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Other Comprehensive Income and Accumulated Other Comprehensive Income
 12 Months Ended
Dec. 31, 2019
Other Comprehensive Income And Accumulated Other Comprehensive Income Disclosure [Abstract]  
Other Comprehensive Income and Accumulated Other Comprehensive Income OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE INCOME
The following table presents the changes in the Company’s accumulated other comprehensive income (AOCI) for the years ended December 31, 2019, 2018 and 2017.
 
 
Changes in Net Unrealized Gains (Losses) on
Investment Securities
 
 
 
 
 
 
(in millions)
 
Having No Credit
Losses Recognized in
the Consolidated
Statement of Income
 
Having Credit Losses
Recognized in the
Consolidated
Statement of Income
 
Net Benefit Plan Assets and
Obligations
Recognized in
Shareholders’ Equity
 
Net Unrealized
Foreign Currency
Translation
 
Total Accumulated
Other
Comprehensive
Income (Loss)
Balance, December 31, 2016
 
$
528

 
$
202

 
$
(703
)
 
$
(782
)
 
$
(755
)
Other comprehensive income (loss) (OCI) before reclassifications, net of tax
 
367

 
4

 
(24
)
 
171

 
518

Amounts reclassified from AOCI, net of tax
 
(148
)
 
1

 
41

 
—

 
(106
)
Net OCI, current period
 
219

 
5

 
17

 
171

 
412

Balance, December 31, 2017
 
747

 
207

 
(686
)
 
(611
)
 
(343
)
Cumulative effect of adoption of updated accounting guidance for equity financial instruments at January 1, 2018
 
(34
)
 
—

 
—

 
—

 
(34
)
Income tax benefit
 
(12
)
 
—

 
—

 
—

 
(12
)
Net of taxes
 
(22
)
 
—

 
—

 
—

 
(22
)
Reclassification of certain tax effects from accumulated other comprehensive income at January 1, 2018
 
145

 
7

 
(141
)
 
(35
)
 
(24
)
Total effect of adoption of new guidance at January 1, 2018, net of tax
 
123

 
7

 
(141
)
 
(35
)
 
(46
)
OCI before reclassifications, net of tax
 
(1,151
)
 
(21
)
 
(114
)
 
(227
)
 
(1,513
)
Amounts reclassified from AOCI, net of tax
 
(25
)
 
—

 
68

 
—

 
43

Net OCI, current period
 
(1,176
)
 
(21
)
 
(46
)
 
(227
)
 
(1,470
)
Balance, December 31, 2018
 
(306
)
 
193

 
(873
)
 
(873
)
 
(1,859
)
OCI before reclassifications, net of tax
 
2,406

 
(4
)
 
(14
)
 
106

 
2,494

Amounts reclassified from AOCI, net of tax
 
(43
)
 
—

 
41

 
7

 
5

Net OCI, current period
 
2,363

 
(4
)
 
27

 
113

 
2,499

Balance, December 31, 2019
 
$
2,057

 
$
189

 
$
(846
)
 
$
(760
)
 
$
640


The following table presents the pre-tax components of the Company’s other comprehensive income (loss) and the related income tax expense (benefit).
(for the year ended December 31, in millions)
 
2019
 
2018
 
2017
Changes in net unrealized gains (losses) on investment securities:
 
 
 
 
 
 
Having no credit losses recognized in the consolidated statement of income
 
$
2,994

 
$
(1,489
)
 
$
294

Income tax expense (benefit)
 
631

 
(313
)
 
75

Net of taxes
 
2,363

 
(1,176
)
 
219

Having credit losses recognized in the consolidated statement of income
 
(4
)
 
(27
)
 
8

Income tax expense (benefit)
 
—

 
(6
)
 
3

Net of taxes
 
(4
)
 
(21
)
 
5

Net changes in benefit plan assets and obligations
 
33

 
(56
)
 
29

Income tax expense (benefit)
 
6

 
(10
)
 
12

Net of taxes
 
27

 
(46
)
 
17

Net changes in unrealized foreign currency translation
 
117

 
(247
)
 
191

Income tax expense (benefit)
 
4

 
(20
)
 
20

Net of taxes
 
113

 
(227
)
 
171

Total other comprehensive income (loss)
 
3,140

 
(1,819
)
 
522

Total income tax expense (benefit)
 
641

 
(349
)
 
110

Total other comprehensive income (loss), net of taxes
 
$
2,499

 
$
(1,470
)
 
$
412


The following table presents the pre-tax and related income tax (expense) benefit components of the amounts reclassified from the Company’s AOCI to the Company’s consolidated statement of income.
(for the year ended December 31, in millions)
 
2019
 
2018
 
2017
Reclassification adjustments related to unrealized gains (losses) on investment securities:
 
 
 
 
 
 
Having no credit losses recognized in the consolidated statement of income (1)
 
$
(55
)
 
$
(32
)
 
$
(228
)
Income tax expense (2)
 
(12
)
 
(7
)
 
(80
)
Net of taxes
 
(43
)
 
(25
)
 
(148
)
Having credit losses recognized in the consolidated statement of income (1)
 
—

 
—

 
1

Income tax benefit (2)
 
—

 
—

 
—

Net of taxes
 
—

 
—

 
1

Reclassification adjustment related to benefit plan assets and obligations:
 
 
 
 
 
 
Claims and claim adjustment expenses (3)
 
21

 
35

 
32

General and administrative expenses (3)
 
31

 
51

 
48

Total
 
52

 
86

 
80

Income tax benefit (2)
 
11

 
18

 
39

Net of taxes
 
41

 
68

 
41

Reclassification adjustment related to foreign currency translation (1)
 
7

 
—

 
—

Income tax benefit (2)
 
—

 
—

 
—

Net of taxes
 
7

 
—

 
—

Total reclassifications
 
4

 
54

 
(147
)
Total income tax (expense) benefit
 
(1
)
 
11

 
(41
)
Total reclassifications, net of taxes
 
$
5

 
$
43

 
$
(106
)
___________________________________________
(1)
(Increases) decreases net realized investment gains on the consolidated statement of income.
(2)
(Increases) decreases income tax expense on the consolidated statement of income.
(3)
Increases (decreases) expenses on the consolidated statement of income.