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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Schedule of Comprehensive Income Tax | The following table presents total income tax expense:
| Year Ended December 31,
(in millions) | 2022 |  | 2021 |  | 2020
Income tax expense | $582 |  |  | $658 |  |  | $241 |
Tax effect of changes in OCI | (1,319) |  |  | (199) |  |  | 112 |
Total comprehensive income tax expense (benefit) | ($737) |  |  | $459 |  |  | $353 |
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, 2022 |  |  |
U.S. federal | $355 |  | $88 |  | $443 |
State and local | 170 |  | (31) |  | 139 |
Total | $525 |  | $57 |  | $582 |
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 |
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,
| 2022 |  | 2021 |  | 2020
(in millions, except ratio data) | Amount | Rate |  | Amount | Rate |  | Amount | Rate
U.S. federal income tax expense and tax rate | $558 |  | 21.0 | % |  | $625 |  | 21.0 | % |  | $273 |  | 21.0 | %
Increase (decrease) resulting from: |  |  |  |  |  |  |  |
State and local income taxes (net of federal benefit) | 133 |  | 5.0 |  |  | 126 |  | 4.2 |  |  | 54 |  | 4.2 |
Bank-owned life insurance | (19) |  | (0.7) |  |  | (14) |  | (0.5) |  |  | (12) |  | (0.9) |
Tax-exempt interest | (8) |  | (0.3) |  |  | (7) |  | (0.2) |  |  | (10) |  | (0.7) |
Tax advantaged investments (including related credits) | (102) |  | (3.8) |  |  | (95) |  | (3.2) |  |  | (68) |  | (5.3) |
Other tax credits | (9) |  | (0.3) |  |  | (7) |  | (0.2) |  |  | (6) |  | (0.5) |
Adjustments for uncertain tax positions | 1 |  | — |  |  | 3 |  | 0.1 |  |  | (1) |  | (0.1) |
Non-deductible FDIC premiums | 20 |  | 0.7 |  |  | 14 |  | 0.5 |  |  | 14 |  | 1.1 |
Legacy tax matters | 3 |  | 0.1 |  |  | — |  | — |  |  | (4) |  | (0.3) |
Other | 5 |  | 0.2 |  |  | 13 |  | 0.4 |  |  | 1 |  | — |
Total income tax expense and tax rate | $582 |  | 21.9 | % |  | $658 |  | 22.1 | % |  | $241 |  | 18.5 | %
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) | 2022 |  | 2021
Deferred tax assets: |  |  |
Other comprehensive income | $1,546 |  |  | $227 |
Allowance for credit losses | 511 |  |  | 448 |
Federal and state net operating and capital loss carryforwards | 77 |  |  | 50 |
Accrued expenses not currently deductible | 863 |  |  | 676 |
Investment and other tax credit carryforwards | 131 |  |  | 110 |
Other | 19 |  |  | — |
Total deferred tax assets | 3,147 |  |  | 1,511 |
Valuation allowance | (133) |  |  | (103) |
Deferred tax assets, net of valuation allowance | 3,014 |  |  | 1,408 |
Deferred tax liabilities: |  |  |
Leasing transactions | 287 |  |  | 331 |
Amortization of intangibles | 413 |  |  | 379 |
Depreciation | 470 |  |  | 256 |
Pension and other employee compensation plans | 128 |  |  | 132 |
Partnerships | 87 |  |  | 95 |
Deferred Income | 12 |  |  | 85 |
MSRs | 203 |  |  | 130 |
Total deferred tax liabilities | 1,600 |  |  | 1,408 |
Net deferred tax asset (liability) | $1,414 |  |  | $— |
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) | 2022 |  | 2021 |  | 2020
Balance at the beginning of the year | $7 |  |  | $4 |  |  | $5 |
Gross increase for tax positions related to current year | — |  |  | 1 |  |  | — |
Gross increase for tax positions related to prior years | — |  |  | 3 |  |  | — |
Decrease for tax positions as a result of the lapse of the statutes of limitations | — |  |  | (1) |  |  | (1) |
Decrease for tax positions related to settlements with taxing authorities | (1) |  |  | — |  |  | — |
Balance at end of year | $6 |  |  | $7 |  |  | $4 |

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