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LONG-TERM DEBT AND SHAREHOLDERS' EQUITY (Tables) | 6 Months Ended
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Jun. 30, 2025
Debt And Equity [Abstract] |
Schedule of Long-term Debt | The following schedule presents the components of our long-term debt: LONG-TERM DEBT
(In millions) | June 30, 2025 |  | December 31, 2024 |  |  |  |
Subordinated notes 1 | $ | 966 |  |  | $ | 946 |  |  |  |  |
Finance lease obligations | 4 |  |  | 4 |  |  |  |  |
Total | $ | 970 |  |  | $ | 950 |  |  |  |  |
1 The change in the subordinated notes balance is primarily due to a fair value hedge basis adjustment. See also Note 7.
Schedule of Changes in Accumulated Other Comprehensive Income | The following schedule presents the changes in AOCI by major component:
(In millions) | Net unrealized gains (losses) on investment securities |  | Net unrealized gains (losses) on derivatives and other |  | Pension and post-retirement |  | Total
Six Months Ended June 30, 2025 |  |  |  |  |  |  |
Balance at December 31, 2024 | $ | (2,301) |  |  | $ | (78) |  |  | $ | (1) |  |  | $ | (2,380) |
Other comprehensive income before reclassifications, net of tax | 92 |  |  | 6 |  |  | — |  |  | 98 |
Amounts reclassified from AOCI, net of tax | 90 |  |  | 28 |  |  | — |  |  | 118 |
Other comprehensive income | 182 |  |  | 34 |  |  | — |  |  | 216 |
Balance at June 30, 2025 | $ | (2,119) |  |  | $ | (44) |  |  | $ | (1) |  |  | $ | (2,164) |
Income tax expense included in other comprehensive income | $ | 59 |  |  | $ | 11 |  |  | $ | — |  |  | $ | 70 |
Six Months Ended June 30, 2024 |  |  |  |  |  |  |
Balance at December 31, 2023 | $ | (2,526) |  |  | $ | (165) |  |  | $ | (1) |  |  | $ | (2,692) |
Other comprehensive income (loss) before reclassifications, net of tax | (2) |  |  | — |  |  | — |  |  | (2) |
Amounts reclassified from AOCI, net of tax | 96 |  |  | 49 |  |  | — |  |  | 145 |
Other comprehensive income | 94 |  |  | 49 |  |  | — |  |  | 143 |
Balance at June 30, 2024 | $ | (2,432) |  |  | $ | (116) |  |  | $ | (1) |  |  | $ | (2,549) |
Income tax expense included in other comprehensive income | $ | 31 |  |  | $ | 16 |  |  | $ | — |  |  | $ | 47 |
Reclassification out of Accumulated Other Comprehensive Income |
|  | Amounts reclassified from AOCI |  |  |  |
(In millions) |  | Three Months Ended June 30, |  | Six Months Ended June 30, |  |  |
AOCI components |  | 2025 |  | 2024 |  | 2025 |  | 2024 |  |  | Affected line item on statement of income
Net unrealized gains (losses) on investment securities |  | $ | (62) |  |  | $ | (67) |  |  | $ | (120) |  |  | $ | (128) |  |  |  |  | Securities gains (losses), net
Less: Income tax expense (benefit) |  | (15) |  |  | (17) |  |  | (30) |  |  | (32) |  |  |  |  |
Total |  | $ | (47) |  |  | $ | (50) |  |  | $ | (90) |  |  | $ | (96) |  |  |  |  |
Net unrealized gains (losses) on derivative instruments and other |  | $ | (18) |  |  | $ | (31) |  |  | $ | (37) |  |  | $ | (65) |  |  |  |  | Interest and fees on loans; Interest on short- and long-term borrowings
Less: Income tax expense (benefit) |  | (5) |  |  | (8) |  |  | (9) |  |  | (16) |  |  |  |  |
Total |  | $ | (13) |  |  | $ | (23) |  |  | $ | (28) |  |  | $ | (49) |  |  |  |  |

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