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Other Comprehensive Income (Tables)
 12 Months Ended
Dec. 31, 2019
Equity [Abstract]  
Changes in Accumulated Other Comprehensive Income by Component
The following tables present the changes in each component of AOCI and the effect of reclassifications out of AOCI on the respective line items in net income.
 
Changes in Accumulated Other Comprehensive Income by Component
Year Ended December 31, 2019

 
Net Unrealized
Gains (Losses) on
Investments with no OTTI
 
Net Unrealized
Gains (Losses) on
Investments with OTTI
 
Net Unrealized Gains (Losses) on FG VIEs’ Liabilities with Recourse due to ISCR
 
Cumulative
Translation
Adjustment
 
Cash Flow Hedge
 
Total AOCI
 
(in millions)
Balance, December 31, 2018
$
59

 
$
94

 
$
(31
)
 
$
(37
)
 
$
8

 
$
93

Other comprehensive income (loss) before reclassifications
339

 
(62
)
 
(8
)
 
(1
)
 
—

 
268

Less: Amounts reclassified from AOCI to:
 
 
 
 
 
 
 
 
 
 
 
Net realized investment gains (losses)
55

 
(32
)
 
—

 
—

 
—

 
23

Net investment income
1

 
15

 
—

 
—

 
—

 
16

Fair value gains (losses) on FG VIEs
—

 
—

 
(15
)
 
—

 
—

 
(15
)
Interest expense
—

 
—

 
—

 
—

 
1

 
1

Total before tax
56

 
(17
)
 
(15
)
 
—

 
1

 
25

Tax (provision) benefit
(10
)
 
1

 
3

 
—

 
—

 
(6
)
Total amount reclassified from AOCI, net of tax
46

 
(16
)
 
(12
)
 
—

 
1

 
19

Net current period other comprehensive income (loss)
293

 
(46
)
 
4

 
(1
)
 
(1
)
 
249

Balance, December 31, 2019
$
352

 
$
48

 
$
(27
)
 
$
(38
)
 
$
7

 
$
342



Changes in Accumulated Other Comprehensive Income by Component
Year Ended December 31, 2018

 
Net Unrealized
Gains (Losses) on
Investments with no OTTI
 
Net Unrealized
Gains (Losses) on
Investments with OTTI
 
Net Unrealized Gains (Losses) on FG VIEs’ Liabilities with Recourse due to ISCR
 
Cumulative
Translation
Adjustment
 
Cash Flow Hedge
 
Total AOCI
 
(in millions)
Balance, December 31, 2017
$
273

 
$
120

 
—

 
$
(29
)
 
$
8

 
$
372

Effect of adoption of ASU 2016-01 (1)
1

 
—

 
(33
)
 
—

 
—

 
(32
)
Other comprehensive income (loss) before reclassifications
(208
)
 
(58
)
 
(5
)
 
(8
)
 
—

 
(279
)
Less: Amounts reclassified from AOCI to:
 
 
 
 
 
 
 
 
 
 
 
Net realized investment gains (losses)
7

 
(38
)
 
—

 
—

 
—

 
(31
)
Fair value gains (losses) on FG VIEs
—

 
—

 
(9
)
 
—

 
—

 
(9
)
Interest expense
—

 
—

 
—

 
—

 
—

 
—

Total before tax
7

 
(38
)
 
(9
)
 
—

 
—

 
(40
)
Tax (provision) benefit
—

 
6

 
2

 
—

 
—

 
8

Total amount reclassified from AOCI, net of tax
7

 
(32
)
 
(7
)
 
—

 
—

 
(32
)
Net current period other comprehensive income (loss)
(215
)
 
(26
)
 
2

 
(8
)
 
—

 
(247
)
Balance, December 31, 2018
$
59

 
$
94

 
$
(31
)
 
$
(37
)
 
$
8

 
$
93

____________________
(1)
On January 1, 2018, the Company adopted ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10) - Recognition and Measurement of Financial Assets and Financial Liabilities, resulting in a cumulative-effect reclassification of a $32 million loss, net of tax, from retained earnings to AOCI.


Changes in Accumulated Other Comprehensive Income by Component
Year Ended December 31, 2017

 
Net Unrealized
Gains (Losses) on
Investments with no OTTI
 
Net Unrealized
Gains (Losses) on
Investments with OTTI
 
Cumulative
Translation
Adjustment
 
Cash Flow 
Hedge
 
Total AOCI
 
(in millions)
Balance, December 31, 2016
$
171

 
$
10

 
$
(39
)
 
$
7

 
$
149

Reclassification of stranded tax effects
38

 
21

 
(5
)
 
2

 
$
56

Other comprehensive income (loss) before reclassifications
128

 
69

 
15

 
—

 
212

Less: Amounts reclassified from AOCI to:
 
 
 
 
 
 
 
 
 
Net realized investment gains (losses)
71

 
(31
)
 
—

 
—

 
40

Net investment income
27

 
1

 
—

 
—

 
28

Interest expense
—

 
—

 
—

 
1

 
1

Total before tax
98

 
(30
)
 
—

 
1

 
69

Tax (provision) benefit
(34
)
 
10

 
—

 
—

 
(24
)
Total amount reclassified from AOCI, net of tax
64

 
(20
)
 
—

 
1

 
45

Net current period other comprehensive income (loss)
64

 
89

 
15

 
(1
)
 
167

Balance, December 31, 2017
$
273

 
$
120

 
$
(29
)
 
$
8

 
$
372