GENWORTH FINANCIAL INC | 2013 | FY | 3


(23) Changes In Accumulated Other Comprehensive Income (Loss)

The following tables show the changes in accumulated OCI, net of taxes, by component as of and for the periods indicated:

 

(Amounts in millions)

  Net
unrealized
investment
gains
(losses) 
(1)
    Derivatives
qualifying
as

hedges  (2)
    Foreign
currency
translation
and other
adjustments
    Total  

Balances as of January 1, 2013

  $ 2,638      $ 1,909      $ 655      $ 5,202   

OCI before reclassifications

    (1,772     (561     (442     (2,775

Amounts reclassified from OCI

    21        (29     —         (8
 

 

 

   

 

 

   

 

 

   

 

 

 

Current period OCI

    (1,751     (590     (442     (2,783
 

 

 

   

 

 

   

 

 

   

 

 

 

Balances as of December 31, 2013 before noncontrolling interests

    887        1,319        213        2,419   
 

 

 

   

 

 

   

 

 

   

 

 

 

Less: change in OCI attributable to noncontrolling interests

    (39     —         (84     (123
 

 

 

   

 

 

   

 

 

   

 

 

 

Balances as of December 31, 2013

  $ 926      $ 1,319      $ 297      $ 2,542   
 

 

 

   

 

 

   

 

 

   

 

 

 

 

(1) 

Net of adjustments to deferred acquisition costs, present value of future profits, sales inducements and benefit reserves. See note 4 for additional information.

(2) 

See note 5 for additional information.

 

(Amounts in millions)

   Net
unrealized
investment
gains
(losses) 
(1)
     Derivatives
qualifying
as hedges 
(2)
    Foreign
currency
translation
and other
adjustments
     Total  

Balances as of January 1, 2012

   $ 1,485       $ 2,009      $ 553       $ 4,047   

OCI before reclassifications

     1,106         (77     126         1,155   

Amounts reclassified from OCI

     50         (23     —          27   
  

 

 

    

 

 

   

 

 

    

 

 

 

Current period OCI

     1,156         (100     126         1,182   
  

 

 

    

 

 

   

 

 

    

 

 

 

Balances as of December 31, 2012 before noncontrolling interests

     2,641         1,909        679         5,229   
  

 

 

    

 

 

   

 

 

    

 

 

 

Less: change in OCI attributable to noncontrolling interests

     3         —         24         27   
  

 

 

    

 

 

   

 

 

    

 

 

 

Balances as of December 31, 2012

   $ 2,638       $ 1,909      $ 655       $ 5,202   
  

 

 

    

 

 

   

 

 

    

 

 

 

 

(1) 

Net of adjustments to deferred acquisition costs, present value of future profits, sales inducements and benefit reserves. See note 4 for additional information.

(2) 

See note 5 for additional information.

 

(Amounts in millions)

   Net
unrealized
investment
gains
(losses) 
(1)
    Derivatives
qualifying
as hedges 
(2)
    Foreign
currency
translation
and other
adjustments
    Total  

Balances as of January 1, 2011

   $ (80   $ 924      $ 662      $ 1,506   

OCI before reclassifications

     1,551        1,086        (135     2,502   

Amounts reclassified from OCI

     53        (1     —          52   
  

 

 

   

 

 

   

 

 

   

 

 

 

Current period OCI

     1,604        1,085        (135     2,554   
  

 

 

   

 

 

   

 

 

   

 

 

 

Balances as of December 31, 2011 before noncontrolling interests

     1,524        2,009        527        4,060   
  

 

 

   

 

 

   

 

 

   

 

 

 

Less: change in OCI attributable to noncontrolling interests

     39        —          (26     13   
  

 

 

   

 

 

   

 

 

   

 

 

 

Balances as of December 31, 2011

   $ 1,485      $ 2,009      $ 553      $ 4,047   
  

 

 

   

 

 

   

 

 

   

 

 

 

 

(1) 

Net of adjustments to deferred acquisition costs, present value of future profits, sales inducements and benefit reserves. See note 4 for additional information.

(2) 

See note 5 for additional information.

The foreign currency translation and other adjustments balance included $6 million, $26 million and $19 million, respectively, net of taxes of $1 million, $15 million and $11 million, respectively, related to a net unrecognized postretirement benefit obligation as of December 31, 2013, 2012 and 2011. Amount also included taxes of $39 million, $58 million and $48 million, respectively, related to foreign currency translation adjustments as of December 31, 2013, 2012 and 2011.

 

The following table shows reclassifications out of accumulated other comprehensive income (loss), net of taxes, for the periods presented:

 

     Amount reclassified
from
accumulated other
comprehensive income
   

Affected line item in the
consolidated statements
of income

     Years ended
December 31,
   

(Amounts in millions)

   2013     2012     2011    

Net unrealized investment (gains) losses:

        

Unrealized (gains) losses on investments (1)

   $ 33      $ 77      $ 82      Net investment gains (losses)

Provision for income taxes

     (12     (27     (29   Provision for income taxes
  

 

 

   

 

 

   

 

 

   

Total

   $ 21      $ 50      $ 53     
  

 

 

   

 

 

   

 

 

   

Derivatives qualifying as hedges:

        

Interest rate swaps hedging assets

   $ (47   $ (40   $ (27   Net investment income

Interest rate swaps hedging assets

     (1     (2     (2   Net investment gains (losses)

Interest rate swaps hedging liabilities

     (2     (2     (2   Interest expense

Inflation indexed swaps

     5        9        25      Net investment income

Foreign currency swaps

     —          —          5      Interest expense

Provision for income taxes

     16        12        —        Provision for income taxes
  

 

 

   

 

 

   

 

 

   

Total

   $ (29   $ (23   $ (1  
  

 

 

   

 

 

   

 

 

   

 

(1) 

Amounts exclude adjustments to deferred acquisition costs, present value of future profits, sales inducements and benefit reserves.


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