| Schedule of Accumulated OCI |
The table below presents the changes in accumulated OCI after-tax for 2023, 2022 and 2021.
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| (Dollars in millions) |
Debt Securities |
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Debit Valuation Adjustments |
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Derivatives |
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Employee
Benefit Plans
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Foreign
Currency
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Total |
| Balance, December 31, 2020 |
$ |
5,122 |
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$ |
(1,992) |
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$ |
426 |
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$ |
(4,266) |
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$ |
(946) |
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$ |
(1,656) |
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| Net change |
(2,077) |
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|
356 |
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(2,306) |
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624 |
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(45) |
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(3,448) |
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| Balance, December 31, 2021 |
$ |
3,045 |
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$ |
(1,636) |
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$ |
(1,880) |
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$ |
(3,642) |
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$ |
(991) |
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$ |
(5,104) |
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| Net change |
(6,028) |
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|
755 |
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(10,055) |
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(667) |
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(57) |
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(16,052) |
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| Balance, December 31, 2022 |
$ |
(2,983) |
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$ |
(881) |
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$ |
(11,935) |
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$ |
(4,309) |
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$ |
(1,048) |
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$ |
(21,156) |
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| Net change |
573
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(686) |
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3,919
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(439) |
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1
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3,368
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| Balance, December 31, 2023 |
$ |
(2,410) |
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$ |
(1,567) |
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$ |
(8,016) |
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$ |
(4,748) |
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$ |
(1,047) |
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$ |
(17,788) |
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| Schedule of Amounts Recognized in Other Comprehensive Income (Loss) |
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 2023, 2022 and 2021.
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Pretax |
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Tax
effect |
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After-
tax |
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Pretax |
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Tax
effect |
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After-
tax |
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Pretax |
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Tax effect |
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After-
tax |
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| (Dollars in millions) |
2023 |
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2022 |
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2021 |
| Debt securities: |
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| Net increase (decrease) in fair value |
$ |
348
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$ |
(79) |
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$ |
269
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$ |
(7,995) |
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$ |
1,991 |
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$ |
(6,004) |
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$ |
(2,749) |
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$ |
689 |
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$ |
(2,060) |
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Net realized (gains) losses reclassified into earnings (1)
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405
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(101) |
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304
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(32) |
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8 |
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(24) |
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(22) |
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5 |
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(17) |
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| Net change |
753
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(180) |
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573
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(8,027) |
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1,999 |
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(6,028) |
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(2,771) |
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694 |
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(2,077) |
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| Debit valuation adjustments: |
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| Net increase (decrease) in fair value |
(917) |
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223
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(694) |
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980 |
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(237) |
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743 |
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449 |
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(103) |
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346 |
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Net realized (gains) losses reclassified into earnings (1)
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11
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(3) |
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8
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16 |
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(4) |
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12 |
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13 |
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(3) |
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10 |
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| Net change |
(906) |
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220
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(686) |
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996 |
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(241) |
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755 |
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462 |
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(106) |
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356 |
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| Derivatives: |
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| Net increase (decrease) in fair value |
2,064
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(514) |
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1,550
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(13,711) |
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3,430 |
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(10,281) |
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(2,849) |
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703 |
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(2,146) |
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Reclassifications into earnings: |
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| Net interest income |
1,153
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(288) |
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865
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332 |
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(84) |
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248 |
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(166) |
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48 |
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(118) |
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| Market making and similar activities |
2,031
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(508) |
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1,523
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— |
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— |
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— |
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— |
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— |
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— |
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| Compensation and benefits expense |
(25) |
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6
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(19) |
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(29) |
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7 |
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(22) |
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(55) |
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13 |
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(42) |
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| Net realized (gains) losses reclassified into earnings |
3,159
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(790) |
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2,369
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|
303 |
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(77) |
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226 |
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(221) |
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61 |
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(160) |
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| Net change |
5,223
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(1,304) |
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3,919
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(13,408) |
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3,353 |
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(10,055) |
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(3,070) |
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764 |
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(2,306) |
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| Employee benefit plans: |
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| Net increase (decrease) in fair value |
(642) |
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162
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(480) |
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(1,103) |
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276 |
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(827) |
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463 |
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(72) |
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391 |
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Net actuarial losses and other reclassified into earnings (2)
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56
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(16) |
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40
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|
198 |
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(49) |
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149 |
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295 |
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(67) |
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228 |
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| Settlements, curtailments and other |
1
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—
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1
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11 |
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— |
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11 |
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5 |
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— |
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5 |
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| Net change |
(585) |
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146
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(439) |
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(894) |
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227 |
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(667) |
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|
763 |
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(139) |
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|
624 |
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| Foreign currency: |
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| Net increase (decrease) in fair value |
(177) |
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|
192
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15
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|
332 |
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(390) |
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(58) |
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|
296 |
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(341) |
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(45) |
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Net realized (gains) losses reclassified into earnings (1)
|
(48) |
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34
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(14) |
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— |
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1 |
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1 |
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(5) |
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5 |
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— |
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| Net change |
(225) |
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|
226
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1
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|
332 |
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(389) |
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(57) |
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|
291 |
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(336) |
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|
(45) |
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| Total other comprehensive income (loss) |
$ |
4,260
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$ |
(892) |
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$ |
3,368
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$ |
(21,001) |
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$ |
4,949 |
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$ |
(16,052) |
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$ |
(4,325) |
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$ |
877 |
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$ |
(3,448) |
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(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.
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