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v3.23.1

Equity (Tables) | 3 Months Ended
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Mar. 31, 2023
Stockholders' Equity Note [Abstract] |
Schedule of Stock by Class [Table Text Block] | The changes in number of common stock shares issued, held in treasury and outstanding are as follows for the periods indicated:
|  | Issued |  | Held In Treasury |  | Outstanding
Balance, December 31, 2022 |  | 85,310,598 |  |  | 18,634,390 |  |  | 66,676,208 |
Common stock acquired |  | — |  |  | 371,343 |  |  | (371,343) |
Stock-based compensation (1) |  | — |  |  | (235,601) |  |  | 235,601 |
Balance, March 31, 2023 |  | 85,310,598 |  |  | 18,770,132 |  |  | 66,540,466 |
|  | Issued |  | Held In Treasury |  | Outstanding
Balance, December 31, 2021 |  | 85,310,598 |  |  | 18,139,868 |  |  | 67,170,730 |
Common Stock acquired |  | — |  |  | 219,116 |  |  | (219,116) |
Stock-based compensation (1) |  | — |  |  | (36,639) |  |  | 36,639 |
Balance, March 31, 2022 |  | 85,310,598 |  |  | 18,322,345 |  |  | 66,988,253 |
(1)Represents net shares issued from treasury pursuant to the Company’s equity-based compensation programs.
Components of Accumulated Other Comprehensive Income | The balance of and changes in each component of accumulated other comprehensive income (loss) (“AOCI”) for the three months ended March 31, 2023 and 2022 are as follows (dollars in millions):
|  | Accumulated Other Comprehensive Income (Loss), Net of Income Tax
|  | Foreign Currency Translation Adjustments |  | Net Unrealized Investment Gains (Losses)(1) |  | Pension and Postretirement Benefits |  | Effect of Updating Discount Rates on Future Policy Benefits |  | Instrument-Specific Credit Risk for Market Risk Benefits |  | Total
Balance, December 31, 2022 |  | $ | (116) |  |  | $ | (5,496) |  |  | $ | (27) |  |  | $ | 3,755 |  |  | $ | 13 |  |  | $ | (1,871) |
Other comprehensive income (loss) before reclassifications |  | 28 |  |  | 1,316 |  |  | 5 |  |  | (927) |  |  | 2 |  |  | 424 |
Amounts reclassified to (from) AOCI |  |  |  | 88 |  |  | 1 |  |  | — |  |  | — |  |  | 89 |
Deferred income tax benefit (expense) |  | (6) |  |  | (301) |  |  | (1) |  |  | 206 |  |  | (1) |  |  | (103) |
Balance, March 31, 2023 |  | $ | (94) |  |  | $ | (4,393) |  |  | $ | (22) |  |  | $ | 3,034 |  |  | $ | 14 |  |  | $ | (1,461) |
|  | Accumulated Other Comprehensive Income (Loss), Net of Income Tax
|  | Foreign Currency Translation Adjustments |  | Net Unrealized Investment Gains (Losses)(1) |  | Pension and Postretirement Benefits |  | Effect of Updating Discount Rates on Future Policy Benefits |  | Instrument-Specific Credit Risk for Market Risk Benefits |  | Total
Balance, December 31, 2021 |  | $ | (13) |  |  | $ | 3,779 |  |  | $ | (50) |  |  | $ | (4,209) |  |  | $ | (7) |  |  | $ | (500) |
Other comprehensive income (loss) before reclassifications |  | 27 |  |  | (4,886) |  |  | (1) |  |  | 4,375 |  |  | (5) |  |  | (490) |
Amounts reclassified to (from) AOCI |  | — |  |  | 36 |  |  | 1 |  |  | — |  |  | — |  |  | 37 |
Deferred income tax benefit (expense) |  | (6) |  |  | 1,061 |  |  | — |  |  | (961) |  |  | 1 |  |  | 95 |
Balance, March 31, 2022 |  | $ | 8 |  |  | $ | (10) |  |  | $ | (50) |  |  | $ | (795) |  |  | $ | (11) |  |  | $ | (858) |
(1)Includes cash flow hedges of $(198) and $(205) as of March 31, 2023 and December 31, 2022, respectively, and $(81) and $(22) as of March 31, 2022 and December 31, 2021, respectively. See Note 12 – “Derivative Instruments” for additional information on cash flow hedges.
Reclassification Out Of Accumulated Other Comprehensive Income | The following table presents the amounts of AOCI reclassifications for the three months ended March 31, 2023 and 2022 (dollars in millions):
|  |  |  |  |  |  |  | Amount Reclassified from AOCI |  |
|  |  |  |  |  | Three months ended March 31, |  | Affected Line Item in Statements of Income
Details about AOCI Components |  |  |  |  |  |  |  | 2023 |  | 2022 |
Net unrealized investment gains (losses): |  |  |  |  |  |  |  |  |  |  |  |
Net unrealized gains (losses) on available-for-sale securities |  |  |  |  |  |  |  | $ | (87) |  |  | $ | (35) |  |  | Investment related gains (losses), net
Cash flow hedges – Interest rate |  |  |  |  |  |  |  | 2 |  |  | — |  |  | (1)
Cash flow hedges – Currency/Interest rate |  |  |  |  |  |  |  | (3) |  |  | (1) |  |  | (1)
Total |  |  |  |  |  |  |  | (88) |  |  | (36) |  |  |
Provision for income taxes |  |  |  |  |  |  |  | 18 |  |  | 7 |  |  |
Net unrealized gains (losses), net of tax |  |  |  |  |  |  |  | $ | (70) |  |  | $ | (29) |  |  |
Amortization of defined benefit plan items: |  |  |  |  |  |  |  |  |  |  |  |
Prior service cost (credit) |  |  |  |  |  |  |  | $ | — |  |  | $ | — |  |  | (2)
Actuarial gains (losses) |  |  |  |  |  |  |  | (1) |  |  | (1) |  |  | (2)
Total |  |  |  |  |  |  |  | (1) |  |  | (1) |  |  |
Provision for income taxes |  |  |  |  |  |  |  | — |  |  | — |  |  |
Amortization of defined benefit plans, net of tax |  |  |  |  |  |  |  | $ | (1) |  |  | $ | (1) |  |  |
Total reclassifications for the period |  |  |  |  |  |  |  | $ | (71) |  |  | $ | (30) |  |  |
(1)See Note 12 – “Derivative Instruments” for additional information on cash flow hedges. (2)This AOCI component is included in the computation of the net periodic pension cost. See Note 15 – “Employee Benefit Plans” for additional details.

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