The following table details the components of Accumulated Other Comprehensive (Loss) Income (“AOCI”):
Components of Accumulated Other Comprehensive (Loss) Income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | dollars in millions | December 31, 2023 | | December 31, 2022 | | Pretax | | Income
Taxes | | Net of Income Taxes | | Pretax | | Income
Taxes | | Net of Income Taxes | | Unrealized loss on securities available for sale | $ | (752) | | | $ | 175 | | | $ | (577) | | | $ | (972) | | | $ | 233 | | | $ | (739) | | | Unrealized loss on securities available for sale transferred to held to maturity | (7) | | | 2 | | | (5) | | | (8) | | | 2 | | | (6) | | | Defined benefit pension items | 122 | | | (31) | | | 91 | | | 13 | | | (3) | | | 10 | | | | | | | | | | | | | | | | | | | | | | | | | | | Total accumulated other comprehensive loss | $ | (637) | | | $ | 146 | | | $ | (491) | | | $ | (967) | | | $ | 232 | | | $ | (735) | |
The following table details the changes in the components of AOCI, net of income taxes:
Changes in Accumulated Other Comprehensive (Loss) Income by Component | | | | | | | | | | | | | | | | | | | | | | | | | | | | | dollars in millions | Unrealized (loss) gain on securities available for sale | | Unrealized (loss) gain on securities available for sale transferred to held to maturity | | Net change in defined benefit pension items | | | | | | Total accumulated other comprehensive (loss) income | | Balance as of December 31, 2022 | $ | (739) | | | $ | (6) | | | $ | 10 | | | | | | | $ | (735) | | | AOCI activity before reclassifications | 143 | | | — | | | 81 | | | | | | | 224 | | | Amounts reclassified from AOCI to earnings | 19 | | | 1 | | | — | | | | | | | 20 | | | Other comprehensive (loss) income for the period | 162 | | | 1 | | | 81 | | | | | | | 244 | | | Balance as of December 31, 2023 | $ | (577) | | | $ | (5) | | | $ | 91 | | | | | | | $ | (491) | | | | | | | | | | | | | | | Balance as of December 31, 2021 | $ | (9) | | | $ | (7) | | | $ | 26 | | | | | | | $ | 10 | | | AOCI activity before reclassifications | (730) | | | — | | | (25) | | | | | | | (755) | | | Amounts reclassified from AOCI to earnings | — | | | 1 | | | 9 | | | | | | | 10 | | | Other comprehensive (loss) income for the period | (730) | | | 1 | | | (16) | | | | | | | (745) | | | Balance as of December 31, 2022 | $ | (739) | | | $ | (6) | | | $ | 10 | | | | | | | $ | (735) | |
Other Comprehensive Income (Loss) by Component
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | dollars in millions | Year Ended December 31, | | | | 2023 | | 2022 | | | | Pretax | | Income
Taxes | | Net of Income Taxes | | Pretax | | Income
Taxes | | Net of Income Taxes | | Income Statement Line Items | | Unrealized gain (loss) on securities available for sale: | | | | | | | | | | | | | | | AOCI activity before reclassifications | $ | 194 | | | $ | (51) | | | $ | 143 | | | $ | (960) | | | $ | 230 | | | $ | (730) | | | | | Amounts reclassified from AOCI to earnings | 26 | | | (7) | | | 19 | | | — | | | — | | | — | | | $26 million realized loss on sales of investment securities available for sale | | Other comprehensive income (loss) on securities available for sale | $ | 220 | | | $ | (58) | | | $ | 162 | | | $ | (960) | | | $ | 230 | | | $ | (730) | | | | | | | | | | | | | | | | | | | Unrealized loss on securities available for sale transferred to held to maturity: | | | | | | | | | | | | | | | AOCI activity before reclassifications | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | | | Amounts reclassified from AOCI to earnings | 1 | | | — | | | 1 | | | 1 | | | — | | | 1 | | | Interest on investment securities | | Other comprehensive income on securities available for sale transferred to held to maturity | $ | 1 | | | $ | — | | | $ | 1 | | | $ | 1 | | | $ | — | | | $ | 1 | | | | | | | | | | | | | | | | | | | Defined benefit pension items: | | | | | | | | | | | | | | | Actuarial gain (loss) | $ | 109 | | | $ | (28) | | | $ | 81 | | | $ | (33) | | | $ | 8 | | | $ | (25) | | | | | Amounts reclassified from AOCI to earnings | — | | | — | | | — | | | 12 | | | (3) | | | 9 | | | Other noninterest expense | | Other comprehensive income (loss) for defined benefit pension items | $ | 109 | | | $ | (28) | | | $ | 81 | | | $ | (21) | | | $ | 5 | | | $ | (16) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total other comprehensive income (loss) | $ | 330 | | | $ | (86) | | | $ | 244 | | | $ | (980) | | | $ | 235 | | | $ | (745) | | | |
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