Other Comprehensive Income (Tables)

9 Months Ended

Sep. 30, 2020

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

Schedule of Accumulated Other Comprehensive Income (Loss)

Shareholders’ equity included the following activity in accumulated other comprehensive income for the three and nine months ended September 30, 2020 and 2019:

	Three Months Ended September 30,				Nine Months Ended September 30,
In millions	2020		2019		2020		2019
Net unrealized investment gains:
Beginning of period balance	$	987	$	682	$	774	$	97
Other comprehensive income before reclassifications ($83, $214, $278 and $933 pretax)	52		192		218		799
Amounts reclassified from accumulated other comprehensive income ($(10), $(63), $47 and $(93) pretax) (1)	(8)		(56)		39		(78)
Other comprehensive income	44		136		257		721
End of period balance	1,031		818		1,031		818
Foreign currency translation adjustments:
Beginning of period balance	(2)		(154)		4		(158)
Other comprehensive income (loss) before reclassifications	1		(1)		(5)		3
Amounts reclassified from accumulated other comprehensive income (loss) (2)	—		154		—		154
Other comprehensive income (loss)	1		153		(5)		157
End of period balance	(1)		(1)		(1)		(1)
Net cash flow hedges:
Beginning of period balance	267		305		279		312
Other comprehensive loss before reclassifications ($0, $(25), $(7) and $(25) pretax)	—		(18)		(5)		(18)
Amounts reclassified from accumulated other comprehensive income ($(4), $(7), $(14) and $(16) pretax) (3)	(3)		(5)		(10)		(12)
Other comprehensive loss	(3)		(23)		(15)		(30)
End of period balance	264		282		264		282
Pension and other postretirement benefits:
Beginning of period balance	(39)		(149)		(38)		(149)
Other comprehensive loss before reclassifications ($0, $0, $(8) and $0 pretax)	—		—		(6)		—
Amounts reclassified from accumulated other comprehensive loss ($0, $0, $7 and $0 pretax) (4)	—		—		5		—
Other comprehensive loss	—		—		(1)		—
End of period balance	(39)		(149)		(39)		(149)
Total beginning of period accumulated other comprehensive income	1,213		684		1,019		102
Total other comprehensive income	42		266		236		848
Total end of period accumulated other comprehensive income	$	1,255	$	950	$	1,255	$	950

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(1)Amounts reclassified from accumulated other comprehensive income for specifically identified debt securities are included in net investment income in the unaudited condensed consolidated statements of operations.

(2)Amounts reclassified from accumulated other comprehensive income (loss) represent the elimination of the cumulative translation adjustment associated with the sale of Onofre, which was sold on July 1, 2019. The loss on the divestiture of Onofre is reflected in operating expenses in the unaudited condensed consolidated statements of operations.

(3)Amounts reclassified from accumulated other comprehensive income for specifically identified cash flow hedges are included in interest expense in the unaudited condensed consolidated statements of operations. The Company expects to reclassify approximately $15 million, net of tax, in net gains associated with its cash flow hedges into net income within the next 12 months.

(4)Amounts reclassified from accumulated other comprehensive loss for specifically identified pension and other postretirement benefits are included in other income in the unaudited condensed consolidated statements of operations.