Long-Term Debt and Shareholders' Equity (Tables)

6 Months Ended

Jun. 30, 2021

Debt And Equity [Abstract]

Schedule of Long-term Debt

Long-term debt is summarized as follows:

(In millions)	June 30, 2021		December 31, 2020
Subordinated notes	$	596	$	619
Senior notes	708		713
Finance lease obligations	4		4
Total	$	1,308	$	1,336

Schedule of Changes in Accumulated Other Comprehensive Income

Changes in AOCI by component are as follows:

(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, 2021
Balance at December 31, 2020	$	258	$	69	$	(2)	$	325
OCI (loss) before reclassifications, net of tax	(130)		3		—		(127)
Amounts reclassified from AOCI, net of tax	—		(23)		—		(23)
Other comprehensive income (loss)	(130)		(20)		—		(150)
Balance at June 30, 2021	$	128	$	49	$	(2)	$	175
Income tax benefit included in other comprehensive income (loss)	$	(42)	$	(6)	$	—	$	(48)
Six Months Ended June 30, 2020
Balance at December 31, 2019	$	29	$	28	$	(14)	$	43
OCI before reclassifications, net of tax	241		71		13		325
Amounts reclassified from AOCI, net of tax	—		(13)		—		(13)
Other comprehensive income	241		58		13		312
Balance at June 30, 2020	$	270	$	86	$	(1)	$	355
Income tax expense included in OCI	$	79	$	19	$	4	$	102

Reclassification out of Accumulated Other Comprehensive Income

	Amounts reclassified from AOCI 1				Amounts reclassified from AOCI 1				Statement of income (SI)
(In millions)	Three Months Ended June 30,				Six Months Ended June 30,
Details about AOCI components	2021		2020		2021		2020			Affected line item
Net unrealized gains on derivative instruments	$	15	$	13	$	31	$	17	SI	Interest and fees on loans
Income tax expense	4		3		8		4
Amounts Reclassified from AOCI	$	11	$	10	$	23	$	13

1 Positive reclassification amounts indicate increases to earnings in the income statement.