Quarterly report pursuant to Section 13 or 15(d)

Accumulated Other Comprehensive Income (Loss)

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Accumulated Other Comprehensive Income (Loss)
 3 Months Ended
Mar. 31, 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 three months ended March 31, 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 555  10  2,042  10  12  2,629 
Balance, March 31, 2023 $ (2,428) $ (871) $ (9,893) $ (4,299) $ (1,036) $ (18,527)
Balance, December 31, 2023 $ (2,410) $ (1,567) $ (8,016) $ (4,748) $ (1,047) $ (17,788)
Net change 332  (188) (416) 23  (20) (269)
Balance, March 31, 2024 $ (2,078) $ (1,755) $ (8,432) $ (4,725) $ (1,067) $ (18,057)
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 three months ended March 31, 2024 and 2023.
Pretax Tax
effect		 After-
tax		 Pretax Tax
effect		 After-
tax
Three Months Ended March 31
(Dollars in millions) 2024 2023
Debt securities:
Net increase (decrease) in fair value $ 457  $ (117) $ 340  $ 521  $ (123) $ 398 
Net realized (gains) losses reclassified into earnings (1)
(10) 2  (8) 210  (53) 157 
Net change 447  (115) 332  731  (176) 555 
Debit valuation adjustments:
Net increase (decrease) in fair value (257) 64  (193) 9  (2) 7 
Net realized (gains) losses reclassified into earnings (1)
7  (2) 5  4  (1) 3 
Net change (250) 62  (188) 13  (3) 10 
Derivatives:
Net increase (decrease) in fair value (1,065) 268  (797) 2,568  (643) 1,925 
Reclassifications into earnings:
Net interest income 458  (115) 343  161  (40) 121 
Market making and similar activities 59  (14) 45  —  —  — 
Compensation and benefits expense (9) 2  (7) (5) 1  (4)
Net realized (gains) losses reclassified into earnings 508  (127) 381  156  (39) 117 
Net change (557) 141  (416) 2,724  (682) 2,042 
Employee benefit plans:
Net actuarial losses and other reclassified into earnings (2)
30  (7) 23  13  (3) 10 
Net change 30  (7) 23  13  (3) 10 
Foreign currency:
Net increase (decrease) in fair value 166  (186) (20) (77) 89  12 
Net change 166  (186) (20) (77) 89  12 
Total other comprehensive income (loss) $ (164) $ (105) $ (269) $ 3,404  $ (775) $ 2,629 
(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.