Quarterly report pursuant to Section 13 or 15(d)

Accumulated Other Comprehensive Income (Loss)

v3.23.1
Accumulated Other Comprehensive Income (Loss)
 3 Months Ended
Mar. 31, 2023
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss)
The table below presents the changes in accumulated OCI after-tax for the three months ended March 31, 2023 and 2022.
(Dollars in millions) Debt Securities Debit Valuation Adjustments Derivatives
Employee
Benefit Plans
Foreign
Currency
 Total
Balance, December 31, 2021 $ 3,045  $ (1,636) $ (1,880) $ (3,642) $ (991) $ (5,104)
Net change (3,447) 261  (5,179) 24  28  (8,313)
Balance, March 31, 2022 $ (402) $ (1,375) $ (7,059) $ (3,618) $ (963) $ (13,417)
Balance, December 31, 2022 $ (2,983) $ (881) $ (11,935) $ (4,309) $ (1,048) $ (21,156)
Net change 555  10  2,042  10  12  2,629 
Balance, March 31, 2023 $ (2,428) $ (871) $ (9,893) $ (4,299) $ (1,036) $ (18,527)
The table below presents the net change in fair value recorded in accumulated OCI, net realized gains and losses reclassified into earnings and other changes for each component of OCI pre- and after-tax for the three months ended March 31, 2023 and 2022.
Pretax Tax
effect		 After-
tax		 Pretax Tax
effect		 After-
tax
Three Months Ended March 31
(Dollars in millions) 2023 2022
Debt securities:
Net increase (decrease) in fair value $ 521  $ (123) $ 398  $ (4,565) $ 1,123  $ (3,442)
Net realized (gains) losses reclassified into earnings (1)
210  (53) 157  (7) 2  (5)
Net change 731  (176) 555  (4,572) 1,125  (3,447)
Debit valuation adjustments:
Net increase (decrease) in fair value 9  (2) 7  343  (83) 260 
Net realized (gains) losses reclassified into earnings (1)
4  (1) 3  1  —  1 
Net change 13  (3) 10  344  (83) 261 
Derivatives:
Net increase (decrease) in fair value 2,568  (643) 1,925  (6,893) 1,719  (5,174)
Reclassifications into earnings:
Net interest income 161  (40) 121  6  (2) 4 
Compensation and benefits expense (5) 1  (4) (12) 3  (9)
Net realized (gains) losses reclassified into earnings 156  (39) 117  (6) 1  (5)
Net change 2,724  (682) 2,042  (6,899) 1,720  (5,179)
Employee benefit plans:
Net actuarial losses and other reclassified into earnings (2)
13  (3) 10  42  (18) 24 
Net change 13  (3) 10  42  (18) 24 
Foreign currency:
Net increase (decrease) in fair value (77) 89  12  80  (52) 28 
Net change (77) 89  12  80  (52) 28 
Total other comprehensive income (loss) $ 3,404  $ (775) $ 2,629  $ (11,005) $ 2,692  $ (8,313)
(1)    Reclassifications of pretax debt securities, DVA and foreign currency (gains) losses are recorded in other income in the Consolidated Statement of Income.
(2)    Reclassifications of pretax employee benefit plan costs are recorded in other general operating expense in the Consolidated Statement of Income.