INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Schedule of Comprehensive Income Tax

Total income tax expense is presented below:

	Year Ended December 31,
(in millions)	2016			2015			2014
Income tax expense		$489			$423			$403
Tax effect of changes in OCI	(168		)	(12		)	154
Total comprehensive income tax expense		$321			$411			$557

Schedule of Components of Income Tax Expense

Components of income tax expense are presented below:

(in millions)	Current		Deferred			Total
Year Ended December 31, 2016
U.S. federal		$292		$159			$451
State and local	44		(6		)	38
Total		$336		$153			$489
Year Ended December 31, 2015
U.S. federal		$162		$225			$387
State and local	12		24			36
Total		$174		$249			$423
Year Ended December 31, 2014
U.S. federal		$224		$145			$369
State and local	38		(4		)	34
Total		$262		$141			$403

Schedule of Effective Income Tax Rate Reconciliation

The effective income tax rate differed from the U.S. federal income tax rate of 35% in 2016, 2015 and 2014 as presented below:

	Year Ended December 31,
	2016					2015					2014
(dollars in millions)	Amount			Rate		Amount			Rate		Amount			Rate
U.S. Federal income tax expense and tax rate		$537		35.0	%		$442		35.0	%		$444		35.0	%
Increase (decrease) resulting from:
State and local income taxes (net of federal benefit)	38			2.5		27			2.1		22			1.7
Bank-owned life insurance	(19		)	(1.2	)	(20		)	(1.6	)	(17		)	(1.3	)
Tax-exempt interest	(19		)	(1.3	)	(17		)	(1.3	)	(15		)	(1.2	)
Tax advantaged investments (including related credits)	(31		)	(2.0	)	(16		)	(1.2	)	(27		)	(2.1	)
Other tax credits	(14		)	(0.9	)	—			—		—			—
Non-deductible expenses	—			—		8			0.6		—			—
Other	(3		)	(0.2	)	(1		)	(0.1	)	(4		)	(0.3	)
Total income tax expense and tax rate		$489		31.9	%		$423		33.5	%		$403		31.8	%

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities are presented below:

	December 31,
(in millions)	2016				2015
Deferred tax assets:
Other comprehensive income		$409				$241
Allowance for credit losses	471				465
State net operating loss carryforwards	75				137
Accrued expenses not currently deductible	129				135
Investment and other tax credit carryforwards	52				—
Deferred income	22				40
Fair value adjustments	40				36
Other	—				5
Total deferred tax assets	1,198				1,059
Valuation allowance	(107		)		(123		)
Deferred tax assets, net of valuation allowance	1,091				936
Deferred tax liabilities:
Leasing transactions	881				882
Amortization of intangibles	522				455
Depreciation	234				213
Pension and other employee compensation plans	103				69
MSRs	49				47
Other	16			—	—
Total deferred tax liabilities	1,805				1,666
Net deferred tax liability		$714				$730

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending amount of unrecognized tax benefits is presented below:

	December 31,
(in millions)	2016			2015			2014
Balance at the beginning of the year		$62			$72			$33
Gross decrease for tax positions related to prior years	(19		)	(6		)	—
Gross increase for tax positions related to prior years	1			—			60
Decreases for tax positions as a result of the lapse of the statutes of limitations	(2		)	(3		)	(1		)
Decreases for tax positions related to settlements with taxing authorities	—			(1		)	(20		)
Balance at end of year		$42			$62			$72