Other Comprehensive Income (Tables)

12 Months Ended

Dec. 31, 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 in 2020, 2019 and 2018:

	At December 31,
In millions	2020		2019		2018
Net unrealized investment gains:
Beginning of year balance	$	774	$	97	$	—
Other comprehensive income before reclassifications ($497, $927 and $132 pretax)	415		763		97
Amounts reclassified from accumulated other comprehensive income ($31, $(105) and $1 pretax) (1)	25		(86)		—
Other comprehensive income	440		677		97
End of year balance	1,214		774		97
Foreign currency translation adjustments:
Beginning of year balance	4		(158)		(129)
Other comprehensive income (loss) before reclassifications	3		8		(29)
Amounts reclassified from accumulated other comprehensive income (loss) (2)	—		154		—
Other comprehensive income (loss)	3		162		(29)
End of year balance	7		4		(158)
Net cash flow hedges:
Beginning of year balance	279		312		(15)
Adoption of new accounting standard (3)	—		—		(3)
Other comprehensive income (loss) before reclassifications ($(7), $(25) and $465 pretax)	(5)		(18)		344
Amounts reclassified from accumulated other comprehensive income (loss) ($(35), $(20) and $(19) pretax) (4)	(26)		(15)		(14)
Other comprehensive income (loss)	(31)		(33)		330
End of year balance	248		279		312
Pension and other postretirement benefits:
Beginning of year balance	(38)		(149)		(21)
Adoption of new accounting standard (3)	—		—		(4)
Other comprehensive income (loss) before reclassifications ($(30), $162 and $(178) pretax)	(22)		120		(132)
Amounts reclassified from accumulated other comprehensive loss ($7, $(12) and $11 pretax) (5)	5		(9)		8
Other comprehensive income (loss)	(17)		111		(124)
End of year balance	(55)		(38)		(149)
Total beginning of year accumulated other comprehensive income (loss)	1,019		102		(165)
Adoption of new accounting standard (3)	—		—		(7)
Total other comprehensive income	395		917		274
Total end of year accumulated other comprehensive income	$	1,414	$	1,019	$	102

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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 consolidated statements of operations.

(2)Amounts reclassified from accumulated other comprehensive 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 consolidated statements of operations.

(3)Reflects the adoption of ASU 2018-02, Income Statement Reporting Comprehensive Income (Topic 220); Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income during the year ended December 31, 2018.

(4)Amounts reclassified from accumulated other comprehensive income (loss) for specifically identified cash flow hedges are included within interest expense in the consolidated statements of operations. The Company expects to reclassify approximately $13 million, net of tax, in net gains associated with its cash flow hedges into net income within the next 12 months.

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