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RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 9 Months Ended
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Sep. 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 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 | )
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 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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