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RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 9 Months Ended
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Sep. 30, 2019
Equity [Abstract] |
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | NOTE 10 - RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) 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 September 30,
(in millions) | Net Unrealized (Losses) Gains on Derivatives |  | Net Unrealized (Losses) Gains on Debt Securities |  | Employee Benefit Plans |  | Total AOCI
Balance at July 1, 2018 |  | ($200 | ) |  |  | ($575 | ) |  |  | ($435 | ) |  |  | ($1,210 | )
Other comprehensive loss before reclassifications | (26 | ) |  | (95 | ) |  | — |  |  | (121 | )
Other-than-temporary impairment not recognized in earnings on debt securities | — |  |  | — |  |  | — |  |  | — |
Amounts reclassified to the Consolidated Statements of Operations | 11 |  |  | (2 | ) |  | 4 |  |  | 13 |
Net other comprehensive (loss) income | (15 | ) |  | (97 | ) |  | 4 |  |  | (108 | )
Balance at September 30, 2018 |  | ($215 | ) |  |  | ($672 | ) |  |  | ($431 | ) |  |  | ($1,318 | )
Balance at July 1, 2019 |  | ($6 | ) |  |  | ($25 | ) |  |  | ($457 | ) |  |  | ($488 | )
Other comprehensive (loss) income before reclassifications | (4 | ) |  | 42 |  |  | — |  |  | 38 |
Other-than-temporary impairment not recognized in earnings on debt securities | — |  |  | (1 | ) |  | — |  |  | (1 | )
Amounts reclassified to the Consolidated Statements of Operations | 10 |  |  | (2 | ) |  | 3 |  |  | 11 |
Net other comprehensive income | 6 |  |  | 39 |  |  | 3 |  |  | 48 |
Balance at September 30, 2019 |  | $— |  |  |  | $14 |  |  |  | ($454 | ) |  |  | ($440 | )
|  | As of and for the Nine Months Ended September 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 | (91 | ) |  | (427 | ) |  | — |  |  | (518 | )
Other-than-temporary impairment not recognized in earnings on debt securities | — |  |  | (1 | ) |  | — |  |  | (1 | )
Amounts reclassified to the Consolidated Statements of Operations | 19 |  |  | (8 | ) |  | 10 |  |  | 21 |
Net other comprehensive (loss) income | (72 | ) |  | (436 | ) |  | 10 |  |  | (498 | )
Balance at September 30, 2018 |  | ($215 | ) |  |  | ($672 | ) |  |  | ($431 | ) |  |  | ($1,318 | )
Balance at January 1, 2019 |  | ($143 | ) |  |  | ($490 | ) |  |  | ($463 | ) |  |  | ($1,096 | )
Other comprehensive income before reclassifications | 103 |  |  | 509 |  |  | — |  |  | 612 |
Other-than-temporary impairment not recognized in earnings on debt securities | — |  |  | — |  |  | — |  |  | — |
Amounts reclassified to the Consolidated Statements of Operations | 40 |  |  | (10 | ) |  | 9 |  |  | 39 |
Net other comprehensive income | 143 |  |  | 499 |  |  | 9 |  |  | 651 |
Cumulative effect of change in accounting standards | — |  |  | 5 |  |  | — |  |  | 5 |
Balance at September 30, 2019 |  | $— |  |  |  | $14 |  |  |  | ($454 | ) |  |  | ($440 | )
The following table presents the amounts reclassified out of each component of AOCI and into the Consolidated Statements of Operations:
| Three Months Ended September 30, |  | Nine Months Ended September 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: |  | ($22 | ) |  |  | ($17 | ) |  |  | ($62 | ) |  |  | ($36 | ) | Interest income
| 8 |  |  | 3 |  |  | 9 |  |  | 11 |  | Interest expense
| (14 | ) |  | (14 | ) |  | (53 | ) |  | (25 | ) | Income before income tax expense
| (4 | ) |  | (3 | ) |  | (13 | ) |  | (6 | ) | Income tax expense
|  | ($10 | ) |  |  | ($11 | ) |  |  | ($40 | ) |  |  | ($19 | ) | Net income
Reclassification of net debt securities gains to net income: |  | $3 |  |  |  | $3 |  |  |  | $15 |  |  |  | $13 |  | Securities gains, net
| (1 | ) |  | (1 | ) |  | (2 | ) |  | (3 | ) | Net debt securities impairment losses recognized in earnings
| 2 |  |  | 2 |  |  | 13 |  |  | 10 |  | Income before income tax expense
| — |  |  | — |  |  | 3 |  |  | 2 |  | Income tax expense
|  | $2 |  |  |  | $2 |  |  |  | $10 |  |  |  | $8 |  | Net income
Reclassification of changes related to the employee benefit plan: |  | ($5 | ) |  |  | ($5 | ) |  |  | ($14 | ) |  |  | ($13 | ) | Other operating expense
| (5 | ) |  | (5 | ) |  | (14 | ) |  | (13 | ) | Income before income tax expense
| (2 | ) |  | (1 | ) |  | (5 | ) |  | (3 | ) | Income tax expense
|  | ($3 | ) |  |  | ($4 | ) |  |  | ($9 | ) |  |  | ($10 | ) | Net income
Total reclassification losses |  | ($11 | ) |  |  | ($13 | ) |  |  | ($39 | ) |  |  | ($21 | ) | Net income
The following table presents the effects on net income of the amounts reclassified out of AOCI:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions) | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Net interest income (includes ($14),($14), ($53) and ($25) of AOCI reclassifications, respectively) |  | $1,145 |  |  |  | $1,148 |  |  |  | $3,471 |  |  |  | $3,360 |
Provision for credit losses | 101 |  |  | 78 |  |  | 283 |  |  | 241 |
Noninterest income (includes $2, $2, $13 and $10 of AOCI reclassifications, respectively) | 493 |  |  | 416 |  |  | 1,383 |  |  | 1,175 |
Noninterest expense (includes $5, $5, $14 and $13 of AOCI reclassifications, respectively) | 973 |  |  | 910 |  |  | 2,861 |  |  | 2,668 |
Income before income tax expense | 564 |  |  | 576 |  |  | 1,710 |  |  | 1,626 |
Income tax expense (includes ($6), ($4), ($15) and ($7) income tax net expense from reclassification items, respectively) | 115 |  |  | 133 |  |  | 369 |  |  | 370 |
Net income |  | $449 |  |  |  | $443 |  |  |  | $1,341 |  |  |  | $1,256 |

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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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