Accumulated Other Comprehensive Loss

12 Months Ended

Dec. 31, 2020

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

ACCUMULATED OTHER COMPREHENSIVE LOSS

The following table shows the components of accumulated other comprehensive loss:


Components of accumulated other comprehensive loss
(in millions)	Pension and Other Benefits Liabilities(2)		Other(3)		Available-for-Sale Investments(4)		Total
Balance at January 1, 2018 (net of tax effect of $1,400)	$	(7,812)	$	85	$	106	$	(7,621)
Changes in value (net of tax effect of $88)	(294)		7		—		(287)
Reclassifications into retained earnings (net of tax effect of $61)	—		—		(106)		(106)
Reclassifications into earnings (net of tax effect of $57)(1)	181		8		—		189
Balance at December 31, 2018 (net of tax effect of $1,492)	(7,925)		100		—		(7,825)
Changes in value (net of tax effect of $133)	(422)		7		—		(415)

Reclassifications into earnings (net of tax effect of $76)(1)	252		(1)		—		251
Balance at December 31, 2019 (net of tax effect $1,549)	(8,095)		106		—		(7,989)
Changes in value (net of tax effect of $384)	(1,269)		17		—		(1,252)
Reclassifications into earnings (net of tax effect of $169)(1)	286		(83)		—		203
Balance at December 31, 2020 (net of tax effect of $1,764)	$	(9,078)	$	40	$	—	$	(9,038)

(1)Amounts reclassified from AOCI for pension and other benefits liabilities are recorded in miscellaneous, net in non-operating expense in the income statement.

(2)Includes approximately $750 million of deferred income tax expense primarily related to pension and other benefit obligations that will not be recognized in net income until these obligations are fully extinguished. We consider all income sources, including other comprehensive income, in determining the amount of tax benefit allocated to results from operations.

(3)In the June 2020 quarter, all remaining foreign currency hedges expired, and we recognized an $83 million tax benefit which was released from AOCI.

(4)The 2018 reclassification into retained earnings related to our investments in GOL, China Eastern and other previously designated available-for-sale investments, and the related conversion to accounting for changes in fair value of these investments from AOCI to the income statement.