v3.25.2
Derivative And Credit-Related Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule Of Derivative Instruments
The following table presents the composition of the Corporation’s derivative instruments held or issued for risk management purposes or in connection with customer-initiated and other activities at June 30, 2025 and December 31, 2024. The table excludes a derivative related to the Corporation's 2008 sale of its remaining ownership of Visa shares and includes accrued interest receivable and payable.
 June 30, 2025December 31, 2024
  Fair Value Fair Value
(in millions)Notional/
Contract
Amount (a)		Gross Derivative AssetsGross Derivative LiabilitiesNotional/
Contract
Amount (a)		Gross Derivative AssetsGross Derivative Liabilities
Risk management purposes
Derivatives designated as hedging instruments
Interest rate contracts:
Fair value swaps - receive fixed/pay floating$5,800 $1 $— $6,800 $— $— 
Cash flow swaps - receive fixed/pay floating
23,100 — — 23,350 — 3 
Derivatives used as economic hedges
Foreign exchange contracts:
Spot, forwards and swaps568 — 4 453 3 — 
Total risk management purposes29,468 1 4 30,603 3 3 
Customer-initiated and other activities
Interest rate contracts:
Caps and floors written2,234 — 7 1,781 — 12 
Caps and floors purchased2,234 7 — 1,781 12 — 
Swaps
19,707 152 207 19,189 165 320 
Total interest rate contracts24,175 159 214 22,751 177 332 
Energy contracts:
Caps and floors written4,279 1 283 3,460 — 201 
Caps and floors purchased4,279 284 1 3,460 202 — 
Swaps7,070 300 281 6,338 214 199 
Total energy contracts15,628 585 565 13,258 416 400 
Foreign exchange contracts:
Spot, forwards, options and swaps2,504 36 31 3,117 70 59 
Total customer-initiated and other activities42,307 780 810 39,126 663 791 
Total gross derivatives$71,775 781 814 $69,729 666 794 
Amounts offset in the Consolidated Balance Sheets:
Netting adjustment - Offsetting derivative assets/liabilities
(394)(394)(330)(330)
Netting adjustment - Cash collateral received/posted
(85)(22)(80)— 
Net derivatives included in the Consolidated Balance Sheets (b)
302 398 256 464 
Amounts not offset in the Consolidated Balance Sheets:
Marketable securities pledged under bilateral collateral agreements
(133)(20)(143)(2)
Net derivatives after deducting amounts not offset in the Consolidated Balance Sheets
$169 $378 $113 $462 
(a)Notional or contractual amounts, which represent the extent of involvement in the derivatives market, are used to determine the contractual cash flows required in accordance with the terms of the agreement. These amounts are typically not exchanged, significantly exceed amounts subject to credit or market risk and are not reflected in the Consolidated Balance Sheets.
(b)Net derivative assets are included in accrued income and other assets and net derivative liabilities are included in accrued expenses and other liabilities on the Consolidated Balance Sheets. Included in the fair value of net derivative assets and net derivative liabilities are credit valuation adjustments reflecting counterparty credit risk and credit risk of the Corporation. The fair value of net derivative assets included credit valuation adjustments for counterparty credit risk of $2 million and $1 million at June 30, 2025 and December 31, 2024, respectively.
Schedule of the Effects of Fair Value Hedging on the Consolidated Statements of Comprehensive Income
The following table details the effects of fair value hedging on the Consolidated Statements of Comprehensive Income.
Interest on Medium- and Long-Term Debt
 Three Months Ended June 30,Six Months Ended June 30,
(in millions)2025202420252024
Total interest on medium- and long-term debt (a)$85 $124 $180 $241 
Fair value hedging relationships:
Interest rate contracts:
Hedged items70 87 151 168 
Derivatives designated as hedging instruments15 37 29 73 
(a) Includes the effects of hedging.
Schedule Of Weighted Average Maturity And Interest Rates On Risk Management Cash Flow Swaps The following tables summarize the expected weighted average remaining maturity of the notional amount of risk management interest rate swaps, the weighted average interest rates associated with amounts expected to be received or paid on interest rate swap agreements, and for fair value swaps, the carrying amount of the related hedged items, as of June 30, 2025 and December 31, 2024.
Cash flow swaps - receive fixed/pay floating rate on variable-rate loans
June 30, 2025December 31, 2024
Weighted average:
Time to maturity (in years)
2.73.1
Receive rate
2.56  %2.55  %
Pay rate (a)
4.34 4.55 
(a)Variable rates paid on receive fixed swaps designated as cash flow hedges were based on Secured Overnight Financing Rate (SOFR) rates in effect at June 30, 2025 and December 31, 2024.
Schedule Of Weighted Average Maturity And Interest Rates On Risk Management Interest Rate Swaps
Fair value swaps - receive fixed/pay floating rate on medium- and long-term debt
(dollar amounts in millions)June 30, 2025December 31, 2024
Carrying value of hedged items (a)$5,762 $6,673 
Weighted average:
Time to maturity (in years)
2.52.6
Receive rate (b)
3.70  %3.77  %
Pay rate (b)
4.74 4.80 
(a)Included $(33) million and $(122) million of cumulative hedging adjustments at June 30, 2025 and December 31, 2024, respectively, which included a hedging adjustment on a discontinued hedging relationship of $1 million and $2 million at June 30, 2025 and December 31, 2024, respectively.
(b)Floating rates paid on receive fixed swaps designated as fair value hedges are based on SOFR rates in effect at June 30, 2025 and December 31, 2024.
Schedule Of Net Gains Recognized In Income On Customer-Initiated Derivatives The net gains recognized in income on customer-initiated derivative instruments, net of the impact of offsetting positions included in capital markets income, were as follows:
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2025202420252024
Interest rate contracts$6 $3 $10 $8 
Energy contracts7 5 10 8 
Foreign exchange contracts14 13 25 24 
Total$27 $21 $45 $40 
Schedule Of Financial Instruments With Off-Balance Sheet Credit Risk The Corporation’s credit risk associated with these instruments is represented by the contractual amounts indicated in the following table.
(in millions)June 30, 2025December 31, 2024
Unused commitments to extend credit:
Commercial and other$23,996 $24,342 
Bankcard, revolving credit and home equity loan commitments4,117 4,055 
Total unused commitments to extend credit$28,113 $28,397 
Standby letters of credit$4,156 $4,138 
Commercial letters of credit10 12 
Summary Of Criticized Letters Of Credit
The following table presents a summary of criticized standby and commercial letters of credit at June 30, 2025 and December 31, 2024. The Corporation's criticized list is consistent with the Special Mention, Substandard and Doubtful categories defined by regulatory authorities. The Corporation manages credit risk through underwriting, periodically reviewing and approving its credit exposures using Board committee approved credit policies and guidelines.
(dollar amounts in millions)June 30, 2025December 31, 2024
Total criticized standby and commercial letters of credit$71 $37 
As a percentage of total outstanding standby and commercial letters of credit1.7  %0.9  %