| Schedule of Accumulated OCI |
The table below presents the changes in accumulated OCI after-tax for 2020, 2019 and 2018.
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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 |
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| Balance, December 31, 2017 |
$ |
(1,206) |
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$ |
(1,060) |
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$ |
(831) |
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$ |
(3,192) |
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$ |
(793) |
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$ |
(7,082) |
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| Accounting change related to certain tax effects |
(393) |
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(220) |
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(189) |
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(707) |
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239 |
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(1,270) |
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| Cumulative adjustment for hedge accounting change |
— |
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— |
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57 |
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— |
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— |
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57 |
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| Net change |
(3,953) |
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749 |
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(53) |
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(405) |
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(254) |
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(3,916) |
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| Balance, December 31, 2018 |
$ |
(5,552) |
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$ |
(531) |
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$ |
(1,016) |
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$ |
(4,304) |
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$ |
(808) |
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$ |
(12,211) |
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| Net change |
5,875 |
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(963) |
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|
616 |
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136 |
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(86) |
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5,578 |
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| Balance, December 31, 2019 |
$ |
323 |
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$ |
(1,494) |
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$ |
(400) |
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$ |
(4,168) |
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$ |
(894) |
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$ |
(6,633) |
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| Net change |
4,799
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(498) |
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826
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(98) |
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(52) |
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4,977
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| 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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| 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 2020, 2019 and 2018.
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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) |
2020 |
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2019 |
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2018 |
| Debt securities: |
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| Net increase (decrease) in fair value |
$ |
6,819
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$ |
(1,712) |
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$ |
5,107
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$ |
8,020 |
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$ |
(2,000) |
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$ |
6,020 |
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$ |
(5,189) |
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$ |
1,329 |
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$ |
(3,860) |
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Net realized (gains) reclassified into earnings (1)
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(411) |
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103
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(308) |
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(193) |
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48 |
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(145) |
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(123) |
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30 |
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(93) |
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| Net change |
6,408
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(1,609) |
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4,799
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7,827 |
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(1,952) |
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5,875 |
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(5,312) |
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1,359 |
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(3,953) |
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| Debit valuation adjustments: |
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| Net increase (decrease) in fair value |
(669) |
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156
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(513) |
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(1,276) |
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289 |
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(987) |
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952 |
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(224) |
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728 |
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Net realized losses reclassified into earnings (1)
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19
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(4) |
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15
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18 |
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6 |
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24 |
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26 |
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(5) |
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21 |
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| Net change |
(650) |
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152
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(498) |
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(1,258) |
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295 |
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(963) |
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978 |
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(229) |
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749 |
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| Derivatives: |
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| Net increase (decrease) in fair value |
1,098
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(268) |
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830
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|
692 |
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(156) |
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|
536 |
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(232) |
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74 |
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(158) |
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Reclassifications into earnings: |
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| Net interest income |
6
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(1) |
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5
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104 |
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(26) |
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78 |
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165 |
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(40) |
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125 |
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| Compensation and benefits expense |
(12) |
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3
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(9) |
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2 |
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— |
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2 |
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(27) |
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7 |
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(20) |
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| Net realized (gains) losses reclassified into earnings |
(6) |
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2
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(4) |
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106 |
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(26) |
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80 |
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138 |
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(33) |
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105 |
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| Net change |
1,092
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(266) |
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826
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|
798 |
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(182) |
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616 |
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(94) |
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41 |
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(53) |
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| Employee benefit plans: |
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| Net increase (decrease) in fair value |
(381) |
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80
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(301) |
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41 |
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(21) |
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20 |
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(703) |
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164 |
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(539) |
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Net actuarial losses and other reclassified into earnings (2)
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261
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(63) |
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198
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150 |
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(36) |
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114 |
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171 |
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(46) |
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125 |
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| Settlements, curtailments and other |
5
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—
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5
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3 |
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(1) |
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2 |
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11 |
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(2) |
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9 |
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| Net change |
(115) |
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17
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(98) |
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|
194 |
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(58) |
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136 |
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(521) |
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116 |
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(405) |
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| Foreign currency: |
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| Net (decrease) in fair value |
(251) |
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199
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(52) |
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(13) |
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(52) |
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(65) |
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(8) |
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(195) |
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(203) |
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Net realized (gains) reclassified into earnings (1)
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(1) |
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1
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—
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(110) |
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|
89 |
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(21) |
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(149) |
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|
98 |
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(51) |
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| Net change |
(252) |
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200
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(52) |
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(123) |
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37 |
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(86) |
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(157) |
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(97) |
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(254) |
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| Total other comprehensive income (loss) |
$ |
6,483
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$ |
(1,506) |
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$ |
4,977
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$ |
7,438 |
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$ |
(1,860) |
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$ |
5,578 |
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$ |
(5,106) |
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$ |
1,190 |
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$ |
(3,916) |
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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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