Changes in Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2021

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

Components of comprehensive income (loss), net of tax

AOCI is a balance sheet item in Shareholders’ equity on the Consolidated Balance Sheets. It 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 years ended December 31 were as follows:

(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 Income (Loss)
Balances as of December 31, 2018	$	(8)	$	(2,133)	$	(456)	$	(2,597)
Net unrealized gains	41		—		—		41
Net translation on investments in foreign operations	—		84		—		84
Net hedges of investments in foreign operations	—		(140)		—		(140)
Pension and other postretirement benefits	—		—		(125)		(125)
Net change in accumulated other comprehensive income (loss)	41		(56)		(125)		(140)
Balances as of December 31, 2019	33		(2,189)		(581)		(2,737)
Net unrealized gains	32		—		—		32
Net translation on investments in foreign operations	—		213		—		213
Net hedges of investments in foreign operations	—		(253)		—		(253)
Pension and other postretirement benefits	—				(150)		(150)
Net change in accumulated other comprehensive income (loss)	32		(40)		(150)		(158)
Balances as of December 31, 2020	65		(2,229)		(731)		(2,895)
Net unrealized losses	(42)		—		—		(42)
Net translation on investments in foreign operations	—		(339)		—		(339)
Net hedges of investments in foreign operations	—		176		—		176
Pension and other postretirement benefits	—		—		155		155
Net change in accumulated other comprehensive income (loss)	(42)		(163)		155		(50)
Balances as of December 31, 2021	$	23	$	(2,392)	$	(576)	$	(2,945)

AOCI income tax effect

The following table shows the tax impact for the years ended December 31 for the changes in each component of AOCI presented above:

	Tax expense (benefit)
(Millions)	2021		2020		2019
Net unrealized (losses) gains on debt securities	$	(13)	$	9	$	12
Net translation on investments in foreign operations	(1)		17		24
Net hedges of investments in foreign operations	52		(79)		(43)
Pension and other postretirement benefits	52		(28)		(38)
Total tax impact	$	90	$	(81)	$	(45)