Changes in Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2021

Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]

Changes In Accumulated Other Comprehensive Income (Loss)

AOCI is comprised of items that have not been recognized in earnings but may be recognized in earnings in the future when certain events occur. Changes in each component for the three months ended March 31, 2021 and 2020 were as follows:


Three Months Ended March 31, 2021 (Millions), net of tax	Net Unrealized Gains (Losses) on Debt Securities		Foreign Currency Translation Adjustment Gains (Losses)		Net Unrealized Pension and Other Postretirement Benefit Gains (Losses)		Accumulated Other Comprehensive Income (Loss)
Balances as of December 31, 2020	$	65	$	(2,229)	$	(731)	$	(2,895)
Net unrealized losses	(12)		—		—		(12)
Net translation on investments in foreign operations	—		(23)		—		(23)
Net hedges of investments in foreign operations	—		6		—		6
Pension and other postretirement benefits	—		—		26		26
Net change in accumulated other comprehensive income (loss)	(12)		(17)		26		(3)
Balances as of March 31, 2021	$	53	$	(2,246)	$	(705)	$	(2,898)


Three Months Ended March 31, 2020 (Millions), net of tax	Net Unrealized Gains (Losses) on Debt Securities		Foreign Currency Translation Adjustment Gains (Losses)		Net Unrealized Pension and Other Postretirement Benefit Gains (Losses)		Accumulated Other Comprehensive Income (Loss)
Balances as of December 31, 2019	$	33	$	(2,189)	$	(581)	$	(2,737)
Net unrealized gains	57		—		—		57
Net translation on investments in foreign operations	—		(1,054)		—		(1,054)
Net hedges of investments in foreign operations	—		732		—		732
Pension and other postretirement benefits	—		—		6		6
Net change in accumulated other comprehensive income (loss)	57		(322)		6		(259)
Balances as of March 31, 2020	$	90	$	(2,511)	$	(575)	$	(2,996)

The following table shows the tax impact for the three months ended March 31 for the changes in each component of AOCI presented above:


	Tax expense (benefit)
	Three Months Ended March 31,
(Millions)	2021		2020
Net unrealized (losses) gains on debt securities	$	(3)	$	18
Net translation on investments in foreign operations	8		30
Net hedges of investments in foreign operations	—		230
Pension and other postretirement benefits	11		12
Total tax impact	$	16	$	290

Reclassifications out of AOCI into the Consolidated Statements of Income for the three months ended March 31, 2021 and 2020 were not significant.