Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2023

Other Comprehensive Income And Accumulated Other Comprehensive Income Disclosure [Abstract]

Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss)

OTHER COMPREHENSIVE INCOME (LOSS) AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following table presents the changes in the Company’s accumulated other comprehensive income (loss) (AOCI) for the three months ended March 31, 2023.

	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, 2022	$	(5,077)	$	179	$	(542)	$	(1,005)	$	(6,445)
Other comprehensive income (loss) (OCI) before reclassifications, net of tax	1,021				1		31		1,053
Amounts reclassified from AOCI, net of tax	9		—		(3)		—		6
Net OCI, current period	1,030		—		(2)		31		1,059
Balance, March 31, 2023	$	(4,047)	$	179	$	(544)	$	(974)	$	(5,386)

The following table presents the pre-tax components of the Company’s other comprehensive income (loss) and the related income tax expense (benefit).

	Three Months Ended March 31,
(in millions)	2023		2022
Changes in net unrealized gains (losses) on investment securities:
Having no credit losses recognized in the consolidated statement of income	$	1,308	$	(4,829)
Income tax expense (benefit)	278		(1,024)
Net of taxes	1,030		(3,805)
Having credit losses recognized in the consolidated statement of income	—		(1)
Income tax benefit	—		—
Net of taxes	—		(1)
Net changes in benefit plan assets and obligations	(3)		11
Income tax expense (benefit)	(1)		2
Net of taxes	(2)		9
Net changes in unrealized foreign currency translation	37		2
Income tax expense	6		—
Net of taxes	31		2
Total other comprehensive income (loss)	1,342		(4,817)
Total income tax expense (benefit)	283		(1,022)
Total other comprehensive income (loss), net of taxes	$	1,059	$	(3,795)

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.

	Three Months Ended March 31,
(in millions)	2023		2022
Reclassification adjustments related to unrealized gains (losses) on investment securities:
Having no credit losses recognized in the consolidated statement of income (1)	$	11	$	(2)
Income tax (expense) benefit (2)	2		(1)
Net of taxes	9		(1)
Having credit losses recognized in the consolidated statement of income (1)	—		—
Income tax benefit (2)	—		—
Net of taxes	—		—
Reclassification adjustment related to benefit plan assets and obligations:
Claims and claim adjustment expenses (benefit) (3)	(1)		4
General and administrative expenses (benefit) (3)	(2)		6
Total	(3)		10
Income tax benefit (2)	—		2
Net of taxes	(3)		8
Reclassification adjustment related to foreign currency translation (1)	—		—
Income tax benefit (2)	—		—
Net of taxes	—		—
Total reclassifications	8		8
Total income tax benefit	2		1
Total reclassifications, net of taxes	$	6	$	7

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(1)(Increases) decreases net realized investment gains (losses) on the consolidated statement of income.

(2)(Increases) decreases income tax expense (benefit) on the consolidated statement of income.

(3)Increases (decreases) expenses on the consolidated statement of income.