Quarterly report pursuant to Section 13 or 15(d)

Accumulated Other Comprehensive Income (Loss)

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Accumulated Other Comprehensive Income (Loss)
 9 Months Ended
Sep. 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 nine months ended September 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 81  (419) (317) 25  (6) (636)
Balance, September 30, 2023 $ (2,902) $ (1,300) $ (12,252) $ (4,284) $ (1,054) $ (21,792)
Balance, December 31, 2023 $ (2,410) $ (1,567) $ (8,016) $ (4,748) $ (1,047) $ (17,788)
Net change 444  (135) 3,100  75  (30) 3,454 
Balance, September 30, 2024 $ (1,966) $ (1,702) $ (4,916) $ (4,673) $ (1,077) $ (14,334)
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 nine months ended September 30, 2024 and 2023.
Pretax Tax
effect		 After-
tax		 Pretax Tax
effect		 After-
tax
Nine Months Ended September 30
(Dollars in millions) 2024 2023
Debt securities:
Net increase (decrease) in fair value $ 581  $ (142) $ 439  $ (306) $ 84  $ (222)
Net realized (gains) losses reclassified into earnings (1)
6  (1) 5  404  (101) 303 
Net change 587  (143) 444  98  (17) 81 
Debit valuation adjustments:
Net increase (decrease) in fair value (191) 48  (143) (560) 136  (424)
Net realized (gains) losses reclassified into earnings (1)
12  (4) 8  7  (2) 5 
Net change (179) 44  (135) (553) 134  (419)
Derivatives:
Net increase (decrease) in fair value 1,851  (464) 1,387  (1,027) 261  (766)
Reclassifications into earnings:
Net interest income 2,163  (542) 1,621  616  (153) 463 
Market making and similar activities 146  (35) 111  —  —  — 
Compensation and benefits expense (25) 6  (19) (18) 4  (14)
Net realized (gains) losses reclassified into earnings 2,284  (571) 1,713  598  (149) 449 
Net change 4,135  (1,035) 3,100  (429) 112  (317)
Employee benefit plans:
Net actuarial losses and other reclassified into earnings (2)
98  (23) 75  36  (11) 25 
Net change 98  (23) 75  36  (11) 25 
Foreign currency:
Net increase (decrease) in fair value 33  (70) (37) 80  (75) 5 
Net realized (gains) losses reclassified into earnings (1)
41  (34) 7  (44) 33  (11)
Net change 74  (104) (30) 36  (42) (6)
Total other comprehensive income (loss) $ 4,715  $ (1,261) $ 3,454  $ (812) $ 176  $ (636)
(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.