US BANCORP \DE\, 10-K filed on 2/20/2024
Annual Report
v3.24.0.1
Cover Page - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2023
Jan. 31, 2024
Jun. 30, 2023
Document Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2023    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 1-6880    
Entity Registrant Name US BANCORP \DE\    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 41-0255900    
Entity Address, Address Line One 800 Nicollet Mall    
Entity Address, City or Town Minneapolis    
Entity Address, State or Province MN    
Entity Address, Postal Zip Code 55402    
City Area Code 651    
Local Phone Number 466-3000    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] true    
Document Financial Statement Restatement Recovery Analysis [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 50.6
Entity Common Stock, Shares Outstanding   1,558,133,431  
Auditor Firm ID 42    
Auditor Name Ernst & Young LLP    
Auditor Location Minneapolis, Minnesota    
Documents Incorporated by Reference
DocumentParts Into Which Incorporated
1.Portions of the Annual Report to Shareholders for the Fiscal Year Ended December 31, 2023 (the “2023 Annual Report”)
Parts I and II
2.Portions of the Proxy Statement for the Annual Meeting of Shareholders to be held April 16, 2024 (the “Proxy Statement”)
Part III
    
Amendment Flag false    
Document Fiscal Period Focus FY    
Document Fiscal Year Focus 2023    
Entity Central Index Key 0000036104    
0.850% Medium-Term Notes, Series X (Senior), due June 7, 2024      
Document Information [Line Items]      
Title of 12(b) Security 0.850% Medium-Term Notes, Series X (Senior), due June 7, 2024    
Trading Symbol USB/24B    
Security Exchange Name NYSE    
Common Stock      
Document Information [Line Items]      
Title of 12(b) Security Common Stock, $.01 par value per share    
Trading Symbol USB    
Security Exchange Name NYSE    
Depositary Shares (each representing 1/100th interest in a share of Series A Non-Cumulative Perpetual Preferred Stock, par value $1.00)      
Document Information [Line Items]      
Title of 12(b) Security Depositary Shares (each representing 1/100th interest in a share of Series A Non-Cumulative Perpetual Preferred Stock, par value $1.00)    
Trading Symbol USB PrA    
Security Exchange Name NYSE    
Depositary Shares (each representing 1/1,000th interest in a share of Series B Non-Cumulative Perpetual Preferred Stock, par value $1.00)      
Document Information [Line Items]      
Title of 12(b) Security Depositary Shares (each representing 1/1,000th interest in a share of Series B Non-Cumulative Perpetual Preferred Stock, par value $1.00)    
Trading Symbol USB PrH    
Security Exchange Name NYSE    
Depositary Shares (each representing 1/1,000th interest in a share of Series K Non-Cumulative Perpetual Preferred Stock, par value $1.00)      
Document Information [Line Items]      
Title of 12(b) Security Depositary Shares (each representing 1/1,000th interest in a share of Series K Non-Cumulative Perpetual Preferred Stock, par value $1.00)    
Trading Symbol USB PrP    
Security Exchange Name NYSE    
Depositary Shares (each representing 1/1,000th interest in a share of Series L Non-Cumulative Perpetual Preferred Stock, par value $1.00)      
Document Information [Line Items]      
Title of 12(b) Security Depositary Shares (each representing 1/1,000th interest in a share of Series L Non-Cumulative Perpetual Preferred Stock, par value $1.00)    
Trading Symbol USB PrQ    
Security Exchange Name NYSE    
Depositary Shares (each representing 1/1,000th interest in a share of Series M Non-Cumulative Perpetual Preferred Stock, par value $1.00)      
Document Information [Line Items]      
Title of 12(b) Security Depositary Shares (each representing 1/1,000th interest in a share of Series M Non-Cumulative Perpetual Preferred Stock, par value $1.00)    
Trading Symbol USB PrR    
Security Exchange Name NYSE    
Depositary Shares (each representing 1/1,000th interest in a share of Series O Non-Cumulative Perpetual Preferred Stock, par value $1.00)      
Document Information [Line Items]      
Title of 12(b) Security Depositary Shares (each representing 1/1,000th interest in a share of Series O Non-Cumulative Perpetual Preferred Stock, par value $1.00)    
Trading Symbol USB PrS    
Security Exchange Name NYSE    
v3.24.0.1
Consolidated Balance Sheet - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Assets    
Cash and due from banks $ 61,192 $ 53,542
Investment securities    
Held-to-maturity (fair value $74,088 and $77,874, respectively) 84,045 88,740
Available-for-sale ($338 and $858 pledged as collateral, respectively) [1] 69,706 72,910
Loans held for sale (including $2,011 and $1,849 of mortgage loans carried at fair value, respectively) 2,201 2,200
Loans    
Total loans 373,835 388,213
Less allowance for loan losses (7,379) (6,936)
Net loans 366,456 381,277
Premises and equipment 3,623 3,858
Goodwill 12,489 12,373
Other intangible assets 6,084 7,155
Other assets (including $3,548 and $702 of trading securities at fair value pledged as collateral, respectively) [1] 57,695 52,750
Total assets 663,491 674,805
Deposits    
Noninterest-bearing 89,989 137,743
Interest-bearing (including $2,818 of time deposits carried at fair value at December 31, 2023) 422,323 387,233
Total deposits 512,312 524,976
Short-term borrowings 15,279 31,216
Long-term debt 51,480 39,829
Other liabilities 28,649 27,552
Total liabilities 607,720 623,573
Shareholders’ equity    
Preferred stock 6,808 6,808
Common stock, par value $0.01 a share — authorized: 4,000,000,000 shares; issued: 2023 and 2022—2,125,725,742 shares 21 21
Capital surplus 8,673 8,712
Retained earnings 74,026 71,901
Less cost of common stock in treasury: 2023 — 567,732,687 shares; 2022 — 594,747,484 shares (24,126) (25,269)
Accumulated other comprehensive income (loss) (10,096) (11,407)
Total U.S. Bancorp shareholders’ equity 55,306 50,766
Noncontrolling interests 465 466
Total equity 55,771 51,232
Total liabilities and equity 663,491 674,805
Commercial | Commercial    
Loans    
Total loans 131,881 135,690
Commercial | Commercial real estate    
Loans    
Total loans 53,455 55,487
Consumer | Residential mortgages    
Loans    
Total loans 115,530 115,845
Consumer | Credit card    
Loans    
Total loans 28,560 26,295
Consumer | Other retail    
Loans    
Total loans $ 44,409 $ 54,896
[1] Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral.
v3.24.0.1
Consolidated Balance Sheet (Parenthetical) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Held-to-maturity, fair value $ 74,088 $ 77,874
Available-for-sale securities [1] 69,706 72,910
Loans held-for-sale, mortgage loans carried at fair value 2,011 1,849
Time deposits $ 2,818 $ 0
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, authorized (in shares) 4,000,000,000 4,000,000,000
Common stock, issued (in shares) 2,125,725,742 2,125,725,742
Common stock in treasury (in shares) 567,732,687 594,747,484
Asset Pledged as Collateral with Right    
Available-for-sale securities $ 338 $ 858
Other assets, trading securities pledged as collateral $ 3,548 $ 702
[1] Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral.
v3.24.0.1
Consolidated Statement of Income - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Interest Income      
Loans $ 22,324 $ 13,603 $ 10,747
Loans held for sale 147 201 232
Investment securities 4,485 3,378 2,365
Other interest income 3,051 763 143
Total interest income 30,007 17,945 13,487
Interest Expense      
Deposits 8,775 1,872 320
Short-term borrowings 1,971 565 70
Long-term debt 1,865 780 603
Total interest expense 12,611 3,217 993
Net interest income 17,396 14,728 12,494
Provision for credit losses 2,275 1,977 (1,173)
Net interest income after provision for credit losses 15,121 12,751 13,667
Noninterest Income      
Card revenue 1,630 1,512 1,507
Corporate payment products revenue 759 698 575
Merchant processing services 1,659 1,579 1,449
Trust and investment management fees 2,459 2,209 1,832
Service charges 1,306 1,298 1,338
Commercial products revenue 1,372 1,105 1,102
Mortgage banking revenue 540 527 1,361
Investment products fees 279 235 239
Securities gains (losses), net (145) 20 103
Other 758 273 721
Total noninterest income 10,617 9,456 10,227
Noninterest Expense      
Compensation and employee benefits 10,416 9,157 8,728
Net occupancy and equipment 1,266 1,096 1,048
Professional services 560 529 492
Marketing and business development 726 456 366
Technology and communications 2,049 1,726 1,728
Other intangibles 636 215 159
Merger and integration charges 1,009 329 0
Other 2,211 1,398 1,207
Total noninterest expense 18,873 14,906 13,728
Income before income taxes 6,865 7,301 10,166
Applicable income taxes 1,407 1,463 2,181
Net income (loss) 5,458 5,838 7,985
Net (income) loss attributable to noncontrolling interests (29) (13) (22)
Net income (loss) attributable to U.S. Bancorp 5,429 5,825 7,963
Net income applicable to U.S. Bancorp common shareholders 5,051 5,501 7,605
Net income applicable to U.S. Bancorp common shareholders, diluted $ 5,051 $ 5,501 $ 7,605
Earnings per common share (in dollars per share) $ 3.27 $ 3.69 $ 5.11
Diluted earnings per common share (in dollars per share) $ 3.27 $ 3.69 $ 5.10
Average common shares outstanding (in shares) 1,543 1,489 1,489
Average diluted common shares outstanding (in shares) 1,543 1,490 1,490
v3.24.0.1
Consolidated Statement of Comprehensive Income - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Statement of Comprehensive Income [Abstract]      
Net income $ 5,458 $ 5,838 $ 7,985
Other Comprehensive Income (Loss)      
Changes in unrealized gains (losses) on investment securities available-for-sale 1,500 (13,656) (3,698)
Changes in unrealized gains (losses) on derivative hedges (252) (75) 125
Foreign currency translation 21 (10) 35
Changes in unrealized gains (losses) on retirement plans (262) 526 400
Reclassification to earnings of realized (gains) losses 748 544 104
Income taxes related to other comprehensive income (loss) (444) 3,207 769
Total other comprehensive income (loss) 1,311 (9,464) (2,265)
Comprehensive income (loss) 6,769 (3,626) 5,720
Comprehensive (income) loss attributable to noncontrolling interests (29) (13) (22)
Comprehensive income (loss) attributable to U.S. Bancorp $ 6,740 $ (3,639) $ 5,698
v3.24.0.1
Consolidated Statement of Shareholders' Equity - USD ($)
shares in Millions, $ in Millions
Total
Change in accounting principle
 [3]
Total U.S. Bancorp Shareholders’ Equity
Total U.S. Bancorp Shareholders’ Equity
Change in accounting principle
 [3]
Common Stock
Preferred Stock
Capital Surplus
Retained Earnings
Retained Earnings
Change in accounting principle
 [3]
Treasury Stock
Accumulated Other Comprehensive Income (Loss)
Noncontrolling Interests
Beginning Balance (in shares) at Dec. 31, 2020         1,507              
Beginning Balance at Dec. 31, 2020 $ 53,725   $ 53,095   $ 21 $ 5,983 $ 8,511 $ 64,188   $ (25,930) $ 322 $ 630
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Net income (loss) 7,985   7,963         7,963       22
Other comprehensive income (loss) (2,265)   (2,265)               (2,265)  
Preferred stock dividends [1] (303)   (303)         (303)        
Common stock dividends (2,630)   (2,630)         (2,630)        
Issuance of preferred stock 2,221   2,221     2,221            
Call and redemption of preferred stock (1,850)   (1,850)     (1,833)   (17)        
Issuance of common and treasury stock (in shares)         5              
Issuance of common and treasury stock $ 46   46       (169)     215    
Purchase of treasury stock (in shares) (28)       (28)              
Purchase of treasury stock $ (1,556)   (1,556)             (1,556)    
Distributions to noncontrolling interests (20)                     (20)
Purchase of noncontrolling interests (167)                     (167)
Net other changes in noncontrolling interests 4                     4
Stock option and restricted stock grants 197   197       197          
Ending Balance (in shares) at Dec. 31, 2021         1,484              
Ending Balance at Dec. 31, 2021 $ 55,387   54,918   $ 21 6,371 8,539 69,201   (27,271) (1,943) 469
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Common Stock, Dividends, Per Share, Declared $ 1.76                      
Net income (loss) $ 5,838   5,825         5,825       13
Other comprehensive income (loss) (9,464)   (9,464)               (9,464)  
Preferred stock dividends [2] (296)   (296)         (296)        
Common stock dividends (2,829)   (2,829)         (2,829)        
Issuance of preferred stock 437   437     437            
Issuance of common and treasury stock (in shares)         48              
Issuance of common and treasury stock $ 2,039   2,039       (32)     2,071    
Purchase of treasury stock (in shares) (1)       (1)              
Purchase of treasury stock $ (69)   (69)             (69)    
Distributions to noncontrolling interests (13)                     (13)
Net other changes in noncontrolling interests (3)                     (3)
Stock option and restricted stock grants $ 205   205       205          
Ending Balance (in shares) at Dec. 31, 2022 1,500       1,531              
Ending Balance at Dec. 31, 2022 $ 51,232 $ 46 50,766 $ 46 $ 21 6,808 8,712 71,901 $ 46 (25,269) (11,407) 466
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Accounting Standards Update [Extensible Enumeration] Accounting Standards Update 2022-02 [Member]                      
Common Stock, Dividends, Per Share, Declared $ 1.88                      
Net income (loss) $ 5,458   5,429         5,429       29
Other comprehensive income (loss) 1,311   1,311               1,311  
Preferred stock dividends [4] (350)   (350)         (350)        
Common stock dividends (3,000)   (3,000)         (3,000)        
Issuance of common and treasury stock (in shares)         28              
Issuance of common and treasury stock $ 941   941       (264)     1,205    
Purchase of treasury stock (in shares) (1)       (1)              
Purchase of treasury stock $ (62)   (62)             (62)    
Distributions to noncontrolling interests (29)                     (29)
Net other changes in noncontrolling interests (1)                     (1)
Stock option and restricted stock grants $ 225   225       225          
Ending Balance (in shares) at Dec. 31, 2023 1,600       1,558              
Ending Balance at Dec. 31, 2023 $ 55,771   $ 55,306   $ 21 $ 6,808 $ 8,673 $ 74,026   $ (24,126) $ (10,096) $ 465
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Common Stock, Dividends, Per Share, Declared $ 1.93                      
[1] Reflects dividends declared per share on the Company’s Series A, Series B, Series F, Series I, Series J, Series K, Series L, Series M, and Series N Non-Cumulative Perpetual Preferred Stock of $3,548.61, $887.153, $1,625.00, $232.953, $1,325.00, $1,375.00, $937.50, $952.778, $202.986, respectively.
[2] Reflects dividends declared per share on the Company’s Series A, Series B, Series J, Series K, Series L, Series M, Series N, and Series O Non-Cumulative Perpetual Preferred Stock of $3,965.458, $962.487, $1,325.00, $1,375.00, $937.50, $1,000.00, $925.00, and $1,050.00, respectively.
[3] Effective January 1, 2023, the Company adopted accounting guidance which removed the separate recognition and measurement of troubled debt restructurings. Upon adoption, the Company reduced its allowance for credit losses and increased retained earnings net of deferred taxes through a cumulative-effect adjustment
[4] Reflects dividends declared per share on the Company’s Series A, Series B, Series J, Series K, Series L, Series M, Series N and Series O Non-Cumulative Perpetual Preferred Stock of $6,439.904, $1,503.518, $1,325.00, $1,375.00, $937.50, $1,000.00, $925.00, and $1,125.00, respectively.
v3.24.0.1
Consolidated Statement of Shareholders' Equity (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Common stock dividends (in dollars per share) $ 1.93 $ 1.88 $ 1.76
Series A      
Preferred stock dividends declared (in dollars per share) 6,439.904 3,965.458 3,548.61
Series B      
Preferred stock dividends declared (in dollars per share) 1,503.518 962.487 887.153
Series F      
Preferred stock dividends declared (in dollars per share)     1,625
Series I      
Preferred stock dividends declared (in dollars per share)     232.95
Series J      
Preferred stock dividends declared (in dollars per share) 1,325 1,325 1,325
Series K      
Preferred stock dividends declared (in dollars per share) 1,375 1,375 1,375
Series L      
Preferred stock dividends declared (in dollars per share) 937.50 937.50 937.50
Series M      
Preferred stock dividends declared (in dollars per share) 1,000 1,000 952.778
Series N      
Preferred stock dividends declared (in dollars per share) 925.00 925.00 $ 202.986
Series O      
Preferred stock dividends declared (in dollars per share) $ 1,125 $ 1,050  
v3.24.0.1
Consolidated Statement of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating Activities      
Net income attributable to U.S. Bancorp $ 5,429 $ 5,825 $ 7,963
Adjustments to reconcile net income to net cash provided by operating activities      
Provision for credit losses 2,275 1,977 (1,173)
Depreciation and amortization of premises and equipment 382 345 338
Amortization of intangibles 636 215 159
(Gain) loss on sale of loans held for sale 7 387 (1,135)
(Gain) loss on sale of securities and other assets 119 (188) (398)
Loans originated for sale, net of repayments (26,936) (33,127) (72,627)
Proceeds from sales of loans held for sale 26,686 38,895 74,315
Other, net (151) 6,790 2,428
Net cash provided by operating activities 8,447 21,119 9,870
Investing Activities      
Proceeds from sales of available-for-sale investment securities 11,209 36,391 16,075
Proceeds from maturities of held-to-maturity investment securities 6,164 5,759 1,093
Proceeds from maturities of available-for-sale investment securities 6,314 14,927 41,199
Purchases of held-to-maturity investment securities (932) (7,091) (1,088)
Purchases of available-for-sale investment securities (8,342) (24,592) (99,045)
Net decrease (increase) in loans outstanding 3,829 (27,318) (17,459)
Proceeds from sales of loans 5,707 4,420 6,183
Purchases of loans (1,106) (2,113) (4,466)
Net (increase) decrease in securities purchased under agreements to resell (2,404) 252 18
Net cash (paid for) received from acquisitions (330) 12,257 (661)
Other, net (1,184) (5,392) 664
Net cash provided by (used in) investing activities 18,925 7,500 (57,487)
Financing Activities      
Net (decrease) increase in deposits (12,291) (17,215) 26,313
Net (decrease) increase in short-term borrowings (16,508) 15,213 30
Proceeds from issuance of long-term debt 15,583 8,732 2,626
Principal payments or redemption of long-term debt (4,084) (6,926) (11,432)
Proceeds from issuance of preferred stock 0 437 2,221
Proceeds from issuance of common stock 951 21 43
Repurchase of preferred stock 0 (1,100) (1,250)
Repurchase of common stock (62) (69) (1,555)
Cash dividends paid on preferred stock (341) (299) (308)
Cash dividends paid on common stock (2,970) (2,776) (2,579)
Purchase of noncontrolling interests 0 0 (167)
Net cash (used in) provided by financing activities (19,722) (3,982) 13,942
Change in cash and due from banks 7,650 24,637 (33,675)
Cash and due from banks at beginning of period 53,542 28,905 62,580
Cash and due from banks at end of period 61,192 53,542 28,905
Supplemental Cash Flow Disclosures      
Cash paid for income taxes 645 767 535
Cash paid for interest 12,282 2,717 1,061
Noncash transfer of available-for-sale investment securities to held-to-maturity 0 40,695 41,823
Net noncash transfers to foreclosed property 26 23 14
Acquisitions      
Assets (sold) acquired (83) 106,209 749
Liabilities sold (assumed) 413 (95,753) (88)
Net $ 330 $ 10,456 $ 661
v3.24.0.1
Significant Accounting Policies
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Significant Accounting Policies
NOTE 1 Significant Accounting Policies
U.S. Bancorp is a financial services holding company headquartered in Minneapolis, Minnesota, serving millions of local, national and global customers. U.S. Bancorp and its subsidiaries (the “Company”) provide a full range of financial services, including lending and depository services through banking offices principally in the Midwest and West regions of the United States, through online services, over mobile devices and through other distribution channels. The Company also engages in credit card, merchant, and ATM processing, mortgage banking, cash management, capital markets, insurance, trust and investment management, brokerage, and leasing activities, principally in domestic markets.
Basis of Presentation The consolidated financial statements include the accounts of the Company and its subsidiaries and all VIEs for which the Company has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, and the obligation to absorb losses or right to receive benefits of the VIE that could potentially be significant to the VIE. Consolidation eliminates intercompany accounts and transactions. Certain items in prior periods have been reclassified to conform to the current period presentation.
Uses of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual experience could differ from those estimates and assumptions.
Securities
Realized gains or losses on securities are determined on a trade date basis based on the specific amortized cost of the investments sold.
Trading Securities Securities held for resale are classified as trading securities and are included in other assets and reported at fair value. Changes in fair value and realized gains or losses are reported in noninterest income.
Available-for-sale Securities Debt securities that are not trading securities but may be sold before maturity in response to changes in the Company’s interest rate risk profile, funding needs, demand for collateralized deposits by public entities or other reasons, are carried at fair value with unrealized net gains or losses reported within other comprehensive income (loss). Declines in fair value related to credit, if any, are recorded through the establishment of an allowance for credit losses.
Held-to-maturity Securities Debt securities for which the Company has the positive intent and ability to hold to maturity are reported at historical cost adjusted for amortization of premiums and accretion of discounts.
Expected credit losses, if any, are recorded through the establishment of an allowance for credit losses.
Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase Securities purchased under agreements to resell and securities sold under agreements to repurchase are accounted for as collateralized financing transactions with a receivable or payable recorded at the amounts at which the securities were acquired or sold, plus accrued interest. Collateral requirements are continually monitored and additional collateral is received or provided as required. The Company records a receivable or payable for cash collateral paid or received.
Equity Investments
Equity investments in entities where the Company has a significant influence (generally between 20 percent and 50 percent ownership), but does not control the entity, are accounted for using the equity method. Investments in limited partnerships and similarly structured limited liability companies where the Company’s ownership interest is greater than 5 percent are accounted for using the equity method. Equity investments not using the equity method are accounted for at fair value with changes in fair value and realized gains or losses reported in noninterest income, unless fair value is not readily determinable, in which case the investment is carried at cost subject to adjustments for any observable market transactions on the same or similar instruments of the investee. Most of the Company’s equity investments do not have readily determinable fair values. All equity investments are evaluated for impairment at least annually and more frequently if certain criteria are met.
Loans
The Company offers a broad array of lending products and categorizes its loan portfolio into two segments, which is the level at which it develops and documents a systematic methodology to determine the allowance for credit losses. The Company’s two loan portfolio segments are commercial lending and consumer lending. The Company further disaggregates its loan portfolio segments into various classes based on their underlying risk characteristics. The two classes within the commercial lending segment are commercial loans and commercial real estate loans. The three classes within the consumer lending segment are residential mortgages, credit card loans and other retail loans.
Originated Loans Held for Investment Loans the Company originates as held for investment are reported at the principal amount outstanding, net of unearned interest income and deferred fees and costs, and any direct principal charge-offs. Interest income is accrued on the unpaid principal balances as earned. Loan and commitment fees and certain direct loan origination costs are deferred and recognized over the life of the loan and/or commitment period as yield adjustments.
Purchased Loans All purchased loans are recorded at fair value at the date of purchase and those acquired on or after January 1, 2020 are divided into those considered PCD and those not considered PCD. An allowance for credit losses is established for each population and considers product mix, risk characteristics of the portfolio, delinquency status and refreshed loan-to-value ratios when possible. The allowance established for purchased loans not considered PCD is recognized through provision expense upon acquisition, whereas the allowance established for loans considered PCD at acquisition is offset by an increase in the basis of the acquired loans. Any subsequent increases and decreases in the allowance related to purchased loans, regardless of PCD status, are recognized through provision expense, with charge-offs charged to the allowance.
Commitments to Extend Credit Unfunded commitments for residential mortgage loans intended to be held for sale are considered derivatives and recorded in other assets and other liabilities on the Consolidated Balance Sheet at fair value with changes in fair value recorded in noninterest income. All other unfunded loan commitments are not considered derivatives and are not reported on the Consolidated Balance Sheet. Reserves for credit exposure on all other unfunded credit commitments are recorded in other liabilities.
Allowance for Credit Losses The allowance for credit losses is established for current expected credit losses on the Company’s loan and lease portfolio, including unfunded credit commitments. The allowance considers expected losses for the remaining lives of the applicable assets, inclusive of expected recoveries. The allowance for credit losses is increased through provisions charged to earnings and reduced by net charge-offs. Management evaluates the appropriateness of the allowance for credit losses on a quarterly basis.
Multiple economic scenarios are considered over a three-year reasonable and supportable forecast period, which includes increasing consideration of historical loss experience over years two and three. These economic scenarios are constructed with interrelated projections of multiple economic variables, and loss estimates are produced that consider the historical correlation of those economic variables with credit losses. After the forecast period, the Company fully reverts to long-term historical loss experience, adjusted for prepayments and characteristics of the current loan and lease portfolio, to estimate losses over the remaining life of the portfolio. The economic scenarios are updated at least quarterly and are designed to provide a range of reasonable estimates, from better to worse than current expectations. Scenarios are weighted based on the Company’s expectation of economic conditions for the foreseeable future and reflect significant judgment and consideration of economic forecast uncertainty. Final loss estimates also consider factors affecting credit losses not reflected in the scenarios, due to the unique aspects of current conditions and expectations. These factors may include, but are not limited to, loan servicing practices, regulatory guidance, and/or fiscal and monetary policy actions.
The allowance recorded for credit losses utilizes forward-looking expected loss models to consider a variety of factors affecting lifetime credit losses. These factors include, but are not limited to, macroeconomic variables such as unemployment rates, real estate prices, gross domestic product levels, inflation, interest rates and corporate bonds spreads, as well as loan and borrower characteristics, such as internal risk ratings on commercial loans and consumer credit scores, delinquency status, collateral type and available valuation information, consideration of end-of-term losses on lease residuals, and the remaining term of the loan, adjusted for expected prepayments. For each loan portfolio, including those loans modified under various loan modification programs, model estimates are adjusted as necessary to consider any relevant changes in portfolio composition, lending policies, underwriting standards, risk management practices, economic conditions or other factors that would affect the accuracy of the model. Expected credit loss estimates also include consideration of expected cash recoveries on loans previously charged-off or expected recoveries on collateral dependent loans where recovery is expected through sale of the collateral at fair value less selling costs. Where loans do not exhibit similar risk characteristics, an individual analysis is performed to consider expected credit losses. The allowance recorded for individually evaluated loans greater than $5 million in the commercial lending segment is based on an analysis utilizing expected cash flows discounted using the original effective interest rate, the observable market price of the loan, or the fair value of the collateral, less selling costs, for collateral-dependent loans as appropriate. For smaller commercial loans collectively evaluated for impairment, historical loss experience is also incorporated into the allowance methodology applied to this category of loans.
The Company’s methodology for determining the appropriate allowance for credit losses also considers the imprecision inherent in the methodologies used and allocated to the various loan portfolios. As a result, amounts determined under the methodologies described above are adjusted by management to consider the potential impact of other qualitative factors not captured in the quantitative model adjustments which include, but are not limited to, the following: model imprecision, imprecision in economic scenario assumptions, and emerging risks related to either changes in the environment that are affecting specific portfolios, or changes in portfolio concentrations over time that may affect model performance. The consideration of these items results in adjustments to allowance amounts included in the Company’s allowance for credit losses for each loan portfolio.
The Company also assesses the credit risk associated with off-balance sheet loan commitments, letters of credit, investment securities and derivatives. Credit risk associated with derivatives is reflected in the fair values recorded for those positions. The liability for off-balance sheet credit exposure related to loan commitments and other credit guarantees is included in other liabilities. Because business processes and credit risks associated with unfunded credit commitments are essentially the same as for loans, the Company utilizes similar processes to estimate its liability for unfunded credit commitments.
The results of the analysis are evaluated quarterly to confirm the estimates are appropriate for each specific loan portfolio, as well as the entire loan portfolio, as the entire allowance for credit losses is available for the entire loan portfolio.
Credit Quality The credit quality of the Company’s loan portfolios is assessed as a function of net credit losses, levels of nonperforming assets and delinquencies, and credit quality ratings as defined by the Company.
For all loan portfolio classes, loans are considered past due based on the number of days delinquent except for monthly amortizing loans which are classified delinquent based upon the number of contractually required payments not made (for example, two missed payments is considered 30 days delinquent). When a loan is placed on nonaccrual status, unpaid accrued interest is reversed, reducing interest income in the current period.
Commercial lending segment loans are generally placed on nonaccrual status when the collection of principal and interest has become 90 days past due or is otherwise considered doubtful. Commercial lending segment loans are generally fully charged down if unsecured by collateral or partially charged down to the fair value of the collateral securing the loan, less costs to sell, when the loan is placed on nonaccrual.
Consumer lending segment loans are generally charged-off at a specific number of days or payments past due. Residential mortgages and other retail loans secured by 1-4 family properties are generally charged down to the fair value of the collateral securing the loan, less costs to sell, at 180 days past due. Residential mortgage loans and lines in a first lien position are placed on nonaccrual status in instances where a partial charge-off occurs unless the loan is well secured and in the process of collection. Residential mortgage loans and lines in a junior lien position secured by 1-4 family properties are placed on nonaccrual status at 120 days past due or when they are behind a first lien that has become 180 days or greater past due or placed on nonaccrual status. Any secured consumer lending segment loan whose borrower has had debt discharged through bankruptcy, for which the loan amount exceeds the fair value of the collateral, is charged down to the fair value of the related collateral and the remaining balance is placed on nonaccrual status. Credit card loans continue to accrue interest until the account is charged-off. Credit cards are charged-off at 180 days past due. Other retail loans not secured by 1-4 family properties are charged-off at 120 days past due; and revolving consumer lines are charged-off at 180 days past due. Similar to credit cards, other retail loans are generally not placed on nonaccrual status because of the relative short period of time to charge-off. Certain retail customers having financial difficulties may have the terms of their credit card and other loan agreements modified to require only principal payments and, as such, are reported as nonaccrual.
For all loan classes, interest payments received on nonaccrual loans are generally recorded as a reduction to a loan’s carrying amount while a loan is on nonaccrual and are recognized as interest income upon payoff of the loan. However, interest income may be recognized for interest payments if the remaining carrying amount of the loan is
believed to be collectible. In certain circumstances, loans in any class may be restored to accrual status, such as when a loan has demonstrated sustained repayment performance or no amounts are past due and prospects for future payment are no longer in doubt; or when the loan becomes well secured and is in the process of collection. Loans where there has been a partial charge-off may be returned to accrual status if all principal and interest (including amounts previously charged-off) is expected to be collected and the loan is current.
The Company classifies its loan portfolio classes using internal credit quality ratings on a quarterly basis. These ratings include pass, special mention and classified, and are an important part of the Company’s overall credit risk management process and evaluation of the allowance for credit losses. Loans with a pass rating represent those loans not classified on the Company’s rating scale for problem credits, as minimal credit risk has been identified. Special mention loans are those loans that have a potential weakness deserving management’s close attention. Classified loans are those loans where a well-defined weakness has been identified that may put full collection of contractual cash flows at risk. It is possible that others, given the same information, may reach different reasonable conclusions regarding the credit quality rating classification of specific loans.
Loan Modifications In certain circumstances, the Company may modify the terms of a loan to maximize the collection of amounts due when a borrower is experiencing financial difficulties or is expected to experience difficulties in the near-term. The Company recognizes interest on modified loans if full collection of contractual principal and interest is expected. The effects of modifications on credit loss expectations, such as improved payment capacity, longer expected lives and other factors, are considered when measuring the allowance for credit losses. Modification performance, including redefault rates and how these compare to historical losses, are also considered. Modifications generally do not result in significant changes to the Company’s allowance for credit losses.
For the commercial lending segment, modifications generally result in the Company working with borrowers on a case-by-case basis. Commercial and commercial real estate modifications generally include extensions of the maturity date and may be accompanied by an increase or decrease to the interest rate. In addition, the Company may work with the borrower in identifying other changes that mitigate loss to the Company, which may include additional collateral or guarantees to support the loan. To a lesser extent, the Company may provide an interest rate reduction.
Modifications for the consumer lending segment are generally part of programs the Company has initiated. The Company modifies residential mortgage loans under Federal Housing Administration, United States Department of Veterans Affairs, or its own internal programs. Under these programs, the Company offers qualifying homeowners the opportunity to permanently modify their loan and achieve more affordable monthly payments. These modifications may include adjustments to interest rates, conversion of adjustable rates to fixed rates, extension of maturity dates or deferrals of payments, capitalization of
accrued interest and/or outstanding advances, or in limited situations, partial forgiveness of loan principal. In most instances, participation in residential mortgage loan restructuring programs requires the customer to complete a short-term trial period. A permanent loan modification is contingent on the customer successfully completing the trial period arrangement, and the loan documents are not modified until that time.
Credit card and other retail loan modifications are generally part of distinct modification programs providing customers experiencing financial difficulty with modifications whereby balances may be amortized up to 60 months, and generally include waiver of fees and reduced interest rates.
Leases The Company, as a lessor, originates retail and commercial leases either directly to the consumer or indirectly through dealer networks. Retail leases, primarily automobiles, have terms up to 5 years. Commercial leases may include high dollar assets such as aircraft or lower cost items such as office equipment. At lease inception, retail lease customers may be provided with an end-of-term purchase option, which is based on the contractual residual value of the automobile at the expiration of the lease. Automobile leases do not typically contain options to extend or terminate the lease. Equipment leases may contain various types of purchase options. Some option amounts are a stated value, while others are determined using the fair market value at the time of option exercise.
Residual values on leased assets are reviewed regularly for impairment. Residual valuations for retail leases are based on independent assessments of expected used automobile sale prices at the end of the lease term. Impairment tests are conducted based on these valuations considering the probability of the lessee returning the asset to the Company, re-marketing efforts, insurance coverage and ancillary fees and costs. Valuations for commercial leases are based upon external or internal management appraisals. The Company manages its risk to changes in the residual value of leased vehicles, office and business equipment, and other assets through disciplined residual valuation setting at the inception of a lease, diversification of its leased assets, regular residual asset valuation reviews and monitoring of residual value gains or losses upon the disposition of assets. Retail lease residual value risk is mitigated further by the purchase of residual value insurance coverage and effective end-of-term marketing of off-lease vehicles.
The Company, as lessee, leases certain assets for use in its operations. Leased assets primarily include retail branches, operations centers and other corporate locations, and, to a lesser extent, office and computer equipment. For each lease with an original term greater than 12 months, the Company records a lease liability and a corresponding right of use (“ROU”) asset. The Company accounts for the lease and non-lease components in the majority of its lease contracts as a single lease component, with the determination of the lease liability at lease inception based on the present value of the consideration to be paid under the contract. The discount rate used by the Company is determined at commencement of the lease using a secured rate for a similar term as the period of the lease. The
Company’s leases do not include significant variable lease payments.
Certain of the Company’s real estate leases include options to extend. Lease extension options are generally exercisable at market rates. Such option periods do not provide a significant incentive, and their exercise is not reasonably certain. Accordingly, the Company does not generally recognize payments occurring during option periods in the calculation of its ROU assets and lease liabilities.
Other Real Estate OREO is included in other assets, and is property acquired through foreclosure or other proceedings on defaulted loans. OREO is initially recorded at fair value, less estimated selling costs. The fair value of OREO is evaluated regularly and any decreases in value along with holding costs, such as taxes and insurance, are reported in noninterest expense.
Loans Held For Sale
Loans held for sale (“LHFS”) represent mortgage loans intended to be sold in the secondary market and other loans that management has an active plan to sell. LHFS are carried at the lower-of-cost-or-fair value as determined on an aggregate basis by type of loan with the exception of loans for which the Company has elected fair value accounting, which are carried at fair value. Any writedowns to fair value upon the transfer of loans to LHFS are reflected in loan charge-offs.
Where an election is made to carry the LHFS at fair value, any change in fair value is recognized in noninterest income. Where an election is made to carry LHFS at lower-of-cost-or-fair value, any further decreases are recognized in noninterest income and increases in fair value above the loan cost basis are not recognized until the loans are sold. Fair value elections are made at the time of origination or purchase based on the Company’s fair value election policy. The Company has elected fair value accounting for substantially all its MLHFS.
Derivative Financial Instruments
In the ordinary course of business, the Company enters into derivative transactions to manage various risks and to accommodate the business requirements of its customers. Derivative instruments are reported in other assets or other liabilities at fair value. Changes in a derivative’s fair value are recognized currently in earnings unless specific hedge accounting criteria are met.
All derivative instruments that qualify and are designated for hedge accounting are recorded at fair value and classified as either a hedge of the fair value of a recognized asset or liability (“fair value hedge”); a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”); or a hedge of the volatility of a net investment in foreign operations driven by changes in foreign currency exchange rates (“net investment hedge”). Changes in the fair value of a derivative that is highly effective and designated as a fair value hedge, and the offsetting changes in the fair value of the hedged item, are recorded in earnings. Changes in the fair value of a derivative that is
highly effective and designated as a cash flow hedge are recorded in other comprehensive income (loss) until cash flows of the hedged item are realized. Changes in the fair value of net investment hedges that are highly effective are recorded in other comprehensive income (loss). The Company performs an assessment, at inception and, at a minimum, quarterly thereafter, to determine the effectiveness of the derivative in offsetting changes in the value or cash flows of the hedged item(s).
If a derivative designated as a cash flow hedge is terminated or ceases to be highly effective, the gain or loss in other comprehensive income (loss) is amortized to earnings over the period the forecasted hedged transactions impact earnings. If a hedged forecasted transaction is no longer probable, hedge accounting is ceased and any gain or loss included in other comprehensive income (loss) is reported in earnings immediately, unless the forecasted transaction is at least reasonably possible of occurring, whereby the amounts remain within other comprehensive income (loss).
Revenue Recognition
In the ordinary course of business, the Company recognizes income derived from various revenue generating activities. Certain revenues are generated from contracts where they are recognized when, or as services or products are transferred to customers for amounts the Company expects to be entitled. Revenue generating activities related to financial assets and liabilities are also recognized, including mortgage servicing fees, loan commitment fees, foreign currency remeasurements, and gains and losses on securities, equity investments and unconsolidated subsidiaries. Certain specific policies include the following:
Card Revenue Card revenue includes interchange from credit, debit and stored-value cards processed through card association networks, annual fees, and other transaction and account management fees. Interchange rates are generally set by the card associations and based on purchase volumes and other factors. The Company records interchange as services are provided. Transaction and account management fees are recognized as services are provided, except for annual fees which are recognized over the applicable period. Costs for rewards programs and certain payments to partners and card associations are also recorded within card revenue when services are provided. The Company predominately records card revenue within the Payment Services line of business.
Corporate Payment Products Revenue Corporate payment products revenue primarily includes interchange from commercial card products processed through card association networks and revenue from proprietary network transactions. The Company records corporate payment products revenue as services are provided. Certain payments to card associations and customers are also recorded within corporate payment products revenue as services are provided. Corporate payment products revenue is recorded within the Payment Services line of business.
Merchant Processing Services Merchant processing services revenue consists principally of merchant discount
and other transaction and account management fees charged to merchants for the electronic processing of card association network transactions, less interchange paid to the card-issuing bank, card association assessments, and revenue sharing amounts. All of these are recognized at the time the merchant’s services are performed. The Company may enter into revenue sharing agreements with referral partners or in connection with purchases of merchant contracts from sellers. The revenue sharing amounts are determined primarily on sales volume processed or revenue generated for a particular group of merchants. Merchant processing revenue also includes revenues related to point-of-sale equipment recorded as sales when the equipment is shipped or as earned for equipment rentals. The Company records merchant processing services revenue within the Payment Services line of business.
Trust and Investment Management Fees Trust and investment management fees are recognized over the period in which services are performed and are based on a percentage of the fair value of the assets under management or administration, fixed based on account type, or transaction-based fees. Services provided to clients include trustee, transfer agent, custodian, fiscal agent, escrow, fund accounting and administration services. Services provided to mutual funds may include selling, distribution and marketing services. Trust and investment management fees are predominately recorded within the Wealth, Corporate, Commercial and Institutional Banking line of business.
Service Charges Service charges include fees received on deposit accounts under depository agreements with customers to provide access to deposited funds, serve as a custodian of funds, and when applicable, pay interest on deposits. Checking or savings accounts may contain fees for various services used on a day-to-day basis by a customer. Fees are recognized as services are delivered to and consumed by the customer, or as fees are charged. Service charges also include revenue generated from ATM transaction processing and settlement services which is recognized at the time the services are performed. Certain payments to partners and card associations related to ATM processing services are also recorded within service charges as services are provided. Further, revenue generated from treasury management services are included in service charges and include fees for a broad range of products and services that enable customers to manage their cash more efficiently. These products and services include cash and investment management, receivables management, disbursement services, funds transfer services, and information reporting. Treasury management revenue is recognized as products and services are provided to customers. The Company reflects a discount calculated on monthly average collected customer balances. Service charges are reported primarily within the Wealth, Corporate, Commercial and Institutional Banking, and Consumer and Business Banking lines of business.
Commercial Products Revenue Commercial products revenue primarily includes revenue related to ancillary services provided to Wealth, Corporate, Commercial and
Institutional Banking, and Consumer and Business Banking customers, including standby letter of credit fees, non-yield related loan fees, capital markets related revenue, sales of direct financing leases, and loan and syndication fees. Sales of direct financing leases are recognized at the point of sale. In addition, the Company may lead or participate with a group of underwriters in raising investment capital on behalf of securities issuers and charge underwriting fees. These fees are recognized at securities issuance. The Company, in its role as lead underwriter, arranges deal structuring and use of outside vendors for the underwriting group. The Company recognizes only those fees and expenses related to its underwriting commitment.
Mortgage Banking Revenue Mortgage banking revenue includes revenue derived from mortgages originated and subsequently sold, generally with servicing retained. The primary components include: gains and losses on mortgage sales; servicing revenue; changes in fair value for mortgage loans originated with the intent to sell and measured at fair value under the fair value option; changes in fair value for derivative commitments to purchase and originate mortgage loans; changes in the fair value of MSRs; and the impact of risk management activities associated with the mortgage origination pipeline, funded loans and MSRs. Net interest income from mortgage loans is recorded in interest income. Refer to Other Significant Policies in Note 1, as well as Note 10 and Note 22 for a further discussion of MSRs. Mortgage banking revenue is reported within the Consumer and Business Banking line of business.
Investment Products Fees Investment products fees include commissions related to the execution of requested security trades, distribution fees from sale of mutual funds, and investment advisory fees. Commissions and investment advisory fees are recognized as services are delivered to and utilized by the customer. Distribution fees are received over time, are dependent on the consumer maintaining their mutual fund asset position and the value of such position. These revenues are estimated and recognized at the point a significant reversal of revenue becomes remote. Investment products fees are predominately reported within the Wealth, Corporate, Commercial and Institutional Banking line of business.
Other Noninterest Income Other noninterest income is primarily related to financial assets including income on unconsolidated subsidiaries and equity method investments, gains on sale of other investments and corporate owned life insurance proceeds. The Company reports other noninterest income across all lines of business.
Other Significant Policies
Goodwill and Other Intangible Assets Goodwill is recorded on acquired businesses if the purchase price exceeds the fair value of the net assets acquired. Goodwill is not amortized but is subject, at a minimum, to annual tests for impairment at a reporting unit level. In certain situations, an interim impairment test may be required if events occur or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Determining the amount of goodwill
impairment, if any, includes assessing whether the carrying value of a reporting unit exceeds its fair value. Other intangible assets are recorded at their fair value upon completion of a business acquisition or certain other transactions, and generally represent the value of customer contracts or relationships. Other intangible assets are amortized over their estimated useful lives, using straight-line and accelerated methods and are reviewed for impairment when indicators of impairment are present. Determining the amount of other intangible asset impairment, if any, includes assessing the present value of the estimated future cash flows associated with the intangible asset and comparing it to the carrying amount of the asset.
Income Taxes Deferred taxes are recorded to reflect the tax consequences on future years of differences between the tax basis of assets and liabilities and their financial reporting carrying amounts. The Company uses the deferral method of accounting on investments that generate investment tax credits. Under this method, the investment tax credits are recognized as a reduction to the related asset. For investments in qualified affordable housing projects and certain other tax-advantaged investments, the Company presents the expense in tax expense rather than noninterest expense.
Mortgage Servicing Rights MSRs are capitalized as separate assets when loans are sold and servicing is retained or if they are purchased from others. MSRs are recorded at fair value. The Company determines the fair value by estimating the present value of the asset’s future cash flows utilizing market-based prepayment rates, option adjusted spread, and other assumptions validated through comparison to trade information, industry surveys and independent third-party valuations. Changes in the fair value of MSRs are recorded in earnings as mortgage banking revenue during the period in which they occur.
Pensions For purposes of its pension plans, the Company utilizes its fiscal year-end as the measurement date. At the measurement date, plan assets are determined based on fair value, generally representing observable market prices or the net asset value provided by the funds’ trustee or administrator. The actuarial cost method used to compute the pension liabilities and related expense is the projected unit credit method. The projected benefit obligation is principally determined based on the present value of projected benefit distributions at an assumed discount rate. The discount rate utilized is based on the investment yield of high quality corporate bonds available in the marketplace with maturities equal to projected cash flows of future benefit payments as of the measurement date. Periodic pension expense (or income) includes service costs, interest costs based on the assumed discount rate, the expected return on plan assets based on an actuarially derived market-related value and amortization of actuarial gains and losses. Service cost is included in compensation and employee benefits expense on the Consolidated Statement of Income, with all other components of periodic pension expense included in other noninterest expense on the Consolidated Statement of Income. Pension accounting
reflects the long-term nature of benefit obligations and the investment horizon of plan assets, and can have the effect of reducing earnings volatility related to short-term changes in interest rates and market valuations. Actuarial gains and losses include the impact of plan amendments and various unrecognized gains and losses which are deferred, and to the extent exceed 10 percent of the greater of the projected benefit obligation or the market-related value of plan assets, are amortized over the future service periods of active employees or the remaining life expectancies of inactive participants. The market-related value utilized to determine the expected return on plan assets is based on fair value adjusted for the difference between expected returns and actual performance of plan assets. The unrealized difference between actual experience and expected returns is included in expense over a period of approximately 15 years for active employees and approximately 30 years for inactive participants. The overfunded or underfunded status of each plan is recorded as an asset or liability on the Consolidated Balance Sheet, with changes in that status recognized through other comprehensive income (loss).
Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation and depreciated primarily on a straight-line basis over the estimated life of the assets. Estimated useful lives range up to 40 years for newly constructed buildings and from 3 to 25 years for furniture and equipment.
The Company, as lessee, records an ROU asset for each lease with an original term greater than 12 months. ROU assets are included in premises and equipment, with the corresponding lease liabilities included in long-term debt and other liabilities.
Capitalized Software The Company capitalizes certain costs associated with the acquisition or development of internal-use software. Once the software is ready for its intended use, these costs are amortized on a straight-line basis over the software’s expected useful life and reviewed for impairment on an ongoing basis. Estimated useful lives are generally 3 to 5 years, but may range up to 7 years.
Stock-Based Compensation The Company grants stock-based awards, which may include restricted stock, restricted stock units and options to purchase common stock of the Company. Stock option grants are for a fixed number of shares to employees and directors with an exercise price equal to the fair value of the shares at the date of grant. Restricted stock and restricted stock unit grants are awarded at no cost to the recipient. Stock-based compensation for awards is recognized in the Company’s results of operations over the vesting period. The Company immediately recognizes compensation cost of awards to employees that meet retirement status, despite their continued active employment. The amortization of stock-based compensation reflects estimated forfeitures adjusted for actual forfeiture experience. As compensation expense is recognized, a deferred tax asset is recorded that represents an estimate of the future tax deduction from exercise or release of restrictions. At the time stock-based awards are exercised, cancelled, expire, or restrictions are released, the Company may be required to recognize an
adjustment to tax expense, depending on the market price of the Company’s common stock at that time.
Per Share Calculations Earnings per common share is calculated using the two-class method under which earnings are allocated to common shareholders and holders of participating securities. Unvested stock-based compensation awards that contain nonforfeitable rights to dividends or dividend equivalents are considered participating securities under the two-class method. Net income applicable to U.S. Bancorp common shareholders is then divided by the weighted-average number of common shares outstanding to determine earnings per common share. Diluted earnings per common share is calculated by adjusting income and outstanding shares, assuming conversion of all potentially dilutive securities.
v3.24.0.1
Accounting Changes
 12 Months Ended
Dec. 31, 2023
Accounting Changes and Error Corrections [Abstract]  
Accounting Changes
NOTE 2 Accounting Changes
Reference Interest Rate Transition In March 2020, the Financial Accounting Standards Board (“FASB”) issued accounting guidance, providing temporary optional expedients and exceptions to the guidance in United States generally accepted accounting principles on contract modifications and hedge accounting, to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. Under the guidance, a company can elect not to apply certain modification accounting requirements to contracts affected by reference rate transition, if certain criteria are met. A company that makes this election would not be required to remeasure the contracts at the modification date or reassess a previous accounting determination. This guidance also permits a company to elect various optional expedients that would allow it to continue applying hedge accounting for hedging relationships affected by reference rate transition, if certain criteria are met. The guidance is effective upon issuance and generally can be applied through December 31, 2024. The Company is applying certain optional expedients and exceptions for cash flow hedges and will continue to evaluate these for eligible contract modifications and hedging relationships.
Fair Value Hedging – Portfolio Layer Method Effective January 1, 2023, the Company adopted accounting guidance, issued by the FASB in March 2022, related to fair value hedge accounting of portfolios of financial assets. This guidance permits a company to designate multiple hedging relationships on a single closed portfolio, resulting in a larger portion of the interest rate risk associated with such a portfolio being eligible to be hedged. The guidance also expands the scope of the method to include non-prepayable financial assets and clarifies other technical questions from the original accounting guidance. The adoption of this guidance is not material to the Company’s financial statements.
Financial Instruments – Troubled Debt Restructurings and Vintage Disclosures Effective January 1, 2023, the Company adopted accounting guidance on a modified retrospective basis, issued by the FASB in March 2022,
related to the recognition and measurement of TDRs by creditors. This guidance removes the separate recognition and measurement requirements for TDRs by replacing them with a requirement for a company to apply existing accounting guidance to determine whether a modification results in a new loan or a continuation of an existing loan. This guidance also replaces existing TDR disclosures with similar but more expansive disclosures for certain modifications of receivables made to borrowers experiencing financial difficulty. Further, this guidance also requires companies to disclose current-period gross write-offs by year of origination for financing receivables. The adoption of this guidance is not material to the Company’s financial statements.
Accounting for Tax Credit Investments Using the Proportional Amortization Method Effective January 1, 2023, the Company adopted accounting guidance on a modified retrospective basis, issued by the FASB in March 2023, related to the accounting for tax credit investments. This guidance allows the Company to elect to account for tax credit investments using the proportional amortization method on a program-by-program basis if certain conditions are met, regardless of the program from which the income tax credits are received. The adoption of this guidance was not material to the Company’s financial statements.
Income Taxes – Improvements to Income Tax Disclosures In December 2023, the FASB issued guidance, effective for the Company for annual reporting periods beginning after December 15, 2024, related to income tax disclosures. This guidance requires additional information in income tax rate reconciliation disclosures and additional disclosures about income taxes paid. The guidance is required, at a minimum, to be adopted on a prospective basis, with an option to apply it retrospectively. The Company expects the adoption of this guidance will not be material to its financial statements.
Segment Reporting – Improvements to Reportable Segment Disclosures In November 2023, the FASB issued guidance, effective for the Company for annual reporting periods beginning after December 15, 2023, related to segment disclosures. This guidance requires disclosures of significant segment expenses and other segment items and expands interim period disclosure requirements to include segment profit or loss and assets, which are currently only required to be disclosed annually. The guidance is required to be adopted retrospectively to all periods presented in the financial statements. The Company expects the adoption of this guidance will not be material to its financial statements.
v3.24.0.1
Business Combinations
 12 Months Ended
Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]  
Business Combinations
NOTE 3 Business Combinations
MUFG Union Bank Acquisition On December 1, 2022, the Company acquired MUB’s core regional banking franchise from MUFG. Pursuant to the terms of the Share Purchase Agreement, the Company acquired all of the issued and outstanding shares of common stock of MUB for a purchase price consisting of $5.5 billion in cash and approximately 44 million shares of common stock of the Company. Under the terms of the Share Purchase Agreement, the purchase price was based on MUB having a tangible book value of $6.25 billion at the closing of the acquisition. At the closing of the acquisition, MUB had $3.5 billion of tangible book value over the $6.25 billion target, consisting of additional cash. The additional cash received is required to be repaid to MUFG on or prior to the fifth anniversary date of the completion of the purchase, in accordance with the terms of the Share Purchase Agreement. As such, it is recognized as debt at the parent company. During 2023, the Company repaid $936 million of its debt obligation from the proceeds of the issuance of 24 million shares of common stock of the
Company to an affiliate of MUFG. The acquisition has been accounted for as a business combination. Accordingly, the assets acquired and liabilities assumed from MUB were recorded at fair value as of the acquisition date. The determination of fair value requires management to make estimates about discount rates, future expected cash flows, market conditions and other future events that are highly subjective in nature and subject to change. Fair value estimates related to the assets and liabilities from MUB were subject to adjustment for up to one year after the closing date of the acquisition as additional information became available. The Company merged MUB into USBNA during 2023.
In connection with the transaction, the Company recorded within noninterest expense nonrecurring merger and integration charges of $1.0 billion and $329 million during 2023 and 2022, respectively. These expenses were primarily comprised of personnel, legal, advisory and technology related costs.
The following table includes the fair value of consideration transferred and the fair value of the identifiable tangible and intangible assets and liabilities from MUB:
December 1, 2022 (Dollars in Millions)
Acquisition consideration
Cash$5,500 
Market value of shares of common stock2,014 
Total consideration transferred at acquisition close date7,514 
Discounted liability to MUFG(a)
2,944 
Total$10,458 
Fair Value of MUB assets and liabilities
Assets
Cash and due from banks$17,754 
Investment securities22,725 
Loans held for sale2,220 
Loans53,395 
Less allowance for loan losses(463)
Net loans52,932 
Premises and equipment646 
Other intangible assets (excluding goodwill)2,808 
Other assets4,764 
Total assets$103,849 
Liabilities
Deposits$86,110 
Short-term borrowings4,777 
Long-term debt2,584 
Other liabilities2,243 
Total liabilities95,714 
Less: Net assets$8,135 
Goodwill$2,323 
(a)Represents $3.5 billion of noninterest-bearing additional cash held by MUB upon close of the acquisition to be delivered to MUFG on or prior to December 1, 2027, discounted at the Company’s 5-year unsecured borrowing rate as of the acquisition date, per authoritative accounting guidance.

Goodwill of $2.3 billion recorded in connection with the transaction resulted from the reputation, operating model and expertise of MUB. The amount of goodwill recorded reflects the increased market share and related synergies that are expected to result from the acquisition, and represents the excess purchase price over the estimated fair value of the net assets from MUB. The goodwill was allocated to the Company’s business segments and is not deductible for income tax purposes. Refer to Note 11 for the
amount of goodwill allocated to each business segment in connection with the transaction.
During 2023, the Company completed the divestiture of three MUB branches to HomeStreet Bank, a wholly owned subsidiary of HomeStreet, Inc., to satisfy regulatory requirements related to the acquisition. There were approximately $400 million in deposits and $22 million in loans divested as part of this transaction.
The following table includes the fair value and unpaid principal balance of the loans from the MUB acquisition:
December 1, 2022 (Dollars in Millions)
Unpaid Principal Balance
Fair Value
Commercial$11,771 $11,366 
Commercial real estate14,397 13,737 
Residential mortgages28,256 26,247 
Credit card299 212 
Other retail1,397 1,370 
Total loans$56,120 $52,932 
Other intangible assets from the MUB acquisition, as of December 1, 2022, consisted of the following:
(Dollars in Millions)Weighted-Average Estimated Life
Amortization Method
Fair Value
Mortgage servicing rights—(a)$147 
Core deposit benefits10 yearsAccelerated2,635
Other11 yearsAccelerated26 
Total other intangible assets (excluding goodwill)$2,808 
(a) Mortgage servicing rights are recorded at fair value and are not amortized.
Valuation Methodologies
The methods used to determine the fair values of the significant assets acquired and liabilities assumed as part of the MUB acquisition are described below.
Cash and Due from Banks The carrying amount of these assets is a reasonable estimate of fair value based on the short-term nature of these assets.
Investment Securities Fair value estimates for the investment securities were determined by using quoted market prices for identical securities in active markets when available. For certain securities where quoted market prices were not readily available, the Company utilized a third-party pricing service. The third-party pricing service used a variety of methods that incorporated relevant market data to arrive at an estimate of what a buyer in the marketplace would have paid for these securities under current market conditions. These methods included the use of quoted prices for similar securities, inactive transaction prices and broker quotes, as well as discounted cash flow methodologies.
Loans Held for Sale Fair value estimates for loans held for sale were valued based on quoted market prices, where available, and by comparison to instruments with similar collateral and risk profiles.
Loans Fair value estimates for loans were based on discounted cash flow methodologies that considered credit loss and prepayment expectations, market interest rates
and other market factors, such as liquidity, from the perspective of a market participant. Loan cash flows were generated on an individual loan basis. The probability of default, loss given default, exposure at default and prepayment assumptions were the key factors in determining expected credit losses which were embedded into the estimated cash flows.
Core Deposit Benefits This intangible asset represents the economic benefit created by certain client deposit relationships by way of favorable funding relative to alternative sources. The fair value was estimated utilizing the after-tax cost savings method of the income approach. Appropriate consideration was given to deposit costs including cost of funds, net maintenance costs or servicing costs, client retention and alternative funding source costs at the time of acquisition. The discount rate used was derived taking into account the estimated cost of equity, risk-free return rate and risk premium for the market and specific risk related to the asset’s cash flows.
Other Assets Included in other assets are tax-advantaged investments promoting affordable housing. The fair value of these investments was estimated based on the value of the expected future benefits.
Deposits and Borrowed Funds The fair values for deposits, short-term borrowings and long-term debt were estimated by discounting contractual cash flows using current market rates for instruments with similar maturities.
The following table presents financial results of MUB included in the Consolidated Statement of Income from the date of acquisition through December 31, 2022.
(Dollars in Millions)One Month Ended December 31, 2022
Net interest income$255 
Noninterest income(38)
(a)
Net income (loss)(562)
(a)Includes realized losses on investment securities sold.

The following table presents unaudited pro forma results as if the acquisition of MUB by the Company occurred on January 1, 2021 and includes the impact of amortizing and accreting certain estimated purchase accounting adjustments such as intangible assets as well as fair value adjustments to investment securities, loans, deposits and long-term debt. The pro forma information does not necessarily reflect the results that would have occurred had the Company acquired MUB on January 1, 2021.
Year Ended December 31 (Dollars in Millions)20222021
Net interest income$17,541 $14,958 
Noninterest income10,068 11,071 
Net income7,184 7,187 
The Company initially measures the amortized cost of a PCD loan by adding the acquisition date estimate of expected credit losses to the loan’s purchase price. The allowance for credit losses for PCD loans of $463 million was established through an adjustment to the MUB loan balance reflected in the related purchase accounting mark. Non-PCD loans and PCD loans had a fair value of $48.5 billion and $4.4 billion, respectively, at the acquisition date
with unpaid principal balances of $51.0 billion and $5.1 billion, respectively. In accordance with authoritative accounting guidance, there was no carryover of the allowance for credit losses that had been previously recorded by MUB. Subsequent to acquisition, the Company recorded an allowance for credit losses primarily on non-PCD loans of $662 million through an increase to the provision for credit losses in 2022.
The following table provides information about the determination of the purchase price of PCD loans at the acquisition date:
December 1, 2022 (Dollars in Millions)
Principal balance$5,097 
Allowance for credit losses at acquisition(463)
Non-credit discount(213)
Purchase price$4,421 
v3.24.0.1
Restrictions on Cash and Due from Banks
 12 Months Ended
Dec. 31, 2023
Cash and Cash Equivalents [Abstract]  
Restrictions on Cash and Due from Banks
NOTE 4Restrictions on Cash and Due from Banks
Banking regulators require bank subsidiaries to maintain minimum average reserve balances, either in the form of vault cash or reserve balances held with central banks or other financial institutions. The amount of required reserve balances were approximately $53 million and $45 million at December 31, 2023 and 2022, respectively. The Company
held balances at central banks and other financial institutions of $49.5 billion and $41.6 billion at December 31, 2023 and 2022, respectively, to meet these requirements and for other purposes. These balances are included in cash and due from banks on the Consolidated Balance Sheet.
v3.24.0.1
Investment Securities
 12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Investment Securities
NOTE 5 Investment Securities
The Company’s held-to-maturity investment securities are carried at historical cost, adjusted for amortization of premiums and accretion of discounts. The Company’s available-for-sale investment securities are carried at fair
value with unrealized net gains or losses reported within accumulated other comprehensive income (loss) in shareholders’ equity.
The amortized cost, gross unrealized holding gains and losses, and fair value of held-to-maturity and available-for-sale investment securities at December 31 were as follows:
 20232022
(Dollars in Millions)Amortized CostUnrealized GainsUnrealized Losses Fair ValueAmortized CostUnrealized GainsUnrealized Losses Fair Value
Held-to-maturity
U.S. Treasury and agencies$1,345 $— $(35)$1,310 $1,344 $— $(51)$1,293 
Mortgage-backed securities
Residential agency80,997 6 (9,929)71,074 85,693 2 (10,810)74,885 
Commercial agency1,695 6 (5)1,696 1,703 1 (8)1,696 
Other8 — — 8 — — — — 
Total held-to-maturity$84,045 $12 $(9,969)$74,088 $88,740 $3 $(10,869)$77,874 
Available-for-sale
U.S. Treasury and agencies$21,768 $8 $(2,234)$19,542 $24,801 $1 $(2,769)$22,033 
Mortgage-backed securities        
Residential agency28,185 104 (2,211)26,078 32,060 8 (2,797)29,271 
Commercial
Agency8,703 — (1,360)7,343 8,736 — (1,591)7,145 
Non-agency7 — (1)6 7 — — 7 
Asset-backed securities6,713 25 (14)6,724 4,356 5 (38)4,323 
Obligations of state and political subdivisions10,867 36 (914)9,989 11,484 12 (1,371)10,125 
Other24 — — 24 6 — — 6 
Total available-for-sale, excluding portfolio level basis adjustments76,267 173 (6,734)69,706 81,450 26 (8,566)72,910 
Portfolio level basis adjustments (a)
335 — (335)— — — — — 
Total available-for-sale$76,602 $173 $(7,069)$69,706 $81,450 $26 $(8,566)$72,910 
(a)Represents fair value hedge basis adjustments related to active portfolio layer method hedges of available-for-sale investment securities, which are not allocated to individual securities in the portfolio. For additional information, refer to Note 20.

Investment securities with a fair value of $20.5 billion at December 31, 2023, and $15.3 billion at December 31, 2022, were pledged to secure public, private and trust deposits, repurchase agreements and for other purposes required by contractual obligation or law. Included in these amounts were securities where the Company and certain
counterparties have agreements granting the counterparties the right to sell or pledge the securities. Investment securities securing these types of arrangements had a fair value of $338 million at December 31, 2023, and $858 million at December 31, 2022.
The following table provides information about the amount of interest income from taxable and non-taxable investment securities:
Year Ended December 31 (Dollars in Millions)202320222021
Taxable$4,171 $3,081 $2,103 
Non-taxable314 297 262 
Total interest income from investment securities$4,485 $3,378 $2,365 
The following table provides information about the amount of gross gains and losses realized through the sales of available-for-sale investment securities:
Year Ended December 31 (Dollars in Millions)202320222021
Realized gains$74 $163 $122 
Realized losses(219)(143)(19)
Net realized gains (losses)$(145)$20 $103 
Income tax expense (benefit) on net realized gains (losses)$(37)$5 $26 
The Company conducts a regular assessment of its available-for-sale investment securities with unrealized losses to determine whether all or some portion of a security’s unrealized loss is related to credit and an allowance for credit losses is necessary. If the Company intends to sell or it is more likely than not the Company will be required to sell an investment security, the amortized cost of the security is written down to fair value. When evaluating credit losses, the Company considers various factors such as the nature of the investment security, the credit ratings or financial condition of the issuer, the extent
of the unrealized loss, expected cash flows of underlying collateral, the existence of any government or agency guarantees, and market conditions. The Company measures the allowance for credit losses using market information where available and discounting the cash flows at the original effective rate of the investment security. The allowance for credit losses is adjusted each period through earnings and can be subsequently recovered. The allowance for credit losses on the Company’s available-for-sale investment securities was immaterial at December 31, 2023 and December 31, 2022.
At December 31, 2023, certain investment securities had a fair value below amortized cost. The following table shows the gross unrealized losses excluding portfolio level basis adjustments and fair value of the Company’s available-for-sale investment securities with unrealized losses, aggregated by investment category and length of time the individual investment securities have been in continuous unrealized loss positions, at December 31, 2023:
Less Than 12 Months 12 Months or Greater Total
(Dollars in Millions)Fair ValueUnrealized Losses Fair ValueUnrealized Losses Fair ValueUnrealized Losses
U.S. Treasury and agencies$874 $(3)$17,270 $(2,231)$18,144 $(2,234)
Mortgage-backed securities
Residential agency519 (8)21,356 (2,203)21,875 (2,211)
Commercial
Agency— — 7,343 (1,360)7,343 (1,360)
Non-agency— — 6 (1)6 (1)
Asset-backed securities2,235 (14)— — 2,235 (14)
Obligations of state and political subdivisions544 (3)7,464 (911)8,008 (914)
Other— — 4 — 4 — 
Total investment securities$4,172 $(28)$53,443 $(6,706)$57,615 $(6,734)
These unrealized losses primarily relate to changes in interest rates and market spreads subsequent to purchase of these available-for-sale investment securities. U.S. Treasury and agencies securities and agency mortgage-backed securities are issued, guaranteed or otherwise supported by the United States government. The Company’s obligations of state and political subdivisions are generally high grade. Accordingly, the Company does not consider these unrealized losses to be credit-related and an allowance for credit losses is not necessary. In general, the issuers of the investment securities are contractually prohibited from prepayment at less than par, and the Company did not pay significant purchase premiums for these investment securities. At December 31, 2023, the Company had no plans to sell investment securities with
unrealized losses, and believes it is more likely than not it would not be required to sell such investment securities before recovery of their amortized cost.
During the years ended December 31, 2023 and 2022, the Company did not purchase any investment securities that had more-than-insignificant credit deterioration.
Predominantly all of the Company’s held-to-maturity investment securities are U.S. Treasury and agencies securities and highly rated agency mortgage-backed securities that are guaranteed or otherwise supported by the United States government and have no history of credit losses. Accordingly the Company does not expect to incur any credit losses on held-to-maturity investment securities and has no allowance for credit losses recorded for these securities.
The following table provides information about the amortized cost, fair value and yield by maturity date of the investment securities outstanding at December 31, 2023:
(Dollars in Millions)Amortized
 Cost		Fair ValueWeighted-
 Average
 Maturity in
 Years
Weighted-Average Yield(e)
 
Held-to-maturity
U.S. Treasury and Agencies
Maturing in one year or less$50 $50 0.32.67 %
Maturing after one year through five years1,295 1,260 2.42.85 
Maturing after five years through ten years— — —— 
Maturing after ten years— — —— 
Total$1,345 $1,310 2.32.85 %
Mortgage-Backed Securities(a)
Maturing in one year or less$22 $22 0.74.43 %
Maturing after one year through five years1,268 1,266 2.54.52 
Maturing after five years through ten years75,984 67,094 8.82.19 
Maturing after ten years5,418 4,388 10.21.91 
Total$82,692 $72,770 8.82.21 %
Other
Maturing in one year or less$— $— —— %
Maturing after one year through five years8 8 2.82.56 
Maturing after five years through ten years— — —— 
Maturing after ten years— — —— 
Total$8 $8 2.82.56 %
Total held-to-maturity(b)
$84,045 $74,088 8.72.22 %
Available-for-sale
U.S. Treasury and Agencies
Maturing in one year or less$9 $9 0.35.28 %
Maturing after one year through five years8,882 8,378 3.72.35 
Maturing after five years through ten years11,165 9,827 6.82.08 
Maturing after ten years1,712 1,328 10.82.02 
Total$21,768 $19,542 5.92.19 %
Mortgage-Backed Securities(a)
Maturing in one year or less$83 $81 0.82.26 %
Maturing after one year through five years11,196 10,860 3.53.80 
Maturing after five years through ten years24,455 21,483 7.32.76 
Maturing after ten years1,161 1,003 10.93.43 
Total$36,895 $33,427 6.33.09 %
Asset-Backed Securities (a)
Maturing in one year or less$— $— —— %
Maturing after one year through five years5,834 5,844 1.75.05 
Maturing after five years through ten years879 880 5.87.15 
Maturing after ten years— — —— 
Total$6,713 $6,724 2.25.33 %
Obligations of State and Political Subdivisions(c) (d)
Maturing in one year or less$225 $225 0.45.52 %
Maturing after one year through five years3,546 3,536 3.04.55 
Maturing after five years through ten years1,453 1,414 7.33.86 
Maturing after ten years5,643 4,814 15.33.14 
Total$10,867 $9,989 9.93.75 %
Other
Maturing in one year or less$— $— —— %
Maturing after one year through five years24 24 1.74.51 
Maturing after five years through ten years— — —— 
Maturing after ten years— — —— 
Total$24 $24 1.74.51 %
Total available-for-sale(b) (f)
$76,267 $69,706 6.33.12 %
(a)Information related to asset and mortgage-backed securities included above is presented based upon weighted-average maturities that take into account anticipated future prepayments.
(b)The weighted-average maturity of total held-to-maturity investment securities was 9.2 years at December 31, 2022, with a corresponding weighted-average yield of 2.18 percent. The weighted-average maturity of total available-for-sale investment securities was 7.4 years at December 31, 2022, with a corresponding weighted-average yield of 2.94 percent.
(c)Information related to obligations of state and political subdivisions is presented based upon yield to first optional call date if the security is purchased at a premium, and yield to maturity if the security is purchased at par or a discount.
(d)Maturity calculations for obligations of state and political subdivisions are based on the first optional call date for securities with a fair value above par and the contractual maturity date for securities with a fair value equal to or below par.
(e)Weighted-average yields for obligations of state and political subdivisions are presented on a fully-taxable equivalent basis based on a federal income tax rate of 21 percent. Yields on investment securities are computed based on amortized cost balances, excluding any premiums or discounts recorded related to the transfer of investment securities at fair value from available-for-sale to held-to maturity.
(f)Amortized cost excludes portfolio level basis adjustments of $335 million.
v3.24.0.1
Loans and Allowance for Credit Losses
 12 Months Ended
Dec. 31, 2023
Receivables [Abstract]  
Loans and Allowance for Credit Losses
NOTE 6 Loans and Allowance for Credit Losses
The composition of the loan portfolio at December 31, by class and underlying specific portfolio type, was as follows:
(Dollars in Millions)20232022
Commercial
Commercial$127,676 $131,128 
Lease financing4,205 4,562 
Total commercial131,881 135,690 
Commercial Real Estate
Commercial mortgages41,934 43,765 
Construction and development11,521 11,722 
Total commercial real estate53,455 55,487 
Residential Mortgages
Residential mortgages108,605 107,858 
Home equity loans, first liens6,925 7,987 
Total residential mortgages115,530 115,845 
Credit Card28,560 26,295 
Other Retail
Retail leasing4,135 5,519 
Home equity and second mortgages13,056 12,863 
Revolving credit3,668 3,983 
Installment13,889 14,592 
Automobile9,661 17,939 
Total other retail44,409 54,896 
Total loans$373,835 $388,213 
The Company had loans of $123.1 billion at December 31, 2023, and $134.6 billion at December 31, 2022, pledged at the Federal Home Loan Bank, and loans of $82.8 billion at December 31, 2023, and $85.8 billion at December 31, 2022, pledged at the Federal Reserve Bank.
The Company offers a broad array of lending products to consumer and commercial customers, in various industries, across several geographical locations, predominately in the states in which it has Consumer and Business Banking offices. Collateral for commercial and commercial real estate loans may include marketable securities, accounts receivable, inventory, equipment, real estate, or the related property.
Originated loans are reported at the principal amount outstanding, net of unearned interest and deferred fees and costs, and any partial charge-offs recorded. Purchased loans are recorded at fair value at the date of purchase. Net unearned interest and deferred fees and costs on originated loans and unamortized premiums and discounts on
purchased loans amounted to $2.7 billion at December 31, 2023 and $3.1 billion at December 31, 2022. The Company evaluates purchased loans for more-than-insignificant deterioration at the date of purchase in accordance with applicable authoritative accounting guidance. Purchased loans that have experienced more-than-insignificant deterioration from origination are considered purchased credit deteriorated loans. All other purchased loans are considered non-purchased credit deteriorated loans.
Allowance for Credit Losses The allowance for credit losses is established for current expected credit losses on the Company’s loan and lease portfolio, including unfunded credit commitments. The allowance considers expected losses for the remaining lives of the applicable assets, inclusive of expected recoveries. The allowance for credit losses is increased through provisions charged to earnings and reduced by net charge-offs.
Activity in the allowance for credit losses by portfolio class was as follows:
(Dollars in Millions)Commercial Commercial Real Estate Residential Mortgages Credit
Card		Other
Retail		Total
Loans
Balance at December 31, 2022$2,163 $1,325 $926 $2,020 $970 $7,404 
Add
Change in accounting principle(a)
— — (31)(27)(4)(62)
Allowance for acquired credit losses(b)
— 127 — — — 127 
Provision for credit losses270 431 41 1,259 274 2,275 
Deduct
Loans charged-off389 281 129 1,014 478 2,291 
Less recoveries of loans charged-off(75)(18)(20)(165)(108)(386)
Net loan charge-offs (recoveries)314 263 109 849 370 1,905 
Balance at December 31, 2023$2,119 $1,620 $827 $2,403 $870 $7,839 
Balance at December 31, 2021$1,849 $1,123 $565 $1,673 $945 $6,155 
Add
Allowance for acquired credit losses(b)
163 87 36 45 5 336 
Provision for credit losses(c)
378 152 302 826 319 1,977 
Deduct     
Loans charged-off(d)
319 54 13 696 418 1,500 
Less recoveries of loans charged-off(92)(17)(36)(172)(120)(437)
Net loan charge-offs (recoveries)227 37 (23)524 298 1,063 
Other Changes— — — — (1)(1)
Balance at December 31, 2022$2,163 $1,325 $926 $2,020 $970 $7,404 
Balance at December 31, 2020$2,423 $1,544 $573 $2,355 $1,115 $8,010 
Add
Provision for credit losses(471)(419)(40)(170)(73)(1,173)
Deduct
Loans charged-off222 29 18 686 253 1,208 
Less recoveries of loans charged-off(119)(27)(50)(174)(156)(526)
Net loan charge-offs (recoveries)103 2 (32)512 97 682 
Balance at December 31, 2021$1,849 $1,123 $565 $1,673 $945 $6,155 
(a)Effective January 1, 2023, the Company adopted accounting guidance which removed the separate recognition and measurement of troubled debt restructurings.
(b)Represents allowance for credit deteriorated and charged-off loans acquired from MUB.
(c)Includes $662 million of provision for credit losses related to the acquisition of MUB.
(d)Includes $179 million of total charge-offs primarily on loans previously charged-off by MUB, which were written up upon acquisition to unpaid principal balance as required by purchase accounting.

The increase in the allowance for credit losses from December 31, 2022 to December 31, 2023 was primarily driven by normalizing credit losses, credit card balance growth and commercial real estate credit quality.
The following table provides a summary of loans charged-off during the year ended December 31, 2023, by portfolio class and year of origination:
(Dollars in Millions)Commercial
Commercial Real Estate(a)
Residential Mortgages(b)
Credit Card(c)
Other Retail(d)
Total Loans
Originated in 2023$48 $63 $— $— $57 $168 
Originated in 202263 88 1 — 130 282 
Originated in 202130 69 6 — 83 188 
Originated in 202017 2 8 — 38 65 
Originated in 201915 3 16 — 31 65 
Originated prior to 201953 56 98 — 31 238 
Revolving163 — — 1,014 80 1,257 
Revolving converted to term— — — — 28 28 
Total charge-offs$389 $281 $129 $1,014 $478 $2,291 
Note: Year of origination is based on the origination date of a loan, or for existing loans the date when the maturity date, pricing or commitment amount is amended.
(a)Includes $91 million in charge-offs related to uncollectible amounts on acquired loans.
(b)Includes $117 million of charge-offs related to balance sheet repositioning and capital management actions.
(c)Predominantly all credit card loans are considered revolving loans. Includes an immaterial amount of charge-offs related to revolving converted to term loans.
(d)Includes $192 million of charge-offs related to balance sheet repositioning and capital management actions.
Credit Quality The credit quality of the Company’s loan portfolios is assessed as a function of net credit losses, levels of nonperforming assets and delinquencies, and credit quality ratings as defined by the Company. These credit quality ratings are an important part of the Company’s overall credit risk management process and evaluation of the allowance for credit losses.
The following table provides a summary of loans by portfolio class, including the delinquency status of those that continue to accrue interest, and those that are nonperforming:
Accruing
(Dollars in Millions)Current
30-89 Days Past Due
90 Days or More Past Due
Nonperforming(b)
Total
December 31, 2023     
Commercial$130,925 $464 $116 $376 $131,881 
Commercial real estate52,619 55 4 777 53,455 
Residential mortgages(a)
115,067 169 136 158 115,530 
Credit card27,779 406 375 — 28,560 
Other retail43,926 278 67 138 44,409 
Total loans$370,316 $1,372 $698 $1,449 $373,835 
December 31, 2022
Commercial$135,077 $350 $94 $169 $135,690 
Commercial real estate55,057 87 5 338 55,487 
Residential mortgages(a)
115,224 201 95 325 115,845 
Credit card25,780 283 231 1 26,295 
Other retail54,382 309 66 139 54,896 
Total loans$385,520 $1,230 $491 $972 $388,213 
(a)At December 31, 2023, $595 million of loans 30–89 days past due and $2.0 billion of loans 90 days or more past due purchased and that could be purchased from Government National Mortgage Association (“GNMA”) mortgage pools under delinquent loan repurchase options whose repayments are insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs, were classified as current, compared with $647 million and $2.2 billion at December 31, 2022, respectively.
(b)Substantially all nonperforming loans at December 31, 2023 and 2022, had an associated allowance for credit losses. The Company recognized interest income on nonperforming loans of $22 million and $19 million for the years ended December 31, 2023 and 2022, respectively, compared to what would have been recognized at the original contractual terms of the loans of $49 million and $34 million, respectively.
At December 31, 2023, total nonperforming assets held by the Company were $1.5 billion, compared with $1.0 billion at December 31, 2022. Total nonperforming assets included $1.4 billion of nonperforming loans, $26 million of OREO and $19 million of other nonperforming assets owned by the Company at December 31, 2023, compared with $972 million, $23 million and $21 million, respectively, at December 31, 2022.
At December 31, 2023, the amount of foreclosed residential real estate held by the Company, and included in OREO, was $26 million, compared with $23 million at December 31, 2022. These amounts excluded $47 million and $54 million at December 31, 2023 and December 31, 2022, respectively, of foreclosed residential real estate
related to mortgage loans whose payments are primarily insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs. In addition, the amount of residential mortgage loans secured by residential real estate in the process of foreclosure at December 31, 2023 and December 31, 2022, was $728 million and $1.1 billion, respectively, of which $487 million and $830 million, respectively, related to loans purchased and that could be purchased from GNMA mortgage pools under delinquent loan repurchase options whose repayments are insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs.
The following table provides a summary of loans by portfolio class and the Company’s internal credit quality rating:
 December 31, 2023December 31, 2022
  Criticized  Criticized 
(Dollars in Millions)PassSpecial Mention
Classified(a)
Total CriticizedTotalPassSpecial Mention
Classified(a)
Total CriticizedTotal
Commercial     
Originated in 2023$43,023 $827 $856 $1,683 $44,706 $— $— $— $— $— 
Originated in 202240,076 274 632 906 40,982 61,229 245 315 560 61,789 
Originated in 20219,219 117 154 271 9,490 26,411 159 78 237 26,648 
Originated in 20203,169 92 71 163 3,332 7,049 68 138 206 7,255 
Originated in 20191,340 18 103 121 1,461 3,962 51 210 261 4,223 
Originated prior to 20193,963 12 106 118 4,081 8,986 64 129 193 9,179 
Revolving(b)
26,213 362 1,254 1,616 27,829 25,888 344 364 708 26,596 
Total commercial127,0031,7023,1764,878131,881133,5259311,2342,165135,690
Commercial real estate          
Originated in 20238,848 465 2,206 2,671 11,519 — — — — — 
Originated in 202211,831 382 1,141 1,523 13,354 14,527 206 519 725 15,252 
Originated in 20219,235 500 385 885 10,120 13,565 171 99 270 13,835 
Originated in 20203,797 51 87 138 3,935 6,489 97 117 214 6,703 
Originated in 20194,749 336 359 695 5,444 6,991 251 304 555 7,546 
Originated prior to 20196,010 122 260 382 6,392 9,639 138 875 1,013 10,652 
Revolving2,613 6 70 76 2,689 1,489 — 10 10 1,499 
Revolving converted to term2 — — — 2 — — — — — 
Total commercial real estate47,085 1,862 4,508 6,370 53,455 52,700 863 1,924 2,787 55,487 
Residential mortgages(c)
          
Originated in 20239,734 — 5 5 9,739 — — — — — 
Originated in 202229,146 — 17 17 29,163 28,452 — — — 28,452 
Originated in 202136,365 — 16 16 36,381 39,527 — 7 7 39,534 
Originated in 202014,773 — 9 9 14,782 16,556 — 8 8 16,564 
Originated in 20195,876 — 16 16 5,892 7,222 — 18 18 7,240 
Originated prior to 201919,326 — 246 246 19,572 23,658 — 397 397 24,055 
Revolving1 — — — 1 — — — — — 
Total residential mortgages115,221 — 309 309 115,530 115,415 — 430 430 115,845 
Credit card(d)
28,185 — 375 375 28,560 26,063 — 232 232 26,295 
Other retail          
Originated in 20235,184 — 4 4 5,188 — — — — — 
Originated in 20225,607 — 12 12 5,619 9,563 — 6 6 9,569 
Originated in 202110,398 — 15 15 10,413 15,352 — 12 12 15,364 
Originated in 20204,541 — 9 9 4,550 7,828 — 11 11 7,839 
Originated in 20191,793 — 7 7 1,800 3,418 — 13 13 3,431 
Originated prior to 20192,215 — 13 13 2,228 3,689 — 31 31 3,720 
Revolving13,720 — 104 104 13,824 14,029 — 98 98 14,127 
Revolving converted to term735 — 52 52 787 800 — 46 46 846 
Total other retail44,193 — 216 216 44,409 54,679 — 217 217 54,896 
Total loans$361,687 $3,564 $8,584 $12,148 $373,835 $382,382 $1,794 $4,037 $5,831 $388,213 
Total outstanding commitments$762,869 $5,053 $10,470 $15,523 $778,392 $772,804 $2,825 $5,041 $7,866 $780,670 
Note: Year of origination is based on the origination date of a loan, or for existing loans the date when the maturity date, pricing or commitment amount is amended. Predominantly all current year and nearer term loan origination years for criticized loans relate to existing loans that have had recent maturity date, pricing or commitment amount amendments.
(a)Classified rating on consumer loans primarily based on delinquency status.
(b)Includes an immaterial amount of revolving converted to term loans.
(c)At December 31, 2023, $2.0 billion of GNMA loans 90 days or more past due and $1.2 billion of modified GNMA loans whose repayments are insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs were classified with a pass rating, compared with $2.2 billion and $1.0 billion at December 31, 2022, respectively.
(d)Predominately all credit card loans are considered revolving loans. Includes an immaterial amount of revolving converted to term loans.
Loan Modifications In certain circumstances, the Company may modify the terms of a loan to maximize the collection of amounts due when a borrower is experiencing financial difficulties or is expected to experience difficulties in the near-term. The following table provides a summary of loan balances at December 31, 2023, which were modified during the year ended December 31, 2023, by portfolio class and modification granted:

(Dollars in Millions)Interest Rate ReductionPayment DelayTerm Extension
Multiple Modifications(a)
Total ModificationsPercent of Class Total
Commercial$46 $— $286 $33 $365 .3 %
Commercial real estate— — 645 72 717 1.3 
Residential mortgages(b)
— 234 26 20 280 .2 
Credit card349 1 — — 350 1.2 
Other retail7 21 144 3 175 .4 
Total loans, excluding loans purchased from GNMA mortgage pools402 256 1,101 128 1,887 .5 
Loans purchased from GNMA mortgage pools(b)
— 1,263 255 321 1,839 1.6 
Total loans$402 $1,519 $1,356 $449 $3,726 1.0 %
(a)Includes $329 million of total loans receiving a payment delay and term extension, $112 million of total loans receiving an interest rate reduction and term extension and $8 million of total loans receiving an interest rate reduction, payment delay and term extension for the year ended December 31, 2023.
(b)Percent of class total amounts expressed as a percent of total residential mortgage loan balances.
Loan modifications included in the table above exclude trial period arrangements offered to customers and secured loans to consumer borrowers that have had debt discharged through bankruptcy where the borrower has not reaffirmed the debt during the periods presented. At December 31,
2023, the balance of loans modified in trial period arrangements was $39 million, while the balance of secured loans to consumer borrowers that have had debt discharged through bankruptcy was not material.

The following table summarizes the effects of loan modifications made to borrowers on loans modified during the year ended December 31, 2023:
(Dollars in Millions)Weighted-Average Interest Rate ReductionWeighted-Average Months of Term Extension
Commercial13.0 %12
Commercial real estate3.5 11
Residential mortgages1.2 98
Credit card15.4 — 
Other retail7.9 4
Loans purchased from GNMA mortgage pools.6 103
Note: The weighted-average payment deferral for all portfolio classes was less than $1 million for the year ended December 31, 2023. Forbearance payments are required to be paid at the end of the original term loan.
Loans that receive a forbearance plan generally remain in default until they are no longer delinquent as the result of the payment of all past due amounts or the borrower
receiving a term extension or modification. Therefore, loans only receiving forbearance plans are not included in the table below.
The following table provides a summary of loan balances at December 31, 2023, which were modified during the year ended December 31, 2023, by portfolio class and delinquency status:
(Dollars in Millions)Current30-89 Days Past Due90 Days or More Past DueTotal
Commercial$255 $12 $98 $365 
Commercial real estate524 — 193 717 
Residential mortgages(a)
1,385 24 16 1,425 
Credit card251 67 32 350 
Other retail133 21 8 162 
Total loans$2,548 $124 $347 $3,019 
(a)At December 31, 2023, $372 million of loans 30-89 days past due and $175 million of loans 90 days or more past due purchased and that could be purchased from GNMA mortgage pools under delinquent loan repurchase options whose payments are insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs, were classified as current.
The following table provides a summary of loans that defaulted (fully or partially charged-off or became 90 days or more past due) that were modified during the year ended December 31, 2023.
(Dollars in Millions)Interest Rate ReductionPayment DelayTerm Extension
Multiple Modifications(a)
Commercial$7 $— $— $— 
Commercial real estate— — 1 — 
Residential mortgages— 8 2 1 
Credit card35 — — — 
Other retail1 1 11 — 
Total loans, excluding loans purchased from GNMA mortgage pools43 9 14 1 
Loans purchased from GNMA mortgage pools— 67 30 37 
Total loans$43 $76 $44 $38 
(a)Represents loans receiving a payment delay and term extension.
As of December 31, 2023, the Company had $283 million of commitments to lend additional funds to borrowers whose terms of their outstanding owed balances have been modified.
Prior Period Troubled Debt Restructuring Information
The following table provides a summary of loans modified as troubled debt restructurings for the years ended December 31, by portfolio class:
(Dollars in Millions)Number of LoansPre-Modification Outstanding Loan BalancePost-Modification Outstanding Loan Balance
2022   
Commercial2,259$148 $134 
Commercial real estate7550 47 
Residential mortgages1,699475 476 
Credit card44,470243 246 
Other retail2,51489 85 
Total loans, excluding loans purchased from GNMA mortgage pools51,0171,005 988 
Loans purchased from GNMA mortgage pools1,640226 230 
Total loans52,657$1,231 $1,218 
2021   
Commercial2,156$140 $127 
Commercial real estate112193 179 
Residential mortgages977329 328 
Credit card25,297144 146 
Other retail2,57674 67 
Total loans, excluding loans purchased from GNMA mortgage pools31,118880 847 
Loans purchased from GNMA mortgage pools2,311334 346 
Total loans33,429$1,214 $1,193 
The following table provides a summary of troubled debt restructured loans that defaulted (fully or partially charged-off or became 90 days or more past due) for the years ended December 31, that were modified as troubled debt restructurings within 12 months previous to default:
(Dollars in Millions)Number of LoansAmount Defaulted
2022  
Commercial767$24 
Commercial real estate2011 
Residential mortgages23528 
Credit card7,90442 
Other retail3075 
Total loans, excluding loans purchased from GNMA mortgage pools9,233110 
Loans purchased from GNMA mortgage pools28259 
Total loans9,515$169 
2021  
Commercial1,084$32 
Commercial real estate167 
Residential mortgages819 
Credit card7,70043 
Other retail71411 
Total loans, excluding loans purchased from GNMA mortgage pools9,595102 
Loans purchased from GNMA mortgage pools17626 
Total loans9,771$128 
v3.24.0.1
Leases
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Leases
NOTE 7 Leases
The Company, as a lessor, originates retail and commercial leases either directly to the consumer or indirectly through dealer networks. Retail leases consist primarily of
automobiles, while commercial leases may include high dollar assets such as aircraft or lower cost items such as office equipment.
The components of the net investment in sales-type and direct financing leases, at December 31, were as follows:
(Dollars in Millions)20232022
Lease receivables$7,239 $8,731 
Unguaranteed residual values accruing to the lessor’s benefit1,082 1,323 
Total net investment in sales-type and direct financing leases$8,321 $10,054 
The Company, as a lessor, recorded $738 million, $764 million and $888 million of revenue on its Consolidated Statement of Income for the years ended December 31,
2023, 2022 and 2021, respectively, primarily consisting of interest income on sales-type and direct financing leases.
The contractual future lease payments to be received by the Company, at December 31, 2023, were as follows:
(Dollars in Millions)Sales-type and Direct Financing Leases Operating Leases
2024$3,069 $138 
20252,182 110 
20261,333 66 
2027690 42 
2028260 27 
Thereafter369 57 
Total lease payments7,903 $440 
Amounts representing interest(664)
Lease receivables$7,239 
The Company, as lessee, leases certain assets for use in its operations. Leased assets primarily include retail branches, operations centers and other corporate locations, and, to a lesser extent, office and computer equipment. For each lease with an original term greater than 12 months, the Company records a lease liability and a corresponding ROU asset. At December 31, 2023, the Company’s ROU assets included in premises and equipment and lease liabilities included in long-term debt and other liabilities, were $1.4
billion and $1.6 billion, respectively, compared with $1.6 billion of ROU assets and $1.7 billion of lease liabilities at December 31, 2022, respectively.
Total costs incurred by the Company, as a lessee, were $496 million, $390 million and $364 million for the years ended December 31, 2023, 2022 and 2021, respectively, and principally related to contractual lease payments on operating leases. The Company’s leases do not impose significant covenants or other restrictions on the Company.
The following table presents amounts relevant to the Company’s assets leased for use in its operations for the years ended December 31:
(Dollars in Millions)202320222021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$409 $294 $288 
Operating cash flows from finance leases7 4 5 
Financing cash flows from finance leases49 14 12 
Right of use assets obtained in exchange for new operating lease liabilities230 239 164 
Right of use assets obtained in exchange for new finance lease liabilities25 91 75 
The following table presents the weighted-average remaining lease terms and discount rates of the Company’s assets leased for use in its operations at December 31:
 20232022
Weighted-average remaining lease term of operating leases (in years)6.46.8
Weighted-average remaining lease term of finance leases (in years)8.38.5
Weighted-average discount rate of operating leases3.7 %3.3 %
Weighted-average discount rate of finance leases7.7 %7.9 %
The contractual future lease obligations of the Company at December 31, 2023, were as follows:
(Dollars in Millions)Operating Leases Finance
Leases
2024$377 $41 
2025295 38 
2026245 36 
2027196 22 
2028144 8 
Thereafter360 23 
Total lease payments1,617 168 
Amounts representing interest(211)(18)
Lease liabilities$1,406 $150 
Leases
NOTE 7 Leases
The Company, as a lessor, originates retail and commercial leases either directly to the consumer or indirectly through dealer networks. Retail leases consist primarily of
automobiles, while commercial leases may include high dollar assets such as aircraft or lower cost items such as office equipment.
The components of the net investment in sales-type and direct financing leases, at December 31, were as follows:
(Dollars in Millions)20232022
Lease receivables$7,239 $8,731 
Unguaranteed residual values accruing to the lessor’s benefit1,082 1,323 
Total net investment in sales-type and direct financing leases$8,321 $10,054 
The Company, as a lessor, recorded $738 million, $764 million and $888 million of revenue on its Consolidated Statement of Income for the years ended December 31,
2023, 2022 and 2021, respectively, primarily consisting of interest income on sales-type and direct financing leases.
The contractual future lease payments to be received by the Company, at December 31, 2023, were as follows:
(Dollars in Millions)Sales-type and Direct Financing Leases Operating Leases
2024$3,069 $138 
20252,182 110 
20261,333 66 
2027690 42 
2028260 27 
Thereafter369 57 
Total lease payments7,903 $440 
Amounts representing interest(664)
Lease receivables$7,239 
The Company, as lessee, leases certain assets for use in its operations. Leased assets primarily include retail branches, operations centers and other corporate locations, and, to a lesser extent, office and computer equipment. For each lease with an original term greater than 12 months, the Company records a lease liability and a corresponding ROU asset. At December 31, 2023, the Company’s ROU assets included in premises and equipment and lease liabilities included in long-term debt and other liabilities, were $1.4
billion and $1.6 billion, respectively, compared with $1.6 billion of ROU assets and $1.7 billion of lease liabilities at December 31, 2022, respectively.
Total costs incurred by the Company, as a lessee, were $496 million, $390 million and $364 million for the years ended December 31, 2023, 2022 and 2021, respectively, and principally related to contractual lease payments on operating leases. The Company’s leases do not impose significant covenants or other restrictions on the Company.
The following table presents amounts relevant to the Company’s assets leased for use in its operations for the years ended December 31:
(Dollars in Millions)202320222021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$409 $294 $288 
Operating cash flows from finance leases7 4 5 
Financing cash flows from finance leases49 14 12 
Right of use assets obtained in exchange for new operating lease liabilities230 239 164 
Right of use assets obtained in exchange for new finance lease liabilities25 91 75 
The following table presents the weighted-average remaining lease terms and discount rates of the Company’s assets leased for use in its operations at December 31:
 20232022
Weighted-average remaining lease term of operating leases (in years)6.46.8
Weighted-average remaining lease term of finance leases (in years)8.38.5
Weighted-average discount rate of operating leases3.7 %3.3 %
Weighted-average discount rate of finance leases7.7 %7.9 %
The contractual future lease obligations of the Company at December 31, 2023, were as follows:
(Dollars in Millions)Operating Leases Finance
Leases
2024$377 $41 
2025295 38 
2026245 36 
2027196 22 
2028144 8 
Thereafter360 23 
Total lease payments1,617 168 
Amounts representing interest(211)(18)
Lease liabilities$1,406 $150 
Leases
NOTE 7 Leases
The Company, as a lessor, originates retail and commercial leases either directly to the consumer or indirectly through dealer networks. Retail leases consist primarily of
automobiles, while commercial leases may include high dollar assets such as aircraft or lower cost items such as office equipment.
The components of the net investment in sales-type and direct financing leases, at December 31, were as follows:
(Dollars in Millions)20232022
Lease receivables$7,239 $8,731 
Unguaranteed residual values accruing to the lessor’s benefit1,082 1,323 
Total net investment in sales-type and direct financing leases$8,321 $10,054 
The Company, as a lessor, recorded $738 million, $764 million and $888 million of revenue on its Consolidated Statement of Income for the years ended December 31,
2023, 2022 and 2021, respectively, primarily consisting of interest income on sales-type and direct financing leases.
The contractual future lease payments to be received by the Company, at December 31, 2023, were as follows:
(Dollars in Millions)Sales-type and Direct Financing Leases Operating Leases
2024$3,069 $138 
20252,182 110 
20261,333 66 
2027690 42 
2028260 27 
Thereafter369 57 
Total lease payments7,903 $440 
Amounts representing interest(664)
Lease receivables$7,239 
The Company, as lessee, leases certain assets for use in its operations. Leased assets primarily include retail branches, operations centers and other corporate locations, and, to a lesser extent, office and computer equipment. For each lease with an original term greater than 12 months, the Company records a lease liability and a corresponding ROU asset. At December 31, 2023, the Company’s ROU assets included in premises and equipment and lease liabilities included in long-term debt and other liabilities, were $1.4
billion and $1.6 billion, respectively, compared with $1.6 billion of ROU assets and $1.7 billion of lease liabilities at December 31, 2022, respectively.
Total costs incurred by the Company, as a lessee, were $496 million, $390 million and $364 million for the years ended December 31, 2023, 2022 and 2021, respectively, and principally related to contractual lease payments on operating leases. The Company’s leases do not impose significant covenants or other restrictions on the Company.
The following table presents amounts relevant to the Company’s assets leased for use in its operations for the years ended December 31:
(Dollars in Millions)202320222021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$409 $294 $288 
Operating cash flows from finance leases7 4 5 
Financing cash flows from finance leases49 14 12 
Right of use assets obtained in exchange for new operating lease liabilities230 239 164 
Right of use assets obtained in exchange for new finance lease liabilities25 91 75 
The following table presents the weighted-average remaining lease terms and discount rates of the Company’s assets leased for use in its operations at December 31:
 20232022
Weighted-average remaining lease term of operating leases (in years)6.46.8
Weighted-average remaining lease term of finance leases (in years)8.38.5
Weighted-average discount rate of operating leases3.7 %3.3 %
Weighted-average discount rate of finance leases7.7 %7.9 %
The contractual future lease obligations of the Company at December 31, 2023, were as follows:
(Dollars in Millions)Operating Leases Finance
Leases
2024$377 $41 
2025295 38 
2026245 36 
2027196 22 
2028144 8 
Thereafter360 23 
Total lease payments1,617 168 
Amounts representing interest(211)(18)
Lease liabilities$1,406 $150 
Leases
NOTE 7 Leases
The Company, as a lessor, originates retail and commercial leases either directly to the consumer or indirectly through dealer networks. Retail leases consist primarily of
automobiles, while commercial leases may include high dollar assets such as aircraft or lower cost items such as office equipment.
The components of the net investment in sales-type and direct financing leases, at December 31, were as follows:
(Dollars in Millions)20232022
Lease receivables$7,239 $8,731 
Unguaranteed residual values accruing to the lessor’s benefit1,082 1,323 
Total net investment in sales-type and direct financing leases$8,321 $10,054 
The Company, as a lessor, recorded $738 million, $764 million and $888 million of revenue on its Consolidated Statement of Income for the years ended December 31,
2023, 2022 and 2021, respectively, primarily consisting of interest income on sales-type and direct financing leases.
The contractual future lease payments to be received by the Company, at December 31, 2023, were as follows:
(Dollars in Millions)Sales-type and Direct Financing Leases Operating Leases
2024$3,069 $138 
20252,182 110 
20261,333 66 
2027690 42 
2028260 27 
Thereafter369 57 
Total lease payments7,903 $440 
Amounts representing interest(664)
Lease receivables$7,239 
The Company, as lessee, leases certain assets for use in its operations. Leased assets primarily include retail branches, operations centers and other corporate locations, and, to a lesser extent, office and computer equipment. For each lease with an original term greater than 12 months, the Company records a lease liability and a corresponding ROU asset. At December 31, 2023, the Company’s ROU assets included in premises and equipment and lease liabilities included in long-term debt and other liabilities, were $1.4
billion and $1.6 billion, respectively, compared with $1.6 billion of ROU assets and $1.7 billion of lease liabilities at December 31, 2022, respectively.
Total costs incurred by the Company, as a lessee, were $496 million, $390 million and $364 million for the years ended December 31, 2023, 2022 and 2021, respectively, and principally related to contractual lease payments on operating leases. The Company’s leases do not impose significant covenants or other restrictions on the Company.
The following table presents amounts relevant to the Company’s assets leased for use in its operations for the years ended December 31:
(Dollars in Millions)202320222021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$409 $294 $288 
Operating cash flows from finance leases7 4 5 
Financing cash flows from finance leases49 14 12 
Right of use assets obtained in exchange for new operating lease liabilities230 239 164 
Right of use assets obtained in exchange for new finance lease liabilities25 91 75 
The following table presents the weighted-average remaining lease terms and discount rates of the Company’s assets leased for use in its operations at December 31:
 20232022
Weighted-average remaining lease term of operating leases (in years)6.46.8
Weighted-average remaining lease term of finance leases (in years)8.38.5
Weighted-average discount rate of operating leases3.7 %3.3 %
Weighted-average discount rate of finance leases7.7 %7.9 %
The contractual future lease obligations of the Company at December 31, 2023, were as follows:
(Dollars in Millions)Operating Leases Finance
Leases
2024$377 $41 
2025295 38 
2026245 36 
2027196 22 
2028144 8 
Thereafter360 23 
Total lease payments1,617 168 
Amounts representing interest(211)(18)
Lease liabilities$1,406 $150 
Leases
NOTE 7 Leases
The Company, as a lessor, originates retail and commercial leases either directly to the consumer or indirectly through dealer networks. Retail leases consist primarily of
automobiles, while commercial leases may include high dollar assets such as aircraft or lower cost items such as office equipment.
The components of the net investment in sales-type and direct financing leases, at December 31, were as follows:
(Dollars in Millions)20232022
Lease receivables$7,239 $8,731 
Unguaranteed residual values accruing to the lessor’s benefit1,082 1,323 
Total net investment in sales-type and direct financing leases$8,321 $10,054 
The Company, as a lessor, recorded $738 million, $764 million and $888 million of revenue on its Consolidated Statement of Income for the years ended December 31,
2023, 2022 and 2021, respectively, primarily consisting of interest income on sales-type and direct financing leases.
The contractual future lease payments to be received by the Company, at December 31, 2023, were as follows:
(Dollars in Millions)Sales-type and Direct Financing Leases Operating Leases
2024$3,069 $138 
20252,182 110 
20261,333 66 
2027690 42 
2028260 27 
Thereafter369 57 
Total lease payments7,903 $440 
Amounts representing interest(664)
Lease receivables$7,239 
The Company, as lessee, leases certain assets for use in its operations. Leased assets primarily include retail branches, operations centers and other corporate locations, and, to a lesser extent, office and computer equipment. For each lease with an original term greater than 12 months, the Company records a lease liability and a corresponding ROU asset. At December 31, 2023, the Company’s ROU assets included in premises and equipment and lease liabilities included in long-term debt and other liabilities, were $1.4
billion and $1.6 billion, respectively, compared with $1.6 billion of ROU assets and $1.7 billion of lease liabilities at December 31, 2022, respectively.
Total costs incurred by the Company, as a lessee, were $496 million, $390 million and $364 million for the years ended December 31, 2023, 2022 and 2021, respectively, and principally related to contractual lease payments on operating leases. The Company’s leases do not impose significant covenants or other restrictions on the Company.
The following table presents amounts relevant to the Company’s assets leased for use in its operations for the years ended December 31:
(Dollars in Millions)202320222021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$409 $294 $288 
Operating cash flows from finance leases7 4 5 
Financing cash flows from finance leases49 14 12 
Right of use assets obtained in exchange for new operating lease liabilities230 239 164 
Right of use assets obtained in exchange for new finance lease liabilities25 91 75 
The following table presents the weighted-average remaining lease terms and discount rates of the Company’s assets leased for use in its operations at December 31:
 20232022
Weighted-average remaining lease term of operating leases (in years)6.46.8
Weighted-average remaining lease term of finance leases (in years)8.38.5
Weighted-average discount rate of operating leases3.7 %3.3 %
Weighted-average discount rate of finance leases7.7 %7.9 %
The contractual future lease obligations of the Company at December 31, 2023, were as follows:
(Dollars in Millions)Operating Leases Finance
Leases
2024$377 $41 
2025295 38 
2026245 36 
2027196 22 
2028144 8 
Thereafter360 23 
Total lease payments1,617 168 
Amounts representing interest(211)(18)
Lease liabilities$1,406 $150 
v3.24.0.1
Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities
NOTE 8Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities
 
The Company transfers financial assets in the normal course of business. The majority of the Company’s financial asset transfers are residential mortgage loan sales primarily to GSEs, transfers of tax-advantaged investments, commercial loan sales through participation agreements, and other individual or portfolio loan and securities sales. In accordance with the accounting guidance for asset transfers, the Company considers any ongoing involvement with transferred assets in determining whether the assets can be derecognized from the balance sheet. Guarantees provided to certain third parties in connection with the transfer of assets are further discussed in Note 23.
For loans sold under participation agreements, the Company also considers whether the terms of the loan participation agreement meet the accounting definition of a participating interest. With the exception of servicing and certain performance-based guarantees, the Company’s continuing involvement with financial assets sold is minimal and generally limited to market customary representation and warranty clauses. Any gain or loss on sale depends on the previous carrying amount of the transferred financial assets, the consideration received, and any liabilities incurred in exchange for the transferred assets. Upon transfer, any servicing assets and other interests that continue to be held by the Company are initially recognized at fair value. For further information on MSRs, refer to Note 10. On a limited basis, the Company may acquire and package high-grade corporate bonds for select corporate customers, in which the Company generally has no continuing involvement with these transactions. Additionally, the Company is an authorized GNMA issuer and issues GNMA securities on a regular basis. The Company has no
other asset securitizations or similar asset-backed financing arrangements that are off-balance sheet.
The Company previously provided financial support primarily through the use of waivers of trust and investment management fees associated with various unconsolidated registered money market funds it manages. The Company discontinued providing this support beginning in the third quarter of 2022 due to rising interest rates in 2022. The Company provided $65 million and $250 million of support to the funds during the years ended December 31, 2022 and 2021, respectively.
The Company is involved in various entities that are considered to be VIEs. The Company’s investments in VIEs are primarily related to investments promoting affordable housing, community development and renewable energy sources. Some of these tax-advantaged investments support the Company’s regulatory compliance with the Community Reinvestment Act. The Company’s investments in these entities generate a return primarily through the realization of federal and state income tax credits, and other tax benefits, such as tax deductions from operating losses of the investments, over specified time periods. These tax credits are recognized as a reduction of tax expense or, for investments qualifying as investment tax credits, as a reduction to the related investment asset. The Company recognized federal and state income tax credits related to its affordable housing and other tax-advantaged investments in tax expense of $576 million, $461 million and $508 million for the years ended December 31, 2023, 2022 and 2021, respectively. The Company also recognized $318 million, $527 million and $418 million of investment tax credits for the years ended December 31, 2023, 2022 and 2021, respectively. The Company recognized $582 million, $424
million and $468 million of expenses related to all of these investments for the years ended December 31, 2023, 2022 and 2021, respectively, which were primarily included in tax expense.
The Company is not required to consolidate VIEs in which it has concluded it does not have a controlling financial interest, and thus is not the primary beneficiary. In such cases, the Company does not have both the power to direct the entities’ most significant activities and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIEs.
The Company’s investments in these unconsolidated VIEs are carried in other assets on the Consolidated Balance Sheet. The Company’s unfunded capital and other commitments related to these unconsolidated VIEs are generally carried in other liabilities on the Consolidated Balance Sheet. The Company’s maximum exposure to loss from these unconsolidated VIEs include the investment recorded on the Company’s Consolidated Balance Sheet, net of unfunded capital commitments, and previously recorded tax credits which remain subject to recapture by taxing authorities based on compliance features required to be met at the project level. While the Company believes potential losses from these investments are remote, the maximum exposure was determined by assuming a scenario where the community-based business and housing projects completely fail and do not meet certain government compliance requirements resulting in recapture of the related tax credits.
The following table provides a summary of investments in community development and tax-advantaged VIEs that the Company has not consolidated:
At December 31 (Dollars in Millions)20232022
Investment carrying amount$6,659 $5,452 
Unfunded capital and other commitments3,619 2,416 
Maximum exposure to loss9,002 9,761 
The Company also has noncontrolling financial investments in private investment funds and partnerships considered to be VIEs, which are not consolidated. The Company’s recorded investment in these entities, carried in other assets on the Consolidated Balance Sheet, was approximately $219 million at December 31, 2023 and $177 million at December 31, 2022. The maximum exposure to loss related to these VIEs was $319 million at December 31, 2023 and $310 million at December 31, 2022, representing the Company’s investment balance and its unfunded commitments to invest additional amounts.
The Company also held senior notes of $5.3 billion as available-for-sale investment securities at December 31, 2023, compared with $3.4 billion at December 31, 2022. These senior notes were issued by third-party securitization vehicles that held $6.1 billion at December 31, 2023 and $4.0 billion at December 31, 2022 of indirect auto loans that collateralize the senior notes. These VIEs are not consolidated by the Company.
The Company’s individual net investments in unconsolidated VIEs, which exclude any unfunded capital
commitments, ranged from less than $1 million to $86 million at December 31, 2023, compared with less than $1 million to $116 million at December 31, 2022.
The Company is required to consolidate VIEs in which it has concluded it has a controlling financial interest. The Company sponsors entities to which it transfers its interests in tax-advantaged investments to third parties. At December 31, 2023, approximately $6.1 billion of the Company’s assets and $4.4 billion of its liabilities included on the Consolidated Balance Sheet were related to community development and tax-advantaged investment VIEs which the Company has consolidated, primarily related to these transfers. These amounts compared to $5.9 billion and $4.2 billion, respectively, at December 31, 2022. The majority of the assets of these consolidated VIEs are reported in other assets, and the liabilities are reported in long-term debt and other liabilities. The assets of a particular VIE are the primary source of funds to settle its obligations. The creditors of the VIEs do not have recourse to the general credit of the Company. The Company’s exposure to the consolidated VIEs is generally limited to the carrying value of its variable interests plus any related tax credits previously recognized or transferred to others with a guarantee.
In addition, the Company sponsors a municipal bond securities tender option bond program. The Company controls the activities of the program’s entities, is entitled to the residual returns and provides liquidity and remarketing arrangements to the program. As a result, the Company has consolidated the program’s entities. At December 31, 2023, $607 million of available-for-sale investment securities and $381 million of short-term borrowings on the Consolidated Balance Sheet were related to the tender option bond program, compared with $1.5 billion of available-for-sale investment securities and $1.0 billion of short-term borrowings at December 31, 2022.
v3.24.0.1
Premises and Equipment
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Premises and Equipment
NOTE 9
Premises and Equipment
Premises and equipment at December 31 consisted of the following:
(Dollars in Millions)20232022
Land$515 $535 
Buildings and improvements3,239 3,296 
Furniture, fixtures and equipment3,013 3,485 
Right of use assets on operating leases1,149 1,296 
Right of use assets on finance leases275 269 
Construction in progress68 46 
8,259 8,927 
Less accumulated depreciation and amortization(4,636)(5,069)
Total$3,623 $3,858 
v3.24.0.1
Mortgage Servicing Rights
 12 Months Ended
Dec. 31, 2023
Transfers and Servicing [Abstract]  
Mortgage Servicing Rights
NOTE 10 Mortgage Servicing Rights
The Company capitalizes MSRs as separate assets when loans are sold and servicing is retained. MSRs may also be purchased from others. The Company carries MSRs at fair value, with changes in the fair value recorded in earnings during the period in which they occur. The Company serviced $233.4 billion of residential mortgage loans for others at December 31, 2023, and $243.6 billion at December 31, 2022, including subserviced mortgages with no corresponding MSR asset. Included in mortgage banking revenue are the MSR fair value changes arising from market
rate and model assumption changes, net of the value change in derivatives used to economically hedge MSRs. These changes resulted in net losses of $41 million, $45 million and $183 million for the years ended December 31, 2023, 2022 and 2021, respectively. Loan servicing and ancillary fees, not including valuation changes, included in mortgage banking revenue were $733 million, $754 million and $725 million for the years ended December 31, 2023, 2022 and 2021, respectively.
Changes in fair value of capitalized MSRs are summarized as follows:
(Dollars in Millions)202320222021
Balance at beginning of period$3,755 $2,953 $2,210 
Rights purchased5 156 42 
Rights capitalized373 590 1,136 
Rights sold(a)
(440)(255)2 
Changes in fair value of MSRs
Due to fluctuations in market interest rates(b)
66 804 272 
Due to revised assumptions or models(c)
12 (29)(196)
Other changes in fair value(d)
(394)(464)(513)
Balance at end of period$3,377 $3,755 $2,953 
(a)MSRs sold include those having a negative fair value, resulting from the loans being severely delinquent.
(b)Includes changes in MSR value associated with changes in market interest rates, including estimated prepayment rates and anticipated earnings on escrow deposits.
(c)Includes changes in MSR value not caused by changes in market interest rates, such as changes in assumed cost to service, ancillary income and option adjusted spread, as well as the impact of any model changes.
(d)Primarily the change in MSR value from passage of time and cash flows realized (decay), but also includes the impact of changes to expected cash flows not associated with changes in market interest rates, such as the impact of delinquencies.

The estimated sensitivity to changes in interest rates of the fair value of the MSR portfolio and the related derivative instruments as of December 31 follows:
 20232022
(Dollars in Millions)Down
 100 bps 		Down
 50 bps 		Down
 25 bps 		Up
 25 bps 		Up
 50 bps 		Up
 100 bps		Down
 100 bps 		Down
 50 bps 		Down
 25 bps 		Up
 25 bps		Up
 50 bps		Up
 100 bps
MSR portfolio$(370)$(173)$(84)$77 $147 $268 $(334)$(153)$(73)$66 $125 $224 
Derivative instrument hedges381 178 86 (79)(152)(289)337 153 73 (67)(127)(236)
Net sensitivity$11 $5 $2 $(2)$(5)$(21)$3 $— $— $(1)$(2)$(12)
The fair value of MSRs and their sensitivity to changes in interest rates is influenced by the mix of the servicing portfolio and characteristics of each segment of the portfolio. The Company’s servicing portfolio consists of the distinct portfolios of government-insured mortgages, conventional mortgages and Housing Finance Agency (“HFA”) mortgages. The servicing portfolios are predominantly comprised of fixed-rate agency loans with limited adjustable-
rate or jumbo mortgage loans. The HFA servicing portfolio is comprised of loans originated under state and local housing authority program guidelines which assist purchases by first-time or low- to moderate-income homebuyers through a favorable rate subsidy, down payment and/or closing cost assistance on government- and conventional-insured mortgages.

A summary of the Company’s MSRs and related characteristics by portfolio as of December 31 follows:
 20232022
(Dollars in Millions)HFA Government
Conventional(d)
Total HFA Government
Conventional(d)
Total
Servicing portfolio(a)
$48,286 $25,996 $151,056 $225,338 $44,071 $23,141 $172,541 $239,753 
Fair value$769 $507 $2,101 $3,377 $725 $454 $2,576 $3,755 
Value (bps)(b)
159 195 139 150 165 196 149 157 
Weighted-average servicing fees (bps)36 44 26 30 36 42 27 30 
Multiple (value/servicing fees)4.45 4.41 5.41 5.00 4.56 4.69 5.52 5.20 
Weighted-average note rate4.56 %4.23 %3.81 %4.02 %4.16 %3.81 %3.52 %3.67 %
Weighted-average age (in years)4.35.54.34.44.05.73.73.9
Weighted-average expected prepayment (constant prepayment rate)10.5 %11.1 %9.1 %9.6 %7.4 %8.5 %7.8 %7.8 %
Weighted-average expected life (in years)7.26.57.07.08.87.67.57.7
Weighted-average option adjusted spread(c)
5.4 %5.9 %4.6 %4.9 %7.6 %6.9 %5.1 %5.8 %
(a)Represents principal balance of mortgages having corresponding MSR asset.
(b)Calculated as fair value divided by the servicing portfolio.
(c)Option adjusted spread is the incremental spread added to the risk-free rate to reflect optionality and other risk inherent in the MSRs.
(d)Represents loans sold primarily to GSEs.
v3.24.0.1
Intangible Assets
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets
NOTE 11 Intangible Assets
Intangible assets consisted of the following:
At December 31 (Dollars in Millions)20232022
Goodwill$12,489 $12,373 
Merchant processing contracts124 155 
Core deposit benefits2,134 2,706 
Mortgage servicing rights3,377 3,755 
Trust relationships41 50 
Other identified intangibles408 489 
Total$18,573 $19,528 
Aggregate amortization expense consisted of the following:
Year Ended December 31 (Dollars in Millions)202320222021
Merchant processing contracts$31 $38 $45 
Core deposit benefits481 53 15 
Trust relationships10 12 10 
Other identified intangibles114 112 89 
Total$636 $215 $159 
The estimated amortization expense for the next five years is as follows:
(Dollars in Millions) 
2024$566 
2025484 
2026415 
2027344 
2028281 
The following table reflects the changes in the carrying value of goodwill for the years ended December 31, 2023, 2022 and 2021:
(Dollars in Millions)Wealth, Corporate, Commercial and Institutional BankingConsumer and Business Banking Payment Services Treasury and Corporate SupportConsolidated Company
Balance at December 31, 2020$3,266 $3,475 $3,177 $— $9,918 
Goodwill acquired144 35 192 — 371 
Foreign exchange translation and other263 (265)(25)— (27)
Balance at December 31, 2021$3,673 $3,245 $3,344 $— $10,262 
Goodwill acquired918 1,220 11 — 2,149 
Foreign exchange translation and other(2)— (36)— (38)
Balance at December 31, 2022$4,589 $4,465 $3,319 $— $12,373 
Goodwill acquired235 (139)— — 96 
Foreign exchange translation and other1 — 19 — 20 
Balance at December 31, 2023$4,825 $4,326 $3,338 $— $12,489 
v3.24.0.1
Deposits
 12 Months Ended
Dec. 31, 2023
Deposits [Abstract]  
Deposits
NOTE 12  Deposits
The composition of deposits at December 31 was as follows:
(Dollars in Millions)20232022
Noninterest-bearing deposits$89,989 $137,743 
Interest-bearing deposits
Interest checking127,453 134,491 
Money market savings199,378 148,014 
Savings accounts43,219 71,782 
Time deposits52,273 32,946 
Total interest-bearing deposits422,323 387,233 
Total deposits$512,312 $524,976 
The maturities of time deposits outstanding at December 31, 2023 were as follows:
(Dollars in Millions) 
2024$44,570 
20256,448 
2026798 
2027252 
2028197 
Thereafter8 
Total$52,273 
v3.24.0.1
Short-Term Borrowings
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Short-Term Borrowings
NOTE 13 Short-Term Borrowings
Short-term borrowings at December 31 consisted of the following:
(Dollars in Millions)20232022
Federal funds purchased$248 $226 
Securities sold under agreements to repurchase3,576 1,431 
Commercial paper7,773 8,145 
Other short-term borrowings3,682 21,414 
(a)
Total$15,279 $31,216 
(a)Balance primarily includes short-term FHLB advances.
v3.24.0.1
Long-Term Debt
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Long-Term Debt
NOTE 14 Long-Term Debt
Long-term debt (debt with original maturities of more than one year) at December 31 consisted of the following:
(Dollars in Millions)Rate Type
Rate(a)
Maturity Date20232022
U.S. Bancorp (Parent Company)
Subordinated notesFixed3.600 %2024$1,000 $1,000 
Fixed7.500 %2026199 199 
Fixed3.100 %20261,000 1,000 
Fixed3.000 %20291,000 1,000 
Fixed4.967 %20331,300 1,300 
Fixed2.491 %20361,300 1,300 
Medium-term notesFixed
.850% - 6.787%
2024 - 2034
26,618 18,468 
Other(b)
1,915 2,716 
Subtotal34,332 26,983 
Subsidiaries
Federal Home Loan Bank advancesFixed
1.860% - 8.250%
2025 - 2026
9,051 2,051 
Floating
6.080% - 6.100%
2025 - 2026
3,000 3,000 
Bank notesFixed
2.050% - 5.550%
2025 - 2032
2,289 4,800 
Floating
—% - 5.398%
2046 - 2062
1,324 1,352 
Other(c)
1,484 1,643 
Subtotal17,148 12,846 
Total$51,480 $39,829 
(a)Weighted-average interest rates of medium-term notes, Federal Home Loan Bank advances and bank notes were 3.89 percent, 4.94 percent and 3.27 percent, respectively.
(b)Includes $2.1 billion and $2.9 billion at December 31, 2023 and 2022, respectively, of discounted noninterest-bearing additional cash received by the Company upon close of the MUB acquisition to be delivered to MUFG on or prior to December 1, 2027, discounted at the Company’s 5-year unsecured borrowing rate as of the acquisition date, as well as debt issuance fees and unrealized gains and losses and deferred amounts relating to derivative instruments.
(c)Includes consolidated community development and tax-advantaged investment VIEs, finance lease obligations, debt issuance fees, and unrealized gains and losses and deferred amounts relating to derivative instruments.

The Company has arrangements with the Federal Home Loan Bank and Federal Reserve Bank whereby the Company could have borrowed an additional $215.8 billion and $114.8 billion at December 31, 2023 and 2022, respectively.
Maturities of long-term debt outstanding at December 31, 2023, were:
(Dollars in Millions)
Parent Company
Consolidated
2024$5,475 $6,663 
20252,030 6,559 
20263,906 13,381 
20274,763 4,796 
20283,824 3,835 
Thereafter14,334 16,246 
Total$34,332 $51,480 
v3.24.0.1
Shareholders' Equity
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Shareholders' Equity
NOTE 15 Shareholders' Equity
At December 31, 2023 and 2022, the Company had authority to issue 4 billion shares of common stock and 50 million shares of preferred stock. The Company had 1.6 billion and 1.5 billion shares of common stock outstanding at
December 31, 2023 and 2022, respectively. The Company had 27 million shares reserved for future issuances, primarily under its stock incentive plans at December 31, 2023.
The number of shares issued and outstanding and the carrying amount of each outstanding series of the Company’s preferred stock at December 31 were as follows:
 20232022
(Dollars in Millions)Shares
 Issued and
 Outstanding		Liquidation
 Preference		DiscountCarrying
 Amount		Shares
 Issued and
 Outstanding		Liquidation
 Preference		DiscountCarrying
 Amount
Series A12,510$1,251 $145 $1,106 12,510$1,251 $145 $1,106 
Series B40,0001,000 — 1,000 40,0001,000 — 1,000 
Series J40,0001,000 7 993 40,0001,000 7 993 
Series K23,000575 10 565 23,000575 10 565 
Series L20,000500 14 486 20,000500 14 486 
Series M30,000750 21 729 30,000750 21 729 
Series N60,0001,500 8 1,492 60,0001,500 8 1,492 
Series O18,000450 13 437 18,000450 13 437 
Total preferred stock(a)
243,510$7,026 $218 $6,808 243,510$7,026 $218 $6,808 
(a)The par value of all shares issued and outstanding at December 31, 2023 and 2022, was $1.00 per share.

Prior to July 1, 2023, dividends for the Company’s outstanding Series A Preferred Stock, Series B Preferred Stock and Series J Preferred Stock (each as defined below) were calculated based on LIBOR. On July 1, 2023, the interest rate on these series of preferred stock transitioned from a LIBOR-based rate to a rate based on the Secured Overnight Financing Rate (“SOFR”), including a credit spread adjustment, pursuant to the Adjustable Interest Rate (LIBOR) Act.
During 2022, the Company issued depositary shares representing an ownership interest in 18,000 shares of Series O Non-Cumulative Perpetual Preferred Stock with a liquidation preference of $25,000 per share (the “Series O Preferred Stock”). The Series O Preferred Stock has no stated maturity and will not be subject to any sinking fund or other obligation of the Company. Dividends, if declared, will accrue and be payable quarterly, in arrears, at a rate per annum equal to 4.50 percent. The Series O Preferred Stock is redeemable at the Company’s option, in whole or in part, on or after April 15, 2027. The Series O Preferred Stock is redeemable at the Company’s option, in whole, but not in part, prior to April 15, 2027 within 90 days following an official administrative or judicial decision, amendment to, or change in the laws or regulations that would not allow the Company to treat the full liquidation value of the Series O Preferred Stock as Tier 1 capital for purposes of the capital adequacy guidelines of the Federal Reserve Board.
During 2021, the Company issued depositary shares representing an ownership interest in 60,000 shares of Series N Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock with a liquidation preference of $25,000 per share (the “Series N Preferred Stock”). The Series N Preferred Stock has no stated maturity and will not be subject to any sinking fund or other obligation of the Company. Dividends, if declared, will accrue and be payable quarterly, in arrears, at a rate per annum equal to 3.70 percent from the date of issuance to, but
excluding, January 15, 2027, and thereafter will accrue and be payable quarterly at a floating rate per annum equal to the five-year treasury rate plus 2.541 percent. The Series N Preferred Stock is redeemable at the Company’s option, in whole or in part, on or after January 15, 2027. The Series N Preferred Stock is redeemable at the Company’s option, in whole, but not in part, prior to January 15, 2027 within 90 days following an official administrative or judicial decision, amendment to, or change in the laws or regulations that would not allow the Company to treat the full liquidation value of the Series N Preferred Stock as Tier 1 capital for purposes of the capital adequacy guidelines of the Federal Reserve Board.
During 2021, the Company issued depositary shares representing an ownership interest in 30,000 shares of Series M Non-Cumulative Perpetual Preferred Stock with a liquidation preference of $25,000 per share (the “Series M Preferred Stock”). The Series M Preferred Stock has no stated maturity and will not be subject to any sinking fund or other obligation of the Company. Dividends, if declared, will accrue and be payable quarterly, in arrears, at a rate per annum equal to 4.00 percent. The Series M Preferred Stock is redeemable at the Company’s option, in whole or in part, on or after April 15, 2026. The Series M Preferred Stock is redeemable at the Company’s option, in whole, but not in part, prior to April 15, 2026 within 90 days following an official administrative or judicial decision, amendment to, or change in the laws or regulations that would not allow the Company to treat the full liquidation value of the Series M Preferred Stock as Tier 1 capital for purposes of the capital adequacy guidelines of the Federal Reserve Board.
During 2020, the Company issued depositary shares representing an ownership interest in 20,000 shares of Series L Non-Cumulative Perpetual Preferred Stock with a liquidation preference of $25,000 per share (the “Series L Preferred Stock”). The Series L Preferred Stock has no stated maturity and will not be subject to any sinking fund or other obligation
of the Company. Dividends, if declared, will accrue and be payable quarterly, in arrears, at a rate per annum equal to 3.75 percent. The Series L Preferred Stock is redeemable at the Company’s option, in whole or in part, on or after January 15, 2026. The Series L Preferred Stock is redeemable at the Company’s option, in whole, but not in part, prior to January 15, 2026 within 90 days following an official administrative or judicial decision, amendment to, or change in the laws or regulations that would not allow the Company to treat the full liquidation value of the Series L Preferred Stock as Tier 1 capital for purposes of the capital adequacy guidelines of the Federal Reserve Board.
During 2018, the Company issued depositary shares representing an ownership interest in 23,000 shares of Series K Non-Cumulative Perpetual Preferred Stock with a liquidation preference of $25,000 per share (the “Series K Preferred Stock”). The Series K Preferred Stock has no stated maturity and will not be subject to any sinking fund or other obligation of the Company. Dividends, if declared, will accrue and be payable quarterly, in arrears, at a rate per annum equal to 5.50 percent. The Series K Preferred Stock is redeemable at the Company’s option, in whole or in part.
During 2017, the Company issued depositary shares representing an ownership interest in 40,000 shares of Series J Non-Cumulative Perpetual Preferred Stock with a liquidation preference of $25,000 per share (the “Series J Preferred Stock”). The Series J Preferred Stock has no stated maturity and will not be subject to any sinking fund or other obligation of the Company. Dividends, if declared, will accrue and be payable semiannually, in arrears, at a rate per annum equal to 5.300 percent from the date of issuance to, but excluding, April 15, 2027, and thereafter will accrue and be payable quarterly at a floating rate per annum equal to 2.914 percent above three-month CME Term SOFR plus a credit spread adjustment of 0.26161 percent. The Series J Preferred Stock is redeemable at the Company’s option, in whole or in part, on or after April 15, 2027. The Series J Preferred Stock is redeemable at the Company’s option, in whole, but not in part, prior to April 15, 2027 within 90 days following an official administrative or judicial decision, amendment to, or change in the laws or regulations that would not allow the Company to treat the full liquidation value of the Series J Preferred Stock as Tier 1 capital for purposes of the capital adequacy guidelines of the Federal Reserve Board.
During 2010, the Company issued depositary shares representing an ownership interest in 5,746 shares of Series A Non-Cumulative Perpetual Preferred Stock (the “Series A Preferred Stock”) to investors, in exchange for their portion of USB Capital IX Income Trust Securities. During 2011, the Company issued depositary shares representing an ownership
interest in 6,764 shares of Series A Preferred Stock to USB Capital IX, thereby settling the stock purchase contract established between the Company and USB Capital IX as part of the 2006 issuance of USB Capital IX Income Trust Securities. The preferred shares were issued to USB Capital IX for the purchase price specified in the stock forward purchase contract. The Series A Preferred Stock has a liquidation preference of $100,000 per share, no stated maturity and will not be subject to any sinking fund or other obligation of the Company. Dividends, if declared, will accrue and be payable quarterly, in arrears, at a rate per annum equal to the greater of 1.02 percent above three-month CME Term SOFR plus a credit spread adjustment of 0.26161 percent, or 3.50 percent. The Series A Preferred Stock is redeemable at the Company’s option, subject to prior approval by the Federal Reserve Board.
During 2006, the Company issued depositary shares representing an ownership interest in 40,000 shares of Series B Non-Cumulative Perpetual Preferred Stock with a liquidation preference of $25,000 per share (the “Series B Preferred Stock”). The Series B Preferred Stock has no stated maturity and will not be subject to any sinking fund or other obligation of the Company. Dividends, if declared, will accrue and be payable quarterly, in arrears, at a rate per annum equal to the greater of 0.60 percent above three-month CME Term SOFR plus a credit spread adjustment of 0.26161 percent, or 3.50 percent. The Series B Preferred Stock is redeemable at the Company’s option, subject to the prior approval of the Federal Reserve Board.
During 2023, 2022 and 2021, the Company repurchased shares of its common stock under various authorizations approved by its Board of Directors. The Company suspended all common stock repurchases at the beginning of the third quarter of 2021, except for those done exclusively in connection with its stock-based compensation programs, due to its acquisition of MUB. The Company will evaluate its future share repurchases in connection with potential capital requirements given proposed regulatory capital rules and the related landscape.
The following table summarizes the Company’s common stock repurchased in each of the last three years:
(Dollars and Shares in Millions)SharesValue
20231$62 
2022169 
2021281,556 
Shareholders’ equity is affected by transactions and valuations of asset and liability positions that require adjustments to accumulated other comprehensive income (loss). The reconciliation of the transactions affecting accumulated other comprehensive income (loss) included in shareholders’ equity for the years ended December 31, is as follows:
(Dollars in Millions)Unrealized Gains (Losses) on Investment Securities Available-For-SaleUnrealized Gains (Losses) on Investment Securities Transferred From Available-For-Sale to Held-To-Maturity Unrealized Gains (Losses) on Derivative HedgesUnrealized Gains (Losses) on Retirement PlansForeign Currency Translation Total
2023      
Balance at beginning of period$(6,378)$(3,933)$(114)$(939)$(43)$(11,407)
Changes in unrealized gains (losses)1,500 — (252)(262)— 986 
Foreign currency translation adjustment(a)
— — — — 21 21 
Reclassification to earnings of realized (gains) losses145 530 80 (7)— 748 
Applicable income taxes(418)(134)44 70 (6)(444)
Balance at end of period$(5,151)$(3,537)$(242)$(1,138)$(28)$(10,096)
2022      
Balance at beginning of period$540 $(935)$(85)$(1,426)$(37)$(1,943)
Changes in unrealized gains (losses)(13,656)— (75)526 — (13,205)
Transfer of securities from available-for-sale to held-to-maturity4,413 (4,413)— — — — 
Foreign currency translation adjustment(a)
— — — — (10)(10)
Reclassification to earnings of realized (gains) losses(20)400 36 128 — 544 
Applicable income taxes2,345 1,015 10 (167)4 3,207 
Balance at end of period$(6,378)$(3,933)$(114)$(939)$(43)$(11,407)
2021      
Balance at beginning of period$2,417 $— $(189)$(1,842)$(64)$322 
Changes in unrealized gains and losses(3,698)— 125 400 — (3,173)
Transfer of securities from available-for-sale to held-to-maturity1,289 (1,289)— — — — 
Foreign currency translation adjustment(a)
— — — — 35 35 
Reclassification to earnings of realized (gains) losses(103)36 14 157 — 104 
Applicable income taxes635 318 (35)(141)(8)769 
Balance at end of period$540 $(935)$(85)$(1,426)$(37)$(1,943)
(a)Represents the impact of changes in foreign currency exchange rates on the Company’s investment in foreign operations and related hedges.
Additional detail about the impact to net income for items reclassified out of accumulated other comprehensive income (loss) and into earnings for the years ended December 31 is as follows:
Impact to Net Income Affected Line Item in the Consolidated Statement of Income
(Dollars in Millions)202320222021
Unrealized gains (losses) on investment securities available-for-sale
Realized gains (losses) on sale of investment securities$(145)$20 $103 Securities gains (losses), net
37 (5)(26)Applicable income taxes
(108)15 77 Net-of-tax
Unrealized gains (losses) on investment securities transferred from available-for-sale to held-to-maturity
Amortization of unrealized gains (losses)(530)(400)(36)Interest income
134 119 9 Applicable income taxes
(396)(281)(27)Net-of-tax
Unrealized gains (losses) on derivative hedges
Realized gains (losses) on derivative hedges(80)(36)(14)Net interest income
21 9 4 Applicable income taxes
(59)(27)(10)Net-of-tax
Unrealized gains (losses) on retirement plans
Actuarial gains (losses) and prior service cost (credit) amortization7 (128)(157)Other noninterest expense
(2)33 40 Applicable income taxes
5 (95)(117)Net-of-tax
Total impact to net income$(558)$(388)$(77)
Regulatory Capital The Company uses certain measures defined by bank regulatory agencies to assess its capital. The regulatory capital requirements effective for the Company follow Basel III, with the Company being subject to calculating its capital adequacy as a percentage of risk-weighted assets under the standardized approach.
Tier 1 capital is considered core capital and includes common shareholders’ equity adjusted for the aggregate impact of certain items included in other comprehensive income (loss) (“common equity tier 1 capital”), plus qualifying preferred stock, trust preferred securities and noncontrolling interests in consolidated subsidiaries subject to certain limitations. Total risk-based capital includes Tier 1 capital and other items such as subordinated debt and the allowance for credit losses. Capital measures are stated as a percentage of risk-weighted assets, which are measured based on their perceived credit risks and include certain off-balance sheet
exposures, such as unfunded loan commitments, letters of credit, and derivative contracts. Beginning in 2022, the Company began to phase into its regulatory capital requirements the cumulative deferred impact of its 2020 adoption of the accounting guidance related to the impairment of financial instruments based on the CECL methodology plus 25 percent of its quarterly credit reserve increases over the past two years. This cumulative deferred impact will be phased into the Company’s regulatory capital through 2024, culminating with a fully phased in regulatory capital calculation beginning in 2025.
The Company is also subject to leverage ratio requirements, which is defined as Tier 1 capital as a percentage of adjusted average assets under the standardized approach and Tier 1 capital as a percentage of total on- and off-balance sheet leverage exposure under more risk-sensitive advanced approaches.
The following table provides a summary of the regulatory capital requirements in effect, along with the actual components and ratios for the Company and its bank subsidiaries, at December 31:
U.S. Bancorp U.S. Bank National Association
MUFG Union Bank National Association(a)
(Dollars in Millions)20232022202320222022
Basel III Standardized Approach:
Common equity tier 1 capital$44,947 $41,560 $58,194 $46,681 $10,888 
Tier 1 capital52,199 48,813 58,638 47,127 10,888 
Total risk-based capital61,921 59,015 68,817 56,736 11,565 
Risk-weighted assets453,390 496,500 445,829 436,764 58,641 
Common equity tier 1 capital as a percent of risk-weighted assets9.9 %8.4 %13.1 %10.7 %18.6 %
Tier 1 capital as a percent of risk-weighted assets11.5 9.8 13.2 10.8 18.6 
Total risk-based capital as a percent of risk-weighted assets13.7 11.9 15.4 13.0 19.7 
Tier 1 capital as a percent of adjusted quarterly average assets (leverage ratio)8.1 7.9 9.2 8.1 10.9 
Tier 1 capital as a percent of total on- and off-balance sheet leverage exposure (total leverage exposure ratio)6.6 6.4 7.5 6.5 10.1 
Minimum(b)
Well- Capitalized
Bank Regulatory Capital Requirements  
Common equity tier 1 capital as a percent of risk-weighted assets7.0 %6.5 %
Tier 1 capital as a percent of risk-weighted assets8.5 8.0 
Total risk-based capital as a percent of risk-weighted assets10.5 10.0 
Tier 1 capital as a percent of adjusted quarterly average assets (leverage ratio)4.0 5.0 
Tier 1 capital as a percent of total on- and off-balance sheet leverage exposure (total leverage exposure ratio)(c)
3.0 3.0 
(a) MUFG Union Bank National Association merged into U.S. Bank National Association during 2023.
(b)The minimum common equity tier 1 capital, tier 1 capital and total risk-based capital ratio requirements reflect a stress capital buffer requirement of 2.5 percent. Banks and financial services holding companies must maintain minimum capital levels, including a stress capital buffer requirement, to avoid limitations on capital distributions and certain discretionary compensation payments.
(c)A minimum "well-capitalized" threshold does not apply to U.S. Bancorp for this ratio as it is not formally defined under applicable banking regulations for bank holding companies.
Noncontrolling interests principally represent third-party investors’ interests in consolidated entities, including preferred stock of consolidated subsidiaries. During 2006, the Company’s banking subsidiary formed USB Realty Corp., a real estate investment trust, for the purpose of issuing 5,000 shares of Fixed-to-Floating Rate Exchangeable Non-cumulative Perpetual Series A Preferred Stock with a liquidation preference of $100,000 per share (“Series A Preferred Securities”) to third-party investors. Dividends on the Series A Preferred Securities, if declared, will accrue and be payable quarterly, in arrears, at a rate per annum equal to 1.147 percent above three-month CME Term SOFR plus a credit spread adjustment of 0.26161 percent. Prior to July 1, 2023, dividends for the Series A Preferred Securities were calculated based on LIBOR. On July 1, 2023, the interest rate on these securities transitioned from a LIBOR-based rate to a SOFR-based rate, including a credit spread adjustment, pursuant to the Adjustable Interest Rate (LIBOR) Act. If USB
Realty Corp. has not declared a dividend on the Series A Preferred Securities before the dividend payment date for any dividend period, such dividend shall not be cumulative and shall cease to accrue and be payable, and USB Realty Corp. will have no obligation to pay dividends accrued for such dividend period, whether or not dividends on the Series A Preferred Securities are declared for any future dividend period.
The Series A Preferred Securities will be redeemable, in whole or in part, at the option of USB Realty Corp. on each fifth anniversary after the dividend payment date occurring in January 2012. Any redemption will be subject to the approval of the Office of the Comptroller of the Currency (“OCC”). During 2016, the Company purchased 500 shares of the Series A Preferred Securities held by third-party investors. As of December 31, 2023, 4,500 shares of the Series A Preferred Securities remain outstanding.
v3.24.0.1
Earnings Per Share
 12 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
Earnings Per Share
NOTE 16  Earnings Per Share
The components of earnings per share were:
Year Ended December 31
(Dollars and Shares in Millions, Except Per Share Data)
202320222021
Net income attributable to U.S. Bancorp$5,429 $5,825 $7,963 
Preferred dividends(350)(296)(303)
Impact of preferred stock call and redemption— — (17)
(a)
Earnings allocated to participating stock awards(28)(28)(38)
Net income applicable to U.S. Bancorp common shareholders$5,051 $5,501 $7,605 
Average common shares outstanding1,543 1,489 1,489 
Net effect of the exercise and assumed purchase of stock awards— 1 1 
Average diluted common shares outstanding1,543 1,490 1,490 
Earnings per common share$3.27 $3.69 $5.11 
Diluted earnings per common share$3.27 $3.69 $5.10 
(a)Represents stock issuance costs originally recorded in preferred stock upon the issuance of the Company’s Series I and Series F Preferred Stock that were reclassified to retained earnings on the date the Company announced its intent to redeem the outstanding shares.
Options outstanding at December 31, 2023 and 2022, to purchase 3 million and 1 million common shares, respectively, were not included in the computation of diluted earnings per share for the years ended December 31, 2023 and 2022, because they were antidilutive.
v3.24.0.1
Employee Benefits
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Employee Benefits
NOTE 17Employee Benefits
Employee Retirement Savings Plan The Company has a defined contribution retirement savings plan that covers substantially all its employees. Qualified employees are allowed to contribute up to 75 percent of their annual compensation, subject to Internal Revenue Service limits, through salary deductions under Section 401(k) of the Internal Revenue Code. Employee contributions are invested at their direction among a variety of investment alternatives. Employee contributions are 100 percent matched by the Company, up to four percent of each employee’s eligible annual compensation. The Company’s matching contribution vests immediately and is invested in the same manner as each employee’s future contribution elections. Total expense for the Company’s matching contributions was $254 million, $211 million and $213 million in 2023, 2022 and 2021, respectively.
Pension and Postretirement Welfare Plans The Company has tax qualified noncontributory defined benefit pension plans, nonqualified pension plans and postretirement welfare plans.
Pension Plans The funded tax qualified noncontributory defined benefit pension plans provide benefits to substantially all the Company’s employees. Participants receive annual
cash balance pay credits based on eligible pay multiplied by a percentage determined by their age and/or years of service, as defined by the plan documents. Participants also receive an annual interest credit. Generally, employees become vested upon completing three years of vesting service. The Company did not contribute to its qualified pension plans in 2023 and 2022 and does not expect to contribute to the plans in 2024.
The Company also maintains two non-qualified plans that are unfunded and provide benefits to certain employees. The assumptions used in computing the accumulated benefit obligation, the projected benefit obligation and net pension expense are substantially consistent with those assumptions used for the funded qualified plans. In 2024, the Company expects to contribute approximately $27 million to its non-qualified pension plans, which equals the 2024 expected benefit payments.
Postretirement Welfare Plans In addition to providing pension benefits, the Company has funded and unfunded postretirement welfare plans available to certain eligible participants based on their hire or retirement date. The plans are closed to new participants. In 2024, the Company does not expect to contribute to its postretirement welfare plans.
The following table summarizes the changes in benefit obligations and plan assets for the years ended December 31, and the funded status and amounts recognized in the Consolidated Balance Sheet at December 31 for the pension plans:
(Dollars in Millions)20232022
Change In Projected Benefit Obligation(a)
Benefit obligation at beginning of measurement period$6,617 $8,030 
Service cost223 280 
Interest cost370 248 
Plan amendments(23)2 
Actuarial (gain) loss398 (2,250)
Lump sum settlements(94)(76)
Benefit payments(213)(195)
Acquisitions— 578 
Benefit obligation at end of measurement period(b)
$7,278 $6,617 
Change In Fair Value Of Plan Assets
Fair value at beginning of measurement period$7,375 $8,113 
Actual return on plan assets658 (1,245)
Employer contributions28 28 
Lump sum settlements(94)(76)
Benefit payments(213)(195)
Acquisitions(c)
25 750 
Fair value at end of measurement period$7,779 $7,375 
Funded Status$501 $758 
Components Of The Consolidated Balance Sheet
Noncurrent benefit asset$1,072 $1,286 
Current benefit liability(26)(25)
Noncurrent benefit liability(545)(503)
Recognized amount$501 $758 
Accumulated Other Comprehensive Income (Loss), Pretax
Net actuarial loss$(1,607)$(1,326)
Net prior service credit34 12 
Recognized amount$(1,573)$(1,314)
Note: At December 31, 2023 and 2022, the postretirement welfare plans projected benefit obligation was $49 million and $51 million, respectively, the fair value of plan assets was $45 million and $42 million, respectively, and the amount recognized in accumulated other comprehensive income (loss), pretax was $52 million and $62 million, respectively.
(a)The increase in the projected benefit obligation for 2023 was primarily due to a lower discount rate, and the decrease for 2022 was primarily due to a higher discount rate partially offset by the acquired MUB benefit obligations.
(b)At December 31, 2023 and 2022, the accumulated benefit obligation for all pension plans was $6.8 billion and $5.0 billion, respectively.
(c)The increase in plan assets was related to the 2022 MUB acquisition.
The following table provides information for pension plans with benefit obligations in excess of plan assets at December 31:
(Dollars in Millions)20232022
Plans with Projected Benefit Obligations in Excess of Plan Assets
Projected benefit obligation$571 $528 
Fair value of plan assets— — 
Plans with Accumulated Benefit Obligations in Excess of Plan Assets
Accumulated benefit obligation$530 $487 
Fair value of plan assets— — 
The following table sets forth the components of net periodic pension cost and other amounts recognized in accumulated other comprehensive income (loss) for the years ended December 31 for the pension plans:
(Dollars in Millions)202320222021
Components Of Net Periodic Pension Cost
Service cost$223 $280 $265 
Interest cost370 248 219 
Expected return on plan assets(546)(481)(450)
Prior service credit amortization(1)(2)(2)
Actuarial loss amortization5 140 169 
Net periodic pension cost$51 $185 $201 
Other Changes In Plan Assets And Benefit Obligations Recognized In Other Comprehensive Income (Loss)
Net actuarial (loss) gain arising during the year$(286)$523 $398 
Net actuarial loss amortized during the year5 140 169 
Net prior service credit (cost) arising during the year23 (2)— 
Net prior service credit amortized during the year(1)(2)(2)
Total recognized in other comprehensive income (loss)$(259)$659 $565 
Total recognized in net periodic pension cost and other comprehensive income (loss)$(310)$474 $364 
Note: The net periodic benefit for the postretirement welfare plans was $10 million, $9 million and $9 million for the years end December 31, 2023, 2022 and 2021, respectively. The total of other amounts recognized as other comprehensive loss was $10 million, $5 million and $8 million for the years ended December 31, 2023, 2022 and 2021, respectively.
The following table sets forth weighted-average assumptions used to determine the pension plans projected benefit obligations at December 31:
20232022
Discount rate5.12 %5.55 %
Cash balance interest crediting rate3.04 3.36 
Rate of compensation increase(a)
3.72 4.13 
(a)Determined on an active liability-weighted basis.
The following table sets forth weighted-average assumptions used to determine net periodic pension cost for the years ended December 31:
202320222021
Discount rate5.55 %3.00 %2.75 %
Cash balance interest crediting rate3.36 3.00 3.00 
Expected return on plan assets(a)
6.75 6.50 6.50 
Rate of compensation increase(b)
4.13 3.56 3.56 
(a)With the help of an independent pension consultant, the Company considers several sources when developing its expected long-term rates of return on plan assets assumptions, including, but not limited to, past returns and estimates of future returns given the plans’ asset allocation, economic conditions, and peer group long-term rate of return information. The Company determines its expected long-term rates of return reflecting current economic conditions and plan assets.
(b)Determined on an active liability-weighted basis.
Investment Policies and Asset Allocation In establishing its investment policies and asset allocation strategies, the Company considers expected returns and the volatility associated with different strategies. An independent consultant performs modeling that projects numerous outcomes using a broad range of possible scenarios, including a mix of possible rates of inflation and economic growth. Starting with current economic information, the model bases its projections on past relationships between inflation, fixed income rates and equity returns when these types of economic conditions have existed over the previous 30 years, both in the United States and in foreign countries. Estimated future returns and other actuarially determined adjustments are also considered in calculating the estimated return on assets.
Generally, based on historical performance of the various investment asset classes, investments in equities have outperformed other investment classes but are subject to higher volatility. In an effort to minimize volatility, while recognizing the long-term up-side potential of investing in equities, the Committee has determined that a target asset allocation of 35 percent long duration bonds, 30 percent global equities, 10 percent real assets, 10 percent private equity funds, 5 percent domestic mid-small cap equities, 5 percent emerging markets equities, and 5 percent hedge funds is appropriate.

At December 31, 2023 and 2022, plan assets included an asset management arrangement with a related party totaling $62.6 million and $87.8 million, respectively.
In accordance with authoritative accounting guidance, the Company groups plan assets into a three-level hierarchy for valuation techniques used to measure their fair value based on whether the valuation inputs are observable or unobservable. Refer to Note 22 for further discussion on these levels.
The assets of the qualified pension plans include investments in equity and U.S. Treasury securities whose fair values are determined based on quoted prices in active markets and are classified within Level 1 of the fair value hierarchy. The qualified pension plans also invest in U.S. agency, corporate and municipal debt securities, which are all valued based on observable market prices or data by third party pricing services, and mutual funds which are valued based on quoted net asset values provided by the trustee of the fund; these assets are classified as Level 2. Additionally, the qualified pension plans invest in certain assets that are valued based on net asset values as a practical expedient, including investments in collective investment funds, hedge funds, and private equity funds; the net asset values are provided by the fund trustee or administrator and are not classified in the fair value hierarchy.
The following table summarizes qualified pension plans investment assets measured at fair value at December 31:
20232022
(Dollars in Millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash and cash equivalents$68 $— $— $68 $202 $— $— $202 
Debt securities— — — — 961 855 — 1,816 
Mutual funds
Debt securities— — — — — 382 — 382 
Emerging markets equity securities— — — — — 156 — 156 
Other— — — — — — 6 6 
 $68 $— $— 68$1,163 $1,393 $6 2,562
Plan investment assets not classified in fair value hierarchy(a):
Collective investment funds
Domestic equity securities1,546 1,494 
Domestic mid-small cap equity securities406 313 
International equity securities981 620 
Domestic real estate securities142 144 
Fixed income2,295 — 
Real estate funds(b)
746 763 
Hedge funds(c)
412 451 
Private equity funds(d)
1,183 1,028 
Total plan investment assets at fair value$7,779 $7,375 
(a)These investments are valued based on net asset value per share as a practical expedient; fair values are provided to reconcile to total investment assets of the plans at fair value.
(b)This category consists of several investment strategies diversified across several real estate managers.
(c)This category consists of several investment strategies diversified across several hedge fund managers.
(d)This category consists of several investment strategies diversified across several private equity fund managers.
The following table summarizes the changes in fair value for qualified pension plans investment assets measured at fair value using significant unobservable inputs (Level 3) for the years ended December 31:
 202320222021
(Dollars in Millions)OtherOther Other
Balance at beginning of period$6 $4 $6 
Unrealized gains (losses) relating to assets still held at end of year— 2 (2)
Purchases, sales, and settlements, net(6)— — 
Balance at end of period$— $6 $4 
The following benefit payments are expected to be paid from the pension plans for the years ended December 31:
(Dollars in Millions)
2024$332 
2025383 
2026391 
2027416 
2028430 
2029-20332,439 
v3.24.0.1
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation
NOTE 18 Stock-Based Compensation
As part of its employee and director compensation programs, the Company currently may grant certain stock awards under the provisions of its stock incentive plan. The plan provides for grants of options to purchase shares of common stock at a fixed price equal to the fair value of the underlying stock at the date of grant. Option grants are generally exercisable up to ten years from the date of grant. In addition, the plan provides for grants of shares of common stock or stock units that are subject to restriction on transfer prior to vesting. Most stock and unit awards vest
over three to five years and are subject to forfeiture if certain vesting requirements are not met. Stock incentive plans of acquired companies are generally terminated at the merger closing dates. Participants under such plans receive the Company’s common stock, options to buy the Company’s common stock, or long term cash incentives, based on the conversion terms of the various merger agreements. At December 31, 2023, there were 15 million shares (subject to adjustment for forfeitures) available for grant under the Company’s stock incentive plan.
Stock Option Awards
The following is a summary of stock options outstanding and exercised under prior and existing stock incentive plans of the Company:
Year Ended December 31Stock
 Options/Shares		Weighted- Average Exercise PriceWeighted-Average Remaining Contractual TermAggregate Intrinsic Value (in millions)
 
2023
Number outstanding at beginning of period3,253,090 $44.42 
Exercised(399,329)38.15 
Cancelled(a)
(15,476)47.88 
Number outstanding at end of period(b)
2,838,285 $45.28 2.0$— 
Exercisable at end of period2,838,285 $45.28 2.0$— 
2022
Number outstanding at beginning of period3,890,131 $42.58 
Exercised(624,729)32.87 
Cancelled(a)
(12,312)50.97 
Number outstanding at end of period(b)
3,253,090 $44.42 2.7$— 
Exercisable at end of period3,253,090 $44.42 2.7$— 
2021
Number outstanding at beginning of period5,180,391 $40.38 
Exercised(1,281,646)33.66 
Cancelled(a)
(8,614)48.20 
Number outstanding at end of period(b)
3,890,131 $42.58 3.3$53 
Exercisable at end of period3,890,131 $42.58 3.3$53 
Note: The Company did not grant any stock option awards during 2023, 2022, and 2021.
(a)Options cancelled include both non-vested (i.e., forfeitures) and vested options.
(b)Outstanding options include stock-based awards that may be forfeited in future periods. The impact of the estimated forfeitures is reflected in compensation expense.
Stock-based compensation expense is based on the estimated fair value of the award at the date of grant or modification. The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model, requiring the use of subjective assumptions. Because employee stock options have
characteristics that differ from those of traded options, including vesting provisions and trading limitations that impact their liquidity, the determined value used to measure compensation expense may vary from the actual fair value of the employee stock options. To satisfy option exercises, the Company predominantly uses treasury stock.
The following summarizes certain stock option activity of the Company:
Year Ended December 31 (Dollars in Millions)202320222021
Fair value of options vested$— $— $3 
Intrinsic value of options exercised2 15 27 
Cash received from options exercised15 21 43 
Tax benefit realized from options exercised1 4 7 
Additional information regarding stock options outstanding as of December 31, 2023, is as follows:
 Outstanding OptionsExercisable Options
Range of Exercise PricesSharesWeighted- Average Remaining Contractual Life (Years)Weighted- Average Exercise PriceSharesWeighted- Average Exercise Price
$35.01—$40.00
1,008,0462.1$39.49 1,008,046$39.49 
$40.01—$45.00
988,8800.842.95 988,88042.95 
$45.01—$50.00
————— 
$50.01—$55.01
841,3593.154.96 841,35954.96 
 2,838,2852.0$45.28 2,838,285$45.28 
Restricted Stock and Unit Awards
A summary of the status of the Company’s restricted shares of stock and unit awards is presented below:
 202320222021
Year Ended December 31SharesWeighted-Average Grant-Date Fair ValueSharesWeighted-Average Grant-Date Fair ValueSharesWeighted-Average Grant-Date Fair Value
Outstanding at beginning of period6,880,826 $52.59 6,812,753 $51.04 6,343,313 $51.38 
Granted5,565,634 45.87 4,109,793 55.62 4,512,995 52.54 
Vested(3,872,874)52.05 (3,690,666)52.88 (3,793,978)53.27 
Cancelled(257,015)50.00 (351,054)54.95 (249,577)52.83 
Outstanding at end of period8,316,571 $48.42 6,880,826 $52.59 6,812,753 $51.04 
The total fair value of shares vested was $180 million, $198 million and $191 million for the years ended December 31, 2023, 2022 and 2021, respectively. Stock-based compensation expense was $224 million, $202 million and $207 million for the years ended December 31, 2023, 2022 and 2021, respectively. On an after-tax basis, stock-based compensation was $167 million, $152 million
and $155 million for the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023, there was $175 million of total unrecognized compensation cost related to nonvested share-based arrangements granted under the plans. That cost is expected to be recognized over a weighted-average period of 1.8 years as compensation expense.
v3.24.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Income Taxes
NOTE 19  Income Taxes
The components of income tax expense were:
Year Ended December 31 (Dollars in Millions)202320222021
Federal
Current$1,434 $1,366 $1,203 
Deferred(326)(108)469 
Federal income tax1,108 1,258 1,672 
State   
Current482 401 398 
Deferred(183)(196)111 
State income tax299 205 509 
Total income tax provision$1,407 $1,463 $2,181 
A reconciliation of expected income tax expense at the federal statutory rate of 21 percent to the Company’s applicable income tax expense follows:
Year Ended December 31 (Dollars in Millions)202320222021
Tax at statutory rate$1,442 $1,533 $2,135 
State income tax, at statutory rates, net of federal tax benefit322 305 439 
Tax effect of   
Tax credits and benefits, net of related expenses(272)(273)(331)
Tax-exempt income(142)(121)(114)
Revaluation of tax related assets and liabilities(a)
15 (79)— 
Nondeductible legal and regulatory expenses76 37 24 
Other items(34)61 28 
Applicable income taxes$1,407 $1,463 $2,181 
(a)The 2022 acquisition of MUB resulted in an increase in the Company’s state effective tax rate, requiring the Company to revalue its state deferred tax assets and liabilities. As a result of this revaluation, the Company recorded an estimated net tax benefit of $79 million during 2022.
The tax effects of fair value adjustments on securities available-for-sale, derivative instruments in cash flow hedges, foreign currency translation adjustments, and pension and post-retirement plans are recorded directly to shareholders’ equity as part of other comprehensive income (loss).
In preparing its tax returns, the Company is required to interpret complex tax laws and regulations and utilize income and cost allocation methods to determine its taxable income. On an ongoing basis, the Company is subject to examinations by federal, state, local and foreign taxing
authorities that may give rise to differing interpretations of these complex laws, regulations and methods. Due to the nature of the examination process, it generally takes years before these examinations are completed and matters are resolved. Federal tax examinations for all years ending through December 31, 2016 are completed and resolved. The Company’s tax returns for the years ended December 31, 2017 through December 31, 2020 are under examination by the Internal Revenue Service. The years open to examination by foreign, state and local government authorities vary by jurisdiction.
A reconciliation of the changes in the federal, state and foreign uncertain tax position balances are summarized as follows:
Year Ended December 31 (Dollars in Millions)202320222021
Balance at beginning of period$513 $487 $474 
Additions for tax positions taken in prior years141 35 14 
Additions for tax positions taken in the current year3 3 7 
Exam resolutions(302)(8)(1)
Statute expirations(5)(4)(7)
Balance at end of period$350 $513 $487 
The total amount of uncertain tax positions that, if recognized, would impact the effective income tax rate as of December 31, 2023, 2022 and 2021, were $276 million, $294 million and $285 million, respectively. The Company classifies interest and penalties related to uncertain tax positions as a component of income tax expense. At December 31, 2023, the Company’s uncertain tax position balance included $40 million of accrued interest and penalties. During the years ended December 31, 2023,
2022 and 2021 the Company recorded approximately $(11) million, $7 million and $5 million, respectively, in interest and penalties on uncertain tax positions.
Deferred income tax assets and liabilities reflect the tax effect of estimated temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for the same items for income tax reporting purposes.
The significant components of the Company’s net deferred tax asset (liability) follows:
At December 31 (Dollars in Millions)20232022
Deferred Tax Assets  
Securities available-for-sale and financial instruments$3,231 $3,992 
Federal, state and foreign net operating loss, credit carryforwards and other carryforwards2,836 2,677 
Allowance for credit losses2,051 1,980 
Loans1,013 1,287 
Accrued expenses838 618 
Obligation for operating leases348 368 
Partnerships and other investment assets271 112 
Stock compensation87 81 
Other deferred tax assets, net370 501 
Gross deferred tax assets11,045 11,616 
Deferred Tax Liabilities
Leasing activities(1,455)(1,813)
Goodwill and other intangible assets(1,450)(1,575)
Mortgage servicing rights(758)(815)
Right of use operating leases(301)(325)
Pension and postretirement benefits(115)(172)
Fixed assets(44)(125)
Other deferred tax liabilities, net(168)(234)
Gross deferred tax liabilities(4,291)(5,059)
Valuation allowance(364)(263)
Net Deferred Tax Asset$6,390 $6,294 
The Company has approximately $2.7 billion of federal, state and foreign net operating loss carryforwards which expire at various times beginning in 2024. A substantial portion of these carryforwards relate to state-only net operating losses, for which the related deferred tax asset is subject to a full valuation allowance as the carryforwards are not expected to be realized within the carryforward period. Management has determined it is more likely than not the other net deferred tax assets could be realized through carry back to taxable income in prior years, future reversals of existing taxable temporary differences and future taxable income.
In addition, the Company has $1.3 billion of federal credit carryforwards which expire at various times through 2043 which are not subject to a valuation allowance as management believes that it is more likely than not that the credits will be utilized within the carryforward period.
At December 31, 2023, retained earnings included approximately $102 million of base year reserves of acquired thrift institutions, for which no deferred federal income tax liability has been recognized. These base year reserves would be recaptured if certain subsidiaries of the Company cease to qualify as a bank for federal income tax purposes. The base year reserves also remain subject to income tax penalty provisions that, in general, require recapture upon certain stock redemptions of, and excess distributions to, stockholders.
v3.24.0.1
Derivative Instruments
 12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments
NOTE 20Derivative Instruments
In the ordinary course of business, the Company enters into derivative transactions to manage various risks and to accommodate the business requirements of its customers. The Company recognizes all derivatives on the Consolidated Balance Sheet at fair value in other assets or in other liabilities. On the date the Company enters into a derivative contract, the derivative is designated as either a fair value hedge, cash flow hedge, net investment hedge, or a designation is not made as it is a customer-related transaction, an economic hedge for asset/liability risk management purposes or another stand-alone derivative created through the Company’s operations (“free-standing derivative”). When a derivative is designated as a fair value, cash flow or net investment hedge, the Company performs an assessment, at inception and, at a minimum, quarterly thereafter, to determine the effectiveness of the derivative in offsetting changes in the value or cash flows of the hedged item(s).
Fair Value Hedges These derivatives are interest rate swaps the Company uses to hedge the change in fair value related to interest rate changes of its underlying available-for-sale investment securities and fixed-rate debt. Changes in the fair value of derivatives designated as fair value hedges, and changes in the fair value of the hedged items, are recorded in earnings.
Cash Flow Hedges These derivatives are interest rate swaps the Company uses to hedge the forecasted cash flows from its underlying variable-rate loans and debt. Changes in the fair value of derivatives designated as cash flow hedges are recorded in other comprehensive income (loss) until the cash flows of the hedged items are realized. If a derivative designated as a cash flow hedge is terminated or ceases to be highly effective, the gain or loss in other comprehensive income (loss) is amortized to earnings over the period the forecasted hedged transactions impact earnings. If a hedged forecasted transaction is no longer probable, hedge accounting is ceased and any gain or loss included in other comprehensive income (loss) is reported in earnings immediately, unless the forecasted transaction is at least reasonably possible of occurring, whereby the amounts remain within other comprehensive income (loss). At December 31, 2023, the Company had $242 million (net-of-tax) of realized and unrealized losses on derivatives classified as cash flow hedges recorded in other comprehensive income (loss), compared with $114 million (net-of-tax) of realized and unrealized losses at December 31, 2022. The estimated amount to be reclassified from other comprehensive income (loss) into earnings during the next 12 months is a loss of
$78 million (net-of-tax). All cash flow hedges were highly effective for the twelve months ended December 31, 2023.
Net Investment Hedges The Company uses forward commitments to sell specified amounts of certain foreign currencies, and non-derivative debt instruments, to hedge the volatility of its net investment in foreign operations driven by fluctuations in foreign currency exchange rates. The carrying amount of non-derivative debt instruments designated as net investment hedges was $1.3 billion at December 31, 2023 and December 31, 2022.
Other Derivative Positions The Company enters into free-standing derivatives to mitigate interest rate risk and for other risk management purposes. These derivatives include forward commitments to sell TBAs and other commitments to sell residential mortgage loans, which are used to economically hedge the interest rate risk related to MLHFS and unfunded mortgage loan commitments. The Company also enters into interest rate swaps, swaptions, forward commitments to buy TBAs, U.S. Treasury and Eurodollar futures and options on U.S. Treasury futures to economically hedge the change in the fair value of the Company’s MSRs. The Company enters into foreign currency forwards to economically hedge remeasurement gains and losses the Company recognizes on foreign currency denominated assets and liabilities. The Company also enters into interest rate swaps as economic hedges of fair value option elected deposits. In addition, the Company acts as a seller and buyer of interest rate, foreign exchange and commodity contracts for its customers. The Company mitigates the market and liquidity risk associated with these customer derivatives by entering into similar offsetting positions with broker-dealers, or on a portfolio basis by entering into other derivative or non-derivative financial instruments that partially or fully offset the exposure to earnings from these customer-related positions. The Company’s customer derivatives and related hedges are monitored and reviewed by the Company’s Market Risk Committee, which establishes policies for market risk management, including exposure limits for each portfolio. The Company also has derivative contracts that are created through its operations, including certain unfunded mortgage loan commitments and swap agreements related to the sale of a portion of its Class B common and preferred shares of Visa Inc. Refer to Note 23 for further information on these swap agreements. The Company uses credit derivatives to economically hedge the credit risk on its derivative positions and loan portfolios.
The following table summarizes the asset and liability management derivative positions of the Company at December 31:
 20232022
 
Notional Value
Fair Value
Notional Value
Fair Value
(Dollars in Millions)AssetsLiabilitiesAssetsLiabilities
Fair value hedges      
Interest rate contracts      
Receive fixed/pay floating swaps$12,100 $— $16 $17,400 $— $9 
Pay fixed/receive floating swaps24,139 — — 5,542 — — 
Cash flow hedges      
Interest rate contracts      
Receive fixed/pay floating swaps18,400 — — 14,300 — — 
Net investment hedges      
Foreign exchange forward contracts854 — 10 778 — — 
Other economic hedges      
Interest rate contracts      
Futures and forwards      
Buy5,006 29 5 3,546 10 18 
Sell4,501 7 34 7,522 20 38 
Options      
Purchased6,085 237 — 11,434 346 — 
Written3,696 14 75 7,849 7 148 
Receive fixed/pay floating swaps7,029 9 3 9,215 — 3 
Pay fixed/receive floating swaps3,801 — — 9,616 — — 
Foreign exchange forward contracts734 2 5 962 2 6 
Equity contracts227 2 — 361 — 10 
Credit contracts2,620 1 — 330 — — 
Other (a)
2,136 11 93 1,908 11 190 
Total$91,328 $312 $241 $90,763 $396 $422 
(a)Includes derivative liability swap agreements related to the sale of a portion of the Company’s Class B common and preferred shares of Visa Inc. The Visa swap agreements had a total notional value and fair value of $2.0 billion and $91 million at December 31, 2023, respectively, compared to $1.8 billion and $190 million at December 31, 2022, respectively. In addition, includes short-term underwriting purchase and sale commitments with total notional values of $28 million at December 31, 2023, and $13 million at December 31, 2022.
The following table summarizes the customer-related derivative positions of the Company at December 31:
 20232022
 
Notional Value
Fair Value
Notional Value
Fair Value
(Dollars in Millions)AssetsLiabilitiesAssetsLiabilities
Interest rate contracts      
Receive fixed/pay floating swaps$363,375 $791 $4,395 $301,690 $309 $5,689 
Pay fixed/receive floating swaps330,539 1,817 280 316,133 2,323 206 
Other(a)
82,209 17 51 40,261 3 16 
Options      
Purchased102,423 1,026 18 103,489 1,794 5 
Written97,690 20 1,087 99,923 6 1,779 
Futures      
Buy— — — 3,623 — 4 
Sell— — — 2,376 8 — 
Foreign exchange rate contracts      
Forwards, spots and swaps121,119 2,252 1,942 134,666 3,010 2,548 
Options      
Purchased1,532 28 — 954 22 — 
Written1,532 — 28 954 — 22 
Commodity contracts
Swaps2,498116110———
Options
Purchased1,936151————
Written1,936—151———
Credit contracts13,053 1 6 10,765 1 8 
Total$1,119,842 $6,219 $8,068 $1,014,834 $7,476 $10,277 
(a)Primarily represents floating rate interest rate swaps that pay based on differentials between specified interest rate indexes.

The table below shows the effective portion of the gains (losses) recognized in other comprehensive income (loss) and the gains (losses) reclassified from other comprehensive income (loss) into earnings (net-of-tax) for the years ended December 31:

 Gains (Losses) Recognized in Other Comprehensive Income (Loss) Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings
(Dollars in Millions)202320222021202320222021
Asset and Liability Management Positions  
  
Cash flow hedges  
  
Interest rate contracts$(187)$(56)$94 $(59)$(27)$(10)
Net investment hedges  
  
   
Foreign exchange forward contracts(11)42 19 — — — 
Non-derivative debt instruments(33)59 84 — — — 
Note: The Company does not exclude components from effectiveness testing for cash flow and net investment hedges.
The table below shows the effect of fair value and cash flow hedge accounting on the Consolidated Statement of Income for the years ended December 31:
 Interest Income Interest Expense
(Dollars in Millions)202320222021202320222021
Total amount of income and expense line items presented in the Consolidated Statement of Income in which the effects of fair value or cash flow hedges are recorded$30,007 $17,945 $13,487 $12,611 $3,217 $993 
Asset and Liability Management Positions    
Fair value hedges       
Interest rate contract derivatives(430)138 17 (458)482 232 
Hedged items427 (139)(19)461 (486)(232)
Cash flow hedges       
Interest rate contract derivatives(52)— — 28 — 14 
Note: The Company does not exclude components from effectiveness testing for fair value and cash flow hedges. The Company reclassified losses of $28 million, $36 million and $53 million into earnings during the years ended December 31, 2023, 2022 and 2021, respectively, as a result of realized cash flows on discontinued cash flow hedges. No amounts were reclassified into earnings on discontinued cash flow hedges because it is probable the original hedged forecasted cash flows will not occur.
The table below shows cumulative hedging adjustments and the carrying amount of assets and liabilities designated in fair value hedges at December 31:
 Carrying Amount of the Hedged Assets and Liabilities
Cumulative Hedging Adjustment (a)
(Dollars in Millions)2023202220232022
Line Item in the Consolidated Balance Sheet    
Available-for-sale investment securities(b)
$11,795 $4,937 $(448)$(552)
Long-term debt11,987 17,190 (148)(142)
(a)The cumulative hedging adjustment related to discontinued hedging relationships on available-for-sale investment securities and long-term debt was $(379) million and $(68) million, respectively, at December 31, 2023, compared with $(392) million and $399 million at December 31, 2022, respectively.
(b)Includes amounts related to available-for-sale investment securities currently designated as the hedged item in a fair value hedge using the portfolio layer method. At December 31, 2023, the amortized cost of the closed portfolios used in these hedging relationships was $15.6 billion, of which $9.1 billion was designated as hedged. At December 31, 2023, the cumulative amount of basis adjustments associated with these hedging relationships was $(335) million.
The table below shows the gains (losses) recognized in earnings for other economic hedges and the customer-related positions for the years ended December 31:
(Dollars in Millions)Location of Gains (Losses) Recognized in Earnings202320222021
Asset and Liability Management Positions    
Other economic hedges    
Interest rate contracts    
Futures and forwardsMortgage banking revenue$71 $407 $511 
Purchased and written optionsMortgage banking revenue89 1 527 
SwapsMortgage banking revenue/Other noninterest income/Interest expense(19)(1,010)(197)
Foreign exchange forward contractsOther noninterest income(7)(1)1 
Equity contractsCompensation expense(8)(8)7 
OtherOther noninterest income1 (181)5 
Customer-Related Positions    
Interest rate contracts    
SwapsCommercial products revenue185 98 110 
Purchased and written optionsCommercial products revenue45 20 (5)
FuturesCommercial products revenue(1)30 3 
Foreign exchange rate contracts    
Forwards, spots and swapsCommercial products revenue195 100 93 
Purchased and written optionsCommercial products revenue1 1 1 
Commodity contracts
SwapsCommercial products revenue6 — — 
Credit contractsCommercial products revenue1 20 (7)
Derivatives are subject to credit risk associated with counterparties to the derivative contracts. The Company measures that credit risk using a credit valuation adjustment and includes it within the fair value of the derivative. The Company manages counterparty credit risk through diversification of its derivative positions among various counterparties, by entering into derivative positions that are centrally cleared through clearinghouses, by entering into master netting arrangements and, where possible, by requiring collateral arrangements. A master netting arrangement allows two counterparties, who have multiple derivative contracts with each other, the ability to net settle amounts under all contracts, including any related collateral, through a single payment and in a single currency. Collateral arrangements generally require the counterparty to deliver collateral (typically cash or U.S. Treasury and agency securities) equal to the Company’s net derivative receivable, subject to minimum transfer and credit rating requirements.

The Company’s collateral arrangements are predominately bilateral and, therefore, contain provisions that require collateralization of the Company’s net liability derivative positions. Required collateral coverage is based on net liability thresholds and may be contingent upon the Company’s credit rating from two of the nationally recognized statistical rating organizations. If the Company’s credit rating were to fall below credit ratings thresholds established in the collateral arrangements, the counterparties to the derivatives could request immediate additional collateral coverage up to and including full collateral coverage for derivatives in a net liability position. The aggregate fair value of all derivatives under collateral arrangements that were in a net liability position at December 31, 2023, was $2.0 billion. At December 31, 2023, the Company had $1.7 billion of cash posted as collateral against this net liability position.
v3.24.0.1
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities
 12 Months Ended
Dec. 31, 2023
Offsetting [Abstract]  
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities
NOTE 21 Netting Arrangements for Certain Financial Instruments and Securities Financing Activities
The Company’s derivative portfolio consists of bilateral over-the-counter trades, certain interest rate derivatives and credit contracts required to be centrally cleared through clearinghouses per current regulations, and exchange-traded positions which may include U.S. Treasury and Eurodollar futures or options on U.S. Treasury futures. Of the Company’s $1.2 trillion total notional amount of derivative positions at December 31, 2023, $548.9 billion related to bilateral over-the-counter trades, $660.4 billion related to those centrally cleared through clearinghouses and $1.9 billion related to those that were exchange-traded. The Company’s derivative contracts typically include offsetting rights (referred to as netting arrangements), and depending on expected volume, credit risk, and counterparty preference, collateral maintenance may be required. For all derivatives under collateral support arrangements, fair value is determined daily and, depending on the collateral maintenance requirements, the Company and a counterparty may receive or deliver collateral, based upon the net fair value of all derivative positions between the Company and the counterparty. Collateral is typically cash, but securities may be allowed under collateral arrangements with certain counterparties. Receivables and payables related to cash collateral are included in other assets and other liabilities on the Consolidated Balance Sheet, along with the related derivative asset and liability fair values. Any securities pledged to counterparties as collateral remain on the Consolidated Balance Sheet. Securities received from counterparties as collateral are not recognized on the Consolidated Balance Sheet, unless the counterparty defaults. In general, securities used as collateral can be sold, repledged or otherwise used by the party in possession. No restrictions exist on the use of cash collateral by either party. Refer to Note 20 for further discussion of the Company’s derivatives, including collateral arrangements.
As part of the Company’s treasury and broker-dealer operations, the Company executes transactions that are treated as securities sold under agreements to repurchase or securities purchased under agreements to resell, both of
which are accounted for as collateralized financings. Securities sold under agreements to repurchase include repurchase agreements and securities loaned transactions. Securities purchased under agreements to resell include reverse repurchase agreements and securities borrowed transactions. For securities sold under agreements to repurchase, the Company records a liability for the cash received, which is included in short-term borrowings on the Consolidated Balance Sheet. For securities purchased under agreements to resell, the Company records a receivable for the cash paid, which is included in other assets on the Consolidated Balance Sheet.
Securities transferred to counterparties under repurchase agreements and securities loaned transactions continue to be recognized on the Consolidated Balance Sheet, are measured at fair value, and are included in investment securities or other assets. Securities received from counterparties under reverse repurchase agreements and securities borrowed transactions are not recognized on the Consolidated Balance Sheet unless the counterparty defaults. The securities transferred under repurchase and reverse repurchase transactions typically are U.S. Treasury and agency securities, residential agency mortgage-backed securities, corporate debt securities or asset-backed securities. The securities loaned or borrowed typically are corporate debt securities traded by the Company’s primary broker-dealer subsidiary. In general, the securities transferred can be sold, repledged or otherwise used by the party in possession. No restrictions exist on the use of cash collateral by either party. Repurchase/reverse repurchase and securities loaned/borrowed transactions expose the Company to counterparty risk. The Company manages this risk by performing assessments, independent of business line managers, and establishing concentration limits on each counterparty. Additionally, these transactions include collateral arrangements that require the fair values of the underlying securities to be determined daily, resulting in cash being obtained or refunded to counterparties to maintain specified collateral levels.
The following table summarizes the maturities by category of collateral pledged for repurchase agreements and securities loaned transactions:
(Dollars in Millions)
Overnight and Continuous
Less Than 30 Days
30-89 Days
Greater Than 90 DaysTotal
December 31, 2023
Repurchase agreements
U.S. Treasury and agencies$2,375 $— $— $— $2,375 
Residential agency mortgage-backed securities338 — — — 338 
Corporate debt securities821 — — — 821 
Asset-backed securities— 45 — — 45 
Total repurchase agreements3,534 45 — — 3,579 
Securities loaned
Corporate debt securities290 — — — 290 
Total securities loaned290 — — — 290 
Gross amount of recognized liabilities$3,824 $45 $— $— $3,869 
December 31, 2022
Repurchase agreements
U.S. Treasury and agencies$147 $— $— $— $147 
Residential agency mortgage-backed securities846 — — — 846 
Corporate debt securities439 — — — 439 
Total repurchase agreements1,432 — — — 1,432 
Securities loaned
Corporate debt securities120 — — — 120 
Total securities loaned120 — — — 120 
Gross amount of recognized liabilities$1,552 $— $— $— $1,552 
The Company executes its derivative, repurchase/reverse repurchase and securities loaned/borrowed transactions under the respective industry standard agreements. These agreements include master netting arrangements that allow for multiple contracts executed with the same counterparty to be viewed as a single arrangement. This allows for net settlement of a single amount on a daily basis. In the event of default, the master netting arrangement provides for close-out netting, which allows all of these positions with the defaulting counterparty to be terminated and net settled with a single payment amount.
The Company has elected to offset the assets and liabilities under netting arrangements for the balance sheet presentation of the majority of its derivative counterparties. The netting occurs at the counterparty level, and includes all assets and liabilities related to the derivative contracts, including those associated with cash collateral received or delivered. The Company has not elected to offset the assets and liabilities under netting arrangements for the balance sheet presentation of repurchase/reverse repurchase and securities loaned/borrowed transactions.
The following tables provide information on the Company’s netting adjustments, and items not offset on the Consolidated Balance Sheet but available for offset in the event of default:
(Dollars in Millions)
Gross Recognized Assets
Gross Amounts Offset on the Consolidated Balance Sheet(a)
Net Amounts Presented on the Consolidated Balance SheetGross Amounts Not Offset on the Consolidated Balance Sheet
Financial Instruments(b)
Collateral Received(c)
Net Amount
December 31, 2023
Derivative assets(d)
$6,504 $(3,666)$2,838 $(141)$(3)$2,694 
Reverse repurchase agreements2,513 — 2,513 (568)(1,941)4 
Securities borrowed1,802 — 1,802 (14)(1,717)71 
Total$10,819 $(3,666)$7,153 $(723)$(3,661)$2,769 
December 31, 2022
Derivative assets(d)
$7,852 $(5,427)$2,425 $(231)$(80)$2,114 
Reverse repurchase agreements107 — 107 (102)(5)— 
Securities borrowed1,606 — 1,606 — (1,548)58 
Total$9,565 $(5,427)$4,138 $(333)$(1,633)$2,172 
(a)Includes $1.6 billion and $3.0 billion of cash collateral related payables that were netted against derivative assets at December 31, 2023 and 2022, respectively.
(b)For derivative assets this includes any derivative liability fair values that could be offset in the event of counterparty default; for reverse repurchase agreements this includes any repurchase agreement payables that could be offset in the event of counterparty default; for securities borrowed this includes any securities loaned payables that could be offset in the event of counterparty default.
(c)Includes the fair value of securities received by the Company from the counterparty. These securities are not included on the Consolidated Balance Sheet unless the counterparty defaults.
(d)Excludes $27 million and $20 million at December 31, 2023 and 2022, respectively, of derivative assets not subject to netting arrangements.
(Dollars in Millions)
Gross Recognized Liabilities
Gross Amounts Offset on the Consolidated Balance Sheet(a)
Net Amounts Presented on the Consolidated Balance SheetGross Amounts Not Offset on the Consolidated Balance Sheet Net Amount
Financial Instruments(b)
Collateral Pledged(c)
December 31, 2023
Derivative liabilities(d)
$8,217 $(3,720)$4,497 $(141)$— $4,356 
Repurchase agreements3,579 — 3,579 (568)(3,008)3 
Securities loaned290 — 290 (14)(270)6 
Total$12,086 $(3,720)$8,366 $(723)$(3,278)$4,365 
December 31, 2022
Derivative liabilities(d)
$10,506 $(4,551)$5,955 $(231)$— $5,724 
Repurchase agreements1,432 — 1,432 (102)(1,325)5 
Securities loaned120 — 120 — (118)2 
Total$12,058 $(4,551)$7,507 $(333)$(1,443)$5,731 
(a)Includes $1.7 billion and $2.1 billion of cash collateral related receivables that were netted against derivative liabilities at December 31, 2023 and 2022, respectively.
(b)For derivative liabilities this includes any derivative asset fair values that could be offset in the event of counterparty default; for repurchase agreements this includes any reverse repurchase agreement receivables that could be offset in the event of counterparty default; for securities loaned this includes any securities borrowed receivables that could be offset in the event of counterparty default.
(c)Includes the fair value of securities pledged by the Company to the counterparty. These securities are included on the Consolidated Balance Sheet unless the Company defaults.
(d)Excludes $92 million and $193 million at December 31, 2023 and 2022, respectively, of derivative liabilities not subject to netting arrangements.
v3.24.0.1
Fair Values of Assets and Liabilities
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Fair Values of Assets and Liabilities
NOTE 22Fair Values of Assets and Liabilities
The Company uses fair value measurements for the initial recording of certain assets and liabilities, periodic remeasurement of certain assets and liabilities, and disclosures. Derivatives, trading and available-for-sale investment securities, MSRs, certain time deposits and substantially all MLHFS are recorded at fair value on a recurring basis. Additionally, from time to time, the Company may be required to record at fair value other assets on a nonrecurring basis, such as loans held for sale, loans held for investment and certain other assets. These nonrecurring fair value adjustments typically involve application of lower-of-cost-or-fair value accounting or impairment write-downs of individual assets. Other financial instruments, such as held-to-maturity investment securities, loans, the majority of time deposits, short-term borrowings and long-term debt, are accounted for at amortized cost. See “Fair Value of Financial Instruments” in this Note for further information on the estimated fair value of these other financial instruments. In accordance with disclosure guidance, certain financial instruments, such as deposits with no defined or contractual maturity, receivables and payables due in one year or less, insurance contracts and equity investments not accounted for at fair value, are excluded from this Note. In addition, refer to Note 3 regarding the fair value of assets and liabilities acquired in the MUB acquisition.
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A fair value measurement reflects all of the assumptions that market participants would use in pricing the asset or liability, including assumptions about the risk inherent in a particular valuation technique, the effect of a restriction on the sale or use of an asset and the risk of nonperformance.
The Company groups its assets and liabilities measured at fair value into a three-level hierarchy for valuation techniques used to measure financial assets and financial liabilities at fair value. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:
•Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 1 includes U.S. Treasury securities, as well as exchange-traded instruments.
•Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 includes debt securities that are traded less frequently than exchange-traded instruments and which are typically valued using third party pricing services; derivative contracts and other assets and liabilities, including securities, and certain time deposits, whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data; and MLHFS whose values are determined
using quoted prices for similar assets or pricing models with inputs that are observable in the market or can be corroborated by observable market data.
•Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose values are determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. This category includes MSRs and certain derivative contracts.
Valuation Methodologies
The valuation methodologies used by the Company to measure financial assets and liabilities at fair value are described below. In addition, the following section includes an indication of the level of the fair value hierarchy in which the assets or liabilities are classified. Where appropriate, the descriptions include information about the valuation models and key inputs to those models. During the years ended December 31, 2023, 2022 and 2021, there were no significant changes to the valuation techniques used by the Company to measure fair value.
Available-For-Sale Investment Securities When quoted market prices for identical securities are available in an active market, these prices are used to determine fair value and these securities are classified within Level 1 of the fair value hierarchy. Level 1 investment securities include U.S. Treasury and exchange-traded securities.
For other securities, quoted market prices may not be readily available for the specific securities. When possible, the Company determines fair value based on market observable information, including quoted market prices for similar securities, inactive transaction prices, and broker quotes. These securities are classified within Level 2 of the fair value hierarchy. Level 2 valuations are generally provided by a third-party pricing service. Level 2 investment securities are predominantly agency mortgage-backed securities, certain other asset-backed securities, obligations of state and political subdivisions and agency debt securities.
Mortgage Loans Held For Sale MLHFS measured at fair value, for which an active secondary market and readily available market prices exist, are initially valued at the transaction price and are subsequently valued by comparison to instruments with similar collateral and risk profiles. MLHFS are classified within Level 2. Included in mortgage banking revenue were net losses of $46 million, $450 million and $145 million for the years ended December 31, 2023, 2022 and 2021, respectively, from the changes to fair value of these MLHFS under fair value option accounting guidance. Changes in fair value due to instrument specific credit risk were immaterial. Interest income for MLHFS is measured based on contractual
interest rates and reported as interest income on the Consolidated Statement of Income. Electing to measure MLHFS at fair value reduces certain timing differences and better matches changes in fair value of these assets with changes in the value of the derivative instruments used to economically hedge them without the burden of complying with the requirements for hedge accounting.
Time Deposits The Company elects the fair value option to account for certain time deposits that are hedged with derivatives that do not qualify for hedge accounting. Electing to measure these time deposits at fair value reduces certain timing differences and better matches changes in fair value of these deposits with changes in the value of the derivative instruments used to economically hedge them. The time deposits measured at fair value are valued using a discounted cash flow model that utilizes market observable inputs and are classified within Level 2. Included in interest expense on deposits were net gains of $4 million for the year ended December 31, 2023 from the changes in fair value of time deposits under fair value option accounting guidance.
Mortgage Servicing Rights MSRs are valued using a discounted cash flow methodology, and are classified within Level 3. The Company determines fair value of the MSRs by projecting future cash flows for different interest rate scenarios using prepayment rates and other assumptions, and discounts these cash flows using a risk adjusted rate based on option adjusted spread levels. There is minimal observable market activity for MSRs on comparable portfolios and, therefore, the determination of fair value requires significant management judgment. Refer to Note 10 for further information on MSR valuation assumptions.
Derivatives The majority of derivatives held by the Company are executed over-the-counter or centrally cleared through clearinghouses and are valued using market standard cash flow valuation techniques. The models incorporate inputs, depending on the type of derivative, including interest rate curves, foreign exchange rates and volatility. All derivative values incorporate an assessment of the risk of counterparty nonperformance, measured based on the Company’s evaluation of credit risk including external assessments of credit risk. The Company monitors and manages its nonperformance risk by considering its ability to net derivative positions under master netting arrangements, as well as collateral received or provided under collateral arrangements. Accordingly, the Company has elected to measure the fair value of derivatives, at a counterparty level, on a net basis. The majority of the derivatives are classified within Level 2 of the fair value hierarchy, as the significant inputs to the models, including nonperformance risk, are observable. However, certain derivative transactions are with counterparties where risk of nonperformance cannot be observed in the market and, therefore, the credit valuation adjustments result in these derivatives being classified within Level 3 of the fair value hierarchy.
The Company also has other derivative contracts that are created through its operations, including commitments
to purchase and originate mortgage loans and swap agreements executed in conjunction with the sale of a portion of its Class B common and preferred shares of Visa Inc. (the “Visa swaps”). The mortgage loan commitments are valued by pricing models that include market observable and unobservable inputs, which result in the commitments being classified within Level 3 of the fair value hierarchy. The unobservable inputs include assumptions about the percentage of commitments that actually become a closed loan and the MSR value that is inherent in the underlying loan value. The Visa swaps require payments by either the Company or the purchaser of the Visa Inc. Class B common and preferred shares when there are changes in the conversion rate of the Visa Inc. Class B common and preferred shares to Visa Inc. Class A common and preferred shares, respectively, as well as quarterly payments to the purchaser based on specified terms of the agreements. Management reviews and updates the Visa swaps fair value in conjunction with its review of Visa Inc. related litigation contingencies, and the associated escrow funding. The expected litigation resolution impacts the Visa Inc. Class B common share to Visa Inc. Class A common share conversion rate, as well as the ultimate termination date for the Visa swaps. Accordingly, the Visa swaps are classified within Level 3. Refer to Note 23 for further information on the Visa Inc. restructuring and related card association litigation.
Significant Unobservable Inputs of Level 3 Assets and Liabilities
The following section provides information to facilitate an understanding of the uncertainty in the fair value measurements for the Company’s Level 3 assets and liabilities recorded at fair value on the Consolidated Balance Sheet. This section includes a description of the significant inputs used by the Company and a description of any interrelationships between these inputs. The discussion below excludes nonrecurring fair value measurements of collateral value used for impairment measures for loans and OREO. These valuations utilize third party appraisal or broker price opinions, and are classified as Level 3 due to the significant judgment involved.
Mortgage Servicing Rights The significant unobservable inputs used in the fair value measurement of the Company’s MSRs are expected prepayments and the option adjusted spread that is added to the risk-free rate to discount projected cash flows. Significant increases in either of these inputs in isolation would have resulted in a significantly lower fair value measurement. Significant decreases in either of these inputs in isolation would have resulted in a significantly higher fair value measurement. There is no direct interrelationship between prepayments and option adjusted spread. Prepayment rates generally move in the opposite direction of market interest rates. Option adjusted spread is generally impacted by changes in market return requirements.
The following table shows the significant valuation assumption ranges for MSRs at December 31, 2023:
 Minimum Maximum
Weighted- Average(a)
Expected prepayment7 %23 %10 %
Option adjusted spread4 11 5 
(a)Determined based on the relative fair value of the related mortgage loans serviced.
Derivatives The Company has two distinct Level 3 derivative portfolios: (i) the Company’s commitments to purchase and originate mortgage loans that meet the requirements of a derivative and (ii) the Company’s asset/liability and customer-related derivatives that are Level 3 due to unobservable inputs related to measurement of risk of nonperformance by the counterparty. In addition, the Company’s Visa swaps are classified within Level 3.
The significant unobservable inputs used in the fair value measurement of the Company’s derivative commitments to purchase and originate mortgage loans are the percentage
of commitments that actually become a closed loan and the MSR value that is inherent in the underlying loan value. A significant increase in the rate of loans that close would have resulted in a larger derivative asset or liability. A significant increase in the inherent MSR value would have resulted in an increase in the derivative asset or a reduction in the derivative liability. Expected loan close rates and the inherent MSR values are directly impacted by changes in market rates and will generally move in the same direction as interest rates.
The following table shows the significant valuation assumption ranges for the Company’s derivative commitments to purchase and originate mortgage loans at December 31, 2023:
 Minimum Maximum
Weighted- Average(a)
Expected loan close rate17 %99 %74 %
Inherent MSR value (basis points per loan)48 177 97 
(a)Determined based on the relative fair value of the related mortgage loans.
The significant unobservable input used in the fair value measurement of certain of the Company’s asset/liability and customer-related derivatives is the credit valuation adjustment related to the risk of counterparty nonperformance. A significant increase in the credit valuation adjustment would have resulted in a lower fair value measurement. A significant decrease in the credit valuation adjustment would have resulted in a higher fair value measurement. The credit valuation adjustment is impacted by changes in market rates, volatility, market implied credit spreads, and loss recovery rates, as well as the Company’s assessment of the counterparty’s credit position. At December 31, 2023, the minimum, maximum and weighted-average credit valuation adjustment as a
percentage of the net fair value of the counterparty’s derivative contracts prior to adjustment was 0 percent, 507 percent and 2 percent, respectively.
The significant unobservable inputs used in the fair value measurement of the Visa swaps are management’s estimate of the probability of certain litigation scenarios occurring, and the timing of the resolution of the related litigation loss estimates in excess, or shortfall, of the Company’s proportional share of escrow funds. An increase in the loss estimate or a delay in the resolution of the related litigation would have resulted in an increase in the derivative liability. A decrease in the loss estimate or an acceleration of the resolution of the related litigation would have resulted in a decrease in the derivative liability.
The following table summarizes the balances of assets and liabilities measured at fair value on a recurring basis:
(Dollars in Millions)Level 1Level 2Level 3Netting Total
December 31, 2023     
Available-for-sale securities     
U.S. Treasury and agencies$14,787 $4,755 $— $— $19,542 
Mortgage-backed securities     
Residential agency— 26,078 — — 26,078 
Commercial     
Agency— 7,343 — — 7,343 
Non-agency— 6 — — 6 
Asset-backed securities— 6,724 — — 6,724 
Obligations of state and political subdivisions— 9,989 — — 9,989 
Other— 24 — — 24 
Total available-for-sale14,787 54,919 — — 69,706 
Mortgage loans held for sale— 2,011 — — 2,011 
Mortgage servicing rights— — 3,377 — 3,377 
Derivative assets— 5,078 1,453 (3,666)2,865 
Other assets550 1,991 — — 2,541 
Total$15,337 $63,999 $4,830 $(3,666)$80,500 
Time deposits$— $2,818 $— $— $2,818 
Derivative liabilities16 4,955 3,338 (3,720)4,589 
Short-term borrowings and other liabilities(a)
517 1,786 — — 2,303 
Total$533 $9,559 $3,338 $(3,720)$9,710 
December 31, 2022     
Available-for-sale securities     
U.S. Treasury and agencies$13,723 $8,310 $— $— $22,033 
Mortgage-backed securities     
Residential agency— 29,271 — — 29,271 
Commercial
Agency— 7,145 — — 7,145 
Non-agency— 7 — — 7 
Asset-backed securities— 4,323 — — 4,323 
Obligations of state and political subdivisions— 10,124 1 — 10,125 
Other— 6 — — 6 
Total available-for-sale13,723 59,186 1 — 72,910 
Mortgage loans held for sale— 1,849 — — 1,849 
Mortgage servicing rights— — 3,755 — 3,755 
Derivative assets9 6,608 1,255 (5,427)2,445 
Other assets248 1,756 — — 2,004 
Total$13,980 $69,399 $5,011 $(5,427)$82,963 
Derivative liabilities$4 $6,241 $4,454 $(4,551)$6,148 
Short-term borrowings and other liabilities(a)
125 1,564 — — 1,689 
Total$129 $7,805 $4,454 $(4,551)$7,837 
Note: Excluded from the table above are equity investments without readily determinable fair values. The Company has elected to carry these investments at historical cost, adjusted for impairment and any changes resulting from observable price changes for identical or similar investments of the issuer. The aggregate carrying amount of these equity investments was $133 million and $104 million at December 31, 2023 and 2022, respectively. The Company recorded a $5 million impairment on these equity investments during 2023, and the cumulative impairment on these equity investments is $5 million at December 31, 2023. The Company has not recorded adjustments for observable price changes on these equity investments during 2023 and 2022, or on a cumulative basis.
(a)Primarily represents the Company’s obligation on securities sold short required to be accounted for at fair value per applicable accounting guidance.
The following table presents the changes in fair value for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31:
(Dollars in Millions)
Beginning of Period Balance
Net Gains (Losses) Included in Net Income Net Gains (Losses) Included in Other Comprehensive Income (Loss)PurchasesSales
Principal Payments
Issuances Settlements
End of Period Balance
 Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period
2023             
Available-for-sale securities             
Obligations of state and political subdivisions$1 $—  $— $— $— $(1)$—  $— $— $—  
Total available-for-sale1 —  — — — (1)—  — — —  
Mortgage servicing rights3,755 (316)
(a)
— 5 (440)— 373 
(c)
— 3,377 (316)
(a)
Net derivative assets and liabilities(3,199)(2,696)
(b)
— 552 (45)— 1  3,502 (1,885)(183)
(d)
2022             
Available-for-sale securities             
Asset-backed securities$7 $—  $(3)$— $(4)$— $—  $— $— $—  
Obligations of state and political subdivisions1 —  — — — — —  — 1 —  
Total available-for-sale8 —  (3)— (4)— —  — 1 —  
Mortgage servicing rights2,953 311 
(a)
— 156 (255)— 590 
(c)
— 3,755 311 
(a)
Net derivative assets and liabilities799 (5,940)
(e)
— 716 (36)— 11  1,251 (3,199)(3,538)
(f)
2021             
Available-for-sale securities             
Asset-backed securities$7 $—  $1 $— $— $(1)$—  $— $7 $1  
Obligations of state and political subdivisions1 —  — — — — —  — 1 —  
Total available-for-sale8 —  1 — — (1)—  — 8 1  
Mortgage servicing rights2,210 (437)
(a)
— 42 2 — 1,136 
(c)
— 2,953 (437)
(a)
Net derivative assets and liabilities2,326 (924)
(g)
— 337 (3)— —  (937)799 (968)
(h)
(a)Included in mortgage banking revenue.
(b)Approximately $182 million, $(2.9) billion and $1 million included in mortgage banking revenue, commercial products revenue and other non-interest income, respectively.
(c)Represents MSRs capitalized during the period.
(d)Approximately $15 million, $(199) million and $1 million included in mortgage banking revenue, commercial products revenue and other non-interest income, respectively.
(e)Approximately $(141) million, $(5.6) billion and $(181) million included in mortgage banking revenue, commercial products revenue and other non-interest income, respectively.
(f)Approximately $5 million, $(3.4) billion and $(181) million included in mortgage banking revenue, commercial products revenue and other non-interest income, respectively.
(g)Approximately $666 million, $(1.6) billion and $5 million included in mortgage banking revenue, commercial products revenue and other non-interest income, respectively.
(h)Approximately $42 million, $(1.0) billion and $5 million included in mortgage banking revenue, commercial products revenue and other non-interest income, respectively.

The Company is also required periodically to measure certain other financial assets at fair value on a nonrecurring basis. These measurements of fair value usually result from the application of lower-of-cost-or-fair value accounting or write-downs of individual assets.
The following table summarizes the balances as of the measurement date of assets measured at fair value on a nonrecurring basis, and still held as of December 31:
 20232022
(Dollars in Millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Loans(a)
$— $— $354 $354 $— $— $97 $97 
Other assets(b)
— — 27 27 — — 21 21 
(a)Represents the carrying value of loans for which adjustments were based on the fair value of the collateral, excluding loans fully charged-off.
(b)Primarily represents the fair value of foreclosed properties that were measured at fair value based on an appraisal or broker price opinion of the collateral subsequent to their initial acquisition.
The following table summarizes losses recognized related to nonrecurring fair value measurements of individual assets or portfolios for the years ended December 31:
(Dollars in Millions)202320222021
Loans(a)
$368 $40 $60 
Other assets(b)
32 20 25 
(a)Represents write-downs of loans which were based on the fair value of the collateral, excluding loans fully charged-off.
(b)Primarily represents related losses of foreclosed properties that were measured at fair value subsequent to their initial acquisition.
Fair Value Option
The following table summarizes the differences between the aggregate fair value carrying amount of the assets and liabilities for which the fair value option has been elected and the aggregate remaining contractual principal balance outstanding as of December 31:
 20232022
(Dollars in Millions)Fair Value Carrying AmountContractual Principal OutstandingCarrying Amount Over (Under) Contractual Principal OutstandingFair Value Carrying AmountContractual Principal OutstandingCarrying Amount Over (Under) Contractual Principal Outstanding
Total loans(a)
$2,011 $1,994 $17 $1,849 $1,848 $1 
Time deposits2,818 2,822 (4)— — — 
(a)Includes nonaccrual loans of $1 million carried at fair value with contractual principal outstanding of $1 million at December 31, 2023 and $1 million carried at fair value with contractual principal outstanding of $1 million at December 31, 2022. Includes loans 90 days or more past due of $4 million carried at fair value with contractual principal outstanding of $4 million at December 31, 2023 and $1 million carried at fair value with contractual principal outstanding of $1 million at December 31, 2022.
Fair Value of Financial Instruments
The following section summarizes the estimated fair value for financial instruments accounted for at amortized cost as of December 31, 2023 and 2022. In accordance with disclosure guidance related to fair values of financial instruments, the Company did not include assets and liabilities that are not financial instruments, such as the
value of goodwill, long-term relationships with deposit, credit card, merchant processing and trust customers, other purchased intangibles, premises and equipment, deferred taxes and other liabilities. Additionally, in accordance with the disclosure guidance, receivables and payables due in one year or less, insurance contracts, equity investments not accounted for at fair value, and deposits with no defined or contractual maturities are excluded.
The estimated fair values of the Company’s financial instruments as of December 31, are shown in the table below:
 20232022
 
Carrying Amount
Fair Value
Carrying Amount
Fair Value
(Dollars in Millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
 
Financial Assets          
Cash and due from banks$61,192 $61,192 $— $— $61,192 $53,542 $53,542 $— $— $53,542 
Federal funds sold and securities purchased under resale agreements2,543 — 2,543 — 2,543 356 — 356 — 356 
Investment securities held-to-maturity84,045 1,310 72,778 — 74,088 88,740 1,293 76,581 — 77,874 
Loans held for sale(a)
190 — — 190 190 351 — — 351 351 
Loans366,456 — — 362,849 362,849 381,277 — — 368,874 368,874 
Other(b)
2,377 — 1,863 514 2,377 2,962 — 2,224 738 2,962 
Financial Liabilities          
Time deposits(c)
49,455 — 49,607 — 49,607 32,946 — 32,338 — 32,338 
Short-term borrowings(d)
12,976 — 12,729 — 12,729 29,527 — 29,145 — 29,145 
Long-term debt51,480 — 49,697 — 49,697 39,829 — 37,622 — 37,622 
Other(e)
5,432 — 1,406 4,026 5,432 5,137 — 1,500 3,637 5,137 
(a)Excludes mortgages held for sale for which the fair value option under applicable accounting guidance was elected.
(b)Includes investments in Federal Reserve Bank and Federal Home Loan Bank stock and tax-advantaged investments.
(c)Excludes time deposits for which the fair value option under applicable accounting guidance was elected.
(d)Excludes the Company’s obligation on securities sold short required to be accounted for at fair value per applicable accounting guidance.
(e)Includes operating lease liabilities and liabilities related to tax-advantaged investments.
The fair value of unfunded commitments, deferred non-yield related loan fees, standby letters of credit and other guarantees is approximately equal to their carrying value. The carrying value of unfunded commitments, deferred non-yield related loan fees and standby letters of credit was
$489 million and $498 million at December 31, 2023 and 2022, respectively. The carrying value of other guarantees was $198 million and $241 million at December 31, 2023 and 2022, respectively.
v3.24.0.1
Guarantees and Contingent Liabilities
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Guarantees and Contingent Liabilities
NOTE 23
Guarantees and Contingent Liabilities
Visa Restructuring and Card Association Litigation The Company’s Payment Services business issues credit and debit cards and acquires credit and debit card transactions through the Visa U.S.A. Inc. card association or its affiliates (collectively “Visa”). In 2007, Visa completed a restructuring and issued shares of Visa Inc. common stock to its financial institution members in contemplation of its initial public offering (“IPO”) completed in the first quarter of 2008 (the “Visa Reorganization”). As a part of the Visa Reorganization, the Company received its proportionate number of shares of Visa Inc. common stock, which were subsequently converted to Class B shares of Visa Inc. (“Class B shares”). As of December 31, 2023, the Company has sold substantially all of its Class B shares.
Visa U.S.A. Inc. (“Visa U.S.A.”) and MasterCard International (collectively, the “Card Brands”) are defendants in antitrust lawsuits challenging the practices of the Card Brands (the “Visa Litigation”). Visa U.S.A. member banks have a contingent obligation to indemnify Visa Inc. under the Visa U.S.A. bylaws (which were modified at the time of the restructuring in October 2007) for potential losses arising from the Visa Litigation. The indemnification by the Visa U.S.A. member banks has no specific maximum amount. Using proceeds from its IPO and through reductions to the conversion ratio applicable to the Class B shares held by Visa U.S.A. member banks, Visa Inc. has funded an escrow account for the benefit of member financial institutions to fund their indemnification obligations associated with the Visa Litigation. The receivable related to the escrow account is classified in other liabilities and fully offsets the related Visa Litigation contingent liability.
In October 2012, Visa signed a settlement agreement to resolve class action claims associated with the multidistrict interchange litigation pending in the United States District Court for the Eastern District of New York (the “Multi-District Litigation”). The U.S. Court of Appeals for the Second Circuit reversed the approval of that settlement and remanded the matter to the district court. Thereafter, the case was split into two putative class actions, one seeking damages (the “Damages Action”) and a separate class action seeking injunctive relief only (the “Injunctive Action”). In September 2018, Visa signed a new settlement agreement, superseding the original settlement agreement, to resolve the Damages Action. The Damages Action settlement has received final court approval and is now resolved. The Injunctive Action, which generally seeks changes to Visa rules, is still pending.
Commitments to Extend Credit Commitments to extend credit are legally binding and generally have fixed expiration dates or other termination clauses. The contractual amount represents the Company’s exposure to credit loss, in the event of default by the borrower. The Company manages this credit risk by using the same credit policies it applies to
loans. Collateral is obtained to secure commitments based on management’s credit assessment of the borrower. The collateral may include marketable securities, receivables, inventory, equipment and real estate. Since the Company expects many of the commitments to expire without being drawn, total commitment amounts do not necessarily represent the Company’s future liquidity requirements. In addition, the commitments include consumer credit lines that are cancelable upon notification to the consumer.
The contract or notional amounts of unfunded commitments to extend credit at December 31, 2023, excluding those commitments considered derivatives, were as follows:
 Term 
(Dollars in Millions)
Less Than One Year
Greater Than One YearTotal
Commercial and commercial real estate loans$43,385 $137,155 $180,540 
Corporate and purchasing card loans(a)
34,943 — 34,943 
Residential mortgages114 — 114 
Retail credit card loans(a)
134,297 — 134,297 
Other retail loans15,616 27,430 43,046 
Other7,585 — 7,585 
(a)Primarily cancellable at the Company’s discretion.
Other Guarantees and Contingent Liabilities
The following table is a summary of other guarantees and contingent liabilities of the Company at December 31, 2023:
(Dollars in Millions)
Collateral Held
Carrying Amount
Maximum Potential Future Payments
Standby letters of credit$— $20 $10,999 
Third party borrowing arrangements— — 5 
Securities lending indemnifications6,924 — 6,679 
Asset sales— 106 10,263 
Merchant processing815 71 140,288 
Tender option bond program guarantee607 — 589 
Other— 21 2,696 
Letters of Credit Standby letters of credit are commitments the Company issues to guarantee the performance of a customer to a third party. The guarantees frequently support
public and private borrowing arrangements, including commercial paper issuances, bond financings and other similar transactions. The Company also issues and confirms commercial letters of credit on behalf of customers to ensure payment or collection in connection with trade transactions. In the event of a customer’s or counterparty’s nonperformance, the Company’s credit loss exposure is similar to that in any extension of credit, up to the letter’s contractual amount. Management assesses the borrower’s credit to determine the necessary collateral, which may include marketable securities, receivables, inventory, equipment and real estate. Since the conditions requiring the Company to fund letters of credit may not occur, the Company expects its liquidity requirements to be less than the total outstanding commitments. The maximum potential future payments guaranteed by the Company under standby letter of credit arrangements at December 31, 2023, were approximately $11.0 billion with a weighted-average term of approximately 16 months. The estimated fair value of standby letters of credit was approximately $20 million at December 31, 2023.
The contract or notional amount of letters of credit at December 31, 2023, were as follows:
 Term 
(Dollars in Millions)
Less Than One Year
Greater Than One YearTotal
Standby$6,444 $4,555 $10,999 
Commercial559 59 618 
Guarantees Guarantees are contingent commitments issued by the Company to customers or other third parties. The Company’s guarantees primarily include parent guarantees related to subsidiaries’ third party borrowing arrangements; third party performance guarantees inherent in the Company’s business operations, such as indemnified securities lending programs and merchant charge-back guarantees; and indemnification or buy-back provisions related to certain asset sales. For certain guarantees, the Company has recorded a liability related to the potential obligation, or has access to collateral to support the guarantee or through the exercise of other recourse provisions can offset some or all of the maximum potential future payments made under these guarantees.
Third Party Borrowing Arrangements The Company provides guarantees to third parties as a part of certain subsidiaries’ borrowing arrangements. The maximum potential future payments guaranteed by the Company under these arrangements were approximately $5 million at December 31, 2023.
Commitments from Securities Lending The Company participates in securities lending activities by acting as the customer’s agent involving the loan of securities. The Company indemnifies customers for the difference between the fair value of the securities lent and the fair value of the collateral received. Cash collateralizes these transactions. The maximum potential future payments guaranteed by the Company under these arrangements were approximately $6.7 billion at December 31, 2023, and represent the fair
value of the securities lent to third parties. At December 31, 2023, the Company held $6.9 billion of cash as collateral for these arrangements.
Asset Sales The Company has provided guarantees to certain third parties in connection with the sale or syndication of certain assets, primarily loan portfolios and tax-advantaged investments. These guarantees are generally in the form of asset buy-back or make-whole provisions that are triggered upon a credit event or a change in the tax-qualifying status of the related projects, as applicable, and remain in effect until the loans are collected or final tax credits are realized, respectively. The maximum potential future payments guaranteed by the Company under these arrangements were approximately $10.3 billion at December 31, 2023, and represented the proceeds received from the buyer or the guaranteed portion in these transactions where the buy-back or make-whole provisions have not yet expired. At December 31, 2023, the Company had reserved $93 million for potential losses related to the sale or syndication of tax-advantaged investments.
The maximum potential future payments do not include loan sales where the Company provides standard representation and warranties to the buyer against losses related to loan underwriting documentation defects that may have existed at the time of sale that generally are identified after the occurrence of a triggering event such as delinquency. For these types of loan sales, the maximum potential future payments is generally the unpaid principal balance of loans sold measured at the end of the current reporting period. Actual losses will be significantly less than the maximum exposure, as only a fraction of loans sold will have a representation and warranty breach, and any losses on repurchase would generally be mitigated by any collateral held against the loans.
The Company regularly sells loans to GSEs as part of its mortgage banking activities. The Company provides customary representations and warranties to GSEs in conjunction with these sales. These representations and warranties generally require the Company to repurchase assets if it is subsequently determined that a loan did not meet specified criteria, such as a documentation deficiency or rescission of mortgage insurance. If the Company is unable to cure or refute a repurchase request, the Company is generally obligated to repurchase the loan or otherwise reimburse the GSE for losses. At December 31, 2023, the Company had reserved $13 million for potential losses from representation and warranty obligations, compared with $17 million at December 31, 2022. The Company’s reserve reflects management’s best estimate of losses for representation and warranty obligations. The Company’s repurchase reserve is modeled at the loan level, taking into consideration the individual credit quality and borrower activity that has transpired since origination. The model applies credit quality and economic risk factors to derive a probability of default and potential repurchase that are based on the Company’s historical loss experience, and estimates loss severity based on expected collateral value. The Company also considers qualitative factors that may result in anticipated losses differing from historical loss trends.
As of December 31, 2023 and 2022, the Company had $18 million and $39 million, respectively, of unresolved representation and warranty claims from GSEs. The Company does not have a significant amount of unresolved claims from investors other than GSEs.
Merchant Processing The Company, through its subsidiaries, provides merchant processing services. Under the rules of credit card associations, a merchant processor retains a contingent liability for credit card transactions processed. This contingent liability arises in the event of a billing dispute between the merchant and a cardholder that is ultimately resolved in the cardholder’s favor. In this situation, the transaction is “charged-back” to the merchant and the disputed amount is credited or otherwise refunded to the cardholder. If the Company is unable to collect this amount from the merchant, it bears the loss for the amount of the refund paid to the cardholder.
A cardholder, through its issuing bank, generally has until the later of up to four months after the date the transaction is processed or the receipt of the product or service to present a charge-back to the Company as the merchant processor. The absolute maximum potential liability is estimated to be the total volume of credit card transactions that meet the associations’ requirements to be valid charge-back transactions at any given time. Management estimates that the maximum potential exposure for charge-backs would approximate the total amount of merchant transactions processed through the credit card associations for the last four months. For the last four months of 2023 this amount totaled approximately $140.3 billion. In most cases, this contingent liability is unlikely to arise, as most products and services are delivered when purchased and amounts are refunded when items are returned to merchants. However, where the product or service has been purchased but is not provided until a future date (“future delivery”), the potential for this contingent liability increases. To mitigate this risk, the Company may require the merchant to make an escrow deposit, place maximum volume limitations on future delivery transactions processed by the merchant at any point in time, or require various credit enhancements (including letters of credit and bank guarantees). Also, merchant processing contracts may include event triggers to provide the Company more financial and operational control in the event of financial deterioration of the merchant.
The Company currently processes card transactions in the United States, Canada and Europe through wholly-owned subsidiaries. In the event a merchant was unable to fulfill product or services subject to future delivery, such as airline tickets, the Company could become financially liable for refunding the purchase price of such products or services purchased through the credit card associations under the charge-back provisions. Charge-back risk related to these merchants is evaluated in a manner similar to credit risk assessments and, as such, merchant processing contracts contain various provisions to protect the Company in the event of default. At December 31, 2023, the value of airline tickets purchased to be delivered at a future date through card transactions processed by the Company was $13.1 billion. The Company held collateral of $679 million in escrow deposits, letters of credit and indemnities from
financial institutions, and liens on various assets. In addition to specific collateral or other credit enhancements, the Company maintains a liability for its implied guarantees associated with future delivery. At December 31, 2023, the liability was $50 million primarily related to these airline processing arrangements.
In the normal course of business, the Company has unresolved charge-backs. The Company assesses the likelihood of its potential liability based on the extent and nature of unresolved charge-backs and its historical loss experience. At December 31, 2023, the Company held $135 million of merchant escrow deposits as collateral and had a recorded liability for potential losses of $21 million.
Tender Option Bond Program Guarantee As discussed in Note 8, the Company sponsors a municipal bond securities tender option bond program and consolidates the program’s entities on its Consolidated Balance Sheet. The Company provides financial performance guarantees related to the program’s entities. At December 31, 2023, the Company guaranteed $589 million of borrowings of the program’s entities, included on the Consolidated Balance Sheet in short-term borrowings. The Company also included on its Consolidated Balance Sheet the related $607 million of available-for-sale investment securities serving as collateral for this arrangement.
Other Guarantees and Commitments As of December 31, 2023, the Company sponsored, and owned 100 percent of the common equity of, USB Capital IX, a wholly-owned unconsolidated trust, formed for the purpose of issuing redeemable Income Trust Securities (“ITS”) to third-party investors, originally investing the proceeds in junior subordinated debt securities (“Debentures”) issued by the Company and entering into stock purchase contracts to purchase the Company’s preferred stock in the future. As of December 31, 2023, all of the Debentures issued by the Company have either matured or been retired. Total assets of USB Capital IX were $686 million at December 31, 2023, consisting primarily of the Company’s Series A Preferred Stock. The Company’s obligations under the transaction documents, taken together, have the effect of providing a full and unconditional guarantee by the Company, on a junior subordinated basis, of the payment obligations of the trust to third-party investors totaling $685 million at December 31, 2023.
The Company has also made other financial performance guarantees and commitments primarily related to the operations of its subsidiaries. At December 31, 2023, the maximum potential future payments guaranteed or committed by the Company under these arrangements were approximately $2.0 billion.
Litigation and Regulatory Matters
The Company is subject to various litigation and regulatory matters that arise from the conduct of its business activities. The Company establishes reserves for such matters when potential losses become probable and can be reasonably estimated. The Company believes the ultimate resolution of existing legal and regulatory matters will not have a material adverse effect on the financial condition, results of
operations or cash flows of the Company. However, in light of the uncertainties inherent in these matters, it is possible that the ultimate resolution of one or more of these matters may have a material adverse effect on the Company’s results of operations for a particular period, and future changes in circumstances or additional information could result in additional accruals or resolution in excess of established accruals, which could adversely affect the Company’s results of operations, potentially materially.
Residential Mortgage-Backed Securities Litigation Starting in 2011, the Company and other large financial institutions have been sued in their capacity as trustee for residential mortgage–backed securities trusts for losses arising out of the 2008 financial crisis. In the lawsuits brought against the Company, the investors allege that the Company’s banking subsidiary, USBNA, as trustee caused them to incur substantial losses by failing to enforce loan repurchase obligations and failing to abide by appropriate standards of care after events of default allegedly occurred. The plaintiffs in these matters seek monetary damages in unspecified amounts and most also seek equitable relief.
Regulatory Matters The Company is continually subject to examinations, inquiries, investigations and other forms of regulatory and governmental inquiry or scrutiny covering a wide range of issues in its financial services businesses including in areas of heightened regulatory scrutiny, such as compliance, risk management, third-party risk management and consumer protection. In some cases, these matters are part of reviews of specified activities at multiple industry participants; in others, they are directed at the Company individually. For example, the Division of Enforcement of the SEC has been investigating U.S. Bancorp Fund Services, LLC (“USBFS”), a subsidiary of USBNA, relating to its role providing fund administration services to a third-party investment fund. This investment fund was advised by an investment adviser who engaged in fraud, and USBFS was not affiliated with the investment adviser and did not provide any advisory services to the fund. The Division of Enforcement has made a preliminary determination to recommend that the SEC file an enforcement action against USBFS, and USBFS is in the process of responding to the SEC on this matter. The Company is cooperating fully with
all pending examinations, inquiries and investigations, any of which could lead to administrative or legal proceedings or settlements. Remedies in these proceedings or settlements may include fines, penalties, restitution or alterations in the Company’s business practices (which may increase the Company’s operating expenses and decrease its revenue).
On December 19, 2023, USBNA agreed to the issuance of consent orders with the OCC and the Consumer Financial Protection Bureau (“CFPB”) resolving the previously disclosed investigations of the Company's administration of unemployment insurance benefit prepaid debit cards during the pandemic timeframe. Also, on February 9, 2024, the SEC announced a settlement with U.S. Bancorp Investments, Inc., resolving the previously disclosed inquiry regarding record retention requirements relating to electronic business communications. The Commodity Futures Trading Commission (“CFTC”) has conducted an inquiry concerning similar issues and the Company is currently in resolution discussions with the CFTC on that matter. The financial impact of the resolution of these matters was not material to the Company's financial condition, results of operations or cash flows and the anticipated resolution of the CFTC matter is also not expected to be material.
Outlook Due to their complex nature, it can be years before litigation and regulatory matters are resolved. The Company may be unable to develop an estimate or range of loss where matters are in early stages, there are significant factual or legal issues to be resolved, damages are unspecified or uncertain, or there is uncertainty as to a litigation class being certified or the outcome of pending motions, appeals or proceedings. For those litigation and regulatory matters where the Company has information to develop an estimate or range of loss, the Company believes the upper end of the range of reasonably possible losses in aggregate, in excess of any reserves established for matters where a loss is considered probable, will not be material to its financial condition, results of operations or cash flows. The Company’s estimates are subject to significant judgment and uncertainties, and the matters underlying the estimates will change from time to time. Actual results may vary significantly from the current estimates.
v3.24.0.1
Business Segments
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Business Segments
NOTE 24Business Segments
Within the Company, financial performance is measured by major lines of business based on the products and services provided to customers through its distribution channels. These operating segments are components of the Company about which financial information is prepared and is evaluated regularly by management in deciding how to allocate resources and assess performance. The Company has the following reportable operating segments:
Wealth, Corporate, Commercial and Institutional Banking Wealth, Corporate, Commercial and Institutional Banking provides core banking, specialized lending, transaction and payment processing, capital markets, asset management, and brokerage and investment related
services to wealth, middle market, large corporate, government and institutional clients.
Consumer and Business Banking Consumer and Business Banking comprises consumer banking, small business banking and consumer lending. Products and services are delivered through banking offices, telephone servicing and sales, online services, direct mail, ATM processing, mobile devices, distributed mortgage loan officers, and intermediary relationships including auto dealerships, mortgage banks, and strategic business partners.
Payment Services Payment Services includes consumer and business credit cards, stored-value cards, debit cards,
corporate, government and purchasing card services and merchant processing.
Treasury and Corporate Support Treasury and Corporate Support includes the Company’s investment portfolios, funding, capital management, interest rate risk management, income taxes not allocated to business segments, including most investments in tax-advantaged projects, and the residual aggregate of those expenses associated with corporate activities that are managed on a consolidated basis.
Basis of Presentation Business segment results are derived from the Company’s business unit profitability reporting systems by specifically attributing managed balance sheet assets, deposits and other liabilities and their related income or expense. The allowance for credit losses and related provision expense are allocated to the business segments according to the volume and credit quality of the loan balances managed, but with the impact of changes in economic forecasts recorded in Treasury and Corporate Support. Goodwill and other intangible assets are assigned to the business segments based on the mix of business of an entity acquired by the Company. Within the Company, capital levels are evaluated and managed centrally; however, capital is allocated to the business segments to support evaluation of business performance. Business segments are allocated capital on a risk-adjusted basis considering economic and regulatory capital requirements. Generally, the determination of the amount of capital allocated to each business segment includes credit allocations following a Basel III regulatory framework. Interest income and expense is determined based on the assets and liabilities managed by the business segment. Because funding and asset/liability management is a central function, funds transfer-pricing methodologies are utilized to allocate a cost of funds used or credit for funds provided to all business segment assets and liabilities, respectively, using a matched funding concept. Also, each business unit is allocated the taxable-equivalent benefit of tax-exempt products. The residual effect on net interest income of asset/liability management activities is included in Treasury
and Corporate Support. Noninterest income and expenses directly managed by each business segment, including fees, service charges, salaries and benefits, and other direct revenues and costs are accounted for within each segment’s financial results in a manner similar to the consolidated financial statements. Occupancy costs are allocated based on utilization of facilities by the business segments. Generally, operating losses are charged to the business segment when the loss event is realized in a manner similar to a loan charge-off. Noninterest expenses incurred by centrally managed operations or business segments that directly support another business segment’s operations are charged to the applicable business segment based on its utilization of those services, primarily measured by the volume of customer activities, number of employees or other relevant factors. These allocated expenses are reported as net shared services expense within noninterest expense. Certain activities 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 are not charged to the business segments. The income or expenses associated with these corporate activities, including merger and integration charges, are reported within the Treasury and Corporate Support business segment. Income taxes are assessed to each business segment at a standard tax rate with the residual tax expense or benefit to arrive at the consolidated effective tax rate included in Treasury and Corporate Support.
Designations, assignments and allocations change from time to time as management systems are enhanced, methods of evaluating performance or product lines change or business segments are realigned to better respond to the Company’s diverse customer base. During 2023, certain organization and methodology changes were made, including the Company combining its Wealth Management and Investment Services and Corporate and Commercial Banking lines of businesses to create the Wealth, Corporate, Commercial and Institutional Banking line of business during the third quarter. Prior period results were restated and presented on a comparable basis.
Business segment results for the years ended December 31 were as follows:
Wealth, Corporate, Commercial and Institutional Banking
Consumer and Business Banking
Payment Services
(Dollars in Millions)202320222023202220232022
Condensed Income Statement
Net interest income (taxable-equivalent basis)$6,129 $5,213 $8,331 $6,764 $2,702 $2,504 
Noninterest income4,143 3,561 1,662 1,536 4,056 
(a)
3,794 
(a)
Total net revenue10,272 8,774 9,993 8,300 6,758 6,298 
Noninterest expense5,183 4,135 6,964 5,779 3,772 3,525 
Income (loss) before provision and income taxes5,089 4,639 3,029 2,521 2,986 2,773 
Provision for credit losses334 154 79 75 1,394 980 
Income (loss) before income taxes4,755 4,485 2,950 2,446 1,592 1,793 
Income taxes and taxable-equivalent adjustment1,190 1,122 738 612 398 449 
Net income (loss)3,565 3,363 2,212 1,834 1,194 1,344 
Net (income) loss attributable to noncontrolling interests— — — — — — 
Net income (loss) attributable to U.S. Bancorp$3,565 $3,363 $2,212 $1,834 $1,194 $1,344 
 
Average Balance Sheet
Loans$175,780 $150,512 $161,862 $144,441 $38,471 $34,627 
Other earning assets6,615 4,771 2,388 3,117 97 634 
Goodwill4,682 3,634 4,466 3,250 3,327 3,305 
Other intangible assets1,007 365 5,265 3,784 350 423 
Assets202,642 169,554 179,103 160,174 44,292 41,072 
Noninterest-bearing deposits70,977 82,671 31,082 31,719 2,981 3,410 
Interest-bearing deposits199,780 175,345 189,148 163,190 103 162 
Total deposits270,757 258,016 220,230 194,909 3,084 3,572 
Total U.S. Bancorp shareholders’ equity22,362 18,159 16,016 12,678 9,310 8,233 
 
 Treasury and Corporate SupportConsolidated Company
(Dollars in Millions)2023202220232022
Condensed Income Statement    
Net interest income (taxable-equivalent basis)$365 $365 $17,527 $14,846 
Noninterest income756 565 10,617 
(b)
9,456 
(b)
Total net revenue1,121 930 28,144 24,302 
Noninterest expense2,954 1,467 18,873 14,906 
Income (loss) before provision and income taxes(1,833)(537)9,271 9,396 
Provision for credit losses468 768 2,275 1,977 
Income (loss) before income taxes(2,301)(1,305)6,996 7,419 
Income taxes and taxable-equivalent adjustment(788)(602)1,538 1,581 
Net income (loss)(1,513)(703)5,458 5,838 
Net (income) loss attributable to noncontrolling interests(29)(13)(29)(13)
Net income (loss) attributable to U.S. Bancorp$(1,542)$(716)$5,429 $5,825 
 
Average Balance Sheet
Loans$5,162 $3,993 $381,275 $333,573 
Other earning assets214,824 203,248 223,924 211,770 
Goodwill— — 12,475 10,189 
Other intangible assets17 5 6,639 4,577 
Assets237,403 221,349 663,440 592,149 
Noninterest-bearing deposits2,728 2,594 107,768 120,394 
Interest-bearing deposits8,864 3,293 397,895 341,990 
Total deposits11,592 5,887 505,663 462,384 
Total U.S. Bancorp shareholders’ equity5,972 11,346 53,660 50,416 
(a)Presented net of related rewards and rebate costs and certain partner payments of $3.0 billion and $2.9 billion for 2023 and 2022, respectively.
(b)Includes revenue generated from certain contracts with customers of $8.8 billion and $8.0 billion for 2023 and 2022, respectively.
v3.24.0.1
U.S. Bancorp (Parent Company)
 12 Months Ended
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract]  
U.S. Bancorp (Parent Company)
NOTE 25U.S. Bancorp (Parent Company)
Condensed Balance Sheet
At December 31 (Dollars in Millions)20232022
Assets  
Due from banks, principally interest-bearing$11,585 $5,288 
Available-for-sale investment securities662 672 
Investments in bank subsidiaries61,495 59,202 
Investments in nonbank subsidiaries3,884 3,575 
Advances to bank subsidiaries12,100 9,100 
Advances to nonbank subsidiaries159 150 
Other assets974 1,101 
Total assets$90,859 $79,088 
Liabilities and Shareholders’ Equity
Long-term debt$34,332 $26,983 
Other liabilities1,221 1,339 
Shareholders’ equity55,306 50,766 
Total liabilities and shareholders’ equity$90,859 $79,088 
Condensed Income Statement
Year Ended December 31 (Dollars in Millions)202320222021
Income   
Dividends from bank subsidiaries$4,869 $4,750 $7,000 
Dividends from nonbank subsidiaries11 105 2 
Interest from subsidiaries606 119 112 
Other income51 31 46 
Total income5,537 5,005 7,160 
Expense   
Interest expense1,336 505 348 
Other expense137 162 154 
Total expense1,473 667 502 
Income before income taxes and equity in undistributed income of subsidiaries4,064 4,338 6,658 
Applicable income taxes(170)(138)(53)
Income of parent company4,234 4,476 6,711 
Equity in undistributed income of subsidiaries1,195 1,349 1,252 
Net income attributable to U.S. Bancorp$5,429 $5,825 $7,963 
Condensed Statement of Cash Flows
Year Ended December 31 (Dollars in Millions)202320222021
Operating Activities   
Net income attributable to U.S. Bancorp$5,429 $5,825 $7,963 
Adjustments to reconcile net income to net cash provided by operating activities   
Equity in undistributed income of subsidiaries(1,195)(1,349)(1,252)
Other, net83 (398)(85)
Net cash provided by operating activities4,317 4,078 6,626 
Investing Activities   
Proceeds from sales and maturities of investment securities25 423 200 
Investments in subsidiaries— (5,030)— 
Net (increase) decrease in short-term advances to subsidiaries(9)557 411 
Long-term advances to subsidiaries(7,500)(2,000)(7,000)
Principal collected on long-term advances to subsidiaries4,500 2,500 1,250 
Cash paid for acquisition— (5,500)— 
Other, net172 (173)(269)
Net cash used in investing activities(2,812)(9,223)(5,408)
Financing Activities   
Proceeds from issuance of long-term debt8,150 8,150 1,300 
Principal payments or redemption of long-term debt(936)(2,300)(3,000)
Proceeds from issuance of preferred stock— 437 2,221 
Proceeds from issuance of common stock951 21 43 
Repurchase of preferred stock— (1,100)(1,250)
Repurchase of common stock(62)(69)(1,555)
Cash dividends paid on preferred stock(341)(299)(308)
Cash dividends paid on common stock(2,970)(2,776)(2,579)
Net cash provided by (used in) financing activities4,792 2,064 (5,128)
Change in cash and due from banks6,297 (3,081)(3,910)
Cash and due from banks at beginning of year5,288 8,369 12,279 
Cash and due from banks at end of year$11,585 $5,288 $8,369 
Transfer of funds (dividends, loans or advances) from bank subsidiaries to the Company is restricted. Federal law requires loans to the Company or its affiliates to be secured and generally limits loans to the Company or an individual affiliate to 10 percent of each bank’s unimpaired capital and surplus. In the aggregate, loans to the Company and all affiliates cannot exceed 20 percent of each bank’s unimpaired capital and surplus.
Dividend payments to the Company by its subsidiary bank are subject to regulatory review and statutory limitations and, in some instances, regulatory approval. In general, dividends by the Company’s bank subsidiary to the parent company are limited by rules which compare dividends to net income for regulatorily-defined periods. Furthermore, dividends are restricted by minimum capital constraints for all national banks.
v3.24.0.1
Subsequent Events
 12 Months Ended
Dec. 31, 2023
Subsequent Events [Abstract]  
Subsequent Events
NOTE 26 Subsequent Events
The Company has evaluated the impact of events that have occurred subsequent to December 31, 2023 through the date the consolidated financial statements were filed with the SEC. Based on this evaluation, the Company has determined
none of these events were required to be recognized or disclosed in the consolidated financial statements and related notes.
v3.24.0.1
Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Basis of Presentation Basis of Presentation The consolidated financial statements include the accounts of the Company and its subsidiaries and all VIEs for which the Company has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, and the obligation to absorb losses or right to receive benefits of the VIE that could potentially be significant to the VIE. Consolidation eliminates intercompany accounts and transactions. Certain items in prior periods have been reclassified to conform to the current period presentation.
Uses of Estimates Uses of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual experience could differ from those estimates and assumptions.
Securities
Securities
Realized gains or losses on securities are determined on a trade date basis based on the specific amortized cost of the investments sold.
Trading Securities Securities held for resale are classified as trading securities and are included in other assets and reported at fair value. Changes in fair value and realized gains or losses are reported in noninterest income.
Available-for-sale Securities Debt securities that are not trading securities but may be sold before maturity in response to changes in the Company’s interest rate risk profile, funding needs, demand for collateralized deposits by public entities or other reasons, are carried at fair value with unrealized net gains or losses reported within other comprehensive income (loss). Declines in fair value related to credit, if any, are recorded through the establishment of an allowance for credit losses.
Held-to-maturity Securities Debt securities for which the Company has the positive intent and ability to hold to maturity are reported at historical cost adjusted for amortization of premiums and accretion of discounts.
Expected credit losses, if any, are recorded through the establishment of an allowance for credit losses.
Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase Securities purchased under agreements to resell and securities sold under agreements to repurchase are accounted for as collateralized financing transactions with a receivable or payable recorded at the amounts at which the securities were acquired or sold, plus accrued interest. Collateral requirements are continually monitored and additional collateral is received or provided as required. The Company records a receivable or payable for cash collateral paid or received.
Equity Investments
Equity Investments
Equity investments in entities where the Company has a significant influence (generally between 20 percent and 50 percent ownership), but does not control the entity, are accounted for using the equity method. Investments in limited partnerships and similarly structured limited liability companies where the Company’s ownership interest is greater than 5 percent are accounted for using the equity method. Equity investments not using the equity method are accounted for at fair value with changes in fair value and realized gains or losses reported in noninterest income, unless fair value is not readily determinable, in which case the investment is carried at cost subject to adjustments for any observable market transactions on the same or similar instruments of the investee. Most of the Company’s equity investments do not have readily determinable fair values. All equity investments are evaluated for impairment at least annually and more frequently if certain criteria are met.
Loans
Loans
The Company offers a broad array of lending products and categorizes its loan portfolio into two segments, which is the level at which it develops and documents a systematic methodology to determine the allowance for credit losses. The Company’s two loan portfolio segments are commercial lending and consumer lending. The Company further disaggregates its loan portfolio segments into various classes based on their underlying risk characteristics. The two classes within the commercial lending segment are commercial loans and commercial real estate loans. The three classes within the consumer lending segment are residential mortgages, credit card loans and other retail loans.
Originated Loans Held for Investment Loans the Company originates as held for investment are reported at the principal amount outstanding, net of unearned interest income and deferred fees and costs, and any direct principal charge-offs. Interest income is accrued on the unpaid principal balances as earned. Loan and commitment fees and certain direct loan origination costs are deferred and recognized over the life of the loan and/or commitment period as yield adjustments.
Purchased Loans All purchased loans are recorded at fair value at the date of purchase and those acquired on or after January 1, 2020 are divided into those considered PCD and those not considered PCD. An allowance for credit losses is established for each population and considers product mix, risk characteristics of the portfolio, delinquency status and refreshed loan-to-value ratios when possible. The allowance established for purchased loans not considered PCD is recognized through provision expense upon acquisition, whereas the allowance established for loans considered PCD at acquisition is offset by an increase in the basis of the acquired loans. Any subsequent increases and decreases in the allowance related to purchased loans, regardless of PCD status, are recognized through provision expense, with charge-offs charged to the allowance.
Commitments to Extend Credit Unfunded commitments for residential mortgage loans intended to be held for sale are considered derivatives and recorded in other assets and other liabilities on the Consolidated Balance Sheet at fair value with changes in fair value recorded in noninterest income. All other unfunded loan commitments are not considered derivatives and are not reported on the Consolidated Balance Sheet. Reserves for credit exposure on all other unfunded credit commitments are recorded in other liabilities.
Allowance for Credit Losses The allowance for credit losses is established for current expected credit losses on the Company’s loan and lease portfolio, including unfunded credit commitments. The allowance considers expected losses for the remaining lives of the applicable assets, inclusive of expected recoveries. The allowance for credit losses is increased through provisions charged to earnings and reduced by net charge-offs. Management evaluates the appropriateness of the allowance for credit losses on a quarterly basis.
Multiple economic scenarios are considered over a three-year reasonable and supportable forecast period, which includes increasing consideration of historical loss experience over years two and three. These economic scenarios are constructed with interrelated projections of multiple economic variables, and loss estimates are produced that consider the historical correlation of those economic variables with credit losses. After the forecast period, the Company fully reverts to long-term historical loss experience, adjusted for prepayments and characteristics of the current loan and lease portfolio, to estimate losses over the remaining life of the portfolio. The economic scenarios are updated at least quarterly and are designed to provide a range of reasonable estimates, from better to worse than current expectations. Scenarios are weighted based on the Company’s expectation of economic conditions for the foreseeable future and reflect significant judgment and consideration of economic forecast uncertainty. Final loss estimates also consider factors affecting credit losses not reflected in the scenarios, due to the unique aspects of current conditions and expectations. These factors may include, but are not limited to, loan servicing practices, regulatory guidance, and/or fiscal and monetary policy actions.
The allowance recorded for credit losses utilizes forward-looking expected loss models to consider a variety of factors affecting lifetime credit losses. These factors include, but are not limited to, macroeconomic variables such as unemployment rates, real estate prices, gross domestic product levels, inflation, interest rates and corporate bonds spreads, as well as loan and borrower characteristics, such as internal risk ratings on commercial loans and consumer credit scores, delinquency status, collateral type and available valuation information, consideration of end-of-term losses on lease residuals, and the remaining term of the loan, adjusted for expected prepayments. For each loan portfolio, including those loans modified under various loan modification programs, model estimates are adjusted as necessary to consider any relevant changes in portfolio composition, lending policies, underwriting standards, risk management practices, economic conditions or other factors that would affect the accuracy of the model. Expected credit loss estimates also include consideration of expected cash recoveries on loans previously charged-off or expected recoveries on collateral dependent loans where recovery is expected through sale of the collateral at fair value less selling costs. Where loans do not exhibit similar risk characteristics, an individual analysis is performed to consider expected credit losses. The allowance recorded for individually evaluated loans greater than $5 million in the commercial lending segment is based on an analysis utilizing expected cash flows discounted using the original effective interest rate, the observable market price of the loan, or the fair value of the collateral, less selling costs, for collateral-dependent loans as appropriate. For smaller commercial loans collectively evaluated for impairment, historical loss experience is also incorporated into the allowance methodology applied to this category of loans.
The Company’s methodology for determining the appropriate allowance for credit losses also considers the imprecision inherent in the methodologies used and allocated to the various loan portfolios. As a result, amounts determined under the methodologies described above are adjusted by management to consider the potential impact of other qualitative factors not captured in the quantitative model adjustments which include, but are not limited to, the following: model imprecision, imprecision in economic scenario assumptions, and emerging risks related to either changes in the environment that are affecting specific portfolios, or changes in portfolio concentrations over time that may affect model performance. The consideration of these items results in adjustments to allowance amounts included in the Company’s allowance for credit losses for each loan portfolio.
The Company also assesses the credit risk associated with off-balance sheet loan commitments, letters of credit, investment securities and derivatives. Credit risk associated with derivatives is reflected in the fair values recorded for those positions. The liability for off-balance sheet credit exposure related to loan commitments and other credit guarantees is included in other liabilities. Because business processes and credit risks associated with unfunded credit commitments are essentially the same as for loans, the Company utilizes similar processes to estimate its liability for unfunded credit commitments.
The results of the analysis are evaluated quarterly to confirm the estimates are appropriate for each specific loan portfolio, as well as the entire loan portfolio, as the entire allowance for credit losses is available for the entire loan portfolio.
Credit Quality The credit quality of the Company’s loan portfolios is assessed as a function of net credit losses, levels of nonperforming assets and delinquencies, and credit quality ratings as defined by the Company.
For all loan portfolio classes, loans are considered past due based on the number of days delinquent except for monthly amortizing loans which are classified delinquent based upon the number of contractually required payments not made (for example, two missed payments is considered 30 days delinquent). When a loan is placed on nonaccrual status, unpaid accrued interest is reversed, reducing interest income in the current period.
Commercial lending segment loans are generally placed on nonaccrual status when the collection of principal and interest has become 90 days past due or is otherwise considered doubtful. Commercial lending segment loans are generally fully charged down if unsecured by collateral or partially charged down to the fair value of the collateral securing the loan, less costs to sell, when the loan is placed on nonaccrual.
Consumer lending segment loans are generally charged-off at a specific number of days or payments past due. Residential mortgages and other retail loans secured by 1-4 family properties are generally charged down to the fair value of the collateral securing the loan, less costs to sell, at 180 days past due. Residential mortgage loans and lines in a first lien position are placed on nonaccrual status in instances where a partial charge-off occurs unless the loan is well secured and in the process of collection. Residential mortgage loans and lines in a junior lien position secured by 1-4 family properties are placed on nonaccrual status at 120 days past due or when they are behind a first lien that has become 180 days or greater past due or placed on nonaccrual status. Any secured consumer lending segment loan whose borrower has had debt discharged through bankruptcy, for which the loan amount exceeds the fair value of the collateral, is charged down to the fair value of the related collateral and the remaining balance is placed on nonaccrual status. Credit card loans continue to accrue interest until the account is charged-off. Credit cards are charged-off at 180 days past due. Other retail loans not secured by 1-4 family properties are charged-off at 120 days past due; and revolving consumer lines are charged-off at 180 days past due. Similar to credit cards, other retail loans are generally not placed on nonaccrual status because of the relative short period of time to charge-off. Certain retail customers having financial difficulties may have the terms of their credit card and other loan agreements modified to require only principal payments and, as such, are reported as nonaccrual.
For all loan classes, interest payments received on nonaccrual loans are generally recorded as a reduction to a loan’s carrying amount while a loan is on nonaccrual and are recognized as interest income upon payoff of the loan. However, interest income may be recognized for interest payments if the remaining carrying amount of the loan is
believed to be collectible. In certain circumstances, loans in any class may be restored to accrual status, such as when a loan has demonstrated sustained repayment performance or no amounts are past due and prospects for future payment are no longer in doubt; or when the loan becomes well secured and is in the process of collection. Loans where there has been a partial charge-off may be returned to accrual status if all principal and interest (including amounts previously charged-off) is expected to be collected and the loan is current.
The Company classifies its loan portfolio classes using internal credit quality ratings on a quarterly basis. These ratings include pass, special mention and classified, and are an important part of the Company’s overall credit risk management process and evaluation of the allowance for credit losses. Loans with a pass rating represent those loans not classified on the Company’s rating scale for problem credits, as minimal credit risk has been identified. Special mention loans are those loans that have a potential weakness deserving management’s close attention. Classified loans are those loans where a well-defined weakness has been identified that may put full collection of contractual cash flows at risk. It is possible that others, given the same information, may reach different reasonable conclusions regarding the credit quality rating classification of specific loans.
Loan Modifications In certain circumstances, the Company may modify the terms of a loan to maximize the collection of amounts due when a borrower is experiencing financial difficulties or is expected to experience difficulties in the near-term. The Company recognizes interest on modified loans if full collection of contractual principal and interest is expected. The effects of modifications on credit loss expectations, such as improved payment capacity, longer expected lives and other factors, are considered when measuring the allowance for credit losses. Modification performance, including redefault rates and how these compare to historical losses, are also considered. Modifications generally do not result in significant changes to the Company’s allowance for credit losses.
For the commercial lending segment, modifications generally result in the Company working with borrowers on a case-by-case basis. Commercial and commercial real estate modifications generally include extensions of the maturity date and may be accompanied by an increase or decrease to the interest rate. In addition, the Company may work with the borrower in identifying other changes that mitigate loss to the Company, which may include additional collateral or guarantees to support the loan. To a lesser extent, the Company may provide an interest rate reduction.
Modifications for the consumer lending segment are generally part of programs the Company has initiated. The Company modifies residential mortgage loans under Federal Housing Administration, United States Department of Veterans Affairs, or its own internal programs. Under these programs, the Company offers qualifying homeowners the opportunity to permanently modify their loan and achieve more affordable monthly payments. These modifications may include adjustments to interest rates, conversion of adjustable rates to fixed rates, extension of maturity dates or deferrals of payments, capitalization of
accrued interest and/or outstanding advances, or in limited situations, partial forgiveness of loan principal. In most instances, participation in residential mortgage loan restructuring programs requires the customer to complete a short-term trial period. A permanent loan modification is contingent on the customer successfully completing the trial period arrangement, and the loan documents are not modified until that time.
Credit card and other retail loan modifications are generally part of distinct modification programs providing customers experiencing financial difficulty with modifications whereby balances may be amortized up to 60 months, and generally include waiver of fees and reduced interest rates.
Leases as lessor The Company, as a lessor, originates retail and commercial leases either directly to the consumer or indirectly through dealer networks. Retail leases, primarily automobiles, have terms up to 5 years. Commercial leases may include high dollar assets such as aircraft or lower cost items such as office equipment. At lease inception, retail lease customers may be provided with an end-of-term purchase option, which is based on the contractual residual value of the automobile at the expiration of the lease. Automobile leases do not typically contain options to extend or terminate the lease. Equipment leases may contain various types of purchase options. Some option amounts are a stated value, while others are determined using the fair market value at the time of option exercise. Residual values on leased assets are reviewed regularly for impairment. Residual valuations for retail leases are based on independent assessments of expected used automobile sale prices at the end of the lease term. Impairment tests are conducted based on these valuations considering the probability of the lessee returning the asset to the Company, re-marketing efforts, insurance coverage and ancillary fees and costs. Valuations for commercial leases are based upon external or internal management appraisals. The Company manages its risk to changes in the residual value of leased vehicles, office and business equipment, and other assets through disciplined residual valuation setting at the inception of a lease, diversification of its leased assets, regular residual asset valuation reviews and monitoring of residual value gains or losses upon the disposition of assets. Retail lease residual value risk is mitigated further by the purchase of residual value insurance coverage and effective end-of-term marketing of off-lease vehicles.
Leases as lessee
The Company, as lessee, leases certain assets for use in its operations. Leased assets primarily include retail branches, operations centers and other corporate locations, and, to a lesser extent, office and computer equipment. For each lease with an original term greater than 12 months, the Company records a lease liability and a corresponding right of use (“ROU”) asset. The Company accounts for the lease and non-lease components in the majority of its lease contracts as a single lease component, with the determination of the lease liability at lease inception based on the present value of the consideration to be paid under the contract. The discount rate used by the Company is determined at commencement of the lease using a secured rate for a similar term as the period of the lease. The
Company’s leases do not include significant variable lease payments.
Certain of the Company’s real estate leases include options to extend. Lease extension options are generally exercisable at market rates. Such option periods do not provide a significant incentive, and their exercise is not reasonably certain. Accordingly, the Company does not generally recognize payments occurring during option periods in the calculation of its ROU assets and lease liabilities.
Other Real Estate Other Real Estate OREO is included in other assets, and is property acquired through foreclosure or other proceedings on defaulted loans. OREO is initially recorded at fair value, less estimated selling costs. The fair value of OREO is evaluated regularly and any decreases in value along with holding costs, such as taxes and insurance, are reported in noninterest expense.
Loans Held For Sale
Loans Held For Sale
Loans held for sale (“LHFS”) represent mortgage loans intended to be sold in the secondary market and other loans that management has an active plan to sell. LHFS are carried at the lower-of-cost-or-fair value as determined on an aggregate basis by type of loan with the exception of loans for which the Company has elected fair value accounting, which are carried at fair value. Any writedowns to fair value upon the transfer of loans to LHFS are reflected in loan charge-offs.
Where an election is made to carry the LHFS at fair value, any change in fair value is recognized in noninterest income. Where an election is made to carry LHFS at lower-of-cost-or-fair value, any further decreases are recognized in noninterest income and increases in fair value above the loan cost basis are not recognized until the loans are sold. Fair value elections are made at the time of origination or purchase based on the Company’s fair value election policy. The Company has elected fair value accounting for substantially all its MLHFS.
Derivative Financial Instruments
Derivative Financial Instruments
In the ordinary course of business, the Company enters into derivative transactions to manage various risks and to accommodate the business requirements of its customers. Derivative instruments are reported in other assets or other liabilities at fair value. Changes in a derivative’s fair value are recognized currently in earnings unless specific hedge accounting criteria are met.
All derivative instruments that qualify and are designated for hedge accounting are recorded at fair value and classified as either a hedge of the fair value of a recognized asset or liability (“fair value hedge”); a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”); or a hedge of the volatility of a net investment in foreign operations driven by changes in foreign currency exchange rates (“net investment hedge”). Changes in the fair value of a derivative that is highly effective and designated as a fair value hedge, and the offsetting changes in the fair value of the hedged item, are recorded in earnings. Changes in the fair value of a derivative that is
highly effective and designated as a cash flow hedge are recorded in other comprehensive income (loss) until cash flows of the hedged item are realized. Changes in the fair value of net investment hedges that are highly effective are recorded in other comprehensive income (loss). The Company performs an assessment, at inception and, at a minimum, quarterly thereafter, to determine the effectiveness of the derivative in offsetting changes in the value or cash flows of the hedged item(s).
If a derivative designated as a cash flow hedge is terminated or ceases to be highly effective, the gain or loss in other comprehensive income (loss) is amortized to earnings over the period the forecasted hedged transactions impact earnings. If a hedged forecasted transaction is no longer probable, hedge accounting is ceased and any gain or loss included in other comprehensive income (loss) is reported in earnings immediately, unless the forecasted transaction is at least reasonably possible of occurring, whereby the amounts remain within other comprehensive income (loss).
Revenue Recognition
Revenue Recognition
In the ordinary course of business, the Company recognizes income derived from various revenue generating activities. Certain revenues are generated from contracts where they are recognized when, or as services or products are transferred to customers for amounts the Company expects to be entitled. Revenue generating activities related to financial assets and liabilities are also recognized, including mortgage servicing fees, loan commitment fees, foreign currency remeasurements, and gains and losses on securities, equity investments and unconsolidated subsidiaries. Certain specific policies include the following:
Card Revenue Card revenue includes interchange from credit, debit and stored-value cards processed through card association networks, annual fees, and other transaction and account management fees. Interchange rates are generally set by the card associations and based on purchase volumes and other factors. The Company records interchange as services are provided. Transaction and account management fees are recognized as services are provided, except for annual fees which are recognized over the applicable period. Costs for rewards programs and certain payments to partners and card associations are also recorded within card revenue when services are provided. The Company predominately records card revenue within the Payment Services line of business.
Corporate Payment Products Revenue Corporate payment products revenue primarily includes interchange from commercial card products processed through card association networks and revenue from proprietary network transactions. The Company records corporate payment products revenue as services are provided. Certain payments to card associations and customers are also recorded within corporate payment products revenue as services are provided. Corporate payment products revenue is recorded within the Payment Services line of business.
Merchant Processing Services Merchant processing services revenue consists principally of merchant discount
and other transaction and account management fees charged to merchants for the electronic processing of card association network transactions, less interchange paid to the card-issuing bank, card association assessments, and revenue sharing amounts. All of these are recognized at the time the merchant’s services are performed. The Company may enter into revenue sharing agreements with referral partners or in connection with purchases of merchant contracts from sellers. The revenue sharing amounts are determined primarily on sales volume processed or revenue generated for a particular group of merchants. Merchant processing revenue also includes revenues related to point-of-sale equipment recorded as sales when the equipment is shipped or as earned for equipment rentals. The Company records merchant processing services revenue within the Payment Services line of business.
Trust and Investment Management Fees Trust and investment management fees are recognized over the period in which services are performed and are based on a percentage of the fair value of the assets under management or administration, fixed based on account type, or transaction-based fees. Services provided to clients include trustee, transfer agent, custodian, fiscal agent, escrow, fund accounting and administration services. Services provided to mutual funds may include selling, distribution and marketing services. Trust and investment management fees are predominately recorded within the Wealth, Corporate, Commercial and Institutional Banking line of business.
Service Charges Service charges include fees received on deposit accounts under depository agreements with customers to provide access to deposited funds, serve as a custodian of funds, and when applicable, pay interest on deposits. Checking or savings accounts may contain fees for various services used on a day-to-day basis by a customer. Fees are recognized as services are delivered to and consumed by the customer, or as fees are charged. Service charges also include revenue generated from ATM transaction processing and settlement services which is recognized at the time the services are performed. Certain payments to partners and card associations related to ATM processing services are also recorded within service charges as services are provided. Further, revenue generated from treasury management services are included in service charges and include fees for a broad range of products and services that enable customers to manage their cash more efficiently. These products and services include cash and investment management, receivables management, disbursement services, funds transfer services, and information reporting. Treasury management revenue is recognized as products and services are provided to customers. The Company reflects a discount calculated on monthly average collected customer balances. Service charges are reported primarily within the Wealth, Corporate, Commercial and Institutional Banking, and Consumer and Business Banking lines of business.
Commercial Products Revenue Commercial products revenue primarily includes revenue related to ancillary services provided to Wealth, Corporate, Commercial and
Institutional Banking, and Consumer and Business Banking customers, including standby letter of credit fees, non-yield related loan fees, capital markets related revenue, sales of direct financing leases, and loan and syndication fees. Sales of direct financing leases are recognized at the point of sale. In addition, the Company may lead or participate with a group of underwriters in raising investment capital on behalf of securities issuers and charge underwriting fees. These fees are recognized at securities issuance. The Company, in its role as lead underwriter, arranges deal structuring and use of outside vendors for the underwriting group. The Company recognizes only those fees and expenses related to its underwriting commitment.
Mortgage Banking Revenue Mortgage banking revenue includes revenue derived from mortgages originated and subsequently sold, generally with servicing retained. The primary components include: gains and losses on mortgage sales; servicing revenue; changes in fair value for mortgage loans originated with the intent to sell and measured at fair value under the fair value option; changes in fair value for derivative commitments to purchase and originate mortgage loans; changes in the fair value of MSRs; and the impact of risk management activities associated with the mortgage origination pipeline, funded loans and MSRs. Net interest income from mortgage loans is recorded in interest income. Refer to Other Significant Policies in Note 1, as well as Note 10 and Note 22 for a further discussion of MSRs. Mortgage banking revenue is reported within the Consumer and Business Banking line of business.
Investment Products Fees Investment products fees include commissions related to the execution of requested security trades, distribution fees from sale of mutual funds, and investment advisory fees. Commissions and investment advisory fees are recognized as services are delivered to and utilized by the customer. Distribution fees are received over time, are dependent on the consumer maintaining their mutual fund asset position and the value of such position. These revenues are estimated and recognized at the point a significant reversal of revenue becomes remote. Investment products fees are predominately reported within the Wealth, Corporate, Commercial and Institutional Banking line of business.
Other Noninterest Income Other noninterest income is primarily related to financial assets including income on unconsolidated subsidiaries and equity method investments, gains on sale of other investments and corporate owned life insurance proceeds. The Company reports other noninterest income across all lines of business.
Goodwill and Other Intangible Assets
Goodwill and Other Intangible Assets Goodwill is recorded on acquired businesses if the purchase price exceeds the fair value of the net assets acquired. Goodwill is not amortized but is subject, at a minimum, to annual tests for impairment at a reporting unit level. In certain situations, an interim impairment test may be required if events occur or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Determining the amount of goodwill
impairment, if any, includes assessing whether the carrying value of a reporting unit exceeds its fair value. Other intangible assets are recorded at their fair value upon completion of a business acquisition or certain other transactions, and generally represent the value of customer contracts or relationships. Other intangible assets are amortized over their estimated useful lives, using straight-line and accelerated methods and are reviewed for impairment when indicators of impairment are present. Determining the amount of other intangible asset impairment, if any, includes assessing the present value of the estimated future cash flows associated with the intangible asset and comparing it to the carrying amount of the asset.
Income Taxes Income Taxes Deferred taxes are recorded to reflect the tax consequences on future years of differences between the tax basis of assets and liabilities and their financial reporting carrying amounts. The Company uses the deferral method of accounting on investments that generate investment tax credits. Under this method, the investment tax credits are recognized as a reduction to the related asset. For investments in qualified affordable housing projects and certain other tax-advantaged investments, the Company presents the expense in tax expense rather than noninterest expense.
Mortgage Servicing Rights Mortgage Servicing Rights MSRs are capitalized as separate assets when loans are sold and servicing is retained or if they are purchased from others. MSRs are recorded at fair value. The Company determines the fair value by estimating the present value of the asset’s future cash flows utilizing market-based prepayment rates, option adjusted spread, and other assumptions validated through comparison to trade information, industry surveys and independent third-party valuations. Changes in the fair value of MSRs are recorded in earnings as mortgage banking revenue during the period in which they occur.
Pensions
Pensions For purposes of its pension plans, the Company utilizes its fiscal year-end as the measurement date. At the measurement date, plan assets are determined based on fair value, generally representing observable market prices or the net asset value provided by the funds’ trustee or administrator. The actuarial cost method used to compute the pension liabilities and related expense is the projected unit credit method. The projected benefit obligation is principally determined based on the present value of projected benefit distributions at an assumed discount rate. The discount rate utilized is based on the investment yield of high quality corporate bonds available in the marketplace with maturities equal to projected cash flows of future benefit payments as of the measurement date. Periodic pension expense (or income) includes service costs, interest costs based on the assumed discount rate, the expected return on plan assets based on an actuarially derived market-related value and amortization of actuarial gains and losses. Service cost is included in compensation and employee benefits expense on the Consolidated Statement of Income, with all other components of periodic pension expense included in other noninterest expense on the Consolidated Statement of Income. Pension accounting
reflects the long-term nature of benefit obligations and the investment horizon of plan assets, and can have the effect of reducing earnings volatility related to short-term changes in interest rates and market valuations. Actuarial gains and losses include the impact of plan amendments and various unrecognized gains and losses which are deferred, and to the extent exceed 10 percent of the greater of the projected benefit obligation or the market-related value of plan assets, are amortized over the future service periods of active employees or the remaining life expectancies of inactive participants. The market-related value utilized to determine the expected return on plan assets is based on fair value adjusted for the difference between expected returns and actual performance of plan assets. The unrealized difference between actual experience and expected returns is included in expense over a period of approximately 15 years for active employees and approximately 30 years for inactive participants. The overfunded or underfunded status of each plan is recorded as an asset or liability on the Consolidated Balance Sheet, with changes in that status recognized through other comprehensive income (loss).
Premises and Equipment
Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation and depreciated primarily on a straight-line basis over the estimated life of the assets. Estimated useful lives range up to 40 years for newly constructed buildings and from 3 to 25 years for furniture and equipment.
The Company, as lessee, records an ROU asset for each lease with an original term greater than 12 months. ROU assets are included in premises and equipment, with the corresponding lease liabilities included in long-term debt and other liabilities.
Capitalized Software Capitalized Software The Company capitalizes certain costs associated with the acquisition or development of internal-use software. Once the software is ready for its intended use, these costs are amortized on a straight-line basis over the software’s expected useful life and reviewed for impairment on an ongoing basis. Estimated useful lives are generally 3 to 5 years, but may range up to 7 years.
Stock-Based Compensation
Stock-Based Compensation The Company grants stock-based awards, which may include restricted stock, restricted stock units and options to purchase common stock of the Company. Stock option grants are for a fixed number of shares to employees and directors with an exercise price equal to the fair value of the shares at the date of grant. Restricted stock and restricted stock unit grants are awarded at no cost to the recipient. Stock-based compensation for awards is recognized in the Company’s results of operations over the vesting period. The Company immediately recognizes compensation cost of awards to employees that meet retirement status, despite their continued active employment. The amortization of stock-based compensation reflects estimated forfeitures adjusted for actual forfeiture experience. As compensation expense is recognized, a deferred tax asset is recorded that represents an estimate of the future tax deduction from exercise or release of restrictions. At the time stock-based awards are exercised, cancelled, expire, or restrictions are released, the Company may be required to recognize an
adjustment to tax expense, depending on the market price of the Company’s common stock at that time.
Per Share Calculations Per Share Calculations Earnings per common share is calculated using the two-class method under which earnings are allocated to common shareholders and holders of participating securities. Unvested stock-based compensation awards that contain nonforfeitable rights to dividends or dividend equivalents are considered participating securities under the two-class method. Net income applicable to U.S. Bancorp common shareholders is then divided by the weighted-average number of common shares outstanding to determine earnings per common share. Diluted earnings per common share is calculated by adjusting income and outstanding shares, assuming conversion of all potentially dilutive securities.
Accounting Changes
NOTE 2 Accounting Changes
Reference Interest Rate Transition In March 2020, the Financial Accounting Standards Board (“FASB”) issued accounting guidance, providing temporary optional expedients and exceptions to the guidance in United States generally accepted accounting principles on contract modifications and hedge accounting, to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. Under the guidance, a company can elect not to apply certain modification accounting requirements to contracts affected by reference rate transition, if certain criteria are met. A company that makes this election would not be required to remeasure the contracts at the modification date or reassess a previous accounting determination. This guidance also permits a company to elect various optional expedients that would allow it to continue applying hedge accounting for hedging relationships affected by reference rate transition, if certain criteria are met. The guidance is effective upon issuance and generally can be applied through December 31, 2024. The Company is applying certain optional expedients and exceptions for cash flow hedges and will continue to evaluate these for eligible contract modifications and hedging relationships.
Fair Value Hedging – Portfolio Layer Method Effective January 1, 2023, the Company adopted accounting guidance, issued by the FASB in March 2022, related to fair value hedge accounting of portfolios of financial assets. This guidance permits a company to designate multiple hedging relationships on a single closed portfolio, resulting in a larger portion of the interest rate risk associated with such a portfolio being eligible to be hedged. The guidance also expands the scope of the method to include non-prepayable financial assets and clarifies other technical questions from the original accounting guidance. The adoption of this guidance is not material to the Company’s financial statements.
Financial Instruments – Troubled Debt Restructurings and Vintage Disclosures Effective January 1, 2023, the Company adopted accounting guidance on a modified retrospective basis, issued by the FASB in March 2022,
related to the recognition and measurement of TDRs by creditors. This guidance removes the separate recognition and measurement requirements for TDRs by replacing them with a requirement for a company to apply existing accounting guidance to determine whether a modification results in a new loan or a continuation of an existing loan. This guidance also replaces existing TDR disclosures with similar but more expansive disclosures for certain modifications of receivables made to borrowers experiencing financial difficulty. Further, this guidance also requires companies to disclose current-period gross write-offs by year of origination for financing receivables. The adoption of this guidance is not material to the Company’s financial statements.
Accounting for Tax Credit Investments Using the Proportional Amortization Method Effective January 1, 2023, the Company adopted accounting guidance on a modified retrospective basis, issued by the FASB in March 2023, related to the accounting for tax credit investments. This guidance allows the Company to elect to account for tax credit investments using the proportional amortization method on a program-by-program basis if certain conditions are met, regardless of the program from which the income tax credits are received. The adoption of this guidance was not material to the Company’s financial statements.
Income Taxes – Improvements to Income Tax Disclosures In December 2023, the FASB issued guidance, effective for the Company for annual reporting periods beginning after December 15, 2024, related to income tax disclosures. This guidance requires additional information in income tax rate reconciliation disclosures and additional disclosures about income taxes paid. The guidance is required, at a minimum, to be adopted on a prospective basis, with an option to apply it retrospectively. The Company expects the adoption of this guidance will not be material to its financial statements.
Segment Reporting – Improvements to Reportable Segment Disclosures In November 2023, the FASB issued guidance, effective for the Company for annual reporting periods beginning after December 15, 2023, related to segment disclosures. This guidance requires disclosures of significant segment expenses and other segment items and expands interim period disclosure requirements to include segment profit or loss and assets, which are currently only required to be disclosed annually. The guidance is required to be adopted retrospectively to all periods presented in the financial statements. The Company expects the adoption of this guidance will not be material to its financial statements.
Business Combinations
Valuation Methodologies
The methods used to determine the fair values of the significant assets acquired and liabilities assumed as part of the MUB acquisition are described below.
Cash and Due from Banks The carrying amount of these assets is a reasonable estimate of fair value based on the short-term nature of these assets.
Investment Securities Fair value estimates for the investment securities were determined by using quoted market prices for identical securities in active markets when available. For certain securities where quoted market prices were not readily available, the Company utilized a third-party pricing service. The third-party pricing service used a variety of methods that incorporated relevant market data to arrive at an estimate of what a buyer in the marketplace would have paid for these securities under current market conditions. These methods included the use of quoted prices for similar securities, inactive transaction prices and broker quotes, as well as discounted cash flow methodologies.
Loans Held for Sale Fair value estimates for loans held for sale were valued based on quoted market prices, where available, and by comparison to instruments with similar collateral and risk profiles.
Loans Fair value estimates for loans were based on discounted cash flow methodologies that considered credit loss and prepayment expectations, market interest rates
and other market factors, such as liquidity, from the perspective of a market participant. Loan cash flows were generated on an individual loan basis. The probability of default, loss given default, exposure at default and prepayment assumptions were the key factors in determining expected credit losses which were embedded into the estimated cash flows.
Core Deposit Benefits This intangible asset represents the economic benefit created by certain client deposit relationships by way of favorable funding relative to alternative sources. The fair value was estimated utilizing the after-tax cost savings method of the income approach. Appropriate consideration was given to deposit costs including cost of funds, net maintenance costs or servicing costs, client retention and alternative funding source costs at the time of acquisition. The discount rate used was derived taking into account the estimated cost of equity, risk-free return rate and risk premium for the market and specific risk related to the asset’s cash flows.
Other Assets Included in other assets are tax-advantaged investments promoting affordable housing. The fair value of these investments was estimated based on the value of the expected future benefits.
Deposits and Borrowed Funds The fair values for deposits, short-term borrowings and long-term debt were estimated by discounting contractual cash flows using current market rates for instruments with similar maturities.
Accounting for Transfers and Servicing of Financial Assets In accordance with the accounting guidance for asset transfers, the Company considers any ongoing involvement with transferred assets in determining whether the assets can be derecognized from the balance sheet.For loans sold under participation agreements, the Company also considers whether the terms of the loan participation agreement meet the accounting definition of a participating interest. With the exception of servicing and certain performance-based guarantees, the Company’s continuing involvement with financial assets sold is minimal and generally limited to market customary representation and warranty clauses. Any gain or loss on sale depends on the previous carrying amount of the transferred financial assets, the consideration received, and any liabilities incurred in exchange for the transferred assets. Upon transfer, any servicing assets and other interests that continue to be held by the Company are initially recognized at fair value.
Variable Interest Entities
The Company is not required to consolidate VIEs in which it has concluded it does not have a controlling financial interest, and thus is not the primary beneficiary. In such cases, the Company does not have both the power to direct the entities’ most significant activities and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIEs.
The Company’s investments in these unconsolidated VIEs are carried in other assets on the Consolidated Balance Sheet. The Company’s unfunded capital and other commitments related to these unconsolidated VIEs are generally carried in other liabilities on the Consolidated Balance Sheet. The Company’s maximum exposure to loss from these unconsolidated VIEs include the investment recorded on the Company’s Consolidated Balance Sheet, net of unfunded capital commitments, and previously recorded tax credits which remain subject to recapture by taxing authorities based on compliance features required to be met at the project level. While the Company believes potential losses from these investments are remote, the maximum exposure was determined by assuming a scenario where the community-based business and housing projects completely fail and do not meet certain government compliance requirements resulting in recapture of the related tax credits.
Netting Arrangements for Certain Financial Instruments
The Company’s derivative portfolio consists of bilateral over-the-counter trades, certain interest rate derivatives and credit contracts required to be centrally cleared through clearinghouses per current regulations, and exchange-traded positions which may include U.S. Treasury and Eurodollar futures or options on U.S. Treasury futures. Of the Company’s $1.2 trillion total notional amount of derivative positions at December 31, 2023, $548.9 billion related to bilateral over-the-counter trades, $660.4 billion related to those centrally cleared through clearinghouses and $1.9 billion related to those that were exchange-traded. The Company’s derivative contracts typically include offsetting rights (referred to as netting arrangements), and depending on expected volume, credit risk, and counterparty preference, collateral maintenance may be required. For all derivatives under collateral support arrangements, fair value is determined daily and, depending on the collateral maintenance requirements, the Company and a counterparty may receive or deliver collateral, based upon the net fair value of all derivative positions between the Company and the counterparty. Collateral is typically cash, but securities may be allowed under collateral arrangements with certain counterparties. Receivables and payables related to cash collateral are included in other assets and other liabilities on the Consolidated Balance Sheet, along with the related derivative asset and liability fair values. Any securities pledged to counterparties as collateral remain on the Consolidated Balance Sheet. Securities received from counterparties as collateral are not recognized on the Consolidated Balance Sheet, unless the counterparty defaults. In general, securities used as collateral can be sold, repledged or otherwise used by the party in possession. No restrictions exist on the use of cash collateral by either party. Refer to Note 20 for further discussion of the Company’s derivatives, including collateral arrangements.
As part of the Company’s treasury and broker-dealer operations, the Company executes transactions that are treated as securities sold under agreements to repurchase or securities purchased under agreements to resell, both of
which are accounted for as collateralized financings. Securities sold under agreements to repurchase include repurchase agreements and securities loaned transactions. Securities purchased under agreements to resell include reverse repurchase agreements and securities borrowed transactions. For securities sold under agreements to repurchase, the Company records a liability for the cash received, which is included in short-term borrowings on the Consolidated Balance Sheet. For securities purchased under agreements to resell, the Company records a receivable for the cash paid, which is included in other assets on the Consolidated Balance Sheet.
Securities transferred to counterparties under repurchase agreements and securities loaned transactions continue to be recognized on the Consolidated Balance Sheet, are measured at fair value, and are included in investment securities or other assets. Securities received from counterparties under reverse repurchase agreements and securities borrowed transactions are not recognized on the Consolidated Balance Sheet unless the counterparty defaults. The securities transferred under repurchase and reverse repurchase transactions typically are U.S. Treasury and agency securities, residential agency mortgage-backed securities, corporate debt securities or asset-backed securities. The securities loaned or borrowed typically are corporate debt securities traded by the Company’s primary broker-dealer subsidiary. In general, the securities transferred can be sold, repledged or otherwise used by the party in possession. No restrictions exist on the use of cash collateral by either party. Repurchase/reverse repurchase and securities loaned/borrowed transactions expose the Company to counterparty risk. The Company manages this risk by performing assessments, independent of business line managers, and establishing concentration limits on each counterparty. Additionally, these transactions include collateral arrangements that require the fair values of the underlying securities to be determined daily, resulting in cash being obtained or refunded to counterparties to maintain specified collateral levels.
The Company executes its derivative, repurchase/reverse repurchase and securities loaned/borrowed transactions under the respective industry standard agreements. These agreements include master netting arrangements that allow for multiple contracts executed with the same counterparty to be viewed as a single arrangement. This allows for net settlement of a single amount on a daily basis. In the event of default, the master netting arrangement provides for close-out netting, which allows all of these positions with the defaulting counterparty to be terminated and net settled with a single payment amount.
The Company has elected to offset the assets and liabilities under netting arrangements for the balance sheet presentation of the majority of its derivative counterparties. The netting occurs at the counterparty level, and includes all assets and liabilities related to the derivative contracts, including those associated with cash collateral received or delivered. The Company has not elected to offset the assets and liabilities under netting arrangements for the balance sheet presentation of repurchase/reverse repurchase and securities loaned/borrowed transactions.
Fair Values of Assets and Liabilities
The Company uses fair value measurements for the initial recording of certain assets and liabilities, periodic remeasurement of certain assets and liabilities, and disclosures. Derivatives, trading and available-for-sale investment securities, MSRs, certain time deposits and substantially all MLHFS are recorded at fair value on a recurring basis. Additionally, from time to time, the Company may be required to record at fair value other assets on a nonrecurring basis, such as loans held for sale, loans held for investment and certain other assets. These nonrecurring fair value adjustments typically involve application of lower-of-cost-or-fair value accounting or impairment write-downs of individual assets. Other financial instruments, such as held-to-maturity investment securities, loans, the majority of time deposits, short-term borrowings and long-term debt, are accounted for at amortized cost. See “Fair Value of Financial Instruments” in this Note for further information on the estimated fair value of these other financial instruments. In accordance with disclosure guidance, certain financial instruments, such as deposits with no defined or contractual maturity, receivables and payables due in one year or less, insurance contracts and equity investments not accounted for at fair value, are excluded from this Note. In addition, refer to Note 3 regarding the fair value of assets and liabilities acquired in the MUB acquisition.
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A fair value measurement reflects all of the assumptions that market participants would use in pricing the asset or liability, including assumptions about the risk inherent in a particular valuation technique, the effect of a restriction on the sale or use of an asset and the risk of nonperformance.
The Company groups its assets and liabilities measured at fair value into a three-level hierarchy for valuation techniques used to measure financial assets and financial liabilities at fair value. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:
•Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 1 includes U.S. Treasury securities, as well as exchange-traded instruments.
•Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 includes debt securities that are traded less frequently than exchange-traded instruments and which are typically valued using third party pricing services; derivative contracts and other assets and liabilities, including securities, and certain time deposits, whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data; and MLHFS whose values are determined
using quoted prices for similar assets or pricing models with inputs that are observable in the market or can be corroborated by observable market data.
•Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose values are determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. This category includes MSRs and certain derivative contracts.
Valuation Methodologies
The valuation methodologies used by the Company to measure financial assets and liabilities at fair value are described below. In addition, the following section includes an indication of the level of the fair value hierarchy in which the assets or liabilities are classified. Where appropriate, the descriptions include information about the valuation models and key inputs to those models. During the years ended December 31, 2023, 2022 and 2021, there were no significant changes to the valuation techniques used by the Company to measure fair value.
Available-For-Sale Investment Securities When quoted market prices for identical securities are available in an active market, these prices are used to determine fair value and these securities are classified within Level 1 of the fair value hierarchy. Level 1 investment securities include U.S. Treasury and exchange-traded securities.
For other securities, quoted market prices may not be readily available for the specific securities. When possible, the Company determines fair value based on market observable information, including quoted market prices for similar securities, inactive transaction prices, and broker quotes. These securities are classified within Level 2 of the fair value hierarchy. Level 2 valuations are generally provided by a third-party pricing service. Level 2 investment securities are predominantly agency mortgage-backed securities, certain other asset-backed securities, obligations of state and political subdivisions and agency debt securities.
Mortgage Loans Held For Sale MLHFS measured at fair value, for which an active secondary market and readily available market prices exist, are initially valued at the transaction price and are subsequently valued by comparison to instruments with similar collateral and risk profiles. MLHFS are classified within Level 2. Included in mortgage banking revenue were net losses of $46 million, $450 million and $145 million for the years ended December 31, 2023, 2022 and 2021, respectively, from the changes to fair value of these MLHFS under fair value option accounting guidance. Changes in fair value due to instrument specific credit risk were immaterial. Interest income for MLHFS is measured based on contractual
interest rates and reported as interest income on the Consolidated Statement of Income. Electing to measure MLHFS at fair value reduces certain timing differences and better matches changes in fair value of these assets with changes in the value of the derivative instruments used to economically hedge them without the burden of complying with the requirements for hedge accounting.
Time Deposits The Company elects the fair value option to account for certain time deposits that are hedged with derivatives that do not qualify for hedge accounting. Electing to measure these time deposits at fair value reduces certain timing differences and better matches changes in fair value of these deposits with changes in the value of the derivative instruments used to economically hedge them. The time deposits measured at fair value are valued using a discounted cash flow model that utilizes market observable inputs and are classified within Level 2. Included in interest expense on deposits were net gains of $4 million for the year ended December 31, 2023 from the changes in fair value of time deposits under fair value option accounting guidance.
Mortgage Servicing Rights MSRs are valued using a discounted cash flow methodology, and are classified within Level 3. The Company determines fair value of the MSRs by projecting future cash flows for different interest rate scenarios using prepayment rates and other assumptions, and discounts these cash flows using a risk adjusted rate based on option adjusted spread levels. There is minimal observable market activity for MSRs on comparable portfolios and, therefore, the determination of fair value requires significant management judgment. Refer to Note 10 for further information on MSR valuation assumptions.
Derivatives The majority of derivatives held by the Company are executed over-the-counter or centrally cleared through clearinghouses and are valued using market standard cash flow valuation techniques. The models incorporate inputs, depending on the type of derivative, including interest rate curves, foreign exchange rates and volatility. All derivative values incorporate an assessment of the risk of counterparty nonperformance, measured based on the Company’s evaluation of credit risk including external assessments of credit risk. The Company monitors and manages its nonperformance risk by considering its ability to net derivative positions under master netting arrangements, as well as collateral received or provided under collateral arrangements. Accordingly, the Company has elected to measure the fair value of derivatives, at a counterparty level, on a net basis. The majority of the derivatives are classified within Level 2 of the fair value hierarchy, as the significant inputs to the models, including nonperformance risk, are observable. However, certain derivative transactions are with counterparties where risk of nonperformance cannot be observed in the market and, therefore, the credit valuation adjustments result in these derivatives being classified within Level 3 of the fair value hierarchy.
The Company also has other derivative contracts that are created through its operations, including commitments
to purchase and originate mortgage loans and swap agreements executed in conjunction with the sale of a portion of its Class B common and preferred shares of Visa Inc. (the “Visa swaps”). The mortgage loan commitments are valued by pricing models that include market observable and unobservable inputs, which result in the commitments being classified within Level 3 of the fair value hierarchy. The unobservable inputs include assumptions about the percentage of commitments that actually become a closed loan and the MSR value that is inherent in the underlying loan value. The Visa swaps require payments by either the Company or the purchaser of the Visa Inc. Class B common and preferred shares when there are changes in the conversion rate of the Visa Inc. Class B common and preferred shares to Visa Inc. Class A common and preferred shares, respectively, as well as quarterly payments to the purchaser based on specified terms of the agreements. Management reviews and updates the Visa swaps fair value in conjunction with its review of Visa Inc. related litigation contingencies, and the associated escrow funding. The expected litigation resolution impacts the Visa Inc. Class B common share to Visa Inc. Class A common share conversion rate, as well as the ultimate termination date for the Visa swaps. Accordingly, the Visa swaps are classified within Level 3. Refer to Note 23 for further information on the Visa Inc. restructuring and related card association litigation.
v3.24.0.1
Business Combinations (Tables)
 12 Months Ended
Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]  
Fair Value of the Identifiable Tangible and Intangible Assets and Liabilities
The following table includes the fair value of consideration transferred and the fair value of the identifiable tangible and intangible assets and liabilities from MUB:
December 1, 2022 (Dollars in Millions)
Acquisition consideration
Cash$5,500 
Market value of shares of common stock2,014 
Total consideration transferred at acquisition close date7,514 
Discounted liability to MUFG(a)
2,944 
Total$10,458 
Fair Value of MUB assets and liabilities
Assets
Cash and due from banks$17,754 
Investment securities22,725 
Loans held for sale2,220 
Loans53,395 
Less allowance for loan losses(463)
Net loans52,932 
Premises and equipment646 
Other intangible assets (excluding goodwill)2,808 
Other assets4,764 
Total assets$103,849 
Liabilities
Deposits$86,110 
Short-term borrowings4,777 
Long-term debt2,584 
Other liabilities2,243 
Total liabilities95,714 
Less: Net assets$8,135 
Goodwill$2,323 
(a)Represents $3.5 billion of noninterest-bearing additional cash held by MUB upon close of the acquisition to be delivered to MUFG on or prior to December 1, 2027, discounted at the Company’s 5-year unsecured borrowing rate as of the acquisition date, per authoritative accounting guidance.
Fair Value and Unpaid Principal Balance of the Loans
The following table includes the fair value and unpaid principal balance of the loans from the MUB acquisition:
December 1, 2022 (Dollars in Millions)
Unpaid Principal Balance
Fair Value
Commercial$11,771 $11,366 
Commercial real estate14,397 13,737 
Residential mortgages28,256 26,247 
Credit card299 212 
Other retail1,397 1,370 
Total loans$56,120 $52,932 
Other Intangible Assets Acquired
Other intangible assets from the MUB acquisition, as of December 1, 2022, consisted of the following:
(Dollars in Millions)Weighted-Average Estimated Life
Amortization Method
Fair Value
Mortgage servicing rights—(a)$147 
Core deposit benefits10 yearsAccelerated2,635
Other11 yearsAccelerated26 
Total other intangible assets (excluding goodwill)$2,808 
(a) Mortgage servicing rights are recorded at fair value and are not amortized.
Financial Results Included in the Consolidated Statement of Income
The following table presents financial results of MUB included in the Consolidated Statement of Income from the date of acquisition through December 31, 2022.
(Dollars in Millions)One Month Ended December 31, 2022
Net interest income$255 
Noninterest income(38)
(a)
Net income (loss)(562)
(a)Includes realized losses on investment securities sold.
Pro Forma Information The pro forma information does not necessarily reflect the results that would have occurred had the Company acquired MUB on January 1, 2021.
Year Ended December 31 (Dollars in Millions)20222021
Net interest income$17,541 $14,958 
Noninterest income10,068 11,071 
Net income7,184 7,187 
Purchase Price of PCD Loans Acquired
The following table provides information about the determination of the purchase price of PCD loans at the acquisition date:
December 1, 2022 (Dollars in Millions)
Principal balance$5,097 
Allowance for credit losses at acquisition(463)
Non-credit discount(213)
Purchase price$4,421 
v3.24.0.1
Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Held-to-Maturity Investment Securities
The amortized cost, gross unrealized holding gains and losses, and fair value of held-to-maturity and available-for-sale investment securities at December 31 were as follows:
 20232022
(Dollars in Millions)Amortized CostUnrealized GainsUnrealized Losses Fair ValueAmortized CostUnrealized GainsUnrealized Losses Fair Value
Held-to-maturity
U.S. Treasury and agencies$1,345 $— $(35)$1,310 $1,344 $— $(51)$1,293 
Mortgage-backed securities
Residential agency80,997 6 (9,929)71,074 85,693 2 (10,810)74,885 
Commercial agency1,695 6 (5)1,696 1,703 1 (8)1,696 
Other8 — — 8 — — — — 
Total held-to-maturity$84,045 $12 $(9,969)$74,088 $88,740 $3 $(10,869)$77,874 
Available-for-sale
U.S. Treasury and agencies$21,768 $8 $(2,234)$19,542 $24,801 $1 $(2,769)$22,033 
Mortgage-backed securities        
Residential agency28,185 104 (2,211)26,078 32,060 8 (2,797)29,271 
Commercial
Agency8,703 — (1,360)7,343 8,736 — (1,591)7,145 
Non-agency7 — (1)6 7 — — 7 
Asset-backed securities6,713 25 (14)6,724 4,356 5 (38)4,323 
Obligations of state and political subdivisions10,867 36 (914)9,989 11,484 12 (1,371)10,125 
Other24 — — 24 6 — — 6 
Total available-for-sale, excluding portfolio level basis adjustments76,267 173 (6,734)69,706 81,450 26 (8,566)72,910 
Portfolio level basis adjustments (a)
335 — (335)— — — — — 
Total available-for-sale$76,602 $173 $(7,069)$69,706 $81,450 $26 $(8,566)$72,910 
(a)Represents fair value hedge basis adjustments related to active portfolio layer method hedges of available-for-sale investment securities, which are not allocated to individual securities in the portfolio. For additional information, refer to Note 20.
Available-for-Sale Investment Securities
The amortized cost, gross unrealized holding gains and losses, and fair value of held-to-maturity and available-for-sale investment securities at December 31 were as follows:
 20232022
(Dollars in Millions)Amortized CostUnrealized GainsUnrealized Losses Fair ValueAmortized CostUnrealized GainsUnrealized Losses Fair Value
Held-to-maturity
U.S. Treasury and agencies$1,345 $— $(35)$1,310 $1,344 $— $(51)$1,293 
Mortgage-backed securities
Residential agency80,997 6 (9,929)71,074 85,693 2 (10,810)74,885 
Commercial agency1,695 6 (5)1,696 1,703 1 (8)1,696 
Other8 — — 8 — — — — 
Total held-to-maturity$84,045 $12 $(9,969)$74,088 $88,740 $3 $(10,869)$77,874 
Available-for-sale
U.S. Treasury and agencies$21,768 $8 $(2,234)$19,542 $24,801 $1 $(2,769)$22,033 
Mortgage-backed securities        
Residential agency28,185 104 (2,211)26,078 32,060 8 (2,797)29,271 
Commercial
Agency8,703 — (1,360)7,343 8,736 — (1,591)7,145 
Non-agency7 — (1)6 7 — — 7 
Asset-backed securities6,713 25 (14)6,724 4,356 5 (38)4,323 
Obligations of state and political subdivisions10,867 36 (914)9,989 11,484 12 (1,371)10,125 
Other24 — — 24 6 — — 6 
Total available-for-sale, excluding portfolio level basis adjustments76,267 173 (6,734)69,706 81,450 26 (8,566)72,910 
Portfolio level basis adjustments (a)
335 — (335)— — — — — 
Total available-for-sale$76,602 $173 $(7,069)$69,706 $81,450 $26 $(8,566)$72,910 
(a)Represents fair value hedge basis adjustments related to active portfolio layer method hedges of available-for-sale investment securities, which are not allocated to individual securities in the portfolio. For additional information, refer to Note 20.
Interest Income from Taxable and Non-Taxable Investment Securities
The following table provides information about the amount of interest income from taxable and non-taxable investment securities:
Year Ended December 31 (Dollars in Millions)202320222021
Taxable$4,171 $3,081 $2,103 
Non-taxable314 297 262 
Total interest income from investment securities$4,485 $3,378 $2,365 
Gross Gains and Losses Realized through Sales of Available-for-Sale Investment Securities
The following table provides information about the amount of gross gains and losses realized through the sales of available-for-sale investment securities:
Year Ended December 31 (Dollars in Millions)202320222021
Realized gains$74 $163 $122 
Realized losses(219)(143)(19)
Net realized gains (losses)$(145)$20 $103 
Income tax expense (benefit) on net realized gains (losses)$(37)$5 $26 
Gross Unrealized Losses and Fair Value of Investment Securities The following table shows the gross unrealized losses excluding portfolio level basis adjustments and fair value of the Company’s available-for-sale investment securities with unrealized losses, aggregated by investment category and length of time the individual investment securities have been in continuous unrealized loss positions, at December 31, 2023:
Less Than 12 Months 12 Months or Greater Total
(Dollars in Millions)Fair ValueUnrealized Losses Fair ValueUnrealized Losses Fair ValueUnrealized Losses
U.S. Treasury and agencies$874 $(3)$17,270 $(2,231)$18,144 $(2,234)
Mortgage-backed securities
Residential agency519 (8)21,356 (2,203)21,875 (2,211)
Commercial
Agency— — 7,343 (1,360)7,343 (1,360)
Non-agency— — 6 (1)6 (1)
Asset-backed securities2,235 (14)— — 2,235 (14)
Obligations of state and political subdivisions544 (3)7,464 (911)8,008 (914)
Other— — 4 — 4 — 
Total investment securities$4,172 $(28)$53,443 $(6,706)$57,615 $(6,734)
Amortized Cost, Fair Value and Yield by Maturity Date
The following table provides information about the amortized cost, fair value and yield by maturity date of the investment securities outstanding at December 31, 2023:
(Dollars in Millions)Amortized
 Cost		Fair ValueWeighted-
 Average
 Maturity in
 Years
Weighted-Average Yield(e)
 
Held-to-maturity
U.S. Treasury and Agencies
Maturing in one year or less$50 $50 0.32.67 %
Maturing after one year through five years1,295 1,260 2.42.85 
Maturing after five years through ten years— — —— 
Maturing after ten years— — —— 
Total$1,345 $1,310 2.32.85 %
Mortgage-Backed Securities(a)
Maturing in one year or less$22 $22 0.74.43 %
Maturing after one year through five years1,268 1,266 2.54.52 
Maturing after five years through ten years75,984 67,094 8.82.19 
Maturing after ten years5,418 4,388 10.21.91 
Total$82,692 $72,770 8.82.21 %
Other
Maturing in one year or less$— $— —— %
Maturing after one year through five years8 8 2.82.56 
Maturing after five years through ten years— — —— 
Maturing after ten years— — —— 
Total$8 $8 2.82.56 %
Total held-to-maturity(b)
$84,045 $74,088 8.72.22 %
Available-for-sale
U.S. Treasury and Agencies
Maturing in one year or less$9 $9 0.35.28 %
Maturing after one year through five years8,882 8,378 3.72.35 
Maturing after five years through ten years11,165 9,827 6.82.08 
Maturing after ten years1,712 1,328 10.82.02 
Total$21,768 $19,542 5.92.19 %
Mortgage-Backed Securities(a)
Maturing in one year or less$83 $81 0.82.26 %
Maturing after one year through five years11,196 10,860 3.53.80 
Maturing after five years through ten years24,455 21,483 7.32.76 
Maturing after ten years1,161 1,003 10.93.43 
Total$36,895 $33,427 6.33.09 %
Asset-Backed Securities (a)
Maturing in one year or less$— $— —— %
Maturing after one year through five years5,834 5,844 1.75.05 
Maturing after five years through ten years879 880 5.87.15 
Maturing after ten years— — —— 
Total$6,713 $6,724 2.25.33 %
Obligations of State and Political Subdivisions(c) (d)
Maturing in one year or less$225 $225 0.45.52 %
Maturing after one year through five years3,546 3,536 3.04.55 
Maturing after five years through ten years1,453 1,414 7.33.86 
Maturing after ten years5,643 4,814 15.33.14 
Total$10,867 $9,989 9.93.75 %
Other
Maturing in one year or less$— $— —— %
Maturing after one year through five years24 24 1.74.51 
Maturing after five years through ten years— — —— 
Maturing after ten years— — —— 
Total$24 $24 1.74.51 %
Total available-for-sale(b) (f)
$76,267 $69,706 6.33.12 %
(a)Information related to asset and mortgage-backed securities included above is presented based upon weighted-average maturities that take into account anticipated future prepayments.
(b)The weighted-average maturity of total held-to-maturity investment securities was 9.2 years at December 31, 2022, with a corresponding weighted-average yield of 2.18 percent. The weighted-average maturity of total available-for-sale investment securities was 7.4 years at December 31, 2022, with a corresponding weighted-average yield of 2.94 percent.
(c)Information related to obligations of state and political subdivisions is presented based upon yield to first optional call date if the security is purchased at a premium, and yield to maturity if the security is purchased at par or a discount.
(d)Maturity calculations for obligations of state and political subdivisions are based on the first optional call date for securities with a fair value above par and the contractual maturity date for securities with a fair value equal to or below par.
(e)Weighted-average yields for obligations of state and political subdivisions are presented on a fully-taxable equivalent basis based on a federal income tax rate of 21 percent. Yields on investment securities are computed based on amortized cost balances, excluding any premiums or discounts recorded related to the transfer of investment securities at fair value from available-for-sale to held-to maturity.
(f)Amortized cost excludes portfolio level basis adjustments of $335 million.
v3.24.0.1
Loans and Allowance for Credit Losses (Tables)
 12 Months Ended
Dec. 31, 2023
Receivables [Abstract]  
Composition of Loan Portfolio
The composition of the loan portfolio at December 31, by class and underlying specific portfolio type, was as follows:
(Dollars in Millions)20232022
Commercial
Commercial$127,676 $131,128 
Lease financing4,205 4,562 
Total commercial131,881 135,690 
Commercial Real Estate
Commercial mortgages41,934 43,765 
Construction and development11,521 11,722 
Total commercial real estate53,455 55,487 
Residential Mortgages
Residential mortgages108,605 107,858 
Home equity loans, first liens6,925 7,987 
Total residential mortgages115,530 115,845 
Credit Card28,560 26,295 
Other Retail
Retail leasing4,135 5,519 
Home equity and second mortgages13,056 12,863 
Revolving credit3,668 3,983 
Installment13,889 14,592 
Automobile9,661 17,939 
Total other retail44,409 54,896 
Total loans$373,835 $388,213 
Activity in Allowance for Credit Losses by Portfolio Class
Activity in the allowance for credit losses by portfolio class was as follows:
(Dollars in Millions)Commercial Commercial Real Estate Residential Mortgages Credit
Card		Other
Retail		Total
Loans
Balance at December 31, 2022$2,163 $1,325 $926 $2,020 $970 $7,404 
Add
Change in accounting principle(a)
— — (31)(27)(4)(62)
Allowance for acquired credit losses(b)
— 127 — — — 127 
Provision for credit losses270 431 41 1,259 274 2,275 
Deduct
Loans charged-off389 281 129 1,014 478 2,291 
Less recoveries of loans charged-off(75)(18)(20)(165)(108)(386)
Net loan charge-offs (recoveries)314 263 109 849 370 1,905 
Balance at December 31, 2023$2,119 $1,620 $827 $2,403 $870 $7,839 
Balance at December 31, 2021$1,849 $1,123 $565 $1,673 $945 $6,155 
Add
Allowance for acquired credit losses(b)
163 87 36 45 5 336 
Provision for credit losses(c)
378 152 302 826 319 1,977 
Deduct     
Loans charged-off(d)
319 54 13 696 418 1,500 
Less recoveries of loans charged-off(92)(17)(36)(172)(120)(437)
Net loan charge-offs (recoveries)227 37 (23)524 298 1,063 
Other Changes— — — — (1)(1)
Balance at December 31, 2022$2,163 $1,325 $926 $2,020 $970 $7,404 
Balance at December 31, 2020$2,423 $1,544 $573 $2,355 $1,115 $8,010 
Add
Provision for credit losses(471)(419)(40)(170)(73)(1,173)
Deduct
Loans charged-off222 29 18 686 253 1,208 
Less recoveries of loans charged-off(119)(27)(50)(174)(156)(526)
Net loan charge-offs (recoveries)103 2 (32)512 97 682 
Balance at December 31, 2021$1,849 $1,123 $565 $1,673 $945 $6,155 
(a)Effective January 1, 2023, the Company adopted accounting guidance which removed the separate recognition and measurement of troubled debt restructurings.
(b)Represents allowance for credit deteriorated and charged-off loans acquired from MUB.
(c)Includes $662 million of provision for credit losses related to the acquisition of MUB.
(d)Includes $179 million of total charge-offs primarily on loans previously charged-off by MUB, which were written up upon acquisition to unpaid principal balance as required by purchase accounting.
Credit Quality Indicators
The following table provides a summary of loans charged-off during the year ended December 31, 2023, by portfolio class and year of origination:
(Dollars in Millions)Commercial
Commercial Real Estate(a)
Residential Mortgages(b)
Credit Card(c)
Other Retail(d)
Total Loans
Originated in 2023$48 $63 $— $— $57 $168 
Originated in 202263 88 1 — 130 282 
Originated in 202130 69 6 — 83 188 
Originated in 202017 2 8 — 38 65 
Originated in 201915 3 16 — 31 65 
Originated prior to 201953 56 98 — 31 238 
Revolving163 — — 1,014 80 1,257 
Revolving converted to term— — — — 28 28 
Total charge-offs$389 $281 $129 $1,014 $478 $2,291 
Note: Year of origination is based on the origination date of a loan, or for existing loans the date when the maturity date, pricing or commitment amount is amended.
(a)Includes $91 million in charge-offs related to uncollectible amounts on acquired loans.
(b)Includes $117 million of charge-offs related to balance sheet repositioning and capital management actions.
(c)Predominantly all credit card loans are considered revolving loans. Includes an immaterial amount of charge-offs related to revolving converted to term loans.
(d)Includes $192 million of charge-offs related to balance sheet repositioning and capital management actions.
The following table provides a summary of loans by portfolio class and the Company’s internal credit quality rating:
 December 31, 2023December 31, 2022
  Criticized  Criticized 
(Dollars in Millions)PassSpecial Mention
Classified(a)
Total CriticizedTotalPassSpecial Mention
Classified(a)
Total CriticizedTotal
Commercial     
Originated in 2023$43,023 $827 $856 $1,683 $44,706 $— $— $— $— $— 
Originated in 202240,076 274 632 906 40,982 61,229 245 315 560 61,789 
Originated in 20219,219 117 154 271 9,490 26,411 159 78 237 26,648 
Originated in 20203,169 92 71 163 3,332 7,049 68 138 206 7,255 
Originated in 20191,340 18 103 121 1,461 3,962 51 210 261 4,223 
Originated prior to 20193,963 12 106 118 4,081 8,986 64 129 193 9,179 
Revolving(b)
26,213 362 1,254 1,616 27,829 25,888 344 364 708 26,596 
Total commercial127,0031,7023,1764,878131,881133,5259311,2342,165135,690
Commercial real estate          
Originated in 20238,848 465 2,206 2,671 11,519 — — — — — 
Originated in 202211,831 382 1,141 1,523 13,354 14,527 206 519 725 15,252 
Originated in 20219,235 500 385 885 10,120 13,565 171 99 270 13,835 
Originated in 20203,797 51 87 138 3,935 6,489 97 117 214 6,703 
Originated in 20194,749 336 359 695 5,444 6,991 251 304 555 7,546 
Originated prior to 20196,010 122 260 382 6,392 9,639 138 875 1,013 10,652 
Revolving2,613 6 70 76 2,689 1,489 — 10 10 1,499 
Revolving converted to term2 — — — 2 — — — — — 
Total commercial real estate47,085 1,862 4,508 6,370 53,455 52,700 863 1,924 2,787 55,487 
Residential mortgages(c)
          
Originated in 20239,734 — 5 5 9,739 — — — — — 
Originated in 202229,146 — 17 17 29,163 28,452 — — — 28,452 
Originated in 202136,365 — 16 16 36,381 39,527 — 7 7 39,534 
Originated in 202014,773 — 9 9 14,782 16,556 — 8 8 16,564 
Originated in 20195,876 — 16 16 5,892 7,222 — 18 18 7,240 
Originated prior to 201919,326 — 246 246 19,572 23,658 — 397 397 24,055 
Revolving1 — — — 1 — — — — — 
Total residential mortgages115,221 — 309 309 115,530 115,415 — 430 430 115,845 
Credit card(d)
28,185 — 375 375 28,560 26,063 — 232 232 26,295 
Other retail          
Originated in 20235,184 — 4 4 5,188 — — — — — 
Originated in 20225,607 — 12 12 5,619 9,563 — 6 6 9,569 
Originated in 202110,398 — 15 15 10,413 15,352 — 12 12 15,364 
Originated in 20204,541 — 9 9 4,550 7,828 — 11 11 7,839 
Originated in 20191,793 — 7 7 1,800 3,418 — 13 13 3,431 
Originated prior to 20192,215 — 13 13 2,228 3,689 — 31 31 3,720 
Revolving13,720 — 104 104 13,824 14,029 — 98 98 14,127 
Revolving converted to term735 — 52 52 787 800 — 46 46 846 
Total other retail44,193 — 216 216 44,409 54,679 — 217 217 54,896 
Total loans$361,687 $3,564 $8,584 $12,148 $373,835 $382,382 $1,794 $4,037 $5,831 $388,213 
Total outstanding commitments$762,869 $5,053 $10,470 $15,523 $778,392 $772,804 $2,825 $5,041 $7,866 $780,670 
Note: Year of origination is based on the origination date of a loan, or for existing loans the date when the maturity date, pricing or commitment amount is amended. Predominantly all current year and nearer term loan origination years for criticized loans relate to existing loans that have had recent maturity date, pricing or commitment amount amendments.
(a)Classified rating on consumer loans primarily based on delinquency status.
(b)Includes an immaterial amount of revolving converted to term loans.
(c)At December 31, 2023, $2.0 billion of GNMA loans 90 days or more past due and $1.2 billion of modified GNMA loans whose repayments are insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs were classified with a pass rating, compared with $2.2 billion and $1.0 billion at December 31, 2022, respectively.
(d)Predominately all credit card loans are considered revolving loans. Includes an immaterial amount of revolving converted to term loans.
Loans by Portfolio Class, Including Delinquency Status
The following table provides a summary of loans by portfolio class, including the delinquency status of those that continue to accrue interest, and those that are nonperforming:
Accruing
(Dollars in Millions)Current
30-89 Days Past Due
90 Days or More Past Due
Nonperforming(b)
Total
December 31, 2023     
Commercial$130,925 $464 $116 $376 $131,881 
Commercial real estate52,619 55 4 777 53,455 
Residential mortgages(a)
115,067 169 136 158 115,530 
Credit card27,779 406 375 — 28,560 
Other retail43,926 278 67 138 44,409 
Total loans$370,316 $1,372 $698 $1,449 $373,835 
December 31, 2022
Commercial$135,077 $350 $94 $169 $135,690 
Commercial real estate55,057 87 5 338 55,487 
Residential mortgages(a)
115,224 201 95 325 115,845 
Credit card25,780 283 231 1 26,295 
Other retail54,382 309 66 139 54,896 
Total loans$385,520 $1,230 $491 $972 $388,213 
(a)At December 31, 2023, $595 million of loans 30–89 days past due and $2.0 billion of loans 90 days or more past due purchased and that could be purchased from Government National Mortgage Association (“GNMA”) mortgage pools under delinquent loan repurchase options whose repayments are insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs, were classified as current, compared with $647 million and $2.2 billion at December 31, 2022, respectively.
(b)Substantially all nonperforming loans at December 31, 2023 and 2022, had an associated allowance for credit losses. The Company recognized interest income on nonperforming loans of $22 million and $19 million for the years ended December 31, 2023 and 2022, respectively, compared to what would have been recognized at the original contractual terms of the loans of $49 million and $34 million, respectively.
Loans Modified The following table provides a summary of loan balances at December 31, 2023, which were modified during the year ended December 31, 2023, by portfolio class and modification granted:
(Dollars in Millions)Interest Rate ReductionPayment DelayTerm Extension
Multiple Modifications(a)
Total ModificationsPercent of Class Total
Commercial$46 $— $286 $33 $365 .3 %
Commercial real estate— — 645 72 717 1.3 
Residential mortgages(b)
— 234 26 20 280 .2 
Credit card349 1 — — 350 1.2 
Other retail7 21 144 3 175 .4 
Total loans, excluding loans purchased from GNMA mortgage pools402 256 1,101 128 1,887 .5 
Loans purchased from GNMA mortgage pools(b)
— 1,263 255 321 1,839 1.6 
Total loans$402 $1,519 $1,356 $449 $3,726 1.0 %
(a)Includes $329 million of total loans receiving a payment delay and term extension, $112 million of total loans receiving an interest rate reduction and term extension and $8 million of total loans receiving an interest rate reduction, payment delay and term extension for the year ended December 31, 2023.
(b)Percent of class total amounts expressed as a percent of total residential mortgage loan balances.
The following table summarizes the effects of loan modifications made to borrowers on loans modified during the year ended December 31, 2023:
(Dollars in Millions)Weighted-Average Interest Rate ReductionWeighted-Average Months of Term Extension
Commercial13.0 %12
Commercial real estate3.5 11
Residential mortgages1.2 98
Credit card15.4 — 
Other retail7.9 4
Loans purchased from GNMA mortgage pools.6 103
Note: The weighted-average payment deferral for all portfolio classes was less than $1 million for the year ended December 31, 2023. Forbearance payments are required to be paid at the end of the original term loan.
The following table provides a summary of loan balances at December 31, 2023, which were modified during the year ended December 31, 2023, by portfolio class and delinquency status:
(Dollars in Millions)Current30-89 Days Past Due90 Days or More Past DueTotal
Commercial$255 $12 $98 $365 
Commercial real estate524 — 193 717 
Residential mortgages(a)
1,385 24 16 1,425 
Credit card251 67 32 350 
Other retail133 21 8 162 
Total loans$2,548 $124 $347 $3,019 
(a)At December 31, 2023, $372 million of loans 30-89 days past due and $175 million of loans 90 days or more past due purchased and that could be purchased from GNMA mortgage pools under delinquent loan repurchase options whose payments are insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs, were classified as current.
The following table provides a summary of loans modified as troubled debt restructurings for the years ended December 31, by portfolio class:
(Dollars in Millions)Number of LoansPre-Modification Outstanding Loan BalancePost-Modification Outstanding Loan Balance
2022   
Commercial2,259$148 $134 
Commercial real estate7550 47 
Residential mortgages1,699475 476 
Credit card44,470243 246 
Other retail2,51489 85 
Total loans, excluding loans purchased from GNMA mortgage pools51,0171,005 988 
Loans purchased from GNMA mortgage pools1,640226 230 
Total loans52,657$1,231 $1,218 
2021   
Commercial2,156$140 $127 
Commercial real estate112193 179 
Residential mortgages977329 328 
Credit card25,297144 146 
Other retail2,57674 67 
Total loans, excluding loans purchased from GNMA mortgage pools31,118880 847 
Loans purchased from GNMA mortgage pools2,311334 346 
Total loans33,429$1,214 $1,193 
Loans Modified During the year that Defaulted
The following table provides a summary of loans that defaulted (fully or partially charged-off or became 90 days or more past due) that were modified during the year ended December 31, 2023.
(Dollars in Millions)Interest Rate ReductionPayment DelayTerm Extension
Multiple Modifications(a)
Commercial$7 $— $— $— 
Commercial real estate— — 1 — 
Residential mortgages— 8 2 1 
Credit card35 — — — 
Other retail1 1 11 — 
Total loans, excluding loans purchased from GNMA mortgage pools43 9 14 1 
Loans purchased from GNMA mortgage pools— 67 30 37 
Total loans$43 $76 $44 $38 
(a)Represents loans receiving a payment delay and term extension.
Loans Modified as Troubled Debt Restructurings that Defaulted
The following table provides a summary of troubled debt restructured loans that defaulted (fully or partially charged-off or became 90 days or more past due) for the years ended December 31, that were modified as troubled debt restructurings within 12 months previous to default:
(Dollars in Millions)Number of LoansAmount Defaulted
2022  
Commercial767$24 
Commercial real estate2011 
Residential mortgages23528 
Credit card7,90442 
Other retail3075 
Total loans, excluding loans purchased from GNMA mortgage pools9,233110 
Loans purchased from GNMA mortgage pools28259 
Total loans9,515$169 
2021  
Commercial1,084$32 
Commercial real estate167 
Residential mortgages819 
Credit card7,70043 
Other retail71411 
Total loans, excluding loans purchased from GNMA mortgage pools9,595102 
Loans purchased from GNMA mortgage pools17626 
Total loans9,771$128 
v3.24.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Components of Net Investment in Sales-Type and Direct Financing Leases
The components of the net investment in sales-type and direct financing leases, at December 31, were as follows:
(Dollars in Millions)20232022
Lease receivables$7,239 $8,731 
Unguaranteed residual values accruing to the lessor’s benefit1,082 1,323 
Total net investment in sales-type and direct financing leases$8,321 $10,054 
Schedule of Contractual Future Lease Payments to be Received for Sales-Type and Direct Financing Leases
The contractual future lease payments to be received by the Company, at December 31, 2023, were as follows:
(Dollars in Millions)Sales-type and Direct Financing Leases Operating Leases
2024$3,069 $138 
20252,182 110 
20261,333 66 
2027690 42 
2028260 27 
Thereafter369 57 
Total lease payments7,903 $440 
Amounts representing interest(664)
Lease receivables$7,239 
Schedule of Contractual Future Lease Payments to be Received for Operating Leases
The contractual future lease payments to be received by the Company, at December 31, 2023, were as follows:
(Dollars in Millions)Sales-type and Direct Financing Leases Operating Leases
2024$3,069 $138 
20252,182 110 
20261,333 66 
2027690 42 
2028260 27 
Thereafter369 57 
Total lease payments7,903 $440 
Amounts representing interest(664)
Lease receivables$7,239 
Schedule of Amounts Related to Assets Leased
The following table presents amounts relevant to the Company’s assets leased for use in its operations for the years ended December 31:
(Dollars in Millions)202320222021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$409 $294 $288 
Operating cash flows from finance leases7 4 5 
Financing cash flows from finance leases49 14 12 
Right of use assets obtained in exchange for new operating lease liabilities230 239 164 
Right of use assets obtained in exchange for new finance lease liabilities25 91 75 
The following table presents the weighted-average remaining lease terms and discount rates of the Company’s assets leased for use in its operations at December 31:
 20232022
Weighted-average remaining lease term of operating leases (in years)6.46.8
Weighted-average remaining lease term of finance leases (in years)8.38.5
Weighted-average discount rate of operating leases3.7 %3.3 %
Weighted-average discount rate of finance leases7.7 %7.9 %
Schedule of Contractual Future Lease Obligations for Operating Leases
The contractual future lease obligations of the Company at December 31, 2023, were as follows:
(Dollars in Millions)Operating Leases Finance
Leases
2024$377 $41 
2025295 38 
2026245 36 
2027196 22 
2028144 8 
Thereafter360 23 
Total lease payments1,617 168 
Amounts representing interest(211)(18)
Lease liabilities$1,406 $150 
Schedule of Contractual Future Lease Obligations for Finance Leases
The contractual future lease obligations of the Company at December 31, 2023, were as follows:
(Dollars in Millions)Operating Leases Finance
Leases
2024$377 $41 
2025295 38 
2026245 36 
2027196 22 
2028144 8 
Thereafter360 23 
Total lease payments1,617 168 
Amounts representing interest(211)(18)
Lease liabilities$1,406 $150 
v3.24.0.1
Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities (Tables)
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Variable Interest Entities
The following table provides a summary of investments in community development and tax-advantaged VIEs that the Company has not consolidated:
At December 31 (Dollars in Millions)20232022
Investment carrying amount$6,659 $5,452 
Unfunded capital and other commitments3,619 2,416 
Maximum exposure to loss9,002 9,761 
v3.24.0.1
Premises and Equipment (Tables)
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Premises and Equipment
Premises and equipment at December 31 consisted of the following:
(Dollars in Millions)20232022
Land$515 $535 
Buildings and improvements3,239 3,296 
Furniture, fixtures and equipment3,013 3,485 
Right of use assets on operating leases1,149 1,296 
Right of use assets on finance leases275 269 
Construction in progress68 46 
8,259 8,927 
Less accumulated depreciation and amortization(4,636)(5,069)
Total$3,623 $3,858 
v3.24.0.1
Mortgage Servicing Rights (Tables)
 12 Months Ended
Dec. 31, 2023
Transfers and Servicing [Abstract]  
Changes in Fair Value of Capitalized MSRs
Changes in fair value of capitalized MSRs are summarized as follows:
(Dollars in Millions)202320222021
Balance at beginning of period$3,755 $2,953 $2,210 
Rights purchased5 156 42 
Rights capitalized373 590 1,136 
Rights sold(a)
(440)(255)2 
Changes in fair value of MSRs
Due to fluctuations in market interest rates(b)
66 804 272 
Due to revised assumptions or models(c)
12 (29)(196)
Other changes in fair value(d)
(394)(464)(513)
Balance at end of period$3,377 $3,755 $2,953 
(a)MSRs sold include those having a negative fair value, resulting from the loans being severely delinquent.
(b)Includes changes in MSR value associated with changes in market interest rates, including estimated prepayment rates and anticipated earnings on escrow deposits.
(c)Includes changes in MSR value not caused by changes in market interest rates, such as changes in assumed cost to service, ancillary income and option adjusted spread, as well as the impact of any model changes.
(d)Primarily the change in MSR value from passage of time and cash flows realized (decay), but also includes the impact of changes to expected cash flows not associated with changes in market interest rates, such as the impact of delinquencies.
Sensitivity to Changes in Interest Rates of the Fair Value of MSR Portfolio and Related Derivative Instruments
The estimated sensitivity to changes in interest rates of the fair value of the MSR portfolio and the related derivative instruments as of December 31 follows:
 20232022
(Dollars in Millions)Down
 100 bps 		Down
 50 bps 		Down
 25 bps 		Up
 25 bps 		Up
 50 bps 		Up
 100 bps		Down
 100 bps 		Down
 50 bps 		Down
 25 bps 		Up
 25 bps		Up
 50 bps		Up
 100 bps
MSR portfolio$(370)$(173)$(84)$77 $147 $268 $(334)$(153)$(73)$66 $125 $224 
Derivative instrument hedges381 178 86 (79)(152)(289)337 153 73 (67)(127)(236)
Net sensitivity$11 $5 $2 $(2)$(5)$(21)$3 $— $— $(1)$(2)$(12)
MSRs and Related Characteristics by Portfolio
A summary of the Company’s MSRs and related characteristics by portfolio as of December 31 follows:
 20232022
(Dollars in Millions)HFA Government
Conventional(d)
Total HFA Government
Conventional(d)
Total
Servicing portfolio(a)
$48,286 $25,996 $151,056 $225,338 $44,071 $23,141 $172,541 $239,753 
Fair value$769 $507 $2,101 $3,377 $725 $454 $2,576 $3,755 
Value (bps)(b)
159 195 139 150 165 196 149 157 
Weighted-average servicing fees (bps)36 44 26 30 36 42 27 30 
Multiple (value/servicing fees)4.45 4.41 5.41 5.00 4.56 4.69 5.52 5.20 
Weighted-average note rate4.56 %4.23 %3.81 %4.02 %4.16 %3.81 %3.52 %3.67 %
Weighted-average age (in years)4.35.54.34.44.05.73.73.9
Weighted-average expected prepayment (constant prepayment rate)10.5 %11.1 %9.1 %9.6 %7.4 %8.5 %7.8 %7.8 %
Weighted-average expected life (in years)7.26.57.07.08.87.67.57.7
Weighted-average option adjusted spread(c)
5.4 %5.9 %4.6 %4.9 %7.6 %6.9 %5.1 %5.8 %
(a)Represents principal balance of mortgages having corresponding MSR asset.
(b)Calculated as fair value divided by the servicing portfolio.
(c)Option adjusted spread is the incremental spread added to the risk-free rate to reflect optionality and other risk inherent in the MSRs.
(d)Represents loans sold primarily to GSEs.
v3.24.0.1
Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets
Intangible assets consisted of the following:
At December 31 (Dollars in Millions)20232022
Goodwill$12,489 $12,373 
Merchant processing contracts124 155 
Core deposit benefits2,134 2,706 
Mortgage servicing rights3,377 3,755 
Trust relationships41 50 
Other identified intangibles408 489 
Total$18,573 $19,528 
Aggregate Amortization Expense
Aggregate amortization expense consisted of the following:
Year Ended December 31 (Dollars in Millions)202320222021
Merchant processing contracts$31 $38 $45 
Core deposit benefits481 53 15 
Trust relationships10 12 10 
Other identified intangibles114 112 89 
Total$636 $215 $159 
Estimated Amortization Expense
The estimated amortization expense for the next five years is as follows:
(Dollars in Millions) 
2024$566 
2025484 
2026415 
2027344 
2028281 
Changes in Carrying Value of Goodwill
The following table reflects the changes in the carrying value of goodwill for the years ended December 31, 2023, 2022 and 2021:
(Dollars in Millions)Wealth, Corporate, Commercial and Institutional BankingConsumer and Business Banking Payment Services Treasury and Corporate SupportConsolidated Company
Balance at December 31, 2020$3,266 $3,475 $3,177 $— $9,918 
Goodwill acquired144 35 192 — 371 
Foreign exchange translation and other263 (265)(25)— (27)
Balance at December 31, 2021$3,673 $3,245 $3,344 $— $10,262 
Goodwill acquired918 1,220 11 — 2,149 
Foreign exchange translation and other(2)— (36)— (38)
Balance at December 31, 2022$4,589 $4,465 $3,319 $— $12,373 
Goodwill acquired235 (139)— — 96 
Foreign exchange translation and other1 — 19 — 20 
Balance at December 31, 2023$4,825 $4,326 $3,338 $— $12,489 
v3.24.0.1
Deposits (Tables)
 12 Months Ended
Dec. 31, 2023
Deposits [Abstract]  
Composition of Deposits
The composition of deposits at December 31 was as follows:
(Dollars in Millions)20232022
Noninterest-bearing deposits$89,989 $137,743 
Interest-bearing deposits
Interest checking127,453 134,491 
Money market savings199,378 148,014 
Savings accounts43,219 71,782 
Time deposits52,273 32,946 
Total interest-bearing deposits422,323 387,233 
Total deposits$512,312 $524,976 
Maturities of Time Deposits Outstanding
The maturities of time deposits outstanding at December 31, 2023 were as follows:
(Dollars in Millions) 
2024$44,570 
20256,448 
2026798 
2027252 
2028197 
Thereafter8 
Total$52,273 
v3.24.0.1
Short-Term Borrowings (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Summary of Short-Term Borrowings
Short-term borrowings at December 31 consisted of the following:
(Dollars in Millions)20232022
Federal funds purchased$248 $226 
Securities sold under agreements to repurchase3,576 1,431 
Commercial paper7,773 8,145 
Other short-term borrowings3,682 21,414 
(a)
Total$15,279 $31,216 
(a)Balance primarily includes short-term FHLB advances.
v3.24.0.1
Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Summary of Long-term Debt
Long-term debt (debt with original maturities of more than one year) at December 31 consisted of the following:
(Dollars in Millions)Rate Type
Rate(a)
Maturity Date20232022
U.S. Bancorp (Parent Company)
Subordinated notesFixed3.600 %2024$1,000 $1,000 
Fixed7.500 %2026199 199 
Fixed3.100 %20261,000 1,000 
Fixed3.000 %20291,000 1,000 
Fixed4.967 %20331,300 1,300 
Fixed2.491 %20361,300 1,300 
Medium-term notesFixed
.850% - 6.787%
2024 - 2034
26,618 18,468 
Other(b)
1,915 2,716 
Subtotal34,332 26,983 
Subsidiaries
Federal Home Loan Bank advancesFixed
1.860% - 8.250%
2025 - 2026
9,051 2,051 
Floating
6.080% - 6.100%
2025 - 2026
3,000 3,000 
Bank notesFixed
2.050% - 5.550%
2025 - 2032
2,289 4,800 
Floating
—% - 5.398%
2046 - 2062
1,324 1,352 
Other(c)
1,484 1,643 
Subtotal17,148 12,846 
Total$51,480 $39,829 
(a)Weighted-average interest rates of medium-term notes, Federal Home Loan Bank advances and bank notes were 3.89 percent, 4.94 percent and 3.27 percent, respectively.
(b)Includes $2.1 billion and $2.9 billion at December 31, 2023 and 2022, respectively, of discounted noninterest-bearing additional cash received by the Company upon close of the MUB acquisition to be delivered to MUFG on or prior to December 1, 2027, discounted at the Company’s 5-year unsecured borrowing rate as of the acquisition date, as well as debt issuance fees and unrealized gains and losses and deferred amounts relating to derivative instruments.
(c)Includes consolidated community development and tax-advantaged investment VIEs, finance lease obligations, debt issuance fees, and unrealized gains and losses and deferred amounts relating to derivative instruments.
Maturities of Long-term Debt
Maturities of long-term debt outstanding at December 31, 2023, were:
(Dollars in Millions)
Parent Company
Consolidated
2024$5,475 $6,663 
20252,030 6,559 
20263,906 13,381 
20274,763 4,796 
20283,824 3,835 
Thereafter14,334 16,246 
Total$34,332 $51,480 
v3.24.0.1
Shareholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Shares Issued and Outstanding and Carrying Amount of Preferred Stock
The number of shares issued and outstanding and the carrying amount of each outstanding series of the Company’s preferred stock at December 31 were as follows:
 20232022
(Dollars in Millions)Shares
 Issued and
 Outstanding		Liquidation
 Preference		DiscountCarrying
 Amount		Shares
 Issued and
 Outstanding		Liquidation
 Preference		DiscountCarrying
 Amount
Series A12,510$1,251 $145 $1,106 12,510$1,251 $145 $1,106 
Series B40,0001,000 — 1,000 40,0001,000 — 1,000 
Series J40,0001,000 7 993 40,0001,000 7 993 
Series K23,000575 10 565 23,000575 10 565 
Series L20,000500 14 486 20,000500 14 486 
Series M30,000750 21 729 30,000750 21 729 
Series N60,0001,500 8 1,492 60,0001,500 8 1,492 
Series O18,000450 13 437 18,000450 13 437 
Total preferred stock(a)
243,510$7,026 $218 $6,808 243,510$7,026 $218 $6,808 
(a)The par value of all shares issued and outstanding at December 31, 2023 and 2022, was $1.00 per share.
Common Stock Repurchased
The following table summarizes the Company’s common stock repurchased in each of the last three years:
(Dollars and Shares in Millions)SharesValue
20231$62 
2022169 
2021281,556 
Reconciliation of Accumulated Other Comprehensive Income (Loss) The reconciliation of the transactions affecting accumulated other comprehensive income (loss) included in shareholders’ equity for the years ended December 31, is as follows:
(Dollars in Millions)Unrealized Gains (Losses) on Investment Securities Available-For-SaleUnrealized Gains (Losses) on Investment Securities Transferred From Available-For-Sale to Held-To-Maturity Unrealized Gains (Losses) on Derivative HedgesUnrealized Gains (Losses) on Retirement PlansForeign Currency Translation Total
2023      
Balance at beginning of period$(6,378)$(3,933)$(114)$(939)$(43)$(11,407)
Changes in unrealized gains (losses)1,500 — (252)(262)— 986 
Foreign currency translation adjustment(a)
— — — — 21 21 
Reclassification to earnings of realized (gains) losses145 530 80 (7)— 748 
Applicable income taxes(418)(134)44 70 (6)(444)
Balance at end of period$(5,151)$(3,537)$(242)$(1,138)$(28)$(10,096)
2022      
Balance at beginning of period$540 $(935)$(85)$(1,426)$(37)$(1,943)
Changes in unrealized gains (losses)(13,656)— (75)526 — (13,205)
Transfer of securities from available-for-sale to held-to-maturity4,413 (4,413)— — — — 
Foreign currency translation adjustment(a)
— — — — (10)(10)
Reclassification to earnings of realized (gains) losses(20)400 36 128 — 544 
Applicable income taxes2,345 1,015 10 (167)4 3,207 
Balance at end of period$(6,378)$(3,933)$(114)$(939)$(43)$(11,407)
2021      
Balance at beginning of period$2,417 $— $(189)$(1,842)$(64)$322 
Changes in unrealized gains and losses(3,698)— 125 400 — (3,173)
Transfer of securities from available-for-sale to held-to-maturity1,289 (1,289)— — — — 
Foreign currency translation adjustment(a)
— — — — 35 35 
Reclassification to earnings of realized (gains) losses(103)36 14 157 — 104 
Applicable income taxes635 318 (35)(141)(8)769 
Balance at end of period$540 $(935)$(85)$(1,426)$(37)$(1,943)
(a)Represents the impact of changes in foreign currency exchange rates on the Company’s investment in foreign operations and related hedges.
Impact to Net Income for Items Reclassified out of Accumulated Other Comprehensive Income into Earnings
Additional detail about the impact to net income for items reclassified out of accumulated other comprehensive income (loss) and into earnings for the years ended December 31 is as follows:
Impact to Net Income Affected Line Item in the Consolidated Statement of Income
(Dollars in Millions)202320222021
Unrealized gains (losses) on investment securities available-for-sale
Realized gains (losses) on sale of investment securities$(145)$20 $103 Securities gains (losses), net
37 (5)(26)Applicable income taxes
(108)15 77 Net-of-tax
Unrealized gains (losses) on investment securities transferred from available-for-sale to held-to-maturity
Amortization of unrealized gains (losses)(530)(400)(36)Interest income
134 119 9 Applicable income taxes
(396)(281)(27)Net-of-tax
Unrealized gains (losses) on derivative hedges
Realized gains (losses) on derivative hedges(80)(36)(14)Net interest income
21 9 4 Applicable income taxes
(59)(27)(10)Net-of-tax
Unrealized gains (losses) on retirement plans
Actuarial gains (losses) and prior service cost (credit) amortization7 (128)(157)Other noninterest expense
(2)33 40 Applicable income taxes
5 (95)(117)Net-of-tax
Total impact to net income$(558)$(388)$(77)
Regulatory Capital
The following table provides a summary of the regulatory capital requirements in effect, along with the actual components and ratios for the Company and its bank subsidiaries, at December 31:
U.S. Bancorp U.S. Bank National Association
MUFG Union Bank National Association(a)
(Dollars in Millions)20232022202320222022
Basel III Standardized Approach:
Common equity tier 1 capital$44,947 $41,560 $58,194 $46,681 $10,888 
Tier 1 capital52,199 48,813 58,638 47,127 10,888 
Total risk-based capital61,921 59,015 68,817 56,736 11,565 
Risk-weighted assets453,390 496,500 445,829 436,764 58,641 
Common equity tier 1 capital as a percent of risk-weighted assets9.9 %8.4 %13.1 %10.7 %18.6 %
Tier 1 capital as a percent of risk-weighted assets11.5 9.8 13.2 10.8 18.6 
Total risk-based capital as a percent of risk-weighted assets13.7 11.9 15.4 13.0 19.7 
Tier 1 capital as a percent of adjusted quarterly average assets (leverage ratio)8.1 7.9 9.2 8.1 10.9 
Tier 1 capital as a percent of total on- and off-balance sheet leverage exposure (total leverage exposure ratio)6.6 6.4 7.5 6.5 10.1 
Minimum(b)
Well- Capitalized
Bank Regulatory Capital Requirements  
Common equity tier 1 capital as a percent of risk-weighted assets7.0 %6.5 %
Tier 1 capital as a percent of risk-weighted assets8.5 8.0 
Total risk-based capital as a percent of risk-weighted assets10.5 10.0 
Tier 1 capital as a percent of adjusted quarterly average assets (leverage ratio)4.0 5.0 
Tier 1 capital as a percent of total on- and off-balance sheet leverage exposure (total leverage exposure ratio)(c)
3.0 3.0 
(a) MUFG Union Bank National Association merged into U.S. Bank National Association during 2023.
(b)The minimum common equity tier 1 capital, tier 1 capital and total risk-based capital ratio requirements reflect a stress capital buffer requirement of 2.5 percent. Banks and financial services holding companies must maintain minimum capital levels, including a stress capital buffer requirement, to avoid limitations on capital distributions and certain discretionary compensation payments.
(c)A minimum "well-capitalized" threshold does not apply to U.S. Bancorp for this ratio as it is not formally defined under applicable banking regulations for bank holding companies.
v3.24.0.1
Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
Components of Earnings Per Share
The components of earnings per share were:
Year Ended December 31
(Dollars and Shares in Millions, Except Per Share Data)
202320222021
Net income attributable to U.S. Bancorp$5,429 $5,825 $7,963 
Preferred dividends(350)(296)(303)
Impact of preferred stock call and redemption— — (17)
(a)
Earnings allocated to participating stock awards(28)(28)(38)
Net income applicable to U.S. Bancorp common shareholders$5,051 $5,501 $7,605 
Average common shares outstanding1,543 1,489 1,489 
Net effect of the exercise and assumed purchase of stock awards— 1 1 
Average diluted common shares outstanding1,543 1,490 1,490 
Earnings per common share$3.27 $3.69 $5.11 
Diluted earnings per common share$3.27 $3.69 $5.10 
(a)Represents stock issuance costs originally recorded in preferred stock upon the issuance of the Company’s Series I and Series F Preferred Stock that were reclassified to retained earnings on the date the Company announced its intent to redeem the outstanding shares.
v3.24.0.1
Employee Benefits (Tables)
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Changes in Benefit Obligation and Plan Assets
The following table summarizes the changes in benefit obligations and plan assets for the years ended December 31, and the funded status and amounts recognized in the Consolidated Balance Sheet at December 31 for the pension plans:
(Dollars in Millions)20232022
Change In Projected Benefit Obligation(a)
Benefit obligation at beginning of measurement period$6,617 $8,030 
Service cost223 280 
Interest cost370 248 
Plan amendments(23)2 
Actuarial (gain) loss398 (2,250)
Lump sum settlements(94)(76)
Benefit payments(213)(195)
Acquisitions— 578 
Benefit obligation at end of measurement period(b)
$7,278 $6,617 
Change In Fair Value Of Plan Assets
Fair value at beginning of measurement period$7,375 $8,113 
Actual return on plan assets658 (1,245)
Employer contributions28 28 
Lump sum settlements(94)(76)
Benefit payments(213)(195)
Acquisitions(c)
25 750 
Fair value at end of measurement period$7,779 $7,375 
Funded Status$501 $758 
Components Of The Consolidated Balance Sheet
Noncurrent benefit asset$1,072 $1,286 
Current benefit liability(26)(25)
Noncurrent benefit liability(545)(503)
Recognized amount$501 $758 
Accumulated Other Comprehensive Income (Loss), Pretax
Net actuarial loss$(1,607)$(1,326)
Net prior service credit34 12 
Recognized amount$(1,573)$(1,314)
Note: At December 31, 2023 and 2022, the postretirement welfare plans projected benefit obligation was $49 million and $51 million, respectively, the fair value of plan assets was $45 million and $42 million, respectively, and the amount recognized in accumulated other comprehensive income (loss), pretax was $52 million and $62 million, respectively.
(a)The increase in the projected benefit obligation for 2023 was primarily due to a lower discount rate, and the decrease for 2022 was primarily due to a higher discount rate partially offset by the acquired MUB benefit obligations.
(b)At December 31, 2023 and 2022, the accumulated benefit obligation for all pension plans was $6.8 billion and $5.0 billion, respectively.
(c)The increase in plan assets was related to the 2022 MUB acquisition.
Pension Plans with Benefit Obligations in Excess of Plan Assets
The following table provides information for pension plans with benefit obligations in excess of plan assets at December 31:
(Dollars in Millions)20232022
Plans with Projected Benefit Obligations in Excess of Plan Assets
Projected benefit obligation$571 $528 
Fair value of plan assets— — 
Plans with Accumulated Benefit Obligations in Excess of Plan Assets
Accumulated benefit obligation$530 $487 
Fair value of plan assets— — 
Components of Net Periodic Benefit Cost and Other Amounts Recognized in Accumulated Other Comprehensive Income (Loss)
The following table sets forth the components of net periodic pension cost and other amounts recognized in accumulated other comprehensive income (loss) for the years ended December 31 for the pension plans:
(Dollars in Millions)202320222021
Components Of Net Periodic Pension Cost
Service cost$223 $280 $265 
Interest cost370 248 219 
Expected return on plan assets(546)(481)(450)
Prior service credit amortization(1)(2)(2)
Actuarial loss amortization5 140 169 
Net periodic pension cost$51 $185 $201 
Other Changes In Plan Assets And Benefit Obligations Recognized In Other Comprehensive Income (Loss)
Net actuarial (loss) gain arising during the year$(286)$523 $398 
Net actuarial loss amortized during the year5 140 169 
Net prior service credit (cost) arising during the year23 (2)— 
Net prior service credit amortized during the year(1)(2)(2)
Total recognized in other comprehensive income (loss)$(259)$659 $565 
Total recognized in net periodic pension cost and other comprehensive income (loss)$(310)$474 $364 
Note: The net periodic benefit for the postretirement welfare plans was $10 million, $9 million and $9 million for the years end December 31, 2023, 2022 and 2021, respectively. The total of other amounts recognized as other comprehensive loss was $10 million, $5 million and $8 million for the years ended December 31, 2023, 2022 and 2021, respectively.
Weighted Average Assumptions to Determine Projected Benefit Obligations
The following table sets forth weighted-average assumptions used to determine the pension plans projected benefit obligations at December 31:
20232022
Discount rate5.12 %5.55 %
Cash balance interest crediting rate3.04 3.36 
Rate of compensation increase(a)
3.72 4.13 
(a)Determined on an active liability-weighted basis.
Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost
The following table sets forth weighted-average assumptions used to determine net periodic pension cost for the years ended December 31:
202320222021
Discount rate5.55 %3.00 %2.75 %
Cash balance interest crediting rate3.36 3.00 3.00 
Expected return on plan assets(a)
6.75 6.50 6.50 
Rate of compensation increase(b)
4.13 3.56 3.56 
(a)With the help of an independent pension consultant, the Company considers several sources when developing its expected long-term rates of return on plan assets assumptions, including, but not limited to, past returns and estimates of future returns given the plans’ asset allocation, economic conditions, and peer group long-term rate of return information. The Company determines its expected long-term rates of return reflecting current economic conditions and plan assets.
(b)Determined on an active liability-weighted basis.
Summary of Plan Investment Assets Measured at Fair Value
The following table summarizes qualified pension plans investment assets measured at fair value at December 31:
20232022
(Dollars in Millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash and cash equivalents$68 $— $— $68 $202 $— $— $202 
Debt securities— — — — 961 855 — 1,816 
Mutual funds
Debt securities— — — — — 382 — 382 
Emerging markets equity securities— — — — — 156 — 156 
Other— — — — — — 6 6 
 $68 $— $— 68$1,163 $1,393 $6 2,562
Plan investment assets not classified in fair value hierarchy(a):
Collective investment funds
Domestic equity securities1,546 1,494 
Domestic mid-small cap equity securities406 313 
International equity securities981 620 
Domestic real estate securities142 144 
Fixed income2,295 — 
Real estate funds(b)
746 763 
Hedge funds(c)
412 451 
Private equity funds(d)
1,183 1,028 
Total plan investment assets at fair value$7,779 $7,375 
(a)These investments are valued based on net asset value per share as a practical expedient; fair values are provided to reconcile to total investment assets of the plans at fair value.
(b)This category consists of several investment strategies diversified across several real estate managers.
(c)This category consists of several investment strategies diversified across several hedge fund managers.
(d)This category consists of several investment strategies diversified across several private equity fund managers.
Summarizes the Changes for Qualified Pension Plan Assets Measured at Fair Value Using Significant Unobservable Inputs (Level 3)
The following table summarizes the changes in fair value for qualified pension plans investment assets measured at fair value using significant unobservable inputs (Level 3) for the years ended December 31:
 202320222021
(Dollars in Millions)OtherOther Other
Balance at beginning of period$6 $4 $6 
Unrealized gains (losses) relating to assets still held at end of year— 2 (2)
Purchases, sales, and settlements, net(6)— — 
Balance at end of period$— $6 $4 
Expected Future Benefit Payments
The following benefit payments are expected to be paid from the pension plans for the years ended December 31:
(Dollars in Millions)
2024$332 
2025383 
2026391 
2027416 
2028430 
2029-20332,439 
v3.24.0.1
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Options Outstanding and Exercised Under Stock Incentive Plans
The following is a summary of stock options outstanding and exercised under prior and existing stock incentive plans of the Company:
Year Ended December 31Stock
 Options/Shares		Weighted- Average Exercise PriceWeighted-Average Remaining Contractual TermAggregate Intrinsic Value (in millions)
 
2023
Number outstanding at beginning of period3,253,090 $44.42 
Exercised(399,329)38.15 
Cancelled(a)
(15,476)47.88 
Number outstanding at end of period(b)
2,838,285 $45.28 2.0$— 
Exercisable at end of period2,838,285 $45.28 2.0$— 
2022
Number outstanding at beginning of period3,890,131 $42.58 
Exercised(624,729)32.87 
Cancelled(a)
(12,312)50.97 
Number outstanding at end of period(b)
3,253,090 $44.42 2.7$— 
Exercisable at end of period3,253,090 $44.42 2.7$— 
2021
Number outstanding at beginning of period5,180,391 $40.38 
Exercised(1,281,646)33.66 
Cancelled(a)
(8,614)48.20 
Number outstanding at end of period(b)
3,890,131 $42.58 3.3$53 
Exercisable at end of period3,890,131 $42.58 3.3$53 
Note: The Company did not grant any stock option awards during 2023, 2022, and 2021.
(a)Options cancelled include both non-vested (i.e., forfeitures) and vested options.
(b)Outstanding options include stock-based awards that may be forfeited in future periods. The impact of the estimated forfeitures is reflected in compensation expense.
Stock Option Activity
The following summarizes certain stock option activity of the Company:
Year Ended December 31 (Dollars in Millions)202320222021
Fair value of options vested$— $— $3 
Intrinsic value of options exercised2 15 27 
Cash received from options exercised15 21 43 
Tax benefit realized from options exercised1 4 7 
Stock Options Outstanding Additional Information
Additional information regarding stock options outstanding as of December 31, 2023, is as follows:
 Outstanding OptionsExercisable Options
Range of Exercise PricesSharesWeighted- Average Remaining Contractual Life (Years)Weighted- Average Exercise PriceSharesWeighted- Average Exercise Price
$35.01—$40.00
1,008,0462.1$39.49 1,008,046$39.49 
$40.01—$45.00
988,8800.842.95 988,88042.95 
$45.01—$50.00
————— 
$50.01—$55.01
841,3593.154.96 841,35954.96 
 2,838,2852.0$45.28 2,838,285$45.28 
Summary of Restricted Shares of Stock and Unit Awards
A summary of the status of the Company’s restricted shares of stock and unit awards is presented below:
 202320222021
Year Ended December 31SharesWeighted-Average Grant-Date Fair ValueSharesWeighted-Average Grant-Date Fair ValueSharesWeighted-Average Grant-Date Fair Value
Outstanding at beginning of period6,880,826 $52.59 6,812,753 $51.04 6,343,313 $51.38 
Granted5,565,634 45.87 4,109,793 55.62 4,512,995 52.54 
Vested(3,872,874)52.05 (3,690,666)52.88 (3,793,978)53.27 
Cancelled(257,015)50.00 (351,054)54.95 (249,577)52.83 
Outstanding at end of period8,316,571 $48.42 6,880,826 $52.59 6,812,753 $51.04 
v3.24.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Components of Income Tax Expense
The components of income tax expense were:
Year Ended December 31 (Dollars in Millions)202320222021
Federal
Current$1,434 $1,366 $1,203 
Deferred(326)(108)469 
Federal income tax1,108 1,258 1,672 
State   
Current482 401 398 
Deferred(183)(196)111 
State income tax299 205 509 
Total income tax provision$1,407 $1,463 $2,181 
Reconciliation of Expected Income Tax Expense at Federal Statutory Rate to the Applicable Income Tax Expense
A reconciliation of expected income tax expense at the federal statutory rate of 21 percent to the Company’s applicable income tax expense follows:
Year Ended December 31 (Dollars in Millions)202320222021
Tax at statutory rate$1,442 $1,533 $2,135 
State income tax, at statutory rates, net of federal tax benefit322 305 439 
Tax effect of   
Tax credits and benefits, net of related expenses(272)(273)(331)
Tax-exempt income(142)(121)(114)
Revaluation of tax related assets and liabilities(a)
15 (79)— 
Nondeductible legal and regulatory expenses76 37 24 
Other items(34)61 28 
Applicable income taxes$1,407 $1,463 $2,181 
(a)The 2022 acquisition of MUB resulted in an increase in the Company’s state effective tax rate, requiring the Company to revalue its state deferred tax assets and liabilities. As a result of this revaluation, the Company recorded an estimated net tax benefit of $79 million during 2022.
Reconciliation of Changes Unrecognized Tax Positions
A reconciliation of the changes in the federal, state and foreign uncertain tax position balances are summarized as follows:
Year Ended December 31 (Dollars in Millions)202320222021
Balance at beginning of period$513 $487 $474 
Additions for tax positions taken in prior years141 35 14 
Additions for tax positions taken in the current year3 3 7 
Exam resolutions(302)(8)(1)
Statute expirations(5)(4)(7)
Balance at end of period$350 $513 $487 
Significant Components of the Net Deferred Tax Asset (Liability)
The significant components of the Company’s net deferred tax asset (liability) follows:
At December 31 (Dollars in Millions)20232022
Deferred Tax Assets  
Securities available-for-sale and financial instruments$3,231 $3,992 
Federal, state and foreign net operating loss, credit carryforwards and other carryforwards2,836 2,677 
Allowance for credit losses2,051 1,980 
Loans1,013 1,287 
Accrued expenses838 618 
Obligation for operating leases348 368 
Partnerships and other investment assets271 112 
Stock compensation87 81 
Other deferred tax assets, net370 501 
Gross deferred tax assets11,045 11,616 
Deferred Tax Liabilities
Leasing activities(1,455)(1,813)
Goodwill and other intangible assets(1,450)(1,575)
Mortgage servicing rights(758)(815)
Right of use operating leases(301)(325)
Pension and postretirement benefits(115)(172)
Fixed assets(44)(125)
Other deferred tax liabilities, net(168)(234)
Gross deferred tax liabilities(4,291)(5,059)
Valuation allowance(364)(263)
Net Deferred Tax Asset$6,390 $6,294 
v3.24.0.1
Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Asset and Liability Management Derivative Positions
The following table summarizes the asset and liability management derivative positions of the Company at December 31:
 20232022
 
Notional Value
Fair Value
Notional Value
Fair Value
(Dollars in Millions)AssetsLiabilitiesAssetsLiabilities
Fair value hedges      
Interest rate contracts      
Receive fixed/pay floating swaps$12,100 $— $16 $17,400 $— $9 
Pay fixed/receive floating swaps24,139 — — 5,542 — — 
Cash flow hedges      
Interest rate contracts      
Receive fixed/pay floating swaps18,400 — — 14,300 — — 
Net investment hedges      
Foreign exchange forward contracts854 — 10 778 — — 
Other economic hedges      
Interest rate contracts      
Futures and forwards      
Buy5,006 29 5 3,546 10 18 
Sell4,501 7 34 7,522 20 38 
Options      
Purchased6,085 237 — 11,434 346 — 
Written3,696 14 75 7,849 7 148 
Receive fixed/pay floating swaps7,029 9 3 9,215 — 3 
Pay fixed/receive floating swaps3,801 — — 9,616 — — 
Foreign exchange forward contracts734 2 5 962 2 6 
Equity contracts227 2 — 361 — 10 
Credit contracts2,620 1 — 330 — — 
Other (a)
2,136 11 93 1,908 11 190 
Total$91,328 $312 $241 $90,763 $396 $422 
(a)Includes derivative liability swap agreements related to the sale of a portion of the Company’s Class B common and preferred shares of Visa Inc. The Visa swap agreements had a total notional value and fair value of $2.0 billion and $91 million at December 31, 2023, respectively, compared to $1.8 billion and $190 million at December 31, 2022, respectively. In addition, includes short-term underwriting purchase and sale commitments with total notional values of $28 million at December 31, 2023, and $13 million at December 31, 2022
Summary of Customer-Related Derivative Positions
The following table summarizes the customer-related derivative positions of the Company at December 31:
 20232022
 
Notional Value
Fair Value
Notional Value
Fair Value
(Dollars in Millions)AssetsLiabilitiesAssetsLiabilities
Interest rate contracts      
Receive fixed/pay floating swaps$363,375 $791 $4,395 $301,690 $309 $5,689 
Pay fixed/receive floating swaps330,539 1,817 280 316,133 2,323 206 
Other(a)
82,209 17 51 40,261 3 16 
Options      
Purchased102,423 1,026 18 103,489 1,794 5 
Written97,690 20 1,087 99,923 6 1,779 
Futures      
Buy— — — 3,623 — 4 
Sell— — — 2,376 8 — 
Foreign exchange rate contracts      
Forwards, spots and swaps121,119 2,252 1,942 134,666 3,010 2,548 
Options      
Purchased1,532 28 — 954 22 — 
Written1,532 — 28 954 — 22 
Commodity contracts
Swaps2,498116110———
Options
Purchased1,936151————
Written1,936—151———
Credit contracts13,053 1 6 10,765 1 8 
Total$1,119,842 $6,219 $8,068 $1,014,834 $7,476 $10,277 
(a)Primarily represents floating rate interest rate swaps that pay based on differentials between specified interest rate indexes.
Summary of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
The table below shows the effective portion of the gains (losses) recognized in other comprehensive income (loss) and the gains (losses) reclassified from other comprehensive income (loss) into earnings (net-of-tax) for the years ended December 31:

 Gains (Losses) Recognized in Other Comprehensive Income (Loss) Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings
(Dollars in Millions)202320222021202320222021
Asset and Liability Management Positions  
  
Cash flow hedges  
  
Interest rate contracts$(187)$(56)$94 $(59)$(27)$(10)
Net investment hedges  
  
   
Foreign exchange forward contracts(11)42 19 — — — 
Non-derivative debt instruments(33)59 84 — — — 
Note: The Company does not exclude components from effectiveness testing for cash flow and net investment hedges.
Summary of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss)
The table below shows the effective portion of the gains (losses) recognized in other comprehensive income (loss) and the gains (losses) reclassified from other comprehensive income (loss) into earnings (net-of-tax) for the years ended December 31:

 Gains (Losses) Recognized in Other Comprehensive Income (Loss) Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings
(Dollars in Millions)202320222021202320222021
Asset and Liability Management Positions  
  
Cash flow hedges  
  
Interest rate contracts$(187)$(56)$94 $(59)$(27)$(10)
Net investment hedges  
  
   
Foreign exchange forward contracts(11)42 19 — — — 
Non-derivative debt instruments(33)59 84 — — — 
Note: The Company does not exclude components from effectiveness testing for cash flow and net investment hedges.
Summary of Effect of Fair Value and Cash Flow Hedge Accounting on Consolidated Statement of Income
The table below shows the effect of fair value and cash flow hedge accounting on the Consolidated Statement of Income for the years ended December 31:
 Interest Income Interest Expense
(Dollars in Millions)202320222021202320222021
Total amount of income and expense line items presented in the Consolidated Statement of Income in which the effects of fair value or cash flow hedges are recorded$30,007 $17,945 $13,487 $12,611 $3,217 $993 
Asset and Liability Management Positions    
Fair value hedges       
Interest rate contract derivatives(430)138 17 (458)482 232 
Hedged items427 (139)(19)461 (486)(232)
Cash flow hedges       
Interest rate contract derivatives(52)— — 28 — 14 
Note: The Company does not exclude components from effectiveness testing for fair value and cash flow hedges. The Company reclassified losses of $28 million, $36 million and $53 million into earnings during the years ended December 31, 2023, 2022 and 2021, respectively, as a result of realized cash flows on discontinued cash flow hedges. No amounts were reclassified into earnings on discontinued cash flow hedges because it is probable the original hedged forecasted cash flows will not occur.
Summary of Cumulative Hedging Adjustments and the Carrying Amount of Assets and Liabilities Designated in Fair Value Hedges
The table below shows cumulative hedging adjustments and the carrying amount of assets and liabilities designated in fair value hedges at December 31:
 Carrying Amount of the Hedged Assets and Liabilities
Cumulative Hedging Adjustment (a)
(Dollars in Millions)2023202220232022
Line Item in the Consolidated Balance Sheet    
Available-for-sale investment securities(b)
$11,795 $4,937 $(448)$(552)
Long-term debt11,987 17,190 (148)(142)
(a)The cumulative hedging adjustment related to discontinued hedging relationships on available-for-sale investment securities and long-term debt was $(379) million and $(68) million, respectively, at December 31, 2023, compared with $(392) million and $399 million at December 31, 2022, respectively.
(b)Includes amounts related to available-for-sale investment securities currently designated as the hedged item in a fair value hedge using the portfolio layer method. At December 31, 2023, the amortized cost of the closed portfolios used in these hedging relationships was $15.6 billion, of which $9.1 billion was designated as hedged. At December 31, 2023, the cumulative amount of basis adjustments associated with these hedging relationships was $(335) million.
Summary of Gains (Losses) Recognized in Earnings for Other Economic Hedges and Customer-Related Positions
The table below shows the gains (losses) recognized in earnings for other economic hedges and the customer-related positions for the years ended December 31:
(Dollars in Millions)Location of Gains (Losses) Recognized in Earnings202320222021
Asset and Liability Management Positions    
Other economic hedges    
Interest rate contracts    
Futures and forwardsMortgage banking revenue$71 $407 $511 
Purchased and written optionsMortgage banking revenue89 1 527 
SwapsMortgage banking revenue/Other noninterest income/Interest expense(19)(1,010)(197)
Foreign exchange forward contractsOther noninterest income(7)(1)1 
Equity contractsCompensation expense(8)(8)7 
OtherOther noninterest income1 (181)5 
Customer-Related Positions    
Interest rate contracts    
SwapsCommercial products revenue185 98 110 
Purchased and written optionsCommercial products revenue45 20 (5)
FuturesCommercial products revenue(1)30 3 
Foreign exchange rate contracts    
Forwards, spots and swapsCommercial products revenue195 100 93 
Purchased and written optionsCommercial products revenue1 1 1 
Commodity contracts
SwapsCommercial products revenue6 — — 
Credit contractsCommercial products revenue1 20 (7)
v3.24.0.1
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities (Tables)
 12 Months Ended
Dec. 31, 2023
Offsetting [Abstract]  
Summary of Maturities by Category of Collateral Pledged for Repurchase Agreements and Securities Loaned Transactions
The following table summarizes the maturities by category of collateral pledged for repurchase agreements and securities loaned transactions:
(Dollars in Millions)
Overnight and Continuous
Less Than 30 Days
30-89 Days
Greater Than 90 DaysTotal
December 31, 2023
Repurchase agreements
U.S. Treasury and agencies$2,375 $— $— $— $2,375 
Residential agency mortgage-backed securities338 — — — 338 
Corporate debt securities821 — — — 821 
Asset-backed securities— 45 — — 45 
Total repurchase agreements3,534 45 — — 3,579 
Securities loaned
Corporate debt securities290 — — — 290 
Total securities loaned290 — — — 290 
Gross amount of recognized liabilities$3,824 $45 $— $— $3,869 
December 31, 2022
Repurchase agreements
U.S. Treasury and agencies$147 $— $— $— $147 
Residential agency mortgage-backed securities846 — — — 846 
Corporate debt securities439 — — — 439 
Total repurchase agreements1,432 — — — 1,432 
Securities loaned
Corporate debt securities120 — — — 120 
Total securities loaned120 — — — 120 
Gross amount of recognized liabilities$1,552 $— $— $— $1,552 
Netting Adjustments and Items Not Offset in Consolidated Balance Sheet, Assets
The following tables provide information on the Company’s netting adjustments, and items not offset on the Consolidated Balance Sheet but available for offset in the event of default:
(Dollars in Millions)
Gross Recognized Assets
Gross Amounts Offset on the Consolidated Balance Sheet(a)
Net Amounts Presented on the Consolidated Balance SheetGross Amounts Not Offset on the Consolidated Balance Sheet
Financial Instruments(b)
Collateral Received(c)
Net Amount
December 31, 2023
Derivative assets(d)
$6,504 $(3,666)$2,838 $(141)$(3)$2,694 
Reverse repurchase agreements2,513 — 2,513 (568)(1,941)4 
Securities borrowed1,802 — 1,802 (14)(1,717)71 
Total$10,819 $(3,666)$7,153 $(723)$(3,661)$2,769 
December 31, 2022
Derivative assets(d)
$7,852 $(5,427)$2,425 $(231)$(80)$2,114 
Reverse repurchase agreements107 — 107 (102)(5)— 
Securities borrowed1,606 — 1,606 — (1,548)58 
Total$9,565 $(5,427)$4,138 $(333)$(1,633)$2,172 
(a)Includes $1.6 billion and $3.0 billion of cash collateral related payables that were netted against derivative assets at December 31, 2023 and 2022, respectively.
(b)For derivative assets this includes any derivative liability fair values that could be offset in the event of counterparty default; for reverse repurchase agreements this includes any repurchase agreement payables that could be offset in the event of counterparty default; for securities borrowed this includes any securities loaned payables that could be offset in the event of counterparty default.
(c)Includes the fair value of securities received by the Company from the counterparty. These securities are not included on the Consolidated Balance Sheet unless the counterparty defaults.
(d)Excludes $27 million and $20 million at December 31, 2023 and 2022, respectively, of derivative assets not subject to netting arrangements.
Netting Adjustments and Items Not Offset in Consolidated Balance Sheet, Liabilities
(Dollars in Millions)
Gross Recognized Liabilities
Gross Amounts Offset on the Consolidated Balance Sheet(a)
Net Amounts Presented on the Consolidated Balance SheetGross Amounts Not Offset on the Consolidated Balance Sheet Net Amount
Financial Instruments(b)
Collateral Pledged(c)
December 31, 2023
Derivative liabilities(d)
$8,217 $(3,720)$4,497 $(141)$— $4,356 
Repurchase agreements3,579 — 3,579 (568)(3,008)3 
Securities loaned290 — 290 (14)(270)6 
Total$12,086 $(3,720)$8,366 $(723)$(3,278)$4,365 
December 31, 2022
Derivative liabilities(d)
$10,506 $(4,551)$5,955 $(231)$— $5,724 
Repurchase agreements1,432 — 1,432 (102)(1,325)5 
Securities loaned120 — 120 — (118)2 
Total$12,058 $(4,551)$7,507 $(333)$(1,443)$5,731 
(a)Includes $1.7 billion and $2.1 billion of cash collateral related receivables that were netted against derivative liabilities at December 31, 2023 and 2022, respectively.
(b)For derivative liabilities this includes any derivative asset fair values that could be offset in the event of counterparty default; for repurchase agreements this includes any reverse repurchase agreement receivables that could be offset in the event of counterparty default; for securities loaned this includes any securities borrowed receivables that could be offset in the event of counterparty default.
(c)Includes the fair value of securities pledged by the Company to the counterparty. These securities are included on the Consolidated Balance Sheet unless the Company defaults.
(d)Excludes $92 million and $193 million at December 31, 2023 and 2022, respectively, of derivative liabilities not subject to netting arrangements.
v3.24.0.1
Fair Values of Assets and Liabilities (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Valuation Assumption Ranges for MSRs
The following table shows the significant valuation assumption ranges for MSRs at December 31, 2023:
 Minimum Maximum
Weighted- Average(a)
Expected prepayment7 %23 %10 %
Option adjusted spread4 11 5 
(a)Determined based on the relative fair value of the related mortgage loans serviced.
Valuation Assumption Ranges for Derivative Commitments
The following table shows the significant valuation assumption ranges for the Company’s derivative commitments to purchase and originate mortgage loans at December 31, 2023:
 Minimum Maximum
Weighted- Average(a)
Expected loan close rate17 %99 %74 %
Inherent MSR value (basis points per loan)48 177 97 
(a)Determined based on the relative fair value of the related mortgage loans.
Assets and Liabilities Measured at Fair Value on Recurring Basis
The following table summarizes the balances of assets and liabilities measured at fair value on a recurring basis:
(Dollars in Millions)Level 1Level 2Level 3Netting Total
December 31, 2023     
Available-for-sale securities     
U.S. Treasury and agencies$14,787 $4,755 $— $— $19,542 
Mortgage-backed securities     
Residential agency— 26,078 — — 26,078 
Commercial     
Agency— 7,343 — — 7,343 
Non-agency— 6 — — 6 
Asset-backed securities— 6,724 — — 6,724 
Obligations of state and political subdivisions— 9,989 — — 9,989 
Other— 24 — — 24 
Total available-for-sale14,787 54,919 — — 69,706 
Mortgage loans held for sale— 2,011 — — 2,011 
Mortgage servicing rights— — 3,377 — 3,377 
Derivative assets— 5,078 1,453 (3,666)2,865 
Other assets550 1,991 — — 2,541 
Total$15,337 $63,999 $4,830 $(3,666)$80,500 
Time deposits$— $2,818 $— $— $2,818 
Derivative liabilities16 4,955 3,338 (3,720)4,589 
Short-term borrowings and other liabilities(a)
517 1,786 — — 2,303 
Total$533 $9,559 $3,338 $(3,720)$9,710 
December 31, 2022     
Available-for-sale securities     
U.S. Treasury and agencies$13,723 $8,310 $— $— $22,033 
Mortgage-backed securities     
Residential agency— 29,271 — — 29,271 
Commercial
Agency— 7,145 — — 7,145 
Non-agency— 7 — — 7 
Asset-backed securities— 4,323 — — 4,323 
Obligations of state and political subdivisions— 10,124 1 — 10,125 
Other— 6 — — 6 
Total available-for-sale13,723 59,186 1 — 72,910 
Mortgage loans held for sale— 1,849 — — 1,849 
Mortgage servicing rights— — 3,755 — 3,755 
Derivative assets9 6,608 1,255 (5,427)2,445 
Other assets248 1,756 — — 2,004 
Total$13,980 $69,399 $5,011 $(5,427)$82,963 
Derivative liabilities$4 $6,241 $4,454 $(4,551)$6,148 
Short-term borrowings and other liabilities(a)
125 1,564 — — 1,689 
Total$129 $7,805 $4,454 $(4,551)$7,837 
Note: Excluded from the table above are equity investments without readily determinable fair values. The Company has elected to carry these investments at historical cost, adjusted for impairment and any changes resulting from observable price changes for identical or similar investments of the issuer. The aggregate carrying amount of these equity investments was $133 million and $104 million at December 31, 2023 and 2022, respectively. The Company recorded a $5 million impairment on these equity investments during 2023, and the cumulative impairment on these equity investments is $5 million at December 31, 2023. The Company has not recorded adjustments for observable price changes on these equity investments during 2023 and 2022, or on a cumulative basis.
(a)Primarily represents the Company’s obligation on securities sold short required to be accounted for at fair value per applicable accounting guidance.
Changes in Fair Value for Assets Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3)
The following table presents the changes in fair value for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31:
(Dollars in Millions)
Beginning of Period Balance
Net Gains (Losses) Included in Net Income Net Gains (Losses) Included in Other Comprehensive Income (Loss)PurchasesSales
Principal Payments
Issuances Settlements
End of Period Balance
 Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period
2023             
Available-for-sale securities             
Obligations of state and political subdivisions$1 $—  $— $— $— $(1)$—  $— $— $—  
Total available-for-sale1 —  — — — (1)—  — — —  
Mortgage servicing rights3,755 (316)
(a)
— 5 (440)— 373 
(c)
— 3,377 (316)
(a)
Net derivative assets and liabilities(3,199)(2,696)
(b)
— 552 (45)— 1  3,502 (1,885)(183)
(d)
2022             
Available-for-sale securities             
Asset-backed securities$7 $—  $(3)$— $(4)$— $—  $— $— $—  
Obligations of state and political subdivisions1 —  — — — — —  — 1 —  
Total available-for-sale8 —  (3)— (4)— —  — 1 —  
Mortgage servicing rights2,953 311 
(a)
— 156 (255)— 590 
(c)
— 3,755 311 
(a)
Net derivative assets and liabilities799 (5,940)
(e)
— 716 (36)— 11  1,251 (3,199)(3,538)
(f)
2021             
Available-for-sale securities             
Asset-backed securities$7 $—  $1 $— $— $(1)$—  $— $7 $1  
Obligations of state and political subdivisions1 —  — — — — —  — 1 —  
Total available-for-sale8 —  1 — — (1)—  — 8 1  
Mortgage servicing rights2,210 (437)
(a)
— 42 2 — 1,136 
(c)
— 2,953 (437)
(a)
Net derivative assets and liabilities2,326 (924)
(g)
— 337 (3)— —  (937)799 (968)
(h)
(a)Included in mortgage banking revenue.
(b)Approximately $182 million, $(2.9) billion and $1 million included in mortgage banking revenue, commercial products revenue and other non-interest income, respectively.
(c)Represents MSRs capitalized during the period.
(d)Approximately $15 million, $(199) million and $1 million included in mortgage banking revenue, commercial products revenue and other non-interest income, respectively.
(e)Approximately $(141) million, $(5.6) billion and $(181) million included in mortgage banking revenue, commercial products revenue and other non-interest income, respectively.
(f)Approximately $5 million, $(3.4) billion and $(181) million included in mortgage banking revenue, commercial products revenue and other non-interest income, respectively.
(g)Approximately $666 million, $(1.6) billion and $5 million included in mortgage banking revenue, commercial products revenue and other non-interest income, respectively.
(h)Approximately $42 million, $(1.0) billion and $5 million included in mortgage banking revenue, commercial products revenue and other non-interest income, respectively.
Changes in Fair Value for Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3)
The following table presents the changes in fair value for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31:
(Dollars in Millions)
Beginning of Period Balance
Net Gains (Losses) Included in Net Income Net Gains (Losses) Included in Other Comprehensive Income (Loss)PurchasesSales
Principal Payments
Issuances Settlements
End of Period Balance
 Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period
2023             
Available-for-sale securities             
Obligations of state and political subdivisions$1 $—  $— $— $— $(1)$—  $— $— $—  
Total available-for-sale1 —  — — — (1)—  — — —  
Mortgage servicing rights3,755 (316)
(a)
— 5 (440)— 373 
(c)
— 3,377 (316)
(a)
Net derivative assets and liabilities(3,199)(2,696)
(b)
— 552 (45)— 1  3,502 (1,885)(183)
(d)
2022             
Available-for-sale securities             
Asset-backed securities$7 $—  $(3)$— $(4)$— $—  $— $— $—  
Obligations of state and political subdivisions1 —  — — — — —  — 1 —  
Total available-for-sale8 —  (3)— (4)— —  — 1 —  
Mortgage servicing rights2,953 311 
(a)
— 156 (255)— 590 
(c)
— 3,755 311 
(a)
Net derivative assets and liabilities799 (5,940)
(e)
— 716 (36)— 11  1,251 (3,199)(3,538)
(f)
2021             
Available-for-sale securities             
Asset-backed securities$7 $—  $1 $— $— $(1)$—  $— $7 $1  
Obligations of state and political subdivisions1 —  — — — — —  — 1 —  
Total available-for-sale8 —  1 — — (1)—  — 8 1  
Mortgage servicing rights2,210 (437)
(a)
— 42 2 — 1,136 
(c)
— 2,953 (437)
(a)
Net derivative assets and liabilities2,326 (924)
(g)
— 337 (3)— —  (937)799 (968)
(h)
(a)Included in mortgage banking revenue.
(b)Approximately $182 million, $(2.9) billion and $1 million included in mortgage banking revenue, commercial products revenue and other non-interest income, respectively.
(c)Represents MSRs capitalized during the period.
(d)Approximately $15 million, $(199) million and $1 million included in mortgage banking revenue, commercial products revenue and other non-interest income, respectively.
(e)Approximately $(141) million, $(5.6) billion and $(181) million included in mortgage banking revenue, commercial products revenue and other non-interest income, respectively.
(f)Approximately $5 million, $(3.4) billion and $(181) million included in mortgage banking revenue, commercial products revenue and other non-interest income, respectively.
(g)Approximately $666 million, $(1.6) billion and $5 million included in mortgage banking revenue, commercial products revenue and other non-interest income, respectively.
(h)Approximately $42 million, $(1.0) billion and $5 million included in mortgage banking revenue, commercial products revenue and other non-interest income, respectively.
Assets Measured at Fair Value on Nonrecurring Basis
The following table summarizes the balances as of the measurement date of assets measured at fair value on a nonrecurring basis, and still held as of December 31:
 20232022
(Dollars in Millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Loans(a)
$— $— $354 $354 $— $— $97 $97 
Other assets(b)
— — 27 27 — — 21 21 
(a)Represents the carrying value of loans for which adjustments were based on the fair value of the collateral, excluding loans fully charged-off.
(b)Primarily represents the fair value of foreclosed properties that were measured at fair value based on an appraisal or broker price opinion of the collateral subsequent to their initial acquisition.
Losses Recognized Related to Nonrecurring Fair Value Measurements
The following table summarizes losses recognized related to nonrecurring fair value measurements of individual assets or portfolios for the years ended December 31:
(Dollars in Millions)202320222021
Loans(a)
$368 $40 $60 
Other assets(b)
32 20 25 
(a)Represents write-downs of loans which were based on the fair value of the collateral, excluding loans fully charged-off.
(b)Primarily represents related losses of foreclosed properties that were measured at fair value subsequent to their initial acquisition.
Differences Between Aggregate Fair Value Carrying Amount of MLHFS for which Fair Value Option has been Elected and Aggregate Unpaid Principal Amount Contractually Obligated to Receive at Maturity
The following table summarizes the differences between the aggregate fair value carrying amount of the assets and liabilities for which the fair value option has been elected and the aggregate remaining contractual principal balance outstanding as of December 31:
 20232022
(Dollars in Millions)Fair Value Carrying AmountContractual Principal OutstandingCarrying Amount Over (Under) Contractual Principal OutstandingFair Value Carrying AmountContractual Principal OutstandingCarrying Amount Over (Under) Contractual Principal Outstanding
Total loans(a)
$2,011 $1,994 $17 $1,849 $1,848 $1 
Time deposits2,818 2,822 (4)— — — 
(a)Includes nonaccrual loans of $1 million carried at fair value with contractual principal outstanding of $1 million at December 31, 2023 and $1 million carried at fair value with contractual principal outstanding of $1 million at December 31, 2022. Includes loans 90 days or more past due of $4 million carried at fair value with contractual principal outstanding of $4 million at December 31, 2023 and $1 million carried at fair value with contractual principal outstanding of $1 million at December 31, 2022.
Estimated Fair Values of Financial Instruments
The estimated fair values of the Company’s financial instruments as of December 31, are shown in the table below:
 20232022
 
Carrying Amount
Fair Value
Carrying Amount
Fair Value
(Dollars in Millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
 
Financial Assets          
Cash and due from banks$61,192 $61,192 $— $— $61,192 $53,542 $53,542 $— $— $53,542 
Federal funds sold and securities purchased under resale agreements2,543 — 2,543 — 2,543 356 — 356 — 356 
Investment securities held-to-maturity84,045 1,310 72,778 — 74,088 88,740 1,293 76,581 — 77,874 
Loans held for sale(a)
190 — — 190 190 351 — — 351 351 
Loans366,456 — — 362,849 362,849 381,277 — — 368,874 368,874 
Other(b)
2,377 — 1,863 514 2,377 2,962 — 2,224 738 2,962 
Financial Liabilities          
Time deposits(c)
49,455 — 49,607 — 49,607 32,946 — 32,338 — 32,338 
Short-term borrowings(d)
12,976 — 12,729 — 12,729 29,527 — 29,145 — 29,145 
Long-term debt51,480 — 49,697 — 49,697 39,829 — 37,622 — 37,622 
Other(e)
5,432 — 1,406 4,026 5,432 5,137 — 1,500 3,637 5,137 
(a)Excludes mortgages held for sale for which the fair value option under applicable accounting guidance was elected.
(b)Includes investments in Federal Reserve Bank and Federal Home Loan Bank stock and tax-advantaged investments.
(c)Excludes time deposits for which the fair value option under applicable accounting guidance was elected.
(d)Excludes the Company’s obligation on securities sold short required to be accounted for at fair value per applicable accounting guidance.
(e)Includes operating lease liabilities and liabilities related to tax-advantaged investments.
v3.24.0.1
Guarantees and Contingent Liabilities (Tables)
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Contract or Notional Amounts of Unfunded Commitments to Extend Credit
The contract or notional amounts of unfunded commitments to extend credit at December 31, 2023, excluding those commitments considered derivatives, were as follows:
 Term 
(Dollars in Millions)
Less Than One Year
Greater Than One YearTotal
Commercial and commercial real estate loans$43,385 $137,155 $180,540 
Corporate and purchasing card loans(a)
34,943 — 34,943 
Residential mortgages114 — 114 
Retail credit card loans(a)
134,297 — 134,297 
Other retail loans15,616 27,430 43,046 
Other7,585 — 7,585 
(a)Primarily cancellable at the Company’s discretion.
Summary of Other Guarantees and Contingent Liabilities
The following table is a summary of other guarantees and contingent liabilities of the Company at December 31, 2023:
(Dollars in Millions)
Collateral Held
Carrying Amount
Maximum Potential Future Payments
Standby letters of credit$— $20 $10,999 
Third party borrowing arrangements— — 5 
Securities lending indemnifications6,924 — 6,679 
Asset sales— 106 10,263 
Merchant processing815 71 140,288 
Tender option bond program guarantee607 — 589 
Other— 21 2,696 
Contract or Notional Amount of Letters of Credit
The contract or notional amount of letters of credit at December 31, 2023, were as follows:
 Term 
(Dollars in Millions)
Less Than One Year
Greater Than One YearTotal
Standby$6,444 $4,555 $10,999 
Commercial559 59 618 
v3.24.0.1
Business Segments (Tables)
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Business Segment Results
Business segment results for the years ended December 31 were as follows:
Wealth, Corporate, Commercial and Institutional Banking
Consumer and Business Banking
Payment Services
(Dollars in Millions)202320222023202220232022
Condensed Income Statement
Net interest income (taxable-equivalent basis)$6,129 $5,213 $8,331 $6,764 $2,702 $2,504 
Noninterest income4,143 3,561 1,662 1,536 4,056 
(a)
3,794 
(a)
Total net revenue10,272 8,774 9,993 8,300 6,758 6,298 
Noninterest expense5,183 4,135 6,964 5,779 3,772 3,525 
Income (loss) before provision and income taxes5,089 4,639 3,029 2,521 2,986 2,773 
Provision for credit losses334 154 79 75 1,394 980 
Income (loss) before income taxes4,755 4,485 2,950 2,446 1,592 1,793 
Income taxes and taxable-equivalent adjustment1,190 1,122 738 612 398 449 
Net income (loss)3,565 3,363 2,212 1,834 1,194 1,344 
Net (income) loss attributable to noncontrolling interests— — — — — — 
Net income (loss) attributable to U.S. Bancorp$3,565 $3,363 $2,212 $1,834 $1,194 $1,344 
 
Average Balance Sheet
Loans$175,780 $150,512 $161,862 $144,441 $38,471 $34,627 
Other earning assets6,615 4,771 2,388 3,117 97 634 
Goodwill4,682 3,634 4,466 3,250 3,327 3,305 
Other intangible assets1,007 365 5,265 3,784 350 423 
Assets202,642 169,554 179,103 160,174 44,292 41,072 
Noninterest-bearing deposits70,977 82,671 31,082 31,719 2,981 3,410 
Interest-bearing deposits199,780 175,345 189,148 163,190 103 162 
Total deposits270,757 258,016 220,230 194,909 3,084 3,572 
Total U.S. Bancorp shareholders’ equity22,362 18,159 16,016 12,678 9,310 8,233 
 
 Treasury and Corporate SupportConsolidated Company
(Dollars in Millions)2023202220232022
Condensed Income Statement    
Net interest income (taxable-equivalent basis)$365 $365 $17,527 $14,846 
Noninterest income756 565 10,617 
(b)
9,456 
(b)
Total net revenue1,121 930 28,144 24,302 
Noninterest expense2,954 1,467 18,873 14,906 
Income (loss) before provision and income taxes(1,833)(537)9,271 9,396 
Provision for credit losses468 768 2,275 1,977 
Income (loss) before income taxes(2,301)(1,305)6,996 7,419 
Income taxes and taxable-equivalent adjustment(788)(602)1,538 1,581 
Net income (loss)(1,513)(703)5,458 5,838 
Net (income) loss attributable to noncontrolling interests(29)(13)(29)(13)
Net income (loss) attributable to U.S. Bancorp$(1,542)$(716)$5,429 $5,825 
 
Average Balance Sheet
Loans$5,162 $3,993 $381,275 $333,573 
Other earning assets214,824 203,248 223,924 211,770 
Goodwill— — 12,475 10,189 
Other intangible assets17 5 6,639 4,577 
Assets237,403 221,349 663,440 592,149 
Noninterest-bearing deposits2,728 2,594 107,768 120,394 
Interest-bearing deposits8,864 3,293 397,895 341,990 
Total deposits11,592 5,887 505,663 462,384 
Total U.S. Bancorp shareholders’ equity5,972 11,346 53,660 50,416 
(a)Presented net of related rewards and rebate costs and certain partner payments of $3.0 billion and $2.9 billion for 2023 and 2022, respectively.
(b)Includes revenue generated from certain contracts with customers of $8.8 billion and $8.0 billion for 2023 and 2022, respectively.
v3.24.0.1
U.S. Bancorp (Parent Company) (Tables)
 12 Months Ended
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract]  
Condensed Balance Sheet
Condensed Balance Sheet
At December 31 (Dollars in Millions)20232022
Assets  
Due from banks, principally interest-bearing$11,585 $5,288 
Available-for-sale investment securities662 672 
Investments in bank subsidiaries61,495 59,202 
Investments in nonbank subsidiaries3,884 3,575 
Advances to bank subsidiaries12,100 9,100 
Advances to nonbank subsidiaries159 150 
Other assets974 1,101 
Total assets$90,859 $79,088 
Liabilities and Shareholders’ Equity
Long-term debt$34,332 $26,983 
Other liabilities1,221 1,339 
Shareholders’ equity55,306 50,766 
Total liabilities and shareholders’ equity$90,859 $79,088 
Condensed Income Statement
Condensed Income Statement
Year Ended December 31 (Dollars in Millions)202320222021
Income   
Dividends from bank subsidiaries$4,869 $4,750 $7,000 
Dividends from nonbank subsidiaries11 105 2 
Interest from subsidiaries606 119 112 
Other income51 31 46 
Total income5,537 5,005 7,160 
Expense   
Interest expense1,336 505 348 
Other expense137 162 154 
Total expense1,473 667 502 
Income before income taxes and equity in undistributed income of subsidiaries4,064 4,338 6,658 
Applicable income taxes(170)(138)(53)
Income of parent company4,234 4,476 6,711 
Equity in undistributed income of subsidiaries1,195 1,349 1,252 
Net income attributable to U.S. Bancorp$5,429 $5,825 $7,963 
Condensed Statement of Cash Flows
Condensed Statement of Cash Flows
Year Ended December 31 (Dollars in Millions)202320222021
Operating Activities   
Net income attributable to U.S. Bancorp$5,429 $5,825 $7,963 
Adjustments to reconcile net income to net cash provided by operating activities   
Equity in undistributed income of subsidiaries(1,195)(1,349)(1,252)
Other, net83 (398)(85)
Net cash provided by operating activities4,317 4,078 6,626 
Investing Activities   
Proceeds from sales and maturities of investment securities25 423 200 
Investments in subsidiaries— (5,030)— 
Net (increase) decrease in short-term advances to subsidiaries(9)557 411 
Long-term advances to subsidiaries(7,500)(2,000)(7,000)
Principal collected on long-term advances to subsidiaries4,500 2,500 1,250 
Cash paid for acquisition— (5,500)— 
Other, net172 (173)(269)
Net cash used in investing activities(2,812)(9,223)(5,408)
Financing Activities   
Proceeds from issuance of long-term debt8,150 8,150 1,300 
Principal payments or redemption of long-term debt(936)(2,300)(3,000)
Proceeds from issuance of preferred stock— 437 2,221 
Proceeds from issuance of common stock951 21 43 
Repurchase of preferred stock— (1,100)(1,250)
Repurchase of common stock(62)(69)(1,555)
Cash dividends paid on preferred stock(341)(299)(308)
Cash dividends paid on common stock(2,970)(2,776)(2,579)
Net cash provided by (used in) financing activities4,792 2,064 (5,128)
Change in cash and due from banks6,297 (3,081)(3,910)
Cash and due from banks at beginning of year5,288 8,369 12,279 
Cash and due from banks at end of year$11,585 $5,288 $8,369 
v3.24.0.1
Significant Accounting Policies (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
portfolio_segment
loan_class
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Number of loan portfolio segments | portfolio_segment 2
Reasonable and supportable period for allowance for credit loss 3 years
Capitalized Software  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Intangible asset estimated useful life 5 years
Minimum | Capitalized Software  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Intangible asset estimated useful life 3 years
Maximum | Capitalized Software  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Intangible asset estimated useful life 7 years
Retail assets | Maximum  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Lessor lease terms 5 years
Buildings | Maximum  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Premises and equipment useful life 40 years
Furniture and equipment | Minimum  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Premises and equipment useful life 3 years
Furniture and equipment | Maximum  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Premises and equipment useful life 25 years
Pension Plans  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Unrealized difference between actual experience and expected returns on plan assets. recognition period for active participants 15 years
Unrealized difference between actual experience and expected returns on plan assets. recognition period for inactive participants 30 years
Credit card  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Loan modification amortization period 60 months
Commercial  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Number of loan portfolio classes 2
Loan threshold when individually evaluated for allowance calculation | $ $ 5
Threshold period to be placed on nonaccrual status 90 days
Consumer  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Number of loan portfolio classes 2
Loan modification amortization period 60 months
Consumer | Residential Mortgages and Other Retail Loans Secured by 1-4 Family Properties  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Threshold period for charge-off to fair value of collateral less costs to sell 180 days
Consumer | Residential Mortgages Loans and Junior Liens Secured by 1-4 Family Properties  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Threshold period to be placed on nonaccrual status 120 days
Consumer | First Lien  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Threshold period to be placed on nonaccrual status 180 days
Consumer | Credit card  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Threshold period past due for charge-off 180 days
Consumer | Other Retail Loans not Secured by 1-4 Family Properties  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Threshold period past due for charge-off 120 days
Consumer | Revolving Consumer Lines  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Threshold period past due for charge-off 180 days
v3.24.0.1
Business Combinations - Additional Information (Details)
shares in Millions
 1 Months Ended 12 Months Ended
Dec. 01, 2022
USD ($)
shares
Dec. 31, 2022
USD ($)
Dec. 31, 2023
USD ($)
branch
shares
Dec. 31, 2022
USD ($)
shares
Dec. 31, 2021
USD ($)
shares
Dec. 31, 2020
USD ($)
Business Acquisition [Line Items]            
Repayment of debt     $ 4,084,000,000 $ 6,926,000,000 $ 11,432,000,000  
Merger and integration charges     1,009,000,000 329,000,000 0  
Goodwill   $ 12,373,000,000 12,489,000,000 12,373,000,000 $ 10,262,000,000 $ 9,918,000,000
Goodwill deductible for tax purposes $ 0          
Financing receivable, allowance for credit loss   6,936,000,000 $ 7,379,000,000 $ 6,936,000,000    
MUFG Union Bank Branches | Disposal Group, Disposed of by Sale, Not Discontinued Operations            
Business Acquisition [Line Items]            
Number of branches divested | branch     3      
Deposits divested     $ 400,000,000      
Loans divested     $ 22,000,000      
Common Stock            
Business Acquisition [Line Items]            
Issuance of stock (in shares) | shares     28 48 5  
Common Stock | Affiliate of MUFG            
Business Acquisition [Line Items]            
Issuance of stock (in shares) | shares     24      
MUB            
Business Acquisition [Line Items]            
Cash portion of purchase price 5,500,000,000          
Target tangible book value 6,250,000,000          
Tangible book value 3,500,000,000          
Repayment of debt     $ 936,000,000      
Merger and integration charges     $ 1,000,000,000 $ 329,000,000    
Goodwill 2,323,000,000          
Acquired receivables fair value 52,932,000,000          
Acquired receivable unpaid principal balance 56,120,000,000          
Increase to provision for credit losses       $ 662,000,000    
MUB | PCD Loans            
Business Acquisition [Line Items]            
Financing receivable, allowance for credit loss 463,000,000          
Acquired receivables fair value 4,400,000,000          
Acquired receivable unpaid principal balance 5,100,000,000          
MUB | Non-PCD Loans            
Business Acquisition [Line Items]            
Acquired receivables fair value 48,500,000,000          
Acquired receivable unpaid principal balance $ 51,000,000,000          
Increase to provision for credit losses   $ 662,000,000        
MUB | Common Stock            
Business Acquisition [Line Items]            
Equity portion of purchase price (in shares) | shares 44          
v3.24.0.1
Business Combinations - Fair Value of the Identifiable Tangible and Intangible Assets and Liabilities (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 01, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Liabilities          
Goodwill   $ 12,489 $ 12,373 $ 10,262 $ 9,918
MUB          
Acquisition consideration          
Cash $ 5,500        
Market value of shares of common stock 2,014        
Total consideration transferred at acquisition close date 7,514        
Discounted liability to MUFG 2,944 $ 2,100 $ 2,900    
Total 10,458        
Assets          
Cash and due from banks 17,754        
Investment securities 22,725        
Loans held for sale 2,220        
Loans 53,395        
Less allowance for loan losses (463)        
Net loans 52,932        
Premises and equipment 646        
Other intangible assets (excluding goodwill) 2,808        
Other assets 4,764        
Total assets 103,849        
Liabilities          
Deposits 86,110        
Short-term borrowings 4,777        
Long-term debt 2,584        
Other liabilities 2,243        
Total liabilities 95,714        
Less: Net assets 8,135        
Goodwill 2,323        
Additional cash to be received $ 3,500        
v3.24.0.1
Business Combinations - Fair Value and Unpaid Principal Balance of the Loans (Details) - MUB
$ in Millions
Dec. 01, 2022
USD ($)
Business Acquisition [Line Items]  
Unpaid Principal Balance $ 56,120
Fair Value 52,932
Commercial | Commercial  
Business Acquisition [Line Items]  
Unpaid Principal Balance 11,771
Fair Value 11,366
Commercial | Commercial real estate  
Business Acquisition [Line Items]  
Unpaid Principal Balance 14,397
Fair Value 13,737
Consumer | Residential mortgages  
Business Acquisition [Line Items]  
Unpaid Principal Balance 28,256
Fair Value 26,247
Consumer | Credit card  
Business Acquisition [Line Items]  
Unpaid Principal Balance 299
Fair Value 212
Consumer | Other retail  
Business Acquisition [Line Items]  
Unpaid Principal Balance 1,397
Fair Value $ 1,370
v3.24.0.1
Business Combinations - Other Intangible Assets Acquired (Details) - MUB
$ in Millions
Dec. 01, 2022
USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]  
Fair Value $ 2,808
Mortgage servicing rights  
Acquired Finite-Lived Intangible Assets [Line Items]  
Fair Value $ 147
Core deposit benefits  
Acquired Finite-Lived Intangible Assets [Line Items]  
Weighted-Average Estimated Life 10 years
Fair Value $ 2,635
Other  
Acquired Finite-Lived Intangible Assets [Line Items]  
Weighted-Average Estimated Life 11 years
Fair Value $ 26
v3.24.0.1
Business Combinations - Financial Results Included in the Consolidated Statement of Income (Details) - MUB
$ in Millions
 1 Months Ended
Dec. 31, 2022
USD ($)
Business Acquisition [Line Items]  
Net interest income $ 255
Noninterest income (38)
Net income (loss) $ (562)
v3.24.0.1
Business Combinations - Pro Forma Information (Details) - MUB - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Business Acquisition Pro Forma Information [Line Items]    
Net interest income $ 17,541 $ 14,958
Noninterest income 10,068 11,071
Net income $ 7,184 $ 7,187
v3.24.0.1
Business Combinations - Purchase Price of PCD Loans Acquired (Details) - MUB - PCD Loans
$ in Millions
Dec. 01, 2022
USD ($)
Business Acquisition [Line Items]  
Principal balance $ 5,097
Allowance for credit losses at acquisition (463)
Non-credit discount (213)
Purchase price $ 4,421
v3.24.0.1
Restrictions on Cash and Due from Banks (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Cash and Cash Equivalents [Abstract]    
Minimum Average Reserve Balances Required By Banking Regulators $ 53 $ 45
Balances held at the central banks and other financial institutions $ 49,500 $ 41,600
v3.24.0.1
Investment Securities - Held-to-Maturity Securities (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Schedule of Held-to-Maturity Securities [Line Items]    
Amortized Cost $ 84,045 $ 88,740
Unrealized Gains 12 3
Unrealized Losses (9,969) (10,869)
Fair Value 74,088 77,874
U.S. Treasury and agencies    
Schedule of Held-to-Maturity Securities [Line Items]    
Amortized Cost 1,345 1,344
Unrealized Gains 0 0
Unrealized Losses (35) (51)
Fair Value 1,310 1,293
Residential mortgage-backed securities | Agency    
Schedule of Held-to-Maturity Securities [Line Items]    
Amortized Cost 80,997 85,693
Unrealized Gains 6 2
Unrealized Losses (9,929) (10,810)
Fair Value 71,074 74,885
Commercial mortgage-backed securities | Agency    
Schedule of Held-to-Maturity Securities [Line Items]    
Amortized Cost 1,695 1,703
Unrealized Gains 6 1
Unrealized Losses (5) (8)
Fair Value 1,696 1,696
Other    
Schedule of Held-to-Maturity Securities [Line Items]    
Amortized Cost 8 0
Unrealized Gains 0 0
Unrealized Losses 0 0
Fair Value $ 8 $ 0
v3.24.0.1
Investment Securities - Available-For-Sale Securities (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost $ 76,602 $ 81,450
Unrealized Gains 173 26
Unrealized Losses (7,069) (8,566)
Fair Value [1] 69,706 72,910
Portfolio level basis adjustments, Amortized Cost 335  
Portfolio level basis adjustments, Unrealized Losses (335)  
U.S. Treasury and agencies    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 21,768 24,801
Unrealized Gains 8 1
Unrealized Losses (2,234) (2,769)
Fair Value 19,542 22,033
Residential mortgage-backed securities | Agency    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 28,185 32,060
Unrealized Gains 104 8
Unrealized Losses (2,211) (2,797)
Fair Value 26,078 29,271
Commercial mortgage-backed securities | Agency    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 8,703 8,736
Unrealized Gains 0 0
Unrealized Losses (1,360) (1,591)
Fair Value 7,343 7,145
Commercial mortgage-backed securities | Non-agency    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 7 7
Unrealized Gains 0 0
Unrealized Losses (1) 0
Fair Value 6 7
Asset-backed securities    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 6,713 4,356
Unrealized Gains 25 5
Unrealized Losses (14) (38)
Fair Value 6,724 4,323
Obligations of state and political subdivisions    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 10,867 11,484
Unrealized Gains 36 12
Unrealized Losses (914) (1,371)
Fair Value 9,989 10,125
Other    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 24 6
Unrealized Gains 0 0
Unrealized Losses 0 0
Fair Value 24 6
Excluding portfolio level basis adjustments    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 76,267 81,450
Unrealized Gains 173 26
Unrealized Losses (6,734) (8,566)
Fair Value $ 69,706 $ 72,910
[1] Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral.
v3.24.0.1
Investment Securities - Additional Information (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Debt Securities, Available-for-Sale [Line Items]    
Available-for-sale securities [1] $ 69,706 $ 72,910
Allowance for credit loss on held-to-maturity securities 0  
Asset Pledged as Collateral    
Debt Securities, Available-for-Sale [Line Items]    
Available-for-sale securities 20,500 15,300
Asset Pledged as Collateral with Right    
Debt Securities, Available-for-Sale [Line Items]    
Available-for-sale securities $ 338 $ 858
[1] Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral.
v3.24.0.1
Investment Securities - Interest Income from Taxable and Non-Taxable Investment Securities (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]      
Taxable $ 4,171 $ 3,081 $ 2,103
Non-taxable 314 297 262
Total interest income from investment securities $ 4,485 $ 3,378 $ 2,365
v3.24.0.1
Investment Securities - Gross Gains and Losses Realized through Sales of Available-for-Sale Investment Securities (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]      
Realized gains $ 74 $ 163 $ 122
Realized losses (219) (143) (19)
Net realized gains (losses) (145) 20 103
Income tax expense (benefit) on net realized gains (losses) $ (37) $ 5 $ 26
v3.24.0.1
Investment Securities - Gross Unrealized Losses and Fair Value of Investment Securities (Details)
$ in Millions
Dec. 31, 2023
USD ($)
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]  
Less Than 12 Months, Fair Value $ 4,172
Less Than 12 Months, Unrealized Losses (28)
12 Months or Greater, Fair Value 53,443
12 Months or Greater, Unrealized Losses (6,706)
Total, Fair Value 57,615
Total, Unrealized Losses (6,734)
U.S. Treasury and agencies  
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]  
Less Than 12 Months, Fair Value 874
Less Than 12 Months, Unrealized Losses (3)
12 Months or Greater, Fair Value 17,270
12 Months or Greater, Unrealized Losses (2,231)
Total, Fair Value 18,144
Total, Unrealized Losses (2,234)
Residential mortgage-backed securities  
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]  
Less Than 12 Months, Fair Value 519
Less Than 12 Months, Unrealized Losses (8)
12 Months or Greater, Fair Value 21,356
12 Months or Greater, Unrealized Losses (2,203)
Total, Fair Value 21,875
Total, Unrealized Losses (2,211)
Commercial mortgage-backed securities | Agency  
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]  
Less Than 12 Months, Fair Value 0
Less Than 12 Months, Unrealized Losses 0
12 Months or Greater, Fair Value 7,343
12 Months or Greater, Unrealized Losses (1,360)
Total, Fair Value 7,343
Total, Unrealized Losses (1,360)
Commercial mortgage-backed securities | Non-agency  
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]  
Less Than 12 Months, Fair Value 0
Less Than 12 Months, Unrealized Losses 0
12 Months or Greater, Fair Value 6
12 Months or Greater, Unrealized Losses (1)
Total, Fair Value 6
Total, Unrealized Losses (1)
Asset-backed securities  
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]  
Less Than 12 Months, Fair Value 2,235
Less Than 12 Months, Unrealized Losses (14)
12 Months or Greater, Fair Value 0
12 Months or Greater, Unrealized Losses 0
Total, Fair Value 2,235
Total, Unrealized Losses (14)
Obligations of state and political subdivisions  
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]  
Less Than 12 Months, Fair Value 544
Less Than 12 Months, Unrealized Losses (3)
12 Months or Greater, Fair Value 7,464
12 Months or Greater, Unrealized Losses (911)
Total, Fair Value 8,008
Total, Unrealized Losses (914)
Other  
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]  
Less Than 12 Months, Fair Value 0
Less Than 12 Months, Unrealized Losses 0
12 Months or Greater, Fair Value 4
12 Months or Greater, Unrealized Losses 0
Total, Fair Value 4
Total, Unrealized Losses $ 0
v3.24.0.1
Investment Securities - Amortized Cost, Fair Value and Yield by Maturity Date (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Amortized Cost      
Amortized Cost $ 84,045 $ 88,740  
Fair Value      
Fair Value $ 74,088 $ 77,874  
Weighted- Average Maturity in Years      
Total 8 years 8 months 12 days    
Weighted- Average Yield      
Total 2.22% 2.18%  
Weighted average maturity of total held to maturity investment securities   9 years 2 months 12 days  
Amortized Cost      
Amortized Cost $ 76,267    
Fair Value      
Fair Value [1] $ 69,706 $ 72,910  
Weighted- Average Maturity in Years      
Total 6 years 3 months 18 days 7 years 4 months 24 days  
Weighted- Average Yield      
Total 3.12% 2.94%  
Federal statutory rate 21.00% 21.00% 21.00%
Portfolio basis adjustments excluded from amortized cost $ 335    
U.S. Treasury and agencies      
Amortized Cost      
Maturing in one year or less 50    
Maturing after one year through five years 1,295    
Maturing after five years through ten years 0    
Maturing after ten years 0    
Amortized Cost 1,345 $ 1,344  
Fair Value      
Maturing in one year or less 50    
Maturing after one year through five years 1,260    
Maturing after five years through ten years 0    
Maturing after ten years 0    
Fair Value $ 1,310 1,293  
Weighted- Average Maturity in Years      
Maturing in one year or less 3 months 18 days    
Maturing after one year through five years 2 years 4 months 24 days    
Total 2 years 3 months 18 days    
Weighted- Average Yield      
Maturing in one year or less 2.67%    
Maturing after one year through five years 2.85%    
Maturing after five years through ten years 0.00%    
Maturing after ten years 0.00%    
Total 2.85%    
Amortized Cost      
Maturing in one year or less $ 9    
Maturing after one year through five years 8,882    
Maturing after five years through ten years 11,165    
Maturing after ten years 1,712    
Amortized Cost 21,768    
Fair Value      
Maturing in one year or less 9    
Maturing after one year through five years 8,378    
Maturing after five years through ten years 9,827    
Maturing after ten years 1,328    
Fair Value $ 19,542 22,033  
Weighted- Average Maturity in Years      
Maturing in one year or less 3 months 18 days    
Maturing after one year through five years 3 years 8 months 12 days    
Maturing after five years through ten years 6 years 9 months 18 days    
Maturing after ten years 10 years 9 months 18 days    
Total 5 years 10 months 24 days    
Weighted- Average Yield      
Maturing in one year or less 5.28%    
Maturing after one year through five years 2.35%    
Maturing after five years through ten years 2.08%    
Maturing after ten years 2.02%    
Total 2.19%    
Mortgage-backed securities      
Amortized Cost      
Maturing in one year or less $ 22    
Maturing after one year through five years 1,268    
Maturing after five years through ten years 75,984    
Maturing after ten years 5,418    
Amortized Cost 82,692    
Fair Value      
Maturing in one year or less 22    
Maturing after one year through five years 1,266    
Maturing after five years through ten years 67,094    
Maturing after ten years 4,388    
Fair Value $ 72,770    
Weighted- Average Maturity in Years      
Maturing in one year or less 8 months 12 days    
Maturing after one year through five years 2 years 6 months    
Maturing after five years through ten years 8 years 9 months 18 days    
Maturing after ten years 10 years 2 months 12 days    
Total 8 years 9 months 18 days    
Weighted- Average Yield      
Maturing in one year or less 4.43%    
Maturing after one year through five years 4.52%    
Maturing after five years through ten years 2.19%    
Maturing after ten years 1.91%    
Total 2.21%    
Amortized Cost      
Maturing in one year or less $ 83    
Maturing after one year through five years 11,196    
Maturing after five years through ten years 24,455    
Maturing after ten years 1,161    
Amortized Cost 36,895    
Fair Value      
Maturing in one year or less 81    
Maturing after one year through five years 10,860    
Maturing after five years through ten years 21,483    
Maturing after ten years 1,003    
Fair Value $ 33,427    
Weighted- Average Maturity in Years      
Maturing in one year or less 9 months 18 days    
Maturing after one year through five years 3 years 6 months    
Maturing after five years through ten years 7 years 3 months 18 days    
Maturing after ten years 10 years 10 months 24 days    
Total 6 years 3 months 18 days    
Weighted- Average Yield      
Maturing in one year or less 2.26%    
Maturing after one year through five years 3.80%    
Maturing after five years through ten years 2.76%    
Maturing after ten years 3.43%    
Total 3.09%    
Asset-backed securities      
Amortized Cost      
Maturing in one year or less $ 0    
Maturing after one year through five years 5,834    
Maturing after five years through ten years 879    
Maturing after ten years 0    
Amortized Cost 6,713    
Fair Value      
Maturing in one year or less 0    
Maturing after one year through five years 5,844    
Maturing after five years through ten years 880    
Maturing after ten years 0    
Fair Value $ 6,724 4,323  
Weighted- Average Maturity in Years      
Maturing after one year through five years 1 year 8 months 12 days    
Maturing after five years through ten years 5 years 9 months 18 days    
Total 2 years 2 months 12 days    
Weighted- Average Yield      
Maturing in one year or less 0.00%    
Maturing after one year through five years 5.05%    
Maturing after five years through ten years 7.15%    
Maturing after ten years 0.00%    
Total 5.33%    
Obligations of state and political subdivisions      
Amortized Cost      
Maturing in one year or less $ 225    
Maturing after one year through five years 3,546    
Maturing after five years through ten years 1,453    
Maturing after ten years 5,643    
Amortized Cost 10,867    
Fair Value      
Maturing in one year or less 225    
Maturing after one year through five years 3,536    
Maturing after five years through ten years 1,414    
Maturing after ten years 4,814    
Fair Value $ 9,989 10,125  
Weighted- Average Maturity in Years      
Maturing in one year or less 4 months 24 days    
Maturing after one year through five years 3 years    
Maturing after five years through ten years 7 years 3 months 18 days    
Maturing after ten years 15 years 3 months 18 days    
Total 9 years 10 months 24 days    
Weighted- Average Yield      
Maturing in one year or less 5.52%    
Maturing after one year through five years 4.55%    
Maturing after five years through ten years 3.86%    
Maturing after ten years 3.14%    
Total 3.75%    
Other      
Amortized Cost      
Maturing in one year or less $ 0    
Maturing after one year through five years 8    
Maturing after five years through ten years 0    
Maturing after ten years 0    
Amortized Cost 8 0  
Fair Value      
Maturing in one year or less 0    
Maturing after one year through five years 8    
Maturing after five years through ten years 0    
Maturing after ten years 0    
Fair Value $ 8 0  
Weighted- Average Maturity in Years      
Maturing after one year through five years 2 years 9 months 18 days    
Total 2 years 9 months 18 days    
Weighted- Average Yield      
Maturing in one year or less 0.00%    
Maturing after one year through five years 2.56%    
Maturing after five years through ten years 0.00%    
Maturing after ten years 0.00%    
Total 2.56%    
Amortized Cost      
Maturing in one year or less $ 0    
Maturing after one year through five years 24    
Maturing after five years through ten years 0    
Maturing after ten years 0    
Amortized Cost 24    
Fair Value      
Maturing in one year or less 0    
Maturing after one year through five years 24    
Maturing after five years through ten years 0    
Maturing after ten years 0    
Fair Value $ 24 $ 6  
Weighted- Average Maturity in Years      
Maturing after one year through five years 1 year 8 months 12 days    
Total 1 year 8 months 12 days    
Weighted- Average Yield      
Maturing in one year or less 0.00%    
Maturing after one year through five years 4.51%    
Maturing after five years through ten years 0.00%    
Maturing after ten years 0.00%    
Total 4.51%    
[1] Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral.
v3.24.0.1
Loans and Allowance for Credit Losses - Composition of Loan Portfolio (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans $ 373,835 $ 388,213
Commercial | Total commercial    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans 131,881 135,690
Commercial | Commercial    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans 127,676 131,128
Commercial | Lease financing    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans 4,205 4,562
Commercial | Total commercial real estate    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans 53,455 55,487
Commercial | Commercial mortgages    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans 41,934 43,765
Commercial | Construction and development    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans 11,521 11,722
Consumer | Total residential mortgages    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans 115,530 115,845
Consumer | Residential mortgages    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans 108,605 107,858
Consumer | Home equity loans, first liens    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans 6,925 7,987
Consumer | Credit card    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans 28,560 26,295
Consumer | Total other retail    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans 44,409 54,896
Consumer | Retail leasing    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans 4,135 5,519
Consumer | Home equity and second mortgages    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans 13,056 12,863
Consumer | Revolving credit    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans 3,668 3,983
Consumer | Installment    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans 13,889 14,592
Consumer | Automobile    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans $ 9,661 $ 17,939
v3.24.0.1
Loans and Allowance for Credit Losses - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans pledged at the Federal Home Loan Bank $ 366,456 $ 381,277
Loans pledged at the Federal Reserve Bank 82,800 85,800
Net unearned interest and deferred fees and costs on originated loans and unamortized premiums and discounts on purchased loans 2,700 3,100
Non-performing assets 1,500 1,000
Nonperforming loans 1,400 972
Non-performing OREO 26 23
Non-performing assets other 19 21
Foreclosed residential real estate property included in OREO 26 23
Foreclosed residential real estate related to mortgage loans whose payments are insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs 47 54
Residential mortgage loans secured by residential real estate in process of foreclosure 728 1,100
Outstanding balance of loans in trial period 39  
Commitments to lend 283  
GNMA loans upon foreclosure    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Residential mortgage loans secured by residential real estate in process of foreclosure 487 830
Federal Home Loan Bank    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans pledged at the Federal Home Loan Bank $ 123,100 $ 134,600
v3.24.0.1
Loans and Allowance for Credit Losses - Activity in Allowance for Credit Losses (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Balance at beginning of period $ 7,404 $ 6,155 $ 8,010
Add      
Allowance for acquired credit losses 127 336  
Provision for credit losses 2,275 1,977 (1,173)
Deduct      
Loans charged-off 2,291 1,500 1,208
Less recoveries of loans charged-off (386) (437) (526)
Net loan charge-offs (recoveries) 1,905 1,063 682
Other Changes   (1)  
Balance at end of period 7,839 7,404 6,155
MUB      
Deduct      
Loans charged-off   179  
Provision for credit losses related to loans acquired   662  
Change in accounting principle      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Balance at beginning of period (62)    
Deduct      
Balance at end of period   (62)  
Commercial | Commercial      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Balance at beginning of period 2,163 1,849 2,423
Add      
Allowance for acquired credit losses 0 163  
Provision for credit losses 270 378 (471)
Deduct      
Loans charged-off 389 319 222
Less recoveries of loans charged-off (75) (92) (119)
Net loan charge-offs (recoveries) 314 227 103
Other Changes   0  
Balance at end of period 2,119 2,163 1,849
Commercial | Commercial | Change in accounting principle      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Balance at beginning of period 0    
Deduct      
Balance at end of period   0  
Commercial | Commercial real estate      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Balance at beginning of period 1,325 1,123 1,544
Add      
Allowance for acquired credit losses 127 87  
Provision for credit losses 431 152 (419)
Deduct      
Loans charged-off 281 54 29
Less recoveries of loans charged-off (18) (17) (27)
Net loan charge-offs (recoveries) 263 37 2
Other Changes   0  
Balance at end of period 1,620 1,325 1,123
Commercial | Commercial real estate | Change in accounting principle      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Balance at beginning of period 0    
Deduct      
Balance at end of period   0  
Consumer | Residential mortgages      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Balance at beginning of period 926 565 573
Add      
Allowance for acquired credit losses 0 36  
Provision for credit losses 41 302 (40)
Deduct      
Loans charged-off 129 13 18
Less recoveries of loans charged-off (20) (36) (50)
Net loan charge-offs (recoveries) 109 (23) (32)
Other Changes   0  
Balance at end of period 827 926 565
Consumer | Residential mortgages | Change in accounting principle      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Balance at beginning of period (31)    
Deduct      
Balance at end of period   (31)  
Consumer | Credit card      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Balance at beginning of period 2,020 1,673 2,355
Add      
Allowance for acquired credit losses 0 45  
Provision for credit losses 1,259 826 (170)
Deduct      
Loans charged-off 1,014 696 686
Less recoveries of loans charged-off (165) (172) (174)
Net loan charge-offs (recoveries) 849 524 512
Other Changes   0  
Balance at end of period 2,403 2,020 1,673
Consumer | Credit card | Change in accounting principle      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Balance at beginning of period (27)    
Deduct      
Balance at end of period   (27)  
Consumer | Other retail      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Balance at beginning of period 970 945 1,115
Add      
Allowance for acquired credit losses 0 5  
Provision for credit losses 274 319 (73)
Deduct      
Loans charged-off 478 418 253
Less recoveries of loans charged-off (108) (120) (156)
Net loan charge-offs (recoveries) 370 298 97
Other Changes   (1)  
Balance at end of period 870 970 $ 945
Consumer | Other retail | Change in accounting principle      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Balance at beginning of period $ (4)    
Deduct      
Balance at end of period   $ (4)  
v3.24.0.1
Loans and Allowance for Credit Losses - Loans Charged-off (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Financing Receivable, Credit Quality Indicator [Line Items]      
Originated in 2023 $ 168    
Originated in 2022 282    
Originated in 2021 188    
Originated in 2020 65    
Originated in 2019 65    
Originated prior to 2019 238    
Revolving 1,257    
Revolving converted to term 28    
Total charge-offs 2,291 $ 1,500 $ 1,208
Commercial | Commercial      
Financing Receivable, Credit Quality Indicator [Line Items]      
Originated in 2023 48    
Originated in 2022 63    
Originated in 2021 30    
Originated in 2020 17    
Originated in 2019 15    
Originated prior to 2019 53    
Revolving 163    
Revolving converted to term 0    
Total charge-offs 389 319 222
Commercial | Commercial real estate      
Financing Receivable, Credit Quality Indicator [Line Items]      
Originated in 2023 63    
Originated in 2022 88    
Originated in 2021 69    
Originated in 2020 2    
Originated in 2019 3    
Originated prior to 2019 56    
Revolving 0    
Revolving converted to term 0    
Total charge-offs 281 54 29
Charge-offs related to uncollectible amounts on acquired loans 91    
Consumer | Residential mortgages      
Financing Receivable, Credit Quality Indicator [Line Items]      
Originated in 2023 0    
Originated in 2022 1    
Originated in 2021 6    
Originated in 2020 8    
Originated in 2019 16    
Originated prior to 2019 98    
Revolving 0    
Revolving converted to term 0    
Total charge-offs 129 13 18
Charge-offs related to balance sheet repositioning and capital management actions 117    
Consumer | Credit card      
Financing Receivable, Credit Quality Indicator [Line Items]      
Originated in 2023 0    
Originated in 2022 0    
Originated in 2021 0    
Originated in 2020 0    
Originated in 2019 0    
Originated prior to 2019 0    
Revolving 1,014    
Revolving converted to term 0    
Total charge-offs 1,014 696 686
Consumer | Other retail      
Financing Receivable, Credit Quality Indicator [Line Items]      
Originated in 2023 57    
Originated in 2022 130    
Originated in 2021 83    
Originated in 2020 38    
Originated in 2019 31    
Originated prior to 2019 31    
Revolving 80    
Revolving converted to term 28    
Total charge-offs 478 $ 418 $ 253
Charge-offs related to balance sheet repositioning and capital management actions $ 192    
v3.24.0.1
Loans and Allowance for Credit Losses - Loans by Portfolio Class, Including Delinquency Status (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans $ 373,835 $ 388,213
Interest income on nonperforming loans 22 19
Interest income on nonperforming loans if based on original contractual terms 49 34
Nonperforming    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans 1,449 972
Current    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans 370,316 385,520
30-89 Days Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans 1,372 1,230
90 Days or More Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans 698 491
Commercial | Commercial    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans 131,881 135,690
Commercial | Commercial | Nonperforming    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans 376 169
Commercial | Commercial | Current    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans 130,925 135,077
Commercial | Commercial | 30-89 Days Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans 464 350
Commercial | Commercial | 90 Days or More Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans 116 94
Commercial | Commercial real estate    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans 53,455 55,487
Commercial | Commercial real estate | Nonperforming    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans 777 338
Commercial | Commercial real estate | Current    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans 52,619 55,057
Commercial | Commercial real estate | 30-89 Days Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans 55 87
Commercial | Commercial real estate | 90 Days or More Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans 4 5
Consumer | Residential mortgages    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans 115,530 115,845
Consumer | Residential mortgages | Loans purchased from GNMA mortgage pools    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Loans 30-89 days past due purchased from GNMA mortgage pools, classified as current 595 647
Loans 90 days or more past due purchased from GNMA mortgage pools, classified as current 2,000 2,200
Consumer | Residential mortgages | Nonperforming    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans 158 325
Consumer | Residential mortgages | Current    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans 115,067 115,224
Consumer | Residential mortgages | 30-89 Days Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans 169 201
Consumer | Residential mortgages | 90 Days or More Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans 136 95
Consumer | Credit card    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans 28,560 26,295
Consumer | Credit card | Nonperforming    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans 0 1
Consumer | Credit card | Current    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans 27,779 25,780
Consumer | Credit card | 30-89 Days Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans 406 283
Consumer | Credit card | 90 Days or More Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans 375 231
Consumer | Other retail    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans 44,409 54,896
Consumer | Other retail | Nonperforming    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans 138 139
Consumer | Other retail | Current    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans 43,926 54,382
Consumer | Other retail | 30-89 Days Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans 278 309
Consumer | Other retail | 90 Days or More Past Due    
Financing Receivable, Recorded Investment, Past Due [Line Items]    
Total loans $ 67 $ 66
v3.24.0.1
Loans and Allowance for Credit Losses - Loans by Portfolio Class and Internal Credit Quality Rating (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Loans by origination year    
Total loans $ 373,835 $ 388,213
Total outstanding commitments 778,392 780,670
Modified loans 3,726  
Loans purchased from GNMA mortgage pools    
Loans by origination year    
Modified loans 1,839  
Pass    
Loans by origination year    
Total loans 361,687 382,382
Total outstanding commitments 762,869 772,804
Total Criticized    
Loans by origination year    
Total loans 12,148 5,831
Total outstanding commitments 15,523 7,866
Special Mention    
Loans by origination year    
Total loans 3,564 1,794
Total outstanding commitments 5,053 2,825
Classified    
Loans by origination year    
Total loans 8,584 4,037
Total outstanding commitments 10,470 5,041
Residential mortgages | Pass | Loans purchased from GNMA mortgage pools    
Loans by origination year    
Loans 90 days or more past due 2,000 2,200
Modified loans 1,200 1,000
Commercial | Commercial    
Loans by origination year    
Originated in 2023/ 2022 44,706 61,789
Originated in 2022/2021 40,982 26,648
Originated in 2021/2020 9,490 7,255
Originated in 2020/2019 3,332 4,223
Originated in 2019 1,461  
Originated prior to 2019 4,081  
Originated prior to 2019   9,179
Revolving 27,829 26,596
Total loans 131,881 135,690
Modified loans 365  
Commercial | Commercial | Pass    
Loans by origination year    
Originated in 2023/ 2022 43,023 61,229
Originated in 2022/2021 40,076 26,411
Originated in 2021/2020 9,219 7,049
Originated in 2020/2019 3,169 3,962
Originated in 2019 1,340  
Originated prior to 2019 3,963  
Originated prior to 2019   8,986
Revolving 26,213 25,888
Total loans 127,003 133,525
Commercial | Commercial | Total Criticized    
Loans by origination year    
Originated in 2023/ 2022 1,683 560
Originated in 2022/2021 906 237
Originated in 2021/2020 271 206
Originated in 2020/2019 163 261
Originated in 2019 121  
Originated prior to 2019 118  
Originated prior to 2019   193
Revolving 1,616 708
Total loans 4,878 2,165
Commercial | Commercial | Special Mention    
Loans by origination year    
Originated in 2023/ 2022 827 245
Originated in 2022/2021 274 159
Originated in 2021/2020 117 68
Originated in 2020/2019 92 51
Originated in 2019 18  
Originated prior to 2019 12  
Originated prior to 2019   64
Revolving 362 344
Total loans 1,702 931
Commercial | Commercial | Classified    
Loans by origination year    
Originated in 2023/ 2022 856 315
Originated in 2022/2021 632 78
Originated in 2021/2020 154 138
Originated in 2020/2019 71 210
Originated in 2019 103  
Originated prior to 2019 106  
Originated prior to 2019   129
Revolving 1,254 364
Total loans 3,176 1,234
Commercial | Commercial real estate    
Loans by origination year    
Originated in 2023/ 2022 11,519 15,252
Originated in 2022/2021 13,354 13,835
Originated in 2021/2020 10,120 6,703
Originated in 2020/2019 3,935 7,546
Originated in 2019 5,444  
Originated prior to 2019 6,392  
Originated prior to 2019   10,652
Revolving 2,689 1,499
Revolving converted to term 2 0
Total loans 53,455 55,487
Modified loans 717  
Commercial | Commercial real estate | Pass    
Loans by origination year    
Originated in 2023/ 2022 8,848 14,527
Originated in 2022/2021 11,831 13,565
Originated in 2021/2020 9,235 6,489
Originated in 2020/2019 3,797 6,991
Originated in 2019 4,749  
Originated prior to 2019 6,010  
Originated prior to 2019   9,639
Revolving 2,613 1,489
Revolving converted to term 2 0
Total loans 47,085 52,700
Commercial | Commercial real estate | Total Criticized    
Loans by origination year    
Originated in 2023/ 2022 2,671 725
Originated in 2022/2021 1,523 270
Originated in 2021/2020 885 214
Originated in 2020/2019 138 555
Originated in 2019 695  
Originated prior to 2019 382  
Originated prior to 2019   1,013
Revolving 76 10
Revolving converted to term 0 0
Total loans 6,370 2,787
Commercial | Commercial real estate | Special Mention    
Loans by origination year    
Originated in 2023/ 2022 465 206
Originated in 2022/2021 382 171
Originated in 2021/2020 500 97
Originated in 2020/2019 51 251
Originated in 2019 336  
Originated prior to 2019 122  
Originated prior to 2019   138
Revolving 6 0
Revolving converted to term 0 0
Total loans 1,862 863
Commercial | Commercial real estate | Classified    
Loans by origination year    
Originated in 2023/ 2022 2,206 519
Originated in 2022/2021 1,141 99
Originated in 2021/2020 385 117
Originated in 2020/2019 87 304
Originated in 2019 359  
Originated prior to 2019 260  
Originated prior to 2019   875
Revolving 70 10
Revolving converted to term 0 0
Total loans 4,508 1,924
Consumer | Residential mortgages    
Loans by origination year    
Originated in 2023/ 2022 9,739 28,452
Originated in 2022/2021 29,163 39,534
Originated in 2021/2020 36,381 16,564
Originated in 2020/2019 14,782 7,240
Originated in 2019 5,892  
Originated prior to 2019 19,572  
Originated prior to 2019   24,055
Revolving 1 0
Total loans 115,530 115,845
Modified loans 280  
Consumer | Residential mortgages | Pass    
Loans by origination year    
Originated in 2023/ 2022 9,734 28,452
Originated in 2022/2021 29,146 39,527
Originated in 2021/2020 36,365 16,556
Originated in 2020/2019 14,773 7,222
Originated in 2019 5,876  
Originated prior to 2019 19,326  
Originated prior to 2019   23,658
Revolving 1 0
Total loans 115,221 115,415
Consumer | Residential mortgages | Total Criticized    
Loans by origination year    
Originated in 2023/ 2022 5 0
Originated in 2022/2021 17 7
Originated in 2021/2020 16 8
Originated in 2020/2019 9 18
Originated in 2019 16  
Originated prior to 2019 246  
Originated prior to 2019   397
Revolving 0 0
Total loans 309 430
Consumer | Residential mortgages | Special Mention    
Loans by origination year    
Originated in 2023/ 2022 0 0
Originated in 2022/2021 0 0
Originated in 2021/2020 0 0
Originated in 2020/2019 0 0
Originated in 2019 0  
Originated prior to 2019 0  
Originated prior to 2019   0
Revolving 0 0
Total loans 0 0
Consumer | Residential mortgages | Classified    
Loans by origination year    
Originated in 2023/ 2022 5 0
Originated in 2022/2021 17 7
Originated in 2021/2020 16 8
Originated in 2020/2019 9 18
Originated in 2019 16  
Originated prior to 2019 246  
Originated prior to 2019   397
Revolving 0 0
Total loans 309 430
Consumer | Credit card    
Loans by origination year    
Total loans 28,560 26,295
Modified loans 350  
Consumer | Credit card | Pass    
Loans by origination year    
Total loans 28,185 26,063
Consumer | Credit card | Total Criticized    
Loans by origination year    
Total loans 375 232
Consumer | Credit card | Special Mention    
Loans by origination year    
Total loans 0 0
Consumer | Credit card | Classified    
Loans by origination year    
Total loans 375 232
Consumer | Other retail    
Loans by origination year    
Originated in 2023/ 2022 5,188 9,569
Originated in 2022/2021 5,619 15,364
Originated in 2021/2020 10,413 7,839
Originated in 2020/2019 4,550 3,431
Originated in 2019 1,800  
Originated prior to 2019 2,228  
Originated prior to 2019   3,720
Revolving 13,824 14,127
Revolving converted to term 787 846
Total loans 44,409 54,896
Modified loans 175  
Consumer | Other retail | Pass    
Loans by origination year    
Originated in 2023/ 2022 5,184 9,563
Originated in 2022/2021 5,607 15,352
Originated in 2021/2020 10,398 7,828
Originated in 2020/2019 4,541 3,418
Originated in 2019 1,793  
Originated prior to 2019 2,215  
Originated prior to 2019   3,689
Revolving 13,720 14,029
Revolving converted to term 735 800
Total loans 44,193 54,679
Consumer | Other retail | Total Criticized    
Loans by origination year    
Originated in 2023/ 2022 4 6
Originated in 2022/2021 12 12
Originated in 2021/2020 15 11
Originated in 2020/2019 9 13
Originated in 2019 7  
Originated prior to 2019 13  
Originated prior to 2019   31
Revolving 104 98
Revolving converted to term 52 46
Total loans 216 217
Consumer | Other retail | Special Mention    
Loans by origination year    
Originated in 2023/ 2022 0 0
Originated in 2022/2021 0 0
Originated in 2021/2020 0 0
Originated in 2020/2019 0 0
Originated in 2019 0  
Originated prior to 2019 0  
Originated prior to 2019   0
Revolving 0 0
Revolving converted to term 0 0
Total loans 0 0
Consumer | Other retail | Classified    
Loans by origination year    
Originated in 2023/ 2022 4 6
Originated in 2022/2021 12 12
Originated in 2021/2020 15 11
Originated in 2020/2019 9 13
Originated in 2019 7  
Originated prior to 2019 13  
Originated prior to 2019   31
Revolving 104 98
Revolving converted to term 52 46
Total loans $ 216 $ 217
v3.24.0.1
Loans and Allowance for Credit Losses - Loans Modified by Modification Type (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
Financing Receivable, Modified [Line Items]  
Modifications $ 3,726
Percent of Class Total 1.00%
Total loans, excluding loans purchased from GNMA mortgage pools  
Financing Receivable, Modified [Line Items]  
Modifications $ 1,887
Percent of Class Total 0.50%
Loans purchased from GNMA mortgage pools  
Financing Receivable, Modified [Line Items]  
Modifications $ 1,839
Percent of Class Total 1.60%
Interest Rate Reduction  
Financing Receivable, Modified [Line Items]  
Modifications $ 402
Interest Rate Reduction | Total loans, excluding loans purchased from GNMA mortgage pools  
Financing Receivable, Modified [Line Items]  
Modifications 402
Interest Rate Reduction | Loans purchased from GNMA mortgage pools  
Financing Receivable, Modified [Line Items]  
Modifications 0
Payment Delay  
Financing Receivable, Modified [Line Items]  
Modifications 1,519
Payment Delay | Total loans, excluding loans purchased from GNMA mortgage pools  
Financing Receivable, Modified [Line Items]  
Modifications 256
Payment Delay | Loans purchased from GNMA mortgage pools  
Financing Receivable, Modified [Line Items]  
Modifications 1,263
Term Extension  
Financing Receivable, Modified [Line Items]  
Modifications 1,356
Term Extension | Total loans, excluding loans purchased from GNMA mortgage pools  
Financing Receivable, Modified [Line Items]  
Modifications 1,101
Term Extension | Loans purchased from GNMA mortgage pools  
Financing Receivable, Modified [Line Items]  
Modifications 255
Multiple Modifications  
Financing Receivable, Modified [Line Items]  
Modifications 449
Multiple Modifications | Total loans, excluding loans purchased from GNMA mortgage pools  
Financing Receivable, Modified [Line Items]  
Modifications 128
Multiple Modifications | Loans purchased from GNMA mortgage pools  
Financing Receivable, Modified [Line Items]  
Modifications 321
Payment Delay and Term Extension  
Financing Receivable, Modified [Line Items]  
Modifications 329
Interest Rate Reduction and Term Extension  
Financing Receivable, Modified [Line Items]  
Modifications 112
Interest Rate Reduction, Payment Delay and Term Extension  
Financing Receivable, Modified [Line Items]  
Modifications 8
Commercial | Commercial  
Financing Receivable, Modified [Line Items]  
Modifications $ 365
Percent of Class Total 0.30%
Commercial | Commercial | Interest Rate Reduction  
Financing Receivable, Modified [Line Items]  
Modifications $ 46
Commercial | Commercial | Payment Delay  
Financing Receivable, Modified [Line Items]  
Modifications 0
Commercial | Commercial | Term Extension  
Financing Receivable, Modified [Line Items]  
Modifications 286
Commercial | Commercial | Multiple Modifications  
Financing Receivable, Modified [Line Items]  
Modifications 33
Commercial | Commercial real estate  
Financing Receivable, Modified [Line Items]  
Modifications $ 717
Percent of Class Total 1.30%
Commercial | Commercial real estate | Interest Rate Reduction  
Financing Receivable, Modified [Line Items]  
Modifications $ 0
Commercial | Commercial real estate | Payment Delay  
Financing Receivable, Modified [Line Items]  
Modifications 0
Commercial | Commercial real estate | Term Extension  
Financing Receivable, Modified [Line Items]  
Modifications 645
Commercial | Commercial real estate | Multiple Modifications  
Financing Receivable, Modified [Line Items]  
Modifications 72
Consumer | Residential mortgages  
Financing Receivable, Modified [Line Items]  
Modifications $ 280
Percent of Class Total 0.20%
Consumer | Residential mortgages | Interest Rate Reduction  
Financing Receivable, Modified [Line Items]  
Modifications $ 0
Consumer | Residential mortgages | Payment Delay  
Financing Receivable, Modified [Line Items]  
Modifications 234
Consumer | Residential mortgages | Term Extension  
Financing Receivable, Modified [Line Items]  
Modifications 26
Consumer | Residential mortgages | Multiple Modifications  
Financing Receivable, Modified [Line Items]  
Modifications 20
Consumer | Credit card  
Financing Receivable, Modified [Line Items]  
Modifications $ 350
Percent of Class Total 1.20%
Consumer | Credit card | Interest Rate Reduction  
Financing Receivable, Modified [Line Items]  
Modifications $ 349
Consumer | Credit card | Payment Delay  
Financing Receivable, Modified [Line Items]  
Modifications 1
Consumer | Credit card | Term Extension  
Financing Receivable, Modified [Line Items]  
Modifications 0
Consumer | Credit card | Multiple Modifications  
Financing Receivable, Modified [Line Items]  
Modifications 0
Consumer | Other retail  
Financing Receivable, Modified [Line Items]  
Modifications $ 175
Percent of Class Total 0.40%
Consumer | Other retail | Interest Rate Reduction  
Financing Receivable, Modified [Line Items]  
Modifications $ 7
Consumer | Other retail | Payment Delay  
Financing Receivable, Modified [Line Items]  
Modifications 21
Consumer | Other retail | Term Extension  
Financing Receivable, Modified [Line Items]  
Modifications 144
Consumer | Other retail | Multiple Modifications  
Financing Receivable, Modified [Line Items]  
Modifications $ 3
v3.24.0.1
Loans and Allowance for Credit Losses - Effects of Loan Modifications (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
Interest Rate Reduction | Loans purchased from GNMA mortgage pools  
Financing Receivable, Modified [Line Items]  
Weighted-Average Interest Rate Reduction 0.60%
Term Extension | Loans purchased from GNMA mortgage pools  
Financing Receivable, Modified [Line Items]  
Weighted-Average Months of Term Extension 103 months
Payment Delay  
Financing Receivable, Modified [Line Items]  
Weighted-average payment deferral (less than) $ 1
Commercial | Commercial | Interest Rate Reduction  
Financing Receivable, Modified [Line Items]  
Weighted-Average Interest Rate Reduction 13.00%
Commercial | Commercial | Term Extension  
Financing Receivable, Modified [Line Items]  
Weighted-Average Months of Term Extension 12 months
Commercial | Commercial real estate | Interest Rate Reduction  
Financing Receivable, Modified [Line Items]  
Weighted-Average Interest Rate Reduction 3.50%
Commercial | Commercial real estate | Term Extension  
Financing Receivable, Modified [Line Items]  
Weighted-Average Months of Term Extension 11 months
Consumer | Residential mortgages | Interest Rate Reduction  
Financing Receivable, Modified [Line Items]  
Weighted-Average Interest Rate Reduction 1.20%
Consumer | Residential mortgages | Term Extension  
Financing Receivable, Modified [Line Items]  
Weighted-Average Months of Term Extension 98 months
Consumer | Credit card | Interest Rate Reduction  
Financing Receivable, Modified [Line Items]  
Weighted-Average Interest Rate Reduction 15.40%
Consumer | Other retail | Interest Rate Reduction  
Financing Receivable, Modified [Line Items]  
Weighted-Average Interest Rate Reduction 7.90%
Consumer | Other retail | Term Extension  
Financing Receivable, Modified [Line Items]  
Weighted-Average Months of Term Extension 4 months
v3.24.0.1
Loans and Allowance for Credit Losses - Loan Modifications by Delinquency Status (Details)
$ in Millions
Dec. 31, 2023
USD ($)
Financing Receivable, Modified [Line Items]  
Loan balances modified during the year $ 3,019
Current  
Financing Receivable, Modified [Line Items]  
Loan balances modified during the year 2,548
30-89 Days Past Due  
Financing Receivable, Modified [Line Items]  
Loan balances modified during the year 124
30-89 Days Past Due | Loans purchased from GNMA mortgage pools  
Financing Receivable, Modified [Line Items]  
Loan balances modified during the year 372
90 Days or More Past Due  
Financing Receivable, Modified [Line Items]  
Loan balances modified during the year 347
90 Days or More Past Due | Loans purchased from GNMA mortgage pools  
Financing Receivable, Modified [Line Items]  
Loan balances modified during the year 175
Commercial | Commercial  
Financing Receivable, Modified [Line Items]  
Loan balances modified during the year 365
Commercial | Commercial | Current  
Financing Receivable, Modified [Line Items]  
Loan balances modified during the year 255
Commercial | Commercial | 30-89 Days Past Due  
Financing Receivable, Modified [Line Items]  
Loan balances modified during the year 12
Commercial | Commercial | 90 Days or More Past Due  
Financing Receivable, Modified [Line Items]  
Loan balances modified during the year 98
Commercial | Commercial real estate  
Financing Receivable, Modified [Line Items]  
Loan balances modified during the year 717
Commercial | Commercial real estate | Current  
Financing Receivable, Modified [Line Items]  
Loan balances modified during the year 524
Commercial | Commercial real estate | 30-89 Days Past Due  
Financing Receivable, Modified [Line Items]  
Loan balances modified during the year 0
Commercial | Commercial real estate | 90 Days or More Past Due  
Financing Receivable, Modified [Line Items]  
Loan balances modified during the year 193
Consumer | Residential mortgages  
Financing Receivable, Modified [Line Items]  
Loan balances modified during the year 1,425
Consumer | Residential mortgages | Current  
Financing Receivable, Modified [Line Items]  
Loan balances modified during the year 1,385
Consumer | Residential mortgages | 30-89 Days Past Due  
Financing Receivable, Modified [Line Items]  
Loan balances modified during the year 24
Consumer | Residential mortgages | 90 Days or More Past Due  
Financing Receivable, Modified [Line Items]  
Loan balances modified during the year 16
Consumer | Credit card  
Financing Receivable, Modified [Line Items]  
Loan balances modified during the year 350
Consumer | Credit card | Current  
Financing Receivable, Modified [Line Items]  
Loan balances modified during the year 251
Consumer | Credit card | 30-89 Days Past Due  
Financing Receivable, Modified [Line Items]  
Loan balances modified during the year 67
Consumer | Credit card | 90 Days or More Past Due  
Financing Receivable, Modified [Line Items]  
Loan balances modified during the year 32
Consumer | Other retail  
Financing Receivable, Modified [Line Items]  
Loan balances modified during the year 162
Consumer | Other retail | Current  
Financing Receivable, Modified [Line Items]  
Loan balances modified during the year 133
Consumer | Other retail | 30-89 Days Past Due  
Financing Receivable, Modified [Line Items]  
Loan balances modified during the year 21
Consumer | Other retail | 90 Days or More Past Due  
Financing Receivable, Modified [Line Items]  
Loan balances modified during the year $ 8
v3.24.0.1
Loans and Allowance for Credit Losses - Loan Modifications that Defaulted (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
Interest Rate Reduction  
Financing Receivable, Modified [Line Items]  
Loans that defaulted $ 43
Payment Delay  
Financing Receivable, Modified [Line Items]  
Loans that defaulted 76
Term Extension  
Financing Receivable, Modified [Line Items]  
Loans that defaulted 44
Multiple Modifications  
Financing Receivable, Modified [Line Items]  
Loans that defaulted 38
Total loans, excluding loans purchased from GNMA mortgage pools | Interest Rate Reduction  
Financing Receivable, Modified [Line Items]  
Loans that defaulted 43
Total loans, excluding loans purchased from GNMA mortgage pools | Payment Delay  
Financing Receivable, Modified [Line Items]  
Loans that defaulted 9
Total loans, excluding loans purchased from GNMA mortgage pools | Term Extension  
Financing Receivable, Modified [Line Items]  
Loans that defaulted 14
Total loans, excluding loans purchased from GNMA mortgage pools | Multiple Modifications  
Financing Receivable, Modified [Line Items]  
Loans that defaulted 1
Loans purchased from GNMA mortgage pools | Interest Rate Reduction  
Financing Receivable, Modified [Line Items]  
Loans that defaulted 0
Loans purchased from GNMA mortgage pools | Payment Delay  
Financing Receivable, Modified [Line Items]  
Loans that defaulted 67
Loans purchased from GNMA mortgage pools | Term Extension  
Financing Receivable, Modified [Line Items]  
Loans that defaulted 30
Loans purchased from GNMA mortgage pools | Multiple Modifications  
Financing Receivable, Modified [Line Items]  
Loans that defaulted 37
Commercial | Commercial | Interest Rate Reduction  
Financing Receivable, Modified [Line Items]  
Loans that defaulted 7
Commercial | Commercial | Payment Delay  
Financing Receivable, Modified [Line Items]  
Loans that defaulted 0
Commercial | Commercial | Term Extension  
Financing Receivable, Modified [Line Items]  
Loans that defaulted 0
Commercial | Commercial | Multiple Modifications  
Financing Receivable, Modified [Line Items]  
Loans that defaulted 0
Commercial | Commercial real estate | Interest Rate Reduction  
Financing Receivable, Modified [Line Items]  
Loans that defaulted 0
Commercial | Commercial real estate | Payment Delay  
Financing Receivable, Modified [Line Items]  
Loans that defaulted 0
Commercial | Commercial real estate | Term Extension  
Financing Receivable, Modified [Line Items]  
Loans that defaulted 1
Commercial | Commercial real estate | Multiple Modifications  
Financing Receivable, Modified [Line Items]  
Loans that defaulted 0
Consumer | Residential mortgages | Interest Rate Reduction  
Financing Receivable, Modified [Line Items]  
Loans that defaulted 0
Consumer | Residential mortgages | Payment Delay  
Financing Receivable, Modified [Line Items]  
Loans that defaulted 8
Consumer | Residential mortgages | Term Extension  
Financing Receivable, Modified [Line Items]  
Loans that defaulted 2
Consumer | Residential mortgages | Multiple Modifications  
Financing Receivable, Modified [Line Items]  
Loans that defaulted 1
Consumer | Credit card | Interest Rate Reduction  
Financing Receivable, Modified [Line Items]  
Loans that defaulted 35
Consumer | Credit card | Payment Delay  
Financing Receivable, Modified [Line Items]  
Loans that defaulted 0
Consumer | Credit card | Term Extension  
Financing Receivable, Modified [Line Items]  
Loans that defaulted 0
Consumer | Credit card | Multiple Modifications  
Financing Receivable, Modified [Line Items]  
Loans that defaulted 0
Consumer | Other retail | Interest Rate Reduction  
Financing Receivable, Modified [Line Items]  
Loans that defaulted 1
Consumer | Other retail | Payment Delay  
Financing Receivable, Modified [Line Items]  
Loans that defaulted 1
Consumer | Other retail | Term Extension  
Financing Receivable, Modified [Line Items]  
Loans that defaulted 11
Consumer | Other retail | Multiple Modifications  
Financing Receivable, Modified [Line Items]  
Loans that defaulted $ 0
v3.24.0.1
Loans and Allowance for Credit Losses - Loans Modified as Troubled Debt Restructurings (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2022
USD ($)
loan
Dec. 31, 2021
USD ($)
loan
Financing Receivable, Modified [Line Items]    
Number of Loans | loan 52,657 33,429
Pre-Modification Outstanding Loan Balance $ 1,231 $ 1,214
Post-Modification Outstanding Loan Balance $ 1,218 $ 1,193
Total loans, excluding loans purchased from GNMA mortgage pools    
Financing Receivable, Modified [Line Items]    
Number of Loans | loan 51,017 31,118
Pre-Modification Outstanding Loan Balance $ 1,005 $ 880
Post-Modification Outstanding Loan Balance $ 988 $ 847
Loans purchased from GNMA mortgage pools    
Financing Receivable, Modified [Line Items]    
Number of Loans | loan 1,640 2,311
Pre-Modification Outstanding Loan Balance $ 226 $ 334
Post-Modification Outstanding Loan Balance $ 230 $ 346
Commercial | Commercial    
Financing Receivable, Modified [Line Items]    
Number of Loans | loan 2,259 2,156
Pre-Modification Outstanding Loan Balance $ 148 $ 140
Post-Modification Outstanding Loan Balance $ 134 $ 127
Commercial | Commercial real estate    
Financing Receivable, Modified [Line Items]    
Number of Loans | loan 75 112
Pre-Modification Outstanding Loan Balance $ 50 $ 193
Post-Modification Outstanding Loan Balance $ 47 $ 179
Consumer | Residential mortgages    
Financing Receivable, Modified [Line Items]    
Number of Loans | loan 1,699 977
Pre-Modification Outstanding Loan Balance $ 475 $ 329
Post-Modification Outstanding Loan Balance $ 476 $ 328
Consumer | Credit card    
Financing Receivable, Modified [Line Items]    
Number of Loans | loan 44,470 25,297
Pre-Modification Outstanding Loan Balance $ 243 $ 144
Post-Modification Outstanding Loan Balance $ 246 $ 146
Consumer | Other retail    
Financing Receivable, Modified [Line Items]    
Number of Loans | loan 2,514 2,576
Pre-Modification Outstanding Loan Balance $ 89 $ 74
Post-Modification Outstanding Loan Balance $ 85 $ 67
v3.24.0.1
Loans and Allowance for Credit Losses - Loans Modified as Troubled Debt Restructurings that Defaulted (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2022
USD ($)
loan
Dec. 31, 2021
USD ($)
loan
Financing Receivable, Modified [Line Items]    
Number of Loans | loan 9,515 9,771
Amount Defaulted | $ $ 169 $ 128
Total loans, excluding loans purchased from GNMA mortgage pools    
Financing Receivable, Modified [Line Items]    
Number of Loans | loan 9,233 9,595
Amount Defaulted | $ $ 110 $ 102
Loans purchased from GNMA mortgage pools    
Financing Receivable, Modified [Line Items]    
Number of Loans | loan 282 176
Amount Defaulted | $ $ 59 $ 26
Commercial | Commercial    
Financing Receivable, Modified [Line Items]    
Number of Loans | loan 767 1,084
Amount Defaulted | $ $ 24 $ 32
Commercial | Commercial real estate    
Financing Receivable, Modified [Line Items]    
Number of Loans | loan 20 16
Amount Defaulted | $ $ 11 $ 7
Consumer | Residential mortgages    
Financing Receivable, Modified [Line Items]    
Number of Loans | loan 235 81
Amount Defaulted | $ $ 28 $ 9
Consumer | Credit card    
Financing Receivable, Modified [Line Items]    
Number of Loans | loan 7,904 7,700
Amount Defaulted | $ $ 42 $ 43
Consumer | Other retail    
Financing Receivable, Modified [Line Items]    
Number of Loans | loan 307 714
Amount Defaulted | $ $ 5 $ 11
v3.24.0.1
Leases - Components of Net Investment in Sales-Type and Direct Financing Leases (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]    
Lease receivables $ 7,239 $ 8,731
Unguaranteed residual values accruing to the lessor’s benefit 1,082 1,323
Total net investment in sales-type and direct financing leases $ 8,321 $ 10,054
v3.24.0.1
Leases - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Leases [Abstract]      
Lease revenue $ 738 $ 764 $ 888
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Premises and equipment Premises and equipment  
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] Long-term debt    
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] Other liabilities    
Right of use lease assets $ 1,400 $ 1,600  
Lease liabilities 1,600 1,700  
Lease cost $ 496 $ 390 $ 364
v3.24.0.1
Leases - Contractual Future Lease Payments to be Received (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Sales-type and Direct Financing Leases    
2024 $ 3,069  
2025 2,182  
2026 1,333  
2027 690  
2028 260  
Thereafter 369  
Total lease payments 7,903  
Amounts representing interest (664)  
Lease receivables 7,239 $ 8,731
Operating Leases    
2024 138  
2025 110  
2026 66  
2027 42  
2028 27  
Thereafter 57  
Total lease payments $ 440  
v3.24.0.1
Leases - Amounts Relevant to Assets Leased for Use in its Operations (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash paid for amounts included in the measurement of lease liabilities      
Operating cash flows from operating leases $ 409 $ 294 $ 288
Operating cash flows from finance leases 7 4 5
Financing cash flows from finance leases 49 14 12
Right of use assets obtained in exchange for new operating lease liabilities 230 239 164
Right of use assets obtained in exchange for new finance lease liabilities $ 25 $ 91 $ 75
v3.24.0.1
Leases - Weighted-Average Remaining Lease Terms and Discount Rates (Details)
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]    
Weighted-average remaining lease term of operating leases (in years) 6 years 4 months 24 days 6 years 9 months 18 days
Weighted-average remaining lease term of finance leases (in years) 8 years 3 months 18 days 8 years 6 months
Weighted-average discount rate of operating leases 3.70% 3.30%
Weighted-average discount rate of finance leases 7.70% 7.90%
v3.24.0.1
Leases - Contractual Future Lease Obligations (Details)
$ in Millions
Dec. 31, 2023
USD ($)
Operating Leases  
2024 $ 377
2025 295
2026 245
2027 196
2028 144
Thereafter 360
Total lease payments 1,617
Amounts representing interest (211)
Lease liabilities 1,406
Finance Leases  
2024 41
2025 38
2026 36
2027 22
2028 8
Thereafter 23
Total lease payments 168
Amounts representing interest (18)
Lease liabilities $ 150
v3.24.0.1
Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Variable Interest Entity [Line Items]      
Tax credits related to tax-advantaged investments $ 576 $ 461 $ 508
Investment tax credits 318 527 418
Expense related to tax-advantaged investments 582 424 468
Investments in VIEs 663,491 674,805  
Available-for-sale securities [1] 69,706 72,910  
Liabilities related to VIEs 607,720 623,573  
Variable Interest Entity, Not Primary Beneficiary | Minimum      
Variable Interest Entity [Line Items]      
Net investments in unconsolidated VIEs 1 1  
Variable Interest Entity, Not Primary Beneficiary | Maximum      
Variable Interest Entity [Line Items]      
Net investments in unconsolidated VIEs 86 116  
Variable Interest Entity, Not Primary Beneficiary, Private Investment Funds and Partnerships      
Variable Interest Entity [Line Items]      
Investments in VIEs 219 177  
Maximum exposure to loss 319 310  
Variable Interest Entity, Not Primary Beneficiary, Securitization Vehicles | Senior Notes      
Variable Interest Entity [Line Items]      
Available-for-sale securities 5,300 3,400  
Proceeds from securitizations of loans held-for-investment 6,100 4,000  
Variable Interest Entity, Primary Beneficiary, Community Development and Tax-Advantaged Investments      
Variable Interest Entity [Line Items]      
Investments in VIEs 6,100 5,900  
Liabilities related to VIEs 4,400 4,200  
Variable Interest Entity, Primary Beneficiary, Tender Option Bond Program      
Variable Interest Entity [Line Items]      
Investments in VIEs 607 1,500  
Liabilities related to VIEs $ 381 1,000  
Fees Waived      
Variable Interest Entity [Line Items]      
Support provided to money market funds   $ 65 $ 250
[1] Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral.
v3.24.0.1
Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities - Investments in Community Development and Tax-advantaged VIEs (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Variable Interest Entity [Line Items]    
Investment carrying amount $ 663,491 $ 674,805
Unfunded capital and other commitments 607,720 623,573
Variable Interest Entity, Not Primary Beneficiary, Community Development and Tax-Advantaged investments    
Variable Interest Entity [Line Items]    
Investment carrying amount 6,659 5,452
Unfunded capital and other commitments 3,619 2,416
Maximum exposure to loss $ 9,002 $ 9,761
v3.24.0.1
Premises and Equipment (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Construction in progress    
Right of use assets on operating leases $ 1,149 $ 1,296
Right of use assets on finance leases 275 269
Total gross premises and equipment 8,259 8,927
Less accumulated depreciation and amortization (4,636) (5,069)
Premises and equipment 3,623 3,858
Land    
Construction in progress    
Gross premises and equipment excluding right-of-use assets 515 535
Buildings and improvements    
Construction in progress    
Gross premises and equipment excluding right-of-use assets 3,239 3,296
Furniture, fixtures and equipment    
Construction in progress    
Gross premises and equipment excluding right-of-use assets 3,013 3,485
Construction in progress    
Construction in progress    
Gross premises and equipment excluding right-of-use assets $ 68 $ 46
v3.24.0.1
Mortgage Servicing Rights - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Transfers and Servicing of Financial Assets [Abstract]      
Residential mortgage loans serviced for others including subserviced mortgages with no corresponding MSRs asset $ 233,400 $ 243,600  
Losses on fair value changes of MSRs due to changes in valuation assumptions and derivatives used to economically hedge MSRs 41 45 $ 183
Loan servicing and ancillary fees $ 733 $ 754 $ 725
v3.24.0.1
Mortgage Servicing Rights - Changes in Fair Value of Capitalized MSRs (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Servicing Asset at Fair Value, Amount [Roll Forward]      
Balance at beginning of period $ 3,755 $ 2,953 $ 2,210
Rights purchased 5 156 42
Rights capitalized 373 590 1,136
Rights sold (440) (255) 2
Changes in fair value of MSRs      
Due to fluctuations in market interest rates 66 804 272
Due to revised assumptions or models 12 (29) (196)
Other changes in fair value (394) (464) (513)
Balance at end of period $ 3,377 $ 3,755 $ 2,953
Servicing Asset, Fair Value, Change in Fair Value, Other, Statement of Income or Comprehensive Income [Extensible Enumeration] Mortgage banking revenue Mortgage banking revenue Mortgage banking revenue
v3.24.0.1
Mortgage Servicing Rights - Sensitivity to Changes in Interest Rates of the Fair Value of MSR Portfolio and Related Derivative Instruments (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Down | Derivative instrument hedges    
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items]    
Fair value 100 basis points change $ 381 $ 337
Fair value 50 basis points change 178 153
Fair value 25 basis points change 86 73
Down | Net sensitivity    
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items]    
Fair value 100 basis points change 11 3
Fair value 50 basis points change 5 0
Fair value 25 basis points change 2 0
Down | MSR portfolio    
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items]    
Fair value 100 basis points change (370) (334)
Fair value 50 basis points change (173) (153)
Fair value 25 basis points change (84) (73)
Up | Derivative instrument hedges    
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items]    
Fair value 100 basis points change (289) (236)
Fair value 50 basis points change (152) (127)
Fair value 25 basis points change (79) (67)
Up | Net sensitivity    
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items]    
Fair value 100 basis points change (21) (12)
Fair value 50 basis points change (5) (2)
Fair value 25 basis points change (2) (1)
Up | MSR portfolio    
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items]    
Fair value 100 basis points change 268 224
Fair value 50 basis points change 147 125
Fair value 25 basis points change $ 77 $ 66
v3.24.0.1
Mortgage Servicing Rights - MSRs and Related Characteristics by Portfolio (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Servicing Assets at Fair Value [Line Items]        
Fair value $ 3,377 $ 3,755 $ 2,953 $ 2,210
MSR portfolio        
Servicing Assets at Fair Value [Line Items]        
Servicing portfolio 225,338 239,753    
Fair value $ 3,377 $ 3,755    
Value (bps) 1.50% 1.57%    
Weighted-average servicing fees (bps) 0.30% 0.30%    
Multiple (value/servicing fees) 5.00 5.20    
Weighted-average note rate 4.02% 3.67%    
Weighted-average age (in years) 4 years 4 months 24 days 3 years 10 months 24 days    
Weighted-average expected prepayment (constant prepayment rate) 9.60% 7.80%    
Weighted-average expected life (in years) 7 years 7 years 8 months 12 days    
Weighted-average option adjusted spread 4.90% 5.80%    
MSR portfolio | HFA        
Servicing Assets at Fair Value [Line Items]        
Servicing portfolio $ 48,286 $ 44,071    
Fair value $ 769 $ 725    
Value (bps) 1.59% 1.65%    
Weighted-average servicing fees (bps) 0.36% 0.36%    
Multiple (value/servicing fees) 4.45 4.56    
Weighted-average note rate 4.56% 4.16%    
Weighted-average age (in years) 4 years 3 months 18 days 4 years    
Weighted-average expected prepayment (constant prepayment rate) 10.50% 7.40%    
Weighted-average expected life (in years) 7 years 2 months 12 days 8 years 9 months 18 days    
Weighted-average option adjusted spread 5.40% 7.60%    
MSR portfolio | Government        
Servicing Assets at Fair Value [Line Items]        
Servicing portfolio $ 25,996 $ 23,141    
Fair value $ 507 $ 454    
Value (bps) 1.95% 1.96%    
Weighted-average servicing fees (bps) 0.44% 0.42%    
Multiple (value/servicing fees) 4.41 4.69    
Weighted-average note rate 4.23% 3.81%    
Weighted-average age (in years) 5 years 6 months 5 years 8 months 12 days    
Weighted-average expected prepayment (constant prepayment rate) 11.10% 8.50%    
Weighted-average expected life (in years) 6 years 6 months 7 years 7 months 6 days    
Weighted-average option adjusted spread 5.90% 6.90%    
MSR portfolio | Conventional        
Servicing Assets at Fair Value [Line Items]        
Servicing portfolio $ 151,056 $ 172,541    
Fair value $ 2,101 $ 2,576    
Value (bps) 1.39% 1.49%    
Weighted-average servicing fees (bps) 0.26% 0.27%    
Multiple (value/servicing fees) 5.41 5.52    
Weighted-average note rate 3.81% 3.52%    
Weighted-average age (in years) 4 years 3 months 18 days 3 years 8 months 12 days    
Weighted-average expected prepayment (constant prepayment rate) 9.10% 7.80%    
Weighted-average expected life (in years) 7 years 7 years 6 months    
Weighted-average option adjusted spread 4.60% 5.10%    
v3.24.0.1
Intangible Assets - Intangible Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]        
Goodwill $ 12,489 $ 12,373 $ 10,262 $ 9,918
Mortgage servicing rights 3,377 3,755 $ 2,953 $ 2,210
Total 18,573 19,528    
Merchant processing contracts        
Finite-Lived Intangible Assets [Line Items]        
Finite-lived intangibles 124 155    
Core deposit benefits        
Finite-Lived Intangible Assets [Line Items]        
Finite-lived intangibles 2,134 2,706    
Trust relationships        
Finite-Lived Intangible Assets [Line Items]        
Finite-lived intangibles 41 50    
Other identified intangibles        
Finite-Lived Intangible Assets [Line Items]        
Finite-lived intangibles $ 408 $ 489    
v3.24.0.1
Intangible Assets - Aggregate Amortization Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]      
Aggregate amortization expense $ 636 $ 215 $ 159
Merchant processing contracts      
Finite-Lived Intangible Assets [Line Items]      
Aggregate amortization expense 31 38 45
Core deposit benefits      
Finite-Lived Intangible Assets [Line Items]      
Aggregate amortization expense 481 53 15
Trust relationships      
Finite-Lived Intangible Assets [Line Items]      
Aggregate amortization expense 10 12 10
Other identified intangibles      
Finite-Lived Intangible Assets [Line Items]      
Aggregate amortization expense $ 114 $ 112 $ 89
v3.24.0.1
Intangible Assets - Estimated Amortization Expense (Details)
$ in Millions
Dec. 31, 2023
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2024 $ 566
2025 484
2026 415
2027 344
2028 $ 281
v3.24.0.1
Intangible Assets - Changes in Carrying Value of Goodwill (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Goodwill [Roll Forward]      
Goodwill Beginning Balance $ 12,373 $ 10,262 $ 9,918
Goodwill acquired 96 2,149 371
Foreign exchange translation and other 20 (38) (27)
Goodwill Ending Balance 12,489 12,373 10,262
Wealth, Corporate, Commercial and Institutional Banking      
Goodwill [Roll Forward]      
Goodwill Beginning Balance 4,589 3,673 3,266
Goodwill acquired 235 918 144
Foreign exchange translation and other 1 (2) 263
Goodwill Ending Balance 4,825 4,589 3,673
Consumer and Business Banking      
Goodwill [Roll Forward]      
Goodwill Beginning Balance 4,465 3,245 3,475
Goodwill acquired (139) 1,220 35
Foreign exchange translation and other 0 0 (265)
Goodwill Ending Balance 4,326 4,465 3,245
Payment Services      
Goodwill [Roll Forward]      
Goodwill Beginning Balance 3,319 3,344 3,177
Goodwill acquired 0 11 192
Foreign exchange translation and other 19 (36) (25)
Goodwill Ending Balance 3,338 3,319 3,344
Treasury and Corporate Support      
Goodwill [Roll Forward]      
Goodwill Beginning Balance 0 0 0
Goodwill acquired 0 0 0
Foreign exchange translation and other 0 0 0
Goodwill Ending Balance $ 0 $ 0 $ 0
v3.24.0.1
Deposits - Composition of Deposits (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Deposits [Abstract]    
Noninterest-bearing deposits $ 89,989 $ 137,743
Interest-bearing deposits    
Interest checking 127,453 134,491
Money market savings 199,378 148,014
Savings accounts 43,219 71,782
Time deposits 52,273 32,946
Total interest-bearing deposits 422,323 387,233
Total deposits $ 512,312 $ 524,976
v3.24.0.1
Deposits - Maturities of Time Deposits Outstanding (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Deposits [Abstract]    
2024 $ 44,570  
2025 6,448  
2026 798  
2027 252  
2028 197  
Thereafter 8  
Total $ 52,273 $ 32,946
v3.24.0.1
Short-Term Borrowings (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Short-Term Debt [Line Items]    
Short-term borrowings $ 15,279 $ 31,216
Federal funds purchased    
Short-Term Debt [Line Items]    
Short-term borrowings 248 226
Securities sold under agreements to repurchase    
Short-Term Debt [Line Items]    
Short-term borrowings 3,576 1,431
Commercial paper    
Short-Term Debt [Line Items]    
Short-term borrowings 7,773 8,145
Other short-term borrowings    
Short-Term Debt [Line Items]    
Short-term borrowings $ 3,682 $ 21,414
v3.24.0.1
Long-Term Debt - Summary of Long-term Debt (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 01, 2022
Dec. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]      
Long-term debt   $ 51,480 $ 39,829
MUB      
Debt Instrument [Line Items]      
Discounted liability to MUFG $ 2,944 $ 2,100 2,900
Medium-term notes      
Debt Instrument [Line Items]      
Weighted-average interest rate   3.89%  
Federal Home Loan Bank advances      
Debt Instrument [Line Items]      
Weighted-average interest rate   4.94%  
Bank notes      
Debt Instrument [Line Items]      
Weighted-average interest rate   3.27%  
U.S. Bancorp (Parent Company)      
Debt Instrument [Line Items]      
Long-term debt   $ 34,332 26,983
U.S. Bancorp (Parent Company) | Other      
Debt Instrument [Line Items]      
Long-term debt   $ 1,915 2,716
U.S. Bancorp (Parent Company) | Fixed | Subordinated notes, 3.600%, Maturity 2024      
Debt Instrument [Line Items]      
Rate   3.60%  
Long-term debt   $ 1,000 1,000
U.S. Bancorp (Parent Company) | Fixed | Subordinated notes, 7.500%, Maturity 2026      
Debt Instrument [Line Items]      
Rate   7.50%  
Long-term debt   $ 199 199
U.S. Bancorp (Parent Company) | Fixed | Subordinated notes, 3.100%, Maturity 2026      
Debt Instrument [Line Items]      
Rate   3.10%  
Long-term debt   $ 1,000 1,000
U.S. Bancorp (Parent Company) | Fixed | Subordinated notes, 3.000%, Maturity 2029      
Debt Instrument [Line Items]      
Rate   3.00%  
Long-term debt   $ 1,000 1,000
U.S. Bancorp (Parent Company) | Fixed | Subordinated notes, 4.967%, Maturity 2023      
Debt Instrument [Line Items]      
Rate   4.967%  
Long-term debt   $ 1,300 1,300
U.S. Bancorp (Parent Company) | Fixed | Subordinated notes, 2.491%, Maturity 2036      
Debt Instrument [Line Items]      
Rate   2.491%  
Long-term debt   $ 1,300 1,300
U.S. Bancorp (Parent Company) | Fixed | Medium-term notes      
Debt Instrument [Line Items]      
Long-term debt   $ 26,618 18,468
U.S. Bancorp (Parent Company) | Fixed | Medium-term notes | Minimum      
Debt Instrument [Line Items]      
Rate   0.85%  
U.S. Bancorp (Parent Company) | Fixed | Medium-term notes | Maximum      
Debt Instrument [Line Items]      
Rate   6.787%  
Subsidiaries      
Debt Instrument [Line Items]      
Long-term debt   $ 17,148 12,846
Subsidiaries | Other      
Debt Instrument [Line Items]      
Long-term debt   1,484 1,643
Subsidiaries | Fixed | Federal Home Loan Bank advances      
Debt Instrument [Line Items]      
Long-term debt   $ 9,051 2,051
Subsidiaries | Fixed | Federal Home Loan Bank advances | Minimum      
Debt Instrument [Line Items]      
Rate   1.86%  
Subsidiaries | Fixed | Federal Home Loan Bank advances | Maximum      
Debt Instrument [Line Items]      
Rate   8.25%  
Subsidiaries | Fixed | Bank notes      
Debt Instrument [Line Items]      
Long-term debt   $ 2,289 4,800
Subsidiaries | Fixed | Bank notes | Minimum      
Debt Instrument [Line Items]      
Rate   2.05%  
Subsidiaries | Fixed | Bank notes | Maximum      
Debt Instrument [Line Items]      
Rate   5.55%  
Subsidiaries | Floating | Federal Home Loan Bank advances      
Debt Instrument [Line Items]      
Long-term debt   $ 3,000 3,000
Subsidiaries | Floating | Federal Home Loan Bank advances | Minimum      
Debt Instrument [Line Items]      
Rate   6.08%  
Subsidiaries | Floating | Federal Home Loan Bank advances | Maximum      
Debt Instrument [Line Items]      
Rate   6.10%  
Subsidiaries | Floating | Bank notes      
Debt Instrument [Line Items]      
Long-term debt   $ 1,324 $ 1,352
Subsidiaries | Floating | Bank notes | Minimum      
Debt Instrument [Line Items]      
Rate   0.00%  
Subsidiaries | Floating | Bank notes | Maximum      
Debt Instrument [Line Items]      
Rate   5.398%  
v3.24.0.1
Long-Term Debt - Additional Information (Details) - USD ($)
$ in Billions
Dec. 31, 2023
Dec. 31, 2022
Federal Home Loan Bank and Federal Reserve Bank    
Debt Instrument [Line Items]    
Unused borrowing capacity $ 215.8 $ 114.8
v3.24.0.1
Long-Term Debt - Maturities of Long-term Debt (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]    
2024 $ 6,663  
2025 6,559  
2026 13,381  
2027 4,796  
2028 3,835  
Thereafter 16,246  
Total 51,480 $ 39,829
Parent Company    
Debt Instrument [Line Items]    
2024 5,475  
2025 2,030  
2026 3,906  
2027 4,763  
2028 3,824  
Thereafter 14,334  
Total $ 34,332 $ 26,983
v3.24.0.1
Shareholders' Equity - Additional Information (Details) - $ / shares
 12 Months Ended 24 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2006
Dec. 31, 2011
Dec. 31, 2023
Dec. 31, 2010
Class of Stock [Line Items]                    
Common stock shares authorized (in shares) 4,000,000,000               4,000,000,000  
Preferred stock shares authorized (in shares) 50,000,000               50,000,000  
Common stock shares outstanding (in shares) 1,500,000,000               1,600,000,000  
Common stock shares reserved for future issuance (in shares)                 27,000,000  
Preferred stock outstanding (in shares) 243,510               243,510  
Series O                    
Class of Stock [Line Items]                    
Preferred stock shares issued (in shares) 18,000                  
Liquidation preference per share (in dollars per share) $ 25,000                  
Preferred stock dividend rate fixed percentage 4.50%                  
Redemption period of preferred stock 90 days                  
Preferred stock outstanding (in shares) 18,000               18,000  
Series N                    
Class of Stock [Line Items]                    
Preferred stock shares issued (in shares)   60,000                
Liquidation preference per share (in dollars per share)   $ 25,000                
Preferred stock dividend rate fixed percentage   3.70%                
Redemption period of preferred stock   90 days                
Preferred stock variable dividend rate spread   2.541%                
Preferred stock outstanding (in shares) 60,000               60,000  
Series M                    
Class of Stock [Line Items]                    
Preferred stock shares issued (in shares)   30,000                
Liquidation preference per share (in dollars per share)   $ 25,000                
Preferred stock dividend rate fixed percentage   4.00%                
Redemption period of preferred stock   90 days                
Preferred stock outstanding (in shares) 30,000               30,000  
Series L                    
Class of Stock [Line Items]                    
Preferred stock shares issued (in shares)     20,000              
Liquidation preference per share (in dollars per share)     $ 25,000              
Preferred stock dividend rate fixed percentage     3.75%              
Redemption period of preferred stock     90 days              
Preferred stock outstanding (in shares) 20,000               20,000  
Series K                    
Class of Stock [Line Items]                    
Preferred stock shares issued (in shares)       23,000            
Liquidation preference per share (in dollars per share)       $ 25,000            
Preferred stock dividend rate fixed percentage       5.50%            
Preferred stock outstanding (in shares) 23,000               23,000  
Series J                    
Class of Stock [Line Items]                    
Preferred stock shares issued (in shares)         40,000          
Liquidation preference per share (in dollars per share)         $ 25,000          
Preferred stock dividend rate fixed percentage         5.30%          
Redemption period of preferred stock         90 days          
Preferred stock variable dividend rate spread         2.914%          
Preferred stock outstanding (in shares) 40,000               40,000  
Series A                    
Class of Stock [Line Items]                    
Preferred stock shares issued (in shares)               6,764   5,746
Liquidation preference per share (in dollars per share)               $ 100,000    
Preferred stock dividend rate fixed percentage               3.50%    
Preferred stock variable dividend rate spread               1.02%    
Preferred stock outstanding (in shares) 12,510               12,510  
Series A | Noncontrolling Interests                    
Class of Stock [Line Items]                    
Liquidation preference per share (in dollars per share)             $ 100,000      
Preferred stock variable dividend rate spread             1.147%      
Minority interest preferred stock, shares issued (in shares)             5,000      
Stock repurchased during period (in shares)           500        
Preferred stock outstanding (in shares)                 4,500  
Series B                    
Class of Stock [Line Items]                    
Preferred stock shares issued (in shares)             40,000      
Liquidation preference per share (in dollars per share)             $ 25,000      
Preferred stock dividend rate fixed percentage             3.50%      
Preferred stock variable dividend rate spread             0.60%      
Preferred stock outstanding (in shares) 40,000               40,000  
v3.24.0.1
Shareholders' Equity - Shares Issued and Outstanding and Carrying Amount of Preferred Stock (Details) - USD ($)
$ / shares in Units, $ in Millions
Dec. 31, 2023
Dec. 31, 2022
Class of Stock [Line Items]    
Shares Issued and Outstanding (in shares) 243,510 243,510
Liquidation Preference $ 7,026 $ 7,026
Discount 218 218
Carrying Amount $ 6,808 $ 6,808
Preferred Stock par value (in dollars per share) $ 1 $ 1
Series A    
Class of Stock [Line Items]    
Shares Issued and Outstanding (in shares) 12,510 12,510
Liquidation Preference $ 1,251 $ 1,251
Discount 145 145
Carrying Amount $ 1,106 $ 1,106
Series B    
Class of Stock [Line Items]    
Shares Issued and Outstanding (in shares) 40,000 40,000
Liquidation Preference $ 1,000 $ 1,000
Discount 0 0
Carrying Amount $ 1,000 $ 1,000
Series J    
Class of Stock [Line Items]    
Shares Issued and Outstanding (in shares) 40,000 40,000
Liquidation Preference $ 1,000 $ 1,000
Discount 7 7
Carrying Amount $ 993 $ 993
Series K    
Class of Stock [Line Items]    
Shares Issued and Outstanding (in shares) 23,000 23,000
Liquidation Preference $ 575 $ 575
Discount 10 10
Carrying Amount $ 565 $ 565
Series L    
Class of Stock [Line Items]    
Shares Issued and Outstanding (in shares) 20,000 20,000
Liquidation Preference $ 500 $ 500
Discount 14 14
Carrying Amount $ 486 $ 486
Series M    
Class of Stock [Line Items]    
Shares Issued and Outstanding (in shares) 30,000 30,000
Liquidation Preference $ 750 $ 750
Discount 21 21
Carrying Amount $ 729 $ 729
Series N    
Class of Stock [Line Items]    
Shares Issued and Outstanding (in shares) 60,000 60,000
Liquidation Preference $ 1,500 $ 1,500
Discount 8 8
Carrying Amount $ 1,492 $ 1,492
Series O    
Class of Stock [Line Items]    
Shares Issued and Outstanding (in shares) 18,000 18,000
Liquidation Preference $ 450 $ 450
Discount 13 13
Carrying Amount $ 437 $ 437
v3.24.0.1
Shareholders' Equity - Common Stock Repurchased (Details) - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Equity [Abstract]      
Shares 1 1 28
Value $ 62 $ 69 $ 1,556
v3.24.0.1
Shareholders' Equity - Reconciliation of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning Balance $ 51,232 $ 55,387 $ 53,725
Changes in unrealized gains (losses) 1,500 (13,656) (3,698)
Changes in unrealized gains (losses) (252) (75) 125
Changes in unrealized gains (losses) (262) 526 400
Changes in unrealized gains (losses) 986 (13,205) (3,173)
Transfer of securities from available-for-sale to held-to-maturity   0 0
Foreign currency translation adjustment 21 (10) 35
Reclassification to earnings of realized (gains) losses 748 544 104
Applicable income taxes (444) 3,207 769
Ending Balance 55,771 51,232 55,387
Total      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning Balance (11,407) (1,943) 322
Ending Balance (10,096) (11,407) (1,943)
Unrealized Gains (Losses) on Investment Securities Available-For-Sale      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning Balance (6,378) 540 2,417
Changes in unrealized gains (losses) 1,500 (13,656) (3,698)
Transfer of securities from available-for-sale to held-to-maturity   4,413 1,289
Reclassification to earnings of realized (gains) losses 145 (20) (103)
Applicable income taxes (418) 2,345 635
Ending Balance (5,151) (6,378) 540
Unrealized Gains (Losses) on Investment Securities Transferred From Available-For-Sale to Held-To-Maturity      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning Balance (3,933) (935) 0
Transfer of securities from available-for-sale to held-to-maturity   (4,413) (1,289)
Reclassification to earnings of realized (gains) losses 530 400 36
Applicable income taxes (134) 1,015 318
Ending Balance (3,537) (3,933) (935)
Unrealized Gains (Losses) on Derivative Hedges      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning Balance (114) (85) (189)
Changes in unrealized gains (losses) (252) (75) 125
Reclassification to earnings of realized (gains) losses 80 36 14
Applicable income taxes 44 10 (35)
Ending Balance (242) (114) (85)
Unrealized Gains (Losses) on Retirement Plans      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning Balance (939) (1,426) (1,842)
Changes in unrealized gains (losses) (262) 526 400
Reclassification to earnings of realized (gains) losses (7) 128 157
Applicable income taxes 70 (167) (141)
Ending Balance (1,138) (939) (1,426)
Foreign Currency Translation      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning Balance (43) (37) (64)
Foreign currency translation adjustment 21 (10) 35
Applicable income taxes (6) 4 (8)
Ending Balance $ (28) $ (43) $ (37)
v3.24.0.1
Shareholders' Equity - Impact to Net Income for Items Reclassified out of Accumulated Other Comprehensive Income into Earnings (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Realized gains (losses) on sale of investment securities $ (145) $ 20 $ 103
Amortization of unrealized gains (losses) 30,007 17,945 13,487
Realized gains (losses) on derivative hedges 17,396 14,728 12,494
Actuarial gains (losses) and prior service cost (credit) amortization (2,211) (1,398) (1,207)
Applicable income taxes (1,407) (1,463) (2,181)
Net income (loss) 5,458 5,838 7,985
Reclassification Out of Accumulated Other Comprehensive Income [Member]      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Net income (loss) (558) (388) (77)
Reclassification Out of Accumulated Other Comprehensive Income [Member] | Unrealized gains (losses) on investment securities available-for-sale      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Realized gains (losses) on sale of investment securities (145) 20 103
Applicable income taxes 37 (5) (26)
Net income (loss) (108) 15 77
Reclassification Out of Accumulated Other Comprehensive Income [Member] | Unrealized gains (losses) on investment securities transferred from available-for-sale to held-to-maturity      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Amortization of unrealized gains (losses) (530) (400) (36)
Applicable income taxes 134 119 9
Net income (loss) (396) (281) (27)
Reclassification Out of Accumulated Other Comprehensive Income [Member] | Unrealized gains (losses) on derivative hedges      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Realized gains (losses) on derivative hedges (80) (36) (14)
Applicable income taxes 21 9 4
Net income (loss) (59) (27) (10)
Reclassification Out of Accumulated Other Comprehensive Income [Member] | Unrealized gains (losses) on retirement plans      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Actuarial gains (losses) and prior service cost (credit) amortization 7 (128) (157)
Applicable income taxes (2) 33 40
Net income (loss) $ 5 $ (95) $ (117)
v3.24.0.1
Shareholders' Equity - Regulatory Capital (Details)
$ in Millions
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Minimum    
Common equity tier 1 capital as a percent of risk-weighted assets 0.070  
Tier 1 capital as a percent of risk-weighted assets 0.085  
Total risk-based capital as a percent of risk-weighted assets 0.105  
Tier 1 capital as a percent of adjusted quarterly average assets (leverage ratio) 0.040  
Tier 1 capital as a percent of total on- and off-balance sheet leverage exposure (total leverage exposure ratio) 0.030  
Well- Capitalized    
Common equity tier 1 capital as a percent of risk-weighted assets 0.065  
Tier 1 capital as a percent of risk-weighted assets 0.080  
Total risk-based capital as a percent of risk-weighted assets 0.100  
Tier 1 capital as a percent of adjusted quarterly average assets (leverage ratio) 0.050  
Tier 1 capital as a percent of total on- and off-balance sheet leverage exposure (total leverage exposure ratio) 0.030  
U.S. Bancorp | Basel III standardized approach    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Common equity tier 1 capital $ 44,947 $ 41,560
Tier 1 capital 52,199 48,813
Total risk-based capital 61,921 59,015
Risk-weighted assets $ 453,390 $ 496,500
Common equity tier 1 capital as a percent of risk-weighted assets 0.099 0.084
Tier 1 capital as a percent of risk-weighted assets 0.115 0.098
Total risk-based capital as a percent of risk-weighted assets 0.137 0.119
Tier 1 capital as a percent of adjusted quarterly average assets 0.081 0.079
Tier 1 capital as a percent of total on- and off-balance sheet leverage exposure 0.066 0.064
U.S. Bank National Association | Basel III standardized approach    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Common equity tier 1 capital $ 58,194 $ 46,681
Tier 1 capital 58,638 47,127
Total risk-based capital 68,817 56,736
Risk-weighted assets $ 445,829 $ 436,764
Common equity tier 1 capital as a percent of risk-weighted assets 0.131 0.107
Tier 1 capital as a percent of risk-weighted assets 0.132 0.108
Total risk-based capital as a percent of risk-weighted assets 0.154 0.130
Tier 1 capital as a percent of adjusted quarterly average assets 0.092 0.081
Tier 1 capital as a percent of total on- and off-balance sheet leverage exposure 0.075 0.065
MUFG Union Bank National Association | Basel III standardized approach    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Common equity tier 1 capital $ 10,888  
Tier 1 capital 10,888  
Total risk-based capital 11,565  
Risk-weighted assets $ 58,641  
Common equity tier 1 capital as a percent of risk-weighted assets 0.186  
Tier 1 capital as a percent of risk-weighted assets 0.186  
Total risk-based capital as a percent of risk-weighted assets 0.197  
Tier 1 capital as a percent of adjusted quarterly average assets 0.109  
Tier 1 capital as a percent of total on- and off-balance sheet leverage exposure 0.101  
v3.24.0.1
Earnings Per Share - Components of Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Earnings Per Share [Abstract]      
Net income attributable to U.S. Bancorp $ 5,429 $ 5,825 $ 7,963
Preferred dividends (350) [1] (296) [2] (303) [3]
Impact of preferred stock call and redemption 0 0 (17)
Earnings allocated to participating stock awards (28) (28) (38)
Net income attributable to U.S. Bancorp 5,051 5,501 7,605
Net income applicable to U.S. Bancorp common shareholders $ 5,051 $ 5,501 $ 7,605
Average common shares outstanding (in shares) 1,543 1,489 1,489
Net effect of the exercise and assumed purchase of stock awards (in shares) 0 1 1
Average diluted common shares outstanding (in shares) 1,543 1,490 1,490
Earnings per common share (in dollars per share) $ 3.27 $ 3.69 $ 5.11
Diluted earnings per common share (in dollars per share) $ 3.27 $ 3.69 $ 5.10
[1] Reflects dividends declared per share on the Company’s Series A, Series B, Series J, Series K, Series L, Series M, Series N and Series O Non-Cumulative Perpetual Preferred Stock of $6,439.904, $1,503.518, $1,325.00, $1,375.00, $937.50, $1,000.00, $925.00, and $1,125.00, respectively.
[2] Reflects dividends declared per share on the Company’s Series A, Series B, Series J, Series K, Series L, Series M, Series N, and Series O Non-Cumulative Perpetual Preferred Stock of $3,965.458, $962.487, $1,325.00, $1,375.00, $937.50, $1,000.00, $925.00, and $1,050.00, respectively.
[3] Reflects dividends declared per share on the Company’s Series A, Series B, Series F, Series I, Series J, Series K, Series L, Series M, and Series N Non-Cumulative Perpetual Preferred Stock of $3,548.61, $887.153, $1,625.00, $232.953, $1,325.00, $1,375.00, $937.50, $952.778, $202.986, respectively.
v3.24.0.1
Earnings Per Share - Additional Information (Details) - shares
shares in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Stock Option    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Options outstanding of common shares 3 1
v3.24.0.1
Employee Benefits - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]      
Maximum employee contribution allowed as a percentage of annual compensation for retirement savings plan 75.00%    
Company contribution match percentage for retirement savings plan 100.00%    
Percent of employees' eligible annual compensation for employer matching contribution to retirement savings plan 4.00%    
Employee matching expenses for retirement savings plan $ 254.0 $ 211.0 $ 213.0
Vesting service period for pension plan 3 years    
Related party      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets $ 62.6 87.8  
Long-duration bonds      
Defined Benefit Plan Disclosure [Line Items]      
Target asset allocation percentage 35.00%    
Global equities      
Defined Benefit Plan Disclosure [Line Items]      
Target asset allocation percentage 30.00%    
Real assets      
Defined Benefit Plan Disclosure [Line Items]      
Target asset allocation percentage 10.00%    
Private equity funds      
Defined Benefit Plan Disclosure [Line Items]      
Target asset allocation percentage 10.00%    
Domestic mid-small cap equities      
Defined Benefit Plan Disclosure [Line Items]      
Target asset allocation percentage 5.00%    
Emerging markets equities      
Defined Benefit Plan Disclosure [Line Items]      
Target asset allocation percentage 5.00%    
Hedge funds      
Defined Benefit Plan Disclosure [Line Items]      
Target asset allocation percentage 5.00%    
Pension Plans      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets $ 7,779.0 7,375.0 $ 8,113.0
Pension Plans | Qualified plan      
Defined Benefit Plan Disclosure [Line Items]      
Employer contributions expected in the next fiscal year 0.0    
Pension Plans | Non-qualified plan      
Defined Benefit Plan Disclosure [Line Items]      
Employer contributions expected in the next fiscal year 27.0    
Postretirement Welfare Plans      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 45.0 $ 42.0  
Postretirement Welfare Plans | Non-qualified plan      
Defined Benefit Plan Disclosure [Line Items]      
Employer contributions expected in the next fiscal year $ 0.0    
v3.24.0.1
Employee Benefits - Changes in Benefit Obligation and Plan Assets (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Pension Plans      
Change In Projected Benefit Obligation      
Benefit obligation at beginning of measurement period $ 6,617 $ 8,030  
Service cost 223 280 $ 265
Interest cost 370 248 219
Plan amendments (23) 2  
Actuarial (gain) loss 398 (2,250)  
Lump sum settlements (94) (76)  
Benefit payments (213) (195)  
Acquisitions 0 578  
Benefit obligation at end of measurement period 7,278 6,617 8,030
Change In Fair Value Of Plan Assets      
Balance at beginning of period 7,375 8,113  
Actual return on plan assets 658 (1,245)  
Employer contributions 28 28  
Lump sum settlements (94) (76)  
Benefit payments (213) (195)  
Acquisitions 25 750  
Balance at end of period 7,779 7,375 $ 8,113
Funded Status 501 758  
Components Of The Consolidated Balance Sheet      
Noncurrent benefit asset 1,072 1,286  
Current benefit liability (26) (25)  
Noncurrent benefit liability (545) (503)  
Recognized amount 501 758  
Accumulated Other Comprehensive Income (Loss), Pretax      
Net actuarial loss (1,607) (1,326)  
Net prior service credit 34 12  
Recognized amount (1,573) (1,314)  
Accumulated benefit obligation for all pension plans 6,800 5,000  
Postretirement Welfare Plans      
Change In Projected Benefit Obligation      
Benefit obligation at beginning of measurement period 51    
Benefit obligation at end of measurement period 49 51  
Change In Fair Value Of Plan Assets      
Balance at beginning of period 42    
Balance at end of period 45 42  
Accumulated Other Comprehensive Income (Loss), Pretax      
Recognized amount $ 52 $ 62  
v3.24.0.1
Employee Benefits - Pension Plans with Benefit Obligations in Excess of Plan Assets (Details) - Pension Plans - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Plans with Projected Benefit Obligations in Excess of Plan Assets    
Projected benefit obligation $ 571 $ 528
Fair value of plan assets 0 0
Plans with Accumulated Benefit Obligations in Excess of Plan Assets    
Accumulated benefit obligation 530 487
Fair value of plan assets $ 0 $ 0
v3.24.0.1
Employee Benefits - Components of Net Periodic Benefit Cost and Other Amounts Recognized in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Pension Plans      
Components Of Net Periodic Pension Cost      
Service cost $ 223 $ 280 $ 265
Interest cost 370 248 219
Expected return on plan assets (546) (481) (450)
Prior service credit amortization (1) (2) (2)
Actuarial loss amortization 5 140 169
Net periodic pension cost (benefit) 51 185 201
Other Changes In Plan Assets And Benefit Obligations Recognized In Other Comprehensive Income (Loss)      
Net actuarial (loss) gain arising during the year (286) 523 398
Net actuarial loss amortized during the year 5 140 169
Net prior service credit (cost) arising during the year 23 (2) 0
Net prior service credit amortized during the year (1) (2) (2)
Total recognized in other comprehensive income (loss) (259) 659 565
Total recognized in net periodic pension cost and other comprehensive income (loss) (310) 474 364
Postretirement Welfare Plans      
Components Of Net Periodic Pension Cost      
Net periodic pension cost (benefit) (10) (9) (9)
Other Changes In Plan Assets And Benefit Obligations Recognized In Other Comprehensive Income (Loss)      
Total recognized in other comprehensive income (loss) $ (10) $ (5) $ (8)
v3.24.0.1
Employee Benefits - Weighted Average Assumptions to Determine Projected Benefit Obligations (Details)
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]    
Cash balance interest crediting rate 3.04% 3.36%
Rate of compensation increase 3.72% 4.13%
Pension Plans    
Defined Benefit Plan Disclosure [Line Items]    
Discount rate 5.12% 5.55%
v3.24.0.1
Employee Benefits - Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost (Details)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]      
Cash balance interest crediting rate 3.36% 3.00% 3.00%
Rate of compensation increase 4.13% 3.56% 3.56%
Pension Plans      
Defined Benefit Plan Disclosure [Line Items]      
Discount rate 5.55% 3.00% 2.75%
Expected return on plan assets 6.75% 6.50% 6.50%
v3.24.0.1
Employee Benefits - Plan Investment Assets Measured at Fair Value (Details) - Pension Plans - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]        
Plan assets $ 7,779 $ 7,375 $ 8,113  
Level 1, Level 2, and Level 3 total        
Defined Benefit Plan Disclosure [Line Items]        
Plan assets 68 2,562    
Level 1, Level 2, and Level 3 total | Cash and cash equivalents        
Defined Benefit Plan Disclosure [Line Items]        
Plan assets 68 202    
Level 1, Level 2, and Level 3 total | Debt securities        
Defined Benefit Plan Disclosure [Line Items]        
Plan assets 0 1,816    
Level 1, Level 2, and Level 3 total | Mutual funds, Debt securities        
Defined Benefit Plan Disclosure [Line Items]        
Plan assets 0 382    
Level 1, Level 2, and Level 3 total | Mutual funds, Emerging markets equity securities        
Defined Benefit Plan Disclosure [Line Items]        
Plan assets 0 156    
Level 1, Level 2, and Level 3 total | Other        
Defined Benefit Plan Disclosure [Line Items]        
Plan assets 0 6    
Level 1        
Defined Benefit Plan Disclosure [Line Items]        
Plan assets 68 1,163    
Level 1 | Cash and cash equivalents        
Defined Benefit Plan Disclosure [Line Items]        
Plan assets 68 202    
Level 1 | Debt securities        
Defined Benefit Plan Disclosure [Line Items]        
Plan assets 0 961    
Level 1 | Mutual funds, Debt securities        
Defined Benefit Plan Disclosure [Line Items]        
Plan assets 0 0    
Level 1 | Mutual funds, Emerging markets equity securities        
Defined Benefit Plan Disclosure [Line Items]        
Plan assets 0 0    
Level 1 | Other        
Defined Benefit Plan Disclosure [Line Items]        
Plan assets 0 0    
Level 2        
Defined Benefit Plan Disclosure [Line Items]        
Plan assets 0 1,393    
Level 2 | Cash and cash equivalents        
Defined Benefit Plan Disclosure [Line Items]        
Plan assets 0 0    
Level 2 | Debt securities        
Defined Benefit Plan Disclosure [Line Items]        
Plan assets 0 855    
Level 2 | Mutual funds, Debt securities        
Defined Benefit Plan Disclosure [Line Items]        
Plan assets 0 382    
Level 2 | Mutual funds, Emerging markets equity securities        
Defined Benefit Plan Disclosure [Line Items]        
Plan assets 0 156    
Level 2 | Other        
Defined Benefit Plan Disclosure [Line Items]        
Plan assets 0 0    
Level 3        
Defined Benefit Plan Disclosure [Line Items]        
Plan assets 0 6 $ 4 $ 6
Level 3 | Cash and cash equivalents        
Defined Benefit Plan Disclosure [Line Items]        
Plan assets 0 0    
Level 3 | Debt securities        
Defined Benefit Plan Disclosure [Line Items]        
Plan assets 0 0    
Level 3 | Mutual funds, Debt securities        
Defined Benefit Plan Disclosure [Line Items]        
Plan assets 0 0    
Level 3 | Mutual funds, Emerging markets equity securities        
Defined Benefit Plan Disclosure [Line Items]        
Plan assets 0 0    
Level 3 | Other        
Defined Benefit Plan Disclosure [Line Items]        
Plan assets 0 6    
Net asset value per share | Collective investment funds, Domestic equity securities        
Defined Benefit Plan Disclosure [Line Items]        
Plan assets 1,546 1,494    
Net asset value per share | Collective investment funds, Domestic mid-small cap equity securities        
Defined Benefit Plan Disclosure [Line Items]        
Plan assets 406 313    
Net asset value per share | Collective investment funds, International equity securities        
Defined Benefit Plan Disclosure [Line Items]        
Plan assets 981 620    
Net asset value per share | Collective investment funds, Domestic real estate securities        
Defined Benefit Plan Disclosure [Line Items]        
Plan assets 142 144    
Net asset value per share | Collective investment funds, Fixed income        
Defined Benefit Plan Disclosure [Line Items]        
Plan assets 2,295 0    
Net asset value per share | Real estate funds        
Defined Benefit Plan Disclosure [Line Items]        
Plan assets 746 763    
Net asset value per share | Hedge funds        
Defined Benefit Plan Disclosure [Line Items]        
Plan assets 412 451    
Net asset value per share | Private equity funds        
Defined Benefit Plan Disclosure [Line Items]        
Plan assets $ 1,183 $ 1,028    
v3.24.0.1
Employee Benefits - Changes for Qualified Pension Plan Investment Assets Measured at Fair Value Using Significant Unobservable Inputs (Level 3) (Details) - Pension Plans - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]      
Balance at beginning of period $ 7,375 $ 8,113  
Unrealized gains (losses) relating to assets still held at end of year 0 2 $ (2)
Purchases, sales, and settlements, net (6) 0 0
Balance at end of period 7,779 7,375 8,113
Level 3      
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]      
Balance at beginning of period 6 4 6
Balance at end of period $ 0 $ 6 $ 4
v3.24.0.1
Employee Benefits - Expected Future Benefit Payments (Details) - Pension Plans
$ in Millions
Dec. 31, 2023
USD ($)
Defined Benefit Plan Disclosure [Line Items]  
2024 $ 332
2025 383
2026 391
2027 416
2028 430
2029-2033 $ 2,439
v3.24.0.1
Stock-Based Compensation - Additional Information (Details) - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Shares available for grant under the stock incentive plan (in shares) 15    
Fair value of shares vested $ 180 $ 198 $ 191
Stock-based compensation expense 224 202 207
Stock-based compensation expense on an after tax basis 167 $ 152 $ 155
Unrecognized compensation cost related to nonvested share-based arrangements $ 175    
Period for recognition of unrecognized compensation cost related to nonvested share-based arrangements 1 year 9 months 18 days    
Minimum      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Option grants exercisable period 10 years    
Stock and unit awards vesting period 3 years    
Maximum      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Stock and unit awards vesting period 5 years    
v3.24.0.1
Stock-Based Compensation - Stock Options Outstanding and Exercised Under Stock Incentive Plans (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Stock Options/Shares      
Outstanding at Beginning of the Period (in shares) 3,253,090 3,890,131 5,180,391
Exercised (in shares) (399,329) (624,729) (1,281,646)
Cancelled (in shares) (15,476) (12,312) (8,614)
Outstanding at End of the Period (in shares) 2,838,285 3,253,090 3,890,131
Stock Options/Shares, Exercisable (in shares) 2,838,285 3,253,090 3,890,131
Weighted- Average Exercise Price      
Outstanding at Beginning of the Period (in dollars per share) $ 44.42 $ 42.58 $ 40.38
Exercised (in dollars per share) 38.15 32.87 33.66
Cancelled (in dollars per share) 47.88 50.97 48.20
Outstanding at End of the Period (in dollars per share) 45.28 44.42 42.58
Weighted-Average Exercise Price, Exercisable (in dollars per share) $ 45.28 $ 44.42 $ 42.58
Weighted-Average Remaining Contractual Term, Outstanding 2 years 2 years 8 months 12 days 3 years 3 months 18 days
Weighted-Average Remaining Contractual Term, Exercisable 2 years 2 years 8 months 12 days 3 years 3 months 18 days
Aggregate Intrinsic Value, Outstanding $ 0 $ 0 $ 53
Aggregate Intrinsic Value, Exercisable $ 0 $ 0 $ 53
v3.24.0.1
Stock-Based Compensation - Stock Option Activity (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]      
Fair value of options vested $ 0 $ 0 $ 3
Intrinsic value of options exercised 2 15 27
Cash received from options exercised 15 21 43
Tax benefit realized from options exercised $ 1 $ 4 $ 7
v3.24.0.1
Stock-Based Compensation - Stock Options Outstanding Additional Information (Details)
 12 Months Ended
Dec. 31, 2023
$ / shares
shares
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]  
Outstanding Options, Shares (in shares) | shares 2,838,285
Outstanding Options, Weighted-Average Remaining Contractual Life (Years) 2 years
Outstanding Options, Weighted-Average Exercise Price (in dollars per share) $ 45.28
Exercisable Options, Shares (in shares) | shares 2,838,285
Exercisable Options, Weighted-Average Exercise Price (in dollars per share) $ 45.28
$35.01—$40.00  
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]  
Lower range limit of Exercise Prices (in dollars per share) 35.01
Upper range limit of Exercise Prices (in dollars per share) $ 40.00
Outstanding Options, Shares (in shares) | shares 1,008,046
Outstanding Options, Weighted-Average Remaining Contractual Life (Years) 2 years 1 month 6 days
Outstanding Options, Weighted-Average Exercise Price (in dollars per share) $ 39.49
Exercisable Options, Shares (in shares) | shares 1,008,046
Exercisable Options, Weighted-Average Exercise Price (in dollars per share) $ 39.49
$40.01—$45.00  
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]  
Lower range limit of Exercise Prices (in dollars per share) 40.01
Upper range limit of Exercise Prices (in dollars per share) $ 45.00
Outstanding Options, Shares (in shares) | shares 988,880
Outstanding Options, Weighted-Average Remaining Contractual Life (Years) 9 months 18 days
Outstanding Options, Weighted-Average Exercise Price (in dollars per share) $ 42.95
Exercisable Options, Shares (in shares) | shares 988,880
Exercisable Options, Weighted-Average Exercise Price (in dollars per share) $ 42.95
$45.01—$50.00  
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]  
Lower range limit of Exercise Prices (in dollars per share) 45.01
Upper range limit of Exercise Prices (in dollars per share) 50.00
$50.01—$55.01  
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]  
Lower range limit of Exercise Prices (in dollars per share) 50.01
Upper range limit of Exercise Prices (in dollars per share) $ 55.01
Outstanding Options, Shares (in shares) | shares 841,359
Outstanding Options, Weighted-Average Remaining Contractual Life (Years) 3 years 1 month 6 days
Outstanding Options, Weighted-Average Exercise Price (in dollars per share) $ 54.96
Exercisable Options, Shares (in shares) | shares 841,359
Exercisable Options, Weighted-Average Exercise Price (in dollars per share) $ 54.96
v3.24.0.1
Stock-Based Compensation - Restricted Shares of Stock and Unit Awards (Details) - $ / shares
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Shares      
Outstanding at beginning of period (in shares) 6,880,826 6,812,753 6,343,313
Granted (in shares) 5,565,634 4,109,793 4,512,995
Vested (in shares) (3,872,874) (3,690,666) (3,793,978)
Cancelled (in shares) (257,015) (351,054) (249,577)
Outstanding at end of period (in shares) 8,316,571 6,880,826 6,812,753
Weighted-Average Grant-Date Fair Value      
Outstanding at beginning of period (in dollars per share) $ 52.59 $ 51.04 $ 51.38
Granted (in dollars per share) 45.87 55.62 52.54
Vested (in dollars per share) 52.05 52.88 53.27
Cancelled (in dollars per share) 50.00 54.95 52.83
Outstanding at end of period (in dollars per share) $ 48.42 $ 52.59 $ 51.04
v3.24.0.1
Income Taxes - Components of Income Tax Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Federal      
Current $ 1,434 $ 1,366 $ 1,203
Deferred (326) (108) 469
Federal income tax 1,108 1,258 1,672
State      
Current 482 401 398
Deferred (183) (196) 111
State income tax 299 205 509
Total income tax provision $ 1,407 $ 1,463 $ 2,181
v3.24.0.1
Income Taxes - Reconciliation of Expected Income Tax Expense at Federal Statutory Rate to the Applicable Income Tax Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Business Acquisition [Line Items]      
Federal statutory rate 21.00% 21.00% 21.00%
Tax at statutory rate $ 1,442 $ 1,533 $ 2,135
State income tax, at statutory rates, net of federal tax benefit 322 305 439
Tax credits and benefits, net of related expenses (272) (273) (331)
Tax-exempt income (142) (121) (114)
Revaluation of tax related assets and liabilities 15 (79) 0
Nondeductible legal and regulatory expenses 76 37 24
Other items (34) 61 28
Total income tax provision $ 1,407 1,463 $ 2,181
MUB      
Business Acquisition [Line Items]      
Revaluation of tax related assets and liabilities   $ (79)  
v3.24.0.1
Income Taxes - Reconciliation of Changes in Unrecognized Tax Positions (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]      
Balance at beginning of period $ 513 $ 487 $ 474
Additions for tax positions taken in prior years 141 35 14
Additions for tax positions taken in the current year 3 3 7
Exam resolutions (302) (8) (1)
Statute expirations (5) (4) (7)
Balance at end of period $ 350 $ 513 $ 487
v3.24.0.1
Income Taxes - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Tax Credit Carryforward [Line Items]      
Unrecognized tax positions that if recognized would impact the effective tax rate $ 276 $ 294 $ 285
Accrued interest and penalties included in uncertain tax positions 40    
Interest and penalties recorded on uncertain tax positions (11) $ 7 $ 5
Net operating loss carryforwards 2,700    
Base year reserves included in retained earnings of acquired thrift institutions for which no deferred federal income tax liability has been recognized 102    
Federal [Member]      
Tax Credit Carryforward [Line Items]      
Credit carryforwards $ 1,300    
v3.24.0.1
Income Taxes - Significant Components of the Net Deferred Tax Asset (Liability) (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Deferred Tax Assets    
Securities available-for-sale and financial instruments $ 3,231 $ 3,992
Federal, state and foreign net operating loss, credit carryforwards and other carryforwards 2,836 2,677
Allowance for credit losses 2,051 1,980
Loans 1,013 1,287
Accrued expenses 838 618
Obligation for operating leases 348 368
Partnerships and other investment assets 271 112
Stock compensation 87 81
Other deferred tax assets, net 370 501
Gross deferred tax assets 11,045 11,616
Deferred Tax Liabilities    
Leasing activities (1,455) (1,813)
Goodwill and other intangible assets (1,450) (1,575)
Mortgage servicing rights (758) (815)
Right of use operating leases (301) (325)
Pension and postretirement benefits (115) (172)
Fixed assets (44) (125)
Other deferred tax liabilities, net (168) (234)
Gross deferred tax liabilities (4,291) (5,059)
Valuation allowance (364) (263)
Net Deferred Tax Asset $ 6,390 $ 6,294
v3.24.0.1
Derivative Instruments - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Derivative [Line Items]    
Realized and unrealized losses on derivatives classified as cash flow hedges recorded in other comprehensive income (loss) $ 242 $ 114
Estimated loss to be reclassified from other comprehensive income (loss) into earnings 78  
Fair value of derivatives under collateral agreements in a net liability position 2,000  
Collateral posted by company netted against net liability position 1,700  
Net investment hedges    
Derivative [Line Items]    
Non-derivative debt instruments $ 1,300 $ 1,300
v3.24.0.1
Derivative Instruments - Asset and Liability Management Derivative Positions (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Derivative [Line Items]    
Notional Value $ 1,200,000  
Asset and liability management positions    
Derivative [Line Items]    
Notional Value 91,328 $ 90,763
Fair Value, Assets 312 396
Fair Value, Liabilities 241 422
Asset and liability management positions | Swaps | Visa Class B Shares    
Derivative [Line Items]    
Fair Value, Liabilities 91 190
Derivative liability notional value 2,000 1,800
Asset and liability management positions | Underwriting purchase and sale commitments    
Derivative [Line Items]    
Notional Value 28 13
Asset and liability management positions | Other    
Derivative [Line Items]    
Notional Value 2,136 1,908
Fair Value, Assets 11 11
Fair Value, Liabilities 93 190
Asset and liability management positions | Other economic hedges | Interest rate contracts | Receive fixed/pay floating swaps    
Derivative [Line Items]    
Notional Value 7,029 9,215
Fair Value, Assets 9 0
Fair Value, Liabilities 3 3
Asset and liability management positions | Other economic hedges | Interest rate contracts | Pay fixed/receive floating swaps    
Derivative [Line Items]    
Notional Value 3,801 9,616
Fair Value, Assets 0 0
Fair Value, Liabilities 0 0
Asset and liability management positions | Other economic hedges | Interest rate contracts | Futures and forwards | Buy/ Purchased    
Derivative [Line Items]    
Notional Value 5,006 3,546
Fair Value, Assets 29 10
Fair Value, Liabilities 5 18
Asset and liability management positions | Other economic hedges | Interest rate contracts | Futures and forwards | Sell/ Written    
Derivative [Line Items]    
Notional Value 4,501 7,522
Fair Value, Assets 7 20
Fair Value, Liabilities 34 38
Asset and liability management positions | Other economic hedges | Interest rate contracts | Options | Buy/ Purchased    
Derivative [Line Items]    
Notional Value 6,085 11,434
Fair Value, Assets 237 346
Fair Value, Liabilities 0 0
Asset and liability management positions | Other economic hedges | Interest rate contracts | Options | Sell/ Written    
Derivative [Line Items]    
Notional Value 3,696 7,849
Fair Value, Assets 14 7
Fair Value, Liabilities 75 148
Asset and liability management positions | Other economic hedges | Foreign exchange forward contracts    
Derivative [Line Items]    
Notional Value 734 962
Fair Value, Assets 2 2
Fair Value, Liabilities 5 6
Asset and liability management positions | Other economic hedges | Equity contracts    
Derivative [Line Items]    
Notional Value 227 361
Fair Value, Assets 2 0
Fair Value, Liabilities 0 10
Asset and liability management positions | Other economic hedges | Credit contracts    
Derivative [Line Items]    
Notional Value 2,620 330
Fair Value, Assets 1 0
Fair Value, Liabilities 0 0
Asset and liability management positions | Fair value hedges | Interest rate contracts | Receive fixed/pay floating swaps    
Derivative [Line Items]    
Notional Value 12,100 17,400
Fair Value, Assets 0 0
Fair Value, Liabilities 16 9
Asset and liability management positions | Fair value hedges | Interest rate contracts | Pay fixed/receive floating swaps    
Derivative [Line Items]    
Notional Value 24,139 5,542
Fair Value, Assets 0 0
Fair Value, Liabilities 0 0
Asset and liability management positions | Cash flow hedges | Interest rate contracts | Receive fixed/pay floating swaps    
Derivative [Line Items]    
Notional Value 18,400 14,300
Fair Value, Assets 0 0
Fair Value, Liabilities 0 0
Asset and liability management positions | Net investment hedges | Foreign exchange forward contracts    
Derivative [Line Items]    
Notional Value 854 778
Fair Value, Assets 0 0
Fair Value, Liabilities $ 10 $ 0
v3.24.0.1
Derivative Instruments - Customer-Related Derivative Positions (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Derivative [Line Items]    
Notional Value $ 1,200,000  
Customer-related positions    
Derivative [Line Items]    
Notional Value 1,119,842 $ 1,014,834
Fair Value, Assets 6,219 7,476
Fair Value, Liabilities 8,068 10,277
Customer-related positions | Interest rate contracts | Receive fixed/pay floating swaps    
Derivative [Line Items]    
Notional Value 363,375 301,690
Fair Value, Assets 791 309
Fair Value, Liabilities 4,395 5,689
Customer-related positions | Interest rate contracts | Pay fixed/receive floating swaps    
Derivative [Line Items]    
Notional Value 330,539 316,133
Fair Value, Assets 1,817 2,323
Fair Value, Liabilities 280 206
Customer-related positions | Interest rate contracts | Other    
Derivative [Line Items]    
Notional Value 82,209 40,261
Fair Value, Assets 17 3
Fair Value, Liabilities 51 16
Customer-related positions | Interest rate contracts | Options | Buy/ Purchased    
Derivative [Line Items]    
Notional Value 102,423 103,489
Fair Value, Assets 1,026 1,794
Fair Value, Liabilities 18 5
Customer-related positions | Interest rate contracts | Options | Sell/ Written    
Derivative [Line Items]    
Notional Value 97,690 99,923
Fair Value, Assets 20 6
Fair Value, Liabilities 1,087 1,779
Customer-related positions | Interest rate contracts | Futures | Buy/ Purchased    
Derivative [Line Items]    
Notional Value 0 3,623
Fair Value, Assets 0 0
Fair Value, Liabilities 0 4
Customer-related positions | Interest rate contracts | Futures | Sell/ Written    
Derivative [Line Items]    
Notional Value 0 2,376
Fair Value, Assets 0 8
Fair Value, Liabilities 0 0
Customer-related positions | Foreign exchange rate contracts | Forwards, spots and swaps    
Derivative [Line Items]    
Notional Value 121,119 134,666
Fair Value, Assets 2,252 3,010
Fair Value, Liabilities 1,942 2,548
Customer-related positions | Options | Buy/ Purchased    
Derivative [Line Items]    
Notional Value 1,532 954
Fair Value, Assets 28 22
Fair Value, Liabilities 0 0
Customer-related positions | Options | Sell/ Written    
Derivative [Line Items]    
Notional Value 1,532 954
Fair Value, Assets 0 0
Fair Value, Liabilities 28 22
Customer-related positions | Commodity contracts | Swaps    
Derivative [Line Items]    
Notional Value 2,498 0
Fair Value, Assets 116 0
Fair Value, Liabilities 110 0
Customer-related positions | Commodity Option | Buy/ Purchased    
Derivative [Line Items]    
Notional Value 1,936 0
Fair Value, Assets 151 0
Fair Value, Liabilities 0 0
Customer-related positions | Commodity Option | Sell/ Written    
Derivative [Line Items]    
Notional Value 1,936 0
Fair Value, Assets 0 0
Fair Value, Liabilities 151 0
Customer-related positions | Credit contracts    
Derivative [Line Items]    
Notional Value 13,053 10,765
Fair Value, Assets 1 1
Fair Value, Liabilities $ 6 $ 8
v3.24.0.1
Derivative Instruments - Effective Portion of Gains (Losses) Recognized in Other Comprehensive Income (Loss) and Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings (Details) - Asset and liability management positions - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flow hedges | Interest rate contracts      
Cash flow hedges      
Gains (Losses) Recognized in Other Comprehensive Income (Loss) $ (187) $ (56) $ 94
Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings (59) (27) (10)
Net investment hedges | Foreign exchange forward contracts      
Net investment hedges      
Gains (Losses) Recognized in Other Comprehensive Income (Loss) (11) 42 19
Net investment hedges | Non-derivative debt instruments      
Net investment hedges      
Gains (Losses) Recognized in Other Comprehensive Income (Loss) $ (33) $ 59 $ 84
v3.24.0.1
Derivative Instruments - Effect of Fair Value and Cash Flow Hedge Accounting on Consolidated Statement of Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]      
Interest income $ 30,007 $ 17,945 $ 13,487
Interest expense 12,611 3,217 993
Losses recognized recognized in earnings, discontinuance of cash flow hedges $ 28 $ 36 $ 53
OCI, Cash Flow Hedge, Reclassification for Discontinuance, Statement of Income or Comprehensive Income [Extensible Enumeration] Interest income, Interest expense Interest income, Interest expense Interest income, Interest expense
Asset and liability management positions | Fair value hedges | Interest income      
Derivative Instruments, Gain (Loss) [Line Items]      
Gains (losses) recognized in earnings, fair value hedged item $ 427 $ (139) $ (19)
Asset and liability management positions | Fair value hedges | Interest expense      
Derivative Instruments, Gain (Loss) [Line Items]      
Gains (losses) recognized in earnings, fair value hedged item (461) 486 232
Asset and liability management positions | Fair value hedges | Interest rate contracts | Interest income      
Derivative Instruments, Gain (Loss) [Line Items]      
Gains (losses) recognized in earnings, fair value hedging instruments (430) 138 17
Asset and liability management positions | Fair value hedges | Interest rate contracts | Interest expense      
Derivative Instruments, Gain (Loss) [Line Items]      
Gains (losses) recognized in earnings, fair value hedging instruments 458 (482) (232)
Asset and liability management positions | Cash flow hedges | Interest rate contracts | Interest income      
Derivative Instruments, Gain (Loss) [Line Items]      
Gains (losses) recognized in earnings, cash flow hedging instruments (52) 0 0
Asset and liability management positions | Cash flow hedges | Interest rate contracts | Interest expense      
Derivative Instruments, Gain (Loss) [Line Items]      
Gains (losses) recognized in earnings, cash flow hedging instruments $ (28) $ 0 $ (14)
v3.24.0.1
Derivative Instruments - Cumulative Hedging Adjustments and the Carrying Amount of Assets and Liabilities Designated in Fair Value Hedges (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]    
Increase (decrease) in cumulative amount of basis adjustments $ 335  
Available-for-sale investment securities    
Derivative Instruments, Gain (Loss) [Line Items]    
Carrying amount of the hedged assets 11,795 $ 4,937
Cumulative hedging adjustment for hedged assets (448) (552)
Cumulative hedging adjustment asset related to discontinued hedging relationships (379) (68)
Amortized cost of the closed portfolios 15,600  
Amortized cost of the closed portfolios designated as hedged 9,100  
Increase (decrease) in cumulative amount of basis adjustments (335)  
Long-term debt    
Derivative Instruments, Gain (Loss) [Line Items]    
Carrying amount of the hedged liabilities 11,987 17,190
Cumulative hedging adjustment for hedged liabilities (148) (142)
Cumulative hedging adjustment liability related to discontinued hedging relationships $ (392) $ 399
v3.24.0.1
Derivative Instruments - Gains (Losses) Recognized in Earnings for Other Economic Hedges and Customer-Related Positions (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Customer-related positions | Interest rate contracts | Purchased and written options      
Derivative Instruments, Gain (Loss) [Line Items]      
Gains (losses) recognized in earnings $ 45 $ 20 $ (5)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Commercial products revenue Commercial products revenue Commercial products revenue
Customer-related positions | Interest rate contracts | Futures      
Derivative Instruments, Gain (Loss) [Line Items]      
Gains (losses) recognized in earnings $ (1) $ 30 $ 3
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Commercial products revenue Commercial products revenue Commercial products revenue
Customer-related positions | Swaps      
Derivative Instruments, Gain (Loss) [Line Items]      
Gains (losses) recognized in earnings $ 185 $ 98 $ 110
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Commercial products revenue Commercial products revenue Commercial products revenue
Customer-related positions | Credit contracts      
Derivative Instruments, Gain (Loss) [Line Items]      
Gains (losses) recognized in earnings $ 1 $ 20 $ (7)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Commercial products revenue Commercial products revenue Commercial products revenue
Customer-related positions | Foreign exchange rate contracts | Purchased and written options      
Derivative Instruments, Gain (Loss) [Line Items]      
Gains (losses) recognized in earnings $ 1 $ 1 $ 1
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Commercial products revenue Commercial products revenue Commercial products revenue
Customer-related positions | Foreign exchange rate contracts | Forwards, spots and swaps      
Derivative Instruments, Gain (Loss) [Line Items]      
Gains (losses) recognized in earnings $ 195 $ 100 $ 93
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Commercial products revenue Commercial products revenue Commercial products revenue
Customer-related positions | Commodity contracts | Swaps      
Derivative Instruments, Gain (Loss) [Line Items]      
Gains (losses) recognized in earnings $ 6 $ 0 $ 0
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Commercial products revenue Commercial products revenue Commercial products revenue
Asset and liability management positions | Other economic hedges | Interest rate contracts | Futures and forwards      
Derivative Instruments, Gain (Loss) [Line Items]      
Gains (losses) recognized in earnings $ 71 $ 407 $ 511
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Mortgage banking revenue Mortgage banking revenue Mortgage banking revenue
Asset and liability management positions | Other economic hedges | Interest rate contracts | Purchased and written options      
Derivative Instruments, Gain (Loss) [Line Items]      
Gains (losses) recognized in earnings $ 89 $ 1 $ 527
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Mortgage banking revenue Mortgage banking revenue Mortgage banking revenue
Asset and liability management positions | Other economic hedges | Swaps      
Derivative Instruments, Gain (Loss) [Line Items]      
Gains (losses) recognized in earnings $ (19) $ (1,010) $ (197)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Mortgage banking revenue, Interest Expense, Other Mortgage banking revenue, Interest Expense, Other Mortgage banking revenue, Interest Expense, Other
Asset and liability management positions | Other economic hedges | Foreign exchange forward contracts      
Derivative Instruments, Gain (Loss) [Line Items]      
Gains (losses) recognized in earnings $ (7) $ (1) $ 1
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Other Other Other
Asset and liability management positions | Other economic hedges | Equity contracts      
Derivative Instruments, Gain (Loss) [Line Items]      
Gains (losses) recognized in earnings $ (8) $ (8) $ 7
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Compensation and employee benefits Compensation and employee benefits Compensation and employee benefits
Asset and liability management positions | Other economic hedges | Other      
Derivative Instruments, Gain (Loss) [Line Items]      
Gains (losses) recognized in earnings $ 1 $ (181) $ 5
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Other Other Other
v3.24.0.1
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities - Additional Information (Details)
$ in Billions
Dec. 31, 2023
USD ($)
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]  
Notional amount of derivative $ 1,200.0
Over-the-counter  
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]  
Notional amount of derivative 548.9
Centrally cleared  
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]  
Notional amount of derivative 660.4
Exchange-traded  
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]  
Notional amount of derivative $ 1.9
v3.24.0.1
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities - Maturities by Category of Collateral Pledged for Repurchase Agreements and Securities Loaned Transactions (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements $ 3,579 $ 1,432
Securities loaned 290 120
Gross amount of recognized liabilities 3,869 1,552
Overnight and Continuous    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 3,534 1,432
Securities loaned 290 120
Gross amount of recognized liabilities 3,824 1,552
Less Than 30 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 45 0
Securities loaned 0 0
Gross amount of recognized liabilities 45 0
30-89 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 0 0
Securities loaned 0 0
Gross amount of recognized liabilities 0 0
Greater Than 90 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 0 0
Securities loaned 0 0
Gross amount of recognized liabilities 0 0
U.S. Treasury and agencies    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 2,375 147
U.S. Treasury and agencies | Overnight and Continuous    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 2,375 147
U.S. Treasury and agencies | Less Than 30 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 0 0
U.S. Treasury and agencies | 30-89 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 0 0
U.S. Treasury and agencies | Greater Than 90 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 0 0
Residential mortgage-backed securities | Agency    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 338 846
Residential mortgage-backed securities | Overnight and Continuous | Agency    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 338 846
Residential mortgage-backed securities | Less Than 30 Days | Agency    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 0 0
Residential mortgage-backed securities | 30-89 Days | Agency    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 0 0
Residential mortgage-backed securities | Greater Than 90 Days | Agency    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 0 0
Corporate debt securities    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 821 439
Securities loaned 290 120
Corporate debt securities | Overnight and Continuous    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 821 439
Securities loaned 290 120
Corporate debt securities | Less Than 30 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 0 0
Securities loaned 0 0
Corporate debt securities | 30-89 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 0 0
Securities loaned 0 0
Corporate debt securities | Greater Than 90 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 0 0
Securities loaned 0 $ 0
Asset-backed securities    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 45  
Asset-backed securities | Overnight and Continuous    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 0  
Asset-backed securities | Less Than 30 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 45  
Asset-backed securities | 30-89 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 0  
Asset-backed securities | Greater Than 90 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements $ 0  
v3.24.0.1
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities - Netting Adjustments and Items Not Offset in Consolidated Balance Sheet, Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Derivative assets    
Gross Recognized Assets $ 6,504 $ 7,852
Gross Amounts Offset on the Consolidated Balance Sheet (3,666) (5,427)
Net Amounts Presented on the Consolidated Balance Sheet 2,838 2,425
Gross Amounts Not Offset on the Consolidated Balance Sheet, Financial Instruments (141) (231)
Gross Amounts Not Offset on the Consolidated Balance Sheet, Collateral Received (3) (80)
Net Amount 2,694 2,114
Reverse repurchase agreements    
Gross Recognized Assets 2,513 107
Net Amounts Presented on the Consolidated Balance Sheet 2,513 107
Gross Amounts Not Offset on the Consolidated Balance Sheet, Financial Instruments (568) (102)
Gross Amounts Not Offset on the Consolidated Balance Sheet, Collateral Received (1,941) (5)
Net Amount 4 0
Securities borrowed    
Gross Recognized Assets 1,802 1,606
Net Amounts Presented on the Consolidated Balance Sheet 1,802 1,606
Gross Amounts Not Offset on the Consolidated Balance Sheet, Financial Instruments (14) 0
Gross Amounts Not Offset on the Consolidated Balance Sheet, Collateral Received (1,717) (1,548)
Net Amount 71 58
Total    
Gross Recognized Assets 10,819 9,565
Gross Amounts Offset on the Consolidated Balance Sheet (3,666) (5,427)
Net Amounts Presented on the Consolidated Balance Sheet 7,153 4,138
Gross Amounts Not Offset on the Consolidated Balance Sheet, Financial Instruments (723) (333)
Gross Amounts Not Offset on the Consolidated Balance Sheet, Collateral Received (3,661) (1,633)
Net Amount 2,769 2,172
Cash collateral netted against derivative assets 1,600 3,000
Derivative assets not subject to netting arrangements $ 27 $ 20
v3.24.0.1
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities - Netting Adjustments and Items Not Offset in Consolidated Balance Sheet, Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Derivative liabilities    
Gross Recognized Liabilities $ 8,217 $ 10,506
Gross Amounts Offset on the Consolidated Balance Sheet (3,720) (4,551)
Net Amounts Presented on the Consolidated Balance Sheet 4,497 5,955
Gross Amounts Not Offset on the Consolidated Balance Sheet, Financial Instruments (141) (231)
Gross Amounts Not Offset on the Consolidated Balance Sheet, Collateral Pledged 0 0
Net Amount 4,356 5,724
Repurchase agreements    
Gross Recognized Liabilities 3,579 1,432
Net Amounts Presented on the Consolidated Balance Sheet 3,579 1,432
Gross Amounts Not Offset on the Consolidated Balance Sheet, Financial Instruments (568) (102)
Gross Amounts Not Offset on the Consolidated Balance Sheet, Collateral Pledged (3,008) (1,325)
Net Amount 3 5
Securities loaned    
Gross Recognized Liabilities 290 120
Net Amounts Presented on the Consolidated Balance Sheet 290 120
Gross Amounts Not Offset on the Consolidated Balance Sheet, Financial Instruments (14) 0
Gross Amounts Not Offset on the Consolidated Balance Sheet, Collateral Pledged (270) (118)
Net Amount 6 2
Total    
Gross Recognized Liabilities 12,086 12,058
Gross Amounts Offset on the Consolidated Balance Sheet (3,720) (4,551)
Net Amounts Presented on the Consolidated Balance Sheet 8,366 7,507
Gross Amounts Not Offset on the Consolidated Balance Sheet, Financial Instruments (723) (333)
Gross Amounts Not Offset on the Consolidated Balance Sheet, Collateral Pledged (3,278) (1,443)
Net Amount 4,365 5,731
Cash collateral netted against derivative liabilities 1,700 2,100
Derivative liabilities not subject to netting arrangements $ 92 $ 193
v3.24.0.1
Fair Values of Assets and Liabilities - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Carrying value of unfunded commitments, deferred non-yield related loan fees and standby letters of credit $ 489 $ 498  
Other guarantees carrying value $ 198 241  
Minimum      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Credit valuation adjustment as percentage of derivative contract fair value 0.00%    
Maximum      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Credit valuation adjustment as percentage of derivative contract fair value 507.00%    
Weighted Average      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Credit valuation adjustment as percentage of derivative contract fair value 2.00%    
Level 2 | Time Deposits | Interest expense      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Net gains (losses) where the fair value option is elected $ 4    
Mortgage Loans Held For Sale | Level 2      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Net gains (losses) where the fair value option is elected $ (46) $ (450) $ (145)
v3.24.0.1
Fair Values of Assets and Liabilities - Valuation Assumption Ranges for MSRs (Details)
Dec. 31, 2023
Expected prepayment | Minimum  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
MSRs measurement inputs 0.07
Expected prepayment | Maximum  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
MSRs measurement inputs 0.23
Expected prepayment | Weighted Average  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
MSRs measurement inputs 0.10
Option adjusted spread | Minimum  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
MSRs measurement inputs 0.04
Option adjusted spread | Maximum  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
MSRs measurement inputs 0.11
Option adjusted spread | Weighted Average  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
MSRs measurement inputs 0.05
v3.24.0.1
Fair Values of Assets and Liabilities - Valuation Assumption Ranges for Derivative Commitments (Details)
Dec. 31, 2023
Expected loan close rate | Minimum  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Derivative commitments measurement inputs 0.17
Expected loan close rate | Maximum  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Derivative commitments measurement inputs 0.99
Expected loan close rate | Weighted Average  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Derivative commitments measurement inputs 0.74
Inherent MSR value (basis points per loan) | Minimum  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Derivative commitments measurement inputs 0.0048
Inherent MSR value (basis points per loan) | Maximum  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Derivative commitments measurement inputs 0.0177
Inherent MSR value (basis points per loan) | Weighted Average  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Derivative commitments measurement inputs 0.0097
v3.24.0.1
Fair Values of Assets and Liabilities - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Available-for-sale securities [1] $ 69,706 $ 72,910    
Mortgage loans held for sale 2,011 1,849    
Mortgage servicing rights 3,377 3,755 $ 2,953 $ 2,210
Derivative assets netting (3,666) (5,427)    
Time deposits 2,818 0    
Derivative liabilities netting (3,720) (4,551)    
Equity investments without readily determinable fair values 133 104    
Equity investments without readily determinable fair values impairment loss 5      
Equity investments without readily determinable fair values impairment loss cumulative amount 5      
U.S. Treasury and agencies        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Available-for-sale securities 19,542 22,033    
Residential mortgage-backed securities | Agency        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Available-for-sale securities 26,078 29,271    
Commercial mortgage-backed securities | Agency        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Available-for-sale securities 7,343 7,145    
Commercial mortgage-backed securities | Non-agency        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Available-for-sale securities 6 7    
Asset-backed securities        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Available-for-sale securities 6,724 4,323    
Obligations of state and political subdivisions        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Available-for-sale securities 9,989 10,125    
Other        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Available-for-sale securities 24 6    
Fair value, measurements, recurring        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Available-for-sale securities 69,706 72,910    
Mortgage loans held for sale 2,011 1,849    
Mortgage servicing rights 3,377 3,755    
Derivative assets netting (3,666) (5,427)    
Derivative assets 2,865 2,445    
Other assets 2,541 2,004    
Total assets 80,500 82,963    
Time deposits 2,818      
Derivative liabilities netting (3,720) (4,551)    
Derivative liabilities 4,589 6,148    
Short-term borrowings and other liabilities 2,303 1,689    
Total liabilities 9,710 7,837    
Fair value, measurements, recurring | U.S. Treasury and agencies        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Available-for-sale securities 19,542 22,033    
Fair value, measurements, recurring | Residential mortgage-backed securities        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Available-for-sale securities 26,078 29,271    
Fair value, measurements, recurring | Commercial mortgage-backed securities | Agency        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Available-for-sale securities 7,343 7,145    
Fair value, measurements, recurring | Commercial mortgage-backed securities | Non-agency        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Available-for-sale securities 6 7    
Fair value, measurements, recurring | Asset-backed securities        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Available-for-sale securities 6,724 4,323    
Fair value, measurements, recurring | Obligations of state and political subdivisions        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Available-for-sale securities 9,989 10,125    
Fair value, measurements, recurring | Other        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Available-for-sale securities 24 6    
Fair value, measurements, recurring | Level 1        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Available-for-sale securities 14,787 13,723    
Mortgage loans held for sale 0 0    
Mortgage servicing rights 0 0    
Derivative assets before netting 0 9    
Other assets 550 248    
Total assets 15,337 13,980    
Time deposits 0      
Derivative liabilities before netting 16 4    
Short-term borrowings and other liabilities 517 125    
Total liabilities 533 129    
Fair value, measurements, recurring | Level 1 | U.S. Treasury and agencies        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Available-for-sale securities 14,787 13,723    
Fair value, measurements, recurring | Level 1 | Residential mortgage-backed securities        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Available-for-sale securities 0 0    
Fair value, measurements, recurring | Level 1 | Commercial mortgage-backed securities | Agency        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Available-for-sale securities 0 0    
Fair value, measurements, recurring | Level 1 | Commercial mortgage-backed securities | Non-agency        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Available-for-sale securities 0 0    
Fair value, measurements, recurring | Level 1 | Asset-backed securities        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Available-for-sale securities 0 0    
Fair value, measurements, recurring | Level 1 | Obligations of state and political subdivisions        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Available-for-sale securities 0 0    
Fair value, measurements, recurring | Level 1 | Other        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Available-for-sale securities 0 0    
Fair value, measurements, recurring | Level 2        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Available-for-sale securities 54,919 59,186    
Mortgage loans held for sale 2,011 1,849    
Mortgage servicing rights 0 0    
Derivative assets before netting 5,078 6,608    
Other assets 1,991 1,756    
Total assets 63,999 69,399    
Time deposits 2,818      
Derivative liabilities before netting 4,955 6,241    
Short-term borrowings and other liabilities 1,786 1,564    
Total liabilities 9,559 7,805    
Fair value, measurements, recurring | Level 2 | U.S. Treasury and agencies        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Available-for-sale securities 4,755 8,310    
Fair value, measurements, recurring | Level 2 | Residential mortgage-backed securities        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Available-for-sale securities 26,078 29,271    
Fair value, measurements, recurring | Level 2 | Commercial mortgage-backed securities | Agency        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Available-for-sale securities 7,343 7,145    
Fair value, measurements, recurring | Level 2 | Commercial mortgage-backed securities | Non-agency        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Available-for-sale securities 6 7    
Fair value, measurements, recurring | Level 2 | Asset-backed securities        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Available-for-sale securities 6,724 4,323    
Fair value, measurements, recurring | Level 2 | Obligations of state and political subdivisions        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Available-for-sale securities 9,989 10,124    
Fair value, measurements, recurring | Level 2 | Other        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Available-for-sale securities 24 6    
Fair value, measurements, recurring | Level 3        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Available-for-sale securities 0 1    
Mortgage loans held for sale 0 0    
Mortgage servicing rights 3,377 3,755    
Derivative assets before netting 1,453 1,255    
Other assets 0 0    
Total assets 4,830 5,011    
Time deposits 0      
Derivative liabilities before netting 3,338 4,454    
Short-term borrowings and other liabilities 0 0    
Total liabilities 3,338 4,454    
Fair value, measurements, recurring | Level 3 | U.S. Treasury and agencies        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Available-for-sale securities 0 0    
Fair value, measurements, recurring | Level 3 | Residential mortgage-backed securities        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Available-for-sale securities 0 0    
Fair value, measurements, recurring | Level 3 | Commercial mortgage-backed securities | Agency        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Available-for-sale securities 0 0    
Fair value, measurements, recurring | Level 3 | Commercial mortgage-backed securities | Non-agency        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Available-for-sale securities 0 0    
Fair value, measurements, recurring | Level 3 | Asset-backed securities        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Available-for-sale securities 0 0    
Fair value, measurements, recurring | Level 3 | Obligations of state and political subdivisions        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Available-for-sale securities 0 1    
Fair value, measurements, recurring | Level 3 | Other        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Available-for-sale securities $ 0 $ 0    
[1] Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral.
v3.24.0.1
Fair Values of Assets and Liabilities - Changes in Fair Value for Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]      
Beginning of Period Balance $ (3,199) $ 799 $ 2,326
Net Gains (Losses) Included in Net Income (2,696) (5,940) (924)
Purchases 552 716 337
Sales (45) (36) (3)
Issuances 1 11 0
Settlements 3,502 1,251 (937)
End of Period Balance (1,885) (3,199) 799
Net Change in net derivative asset and liability unrealized gains (losses) relating to assets still held at end of period (183) (3,538) (968)
Mortgage Banking Revenue      
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]      
Net Gains (Losses) Included in Net Income 182 (141) 666
Net Change in net derivative asset and liability unrealized gains (losses) relating to assets still held at end of period $ 15 $ 5 $ 42
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Mortgage banking revenue Mortgage banking revenue Mortgage banking revenue
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Mortgage banking revenue Mortgage banking revenue Mortgage banking revenue
Commercial Products Revenue      
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]      
Net Gains (Losses) Included in Net Income $ (2,900) $ (5,600) $ (1,600)
Net Change in net derivative asset and liability unrealized gains (losses) relating to assets still held at end of period $ (199) $ (3,400) $ (1,000)
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Commercial products revenue Commercial products revenue Commercial products revenue
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Commercial products revenue Commercial products revenue Commercial products revenue
Other Noninterest Income      
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]      
Net Gains (Losses) Included in Net Income $ 1 $ (181) $ 5
Net Change in net derivative asset and liability unrealized gains (losses) relating to assets still held at end of period $ 1 $ (181) $ 5
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Other Other Other
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Other Other Other
Total available-for-sale      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Beginning of Period Balance $ 1 $ 8 $ 8
Net Gains (Losses) Included in Other Comprehensive Income (Loss) 0 (3) 1
Purchases 0 0 0
Sales 0 (4) 0
Principal Payments (1) 0 (1)
Issuances 0 0 0
Settlements 0 0 0
End of Period Balance 0 1 8
Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period 0 0 1
Asset-backed securities      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Beginning of Period Balance 0 7 7
Net Gains (Losses) Included in Other Comprehensive Income (Loss)   (3) 1
Purchases   0 0
Sales   (4) 0
Principal Payments   0 (1)
Issuances   0 0
Settlements   0 0
End of Period Balance   0 7
Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period   0 1
Obligations of state and political subdivisions      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Beginning of Period Balance 1 1 1
Net Gains (Losses) Included in Other Comprehensive Income (Loss) 0 0 0
Purchases 0 0 0
Sales 0 0 0
Principal Payments (1) 0 0
Issuances 0 0 0
Settlements 0 0 0
End of Period Balance 0 1 1
Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period 0 0 0
Mortgage servicing rights      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Beginning of Period Balance 3,755 2,953 2,210
Net Gains (Losses) Included in Net Income (316) 311 (437)
Purchases 5 156 42
Sales (440) (255) 2
Issuances 373 590 1,136
Settlements 0 0 0
End of Period Balance 3,377 3,755 2,953
Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period $ (316) $ 311 $ (437)
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Mortgage banking revenue Mortgage banking revenue Mortgage banking revenue
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Mortgage banking revenue Mortgage banking revenue Mortgage banking revenue
v3.24.0.1
Fair Values of Assets and Liabilities - Assets Measured at Fair Value on Nonrecurring Basis (Details) - Fair value, measurements, nonrecurring - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans $ 354 $ 97
Other assets 27 21
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans 0 0
Other assets 0 0
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans 0 0
Other assets 0 0
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans 354 97
Other assets $ 27 $ 21
v3.24.0.1
Fair Values of Assets and Liabilities - Losses Recognized Related to Nonrecurring Fair Value Measurements (Details) - Fair value, measurements, nonrecurring - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Other assets      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Losses recognized related to nonrecurring fair value measurements $ 32 $ 20 $ 25
Loans      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Losses recognized related to nonrecurring fair value measurements $ 368 $ 40 $ 60
v3.24.0.1
Fair Values of Assets and Liabilities - Fair Value Option (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Fair Value Disclosures [Abstract]    
Fair value carrying amount, total loans $ 2,011 $ 1,849
Aggregate unpaid principal, total loans 1,994 1,848
Carrying amount over (under) unpaid principal outstanding, total loans 17 1
Fair value carrying amount, time deposits 2,818 0
Aggregate unpaid principal, time deposits 2,822 0
Carrying amount over (under) unpaid principal outstanding, time deposits (4) 0
Fair value, nonaccrual loans 1 1
Contractual principal outstanding, nonaccrual loans 1 1
Fair value, loans 90 days or more past due 4 1
Contractual principal outstanding, loans 90 days or more past due $ 4 $ 1
v3.24.0.1
Fair Values of Assets and Liabilities - Estimated Fair Values of Financial Instruments (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Financial Assets    
Cash and due from banks $ 61,192 $ 53,542
Investment securities held-to-maturity 74,088 77,874
Financial Liabilities    
Time deposits 52,273 32,946
Long-term debt 51,480 39,829
Carrying Amount    
Financial Assets    
Cash and due from banks 61,192 53,542
Federal funds sold and securities purchased under resale agreements 2,543 356
Investment securities held-to-maturity 84,045 88,740
Loans held for sale 190 351
Loans 366,456 381,277
Other 2,377 2,962
Financial Liabilities    
Time deposits 49,455 32,946
Short-term borrowings 12,976 29,527
Long-term debt 51,480 39,829
Other 5,432 5,137
Fair Value    
Financial Assets    
Cash and due from banks 61,192 53,542
Federal funds sold and securities purchased under resale agreements 2,543 356
Investment securities held-to-maturity 74,088 77,874
Loans held for sale 190 351
Loans 362,849 368,874
Other 2,377 2,962
Financial Liabilities    
Time deposits 49,607 32,338
Short-term borrowings 12,729 29,145
Long-term debt 49,697 37,622
Other 5,432 5,137
Fair Value | Level 1    
Financial Assets    
Cash and due from banks 61,192 53,542
Federal funds sold and securities purchased under resale agreements 0 0
Investment securities held-to-maturity 1,310 1,293
Loans held for sale 0 0
Loans 0 0
Other 0 0
Financial Liabilities    
Time deposits 0 0
Short-term borrowings 0 0
Long-term debt 0 0
Other 0 0
Fair Value | Level 2    
Financial Assets    
Cash and due from banks 0 0
Federal funds sold and securities purchased under resale agreements 2,543 356
Investment securities held-to-maturity 72,778 76,581
Loans held for sale 0 0
Loans 0 0
Other 1,863 2,224
Financial Liabilities    
Time deposits 49,607 32,338
Short-term borrowings 12,729 29,145
Long-term debt 49,697 37,622
Other 1,406 1,500
Fair Value | Level 3    
Financial Assets    
Cash and due from banks 0 0
Federal funds sold and securities purchased under resale agreements 0 0
Investment securities held-to-maturity 0 0
Loans held for sale 190 351
Loans 362,849 368,874
Other 514 738
Financial Liabilities    
Time deposits 0 0
Short-term borrowings 0 0
Long-term debt 0 0
Other $ 4,026 $ 3,637
v3.24.0.1
Guarantees and Contingent Liabilities - Contract or Notional Amounts of Unfunded Commitments to Extend Credit (Details)
$ in Millions
Dec. 31, 2023
USD ($)
Commercial and commercial real estate loans  
Other Commitments [Line Items]  
Contract or notional amounts of unfunded commitments to extend credit $ 180,540
Corporate and purchasing card loans  
Other Commitments [Line Items]  
Contract or notional amounts of unfunded commitments to extend credit 34,943
Residential mortgages  
Other Commitments [Line Items]  
Contract or notional amounts of unfunded commitments to extend credit 114
Retail credit card loans  
Other Commitments [Line Items]  
Contract or notional amounts of unfunded commitments to extend credit 134,297
Other retail loans  
Other Commitments [Line Items]  
Contract or notional amounts of unfunded commitments to extend credit 43,046
Other  
Other Commitments [Line Items]  
Contract or notional amounts of unfunded commitments to extend credit 7,585
Less Than One Year | Commercial and commercial real estate loans  
Other Commitments [Line Items]  
Contract or notional amounts of unfunded commitments to extend credit 43,385
Less Than One Year | Corporate and purchasing card loans  
Other Commitments [Line Items]  
Contract or notional amounts of unfunded commitments to extend credit 34,943
Less Than One Year | Residential mortgages  
Other Commitments [Line Items]  
Contract or notional amounts of unfunded commitments to extend credit 114
Less Than One Year | Retail credit card loans  
Other Commitments [Line Items]  
Contract or notional amounts of unfunded commitments to extend credit 134,297
Less Than One Year | Other retail loans  
Other Commitments [Line Items]  
Contract or notional amounts of unfunded commitments to extend credit 15,616
Less Than One Year | Other  
Other Commitments [Line Items]  
Contract or notional amounts of unfunded commitments to extend credit 7,585
Greater Than One Year | Commercial and commercial real estate loans  
Other Commitments [Line Items]  
Contract or notional amounts of unfunded commitments to extend credit 137,155
Greater Than One Year | Corporate and purchasing card loans  
Other Commitments [Line Items]  
Contract or notional amounts of unfunded commitments to extend credit 0
Greater Than One Year | Residential mortgages  
Other Commitments [Line Items]  
Contract or notional amounts of unfunded commitments to extend credit 0
Greater Than One Year | Retail credit card loans  
Other Commitments [Line Items]  
Contract or notional amounts of unfunded commitments to extend credit 0
Greater Than One Year | Other retail loans  
Other Commitments [Line Items]  
Contract or notional amounts of unfunded commitments to extend credit 27,430
Greater Than One Year | Other  
Other Commitments [Line Items]  
Contract or notional amounts of unfunded commitments to extend credit $ 0
v3.24.0.1
Guarantees and Contingent Liabilities - Other Guarantees and Contingent Liabilities (Details)
$ in Millions
Dec. 31, 2023
USD ($)
Other  
Guarantor Obligations [Line Items]  
Collateral Held $ 0
Carrying Amount 21
Maximum Potential Future Payments 2,696
Standby letters of credit  
Guarantor Obligations [Line Items]  
Collateral Held 0
Carrying Amount 20
Maximum Potential Future Payments 10,999
Third party borrowing arrangements  
Guarantor Obligations [Line Items]  
Collateral Held 0
Carrying Amount 0
Maximum Potential Future Payments 5
Securities lending indemnifications  
Guarantor Obligations [Line Items]  
Collateral Held 6,924
Carrying Amount 0
Maximum Potential Future Payments 6,679
Asset sales  
Guarantor Obligations [Line Items]  
Collateral Held 0
Carrying Amount 106
Maximum Potential Future Payments 10,263
Merchant processing  
Guarantor Obligations [Line Items]  
Collateral Held 815
Carrying Amount 71
Maximum Potential Future Payments 140,288
Tender option bond program guarantee  
Guarantor Obligations [Line Items]  
Collateral Held 607
Carrying Amount 0
Maximum Potential Future Payments $ 589
v3.24.0.1
Guarantees and Contingent Liabilities - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
USB Capital, IX, a wholly-owned unconsolidated trust    
Guarantor Obligations [Line Items]    
Maximum potential future payments guaranteed $ 685  
Percentage of common equity in wholly owned USB Capital IX 100.00%  
Assets held in trust $ 686  
Operations of subsidiaries    
Guarantor Obligations [Line Items]    
Maximum potential future payments guaranteed 2,000  
Standby letters of credit    
Guarantor Obligations [Line Items]    
Maximum potential future payments guaranteed $ 10,999  
Term of guaranteed obligations 16 months  
Fair value of guaranteed obligations $ 20  
Collateral held for guaranteed obligations 0  
Third party borrowing arrangements    
Guarantor Obligations [Line Items]    
Maximum potential future payments guaranteed 5  
Fair value of guaranteed obligations 0  
Collateral held for guaranteed obligations 0  
Securities lending indemnifications    
Guarantor Obligations [Line Items]    
Maximum potential future payments guaranteed 6,679  
Fair value of guaranteed obligations 0  
Collateral held for guaranteed obligations 6,924  
Asset sales    
Guarantor Obligations [Line Items]    
Maximum potential future payments guaranteed 10,263  
Fair value of guaranteed obligations 106  
Collateral held for guaranteed obligations 0  
Syndication of tax-advantaged investments    
Guarantor Obligations [Line Items]    
Fair value of guaranteed obligations 93  
Representation and warranty    
Guarantor Obligations [Line Items]    
Fair value of guaranteed obligations 13 $ 17
Unresolved claims 18 $ 39
Merchant processing    
Guarantor Obligations [Line Items]    
Maximum potential future payments guaranteed 140,288  
Fair value of guaranteed obligations 71  
Collateral held for guaranteed obligations 815  
Airline processing arrangements    
Guarantor Obligations [Line Items]    
Fair value of guaranteed obligations 50  
Value of airline tickets purchased to deliver at future date through card transactions 13,100  
Airline processing arrangements | Escrow deposits letters of credit and indemnities    
Guarantor Obligations [Line Items]    
Collateral held for guaranteed obligations 679  
Unresolved merchant charge-backs    
Guarantor Obligations [Line Items]    
Fair value of guaranteed obligations 21  
Unresolved merchant charge-backs | Merchant escrow deposits    
Guarantor Obligations [Line Items]    
Collateral held for guaranteed obligations 135  
Tender option bond program guarantee    
Guarantor Obligations [Line Items]    
Maximum potential future payments guaranteed 589  
Fair value of guaranteed obligations 0  
Collateral held for guaranteed obligations $ 607  
v3.24.0.1
Guarantees and Contingent Liabilities - Contract or Notional Amount of Letters of Credit (Details)
$ in Millions
Dec. 31, 2023
USD ($)
Commercial  
Letters Of Credit [Line Items]  
Contract or notional amount of letters of credit $ 618
Commercial | Less Than One Year  
Letters Of Credit [Line Items]  
Contract or notional amount of letters of credit 559
Commercial | Greater Than One Year  
Letters Of Credit [Line Items]  
Contract or notional amount of letters of credit 59
Standby  
Letters Of Credit [Line Items]  
Contract or notional amount of letters of credit 10,999
Standby | Less Than One Year  
Letters Of Credit [Line Items]  
Contract or notional amount of letters of credit 6,444
Standby | Greater Than One Year  
Letters Of Credit [Line Items]  
Contract or notional amount of letters of credit $ 4,555
v3.24.0.1
Business Segments (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Condensed Income Statement      
Net interest income (taxable-equivalent basis) $ 17,527 $ 14,846  
Noninterest income 10,617 9,456 $ 10,227
Total net revenue 28,144 24,302  
Noninterest Expense 18,873 14,906 13,728
Income (loss) before provision and income taxes 9,271 9,396  
Provision for credit losses 2,275 1,977 (1,173)
Income (loss) before income taxes 6,996 7,419  
Income taxes and taxable-equivalent adjustment 1,538 1,581  
Net income (loss) 5,458 5,838 7,985
Net (income) loss attributable to noncontrolling interests (29) (13) (22)
Net income (loss) attributable to U.S. Bancorp 5,429 5,825 $ 7,963
Average Balance Sheet      
Loans 381,275 333,573  
Other earning assets 223,924 211,770  
Goodwill 12,475 10,189  
Other intangible assets 6,639 4,577  
Assets 663,440 592,149  
Noninterest-bearing deposits 107,768 120,394  
Interest-bearing deposits 397,895 341,990  
Total deposits 505,663 462,384  
Total U.S. Bancorp shareholders’ equity 53,660 50,416  
Wealth, Corporate, Commercial and Institutional Banking      
Condensed Income Statement      
Net interest income (taxable-equivalent basis) 6,129 5,213  
Noninterest income 4,143 3,561  
Total net revenue 10,272 8,774  
Noninterest Expense 5,183 4,135  
Income (loss) before provision and income taxes 5,089 4,639  
Provision for credit losses 334 154  
Income (loss) before income taxes 4,755 4,485  
Income taxes and taxable-equivalent adjustment 1,190 1,122  
Net income (loss) 3,565 3,363  
Net (income) loss attributable to noncontrolling interests 0 0  
Net income (loss) attributable to U.S. Bancorp 3,565 3,363  
Average Balance Sheet      
Loans 175,780 150,512  
Other earning assets 6,615 4,771  
Goodwill 4,682 3,634  
Other intangible assets 1,007 365  
Assets 202,642 169,554  
Noninterest-bearing deposits 70,977 82,671  
Interest-bearing deposits 199,780 175,345  
Total deposits 270,757 258,016  
Total U.S. Bancorp shareholders’ equity 22,362 18,159  
Consumer and Business Banking      
Condensed Income Statement      
Net interest income (taxable-equivalent basis) 8,331 6,764  
Noninterest income 1,662 1,536  
Total net revenue 9,993 8,300  
Noninterest Expense 6,964 5,779  
Income (loss) before provision and income taxes 3,029 2,521  
Provision for credit losses 79 75  
Income (loss) before income taxes 2,950 2,446  
Income taxes and taxable-equivalent adjustment 738 612  
Net income (loss) 2,212 1,834  
Net (income) loss attributable to noncontrolling interests 0 0  
Net income (loss) attributable to U.S. Bancorp 2,212 1,834  
Average Balance Sheet      
Loans 161,862 144,441  
Other earning assets 2,388 3,117  
Goodwill 4,466 3,250  
Other intangible assets 5,265 3,784  
Assets 179,103 160,174  
Noninterest-bearing deposits 31,082 31,719  
Interest-bearing deposits 189,148 163,190  
Total deposits 220,230 194,909  
Total U.S. Bancorp shareholders’ equity 16,016 12,678  
Payment Services      
Condensed Income Statement      
Net interest income (taxable-equivalent basis) 2,702 2,504  
Noninterest income 4,056 3,794  
Total net revenue 6,758 6,298  
Noninterest Expense 3,772 3,525  
Income (loss) before provision and income taxes 2,986 2,773  
Provision for credit losses 1,394 980  
Income (loss) before income taxes 1,592 1,793  
Income taxes and taxable-equivalent adjustment 398 449  
Net income (loss) 1,194 1,344  
Net (income) loss attributable to noncontrolling interests 0 0  
Net income (loss) attributable to U.S. Bancorp 1,194 1,344  
Average Balance Sheet      
Loans 38,471 34,627  
Other earning assets 97 634  
Goodwill 3,327 3,305  
Other intangible assets 350 423  
Assets 44,292 41,072  
Noninterest-bearing deposits 2,981 3,410  
Interest-bearing deposits 103 162  
Total deposits 3,084 3,572  
Total U.S. Bancorp shareholders’ equity 9,310 8,233  
Rewards and rebate costs and certain partner payments 3,000 2,900  
Revenue generated from certain contracts with customers 8,800 8,000  
Treasury and Corporate Support      
Condensed Income Statement      
Net interest income (taxable-equivalent basis) 365 365  
Noninterest income 756 565  
Total net revenue 1,121 930  
Noninterest Expense 2,954 1,467  
Income (loss) before provision and income taxes (1,833) (537)  
Provision for credit losses 468 768  
Income (loss) before income taxes (2,301) (1,305)  
Income taxes and taxable-equivalent adjustment (788) (602)  
Net income (loss) (1,513) (703)  
Net (income) loss attributable to noncontrolling interests (29) (13)  
Net income (loss) attributable to U.S. Bancorp (1,542) (716)  
Average Balance Sheet      
Loans 5,162 3,993  
Other earning assets 214,824 203,248  
Goodwill 0 0  
Other intangible assets 17 5  
Assets 237,403 221,349  
Noninterest-bearing deposits 2,728 2,594  
Interest-bearing deposits 8,864 3,293  
Total deposits 11,592 5,887  
Total U.S. Bancorp shareholders’ equity $ 5,972 $ 11,346  
v3.24.0.1
U.S. Bancorp (Parent Company) - Condensed Balance Sheet (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Assets    
Available-for-sale securities [1] $ 69,706 $ 72,910
Other assets [1] 57,695 52,750
Total assets 663,491 674,805
Liabilities and Shareholders’ Equity    
Other liabilities 28,649 27,552
Shareholders’ equity 55,306 50,766
Total liabilities and equity 663,491 674,805
Parent Company    
Assets    
Due from banks, principally interest-bearing 11,585 5,288
Available-for-sale securities 662 672
Other assets 974 1,101
Total assets 90,859 79,088
Liabilities and Shareholders’ Equity    
Long-term debt 34,332 26,983
Other liabilities 1,221 1,339
Shareholders’ equity 55,306 50,766
Total liabilities and equity 90,859 79,088
Parent Company | Bank subsidiaries    
Assets    
Investments in subsidiaries 61,495 59,202
Advances to subsidiaries 12,100 9,100
Parent Company | Nonbank subsidiaries    
Assets    
Investments in subsidiaries 3,884 3,575
Advances to subsidiaries $ 159 $ 150
[1] Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral.
v3.24.0.1
U.S. Bancorp (Parent Company) - Condensed Income Statement (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income      
Other income $ 758 $ 273 $ 721
Total net revenue 28,144 24,302  
Expense      
Interest expense 12,611 3,217 993
Other expense 2,211 1,398 1,207
Income before income taxes 6,865 7,301 10,166
Applicable income taxes 1,407 1,463 2,181
Net income (loss) attributable to U.S. Bancorp 5,429 5,825 7,963
Parent Company      
Income      
Interest from subsidiaries 606 119 112
Other income 51 31 46
Total net revenue 5,537 5,005 7,160
Expense      
Interest expense 1,336 505 348
Other expense 137 162 154
Total expense 1,473 667 502
Income before income taxes 4,064 4,338 6,658
Applicable income taxes (170) (138) (53)
Income of parent company 4,234 4,476 6,711
Equity in undistributed income of subsidiaries 1,195 1,349 1,252
Net income (loss) attributable to U.S. Bancorp 5,429 5,825 7,963
Parent Company | Bank subsidiaries      
Income      
Dividends from subsidiaries 4,869 4,750 7,000
Parent Company | Nonbank subsidiaries      
Income      
Dividends from subsidiaries $ 11 $ 105 $ 2
v3.24.0.1
U.S. Bancorp (Parent Company) - Condensed Statement of Cash Flows (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating Activities      
Net income attributable to U.S. Bancorp $ 5,429 $ 5,825 $ 7,963
Adjustments to reconcile net income to net cash provided by operating activities      
Other, net (151) 6,790 2,428
Net cash provided by operating activities 8,447 21,119 9,870
Investing Activities      
Other, net (1,184) (5,392) 664
Net cash provided by (used in) investing activities 18,925 7,500 (57,487)
Financing Activities      
Proceeds from issuance of long-term debt 15,583 8,732 2,626
Principal payments or redemption of long-term debt (4,084) (6,926) (11,432)
Proceeds from issuance of preferred stock 0 437 2,221
Proceeds from issuance of common stock 951 21 43
Repurchase of preferred stock 0 (1,100) (1,250)
Repurchase of common stock (62) (69) (1,555)
Cash dividends paid on preferred stock (341) (299) (308)
Cash dividends paid on common stock (2,970) (2,776) (2,579)
Net cash (used in) provided by financing activities (19,722) (3,982) 13,942
Change in cash and due from banks 7,650 24,637 (33,675)
Cash and due from banks at beginning of period 53,542    
Cash and due from banks at end of period 61,192 53,542  
Parent Company      
Operating Activities      
Net income attributable to U.S. Bancorp 5,429 5,825 7,963
Adjustments to reconcile net income to net cash provided by operating activities      
Equity in undistributed income of subsidiaries (1,195) (1,349) (1,252)
Other, net 83 (398) (85)
Net cash provided by operating activities 4,317 4,078 6,626
Investing Activities      
Proceeds from sales and maturities of investment securities 25 423 200
Investments in subsidiaries 0 (5,030) 0
Net (increase) decrease in short-term advances to subsidiaries (9) 557 411
Long-term advances to subsidiaries (7,500) (2,000) (7,000)
Principal collected on long-term advances to subsidiaries 4,500 2,500 1,250
Cash paid for acquisition 0 (5,500) 0
Other, net 172 (173) (269)
Net cash provided by (used in) investing activities (2,812) (9,223) (5,408)
Financing Activities      
Proceeds from issuance of long-term debt 8,150 8,150 1,300
Principal payments or redemption of long-term debt (936) (2,300) (3,000)
Proceeds from issuance of preferred stock 0 437 2,221
Proceeds from issuance of common stock 951 21 43
Repurchase of preferred stock 0 (1,100) (1,250)
Repurchase of common stock (62) (69) (1,555)
Cash dividends paid on preferred stock (341) (299) (308)
Cash dividends paid on common stock (2,970) (2,776) (2,579)
Net cash (used in) provided by financing activities 4,792 2,064 (5,128)
Change in cash and due from banks 6,297 (3,081) (3,910)
Cash and due from banks at beginning of period 5,288 8,369 12,279
Cash and due from banks at end of period $ 11,585 $ 5,288 $ 8,369
v3.24.0.1
U.S. Bancorp (Parent Company) - Additional Information (Details)
Dec. 31, 2023
Receivables  
Loan Limits to the company or individual affiliate 10.00%
Maximum limit of loans to the Company and all affiliates 20.00%