Accumulated Other Comprehensive Loss

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss includes certain items that are reported directly within a separate component of equity. The following table presents changes in accumulated other comprehensive loss balances:

Three Months Ended March 31,	2024		2023
	(in millions)
Unrealized gains (losses) on investment securities:
Balance at beginning of period	$	(1,734)	$	(2,270)
Other comprehensive income (loss) for period:
Net unrealized gains (losses) arising during period, net of tax of $(36) million and $68 million, respectively	(106)		207
Reclassification adjustment for gains realized in net income, net of tax of less than $(1) million and $(1) million, respectively(1)	(2)		(2)
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 and less than $(1) million, respectively(2)	1		(1)
Total other comprehensive income (loss) for period	(107)		204
Balance at end of period	(1,841)		(2,066)
Unrealized gains (losses) on fair value option liabilities attributable to our own credit spread:
Balance at beginning of period	61		86
Other comprehensive income (loss) for period:
Net unrealized gains (losses) arising during period, net of tax of $(12) million and $21 million, respectively	(37)		63
Total other comprehensive income (loss) for period	(37)		63
Balance at end of period	24		149
Unrealized gains (losses) on derivatives designated as cash flow hedges:
Balance at beginning of period	(260)		(396)
Other comprehensive income (loss) for period:
Net unrealized gains arising during period, net of tax of $10 million and $21 million, respectively	31		64
Reclassification adjustment for losses realized in net income, net of tax of $2 million and $11 million, respectively(3)	5		34
Total other comprehensive income for period	36		98
Balance at end of period	(224)		(298)
Pension and postretirement benefit liability:
Balance at beginning and end of period	7		5
Total accumulated other comprehensive loss at end of period	$	(2,034)	$	(2,210)

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

(2)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.

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