Comprehensive income (Tables)

9 Months Ended

Sep. 30, 2024

Components of Other Comprehensive Income (Loss) and Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Net Income

The following tables display the components of other comprehensive income (loss) and amounts reclassified from accumulated other comprehensive income (loss) to net income:


(Dollars in millions)	Investment Securities		Cash Flow Hedges		Defined Benefit Plans		Other		Total Amount Before Tax			Income Tax		Net
Balance — January 1, 2024	$	(251)	$	(203)	$	(155)	$	(7)	$	(616)		$	157	$	(459)
Other comprehensive income (loss) before reclassifications:
Unrealized holding gains, net	307		—		—		—		307			(78)		229
Unrealized losses on cash flow hedges	—		(26)		—		—		(26)			7		(19)
Other	—		—		—		3		3			(1)		2

Total other comprehensive income (loss) before reclassifications	307		(26)		—		3		284			(72)		212
Amounts reclassified from accumulated other comprehensive income (loss) that (increase) decrease net income:
Net losses realized in net income	13		—		—		—		13			(4)		9
Net yield adjustment from cash flow hedges currently in effect	—		288		—		—		288		(a)	(73)		215
Amortization of prior service credit	—		—		(2)		—		(2)		(b)	—		(2)
Amortization of actuarial gains	—		—		(3)		—		(3)		(b)	1		(2)
Total other comprehensive income (loss)	320		262		(5)		3		580			(148)		432
Balance — September 30, 2024	$	69	$	59	$	(160)	$	(4)	$	(36)		$	9	$	(27)

Balance — January 1, 2023	$	(444)	$	(336)	$	(273)	$	(13)	$	(1,066)		$	276	$	(790)
Other comprehensive income (loss) before reclassifications:
Unrealized holding losses, net	(2)		—		—		—		(2)			1		(1)
Unrealized losses on cash flow hedges	—		(366)		—		—		(366)			91		(275)


Total other comprehensive income (loss) before reclassifications	(2)		(366)		—		—		(368)			92		(276)
Amounts reclassified from accumulated other comprehensive income (loss) that (increase) decrease net income:



Net yield adjustment from cash flow hedges currently in effect	—		173		—		—		173		(a)	(44)		129
Amortization of prior service credit	—		—		(1)		—		(1)		(b)	—		(1)
Amortization of actuarial gains	—		—		(4)		—		(4)		(b)	—		(4)
Total other comprehensive income (loss)	(2)		(193)		(5)		—		(200)			48		(152)
Balance — September 30, 2023	$	(446)	$	(529)	$	(278)	$	(13)	$	(1,266)		$	324	$	(942)

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(a)Included in "interest income" in the Consolidated Statement of Income.

(b)Included in "other costs of operations" in the Consolidated Statement of Income.

Accumulated Other Comprehensive Income (Loss), Net

Accumulated other comprehensive income (loss), net consisted of the following:


(Dollars in millions)	Investment Securities		Cash Flow Hedges		Defined Benefit Plans		Other		Total
Balance — December 31, 2023	$	(187)	$	(151)	$	(115)	$	(6)	$	(459)
Net gain (loss) during period	238		196		(4)		2		432
Balance — September 30, 2024	$	51	$	45	$	(119)	$	(4)	$	(27)