Accumulated Other Comprehensive Loss

9 Months Ended

Sep. 30, 2024

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 income (loss) for the nine months ended September 30, 2024 and 2023, including the amount of income tax expense (benefit) allocated to each component of other comprehensive income (loss).

	Nine Months Ended September 30,
(in millions)	2024		2023
Accumulated net unrealized losses on investment securities:
Balance at beginning of period, net of tax	$	(2,043)	$	(2,319)
Net unrealized holding gains (losses) arising during the period	419		(613)
Less: Provision (benefit) for income taxes	94		(144)
Change in net unrealized losses on investment securities, net of tax	325		(469)
Balance at end of period, net of tax	$	(1,718)	$	(2,788)
Accumulated net losses on cash flow hedges:
Balance at beginning of period, net of tax	$	(605)	$	(942)
Net cash flow hedge losses arising during the period	(46)		(871)
Less: Benefit for income taxes	(11)		(204)
Change in net cash flow hedge losses arising during the period, net of tax	(35)		(667)
Less:
Net cash flow losses included in interest and fees on loans	(498)		(432)
Net amortization of unrealized losses related to de-designated derivatives included in interest and fees on loans	(24)		—
Less: Benefit for income taxes	(123)		(101)
Reclassification adjustment for net cash flow hedge losses included in net income, net of tax	(399)		(331)
Change in net cash flow hedge losses, net of tax	364		(336)
Balance at end of period, net of tax (a)	$	(241)	$	(1,278)
Accumulated defined benefit pension and other postretirement plans adjustment:
Balance at beginning of period, net of tax	$	(400)	$	(481)
Amounts recognized in other noninterest expenses:
Amortization of actuarial net loss	20		27
Amortization of prior service credit	(16)		(17)
Total amounts recognized in other noninterest expenses	4		10
Less: Provision for income taxes	—		3
Adjustment for amounts recognized as components of net periodic benefit credit during the period, net of tax	4		7
Change in defined benefit pension and other postretirement plans adjustment, net of tax	4		7
Balance at end of period, net of tax	$	(396)	$	(474)
Total accumulated other comprehensive loss at end of period, net of tax	$	(2,355)	$	(4,540)

(a)The Corporation expects to reclassify $130 million of losses, net of tax, from accumulated other comprehensive loss to earnings over the next twelve months, assuming interest yield curve at September 30, 2024 and no additions to interest rate swap portfolio.