XML 67 R50.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Income Taxes And Tax-Related Items Income Taxes And Tax-Related Items (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Current and Deferred Components of the Provision for Income Taxes | The current and deferred components of the provision for income taxes were as follows:
(in millions) |  |  |  |  |
December 31 | 2023 |  | 2022 |  | 2021
Current: |  |  |  |  |
Federal | $ | 297 |  |  | $ | 296 |  |  | $ | 212 |
Foreign | 9 |  |  | 6 |  |  | 5 |
State and local | 49 |  |  | 50 |  |  | 26 |
Total current | 355 |  |  | 352 |  |  | 243 |
Deferred: |  |  |  |  |
Federal | (83) |  |  | (24) |  |  | 62 |
State and local | (9) |  |  | (3) |  |  | 17 |
Total deferred | (92) |  |  | (27) |  |  | 79 |
Total | $ | 263 |  |  | $ | 325 |  |  | $ | 322 |
Reconciliation of Expected Income Tax Expense at the Federal Statutory Rate to the Provision for Income Taxes | A reconciliation of expected income tax expense at the federal statutory rate to the Corporation’s provision for income taxes and effective tax rate follows:
(dollar amounts in millions) | 2023 |  | 2022 |  | 2021
Years Ended December 31 | Amount |  | Rate |  | Amount |  | Rate |  | Amount |  | Rate
Tax based on federal statutory rate | $ | 240 |  |  | 21.0 | % |  | $ | 310 |  |  | 21.0 | % |  | $ | 313 |  |  | 21.0 | %
State income taxes | 35 |  |  | 3.1 |  |  | 36 |  |  | 2.5 |  |  | 35 |  |  | 2.4 |
Affordable housing and historic credits | (16) |  |  | (1.4) |  |  | (13) |  |  | (0.9) |  |  | (13) |  |  | (0.9) |
Bank-owned life insurance | (10) |  |  | (0.9) |  |  | (10) |  |  | (0.7) |  |  | (10) |  |  | (0.6) |
FDIC insurance expense | 15 |  |  | 1.3 |  |  | 6 |  |  | 0.4 |  |  | 5 |  |  | 0.3 |
Employee stock transactions | (1) |  |  | (0.1) |  |  | (3) |  |  | (0.2) |  |  | (3) |  |  | (0.2) |
Tax-related interest and penalties | (4) |  |  | (0.4) |  |  | — |  |  | — |  |  | — |  |  | — |
Other | 4 |  |  | 0.4 |  |  | (1) |  |  | (0.1) |  |  | (5) |  |  | (0.4) |
Provision for income taxes | $ | 263 |  |  | 23.0 | % |  | $ | 325 |  |  | 22.0 | % |  | $ | 322 |  |  | 21.6 | %
Reconciliation of Beginning and Ending Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of net unrecognized tax benefits follows:
(in millions) | 2023 |  | 2022 |  | 2021
Balance at January 1 | $ | 16 |  |  | $ | 18 |  |  | $ | 19 |
(Decrease) increase as a result of tax positions taken during a prior period | — |  |  | (2) |  |  | 1 |
Increase as a result of tax positions taken during the current period | 1 |  |  | 3 |  |  | 3 |
Decreases related to settlements with tax authorities | (10) |  |  | (3) |  |  | (3) |
Reduction as a result of expiration of statute of limitations | — |  |  | — |  |  | (2) |
Balance at December 31 | $ | 7 |  |  | $ | 16 |  |  | $ | 18 |
Tax Years Remaining Open for Examination for Significant Tax Jurisdictions | The following tax years for significant jurisdictions remain subject to examination as of December 31, 2023:
Jurisdiction | Tax Years
Federal | 2020-2022
New York | 2018-2022
California | 2020-2022
Principal Components of Deferred Tax Assets and Liabilities | The principal components of deferred tax assets and liabilities were as follows:
(in millions) |  |  |
December 31 | 2023 |  | 2022
Deferred tax assets: |  |  |
Allowance for loan losses | $ | 145 |  |  | $ | 128 |
Deferred compensation | 77 |  |  | 84 |
Deferred loan origination fees and costs | 11 |  |  | 12 |
Net hedging losses | 186 |  |  | 290 |
Net unrealized losses on investment securities available-for-sale | 628 |  |  | 713 |
Operating lease liabilities | 81 |  |  | 85 |
Other temporary differences, net | 124 |  |  | 42 |
Total deferred tax assets before valuation allowance | 1,252 |  |  | 1,354 |
Valuation allowance | (6) |  |  | (5) |
Total deferred tax assets | 1,246 |  |  | 1,349 |
Deferred tax liabilities: |  |  |
Lease financing transactions | (20) |  |  | (31) |
Defined benefit plans | (159) |  |  | (123) |
Allowance for depreciation | (5) |  |  | (4) |
Leasing right of use assets | (67) |  |  | (71) |
Total deferred tax liabilities | (251) |  |  | (229) |
Net deferred tax assets | $ | 995 |  |  | $ | 1,120 |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-12 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in unrecognized tax benefits. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 217 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482663/740-10-55-217 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15A + Details
Name: | us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income tax examinations that an enterprise is currently subject to or that have been completed in the current period typically including a description of the examination, the jurisdiction conducting the examination, the tax year(s) under examination, the likelihood of an unfavorable settlement, the range of possible losses, the liability recorded, the increase or decrease in the liability from the prior period, and any penalties and interest that have been recorded. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 55 -Paragraph 217 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482663/740-10-55-217 + Details
Name: | us-gaap_SummaryOfIncomeTaxExaminationsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration