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Long-Term Debt and Shareholders' Equity
 6 Months Ended
Jun. 30, 2024
Debt And Equity [Abstract]  
LONG-TERM DEBT AND SHAREHOLDERS' EQUITY LONG-TERM DEBT AND SHAREHOLDERS’ EQUITY
Long-Term Debt
The long-term debt carrying values presented on the consolidated balance sheet 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.
The following schedule presents the components of our long-term debt:
LONG-TERM DEBT
(In millions)June 30,
2024		December 31, 2023
Subordinated notes 1
$542 $538 
Finance lease obligations4 4 
Total$546 $542 
1 The change in the subordinated notes balance is primarily due to a fair value hedge accounting adjustment. See also Note 7.
Shareholders' Equity
Our common stock is traded on the National Association of Securities Dealers Automated Quotations (“NASDAQ”) Global Select Market. At June 30, 2024, there were 147.7 million shares of $0.001 par value common stock outstanding. Common stock and additional paid-in capital was $1.7 billion at both June 30, 2024 and December 31, 2023.
The AOCI balance was a loss of $2.5 billion at June 30, 2024, and primarily reflects the decline in the fair value of fixed-rate investment securities as a result of higher interest rates, and includes $2.0 billion ($1.5 billion after tax) of unrealized losses on the securities previously transferred from AFS to HTM. The following schedule presents the changes in AOCI by major component:
(In millions)Net unrealized gains/(losses) on investment securitiesNet unrealized gains/(losses) on derivatives and otherPension and post-retirementTotal
Six Months Ended June 30, 2024
Balance at December 31, 2023$(2,526)$(165)$(1)$(2,692)
Other comprehensive income (loss) before reclassifications, net of tax
(2)— — (2)
Amounts reclassified from AOCI, net of tax96 49 — 145 
Other comprehensive income94 49 — 143 
Balance at June 30, 2024$(2,432)$(116)$(1)$(2,549)
Income tax expense included in OCI
$31 $16 $— $47 
Six Months Ended June 30, 2023
Balance at December 31, 2022$(2,800)$(311)$(1)$(3,112)
Other comprehensive income (loss) before reclassifications, net of tax
(9)21 — 12 
Amounts reclassified from AOCI, net of tax103 67 — 170 
Other comprehensive income 94 88 — 182 
Balance at June 30, 2023$(2,706)$(223)$(1)$(2,930)
Income tax expense included in OCI
$31 $28 $— $59 
Amounts reclassified from AOCI
(In millions)Three Months Ended
June 30,		Six Months Ended
June 30,
AOCI components2024202320242023Affected line item on statement of income
Net unrealized gains (losses) on investment securities
$(67)$(72)$(128)$(137)Securities gains (losses), net
Less: Income tax expense (benefit)(17)(18)(32)(34)
Total$(50)$(54)$(96)$(103)
Net unrealized gains (losses) on derivative instruments
$(31)$(40)$(65)$(89)Interest and fees on loans; Interest on short- and long-term borrowings
Less: Income tax expense (benefit)(8)(10)(16)(22)
Total$(23)$(30)$(49)$(67)