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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2022
Employee Benefit Plans [Abstract] |
Reconciliation of Changes in Projected Benefit Obligation and Change in Plan Assets | A reconciliation of the changes in the projected benefit obligation for qualified pension, nonqualified pension and postretirement benefit plans as well as the change in plan assets for the qualified pension and postretirement benefit plans follows: Table 100: Reconciliation of Changes in Projected Benefit Obligation and Change in Plan Assets
| Qualified Pension (a) |  | Nonqualified Pension |  | Postretirement Benefits
In millions | 2022 |  | 2021 |  | 2022 |  | 2021 |  | 2022 |  | 2021
Accumulated benefit obligation at December 31 | $ | 4,517 |  |  | $ | 5,370 |  |  | $ | 219 |  |  | $ | 272 |  |  |  |  |
Projected benefit obligation at January 1 | $ | 5,423 |  |  | $ | 5,174 |  |  | $ | 280 |  |  | $ | 263 |  |  | $ | 326 |  |  | $ | 337 |
Service cost | 142 |  |  | 133 |  |  | 3 |  |  | 4 |  |  | 4 |  |  | 4 |
Interest cost | 156 |  |  | 139 |  |  | 7 |  |  | 6 |  |  | 9 |  |  | 8 |
Amendments |  |  |  | (4) |  |  |  |  |  |  |  |  |  |  |
Actuarial (gains)/losses and changes in assumptions (a) | (833) |  |  | (88) |  |  | (44) |  |  | (4) |  |  | (57) |  |  | (11) |
Participant contributions |  |  |  |  |  |  |  |  |  |  | 2 |  |  | 3 |
Federal Medicare subsidy on benefits paid |  |  |  |  |  |  |  |  |  |  | 1 |  |  | 1 |
Benefits paid | (345) |  |  | (320) |  |  | (24) |  |  | (21) |  |  | (25) |  |  | (25) |
Projected benefit obligation from BBVA acquisition |  |  |  | 389 |  |  |  |  |  | 32 |  |  |  |  |  | 9 |
Projected benefit obligation at December 31 | $ | 4,543 |  |  | $ | 5,423 |  |  | $ | 222 |  |  | $ | 280 |  |  | $ | 260 |  |  | $ | 326 |
Fair value of plan assets at January 1 | $ | 6,788 |  |  | $ | 6,073 |  |  |  |  |  |  | $ | 263 |  |  | $ | 262 |
Actual return on plan assets | (1,043) |  |  | 670 |  |  |  |  |  |  | (21) |  |  | 2 |
Employer contribution |  |  |  |  |  | $ | 24 |  |  | $ | 21 |  |  | 22 |  |  | 20 |
Participant contributions |  |  |  |  |  |  |  |  |  |  | 2 |  |  | 3 |
Federal Medicare subsidy on benefits paid |  |  |  |  |  |  |  |  |  |  | 1 |  |  | 1 |
Benefits paid | (345) |  |  | (320) |  |  | (24) |  |  | (21) |  |  | (25) |  |  | (25) |
Fair value of plan assets from BBVA acquisition |  |  |  | 365 |  |  |  |  |  |  |  |  |
Fair value of plan assets at December 31 | $ | 5,400 |  |  | $ | 6,788 |  |  |  |  |  |  | $ | 242 |  |  | $ | 263 |
Funded status | $ | 857 |  |  | $ | 1,365 |  |  | $ | (222) |  |  | $ | (280) |  |  | $ | (18) |  |  | $ | (63) |
Amounts recognized on the consolidated balance sheet |  |  |  |  |  |  |  |  |  |  |
Noncurrent asset | $ | 857 |  |  | $ | 1,365 |  |  |  |  |  |  | $ | 10 |  |  |
Current liability |  |  |  |  |  | $ | (24) |  |  | $ | (25) |  |  | (3) |  |  | $ | (2) |
Noncurrent liability |  |  |  |  |  | (198) |  |  | (255) |  |  | (25) |  |  | (61) |
Net amount recognized on the consolidated balance sheet | $ | 857 |  |  | $ | 1,365 |  |  | $ | (222) |  |  | $ | (280) |  |  | $ | (18) |  |  | $ | (63) |
Amounts recognized in AOCI consist of: |  |  |  |  |  |  |  |  |  |  |
Prior service cost (credit) | $ | 14 |  |  | $ | 17 |  |  |  |  |  |  | $ | 1 |  |  | $ | 1 |
Net actuarial loss (gain) | 322 |  |  | (186) |  |  | $ | 31 |  |  | $ | 80 |  |  | (32) |  |  | (2) |
Amount of loss (gain) recognized in AOCI | $ | 336 |  |  | $ | (169) |  |  | $ | 31 |  |  | $ | 80 |  |  | $ | (31) |  |  | $ | (1) |
(a)The actuarial (gains)/losses and changes in assumptions in 2022 and 2021 were primarily related to a change in the discount rate used to measure the projected benefit obligation.
Asset Strategy Allocations | The asset strategy allocations for the Plan at the end of 2022 and 2021, and the target allocation range at the end of 2022, by asset category, are as follows. Table 101: Asset Strategy Allocations
| Target Allocation Range | Percentage of Plan Assets by Strategy at December 31
|  | 2022 | 2021
Asset Category |  |  |
Domestic Equity | 15 – 40% | 21 | % | 20 | %
International Equity | 10 – 25% | 17 | % | 17 | %
Private Equity | 0 – 15% | 11 | % | 12 | %
Total Equity | 30 – 70% | 49 | % | 49 | %
Domestic Fixed Income | 10 – 40% | 30 | % | 28 | %
High Yield Fixed Income | 0 – 25% | 9 | % | 7 | %
Total Fixed Income | 10 – 65% | 39 | % | 35 | %
Real estate | 0 – 10% | 6 | % | 5 | %
Other | 0 – 20% | 6 | % | 11 | %
Total | 100% | 100 | % | 100 | %
Description Of The Valuation Methodologies Used For Pension Plan | A description of the valuation methodologies used for assets measured at fair value at both December 31, 2022 and 2021 follows: Table 102: Pension Plan Valuation Methodologies
Asset | Valuation Methodology
Money market funds | • Valued at the NAV of the shares held by the pension plan at year end.
U.S. government and agency securities Corporate debt Common stock | • Valued at the closing price reported on the active market on which the individual securities are traded. • If quoted market prices are not available for the specific security, then fair values are estimated by using pricing models or quoted prices of securities with similar characteristics. Such securities are generally classified within Level 2 of the valuation hierarchy but may be a Level 3 depending on the level of liquidity and activity in the market for the security.
Mutual funds | • Valued based on third-party pricing of the fund that is not actively traded.
Other investments Derivative financial instruments Group annuity contracts Preferred stock | • Derivative financial instruments - recorded at estimated fair value as determined by third-party appraisals and pricing models. • Group annuity contracts - measured at fair value by discounting the related cash flows based on current yields of similar instruments with comparable durations considering the creditworthiness of the issuer. • Preferred stock - valued at the closing price reported on an active market on which the securities are traded.
Investments measured at NAV Collective trust fund investments Limited partnerships | • Collective trust fund investments - valued based upon the units of such collective trust fund held by the Plan at year end multiplied by the respective unit value. The unit value of the collective trust fund is based upon significant observable inputs, although it is not based upon quoted prices in an active market. The underlying investments of the collective trust funds consist primarily of equity securities, debt obligations, short-term investments, and other marketable securities. Due to the nature of these securities, there are no unfunded commitments or redemption restrictions. • Limited partnerships - valued by investment managers based on recent financial information used to estimate fair value. The unit value of limited partnerships is based upon significant observable inputs, although it is not based upon quoted marked prices in an active market.
Pension Plan Assets - Fair Value Hierarchy | The following table sets forth by level, within the fair value hierarchy, the Plan’s assets at fair value as of December 31, 2022 and 2021. Table 103: Pension Plan Assets - Fair Value Hierarchy
| December 31, 2022 |  |  | December 31, 2021 |
In millions | Level 1 |  | Level 2 |  | Level 3 |  | Total Fair Value |  |  | Level 1 |  | Level 2 |  | Level 3 |  | Total Fair Value |
Interest bearing cash | $ | 51 |  |  |  |  |  |  |  | $ | 51 |  |  |  |  |  | $ | 11 |  |  |  |  | $ | 11 |  |
Money market funds | 333 |  |  |  |  |  |  | 333 |  |  |  | $ | 725 |  |  |  |  |  |  | 725 |  |
U.S. government and agency securities | 454 |  |  | $ | 136 |  |  |  |  | 590 |  |  |  | 583 |  |  | 124 |  |  |  |  | 707 |  |
Corporate debt |  |  | 699 |  |  | $ | 2 |  |  | 701 |  |  |  |  |  | 962 |  |  | $ | 4 |  |  | 966 |  |
Common stock | 605 |  |  |  |  |  |  |  | 605 |  |  |  | 739 |  |  |  |  | 1 |  |  | 740 |  |
Mutual funds |  |  | 150 |  |  |  |  | 150 |  |  |  |  |  | 278 |  |  |  |  | 278 |  |
Other | 1 |  |  | 1 |  |  |  |  | 2 |  |  |  |  |  | 148 |  |  |  |  | 148 |  |
Investments measured at NAV (a) |  |  |  |  |  |  | 2,968 |  |  |  |  |  |  |  |  |  | 3,213 |  |
Total | $ | 1,444 |  |  | $ | 986 |  |  | $ | 2 |  |  | $ | 5,400 |  |  |  | $ | 2,047 |  |  | $ | 1,523 |  |  | $ | 5 |  |  | $ | 6,788 |  |
(a)Certain investments that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
Estimated Cash Flows | The following table provides information regarding our estimated future cash flows related to our various plans. Table 104: Estimated Cash Flows
| Pension Plans |  | Postretirement Benefits |
In millions | Qualified Pension |  | Nonqualified Pension |  |  |  |
Estimated 2023 employer contributions |  |  | $ | 25 |  |  | $ | 23 |  |  |
Estimated future benefit payments |  |  |  |  |  |  |
2023 | $ | 326 |  |  | $ | 25 |  |  | $ | 23 |  |  |
2024 | $ | 336 |  |  | $ | 24 |  |  | $ | 24 |  |  |
2025 | $ | 353 |  |  | $ | 24 |  |  | $ | 23 |  |  |
2026 | $ | 356 |  |  | $ | 23 |  |  | $ | 23 |  |  |
2027 | $ | 337 |  |  | $ | 22 |  |  | $ | 23 |  |  |
2028-2032 | $ | 1,691 |  |  | $ | 96 |  |  | $ | 106 |  |  |
Components of Net Periodic Benefit Cost | The components of net periodic benefit cost/(income) and other amounts recognized in OCI were as follows: Table 105: Components of Net Periodic Benefit Cost (a)
| Qualified Pension Plan | Nonqualified Pension Plan | Postretirement Benefits
Year ended December 31 – in millions | 2022 | 2021 | 2020 | 2022 | 2021 | 2020 | 2022 | 2021 | 2020
Net periodic cost consists of: |  |  |  |  |  |  |  |  |
Service cost | $ | 142 |  | $ | 133 |  | $ | 122 |  | $ | 3 |  | $ | 4 |  | $ | 3 |  | $ | 4 |  | $ | 4 |  | $ | 4 |
Interest cost | 156 |  | 139 |  | 160 |  | 7 |  | 6 |  | 8 |  | 9 |  | 8 |  | 11 |
Expected return on plan assets | (298) |  | (273) |  | (302) |  |  |  |  | (6) |  | (6) |  | (6) |
Amortization of prior service cost/(credit) | 3 |  | 4 |  | 4 |  |  |  |  |  |  |  |  |
Amortization of actuarial (gain)/loss |  |  |  |  |  | 5 |  | 6 |  | 5 |  |  |  |  |  |
Net periodic cost (benefit) | $ | 3 |  | $ | 3 |  | $ | (16) |  | $ | 15 |  | $ | 16 |  | $ | 16 |  | $ | 7 |  | $ | 6 |  | $ | 9 |
Other changes in plan assets and benefit obligations recognized in OCI: |  |  |  |  |  |  |  |  |
Current year prior service cost/(credit) |  |  | (4) |  |  |  |  |  |  |  |  |  |  |
Amortization of prior service (cost)/credit | (3) |  | (4) |  | (4) |  |  |  |  |  |  |  |  |
Current year actuarial loss/(gain) | 508 |  | (485) |  | (112) |  | (44) |  | (4) |  | 17 |  | (30) |  | (7) |  | 3 |
Amortization of actuarial gain/(loss) |  |  |  |  |  | (5) |  | (6) |  | (5) |  |  |  |  |  |
Total recognized in OCI | $ | 505 |  | $ | (493) |  | $ | (116) |  | $ | (49) |  | $ | (10) |  | $ | 12 |  | $ | (30) |  | $ | (7) |  | $ | 3 |
Total amounts recognized in net periodic cost and OCI | $ | 508 |  | $ | (490) |  | $ | (132) |  | $ | (34) |  | $ | 6 |  | $ | 28 |  | $ | (23) |  | $ | (1) |  | $ | 12 |
(a) The service cost component is included in Personnel expense on the Consolidated Income Statement. All other components are included in Other noninterest expense on the Consolidated Income Statement.
Net Periodic Costs - Assumptions | The weighted-average assumptions used (as of the beginning of each year) to determine the net periodic costs shown in Table 105 were as follows: Table 106: Net Periodic Costs - Assumptions
| Net Periodic Cost Determination |
As of January 1 | 2022 |  | 2021 |  | 2020 |
Discount rate (a) |  |  |  |  |  |
Qualified pension | 2.90 | % |  | 2.60 | % |  | 3.30 | % |
Nonqualified pension | 2.65 | % |  | 2.15 | % |  | 3.05 | % |
Postretirement benefits | 2.80 | % |  | 2.40 | % |  | 3.20 | % |
Rate of compensation increase (average) (b) | 4.25 | % |  | 4.25 | % |  | 4.25 | % |
Interest crediting rate (average) |  |  |  |  |  |
Qualified Pension | 3.70 | % |  | 3.70 | % |  | 3.85 | % |
Nonqualified pension | 4.00 | % |  | 4.00 | % |  | 4.15 | % |
Postretirement benefits | 1.65 | % |  | 1.30 | % |  | 2.05 | % |
Assumed health care cost trend rate (c) |  |  |  |  |  |
Initial trend | 6.00 | % |  | 6.00 | % |  | 6.25 | % |
Ultimate trend | 4.50 | % |  | 5.00 | % |  | 5.00 | % |
Year ultimate trend reached | 2028 |  | 2025 |  | 2025 |
Expected long-term return on plan assets (b) (d) | 4.50 | % |  | 4.40 | % |  | 5.50 | % |
(a)The 2021 discount rate for each plan is a blended rate that is inclusive of the BBVA plans acquired during the year. (b)Rate disclosed is for the qualified pension plan. (c)Rate is applicable only to the postretirement benefit plans. (d)The 2021 rate is a blended rate that is inclusive of the BBVA plan assets acquired during the year.
Other Pension Assumptions | The weighted-average assumptions used (as of the end of each year) to determine year end obligations for pension and postretirement benefits were as follows: Table 107: Other Pension Assumptions
Year ended December 31 | 2022 |  | 2021 |
Discount rate |  |  |  |
Qualified pension | 5.55 | % |  | 2.90 | % |
Nonqualified pension | 5.45 | % |  | 2.65 | % |
Postretirement benefits | 5.50 | % |  | 2.80 | % |
Rate of compensation increase (average) (a) | 4.25 | % |  | 4.25 | % |
Interest crediting rate (average) |  |  |  |
Qualified pension | 4.65 | % |  | 3.70 | % |
Nonqualified pension | 4.80 | % |  | 4.00 | % |
Postretirement benefits | 4.30 | % |  | 1.65 | % |
Assumed health care cost trend rate (b) |  |  |  |
Initial trend | 6.00 | % |  | 6.00 | % |
Ultimate trend | 4.50 | % |  | 4.50 | % |
Year ultimate trend reached | 2029 |  | 2025 |
(a)Rate disclosed is for the qualified pension plan. (b)Rate is applicable only to the postretirement benefit plans.

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