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Accumulated Other Comprehensive Income
 9 Months Ended
Sep. 30, 2020
Equity [Abstract]  
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income
The following tables present the change in each of the components of accumulated other comprehensive income and the related tax effect of the change allocated to each component for the three and nine months ended September 30, 2020 and 2019.
 
 
 
 
 
 
 
(Dollars in millions)
 
Before
Tax
Amount
 
Tax
Effect
 
Net of
Tax
For the Three Months Ended September 30, 2020
 
 
 
 
 

Cash flow hedge activities:
 
 
 
 
 

Reclassification adjustment for net (gains) losses on hedges included in interest income for loans and interest expense on long-term debt           
 
$
(20
)
 
$
5

 
$
(15
)
Net change
 
(20
)
 
5

 
(15
)
Securities:
 
 
 
 
 

Unrealized holding gains (losses) arising during the period on securities available for sale
 
79

 
(21
)
 
58

Reclassification adjustment for net (gains) losses on securities available for sale included in securities gains, net
 
(27
)
 
7

 
(20
)
Amortization of net unrealized (gains) losses on held to maturity securities
 
12

 
(3
)
 
9

Net change
 
64

 
(17
)
 
47

Pension and other benefits:
 
 
 
 
 

   Amortization of prior service credit(1)
 
(6
)
 
1

 
(5
)
   Recognized net actuarial (gain) loss(1)
 
28

 
(7
)
 
21

Net change
 
22

 
(6
)
 
16

Net change in AOCI
 
$
66

 
$
(18
)
 
$
48

 
 
(1)
These amounts are included in the computation of net periodic pension cost. For further information, see Note 12 "Employee Pension and Other Postretirement Benefits" to these Consolidated Financial Statements.

 
 
 
 
 
 
 
(Dollars in millions)
 
Before
Tax
Amount
 
Tax
Effect
 
Net of
Tax
For the Three Months Ended September 30, 2019
 
 
 
 
 
 
Cash flow hedge activities:
 
 
 
 
 
 
Unrealized net gains (losses) on hedges arising during the period
 
$
41

 
$
(11
)
 
$
30

Reclassification adjustment for net (gains) losses on hedges included in interest income for loans and interest expense on long-term debt           
 
27

 
(7
)
 
20

Net change
 
68

 
(18
)
 
50

Securities:
 
 
 
 
 
 
Unrealized holding gains (losses) arising during the period on securities available for sale
 
71

 
(18
)
 
53

Reclassification adjustment for net (gains) losses on securities available for sale included in securities gains, net
 
(11
)
 
3

 
(8
)
Amortization of net unrealized (gains) losses on held to maturity securities
 
12

 
(4
)
 
8

Net change
 
72

 
(19
)
 
53

Pension and other benefits:
 
 
 
 
 
 
     Amortization of prior service credit(1)
 
(10
)
 
3

 
(7
)
     Recognized net actuarial (gain) loss(1)
 
18

 
(4
)
 
14

Net change
 
8

 
(1
)
 
7

Net change in AOCI
 
$
148

 
$
(38
)
 
$
110


 
 
(1)
These amounts are included in the computation of net periodic pension cost. For further information, see Note 12 "Employee Pension and Other Postretirement Benefits" to these Consolidated Financial Statements.

(Dollars in millions)
 
Before
Tax
Amount
 
Tax
Effect
 
Net of
Tax
For the Nine Months Ended September 30, 2020
 
 
 
 
 
 
Cash flow hedge activities:
 
 
 
 
 
 
Unrealized net gains (losses) on hedges arising during the period
 
$
477

 
$
(125
)
 
$
352

Reclassification adjustment for net (gains) losses on hedges included in interest income for loans and interest expense on long-term debt           
 
(9
)
 
2

 
(7
)
Net change
 
468

 
(123
)
 
345

Securities:
 
 
 
 
 
 
Unrealized holding gains (losses) arising during the period on securities available for sale
 
765

 
(201
)
 
564

Reclassification adjustment for net (gains) losses on securities available for sale included in securities gains, net
 
(137
)
 
36

 
(101
)
Amortization of net unrealized (gains) losses on held to maturity securities
 
28

 
(7
)
 
21

Net change
 
656

 
(172
)
 
484

Pension and other benefits:
 
 
 
 
 
 
Amortization of prior service credit(1)
 
(20
)
 
5

 
(15
)
Recognized net actuarial (gain) loss(1)
 
84

 
(22
)
 
62

Net change
 
64

 
(17
)
 
47

Net change in AOCI
 
$
1,188

 
$
(312
)
 
$
876


 
 
(1)
These amounts are included in the computation of net periodic pension cost. For further information, see Note 12 "Employee Pension and Other Postretirement Benefits" to these Consolidated Financial Statements.
(Dollars in millions)
 
Before
Tax
Amount
 
Tax
Effect
 
Net of
Tax
For the Nine Months Ended September 30, 2019
 
 
 
 
 
 
Cash flow hedge activities:
 
 
 
 
 
 
Unrealized net gains (losses) on hedges arising during the period
 
$
110

 
$
(29
)
 
$
81

Reclassification adjustment for net (gains) losses on hedges included in interest income for loans and interest expense on long-term debt           
 
67

 
(18
)
 
49

Net change
 
177

 
(47
)
 
130

Securities:
 
 
 
 
 
 
Unrealized holding gains (losses) arising during the period on securities available for sale
 
485

 
(127
)
 
358

Reclassification adjustment for net (gains) losses on securities available for sale included in securities gains, net
 
(34
)
 
9

 
(25
)
Amortization of net unrealized (gains) losses on held to maturity securities
 
25

 
(7
)
 
18

Net change
 
476

 
(125
)
 
351

Pension and other benefits:
 
 
 
 
 
 
Amortization of prior service credit (1)
 
(30
)
 
8

 
(22
)
Recognized net actuarial (gain) loss(1)
 
55

 
(14
)
 
41

Net change
 
25

 
(6
)
 
19

Other
 
1

 
—

 
1

Net change in AOCI
 
$
679

 
$
(178
)
 
$
501


 
 

(1)
These amounts are included in the computation of net periodic pension cost. For additional information, see Note 12 "Employee Pension and Other Postretirement Benefits" to these Consolidated Financial Statements.
The following tables present the change in accumulated other comprehensive loss balances.
For the Three Months Ended September 30, 2019 and 2020:
 
 
Net Unrealized
Gains (Losses) on Cash Flow Hedges
 
Net
Unrealized
Gains (Losses)
on Securities
 
Foreign
Currency
Translation
Adjustment
 
Pension and
Other Postretirement
Benefits
Adjustment
 
Other
 
Accumulated
Other
Comprehensive
Income (Loss)
(Dollars in millions)
 
 
 
 
 
 
Balance, June 30, 2019
 
$
(140
)
 
$
(75
)
 
$
—

 
$
(718
)
 
$
—

 
$
(933
)
Other comprehensive income (loss) before reclassifications
 
30

 
53

 
—

 
—

 
—

 
83

Amounts reclassified from AOCI
 
20

 
—

 
—

 
7

 
—

 
27

Balance, September 30, 2019
 
$
(90
)
 
$
(22
)
 
$
—

 
$
(711
)
 
$
—

 
$
(823
)
Balance, June 30, 2020
 
$
245

 
$
344

 
$
—

 
$
(623
)
 
$
—

 
$
(34
)
Other comprehensive income (loss) before reclassifications
 
—

 
58

 
—

 
—

 
—

 
58

Amounts reclassified from AOCI
 
(15
)
 
(11
)
 
—

 
16

 
—

 
(10
)
Balance, September 30, 2020
 
$
230

 
$
391

 
$
—

 
$
(607
)
 
$
—

 
$
14


 
 
 
 
 
 
 
 
 
 
 
 
 
For the Nine Months Ended September 30, 2019 and 2020:
 
 
Net Unrealized
Gains (Losses) on Cash Flow Hedges
 
Net
Unrealized
Gains (Losses)
on Securities
 
Foreign
Currency
Translation
Adjustment
 
Pension and
Other Postretirement
Benefits
Adjustment
 
Other
 
Accumulated
Other
Comprehensive
Income (Loss)
(Dollars in millions)
 
 
 
 
 
 
Balance, December 31, 2018
 
$
(220
)
 
$
(373
)
 
$
—

 
$
(730
)
 
$
(1
)
 
$
(1,324
)
Other comprehensive income (loss) before reclassifications
 
81

 
358

 
—

 
—

 
1

 
440

Amounts reclassified from AOCI
 
49

 
(7
)
 
—

 
19

 
—

 
61

Balance, September 30, 2019
 
$
(90
)
 
$
(22
)
 
$
—

 
$
(711
)
 
$
—

 
$
(823
)
Balance, December 31, 2019
 
$
(115
)
 
$
(93
)
 
$
—

 
$
(654
)
 
$
—

 
$
(862
)
Other comprehensive income (loss) before reclassifications
 
352

 
564

 
—

 
—

 
—

 
916

Amounts reclassified from AOCI
 
(7
)
 
(80
)
 
—

 
47

 
—

 
(40
)
Balance, September 30, 2020
 
$
230

 
$
391

 
$
—

 
$
(607
)
 
$
—

 
$
14