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

3 Months Ended

Mar. 31, 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 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	)

Adjustments for Reclassification of Other Comprehensive Income (Loss)

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	)

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:

(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.