DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

3 Months Ended

Mar. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts and Gross Fair Values of Derivative Assets and Derivative Liabilities

The following table presents notional amounts and gross fair values of our derivative assets and derivative liabilities which are not offset in the Consolidated Balance Sheets.

TABLE 9.1

	March 31, 2019						December 31, 2018
	Notional		Fair Value				Notional		Fair Value
(in millions)	Amount		Asset		Liability		Amount		Asset		Liability
Gross Derivatives
Subject to master netting arrangements:
Interest rate contracts – designated	$	1,255	$	—	$	1	$	1,155	$	—	$	3
Interest rate swaps – not designated	2,917		1		16		2,740		2		10
Equity contracts – not designated	—		—		—		1		—		—
Total subject to master netting arrangements	4,172		1		17		3,896		2		13
Not subject to master netting arrangements:
Interest rate swaps – not designated	2,917		72		12		2,740		40		26
Interest rate lock commitments – not designated	83		2		—		47		1		—
Forward delivery commitments – not designated	101		—		1		55		—		—
Credit risk contracts – not designated	203		—		—		203		—		—
Equity contracts – not designated	—		—		—		1		—		—
Total not subject to master netting arrangements	3,304		74		13		3,046		41		26
Total	$	7,476	$	75	$	30	$	6,942	$	43	$	39

Summary of Amounts Reclassified from Accumulated Other Comprehensive Income (AOCI)

The following table shows amounts reclassified from accumulated other comprehensive income:

TABLE 9.2

	Amount of Gain (Loss) Recognized in OCI on Derivatives					Location of Gain (Loss) Reclassified from AOCI into Income	Amount of Gain (Loss) Reclassified from AOCI into Income
	Three Months Ended March 31,						Three Months Ended March 31,
(in millions)	2019			2018			2019		2018
Derivatives in cash flow hedging relationships:
Interest rate contracts	$	(8	)	$	5	Interest income (expense)	$	1	$	—

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

The following table represents gains (losses) recognized in the Consolidated Statements of Income on cash flow hedging relationships:

TABLE 9.3

	Three Months Ended March 31, 2019				Three Months Ended March 31, 2018
(in millions)	Interest Income - Loans and Leases		Interest Expense - Short-Term Borrowings		Interest Income - Loans and Leases		Interest Expense - Short-Term Borrowings
Total amounts of income and expense line items presented in the Consolidated Statements of Income in which the effects of cash flow hedges are recorded	$	269	$	26	$	239	$	15
The effects of cash flow hedging:
Gain (loss) on cash flow hedging relationships
Interest contracts
Amount of gain (loss) reclassified from AOCI into net income	—		1		—		—
Amount of gain (loss) reclassified from AOCI into income as a         result of that a forecasted transaction is no longer probable of         occurring	—		—		—		—

Schedule of Derivative Financial Instruments on the Consolidated Statements of Income

The following table presents the effect of certain derivative financial instruments on the Consolidated Statements of Income:

TABLE 9.4

		Three Months Ended March 31,
(in millions)	Consolidated Statements of Income Location	2019			2018
Interest rate swaps	Non-interest income - other	$	—		$	—
Interest rate lock commitments	Mortgage banking operations	—			—
Forward delivery contracts	Mortgage banking operations	(1		)	1
Credit risk contracts	Non-interest income - other	—			—

Schedule of Offsetting Assets and Liabilities

The following table presents a reconciliation of the net amounts of derivative assets and derivative liabilities presented in the Consolidated Balance Sheets to the net amounts that would result in the event of offset:

TABLE 9.5

			Amount Not Offset in the Consolidated Balance Sheets
(in millions)	Net Amount Presented in the Consolidated Balance Sheets		Financial Instruments		Cash Collateral		Net Amount
March 31, 2019
Derivative Assets
Interest rate contracts:
Not designated	$	1	$	1	$	—	$	—
Total	$	1	$	1	$	—	$	—

Derivative Liabilities
Interest rate contracts:
Designated	$	1	$	1	$	—	$	—
Not designated	16		16		—		—
Total	$	17	$	17	$	—	$	—

December 31, 2018
Derivative Assets
Interest rate contracts:
Not designated	$	2	$	2	$	—	$	—
Total	$	2	$	2	$	—	$	—

Derivative Liabilities
Interest rate contracts:
Designated	$	3	$	3	$	—	$	—
Not designated	10		9		—		1
Total	$	13	$	12	$	—	$	1