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Comprehensive income
 3 Months Ended
Mar. 31, 2024
Equity [Abstract]  
Comprehensive income

9. Comprehensive income

The following tables display the components of other comprehensive income (loss) and amounts reclassified from accumulated other comprehensive income (loss) to net income:

 

Investment

 

 

Cash Flow

 

 

Defined Benefit

 

 

 

 

 

Total
Amount

 

 

 

Income

 

 

 

 

(Dollars in millions)

Securities

 

 

Hedges

 

 

Plans

 

 

Other

 

 

Before Tax

 

 

 

Tax

 

 

Net

 

Balance — January 1, 2024

$

(251

)

 

$

(203

)

 

$

(155

)

 

$

(7

)

 

$

(616

)

 

 

$

157

 

 

$

(459

)

Other comprehensive income (loss) before reclassifications:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized holding losses, net

 

(13

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(13

)

 

 

 

2

 

 

 

(11

)

Foreign currency translation adjustment

 

—

 

 

 

—

 

 

 

—

 

 

 

(2

)

 

 

(2

)

 

 

 

—

 

 

 

(2

)

Unrealized losses on cash flow hedges

 

—

 

 

 

(243

)

 

 

—

 

 

 

—

 

 

 

(243

)

 

 

 

60

 

 

 

(183

)

Total other comprehensive income (loss) before
   reclassifications

 

(13

)

 

 

(243

)

 

 

—

 

 

 

(2

)

 

 

(258

)

 

 

 

62

 

 

 

(196

)

Amounts reclassified from accumulated other comprehensive
   income (loss) that (increase) decrease net income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Losses realized in net income

 

1

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1

 

 

 

 

—

 

 

 

1

 

Net yield adjustment from cash flow hedges
   currently in effect

 

—

 

 

 

87

 

 

 

—

 

 

 

—

 

 

 

87

 

(a)

 

 

(21

)

 

 

66

 

Amortization of actuarial losses

 

—

 

 

 

—

 

 

 

(1

)

 

 

—

 

 

 

(1

)

(b)

 

 

—

 

 

 

(1

)

Total other comprehensive income (loss)

 

(12

)

 

 

(156

)

 

 

(1

)

 

 

(2

)

 

 

(171

)

 

 

 

41

 

 

 

(130

)

Balance — March 31, 2024

$

(263

)

 

$

(359

)

 

$

(156

)

 

$

(9

)

 

$

(787

)

 

 

$

198

 

 

$

(589

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance — January 1, 2023

$

(444

)

 

$

(336

)

 

$

(273

)

 

$

(13

)

 

$

(1,066

)

 

 

$

276

 

 

$

(790

)

Other comprehensive income (loss) before reclassifications:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized holding gains, net

 

89

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

89

 

 

 

 

(24

)

 

 

65

 

Foreign currency translation adjustment

 

—

 

 

 

—

 

 

 

—

 

 

 

2

 

 

 

2

 

 

 

 

(1

)

 

 

1

 

Unrealized losses on cash flow hedges

 

—

 

 

 

51

 

 

 

—

 

 

 

—

 

 

 

51

 

 

 

 

(13

)

 

 

38

 

Total other comprehensive income (loss) before
   reclassifications

 

89

 

 

 

51

 

 

 

—

 

 

 

2

 

 

 

142

 

 

 

 

(38

)

 

 

104

 

Amounts reclassified from accumulated other comprehensive
   income (loss) that (increase) decrease net income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net yield adjustment from cash flow hedges
   currently in effect

 

—

 

 

 

59

 

 

 

—

 

 

 

—

 

 

 

59

 

(a)

 

 

(16

)

 

 

43

 

Amortization of actuarial losses

 

—

 

 

 

—

 

 

 

(2

)

 

 

—

 

 

 

(2

)

(b)

 

 

—

 

 

 

(2

)

Total other comprehensive income (loss)

 

89

 

 

 

110

 

 

 

(2

)

 

 

2

 

 

 

199

 

 

 

 

(54

)

 

 

145

 

Balance — March 31, 2023

$

(355

)

 

$

(226

)

 

$

(275

)

 

$

(11

)

 

$

(867

)

 

 

$

222

 

 

$

(645

)

 

(a)
Included in "interest income" in the Consolidated Statement of Income.
(b)
Included in "other costs of operations" in the Consolidated Statement of Income.

Accumulated other comprehensive income (loss), net consisted of the following:

 

 

 

 

 

 

 

 

Defined

 

 

 

 

 

 

 

 

 

Investment

 

 

Cash Flow

 

 

Benefit

 

 

 

 

 

 

 

(Dollars in millions)

 

Securities

 

 

Hedges

 

 

Plans

 

 

Other

 

 

Total

 

Balance — December 31, 2023

 

$

(187

)

 

$

(151

)

 

$

(115

)

 

$

(6

)

 

$

(459

)

Net loss during period

 

 

(10

)

 

 

(117

)

 

 

(1

)

 

 

(2

)

 

 

(130

)

Balance — March 31, 2024

 

$

(197

)

 

$

(268

)

 

$

(116

)

 

$

(8

)

 

$

(589

)