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RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 12 Months Ended
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Dec. 31, 2018
Equity [Abstract] |
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table presents the changes in the balances, net of income taxes, of each component of AOCI:
(in millions) |  | Net Unrealized (Losses) Gains on Derivatives |  | Net Unrealized (Losses) Gains on Securities |  | Employee Benefit Plans |  | Total AOCI |
Balance at January 1, 2016 |  |  | $10 |  |  |  | ($28 | ) |  |  | ($369 | ) |  |  | ($387 | )
Other comprehensive loss before reclassifications |  | (62 | ) |  | (139 | ) |  | — |  |  | (201 | )
Other-than-temporary impairment not recognized in earnings on debt securities |  | — |  |  | (17 | ) |  | — |  |  | (17 | )
Amounts reclassified to the Consolidated Statements of Operations |  | (36 | ) |  | (2 | ) |  | (25 | ) |  | (63 | )
Net other comprehensive loss |  | (98 | ) |  | (158 | ) |  | (25 | ) |  | (281 | )
Balance at December 31, 2016 |  |  | ($88 | ) |  |  | ($186 | ) |  |  | ($394 | ) |  |  | ($668 | )
Other comprehensive loss before reclassifications |  | (14 | ) |  | (6 | ) |  | — |  |  | (20 | )
Amounts reclassified to the Consolidated Statements of Operations |  | (16 | ) |  | (2 | ) |  | 31 |  |  | 13 |
Net other comprehensive loss |  | (30 | ) |  | (8 | ) |  | 31 |  |  | (7 | )
Reclassification of tax effects resulting from the 2017 Tax Legislation (1) |  |  | ($25 | ) |  |  | ($42 | ) |  |  | ($78 | ) |  |  | ($145 | )
Balance at December 31, 2017 |  |  | ($143 | ) |  |  | ($236 | ) |  |  | ($441 | ) |  |  | ($820 | )
Other comprehensive loss before reclassifications |  | (33 | ) |  | (239 | ) |  | — |  |  | (272 | )
Other-than-temporary impairment not recognized in earnings on debt securities |  | — |  |  | (3 | ) |  | — |  |  | (3 | )
Amounts reclassified to the Consolidated Statements of Operations |  | 33 |  |  | (12 | ) |  | (22 | ) |  | (1 | )
Net other comprehensive loss |  | — |  |  | (254 | ) |  | (22 | ) |  | (276 | )
Balance at December 31, 2018 |  |  | ($143 | ) |  |  | ($490 | ) |  |  | ($463 | ) |  |  | ($1,096 | )
(1) As of December 31, 2017, the balance of AOCI reflects the retrospective adoption of FASB ASU 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. For further discussion, see Note 22 “Income Taxes.” The following table presents the amounts reclassified out of each component of AOCI and into the Consolidated Statements of Operations:
| Year Ended December 31, |
(in millions) | 2018 |  |  | 2017 |  |  | 2016 |  |  |
Details about AOCI Components |  |  |  |  |  |  | Affected Line Item in the Consolidated Statements of Operations
Reclassification adjustment for net derivative (losses) gains included in net income: |  | ($55 | ) |  |  | $25 |  |  |  | $90 |  |  | Interest income
| 12 |  |  | — |  |  | (27 | ) |  | Interest expense
| — |  |  | — |  |  | (5 | ) |  | Other income
| (43 | ) |  | 25 |  |  | 58 |  |  | Income before income tax expense
| (10 | ) |  | 9 |  |  | 22 |  |  | Income tax expense
|  | ($33 | ) |  |  | $16 |  |  |  | $36 |  |  | Net income
Reclassification of net securities gains (losses) to net income: |  | $19 |  |  |  | $11 |  |  |  | $16 |  |  | Securities gains, net
| (3 | ) |  | (7 | ) |  | (12 | ) |  | Net debt securities impairment losses recognized in earnings
| 16 |  |  | 4 |  |  | 4 |  |  | Income before income tax expense
| 4 |  |  | 2 |  |  | 2 |  |  | Income tax expense
|  | $12 |  |  |  | $2 |  |  |  | $2 |  |  | Net income
Reclassification of changes related to the employee benefit plan: |  | $33 |  |  |  | ($48 | ) |  |  | $39 |  |  | Salaries and employee benefits
| 33 |  |  | (48 | ) |  | 39 |  |  | Income before income tax expense
| 11 |  |  | (17 | ) |  | 14 |  |  | Income tax expense
|  | $22 |  |  |  | ($31 | ) |  |  | $25 |  |  | Net income
Total reclassification gains (losses) |  | $1 |  |  |  | ($13 | ) |  |  | $63 |  |  | Net income
The following table presents the effects on net income of the amounts reclassified out of AOCI:
| Year Ended December 31,
(in millions) | 2018 |  |  | 2017 |  |  | 2016 |
Net interest income (includes ($43), $25 and $63 of AOCI reclassifications, respectively) |  | $4,532 |  |  |  | $4,173 |  |  |  | $3,758 |
Provision for credit losses | 326 |  |  | 321 |  |  | 369 |
Noninterest income (includes $16, $4 and ($1) of AOCI reclassifications, respectively) | 1,596 |  |  | 1,534 |  |  | 1,497 |
Noninterest expense (includes ($33), $48 and ($39) of AOCI reclassifications, respectively) | 3,619 |  |  | 3,474 |  |  | 3,352 |
Income before income tax expense | 2,183 |  |  | 1,912 |  |  | 1,534 |
Income tax expense (includes $5, ($6) and $38 income tax net expense from reclassification items, respectively) | 462 |  |  | 260 |  |  | 489 |
Net income |  | $1,721 |  |  |  | $1,652 |  |  |  | $1,045 |

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- Definition The entire disclosure for any adjustments made during the period to avoid double counting in comprehensive income items displayed as part of net income that also had been displayed as part of other comprehensive income in that period or earlier periods. These adjustments include reclassifications to net income of items in accumulated comprehensive income, such as deferred gains or losses on qualifying hedges when hedged item reported in net income, holding gains or losses on available-for-sale securities transferred into trading category, unrealized holding gains or losses on debt securities transferred from held-to-maturity category into available-for-sale category and accumulated translation adjustment attributable to foreign subsidiary or investment in foreign entity upon sale or liquidation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -URI http://asc.fasb.org/topic&trid=2134417 + Details
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- References No definition available. + Details
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