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Other Comprehensive Income (Tables)
 6 Months Ended
Jun. 30, 2019
Cumulative Other Comprehensive Income Balances [Abstract]  
Summary of Other Comprehensive Income
Table 21.1 provides the components of OCI, reclassifications to net income by income statement line item, and the related tax effects.


Table 21.1: Summary of Other Comprehensive Income
 
Quarter ended June 30,
 
 
Six months ended June 30,
 
 
2019
 
 
2018
 
 
2019
 
 
2018
 
(in millions)
Before
tax

 
Tax
effect

 
Net of
tax

 
Before
tax

 
Tax
effect

 
Net of
tax

 
Before
tax

 
Tax
effect

 
Net of
tax

 
Before
tax

 
Tax
effect

 
Net of
tax

Debt securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net unrealized gains (losses) arising during the period
$
1,709

 
(422
)
 
1,287

 
(617
)
 
152

 
(465
)
 
4,540

 
(1,117
)
 
3,423

 
(4,060
)
 
1,000

 
(3,060
)
Reclassification of net (gains) losses to net income:
 
 
 
 
 
 
 
 
 
 


 
 
 
 
 
 
 
 
 
 
 
 
Interest income on debt securities (1)
61

 
(15
)
 
46

 
90

 
(22
)
 
68

 
106

 
(26
)
 
80

 
159

 
(39
)
 
120

Net gains on debt securities
(20
)
 
5

 
(15
)
 
(41
)
 
10

 
(31
)
 
(145
)
 
36

 
(109
)
 
(42
)
 
10

 
(32
)
Other noninterest income
(2
)
 
1

 
(1
)
 
—

 
—

 
—

 
(3
)
 
1

 
(2
)
 
—

 
—

 
—

Subtotal reclassifications to net income
39


(9
)

30

 
49

 
(12
)
 
37

 
(42
)
 
11

 
(31
)
 
117

 
(29
)
 
88

Net change
1,748


(431
)

1,317

 
(568
)
 
140

 
(428
)
 
4,498

 
(1,106
)
 
3,392

 
(3,943
)
 
971

 
(2,972
)
Derivative and hedging activities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair Value Hedges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Change in fair value of excluded components on fair value hedges (2)
56

 
(14
)
 
42

 
(150
)
 
37

 
(113
)
 
30

 
(7
)
 
23

 
(126
)
 
31

 
(95
)
Cash Flow Hedges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net unrealized gains (losses) arising during the period on cash flow hedges
1

 
—

 
1

 
—

 
—

 
—

 
(8
)
 
2

 
(6
)
 
(266
)
 
66

 
(200
)
Reclassification of net losses to net income on cash flow hedges:
 
 
 
 
 
 
 
 
 
 


 
 
 
 
 
 
 
 
 
 
 
 
Interest income on loans
77

 
(19
)
 
58

 
77

 
(19
)
 
58

 
155

 
(38
)
 
117

 
137

 
(34
)
 
103

Interest expense on long-term debt
2

 
(1
)
 
1

 
—

 
—

 
—

 
3

 
(1
)
 
2

 
—

 
—

 
—

Subtotal reclassifications to net income
79


(20
)

59


77


(19
)

58


158


(39
)

119


137


(34
)

103

Net change
136


(34
)

102

 
(73
)
 
18

 
(55
)
 
180


(44
)

136

 
(255
)

63


(192
)
Defined benefit plans adjustments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net actuarial and prior service gains (losses) arising during the period
—

 
—

 
—

 
—

 
—

 
—

 
(4
)
 
1

 
(3
)
 
6

 
(2
)
 
4

Reclassification of amounts to non interest expense (3):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortization of net actuarial loss
36

 
(9
)
 
27

 
31

 
(7
)
 
24

 
71

 
(17
)
 
54

 
63

 
(15
)
 
48

Settlements and other
(3
)
 
2

 
(1
)
 
(2
)
 
—

 
(2
)
 
(3
)
 
2

 
(1
)
 
(2
)
 
1

 
(1
)
Subtotal reclassifications to non interest expense
33


(7
)

26

 
29

 
(7
)
 
22

 
68

 
(15
)
 
53

 
61

 
(14
)
 
47

Net change
33


(7
)

26

 
29

 
(7
)
 
22

 
64

 
(14
)
 
50

 
67

 
(16
)
 
51

Foreign currency translation adjustments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net unrealized gains (losses) arising during the period
14

 
(1
)
 
13

 
(83
)
 
3

 
(80
)
 
56

 
(3
)
 
53

 
(85
)
 
(2
)
 
(87
)
Net change
14


(1
)

13

 
(83
)
 
3

 
(80
)
 
56

 
(3
)
 
53

 
(85
)
 
(2
)
 
(87
)
Other comprehensive income (loss)
$
1,931


(473
)

1,458

 
(695
)

154


(541
)
 
4,798

 
(1,167
)
 
3,631

 
(4,216
)
 
1,016

 
(3,200
)
Less: Other comprehensive loss from noncontrolling interests, net of tax
 
 
 
 
—

 
 
 
 
 
(1
)
 
 
 
 
 
—

 
 
 
 
 
(1
)
Wells Fargo other comprehensive income (loss), net of tax
 
 
 
 
$
1,458

 
 
 
 
 
(540
)
 
 
 
 
 
3,631

 
 
 
 
 
(3,199
)
(1)
Represents net unrealized gains and losses amortized over the remaining lives of securities that were transferred from the available-for-sale portfolio to the held-to-maturity portfolio.
(2)
Represents changes in fair value of cross-currency swaps attributable to changes in cross-currency basis spreads, which are excluded from the assessment of effectiveness recorded in other comprehensive income.
(3)
These items are included in the computation of net periodic benefit cost (see Note 19 (Employee Benefits) for more information).
Cumulative OCI Balances
Table 21.2: Cumulative OCI Balances
(in millions)
Debt
securities

 
Derivative
and
hedging
activities

 
Defined
benefit
plans
adjustments

 
Foreign
currency
translation
adjustments

 
Cumulative
other
compre-
hensive
income

Quarter ended June 30, 2019
 
 
 
 
 
 
 
 
 
Balance, beginning of period
$
(566
)
 
(651
)
 
(2,272
)
 
(193
)
 
(3,682
)
Net unrealized gains arising during the period
1,287

 
43

 
—

 
13

 
1,343

Amounts reclassified from accumulated other comprehensive income
30

 
59

 
26

 
—

 
115

Net change
1,317

 
102

 
26

 
13

 
1,458

Less: Other comprehensive income from noncontrolling interests
—

 
—

 
—

 
—

 
—

Balance, end of period
$
751

 
(549
)
 
(2,246
)
 
(180
)
 
(2,224
)
Quarter ended June 30, 2018
 
 
 
 
 
 
 
 
 
Balance, beginning of period
$
(2,491
)
 
(555
)
 
(1,779
)
 
(96
)
 
(4,921
)
Net unrealized losses arising during the period
(465
)
 
(113
)
 
—

 
(80
)
 
(658
)
Amounts reclassified from accumulated other comprehensive income
37

 
58

 
22

 
—

 
117

Net change
(428
)
 
(55
)
 
22

 
(80
)
 
(541
)
Less: Other comprehensive loss from noncontrolling interests
—

 
—

 
—

 
(1
)
 
(1
)
Balance, end of period
$
(2,919
)
 
(610
)
 
(1,757
)
 
(175
)
 
(5,461
)
Six months ended June 30, 2019
 
 
 
 
 
 
 
 
 
Balance, beginning of period
$
(3,122
)
 
(685
)
 
(2,296
)
 
(233
)
 
(6,336
)
Transition adjustment (1)
481

 
—

 
—

 
—

 
481

Balance, January 1, 2019
(2,641
)
 
(685
)
 
(2,296
)
 
(233
)
 
(5,855
)
Net unrealized gains (losses) arising during the period
3,423

 
17

 
(3
)
 
53

 
3,490

Amounts reclassified from accumulated other comprehensive income
(31
)
 
119

 
53

 
—

 
141

Net change
3,392

 
136

 
50

 
53

 
3,631

Less: Other comprehensive income from noncontrolling interests
—

 
—

 
—

 
—

 
—

Balance, end of period
$
751

 
(549
)
 
(2,246
)
 
(180
)
 
(2,224
)
Six months ended June 30, 2018
 
 
 
 
 
 
 
 
 
Balance, beginning of period
$
171

 
(418
)
 
(1,808
)
 
(89
)
 
(2,144
)
Transition adjustment (2)
(118
)
 
—

 
—

 
—

 
(118
)
Balance, January 1, 2018
53

 
(418
)
 
(1,808
)
 
(89
)
 
(2,262
)
Net unrealized gains (losses) arising during the period
(3,060
)
 
(295
)
 
4

 
(87
)
 
(3,438
)
Amounts reclassified from accumulated other comprehensive income
88

 
103

 
47

 
—

 
238

Net change
(2,972
)
 
(192
)
 
51

 
(87
)
 
(3,200
)
Less: Other comprehensive loss from noncontrolling interests
—

 
—

 
—

 
(1
)
 
(1
)
Balance, end of period
$
(2,919
)
 
(610
)
 
(1,757
)
 
(175
)
 
(5,461
)

(1)
The transition adjustment relates to the adoption of ASU 2017-08 – Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. See Note 1 (Summary of Significant Accounting Policies) for more information.
(2)
The transition adjustment relates to the adoption of ASU 2016-01 – Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. See Note 1 (Summary of Significant Accounting Policies) for more information.