Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss)

The table below presents the changes in accumulated OCI after-tax for 2024, 2023 and 2022.

(Dollars in millions)	Debt Securities		Debit Valuation Adjustments		Derivatives		Employee Benefit Plans		Foreign Currency		Total
Balance, December 31, 2021	$	3,045	$	(1,636)	$	(1,880)	$	(3,642)	$	(991)	$	(5,104)
Net change	(6,028)		755		(10,055)		(667)		(57)		(16,052)
Balance, December 31, 2022	$	(2,983)	$	(881)	$	(11,935)	$	(4,309)	$	(1,048)	$	(21,156)
Net change	573		(686)		3,919		(439)		1		3,368
Balance, December 31, 2023	$	(2,410)	$	(1,567)	$	(8,016)	$	(4,748)	$	(1,047)	$	(17,788)
Net change	158		(127)		2,428		131		(87)		2,503
Balance, December 31, 2024	$	(2,252)	$	(1,694)	$	(5,588)	$	(4,617)	$	(1,134)	$	(15,285)

The table below presents the net change in fair value recorded in accumulated OCI, net realized gains and losses reclassified into earnings and other changes for each component of OCI pre- and after-tax for 2024, 2023 and 2022.

	Pretax		Tax effect		After- tax		Pretax		Tax effect		After- tax		Pretax		Tax effect		After- tax
(Dollars in millions)	2024						2023						2022
Debt securities:
Net increase (decrease) in fair value	$	185	$	(49)	$	136	$	348	$	(79)	$	269	$	(7,995)	$	1,991	$	(6,004)
Net realized (gains) losses reclassified into earnings (1)	29		(7)		22		405		(101)		304		(32)		8		(24)
Net change	214		(56)		158		753		(180)		573		(8,027)		1,999		(6,028)
Debit valuation adjustments:
Net increase (decrease) in fair value	(180)		45		(135)		(917)		223		(694)		980		(237)		743
Net realized (gains) losses reclassified into earnings (1)	12		(4)		8		11		(3)		8		16		(4)		12
Net change	(168)		41		(127)		(906)		220		(686)		996		(241)		755
Derivatives:
Net increase (decrease) in fair value	433		(107)		326		2,064		(514)		1,550		(13,711)		3,430		(10,281)
Reclassifications into earnings:
Net interest income	2,692		(674)		2,018		1,153		(288)		865		332		(84)		248
Market making and similar activities	146		(35)		111		2,031		(508)		1,523		—		—		—
Compensation and benefits expense	(35)		8		(27)		(25)		6		(19)		(29)		7		(22)
Net realized (gains) losses reclassified into earnings	2,803		(701)		2,102		3,159		(790)		2,369		303		(77)		226
Net change	3,236		(808)		2,428		5,223		(1,304)		3,919		(13,408)		3,353		(10,055)
Employee benefit plans:
Net increase (decrease) in fair value	29		(8)		21		(642)		162		(480)		(1,103)		276		(827)
Net actuarial losses and other reclassified into earnings (2)	148		(37)		111		56		(16)		40		198		(49)		149
Settlements, curtailments and other	(1)		—		(1)		1		—		1		11		—		11
Net change	176		(45)		131		(585)		146		(439)		(894)		227		(667)
Foreign currency:
Net increase (decrease) in fair value	521		(615)		(94)		(177)		192		15		332		(390)		(58)
Net realized (gains) losses reclassified into earnings (1)	41		(34)		7		(48)		34		(14)		—		1		1
Net change	562		(649)		(87)		(225)		226		1		332		(389)		(57)
Total other comprehensive income (loss)	$	4,020	$	(1,517)	$	2,503	$	4,260	$	(892)	$	3,368	$	(21,001)	$	4,949	$	(16,052)

(1)    Reclassifications of pretax debt securities, DVA and foreign currency (gains) losses are recorded in other income in the Consolidated Statement of Income.

(2)    Reclassifications of pretax employee benefit plan costs are recorded in other general operating expense in the Consolidated Statement of Income.