Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2022

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, 2022 and 2021.

(Dollars in millions)	Debt Securities		Debit Valuation Adjustments		Derivatives		Employee Benefit Plans		Foreign Currency		Total
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)
Balance, December 31, 2021	$	3,045	$	(1,636)	$	(1,880)	$	(3,642)	$	(991)	$	(5,104)
Net change	(3,447)		261		(5,179)		24		28		(8,313)
Balance, March 31, 2022	$	(402)	$	(1,375)	$	(7,059)	$	(3,618)	$	(963)	$	(13,417)

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, 2022 and 2021.

	Pretax		Tax effect		After- tax		Pretax		Tax effect		After- tax
	Three Months Ended March 31
(Dollars in millions)	2022						2021
Debt securities:
Net increase (decrease) in fair value	$	(4,565)	$	1,123	$	(3,442)	$	(1,110)	$	270	$	(840)
Net realized gains reclassified into earnings (1)	(7)		2		(5)		—		—		—
Net change	(4,572)		1,125		(3,447)		(1,110)		270		(840)
Debit valuation adjustments:
Net increase (decrease) in fair value	343		(83)		260		140		(29)		111
Net realized losses reclassified into earnings (1)	1		—		1		6		(1)		5
Net change	344		(83)		261		146		(30)		116
Derivatives:
Net increase (decrease) in fair value	(6,893)		1,719		(5,174)		(1,429)		356		(1,073)
Reclassifications into earnings:
Net interest income	6		(2)		4		(42)		10		(32)
Compensation and benefits expense	(12)		3		(9)		(12)		3		(9)
Net realized gains reclassified into earnings	(6)		1		(5)		(54)		13		(41)
Net change	(6,899)		1,720		(5,179)		(1,483)		369		(1,114)
Employee benefit plans:
Net actuarial losses and other reclassified into earnings (2)	42		(18)		24		67		(16)		51
Net change	42		(18)		24		67		(16)		51
Foreign currency:
Net increase (decrease) in fair value	80		(52)		28		144		(173)		(29)
Net change	80		(52)		28		144		(173)		(29)
Total other comprehensive income (loss)	$	(11,005)	$	2,692	$	(8,313)	$	(2,236)	$	420	$	(1,816)

(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.