| Changes in Accumulated Other Comprehensive Income |
(11) Changes in Accumulated Other Comprehensive Income
The following tables show the changes in accumulated other
comprehensive income (loss), net of taxes, by component as of and
for the periods indicated:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Amounts in millions)
|
|
Net
unrealized
investment
gains
(losses) (1) |
|
|
Derivatives
qualifying
as hedges (2) |
|
|
Foreign
currency
translation
and other
adjustments |
|
|
Total |
|
|
Balances as of July 1, 2018
|
|
$ |
736 |
|
|
$ |
1,863 |
|
|
$ |
(272 |
) |
|
$ |
2,327 |
|
|
OCI before reclassifications
|
|
|
(141 |
) |
|
|
(122 |
) |
|
|
20 |
|
|
|
(243 |
) |
|
Amounts reclassified from (to) OCI
|
|
|
7 |
|
|
|
(24 |
) |
|
|
— |
|
|
|
(17 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current period OCI
|
|
|
(134 |
) |
|
|
(146 |
) |
|
|
20 |
|
|
|
(260 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances as of September 30, 2018 before noncontrolling
interests
|
|
|
602 |
|
|
|
1,717 |
|
|
|
(252 |
) |
|
|
2,067 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: change in OCI attributable to noncontrolling interests
|
|
|
(6 |
) |
|
|
— |
|
|
|
6 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances as of September 30, 2018
|
|
$ |
608 |
|
|
$ |
1,717 |
|
|
$ |
(258 |
) |
|
$ |
2,067 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
Net of adjustments to DAC, present value of future
profits, sales inducements and benefit reserves. See note 4 for
additional information.
|
| (2) |
See note 5 for additional information.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Amounts in millions)
|
|
Net
unrealized
investment
gains
(losses) (1) |
|
|
Derivatives
qualifying
as hedges (2) |
|
|
Foreign
currency
translation
and other
adjustments |
|
|
Total |
|
|
Balances as of July 1, 2017
|
|
$ |
1,180 |
|
|
$ |
2,064 |
|
|
$ |
(149 |
) |
|
$ |
3,095 |
|
|
OCI before reclassifications
|
|
|
(70 |
) |
|
|
10 |
|
|
|
81 |
|
|
|
21 |
|
|
Amounts reclassified from (to) OCI
|
|
|
(19 |
) |
|
|
(22 |
) |
|
|
— |
|
|
|
(41 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current period OCI
|
|
|
(89 |
) |
|
|
(12 |
) |
|
|
81 |
|
|
|
(20 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances as of September 30, 2017 before noncontrolling
interests
|
|
|
1,091 |
|
|
|
2,052 |
|
|
|
(68 |
) |
|
|
3,075 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: change in OCI attributable to noncontrolling interests
|
|
|
(17 |
) |
|
|
— |
|
|
|
57 |
|
|
|
40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances as of September 30, 2017
|
|
$ |
1,108 |
|
|
$ |
2,052 |
|
|
$ |
(125 |
) |
|
$ |
3,035 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
Net of adjustments to DAC, present value of future
profits, sales inducements and benefit reserves. See note 4
for additional information.
|
| (2) |
See note 5 for additional information.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Amounts in millions)
|
|
Net
unrealized
investment
gains
(losses) (1) |
|
|
Derivatives
qualifying
as hedges (2) |
|
|
Foreign
currency
translation
and other
adjustments |
|
|
Total |
|
|
Balances as of January 1, 2018
|
|
$ |
1,085 |
|
|
$ |
2,065 |
|
|
$ |
(123 |
) |
|
$ |
3,027 |
|
|
Cumulative effect of changes in accounting
|
|
|
164 |
|
|
|
14 |
|
|
|
(47 |
) |
|
|
131 |
|
|
OCI before reclassifications
|
|
|
(682 |
) |
|
|
(287 |
) |
|
|
(165 |
) |
|
|
(1,134 |
) |
|
Amounts reclassified from (to) OCI
|
|
|
20 |
|
|
|
(75 |
) |
|
|
— |
|
|
|
(55 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current period OCI
|
|
|
(662 |
) |
|
|
(362 |
) |
|
|
(165 |
) |
|
|
(1,189 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances as of September 30, 2018 before noncontrolling
interests
|
|
|
587 |
|
|
|
1,717 |
|
|
|
(335 |
) |
|
|
1,969 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: change in OCI attributable to noncontrolling interests
|
|
|
(21 |
) |
|
|
— |
|
|
|
(77 |
) |
|
|
(98 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances as of September 30, 2018
|
|
$ |
608 |
|
|
$ |
1,717 |
|
|
$ |
(258 |
) |
|
$ |
2,067 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
Net of adjustments to DAC, present value of future
profits, sales inducements and benefit reserves. See note 4
for additional information.
|
| (2) |
See note 5 for additional information.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Amounts in millions)
|
|
Net
unrealized
investment
gains
(losses) (1) |
|
|
Derivatives
qualifying
as hedges (2) |
|
|
Foreign
currency
translation
and other
adjustments |
|
|
Total |
|
|
Balances as of January 1, 2017
|
|
$ |
1,262 |
|
|
$ |
2,085 |
|
|
$ |
(253 |
) |
|
$ |
3,094 |
|
|
OCI before reclassifications
|
|
|
(95 |
) |
|
|
29 |
|
|
|
261 |
|
|
|
195 |
|
|
Amounts reclassified from (to) OCI
|
|
|
(77 |
) |
|
|
(62 |
) |
|
|
— |
|
|
|
(139 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current period OCI
|
|
|
(172 |
) |
|
|
(33 |
) |
|
|
261 |
|
|
|
56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances as of September 30, 2017 before noncontrolling
interests
|
|
|
1,090 |
|
|
|
2,052 |
|
|
|
8 |
|
|
|
3,150 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: change in OCI attributable to noncontrolling interests
|
|
|
(18 |
) |
|
|
— |
|
|
|
133 |
|
|
|
115 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances as of September 30, 2017
|
|
$ |
1,108 |
|
|
$ |
2,052 |
|
|
$ |
(125 |
) |
|
$ |
3,035 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
Net of adjustments to DAC, present value of future
profits, sales inducements and benefit reserves. See note 4
for additional information.
|
| (2) |
See note 5 for additional information.
|
The foreign currency translation and other adjustments balance
included $(14) million and $(5) million, respectively, net of taxes
of $5 million and $1 million, respectively, related to a net
unrecognized postretirement benefit obligation as of
September 30, 2018 and 2017. The amount also includes taxes of
$(45) million and $28 million, respectively, related to
foreign currency translation adjustments as of September 30,
2018 and 2017. These balances include the impact of adopting new
accounting guidance related to stranded tax effects.
The following table shows reclassifications in (out) of accumulated
other comprehensive income (loss), net of taxes, for the periods
presented:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Amount reclassified from
accumulated
other comprehensive income (loss) |
|
|
Affected line item in the
consolidated statements of income
|
| |
|
Three months ended
September 30, |
|
|
Nine months ended
September 30, |
|
|
(Amounts in millions)
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
|
Net unrealized investment (gains) losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized (gains) losses on investments (1)
|
|
$ |
9 |
|
|
$ |
(29 |
) |
|
$ |
25 |
|
|
$ |
(118 |
) |
|
Net investment (gains) losses |
|
(Provision) benefit for income taxes
|
|
|
(2 |
) |
|
|
10 |
|
|
|
(5 |
) |
|
|
41 |
|
|
Provision for income taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
7 |
|
|
$ |
(19 |
) |
|
$ |
20 |
|
|
$ |
(77 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives qualifying as hedges:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate swaps hedging assets
|
|
$ |
(38 |
) |
|
$ |
(34 |
) |
|
$ |
(112 |
) |
|
$ |
(95 |
) |
|
Net investment income |
|
Interest rate swaps hedging assets
|
|
|
— |
|
|
|
— |
|
|
|
(5 |
) |
|
|
(2 |
) |
|
Net investment (gains)
losses |
|
Benefit for income taxes
|
|
|
14 |
|
|
|
12 |
|
|
|
42 |
|
|
|
35 |
|
|
Provision for income taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
(24 |
) |
|
$ |
(22 |
) |
|
$ |
(75 |
) |
|
$ |
(62 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
Amounts exclude adjustments to DAC, present value of
future profits, sales inducements and benefit reserves.
|
|