Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2021

Accumulated Other Comprehensive Income (Loss)

The table below presents the changes in accumulated OCI after-tax for the three months ended March 31, 2021 and 2020.



(Dollars in millions)	Debt Securities		Debit Valuation Adjustments		Derivatives		Employee Benefit Plans		Foreign Currency		Total












Balance, December 31, 2019	$	323	$	(1,494)	$	(400)	$	(4,168)	$	(894)	$	(6,633)
Net change	4,795		1,346		417		43		(88)		6,513
Balance, March 31, 2020	$	5,118	$	(148)	$	17	$	(4,125)	$	(982)	$	(120)

Balance, December 31, 2020	$	5,122	$	(1,992)	$	426	$	(4,266)	$	(946)	$	(1,656)
Net change	(840)		116		(1,114)		51		(29)		(1,816)
Balance, March 31, 2021	$	4,282	$	(1,876)	$	(688)	$	(4,215)	$	(975)	$	(3,472)

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, 2021 and 2020.



	Pretax		Tax effect		After- tax		Pretax		Tax effect		After- tax
	Three Months Ended March 31
(Dollars in millions)	2021						2020
Debt securities:



Net increase (decrease) in fair value	$	(1,110)	$	270	$	(840)	$	6,701	$	(1,670)	$	5,031



Net realized gains reclassified into earnings (1)	—		—		—		(315)		79		(236)
Net change	(1,110)		270		(840)		6,386		(1,591)		4,795




Debit valuation adjustments:
Net increase in fair value	140		(29)		111		1,751		(408)		1,343
Net realized losses reclassified into earnings (1)	6		(1)		5		4		(1)		3

Net change	146		(30)		116		1,755		(409)		1,346
Derivatives:
Net increase (decrease) in fair value	(1,429)		356		(1,073)		520		(125)		395
Reclassifications into earnings:
Net interest income	(42)		10		(32)		29		(7)		22


Compensation and benefits expense	(12)		3		(9)		—		—		—
Net realized (gains) losses reclassified into earnings	(54)		13		(41)		29		(7)		22

Net change	(1,483)		369		(1,114)		549		(132)		417
Employee benefit plans:




Net actuarial losses and other reclassified into earnings (2)	67		(16)		51		57		(14)		43

Net change	67		(16)		51		57		(14)		43
Foreign currency:
Net decrease in fair value	144		(173)		(29)		228		(316)		(88)


Net change	144		(173)		(29)		228		(316)		(88)
Total other comprehensive income (loss)	$	(2,236)	$	420	$	(1,816)	$	8,975	$	(2,462)	$	6,513

(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.