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RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
 6 Months Ended
Jun. 30, 2019
Equity [Abstract]  
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
NOTE 10 - RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The following tables present the changes in the balances, net of income taxes, of each component of AOCI:
 
 
As of and for the Three Months Ended June 30,
(in millions)
Net Unrealized (Losses) Gains on Derivatives
 
Net Unrealized (Losses) Gains on Debt Securities
 
Employee Benefit Plans
 
Total AOCI
Balance at April 1, 2018

($193
)
 

($514
)
 

($438
)
 

($1,145
)
Other comprehensive loss before reclassifications
(13
)
 
(60
)
 
—

 
(73
)
Other-than-temporary impairment not recognized in earnings on debt securities
—

 
—

 
—

 
—

Amounts reclassified to the Consolidated Statements of Operations
6

 
(1
)
 
3

 
8

Net other comprehensive (loss) income
(7
)
 
(61
)
 
3

 
(65
)
Balance at June 30, 2018

($200
)
 

($575
)
 

($435
)
 

($1,210
)
Balance at April 1, 2019

($89
)
 

($244
)
 

($460
)
 

($793
)
Other comprehensive income before reclassifications
68

 
221

 
—

 
289

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

 
1

 
—

 
1

Amounts reclassified to the Consolidated Statements of Operations
15

 
(3
)
 
3

 
15

Net other comprehensive income
83

 
219

 
3

 
305

Balance at June 30, 2019

($6
)
 

($25
)
 

($457
)
 

($488
)

 
 
As of and for the Six Months Ended June 30,
(in millions)
Net Unrealized (Losses) Gains on Derivatives
 
Net Unrealized (Losses) Gains on Debt Securities
 
Employee Benefit Plans
 
Total AOCI
Balance at January 1, 2018

($143
)
 

($236
)
 

($441
)
 

($820
)
Other comprehensive loss before reclassifications
(65
)
 
(332
)
 
—

 
(397
)
Other-than-temporary impairment not recognized in earnings on debt securities
—

 
(1
)
 
—

 
(1
)
Amounts reclassified to the Consolidated Statements of Operations
8

 
(6
)
 
6

 
8

Net other comprehensive (loss) income
(57
)
 
(339
)
 
6

 
(390
)
Balance at June 30, 2018

($200
)
 

($575
)
 

($435
)
 

($1,210
)
Balance at January 1, 2019

($143
)
 

($490
)
 

($463
)
 

($1,096
)
Other comprehensive income before reclassifications
107

 
467

 
—

 
574

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

 
1

 
—

 
1

Amounts reclassified to the Consolidated Statements of Operations
30

 
(8
)
 
6

 
28

Net other comprehensive income
137

 
460

 
6

 
603

Cumulative effect of change in accounting standards
—

 
5

 
—

 
5

Balance at June 30, 2019

($6
)
 

($25
)
 

($457
)
 

($488
)

    
The following table presents the amounts reclassified out of each component of AOCI and into the Consolidated Statements of Operations:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
(in millions)
2019

 
2018

 
2019

 
2018

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

($20
)
 

($13
)
 

($40
)
 

($19
)
Interest income
 
1

 
4

 
1

 
8

Interest expense
 
(19
)
 
(9
)
 
(39
)
 
(11
)
Income before income tax expense
 
(4
)
 
(3
)
 
(9
)
 
(3
)
Income tax expense
 

($15
)
 

($6
)
 

($30
)
 

($8
)
Net income
Reclassification of net debt securities gains to net income:

$4

 

$2

 

$12

 

$10

Securities gains, net
 
—

 
(1
)
 
(1
)
 
(2
)
Net debt securities impairment losses recognized in earnings
 
4

 
1

 
11

 
8

Income before income tax expense
 
1

 
—

 
3

 
2

Income tax expense
 

$3

 

$1

 

$8

 

$6

Net income
Reclassification of changes related to the employee benefit plan:

($4
)
 

($4
)
 

($9
)
 

($8
)
Other operating expense
 
(4
)
 
(4
)
 
(9
)
 
(8
)
Income before income tax expense
 
(1
)
 
(1
)
 
(3
)
 
(2
)
Income tax expense
 

($3
)
 

($3
)
 

($6
)
 

($6
)
Net income
Total reclassification losses

($15
)
 

($8
)
 

($28
)
 

($8
)
Net income

The following table presents the effects on net income of the amounts reclassified out of AOCI:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
(in millions)
2019

 
2018

 
2019

 
2018

Net interest income (includes ($19),($9), ($39) and ($11) of AOCI reclassifications, respectively)

$1,166

 

$1,121

 

$2,326

 

$2,212

Provision for credit losses
97

 
85

 
182

 
163

Noninterest income (includes $4, $1, $11 and $8 of AOCI reclassifications, respectively)
462

 
388

 
890

 
759

Noninterest expense (includes $4, $4, $9 and $8 of AOCI reclassifications, respectively)
951

 
875

 
1,888

 
1,758

Income before income tax expense
580

 
549

 
1,146

 
1,050

Income tax expense (includes ($4), ($4), ($9) and ($3) income tax net expense from reclassification items, respectively)
127

 
124

 
254

 
237

Net income

$453

 

$425

 

$892

 

$813