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RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
 3 Months Ended
Mar. 31, 2017
Equity [Abstract]  
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The following table presents the changes in the balances, net of income taxes, of each component of AOCI:
 
 
As of and for the three months ended March 31,
(in millions)
Net Unrealized (Losses) Gains on Derivatives
 
Net Unrealized (Losses) Gains on Securities
 
Employee Benefit Plans
 
Total AOCI

Balance at January 1, 2016

$10

 

($28
)
 

($369
)
 

($387
)
Other comprehensive income before reclassifications
33

 
154

 
—

 
187

Other-than-temporary impairment not recognized in earnings on securities
—

 
(25
)
 
—

 
(25
)
Amounts reclassified from other comprehensive (loss) income
(8
)
 
(5
)
 
2

 
(11
)
Net other comprehensive income
25

 
124

 
2

 
151

Balance at March 31, 2016

$35

 

$96

 

($367
)
 

($236
)
Balance at January 1, 2017

($88
)
 

($186
)
 

($394
)
 

($668
)
Other comprehensive income before reclassifications
(3
)
 
5

 
—

 
2

Other-than-temporary impairment not recognized in earnings on securities
—

 
(12
)
 
—

 
(12
)
Amounts reclassified from other comprehensive (loss) income
(6
)
 
(2
)
 
3

 
(5
)
Net other comprehensive (loss) income
(9
)
 
(9
)
 
3

 
(15
)
Balance at March 31, 2017

($97
)
 

($195
)
 

($391
)
 

($683
)


The following table presents the amounts reclassified out of each component of AOCI and into the Consolidated Statements of Operations:
 
Three Months Ended March 31,
 
(in millions)
2017

 
2016

 
Details about AOCI Components
 
 
 
Affected Line Item in the Consolidated Statements of Operations
Reclassification adjustment for net derivative gains included in net income:

$12

 

$22

Interest income
 
(2
)
 
(8
)
Interest expense
 
10

 
14

Income before income tax expense
 
4

 
6

Income tax expense
 

$6

 

$8

Net income
Reclassification of net securities gains to net income:

$4

 

$9

Securities gains, net
 
(1
)
 
(1
)
Net securities impairment losses recognized in earnings
 
3

 
8

Income before income tax expense
 
1

 
3

Income tax expense
 

$2

 

$5

Net income
Reclassification of changes related to defined benefit pension plans:

($5
)
 

($4
)
Salaries and employee benefits
 
(5
)
 
(4
)
Income before income tax expense
 
(2
)
 
(2
)
Income tax expense
 

($3
)
 

($2
)
Net income
Total reclassification gains

$5

 

$11

Net income
The following table presents the effects on net income of the amounts reclassified out of AOCI:
 
Three Months Ended March 31,
(in millions)
2017

 
2016

Net interest income (includes $10 and $14 of AOCI reclassifications, respectively)

$1,005

 

$904

Provision for credit losses
96

 
91

Noninterest income (includes $3 and $8 of AOCI reclassifications, respectively)
379

 
330

Noninterest expense (includes $5 and $4 of AOCI reclassifications, respectively)
854

 
811

Income before income tax expense
434

 
332

Income tax expense (includes $3 and $7 income tax net expense from reclassification items, respectively)
114

 
109

Net income

$320

 

$223