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RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 6 Months Ended
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Jun. 30, 2019
Equity [Abstract] |
Schedule of other comprehensive income | The following tables present the changes in the balances, net of income taxes, of each component of AOCI:
|  | As of and for the Three Months Ended June 30,
(in millions) | Net Unrealized (Losses) Gains on Derivatives |  | Net Unrealized (Losses) Gains on Debt Securities |  | Employee Benefit Plans |  | Total AOCI
Balance at April 1, 2018 |  | ($193 | ) |  |  | ($514 | ) |  |  | ($438 | ) |  |  | ($1,145 | )
Other comprehensive loss before reclassifications | (13 | ) |  | (60 | ) |  | — |  |  | (73 | )
Other-than-temporary impairment not recognized in earnings on debt securities | — |  |  | — |  |  | — |  |  | — |
Amounts reclassified to the Consolidated Statements of Operations | 6 |  |  | (1 | ) |  | 3 |  |  | 8 |
Net other comprehensive (loss) income | (7 | ) |  | (61 | ) |  | 3 |  |  | (65 | )
Balance at June 30, 2018 |  | ($200 | ) |  |  | ($575 | ) |  |  | ($435 | ) |  |  | ($1,210 | )
Balance at April 1, 2019 |  | ($89 | ) |  |  | ($244 | ) |  |  | ($460 | ) |  |  | ($793 | )
Other comprehensive income before reclassifications | 68 |  |  | 221 |  |  | — |  |  | 289 |
Other-than-temporary impairment not recognized in earnings on debt securities | — |  |  | 1 |  |  | — |  |  | 1 |
Amounts reclassified to the Consolidated Statements of Operations | 15 |  |  | (3 | ) |  | 3 |  |  | 15 |
Net other comprehensive income | 83 |  |  | 219 |  |  | 3 |  |  | 305 |
Balance at June 30, 2019 |  | ($6 | ) |  |  | ($25 | ) |  |  | ($457 | ) |  |  | ($488 | )
|  | As of and for the Six Months Ended June 30,
(in millions) | Net Unrealized (Losses) Gains on Derivatives |  | Net Unrealized (Losses) Gains on Debt Securities |  | Employee Benefit Plans |  | Total AOCI
Balance at January 1, 2018 |  | ($143 | ) |  |  | ($236 | ) |  |  | ($441 | ) |  |  | ($820 | )
Other comprehensive loss before reclassifications | (65 | ) |  | (332 | ) |  | — |  |  | (397 | )
Other-than-temporary impairment not recognized in earnings on debt securities | — |  |  | (1 | ) |  | — |  |  | (1 | )
Amounts reclassified to the Consolidated Statements of Operations | 8 |  |  | (6 | ) |  | 6 |  |  | 8 |
Net other comprehensive (loss) income | (57 | ) |  | (339 | ) |  | 6 |  |  | (390 | )
Balance at June 30, 2018 |  | ($200 | ) |  |  | ($575 | ) |  |  | ($435 | ) |  |  | ($1,210 | )
Balance at January 1, 2019 |  | ($143 | ) |  |  | ($490 | ) |  |  | ($463 | ) |  |  | ($1,096 | )
Other comprehensive income before reclassifications | 107 |  |  | 467 |  |  | — |  |  | 574 |
Other-than-temporary impairment not recognized in earnings on debt securities | — |  |  | 1 |  |  | — |  |  | 1 |
Amounts reclassified to the Consolidated Statements of Operations | 30 |  |  | (8 | ) |  | 6 |  |  | 28 |
Net other comprehensive income | 137 |  |  | 460 |  |  | 6 |  |  | 603 |
Cumulative effect of change in accounting standards | — |  |  | 5 |  |  | — |  |  | 5 |
Balance at June 30, 2019 |  | ($6 | ) |  |  | ($25 | ) |  |  | ($457 | ) |  |  | ($488 | )
Schedule of reclassification out of accumulated other comprehensive income | The following table presents the amounts reclassified out of each component of AOCI and into the Consolidated Statements of Operations:
| Three Months Ended June 30, |  | Six Months Ended June 30, |
(in millions) | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |  |
Details about AOCI Components |  |  |  |  |  |  |  | Affected Line Item in the Consolidated Statements of Operations
Reclassification adjustment for net derivative losses included in net income: |  | ($20 | ) |  |  | ($13 | ) |  |  | ($40 | ) |  |  | ($19 | ) | Interest income
| 1 |  |  | 4 |  |  | 1 |  |  | 8 |  | Interest expense
| (19 | ) |  | (9 | ) |  | (39 | ) |  | (11 | ) | Income before income tax expense
| (4 | ) |  | (3 | ) |  | (9 | ) |  | (3 | ) | Income tax expense
|  | ($15 | ) |  |  | ($6 | ) |  |  | ($30 | ) |  |  | ($8 | ) | Net income
Reclassification of net debt securities gains to net income: |  | $4 |  |  |  | $2 |  |  |  | $12 |  |  |  | $10 |  | Securities gains, net
| — |  |  | (1 | ) |  | (1 | ) |  | (2 | ) | Net debt securities impairment losses recognized in earnings
| 4 |  |  | 1 |  |  | 11 |  |  | 8 |  | Income before income tax expense
| 1 |  |  | — |  |  | 3 |  |  | 2 |  | Income tax expense
|  | $3 |  |  |  | $1 |  |  |  | $8 |  |  |  | $6 |  | Net income
Reclassification of changes related to the employee benefit plan: |  | ($4 | ) |  |  | ($4 | ) |  |  | ($9 | ) |  |  | ($8 | ) | Other operating expense
| (4 | ) |  | (4 | ) |  | (9 | ) |  | (8 | ) | Income before income tax expense
| (1 | ) |  | (1 | ) |  | (3 | ) |  | (2 | ) | Income tax expense
|  | ($3 | ) |  |  | ($3 | ) |  |  | ($6 | ) |  |  | ($6 | ) | Net income
Total reclassification losses |  | ($15 | ) |  |  | ($8 | ) |  |  | ($28 | ) |  |  | ($8 | ) | Net income
The following table presents the effects on net income of the amounts reclassified out of AOCI:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in millions) | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Net interest income (includes ($19),($9), ($39) and ($11) of AOCI reclassifications, respectively) |  | $1,166 |  |  |  | $1,121 |  |  |  | $2,326 |  |  |  | $2,212 |
Provision for credit losses | 97 |  |  | 85 |  |  | 182 |  |  | 163 |
Noninterest income (includes $4, $1, $11 and $8 of AOCI reclassifications, respectively) | 462 |  |  | 388 |  |  | 890 |  |  | 759 |
Noninterest expense (includes $4, $4, $9 and $8 of AOCI reclassifications, respectively) | 951 |  |  | 875 |  |  | 1,888 |  |  | 1,758 |
Income before income tax expense | 580 |  |  | 549 |  |  | 1,146 |  |  | 1,050 |
Income tax expense (includes ($4), ($4), ($9) and ($3) income tax net expense from reclassification items, respectively) | 127 |  |  | 124 |  |  | 254 |  |  | 237 |
Net income |  | $453 |  |  |  | $425 |  |  |  | $892 |  |  |  | $813 |

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