Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2023

Accumulated Other Comprehensive Income (Loss)

The table below presents the changes in accumulated OCI after-tax for the three months ended March 31, 2023 and 2022.



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












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)

Balance, December 31, 2022	$	(2,983)	$	(881)	$	(11,935)	$	(4,309)	$	(1,048)	$	(21,156)
Net change	555		10		2,042		10		12		2,629
Balance, March 31, 2023	$	(2,428)	$	(871)	$	(9,893)	$	(4,299)	$	(1,036)	$	(18,527)

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 the three months ended March 31, 2023 and 2022.



	Pretax		Tax effect		After- tax		Pretax		Tax effect		After- tax
	Three Months Ended March 31
(Dollars in millions)	2023						2022
Debt securities:



Net increase (decrease) in fair value	$	521	$	(123)	$	398	$	(4,565)	$	1,123	$	(3,442)



Net realized (gains) losses reclassified into earnings (1)	210		(53)		157		(7)		2		(5)
Net change	731		(176)		555		(4,572)		1,125		(3,447)




Debit valuation adjustments:
Net increase (decrease) in fair value	9		(2)		7		343		(83)		260
Net realized (gains) losses reclassified into earnings (1)	4		(1)		3		1		—		1

Net change	13		(3)		10		344		(83)		261
Derivatives:
Net increase (decrease) in fair value	2,568		(643)		1,925		(6,893)		1,719		(5,174)
Reclassifications into earnings:
Net interest income	161		(40)		121		6		(2)		4


Compensation and benefits expense	(5)		1		(4)		(12)		3		(9)
Net realized (gains) losses reclassified into earnings	156		(39)		117		(6)		1		(5)

Net change	2,724		(682)		2,042		(6,899)		1,720		(5,179)
Employee benefit plans:




Net actuarial losses and other reclassified into earnings (2)	13		(3)		10		42		(18)		24

Net change	13		(3)		10		42		(18)		24
Foreign currency:
Net increase (decrease) in fair value	(77)		89		12		80		(52)		28


Net change	(77)		89		12		80		(52)		28
Total other comprehensive income (loss)	$	3,404	$	(775)	$	2,629	$	(11,005)	$	2,692	$	(8,313)

(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.