Other Comprehensive Income

12 Months Ended

Dec. 31, 2021

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

Other Comprehensive Income

Other Comprehensive Income

Shareholders’ equity included the following activity in accumulated other comprehensive income in 2021, 2020 and 2019:

	At December 31,
In millions	2021		2020		2019
Net unrealized investment gains (losses):
Beginning of year balance	$	1,214	$	774	$	97
Other comprehensive income (loss) before reclassifications ($(489), $497 and $927 pretax)	(410)		415		763
Amounts reclassified from accumulated other comprehensive income ($(32), $31 and $(105) pretax) (1)	(26)		25		(86)
Other comprehensive income (loss)	(436)		440		677
End of year balance	778		1,214		774
Foreign currency translation adjustments:
Beginning of year balance	7		4		(158)
Other comprehensive income (loss) before reclassifications	(7)		3		8
Amounts reclassified from accumulated other comprehensive income (loss) (2)	—		—		154
Other comprehensive income (loss)	(7)		3		162
End of year balance	—		7		4
Net cash flow hedges:
Beginning of year balance	248		279		312
Other comprehensive loss before reclassifications ($0, $(7) and $(25) pretax)	—		(5)		(18)
Amounts reclassified from accumulated other comprehensive income ($(34), $(35) and $(20) pretax) (3)	(26)		(26)		(15)
Other comprehensive loss	(26)		(31)		(33)
End of year balance	222		248		279
Pension and other postretirement benefits:
Beginning of year balance	(55)		(38)		(149)
Other comprehensive income (loss) before reclassifications ($20, $(30) and $162 pretax)	15		(22)		120
Amounts reclassified from accumulated other comprehensive loss ($6, $7 and $(12) pretax) (4)	5		5		(9)
Other comprehensive income (loss)	20		(17)		111
End of year balance	(35)		(55)		(38)
Total beginning of year accumulated other comprehensive income	1,414		1,019		102
Total other comprehensive income (loss)	(449)		395		917
Total end of year accumulated other comprehensive income	$	965	$	1,414	$	1,019

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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 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 consolidated statements of operations.

(3)Amounts reclassified from accumulated other comprehensive income for specifically identified cash flow hedges are included within interest expense in the consolidated statements of operations. The Company expects to reclassify approximately $11 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 consolidated statements of operations.