XML 26 R16.htm IDEA: XBRL DOCUMENT v3.19.2
Accumulated Other Comprehensive Income
 6 Months Ended
Jun. 30, 2019
Accumulated Other Comprehensive Income [Abstract]  
Accumulated Other Comprehensive Income 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 June 30,
 
 
2019
 
 
2018
 
 
Before tax
 
Income tax
 
Net
 
 
Before tax
 
Income tax
 
Net
Investments:
 
 
 
 
 
 
 
 
 
 
 
 
 
AOCI, beginning of period
 
$
288

 
$
59

 
$
229

 
 
$
164

 
$
35

 
$
129

OCI before investment gains and losses, net, recognized in net income
 
199

 
43

 
156

 
 
(78
)
 
(18
)
 
(60
)
Investment gains and losses, net, recognized in net income
 
1

 
—

 
1

 
 
(2
)
 
—

 
(2
)
OCI
 
200

 
43

 
157

 
 
(80
)
 
(18
)
 
(62
)
AOCI, end of period
 
$
488

 
$
102

 
$
386

 
 
$
84

 
$
17

 
$
67

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pension obligations:
 
 
 
 
 
 
 
 
 
 
 
 
 
AOCI, beginning of period
 
$
(16
)
 
$
(2
)
 
$
(14
)
 
 
$
(12
)
 
$
(1
)
 
$
(11
)
OCI excluding amortization recognized in net income
 
—

 
—

 
—

 
 
—

 
—

 
—

Amortization recognized in net income
 
1

 
—

 
1

 
 
1

 
—

 
1

OCI
 
1

 
—

 
1

 
 
1

 
—

 
1

AOCI, end of period
 
$
(15
)
 
$
(2
)
 
$
(13
)
 
 
$
(11
)
 
$
(1
)
 
$
(10
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Life deferred acquisition costs, life policy reserves and other:
 
 
 
 
 
 
 
 
 
 
 
 
 
AOCI, beginning of period
 
$
(6
)
 
$
(1
)
 
$
(5
)
 
 
$
(4
)
 
$
(1
)
 
$
(3
)
OCI before investment gains and losses, net, recognized in net income
 
(6
)
 
(1
)
 
(5
)
 
 
—

 
—

 
—

Investment gains and losses, net, recognized in net income
 
1

 
—

 
1

 
 
2

 
1

 
1

OCI
 
(5
)
 
(1
)
 
(4
)
 
 
2

 
1

 
1

AOCI, end of period
 
$
(11
)
 
$
(2
)
 
$
(9
)
 
 
$
(2
)
 
$
—

 
$
(2
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Summary of AOCI:
 
 
 
 
 
 
 
 
 
 
 
 
 
AOCI, beginning of period
 
$
266

 
$
56

 
$
210

 
 
$
148

 
$
33

 
$
115

Investments OCI
 
200

 
43

 
157

 
 
(80
)
 
(18
)
 
(62
)
Pension obligations OCI
 
1

 
—

 
1

 
 
1

 
—

 
1

Life deferred acquisition costs, life policy reserves and other OCI
 
(5
)
 
(1
)
 
(4
)
 
 
2

 
1

 
1

Total OCI
 
196

 
42

 
154

 
 
(77
)
 
(17
)
 
(60
)
AOCI, end of period
 
$
462

 
$
98

 
$
364

 
 
$
71

 
$
16

 
$
55

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

(Dollars in millions)
 
Six months ended June 30,
 
 
2019
 
 
2018
 
 
Before tax
 
Income tax
 
Net
 
 
Before tax
 
Income tax
 
Net
Investments:
 
 
 
 
 
 
 
 
 
 
 
 
 
AOCI, beginning of period
 
$
46

 
$
9

 
$
37

 
 
$
3,540

 
$
733

 
$
2,807

Cumulative effect of change in accounting for equity securities as of January 1, 2018
 
—

 
—

 
—

 
 
(3,155
)
 
(652
)
 
(2,503
)
Adjusted AOCI, beginning of period
 
46

 
9

 
37

 
 
385

 
81

 
304

OCI before investment gains and losses, net, recognized in net income
 
443

 
93

 
350

 
 
(295
)
 
(63
)
 
(232
)
Investment gains and losses, net, recognized in net income
 
(1
)
 
—

 
(1
)
 
 
(6
)
 
(1
)
 
(5
)
OCI
 
442

 
93

 
349

 
 
(301
)
 
(64
)
 
(237
)
AOCI, end of period
 
$
488

 
$
102

 
$
386

 
 
$
84

 
$
17

 
$
67

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pension obligations:
 
 
 
 
 
 
 
 
 
 
 
 
 
AOCI, beginning of period
 
$
(16
)
 
$
(2
)
 
$
(14
)
 
 
$
(12
)
 
$
(1
)
 
$
(11
)
OCI excluding amortization recognized in net income
 
—

 
—

 
—

 
 
—

 
—

 
—

Amortization recognized in net income
 
1

 
—

 
1

 
 
1

 
—

 
1

OCI
 
1

 
—

 
1

 
 
1

 
—

 
1

AOCI, end of period
 
$
(15
)
 
$
(2
)
 
$
(13
)
 
 
$
(11
)
 
$
(1
)
 
$
(10
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Life deferred acquisition costs, life policy reserves and other:
 
 
 
 
 
 
 
 
 
 
 
 
 
AOCI, beginning of period
 
$
(1
)
 
$
—

 
$
(1
)
 
 
$
(10
)
 
$
(2
)
 
$
(8
)
OCI before investment gains and losses, net, recognized in net income
 
(6
)
 
(1
)
 
(5
)
 
 
6

 
1

 
5

Investment gains and losses, net, recognized in net income
 
(4
)
 
(1
)
 
(3
)
 
 
2

 
1

 
1

OCI
 
(10
)
 
(2
)
 
(8
)
 
 
8

 
2

 
6

AOCI, end of period
 
$
(11
)
 
$
(2
)
 
$
(9
)
 
 
$
(2
)
 
$
—

 
$
(2
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Summary of AOCI:
 
 
 
 
 
 
 
 
 
 
 
 
 
AOCI, beginning of period
 
$
29

 
$
7

 
$
22

 
 
$
3,518

 
$
730

 
$
2,788

Cumulative effect of change in accounting for equity securities as of January 1, 2018
 
—

 
—

 
—

 
 
(3,155
)
 
(652
)
 
(2,503
)
Adjusted AOCI, beginning of period
 
29

 
7

 
22

 
 
363

 
78

 
285

Investments OCI
 
442

 
93

 
349

 
 
(301
)
 
(64
)
 
(237
)
Pension obligations OCI
 
1

 
—

 
1

 
 
1

 
—

 
1

Life deferred acquisition costs, life policy reserves and other OCI
 
(10
)
 
(2
)
 
(8
)
 
 
8

 
2

 
6

Total OCI
 
433

 
91

 
342

 
 
(292
)
 
(62
)
 
(230
)
AOCI, end of period
 
$
462

 
$
98

 
$
364

 
 
$
71

 
$
16

 
$
55

 
 
 
 
 
 
 
 
 
 
 
 
 
 

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.