Changes in accumulated other comprehensive income (loss) (AOCI) [Table Text Block] |
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 |
|
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Pre-tax components of other comprehensive income (loss) and the related income tax expense (benefit) for each component [Table Text Block] |
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 |
|
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Pre-tax and related income tax (expense) benefit components of the amounts reclassified from accumulated other comprehensive income to the consolidated statement of income [Table Text Block] |
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.
|