Accumulated Other Comprehensive Loss

6 Months Ended

Jun. 30, 2023

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

Accumulated Other Comprehensive Loss

ACCUMULATED OTHER COMPREHENSIVE LOSS

The following table presents a reconciliation of the changes in the components of accumulated other comprehensive loss and details the components of other comprehensive loss for the six months ended June 30, 2023 and 2022, including the amount of income tax benefit allocated to each component of other comprehensive loss.

	Six Months Ended June 30,
(in millions)	2023		2022
Accumulated net unrealized losses on investment securities:
Balance at beginning of period, net of tax	$	(2,319)	$	(99)
Net unrealized holding gains (losses) arising during the period	97		(1,826)
Less: Provision (benefit) for income taxes	24		(430)
Change in net unrealized losses on investment securities, net of tax	73		(1,396)
Balance at end of period, net of tax	$	(2,246)	$	(1,495)
Accumulated net losses on cash flow hedges:
Balance at beginning of period, net of tax	$	(942)	$	55
Net cash flow hedge losses arising during the period	(389)		(408)
Less: Benefit for income taxes	(91)		(96)
Change in net cash flow hedge losses arising during the period, net of tax	(298)		(312)
Less:
Net cash flow (losses) gains included in interest and fees on loans	(269)		47
Less: (Benefit) provision for income taxes	(63)		11
Reclassification adjustment for net cash flow hedge (losses) gains included in net income, net of tax	(206)		36
Change in net cash flow hedge losses, net of tax	(92)		(348)
Balance at end of period, net of tax (a)	$	(1,034)	$	(293)
Accumulated defined benefit pension and other postretirement plans adjustment:
Balance at beginning of period, net of tax	$	(481)	$	(168)
Amounts recognized in other noninterest expenses:
Amortization of actuarial net loss	18		14
Amortization of prior service credit	(11)		(12)
Total amounts recognized in other noninterest expenses	7		2
Less: Provision for income taxes	2		—
Adjustment for amounts recognized as components of net periodic benefit credit during the period, net of tax	5		2
Change in defined benefit pension and other postretirement plans adjustment, net of tax	5		2
Balance at end of period, net of tax	$	(476)	$	(166)
Total accumulated other comprehensive loss at end of period, net of tax	$	(3,756)	$	(1,954)

(a)The Corporation expects to reclassify $496 million of losses, 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, 2023 levels.