Components of Accumulated Other Comprehensive Income (Loss) |
The balance of and changes in each component of AOCI as of and for the nine months ended September 30, 2023 and 2022, are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Accumulated Other Comprehensive Income (Loss) Attributable to Prudential Financial, Inc. | | Foreign Currency Translation Adjustment | | Net Unrealized Investment Gains (Losses)(1) | | Interest rate remeasurement of Liability for Future Policy Benefits | | Gains (losses) from Changes in Non-performance Risk on Market Risk Benefits | | Pension and Postretirement Unrecognized Net Periodic Benefit (Cost) | | Total Accumulated Other Comprehensive Income (Loss) | | (in millions) | Balance, December 31, 2022 | $ | (2,274) | | | $ | (16,195) | | | $ | 15,242 | | | $ | 1,448 | | | $ | (2,027) | | | $ | (3,806) | | Change in OCI before reclassifications | (650) | | | (10,094) | | | 5,529 | | | (528) | | | 15 | | | (5,728) | | Amounts reclassified from AOCI | 1 | | | 615 | | | 0 | | | 0 | | | 52 | | | 668 | | Income tax benefit (expense) | (93) | | | 2,213 | | | (1,177) | | | 111 | | | (19) | | | 1,035 | | Balance, September 30, 2023 | $ | (3,016) | | | $ | (23,461) | | | $ | 19,594 | | | $ | 1,031 | | | $ | (1,979) | | | $ | (7,831) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Accumulated Other Comprehensive Income (Loss) Attributable to Prudential Financial, Inc. | | Foreign Currency Translation Adjustment | | Net Unrealized Investment Gains (Losses)(1) | | Interest rate remeasurement of Liability for Future Policy Benefits | | Gains (losses) from Changes in Non-performance Risk on Market Risk Benefits | | Pension and Postretirement Unrecognized Net Periodic Benefit (Cost) | | Total Accumulated Other Comprehensive Income (Loss) | | (in millions) | Balance, December 31, 2021 | $ | (1,107) | | | $ | 26,640 | | | $ | (33,220) | | | $ | 707 | | | $ | (2,513) | | | $ | (9,493) | | Change in OCI before reclassifications | (1,907) | | | (56,260) | | | 64,087 | | | 1,299 | | | 383 | | | 7,602 | | Amounts reclassified from AOCI | 21 | | | 126 | | | 0 | | | 0 | | | 122 | | | 269 | | Income tax benefit (expense) | (43) | | | 12,906 | | | (15,082) | | | (273) | | | (116) | | | (2,608) | | Balance, September 30, 2022 | $ | (3,036) | | | $ | (16,588) | | | $ | 15,785 | | | $ | 1,733 | | | $ | (2,124) | | | $ | (4,230) | | __________ (1)Includes cash flow hedges of $1,947 million and $2,616 million as of September 30, 2023 and December 31, 2022, respectively, and $4,099 million and $1,019 million as of September 30, 2022 and December 31, 2021, respectively, and fair value hedges of $(18) million and $(54) million as of September 30, 2023 and December 31, 2022, respectively, and $(47) million and $(35) million as of September 30, 2022 and December 31, 2021, respectively.
|
Reclassification Out Of Accumulated Other Comprehensive Income (Loss) |
Reclassifications out of Accumulated Other Comprehensive Income (Loss)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | Affected line item in Consolidated Statements of Operations | | 2023 | | 2022 | | 2023 | | 2022 | | | (in millions) | | | Amounts reclassified from AOCI(1)(2): | | | | | | | | | | Foreign currency translation adjustment: | | | | | | | | | | Foreign currency translation adjustments | $ | 0 | | | $ | (12) | | | $ | (1) | | | $ | (21) | | | Realized investment gains (losses), net | | | | | | | | | | | | | | | | | | | | | Net unrealized investment gains (losses): | | | | | | | | | | Cash flow hedges—Interest rate | (3) | | | 2 | | | (32) | | | (3) | | | (3) | Cash flow hedges—Currency | 3 | | | 6 | | | 11 | | | 10 | | | (3) | Cash flow hedges—Currency/Interest rate | 221 | | | 383 | | | 286 | | | 1,040 | | | (3) | Fair value hedges—Currency | (2) | | | (1) | | | (6) | | | (3) | | | (3) | Net unrealized investment gains (losses) on available-for-sale securities | (453) | | | (113) | | | (874) | | | (1,170) | | | Realized investment gains (losses), net | Total net unrealized investment gains (losses) | (234) | | | 277 | | | (615) | | | (126) | | | (4) | Amortization of defined benefit items: | | | | | | | | | | Prior service cost | 3 | | | 3 | | | 7 | | | 7 | | | (5) | Actuarial gain (loss) | (20) | | | (39) | | | (59) | | | (129) | | | (5) | Total amortization of defined benefit items | (17) | | | (36) | | | (52) | | | (122) | | | | Total reclassifications for the period | $ | (251) | | | $ | 229 | | | $ | (668) | | | $ | (269) | | | |
__________ (1)All amounts are shown before tax. (2)Positive amounts indicate gains/benefits reclassified out of AOCI. Negative amounts indicate losses/costs reclassified out of AOCI. (3)See Note 5 for additional information regarding cash flow and fair value hedges. (4)See table below for additional information regarding unrealized investment gains (losses), including the impact on deferred policy acquisition and other costs, future policy benefits and policyholders’ dividends. (5)See Note 16 for additional information regarding employee benefit plans.
|
Net Unrealized Investment Gains (Losses) on AFS Fixed Maturity Securities with Allowance for Credit losses and All Other Investments AOCI Rollforward |
The amounts for the periods indicated below, split between amounts related to available-for-sale fixed maturity securities on which an allowance for credit losses has been recorded, and all other net unrealized investment gains (losses), are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net Unrealized Investment Gains (Losses) on Available-for-Sale Fixed Maturity Securities on Which an Allowance for Credit Losses has been Recorded | | Net Unrealized Gains (Losses) on All Other Investments(1) | | Reinsurance Recoverables | | Future Policy Benefits, Policyholders’ Account Balances and Reinsurance Payables | | Policyholders’ Dividends | | Income Tax Benefit (Expense) | | Accumulated Other Comprehensive Income (Loss) Related to Net Unrealized Investment Gains (Losses) | | (in millions) | Balance, December 31, 2022 | $ | (45) | | | $ | (24,959) | | | $ | (703) | | | $ | 1,946 | | | $ | 3,194 | | | $ | 4,372 | | | $ | (16,195) | | Net investment gains (losses) on investments arising during the period | 11 | | | (10,154) | | | | | | | | | 2,368 | | | (7,775) | | Reclassification adjustment for (gains) losses included in net income | (10) | | | 625 | | | | | | | | | (144) | | | 471 | | Reclassification due to allowance for credit losses recorded during the period | (51) | | | 51 | | | | | | | | | 0 | | | 0 | | Impact of net unrealized investment (gains) losses | | | | | (270) | | | 703 | | | (384) | | | (11) | | | 38 | | Balance, September 30, 2023 | $ | (95) | | | $ | (34,437) | | | $ | (973) | | | $ | 2,649 | | | $ | 2,810 | | | $ | 6,585 | | | $ | (23,461) | |
__________ (1)Includes cash flow and fair value hedges. See Note 5 for additional information.
|