INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Schedule of Comprehensive Income Tax

Total income tax expense is presented below:

	Year Ended December 31,
(in millions)	2017			2016			2015
Income tax expense		$260			$489			$423
Tax effect of changes in OCI	(7		)	(168		)	(12		)
Total comprehensive income tax expense		$253			$321			$411

Schedule of Components of Income Tax Expense

Components of income tax expense are presented below:

(in millions)	Current		Deferred			Total
Year Ended December 31, 2017
U.S. federal		$376		($142	)		$234
State and local	20		6			26
Total		$396		($136	)		$260
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

Schedule of Effective Income Tax Rate Reconciliation

The effective income tax rate differed from the U.S. federal income tax rate of 35% in 2017, 2016 and 2015 as presented below:

	Year Ended December 31,
	2017					2016					2015
(in millions, except ratio data)	Amount			Rate		Amount			Rate		Amount			Rate
U.S. Federal income tax expense and tax rate		$669		35.0	%		$537		35.0	%		$442		35.0	%
Increase (decrease) resulting from:
2017 Tax Legislation	(331		)	(17.3	%)	—			—		—			—
State and local income taxes (net of federal benefit)	46			2.4		38			2.5		27			2.1
Bank-owned life insurance	(19		)	(1.0	)	(19		)	(1.2	)	(20		)	(1.6	)
Tax-exempt interest	(21		)	(1.1	)	(19		)	(1.3	)	(17		)	(1.3	)
Tax advantaged investments (including related credits)	(51		)	(2.7	)	(31		)	(2.0	)	(16		)	(1.2	)
Other tax credits	(3		)	(0.1	)	(14		)	(0.9	)	—			—
Adjustments for uncertain tax positions	(23		)	(1.2	)	—			—		—			—
Non-deductible expenses	—			—		—			—		8			0.6
Other	(7		)	(0.4	)	(3		)	(0.2	)	(1		)	(0.1	)
Total income tax expense and tax rate		$260		13.6	%		$489		31.9	%		$423		33.5	%

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)	2017			2016
Deferred tax assets:
Other comprehensive income		$271			$409
Allowance for credit losses	310			471
State net operating loss carryforwards	88			75
Accrued expenses not currently deductible	40			129
Investment and other tax credit carryforwards	65			52
Deferred income	—			22
Fair value adjustments	27			40
Other	—			6
Total deferred tax assets	801			1,204
Valuation allowance	(105		)	(107		)
Deferred tax assets, net of valuation allowance	696			1,097
Deferred tax liabilities:
Leasing transactions	525			881
Amortization of intangibles	352			522
Depreciation	182			234
Pension and other employee compensation plans	110			103
Partnerships	37			22
Deferred Income	27			—
MSRs	34			49
Total deferred tax liabilities	1,267			1,811
Net deferred tax liability		$571			$714

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)	2017			2016			2015
Balance at the beginning of the year		$42			$62			$72
Gross decrease for tax positions related to prior years	(27		)	(19		)	(6		)
Gross increase for tax positions related to prior years	—			1			—
Decreases for tax positions as a result of the lapse of the statutes of limitations	(1		)	(2		)	(3		)
Decreases for tax positions related to settlements with taxing authorities	(9		)	—			(1		)
Balance at end of year		$5			$42			$62