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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2023
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 for the Corporation’s defined benefit pension plans and postretirement benefit plan at December 31, 2023 and 2022. The Corporation used a measurement date of December 31, 2023 for these plans.
| Defined Benefit Pension Plans |  |  |  |
| Qualified |  | Non-Qualified |  | Postretirement Benefit Plan
(dollar amounts in millions) | 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022
Change in fair value of plan assets: |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at January 1 | $ | 2,508 |  |  | $ | 3,462 |  |  | $ | — |  |  | $ | — |  |  | $ | 46 |  |  | $ | 53 |
Actual return on plan assets | 338 |  |  | (777) |  |  | — |  |  | — |  |  | 1 |  |  | (4) |
Benefits paid | (165) |  |  | (177) |  |  | — |  |  | — |  |  | (2) |  |  | (3) |
Fair value of plan assets at December 31 | $ | 2,681 |  |  | $ | 2,508 |  |  | $ | — |  |  | $ | — |  |  | $ | 45 |  |  | $ | 46 |
Change in projected benefit obligation: |  |  |  |  |  |  |  |  |  |  |
Projected benefit obligation at January 1 | $ | 1,611 |  |  | $ | 2,214 |  |  | $ | 163 |  |  | $ | 207 |  |  | $ | 21 |  |  | $ | 31 |
Service cost | 31 |  |  | 37 |  |  | 2 |  |  | 2 |  |  | — |  |  | — |
Interest cost | 85 |  |  | 62 |  |  | 9 |  |  | 6 |  |  | 1 |  |  | 1 |
Actuarial gain (loss) | 67 |  |  | (525) |  |  | 10 |  |  | (37) |  |  | (3) |  |  | (8) |
Benefits paid | (165) |  |  | (177) |  |  | (15) |  |  | (15) |  |  | (2) |  |  | (3) |
Projected benefit obligation at December 31 | $ | 1,629 |  |  | $ | 1,611 |  |  | $ | 169 |  |  | $ | 163 |  |  | $ | 17 |  |  | $ | 21 |
Accumulated benefit obligation | $ | 1,611 |  |  | $ | 1,598 |  |  | $ | 166 |  |  | $ | 161 |  |  | $ | 17 |  |  | $ | 21 |
Funded status at December 31 (a) (b) | $ | 1,052 |  |  | $ | 897 |  |  | $ | (169) |  |  | $ | (163) |  |  | $ | 28 |  |  | $ | 25 |
Weighted-average assumptions used: |  |  |  |  |  |  |  |  |  |  |
Discount rate | 5.33 | % |  | 5.60 | % |  | 5.33 | % |  | 5.60 | % |  | 5.43 | % |  | 5.71 | %
Rate of compensation increase | 4.50 |  |  | 4.25 |  |  | 4.50 |  |  | 4.25 |  |  | n/a |  | n/a
Interest crediting rate | 4.66 - 5.25 |  | 3.99 - 5.25 |  | 4.66 - 5.25 |  | 3.99 - 5.25 |  | n/a |  | n/a
Amounts recognized in accumulated other comprehensive loss before income taxes: |  |  |  |  |  |  |  |  |  |  |
Net actuarial loss | $ | (501) |  |  | $ | (638) |  |  | $ | (52) |  |  | $ | (46) |  |  | $ | (9) |  |  | $ | (10) |
Prior service credit | 19 |  |  | 33 |  |  | 29 |  |  | 38 |  |  | 2 |  |  | 2 |
Balance at December 31 | $ | (482) |  |  | $ | (605) |  |  | $ | (23) |  |  | $ | (8) |  |  | $ | (7) |  |  | $ | (8) |
(a)Based on projected benefit obligation for defined benefit pension plans and accumulated benefit obligation for postretirement benefit plan. (b)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. 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 income (loss) fo r the year ended December 31, 2023.
| Defined Benefit Pension Plans |  |  |  |
(in millions) | Qualified |  | Non-Qualified |  | Postretirement Benefit Plan |  | Total
Actuarial gain (loss) arising during the period | $ | 105 |  |  | $ | (10) |  |  | $ | 1 |  |  | $ | 96 |
Amortization of net actuarial loss | 32 |  |  | 4 |  |  | — |  |  | 36 |
Amortization of prior service credit | (14) |  |  | (9) |  |  | — |  |  | (23) |
Total recognized in other comprehensive income (loss) | $ | 123 |  |  | $ | (15) |  |  | $ | 1 |  |  | $ | 109 |
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 | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Service cost (a) | $ | 31 |  |  | $ | 37 |  |  | $ | 38 |  |  | $ | 2 |  |  | $ | 2 |  |  | $ | 2 |
Other components of net benefit (credit) cost: |  |  |  |  |  |  |  |  |  |  |
Interest cost | 85 |  |  | 62 |  |  | 61 |  |  | 9 |  |  | 6 |  |  | 7 |
Expected return on plan assets | (166) |  |  | (201) |  |  | (202) |  |  | — |  |  | — |  |  | — |
Amortization of prior service credit | (14) |  |  | (14) |  |  | (19) |  |  | (9) |  |  | (9) |  |  | (6) |
Amortization of actuarial net loss | 32 |  |  | 19 |  |  | 29 |  |  | 4 |  |  | 9 |  |  | 11 |
Total other components of net benefit (credit) cost (b) | (63) |  |  | (134) |  |  | (131) |  |  | 4 |  |  | 6 |  |  | 12 |
Net periodic defined benefit (credit) cost | $ | (32) |  |  | $ | (97) |  |  | $ | (93) |  |  | $ | 6 |  |  | $ | 8 |  |  | $ | 14 |
Actual return on plan assets | $ | 338 |  |  | $ | (777) |  |  | $ | 291 |  |  | n/a |  | n/a |  | n/a
Actual rate of return on plan assets | 13.91 | % |  | (23.02) | % |  | 8.92 | % |  | n/a |  | n/a |  | n/a
Weighted-average assumptions used: |  |  |  |  |  |  |  |  |  |  |
Discount rate | 5.60 | % |  | 2.96 | % |  | 2.71 | % |  | 5.60 | % |  | 2.96 | % |  | 2.71 | %
Expected long-term return on plan assets | 6.50 |  |  | 6.50 |  |  | 6.50 |  |  | n/a |  | n/a |  | n/a
Rate of compensation increase | 4.25 |  |  | 4.00 |  |  | 4.00 |  |  | 4.25 |  |  | 4.00 |  |  | 4.00 |
(a)Included in salaries and benefits expense on the Consolidated Statements of Income. (b)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 | 2023 |  | 2022 |  | 2021
Other components of net benefit credit: |  |  |  |  |
Interest cost | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |
Expected return on plan assets | (2) |  |  | (3) |  |  | (3) |
Net periodic postretirement benefit credit | $ | (1) |  |  | $ | (2) |  |  | $ | (2) |
Actual return on plan assets | $ | 1 |  |  | $ | (4) |  |  | $ | (1) |
Actual rate of return on plan assets | 2.61 | % |  | (8.24) | % |  | (2.25) | %
Weighted-average assumptions used: |  |  |  |  |
Discount rate | 5.71 | % |  | 2.79 | % |  | 2.43 | %
Expected long-term return on plan assets | 5.00 |  |  | 5.00 |  |  | 5.00 |
Healthcare cost trend rate (a): |  |  |  |  |
Cost trend rate assumed | 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 |  | 4.50
Year that the rate reaches the ultimate trend rate | n/a |  | n/a |  | 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, 2023 and 2022, 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, 2023 |  |  |  |  |  |  |
Fixed income securities: |  |  |  |  |  |  |
U.S. Treasury and other U.S. government agency securities | $ | 567 |  |  | $ | 564 |  |  | $ | 3 |  |  | $ | — |
Corporate and municipal bonds and notes | 786 |  |  | — |  |  | 786 |  |  | — |
Private placements | 44 |  |  | — |  |  | — |  |  | 44 |
Total investments in the fair value hierarchy | $ | 1,397 |  |  | $ | 564 |  |  | $ | 789 |  |  | $ | 44 |
Investments measured at net asset value: |  |  |  |  |  |  |
Collective investment funds | 1,268 |  |  |  |  |  |  |
Total investments at fair value | $ | 2,665 |  |  |  |  |  |  |
December 31, 2022 |  |  |  |  |  |  |
Fixed income securities: |  |  |  |  |  |  |
U.S. Treasury and other U.S. government agency securities | $ | 534 |  |  | $ | 531 |  |  | $ | 3 |  |  | $ | — |
Corporate and municipal bonds and notes | 676 |  |  | — |  |  | 676 |  |  | — |
Mortgage-backed securities | 20 |  |  | — |  |  | 20 |  |  | — |
Private placements | 39 |  |  | — |  |  | — |  |  | 39 |
Total investments in the fair value hierarchy | $ | 1,269 |  |  | $ | 531 |  |  | $ | 699 |  |  | $ | 39 |
Investments measured at net asset value: |  |  |  |  |  |  |
Collective investment funds | 1,230 |  |  |  |  |  |  |
Total investments at fair value | $ | 2,499 |  |  |  |  |  |  |
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, 2023 and 2022.
| Balance at Beginning of Period |  |  |  |  |  |  |  |  |  | Balance at End of Period
|  | Net Gains (Losses) |  |  |  |  |
(in millions) |  | Realized |  | Unrealized |  | Purchases |  | Sales |
Year Ended December 31, 2023 |  |  |  |  |  |  |  |  |  |  |
Private placements | $ | 39 |  |  | $ | (3) |  |  | $ | 8 |  |  | $ | 46 |  |  | $ | (46) |  |  | $ | 44 |
Year Ended December 31, 2022 |  |  |  |  |  |  |  |  |  |  |
Private placements | $ | 50 |  |  | $ | (3) |  |  | $ | (12) |  |  | $ | 38 |  |  | $ | (34) |  |  | $ | 39 |
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, 2024.
| 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)
2024 | $ | 162 |  |  | $ | 15 |  |  | $ | 3 |
2025 | 140 |  |  | 15 |  |  | 2 |
2026 | 144 |  |  | 15 |  |  | 2 |
2027 | 142 |  |  | 15 |  |  | 2 |
2028 | 143 |  |  | 15 |  |  | 2 |
2029 - 2033 | 668 |  |  | 73 |  |  | 6 |
(a)Estimated benefit payments in the postretirement benefit plan are net of estimated Medicare subsidies.

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