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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Schedule of Changes in Projected Benefit Obligations, Plan Assets And Funded Status
The following table provides the changes in benefit obligations, assets and the funded status of the Plans at December 31, 2022 and 2021.
Obligations and Funded Status

Retirement PlansPostretirement Plans
dollars in millions202220212022
Change in benefit obligation
Projected benefit obligation at January 1$1,056 $1,078 $— 
Projected benefit obligation of acquired plans389 — 28 
Service cost14 15 — 
Interest cost43 30 — 
Actuarial (gain) loss(324)(31)— 
Benefits paid(63)(36)(1)
Plan termination— — (27)
Projected benefit obligation at December 311,115 1,056 — 
Change in plan assets
Fair value of plan assets at January 11,345 1,236 — 
Fair value of plan assets of acquired plans386 — — 
Actual (loss) return on plan assets(270)145 — 
Benefits paid(57)(36)— 
Fair value of plan assets at December 311,404 1,345 — 
Funded status at December 31$289 $289 $— 
Information for pension plans with a benefit obligation in excess of plan assets
Projected and accumulated benefit obligations$54 $— $— 
Schedule of Amounts Recognized in Accumulated Other Comprehensive Income
The following table details the amounts recognized in accumulated other comprehensive income, before income taxes, at December 31, 2022 and 2021. See Note 18 — Accumulated Other Comprehensive (Loss) Income for additional information.
Retirement PlansPostretirement Plans
dollars in millions202220212022
Net actuarial gain$13 $34 $— 
Schedule of Net Benefit Costs
The following table shows the components of periodic benefit cost related to the Plans and changes in assets and benefit obligations of the Plans recognized in other comprehensive income, before income taxes, for the years ended December 31, 2022, 2021 and 2020. See Note 18 — Accumulated Other Comprehensive (Loss) Income for additional information.

Net Periodic Benefit Costs and Other AmountsRetirement PlansPostretirement Plans
Year ended December 31Year ended December 31
dollars in millions2022202120202022
Service cost$14 $15 $14 $— 
Interest cost43 30 34 — 
Expected return on assets(87)(78)(65)— 
Net prior service credit amortization— — — (27)
Amortization of net actuarial loss12 27 25 — 
Total net periodic (benefit) cost(18)(6)8 (27)
Current year actuarial loss (gain)33 (98)(55)— 
Amortization of actuarial loss(12)(27)(25)— 
Current year amortization of prior service cost— — — 27 
Amortization of prior service cost— — — (27)
Net loss (gain) recognized in other comprehensive income21 (125)(80)— 
Total recognized in net periodic benefit cost and other comprehensive income$3 $(131)$(72)$(27)
Schedule of Defined Benefit Plan Assumptions
The assumptions used to determine the benefit obligations at December 31, 2022 and 2021 are as follows:
Weighted Average AssumptionsRetirement PlansPostretirement Plans
202220212022
Discount rate5.57 %3.04 %N/A
Rate of compensation increase5.60 5.60 N/A
Interest crediting rate(1)
4.25 N/AN/A
(1) Specific to cash investments in the CIT Pension Plan.
The assumptions used to determine the net periodic benefit cost for the years ended December 31, 2022, 2021 and 2020, are as follows:
Weighted Average AssumptionsRetirement PlansPostretirement Plans
2022202120202022
Discount rate3.03 %2.76 %3.46 %3.02 %
Rate of compensation increase5.60 5.60 5.60 N/A
Expected long-term return on plan assets5.87 7.50 7.50 N/A
Interest crediting rate(1)
1.50 N/AN/AN/A
(1) Specific to cash investments in the CIT Pension Plan.
Schedule of Fair Value and Allocation of Plan Assets
The following tables summarize the fair values and fair value hierarchy for the assets of the Pension Plans at December 31, 2022 and 2021.

Fair Value MeasurementsDecember 31, 2022
dollars in millionsMarket ValueLevel 1Level 2Level 3
Not Classified(1)
Weighted Average Target Allocation Pension PlansActual %
of Plans'
Assets
Cash and equivalents$25 $25 $— $— $— 
0 - 5%
2 %
Equity securities
25 - 60%
46 %
Common and preferred stock88 88 — — — 
Mutual funds181 181 — — — 
Exchange traded funds376 376 — — — 
Fixed income
25 - 60%
31 %
U.S. government and government agency securities198 — 198 — — 
Corporate bonds233 — 233 — — 
Alternative investments
0 - 30%
21 %
Common collective trust, measured at NAV302 — — — 302 
Limited partnerships1 — — — 1 
Total pension assets$1,404 $670 $431 $— $303 100 %
(1) These investments have been measured using the net asset value per share practical expedient and are not required to be classified in the table above.
December 31, 2021
Market ValueLevel 1Level 2Level 3Target AllocationActual %
of Plan
Assets
Cash and equivalents$17 $17 $— $— 
0 - 5%
1 %
Equity securities
30 - 70%
61 %
Common and preferred stock76 76 — — 
Mutual funds482 482 — — 
Exchange traded funds263 263 — — 
Fixed income
15 - 45%
38 %
U.S. government and government agency securities228 — 228 — 
Corporate bonds279 3 276 — 
Total pension assets$1,345 $841 $504 $— 100 %
Schedule of Expected Benefit Payments
The following table presents estimated future benefits projected to be paid for the next ten years from the Pension Plans’ assets or from the Company's general assets calculated using current actuarial assumptions. Actual benefit payments may differ from projected benefit payments.
Projected Benefits
dollars in millions
Retirement Plans
2023$72 
202474 
202577 
202679 
202782 
2028-2032420 
Schedule of Accrued Liabilities
The following table provides the accrued liability as of December 31, 2022 and 2021, and the changes in the accrued liability during the years then ended:
dollars in millions20222021
Accrued liability as of January 1$39 $43 
Accrued liability of acquired banks2 — 
Discount rate adjustment(2)(1)
Benefit expense and interest cost2 2 
Benefits paid(5)(5)
Benefits forfeited— — 
Accrued liability as of December 31$36 $39 
Discount rate at December 314.67 %3.04 %
Schedule of Nonvested Restricted Stock Units Activity
Stock-Settled Awards Outstanding
share amounts in whole dollars
Stock-Settled Awards
Number of Shares
Weighted Average Grant Date Value (1)
Unvested BancShares at December 31, 2021— $— 
Unvested CIT RSUs converted to BancShares RSUs at Merger Date116,958 859.76 
Unvested CIT PSUs converted to BancShares RSUs at Merger Date10,678 859.76 
Forfeitures(5,194)859.76 
Vested / settled awards(79,453)859.76 
Unvested BancShares RSUs at December 31, 202242,989 $859.76 
(1) Represents the share price of BancShares as of the CIT Merger Date.