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RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
 9 Months Ended
Sep. 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 September 30,
(in millions)
Net Unrealized (Losses) Gains on Derivatives
 
Net Unrealized (Losses) Gains on Debt Securities
 
Employee Benefit Plans
 
Total AOCI
Balance at July 1, 2018

($200
)
 

($575
)
 

($435
)
 

($1,210
)
Other comprehensive loss before reclassifications
(26
)
 
(95
)
 
—

 
(121
)
Other-than-temporary impairment not recognized in earnings on debt securities
—

 
—

 
—

 
—

Amounts reclassified to the Consolidated Statements of Operations
11

 
(2
)
 
4

 
13

Net other comprehensive (loss) income
(15
)
 
(97
)
 
4

 
(108
)
Balance at September 30, 2018

($215
)
 

($672
)
 

($431
)
 

($1,318
)
Balance at July 1, 2019

($6
)
 

($25
)
 

($457
)
 

($488
)
Other comprehensive (loss) income before reclassifications
(4
)
 
42

 
—

 
38

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

 
(1
)
 
—

 
(1
)
Amounts reclassified to the Consolidated Statements of Operations
10

 
(2
)
 
3

 
11

Net other comprehensive income
6

 
39

 
3

 
48

Balance at September 30, 2019

$—

 

$14

 

($454
)
 

($440
)

 
 
As of and for the Nine Months Ended September 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
(91
)
 
(427
)
 
—

 
(518
)
Other-than-temporary impairment not recognized in earnings on debt securities
—

 
(1
)
 
—

 
(1
)
Amounts reclassified to the Consolidated Statements of Operations
19

 
(8
)
 
10

 
21

Net other comprehensive (loss) income
(72
)
 
(436
)
 
10

 
(498
)
Balance at September 30, 2018

($215
)
 

($672
)
 

($431
)
 

($1,318
)
Balance at January 1, 2019

($143
)
 

($490
)
 

($463
)
 

($1,096
)
Other comprehensive income before reclassifications
103

 
509

 
—

 
612

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

 
—

 
—

 
—

Amounts reclassified to the Consolidated Statements of Operations
40

 
(10
)
 
9

 
39

Net other comprehensive income
143

 
499

 
9

 
651

Cumulative effect of change in accounting standards
—

 
5

 
—

 
5

Balance at September 30, 2019

$—

 

$14

 

($454
)
 

($440
)

    
The following table presents the amounts reclassified out of each component of AOCI and into the Consolidated Statements of Operations:
 
Three Months Ended September 30,
 
Nine Months Ended September 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:

($22
)
 

($17
)
 

($62
)
 

($36
)
Interest income
 
8

 
3

 
9

 
11

Interest expense
 
(14
)
 
(14
)
 
(53
)
 
(25
)
Income before income tax expense
 
(4
)
 
(3
)
 
(13
)
 
(6
)
Income tax expense
 

($10
)
 

($11
)
 

($40
)
 

($19
)
Net income
Reclassification of net debt securities gains to net income:

$3

 

$3

 

$15

 

$13

Securities gains, net
 
(1
)
 
(1
)
 
(2
)
 
(3
)
Net debt securities impairment losses recognized in earnings
 
2

 
2

 
13

 
10

Income before income tax expense
 
—

 
—

 
3

 
2

Income tax expense
 

$2

 

$2

 

$10

 

$8

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

($5
)
 

($5
)
 

($14
)
 

($13
)
Other operating expense
 
(5
)
 
(5
)
 
(14
)
 
(13
)
Income before income tax expense
 
(2
)
 
(1
)
 
(5
)
 
(3
)
Income tax expense
 

($3
)
 

($4
)
 

($9
)
 

($10
)
Net income
Total reclassification losses

($11
)
 

($13
)
 

($39
)
 

($21
)
Net income

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

 
2018

 
2019

 
2018

Net interest income (includes ($14),($14), ($53) and ($25) of AOCI reclassifications, respectively)

$1,145

 

$1,148

 

$3,471

 

$3,360

Provision for credit losses
101

 
78

 
283

 
241

Noninterest income (includes $2, $2, $13 and $10 of AOCI reclassifications, respectively)
493

 
416

 
1,383

 
1,175

Noninterest expense (includes $5, $5, $14 and $13 of AOCI reclassifications, respectively)
973

 
910

 
2,861

 
2,668

Income before income tax expense
564

 
576

 
1,710

 
1,626

Income tax expense (includes ($6), ($4), ($15) and ($7) income tax net expense from reclassification items, respectively)
115

 
133

 
369

 
370

Net income

$449

 

$443

 

$1,341

 

$1,256