Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2020

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Loss

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following table presents a reconciliation of the changes in the components of accumulated other comprehensive income (loss) and details the components of other comprehensive income for the nine months ended September 30, 2020 and 2019, including the amount of income tax expense (benefit) allocated to each component of other comprehensive income.

	Nine Months Ended September 30,
(in millions)	2020		2019
Accumulated net unrealized gains on investment securities:
Balance at beginning of period, net of tax	$	65	$	(138)
Net unrealized holding gains arising during the period	247		267
Less: Provision for income taxes	58		62
Net unrealized holding gains arising during the period, net of tax	189		205
Less:
Net realized losses included in net securities losses	—		(8)
Less: Benefit for income taxes	—		(2)
Reclassification adjustment for net securities losses included in net income, net of tax	—		(6)
Change in net unrealized gains on investment securities, net of tax	189		211
Balance at end of period, net of tax	$	254	$	73
Accumulated net gains on cash flow hedges:
Balance at beginning of period, net of tax	$	34	$	—
Net cash flow hedge gains arising during the period	232		69
Less: Provision for income taxes	56		16
Change in net cash flow hedge gains arising during the period, net of tax	176		53
Less:
Net cash flow hedge gains (losses) included in interest and fees on loans	46		(1)
Less: Provision for income taxes	12		—
Reclassification adjustment for net cash flow hedge gains (losses) included in net income, net of tax	34		(1)
Change in net cash flow hedge gains, net of tax	142		54
Balance at end of period, net of tax (a)	$	176	$	54
Accumulated defined benefit pension and other postretirement plans adjustment:
Balance at beginning of period, net of tax	$	(334)	$	(471)
Amortization of actuarial net loss	47		30
Amortization of prior service credit	(21)		(20)
Amounts recognized in other noninterest expenses	26		10
Less: Provision for income taxes	6		2
Change in defined benefit pension and other postretirement plans adjustment, net of tax	20		8
Balance at end of period, net of tax	$	(314)	$	(463)
Total accumulated other comprehensive income (loss) at end of period, net of tax	$	116	$	(336)

(a)The Corporation expects to reclassify $72 million of net gains, net of tax, from accumulated other comprehensive income to earnings over the next twelve months if interest yield curves and notional amounts remain at September 30, 2020 levels.