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Accumulated Other Comprehensive Income (Loss) ("AOCI") | 6 Months Ended
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Jun. 30, 2022
Accumulated Other Comprehensive Income Other Comprehensive Income [Abstract] |
Accumulated Other Comprehensive Income (Loss) ("AOCI") | Note 15 – Accumulated Other Comprehensive Income (Loss) (“AOCI”) The following table presents a summary of the changes in each component of AOCI for the six months ended June 30, 2022:
(in millions) | Unrealized gains (losses) on debt securities |  |  | Foreign currency translation adjustment |  |  | Pension benefit adjustment |  |  | Accumulated other comprehensive income (loss) |
Balance at December 31, 2021 | $ | 29 |  |  | $ | (39 | ) |  | $ | (82 | ) |  | $ | (92 | )
Change in unrealized gains (losses) on debt securities |  | (852 | ) |  |  | — |  |  |  | — |  |  |  | (852 | )
Change in foreign currency translation adjustment |  | — |  |  |  | (23 | ) |  |  | — |  |  |  | (23 | )
Amortization of net actuarial loss |  | — |  |  |  | — |  |  |  | 3 |  |  |  | 3 |
Tax effect |  | 214 |  |  |  | 1 |  |  |  | (1 | ) |  |  | 214 |
Balance at June 30, 2022 | $ | (609 | ) |  | $ | (61 | ) |  | $ | (80 | ) |  | $ | (750 | )
The following table presents the other comprehensive income (loss) reclassification adjustments for the three months ended June 30, 2022 and 2021:
(in millions) |  | Unrealized gains (losses) on debt securities |  |  | Foreign currency translation adjustment |  |  | Pension benefit adjustment |  |  | Total other comprehensive income (loss) |
Three Months Ended June 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pretax change before reclassifications |  | $ | (363 | ) |  | $ | (24 | ) |  | $ | — |  |  | $ | (387 | )
Reclassifications out of AOCI |  |  | 7 |  |  |  | — |  |  |  | 1 |  |  |  | 8 |
Tax effect |  |  | 89 |  |  |  | 1 |  |  |  | — |  |  |  | 90 |
Total other comprehensive income (loss), net of tax |  | $ | (267 | ) |  | $ | (23 | ) |  | $ | 1 |  |  | $ | (289 | )
Three Months Ended June 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pretax change before reclassifications |  | $ | 56 |  |  | $ | 5 |  |  | $ | — |  |  | $ | 61 |
Reclassifications out of AOCI |  |  | (6 | ) |  |  | — |  |  |  | — |  |  |  | (6 | )
Tax effect |  |  | (13 | ) |  |  | 2 |  |  |  | — |  |  |  | (11 | )
Total other comprehensive income (loss), net of tax |  | $ | 37 |  |  | $ | 7 |  |  | $ | — |  |  | $ | 44 |
The following table presents the other comprehensive income (loss) reclassification adjustments for the six months ended June 30, 2022 and 2021:
(in millions) |  | Unrealized gains (losses) on debt securities |  |  | Foreign currency translation adjustment |  |  | Pension benefit adjustment |  |  | Total other comprehensive income (loss) |
Six Months Ended June 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pretax change before reclassifications |  | $ | (860 | ) |  | $ | (23 | ) |  | $ | — |  |  | $ | (883 | )
Reclassifications out of AOCI |  |  | 8 |  |  |  | — |  |  |  | 3 |  |  |  | 11 |
Tax effect |  |  | 214 |  |  |  | 1 |  |  |  | (1 | ) |  |  | 214 |
Total other comprehensive income (loss), net of tax |  | $ | (638 | ) |  | $ | (22 | ) |  | $ | 2 |  |  | $ | (658 | )
Six Months Ended June 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pretax change before reclassifications |  | $ | (71 | ) |  | $ | 9 |  |  | $ | — |  |  | $ | (62 | )
Reclassifications out of AOCI |  |  | (11 | ) |  |  | — |  |  |  | 2 |  |  |  | (9 | )
Tax effect |  |  | 19 |  |  |  | — |  |  |  | — |  |  |  | 19 |
Total other comprehensive income (loss), net of tax |  | $ | (63 | ) |  | $ | 9 |  |  | $ | 2 |  |  | $ | (52 | )
The following table presents the effects of the reclassifications out of AOCI on the respective line items in the condensed consolidated statements of income:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |  |  | Affected line items
(in millions) |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |  |
Unrealized gains (losses) on debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net realized (losses) gains on sales of debt securities |  | $ | (7 | ) |  | $ | 6 |  |  | $ | (8 | ) |  | $ | 11 |  |  | Net realized investment (losses) gains
Tax effect |  | $ | 2 |  |  | $ | (2 | ) |  | $ | 2 |  |  | $ | (3 | ) |  |
Pension benefit adjustment (1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of net actuarial loss |  | $ | (1 | ) |  | $ | (1 | ) |  | $ | (3 | ) |  | $ | (3 | ) |  | Other operating expenses
Amortization of prior service credit |  |  | — |  |  |  | 1 |  |  |  | — |  |  |  | 1 |  |  | Other operating expenses
Pretax total |  | $ | (1 | ) |  | $ | — |  |  | $ | (3 | ) |  | $ | (2 | ) |  |
Tax effect |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  |
(1) | Amounts are components of net periodic cost. See Note 11 Employee Benefit Plans for additional details.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -URI https://asc.fasb.org/topic&trid=2134417 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(21)) -URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 220 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(23)) -URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 220 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(19)) -URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263 + Details
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