Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2022

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Income (Loss)

Note 14 – Accumulated Other Comprehensive Income (Loss) ("AOCI")

AOCI includes net unrealized appreciation (depreciation) on securities and derivatives (excluding appreciation on investments supporting future policy benefit liabilities of the run-off settlement annuity business) (see Note 11), foreign currency translation and the net postretirement benefits liability adjustment. AOCI includes the Company's share from unconsolidated entities reported on the equity method. Generally, tax effects in AOCI are established at the currently enacted tax rate and reclassified to Shareholders' net income in the same period that the related pre-tax AOCI reclassifications are recognized. Changes in the components of AOCI were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2022		2021		2022		2021
Securities and Derivatives
Beginning balance	$	125	$	627	$	685	$	900
Appreciation (depreciation) on securities and derivatives	(541)		170		(1,246)		(172)
Tax (expense) benefit	101		(40)		255		25
Net Appreciation (depreciation) on securities and derivatives	(440)		130		(991)		(147)
Reclassification adjustment for (gains) losses included in Shareholders' net income (Net realized investment (gains) losses)	38		(11)		27		(6)
Reclassification adjustment for tax expense (benefit) included in Shareholders' net income	(8)		3		(6)		2
Net (gains) losses reclassified from AOCI to Shareholders' net income	30		(8)		21		(4)
Other comprehensive income (loss), net of tax	(410)		122		(970)		(151)
Ending balance	$	(285)	$	749	$	(285)	$	749
Translation of foreign currencies
Beginning balance	$	(294)	$	(130)	$	(233)	$	(15)
Translation of foreign currencies	(180)		16		(240)		(98)
Tax (expense)	(26)		—		(29)		(5)
Other comprehensive income (loss), net of tax	(206)		16		(269)		(103)
Less: Net translation gain (loss) on foreign currencies attributable to noncontrolling interests	(1)		(1)		(3)		(5)
Shareholders' other comprehensive income (loss), net of tax	(205)		17		(266)		(98)
Ending balance	$	(499)	$	(113)	$	(499)	$	(113)
Postretirement benefits liability
Beginning balance	$	(1,323)	$	(1,728)	$	(1,336)	$	(1,746)
Reclassification adjustment for amortization of net prior actuarial losses and prior service costs (Interest expense and other)	17		19		33		39
Reclassification adjustment for settlement (Interest expense and other)	—		1		—		4
Reclassification adjustment for tax (benefit) included in Shareholders' net income	(4)		(5)		(7)		(10)
Net adjustments reclassified from AOCI to Shareholders' net income	13		15		26		33
Valuation update	18		—		18		—
Tax (expense)	(4)		—		(4)		—
Net change due to valuation update	14		—		14		—
Other comprehensive income (loss), net of tax	27		15		40		33
Ending balance	$	(1,296)	$	(1,713)	$	(1,296)	$	(1,713)