Changes in Accumulated Other Comprehensive Income

3 Months Ended

Mar. 31, 2020

Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]

Changes In Accumulated Other Comprehensive Income

AOCI is comprised of items that have not been recognized in earnings but may be recognized in earnings in the future when certain events occur. Changes in each component for the three months ended March 31, 2020 and 2019 were as follows:


Three Months Ended March 31, 2020 (Millions), net of tax	Net Unrealized Gains (Losses) on Debt Securities		Foreign Currency Translation Adjustment Gains (Losses)		Net Unrealized Pension and Other Postretirement Benefit Gains (Losses)		Accumulated Other Comprehensive (Loss) Income
Balances as of December 31, 2019	$	33	$	(2,189)	$	(581)	$	(2,737)
Net unrealized gains	57		—		—		57
Net translation losses on investments in foreign operations	—		(1,054)		—		(1,054)
Net gains related to hedges of investments in foreign operations	—		732		—		732
Pension and other postretirement benefits	—		—		6		6
Net change in accumulated other comprehensive income (loss)	57		(322)		6		(259)
Balances as of March 31, 2020	$	90	$	(2,511)	$	(575)	$	(2,996)


Three Months Ended March 31, 2019 (Millions), net of tax	Net Unrealized Gains (Losses) on Debt Securities		Foreign Currency Translation Adjustment Gains (Losses)		Net Unrealized Pension and Other Postretirement Benefit Gains (Losses)		Accumulated Other Comprehensive (Loss) Income
Balances as of December 31, 2018	$	(8)	$	(2,133)	$	(456)	$	(2,597)
Net unrealized gains	17		—		—		17
Net translation gains on investments in foreign operations	—		170		—		170
Net losses related to hedges of investments in foreign operations	—		(162)		—		(162)
Pension and other postretirement benefits	—		—		(27)		(27)
Net change in accumulated other comprehensive income (loss)	17		8		(27)		(2)
Balances as of March 31, 2019	$	9	$	(2,125)	$	(483)	$	(2,599)

The following table shows the tax impact for the three months ended March 31 for the changes in each component of AOCI presented above:


	Tax expense (benefit)
	Three Months Ended March 31,
(Millions)	2020		2019
Net unrealized debt securities	$	18	$	4
Net translation on investments in foreign operations	30		14
Net hedges on investments in foreign operations	230		(50)
Pension and other postretirement benefits	12		(11)
Total tax impact	$	290	$	(43)

Reclassifications out of AOCI into the Consolidated Statements of Income associated with the sale or liquidation of a business for the three months ended March 31, 2020 and 2019 were not material.