Other Comprehensive Income and Accumulated Other Comprehensive Income

3 Months Ended

Mar. 31, 2014

Other Comprehensive Income and Accumulated Other Comprehensive Income disclosure

Other Comprehensive Income and Accumulated Other Comprehensive Income disclosure [Text Block]

6. OTHER COMPREHENSIVE INCOME AND ACCCUMULATED OTHER COMPREHENSIVE INCOME

The following table presents the changes in the Company’s accumulated other comprehensive income (AOCI) for the three months ended March 31, 2014.

(in millions)	Changes in Net Unrealized Gains on Investment Securities Having No Credit Losses Recognized in the Consolidated Statement of Income			Changes in Net Unrealized Gains on Investment Securities 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
Balance, December 31, 2013	$	1,125		$	197		$	(431	)	$	(81	)	$	810
Other comprehensive income (loss) (OCI) before reclassifications	354			(1		)	—			(43		)	310
Amounts reclassified from AOCI	(3		)	2			8			—			7
Net OCI, current period	351			1			8			(43		)	317
Balance, March 31, 2014	$	1,476		$	198		$	(423	)	$	(124	)	$	1,127

The following table presents the pretax components of the Company’s other comprehensive income (loss) and the related income tax expense (benefit) for the three months ended March 31, 2014 and 2013.

(for the three months ended March 31, in millions)	2014			2013
Changes in net unrealized gains on investment securities:
Having no credit losses recognized in the consolidated statement of income	$	537		$	(376	)
Income tax expense (benefit)	186			(131		)
Net of taxes	351			(245		)
Having credit losses recognized in the consolidated statement of income	2			9
Income tax expense	1			3
Net of taxes	1			6
Net changes in benefit plan assets and obligations	15			28
Income tax expense	7			10
Net of taxes	8			18
Net changes in unrealized foreign currency translation	(43		)	(96		)
Income tax benefit	—			(7		)
Net of taxes	(43		)	(89		)
Total other comprehensive income (loss)	511			(435		)
Total income tax expense (benefit)	194			(125		)
Total other comprehensive income (loss), net of taxes	$	317		$	(310	)

The following table presents the pretax 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 three months ended March 31, 2014 and 2013.

(for the three months ended March 31, in millions)	2014			2013
Reclassification adjustments related to unrealized gains on investment securities:
Having no credit losses recognized in the consolidated statement of income (1)	$	(5	)	$	(17	)
Income tax expense (2)	(2		)	(6		)
Net of taxes	(3		)	(11		)
Having credit losses recognized in the consolidated statement of income (1)	3			1
Income tax benefit (2)	1			—
Net of taxes	2			1
Reclassification adjustment related to benefit plan assets and obligations (3)	15			27
Income tax benefit (2)	7			10
Net of taxes	8			17
Reclassification adjustment related to foreign currency translation (1)	—			(3		)
Income tax benefit (2)	—			—
Net of taxes	—			(3		)
Total reclassifications	13			8
Total income tax benefit	6			4
Total reclassifications, net of taxes	$	7		$	4

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

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

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