Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2014

Accumulated Other Comprehensive Income (Loss) [Abstract]

Accumulated Other Comprehensive Income (Loss)

Note 13—Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss excludes amounts required to adjust future policy benefits for the run-off settlement annuity business and a portion of deferred acquisition costs associated with the corporate owned life insurance business. As required by GAAP, the Company parenthetically identifies the income statement line item affected by reclassification adjustments in the table below. Changes in the components of accumulated other comprehensive loss were as follows:

			Tax
			(Expense)		After-
(In millions)	Pre-Tax		Benefit		Tax
Three Months Ended June 30, 2014
Net unrealized appreciation, securities:
Net unrealized appreciation on securities arising during the period	$	157	$	(51)	$	106
Reclassification adjustment for (gains) included in shareholders' net income (realized investment gains)		(4)		1		(3)
Net unrealized appreciation, securities	$	153	$	(50)	$	103
Net unrealized appreciation, derivatives	$	-	$	-	$	-
Net translation of foreign currencies	$	51	$	(5)	$	46
Postretirement benefits liability adjustment:
Reclassification adjustment for amortization of net losses from past
experience and prior service costs (other operating expenses)	$	15	$	(5)	$	10
Net change due to valuation update		2		(1)		1
Net postretirement benefits liability adjustment	$	17	$	(6)	$	11
Three Months Ended June 30, 2013
Net unrealized depreciation, securities:
Net unrealized depreciation on securities arising during the period	$	(384)	$	130	$	(254)
Reclassification adjustment for (gains) included in shareholders' net income (realized investment gains)		(23)		8		(15)
Net unrealized depreciation, securities	$	(407)	$	138	$	(269)
Net unrealized appreciation, derivatives	$	10	$	(4)	$	6
Net translation of foreign currencies	$	(23)	$	7	$	(16)
Postretirement benefits liability adjustment:
Reclassification adjustment for amortization of net losses from past
experience and prior service costs (other operating expenses)	$	17	$	(6)	$	11
Net change due to valuation update		16		(6)		10
Net postretirement benefits liability adjustment	$	33	$	(12)	$	21

			Tax
			(Expense)		After-
(In millions)	Pre-Tax		Benefit		Tax
Six Months Ended June 30, 2014
Net unrealized appreciation, securities:
Net unrealized appreciation on securities arising during the period	$	313	$	(105)	$	208
Reclassification adjustment for (gains) included in shareholders' net income (realized investment gains)		(29)		10		(19)
Net unrealized appreciation, securities	$	284	$	(95)	$	189
Net unrealized appreciation, derivatives	$	-	$	-	$	-
Net translation of foreign currencies	$	38	$	(3)	$	35
Postretirement benefits liability adjustment:
Reclassification adjustment for amortization of net losses from past
experience and prior service costs (other operating expenses)	$	28	$	(10)	$	18
Reclassification adjustment for settlement (other operating expenses)		6		(2)		4
Total reclassification adjustments to shareholders' net income (other operating expenses)		34		(12)		22
Net change due to valuation update		2		(1)		1
Net postretirement benefits liability adjustment	$	36	$	(13)	$	23
Six Months Ended June 30, 2013
Net unrealized depreciation, securities:
Net unrealized depreciation on securities arising during the period	$	(420)	$	142	$	(278)
Reclassification adjustment for (gains) included in shareholders' net income (realized investment gains)		(93)		32		(61)
Net unrealized depreciation, securities	$	(513)	$	174	$	(339)
Net unrealized appreciation, derivatives	$	14	$	(5)	$	9
Net translation of foreign currencies	$	(92)	$	18	$	(74)
Postretirement benefits liability adjustment:
Reclassification adjustment for amortization of net losses from past
experience and prior service costs (other operating expenses)	$	34	$	(12)	$	22
Reclassification adjustment for curtailment (other operating expenses)		(19)		7		(12)
Total reclassification adjustments to shareholders' net income (other operating expenses)		15		(5)		10
Net change due to valuation update and plan amendments		79		(28)		51
Net postretirement benefits liability adjustment	$	94	$	(33)	$	61