Other Comprehensive Income and Accumulated Other Comprehensive Income

6 Months Ended

Jun. 30, 2016

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 ACCUMULATED OTHER COMPREHENSIVE INCOME

The following table presents the changes in the Company’s accumulated other comprehensive income (AOCI) for the six months ended June 30, 2016.

(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 (Loss)
Balance, December 31, 2015	$	1,100		$	189	$	(713	)	$	(733	)	$	(157	)
Other comprehensive income (OCI) before reclassifications	1,064			3		3			47			1,117
Amounts reclassified from AOCI	(23		)	8		20			—			5
Net OCI, current period	1,041			11		23			47			1,122
Balance, June 30, 2016	$	2,141		$	200	$	(690	)	$	(686	)	$	965

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 and six months ended June 30, 2016 and 2015.

	Three Months Ended June 30,						Six Months Ended June 30,
( in millions)	2016			2015			2016		2015
Changes in net unrealized gains on investment securities:
Having no credit losses recognized in the consolidated statement of income	$	879		$	(1,065	)	$	1,593	$	(896	)
Income tax expense (benefit)	305			(368		)	552		(312		)
Net of taxes	574			(697		)	1,041		(584		)
Having credit losses recognized in the consolidated statement of income	12			(5		)	17		(10		)
Income tax expense (benefit)	4			(2		)	6		(4		)
Net of taxes	8			(3		)	11		(6		)
Net changes in benefit plan assets and obligations	18			23			34		47
Income tax expense	6			8			11		16
Net of taxes	12			15			23		31
Net changes in unrealized foreign currency translation	(35		)	94			68		(180		)
Income tax expense (benefit)	8			9			21		(28		)
Net of taxes	(43		)	85			47		(152		)
Total other comprehensive income (loss)	874			(953		)	1,712		(1,039		)
Total income tax expense (benefit)	323			(353		)	590		(328		)
Total other comprehensive income (loss), net of taxes	$	551		$	(600	)	$	1,122	$	(711	)

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 three months and six months ended June 30, 2016 and 2015.

	Three Months Ended June 30,						Six Months Ended June 30,
(in millions)	2016			2015			2016			2015
Reclassification adjustments related to unrealized gains on investment securities:
Having no credit losses recognized in the consolidated statement of income (1)	$	(24	)	$	(17	)	$	(35	)	$	(35	)
Income tax expense (2)	(8		)	(6		)	(12		)	(12		)
Net of taxes	(16		)	(11		)	(23		)	(23		)
Having credit losses recognized in the consolidated statement of income (1)	1			2			12			2
Income tax benefit (2)	—			—			4			—
Net of taxes	1			2			8			2
Reclassification adjustment related to benefit plan assets and obligations (3)	15			24			31			47
Income tax benefit (2)	6			9			11			17
Net of taxes	9			15			20			30
Reclassification adjustment related to foreign currency translation (1)	—			—			—			—
Income tax benefit (2)	—			—			—			—
Net of taxes	—			—			—			—
Total reclassifications	(8		)	9			8			14
Total income tax (expense) benefit	(2		)	3			3			5
Total reclassifications, net of taxes	$	(6	)	$	6		$	5		$	9

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