0 | 0 | 0 |
Interest cost | 2 | 2 | 2 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of transition obligation, prior service credit, and net actuarial loss (gain) | (6) | (4) | (3) |
Net periodic benefit gain | $ (4) | $ (2) | $ (1) |
Employee Benefit Plans - Sch126
Employee Benefit Plans - Schedule of Changes Recognized in Other Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Pension Benefits | |||
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Actuarial Gain (Loss), before Tax [Abstract] | |||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, before Tax | $ 4 | $ (5) | $ (16) |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax | 1 | 1 | 1 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | 5 | (4) | (15) |
Other Postretirement Benefits | |||
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Actuarial Gain (Loss), before Tax [Abstract] | |||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, before Tax | 5 | 7 | (3) |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax | (6) | (4) | (3) |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | $ (1) | $ 3 | $ (6) |
Employee Benefit Plans - Sch127
Employee Benefit Plans - Schedule of Pre-Tax Amounts Recognized in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Pension Benefits | ||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract] | ||
Prior service cost | $ 0 | $ 0 |
Net actuarial loss (gain) | (66) | (71) |
Accumulated other comprehensive (loss) income | (66) | (71) |
Other Postretirement Benefits | ||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract] | ||
Prior service cost | (2) | (2) |
Net actuarial loss (gain) | 12 | 12 |
Accumulated other comprehensive (loss) income | $ 10 | $ 10 |
Employee Benefit Plans - Sch128
Employee Benefit Plans - Schedule of Pre-Tax Amounts in Accumulated Other Comprehensive Income That Are Expected to be Recognized of Net Periodic Benefit Cost (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Defined Pension Benefits | |
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year [Abstract] | |
Prior service cost | $ 0 |
Net actuarial gain (loss) | (1) |
Net gain (loss) | (1) |
Other Postretirement Benefits | |
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year [Abstract] | |
Prior service cost | 0 |
Net actuarial gain (loss) | 5 |
Net gain (loss) | $ 5 |
Employee Benefit Plans - Sch129
Employee Benefit Plans - Schedule of Weighted-Average Assumptions Used in Calculating Net Periodic Benefit Costs (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Pension Benefits | |||
Assumptions for benefit obligations at measurement date: | |||
Discount rate | 4.00% | 4.20% | 3.90% |
Assumptions for periodic benefit cost for the year ended: | |||
Discount rate | 4.20% | 3.90% | 4.60% |
Expected long-term rate of return on plan assets | 6.50% | 6.50% | 6.50% |
Other Postretirement Benefits | |||
Assumptions for benefit obligations at measurement date: | |||
Discount rate | 4.00% | 4.20% | 3.90% |
Assumptions for periodic benefit cost for the year ended: | |||
Discount rate | 4.20% | 3.90% | 4.60% |
Expected long-term rate of return on plan assets | 6.50% | 6.50% | 6.50% |
Assumptions for year-end valuations: | |||
Health care cost trend rate assumed for next year, pre-age 65 | 6.70% | 7.00% | 7.30% |
Health care cost trend rate assumed for next year, post-age 65 | 6.80% | 7.10% | 7.40% |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 4.50% | 4.50% | 4.50% |
Year the rate reaches the ultimate trend rate | 2,037 | 2,037 | 2,028 |
Employee Benefit Plans - Sch130
Employee Benefit Plans - Schedule of Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rate (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract] | ||
Effect of one percentage point increase on accumulated postretirement benefit obligation | $ 4 | $ 5 |
Effect of one percentage point decrease on accumulated postretirement benefit obligation | $ (4) | $ (4) |
Employee Benefit Plans - Sch131
Employee Benefit Plans - Schedule of Allocation of Plan Assets (Details) | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] | ||
Plan asset allocation percentage | 100.00% | 100.00% |
Common collective trusts | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan asset allocation percentage | 62.00% | 57.00% |
Corporate bonds (S&P rating of A or higher) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan asset allocation percentage | 6.00% | 6.00% |
Corporate bonds (S&P rating of lower than A) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan asset allocation percentage | 12.00% | 13.00% |
US Treasury and Government | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan asset allocation percentage | 13.00% | 18.00% |
Mortgage-backed securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan asset allocation percentage | 5.00% | 5.00% |
Municipal bonds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan asset allocation percentage | 1.00% | 1.00% |
Money market funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan asset allocation percentage | 1.00% | 0.00% |
Employee Benefit Plans - Sch132
Employee Benefit Plans - Schedule of Fair Value of Plan Assets Measured on a Recurring Basis (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] | ||
Assets in fair value hierarchy | $ 89 | $ 98 |
Corporate bonds (S&P rating of A or higher) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets in fair value hierarchy | 15 | 15 |
Corporate bonds (S&P rating of lower than A) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets in fair value hierarchy | 29 | 30 |
US Treasury and Government | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets in fair value hierarchy | 31 | 40 |
Mortgage-backed securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets in fair value hierarchy | 11 | 12 |
Municipal bonds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets in fair value hierarchy | 1 | 1 |
Money market funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets in fair value hierarchy | 2 | |
Common collective trusts | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets in fair value hierarchy | 143 | 129 |
Total plan assets | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets in fair value hierarchy | 232 | 227 |
Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets in fair value hierarchy | 0 | 0 |
Level 1 | Corporate bonds (S&P rating of A or higher) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets in fair value hierarchy | 0 | 0 |
Level 1 | Corporate bonds (S&P rating of lower than A) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets in fair value hierarchy | 0 | 0 |
Level 1 | US Treasury and Government | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets in fair value hierarchy | 0 | 0 |
Level 1 | Mortgage-backed securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets in fair value hierarchy | 0 | 0 |
Level 1 | Municipal bonds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets in fair value hierarchy | 0 | 0 |
Level 1 | Money market funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets in fair value hierarchy | 0 | |
Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets in fair value hierarchy | 89 | 98 |
Level 2 | Corporate bonds (S&P rating of A or higher) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets in fair value hierarchy | 15 | 15 |
Level 2 | Corporate bonds (S&P rating of lower than A) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets in fair value hierarchy | 29 | 30 |
Level 2 | US Treasury and Government | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets in fair value hierarchy | 31 | 40 |
Level 2 | Mortgage-backed securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets in fair value hierarchy | 11 | 12 |
Level 2 | Municipal bonds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets in fair value hierarchy | 1 | 1 |
Level 2 | Money market funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets in fair value hierarchy | 2 | |
Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets in fair value hierarchy | 0 | 0 |
Level 3 | Corporate bonds (S&P rating of A or higher) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets in fair value hierarchy | 0 | 0 |
Level 3 | Corporate bonds (S&P rating of lower than A) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets in fair value hierarchy | 0 | 0 |
Level 3 | US Treasury and Government | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets in fair value hierarchy | 0 | 0 |
Level 3 | Mortgage-backed securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets in fair value hierarchy | 0 | 0 |
Level 3 | Municipal bonds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets in fair value hierarchy | 0 | $ 0 |
Level 3 | Money market funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets in fair value hierarchy | $ 0 |
Employee Benefit Plans - Sch133
Employee Benefit Plans - Schedule of Expected Future Benefit Payments (Details) $ in Millions | Dec. 31, 2016USD ($) |
Defined Pension Benefits | |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | |
2,017 | $ 12 |
2,018 | 12 |
2,019 | 12 |
2,020 | 11 |
2,021 | 11 |
2022-2026 | 52 |
Other Postretirement Benefits | |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | |
2,017 | 3 |
2,018 | 3 |
2,019 | 3 |
2,020 | 3 |
2,021 | 3 |
2022-2026 | $ 11 |
Income Taxes - Schedule of Sign
Income Taxes - Schedule of Significant Components of Provision for Income Taxes Attributable to Continuing Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current income tax provision: | |||||||||||
Federal taxes | $ 2,087 | $ 1,991 | $ 1,934 | ||||||||
State taxes | 209 | 207 | 197 | ||||||||
International taxes | 104 | 73 | 91 | ||||||||
Total current provision | 2,400 | 2,271 | 2,222 | ||||||||
Deferred income tax (benefit) provision: | |||||||||||
Federal taxes | (621) | (368) | (125) | ||||||||
State taxes | (63) | (39) | 22 | ||||||||
International taxes | (2) | 5 | 27 | ||||||||
Total deferred (benefit) provision | (686) | (402) | (76) | ||||||||
Income tax provision (benefit) | $ 342 | $ 496 | $ 424 | $ 452 | $ 426 | $ 530 | $ 384 | $ 529 | 1,714 | 1,869 | 2,146 |
Pre-tax earnings from foreign operations | $ 287 | $ 288 | $ 466 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Provision (Benefit) Reported in Stockholders' Equity (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Effects Allocated Directly to Equity [Abstract] | |||
Income tax provision (benefit) recorded in AOCI (1) | $ 24 | $ 19 | $ 374 |
Income tax provision (benefit) recorded in additional paid in capital | 33 | (7) | 16 |
Foreign currency translation gains | (5) | 23 | 6 |
Total income tax provision (benefit) recorded in stockholders’ equity | $ 52 | $ 35 | $ 396 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Income tax at U.S. federal statutory tax rate | 35.00% | 35.00% | 35.00% |
State taxes, net of federal benefit | 1.90% | 1.90% | 1.80% |
Low-income housing, new markets tax credits, and other credits | (4.90%) | (4.00%) | (3.00%) |
Other foreign tax differences, net | 0.30% | (0.20%) | (0.60%) |
Other, net | (1.00%) | (0.90%) | (0.50%) |
Effective tax rate | 31.30% | 31.80% | 32.70% |
Income Taxes - Schedule of S137
Income Taxes - Schedule of Significant Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax assets: | ||
Allowance for loan and lease losses | $ 2,350 | $ 1,853 |
Rewards programs | 1,348 | 1,192 |
Security and loan valuations | 869 | 912 |
Goodwill and intangibles | 294 | 245 |
Compensation and employee benefits | 276 | 303 |
Representation and warranty reserve | 234 | 226 |
Net operating loss and tax credit carryforwards | 188 | 176 |
Unearned income | 186 | 143 |
Net unrealized losses on derivatives | 35 | 0 |
Other assets | 270 | 329 |
Subtotal | 6,050 | 5,379 |
Valuation allowance | (179) | (166) |
Total deferred tax assets | 5,871 | 5,213 |
Deferred tax liabilities: | ||
Original issue discount | 1,012 | 940 |
Fixed assets and leases | 221 | 242 |
Deferred Tax Liabilities, Derivatives | 0 | 46 |
Other liabilities | 328 | 323 |
Total deferred tax liabilities | 1,561 | 1,551 |
Net deferred tax assets | $ 4,310 | $ 3,662 |
Income Taxes - Operating Loss C
Income Taxes - Operating Loss Carryforward and Tax Credit Carryforward (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Operating Loss Carryforwards [Line Items] | |
Increase in valuation allowance to adjust tax benefit of certain state deferred tax assets and net operating loss carryforwards | $ 13 |
Internal Revenue Service (IRS) | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 19 |
State and Local Jurisdiction | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | $ 182 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of Change in Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Contingency [Line Items] | |||
Accrued interest and penalties expense (benefit) related to income taxes included in income tax expense | $ (5) | $ (3) | $ (3) |
Gross Unrecognized Tax Benefits | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning balance | 130 | 107 | 114 |
Additions for tax positions related to prior years | 0 | 38 | 9 |
Reductions for tax positions related to prior years due to IRS and other settlements | (45) | (15) | (16) |
Ending balance | 85 | 130 | 107 |
Portion of balance at December 31, that, if recognized, would impact the effective income tax rate | 55 | ||
Accrued Interest and Penalties | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning balance | 33 | 36 | 39 |
Additions for tax positions related to prior years | 6 | 8 | 2 |
Reductions for tax positions related to prior years due to IRS and other settlements | (15) | (11) | (5) |
Ending balance | 24 | 33 | 36 |
Portion of balance at December 31, that, if recognized, would impact the effective income tax rate | 16 | ||
Gross Tax, Interest and Penalties | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning balance | 163 | 143 | 153 |
Additions for tax positions related to prior years | 6 | 46 | 11 |
Reductions for tax positions related to prior years due to IRS and other settlements | (60) | (26) | (21) |
Ending balance | 109 | $ 163 | $ 143 |
Portion of balance at December 31, that, if recognized, would impact the effective income tax rate | $ 71 |
Income Taxes - Income Tax Exami
Income Taxes - Income Tax Examination (Details) $ in Millions | Dec. 31, 2016USD ($) |
Income Tax Examination [Line Items] | |
Undistributed earnings of foreign subsidiaries | $ 1,300 |
Amount of unrecognized deferred tax liability, bad debt reserve for tax purposes of qualified lender | 107 |
Bad debt reserve for tax purposes of qualified lender | $ 287 |
Fair Value Measurement - Schedu
Fair Value Measurement - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Securities available for sale: | ||
Securities available for sale | $ 40,737 | $ 39,061 |
Other assets: | ||
Derivative Assets, Gross Amount | 1,494 | 1,518 |
Consumer MSRs | 80 | 68 |
Liabilities: | ||
Derivative Liabilities, Gross Amount | 1,438 | 520 |
Derivative Asset | 955 | 986 |
Derivative Liabilities | 1,102 | 377 |
Derivative Credit Risk Valuation Adjustment, Derivative Assets (Liabilities) | 5 | 4 |
Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale: | ||
Securities available for sale | 40,737 | 39,061 |
Other assets: | ||
Derivative Assets, Gross Amount | 1,494 | 1,518 |
Other Assets Fair Value, Amount | 500 | 462 |
Total assets | 42,731 | 41,041 |
Liabilities: | ||
Derivative Liabilities, Gross Amount | 1,438 | 520 |
Total liabilities | 1,438 | 520 |
Fair Value, Measurements, Recurring [Member] | Level 1 | ||
Securities available for sale: | ||
Securities available for sale | 5,360 | 5,015 |
Other assets: | ||
Derivative Assets, Gross Amount | 7 | 2 |
Other Assets Fair Value, Amount | 219 | 183 |
Deferred Compensation Plan Assets | 219 | 183 |
Total assets | 5,586 | 5,200 |
Liabilities: | ||
Derivative Liabilities, Gross Amount | 12 | 2 |
Total liabilities | 12 | 2 |
Fair Value, Measurements, Recurring [Member] | Level 2 | ||
Securities available for sale: | ||
Securities available for sale | 34,799 | 33,431 |
Other assets: | ||
Derivative Assets, Gross Amount | 1,440 | 1,459 |
Other Assets Fair Value, Amount | 0 | 0 |
Total assets | 36,239 | 34,890 |
Liabilities: | ||
Derivative Liabilities, Gross Amount | 1,397 | 491 |
Total liabilities | 1,397 | 491 |
Fair Value, Measurements, Recurring [Member] | Level 3 | ||
Securities available for sale: | ||
Securities available for sale | 578 | 615 |
Other assets: | ||
Derivative Assets, Gross Amount | 47 | 57 |
Other Assets Fair Value, Amount | 281 | 279 |
Consumer MSRs | 80 | 68 |
Retained interests in securitizations | 201 | 211 |
Total assets | 906 | 951 |
Liabilities: | ||
Derivative Liabilities, Gross Amount | 29 | 27 |
Total liabilities | 29 | 27 |
US Treasury securities | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale: | ||
Securities available for sale | 5,065 | 4,660 |
US Treasury securities | Fair Value, Measurements, Recurring [Member] | Level 1 | ||
Securities available for sale: | ||
Securities available for sale | 5,065 | 4,660 |
US Treasury securities | Fair Value, Measurements, Recurring [Member] | Level 2 | ||
Securities available for sale: | ||
Securities available for sale | 0 | 0 |
US Treasury securities | Fair Value, Measurements, Recurring [Member] | Level 3 | ||
Securities available for sale: | ||
Securities available for sale | 0 | 0 |
RMBS | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale: | ||
Securities available for sale | 29,249 | 27,311 |
RMBS | Fair Value, Measurements, Recurring [Member] | Level 1 | ||
Securities available for sale: | ||
Securities available for sale | 0 | 0 |
RMBS | Fair Value, Measurements, Recurring [Member] | Level 2 | ||
Securities available for sale: | ||
Securities available for sale | 28,731 | 26,807 |
RMBS | Fair Value, Measurements, Recurring [Member] | Level 3 | ||
Securities available for sale: | ||
Securities available for sale | 518 | 504 |
CMBS | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale: | ||
Securities available for sale | 4,988 | 5,379 |
CMBS | Fair Value, Measurements, Recurring [Member] | Level 1 | ||
Securities available for sale: | ||
Securities available for sale | 0 | 0 |
CMBS | Fair Value, Measurements, Recurring [Member] | Level 2 | ||
Securities available for sale: | ||
Securities available for sale | 4,937 | 5,282 |
CMBS | Fair Value, Measurements, Recurring [Member] | Level 3 | ||
Securities available for sale: | ||
Securities available for sale | 51 | 97 |
Other ABS | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale: | ||
Securities available for sale | 714 | 1,340 |
Other ABS | Fair Value, Measurements, Recurring [Member] | Level 1 | ||
Securities available for sale: | ||
Securities available for sale | 0 | 0 |
Other ABS | Fair Value, Measurements, Recurring [Member] | Level 2 | ||
Securities available for sale: | ||
Securities available for sale | 714 | 1,340 |
Other ABS | Fair Value, Measurements, Recurring [Member] | Level 3 | ||
Securities available for sale: | ||
Securities available for sale | 0 | 0 |
Other securities | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale: | ||
Securities available for sale | 721 | 371 |
Other securities | Fair Value, Measurements, Recurring [Member] | Level 1 | ||
Securities available for sale: | ||
Securities available for sale | 295 | 355 |
Other securities | Fair Value, Measurements, Recurring [Member] | Level 2 | ||
Securities available for sale: | ||
Securities available for sale | 417 | 2 |
Other securities | Fair Value, Measurements, Recurring [Member] | Level 3 | ||
Securities available for sale: | ||
Securities available for sale | $ 9 | $ 14 |
Fair Value Measurement Fair Val
Fair Value Measurement Fair Value Measurement - Schedule of Level 3 Inputs Reconciliation for Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Available-for-sale Securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning balance | $ 615 | $ 1,205 | $ 3,330 |
Total Gains or (Losses) (Realized/Unrealized), Included in Net Income | 22 | 35 | 64 |
Total Gains or (Losses) (Realized/Unrealized), Included in OCI | 9 | 0 | 74 |
Purchases | 420 | 142 | 1,214 |
Sales | 0 | (246) | (248) |
Issuances | 0 | 0 | 0 |
Settlements | (122) | (135) | (320) |
Transfers Into Level 3 | 444 | 343 | 474 |
Transfers Out of Level 3 | (810) | (729) | (3,383) |
Ending balance | 578 | 615 | 1,205 |
Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held | 32 | 36 | 69 |
Corporate debt securities guaranteed by U.S. government agencies | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning balance | 0 | 333 | 927 |
Total Gains or (Losses) (Realized/Unrealized), Included in Net Income | (1) | (5) | |
Total Gains or (Losses) (Realized/Unrealized), Included in OCI | 6 | 20 | |
Purchases | 0 | 0 | |
Sales | (226) | (248) | |
Issuances | 0 | 0 | |
Settlements | (12) | (63) | |
Transfers Into Level 3 | 0 | 64 | |
Transfers Out of Level 3 | (100) | (362) | |
Ending balance | 0 | 333 | |
Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held | 0 | 0 | |
RMBS | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning balance | 504 | 561 | 1,304 |
Total Gains or (Losses) (Realized/Unrealized), Included in Net Income | 31 | 35 | 65 |
Total Gains or (Losses) (Realized/Unrealized), Included in OCI | 9 | (3) | 39 |
Purchases | 110 | 0 | 1,022 |
Sales | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 |
Settlements | (98) | (63) | (171) |
Transfers Into Level 3 | 380 | 343 | 259 |
Transfers Out of Level 3 | (418) | (369) | (1,957) |
Ending balance | 518 | 504 | 561 |
Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held | 32 | 36 | 64 |
CMBS | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning balance | 97 | 228 | 739 |
Total Gains or (Losses) (Realized/Unrealized), Included in Net Income | 0 | 0 | 0 |
Total Gains or (Losses) (Realized/Unrealized), Included in OCI | 0 | (1) | 3 |
Purchases | 266 | 138 | 192 |
Sales | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 |
Settlements | (14) | (52) | (75) |
Transfers Into Level 3 | 64 | 0 | 66 |
Transfers Out of Level 3 | (362) | (216) | (697) |
Ending balance | 51 | 97 | 228 |
Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held | 0 | 0 | 0 |
Other ABS | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning balance | 0 | 65 | 343 |
Total Gains or (Losses) (Realized/Unrealized), Included in Net Income | 0 | 1 | 5 |
Total Gains or (Losses) (Realized/Unrealized), Included in OCI | 0 | (2) | 12 |
Purchases | 30 | 0 | 0 |
Sales | 0 | (20) | 0 |
Issuances | 0 | 0 | 0 |
Settlements | 0 | 0 | (3) |
Transfers Into Level 3 | 0 | 0 | 75 |
Transfers Out of Level 3 | (30) | (44) | (367) |
Ending balance | 0 | 0 | 65 |
Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held | 0 | 0 | 5 |
Other securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning balance | 14 | 18 | 17 |
Total Gains or (Losses) (Realized/Unrealized), Included in Net Income | (9) | 0 | (1) |
Total Gains or (Losses) (Realized/Unrealized), Included in OCI | 0 | 0 | 0 |
Purchases | 14 | 4 | 0 |
Sales | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 |
Settlements | (10) | (8) | (8) |
Transfers Into Level 3 | 0 | 0 | 10 |
Transfers Out of Level 3 | 0 | 0 | 0 |
Ending balance | 9 | 14 | 18 |
Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held | 0 | 0 | 0 |
Consumer MSRs | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning balance | 68 | 53 | 69 |
Total Gains or (Losses) (Realized/Unrealized), Included in Net Income | (5) | (1) | (27) |
Total Gains or (Losses) (Realized/Unrealized), Included in OCI | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 |
Sales | 0 | 0 | 0 |
Issuances | 23 | 22 | 15 |
Settlements | (6) | (6) | (4) |
Transfers Into Level 3 | 0 | 0 | 0 |
Transfers Out of Level 3 | 0 | 0 | 0 |
Ending balance | 80 | 68 | 53 |
Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held | (5) | (1) | (27) |
Derivative Financial Instruments, Assets [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning balance | 57 | 66 | 50 |
Total Gains or (Losses) (Realized/Unrealized), Included in Net Income | 12 | 14 | 20 |
Total Gains or (Losses) (Realized/Unrealized), Included in OCI | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 |
Sales | 0 | 0 | 0 |
Issuances | 69 | 49 | 20 |
Settlements | (73) | (59) | (21) |
Transfers Into Level 3 | 0 | 0 | 0 |
Transfers Out of Level 3 | (18) | (13) | 3 |
Ending balance | 47 | 57 | 66 |
Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held | 12 | 14 | 19 |
Retained interest in securitizations | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning balance | 211 | 221 | 199 |
Total Gains or (Losses) (Realized/Unrealized), Included in Net Income | (10) | (10) | 22 |
Total Gains or (Losses) (Realized/Unrealized), Included in OCI | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 |
Sales | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 |
Transfers Into Level 3 | 0 | 0 | 0 |
Transfers Out of Level 3 | 0 | 0 | 0 |
Ending balance | 201 | 211 | 221 |
Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held | $ (10) | $ (10) | $ 22 |
Fair Value Measurement Fair 143
Fair Value Measurement Fair Value Measurement - Schedule of Level 3 Inputs Reconciliation for Liabilities (Details) - Derivative Financial Instruments, Liabilities [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning balance | $ (27) | $ (43) | $ (38) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | (17) | (9) | (20) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 |
Sales | 0 | 0 | 0 |
Issuances | (33) | (20) | (15) |
Settlements | 40 | 36 | 29 |
Transfers Into Level 3 | 0 | 0 | 0 |
Transfers Out of Level 3 | 8 | 9 | 1 |
Ending balance | (29) | (27) | (43) |
Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held | $ (17) | $ (9) | $ (20) |
Fair Value Measurement - Sch144
Fair Value Measurement - Schedule of Assets Measured at Fair Value on Recurring Basis Quantitative Information about Level 3 Fair Value Measurements (Detail) $ in Millions | Dec. 31, 2016USD ($)$ / SecurityLoan | Dec. 31, 2015USD ($)$ / SecurityLoan |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Securities available for sale | $ 40,737 | $ 39,061 |
Derivative Assets, Gross Amount | 1,494 | 1,518 |
Consumer MSRs | 80 | 68 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Securities available for sale | 40,737 | 39,061 |
Derivative Assets, Gross Amount | 1,494 | 1,518 |
Fair Value, Measurements, Recurring [Member] | RMBS | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Securities available for sale | 29,249 | 27,311 |
Fair Value, Measurements, Recurring [Member] | CMBS | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Securities available for sale | 4,988 | 5,379 |
Fair Value, Measurements, Recurring [Member] | Other ABS | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Securities available for sale | 714 | 1,340 |
Fair Value, Measurements, Recurring [Member] | Level 3 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Securities available for sale | 578 | 615 |
Derivative Assets, Gross Amount | 47 | 57 |
Consumer MSRs | 80 | 68 |
Retained interests in securitizations | 201 | 211 |
Fair Value, Measurements, Recurring [Member] | Level 3 | RMBS | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Securities available for sale | $ 518 | $ 504 |
Fair Value, Measurements, Recurring [Member] | Level 3 | RMBS | Discounted cash flows | Minimum | ||
Fair Value Inputs [Abstract] | ||
Yield (percent) | 0.00% | 0.00% |
Constant prepayment rate (percent) | 0.00% | 0.00% |
Default rate (percent) | 0.00% | 0.00% |
Loss severity (percent) | 9.00% | 16.00% |
Fair Value, Measurements, Recurring [Member] | Level 3 | RMBS | Discounted cash flows | Maximum | ||
Fair Value Inputs [Abstract] | ||
Yield (percent) | 15.00% | 12.00% |
Constant prepayment rate (percent) | 30.00% | 28.00% |
Default rate (percent) | 16.00% | 8.00% |
Loss severity (percent) | 87.00% | 85.00% |
Fair Value, Measurements, Recurring [Member] | Level 3 | RMBS | Discounted cash flows | Weighted Average | ||
Fair Value Inputs [Abstract] | ||
Yield (percent) | 5.00% | 6.00% |
Constant prepayment rate (percent) | 4.00% | 4.00% |
Default rate (percent) | 4.00% | 4.00% |
Loss severity (percent) | 57.00% | 55.00% |
Fair Value, Measurements, Recurring [Member] | Level 3 | CMBS | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Securities available for sale | $ 51 | $ 97 |
Fair Value, Measurements, Recurring [Member] | Level 3 | CMBS | Discounted cash flows | Minimum | ||
Fair Value Inputs [Abstract] | ||
Yield (percent) | 2.00% | 2.00% |
Constant prepayment rate (percent) | 0.00% | 0.00% |
Fair Value, Measurements, Recurring [Member] | Level 3 | CMBS | Discounted cash flows | Maximum | ||
Fair Value Inputs [Abstract] | ||
Yield (percent) | 2.00% | 3.00% |
Constant prepayment rate (percent) | 0.00% | 15.00% |
Fair Value, Measurements, Recurring [Member] | Level 3 | CMBS | Discounted cash flows | Weighted Average | ||
Fair Value Inputs [Abstract] | ||
Yield (percent) | 2.00% | 3.00% |
Constant prepayment rate (percent) | 0.00% | 9.00% |
Fair Value, Measurements, Recurring [Member] | Level 3 | Other ABS | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Securities available for sale | $ 0 | $ 0 |
Fair Value, Measurements, Recurring [Member] | Level 3 | Foreign government bonds | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Securities available for sale | $ 9 | $ 14 |
Fair Value, Measurements, Recurring [Member] | Level 3 | Foreign government bonds | Discounted cash flows | Minimum | ||
Fair Value Inputs [Abstract] | ||
Yield (percent) | 1.00% | 1.00% |
Fair Value, Measurements, Recurring [Member] | Level 3 | Foreign government bonds | Discounted cash flows | Maximum | ||
Fair Value Inputs [Abstract] | ||
Yield (percent) | 2.00% | 1.00% |
Fair Value, Measurements, Recurring [Member] | Level 3 | Foreign government bonds | Discounted cash flows | Weighted Average | ||
Fair Value Inputs [Abstract] | ||
Yield (percent) | 1.00% | 1.00% |
Fair Value, Measurements, Recurring [Member] | Level 3 | Derivative assets | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative Assets, Gross Amount | $ 47 | $ 57 |
Fair Value, Measurements, Recurring [Member] | Level 3 | Derivative assets | Discounted cash flows | Minimum | ||
Fair Value Inputs [Abstract] | ||
Swap rates (percent) | 2.00% | 2.00% |
Fair Value, Measurements, Recurring [Member] | Level 3 | Derivative assets | Discounted cash flows | Maximum | ||
Fair Value Inputs [Abstract] | ||
Swap rates (percent) | 2.00% | 2.00% |
Fair Value, Measurements, Recurring [Member] | Level 3 | Derivative assets | Discounted cash flows | Weighted Average | ||
Fair Value Inputs [Abstract] | ||
Swap rates (percent) | 2.00% | 2.00% |
Fair Value, Measurements, Recurring [Member] | Level 3 | Consumer MSRs | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Consumer MSRs | $ 80 | $ 68 |
Fair Value, Measurements, Recurring [Member] | Level 3 | Consumer MSRs | Discounted cash flows | Minimum | ||
Fair Value Inputs [Abstract] | ||
Total prepayment rate (percent) | 8.00% | 11.00% |
Discount rate (percent) | 15.00% | 12.00% |
Option adjusted spread rate (percent) | 5.80% | 4.35% |
Servicing cost ($ per loan) | $ / SecurityLoan | 75 | 93 |
Fair Value, Measurements, Recurring [Member] | Level 3 | Consumer MSRs | Discounted cash flows | Maximum | ||
Fair Value Inputs [Abstract] | ||
Total prepayment rate (percent) | 20.00% | 18.00% |
Discount rate (percent) | 15.00% | 12.00% |
Option adjusted spread rate (percent) | 15.00% | 15.00% |
Servicing cost ($ per loan) | $ / SecurityLoan | 100 | 201 |
Fair Value, Measurements, Recurring [Member] | Level 3 | Consumer MSRs | Discounted cash flows | Weighted Average | ||
Fair Value Inputs [Abstract] | ||
Total prepayment rate (percent) | 15.00% | 16.00% |
Discount rate (percent) | 15.00% | 12.00% |
Option adjusted spread rate (percent) | 6.36% | 4.74% |
Servicing cost ($ per loan) | $ / SecurityLoan | 76 | 98 |
Fair Value, Measurements, Recurring [Member] | Level 3 | Retained interest in securitizations | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Retained interests in securitizations | $ 201 | $ 211 |
Fair Value, Measurements, Recurring [Member] | Level 3 | Retained interest in securitizations | Discounted cash flows | Minimum | ||
Fair Value Inputs [Abstract] | ||
Life of receivables (months) | 6 months | 16 months |
Constant prepayment rate (percent) | 2.00% | 1.00% |
Default rate (percent) | 1.00% | 2.00% |
Loss severity (percent) | 7.00% | 15.00% |
Discount rate (percent) | 4.00% | 4.00% |
Fair Value, Measurements, Recurring [Member] | Level 3 | Retained interest in securitizations | Discounted cash flows | Maximum | ||
Fair Value Inputs [Abstract] | ||
Life of receivables (months) | 87 months | 75 months |
Constant prepayment rate (percent) | 11.00% | 13.00% |
Default rate (percent) | 6.00% | 6.00% |
Loss severity (percent) | 102.00% | 94.00% |
Discount rate (percent) | 11.00% | 9.00% |
Fair Value Measurement Fair 145
Fair Value Measurement Fair Value Measurement - Schedule of Liabilities Measured at Fair Value on Recurring Basis Quantitative Information about Level 3 Fair Value Measurements (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Derivative Liabilities, Gross Amount | $ 1,438 | $ 520 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Derivative Liabilities, Gross Amount | 1,438 | 520 |
Fair Value, Measurements, Recurring [Member] | Level 3 | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Derivative Liabilities, Gross Amount | 29 | 27 |
Fair Value, Measurements, Recurring [Member] | Level 3 | Derivative liabilities | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Derivative Liabilities, Gross Amount | $ 29 | $ 27 |
Fair Value, Measurements, Recurring [Member] | Level 3 | Derivative liabilities | Discounted cash flows | Minimum | ||
Fair Value Inputs [Abstract] | ||
Swap rates (percent) | 2.00% | 2.00% |
Fair Value, Measurements, Recurring [Member] | Level 3 | Derivative liabilities | Discounted cash flows | Maximum | ||
Fair Value Inputs [Abstract] | ||
Swap rates (percent) | 2.00% | 2.00% |
Fair Value, Measurements, Recurring [Member] | Level 3 | Derivative liabilities | Discounted cash flows | Weighted Average | ||
Fair Value Inputs [Abstract] | ||
Swap rates (percent) | 2.00% | 2.00% |
Fair Value Measurement - Sch146
Fair Value Measurement - Schedule of Assets Measured at Fair Value on Nonrecurring Basis (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net loans held for investment | $ 0 | $ 0 |
Loans held for sale | 1,038 | 860 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net loans held for investment | 242,935 | 222,007 |
Loans held for sale | 0 | 73 |
Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net loans held for investment | 587 | 362 |
Loans held for sale | 157 | 149 |
Other Assets, Fair Value Disclosure | 83 | 92 |
Total | 827 | 603 |
Nonrecurring | Other Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreclosed Properties and Repossessed Assets | 43 | 54 |
Long Lived Assets Held for Sale | 40 | 38 |
Nonrecurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net loans held for investment | 0 | 0 |
Loans held for sale | 157 | 149 |
Other Assets, Fair Value Disclosure | 0 | 0 |
Total | 157 | 149 |
Nonrecurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net loans held for investment | 587 | 362 |
Loans held for sale | 0 | 0 |
Other Assets, Fair Value Disclosure | 83 | 92 |
Total | $ 670 | $ 454 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Detail) - Level 3 - Loans Held for Investment - Appraisal Value | Dec. 31, 2016 | Dec. 31, 2015 |
Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Non-recoverable rate | 0.00% | 9.00% |
Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Non-recoverable rate | 73.00% | 73.00% |
Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Non-recoverable rate | 16.00% | 20.00% |
Fair Value Measurement - Sch148
Fair Value Measurement - Schedule of Earnings Related to Assets Measured at Fair Value on Nonrecurring Basis (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Assets: | |||
Loans held for investment | $ (230) | $ (80) | $ (24) |
Loans held for sale | (2) | (1) | 0 |
Other assets | (19) | (45) | (12) |
Total | $ (251) | $ (126) | $ (36) |
Fair Value Measurement - Sch149
Fair Value Measurement - Schedule of Fair Value of Financial Instruments (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Financial assets: | ||
Securities held to maturity | $ 26,196 | $ 25,317 |
Level 1 | ||
Financial assets: | ||
Cash and cash equivalents | 4,185 | 8,023 |
Restricted cash for securitization investors | 2,517 | 1,017 |
Securities held to maturity | 199 | 198 |
Net loans held for investment | 0 | 0 |
Loans held for sale | 0 | 0 |
Interest receivable | 0 | 0 |
Other investments | 0 | 0 |
Financial liabilities: | ||
Deposits | 25,502 | 25,847 |
Securitized debt obligations | 0 | 0 |
Senior and subordinated notes | 0 | 0 |
Federal funds purchased and securities loaned or sold under agreements to repurchase | 0 | 981 |
Other borrowings | 0 | 0 |
Interest payable | 0 | 0 |
Level 2 | ||
Financial assets: | ||
Cash and cash equivalents | 5,791 | 0 |
Restricted cash for securitization investors | 0 | 0 |
Securities held to maturity | 25,962 | 25,068 |
Net loans held for investment | 0 | 0 |
Loans held for sale | 1,038 | 860 |
Interest receivable | 1,351 | 1,189 |
Other investments | 2,020 | 2,060 |
Financial liabilities: | ||
Deposits | 211,580 | 15,848 |
Securitized debt obligations | 18,920 | 16,225 |
Senior and subordinated notes | 23,774 | 22,062 |
Federal funds purchased and securities loaned or sold under agreements to repurchase | 992 | 0 |
Other borrowings | 17,180 | 20,134 |
Interest payable | 327 | 299 |
Level 3 | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash for securitization investors | 0 | 0 |
Securities held to maturity | 35 | 51 |
Net loans held for investment | 242,935 | 222,007 |
Loans held for sale | 0 | 73 |
Interest receivable | 0 | 0 |
Other investments | 9 | 0 |
Financial liabilities: | ||
Deposits | 0 | 169,227 |
Securitized debt obligations | 0 | 0 |
Senior and subordinated notes | 0 | 0 |
Federal funds purchased and securities loaned or sold under agreements to repurchase | 0 | 0 |
Other borrowings | 0 | 0 |
Interest payable | 0 | 0 |
Carrying Amount | ||
Financial assets: | ||
Cash and cash equivalents | 9,976 | 8,023 |
Restricted cash for securitization investors | 2,517 | 1,017 |
Securities held to maturity | 25,712 | 24,619 |
Net loans held for investment | 239,083 | 224,721 |
Loans held for sale | 1,043 | 904 |
Interest receivable | 1,351 | 1,189 |
Other investments | 2,029 | 2,060 |
Financial liabilities: | ||
Deposits | 236,768 | 217,721 |
Securitized debt obligations | 18,826 | 16,166 |
Senior and subordinated notes | 23,431 | 21,837 |
Federal funds purchased and securities loaned or sold under agreements to repurchase | 992 | 981 |
Other borrowings | 17,211 | 20,131 |
Interest payable | 327 | 299 |
Estimated Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 9,976 | 8,023 |
Restricted cash for securitization investors | 2,517 | 1,017 |
Securities held to maturity | 26,196 | 25,317 |
Net loans held for investment | 242,935 | 222,007 |
Loans held for sale | 1,038 | 933 |
Interest receivable | 1,351 | 1,189 |
Other investments | 2,029 | 2,060 |
Financial liabilities: | ||
Deposits | 237,082 | 210,922 |
Securitized debt obligations | 18,920 | 16,225 |
Senior and subordinated notes | 23,774 | 22,062 |
Federal funds purchased and securities loaned or sold under agreements to repurchase | 992 | 981 |
Other borrowings | 17,180 | 20,134 |
Interest payable | $ 327 | $ 299 |
Business Segments - Additional
Business Segments - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($)Segment | |
Segment Reporting Information [Line Items] | |
Number of Operating Segments | Segment | 3 |
Commercial Banking | Minimum | |
Segment Reporting Information [Line Items] | |
Customer Net Revenue Range | $ 10 |
Commercial Banking | Maximum | |
Segment Reporting Information [Line Items] | |
Customer Net Revenue Range | $ 1,000 |
Business Segments - Schedule of
Business Segments - Schedule of Segment Results and Reconciliation (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | $ 5,447 | $ 5,277 | $ 5,093 | $ 5,056 | $ 4,961 | $ 4,760 | $ 4,537 | $ 4,576 | $ 20,873 | $ 18,834 | $ 17,818 |
Non-interest income | 1,119 | 1,184 | 1,161 | 1,164 | 1,233 | 1,140 | 1,135 | 1,071 | 4,628 | 4,579 | 4,472 |
Total net revenue | 25,501 | 23,413 | 22,290 | ||||||||
Provision for loan, lease and other losses | 1,752 | 1,588 | 1,592 | 1,527 | 1,380 | 1,092 | 1,129 | 935 | 6,459 | 4,536 | 3,541 |
Total non-interest expense | 3,679 | 3,361 | 3,295 | 3,223 | 3,480 | 3,160 | 3,307 | 3,049 | 13,558 | 12,996 | 12,180 |
Income from continuing operations before income taxes | 1,135 | 1,512 | 1,367 | 1,470 | 1,334 | 1,648 | 1,236 | 1,663 | 5,484 | 5,881 | 6,569 |
Income tax provision (benefit) | 342 | 496 | 424 | 452 | 426 | 530 | 384 | 529 | 1,714 | 1,869 | 2,146 |
Income from continuing operations, net of tax | 793 | $ 1,016 | $ 943 | $ 1,018 | 908 | $ 1,118 | $ 852 | $ 1,134 | 3,770 | 4,012 | 4,423 |
Loans held for investment | 245,586 | 229,851 | 245,586 | 229,851 | 208,316 | ||||||
Total deposits | 236,768 | 217,721 | $ 236,768 | $ 217,721 | $ 205,548 | ||||||
Effective income tax rate | 35.00% | 35.00% | 35.00% | ||||||||
Operating Segments | Credit Card | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | $ 12,635 | $ 11,161 | $ 10,310 | ||||||||
Non-interest income | 3,380 | 3,421 | 3,311 | ||||||||
Total net revenue | 16,015 | 14,582 | 13,621 | ||||||||
Provision for loan, lease and other losses | 4,926 | 3,417 | 2,750 | ||||||||
Total non-interest expense | 7,703 | 7,502 | 7,063 | ||||||||
Income from continuing operations before income taxes | 3,386 | 3,663 | 3,808 | ||||||||
Income tax provision (benefit) | 1,226 | 1,309 | 1,329 | ||||||||
Income from continuing operations, net of tax | 2,160 | 2,354 | 2,479 | ||||||||
Loans held for investment | 105,552 | 96,125 | 105,552 | 96,125 | 85,876 | ||||||
Total deposits | 0 | 0 | 0 | 0 | 0 | ||||||
Operating Segments | Consumer Banking | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | 5,829 | 5,755 | 5,748 | ||||||||
Non-interest income | 733 | 710 | 684 | ||||||||
Total net revenue | 6,562 | 6,465 | 6,432 | ||||||||
Provision for loan, lease and other losses | 1,055 | 819 | 703 | ||||||||
Total non-interest expense | 4,139 | 4,026 | 3,869 | ||||||||
Income from continuing operations before income taxes | 1,368 | 1,620 | 1,860 | ||||||||
Income tax provision (benefit) | 498 | 586 | 665 | ||||||||
Income from continuing operations, net of tax | 870 | 1,034 | 1,195 | ||||||||
Loans held for investment | 73,054 | 70,372 | 73,054 | 70,372 | 71,439 | ||||||
Total deposits | 181,917 | 172,702 | 181,917 | 172,702 | 168,078 | ||||||
Operating Segments | Commercial Banking | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | 2,216 | 1,865 | 1,751 | ||||||||
Non-interest income | 578 | 487 | 450 | ||||||||
Total net revenue | 2,794 | 2,352 | 2,201 | ||||||||
Provision for loan, lease and other losses | 483 | 302 | 93 | ||||||||
Total non-interest expense | 1,407 | 1,156 | 1,083 | ||||||||
Income from continuing operations before income taxes | 904 | 894 | 1,025 | ||||||||
Income tax provision (benefit) | 329 | 324 | 366 | ||||||||
Income from continuing operations, net of tax | 575 | 570 | 659 | ||||||||
Loans held for investment | 66,916 | 63,266 | 66,916 | 63,266 | 50,890 | ||||||
Total deposits | 33,866 | 34,257 | 33,866 | 34,257 | 31,954 | ||||||
Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | 193 | 53 | 9 | ||||||||
Non-interest income | (63) | (39) | 27 | ||||||||
Total net revenue | 130 | 14 | 36 | ||||||||
Provision for loan, lease and other losses | (5) | (2) | (5) | ||||||||
Total non-interest expense | 309 | 312 | 165 | ||||||||
Income from continuing operations before income taxes | (174) | (296) | (124) | ||||||||
Income tax provision (benefit) | (339) | (350) | (214) | ||||||||
Income from continuing operations, net of tax | 165 | 54 | 90 | ||||||||
Loans held for investment | 64 | 88 | 64 | 88 | 111 | ||||||
Total deposits | $ 20,985 | $ 10,762 | $ 20,985 | $ 10,762 | $ 5,516 |
Commitments, Contingencies, 152
Commitments, Contingencies, Guarantees, and Others Commitments, Contingencies, Guarantees, and Others - Schedule of letter of credit and other loan commitments (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Loss Contingencies [Line Items] | ||
off-balance sheet lending commitment carrying value | $ 140 | $ 171 |
Letter of credit issued contractual amount and unused commitment to extend credit | 343,202 | 338,014 |
Letter of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 1,936 | 1,874 |
off-balance sheet lending commitment carrying value | 42 | 37 |
Credit Card Portfolio Segment [Member] | ||
Loss Contingencies [Line Items] | ||
Unused Commitments to Extend Credit | 312,864 | 308,257 |
Other Portfolio Segments, Excluding Credit Card | ||
Loss Contingencies [Line Items] | ||
Advised Line of Credit | 699 | 1,000 |
off-balance sheet lending commitment carrying value | 98 | 134 |
Unused Commitments to Extend Credit | $ 28,402 | $ 27,883 |
Commitments, Contingencies, 153
Commitments, Contingencies, Guarantees, and Others - Guarantees, Loss Sharing, U.K Cross Sell (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Loss Contingencies [Line Items] | ||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | $ 5,325 | $ 4,782 |
Insurance Claims [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Range of Possible Loss, Portion Not Accrued | 300 | |
Loss contingency accrual | 238 | 176 |
Loss accrual increase (decrease) | 161 | |
Loss Sharing Agreement | ||
Loss Contingencies [Line Items] | ||
Guarantee obligation | 48 | $ 40 |
Gpm Mfh [Member] | ||
Loss Contingencies [Line Items] | ||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | $ 420 |
Commitments, Contingencies, 154
Commitments, Contingencies, Guarantees, and Others - Schedule of Unpaid Principal Balance of Mortgage Loans Originated and Sold to Third Parties Based on Category of Purchaser (Details) $ in Millions | 49 Months Ended | |||
Feb. 28, 2009Subsidiary | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Loss Contingencies [Line Items] | ||||
Number of subsidiaries acquired that originated residential mortgage loans | Subsidiary | 3 | |||
Mortgage Loans on Real Estate, Sold to Third Party [Abstract] | ||||
Losses realized by third party | $ 23,000 | |||
Subsidiaries | ||||
Mortgage Loans on Real Estate, Sold to Third Party [Abstract] | ||||
Estimated Unpaid Principal Balance | 17,000 | $ 20,000 | ||
Unpaid principal balance, delinquent 90 days or greater | 3,000 | |||
Unresolved Repurchase Claims, Face Amount | 1,369 | 1,350 | $ 2,512 | |
Subsidiaries | 2005 to 2008 Year | ||||
Mortgage Loans on Real Estate, Sold to Third Party [Abstract] | ||||
Original Principal Balance | 111,000 | |||
Subsidiaries | 2008 | ||||
Mortgage Loans on Real Estate, Sold to Third Party [Abstract] | ||||
Original Principal Balance | 4,000 | |||
Subsidiaries | 2007 | ||||
Mortgage Loans on Real Estate, Sold to Third Party [Abstract] | ||||
Original Principal Balance | 21,000 | |||
Subsidiaries | 2006 | ||||
Mortgage Loans on Real Estate, Sold to Third Party [Abstract] | ||||
Original Principal Balance | 41,000 | |||
Subsidiaries | 2005 | ||||
Mortgage Loans on Real Estate, Sold to Third Party [Abstract] | ||||
Original Principal Balance | 45,000 | |||
Subsidiaries | Government-sponsored enterprises (“GSEs”) | ||||
Mortgage Loans on Real Estate, Sold to Third Party [Abstract] | ||||
Estimated Unpaid Principal Balance | 2,000 | 2,000 | ||
Unresolved Repurchase Claims, Face Amount | 8 | 1 | 16 | |
Subsidiaries | Government-sponsored enterprises (“GSEs”) | 2005 to 2008 Year | ||||
Mortgage Loans on Real Estate, Sold to Third Party [Abstract] | ||||
Original Principal Balance | 11,000 | |||
Subsidiaries | Government-sponsored enterprises (“GSEs”) | 2008 | ||||
Mortgage Loans on Real Estate, Sold to Third Party [Abstract] | ||||
Original Principal Balance | 1,000 | |||
Subsidiaries | Government-sponsored enterprises (“GSEs”) | 2007 | ||||
Mortgage Loans on Real Estate, Sold to Third Party [Abstract] | ||||
Original Principal Balance | 4,000 | |||
Subsidiaries | Government-sponsored enterprises (“GSEs”) | 2006 | ||||
Mortgage Loans on Real Estate, Sold to Third Party [Abstract] | ||||
Original Principal Balance | 3,000 | |||
Subsidiaries | Government-sponsored enterprises (“GSEs”) | 2005 | ||||
Mortgage Loans on Real Estate, Sold to Third Party [Abstract] | ||||
Original Principal Balance | 3,000 | |||
Subsidiaries | Insured Securitizations | ||||
Mortgage Loans on Real Estate, Sold to Third Party [Abstract] | ||||
Estimated Unpaid Principal Balance | 3,000 | 4,000 | ||
Unresolved Repurchase Claims, Face Amount | 535 | 534 | 649 | |
Subsidiaries | Insured Securitizations | 2005 to 2008 Year | ||||
Mortgage Loans on Real Estate, Sold to Third Party [Abstract] | ||||
Original Principal Balance | $ 20,000 | |||
Percent covered by bond insurance | 48.00% | |||
Original principal balance, sold to third party with repurchase requests | $ 16,000 | |||
Original principal balance, sold to third party without repurchase requests | 4,000 | |||
Subsidiaries | Insured Securitizations | 2008 | ||||
Mortgage Loans on Real Estate, Sold to Third Party [Abstract] | ||||
Original Principal Balance | 0 | |||
Subsidiaries | Insured Securitizations | 2007 | ||||
Mortgage Loans on Real Estate, Sold to Third Party [Abstract] | ||||
Original Principal Balance | 2,000 | |||
Subsidiaries | Insured Securitizations | 2006 | ||||
Mortgage Loans on Real Estate, Sold to Third Party [Abstract] | ||||
Original Principal Balance | 8,000 | |||
Subsidiaries | Insured Securitizations | 2005 | ||||
Mortgage Loans on Real Estate, Sold to Third Party [Abstract] | ||||
Original Principal Balance | 10,000 | |||
Subsidiaries | Uninsured Securitizations and Other | ||||
Mortgage Loans on Real Estate, Sold to Third Party [Abstract] | ||||
Estimated Unpaid Principal Balance | 12,000 | 14,000 | ||
Unresolved Repurchase Claims, Face Amount | 826 | 815 | $ 1,847 | |
Subsidiaries | Uninsured Securitizations and Other | 2005 to 2008 Year | ||||
Mortgage Loans on Real Estate, Sold to Third Party [Abstract] | ||||
Original Principal Balance | 80,000 | |||
Subsidiaries | Uninsured Securitizations and Other | 2008 | ||||
Mortgage Loans on Real Estate, Sold to Third Party [Abstract] | ||||
Original Principal Balance | 3,000 | |||
Subsidiaries | Uninsured Securitizations and Other | 2007 | ||||
Mortgage Loans on Real Estate, Sold to Third Party [Abstract] | ||||
Original Principal Balance | 15,000 | |||
Subsidiaries | Uninsured Securitizations and Other | 2006 | ||||
Mortgage Loans on Real Estate, Sold to Third Party [Abstract] | ||||
Original Principal Balance | 30,000 | |||
Subsidiaries | Uninsured Securitizations and Other | 2005 | ||||
Mortgage Loans on Real Estate, Sold to Third Party [Abstract] | ||||
Original Principal Balance | 32,000 | |||
Subsidiaries | Uninsured Securitizations | 2005 to 2008 Year | ||||
Mortgage Loans on Real Estate, Sold to Third Party [Abstract] | ||||
Original Principal Balance | 48,000 | |||
Subsidiaries | Private Investors | 2005 to 2008 Year | ||||
Mortgage Loans on Real Estate, Sold to Third Party [Abstract] | ||||
Original Principal Balance | 22,000 | |||
Subsidiaries | Various Known and Unknown Investors | 2005 to 2008 Year | ||||
Mortgage Loans on Real Estate, Sold to Third Party [Abstract] | ||||
Original Principal Balance | 10,000 | |||
Representation and Warranty Liability [Member] | Subsidiaries | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency, Range of Possible Loss, Portion Not Accrued | $ 1,500 | $ 1,600 |
Commitments, Contingencies, 155
Commitments, Contingencies, Guarantees, and Others - Schedule of Open Claims in Pipeline (Details) - Subsidiaries - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Unresolved Repurchase Claims [Roll Forward] | ||
Open claims, beginning balance | $ 1,350 | $ 2,512 |
Gross new demands received | 28 | 46 |
Loans repurchased/made whole | (4) | (18) |
Demands rescinded | (5) | (1,190) |
Open claims, ending balance | 1,369 | 1,350 |
Government-sponsored enterprises (“GSEs”) | ||
Unresolved Repurchase Claims [Roll Forward] | ||
Open claims, beginning balance | 1 | 16 |
Gross new demands received | 14 | 23 |
Loans repurchased/made whole | (4) | (17) |
Demands rescinded | (3) | (21) |
Open claims, ending balance | 8 | 1 |
Insured Securitizations | ||
Unresolved Repurchase Claims [Roll Forward] | ||
Open claims, beginning balance | 534 | 649 |
Gross new demands received | 1 | 0 |
Loans repurchased/made whole | 0 | 0 |
Demands rescinded | 0 | (115) |
Open claims, ending balance | 535 | 534 |
Uninsured Securitizations and Other | ||
Unresolved Repurchase Claims [Roll Forward] | ||
Open claims, beginning balance | 815 | 1,847 |
Gross new demands received | 13 | 23 |
Loans repurchased/made whole | 0 | (1) |
Demands rescinded | (2) | (1,054) |
Open claims, ending balance | $ 826 | $ 815 |
Commitments, Contingencies, 156
Commitments, Contingencies, Guarantees, and Others - Schedule of Changes in Representation and Warranty Reserve (Details) - Subsidiaries - Representation and Warranty Liability [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Loss Contingency Accrual [Roll Forward] | |||
Representation and warranty repurchase reserve, beginning of period | $ 610 | $ 731 | $ 1,172 |
Provision (benefit) for mortgage representation and warranty losses | 19 | (80) | (33) |
Net realized losses | 1 | (41) | (408) |
Representation and warranty repurchase reserve, end of period | 630 | 610 | 731 |
Continuing Operations | |||
Loss Contingency Accrual [Roll Forward] | |||
Provision (benefit) for mortgage representation and warranty losses | (2) | (16) | (26) |
Discontinued Operations | |||
Loss Contingency Accrual [Roll Forward] | |||
Provision (benefit) for mortgage representation and warranty losses | $ 21 | $ (64) | $ (7) |
Commitments, Contingencies, 157
Commitments, Contingencies, Guarantees, and Others - Schedule of Allocation of Representation and Warranty Reserves (Details) $ in Millions | 12 Months Ended | 49 Months Ended | |||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Feb. 28, 2009Subsidiary | Dec. 31, 2013USD ($) | |
Loss Contingencies [Line Items] | |||||
Number of subsidiaries acquired that originated residential mortgage loans | Subsidiary | 3 | ||||
Subsidiaries | 2005 to 2008 Year | |||||
Loss Contingencies [Line Items] | |||||
Loans sold 2005 to 2008 | $ 111,000 | ||||
Subsidiaries | Active Insured Securitizations and GSEs | |||||
Loss Contingencies [Line Items] | |||||
Loans sold 2005 to 2008 | 27,000 | ||||
Subsidiaries | Inactive Insured Securitizations and Others | |||||
Loss Contingencies [Line Items] | |||||
Loans sold 2005 to 2008 | 84,000 | ||||
Subsidiaries | Government-sponsored enterprises (“GSEs”) | 2005 to 2008 Year | |||||
Loss Contingencies [Line Items] | |||||
Loans sold 2005 to 2008 | 11,000 | ||||
Subsidiaries | Insured Securitizations | 2005 to 2008 Year | |||||
Loss Contingencies [Line Items] | |||||
Loans sold 2005 to 2008 | 20,000 | ||||
Original principal balance, sold to third party with repurchase requests | 16,000 | ||||
Original principal balance, sold to third party without repurchase requests | 4,000 | ||||
Subsidiaries | Uninsured Securitizations | 2005 to 2008 Year | |||||
Loss Contingencies [Line Items] | |||||
Loans sold 2005 to 2008 | 48,000 | ||||
Subsidiaries | Private Investors | 2005 to 2008 Year | |||||
Loss Contingencies [Line Items] | |||||
Loans sold 2005 to 2008 | 22,000 | ||||
Subsidiaries | Representation and Warranty Liability [Member] | |||||
Loss Contingencies [Line Items] | |||||
Reserve liability | 630 | $ 610 | $ 731 | $ 1,172 | |
Loss Contingency Accrual, Provision | 19 | (80) | (33) | ||
Loss Contingency, Range of Possible Loss, Portion Not Accrued | 1,500 | 1,600 | |||
Net realized losses | 1 | (41) | (408) | ||
Subsidiaries | Representation and Warranty Liability [Member] | Active Insured Securitizations and GSEs | |||||
Loss Contingencies [Line Items] | |||||
Reserve liability | 499 | 480 | |||
Subsidiaries | Representation and Warranty Liability [Member] | Inactive Insured Securitizations and Others | |||||
Loss Contingencies [Line Items] | |||||
Reserve liability | 131 | 130 | |||
Continuing Operations | Subsidiaries | Representation and Warranty Liability [Member] | |||||
Loss Contingencies [Line Items] | |||||
Loss Contingency Accrual, Provision | (2) | (16) | (26) | ||
Discontinued Operations | Subsidiaries | Representation and Warranty Liability [Member] | |||||
Loss Contingencies [Line Items] | |||||
Loss Contingency Accrual, Provision | $ 21 | $ (64) | $ (7) |
Commitments, Contingencies, 158
Commitments, Contingencies, Guarantees, and Others - Litigation (Details) $ in Millions | 1 Months Ended | 3 Months Ended | ||||||
Sep. 30, 2015claim | Mar. 31, 2015claim | Apr. 30, 2014patent | Dec. 31, 2013claimpatent | Jul. 31, 2012USD ($) | Feb. 28, 2009USD ($)ContractMortgageLoan | Jul. 31, 2012USD ($)summontrust | Dec. 31, 2016USD ($)claim | |
Loss Contingencies [Line Items] | ||||||||
Loss contingency, estimate of possible loss | $ 200 | |||||||
Intellectual Ventures Corp | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of claims dismissed | claim | 4 | 1 | 2 | |||||
Number of claims pending | claim | 3 | |||||||
Pending Litigation | Interchange Litigation | ||||||||
Loss Contingencies [Line Items] | ||||||||
Litigation settlement, attributable to reporting entity and third party | $ 6,600 | |||||||
Litigation settlement, attributable to reporting entity and third party, percent of transactions | 0.10% | |||||||
Litigation settlement, attributable to reporting entity and third party, period of payment of settlement | 8 months | |||||||
Pending Litigation | Intellectual Ventures Corp | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of patents not infringed | patent | 2 | 1 | ||||||
GreenPoint Subsidiary | Pending Litigation | U.S. Bank Litigation | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of contracts breached | Contract | 2 | |||||||
Number of mortgage loans sold to third party under litigation | MortgageLoan | 30,000 | |||||||
Mortgage loans sold to third party, face amount under litigation | $ 1,800 | |||||||
GreenPoint Subsidiary | Pending Litigation | FHFA Litigation | ||||||||
Loss Contingencies [Line Items] | ||||||||
Mortgage loans sold to third party, face amount under litigation | $ 3,400 | $ 3,400 | ||||||
Number of summons filed | summon | 3 | |||||||
Number of residential mortgage backed securities trusts | trust | 3 |
Capital One Financial Corpor159
Capital One Financial Corporation (Parent Company Only) - Statements of Income (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Interest from temporary investments | $ 6,009 | $ 5,794 | $ 5,571 | $ 5,517 | $ 5,384 | $ 5,164 | $ 4,937 | $ 4,974 | $ 22,891 | $ 20,459 | $ 19,397 |
Interest expense | 562 | 517 | 478 | 461 | 423 | 404 | 400 | 398 | 2,018 | 1,625 | 1,579 |
Non-interest income | 1,119 | 1,184 | 1,161 | 1,164 | 1,233 | 1,140 | 1,135 | 1,071 | 4,628 | 4,579 | 4,472 |
Non-interest expense | 3,679 | 3,361 | 3,295 | 3,223 | 3,480 | 3,160 | 3,307 | 3,049 | 13,558 | 12,996 | 12,180 |
Income tax (benefit) | 342 | 496 | 424 | 452 | 426 | 530 | 384 | 529 | 1,714 | 1,869 | 2,146 |
Net income | $ 791 | $ 1,005 | $ 942 | $ 1,013 | $ 920 | $ 1,114 | $ 863 | $ 1,153 | 3,751 | 4,050 | 4,428 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 3,418 | 3,864 | 4,870 | ||||||||
Parent Company | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Interest from temporary investments | 120 | 120 | 114 | ||||||||
Interest expense | 258 | 185 | 204 | ||||||||
Dividends from Subsidiaries | 3,936 | 450 | 3,449 | ||||||||
Non-interest income | (13) | 10 | 53 | ||||||||
Non-interest expense | 48 | 178 | 85 | ||||||||
Income before income taxes and equity in undistributed earnings of subsidiaries | 3,737 | 217 | 3,327 | ||||||||
Income tax (benefit) | (79) | (67) | 11 | ||||||||
Income (loss) from subsidiary including discontinued operations, net of tax | (65) | 3,766 | 1,112 | ||||||||
Net income | 3,751 | 4,050 | 4,428 | ||||||||
Other Comprehensive Income (Loss), Net of Tax | (333) | (186) | 442 | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 3,418 | $ 3,864 | $ 4,870 |
Capital One Financial Corpor160
Capital One Financial Corporation (Parent Company Only) - Balance Sheets (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Assets: | ||||
Cash and cash equivalents | $ 9,976 | $ 8,023 | $ 7,242 | $ 6,291 |
Securities available for sale | 40,737 | 39,061 | ||
Other assets | 18,420 | 16,450 | ||
Total assets | 357,033 | 334,048 | ||
Liabilities: | ||||
Senior and subordinated notes | 23,431 | 21,837 | ||
Other borrowings | 17,211 | 20,131 | ||
Accrued expenses and other liabilities | 11,964 | 9,629 | ||
Total liabilities | 309,519 | 286,764 | ||
Stockholders’ equity: | ||||
Total stockholders’ equity | 47,514 | 47,284 | 45,053 | 41,632 |
Total liabilities and stockholders’ equity | 357,033 | 334,048 | ||
Parent Company | ||||
Assets: | ||||
Cash and cash equivalents | 7,296 | 7,245 | $ 8,262 | $ 7,185 |
Investment in subsidiaries | 48,297 | 48,676 | ||
Loans to subsidiaries | 592 | 521 | ||
Securities available for sale | 901 | 905 | ||
Other assets | 672 | 739 | ||
Total assets | 57,758 | 58,086 | ||
Liabilities: | ||||
Senior and subordinated notes | 8,304 | 8,657 | ||
Other borrowings | 1,610 | 1,591 | ||
Accrued expenses and other liabilities | 330 | 554 | ||
Total liabilities | 10,244 | 10,802 | ||
Stockholders’ equity: | ||||
Total stockholders’ equity | 47,514 | 47,284 | ||
Total liabilities and stockholders’ equity | $ 57,758 | $ 58,086 |
Capital One Financial Corpor161
Capital One Financial Corporation (Parent Company Only) - Statements of Cash Flows (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating activities: | |||||||||||
Net income | $ 791 | $ 1,005 | $ 942 | $ 1,013 | $ 920 | $ 1,114 | $ 863 | $ 1,153 | $ 3,751 | $ 4,050 | $ 4,428 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
Net cash from operating activities | 11,856 | 10,127 | 9,304 | ||||||||
Investing activities: | |||||||||||
Purchase of securities available for sale | (14,154) | (12,200) | (12,650) | ||||||||
Net cash from investing activities | (25,630) | (29,726) | (15,991) | ||||||||
Common Stock | |||||||||||
Net proceeds from issuances | 131 | 111 | 100 | ||||||||
Dividends paid | (812) | (816) | (679) | ||||||||
Preferred Stock | |||||||||||
Net proceeds from issuances | 1,066 | 1,472 | 969 | ||||||||
Dividends paid | (214) | (158) | (67) | ||||||||
Purchases of treasury stock | (3,661) | (2,441) | (2,045) | ||||||||
Proceeds from share-based payment activities | 142 | 85 | 146 | ||||||||
Net cash from financing activities | 15,727 | 20,380 | 7,638 | ||||||||
Changes in cash and cash equivalents | 1,953 | 781 | 951 | ||||||||
Cash and cash equivalents at beginning of the period | 8,023 | 7,242 | 8,023 | 7,242 | 6,291 | ||||||
Cash and cash equivalents at end of the period | 9,976 | 8,023 | 9,976 | 8,023 | 7,242 | ||||||
Parent Company | |||||||||||
Operating activities: | |||||||||||
Net income | 3,751 | 4,050 | 4,428 | ||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
Equity in undistributed earnings of subsidiaries | 65 | (3,766) | (1,112) | ||||||||
Other operating activities | (10) | (300) | (83) | ||||||||
Net cash from operating activities | 3,806 | (16) | 3,233 | ||||||||
Investing activities: | |||||||||||
Net payments (to) from subsidiaries | (163) | (172) | 94 | ||||||||
Proceeds from paydowns and maturities of securities available for sale | 71 | 65 | 50 | ||||||||
Purchase of securities available for sale | 0 | 0 | (143) | ||||||||
Changes in loans to subsidiaries | (71) | 973 | (7) | ||||||||
Net cash from investing activities | (163) | 866 | (6) | ||||||||
Financing activities: | |||||||||||
Changes in borrowings from subsidiaries | 19 | 18 | 28 | ||||||||
Proceeds from issuance of senior notes and sub notes | 1,487 | 2,487 | 1,498 | ||||||||
Proceeds from paydowns and maturities of senior and subordinated notes | (1,750) | (2,625) | (2,100) | ||||||||
Common Stock | |||||||||||
Net proceeds from issuances | 131 | 111 | 100 | ||||||||
Dividends paid | (812) | (816) | (679) | ||||||||
Preferred Stock | |||||||||||
Net proceeds from issuances | 1,066 | 1,472 | 969 | ||||||||
Dividends paid | (214) | (158) | (67) | ||||||||
Purchases of treasury stock | (3,661) | (2,441) | (2,045) | ||||||||
Proceeds from share-based payment activities | 142 | 85 | 146 | ||||||||
Net cash from financing activities | (3,592) | (1,867) | (2,150) | ||||||||
Changes in cash and cash equivalents | 51 | (1,017) | 1,077 | ||||||||
Cash and cash equivalents at beginning of the period | $ 7,245 | $ 8,262 | 7,245 | 8,262 | 7,185 | ||||||
Cash and cash equivalents at end of the period | $ 7,296 | $ 7,245 | $ 7,296 | $ 7,245 | $ 8,262 |
Selected Quarterly Financial162
Selected Quarterly Financial Information (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Statement Information [Line Items] | ||||||||||||
Total interest income | $ 6,009 | $ 5,794 | $ 5,571 | $ 5,517 | $ 5,384 | $ 5,164 | $ 4,937 | $ 4,974 | $ 22,891 | $ 20,459 | $ 19,397 | |
Interest expense | 562 | 517 | 478 | 461 | 423 | 404 | 400 | 398 | 2,018 | 1,625 | 1,579 | |
Net interest income | 5,447 | 5,277 | 5,093 | 5,056 | 4,961 | 4,760 | 4,537 | 4,576 | 20,873 | 18,834 | 17,818 | |
Provision for loan, lease and other losses | 1,752 | 1,588 | 1,592 | 1,527 | 1,380 | 1,092 | 1,129 | 935 | 6,459 | 4,536 | 3,541 | |
Net interest income after provision for credit losses | 3,695 | 3,689 | 3,501 | 3,529 | 3,581 | 3,668 | 3,408 | 3,641 | 14,414 | 14,298 | 14,277 | |
Non-interest income | 1,119 | 1,184 | 1,161 | 1,164 | 1,233 | 1,140 | 1,135 | 1,071 | 4,628 | 4,579 | 4,472 | |
Non-interest expense | 3,679 | 3,361 | 3,295 | 3,223 | 3,480 | 3,160 | 3,307 | 3,049 | 13,558 | 12,996 | 12,180 | |
Income from continuing operations before income taxes | 1,135 | 1,512 | 1,367 | 1,470 | 1,334 | 1,648 | 1,236 | 1,663 | 5,484 | 5,881 | 6,569 | |
Income tax provision (benefit) | 342 | 496 | 424 | 452 | 426 | 530 | 384 | 529 | 1,714 | 1,869 | 2,146 | |
Income from continuing operations, net of tax | 793 | 1,016 | 943 | 1,018 | 908 | 1,118 | 852 | 1,134 | 3,770 | 4,012 | 4,423 | |
Income (loss) from discontinued operations, net of tax | (2) | (11) | (1) | (5) | 12 | (4) | 11 | 19 | (19) | 38 | 5 | |
Net income | 791 | 1,005 | 942 | 1,013 | 920 | 1,114 | 863 | 1,153 | 3,751 | 4,050 | 4,428 | |
Dividends and undistributed earnings allocated to participating securities | (6) | (6) | (6) | (6) | (4) | (6) | (4) | (6) | (24) | (20) | (18) | |
Preferred stock dividends | (75) | (37) | (65) | (37) | (68) | (29) | (29) | (32) | (214) | (158) | (67) | |
Net income available to common stockholders | $ 710 | $ 962 | $ 871 | $ 970 | $ 848 | $ 1,079 | $ 830 | $ 1,115 | $ 3,513 | $ 3,872 | $ 4,343 | |
Basic earnings per common share: | ||||||||||||
Net income from continuing operations (in dollars per share) | $ 1.47 | $ 1.94 | $ 1.70 | $ 1.86 | $ 1.58 | $ 2.01 | $ 1.50 | $ 2 | $ 7 | $ 7.08 | $ 7.70 | |
Income (loss) discontinued operations (in dollars per share) | 0 | (0.02) | 0 | (0.01) | 0.02 | (0.01) | 0.02 | 0.03 | (0.04) | 0.07 | 0.01 | |
Net income per basic common share (in dollars per share) | 1.47 | 1.92 | 1.70 | 1.85 | 1.60 | 2 | 1.52 | 2.03 | 6.96 | 7.15 | 7.71 | |
Diluted earnings per common share: | ||||||||||||
Net income from continuing operations (in dollars per share) | 1.45 | 1.92 | 1.69 | 1.85 | 1.56 | 1.99 | 1.48 | 1.97 | 6.93 | 7 | 7.58 | |
Income (loss) from discontinued operations (in dollars per share) | 0 | (0.02) | 0 | (0.01) | 0.02 | (0.01) | 0.02 | 0.03 | (0.04) | 0.07 | 0.01 | |
Net income per diluted common share (in dollars per share) | $ 1.45 | $ 1.90 | $ 1.69 | $ 1.84 | $ 1.58 | $ 1.98 | $ 1.50 | $ 2 | $ 6.89 | $ 7.07 | $ 7.59 | |
Weighted average common shares outstanding: | ||||||||||||
Basic common shares | 483.5 | 501.1 | 511.7 | 523.5 | 530.8 | 540.6 | 545.6 | 550.2 | 504.9 | 541.8 | 563.1 | |
Diluted common shares | 489.2 | 505.9 | 516.5 | 528 | 536.3 | 546.3 | 552 | 557.2 | 509.8 | 548 | 571.9 | |
Average balance sheet data: | ||||||||||||
Loans held for investment | $ 245,586 | $ 229,851 | $ 245,586 | $ 229,851 | $ 208,316 | |||||||
Total assets | 357,033 | 334,048 | 357,033 | 334,048 | ||||||||
Interest-bearing deposits | 211,266 | 191,874 | 211,266 | 191,874 | ||||||||
Total deposits | 236,768 | 217,721 | 236,768 | 217,721 | 205,548 | |||||||
Total stockholders’ equity | 47,514 | 47,284 | 47,514 | 47,284 | $ 45,053 | $ 41,632 | ||||||
Weighted Average | ||||||||||||
Average balance sheet data: | ||||||||||||
Loans held for investment | 240,027 | $ 235,843 | $ 230,379 | $ 226,736 | 220,052 | $ 211,227 | $ 206,337 | $ 205,194 | 240,027 | 220,052 | ||
Interest-earning assets | 317,853 | 310,987 | 302,764 | 299,456 | 292,054 | 283,082 | 276,585 | 278,427 | 317,853 | 292,054 | ||
Total assets | 350,225 | 343,153 | 334,479 | 331,919 | 323,354 | 313,822 | 307,206 | 309,401 | 350,225 | 323,354 | ||
Interest-bearing deposits | 206,464 | 196,913 | 195,641 | 194,125 | 189,885 | 185,800 | 183,946 | 182,998 | 206,464 | 189,885 | ||
Total deposits | 232,204 | 222,251 | 221,146 | 219,180 | 215,899 | 210,974 | 209,143 | 207,851 | 232,204 | 215,899 | ||
Borrowings | 58,624 | 60,708 | 54,359 | 53,761 | 48,850 | 45,070 | 41,650 | 46,082 | 58,624 | 48,850 | ||
Total stockholders’ equity | $ 47,972 | $ 49,033 | $ 48,934 | $ 49,078 | $ 48,712 | $ 48,456 | $ 47,255 | $ 46,397 | $ 47,972 | $ 48,712 |