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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Comprehensive Income Tax

The following table presents total income tax expense:

			Year Ended December 31,
(in millions)			2020						2019						2018
Income tax expense			$241						$460						$462
Tax effect of changes in OCI			112						225						(96)
Total comprehensive income tax expense			$353						$685						$366

Schedule of Components of Income Tax Expense

The following table presents the components of income tax expense:

(in millions)			Current			Deferred			Total
Year Ended December 31, 2020
U.S. federal			$377			($181)			$196
State and local			102			(57)			45
Total			$479			($238)			$241
Year Ended December 31, 2019
U.S. federal			$323			$64			$387
State and local			73			—			73
Total			$396			$64			$460
Year Ended December 31, 2018
U.S. federal			$271			$90			$361
State and local			94			7			101
Total			$365			$97			$462

Schedule of Effective Income Tax Rate Reconciliation

The following table presents a reconciliation between the U.S. federal income tax rate and the Company’s effective income tax rate:

			Year Ended December 31,
			2020									2019									2018
(in millions, except ratio data)			Amount			Rate						Amount			Rate						Amount			Rate
U.S. federal income tax expense and tax rate			$273			21.0		%				$473			21.0		%				$459			21.0		%
Increase (decrease) resulting from:
Federal rate change			—			—						—			—						(34)			(1.6)
State and local income taxes (net of federal benefit)			54			4.2						73			3.2						89			4.1
Bank-owned life insurance			(12)			(0.9)						(12)			(0.5)						(12)			(0.5)
Tax-exempt interest			(10)			(0.7)						(15)			(0.7)						(15)			(0.7)
Tax advantaged investments (including related credits)			(68)			(5.3)						(50)			(2.3)						(44)			(2.0)
Other tax credits			(6)			(0.5)						(10)			(0.4)						(8)			(0.4)
Adjustments for uncertain tax positions			(1)			(0.1)						—			—						1			0.1
Non-deductible FDIC premiums			14			1.1						13			0.6						21			1.0
Legacy tax matters			(4)			(0.3)						(19)			(0.8)						—			—
Other			1			—						7			0.3						5			0.2
Total income tax expense and tax rate			$241			18.5		%				$460			20.4		%				$462			21.2		%

Schedule of Deferred Tax Assets and Liabilities

The following table presents the tax effects of temporary differences that give rise to significant portions of the Company’s deferred tax assets and liabilities:

			December 31,
(in millions)			2020						2019
Deferred tax assets:
Other comprehensive income			$29						$141
Allowance for credit losses			622						315
State net operating loss carryforwards			71						62
Accrued expenses not currently deductible			77						24
Investment and other tax credit carryforwards			99						89
Fair value adjustments			—						—
Total deferred tax assets			898						631
Valuation allowance			(98)						(79)
Deferred tax assets, net of valuation allowance			800						552
Deferred tax liabilities:
Leasing transactions			459						513
Amortization of intangibles			376						370
Depreciation			262						186
Pension and other employee compensation plans			107						124
Partnerships			76						71
Deferred Income			62						79
MSRs			87						75
Total deferred tax liabilities			1,429						1,418
Net deferred tax liability			$629						$866

Schedule of Unrecognized Tax Benefits Roll Forward

The following table presents a reconciliation of the beginning and ending amount of unrecognized tax benefits:

			December 31,
(in millions)			2020						2019						2018
Balance at the beginning of the year			$5						$8						$5
Gross increase for tax positions related to current year			—						—						3
Gross decrease for tax positions related to prior years			—						(2)						—
Decrease for tax positions as a result of the lapse of the statutes of limitations			(1)						(1)						—
Balance at end of year			$4						$5						$8

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