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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2023
Retirement Benefits [Abstract] |
Schedule of Changes in Projected Benefit Obligations, Plan Assets And Funded Status | The following table provides the changes in benefit obligations, assets and the funded status of the Plans at December 31, 2023 and 2022. Obligations and Funded Status
| Retirement Plans |  | Postretirement Plans
(dollars in millions) | 2023 |  | 2022 |  | 2023 |  | 2022
Change in benefit obligation |  |  |  |  |  |  |
Projected benefit obligation at January 1 | $ | 1,115 |  |  | $ | 1,056 |  |  | $ | — |  |  | $ | — |
Projected benefit obligation of acquired plans | — |  |  | 389 |  |  | — |  |  | 28 |
Service cost | 9 |  |  | 14 |  |  | — |  |  | — |
Interest cost | 61 |  |  | 43 |  |  | — |  |  | — |
Actuarial loss (gain) | 50 |  |  | (324) |  |  | — |  |  | — |
Benefits paid | (66) |  |  | (63) |  |  | — |  |  | (1) |
Plan termination | — |  |  | — |  |  | — |  |  | (27) |
Projected benefit obligation at December 31 | 1,169 |  |  | 1,115 |  |  | — |  |  | — |
Change in plan assets |  |  |  |  |  |  |
Fair value of plan assets at January 1 | 1,404 |  |  | 1,345 |  |  | — |  |  | — |
Fair value of plan assets of acquired plans | — |  |  | 386 |  |  | — |  |  | — |
Actual return (loss) on plan assets | 245 |  |  | (270) |  |  | — |  |  | — |
Employer contributions | 6 |  |  | — |  |  | — |  |  | — |
Benefits paid | (66) |  |  | (57) |  |  | — |  |  | — |
Fair value of plan assets at December 31 | 1,589 |  |  | 1,404 |  |  | — |  |  | — |
Funded status at December 31 | $ | 420 |  |  | $ | 289 |  |  | $ | — |  |  | $ | — |
Information for Retirement Plans with a benefit obligation in excess of plan assets |  |  |  |  |  |  |
Projected and accumulated benefit obligations | $ | 54 |  |  | $ | 54 |  |  | $ | — |  |  | $ | — |
Reported in Consolidated Balance Sheets |  |  |  |  |  |  |
Funded Pension Plans (other assets) | 474 |  |  | 343 |  |  | — |  |  | — |
Unfunded Supplemental and Executive Retirement Plans (other liabilities) | (54) |  |  | (54) |  |  | — |  |  | — |
Net funded status of Retirement Plans | $ | 420 |  |  | $ | 289 |  |  | $ | — |  |  | $ | — |
Schedule of Amounts Recognized in Accumulated Other Comprehensive Income | The following table details the amounts recognized in accumulated other comprehensive income, before income taxes, at December 31, 2023 and 2022. See Note 18—Accumulated Other Comprehensive (Loss) Income for additional information.
| Retirement Plans |  | Postretirement Plans
(dollars in millions) | 2023 |  | 2022 |  | 2023 |  | 2022
Net actuarial gain | $ | 122 |  |  | $ | 13 |  |  | $ | — |  |  | $ | — |
Schedule of Net Benefit Costs | The following table shows the components of periodic benefit cost related to the Plans and changes in assets and benefit obligations of the Plans recognized in other comprehensive income, before income taxes, for the years ended December 31, 2023, 2022 and 2021. See Note 18—Accumulated Other Comprehensive (Loss) Income for additional information.
Net Periodic Benefit Costs and Other Amounts | Retirement Plans |  | Postretirement Plans
| Year ended December 31 |  | Year ended December 31
(dollars in millions) | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022
Service cost | $ | 9 |  |  | $ | 14 |  |  | $ | 15 |  |  | $ | — |  |  | $ | — |
Interest cost | 61 |  |  | 43 |  |  | 30 |  |  | — |  |  | — |
Expected return on assets | (85) |  |  | (87) |  |  | (78) |  |  | — |  |  | — |
Net prior service credit amortization | — |  |  | — |  |  | — |  |  | — |  |  | (27) |
Amortization of net actuarial loss | — |  |  | 12 |  |  | 27 |  |  | — |  |  | — |
Total net periodic benefit | (15) |  |  | (18) |  |  | (6) |  |  | — |  |  | (27) |
Current year actuarial (gain) loss | (109) |  |  | 33 |  |  | (98) |  |  | — |  |  | — |
Amortization of actuarial loss | — |  |  | (12) |  |  | (27) |  |  | — |  |  | — |
Current year amortization of prior service cost | — |  |  | — |  |  | — |  |  | — |  |  | 27 |
Amortization of prior service cost | — |  |  | — |  |  | — |  |  | — |  |  | (27) |
Net (gain) loss recognized in other comprehensive income | (109) |  |  | 21 |  |  | (125) |  |  | — |  |  | — |
Total recognized in net periodic benefit cost and other comprehensive income | $ | (124) |  |  | $ | 3 |  |  | $ | (131) |  |  | $ | — |  |  | $ | (27) |
Schedule of Defined Benefit Plan Assumptions | The assumptions used to determine the benefit obligations at December 31, 2023 and 2022 are as follows:
Weighted Average Assumptions | Retirement Plans |  | Postretirement Plans
| 2023 |  | 2022 |  | 2023 |  | 2022
Discount rate | 5.17 | % |  | 5.57 | % |  | N/A |  | N/A
Rate of compensation increase | 5.60 |  |  | 5.60 |  |  | N/A |  | N/A
Interest crediting rate (1) | 4.00 |  |  | 4.25 |  |  | N/A |  | N/A
(1) Specific to cash investments in the CIT Pension Plan. The assumptions used to determine the net periodic benefit cost for the years ended December 31, 2023, 2022 and 2021, are as follows:
Weighted Average Assumptions | Retirement Plans |  | Postretirement Plans
| 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022
Discount rate | 5.57 | % |  | 3.03 | % |  | 2.76 | % |  | 4.56 | % |  | 3.02 | %
Rate of compensation increase | 5.60 |  |  | 5.60 |  |  | 5.60 |  |  | N/A |  | N/A
Expected long-term return on plan assets | 6.14 |  |  | 5.87 |  |  | 7.50 |  |  | N/A |  | N/A
Interest crediting rate (1) | 4.25 |  |  | 1.50 |  |  | N/A |  | N/A |  | N/A
(1) Specific to cash investments in the CIT Pension Plan.
Schedule of Fair Value and Allocation of Plan Assets | The following tables summarize the fair values and fair value hierarchy for the assets of the Pension Plans at December 31, 2023 and 2022.
Fair Value Measurements | December 31, 2023
dollars in millions | Market Value |  | Level 1 |  | Level 2 |  | Level 3 |  | Not Classified (1) |  | Weighted Average Target Allocation Pension Plans |  | Actual % of Plans' Assets
Cash and equivalents | $ | 31 |  |  | $ | 31 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | —% - 5% |  | 2 | %
Equity securities |  |  |  |  |  |  |  |  |  |  | 25% - 65% |  | 45 | %
Common and preferred stock | 134 |  |  | 134 |  |  | — |  |  | — |  |  | — |  |  |  |  |
Mutual funds | 126 |  |  | 126 |  |  | — |  |  | — |  |  | — |  |  |  |  |
Exchange traded funds | 459 |  |  | 459 |  |  | — |  |  | — |  |  | — |  |  |  |  |
Fixed income |  |  |  |  |  |  |  |  |  |  | 30% - 65% |  | 50 | %
U.S. government and government agency securities | 17 |  |  | — |  |  | 17 |  |  | — |  |  | — |  |  |  |  |
Corporate bonds | 15 |  |  | — |  |  | 15 |  |  | — |  |  | — |  |  |  |  |
Exchange traded funds | 13 |  |  | 13 |  |  | — |  |  | — |  |  | — |  |  |  |  |
Collective investment funds (fixed income) | 753 |  |  | — |  |  | — |  |  | — |  |  | 753 |  |  |  |  |
Alternative investments |  |  |  |  |  |  |  |  |  |  | —% - 30% |  | 3 | %
Limited partnerships | 41 |  |  | — |  |  | — |  |  | — |  |  | 41 |  |  |  |  |
Total pension assets | $ | 1,589 |  |  | $ | 763 |  |  | $ | 32 |  |  | $ | — |  |  | $ | 794 |  |  |  |  | 100 | %
| December 31, 2022
| Market Value |  | Level 1 |  | Level 2 |  | Level 3 |  | Not Classified (1) |  | Weighted Average Target Allocation Pension Plans |  | Actual % of Plans' Assets
Cash and equivalents | $ | 25 |  |  | $ | 25 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | —% - 5% |  | 2 | %
Equity securities |  |  |  |  |  |  |  |  |  |  | 25% - 60% |  | 46 | %
Common and preferred stock | 88 |  |  | 88 |  |  | — |  |  | — |  |  | — |  |  |  |  |
Mutual funds | 181 |  |  | 181 |  |  | — |  |  | — |  |  | — |  |  |  |  |
Exchange traded funds | 376 |  |  | 376 |  |  | — |  |  | — |  |  | — |  |  |  |  |
Fixed income |  |  |  |  |  |  |  |  |  |  | 25% - 60% |  | 31 | %
U.S. government and government agency securities | 198 |  |  | — |  |  | 198 |  |  | — |  |  | — |  |  |  |  |
Corporate bonds | 233 |  |  | — |  |  | 233 |  |  | — |  |  | — |  |  |  |  |
Alternative investments |  |  |  |  |  |  |  |  |  |  | —% - 30% |  | 21 | %
Common collective trust, measured at NAV | 302 |  |  | — |  |  | — |  |  | — |  |  | 302 |  |  |  |  |
Limited partnerships | 1 |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  |  |  |
Total pension assets | $ | 1,404 |  |  | $ | 670 |  |  | $ | 431 |  |  | $ | — |  |  | $ | 303 |  |  |  |  | 100 | %
(1) These investments have been measured using the net asset value per share practical expedient and are not required to be classified in the above tables.
Schedule of Expected Benefit Payments | The following table presents estimated future benefits projected to be paid for the next ten years from the Pension Plans’ assets or from BancShares’ general assets calculated using current actuarial assumptions. Actual benefit payments may differ from projected benefit payments.
Projected Benefits dollars in millions | Retirement Plans
2024 | $ | 78 |
2025 | 81 |
2026 | 83 |
2027 | 87 |
2028 | 88 |
2029-2033 | 426 |
Schedule of Accrued Liabilities | The following table provides the accrued liability as of December 31, 2023 and 2022, and the changes in the accrued liability during the years then ended:
dollars in millions | 2023 |  | 2022
Accrued liability as of January 1 | $ | 36 |  |  | $ | 39 |
Accrued liability of acquired banks | — |  |  | 2 |
Discount rate adjustment | — |  |  | (2) |
Benefit expense and interest cost | 2 |  |  | 2 |
Benefits paid | (4) |  |  | (5) |
Benefits forfeited | — |  |  | — |
Accrued liability as of December 31 | $ | 34 |  |  | $ | 36 |
Discount rate at December 31 | 5.09 | % |  | 4.67 | %
Schedule of Nonvested Restricted Stock Units Activity | The following table presents the unvested BancShares RSUs at December 31, 2023 and 2022, which have vesting periods through 2024. There were no grants of stock-based compensation awards during 2023 or 2022. The fair value of RSUs that vested and settled in stock during 2023 and 2022 were $16 million and $64 million, respectively.
Stock-Settled Awards Outstanding | Stock-Settled Awards
share amounts in whole dollars | Number of Shares |  | Weighted Average Grant Date Value(1)
December 31, 2023 |  |  |
Unvested at beginning of period | 42,989 |  |  | $ | 859.76 |
Forfeited / cancelled | (643) |  |  | 859.76 |
Vested / settled awards | (22,091) |  |  | 859.76 |
Unvested at end of period | 20,255 |  |  | $ | 859.76 |
December 31, 2022 |  |  |
Unvested at beginning of period | — |  |  | $ | — |
Unvested CIT RSUs converted to BancShares RSUs at Merger Date | 116,958 |  |  | 859.76 |
Unvested CIT PSUs converted to RSUs at Merger Date | 10,678 |  |  | 859.76 |
Forfeited / cancelled | (5,194) |  |  | 859.76 |
Vested / settled awards | (79,453) |  |  | 859.76 |
Unvested at end of period | 42,989 |  |  | $ | 859.76 |
(1) Represents the share price of BancShares as of the CIT Merger Date.

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