Long-Term Debt and Shareholders' Equity (Tables)

3 Months Ended

Mar. 31, 2023

Debt And Equity [Abstract]

Schedule of Long-term Debt

The long-term debt carrying values in the following schedule 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.

LONG-TERM DEBT

(In millions)	March 31, 2023		December 31, 2022
Subordinated notes 1	$	531	$	519
Senior notes	128		128
Finance lease obligations	4		4
Total	$	663	$	651

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

Schedule of Changes in Accumulated Other Comprehensive Income

The following schedule summarizes the changes in AOCI by component.

(In millions)	Net unrealized gains/(losses) on investment securities		Net unrealized gains/(losses) on derivatives and other		Pension and post-retirement		Total
Three Months Ended March 31, 2023
Balance at December 31, 2022	$	(2,800)	$	(311)	$	(1)	$	(3,112)
OCI before reclassifications, net of tax	126		29		—		155
Amounts reclassified from AOCI, net of tax	—		37		—		37
Other comprehensive income	126		66		—		192
Balance at March 31, 2023	$	(2,674)	$	(245)	$	(1)	$	(2,920)
Income tax expense included in OCI	$	41	$	22	$	—	$	63
Three Months Ended March 31, 2022
Balance at December 31, 2021	$	(78)	$	—	$	(2)	$	(80)
OCI (loss) before reclassifications, net of tax	(1,121)		(135)		—		(1,256)
Amounts reclassified from AOCI, net of tax	—		(10)		—		(10)
Other comprehensive loss	(1,121)		(145)		—		(1,266)
Balance at March 31, 2022	$	(1,199)	$	(145)	$	(2)	$	(1,346)
Income tax benefit included in OCI (loss)	$	(363)	$	(47)	$	—	$	(410)

Reclassification out of Accumulated Other Comprehensive Income

	Amounts reclassified from AOCI 1				Statement of income (SI)
(In millions)	Three Months Ended March 31,
Details about AOCI components	2023		2022			Affected line item
Net unrealized gains (losses) on derivative instruments	$	(49)	$	14	SI	Interest and fees on loans
Less: Income tax expense (benefit)	(12)		4
Amounts reclassified from AOCI	$	(37)	$	10

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