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

3 Months Ended

Mar. 31, 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 three months ended March 31, 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		(496	)		—			—			(496	)
Change in foreign currency translation adjustment		—			1			—			1
Amortization of net actuarial loss		—			—			2			2
Tax effect		125			—			(1	)		124
Balance at March 31, 2022	$	(342	)	$	(38	)	$	(81	)	$	(461	)

The following table presents the other comprehensive income (loss) reclassification adjustments for the three months ended March 31, 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 March 31, 2022
Pretax change before reclassifications	$	(497	)	$	1		$	—		$	(496	)
Reclassifications out of AOCI		1			—			2			3
Tax effect		125			—			(1	)		124
Total other comprehensive income (loss), net of tax	$	(371	)	$	1		$	1		$	(369	)
Three Months Ended March 31, 2021
Pretax change before reclassifications	$	(127	)	$	4		$	—		$	(123	)
Reclassifications out of AOCI		(5	)		—			2			(3	)
Tax effect		32			(1	)		(1	)		30
Total other comprehensive income (loss), net of tax	$	(100	)	$	3		$	1		$	(96	)

The following table presents the effects of the reclassifications out of AOCI on the respective line items in the condensed consolidated statements of income:

(in millions)	Three Months Ended March 31,						Affected line items
	2022				2021
Unrealized gains (losses) on debt securities:
Net realized (losses) gains on sales of debt securities	$	(1	)	$	5		Net investment (losses)  gains
Tax effect	$	—		$	(1	)
Pension benefit adjustment (1):
Amortization of net actuarial loss	$	(2	)	$	(2	)	Other operating expenses
Tax effect	$	1		$	1

(1) Amounts are components of net periodic cost.  See Note 11 Employee Benefit Plans for additional details.