Comprehensive income (Tables)

12 Months Ended

Dec. 31, 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 before reclassifications:
Unrealized holding gains, net	31		—		—		—		31			(8)		23
Unrealized losses on cash flow hedges	—		(296)		—		—		(296)			77		(219)
Current year benefit plans gains	—		—		305		—		305			(78)		227
Other	—		—		—		(3)		(3)			1		(2)
Total other comprehensive income (loss) before reclassifications	31		(296)		305		(3)		37			(8)		29
Amounts reclassified from accumulated other comprehensive income that (increase) decrease net income:
Net losses realized in net income	15		—		—		—		15			(4)		11
Net yield adjustment from cash flow hedges currently in effect	—		364		—		—		364		(a)	(95)		269
Amortization of prior service credit	—		—		(2)		—		(2)		(b)	1		(1)
Amortization of actuarial gains	—		—		(5)		—		(5)		(b)	1		(4)
Settlement gain	—		—		(12)		—		(12)		(b)	3		(9)
Total other comprehensive income (loss)	46		68		286		(3)		397			(102)		295
Balance — December 31, 2024	$	(205)	$	(135)	$	131	$	(10)	$	(219)		$	55	$	(164)

Balance — January 1, 2023	$	(444)	$	(337)	$	(273)	$	(12)	$	(1,066)		$	276	$	(790)
Other comprehensive income before reclassifications:
Unrealized holding gains, net	193		—		—		—		193			(51)		142
Unrealized losses on cash flow hedges	—		(116)		—		—		(116)			30		(86)
Current year benefit plans gains	—		—		125		—		125			(33)		92
Other	—		—		—		5		5			(1)		4
Total other comprehensive income (loss) before reclassifications	193		(116)		125		5		207			(55)		152
Amounts reclassified from accumulated other comprehensive income that (increase) decrease net income:


Net yield adjustment from cash flow hedges currently in effect	—		250		—		—		250		(a)	(66)		184
Amortization of prior service credit	—		—		(2)		—		(2)		(b)	1		(1)
Amortization of actuarial gains	—		—		(5)		—		(5)		(b)	1		(4)
Total other comprehensive income (loss)	193		134		118		5		450			(119)		331
Balance — December 31, 2023	$	(251)	$	(203)	$	(155)	$	(7)	$	(616)		$	157	$	(459)


(Dollars in millions)	Investment Securities		Cash Flow Hedges		Defined Benefit Plans		Other		Total Amount Before Tax			Income Tax		Net
Balance — January 1, 2022	$	105	$	88	$	(360)	$	(4)	$	(171)		$	44	$	(127)
Other comprehensive income before reclassifications:
Unrealized holding losses, net	(551)		—		—		—		(551)			143		(408)
Unrealized losses on cash flow hedges	—		(461)		—		—		(461)			119		(342)
Current year benefit plans gains	—		—		71		—		71			(18)		53
Other	—		—		—		(8)		(8)			2		(6)
Total other comprehensive income (loss) before reclassifications	(551)		(461)		71		(8)		(949)			246		(703)
Amounts reclassified from accumulated other comprehensive income that (increase) decrease net income:
Amortization of unrealized holding losses on held-to-maturity securities	2		—		—		—		2		(a)	(1)		1
Net yield adjustment from cash flow hedges currently in effect	—		36		—		—		36		(a)	(9)		27
Amortization of prior service credit	—		—		(2)		—		(2)		(b)	—		(2)
Amortization of actuarial losses	—		—		18		—		18		(b)	(4)		14
Total other comprehensive income (loss)	(549)		(425)		87		(8)		(895)			232		(663)
Balance — December 31, 2022	$	(444)	$	(337)	$	(273)	$	(12)	$	(1,066)		$	276	$	(790)

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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 at January 1, 2022	$	78	$	66	$	(267)	$	(4)	$	(127)
Net gain (loss) during 2022	(407)		(315)		65		(6)		(663)
Balance at December 31, 2022	(329)		(249)		(202)		(10)		(790)
Net gain during 2023	142		98		87		4		331
Balance at December 31, 2023	(187)		(151)		(115)		(6)		(459)
Net gain (loss) during 2024	34		50		213		(2)		295
Balance at December 31, 2024	$	(153)	$	(101)	$	98	$	(8)	$	(164)