Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2021

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

Accumulated Other Comprehensive Loss

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME

The following table presents a reconciliation of the changes in the components of accumulated other comprehensive (loss) income and details the components of other comprehensive (loss) income for the six months ended June 30, 2021 and 2020, including the amount of income tax (benefit) expense allocated to each component of other comprehensive (loss) income.

	Six Months Ended June 30,
(in millions)	2021		2020
Accumulated net unrealized gains on investment securities:
Balance at beginning of period, net of tax	$	211	$	65
Net unrealized holding (losses) gains arising during the period	(184)		286
Less: (Benefit) provision for income taxes	(43)		68
Change in net unrealized gains on investment securities, net of tax	(141)		218
Balance at end of period, net of tax	$	70	$	283
Accumulated net gains on cash flow hedges:
Balance at beginning of period, net of tax	$	155	$	34
Net cash flow hedge (losses) gains arising during the period	(16)		233
Less: (Benefit) provision for income taxes	(4)		56
Change in net cash flow hedge gains arising during the period, net of tax	(12)		177
Less:
Net cash flow hedge gains included in interest and fees on loans	48		22
Less: Provision for income taxes	11		7
Reclassification adjustment for net cash flow hedge gains included in net income, net of tax	37		15
Change in net cash flow hedge gains, net of tax	(49)		162
Balance at end of period, net of tax (a)	$	106	$	196
Accumulated defined benefit pension and other postretirement plans adjustment:
Balance at beginning of period, net of tax (b)	$	(302)	$	(415)
Actuarial loss arising during the period (b)	—		(6)
Less: Benefit for income taxes (b)	—		(1)
Net defined benefit pension and other postretirement plans adjustment arising during the period, net of tax (b)	—		(5)
Amounts recognized in other noninterest expenses:
Amortization of actuarial net loss (b)	20		23
Amortization of prior service credit	(12)		(14)
Total amounts recognized in other noninterest expenses (b)	8		9
Less: Provision for income taxes (b)	2		2
Adjustment for amounts recognized as components of net periodic benefit cost during the period, net of tax (b)	6		7
Change in defined benefit pension and other postretirement plans adjustment, net of tax (b)	6		2
Balance at end of period, net of tax (b)	$	(296)	$	(413)
Total accumulated other comprehensive (loss) income at end of period, net of tax (b)	$	(120)	$	66

(a)The Corporation expects to reclassify $64 million of gains, net of tax, from accumulated other comprehensive loss to earnings over the next twelve months if interest yield curves and notional amounts remain at June 30, 2021 levels.

(b)Balances at beginning of period, net of tax, and changes for the six months ended June 30, 2021 have been recast to reflect the retrospective application of the Corporation's election to change the accounting method for certain components of the qualified defined benefit pension plan as of January 1, 2021. Refer to Note 1 for further information.