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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Schedule of Comprehensive Income Tax | The following table presents total income tax expense:
| Year Ended December 31,
(in millions) | 2021 |  | 2020 |  | 2019
Income tax expense | $658 |  |  | $241 |  |  | $460 |
Tax effect of changes in OCI | (199) |  |  | 112 |  |  | 225 |
Total comprehensive income tax expense | $459 |  |  | $353 |  |  | $685 |
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, 2021 |  |  |
U.S. federal | $871 |  | ($345) |  | $526 |
State and local | 216 |  | (84) |  | 132 |
Total | $1,087 |  | ($429) |  | $658 |
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 |
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,
| 2021 |  | 2020 |  | 2019
(in millions, except ratio data) | Amount | Rate |  | Amount | Rate |  | Amount | Rate
U.S. federal income tax expense and tax rate | $625 |  | 21.0 | % |  | $273 |  | 21.0 | % |  | $473 |  | 21.0 | %
Increase (decrease) resulting from: |  |  |  |  |  |  |  |
State and local income taxes (net of federal benefit) | 126 |  | 4.2 |  |  | 54 |  | 4.2 |  |  | 73 |  | 3.2 |
Bank-owned life insurance | (14) |  | (0.5) |  |  | (12) |  | (0.9) |  |  | (12) |  | (0.5) |
Tax-exempt interest | (7) |  | (0.2) |  |  | (10) |  | (0.7) |  |  | (15) |  | (0.7) |
Tax advantaged investments (including related credits) | (95) |  | (3.2) |  |  | (68) |  | (5.3) |  |  | (50) |  | (2.3) |
Other tax credits | (7) |  | (0.2) |  |  | (6) |  | (0.5) |  |  | (10) |  | (0.4) |
Adjustments for uncertain tax positions | 3 |  | 0.1 |  |  | (1) |  | (0.1) |  |  | — |  | — |
Non-deductible FDIC premiums | 14 |  | 0.5 |  |  | 14 |  | 1.1 |  |  | 13 |  | 0.6 |
Legacy tax matters | — |  | — |  |  | (4) |  | (0.3) |  |  | (19) |  | (0.8) |
Other | 13 |  | 0.4 |  |  | 1 |  | — |  |  | 7 |  | 0.3 |
Total income tax expense and tax rate | $658 |  | 22.1 | % |  | $241 |  | 18.5 | % |  | $460 |  | 20.4 | %
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) | 2021 |  | 2020
Deferred tax assets: |  |  |
Other comprehensive income | $227 |  |  | $29 |
Allowance for credit losses | 448 |  |  | 622 |
State net operating loss carryforwards | 50 |  |  | 71 |
Accrued expenses not currently deductible | 676 |  |  | 77 |
Investment and other tax credit carryforwards | 110 |  |  | 99 |
Total deferred tax assets | 1,511 |  |  | 898 |
Valuation allowance | (103) |  |  | (98) |
Deferred tax assets, net of valuation allowance | 1,408 |  |  | 800 |
Deferred tax liabilities: |  |  |
Leasing transactions | 331 |  |  | 459 |
Amortization of intangibles | 379 |  |  | 376 |
Depreciation | 256 |  |  | 262 |
Pension and other employee compensation plans | 132 |  |  | 107 |
Partnerships | 95 |  |  | 76 |
Deferred Income | 85 |  |  | 62 |
MSRs | 130 |  |  | 87 |
Total deferred tax liabilities | 1,408 |  |  | 1,429 |
Net deferred tax liability | $— |  |  | $629 |
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) | 2021 |  | 2020 |  | 2019
Balance at the beginning of the year | $4 |  |  | $5 |  |  | $8 |
Gross increase for tax positions related to current year | 1 |  |  | — |  |  | — |
Gross increase for tax positions related to prior years | 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) |  |  | (1) |
Decrease for tax positions related to settlements with taxing authorities | — |  |  | — |  |  | — |
Balance at end of year | $7 |  |  | $4 |  |  | $5 |

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