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Accumulated Other Comprehensive Income
 3 Months Ended
Mar. 31, 2020
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 March 31,
 
 
2020
 
 
2019
 
 
Before tax
 
Income tax
 
Net
 
 
Before tax
 
Income tax
 
Net
Investments:
 
 
 
 
 
 
 
 
 
 
 
 
 
AOCI, beginning of period
 
$
590

 
$
123

 
$
467

 
 
$
46

 
$
9

 
$
37

OCI before investment gains and losses, net, recognized in net income
 
(399
)
 
(84
)
 
(315
)
 
 
244

 
51

 
193

Investment gains and losses, net, recognized in net income
 
75

 
16

 
59

 
 
(2
)
 
(1
)
 
(1
)
OCI
 
(324
)
 
(68
)
 
(256
)
 
 
242

 
50

 
192

AOCI, end of period
 
$
266

 
$
55

 
$
211

 
 
$
288

 
$
59

 
$
229

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pension obligations:
 
 
 
 
 
 
 
 
 
 
 
 
 
AOCI, beginning of period
 
$
(9
)
 
$
—

 
$
(9
)
 
 
$
(16
)
 
$
(2
)
 
$
(14
)
OCI excluding amortization recognized in net income
 
—

 
—

 
—

 
 
—

 
—

 
—

Amortization recognized in net income
 
1

 
—

 
1

 
 
—

 
—

 
—

OCI
 
1

 
—

 
1

 
 
—

 
—

 
—

AOCI, end of period
 
$
(8
)
 
$
—

 
$
(8
)
 
 
$
(16
)
 
$
(2
)
 
$
(14
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Life deferred acquisition costs, life policy reserves and other:
 
 
 
 
 
 
 
 
 
 
 
 
 
AOCI, beginning of period
 
$
(13
)
 
$
(3
)
 
$
(10
)
 
 
$
(1
)
 
$
—

 
$
(1
)
OCI before investment gains and losses, net, recognized in net income
 
14

 
3

 
11

 
 
—

 
—

 
—

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

 
—

 
—

 
 
(5
)
 
(1
)
 
(4
)
OCI
 
14

 
3

 
11

 
 
(5
)
 
(1
)
 
(4
)
AOCI, end of period
 
$
1

 
$
—

 
$
1

 
 
$
(6
)
 
$
(1
)
 
$
(5
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Summary of AOCI:
 
 
 
 
 
 
 
 
 
 
 
 
 
AOCI, beginning of period
 
$
568

 
$
120

 
$
448

 
 
$
29

 
$
7

 
$
22

Investments OCI
 
(324
)
 
(68
)
 
(256
)
 
 
242

 
50

 
192

Pension obligations OCI
 
1

 
—

 
1

 
 
—

 
—

 
—

Life deferred acquisition costs, life policy reserves and other OCI
 
14

 
3

 
11

 
 
(5
)
 
(1
)
 
(4
)
Total OCI
 
(309
)
 
(65
)
 
(244
)
 
 
237

 
49

 
188

AOCI, end of period
 
$
259

 
$
55

 
$
204

 
 
$
266

 
$
56

 
$
210

 
 
 
 
 
 
 
 
 
 
 
 
 
 

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 line items in the condensed consolidated statements of income.