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Accumulated Other Comprehensive Income (Loss) | 6 Months Ended
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Jun. 30, 2024
Equity [Abstract] |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Shareholders' equity included the following components of Accumulated other comprehensive income ("AOCI") as of the dates indicated:
| June 30, |
| 2024 |  | 2023
Fixed maturities, net of impairment | $ | (2,676) |  |  | $ | (2,963) |  |
Derivatives(1) | 66 |  |  | 98 |  |
Change in current discount rate | (818) |  |  | (827) |  |
Deferred income tax asset (liability)(2) | 843 |  |  | 898 |  |
Total | (2,585) |  |  | (2,794) |  |
Pension and other postretirement benefits liability, net of tax | 2 |  |  | 3 |  |
AOCI | $ | (2,583) |  |  | $ | (2,791) |  |
(1) Gains and losses reported in AOCI from hedge transactions that resulted in the acquisition of an identified asset are reclassified into earnings in the same period or periods during which the asset acquired affects earnings. As of June 30, 2024, the portion of the AOCI that is expected to be reclassified into earnings within the next 12 months is $14. (2) The Company uses the portfolio method to determine when stranded tax benefits (or detriments) are released from AOCI. Changes in AOCI, including the reclassification adjustments recognized in the Condensed Consolidated Statements of Operations, were as follows for the periods indicated:
| Three Months Ended June 30, 2024
| Before-Tax Amount |  | Income Tax (Benefit) |  | After-Tax Amount
Available-for-sale securities: |  |  |  |  |
Fixed maturities | $ | (185) |  |  | $ | 38 |  |  | $ | (147) |
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations | 8 |  |  | (2) |  |  | 6 |
Change in unrealized gains/losses on available-for-sale securities | (177) |  |  | 36 |  |  | (141) |
Derivatives: |  |  |  |  |
Derivatives | 3 |  | (1) | — |  |  | 3 |
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations | (4) |  |  | 1 |  |  | (3) |
Change in unrealized gains/losses on derivatives | (1) |  |  | 1 |  |  | — |
Change in current discount rate | 34 |  |  | (7) |  |  | 27 |
Change in Accumulated other comprehensive income (loss) | $ | (144) |  |  | $ | 30 |  |  | $ | (114) |
(1) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information.
| Six Months Ended June 30, 2024
| Before-Tax Amount |  | Income Tax (Benefit) |  | After-Tax Amount
Available-for-sale securities: |  |  |  |  |
Fixed maturities | $ | (330) |  |  | $ | 68 |  |  | $ | (262) |
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations | 24 |  |  | (5) |  |  | 19 |
Change in unrealized gains (losses) on available-for-sale securities | (306) |  |  | 63 |  |  | (243) |
Derivatives: |  |  |  |  |
Derivatives | 11 |  | (1) | (2) |  |  | 9 |
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations | (8) |  |  | 2 |  |  | (6) |
Change in unrealized gains (losses) on derivatives | 3 |  |  | — |  |  | 3 |
Change in current discount rate | 72 |  |  | (15) |  |  | 57 |
Change in Accumulated other comprehensive income (loss) | $ | (231) |  |  | $ | 48 |  |  | $ | (183) |
(1) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information.
| Three Months Ended June 30, 2023
| Before-Tax Amount |  | Income Tax (Benefit) |  | After-Tax Amount
Available-for-sale securities: |  |  |  |  |
Fixed maturities | $ | (343) |  |  | $ | 72 |  |  | $ | (271) |
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations | 15 |  |  | (3) |  |  | 12 |
Change in unrealized gains (losses) on available-for-sale securities | (328) |  |  | 69 |  |  | (259) |
Derivatives: |  |  |  |  |
Derivatives | (6) |  | (1) | 1 |  |  | (5) |
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations | (5) |  |  | 1 |  |  | (4) |
Change in unrealized gains (losses) on derivatives | (11) |  |  | 2 |  |  | (9) |
Change in current discount rate | 28 |  |  | (6) |  |  | 22 |
Change in Accumulated other comprehensive income (loss) | $ | (311) |  |  | $ | 65 |  |  | $ | (246) |
(1) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information.
| Six Months Ended June 30, 2023
| Before-Tax Amount |  | Income Tax (Benefit) |  | After-Tax Amount
Available-for-sale securities: |  |  |  |  |
Fixed maturities | $ | 318 |  |  | $ | (67) |  |  | $ | 251 |
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations | 14 |  |  | (3) |  |  | 11 |
Change in unrealized gains (losses) on available-for-sale securities | 332 |  |  | (70) |  |  | 262 |
Derivatives: |  |  |  |  |
Derivatives | (18) |  | (1) | 4 |  |  | (14) |
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations | (10) |  |  | 2 |  |  | (8) |
Change in unrealized gains (losses) on derivatives | (28) |  |  | 6 |  |  | (22) |
Change in current discount rate | 30 |  |  | (6) |  |  | 24 |
Change in Accumulated other comprehensive income (loss) | $ | 334 |  |  | $ | (70) |  |  | $ | 264 |
(1) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information.

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- Definition The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(19)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(21)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(23)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/220/tableOfContent + Details
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