Employee Benefits and Expenses (Tables)

9 Months Ended

Sep. 30, 2022

Retirement Benefits [Abstract]

Net Periodic Benefit Cost

Table 18.1 presents the components of net periodic benefit cost. The expected long-term rate of return on plan assets and interest cost discount rate in determining net periodic benefit cost for third quarter 2022 were 5.34% and 4.48%, respectively. Service cost is reported in personnel expense and all other components of net periodic benefit cost are reported in other noninterest expense on the consolidated statement of income.

Table 18.1: Net Periodic Benefit Cost

	2022				2021
	Pension benefits				Pension benefits
(in millions)	Qualified		Non-  qualified	Other  benefits	Qualified	Non-  qualified	Other  benefits
Quarter ended September 30,
Service cost	$	5	—	—	4	—	—
Interest cost	95		3	1	77	3	2
Expected return on plan assets	(119)		—	(5)	(150)	—	(5)
Amortization of net actuarial loss (gain)	34		3	(6)	31	4	(5)
Amortization of prior service credit	—		—	(2)	—	—	(2)
Settlement loss	48		—	—	35	—	—
Net periodic benefit cost	$	63	6	(12)	(3)	7	(10)
Nine months ended September 30,
Service cost	$	15	—	—	13	—	—
Interest cost	244		8	6	219	9	8
Expected return on plan assets	(384)		—	(16)	(456)	—	(14)
Amortization of net actuarial loss (gain)	100		9	(17)	106	11	(15)
Amortization of prior service credit	—		—	(7)	—	—	(7)
Settlement loss	157		1	—	97	2	—
Net periodic benefit cost	$	132	18	(34)	(21)	22	(28)