Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

The following table presents changes in accumulated other comprehensive loss balances:

Three Months Ended September 30,	2024		2023
	(in millions)
Unrealized gains (losses) on investment securities:
Balance at beginning of period	$	(1,924)	$	(2,129)
Other comprehensive income (loss) for period:
Net unrealized gains (losses) arising during period, net of tax of $145 million and $(113) million, respectively	438		(346)
Reclassification adjustment for losses realized in net income, net of tax of $36 million and nil, respectively(1)	112		—
Total other comprehensive income (loss) for period	550		(346)
Balance at end of period	(1,374)		(2,475)
Unrealized gains (losses) on fair value option liabilities attributable to our own credit spread:
Balance at beginning of period	20		85
Other comprehensive income (loss) for period:
Net unrealized gains (losses) arising during period, net of tax of $1 million and $(2) million, respectively	4		(8)
Total other comprehensive income (loss) for period	4		(8)
Balance at end of period	24		77
Unrealized gains (losses) on derivatives designated as cash flow hedges:
Balance at beginning of period	(196)		(347)
Other comprehensive income (loss) for period:
Net unrealized gains (losses) arising during period, net of tax of $(40) million and $7 million, respectively	(124)		20
Reclassification adjustment for losses realized in net income, net of tax of $5 million and $13 million, respectively(2)	17		40
Total other comprehensive income (loss) for period	(107)		60
Balance at end of period	(303)		(287)
Pension and postretirement benefit liability:
Balance at beginning of period	7		5
Other comprehensive income (loss) for period:
Change in unfunded pension and postretirement liability, net of tax of less than $(1) million and less than $(1) million, respectively	(1)		(1)
Total other comprehensive loss for period	(1)		(1)
Balance at end of period	6		4
Total accumulated other comprehensive loss at end of period	$	(1,647)	$	(2,681)

Nine Months Ended September 30,	2024		2023
	(in millions)
Unrealized gains (losses) on investment securities:
Balance at beginning of period	$	(1,734)	$	(2,270)
Other comprehensive income (loss) for period:
Net unrealized gains (losses) arising during period, net of tax of $85 million and $(66) million, respectively	255		(203)
Reclassification adjustment for (gains) losses realized in net income, net of tax of $34 million and less than $(1) million, respectively(1)	104		(2)
Amortization of net unrealized losses on securities transferred from available-for-sale to held-to-maturity realized in net income, net of tax of less than $1 million and nil, respectively(3)	1		—
Total other comprehensive income (loss) for period	360		(205)
Balance at end of period	(1,374)		(2,475)
Unrealized gains (losses) on fair value option liabilities attributable to our own credit spread:
Balance at beginning of period	61		86
Other comprehensive income (loss) for period:
Net unrealized losses arising during period, net of tax of $(12) million and $(3) million, respectively	(37)		(9)
Total other comprehensive loss for period	(37)		(9)
Balance at end of period	24		77
Unrealized gains (losses) on derivatives designated as cash flow hedges:
Balance at beginning of period	(260)		(396)
Other comprehensive income (loss) for period:
Net unrealized losses arising during period, net of tax of $(25) million and $(1) million, respectively	(77)		(7)
Reclassification adjustment for losses realized in net income, net of tax of $11 million and $37 million, respectively(2)	34		116
Total other comprehensive income (loss) for period	(43)		109
Balance at end of period	(303)		(287)
Pension and postretirement benefit liability:
Balance at beginning period	7		5
Other comprehensive income (loss) for period:
Change in unfunded pension and postretirement liability, net of tax of less than $(1) million and less than $(1) million, respectively	(1)		(1)
Total other comprehensive loss for period	(1)		(1)
Balance at end of period	6		4
Total accumulated other comprehensive loss at end of period	$	(1,647)	$	(2,681)

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

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

(3)Amount amortized to net income is included in interest income in our consolidated statement of income. During 2014, we transferred securities from available-for-sale to held-to-maturity. At the date of transfer, AOCI included net pretax unrealized losses related to the transferred securities which are being 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.