American Express 2015 Annual Report Download - page 155
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NOTE 18
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME
Accumulated Other Comprehensive (Loss) Income is a balance sheet item in the Shareholders’ Equity section of
the Company’s Consolidated Balance Sheets. It is comprised of items that have not been recognized in earnings but
may be recognized in earnings in the future when certain events occur. Changes in each component for the three years
ended December 31 were as follows:
(Millions), net of tax (a)
Net Unrealized Gains
(Losses) on Investment
Securities
Foreign Currency
Translation
Adjustments
Net Unrealized
Pension and Other
Postretirement Benefit
Losses (Gains)
Accumulated Other
Comprehensive (Loss)
Income
Balances as of December 31, 2012 . . . $ 315 $ (754) $ (488) $ (927)
Net unrealized losses ................ (159) — — (159)
Decrease due to amounts reclassified
into earnings ...................... (93) — — (93)
Net translation loss of investments in
foreign operations ................. — (589) — (589)
Net gains related to hedges of
investments in foreign operations .... — 253 — 253
Pension and other postretirement
benefit gains ...................... — — 89 89
Net change in accumulated other
comprehensive (loss) income ....... (252) (336) 89 (499)
Balances as of December 31, 2013 . . . 63 (1,090) (399) (1,426)
Net unrealized gains ................. 104 — — 104
Decrease due to amounts reclassified
into earnings ...................... (71) 5 — (66)
Net translation loss of investments in
foreign operations ................. — (869) — (869)
Net gains related to hedges of
investments in foreign operations .... — 455 — 455
Pension and other postretirement
benefit losses ..................... — — (117) (117)
Net change in accumulated other
comprehensive income (loss) ....... 33 (409) (117) (493)
Balances as of December 31, 2014 . . . 96 (1,499) (516) (1,919)
Net unrealized losses ................ (37) — — (37)
Decrease due to amounts reclassified
into earnings ...................... (1) (1) — (2)
Net translation loss of investments in
foreign operations ................. — (1,122) — (1,122)
Net gains related to hedges of
investment in foreign operations ..... — 578 — 578
Pension and other postretirement
benefit losses ..................... — — (32) (32)
Net change in accumulated other
comprehensive loss ................ (38) (545) (32) (615)
Balances as of December 31, 2015 ... $ 58 $(2,044) $(548) $(2,534)
(a) The following table shows the tax impact for the three years ended December 31 for the changes in each component of Accumulated Other
Comprehensive Income:
Tax expense (benefit)
(Millions) 2015 2014 2013
Investment securities . . . . . . ............................................................................. $ (20) $ 19 $(142)
Foreign currency translation adjustments ................................................................. (124) (64) (49)
Net investment hedges . . . . ............................................................................. 340 273 135
Pension and other postretirement benefit losses . . ......................................................... —(46) 56
Total tax impact . . . . . . . . . .............................................................................. $ 196 $182 $ —
144