Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2015

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (loss) includes certain items that are reported directly within a separate component of shareholders’ equity. The following table presents changes in accumulated other comprehensive income (loss) balances:

Year Ended December 31,	2015			2014			2013
	(in millions)
Unrealized gains (losses) on investment securities:
Balance at beginning of period	$	158		$	(18	)	$	992
Other comprehensive income (loss) for period:
Net unrealized gains (losses) arising during period, net of tax of $(239) million, $159 million and $(617) million, respectively	(387		)	244			(897		)
Reclassification adjustment for gains realized in net income (loss), net of tax of $(18) million, $(48) million and $(81) million, respectively(1)	(30		)	(74		)	(113		)
Amortization of net unrealized losses on securities transferred from available-for-sale to held-to-maturity realized in net income (loss), net of tax of $15 million and $3 million, respectively(2)	25			6			—
Total other comprehensive income (loss) for period	(392		)	176			(1,010		)
Balance at end of period	(234		)	158			(18		)
Unrealized losses on other-than-temporarily impaired debt securities held-to-maturity:
Balance at beginning of period	—			(60		)	—
Adjustment to add other-than-temporary impairment due to the consolidation of a VIE, net of tax of $(47) million	—			—			(67		)
Other comprehensive income for period:
Reclassification adjustment related to the accretion of unrealized other-than-temporary impairment, net of tax of $7 million and $4 million respectively(3)	—			9			7
Reclassification adjustment to reverse other-than-temporary impairment due to closure of VIE, net of tax of $36 million(3)	—			51			—
Total other comprehensive income for period	—			60			7
Balance at end of period	—			—			(60		)
Unrealized losses on derivatives designated as cash flow hedges:
Balance at beginning of period	(156		)	(83		)	(201		)
Other comprehensive income (loss) for period:
Net unrealized gains (losses) arising during period, net of tax of $(2) million, $(48) million and $78 million, respectively	(21		)	(77		)	112
Reclassification adjustment for losses realized in net income (loss), net of tax of $4 million, $2 million and $4 million, respectively(4)	7			4			6
Total other comprehensive income (loss) for period	(14		)	(73		)	118
Balance at end of period	(170		)	(156		)	(83		)
Pension and postretirement benefit liability:
Balance at beginning of period	(3		)	2			(6		)
Other comprehensive income (loss) for period:
Change in unfunded pension and postretirement liability, net of tax of $(4) million and $5 million, respectively	—			(5		)	8
Total other comprehensive income (loss) for period	—			(5		)	8
Balance at and end of period	(3		)	(3		)	2
Total accumulated other comprehensive income (loss) at end of period	$	(407	)	$	(1	)	$	(159	)

⁽¹⁾  Amount reclassified to net income (loss) is included in other securities gains, net in our consolidated statement of income (loss).

⁽²⁾  Amount amortized to net income (loss) is included in interest income in our consolidated statement of income (loss). During the third quarter of 2014, we transferred securities from available-for-sale to held-to-maturity. At the date of transfer, AOCI included net pretax unrealized losses of $234 million related to the transferred securities which will be amortized over the remaining contractual life of each security as an adjustment of yield in a manner consistent with the amortization of any premium or discount.

⁽³⁾  Amount reclassified to the carrying value of the debt securities is included in securities held-to-maturity in our consolidated balance sheet.

⁽⁴⁾  Amount reclassified to net income (loss) is included in interest income (expense) in our consolidated statement of income (loss).