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Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2024

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, 2024 and 2023. The Corporation used a measurement date of December 31, 2024 for these plans.

			Defined Benefit Pension Plans
			Qualified												Non-Qualified												Postretirement Benefit Plan
(dollar amounts in millions)			2024						2023						2024						2023						2024						2023
Change in fair value of plan assets:
Fair value of plan assets at January 1			$	2,681					$	2,508					$	—					$	—					$	45					$	46
Actual return on plan assets			164						338						—						—						—						1
Benefits paid			(114)						(165)						—						—						(2)						(2)
Fair value of plan assets at December 31			$	2,731					$	2,681					$	—					$	—					$	43					$	45
Change in projected benefit obligation:
Projected benefit obligation at January 1			$	1,629					$	1,611					$	169					$	163					$	17					$	21
Service cost			35						31						2						2						—						—
Interest cost			82						85						9						9						1						1
Actuarial (loss) gain			(51)						67						—						10						(1)						(3)
Benefits paid			(114)						(165)						(15)						(15)						(2)						(2)
Projected benefit obligation at December 31			$	1,581					$	1,629					$	165					$	169					$	15					$	17
Accumulated benefit obligation			$	1,563					$	1,611					$	162					$	166					$	15					$	17
Funded status at December 31 (a) (b)			$	1,150					$	1,052					$	(165)					$	(169)					$	28					$	28
Weighted-average assumptions used:
Discount rate			5.72		%				5.33		%				5.72		%				5.33		%				5.72		%				5.43		%
Rate of compensation increase			4.50						4.50						4.50						4.50						n/a						n/a
Interest crediting rate			4.54 - 5.25						4.66 - 5.25						4.54 - 5.25						4.66 - 5.25						n/a						n/a
Amounts recognized in accumulated other comprehensive loss before income taxes:
Net actuarial loss			$	(443)					$	(501)					$	(49)					$	(52)					$	(10)					$	(9)
Prior service credit			5						19						23						29						2						2
Balance at December 31			$	(438)					$	(482)					$	(26)					$	(23)					$	(8)					$	(7)

(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 (loss) income for the year ended December 31, 2024.

			Defined Benefit Pension Plans
(in millions)			Qualified						Non-Qualified						Postretirement Benefit Plan						Total
Actuarial gain (loss) arising during the period			$	36					$	—					$	(1)					$	35
Amortization of net actuarial loss			23						4						—						27
Amortization of prior service credit			(15)						(7)						—						(22)
Total recognized in other comprehensive (loss) income			$	44					$	(3)					$	(1)					$	40

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			2024						2023						2022						2024						2023						2022
Service cost (a)			$	35					$	31					$	37					$	2					$	2					$	2
Other components of net benefit (credit) cost:
Interest cost			82						85						62						9						9						6
Expected return on plan assets			(179)						(166)						(201)						—						—						—
Amortization of prior service credit			(15)						(14)						(14)						(7)						(9)						(9)
Amortization of actuarial net loss			23						32						19						4						4						9
Total other components of net benefit (credit) cost (b)			(89)						(63)						(134)						6						4						6
Net periodic defined benefit (credit) cost			$	(54)					$	(32)					$	(97)					$	8					$	6					$	8
Actual return on plan assets			$	164					$	338					$	(777)					n/a						n/a						n/a
Actual rate of return on plan assets			6.26		%				13.91		%				(23.02)		%				n/a						n/a						n/a
Weighted-average assumptions used:
Discount rate			5.33		%				5.60		%				2.96		%				5.33		%				5.60		%				2.96		%
Expected long-term return on plan assets			6.75						6.50						6.50						n/a						n/a						n/a
Rate of compensation increase			4.50						4.25						4.00						4.50						4.25						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			2024						2023						2022
Other components of net benefit credit:
Interest cost			$	1					$	1					$	1
Expected return on plan assets			(2)						(2)						(3)
Net periodic postretirement benefit credit			$	(1)					$	(1)					$	(2)
Actual return on plan assets			$	—					$	1					$	(4)
Actual rate of return on plan assets			0.28		%				2.61		%				(8.24)		%
Weighted-average assumptions used:
Discount rate			5.43		%				5.71		%				2.79		%
Expected long-term return on plan assets			5.00						5.00						5.00

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, 2024 and 2023, 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, 2024
Fixed income securities:
U.S. Treasury and other U.S. government agency securities			$	676					$	670					$	6					$	—
Corporate and municipal bonds and notes			809						—						809						—
Private placements			37						—						—						37
Total investments in the fair value hierarchy			$	1,522					$	670					$	815					$	37
Investments measured at net asset value:
Collective investment funds			1,192
Total investments at fair value			$	2,714
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

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, 2024 and 2023.

			Balance at Beginning of Period																														Balance at End of Period
									Net Gains (Losses)
(in millions)									Realized						Unrealized						Purchases						Sales
Year Ended December 31, 2024
Private placements			$	44					$	—					$	(2)					$	47					$	(52)					$	37
Year Ended December 31, 2023
Private placements			$	39					$	(3)					$	8					$	46					$	(46)					$	44

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, 2025.

			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)
2025			$	166					$	15					$	2
2026			146						15						2
2027			146						15						2
2028			144						15						2
2029			145						15						2
2030 - 2034			670						75						5

(a)Estimated benefit payments in the postretirement benefit plan are net of estimated Medicare subsidies.

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