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Changes in Accumulated Other Comprehensive Income (Tables) | 12 Months Ended
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Dec. 31, 2020
Equity [Abstract] |
Components of comprehensive income (loss), net of tax | AOCI is a balance sheet item in Shareholders’ equity on the Consolidated Balance Sheets. It is comprised of items that have not been recognized in earnings but may be recognized in earnings in the future when certain events occur. Changes in each component for the three years ended December 31 were as follows:
(Millions), net of tax |  | Net Unrealized Gains (Losses) on Debt Securities |  | Foreign Currency Translation Adjustment Gains (Losses) |  | Net Unrealized Pension and Other Postretirement Benefit Gains (Losses) |  | Accumulated Other Comprehensive (Loss) Income
Balances as of December 31, 2017 |  | $ | — |  |  | $ | (1,961) |  |  | $ | (467) |  |  | $ | (2,428) |
Net unrealized losses |  | (10) |  |  | — |  |  | — |  |  | (10) |
Net translation on investments in foreign operations |  | — |  |  | (500) |  |  | — |  |  | (500) |
Net hedges of investments in foreign operations |  | — |  |  | 328 |  |  | — |  |  | 328 |
Pension and other postretirement benefits |  | — |  |  | — |  |  | 11 |  |  | 11 |
Other |  | 2 |  |  | — |  |  | — |  |  | 2 |
Net change in accumulated other comprehensive (loss) income |  | (8) |  |  | (172) |  |  | 11 |  |  | (169) |
Balances as of December 31, 2018 |  | (8) |  |  | (2,133) |  |  | (456) |  |  | (2,597) |
Net unrealized gains |  | 41 |  |  | — |  |  | — |  |  | 41 |
Net translation on investments in foreign operations |  | — |  |  | 84 |  |  | — |  |  | 84 |
Net hedges of investments in foreign operations |  | — |  |  | (140) |  |  | — |  |  | (140) |
Pension and other postretirement benefits |  | — |  |  | — |  |  | (125) |  |  | (125) |
Net change in accumulated other comprehensive (loss) income |  | 41 |  |  | (56) |  |  | (125) |  |  | (140) |
Balances as of December 31, 2019 |  | 33 |  |  | (2,189) |  |  | (581) |  |  | (2,737) |
Net unrealized gains |  | 32 |  |  | — |  |  | — |  |  | 32 |
Amounts reclassified into earnings |  | — |  |  | (3) |  |  | — |  |  | (3) |
Net translation on investments in foreign operations |  | — |  |  | 215 |  |  | — |  |  | 215 |
Net hedges of investments in foreign operations |  | — |  |  | (252) |  |  | — |  |  | (252) |
Pension and other postretirement benefits |  | — |  |  | — |  |  | (150) |  |  | (150) |
Net change in accumulated other comprehensive (loss) income |  | 32 |  |  | (40) |  |  | (150) |  |  | (158) |
Balances as of December 31, 2020 |  | $ | 65 |  |  | $ | (2,229) |  |  | $ | (731) |  |  | $ | (2,895) |
Changes in AOCI | The following table shows the tax impact for the years ended December 31 for the changes in each component of AOCI presented above:
|  | Tax expense (benefit)
(Millions) |  | 2020 |  | 2019 |  | 2018
Net unrealized investment securities |  | $ | 9 |  |  | $ | 12 |  |  | $ | (2) |
Net translation on investments in foreign operations |  | 17 |  |  | 24 |  |  | (44) |
Net hedges of investments in foreign operations |  | (79) |  |  | (43) |  |  | 107 |
Pension and other postretirement benefits |  | (28) |  |  | (38) |  |  | 9 |
Total tax impact |  | $ | (81) |  |  | $ | (45) |  |  | $ | 70 |
Reclassification out of accumulated other comprehensive (loss) income | The following table presents the effects of reclassifications out of AOCI and into the Consolidated Statements of Income associated with the sale or liquidation of a business, net of taxes for the years ended December 31:
|  |  |  | Gains (losses) recognized in earnings
Description (Millions) |  | Income Statement Line Item |  | 2020 |  | 2019 | 2018
Foreign currency translation adjustments |  |  |  |  |  |  |
Reclassification of translation adjustments and related hedges |  | Other expenses |  | $ | 3 |  |  | $ | — |  | $ | 1 |
Related income tax |  | Income tax provision |  | — |  |  | — |  | (1) |
Reclassification of foreign currency translation adjustments |  |  |  | $ | 3 |  |  | $ | — |  | $ | — |

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- Definition Represents table summarizing tax effect on the changes in accumulated other comprehensive income (loss), including investment securities, derivatives, foreign currency translation adjustments, pension and other postretirement benefit costs during the period. + References No definition available. + Details
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- Definition Tabular disclosure of information about items reclassified out of accumulated other comprehensive income (loss). + References No definition available. + Details
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- Definition Tabular disclosure of components of comprehensive income (loss). Includes, but is not limited to, foreign currency translation adjustments, foreign currency transactions designated as economic hedges of a net investment in foreign entity, gain (loss) and prior service cost (credit) for pension plans and other postretirement benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121641772&loc=d3e526-108580 + Details
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