XML 69 R51.htm IDEA: XBRL DOCUMENT v3.22.0.1

Employee Benefit Plans (Tables)

12 Months Ended

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.

X

- References

No definition available.

+ Details

Name:	us-gaap_DefinedBenefitPlansAndOtherPostretirementBenefitPlansDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(5)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the net gain (loss) and net prior service cost or credit recognized in other comprehensive income (loss) for the period for pension plans and/or other employee benefit plans, and reclassification adjustments of other comprehensive income (loss) for the period, as those amounts, including amortization of the net transition asset or obligation, are recognized as components of net periodic benefit cost.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e2439-114920

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e2410-114920

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e2417-114920

+ Details

Name:	us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the effect of fair value measurements using significant unobservable inputs (Level 3) on changes in plan assets of pension plans and/or other employee benefit plans for the period.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(02)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfEffectOfSignificantUnobservableInputsChangesInPlanAssetsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration