Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2021

Accumulated Other Comprehensive Income (Loss)

The table below presents the changes in accumulated OCI after-tax for 2021, 2020 and 2019.



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












Balance, December 31, 2018	$	(5,552)	$	(531)	$	(1,016)	$	(4,304)	$	(808)	$	(12,211)
Net change	5,875		(963)		616		136		(86)		5,578
Balance, December 31, 2019	$	323	$	(1,494)	$	(400)	$	(4,168)	$	(894)	$	(6,633)
Net change	4,799		(498)		826		(98)		(52)		4,977
Balance, December 31, 2020	$	5,122	$	(1,992)	$	426	$	(4,266)	$	(946)	$	(1,656)
Net change	(2,077)		356		(2,306)		624		(45)		(3,448)
Balance, December 31, 2021	$	3,045	$	(1,636)	$	(1,880)	$	(3,642)	$	(991)	$	(5,104)

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 pre- and after-tax for 2021, 2020 and 2019.



	Pretax		Tax effect		After- tax		Pretax		Tax effect		After- tax		Pretax		Tax effect		After- tax

(Dollars in millions)	2021						2020						2019
Debt securities:



Net increase (decrease) in fair value	$	(2,749)	$	689	$	(2,060)	$	6,819	$	(1,712)	$	5,107	$	8,020	$	(2,000)	$	6,020



Net realized gains reclassified into earnings (1)	(22)		5		(17)		(411)		103		(308)		(193)		48		(145)
Net change	(2,771)		694		(2,077)		6,408		(1,609)		4,799		7,827		(1,952)		5,875




Debit valuation adjustments:
Net increase (decrease) in fair value	449		(103)		346		(669)		156		(513)		(1,276)		289		(987)
Net realized losses reclassified into earnings (1)	13		(3)		10		19		(4)		15		18		6		24

Net change	462		(106)		356		(650)		152		(498)		(1,258)		295		(963)
Derivatives:
Net increase (decrease) in fair value	(2,849)		703		(2,146)		1,098		(268)		830		692		(156)		536
Reclassifications into earnings:
Net interest income	(166)		48		(118)		6		(1)		5		104		(26)		78


Compensation and benefits expense	(55)		13		(42)		(12)		3		(9)		2		—		2
Net realized (gains) losses reclassified into earnings	(221)		61		(160)		(6)		2		(4)		106		(26)		80

Net change	(3,070)		764		(2,306)		1,092		(266)		826		798		(182)		616
Employee benefit plans:
Net increase (decrease) in fair value	463		(72)		391		(381)		80		(301)		41		(21)		20



Net actuarial losses and other reclassified into earnings (2)	295		(67)		228		261		(63)		198		150		(36)		114
Settlements, curtailments and other	5		—		5		5		—		5		3		(1)		2
Net change	763		(139)		624		(115)		17		(98)		194		(58)		136
Foreign currency:
Net increase (decrease) in fair value	296		(341)		(45)		(251)		199		(52)		(13)		(52)		(65)
Net realized (gains) reclassified into earnings (1)	(5)		5		—		(1)		1		—		(110)		89		(21)

Net change	291		(336)		(45)		(252)		200		(52)		(123)		37		(86)
Total other comprehensive income (loss)	$	(4,325)	$	877	$	(3,448)	$	6,483	$	(1,506)	$	4,977	$	7,438	$	(1,860)	$	5,578

(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.