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Derivative and Hedging Activities (Tables) | 3 Months Ended
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Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Cumulative Basis Adjustment for Fair Value Hedges | As of March 31, 2022, and December 31, 2021 the following amounts were recorded on the balance sheet related to cumulative basis adjustment for fair value hedges:
(in millions) |  | March 31, 2022 |  |  |  | December 31, 2021 |
Line Item in the Consolidated Statements of Condition in which the Hedge Item is Included |  | Carrying Amount of the Hedged Assets |  |  |  | Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged Assets |  |  |  | Carrying Amount of the Hedged Assets |  |  |  | Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged Assets |
Total loans and leases, net (1) | $ |  | - |  |  | $ |  | - |  |  | $ |  | 2,025 |  |  | $ |  | 25 |
(1) These amounts include the amortized cost basis of closed portfolios used to designate hedging relationships in which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. Since the swap expired in February 2022, at March 31, 2022, the amortized cost basis of the closed portfolios used in these hedging relationships; the cumulative basis adjustments associated with these hedging relationships; and the amount of the designated hedged items were $0.
Effect of Derivative Instruments on Consolidated Statements of Income and Comprehensive Income | The following table sets forth the effect of derivative instruments on the Consolidated Statements of Income and Comprehensive Income for the periods indicated.
(in millions) | For the Three Months Ended March 31, 2022 |  |  | For the Three Months Ended March 31, 2021 |
Derivative – interest rate swap: |  |  |  |  |
Interest income | $ | 25 |  |  | $ | 25 |
Hedged item – loans: |  |  |  |  |
Interest income | $ | (25 | ) |  | $ | (25 | )
Information about Interest Rate Swaps Designated as Cash Flow Hedges | The following table summarizes information about the interest rate swaps designated as cash flow hedges at March 31, 2022 and December 31, 2021:
(dollars in millions) |  | March 31, 2022 |  |  | December 31, 2021 |
Notional amounts |  | $ | 2,050 |  |  | $ | 2,250 |
Cash collateral received (posted) |  |  | 9 |  |  |  | (12 | )
Weighted average pay rates |  |  | 1.34 | % |  |  | 1.27 | %
Weighted average receive rates |  |  | 0.61 | % |  |  | 0.18 | %
Weighted average maturity |  | 0.7 years |  |  | 0.9 years |
Effect of Cash Flow Derivative Instruments on AOCL | The following table presents the effect of the Company's cash flow derivative instruments on AOCL for the three months ended March 31, 2022 and 2021:
(in millions) |  | For the Three Months Ended March 31, 2022 |  |  | For the Three Months Ended March 31, 2021 |
Amount of (loss) gain recognized in AOCL |  | $ | 16 |  |  | $ | 5 |
Amount of reclassified from AOCL to interest expense |  |  | 6 |  |  |  | 6 |

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- Definition Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
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- Definition Tabular disclosure of the effective portion of the gains and losses on derivative instruments designated (and non-derivative instruments) designated and qualifying in cash flow hedges and net investment hedges that was recognized in other comprehensive income (loss) during the current period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 + Details
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