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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] |
Schedule of Defined Benefit Plans Disclosures | The following table sets forth reconciliations of plan assets and the projected benefit obligation, the weighted-average assumptions used to determine year-end benefit obligations, and the amounts recognized in accumulated other comprehensive (loss) income for the Corporation’s defined benefit pension plans and postretirement benefit plan at December 31, 2021 and 2020. The Corporation used a measurement date of December 31, 2021 for these plans.
| Defined Benefit Pension Plans |  |  |  |
| Qualified |  | Non-Qualified |  | Postretirement Benefit Plan
(dollar amounts in millions) | 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020
Change in fair value of plan assets: |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at January 1 | $ | 3,350 |  |  | $ | 2,933 |  |  | $ | — |  |  | $ | — |  |  | $ | 57 |  |  | $ | 57 |
Actual return on plan assets | 291 |  |  | 537 |  |  | — |  |  | — |  |  | (1) |  |  | 3 |
Plan participants' contributions | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 1 |
Benefits paid | (179) |  |  | (120) |  |  | — |  |  | — |  |  | (4) |  |  | (4) |
Fair value of plan assets at December 31 | $ | 3,462 |  |  | $ | 3,350 |  |  | $ | — |  |  | $ | — |  |  | $ | 53 |  |  | $ | 57 |
Change in projected benefit obligation: |  |  |  |  |  |  |  |  |  |  |
Projected benefit obligation at January 1 | $ | 2,327 |  |  | $ | 2,131 |  |  | $ | 252 |  |  | $ | 235 |  |  | $ | 35 |  |  | $ | 48 |
Service cost | 38 |  |  | 32 |  |  | 2 |  |  | 1 |  |  | — |  |  | — |
Interest cost | 61 |  |  | 70 |  |  | 7 |  |  | 8 |  |  | 1 |  |  | 1 |
Actuarial (gain) loss | (69) |  |  | 214 |  |  | (3) |  |  | 22 |  |  | (1) |  |  | (11) |
Plan participants' contributions | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 1 |
Benefits paid | (179) |  |  | (120) |  |  | (15) |  |  | (14) |  |  | (4) |  |  | (4) |
Plan amendments (a) | 36 |  |  | — |  |  | (36) |  |  | — |  |  | (1) |  |  | — |
Projected benefit obligation at December 31 | $ | 2,214 |  |  | $ | 2,327 |  |  | $ | 207 |  |  | $ | 252 |  |  | $ | 31 |  |  | $ | 35 |
Accumulated benefit obligation | $ | 2,199 |  |  | $ | 2,312 |  |  | $ | 204 |  |  | $ | 251 |  |  | $ | 31 |  |  | $ | 35 |
Funded status at December 31 (b) (c) | $ | 1,248 |  |  | $ | 1,023 |  |  | $ | (207) |  |  | $ | (252) |  |  | $ | 22 |  |  | $ | 22 |
Weighted-average assumptions used: |  |  |  |  |  |  |  |  |  |  |
Discount rate | 2.96 | % |  | 2.71 | % |  | 2.96 | % |  | 2.71 | % |  | 2.79 | % |  | 2.43 | %
Rate of compensation increase | 4.00 |  |  | 4.00 |  |  | 4.00 |  |  | 4.00 |  |  | n/a |  | n/a
Interest crediting rate | 3.79 - 5.00 |  | 3.79 - 5.00 |  | 3.79 - 5.00 |  | 3.79 - 5.00 |  | n/a |  | n/a
Healthcare cost trend rate: |  |  |  |  |  |  |  |  |  |  |
Cost trend rate assumed for next year | n/a |  | n/a |  | n/a |  | n/a |  | n/a |  | 6.00 |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | n/a |  | n/a |  | n/a |  | n/a |  | n/a |  | 4.50 |
Year when rate reaches the ultimate trend rate | n/a |  | n/a |  | n/a |  | n/a |  | n/a |  | 2027
Amounts recognized in accumulated other comprehensive (loss) income before income taxes: |  |  |  |  |  |  |  |  |  |  |
Net actuarial loss (d) | $ | (205) |  |  | $ | (392) |  |  | $ | (92) |  |  | $ | (106) |  |  | $ | (11) |  |  | $ | (9) |
Prior service credit (d) | 48 |  |  | 103 |  |  | 47 |  |  | 17 |  |  | 2 |  |  | 1 |
Balance at December 31 (d) | $ | (157) |  |  | $ | (289) |  |  | $ | (45) |  |  | $ | (89) |  |  | $ | (9) |  |  | $ | (8) |
(a)The qualified defined benefit pension plan was amended in 2021 to include a flat dollar benefit for specified participants that would otherwise have been payable from the non-qualified defined benefit pension plan, resulting in a shift in projected benefit obligation from the non-qualified plan to the qualified plan. (b)Based on projected benefit obligation for defined benefit pension plans and accumulated benefit obligation for postretirement benefit plan. (c)The Corporation recognizes the overfunded and underfunded status of the plans in accrued income and other assets and accrued expenses and other liabilities, respectively, on the Consolidated Balance Sheets. (d)The qualified defined benefit pension plan for the year ending December 31, 2020 has been recast to reflect the retrospective application of the Corporation's election to change the accounting method for certain components of defined pension benefit credit, effective January 1, 2021. For further information, refer to Note 1. n/a - not applicable
Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss) | The following table details the changes in plan assets and benefit obligations recognized in other comprehensive loss for the year ended December 31, 2021.
| Defined Benefit Pension Plans |  |  |  |
(in millions) | Qualified |  | Non-Qualified |  | Postretirement Benefit Plan |  | Total
Actuarial gain (loss) arising during the period | $ | 158 |  |  | $ | 3 |  |  | $ | (2) |  |  | $ | 159 |
Prior service (cost) credit arising during the period | (36) |  |  | 36 |  |  | 1 |  |  | 1 |
Amortization of net actuarial loss | 29 |  |  | 11 |  |  | — |  |  | 40 |
Amortization of prior service credit | (19) |  |  | (6) |  |  | — |  |  | (25) |
Total recognized in other comprehensive loss | $ | 132 |  |  | $ | 44 |  |  | $ | (1) |  |  | $ | 175 |
Components of Net Periodic Defined Benefit Cost | Components of net periodic defined benefit (credit) cost and postretirement benefit credit, the actual return on plan assets and the weighted-average assumptions used were as follows:
| Defined Benefit Pension Plans
(dollar amounts in millions) | Qualified |  | Non-Qualified
Years Ended December 31 | 2021 |  | 2020 (a) |  | 2019 (a) |  | 2021 |  | 2020 |  | 2019
Service cost (b) | $ | 38 |  |  | $ | 32 |  |  | $ | 31 |  |  | $ | 2 |  |  | $ | 1 |  |  | $ | 3 |
Other components of net benefit (credit) cost: |  |  |  |  |  |  |  |  |  |  |
Interest cost | 61 |  |  | 70 |  |  | 80 |  |  | 7 |  |  | 8 |  |  | 9 |
Expected return on plan assets | (202) |  |  | (185) |  |  | (172) |  |  | — |  |  | — |  |  | — |
Amortization of prior service credit | (19) |  |  | (19) |  |  | (19) |  |  | (6) |  |  | (8) |  |  | (8) |
Amortization of net actuarial loss | 29 |  |  | 38 |  |  | 34 |  |  | 11 |  |  | 9 |  |  | 7 |
Total other components of net benefit (credit) cost (c) | (131) |  |  | (96) |  |  | (77) |  |  | 12 |  |  | 9 |  |  | 8 |
Net periodic defined benefit (credit) cost | $ | (93) |  |  | $ | (64) |  |  | $ | (46) |  |  | $ | 14 |  |  | $ | 10 |  |  | $ | 11 |
Actual return on plan assets | $ | 291 |  |  | $ | 537 |  |  | $ | 579 |  |  | n/a |  | n/a |  | n/a
Actual rate of return on plan assets | 8.92 | % |  | 18.72 | % |  | 24.07 | % |  | n/a |  | n/a |  | n/a
Weighted-average assumptions used: |  |  |  |  |  |  |  |  |  |  |
Discount rate | 2.71 | % |  | 3.43 | % |  | 4.37 | % |  | 2.71 | % |  | 3.43 | % |  | 4.37 | %
Expected long-term return on plan assets | 6.50 |  |  | 6.50 |  |  | 6.50 |  |  | n/a |  | n/a |  | n/a
Rate of compensation increase | 4.00 |  |  | 4.00 |  |  | 4.00 |  |  | 4.00 |  |  | 4.00 |  |  | 4.00 |
(a)Recast to reflect the retrospective application of the Corporation's election to change the accounting method for certain components of defined pension benefit credit, effective January 1, 2021. For 2020, expected return on plan assets increased $14 million and amortization of net loss was reduced by $16 million, resulting in an increase of $30 million to total other components of net benefit credit. For 2019, expected return on plan assets increased $6 million, resulting in a corresponding increase to total other components of net benefit credit. (b)Included in salaries and benefits expense on the Consolidated Statements of Income. (c)Included in other noninterest expenses on the Consolidated Statements of Income. n/a - not applicable
(dollar amounts in millions) | Postretirement Benefit Plan
Years Ended December 31 | 2021 |  | 2020 |  | 2019
Other components of net benefit credit: |  |  |  |  |
Interest cost | $ | 1 |  |  | $ | 1 |  |  | $ | 2 |
Expected return on plan assets | (3) |  | (2) |  |  | (3) |
Amortization of actuarial net loss | — |  |  | — |  |  | 1 |
Net periodic postretirement benefit credit | $ | (2) |  |  | $ | (1) |  |  | $ | — |
Actual return on plan assets | $ | (1) |  |  | $ | 3 |  |  | $ | 5 |
Actual rate of return on plan assets | (2.25 | %) |  | 6.00 | % |  | 9.14 | %
Weighted-average assumptions used: |  |  |  |  |
Discount rate | 2.43% |  | 3.26 | % |  | 4.26 | %
Expected long-term return on plan assets | 5.00 |  | 5.00 |  |  | 5.00 |
Healthcare cost trend rate: |  |  |  |  |
Cost trend rate assumed | 6.00 |  | 6.25 |  |  | 6.50 |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 4.50 |  | 4.50 |  |  | 4.50 |
Year that the rate reaches the ultimate trend rate | 2027 |  | 2027 |  | 2027
Fair Value of Defined Benefit Plan Investments | The fair values of the Corporation’s qualified defined benefit pension plan investments measured at fair value on a recurring basis at December 31, 2021 and 2020, by asset category and level within the fair value hierarchy, are detailed in the table below.
(in millions) | Total |  | Level 1 |  | Level 2 |  | Level 3
December 31, 2021 |  |  |  |  |  |  |
Fixed income securities: |  |  |  |  |  |  |
U.S. Treasury and other U.S. government agency securities | $ | 599 |  |  | $ | 595 |  |  | $ | 4 |  |  | $ | — |
Corporate and municipal bonds and notes | 893 |  |  | — |  |  | 893 |  |  | — |
Mortgage-backed securities | 27 |  |  | — |  |  | 27 |  |  | — |
Private placements | 50 |  |  | — |  |  | — |  |  | 50 |
Total investments in the fair value hierarchy | $ | 1,569 |  |  | $ | 595 |  |  | $ | 924 |  |  | $ | 50 |
Investments measured at net asset value: |  |  |  |  |  |  |
Collective investment funds | 1,885 |  |  |  |  |  |  |
Total investments at fair value | $ | 3,454 |  |  |  |  |  |  |
December 31, 2020 |  |  |  |  |  |  |
Equity securities: |  |  |  |  |  |  |
Mutual funds | $ | 4 |  |  | $ | 4 |  |  | $ | — |  |  | $ | — |
Common stock | 1,266 |  |  | 1,266 |  |  | — |  |  | — |
Fixed income securities: |  |  |  |  |  |  |
U.S. Treasury and other U.S. government agency securities | 494 |  |  | 492 |  |  | 2 |  |  | — |
Corporate and municipal bonds and notes | 861 |  |  | — |  |  | 861 |  |  | — |
Mortgage-backed securities | 29 |  |  | — |  |  | 29 |  |  | — |
Private placements | 58 |  |  | — |  |  | — |  |  | 58 |
Total investments in the fair value hierarchy | $ | 2,712 |  |  | $ | 1,762 |  |  | $ | 892 |  |  | $ | 58 |
Investments measured at net asset value: |  |  |  |  |  |  |
Collective investment funds | 637 |  |  |  |  |  |  |
Total investments at fair value | $ | 3,349 |  |  |  |  |  |  |
Changes in Level 3 Defined Benefit Plan Investments | The table below provides a summary of changes in the Corporation’s qualified defined benefit pension plan’s Level 3 investments measured at fair value on a recurring basis for the years ended December 31, 2021 and 2020.
| Balance at Beginning of Period |  |  |  |  |  |  |  |  |  | Balance at End of Period
|  | Net Gains (Losses) |  |  |  |  |
(in millions) |  | Realized |  | Unrealized |  | Purchases |  | Sales |
Year Ended December 31, 2021 |  |  |  |  |  |  |  |  |  |  |
Private placements | $ | 58 |  |  | $ | 2 |  |  | $ | (4) |  |  | $ | 44 |  |  | $ | (50) |  |  | $ | 50 |
Year Ended December 31, 2020 |  |  |  |  |  |  |  |  |  |  |
Private placements | $ | 57 |  |  | $ | 1 |  |  | $ | 3 |  |  | $ | 57 |  |  | $ | (60) |  |  | $ | 58 |
Estimated Future Benefit Payments | The Corporation currently expects to make no employer contributions to the qualified and non-qualified defined benefit pension plans and postretirement benefit plan for the year ended December 31, 2022.
| Estimated Future Benefit Payments
(in millions) Years Ended December 31 | Qualified Defined Benefit Pension Plan |  | Non-Qualified Defined Benefit Pension Plan |  | Postretirement Benefit Plan (a)
2022 | $ | 215 |  |  | $ | 14 |  |  | $ | 4 |
2023 | 147 |  |  | 14 |  |  | 4 |
2024 | 148 |  |  | 14 |  |  | 3 |
2025 | 144 |  |  | 14 |  |  | 3 |
2026 | 144 |  |  | 14 |  |  | 3 |
2027 - 2031 | 687 |  |  | 68 |  |  | 9 |
(a)Estimated benefit payments in the postretirement benefit plan are net of estimated Medicare subsidies.

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