Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2019

Accumulated Other Comprehensive Income (Loss)

The changes in the balances of each component of AOCI for the years ended December 31, 2019 and 2018, including amounts reclassified out of AOCI, are as follows:



(In millions of dollars)	Unrealized Investment Gains (Losses)		Pension/Post-Retirement Plans Gains (Losses)			Foreign Currency Translation Adjustments			Total
Balance as of January 1, 2019	$	—	$	(2,953	)	$	(1,694	)	$	(4,647	)
Other comprehensive (loss) gain before reclassifications	—		(643		)	151			(492		)
Amounts reclassified from accumulated other comprehensive loss	—		84			—			84
Net current period other comprehensive (loss) gain	—		(559		)	151			(408		)
Balance as of December 31, 2019	$	—	$	(3,512	)	$	(1,543	)	$	(5,055	)



(In millions of dollars)	Unrealized Investment Gains (Losses)			Pension/Post-Retirement Plans Gains (Losses)			Foreign Currency Translation Adjustments			Total
Balance as of January 1, 2018	$	14		$	(2,892	)	$	(1,165	)	$	(4,043	)
Cumulative effect of amended accounting standard	(14		)	—			—			(14		)
Other comprehensive loss before reclassifications	—			(205		)	(529		)	(734		)
Amounts reclassified from accumulated other comprehensive loss	—			144			—			144
Net current period other comprehensive loss	—			(61		)	(529		)	(590		)
Balance as of December 31, 2018	$	—		$	(2,953	)	$	(1,694	)	$	(4,647	)

The components of other comprehensive income (loss) are as follows:



For the Year Ended December 31,	2019
(In millions of dollars)	Pre-Tax			Tax (Credit)			Net of Tax
Foreign currency translation adjustments	$	148		$	(3	)	$	151
Pension/post-retirement plans:
Amortization of (gains) losses included in net periodic pension cost:
Prior service credits (a)	(2		)	(1		)	(1		)
Net actuarial losses (a)	102			22			80
Effect of curtailment (a)	—			—			—
Effect of settlement (a)	6			1			5
Effect of remeasurement (a)	—			—			—
Plan Termination (a)	—			—			—
Subtotal	106			22			84
Net losses arising during period	(758		)	(154		)	(604		)
Foreign currency translation adjustments	(50		)	(11		)	(39		)
Pension/post-retirement plans losses	(702		)	(143		)	(559		)
Other comprehensive loss	$	(554	)	$	(146	)	$	(408	)
(a) These components of net periodic pension cost are included in other net benefits credits in the Consolidated Statements of Income. Tax on prior service gains and net actuarial losses is included in income tax expense.



For the Year Ended December 31,	2018
(In millions of dollars)	Pre-Tax			Tax (Credit)			Net of Tax
Foreign currency translation adjustments	$	(529	)	$	—		$	(529	)
Pension/post-retirement plans:
Amortization of (gains) losses included in net periodic pension cost:
Prior service credits (a)	(4		)	(1		)	(3		)
Net actuarial losses (a)	145			32			113
Effect of settlement (a)	42			8			34
Subtotal	183			39			144
Net losses arising during period	(374		)	(88		)	(286		)
Foreign currency translation adjustments	141			25			116
Other adjustments	(41		)	(6		)	(35		)
Pension/post-retirement plans losses	(91		)	(30		)	(61		)
Other comprehensive loss	$	(620	)	$	(30	)	$	(590	)
(a) These components of net periodic pension cost are included in other net benefits credits in the consolidated statements of income. Tax on prior service gains and net actuarial losses is included in income tax expense.



For the Year Ended December 31,	2017
(In millions of dollars)	Pre-Tax			Tax (Credit)			Net of Tax
Foreign currency translation adjustments	$	717		$	2		$	715
Unrealized investment gains	(7		)	(2		)	(5		)
Pension/post-retirement plans:
Amortization of (gains) losses included in net periodic pension cost:
Prior service credits (a)	(1		)	—			(1		)
Net actuarial losses (a)	167			30			137
Effect of curtailment (a)	(1		)	—			(1		)
Effect of settlement (a)	54			9			45
Subtotal	219			39			180
Net gains arising during period	374			62			312
Foreign currency translation adjustments	(201		)	(36		)	(165		)
Other adjustments	16			3			13
Pension/post-retirement plans gains	408			68			340
Other comprehensive income	$	1,118		$	68		$	1,050
(a) These components of net periodic pension cost are included in other net benefits credits in the consolidated statements of income. Tax on prior service gains and net actuarial losses is included in income tax expense.

The components of accumulated other comprehensive income (loss) are as follows:



(In millions of dollars)	December 31, 2019			December 31, 2018
Foreign currency translation adjustments (net of deferred tax asset of $14 in 2019 and net of deferred tax asset of $15 in 2018)	$	(1,543	)	$	(1,694	)
Net charges related to pension/post-retirement plans (net of deferred tax asset of $1,635 and $1,493 in 2019 and 2018, respectively)	(3,512		)	(2,953		)
	$	(5,055	)	$	(4,647	)