Accumulated Other Comprehensive Income

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Accumulated Other Comprehensive Income

18. Accumulated Other Comprehensive Income

Our changes in AOCI for the three and six months ended June 30, 2024, and June 30, 2023, are as follows:

Dollars in millions	Unrealized gains (losses) on securities available for sale		Unrealized gains (losses) on derivative financial instruments		Net pension and postretirement benefit costs		Total
Balance at December 31, 2023	$	(4,190)	$	(763)	$	(276)	$	(5,229)
Other comprehensive income before reclassification, net of income taxes	(102)		(142)		2		(242)
Amounts reclassified from AOCI, net of income taxes (a)	10		316		1		327
Net current-period other comprehensive income, net of income taxes	(92)		174		3		85
Balance at June 30, 2024	$	(4,282)	$	(589)	$	(273)	$	(5,144)
Balance at March 31, 2024	$	(4,341)	$	(698)	$	(275)	$	(5,314)
Other comprehensive income before reclassification, net of income taxes	51		(43)		—		8
Amounts reclassified from AOCI, net of income taxes (a)	8		152		2		162
Net current-period other comprehensive income, net of income taxes	59		109		2		170
Balance at June 30, 2024	$	(4,282)	$	(589)	$	(273)	$	(5,144)

Balance at December 31, 2022	$	(4,895)	$	(1,124)	$	(276)	$	(6,295)
Other comprehensive income before reclassification, net of income taxes	159		(263)		—		(104)
Amounts reclassified from AOCI, net of income taxes (a)	—		352		3		355
Net current-period other comprehensive income, net of income taxes	159		89		3		251
Balance at June 30, 2023	$	(4,736)	$	(1,035)	$	(273)	$	(6,044)
Balance at March 31, 2023	$	(4,320)	$	(879)	$	(275)	$	(5,474)
Other comprehensive income before reclassification, net of income taxes	(416)		(344)		—		(760)
Amounts reclassified from AOCI, net of income taxes (a)	—		188		2		190
Net current-period other comprehensive income, net of income taxes	(416)		(156)		2		(570)
Balance at June 30, 2023	$	(4,736)	$	(1,035)	$	(273)	$	(6,044)

(a)See table below for details about these reclassifications.

Our reclassifications out of AOCI for the three and six months ended June 30, 2024, and June 30, 2023, are as follows:

	Three months ended June 30,				Affected Line Item in the Consolidated Statement of Income
Dollars in millions	2024		2023
Unrealized gains (losses) on available for sale securities
Realized gains	$	—	$	—	Other income
Realized losses	(10)		—		Other income
	(10)		—		Income (loss) from continuing operations before income taxes
	(2)		—		Income taxes
	$	(8)	$	—	Income (loss) from continuing operations
Unrealized gains (losses) on derivative financial instruments
Interest rate	$	(199)	$	(245)	Interest income — Loans
Interest rate	(1)		(1)		Interest expense — Long-term debt
Interest rate	—		—		Investment banking and debt placement fees
	(200)		(246)		Income (loss) from continuing operations before income taxes
	(48)		(58)		Income taxes
	$	(152)	$	(188)	Income (loss) from continuing operations
Net pension and postretirement benefit costs
Amortization of losses	$	(2)	$	(2)	Other expense
Settlement loss	—		—		Other expense
Amortization of unrecognized prior service credit	—		—		Other expense
	(2)		(2)		Income (loss) from continuing operations before income taxes
	—		—		Income taxes
	$	(2)	$	(2)	Income (loss) from continuing operations

	Six months ended June 30,				Affected Line Item in the Consolidated Statement of Income
Dollars in millions	2024		2023
Unrealized gains (losses) on available for sale securities
Realized gains	$	—	$	—	Other income
Realized losses	(13)		—		Other income
	(13)		—		Income (loss) from continuing operations before income taxes
	(3)		—		Income taxes
	$	(10)	$	—	Income (loss) from continuing operations
Unrealized gains (losses) on derivative financial instruments
Interest rate	$	(415)	$	(460)	Interest income — Loans
Interest rate	(1)		(1)		Interest expense — Long-term debt
Interest rate	1		—		Investment banking and debt placement fees
	(415)		(461)		Income (loss) from continuing operations before income taxes
	(99)		(109)		Income taxes
	$	(316)	$	(352)	Income (loss) from continuing operations
Net pension and postretirement benefit costs
Amortization of losses	$	(4)	$	(5)	Other expense
Settlement loss	—		—		Other expense
Amortization of unrecognized prior service credit	1		1		Other expense
	(3)		(4)		Income (loss) from continuing operations before income taxes
	(2)		(1)		Income taxes
	$	(1)	$	(3)	Income (loss) from continuing operations