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Accumulated Other Comprehensive Income (Loss) ("AOCI")
 6 Months Ended
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.