Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

The following table presents changes in accumulated other comprehensive loss balances:

Year Ended December 31,	2023		2022		2021
	(in millions)
Unrealized gains (losses) on investment securities:
Balance at beginning of period	$	(2,270)	$	(65)	$	750
Other comprehensive income (loss) for period:
Net unrealized gains (losses) arising during period, net of tax of $109 million, $(716) million and $(244) million, respectively	353		(2,192)		(774)
Reclassification adjustment for (gains) losses realized in net income, net of tax of $58 million, $(6) million and $(18) million, respectively(1)	185		(20)		(55)
Reversal of provision for credit losses realized in net income, net of tax of nil, less than $(1) million and nil, respectively(2)	—		(1)		—
Amortization of net unrealized (gains) losses on securities transferred from available-for-sale to held-to-maturity realized in net income, net of tax of less than $(1) million, $3 million and $4 million, respectively(3)	(2)		8		14
Total other comprehensive income (loss) for period	536		(2,205)		(815)
Balance at end of period	(1,734)		(2,270)		(65)
Unrealized gains (losses) on fair value option liabilities attributable to our own credit spread:
Balance at beginning of period	86		27		15
Other comprehensive income (loss) for period:
Net unrealized gains (losses) arising during period, net of tax of $(8) million, $19 million and $4 million, respectively	(25)		59		12
Total other comprehensive income (loss) for period	(25)		59		12
Balance at end of period	61		86		27
Unrealized gains (losses) on derivatives designated as cash flow hedges:
Balance at beginning of period	(396)		(138)		(79)
Other comprehensive income (loss) for period:
Net unrealized gains (losses) arising during period, net of tax of $1 million, $(94) million and $(16) million, respectively	4		(291)		(49)
Reclassification adjustment for (gains) losses realized in net income, net of tax of $42 million, $10 million and $(3) million, respectively(4)	132		33		(10)
Total other comprehensive income (loss) for period	136		(258)		(59)
Balance at end of period	(260)		(396)		(138)
Pension and postretirement benefit liability:
Balance at beginning of period	5		(3)		(7)
Other comprehensive income (loss) for period:
Change in unfunded pension and postretirement liability, net of tax of less than $1 million, $2 million and $1 million, respectively	2		8		4
Total other comprehensive income for period	2		8		4
Balance at end of period	7		5		(3)
Total accumulated other comprehensive loss at end of period	$	(1,926)	$	(2,575)	$	(179)

(1)Amount reclassified to net income is included in other securities gains (losses), net in our consolidated statement of income.

(2)Changes in the allowance for credit losses on securities available-for-sale are included in the provision for credit losses in our consolidated statement of income.

(3)Amount amortized to net income is included in interest income in our consolidated statement of income. During 2014, we transferred securities from available-for-sale to held-to-maturity. At the date of transfer, AOCI included net pretax unrealized losses related to the transferred securities which are being amortized over the remaining contractual life of each security as an adjustment of yield in a manner consistent with the amortization of any premium or discount.

(4)Amount reclassified to net income is included in net interest income in our consolidated statement of income.