Accumulated Other Comprehensive Income (Loss) ("AOCI") (Tables)

6 Months Ended

Jun. 30, 2022

Accumulated Other Comprehensive Income Other Comprehensive Income [Abstract]

Components of Accumulated Other Comprehensive Income (Loss)

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	)

Adjustments for Reclassification of Other Comprehensive Income (Loss)

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	)

Reclassifications out of Accumulated Other Comprehensive Income (Loss)

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			Affected line items
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.