Table 20.1 provides the components of other comprehensive income (OCI), reclassifications to net income by income statement line item, and the related tax effects.

Table 20.1: Summary of Other Comprehensive Income


	Three months ended March 31,
		2023	2022
(in millions)				Before tax		Tax effect	Net of tax		Before tax	Tax effect	Net of tax
Debt securities:
Net unrealized gains (losses) arising during the period				$	358	(87)	271		(6,888)	1,697	(5,191)
Reclassification of net (gains) losses to net income				121		(30)	91		58	(15)	43
Net change				479		(117)	362		(6,830)	1,682	(5,148)
Derivatives and hedging activities:
Fair Value Hedges:
Change in fair value of excluded components on fair value hedges (1)				6		(2)	4		64	(16)	48
Cash Flow Hedges:
Net unrealized gains (losses) arising during the period on cash flow hedges				384		(95)	289		(51)	13	(38)
Reclassification of net (gains) losses to net income				113		(28)	85		14	(4)	10
Net change				503		(125)	378		27	(7)	20
Defined benefit plans adjustments:
Net actuarial and prior service gains (losses) arising during the period				—		—	—		19	(5)	14
Reclassification of amounts to noninterest expense (2)				27		(6)	21		76	(18)	58
Net change				27		(6)	21		95	(23)	72
Debit valuation adjustments (DVA) and other:
Net unrealized gains (losses) arising during the period (3)				4		(1)	3		12	(3)	9
Reclassification of net (gains) losses to net income				—		—	—		—	—	—
Net change				4		(1)	3		12	(3)	9
Foreign currency translation adjustments:
Net unrealized gains (losses) arising during the period				26		(1)	25		(5)	—	(5)
Reclassification of net (gains) losses to net income				—		—	—		—	—	—
Net change				26		(1)	25		(5)	—	(5)
Other comprehensive income (loss)				$	1,039	(250)	789		(6,701)	1,649	(5,052)
Less: Other comprehensive income (loss) from noncontrolling interests, net of tax							(1)				1
Wells Fargo other comprehensive income (loss), net of tax							$	790			(5,053)

(1)Represents changes in fair value of cross-currency swaps attributable to changes in cross-currency basis spreads, which are excluded from the assessment of hedge effectiveness and recorded in other comprehensive income.

(2)These items are included in the computation of net periodic benefit cost (see Note 18 (Employee Benefits) for additional information).

(3)In first quarter 2023, we adopted ASU 2018-12 – Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. For additional information, see Note 1 (Summary of Significant Accounting Policies).

Table 20.2 provides the accumulated OCI (AOCI) balance activity on an after-tax basis.

Table 20.2: Accumulated OCI Balances


(in millions)	Debt securities		Fair value hedges (1)	Cash flow hedges (2)	Defined benefit plans adjustments	Debit valuation adjustments (DVA) and other	Foreign currency translation adjustments	Accumulated other comprehensive income (loss)
Quarter ended March 31, 2023


















Balance, beginning of period	$	(9,835)	(77)	(1,183)	(1,901)	(6)	(380)	(13,382)
Transition adjustment (3)	—		—	—	—	20	—	20
Balance, beginning of period (3)	(9,835)		(77)	(1,183)	(1,901)	14	(380)	(13,362)
Net unrealized gains arising during the period	271		4	289	—	3	25	592
Amounts reclassified from accumulated other comprehensive income	91		—	85	21	—	—	197
Net change	362		4	374	21	3	25	789
Less: Other comprehensive loss from noncontrolling interests	—		—	—	—	—	(1)	(1)
Balance, end of period (3)(4)	$	(9,473)	(73)	(809)	(1,880)	17	(354)	(12,572)
Quarter ended March 31, 2022

Balance, beginning of period	$	665	(143)	(27)	(2,055)	—	(142)	(1,702)
Transition adjustment (3)	—		—	—	—	(44)	—	(44)
Balance, beginning of period (3)	665		(143)	(27)	(2,055)	(44)	(142)	(1,746)
Net unrealized gains (losses) arising during the period	(5,191)		48	(38)	14	9	(5)	(5,163)
Amounts reclassified from accumulated other comprehensive income	43		—	10	58	—	—	111
Net change	(5,148)		48	(28)	72	9	(5)	(5,052)
Less: Other comprehensive income from noncontrolling interests	—		—	—	—	—	1	1
Balance, end of period (3)(4)	$	(4,483)	(95)	(55)	(1,983)	(35)	(148)	(6,799)

(1)Substantially all of the amounts for fair value hedges are foreign exchange contracts.

(2)Substantially all of the amounts for cash flow hedges are interest rate contracts.

(4)AOCI related to debt securities includes after-tax unrealized gains or losses associated with the transfer of securities from AFS to HTM of $3.9 billion and $942 million at March 31, 2023 and 2022, respectively. These amounts are subsequently amortized from AOCI into earnings over the same period as the related unamortized premiums and discounts.