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Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2019
Retirement Benefits [Abstract]  
Components of Net Periodic Benefit Cost
Year Ended December 31,
(Dollars in millions)
Location201920182017
Net periodic pension cost:   
Service costPersonnel expense$214  $238  $200  
Interest costOther expense226  201  192  
Estimated return on plan assetsOther expense(460) (448) (372) 
Net amortization and otherOther expense111  81  75  
Net periodic benefit cost91  72  95  
Pre-tax amounts recognized in OCI:         
Prior service credit (cost)—  —  30  
Net actuarial loss (gain)62  289  137  
Net amortization(110) (81) (75) 
Net amount recognized in OCI(48) 208  92  
Total net periodic pension costs (income) recognized in total comprehensive income, pre-tax
$43  $280  $187  
Weighted average assumptions used to determine net periodic pension cost:
Discount rate4.43 %3.79 %4.43 %
Expected long-term rate of return on plan assets7.00  7.00  7.00  
Assumed long-term rate of annual compensation increases4.50  4.50  4.50  
Schedule of Changes in Projected Benefit Obligations
Activity in the projected benefit obligation is presented in the following table:
Year Ended December 31,
(Dollars in millions)
Qualified PlanNonqualified Plans
2019201820192018
Projected benefit obligation, January 1$4,697  $4,939  $386  $387  
Service cost199  222  15  16  
Interest cost209  186  17  15  
Actuarial (gain) loss1,049  (537) 79  (19) 
Benefits paid(125) (113) (13) (13) 
Acquisitions—  —  —  —  
Projected benefit obligation, December 31$6,029  $4,697  $484  $386  
Accumulated benefit obligation, December 31$5,069  $4,035  $359  $293  
Weighted average assumptions used to determine projected benefit obligations:
Weighted average assumed discount rate3.45 %4.43 %3.45 %4.43 %
Assumed rate of annual compensation increases4.50  4.50  4.50  4.50  
Schedule of Changes in Fair Value of Plan Assets
Activity in plan assets is presented in the following table:
Year Ended December 31,
(Dollars in millions)
Qualified PlanNonqualified Plans
2019201820192018
Fair value of plan assets, January 1$5,968  $6,309  $—  $—  
Actual return on plan assets1,525  (397) —  —  
Employer contributions876  169  13  13  
Benefits paid(125) (113) (13) (13) 
Fair value of plan assets, December 31$8,244  $5,968  $—  $—  
Funded status, December 31$2,215  $1,271  $(484) $(386) 
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
The following are the pre-tax amounts recognized in AOCI:
Year Ended December 31,
(Dollars in millions)
Qualified PlanNonqualified Plans
2019201820192018
Prior service credit (cost)$(114) $(140) $96  $115  
Net actuarial loss(1,246) (1,349) (217) (156) 
Net amount recognized$(1,360) $(1,489) $(121) $(41) 
The following table presents the amount expected to be amortized from AOCI into net periodic pension cost during 2020:
(Dollars in millions)Qualified PlanNonqualified Plans
Net actuarial loss$(45) $(25) 
Prior service credit (cost)(25) 19  
Net amount expected to be amortized$(70) $(6) 
Schedule of Expected Benefit Payments
The following table reflects the estimated benefit payments for the periods presented:
(Dollars in millions)Qualified PlanNonqualified Plans
2020$139  $16  
2021153  17  
2022167  18  
2023181  19  
2024196  20  
2025-20291,219  120  
Schedule of Allocation of Plan Assets The fair values of pension plan assets by asset category for the qualified plan are reflected in the table below. Amounts carried using net asset values and accrued income are excluded from the table.
December 31,
(Dollars in millions)
Target Allocation20192018
MinMaxTotalLevel 1Level 2TotalLevel 1Level 2
Cash and cash-equivalents$196  $196  $—  $21  $21  $—  
U.S. equity securities (1)30 %50 %3,489  1,782  1,707  2,323  1,204  1,119  
International equity securities11  18  1,094  250  844  797  161  636  
Fixed income securities35  53  3,105  11  3,094  2,528  11  2,517  
Total$7,884  $2,239  $5,645  $5,669  $1,397  $4,272  
Schedule of Allocation of Plan Assets Inactive Plans
The fair values of pension plan assets by asset category for the qualified plan are reflected in the table below.
December 31,
(Dollars in millions)
Target Allocation2019
MinMaxTotalLevel 1Level 2
Cash and cash-equivalents— %10 %$99  $99  $—  
U.S. equity securities30  60  1,847  1,847  —  
International equity securities—  15  658  78  580  
Fixed income securities20  60  1,524  —  1,524  
Total$4,128  $2,024  $2,104  
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) Inactive Plans
The following are the pre-tax amounts recognized in AOCI:
Year Ended December 31,
(Dollars in millions)
Qualified PlanNonqualified Plans
20192019
Net actuarial (loss) gain$28  $—  
Net amount recognized$28  $—  
Schedule of Net Benefit Costs Inactive Plans
Financial data relative to qualified and nonqualified defined benefit pension plans is summarized in the following tables.
Year Ended December 31,
(Dollars in millions)
Location2019
Net periodic pension cost:
Interest costOther expense$ 
Estimated return on plan assetsOther expense(21) 
Net periodic benefit cost (income)(14) 
Pre-tax amounts recognized in OCI:
Net actuarial loss (gain)(28) 
Net amount recognized in OCI(28) 
Total net periodic pension cost (income) recognized in total comprehensive income, pre-tax$(42) 
Weighted average assumptions used to determine net periodic pension cost:
Discount rate3.22 %
Expected long-term rate of return on plan assets6.90  
us-gaap_ScheduleOfChangesInProjectedBenefitObligationsTableTextBlock
Activity in the projected benefit obligation is presented in the following table:
Year Ended December 31,
(Dollars in millions)
Qualified PlanNonqualified Plans
20192019
Projected benefit obligation, December 6$2,800  $72  
Interest cost —  
Actuarial loss (gain)(7) —  
Benefits paid(10) —  
Special termination benefits—   
Projected benefit obligation, December 31$2,790  $73  
Accumulated benefit obligation, December 31$2,790  $73  
Weighted average assumptions used to determine projected benefit obligations:
Weighted average assumed discount rate3.22 %3.22 %
us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
The following table reflects the estimated benefit payments for the periods presented:
(Dollars in millions)Qualified PlanNonqualified Plans
2020$183  $10  
2021162   
2022162   
2023160   
2024158   
2025-2029775  21  
us-gaap_ScheduleOfChangesInFairValueOfPlanAssetsTableTextBlock
Activity in plan assets is presented in the following table:
Year Ended December 31,
(Dollars in millions)
Qualified PlanNonqualified Plans
20192019
Fair value of plan assets, December 6$3,303  $—  
Actual return on plan assets42  —  
Employer contributions820  —  
Benefits paid(10) —  
Fair value of plan assets, December 31$4,155  $—  
Funded status, December 31$1,365  $(73) 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable
The following table provides a summary of the equity-based compensation plans:
December 31, 2019
Shares available for future grants (in thousands)26,871  
Vesting period, minimum1.0 year
Vesting period, maximum5.0 years
Summary of Selected Data Related to Equity-based Compensation Costs
A summary of selected data related to equity-based compensation costs follows:
As of / For the Year Ended December 31,
(Dollars in millions)
201920182017
Equity-based compensation expense$165  $141  $132  
Income tax benefit from equity-based compensation expense38  34  34  
Intrinsic value of options exercised, and RSUs and PSUs that vested during the year216  260  261  
Grant date fair value of equity-based awards that vested during the year134  139  116  
Unrecognized compensation cost related to equity-based awards274  135  132  
Weighted-average life over which compensation cost is expected to be recognized2.3 years2.4 years2.4 years
Rollforward of RSUs, PSUs and Restricted Shares
The following table presents the heritage BB&T activity related to awards of RSUs, PSUs and restricted shares:
(Shares in thousands)Units/SharesWtd. Avg. Grant Date Fair Value
Nonvested at January 1, 2019  12,060  $38.03  
Granted3,950  44.44  
Vested(3,732) 35.78  
Forfeited(430) 42.45  
Nonvested at December 31, 2019  11,848  40.71  

The following table presents the heritage SunTrust activity related to awards of RSUs and restricted shares. This table excludes an immaterial amount of stock options.
(Shares in thousands)Units/SharesWtd. Avg. Grant Date Fair Value
Nonvested at December 6, 2019  8,221  $54.24  
Vested(8) 54.24  
Nonvested at December 31, 2019  8,213  54.24