Long-Term Debt and Shareholders' Equity (Tables)

9 Months Ended

Sep. 30, 2021

Debt And Equity [Abstract]

Schedule of Long-term Debt

The long-term debt carrying values in the following schedule represent the par value of the debt, adjusted for any unamortized premium or discount, unamortized debt issuance costs, and basis adjustments for interest rate swaps designated as fair value hedges.

LONG-TERM DEBT

(In millions)	September 30, 2021		December 31, 2020		Amount change		Percent change
Subordinated notes	$	593	$	619	$	(26)	(4)	%
Senior notes	423		713		(290)		(41)
Finance lease obligations	4		4		—		—
Total	$	1,020	$	1,336	$	(316)	(24)	%

Schedule of Changes in Accumulated Other Comprehensive Income

Changes in AOCI by component are as follows:

(In millions)	Net unrealized gains (losses) on investment securities		Net unrealized gains (losses) on derivatives and other		Pension and post-retirement		Total
Nine Months Ended September 30, 2021
Balance at December 31, 2020	$	258	$	69	$	(2)	$	325
OCI (loss) before reclassifications, net of tax	(225)		(1)		—		(226)
Amounts reclassified from AOCI, net of tax	—		(35)		—		(35)
Other comprehensive income (loss)	(225)		(36)		—		(261)
Balance at September 30, 2021	$	33	$	33	$	(2)	$	64
Income tax benefit included in other comprehensive income (loss)	$	(73)	$	(12)	$	—	$	(85)
Nine Months Ended September 30, 2020
Balance at December 31, 2019	$	29	$	28	$	(14)	$	43
OCI before reclassifications, net of tax	228		72		13		313
Amounts reclassified from AOCI, net of tax	—		(24)		—		(24)
Other comprehensive income	228		48		13		289
Balance at September 30, 2020	$	257	$	76	$	(1)	$	332
Income tax expense included in OCI	$	75	$	16	$	4	$	95

Reclassification out of Accumulated Other Comprehensive Income

	Amounts reclassified from AOCI 1				Amounts reclassified from AOCI 1				Statement of income (SI)
(In millions)	Three Months Ended September 30,				Nine Months Ended September 30,
Details about AOCI components	2021		2020		2021		2020			Affected line item
Net unrealized gains on derivative instruments	$	16	$	16	$	46	$	32	SI	Interest and fees on loans
Income tax expense	4		4		11		8
Amounts reclassified from AOCI	$	12	$	12	$	35	$	24

1 Positive reclassification amounts indicate increases to earnings in the income statement.