Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2024	Jul. 31, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-12307
Entity Registrant Name	ZIONS BANCORPORATION, NATIONAL ASSOCIATION
Entity Incorporation, State or Country Code	X1
Entity Tax Identification Number	87-0189025
Entity Address, Address Line One	One South Main
Entity Address, City or Town	Salt Lake City,
Entity Address, State or Province	UT
Entity Address, Postal Zip Code	84133-1109
City Area Code	801
Local Phone Number	844-8208
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
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		147,696,533
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0000109380
Common stock shares (in thousands)
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.001
Trading Symbol	ZION
Security Exchange Name	NASDAQ
Series A Floating-Rate Non-Cumulative Perpetual Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Series A Floating-Rate Non-Cumulative Perpetual Preferred Stock
Trading Symbol	ZIONP
Security Exchange Name	NASDAQ
Series G Fixed/Floating-Rate Non-Cumulative Perpetual Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Series G Fixed/Floating-Rate Non-Cumulative Perpetual Preferred Stock
Trading Symbol	ZIONO
Security Exchange Name	NASDAQ
Fixed-to-Floating Rate Subordinated Notes
Document Information [Line Items]
Title of 12(b) Security	6.95% Fixed-to-Floating Rate Subordinated Notes due September 15, 2028
Trading Symbol	ZIONL
Security Exchange Name	NASDAQ

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
ASSETS
Cash and due from banks	$ 717	$ 716
Money market investments:
Interest-bearing deposits	2,276	1,488
Federal funds sold and securities purchased under agreements to resell	936	937
Investment securities:
Held-to-maturity, at amortized cost (fair value: $9,891 and $10,466)	10,065	10,382
Available-for-sale, at fair value	9,483	10,300
Trading, at fair value	24	48
Total investment securities	19,572	20,730
Loans held for sale (includes $58 and $43 of loans carried at fair value)	112	53
Loans and leases, net of unearned income and fees	58,415	57,779
Less allowance for loan and lease losses	696	684
Loans held for investment, net of allowance	57,719	57,095
Other noninterest-bearing investments	987	950
Premises, equipment and software, net	1,383	1,400
Goodwill and intangibles	1,055	1,059
Other real estate owned	4	6
Other assets	2,845	2,769
Total assets	87,606	87,203
Deposits:
Noninterest-bearing demand	24,731	26,244
Interest-bearing:
Savings and money market	38,596	38,721
Time	10,443	9,996
Total deposits	73,770	74,961
Federal funds and other short-term borrowings	5,651	4,379
Long-term debt	546	542
Reserve for unfunded lending commitments	30	45
Other liabilities	1,584	1,585
Total liabilities	81,581	81,512
Shareholders’ equity:
Preferred stock, without par value; authorized 4,400 shares	440	440
Common stock ($0.001 par value; authorized 350,000 shares; issued and outstanding 147,684 and 148,153 shares) and additional paid-in capital	1,713	1,731
Retained earnings	6,421	6,212
Accumulated other comprehensive income (loss)	(2,549)	(2,692)
Total shareholders’ equity	6,025	5,691
Total liabilities and shareholders’ equity	$ 87,606	$ 87,203

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Investment securities:
Held-to-maturity, Estimated fair value	$ 9,891	$ 10,466
Loan, held for sale fair value	$ 58	$ 43
Shareholders’ equity:
Preferred stock, shares authorized (in shares)	4,400	4,400
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	350,000	350,000
Common stock, shares issued (in shares)	147,684	148,153
Common stock, outstanding shares (in shares)	147,684	148,153

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Interest income:
Interest and fees on loans	$ 877	$ 791	$ 1,742	$ 1,517
Interest on money market investments	56	48	103	105
Interest on securities	140	138	282	275
Total interest income	1,073	977	2,127	1,897
Interest expense:
Interest on deposits	390	220	766	302
Interest on short- and long-term borrowings	86	166	178	325
Total interest expense	476	386	944	627
Net interest income	597	591	1,183	1,270
Provision for credit losses:
Provision for loan and lease losses	12	46	33	92
Provision for unfunded lending commitments	(7)	0	(15)	(1)
Total provision for credit losses	5	46	18	91
Net interest income after provision for credit losses	592	545	1,165	1,179
Noninterest income:
Commercial account fees	45	45	89	88
Card fees	25	25	48	49
Retail and business banking fees	16	16	32	32
Loan-related fees and income	18	19	33	40
Capital markets fees	21	27	45	44
Wealth management fees	15	14	30	29
Other customer-related fees	14	16	28	31
Customer-related noninterest income	154	162	305	313
Fair value and nonhedge derivative income	(1)	1	0	(2)
Dividends and other income (loss)	22	26	28	37
Securities gains (losses), net	4	0	2	1
Total noninterest income	179	189	335	349
Noninterest expense:
Salaries and employee benefits	318	324	649	663
Technology, telecom, and information processing	66	58	128	113
Occupancy and equipment, net	40	40	79	80
Professional and legal services	17	16	33	29
Marketing and business development	13	13	23	25
Deposit insurance and regulatory expense	21	22	55	40
Credit-related expense	6	7	13	13
Other real estate expense, net	(1)	0	(1)	0
Other	29	28	56	57
Total noninterest expense	509	508	1,035	1,020
Income before income taxes	262	226	465	508
Income taxes	61	51	111	129
Net income	201	175	354	379
Preferred stock dividends	(11)	(9)	(21)	(15)
Net earnings applicable to common shareholders	$ 190	$ 166	$ 333	$ 364
Weighted average common shares outstanding during the period:
Basic shares (in shares)	147,115	147,692	147,227	147,852
Diluted shares (in shares)	147,120	147,696	147,231	147,865
Earnings Per Share [Abstract]
Basic (in dollars per share)	$ 1.28	$ 1.11	$ 2.24	$ 2.44
Diluted (in dollars per share)	$ 1.28	$ 1.11	$ 2.24	$ 2.44

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income for the period	$ 201	$ 175	$ 354	$ 379
Other comprehensive income (loss), net of tax:
Net unrealized holding gains (losses) on investment securities	(14)	(86)	(2)	(9)
Unrealized loss amortization associated with the securities transferred from AFS to HTM	50	54	96	103
Net unrealized gains on other noninterest-bearing investments	1	0	1	0
Net unrealized holding gains (losses) on derivative instruments	0	(8)	(1)	21
Reclassification adjustment for decrease in interest income recognized in earnings on derivative instruments	23	30	49	67
Other comprehensive income (loss), net of tax	60	(10)	143	182
Comprehensive income	$ 261	$ 165	$ 497	$ 561

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Millions	Total	Adjustment for change in accounting standard	Preferred stock	Common stock shares (in thousands)	Accumulated paid-in capital	Retained earnings	Retained earnings Adjustment for change in accounting standard	Accumulated other comprehensive income (loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect adjustment, due to adoption of ASU 2022-02, net of tax	$ 4,893	$ 2	$ 440		$ 1,754	$ 5,811	$ 2	$ (3,112)
Balance at beginning of period at Dec. 31, 2022	4,893	$ 2	440		1,754	5,811	$ 2	(3,112)
Balance at beginning of period (in shares) at Dec. 31, 2022				148,664
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income for the period	379					379
Other comprehensive income (loss), net of tax	182							182
Bank common stock repurchased (in shares)				(953)
Bank common stock repurchased	(50)				(50)
Net activity under employee plans and related tax benefits (in shares)				433
Net activity under employee plans and related tax benefits	18				18
Dividends on preferred stock	(15)					(15)
Dividends on common stock	(122)					(122)
Change in deferred compensation	(4)					(4)
Balance at end of period at Jun. 30, 2023	5,283		440		1,722	6,051		(2,930)
Balance at end of period (in shares) at Jun. 30, 2023				148,144
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect adjustment, due to adoption of ASU 2022-02, net of tax	5,184		440		1,715	5,949		(2,920)
Balance at beginning of period at Mar. 31, 2023	5,184		440		1,715	5,949		(2,920)
Balance at beginning of period (in shares) at Mar. 31, 2023				148,100
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income for the period	175					175
Other comprehensive income (loss), net of tax	(10)							(10)
Net activity under employee plans and related tax benefits (in shares)				44
Net activity under employee plans and related tax benefits	7				7
Dividends on preferred stock	(9)					(9)
Dividends on common stock	(61)					(61)
Change in deferred compensation	(3)					(3)
Balance at end of period at Jun. 30, 2023	5,283		440		1,722	6,051		(2,930)
Balance at end of period (in shares) at Jun. 30, 2023				148,144
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect adjustment, due to adoption of ASU 2022-02, net of tax	5,283		440		1,722	6,051		(2,930)
Cumulative effect adjustment, due to adoption of ASU 2022-02, net of tax	5,691		440		1,731	6,212		(2,692)
Balance at beginning of period at Dec. 31, 2023	$ 5,691		440		1,731	6,212		(2,692)
Balance at beginning of period (in shares) at Dec. 31, 2023	148,153			148,153
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income for the period	$ 354					354
Other comprehensive income (loss), net of tax	143							143
Bank common stock repurchased (in shares)				(890)
Bank common stock repurchased	(35)				(35)
Net activity under employee plans and related tax benefits (in shares)				421
Net activity under employee plans and related tax benefits	17				17
Dividends on preferred stock	(21)					(21)
Dividends on common stock	(122)					(122)
Change in deferred compensation	(2)					(2)
Balance at end of period at Jun. 30, 2024	$ 6,025		440		1,713	6,421		(2,549)
Balance at end of period (in shares) at Jun. 30, 2024	147,684			147,684
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect adjustment, due to adoption of ASU 2022-02, net of tax	$ 5,829		440		1,705	6,293		(2,609)
Balance at beginning of period at Mar. 31, 2024	5,829		440		1,705	6,293		(2,609)
Balance at beginning of period (in shares) at Mar. 31, 2024				147,653
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income for the period	201					201
Other comprehensive income (loss), net of tax	60							60
Net activity under employee plans and related tax benefits (in shares)				31
Net activity under employee plans and related tax benefits	8				8
Dividends on preferred stock	(11)					(11)
Dividends on common stock	(61)					(61)
Change in deferred compensation	(1)					(1)
Balance at end of period at Jun. 30, 2024	$ 6,025		440		1,713	6,421		(2,549)
Balance at end of period (in shares) at Jun. 30, 2024	147,684			147,684
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect adjustment, due to adoption of ASU 2022-02, net of tax	$ 6,025		$ 440		$ 1,713	$ 6,421		$ (2,549)

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]
Dividends on common stock (in dollars per share)	$ 0.41	$ 0.41	$ 0.82	$ 0.82

Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 354	$ 379
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	18	91
Depreciation and amortization	63	72
Share-based compensation	24	24
Deferred income tax expense (benefit)	17	(13)
Net decrease in trading securities	24	433
Net decrease (increase) in loans held for sale	5	(25)
Change in other liabilities	(17)	(363)
Change in other assets	38	164
Other, net	(14)	57
Net cash provided by operating activities	512	819
CASH FLOWS FROM INVESTING ACTIVITIES
Net (increase) decrease in money market investments	(786)	1,454
Proceeds from maturities and paydowns of investment securities held-to-maturity	501	526
Purchases of investment securities held-to-maturity	(60)	(21)
Proceeds from sales, maturities, and paydowns of investment securities available-for-sale	1,051	1,328
Purchases of investment securities available-for-sale	(350)	(301)
Net change in loans and leases	(690)	(1,311)
Purchases and sales of other noninterest-bearing investments	(33)	176
Purchases of premises and equipment	(47)	(53)
Other, net	7	(18)
Net cash provided by (used in) investing activities	(407)	1,780
CASH FLOWS FROM FINANCING ACTIVITIES
Net (decrease) increase in deposits	(1,191)	2,671
Net change in short-term borrowed funds	1,271	(4,904)
Redemption of long-term debt	0	(128)
Proceeds from the issuance of common stock	0	2
Dividends paid on common and preferred stock	(143)	(138)
Bank common stock repurchased	(35)	(50)
Other, net	(6)	(8)
Net cash used in financing activities	(104)	(2,555)
Net increase in cash and due from banks	1	44
Cash and due from banks at beginning of period	716	657
Cash and due from banks at end of period	717	701
Cash paid for interest	940	546
Net cash paid for income taxes	90	231
Noncash activities:
Loans held for investment reclassified to loans held for sale, net	$ 100	$ 49

Basis of Presentation	6 Months Ended
Basis of Presentation	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements of Zions Bancorporation, National Association and its majority-owned subsidiaries (collectively “Zions Bancorporation, N.A.,” “the Bank,” “we,” “our,” “us”) have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all normal and recurring adjustments considered necessary for a fair presentation have been included. References to GAAP, including standards promulgated by the Financial Accounting Standards Board (“FASB”), are made according to sections of the Accounting Standards Codification (“ASC”). The results of operations for the three and six months ended June 30, 2024 and 2023 are not necessarily indicative of the results that may be expected in future periods. In preparing the consolidated financial statements, we are required to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying Notes. Actual results could differ from those estimates. For further information, refer to the consolidated financial statements and accompanying footnotes included in our 2023 Form 10-K. We evaluated events that occurred between June 30, 2024 and the date the accompanying financial statements were issued, and determined that there were no material events that would require adjustments to our consolidated financial statements or significant disclosure in the accompanying Notes. Zions Bancorporation, N.A. is a commercial bank headquartered in Salt Lake City, Utah. We provide a wide range of banking products and related services in 11 Western and Southwestern states through seven separately managed bank divisions, which we refer to as “affiliates,” or “affiliate banks,” each with its own local branding and management team. These include Zions Bank, in Utah, Idaho, and Wyoming; California Bank & Trust (“CB&T”); Amegy Bank (“Amegy”), in Texas; National Bank of Arizona (“NBAZ”); Nevada State Bank (“NSB”); Vectra Bank Colorado (“Vectra”), in Colorado and New Mexico; and The Commerce Bank of Washington (“TCBW”) which operates under that name in Washington and under the name The Commerce Bank of Oregon in Oregon.

Recent Accounting Pronouncements

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

RECENT ACCOUNTING PRONOUNCEMENTS

Standard

Description

Effective date

Effect on the financial statements or other significant matters

Standards not yet adopted by the Bank as of June 30, 2024

ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures

This Accounting Standards Update (“ASU”) expands operating segment disclosures and requires all segment disclosures to be reported in both annual and interim periods. The new standard requires disclosure of the following:

•Significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) for reportable segments;

•The title and position of the CODM as well as how the CODM uses the reported measure(s) of profit and loss to assess segment performance; and

•“Other segment items” by reportable segment and a description of its composition.

Annual periods beginning January 1, 2024; Interim periods beginning January 1, 2025

The overall effect of this standard is not expected to have a material impact on our financial statements.

ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures

This ASU expands tax disclosures to provide more information to better assess how an entity’s operations, related tax risks, and tax planning affect its tax rate and prospects for future cash flows. The enhancements in this ASU require that an entity disaggregate income taxes paid and income (or loss) from continuing operations before tax expense (or benefit), and income tax expense (or benefit) from continuing operations.

The new standard requires disclosure of specific categories in the rate reconciliation and provides additional information for reconciling items that meet a quantitative threshold.

January 1, 2025

The overall effect of this standard is not expected to have a material impact on our financial statements.

Standards adopted by the Bank during 2024

ASU 2022-03,

Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions

This ASU clarifies that contractual restrictions prohibiting the sale of an equity security are not considered part of the unit of account of the equity security, and therefore, are not considered in measuring fair value. The amendments clarify that an entity cannot recognize and measure a contractual sale restriction as a separate unit of account. The amendments in this ASU also require additional qualitative and quantitative disclosures for equity securities subject to contractual sale restrictions.

January 1, 2024

We adopted the new standard on January 1, 2024. The adoption of this standard did not have a material effect on our financial statements.

ASU 2023-02,

Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (a consensus of the Emerging Issues Task Force)

This ASU expands the optional use of the proportional amortization method (“PAM”), previously limited to investments in low-income housing tax credit (“LIHTC”) structures, to any eligible equity investments made primarily for the purpose of receiving income tax credit and other tax benefits when certain criteria are met. PAM results in the cost of the investment being amortized in proportion to the income tax credits and other income tax benefits received, with the amortization of the investment and the income tax credits being presented net in the income statement as a component of income tax expense (benefit).

This ASU allows for an accounting policy election to apply PAM on a tax-credit-program-by-tax-credit-program basis. The ASU also includes additional disclosure requirements about equity investments accounted for using PAM.

January 1, 2024

We adopted the new standard on January 1, 2024. The adoption of this standard did not have a material effect on our financial statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476173/280-10-65-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-7

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483550/848-10-65-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483550/848-10-65-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483550/848-10-65-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (h)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SAB Topic 11.M.Q2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480530/250-10-S99-5

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (i)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479654/326-10-65-4

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479654/326-10-65-4

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483194/926-20-65-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483194/926-20-65-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (f)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483194/926-20-65-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480530/250-10-S99-6

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 250
-Publisher FASB
-URI https://asc.fasb.org/250/tableOfContent

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

+ Details

Fair Value

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

FAIR VALUE

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. For more information about our valuation methodologies for assets and liabilities measured at fair value and the fair value hierarchy, see Note 3 of our 2023 Form 10-K.

Fair Value Hierarchy

The following schedule presents assets and liabilities measured at fair value on a recurring basis:


(In millions)	June 30, 2024
	Level 1		Level 2		Level 3		Total
ASSETS
Available-for-sale securities:
U.S. Treasury, agencies, and corporations	$	461	$	7,787	$	—	$	8,248
Municipal securities			1,211				1,211

Other debt securities			24				24
Total available-for-sale	461		9,022		—		9,483
Trading securities			24				24
Loans held for sale			58				58
Other noninterest-bearing investments:
Bank-owned life insurance			558				558
Private equity investments 1	3				101		104
Other assets:
Agriculture loan servicing					20		20
Deferred compensation plan assets	133						133
Derivatives			481				481
Total assets	$	597	$	10,143	$	121	$	10,861
LIABILITIES
Securities sold, not yet purchased	$	25	$	—	$	—	$	25
Other liabilities:
Derivatives			382				382
Total liabilities	$	25	$	382	$	—	$	407

1 The Level 1 private equity investments (“PEIs”) generally relate to the portion of our Small Business Investment Company (“SBIC”) investments and other similar investments that are publicly traded.


(In millions)	December 31, 2023
	Level 1		Level 2		Level 3		Total
ASSETS
Available-for-sale securities:
U.S. Treasury, agencies, and corporations	$	492	$	8,467	$	—	$	8,959
Municipal securities			1,318				1,318

Other debt securities			23				23

Total available-for-sale	492		9,808		—		10,300
Trading securities			48				48
Loans held for sale			43				43
Other noninterest-bearing investments:
Bank-owned life insurance			553				553
Private equity investments 1	3				92		95
Other assets:
Agriculture loan servicing					19		19
Deferred compensation plan assets	124						124
Derivatives			420				420
Total assets	$	619	$	10,872	$	111	$	11,602
LIABILITIES
Securities sold, not yet purchased	$	65	$	—	$	—	$	65
Other liabilities:
Derivatives			333				333
Total liabilities	$	65	$	333	$	—	$	398

1 The Level 1 PEIs generally relate to the portion of our SBIC investments and other similar investments that are publicly traded.

Fair Value Option for Certain Loans Held for Sale

We have elected the fair value option for certain commercial real estate (“CRE”) loans that are intended for sale to a third-party conduit for securitization and are hedged with derivative instruments. Electing the fair value option reduces the accounting volatility that would otherwise result from the asymmetry created by accounting for the loans held for sale at the lower of cost or fair value and the derivatives at fair value, without the complexity of applying hedge accounting. These loans are included in “Loans held for sale” on the consolidated balance sheet, and associated fair value gains and losses are included in “Capital markets fees” on the consolidated statement of income, while accrued interest is included in “Interest and fees on loans.” At June 30, 2024 and December 31, 2023, we had $58 million and $43 million of loans measured at fair value ($57 million and $43 million par value), respectively. During the first six months of 2024 and 2023, we recognized approximately $6 million and $2 million of net gains from valuation adjustments of loans carried at fair value and the associated derivatives, respectively.

Level 3 Valuations

Our Level 3 financial instruments include PEIs and agriculture loan servicing. For additional information regarding our Level 3 financial instruments, including the methods and significant assumptions used to estimate their fair value, see Note 3 of our 2023 Form 10-K.

Roll-forward of Level 3 Fair Value Measurements

The following schedule presents a roll-forward of assets and liabilities that are measured at fair value on a recurring basis using Level 3 inputs:


	Level 3 Instruments
	Three Months Ended								Six Months Ended
	June 30, 2024				June 30, 2023					June 30, 2024	June 30, 2023
(In millions)	Private equity investments		Ag loan servicing		Private equity investments		Ag loan servicing				Private equity investments		Ag loan servicing		Private equity investments		Ag loan servicing

Balance at beginning of period	$	98	$	19	$	82	$	18			$	92	$	19	$	81	$	14
Unrealized securities gains (losses), net	2		—		(3)		—				2		—		(3)		—
Other noninterest income (expense)	—		1		—		(1)				—		1		—		3
Purchases	2		—		5		—				9		—		6		—
Cost of investments sold	(1)		—		—		—				(2)		—		—		—

Transfers out	—		—		—		—				—		—		—		—
Balance at end of period	$	101	$	20	$	84	$	17			$	101	$	20	$	84	$	17

The roll-forward of Level 3 instruments includes the following realized gains and losses recognized in “Securities gains (losses), net” on the consolidated statement of income for the periods presented:


(In millions)	Three Months Ended				Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023


Securities gains (losses), net	$	(1)	$	—	$	1	$	—

Nonrecurring Fair Value Measurements

Certain assets and liabilities may be measured at fair value on a nonrecurring basis, including impaired loans that have been measured based on the fair value of the underlying collateral, other real estate owned (“OREO”), and equity investments without readily determinable fair values. Nonrecurring fair value adjustments generally include changes in value resulting from observable price changes for equity investments without readily determinable fair values, write-downs of individual assets, or the application of lower of cost or fair value accounting. At June 30, 2024, we had $26 million of collateral-dependent loans classified in Level 2, and we recognized $8 million of losses from fair value changes related to these loans. For additional information regarding assets and liabilities measured at fair value on a nonrecurring basis, see Note 3 of our 2023 Form 10-K.

Fair Value of Certain Financial Instruments

The following schedule presents the carrying values and estimated fair values of certain financial instruments:


	June 30, 2024					December 31, 2023
(In millions)	Carrying value		Fair value		Level	Carrying value		Fair value		Level
Financial assets:
Held-to-maturity investment securities	$	10,065	$	9,891	2	$	10,382	$	10,466	2
Loans and leases (including loans held for sale), net of allowance	57,831		55,592		3	57,148		54,832		3
Financial liabilities:
Time deposits	10,443		10,419		2	9,996		9,964		2


Long-term debt	546		507		2	542		494		2

The preceding schedule does not include certain financial instruments that are recorded at fair value on a recurring basis, as well as certain financial assets and liabilities for which the carrying value approximates fair value. For additional information regarding the financial instruments within the scope of this disclosure, and the methods and significant assumptions used to estimate their fair value, see Note 3 of our 2023 Form 10-K.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Offsetting Assets and Liabilities

6 Months Ended

Jun. 30, 2024

Offsetting [Abstract]

OFFSETTING ASSETS AND LIABILITIES

The following schedules present gross and net information for selected financial instruments on the balance sheet:


	June 30, 2024
							Gross amounts not offset on the balance sheet
(In millions)	Gross amounts recognized		Gross amounts offset on the balance sheet		Net amounts presented on the balance sheet		Financial instruments		Cash collateral received/pledged		Net amount
Assets:
Federal funds sold and securities purchased under agreements to resell	$	936	$	—	$	936	$	—	$	—	$	936
Derivatives (included in other assets)	481		—		481		(13)		(450)		18
Total assets	$	1,417	$	—	$	1,417	$	(13)	$	(450)	$	954
Liabilities:
Federal funds and other short-term borrowings	$	5,651	$	—	$	5,651	$	—	$	—	$	5,651
Derivatives (included in other liabilities)	382		—		382		(13)		—		369
Total liabilities	$	6,033	$	—	$	6,033	$	(13)	$	—	$	6,020


	December 31, 2023
							Gross amounts not offset on the balance sheet
(In millions)	Gross amounts recognized		Gross amounts offset on the balance sheet		Net amounts presented on the balance sheet		Financial instruments		Cash collateral received/pledged		Net amount
Assets:
Federal funds sold and securities purchased under agreements to resell	$	1,170	$	(233)	$	937	$	—	$	—	$	937
Derivatives (included in other assets)	420		—		420		(31)		(357)		32
Total assets	$	1,590	$	(233)	$	1,357	$	(31)	$	(357)	$	969
Liabilities:
Federal funds and other short-term borrowings	$	4,612	$	(233)	$	4,379	$	—	$	—	$	4,379
Derivatives (included in other liabilities)	333		—		333		(31)		(1)		301
Total liabilities	$	4,945	$	(233)	$	4,712	$	(31)	$	(1)	$	4,680

Security repurchase and reverse repurchase agreements are offset, when applicable, on the balance sheet according to master netting agreements. Security repurchase agreements are included in “Federal funds and other short-term borrowings” on the consolidated balance sheet. Derivative instruments may be offset under their master netting agreements; however, for accounting purposes, we present these items on a gross basis on our balance sheet. See Note 7 for further information regarding derivative instruments.

Investments

6 Months Ended

Jun. 30, 2024

Investments [Abstract]

INVESTMENTS

Investment Securities

Investment securities are classified as held-to-maturity (“HTM”), available-for-sale (“AFS”), or trading. HTM securities, which management has the intent and ability to hold until maturity, are carried at amortized cost. The amortized cost amounts represent the original cost of the investments, adjusted for related amortization or accretion of any purchase premiums or discounts, and for any impairment losses, including credit-related impairment. AFS securities are carried at fair value, and changes in fair value (unrealized gains and losses) are reported as net increases or decreases to accumulated other comprehensive income (“AOCI”), net of related taxes. Trading securities are carried at fair value with gains and losses recognized in current period earnings.

The carrying values of our securities do not include accrued interest receivables of $61 million and $65 million at June 30, 2024 and December 31, 2023, respectively. These receivables are included in “Other assets” on the consolidated balance sheet.

When a security is transferred from AFS to HTM, the difference between its amortized cost basis and fair value at the date of transfer is amortized as a yield adjustment through interest income, and the fair value at the date of transfer results in either a premium or discount to the amortized cost basis of the HTM securities. The amortization of unrealized gains or losses reported in AOCI will offset the effect of the amortization of the premium or discount in interest income that is created by the transfer. The discount associated with securities previously transferred from AFS to HTM was $2.0 billion ($1.5 billion after tax) and $2.1 billion ($1.5 billion after tax) at June 30, 2024 and December 31, 2023, respectively.

See Notes 3 and 5 of our 2023 Form 10-K for more information regarding our process to estimate the fair value and accounting for our investment securities, respectively. The following schedule presents the amortized cost and estimated fair values of our HTM and AFS securities:


	June 30, 2024
(In millions)	Amortized cost		Gross unrealized gains 1		Gross unrealized losses		Estimated fair value
Held-to-maturity
U.S. Government agencies and corporations:
Agency securities	$	152	$	—	$	8	$	144
Agency guaranteed mortgage-backed securities	9,583		2		148		9,437
Municipal securities	330		—		20		310
Total held-to-maturity	10,065		2		176		9,891
Available-for-sale
U.S. Treasury securities	570		—		109		461
U.S. Government agencies and corporations:
Agency securities	503		—		32		471
Agency guaranteed mortgage-backed securities	8,124		1		1,302		6,823
Small Business Administration loan-backed securities	516		—		23		493
Municipal securities	1,302		—		91		1,211
Other debt securities	25		—		1		24
Total available-for-sale	11,040		1		1,558		9,483
Total HTM and AFS investment securities	$	21,105	$	3	$	1,734	$	19,374


	December 31, 2023
(In millions)	Amortized cost		Gross unrealized gains 1		Gross unrealized losses		Estimated fair value
Held-to-maturity
U.S. Government agencies and corporations:
Agency securities	$	93	$	—	$	6	$	87
Agency guaranteed mortgage-backed securities	9,935		156		50		10,041
Municipal securities	354		—		16		338
Total held-to-maturity	10,382		156		72		10,466
Available-for-sale
U.S. Treasury securities	585		—		93		492
U.S. Government agencies and corporations:
Agency securities	663		—		33		630
Agency guaranteed mortgage-backed securities	8,530		—		1,239		7,291
Small Business Administration loan-backed securities	571		—		25		546
Municipal securities	1,385		—		67		1,318
Other debt securities	25		—		2		23
Total available-for-sale	11,759		—		1,459		10,300
Total HTM and AFS investment securities	$	22,141	$	156	$	1,531	$	20,766

1 Gross unrealized gains for the respective AFS security categories were individually less than $1 million.

Maturities

The following schedule presents the amortized cost and weighted average yields of debt securities by contractual maturity of principal payments at June 30, 2024. This schedule does not reflect the duration of the portfolio, which would incorporate amortization, expected prepayments, interest rate resets, and fair value hedges; the effects of which result in measured durations shorter than contractual maturities.


	June 30, 2024
	Total debt securities				Due in one year or less				Due after one year through five years				Due after five years through ten years				Due after ten years
(Dollar amounts in millions)	Amortized cost		Average yield		Amortized cost		Average yield		Amortized cost		Average yield		Amortized cost		Average yield		Amortized cost		Average yield
Held-to-maturity
U.S. Government agencies and corporations:
Agency securities	$	152	4.18	%	$	—	—	%	$	—	—	%	$	—	—	%	$	152	4.18	%
Agency guaranteed mortgage-backed securities	9,583		1.85		—		—		—		—		43		1.92		9,540		1.85
Municipal securities 1	330		3.17		33		2.61		127		2.91		155		3.48		15		3.46
Total held-to-maturity securities	10,065		1.93		33		2.61		127		2.91		198		3.14		9,707		1.89
Available-for-sale
U.S. Treasury securities	570		3.20		168		5.26		—		—		—		—		402		2.35
U.S. Government agencies and corporations:
Agency securities	503		3.04		38		3.94		106		2.86		209		2.95		150		3.07
Agency guaranteed mortgage-backed securities	8,124		2.03		13		1.13		116		1.78		1,373		2.14		6,622		2.01
Small Business Administration loan-backed securities	516		5.50		1		3.57		16		6.50		133		4.35		366		5.87
Municipal securities 1	1,302		2.22		145		2.79		409		2.62		688		1.86		60		2.29
Other debt securities	25		8.76		—		—		10		9.52		—		—		15		8.26
Total available-for-sale securities	11,040		2.35		365		3.99		657		2.71		2,403		2.25		7,615		2.25
Total HTM and AFS investment securities	$	21,105	2.14	%	$	398	3.88	%	$	784	2.74	%	$	2,601	2.32	%	$	17,322	2.05	%

1 The yields on tax-exempt securities are calculated on a tax-equivalent basis.

The following schedule presents gross unrealized losses for AFS securities and the estimated fair value by length of time the securities have been in an unrealized loss position:


	June 30, 2024
	Less than 12 months				12 months or more				Total
(In millions)	Gross unrealized losses		Estimated fair value		Gross unrealized losses		Estimated fair value		Gross unrealized losses		Estimated fair value






Available-for-sale
U.S. Treasury securities	$	—	$	10	$	109	$	293	$	109	$	303
U.S. Government agencies and corporations:
Agency securities	—		1		32		458		32		459
Agency guaranteed mortgage-backed securities	—		19		1,302		6,681		1,302		6,700
Small Business Administration loan-backed securities	—		1		23		438		23		439
Municipal securities	1		25		90		1,143		91		1,168
Other	—		—		1		14		1		14








Total available-for-sale investment securities	$	1	$	56	$	1,557	$	9,027	$	1,558	$	9,083


	December 31, 2023
	Less than 12 months				12 months or more				Total
(In millions)	Gross unrealized losses		Estimated fair value		Gross unrealized losses		Estimated fair value		Gross unrealized losses		Estimated fair value






Available-for-sale
U.S. Treasury securities	$	—	$	—	$	93	$	308	$	93	$	308
U.S. Government agencies and corporations:
Agency securities	—		5		33		605		33		610
Agency guaranteed mortgage-backed securities	71		312		1,168		6,902		1,239		7,214
Small Business Administration loan-backed securities	—		4		25		484		25		488
Municipal securities	2		229		65		1,061		67		1,290
Other	—		—		2		13		2		13








Total available-for-sale investment securities	$	73	$	550	$	1,386	$	9,373	$	1,459	$	9,923

At June 30, 2024 and December 31, 2023, approximately 2,811 and 2,998 AFS investment securities were in an unrealized loss position, respectively.

Impairment

On a quarterly basis, we review our investment securities portfolio for the presence of impairment on an individual security basis. For additional information on our policy and impairment evaluation process for investment securities, see Note 5 of our 2023 Form 10-K.

AFS Impairment

We did not recognize any impairment on our AFS investment securities portfolio during the first six months of both 2024 and 2023. Unrealized losses primarily relate to higher interest rates subsequent to the purchase of securities and are not attributable to credit; as such, absent any future sales, we would expect to receive the full principal value at maturity. At June 30, 2024, we had not initiated any sales of AFS securities, nor did we have an intent to sell any identified securities with unrealized losses. We do not believe it is more likely than not that we would be required to sell such securities before recovery of their amortized cost basis.

HTM Impairment

For HTM securities, the allowance for credit losses (“ACL”) is assessed consistent with the approach described in Note 6 for loans and leases measured at amortized cost. At June 30, 2024, the ACL on HTM securities was less than $1 million, all HTM securities were risk-graded as “Pass” in terms of credit quality, and none were considered past due.

Securities Gains and Losses Recognized in Income

The following schedule presents securities gains and losses recognized in income:


	Three Months Ended June 30,								Six Months Ended June 30,
	2024				2023				2024				2023
(In millions)	Gross gains		Gross losses		Gross gains		Gross losses		Gross gains		Gross losses		Gross gains		Gross losses



Available-for-sale	$	—	$	—	$	71	$	71	$	—	$	—	$	72	$	73
Trading	1		1		7		7		11		10		10		9
Other noninterest-bearing investments	14		10		10		10		20		19		13		12
Total gains	15		11		88		88		31		29		95		94
Net gains (losses) 1			$	4			$	—			$	2			$	1

1 Net gains (losses) were included in “Securities gains (losses), net” on the consolidated statement of income.

The following schedule presents interest income by security type:


	Three Months Ended June 30,
	2024						2023
(In millions)	Taxable		Nontaxable		Total		Taxable		Nontaxable		Total
Investment securities:
Held-to-maturity	$	55	$	1	$	56	$	59	$	1	$	60
Available-for-sale	75		8		83		69		8		77
Trading	—		1		1		—		1		1
Total securities	$	130	$	10	$	140	$	128	$	10	$	138


	Six Months Ended June 30,
	2024						2023
(In millions)	Taxable		Nontaxable		Total		Taxable		Nontaxable		Total
Investment securities:
Held-to-maturity	$	111	$	2	$	113	$	120	$	2	$	122
Available-for-sale	152		16		168		138		14		152
Trading	—		1		1		—		1		1
Total securities	$	263	$	19	$	282	$	258	$	17	$	275

Loans, Leases, and Allowance for Credit Losses

6 Months Ended

Jun. 30, 2024

Receivables [Abstract]

LOANS, LEASES, AND ALLOWANCE FOR CREDIT LOSSES

Loans, Leases, and Loans Held for Sale

Loans and leases are summarized as follows according to major portfolio segment and specific loan class:


(In millions)	June 30, 2024		December 31, 2023

Loans held for sale	$	112	$	53
Commercial:
Commercial and industrial	$	16,622	$	16,684
Leasing	390		383
Owner-occupied	9,236		9,219
Municipal	4,263		4,302
Total commercial	30,511		30,588
Commercial real estate:
Construction and land development	2,725		2,669
Term	10,824		10,702
Total commercial real estate	13,549		13,371
Consumer:
Home equity credit line	3,468		3,356
1-4 family residential	9,153		8,415
Construction and other consumer real estate	1,139		1,442
Bankcard and other revolving plans	466		474
Other	129		133
Total consumer	14,355		13,820

Total loans and leases	$	58,415	$	57,779

Loans and leases are measured and presented at their amortized cost basis, which includes net unamortized purchase premiums, discounts, and deferred loan fees and costs totaling $29 million and $37 million at June 30, 2024 and December 31, 2023, respectively. Amortized cost basis does not include accrued interest receivables of $301 million and $299 million at June 30, 2024 and December 31, 2023, respectively. These receivables are included in “Other assets” on the consolidated balance sheet.

Municipal loans generally include loans to state and local governments (“municipalities”) with the debt service being repaid from general funds or pledged revenues of the municipal entity, or to private commercial entities or 501(c)(3) not-for-profit entities utilizing a pass-through municipal entity to achieve favorable tax treatment.

Land acquisition and development loans included in the construction and land development loan portfolio were $224 million at June 30, 2024 and $219 million at December 31, 2023.

Loans with a carrying value of $39.3 billion at June 30, 2024 and $36.3 billion at December 31, 2023 have been pledged at the Federal Reserve (“FRB”) and the Federal Home Loan Bank (“FHLB”) of Des Moines as collateral for current and potential borrowings.

At the time of origination, we determine the classification of loans as either held for investment or held for sale. Loans held for sale are measured at fair value or the lower of cost or fair value and primarily consist of (1) commercial real estate loans that are sold into securitization entities, and (2) conforming residential mortgages that are generally sold to U.S. government agencies. The following schedule presents loans added to, or sold from, the held for sale category during the periods presented:


	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2024		2023		2024		2023

Loans added to held for sale	$	270	$	220	$	399	$	306
Loans sold from held for sale	171		188		341		277

Occasionally, we have continuing involvement in the sold loans in the form of servicing rights or guarantees. The principal balance of sold loans for which we retain servicing was $0.5 billion and $0.4 billion at June 30, 2024 and December 31, 2023, respectively. Income from sold loans, excluding servicing, was $2 million and $3 million for the three and six months ended June 30, 2024, and $2 million and $7 million for the three and six months ended June 30, 2023, respectively. Other income from loans sold includes fair value adjustments on loans that are included in “Capital markets fees” on the consolidated statement of income.

Allowance for Credit Losses

The allowance for credit losses (“ACL”), which consists of the allowance for loan and lease losses (“ALLL”) and the reserve for unfunded lending commitments (“RULC”), represents our estimate of current expected credit losses related to the loan and lease portfolio and unfunded lending commitments as of the balance sheet date. For additional information regarding our policies and methodologies used to estimate the ACL, see Note 6 of our 2023 Form 10-K.

The ACL for AFS and HTM debt securities is estimated separately from loans. For HTM securities, the ACL is estimated consistent with the approach for loans measured at amortized cost. See Note 5 of our 2023 Form 10-K for further discussion of our methodology used to estimate the ACL on AFS and HTM debt securities.

Changes in the ACL are summarized as follows:


	Three Months Ended June 30, 2024
(In millions)	Commercial		Commercial real estate		Consumer		Total
Allowance for loan losses


Balance at beginning of period	$	296	$	299	$	104	$	699
Provision for loan losses	10		12		(10)		12
Gross loan and lease charge-offs	8		11		2		21
Recoveries	4		—		2		6
Net loan and lease charge-offs (recoveries)	4		11		—		15
Balance at end of period	$	302	$	300	$	94	$	696
Reserve for unfunded lending commitments
Balance at beginning of period	$	19	$	10	$	8	$	37
Provision for unfunded lending commitments	(3)		(3)		(1)		(7)
Balance at end of period	$	16	$	7	$	7	$	30
Total allowance for credit losses at end of period
Allowance for loan losses	$	302	$	300	$	94	$	696
Reserve for unfunded lending commitments	16		7		7		30
Total allowance for credit losses	$	318	$	307	$	101	$	726


	Six Months Ended June 30, 2024
(In millions)	Commercial		Commercial real estate		Consumer		Total
Allowance for loan losses
Balance at December 31, 2023	$	302	$	241	$	141	$	684
Provision for loan losses	8		69		(44)		33
Gross loan and lease charge-offs	18		11		6		35
Recoveries	10		1		3		14
Net loan and lease charge-offs (recoveries)	8		10		3		21
Balance at end of period	$	302	$	300	$	94	$	696
Reserve for unfunded lending commitments
Balance at beginning of period	$	19	$	17	$	9	$	45
Provision for unfunded lending commitments	(3)		(10)		(2)		(15)
Balance at end of period	$	16	$	7	$	7	$	30
Total allowance for credit losses at end of period
Allowance for loan losses	$	302	$	300	$	94	$	696
Reserve for unfunded lending commitments	16		7		7		30
Total allowance for credit losses	$	318	$	307	$	101	$	726


	Three Months Ended June 30, 2023
(In millions)	Commercial		Commercial real estate		Consumer		Total
Allowance for loan losses
Balance at beginning of period	$	313	$	160	$	145	$	618
Provision for loan losses	24		21		1		46
Gross loan and lease charge-offs	20		—		2		22
Recoveries	6		—		3		9
Net loan and lease charge-offs (recoveries)	14		—		(1)		13
Balance at end of period	$	323	$	181	$	147	$	651
Reserve for unfunded lending commitments


Balance at beginning of period	$	19	$	28	$	13	$	60
Provision for unfunded lending commitments	1		1		(2)		—
Balance at end of period	$	20	$	29	$	11	$	60
Total allowance for credit losses at end of period
Allowance for loan losses	$	323	$	181	$	147	$	651
Reserve for unfunded lending commitments	20		29		11		60
Total allowance for credit losses	$	343	$	210	$	158	$	711


	Six Months Ended June 30, 2023
(In millions)	Commercial		Commercial real estate		Consumer		Total
Allowance for loan losses
Balance at December 31, 2022	$	300	$	156	$	119	$	575
Adjustment for change in accounting standard	—		(4)		1		(3)
Balance at beginning of period	$	300	$	152	$	120	$	572
Provision for loan losses	34		29		29		92
Gross loan and lease charge-offs	23		—		6		29
Recoveries	12		—		4		16
Net loan and lease charge-offs (recoveries)	11		—		2		13
Balance at end of period	$	323	$	181	$	147	$	651
Reserve for unfunded lending commitments
Balance at beginning of period	$	16	$	33	$	12	$	61
Provision for unfunded lending commitments	4		(4)		(1)		(1)
Balance at end of period	$	20	$	29	$	11	$	60
Total allowance for credit losses at end of period
Allowance for loan losses	$	323	$	181	$	147	$	651
Reserve for unfunded lending commitments	20		29		11		60
Total allowance for credit losses	$	343	$	210	$	158	$	711

Nonaccrual Loans

Loans are generally placed on nonaccrual status when payment in full of principal and interest is not expected, or the loan is 90 days or more past due as to principal or interest, unless the loan is both well-secured and in the process of collection. Factors we consider in determining whether a loan is placed on nonaccrual include delinquency status, collateral value, borrower or guarantor financial statement information, bankruptcy status, and other information which would indicate that the full and timely collection of interest and principal is uncertain.

A nonaccrual loan may be returned to accrual status when (1) all delinquent interest and principal become current in accordance with the terms of the loan agreement, (2) the loan, if secured, is well-secured, (3) the borrower has paid according to the contractual terms for a minimum of six months, and (4) an analysis of the borrower indicates a reasonable assurance of the borrower's ability and willingness to maintain payments.

The amortized cost basis of nonaccrual loans is summarized as follows:


	June 30, 2024
	Amortized cost basis				Total amortized cost basis
(In millions)	with no allowance		with allowance				Related allowance


Commercial:
Commercial and industrial	$	23	$	88	$	111	$	38
Leasing	—		2		2		1
Owner-occupied	10		18		28		2
Municipal	3		3		6		—
Total commercial	36		111		147		41
Commercial real estate:
Construction and land development	—		2		2		—
Term	33		2		35		1
Total commercial real estate	33		4		37		1
Consumer:
Home equity credit line	5		24		29		5
1-4 family residential	9		37		46		4

Bankcard and other revolving plans	—		1		1		1
Other	—		1		1		—
Total consumer	14		63		77		10
Total	$	83	$	178	$	261	$	52


	December 31, 2023
	Amortized cost basis				Total amortized cost basis
(In millions)	with no allowance		with allowance				Related allowance



Commercial:
Commercial and industrial	$	11	$	71	$	82	$	30
Leasing	—		2		2		1
Owner-occupied	12		8		20		1

Total commercial	23		81		104		32
Commercial real estate:
Construction and land development	22		—		22		—
Term	37		2		39		1
Total commercial real estate	59		2		61		1
Consumer:
Home equity credit line	1		16		17		5
1-4 family residential	8		32		40		5



Total consumer	9		48		57		10
Total	$	91	$	131	$	222	$	43

For accruing loans, interest is accrued and interest payments are recognized into interest income according to the contractual loan agreement. For nonaccruing loans, the accrual of interest is discontinued, any uncollected or accrued interest is reversed from interest income in a timely manner (generally within one month), and any payments received on these loans are not recognized into interest income, but are applied as a reduction to the principal outstanding. When the collectability of the amortized cost basis for a nonaccrual loan is no longer in doubt, then interest payments may be recognized in interest income on a cash basis. For the three and six months ended June 30, 2024 and 2023, there was no interest income recognized on a cash basis during the period the loans were on nonaccrual.

The amount of accrued interest receivables reversed from interest income during the periods presented is summarized by loan portfolio segment as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2024		2023		2024		2023

Commercial	$	4	$	3	$	6	$	5
Commercial real estate	1		—		3		—
Consumer	1		1		2		1
Total	$	6	$	4	$	11	$	6

Past Due Loans

Closed-end loans with payments scheduled monthly are reported as past due when the borrower is in arrears for two or more monthly payments. Similarly, open-end credits, such as bankcard and other revolving credit plans, are reported as past due when the minimum payment has not been made for two or more billing cycles. Other multi-payment obligations (i.e., quarterly, semi-annual, etc.), single payment, and demand notes, are reported as past due when either principal or interest is due and unpaid for a period of 30 days or more.

Past due loans (accruing and nonaccruing) are summarized as follows:


	June 30, 2024
(In millions)	Current		30-89 days past due		90+ days past due		Total past due		Total loans		Accruing loans 90+ days past due		Nonaccrual loans that are current 1

Commercial:
Commercial and industrial	$	16,577	$	30	$	15	$	45	$	16,622	$	4	$	98
Leasing	388		—		2		2		390		—		—
Owner-occupied	9,223		10		3		13		9,236		1		22
Municipal	4,248		15		—		15		4,263		—		6
Total commercial	30,436		55		20		75		30,511		5		126
Commercial real estate:
Construction and land development	2,723		—		2		2		2,725		—		—
Term	10,761		38		25		63		10,824		—		10
Total commercial real estate	13,484		38		27		65		13,549		—		10
Consumer:
Home equity credit line	3,440		18		10		28		3,468		—		13
1-4 family residential	9,112		17		24		41		9,153		—		17
Construction and other consumer real estate	1,139		—		—		—		1,139		—		—
Bankcard and other revolving plans	463		2		1		3		466		1		1
Other	128		1		—		1		129		—		1
Total consumer	14,282		38		35		73		14,355		1		32
Total	$	58,202	$	131	$	82	$	213	$	58,415	$	6	$	168


	December 31, 2023
(In millions)	Current		30-89 days past due		90+ days past due		Total past due		Total loans		Accruing loans 90+ days past due		Nonaccrual loans that are current 1

Commercial:
Commercial and industrial	$	16,631	$	38	$	15	$	53	$	16,684	$	1	$	65
Leasing	381		2		—		2		383		—		—
Owner-occupied	9,206		11		2		13		9,219		1		18
Municipal	4,301		1		—		1		4,302		—		—
Total commercial	30,519		52		17		69		30,588		2		83
Commercial real estate:
Construction and land development	2,645		2		22		24		2,669		—		—
Term	10,661		14		27		41		10,702		—		3
Total commercial real estate	13,306		16		49		65		13,371		—		3
Consumer:
Home equity credit line	3,334		17		5		22		3,356		—		9
1-4 family residential	8,375		17		23		40		8,415		—		13
Construction and other consumer real estate	1,442		—		—		—		1,442		—		—
Bankcard and other revolving plans	468		5		1		6		474		1		—
Other	132		1		—		1		133		—		—
Total consumer	13,751		40		29		69		13,820		1		22
Total	$	57,576	$	108	$	95	$	203	$	57,779	$	3	$	108

1 Represents nonaccrual loans that are not past due more than 30 days; however, full payment of principal and interest is not expected.

Credit Quality Indicators

In addition to the nonaccrual and past due criteria, we also analyze loans using loan risk-grading systems, which vary based on the size and type of credit risk exposure. The internal risk grades assigned to loans follow our definition of Pass, Special Mention, Substandard, and Doubtful, which are consistent with published definitions of regulatory risk classifications.

•Pass — A Pass asset is higher-quality and does not fit any of the other categories described below. The likelihood of loss is considered low.

•Special Mention — A Special Mention asset has potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in our credit position at some future date.

•Substandard — A Substandard asset is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified have well-defined weaknesses and are characterized by the distinct possibility that we may sustain some loss if deficiencies are not corrected.

•Doubtful — A Doubtful asset has all the weaknesses inherent in a Substandard asset with the added characteristics that the weaknesses make collection or liquidation in full highly questionable and improbable.

There were no loans classified as Doubtful at both June 30, 2024 and December 31, 2023. For consumer loans and for CRE loans with commitments greater than $1 million, we generally assign internal risk grades similar to those described previously based on automated rules that depend on refreshed credit scores, payment performance, and other risk indicators. These are generally assigned either a Pass, Special Mention, or Substandard grade, and are reviewed as we identify information that might warrant a grade change. The following schedule presents the amortized cost basis of loans and leases categorized by year of origination and by credit quality classification as monitored by management. The schedule also presents the current quarter gross charge-offs by year of origination.


	June 30, 2024
	Term loans												Revolving loans amortized cost basis		Revolving loans converted to term loans amortized cost basis
	Amortized cost basis by year of origination
(In millions)	2024		2023		2022		2021		2020		Prior						Total
Commercial:
Commercial and industrial
Pass	$	943	$	2,411	$	1,938	$	1,014	$	524	$	854	$	8,172	$	150	$	16,006
Special Mention	1		14		54		19		3		3		34		2		130
Accruing Substandard	27		57		85		32		3		23		145		3		375
Nonaccrual	—		16		34		1		2		11		42		5		111
Total commercial and industrial	971		2,498		2,111		1,066		532		891		8,393		160		16,622
Gross charge-offs	—		1		1		1		—		3		2		—		8
Leasing
Pass	63		89		110		37		23		51		—		—		373
Special Mention	—		2		8		1		1		—		—		—		12
Accruing Substandard	1		1		—		1		—		—		—		—		3
Nonaccrual	—		—		2		—		—		—		—		—		2
Total leasing	64		92		120		39		24		51		—		—		390
Gross charge-offs	—		—		—		—		—		—		—		—		—
Owner-occupied
Pass	543		1,115		1,770		1,852		956		2,350		213		50		8,849
Special Mention	5		3		16		15		1		24		11		—		75
Accruing Substandard	1		25		55		40		30		124		4		5		284
Nonaccrual	4		—		2		1		—		15		6		—		28
Total owner-occupied	553		1,143		1,843		1,908		987		2,513		234		55		9,236
Gross charge-offs	—		—		—		—		—		—		—		—		—
Municipal
Pass	207		552		1,048		959		592		831		1		48		4,238
Special Mention	—		—		—		—		—		—		—		—		—
Accruing Substandard	—		13		—		6		—		—		—		—		19
Nonaccrual	3		—		—		—		—		3		—		—		6
Total municipal	210		565		1,048		965		592		834		1		48		4,263
Gross charge-offs	—		—		—		—		—		—		—		—		—
Total commercial	1,798		4,298		5,122		3,978		2,135		4,289		8,628		263		30,511
Total commercial gross charge-offs	—		1		1		1		—		3		2		—		8
Commercial real estate:
Construction and land development
Pass	247		660		838		142		36		10		590		57		2,580
Special Mention	—		—		44		74		—		—		—		—		118
Accruing Substandard	1		19		—		5		—		—		—		—		25
Nonaccrual	—		—		—		—		—		—		2		—		2
Total construction and land development	248		679		882		221		36		10		592		57		2,725
Gross charge-offs	—		—		—		—		—		—		—		—		—
Term
Pass	783		1,576		2,276		1,601		1,180		1,973		308		183		9,880
Special Mention	134		19		253		98		81		26		—		—		611
Accruing Substandard	44		65		80		19		17		29		—		44		298
Nonaccrual	—		2		22		—		—		11		—		—		35
Total term	961		1,662		2,631		1,718		1,278		2,039		308		227		10,824
Gross charge-offs	—		7		4		—		—		—		—		—		11
Total commercial real estate	1,209		2,341		3,513		1,939		1,314		2,049		900		284		13,549
Total commercial real estate gross charge-offs	—		7		4		—		—		—		—		—		11


	June 30, 2024
	Term loans												Revolving loans amortized cost basis		Revolving loans converted to term loans amortized cost basis
	Amortized cost basis by year of origination
(In millions)	2024		2023		2022		2021		2020		Prior						Total














Consumer:
Home equity credit line
Pass	—		—		—		—		—		—		3,336		96		3,432
Special Mention	—		—		—		—		—		—		—		—		—
Accruing Substandard	—		—		—		—		—		—		6		1		7
Nonaccrual	—		—		—		—		—		—		23		6		29
Total home equity credit line	—		—		—		—		—		—		3,365		103		3,468
Gross charge-offs	—		—		—		—		—		—		—		—		—
1-4 family residential
Pass	439		820		2,659		1,898		956		2,335		—		—		9,107
Special Mention	—		—		—		—		—		—		—		—		—
Accruing Substandard	—		—		—		—		—		—		—		—		—
Nonaccrual	—		1		7		6		2		30		—		—		46
Total 1-4 family residential	439		821		2,666		1,904		958		2,365		—		—		9,153
Gross charge-offs	—		—		—		—		—		—		—		—		—
Construction and other consumer real estate
Pass	38		280		727		77		9		8		—		—		1,139
Special Mention	—		—		—		—		—		—		—		—		—
Accruing Substandard	—		—		—		—		—		—		—		—		—
Nonaccrual	—		—		—		—		—		—		—		—		—
Total construction and other consumer real estate	38		280		727		77		9		8		—		—		1,139
Gross charge-offs	—		—		—		—		—		—		—		—		—
Bankcard and other revolving plans
Pass	—		—		—		—		—		—		463		1		464
Special Mention	—		—		—		—		—		—		—		—		—
Accruing Substandard	—		—		—		—		—		—		1		—		1
Nonaccrual	—		—		—		—		—		—		—		1		1
Total bankcard and other revolving plans	—		—		—		—		—		—		464		2		466
Gross charge-offs	—		—		—		—		—		—		2		—		2
Other consumer
Pass	36		44		29		12		4		3		—		—		128
Special Mention	—		—		—		—		—		—		—		—		—
Accruing Substandard	—		—		—		—		—		—		—		—		—
Nonaccrual	—		1		—		—		—		—		—		—		1
Total other consumer	36		45		29		12		4		3		—		—		129
Gross charge-offs	—		—		—		—		—		—		—		—		—
Total consumer	513		1,146		3,422		1,993		971		2,376		3,829		105		14,355
Total consumer gross charge-offs	—		—		—		—		—		—		2		—		2
Total loans	$	3,520	$	7,785	$	12,057	$	7,910	$	4,420	$	8,714	$	13,357	$	652	$	58,415
Total gross charge-offs	$	—	$	8	$	5	$	1	$	—	$	3	$	4	$	—	$	21


	December 31, 2023
	Term loans												Revolving loans amortized cost basis		Revolving loans converted to term loans amortized cost basis
	Amortized cost basis by year of origination
(In millions)	2023		2022		2021		2020		2019		Prior						Total
Commercial:
Commercial and industrial
Pass	$	2,654	$	2,420	$	1,204	$	639	$	494	$	598	$	7,973	$	151	$	16,133
Special Mention	8		98		34		2		20		37		103		—		302
Accruing Substandard	11		18		7		2		19		8		99		3		167
Nonaccrual	5		36		1		2		11		1		21		5		82
Total commercial and industrial	2,678		2,572		1,246		645		544		644		8,196		159		16,684
Gross charge-offs	1		10		6		—		—		2		24		2		45
Leasing
Pass	104		125		47		29		45		18		—		—		368
Special Mention	2		9		1		1		—		—		—		—		13
Accruing Substandard	—		—		—		—		—		—		—		—		—
Nonaccrual	—		2		—		—		—		—		—		—		2
Total leasing	106		136		48		30		45		18		—		—		383
Gross charge-offs	—		—		—		—		—		—		—		—		—
Owner-occupied
Pass	1,080		1,945		2,020		1,002		721		1,907		212		52		8,939
Special Mention	2		5		17		5		17		15		—		—		61
Accruing Substandard	10		31		29		21		16		90		2		—		199
Nonaccrual	—		1		1		7		3		8		—		—		20
Total owner-occupied	1,092		1,982		2,067		1,035		757		2,020		214		52		9,219
Gross charge-offs	—		—		—		—		—		—		—		—		—
Municipal
Pass	601		1,080		1,069		623		382		512		—		3		4,270
Special Mention	7		—		—		—		—		6		—		—		13
Accruing Substandard	8		—		6		3		1		1		—		—		19
Nonaccrual	—		—		—		—		—		—		—		—		—
Total municipal	616		1,080		1,075		626		383		519		—		3		4,302
Gross charge-offs	—		—		—		—		—		—		—		—		—
Total commercial	4,492		5,770		4,436		2,336		1,729		3,201		8,410		214		30,588
Total commercial gross charge-offs	1		10		6		—		—		2		24		2		45
Commercial real estate:
Construction and land development
Pass	553		938		355		56		7		4		518		127		2,558
Special Mention	—		—		29		30		—		—		—		—		59
Accruing Substandard	23		2		—		5		—		—		—		—		30
Nonaccrual	—		—		—		—		21		—		1		—		22
Total construction and land development	576		940		384		91		28		4		519		127		2,669
Gross charge-offs	—		—		—		—		1		—		—		—		1
Term
Pass	1,861		2,385		1,833		1,449		804		1,438		238		110		10,118
Special Mention	55		108		65		78		44		6		—		—		356
Accruing Substandard	79		18		12		16		5		24		—		35		189
Nonaccrual	—		26		—		—		3		10		—		—		39
Total term	1,995		2,537		1,910		1,543		856		1,478		238		145		10,702
Gross charge-offs	—		2		—		—		—		—		—		—		2
Total commercial real estate	2,571		3,477		2,294		1,634		884		1,482		757		272		13,371
Total commercial real estate gross charge-offs	—		2		—		—		1		—		—		—		3


	December 31, 2023
	Term loans												Revolving loans amortized cost basis		Revolving loans converted to term loans amortized cost basis
	Amortized cost basis by year of origination
(In millions)	2023		2022		2021		2020		2019		Prior						Total














Consumer:
Home equity credit line
Pass	—		—		—		—		—		—		3,237		97		3,334
Special Mention	—		—		—		—		—		—		—		—		—
Accruing Substandard	—		—		—		—		—		—		4		1		5
Nonaccrual	—		—		—		—		—		—		15		2		17
Total home equity credit line	—		—		—		—		—		—		3,256		100		3,356
Gross charge-offs	—		—		—		—		—		—		3		—		3
1-4 family residential
Pass	814		2,264		1,823		988		594		1,891		—		—		8,374
Special Mention	—		—		—		—		—		—		—		—		—
Accruing Substandard	—		—		—		—		—		1		—		—		1
Nonaccrual	—		3		3		3		4		27		—		—		40
Total 1-4 family residential	814		2,267		1,826		991		598		1,919		—		—		8,415
Gross charge-offs	—		—		—		—		—		2		—		—		2
Construction and other consumer real estate
Pass	212		1,002		200		15		7		6		—		—		1,442
Special Mention	—		—		—		—		—		—		—		—		—
Accruing Substandard	—		—		—		—		—		—		—		—		—
Nonaccrual	—		—		—		—		—		—		—		—		—
Total construction and other consumer real estate	212		1,002		200		15		7		6		—		—		1,442
Gross charge-offs	—		—		—		—		—		—		—		—		—
Bankcard and other revolving plans
Pass	—		—		—		—		—		—		471		1		472
Special Mention	—		—		—		—		—		—		—		—		—
Accruing Substandard	—		—		—		—		—		—		2		—		2
Nonaccrual	—		—		—		—		—		—		—		—		—
Total bankcard and other revolving plans	—		—		—		—		—		—		473		1		474
Gross charge-offs	—		—		—		—		—		—		9		—		9
Other consumer
Pass	66		37		18		6		4		2		—		—		133
Special Mention	—		—		—		—		—		—		—		—		—
Accruing Substandard	—		—		—		—		—		—		—		—		—
Nonaccrual	—		—		—		—		—		—		—		—		—
Total other consumer	66		37		18		6		4		2		—		—		133
Gross charge-offs	—		—		—		—		—		—		—		—		—
Total consumer	1,092		3,306		2,044		1,012		609		1,927		3,729		101		13,820
Total consumer gross charge-offs	—		—		—		—		—		2		12		—		14
Total loans	$	8,155	$	12,553	$	8,774	$	4,982	$	3,222	$	6,610	$	12,896	$	587	$	57,779
Total gross charge-offs	$	1	$	12	$	6	$	—	$	1	$	4	$	36	$	2	$	62

Loan Modifications

Loans may be modified in the normal course of business for competitive reasons or to strengthen our collateral position. Loan modifications may also occur when the borrower experiences financial difficulty and needs temporary or permanent relief from the original contractual terms of the loan. For loans that have been modified with a borrower experiencing financial difficulty, we use the same credit loss estimation methods that we use for the

rest of the loan portfolio. These methods incorporate the post-modification loan terms, as well as defaults and charge-offs associated with historical modified loans. All nonaccruing loans more than $1 million are evaluated individually, regardless of modification.

We consider many factors in determining whether to agree to a loan modification and we seek a solution that will both minimize potential loss to us and attempt to help the borrower. We evaluate borrowers’ current and forecasted future cash flows, their ability and willingness to make current contractual or proposed modified payments, the value of the underlying collateral (if applicable), the possibility of obtaining additional security or guarantees, and the potential costs related to a repossession or foreclosure and the subsequent sale of the collateral.

A modified loan on nonaccrual will generally remain on nonaccrual until the borrower has proven the ability to perform under the modified structure for a minimum of six months, and there is evidence that such payments can and are likely to continue as agreed. Performance prior to the modification, or significant events that coincide with the modification, are included in assessing whether the borrower can meet the new terms and may result in the loan being returned to accrual at the time of modification or after a shorter performance period. If the borrower’s ability to meet the revised payment schedule is uncertain, the loan remains on nonaccrual.

On an ongoing basis, we monitor the performance of all modified loans according to their modified terms. The amortized cost of modified loans that had a payment default during the three and six months ended June 30, 2024, which were still in default at period end, and were within 12 months or less of being modified was approximately $3 million and $27 million, respectively, primarily commercial real estate loans, and zero for both the three and six months ended June 30, 2023, respectively.

The amortized cost of loans to borrowers experiencing financial difficulty that were modified during the period, by loan class and modification type, is summarized in the following schedule:


	Three Months Ended June 30, 2024
	Amortized cost associated with the following modification types:
(Dollar amounts in millions)	Interest rate reduction		Maturity or term extension		Principal forgiveness		Payment deferral		Multiple modification types 1		Total 2		Percentage of total loans 3
Commercial:
Commercial and industrial	$	—	$	27	$	—	$	—	$	1	$	28	0.2	%
Owner-occupied	—		2		—		—		—		2		—

Total commercial	—		29		—		—		1		30		0.1
Commercial real estate:

Term	—		16		—		—		—		16		0.1
Total commercial real estate	—		16		—		—		—		16		0.1
Consumer:

1-4 family residential	—		—		1		—		—		1		—



Total consumer	—		—		1		—		—		1		—
Total	$	—	$	45	$	1	$	—	$	1	$	47	0.1	%


	Six Months Ended June 30, 2024
	Amortized cost associated with the following modification types:
(Dollar amounts in millions)	Interest rate reduction		Maturity or term extension		Principal forgiveness		Payment deferral		Multiple modification types 1		Total 2		Percentage of total loans 3
Commercial:
Commercial and industrial	$	—	$	55	$	—	$	1	$	4	$	60	0.4	%
Owner-occupied	—		2		—		—		2		4		—
Municipal	—		3		—		—		—		3		0.1
Total commercial	—		60		—		1		6		67		0.2
Commercial real estate:
Construction and land development	—		2		—		—		—		2		0.1
Term	—		103		—		—		—		103		1.0
Total commercial real estate	—		105		—		—		—		105		0.8
Consumer:
Home equity credit line	—		—		—		—		1		1		—
1-4 family residential	—		—		2		—		2		4		—



Total consumer	—		—		2		—		3		5		—
Total	$	—	$	165	$	2	$	1	9		$	177	0.3	%


	Three Months Ended June 30, 2023
	Amortized cost associated with the following modification types:
(Dollar amounts in millions)	Interest rate reduction		Maturity or term extension		Principal forgiveness		Payment deferral		Multiple modification types 1		Total 2		Percentage of total loans 3
Commercial:
Commercial and industrial	$	1	$	27	$	—	$	—	$	—	$	28	0.2	%
Owner-occupied	—		20		—		—		—		20		0.2

Total commercial	1		47		—		—		—		48		0.2
Commercial real estate:
Construction and land development	—		18		—		—		—		18		0.7
Term	—		34		—		—		—		34		0.3
Total commercial real estate	—		52		—		—		—		52		0.4
Consumer:

1-4 family residential	—		—		1		—		1		2		—

Bankcard and other revolving plans	—		1		—		—		—		1		0.2

Total consumer	—		1		1		—		1		3		—
Total	$	1	$	100	$	1	$	—	$	1	$	103	0.2	%


	Six Months Ended June 30, 2023
	Amortized cost associated with the following modification types:
(Dollar amounts in millions)	Interest rate reduction		Maturity or term extension		Principal forgiveness		Payment deferral		Multiple modification types 1		Total 2		Percentage of total loans 3
Commercial:
Commercial and industrial	$	1	$	42	$	—	$	—	$	—	$	43	0.3	%
Owner-occupied	4		22		—		—		—		26		0.3

Total commercial	5		64		—		—		—		69		0.2
Commercial real estate:
Construction and land development	—		18		—		—		—		18		0.7
Term	—		58		—		—		—		58		0.6
Total commercial real estate	—		76		—		—		—		76		0.6
Consumer:

1-4 family residential	—		—		1		—		1		2		—

Bankcard and other revolving plans	—		1		—		—		—		1		0.2

Total consumer	—		1		1		—		1		3		—
Total	$	5	$	141	$	1	$	—	1		$	148	0.3	%

1 Includes modifications that resulted from a combination of interest rate reduction, maturity or term extension, principal forgiveness, and payment deferral modifications.

2 Unfunded lending commitments related to loans modified to borrowers experiencing financial difficulty totaled $10 million at both June 30, 2024 and June 30, 2023.

3 Amounts less than 0.05% are rounded to zero.

The financial impact of loan modifications to borrowers experiencing financial difficulty is summarized in the following schedules:


	Three Months Ended June 30, 2024			Six Months Ended June 30, 2024
	Weighted-average interest rate reduction (in percentage points)		Weighted-average term extension (in months)		Weighted-average interest rate reduction (in percentage points)		Weighted-average term extension (in months)
Commercial:
Commercial and industrial	0.6	%	3		0.1	%	8

Owner-occupied	—		1		0.1		4
Municipal	—		0		—		61
Total commercial	0.6		3		0.1		10
Commercial real estate:
Construction and land development	—		5		—		14
Term	—		3		—		11
Total commercial real estate	—		3		—		11
Consumer:
Home equity credit line	—		0		6.8		42
1-4 family residential	—		0		1.3		78


Other	—		0		—		71
Total consumer	—		0		4.8		67
Total weighted average financial impact	0.6	%	3		1.0	%	12


	Three Months Ended June 30, 2023			Six Months Ended June 30, 2023
	Weighted-average interest rate reduction (in percentage points)		Weighted-average term extension (in months)		Weighted-average interest rate reduction (in percentage points)		Weighted-average term extension (in months)
Commercial:
Commercial and industrial	1.0	%	8		1.0	%	9

Owner-occupied	—		7		4.4		7

Total commercial	1.0		8		3.7		8
Commercial real estate:
Construction and land development	—		6		—		6
Term	—		18		—		17
Total commercial real estate	—		14		—		15
Consumer: 1

1-4 family residential	1.3		110		1.3		110

Bankcard and other revolving plans	—		65		—		61

Total consumer	1.3		87		1.3		87
Total weighted average financial impact	1.1	%	12		3.4	%	13

1 Primarily relates to a small number of loans within each consumer loan class.

Loan modifications to borrowers experiencing financial difficulty during the three and six months ended June 30, 2024 and 2023 resulted in less than $1 million of principal forgiveness for each respective period.

The following schedule presents the aging of loans to borrowers experiencing financial difficulty that were modified on or after July 1, 2023 through June 30, 2024, presented by portfolio segment and loan class:


	June 30, 2024
(In millions)	Current		30-89 days past due		90+ days past due		Total past due		Total amortized cost of loans

Commercial:
Commercial and industrial	$	83	$	1	$	4	$	5	$	88

Owner-occupied	8		—		—		—		8
Municipal	11		—		—		—		11
Total commercial	102		1		4		5		107
Commercial real estate:
Construction and land development	19		—		2		2		21
Term	156		26		2		28		184
Total commercial real estate	175		26		4		30		205
Consumer:
Home equity credit line	1		—		—		—		1
1-4 family residential	4		—		—		—		4


Other	1		—		—		—		1
Total consumer	6		—		—		—		6
Total	$	283	$	27	$	8	$	35	$	318

The following schedule presents the aging of loans to borrowers experiencing financial difficulty that were modified on or after January 1, 2023, the date we adopted ASU 2022-02, through June 30, 2023, presented by portfolio segment and loan class:


	June 30, 2023
(In millions)	Current		30-89 days past due		90+ days past due		Total past due		Total amortized cost of loans

Commercial:
Commercial and industrial	$	40	$	3	$	—	$	3	$	43

Owner-occupied	25		—		1		1		26

Total commercial	65		3		1		4		69
Commercial real estate:
Construction and land development	18		—		—		—		18
Term	58		—		—		—		58
Total commercial real estate	76		—		—		—		76
Consumer:

1-4 family residential	2		—		—		—		2

Bankcard and other revolving plans	1		—		—		—		1

Total consumer	3		—		—		—		3
Total	$	144	$	3	$	1	$	4	$	148

Collateral-Dependent Loans

When a loan is individually evaluated for expected credit losses, we estimate a specific reserve for the loan based on (1) the projected present value of the loan’s future cash flows discounted at the loan’s effective interest rate, (2) the observable market price of the loan, or (3) the fair value of the loan’s underlying collateral.

Select information on loans for which the borrower is experiencing financial difficulties and repayment is expected to be provided substantially through the operation or sale of the underlying collateral, including the type of collateral and the extent to which the collateral secures the loans, is summarized as follows:


	June 30, 2024
(Dollar amounts in millions)	Amortized cost		Major types of collateral	Weighted average LTV 1






Commercial real estate:
Construction and land development	$	2	Lots / Homes	128%
Term	25		Office Building	82%
Total commercial real estate	27
Consumer:
Home equity credit line	7		Single Family Residential	56%
1-4 family residential	3		Single Family Residential	35%
Total consumer	10
Total	$	37


	December 31, 2023
(Dollar amounts in millions)	Amortized cost		Major types of collateral	Weighted average LTV 1
Commercial:


Owner-occupied	$	7	Hospital	17%


Commercial real estate:
Construction and land development	22		Office Building	92%
Term	28		Office Building	87%
Total commercial real estate	50







Total	$	57

1 The fair value is based on the most recent appraisal or other collateral evaluation.

Foreclosed Residential Real Estate

The balance of foreclosed residential real estate property was $3 million at June 30, 2024, compared with zero at December 31, 2023. The amortized cost basis of consumer mortgage loans collateralized by residential real estate property that were in the process of foreclosure was $8 million and $11 million for the same periods, respectively.

Derivative Instruments and Hedging Activities

6 Months Ended

Jun. 30, 2024

Summary of Derivative Instruments [Abstract]

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

Objectives and Accounting

Our primary objective for using derivatives is to manage interest rate risk. We use derivatives to stabilize forecasted interest income from variable-rate assets and to modify the coupon or the duration of fixed-rate financial assets or liabilities. We also assist clients with their risk management needs through the use of derivatives. Cash receipts and payments from derivatives designated in qualifying hedging relationships are classified in the same category as the cash flows from the items being hedged in the statement of cash flows, and cash flows from undesignated derivatives are classified as operating activities. For a more detailed discussion of the use of and accounting policies regarding derivative instruments, see Note 7 of our 2023 Form 10-K.

Fair Value Hedges of Liabilities — During the second quarter of 2023, we terminated our remaining receive-fixed interest rate swap with a notional amount of $500 million that had been designated in a qualifying fair value hedge relationship of fixed-rate debt. The receive-fixed interest rate swap effectively converted the interest on our fixed-rate debt to floating until it was terminated. Prior to termination, changes in the fair value of derivatives designated as fair value hedges of debt were offset by changes in the fair value of the hedged debt instruments as shown in the schedules on the following pages. The unamortized hedge basis adjustments resulting from the terminated hedging relationship will be amortized over the remaining life of the fixed-rate debt.

Fair Value Hedges of Assets — Fair value hedges of fixed-rate assets effectively convert the fixed interest income to a floating rate on the hedged portion of the assets. Changes in fair value of derivatives designated as fair value hedges of fixed-rate financial assets were largely offset by changes in the value of the hedged assets, as shown in the schedules on the following pages. At June 30, 2024, we had pay-fixed, receive-floating interest rate swaps with an aggregate notional amount of $3.6 billion designated as fair value hedges of fixed-rate AFS securities. We had an additional $1.0 billion of aggregate notional designated as hedges of fixed-rate commercial loans.

Cash Flow Hedges — Cash flow hedges of variable-rate assets and liabilities effectively convert the variable interest receipts and payments to fixed. At June 30, 2024, we had receive-fixed interest rate swaps with an aggregate notional amount of $550 million designated as cash flow hedges of pools of floating-rate commercial loans. Additionally, at June 30, 2024, we had one pay-fixed interest rate swap with a notional amount of $500 million designated as a cash flow hedge of the variability in the interest payments on certain FHLB advances. Changes in the fair value of qualifying cash flow hedges during the quarter were recorded in AOCI as shown in the schedule below. The amounts deferred in AOCI are reclassified into earnings in the periods in which the hedged interest receipts or payments occur (i.e., when the hedged forecasted transactions affect earnings). At June 30, 2024, there was $145 million of losses deferred in AOCI related to terminated cash flow hedges that are expected to be fully amortized by October 2027.

Collateral and Credit Risk

Exposure to credit risk arises from the possibility of nonperformance by counterparties. No significant losses on derivative instruments have occurred as a result of counterparty nonperformance. For more information on how we incorporate counterparty credit risk in derivative valuations, see Note 3 of our 2023 Form 10-K. For additional discussion of collateral and the associated credit risk related to our derivative contracts, see Note 7 of our 2023 Form 10-K.

Our derivative contracts require us to pledge collateral for derivatives that are in a net liability position at a given balance sheet date. Certain of these derivative contracts contain credit risk-related contingent features that include the requirement to maintain a minimum debt credit rating. We may be required to pledge additional collateral if a credit risk-related feature were triggered, such as a downgrade of our credit rating. In past situations, counterparties

have not generally demanded that additional collateral be pledged when provided for by the contractual terms. At June 30, 2024, the fair value of our derivative liabilities was $382 million, for which we were required to pledge cash collateral of less than $1 million in the normal course of business. If our credit rating were downgraded one notch by either Standard & Poor’s (“S&P”) or Moody’s at June 30, 2024, there would likely be no additional collateral required to be pledged.

Derivative Amounts

The following schedule presents information regarding notional amounts and recorded gross fair values at June 30, 2024 and December 31, 2023, and the related gain (loss) of derivative instruments:


	June 30, 2024						December 31, 2023
	Notional amount		Fair value				Notional amount		Fair value
(In millions)			Other assets		Other liabilities				Other assets		Other liabilities
Derivatives designated as hedging instruments:
Cash flow hedges of floating-rate assets:


Receive-fixed interest rate swaps	$	550	$	—	$	—	$	1,450	$	—	$	—
Cash flow hedges of floating-rate liabilities:
Pay-fixed interest rate swaps	500		—		—		500		—		—
Fair value hedges:
Debt hedges: Receive-fixed interest rate swaps	—		—		—		—		—		—
Asset hedges: Pay-fixed interest rate swaps	4,569		92		—		4,571		78		—
Total derivatives designated as hedging instruments	5,619		92		—		6,521		78		—
Derivatives not designated as hedging instruments:
Customer interest rate derivatives 1	14,786		384		380		14,375		337		330
Other interest rate derivatives	1,043		2		—		1,001		1		—
Foreign exchange derivatives	414		2		2		216		3		3
Purchased credit derivatives	22		1		—		35		1		—
Total derivatives not designated as hedging instruments	16,265		389		382		15,627		342		333
Total derivatives	$	21,884	$	481	$	382	$	22,148	$	420	$	333

1 Customer interest rate derivatives include both customer-facing derivatives as well as offsetting derivatives facing other dealer banks. The fair value of these derivatives include a net credit valuation adjustment of $9 million, reducing the fair value of the liability at both June 30, 2024, and December 31, 2023.

The amount of derivative gains (losses) from cash flow and fair value hedges that were deferred in other comprehensive income (“OCI”) or recognized in earnings for the three and six months ended June 30, 2024 and 2023 is presented in the schedules below.


	Three Months Ended June 30, 2024
(In millions)	Effective portion of derivative gain/(loss) deferred in AOCI		Amount of gain/(loss) reclassified from AOCI into income		Interest on fair value hedges
Cash flow hedges of floating-rate assets:1

Receive-fixed interest rate swaps	$	(1)	$	(33)	$	—
Cash flow hedges of floating-rate liabilities:
Pay-fixed interest rate swaps	1		2		—
Fair value hedges:2
Debt hedges: Receive-fixed interest rate swaps	—		—		(2)

Asset hedges: Pay-fixed interest rate swaps	—		—		24

Total derivatives designated as hedging instruments	$	—	$	(31)	$	22


	Six Months Ended June 30, 2024
(In millions)	Effective portion of derivative gain/(loss) deferred in AOCI		Amount of gain/(loss) reclassified from AOCI into income		Interest on fair value hedges
Cash flow hedges of floating-rate assets: 1

Receive-fixed interest rate swaps	$	(6)	$	(69)	$	—
Cash flow hedges of floating-rate liabilities:
Pay-fixed interest rate swaps	5		4		—
Fair value hedges: 2
Debt hedges: Receive-fixed interest rate swaps	—		—		(3)

Asset hedges: Pay-fixed interest rate swaps	—		—		46

Total derivatives designated as hedging instruments	$	(1)	$	(65)	$	43


	Three Months Ended June 30, 2023
(In millions)	Effective portion of derivative gain/(loss) deferred in AOCI		Amount of gain/(loss) reclassified from AOCI into income		Interest on fair value hedges
Cash flow hedges of floating-rate assets:1

Receive-fixed interest rate swaps	$	(21)	$	(41)	$	—
Cash flow hedges of floating-rate liabilities:
Pay-fixed interest rate swaps	11		1		—
Fair value hedges: 2
Debt hedges: Receive-fixed interest rate swaps	—		—		(9)
Asset hedges: Pay-fixed interest rate swaps	—		—		9
Total derivatives designated as hedging instruments	$	(10)	$	(40)	$	—


	Six Months Ended June 30, 2023
(In millions)	Effective portion of derivative gain/(loss) deferred in AOCI		Amount of gain/(loss) reclassified from AOCI into income		Interest on fair value hedges
Cash flow hedges of floating-rate assets: 1

Receive-fixed interest rate swaps	$	17	$	(90)	$	—
Cash flow hedges of floating-rate liabilities:
Pay-fixed interest rate swaps	11		1		—
Fair value hedges: 2
Debt hedges: Receive-fixed interest rate swaps	—		—		(6)


Asset hedges: Pay-fixed interest rate swaps	—		—		16

Total derivatives designated as hedging instruments	$	28	$	(89)	$	10

1 For the 12 months following June 30, 2024, we estimate that $88 million of losses will be reclassified from AOCI into interest income, compared with an estimate of $106 million of losses at June 30, 2023.

2 We had total cumulative unamortized basis adjustments from terminated fair value hedges of debt of $43 million and $50 million at June 30, 2024 and 2023, respectively. We had $3 million of cumulative unamortized basis adjustments from terminated fair value hedges of assets at both June 30, 2024 and 2023. Interest on fair value hedges presented above includes the amortization of the remaining unamortized basis adjustments.

The amount of gains (losses) recognized from derivatives not designated as accounting hedges is summarized as follows:


	Other Noninterest Income/(Expense)
(In millions)	Three Months Ended June 30, 2024		Six Months Ended June 30, 2024		Three Months Ended June 30, 2023		Six Months Ended June 30, 2023
Derivatives not designated as hedging instruments:
Customer-facing interest rate derivatives	$	6	$	12	$	10	$	11
Other interest rate derivatives	—		1		3		3
Foreign exchange derivatives	7		15		7		15
Purchased credit derivatives	—		—		(1)		(1)
Total derivatives not designated as hedging instruments	$	13	$	28	$	19	$	28

The following schedule presents derivatives used in fair value hedge accounting relationships, as well as pre-tax gains/(losses) recorded on such derivatives and the related hedged items for the periods presented:


	Gain/(loss) recorded in income
	Three Months Ended June 30, 2024						Three Months Ended June 30, 2023
(In millions)	Derivatives		Hedged items		Total income statement impact		Derivatives		Hedged items		Total income statement impact

Debt: Receive-fixed interest rate swaps 1, 2	$	—	$	—	$	—	$	2	$	(2)	$	—
Assets: Pay-fixed interest rate swaps 1, 2	20		(20)		—		66		(67)		(1)


	Gain/(loss) recorded in income
	Six Months Ended June 30, 2024						Six Months Ended June 30, 2023
(In millions)	Derivatives		Hedged items		Total income statement impact		Derivatives		Hedged items		Total income statement impact

Debt: Receive-fixed interest rate swaps 1, 2	$	—	$	—	$	—	$	14	$	(14)	$	—
Assets: Pay-fixed interest rate swaps 1, 2	118		(118)		—		26		(27)		(1)

1 Consists of hedges of benchmark interest rate risk of fixed-rate long-term debt, fixed-rate AFS securities, and fixed-rate commercial loans. Gains and losses were recorded in interest expense or income consistent with the hedged items.

2 The income/expense for derivatives does not reflect interest income/expense from periodic accruals and payments to be consistent with the presentation of the gains/(losses) on the hedged items.

The following schedule provides information regarding basis adjustments for hedged items:


	Par value of hedged assets				Carrying amount of the hedged assets 1				Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged item
(In millions)	June 30, 2024		December 31, 2023		June 30, 2024		December 31, 2023		June 30, 2024		December 31, 2023


Fixed-rate assets 2	$	11,885	$	12,389	$	11,587	$	12,209	$	(299)	$	(180)

1 Carrying amounts exclude (1) issuance and purchase discounts or premiums, (2) unamortized issuance and acquisition costs, and (3) amounts related to terminated fair value hedges.

2 These amounts include the amortized cost basis of defined portfolios of AFS securities and commercial loans used to designate hedging relationships in which the hedged item is the stated amount of assets in the defined portfolio anticipated to be outstanding for the designated hedged period. At June 30, 2024, the amortized cost basis of the defined portfolios used in these hedging relationships was $10.8 billion; the cumulative basis adjustment associated with these hedging relationships was $61 million; and the notional amounts of the designated hedging instruments were $3.5 billion.

Leases

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

LEASES

We have operating and finance leases for branches, corporate offices, and data centers. At June 30, 2024, we had 408 branches, of which 278 are owned and 130 are leased. We lease our headquarters in Salt Lake City, Utah. The remaining maturities of our lease commitments range from the year 2024 to 2062, and some lease arrangements include options to extend or terminate the leases.

All leases with lease terms greater than twelve months are reported as a lease liability with a corresponding right-of-use (“ROU”) asset. We include ROU assets for operating leases and finance leases in “Other assets” and “Premises, equipment and software, net” on the consolidated balance sheet, respectively. The corresponding liabilities for those leases are included in “Other liabilities” and “Long-term debt.” For more information about our lease policies, see Note 8 of our 2023 Form 10-K.

The following schedule presents ROU assets and lease liabilities with associated weighted average remaining life and discount rate:


(Dollar amounts in millions)	June 30, 2024			December 31, 2023
Operating leases
ROU assets, net of amortization	$	166		$	172
Lease liabilities	190			198
Finance leases
ROU assets, net of amortization	3			3
Lease liabilities	4			4
Weighted average remaining lease term (years)
Operating leases	8.7			8.7
Finance leases	16.0			16.5
Weighted average discount rate
Operating leases	3.5		%	3.4		%
Finance leases	3.2		%	3.1		%

The following schedule presents additional information related to lease expense:


	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2024		2023		2024		2023
Lease expense:
Operating lease expense	$	10	$	11	$	20	$	22





Other expenses associated with operating leases 1	15		16		30		30

Total lease expense	$	25	$	27	$	50	$	52

Related cash disbursements from operating leases	$	11	$	12	$	22	$	24

1 Other expenses primarily include property taxes and building and property maintenance.

The following schedule presents the total contractual undiscounted lease payments for operating lease liabilities by expected due date for each of the next five years:


(In millions)	Total undiscounted lease payments

2024 1	$	21
2025	38
2026	34
2027	24
2028	19
Thereafter	91
Total	$	227

1 Contractual maturities for the six months remaining in 2024.

We enter into certain lease agreements where we are the lessor of real estate. Real estate leases are made from bank-owned and subleased property to generate cash flow from the property, including from leasing vacant suites in which we occupy portions of the building. Operating lease income was $4 million for both the second quarter of 2024 and 2023, and $7 million and $8 million for the first six months of 2024 and 2023, respectively.

We originated equipment leases, considered to be sales-type leases or direct financing leases, totaling $390 million and $383 million at June 30, 2024 and December 31, 2023, respectively. We recorded income of $5 million and $4 million on these leases for the second quarter of 2024 and 2023, respectively, and $9 million and $8 million for the first six months of 2024 and 2023, respectively.

LEASES

We have operating and finance leases for branches, corporate offices, and data centers. At June 30, 2024, we had 408 branches, of which 278 are owned and 130 are leased. We lease our headquarters in Salt Lake City, Utah. The remaining maturities of our lease commitments range from the year 2024 to 2062, and some lease arrangements include options to extend or terminate the leases.

All leases with lease terms greater than twelve months are reported as a lease liability with a corresponding right-of-use (“ROU”) asset. We include ROU assets for operating leases and finance leases in “Other assets” and “Premises, equipment and software, net” on the consolidated balance sheet, respectively. The corresponding liabilities for those leases are included in “Other liabilities” and “Long-term debt.” For more information about our lease policies, see Note 8 of our 2023 Form 10-K.

The following schedule presents ROU assets and lease liabilities with associated weighted average remaining life and discount rate:


(Dollar amounts in millions)	June 30, 2024			December 31, 2023
Operating leases
ROU assets, net of amortization	$	166		$	172
Lease liabilities	190			198
Finance leases
ROU assets, net of amortization	3			3
Lease liabilities	4			4
Weighted average remaining lease term (years)
Operating leases	8.7			8.7
Finance leases	16.0			16.5
Weighted average discount rate
Operating leases	3.5		%	3.4		%
Finance leases	3.2		%	3.1		%

The following schedule presents additional information related to lease expense:


	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2024		2023		2024		2023
Lease expense:
Operating lease expense	$	10	$	11	$	20	$	22





Other expenses associated with operating leases 1	15		16		30		30

Total lease expense	$	25	$	27	$	50	$	52

Related cash disbursements from operating leases	$	11	$	12	$	22	$	24

1 Other expenses primarily include property taxes and building and property maintenance.

The following schedule presents the total contractual undiscounted lease payments for operating lease liabilities by expected due date for each of the next five years:


(In millions)	Total undiscounted lease payments

2024 1	$	21
2025	38
2026	34
2027	24
2028	19
Thereafter	91
Total	$	227

1 Contractual maturities for the six months remaining in 2024.

We enter into certain lease agreements where we are the lessor of real estate. Real estate leases are made from bank-owned and subleased property to generate cash flow from the property, including from leasing vacant suites in which we occupy portions of the building. Operating lease income was $4 million for both the second quarter of 2024 and 2023, and $7 million and $8 million for the first six months of 2024 and 2023, respectively.

We originated equipment leases, considered to be sales-type leases or direct financing leases, totaling $390 million and $383 million at June 30, 2024 and December 31, 2023, respectively. We recorded income of $5 million and $4 million on these leases for the second quarter of 2024 and 2023, respectively, and $9 million and $8 million for the first six months of 2024 and 2023, respectively.

LEASES

We have operating and finance leases for branches, corporate offices, and data centers. At June 30, 2024, we had 408 branches, of which 278 are owned and 130 are leased. We lease our headquarters in Salt Lake City, Utah. The remaining maturities of our lease commitments range from the year 2024 to 2062, and some lease arrangements include options to extend or terminate the leases.

All leases with lease terms greater than twelve months are reported as a lease liability with a corresponding right-of-use (“ROU”) asset. We include ROU assets for operating leases and finance leases in “Other assets” and “Premises, equipment and software, net” on the consolidated balance sheet, respectively. The corresponding liabilities for those leases are included in “Other liabilities” and “Long-term debt.” For more information about our lease policies, see Note 8 of our 2023 Form 10-K.

The following schedule presents ROU assets and lease liabilities with associated weighted average remaining life and discount rate:


(Dollar amounts in millions)	June 30, 2024			December 31, 2023
Operating leases
ROU assets, net of amortization	$	166		$	172
Lease liabilities	190			198
Finance leases
ROU assets, net of amortization	3			3
Lease liabilities	4			4
Weighted average remaining lease term (years)
Operating leases	8.7			8.7
Finance leases	16.0			16.5
Weighted average discount rate
Operating leases	3.5		%	3.4		%
Finance leases	3.2		%	3.1		%

The following schedule presents additional information related to lease expense:


	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2024		2023		2024		2023
Lease expense:
Operating lease expense	$	10	$	11	$	20	$	22





Other expenses associated with operating leases 1	15		16		30		30

Total lease expense	$	25	$	27	$	50	$	52

Related cash disbursements from operating leases	$	11	$	12	$	22	$	24

1 Other expenses primarily include property taxes and building and property maintenance.

The following schedule presents the total contractual undiscounted lease payments for operating lease liabilities by expected due date for each of the next five years:


(In millions)	Total undiscounted lease payments

2024 1	$	21
2025	38
2026	34
2027	24
2028	19
Thereafter	91
Total	$	227

1 Contractual maturities for the six months remaining in 2024.

We enter into certain lease agreements where we are the lessor of real estate. Real estate leases are made from bank-owned and subleased property to generate cash flow from the property, including from leasing vacant suites in which we occupy portions of the building. Operating lease income was $4 million for both the second quarter of 2024 and 2023, and $7 million and $8 million for the first six months of 2024 and 2023, respectively.

We originated equipment leases, considered to be sales-type leases or direct financing leases, totaling $390 million and $383 million at June 30, 2024 and December 31, 2023, respectively. We recorded income of $5 million and $4 million on these leases for the second quarter of 2024 and 2023, respectively, and $9 million and $8 million for the first six months of 2024 and 2023, respectively.

LEASES

We have operating and finance leases for branches, corporate offices, and data centers. At June 30, 2024, we had 408 branches, of which 278 are owned and 130 are leased. We lease our headquarters in Salt Lake City, Utah. The remaining maturities of our lease commitments range from the year 2024 to 2062, and some lease arrangements include options to extend or terminate the leases.

All leases with lease terms greater than twelve months are reported as a lease liability with a corresponding right-of-use (“ROU”) asset. We include ROU assets for operating leases and finance leases in “Other assets” and “Premises, equipment and software, net” on the consolidated balance sheet, respectively. The corresponding liabilities for those leases are included in “Other liabilities” and “Long-term debt.” For more information about our lease policies, see Note 8 of our 2023 Form 10-K.

The following schedule presents ROU assets and lease liabilities with associated weighted average remaining life and discount rate:


(Dollar amounts in millions)	June 30, 2024			December 31, 2023
Operating leases
ROU assets, net of amortization	$	166		$	172
Lease liabilities	190			198
Finance leases
ROU assets, net of amortization	3			3
Lease liabilities	4			4
Weighted average remaining lease term (years)
Operating leases	8.7			8.7
Finance leases	16.0			16.5
Weighted average discount rate
Operating leases	3.5		%	3.4		%
Finance leases	3.2		%	3.1		%

The following schedule presents additional information related to lease expense:


	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2024		2023		2024		2023
Lease expense:
Operating lease expense	$	10	$	11	$	20	$	22





Other expenses associated with operating leases 1	15		16		30		30

Total lease expense	$	25	$	27	$	50	$	52

Related cash disbursements from operating leases	$	11	$	12	$	22	$	24

1 Other expenses primarily include property taxes and building and property maintenance.

The following schedule presents the total contractual undiscounted lease payments for operating lease liabilities by expected due date for each of the next five years:


(In millions)	Total undiscounted lease payments

2024 1	$	21
2025	38
2026	34
2027	24
2028	19
Thereafter	91
Total	$	227

1 Contractual maturities for the six months remaining in 2024.

We enter into certain lease agreements where we are the lessor of real estate. Real estate leases are made from bank-owned and subleased property to generate cash flow from the property, including from leasing vacant suites in which we occupy portions of the building. Operating lease income was $4 million for both the second quarter of 2024 and 2023, and $7 million and $8 million for the first six months of 2024 and 2023, respectively.

We originated equipment leases, considered to be sales-type leases or direct financing leases, totaling $390 million and $383 million at June 30, 2024 and December 31, 2023, respectively. We recorded income of $5 million and $4 million on these leases for the second quarter of 2024 and 2023, respectively, and $9 million and $8 million for the first six months of 2024 and 2023, respectively.

LEASES

We have operating and finance leases for branches, corporate offices, and data centers. At June 30, 2024, we had 408 branches, of which 278 are owned and 130 are leased. We lease our headquarters in Salt Lake City, Utah. The remaining maturities of our lease commitments range from the year 2024 to 2062, and some lease arrangements include options to extend or terminate the leases.

All leases with lease terms greater than twelve months are reported as a lease liability with a corresponding right-of-use (“ROU”) asset. We include ROU assets for operating leases and finance leases in “Other assets” and “Premises, equipment and software, net” on the consolidated balance sheet, respectively. The corresponding liabilities for those leases are included in “Other liabilities” and “Long-term debt.” For more information about our lease policies, see Note 8 of our 2023 Form 10-K.

The following schedule presents ROU assets and lease liabilities with associated weighted average remaining life and discount rate:


(Dollar amounts in millions)	June 30, 2024			December 31, 2023
Operating leases
ROU assets, net of amortization	$	166		$	172
Lease liabilities	190			198
Finance leases
ROU assets, net of amortization	3			3
Lease liabilities	4			4
Weighted average remaining lease term (years)
Operating leases	8.7			8.7
Finance leases	16.0			16.5
Weighted average discount rate
Operating leases	3.5		%	3.4		%
Finance leases	3.2		%	3.1		%

The following schedule presents additional information related to lease expense:


	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2024		2023		2024		2023
Lease expense:
Operating lease expense	$	10	$	11	$	20	$	22





Other expenses associated with operating leases 1	15		16		30		30

Total lease expense	$	25	$	27	$	50	$	52

Related cash disbursements from operating leases	$	11	$	12	$	22	$	24

1 Other expenses primarily include property taxes and building and property maintenance.

The following schedule presents the total contractual undiscounted lease payments for operating lease liabilities by expected due date for each of the next five years:


(In millions)	Total undiscounted lease payments

2024 1	$	21
2025	38
2026	34
2027	24
2028	19
Thereafter	91
Total	$	227

1 Contractual maturities for the six months remaining in 2024.

We enter into certain lease agreements where we are the lessor of real estate. Real estate leases are made from bank-owned and subleased property to generate cash flow from the property, including from leasing vacant suites in which we occupy portions of the building. Operating lease income was $4 million for both the second quarter of 2024 and 2023, and $7 million and $8 million for the first six months of 2024 and 2023, respectively.

We originated equipment leases, considered to be sales-type leases or direct financing leases, totaling $390 million and $383 million at June 30, 2024 and December 31, 2023, respectively. We recorded income of $5 million and $4 million on these leases for the second quarter of 2024 and 2023, respectively, and $9 million and $8 million for the first six months of 2024 and 2023, respectively.

Long-Term Debt and Shareholders' Equity

6 Months Ended

Jun. 30, 2024

Debt And Equity [Abstract]

LONG-TERM DEBT AND SHAREHOLDERS' EQUITY

LONG-TERM DEBT AND SHAREHOLDERS’ EQUITY

Long-Term Debt

The long-term debt carrying values presented on the consolidated balance sheet represent the par value of the debt, adjusted for any unamortized premium or discount, unamortized debt issuance costs, and basis adjustments for interest rate swaps designated as fair value hedges.

The following schedule presents the components of our long-term debt:

LONG-TERM DEBT


(In millions)	June 30, 2024		December 31, 2023



Subordinated notes 1	$	542	$	538

Finance lease obligations	4		4
Total	$	546	$	542

1 The change in the subordinated notes balance is primarily due to a fair value hedge accounting adjustment. See also Note 7.

Shareholders' Equity

Our common stock is traded on the National Association of Securities Dealers Automated Quotations (“NASDAQ”) Global Select Market. At June 30, 2024, there were 147.7 million shares of $0.001 par value common stock outstanding. Common stock and additional paid-in capital was $1.7 billion at both June 30, 2024 and December 31, 2023.

The AOCI balance was a loss of $2.5 billion at June 30, 2024, and primarily reflects the decline in the fair value of fixed-rate investment securities as a result of higher interest rates, and includes $2.0 billion ($1.5 billion after tax) of unrealized losses on the securities previously transferred from AFS to HTM. The following schedule presents the changes in AOCI by major component:


(In millions)	Net unrealized gains/(losses) on investment securities		Net unrealized gains/(losses) on derivatives and other		Pension and post-retirement		Total
Six Months Ended June 30, 2024
Balance at December 31, 2023	$	(2,526)	$	(165)	$	(1)	$	(2,692)
Other comprehensive income (loss) before reclassifications, net of tax	(2)		—		—		(2)
Amounts reclassified from AOCI, net of tax	96		49		—		145
Other comprehensive income	94		49		—		143
Balance at June 30, 2024	$	(2,432)	$	(116)	$	(1)	$	(2,549)
Income tax expense included in OCI	$	31	$	16	$	—	$	47
Six Months Ended June 30, 2023
Balance at December 31, 2022	$	(2,800)	$	(311)	$	(1)	$	(3,112)
Other comprehensive income (loss) before reclassifications, net of tax	(9)		21		—		12
Amounts reclassified from AOCI, net of tax	103		67		—		170
Other comprehensive income	94		88		—		182
Balance at June 30, 2023	$	(2,706)	$	(223)	$	(1)	$	(2,930)
Income tax expense included in OCI	$	31	$	28	$	—	$	59


	Amounts reclassified from AOCI
(In millions)	Three Months Ended June 30,				Six Months Ended June 30,
AOCI components	2024		2023		2024		2023		Affected line item on statement of income





Net unrealized gains (losses) on investment securities	$	(67)	$	(72)	$	(128)	$	(137)		Securities gains (losses), net
Less: Income tax expense (benefit)	(17)		(18)		(32)		(34)
Total	$	(50)	$	(54)	$	(96)	$	(103)



Net unrealized gains (losses) on derivative instruments	$	(31)	$	(40)	$	(65)	$	(89)		Interest and fees on loans; Interest on short- and long-term borrowings
Less: Income tax expense (benefit)	(8)		(10)		(16)		(22)
Total	$	(23)	$	(30)	$	(49)	$	(67)

Commitments, Guarantees, and Contingent Liabilities

6 Months Ended

Jun. 30, 2024

Commitments, Guarantees, and Contingent Liabilities [Abstract]

COMMITMENTS, GUARANTEES AND CONTINGENT LIABILITIES

COMMITMENTS, GUARANTEES, AND CONTINGENT LIABILITIES

Commitments and Guarantees

The following schedule presents the contractual amounts related to off-balance sheet financial instruments used to meet the financing needs of our customers:


(In millions)	June 30, 2024		December 31, 2023

Unfunded lending commitments 1	$	28,295	$	28,940
Standby letters of credit:
Financial	564		548
Performance	237		206
Commercial letters of credit	26		22
Mortgage-backed security purchase agreements 2	—		66
Total unfunded commitments	$	29,122	$	29,782

1 Net of participations.

2 Represents agreements with Farmer Mac to purchase securities backed by certain agricultural mortgage loans.

For more information about these commitments and guarantees including their terms and collateral requirements, see Note 16 of our 2023 Form 10-K.

Legal Matters

We are involved in various legal proceedings or governmental inquiries, which may include litigation in court and arbitral proceedings, as well as investigations, examinations, and other actions brought or considered by governmental and self-regulatory agencies. Litigation may relate to lending, deposit and other customer relationships, vendor and contractual issues, employee matters, intellectual property matters, personal injuries and torts, regulatory and legal compliance, and other matters. While most matters relate to individual claims, we are also subject to putative class action claims and similar broader claims. Proceedings, investigations, examinations, and other actions brought or considered by governmental and self-regulatory agencies may relate to our banking, investment advisory, trust, securities, and other products and services; our customers’ involvement in money laundering, fraud, securities violations and other illicit activities or our policies and practices relating to such customer activities; and our compliance with the broad range of banking, securities and other laws and regulations applicable to us. At any given time, we may be in the process of responding to subpoenas, requests for documents, data and testimony relating to such matters and engaging in discussions to resolve the matters.

At June 30, 2024, we were subject to the following material litigation:

•Two civil cases, Lifescan Inc. and Johnson & Johnson Health Care Services v. Jeffrey Smith, et. al., brought against us in the United States District Court for the District of New Jersey in December 2017, and Roche Diagnostics and Roche Diabetes Care Inc. v. Jeffrey C. Smith, et. al., brought against us in the United States District Court for the District of New Jersey in March 2019. In these cases, certain manufacturers and distributors of medical products seek to hold us liable for allegedly fraudulent practices of a borrower of the Bank who filed for bankruptcy protection in 2017. The cases are in the late stages of discovery. No trial has been set.

•In the matter of Streck and Ariza v. Zions Bancorporation, N.A., an arbitration matter pending before the American Arbitration Association, related to an employment dispute brought by two former employees alleging damages arising from claims of alleged gender discrimination, retaliation, and constructive discharge. The case is in the dispositive motion phase.

At least quarterly, we review outstanding and new legal matters, utilizing then-available information. In accordance with applicable accounting guidance, if we determine that a loss from a matter is probable and the amount of the loss can be reasonably estimated, we establish an accrual for the loss. In the absence of such a determination, no accrual is made. Once established, accruals are adjusted to reflect developments relating to the matters.

In our review, we also assess whether we can determine the range of reasonably possible losses for significant matters in which we are unable to determine that the likelihood of a loss is remote. Because of the difficulty of predicting the outcome of legal matters, discussed subsequently, we are able to meaningfully estimate such a range only for a limited number of matters. Based on information available at June 30, 2024, we estimated that the aggregate range of reasonably possible losses for those matters to be from zero to approximately $10 million in excess of amounts accrued. The matters underlying the estimated range will change from time to time, and actual results may vary significantly from this estimate. Those matters for which a meaningful estimate is not possible are not included within this estimated range and, therefore, this estimated range does not represent our maximum loss exposure.

Based on our current knowledge, we believe that our estimated liability for litigation and other legal actions and claims, reflected in our accruals and determined in accordance with applicable accounting guidance, is adequate and that liabilities in excess of the amounts currently accrued, if any, arising from litigation and other legal actions and claims for which an estimate as previously described is possible, will not have a material impact on our financial condition, results of operations, or cash flows. However, in light of the significant uncertainties involved in these matters, and the very large or indeterminate damages sought in some of these matters, an adverse outcome in one or more of these matters could be material to our financial condition, results of operations, or cash flows for any given reporting period.

Any estimate or determination relating to the future resolution of litigation, arbitration, governmental or self-regulatory examinations, investigations or actions or similar matters is inherently uncertain and involves significant judgment. This is particularly true in the early stages of a legal matter, when legal issues and facts have not been well articulated, reviewed, analyzed, and vetted through discovery, preparation for trial or hearings, substantive and productive mediation or settlement discussions, or other actions. It is also particularly true with respect to class action and similar claims involving multiple defendants, matters with complex procedural requirements or substantive issues or novel legal theories, and examinations, investigations and other actions conducted or brought by governmental and self-regulatory agencies, in which the normal adjudicative process is not applicable. Accordingly, we usually are unable to determine whether a favorable or unfavorable outcome is remote, reasonably likely, or probable, or to estimate the amount or range of a probable or reasonably likely loss, until relatively late in the course of a legal matter, sometimes not until a number of years have elapsed. Accordingly, our judgments and estimates relating to claims will change from time to time in light of developments and actual outcomes will differ from our estimates. These differences may be material.

Revenue Recognition

6 Months Ended

Jun. 30, 2024

Revenue Recognition and Deferred Revenue [Abstract]

REVENUE RECOGNITION

We derive our revenue primarily from interest income on loans and securities. Only noninterest income is considered to be revenue from contracts with customers in scope of ASC 606. For more information about our revenue recognition from contracts, see Note 17 of our 2023 Form 10-K.

Disaggregation of Revenue

The following schedule presents net revenue by operating business segment for the three months ended June 30, 2024 and 2023:


	Zions Bank				CB&T				Amegy
(In millions)	2024		2023		2024		2023		2024		2023

Commercial account fees	$	14	$	14	$	8	$	8	$	14	$	14
Card fees	13		13		4		5		8		8
Retail and business banking fees	5		5		3		3		3		4

Capital markets fees	—		—		—		—		—		—
Wealth management fees	5		6		1		1		5		4
Other customer-related fees	2		2		2		2		2		2
Total noninterest income from contracts with customers (ASC 606)	39		40		18		19		32		32
Other noninterest income (non-ASC 606 customer-related)	6		6		10		14		7		8
Total customer-related noninterest income	45		46		28		33		39		40
Other noncustomer-related noninterest income	2		3		2		2		3		15
Total noninterest income	47		49		30		35		42		55
Other real estate owned gain from sale	1		—		—		—		—		—
Net interest income	171		178		144		152		119		116
Total net revenue	$	219	$	227	$	174	$	187	$	161	$	171


	NBAZ				NSB				Vectra
(In millions)	2024		2023		2024		2023		2024		2023

Commercial account fees	$	3	$	2	$	4	$	3	$	2	$	2
Card fees	4		4		4		4		3		2
Retail and business banking fees	2		2		2		3		1		1

Capital markets fees	—		—		—		—		—		—
Wealth management fees	1		1		2		1		—		1
Other customer-related fees	—		—		—		—		1		1
Total noninterest income from contracts with customers (ASC 606)	10		9		12		11		7		7
Other noninterest income (non-ASC 606 customer-related)	1		1		—		—		—		—
Total customer-related noninterest income	11		10		12		11		7		7
Other noncustomer-related noninterest income	(1)		1		4		—		—		—
Total noninterest income	10		11		16		11		7		7
Other real estate owned gain from sale	—		—		—		—		—		—
Net interest income	59		64		49		49		36		38
Total net revenue	$	69	$	75	$	65	$	60	$	43	$	45

	TCBW				Other				Consolidated Bank
(In millions)	2024		2023		2024		2023		2024		2023

Commercial account fees	$	1	$	1	$	(1)	$	1	$	45	$	45
Card fees	1		1		—		—		37		37
Retail and business banking fees	—		—		—		(2)		16		16

Capital markets fees	—		—		1		1		1		1
Wealth management fees	—		—		(1)		—		13		14
Other customer-related fees	—		—		7		8		14		15
Total noninterest income from contracts with customers (ASC 606)	2		2		6		8		126		128
Other noninterest income (non-ASC 606 customer-related)	—		—		4		5		28		34
Total customer-related noninterest income	2		2		10		13		154		162
Other noncustomer-related noninterest income	—		—		15		6		25		27
Total noninterest income	2		2		25		19		179		189
Other real estate owned gain from sale	—		—		—		—		1		—
Net interest income	15		15		4		(21)		597		591
Total net revenue	$	17	$	17	$	29	$	(2)	$	777	$	780

The following schedule presents net revenue by operating business segment for the six months ended June 30, 2024 and 2023:


	Zions Bank				CB&T				Amegy
(In millions)	2024		2023		2024		2023		2024		2023

Commercial account fees	$	28	$	28	$	15	$	15	$	29	$	28
Card fees	25		26		10		10		15		16
Retail and business banking fees	9		9		6		6		7		7

Capital markets fees	—		—		—		—		—		—
Wealth management fees	11		12		2		2		9		8
Other customer-related fees	4		4		4		4		3		3
Total noninterest income from contracts with customers (ASC 606)	77		79		37		37		63		62
Other noninterest income (non-ASC 606 customer-related)	10		13		16		19		15		17
Total customer-related noninterest income	87		92		53		56		78		79
Other noncustomer-related noninterest income	3		7		3		3		5		17
Total noninterest income	90		99		56		59		83		96
Other real estate owned gain from sale	1		—		—		—		—		—
Net interest income	336		363		284		311		232		240
Total net revenue	$	427	$	462	$	340	$	370	$	315	$	336


	NBAZ				NSB				Vectra
(In millions)	2024		2023		2024		2023		2024		2023

Commercial account fees	$	5	$	5	$	7	$	7	$	3	$	3
Card fees	8		7		8		8		5		4
Retail and business banking fees	4		4		5		5		2		2

Capital markets fees	—		—		—		—		—		—
Wealth management fees	2		2		3		3		1		1
Other customer-related fees	1		1		—		—		2		2
Total noninterest income from contracts with customers (ASC 606)	20		19		23		23		13		12
Other noninterest income (non-ASC 606 customer-related)	1		1		1		—		—		1
Total customer-related noninterest income	21		20		24		23		13		13
Other noncustomer-related noninterest income	(1)		1		4		—		—		—
Total noninterest income	20		21		28		23		13		13
Other real estate owned gain from sale	—		—		—		—		—		—
Net interest income	119		129		96		99		73		79
Total net revenue	$	139	$	150	$	124	$	122	$	86	$	92

	TCBW				Other				Consolidated Bank
(In millions)	2024		2023		2024		2023		2024		2023

Commercial account fees	$	1	$	1	$	1	$	1	$	89	$	88
Card fees	1		1		—		—		72		72
Retail and business banking fees	—		—		—		(1)		33		32

Capital markets fees	—		—		2		2		2		2
Wealth management fees	—		—		(1)		(1)		27		27
Other customer-related fees	—		1		14		15		28		30
Total noninterest income from contracts with customers (ASC 606)	2		3		16		16		251		251
Other noninterest income (non-ASC 606 customer-related)	1		—		10		11		54		62
Total customer-related noninterest income	3		3		26		27		305		313
Other noncustomer-related noninterest income	—		—		16		8		30		36
Total noninterest income	3		3		42		35		335		349
Other real estate owned gain from sale	—		—		—		—		1		—
Net interest income	29		31		14		18		1,183		1,270
Total net revenue	$	32	$	34	$	56	$	53	$	1,519	$	1,619

Revenue from contracts with customers did not generate significant contract assets and liabilities. Contract receivables are included in “Other assets” on the consolidated balance sheet. Payment terms vary by services offered, and the timing between completion of performance obligations and payment is generally not significant.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The effective income tax rate was 23.3% for the second quarter of 2024, compared with 22.6% for the second quarter of 2023. The effective tax rates for the first six months of 2024 and 2023 were 23.9% and 25.4%, respectively. The tax rates during both periods were reduced by nontaxable municipal interest income and nontaxable income from certain bank-owned life insurance (“BOLI”), and were increased by the nondeductibility of Federal Deposit Insurance Corporation (“FDIC”) premiums, certain executive compensation plans, and other fringe benefits. The FDIC insurance premiums are nondeductible, whereas the FDIC special assessments are tax deductible. At June 30, 2024 and December 31, 2023, we had a net deferred tax asset (“DTA”) totaling $0.9 billion and $1.0 billion, respectively. The net DTA or deferred tax liability (“DTL”) is included in either “Other assets” or “Other liabilities,” respectively, on the consolidated balance sheet. We evaluate DTAs on a regular basis to determine whether a valuation allowance is required. In conducting this evaluation, we consider all available evidence, both positive and negative, based on the more-likely-than-not criteria that such assets will be realized. This evaluation includes, but is not limited to, the following: •Future reversals of existing DTLs — These DTLs have a reversal pattern generally consistent with DTAs and are used to realize the DTAs. •Tax planning strategies — We have considered prudent and feasible tax planning strategies that we would implement to preserve the value of the DTAs, if necessary. •Future projected taxable income — We expect future taxable income will offset the reversal of remaining net DTAs. Based on this evaluation, we concluded that a valuation allowance was not required at both June 30, 2024 and December 31, 2023.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Net Earnings Per Common Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

NET EARNINGS PER COMMON SHARE

Basic and diluted net earnings per common share based on the weighted average outstanding shares are summarized as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(In millions, except shares and per share amounts)	2024		2023		2024		2023
Basic:
Net income	$	201	$	175	$	354	$	379
Less common and preferred dividends	72		70		143		138

Undistributed earnings	129		105		211		241
Less undistributed earnings applicable to nonvested shares	1		1		2		2
Undistributed earnings applicable to common shares	128		104		209		239
Distributed earnings applicable to common shares	61		61		121		121
Total earnings applicable to common shares	$	189	$	165	$	330	$	360
Weighted average common shares outstanding (in thousands)	147,115		147,692		147,227		147,852
Net earnings per common share	$	1.28	$	1.11	$	2.24	$	2.44
Diluted:
Total earnings applicable to common shares	$	189	$	165	$	330	$	360
Weighted average common shares outstanding (in thousands)	147,115		147,692		147,227		147,852


Dilutive effect of stock options (in thousands)	5		4		4		13
Weighted average diluted common shares outstanding (in thousands)	147,120		147,696		147,231		147,865
Net earnings per common share	$	1.28	$	1.11	$	2.24	$	2.44

The following schedule presents the weighted average stock awards that were anti-dilutive and not included in the calculation of diluted earnings per share:


	Three Months Ended June 30,		Six Months Ended June 30,
(In thousands)	2024	2023	2024	2023

Restricted stock and restricted stock units	1,715	1,421	1,629	1,378
Stock options	1,334	1,449	1,356	1,381

Operating Segment Information

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

OPERATING SEGMENT INFORMATION

We manage our operations with a primary focus on geographic area. We conduct our operations primarily through seven separately managed affiliate banks, each with its own local branding and management team, including Zions Bank, California Bank & Trust, Amegy Bank, National Bank of Arizona, Nevada State Bank, Vectra Bank Colorado, and The Commerce Bank of Washington. These affiliate banks comprise our primary business segments. Performance assessment and resource allocation are based upon this geographic structure. Our affiliate banks are

supported by an enterprise operating segment (referred to as the “Other” segment) that provides governance and risk management, allocates capital, establishes strategic objectives, and includes centralized technology, back-office functions, and certain lines of business not operated through our affiliate banks.

We allocate the cost of centrally provided services to the business segments based upon estimated or actual usage of those services. We also allocate capital based on the risk-weighted assets held at each business segment. We use an internal funds transfer pricing (“FTP”) allocation process to report results of operations for business segments. This process is subject to change and refinement over time. Total average loans and deposits presented for the business segments include insignificant intercompany amounts between business segments and may also include deposits with the “Other” segment.

At June 30, 2024, Zions Bank operated 95 branches in Utah, 25 branches in Idaho, and one branch in Wyoming. CB&T operated 75 branches in California. Amegy operated 75 branches in Texas. NBAZ operated 56 branches in Arizona. NSB operated 43 branches in Nevada. Vectra operated 34 branches in Colorado and one branch in New Mexico. TCBW operated two branches in Washington and one branch in Oregon.

Transactions between business segments are primarily conducted at fair value, resulting in profits that are eliminated for reporting consolidated results of operations. The following schedule presents average loans, average deposits, and income before income taxes because we use these metrics when evaluating performance and making decisions pertaining to the business segments. The condensed statement of income identifies the components of income and expense which affect the operating amounts presented in the “Other” segment.

The following schedule presents selected operating segment information for the three months ended June 30, 2024 and 2023:


	Zions Bank				CB&T				Amegy
(In millions)	2024		2023		2024		2023		2024		2023
SELECTED INCOME STATEMENT DATA
Net interest income	$	171	$	178	$	144	$	152	$	119	$	116
Provision for credit losses	(7)		7		(5)		15		14		12
Net interest income after provision for credit losses	178		171		149		137		105		104
Noninterest income	47		49		30		35		42		55
Noninterest expense	151		138		103		94		116		100
Income (loss) before income taxes	$	74	$	82	$	76	$	78	$	31	$	59
SELECTED AVERAGE BALANCE SHEET DATA
Total average loans	$	14,893	$	14,250	$	14,127	$	14,152	$	13,345	$	12,880
Total average deposits	20,906		19,191		14,539		13,333		14,612		11,873

	NBAZ				NSB				Vectra
(In millions)	2024		2023		2024		2023		2024		2023
SELECTED INCOME STATEMENT DATA
Net interest income	$	59	$	64	$	49	$	49	$	36	$	38
Provision for credit losses	(1)		4		7		7		—		2
Net interest income after provision for credit losses	60		60		42		42		36		36
Noninterest income	10		11		16		11		7		7
Noninterest expense	51		45		45		42		36		34
Income (loss) before income taxes	$	19	$	26	$	13	$	11	$	7	$	9
SELECTED AVERAGE BALANCE SHEET DATA
Total average loans	$	5,595	$	5,243	$	3,547	$	3,427	$	4,088	$	3,998
Total average deposits	6,929		6,873		7,207		6,630		3,475		3,271

	TCBW				Other				Consolidated Bank
(In millions)	2024		2023		2024		2023		2024		2023
SELECTED INCOME STATEMENT DATA
Net interest income	$	15	$	15	$	4	$	(21)	$	597	$	591
Provision for credit losses	(1)		—		(2)		(1)		5		46
Net interest income after provision for credit losses	16		15		6		(20)		592		545
Noninterest income	2		2		25		19		179		189
Noninterest expense	8		6		(1)		49		509		508
Income (loss) before income taxes	$	10	$	11	$	32	$	(50)	$	262	$	226
SELECTED AVERAGE BALANCE SHEET DATA
Total average loans	$	1,755	$	1,689	$	941	$	1,040	$	58,291	$	56,679
Total average deposits	1,108		1,099		5,452		7,379		74,228		69,649

The following schedule presents selected operating segment information for the six months ended June 30, 2024 and 2023:


	Zions Bank				CB&T				Amegy
(In millions)	2024		2023		2024		2023		2024		2023
SELECTED INCOME STATEMENT DATA
Net interest income	$	336	$	363	$	284	$	311	$	232	$	240
Provision for credit losses	(18)		31		17		15		18		23
Net interest income after provision for credit losses	354		332		267		296		214		217
Noninterest income	90		99		56		59		83		96
Noninterest expense	291		273		204		186		229		198
Income (loss) before income taxes	$	153	$	158	$	119	$	169	$	68	$	115
SELECTED AVERAGE BALANCE SHEET DATA
Total average loans	$	14,808	$	14,115	$	14,146	$	14,084	$	13,230	$	12,862
Total average deposits	20,820		20,067		14,473		13,985		14,742		12,576

	NBAZ				NSB				Vectra
(In millions)	2024		2023		2024		2023		2024		2023
SELECTED INCOME STATEMENT DATA
Net interest income	$	119	$	129	$	96	$	99	$	73	$	79
Provision for credit losses	5		4		2		11		(6)		6
Net interest income after provision for credit losses	114		125		94		88		79		73
Noninterest income	20		21		28		23		13		13
Noninterest expense	99		92		89		82		70		67
Income (loss) before income taxes	$	35	$	54	$	33	$	29	$	22	$	19
SELECTED AVERAGE BALANCE SHEET DATA
Total average loans	$	3,527	$	5,197	$	3,527	$	3,377	$	4,063	$	3,990
Total average deposits	7,203		7,025		7,203		6,800		3,463		3,488

	TCBW				Other				Consolidated Bank
(In millions)	2024		2023		2024		2023		2024		2023
SELECTED INCOME STATEMENT DATA
Net interest income	$	29	$	31	$	14	$	18	$	1,183	$	1,270
Provision for credit losses	3		2		(3)		(1)		18		91
Net interest income after provision for credit losses	26		29		17		19		1,165		1,179
Noninterest income	3		3		42		35		335		349
Noninterest expense	17		13		36		109		1,035		1,020
Income (loss) before income taxes	$	12	$	19	$	23	$	(55)	$	465	$	508
SELECTED AVERAGE BALANCE SHEET DATA
Total average loans	$	1,741	$	1,700	$	962	$	1,092	$	58,100	$	56,417
Total average deposits	1,115		1,240		5,083		4,720		73,793		69,901

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

+ Details

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income	$ 201	$ 175	$ 354	$ 379

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Recent Accounting Pronouncements (Policies)

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Recent Accounting Pronouncements and Developments