Equity

The following table displays the activity in other comprehensive income (loss), net of tax, by major categories.



	For the Three Months Ended March 31,
	2018			2017
	(Dollars in millions)
Net income	$	4,261		$	2,773
Other comprehensive income (loss), net of tax effect:
Changes in net unrealized gains (losses) on AFS securities (net of tax of $15 and $5, respectively)	(57		)	9
Reclassification adjustment for other-than-temporary impairment ("OTTI") recognized in net income (net of tax of $0)	1			1
Reclassification adjustment for gains on AFS securities included in net income (net of tax of $70 and $1, respectively)	(264		)	(2		)
Other	(3		)	(2		)
Total other comprehensive income (loss)	(323		)	6
Total comprehensive income	$	3,938		$	2,779

The following table displays our accumulated other comprehensive income, net of tax, by major categories.



	As of
	March 31,			December 31,
	2018			2017
	(Dollars in millions)
Net unrealized gains on AFS securities for which we have not recorded OTTI		$	58		$	87
Net unrealized gains on AFS securities for which we have recorded OTTI		242			423
Other		47			43
Accumulated other comprehensive income		$	347		$	553

The following table displays changes in accumulated other comprehensive income, net of tax.



	For the Three Months Ended March 31,
	2018									2017
	AFS⁽¹⁾			Other			Total			AFS⁽¹⁾			Other			Total
	(Dollars in millions)
Beginning balance	$	510		$	43		$	553		$	716		$	43		$	759
Reclassification of accumulated other comprehensive income to retained earnings resulting from the enactment of the Tax Cuts and Jobs Act⁽²⁾	110			7			117			—			—			—
Other comprehensive income:
Other comprehensive income (loss) before reclassifications	(57		)	—			(57		)	9			—			9
Amounts reclassified from other comprehensive income (loss)	(263		)	(3		)	(266		)	(1		)	(2		)	(3		)
Net other comprehensive income (loss)	(320		)	(3		)	(323		)	8			(2		)	6
Ending balance	$	300		$	47		$	347		$	724		$	41		$	765

__________


⁽¹⁾	The amounts reclassified from accumulated other comprehensive income represent the gain or loss recognized in earnings due to a sale of an AFS security or the recognition of a net impairment recognized in earnings, which are recorded in “Investment gains (losses), net” in our condensed consolidated statements of operations and comprehensive income.


⁽²⁾	Reclassification from accumulated other comprehensive income to retained earnings of the tax effects resulting from the enactment of tax legislation on December 22, 2017 that reduced the federal corporate income tax rate from 35% to 21% effective January 1, 2018. This amount is not included in other comprehensive loss for the period ending March 31, 2018.