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Accumulated Other Comprehensive Income
 3 Months Ended
Mar. 31, 2018
Accumulated Other Comprehensive Income [Abstract]  
Comprehensive Income (Loss) Note
Accumulated Other Comprehensive Income
Accumulated other comprehensive income (AOCI) includes changes in unrealized gains and losses on investments, changes in pension obligations and changes in life deferred acquisition costs, life policy reserves and other as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 

(Dollars in millions)
Three months ended March 31,
 
2018
 
 
2017
 
Before tax
 
Income tax
 
Net
 
 
Before tax
 
Income tax
 
Net
Investments:
 
 
 
 
 
 
 
 
 
 
 
 
AOCI, beginning of period
$
3,540

 
$
733

 
$
2,807

 
 
$
2,625

 
$
908

 
$
1,717

Cumulative effect of change in accounting for equity securities as of January 1, 2018
(3,155
)
 
(652
)
 
(2,503
)
 
 
—

 
—

 
—

Adjusted AOCI, beginning of period
385

 
81

 
304

 
 
2,625

 
908

 
1,717

OCI before investment gains recognized in net income
(217
)
 
(45
)
 
(172
)
 
 
290

 
102

 
188

Investment gains recognized in net income
(4
)
 
(1
)
 
(3
)
 
 
(159
)
 
(56
)
 
(103
)
OCI
(221
)
 
(46
)
 
(175
)
 
 
131

 
46

 
85

AOCI, end of period
$
164

 
$
35

 
$
129

 
 
$
2,756

 
$
954

 
$
1,802

 
 
 
 
 
 
 
 
 
 
 
 
 
Pension obligations:
 
 
 
 
 
 
 
 
 
 
 
 
AOCI, beginning of period
$
(12
)
 
$
(1
)
 
$
(11
)
 
 
$
(26
)
 
$
(8
)
 
$
(18
)
OCI excluding amortization recognized in net income
—

 
—

 
—

 
 
—

 
—

 
—

Amortization recognized in net income
—

 
—

 
—

 
 
1

 
—

 
1

OCI
—

 
—

 
—

 
 
1

 
—

 
1

AOCI, end of period
$
(12
)
 
$
(1
)
 
$
(11
)
 
 
$
(25
)
 
$
(8
)
 
$
(17
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Life deferred acquisition costs, life policy reserves and other:
 
 
 
 
 
 
 
 
 
 
 
 
AOCI, beginning of period
$
(10
)
 
$
(2
)
 
$
(8
)
 
 
$
(9
)
 
$
(3
)
 
$
(6
)
OCI before realized gains and losses recognized in net
  income
6

 
1

 
5

 
 
3

 
2

 
1

Realized gains recognized in net income
—

 
—

 
—

 
 
(1
)
 
(1
)
 
—

OCI
6

 
1

 
5

 
 
2

 
1

 
1

AOCI, end of period
$
(4
)
 
$
(1
)
 
$
(3
)
 
 
$
(7
)
 
$
(2
)
 
$
(5
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Summary of AOCI:
 
 
 
 
 
 
 
 
 
 
 
 
AOCI, beginning of period
$
3,518

 
$
730

 
$
2,788

 
 
$
2,590

 
$
897

 
$
1,693

Cumulative effect of change in accounting for equity securities as of January 1, 2018
(3,155
)
 
(652
)
 
(2,503
)
 
 
—

 
—

 
—

Adjusted AOCI, beginning of period
363

 
78

 
285

 
 
2,590

 
897

 
1,693

Investments OCI
(221
)
 
(46
)
 
(175
)
 
 
131

 
46

 
85

Pension obligations OCI
—

 
—

 
—

 
 
1

 
—

 
1

Life deferred acquisition costs, life policy reserves and other OCI
6

 
1

 
5

 
 
2

 
1

 
1

Total OCI
(215
)
 
(45
)
 
(170
)
 
 
134

 
47

 
87

AOCI, end of period
$
148

 
$
33

 
$
115

 
 
$
2,724

 
$
944

 
$
1,780

 
 
 
 
 
 
 
 
 
 
 
 
 

Investment gains and losses, net and life deferred acquisition costs, life policy reserves and other investment gains and losses, net, are recorded in the investment gains and losses, net, line item in the condensed consolidated statements of income. Amortization on pension obligations is recorded in the insurance losses and contract holders' benefits and underwriting, acquisition and insurance expenses in the condensed consolidated statements of income.