| 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, 2017 and 2016.
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(Dollars in millions) |
Debt
Securities
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Available-for-
Sale Marketable
Equity 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, 2015 |
$ |
16 |
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|
$ |
62 |
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|
$ |
(611 |
) |
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$ |
(1,077 |
) |
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$ |
(2,956 |
) |
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$ |
(792 |
) |
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$ |
(5,358 |
) |
Net change |
2,389 |
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|
(33 |
) |
|
127 |
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24 |
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|
10 |
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|
12 |
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2,529 |
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Balance, March 31, 2016 |
$ |
2,405 |
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$ |
29 |
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$ |
(484 |
) |
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$ |
(1,053 |
) |
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$ |
(2,946 |
) |
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$ |
(780 |
) |
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$ |
(2,829 |
) |
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Balance, December 31, 2016 |
$ |
(1,299 |
) |
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$ |
32 |
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$ |
(767 |
) |
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$ |
(895 |
) |
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$ |
(3,480 |
) |
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$ |
(879 |
) |
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$ |
(7,288 |
) |
Net change |
(103 |
) |
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4 |
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9 |
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38 |
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27 |
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(3 |
) |
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(28 |
) |
Balance, March 31, 2017 |
$ |
(1,402 |
) |
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$ |
36 |
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$ |
(758 |
) |
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$ |
(857 |
) |
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$ |
(3,453 |
) |
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$ |
(882 |
) |
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$ |
(7,316 |
) |
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 before- and after-tax for the three months ended March 31, 2017 and 2016.
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Changes in OCI Components Before- and After-tax |
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Three Months Ended March 31 |
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2017 |
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2016 |
(Dollars in millions) |
Before-tax |
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Tax effect |
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After-tax |
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Before-tax |
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Tax effect |
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After-tax |
Debt securities: |
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Net increase (decrease) in fair value |
$ |
(151 |
) |
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$ |
63 |
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$ |
(88 |
) |
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$ |
4,038 |
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$ |
(1,535 |
) |
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$ |
2,503 |
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Reclassifications into earnings: |
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Gains on sales of debt securities |
(52 |
) |
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20 |
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(32 |
) |
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(190 |
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72 |
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(118 |
) |
Other income |
27 |
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(10 |
) |
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17 |
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7 |
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(3 |
) |
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4 |
|
Net realized gains reclassified into earnings |
(25 |
) |
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10 |
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(15 |
) |
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(183 |
) |
|
69 |
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(114 |
) |
Net change |
(176 |
) |
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73 |
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(103 |
) |
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3,855 |
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(1,466 |
) |
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2,389 |
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Available-for-sale marketable equity securities: |
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Net increase (decrease) in fair value |
27 |
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(10 |
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17 |
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(54 |
) |
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21 |
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(33 |
) |
Net realized gains reclassified into earnings (1)
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(20 |
) |
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7 |
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(13 |
) |
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— |
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— |
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— |
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Net change |
7 |
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(3 |
) |
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4 |
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(54 |
) |
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21 |
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(33 |
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Debit valuation adjustments: |
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Net increase in fair value |
9 |
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(4 |
) |
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5 |
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195 |
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(72 |
) |
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123 |
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Net realized losses reclassified into earnings (1)
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6 |
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(2 |
) |
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4 |
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7 |
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(3 |
) |
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4 |
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Net change |
15 |
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(6 |
) |
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9 |
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202 |
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(75 |
) |
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127 |
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Derivatives: |
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Net decrease in fair value |
(9 |
) |
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3 |
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(6 |
) |
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(159 |
) |
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59 |
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(100 |
) |
Reclassifications into earnings: |
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Net interest income |
112 |
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(42 |
) |
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70 |
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|
164 |
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(61 |
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103 |
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Personnel |
(42 |
) |
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16 |
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(26 |
) |
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34 |
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(13 |
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21 |
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Net realized losses reclassified into earnings |
70 |
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(26 |
) |
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44 |
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|
198 |
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(74 |
) |
|
124 |
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Net change |
61 |
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(23 |
) |
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38 |
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39 |
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(15 |
) |
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24 |
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Employee benefit plans: |
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Reclassifications into earnings: |
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Prior service cost |
1 |
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— |
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1 |
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1 |
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— |
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1 |
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Net actuarial losses |
42 |
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(16 |
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26 |
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24 |
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(10 |
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14 |
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Net realized losses reclassified into earnings (2)
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43 |
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(16 |
) |
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27 |
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25 |
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(10 |
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15 |
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Settlements, curtailments and other |
— |
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— |
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— |
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— |
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(5 |
) |
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(5 |
) |
Net change |
43 |
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(16 |
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27 |
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|
25 |
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(15 |
) |
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10 |
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Foreign currency: |
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Net decrease in fair value |
(131 |
) |
|
108 |
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(23 |
) |
|
(134 |
) |
|
146 |
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12 |
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Net gains reclassified into earnings (1)
|
(12 |
) |
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32 |
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20 |
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— |
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— |
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|
— |
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Net change |
(143 |
) |
|
140 |
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|
(3 |
) |
|
(134 |
) |
|
146 |
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|
12 |
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Total other comprehensive income (loss) |
$ |
(193 |
) |
|
$ |
165 |
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$ |
(28 |
) |
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$ |
3,933 |
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$ |
(1,404 |
) |
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$ |
2,529 |
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(1) |
Reclassifications of pretax AFS marketable equity securities, DVA and foreign currency are recorded in other income in the Consolidated Statement of Income. |
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(2) |
Reclassifications of pretax employee benefit plan costs are recorded in personnel expense in the Consolidated Statement of Income. |
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