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| | | | For the Years Ended December 31, |
(In millions) | | | | | | 2020 | | 2019 | | 2018 |
Securities and Derivatives | | | | | | | | | | |
Beginning balance | | | | | | $ | 975 | | | $ | 18 | | | $ | 328 | |
Reclassification adjustment to retained earnings related to U.S. tax reform legislation | | | | | | — | | | — | | | 65 | |
Reclassification adjustment to retained earnings related to new financial instruments guidance | | | | | | — | | | — | | | (4) | |
Reclassification adjustment from retained earnings related to new hedging guidance | | | | | | — | | | — | | | (6) | |
Adjusted beginning balance | | | | | | 975 | | | 18 | | | 383 | |
Appreciation (depreciation) on securities and derivatives | | | | | | 776 | | | 1,266 | | | (512) | |
Tax (expense) benefit | | | | | | (150) | | | (270) | | | 100 | |
Net appreciation (depreciation) on securities and derivatives | | | | | | 626 | | | 996 | | | (412) | |
Reclassification adjustment for (gains) included in shareholders' net income ((gain) loss on sale of business) | | | | | | (862) | | | — | | | — | |
Reclassification adjustment for (gains) losses included in shareholders' net income (net realized investment (gains) losses) | | | | | | (26) | | | (49) | | | 60 | |
Reclassification adjustment for tax expense (benefit) included in shareholders’ net income | | | | | | 187 | | | 10 | | | (13) | |
Net (gains) losses reclassified from AOCI to net income | | | | | | (701) | | | (39) | | | 47 | |
Other comprehensive (loss) income, net of tax | | | | | | (75) | | | 957 | | | (365) | |
Ending balance | | | | | | $ | 900 | | | $ | 975 | | | $ | 18 | |
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Translation of foreign currencies | | | | | | | | | | |
Beginning balance | | | | | | $ | (275) | | | $ | (221) | | | $ | (65) | |
Reclassification adjustment to retained earnings related to U.S. tax reform legislation | | | | | | — | | | — | | | (4) | |
Adjusted beginning balance | | | | | | (275) | | | (221) | | | (69) | |
Translation of foreign currencies | | | | | | 232 | | | (57) | | | (167) | |
Tax (expense) benefit | | | | | | 12 | | | (2) | | | — | |
Net translation of foreign currencies | | | | | | 244 | | | (59) | | | (167) | |
Reclassification adjustment for losses included in shareholders' net income ((gain) loss on sale of business) | | | | | | 11 | | | — | | | — | |
Reclassification adjustment for tax expense (benefit) included in shareholders’ net income | | | | | | (3) | | | — | | | — | |
Net translation losses reclassified from AOCI to net income | | | | | | 8 | | | — | | | — | |
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Other comprehensive income (loss), net of tax | | | | | | 252 | | | (59) | | | (167) | |
Less: Net translation gain (loss) on foreign currencies attributable to noncontrolling interests | | | | | | (8) | | | (5) | | | (15) | |
Shareholders' other comprehensive income (loss), net of tax | | | | | | 260 | | | (54) | | | (152) | |
Ending balance | | | | | | $ | (15) | | | $ | (275) | | | $ | (221) | |
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Postretirement benefits liability | | | | | | | | | | |
Beginning balance | | | | | | $ | (1,641) | | | $ | (1,508) | | | $ | (1,345) | |
Reclassification adjustment to retained earnings related to U.S. tax reform legislation | | | | | | — | | | — | | | (290) | |
Adjusted beginning balance | | | | | | (1,641) | | | (1,508) | | | (1,635) | |
Reclassification adjustment for amortization of net prior actuarial losses and prior service costs (interest expense and other) | | | | | | 70 | | | 62 | | | 69 | |
Reclassification adjustment for settlement (interest expense and other) | | | | | | — | | | 10 | | | — | |
Reclassification adjustment for tax expense (benefit) included in shareholders’ net income | | | | | | (17) | | | (15) | | | (15) | |
Net adjustments reclassified from AOCI to net income | | | | | | 53 | | | 57 | | | 54 | |
Valuation update | | | | | | (206) | | | (249) | | | 93 | |
Tax (expense) benefit | | | | | | 48 | | | 59 | | | (20) | |
Net change due to valuation update | | | | | | (158) | | | (190) | | | 73 | |
Other comprehensive (loss) income, net of tax | | | | | | (105) | | | (133) | | | 127 | |
Ending balance | | | | | | $ | (1,746) | | | $ | (1,641) | | | $ | (1,508) | |