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Accumulated Other Comprehensive Income/(Loss)
 3 Months Ended
Mar. 31, 2015
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated other comprehensive income/(loss)
Accumulated other comprehensive income/(loss)
AOCI includes the after-tax change in unrealized gains and losses on investment securities, foreign currency translation adjustments (including the impact of related derivatives), cash flow hedging activities, and net loss and prior service costs/(credit) related to the Firm’s defined benefit pension and OPEB plans.
As of or for the three months ended
March 31, 2015
Unrealized gains/(losses) on investment securities(a)
 
Translation adjustments, net of hedges
 
Cash flow hedges
 
Defined benefit pension and OPEB plans
 
Accumulated other comprehensive income/(loss)
(in millions)
Balance at January 1, 2015
 
$
4,773

 
 
 
$
(147
)
 
 
 
$
(95
)
 
 
 
$
(2,342
)
 
 
 
$
2,189

 
Net change
 
89

 
 
 
(10
)
 
 
 
77

 
 
 
85

 
 
 
241

 
Balance at March 31, 2015
 
$
4,862

 
 
 
$
(157
)
 
 
 
$
(18
)
 
 
 
$
(2,257
)
 
 
 
$
2,430

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of or for the three months ended
March 31, 2014
Unrealized gains/(losses) on investment securities(a)
 
Translation adjustments, net of hedges
 
Cash flow hedges
 
Defined benefit pension and OPEB plans
 
Accumulated other comprehensive income/(loss)
(in millions)
Balance at January 1, 2014
 
$
2,798

 
 
 
$
(136
)
 
 
 
$
(139
)
 
 
 
$
(1,324
)
 
 
 
$
1,199

 
Net change
 
994

 
 
 
(2
)
 
 
 
59

 
 
 
26

 
 
 
1,077

 
Balance at March 31, 2014
 
$
3,792

 
 
 
$
(138
)
 
 
 
$
(80
)
 
 
 
$
(1,298
)
 
 
 
$
2,276

 
(a)
Represents the after-tax difference between the fair value and amortized cost of securities accounted for as AFS; including, as of the date of transfer during the first quarter of 2014, $9 million of net unrealized losses related to AFS securities that were transferred to HTM. Subsequent to transfer, includes any net unamortized unrealized gains and losses related to the transferred securities.
The following table presents the pretax and after-tax changes in the components of other comprehensive income/(loss).
 
2015
 
2014
Three months ended March 31, (in millions)
Pretax
 
Tax effect
 
After-tax
 
Pretax
 
Tax effect
 
After-tax
Unrealized gains/(losses) on investment securities:
 
 
 
 
 
 
 
 
 
 
 
Net unrealized gains/(losses) arising during the period
$
225

 
$
(104
)
 
$
121

 
$
1,621

 
$
(609
)
 
$
1,012

Reclassification adjustment for realized (gains)/losses included in
net income(a)
(52
)
 
20

 
(32
)
 
(30
)
 
12

 
(18
)
Net change
173

 
(84
)
 
89

 
1,591

 
(597
)
 
994

Translation adjustments:
 
 
 
 
 
 
 
 
 
 
 
Translation(b)
(1,000
)
 
378

 
(622
)
 
154

 
(63
)
 
91

Hedges(b)
993

 
(381
)
 
612

 
(154
)
 
61

 
(93
)
Net change
(7
)
 
(3
)
 
(10
)
 
—

 
(2
)
 
(2
)
Cash flow hedges:
 
 
 
 
 
 
 
 
 
 
 
Net unrealized gains/(losses) arising during the period
(49
)
 
18

 
(31
)
 
72

 
(30
)
 
42

Reclassification adjustment for realized (gains)/losses included in
net income(c)
175

 
(67
)
 
108

 
27

 
(10
)
 
17

Net change
126

 
(49
)
 
77

 
99

 
(40
)
 
59

Defined benefit pension and OPEB plans:
 
 
 
 
 
 
 
 
 
 
 
Net gains/(losses) arising during the period
60

 
(24
)
 
36

 
69

 
(26
)
 
43

Reclassification adjustments included in net income(d):
 
 
 
 
 
 
 
 
 
 
 
Amortization of net loss
71

 
(27
)
 
44

 
18

 
(8
)
 
10

Prior service costs/(credits)
(9
)
 
3

 
(6
)
 
(10
)
 
4

 
(6
)
Foreign exchange and other
33

 
(22
)
 
11

 
(4
)
 
(17
)
 
(21
)
Net change
155

 
(70
)
 
85

 
73

 
(47
)
 
26

Total other comprehensive income/(loss)
$
447

 
$
(206
)
 
$
241

 
$
1,763

 
$
(686
)
 
$
1,077


(a)
The pretax amount is reported in securities gains in the Consolidated statements of income.
(b)
Reclassifications of pretax realized gains/(losses) on translation adjustments and related hedges are reported in other income/expense in the Consolidated statements of income. The amounts were not material for the periods presented.
(c)
The pretax amounts are predominantly recorded in net interest income in the Consolidated statements of income. In the first quarter of 2015, the Firm reclassified approximately $150 million of net losses from AOCI to other income because the Firm determined that it is probable that the forecasted interest payment cash flows will not occur. For additional information, see Note 5.
(d)
The pretax amount is reported in compensation expense in the Consolidated statements of income.