| Changes In Accumulated Other Comprehensive Income (Loss) |
Changes in Accumulated Other Comprehensive Income (Loss)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 and six months ended June 30, 2023 and 2022 were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2023 (Millions), net of tax | | Net Unrealized
Gains (Losses) on
Debt Securities | | Foreign Currency Translation Adjustment Gains (Losses), net of hedges (a) | | Net Unrealized
Pension and Other
Postretirement
Benefit Gains
(Losses) | | Accumulated Other
Comprehensive
Income (Loss) | | Balances as of March 31, 2023 | | $ | (45) | | | $ | (2,594) | | | $ | (467) | | | $ | (3,106) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net change | | 1 | | | 25 | | | (4) | | | 22 | | | Balances as of June 30, 2023 | | $ | (44) | | | $ | (2,569) | | | $ | (471) | | | $ | (3,084) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2023 (Millions), net of tax | | Net Unrealized
Gains (Losses) on
Debt Securities | | Foreign Currency Translation Adjustment Gains (Losses), net of hedges (a) | | Net Unrealized
Pension and Other
Postretirement
Benefit Gains
(Losses) | | Accumulated Other
Comprehensive
Income (Loss) | | Balances as of December 31, 2022 | | $ | (64) | | | $ | (2,622) | | | $ | (524) | | | $ | (3,210) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net change | | 20 | | | 53 | | | 53 | | | 126 | | | Balances as of June 30, 2023 | | $ | (44) | | | $ | (2,569) | | | $ | (471) | | | $ | (3,084) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2022 (Millions), net of tax | | Net Unrealized Gains (Losses) on Debt Securities | | Foreign Currency Translation Adjustment Gains (Losses), net of hedges (a) | | Net Unrealized
Pension and Other
Postretirement
Benefit Gains (Losses) | | Accumulated Other Comprehensive Income (Loss) | | Balances as of March 31, 2022 | | $ | (5) | | | $ | (2,412) | | | $ | (556) | | | $ | (2,973) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net change | | (25) | | | (157) | | | 12 | | | (170) | | | Balances as of June 30, 2022 | | $ | (30) | | | $ | (2,569) | | | $ | (544) | | | $ | (3,143) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2022 (Millions), net of tax | | Net Unrealized Gains (Losses) on Debt Securities | | Foreign Currency Translation Adjustment Gains (Losses), net of hedges (a) | | Net Unrealized
Pension and Other
Postretirement
Benefit Gains (Losses) | | Accumulated Other Comprehensive Income (Loss) | | Balances as of December 31, 2021 | | $ | 23 | | | $ | (2,392) | | | $ | (576) | | | $ | (2,945) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net change | | (53) | | | (177) | | | 32 | | | (198) | | | Balances as of June 30, 2022 | | $ | (30) | | | $ | (2,569) | | | $ | (544) | | | $ | (3,143) | |
(a)Refer to Note 8 for additional information on hedging activity. The following table shows the tax impact for the three and six months ended June 30 for the changes in each component of AOCI presented above: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Tax expense (benefit) | | | Three Months Ended
June 30, | | Six Months Ended
June 30, | | (Millions) | | 2023 | | 2022 | | 2023 | | 2022 | | Net unrealized gains (losses) on debt securities | | $ | — | | | $ | (7) | | | $ | 6 | | | $ | (16) | | | Foreign currency translation adjustment, net of hedges | | (53) | | | 92 | | | (98) | | | 62 | | | | | | | | | | | | Pension and other postretirement benefits | | (5) | | | 10 | | | — | | | 17 | | | Total tax impact | | $ | (58) | | | $ | 95 | | | $ | (92) | | | $ | 63 | |
Reclassifications out of AOCI into the Consolidated Statements of Income, net of taxes, for the three and six months ended June 30, 2023 and 2022 were not significant.
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