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Comprehensive income (Tables) | 3 Months Ended
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Mar. 31, 2024
Equity [Abstract] |
Components of Other Comprehensive Income (Loss) and Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Net Income | The following tables display the components of other comprehensive income (loss) and amounts reclassified from accumulated other comprehensive income (loss) to net income:
| Investment |  |  | Cash Flow |  |  | Defined Benefit |  |  |  |  |  | Total Amount |  |  |  | Income |  |  |  |
(Dollars in millions) | Securities |  |  | Hedges |  |  | Plans |  |  | Other |  |  | Before Tax |  |  |  | Tax |  |  | Net |
Balance — January 1, 2024 | $ | (251 | ) |  | $ | (203 | ) |  | $ | (155 | ) |  | $ | (7 | ) |  | $ | (616 | ) |  |  | $ | 157 |  |  | $ | (459 | )
Other comprehensive income (loss) before reclassifications: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized holding losses, net |  | (13 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (13 | ) |  |  |  | 2 |  |  |  | (11 | )
Foreign currency translation adjustment |  | — |  |  |  | — |  |  |  | — |  |  |  | (2 | ) |  |  | (2 | ) |  |  |  | — |  |  |  | (2 | )
Unrealized losses on cash flow hedges |  | — |  |  |  | (243 | ) |  |  | — |  |  |  | — |  |  |  | (243 | ) |  |  |  | 60 |  |  |  | (183 | )
Total other comprehensive income (loss) before reclassifications |  | (13 | ) |  |  | (243 | ) |  |  | — |  |  |  | (2 | ) |  |  | (258 | ) |  |  |  | 62 |  |  |  | (196 | )
Amounts reclassified from accumulated other comprehensive income (loss) that (increase) decrease net income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Losses realized in net income |  | 1 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  |  | — |  |  |  | 1 |
Net yield adjustment from cash flow hedges currently in effect |  | — |  |  |  | 87 |  |  |  | — |  |  |  | — |  |  |  | 87 |  | (a) |  |  | (21 | ) |  |  | 66 |
Amortization of actuarial losses |  | — |  |  |  | — |  |  |  | (1 | ) |  |  | — |  |  |  | (1 | ) | (b) |  |  | — |  |  |  | (1 | )
Total other comprehensive income (loss) |  | (12 | ) |  |  | (156 | ) |  |  | (1 | ) |  |  | (2 | ) |  |  | (171 | ) |  |  |  | 41 |  |  |  | (130 | )
Balance — March 31, 2024 | $ | (263 | ) |  | $ | (359 | ) |  | $ | (156 | ) |  | $ | (9 | ) |  | $ | (787 | ) |  |  | $ | 198 |  |  | $ | (589 | )
Balance — January 1, 2023 | $ | (444 | ) |  | $ | (336 | ) |  | $ | (273 | ) |  | $ | (13 | ) |  | $ | (1,066 | ) |  |  | $ | 276 |  |  | $ | (790 | )
Other comprehensive income (loss) before reclassifications: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized holding gains, net |  | 89 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 89 |  |  |  |  | (24 | ) |  |  | 65 |
Foreign currency translation adjustment |  | — |  |  |  | — |  |  |  | — |  |  |  | 2 |  |  |  | 2 |  |  |  |  | (1 | ) |  |  | 1 |
Unrealized losses on cash flow hedges |  | — |  |  |  | 51 |  |  |  | — |  |  |  | — |  |  |  | 51 |  |  |  |  | (13 | ) |  |  | 38 |
Total other comprehensive income (loss) before reclassifications |  | 89 |  |  |  | 51 |  |  |  | — |  |  |  | 2 |  |  |  | 142 |  |  |  |  | (38 | ) |  |  | 104 |
Amounts reclassified from accumulated other comprehensive income (loss) that (increase) decrease net income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net yield adjustment from cash flow hedges currently in effect |  | — |  |  |  | 59 |  |  |  | — |  |  |  | — |  |  |  | 59 |  | (a) |  |  | (16 | ) |  |  | 43 |
Amortization of actuarial losses |  | — |  |  |  | — |  |  |  | (2 | ) |  |  | — |  |  |  | (2 | ) | (b) |  |  | — |  |  |  | (2 | )
Total other comprehensive income (loss) |  | 89 |  |  |  | 110 |  |  |  | (2 | ) |  |  | 2 |  |  |  | 199 |  |  |  |  | (54 | ) |  |  | 145 |
Balance — March 31, 2023 | $ | (355 | ) |  | $ | (226 | ) |  | $ | (275 | ) |  | $ | (11 | ) |  | $ | (867 | ) |  |  | $ | 222 |  |  | $ | (645 | )
(a) Included in "interest income" in the Consolidated Statement of Income. (b) Included in "other costs of operations" in the Consolidated Statement of Income.
Accumulated Other Comprehensive Income (Loss), Net | Accumulated other comprehensive income (loss), net consisted of the following:
|  |  |  |  |  |  |  | Defined |  |  |  |  |  |  |
|  | Investment |  |  | Cash Flow |  |  | Benefit |  |  |  |  |  |  |
(Dollars in millions) |  | Securities |  |  | Hedges |  |  | Plans |  |  | Other |  |  | Total |
Balance — December 31, 2023 |  | $ | (187 | ) |  | $ | (151 | ) |  | $ | (115 | ) |  | $ | (6 | ) |  | $ | (459 | )
Net loss during period |  |  | (10 | ) |  |  | (117 | ) |  |  | (1 | ) |  |  | (2 | ) |  |  | (130 | )
Balance — March 31, 2024 |  | $ | (197 | ) |  | $ | (268 | ) |  | $ | (116 | ) |  | $ | (8 | ) |  | $ | (589 | )

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