Quarterly report pursuant to Section 13 or 15(d)

Accumulated Other Comprehensive Income (Loss)

v3.24.2
Accumulated Other Comprehensive Income (Loss)
 6 Months Ended
Jun. 30, 2024
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 six months ended June 30, 2024 and 2023.
(Dollars in millions) Debt Securities Debit Valuation Adjustments Derivatives
Employee
Benefit Plans
Foreign
Currency
 Total
Balance, December 31, 2022 $ (2,983) $ (881) $ (11,935) $ (4,309) $ (1,048) $ (21,156)
Net change 723  (394) 49  19  17  414 
Balance, June 30, 2023 $ (2,260) $ (1,275) $ (11,886) $ (4,290) $ (1,031) $ (20,742)
Balance, December 31, 2023 $ (2,410) $ (1,567) $ (8,016) $ (4,748) $ (1,047) $ (17,788)
Net change 27  (135) 270  48  (51) 159 
Balance, June 30, 2024 $ (2,383) $ (1,702) $ (7,746) $ (4,700) $ (1,098) $ (17,629)
The following table 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 six months ended June 30, 2024 and 2023.
Pretax Tax
effect		 After-
tax		 Pretax Tax
effect		 After-
tax
Six Months Ended June 30
(Dollars in millions) 2024 2023
Debt securities:
Net increase (decrease) in fair value $ 54  $ (17) $ 37  $ 557  $ (137) $ 420 
Net realized (gains) losses reclassified into earnings (1)
(14) 4  (10) 404  (101) 303 
Net change 40  (13) 27  961  (238) 723 
Debit valuation adjustments:
Net increase (decrease) in fair value (188) 47  (141) (526) 129  (397)
Net realized (gains) losses reclassified into earnings (1)
9  (3) 6  4  (1) 3 
Net change (179) 44  (135) (522) 128  (394)
Derivatives:
Net increase (decrease) in fair value (1,027) 259  (768) (280) 73  (207)
Reclassifications into earnings:
Net interest income 1,342  (336) 1,006  352  (88) 264 
Market making and similar activities 59  (14) 45  —  —  — 
Compensation and benefits expense (17) 4  (13) (11) 3  (8)
Net realized (gains) losses reclassified into earnings 1,384  (346) 1,038  341  (85) 256 
Net change 357  (87) 270  61  (12) 49 
Employee benefit plans:
Net actuarial losses and other reclassified into earnings (2)
61  (13) 48  27  (8) 19 
Net change 61  (13) 48  27  (8) 19 
Foreign currency:
Net increase (decrease) in fair value 276  (327) (51) (97) 114  17 
Net realized (gains) losses reclassified into earnings (1)
—  —  —  (1) 1  — 
Net change 276  (327) (51) (98) 115  17 
Total other comprehensive income (loss) $ 555  $ (396) $ 159  $ 429  $ (15) $ 414 
(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.