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Shareholders' Equity | 12 Months Ended
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Dec. 31, 2023
Stockholders' Equity Note [Abstract] |
Shareholders' Equity | Shareholders’ Equity The following tables provide the amounts related to each component of OCI:
| Year Ended December 31, 2023
Pretax |  | Income Tax Benefit (Expense) |  | Net of Tax
(in millions)
Net unrealized gains (losses) on securities: |  |  |  |  |
Net unrealized gains (losses) on securities arising during the period (1) | $ | 1,038 |  |  | $ | (240) |  |  | $ | 798 |
Reclassification of net (gains) losses on securities included in net income (2) | 29 |  |  | (6) |  |  | 23 |
Impact of benefit reserves and reinsurance recoverables | (24) |  |  | 5 |  |  | (19) |
Net unrealized gains (losses) on securities | 1,043 |  |  | (241) |  |  | 802 |
Net unrealized gains (losses) on derivatives: |  |  |  |  |
Net unrealized gains (losses) on derivatives arising during the period | 3 |  |  | (1) |  |  | 2 |
Reclassification of net (gains) losses on derivatives included in net income (3) | (1) |  |  | 1 |  |  | — |
Net unrealized gains (losses) on derivatives | 2 |  |  | — |  |  | 2 |
Effect of changes in discount rate assumptions on certain long-duration contracts | (69) |  |  | 15 |  |  | (54) |
Effect of changes in instrument-specific credit risk on MRBs | (83) |  |  | 18 |  |  | (65) |
Defined benefit plans: |  |  |  |  |
Prior service credits and costs | (1) |  |  | — |  |  | (1) |
Net gains (losses) | 20 |  |  | (4) |  |  | 16 |
Defined benefit plans | 19 |  |  | (4) |  |  | 15 |
Foreign currency translation | 79 |  |  | 1 |  |  | 80 |
Total other comprehensive income (loss) | $ | 991 |  |  | $ | (211) |  |  | $ | 780 |
| Year Ended December 31, 2022
Pretax |  | Income Tax Benefit (Expense) |  | Net of Tax
(in millions)
Net unrealized gains (losses) on securities: |  |  |  |  |
Net unrealized gains (losses) on securities arising during the period (1) | $ | (4,146) |  |  | $ | 918 |  |  | $ | (3,228) |
Reclassification of net (gains) losses on securities included in net income (2) | 85 |  |  | (18) |  |  | 67 |
Impact of benefit reserves and reinsurance recoverables | 103 |  |  | (18) |  |  | 85 |
Net unrealized gains (losses) on securities | (3,958) |  |  | 882 |  |  | (3,076) |
Net unrealized gains (losses) on derivatives: |  |  |  |  |
Reclassification of net (gains) losses on derivatives included in net income (3) | (1) |  |  | — |  |  | (1) |
Net unrealized gains (losses) on derivatives | (1) |  |  | — |  |  | (1) |
Effect of changes in discount rate assumptions on certain long-duration contracts | 1,095 |  |  | (234) |  |  | 861 |
Effect of changes in instrument-specific credit risk on MRBs | 517 |  |  | (110) |  |  | 407 |
Defined benefit plans: |  |  |  |  |
Prior service credits and costs | (1) |  |  | — |  |  | (1) |
Net gains (losses) | 97 |  |  | (20) |  |  | 77 |
Defined benefit plans | 96 |  |  | (20) |  |  | 76 |
Foreign currency translation | (216) |  |  | 45 |  |  | (171) |
Total other comprehensive income (loss) | $ | (2,467) |  |  | $ | 563 |  |  | $ | (1,904) |
| Year Ended December 31, 2021
Pretax |  | Income Tax Benefit (Expense) |  | Net of Tax
(in millions)
Net unrealized gains (losses) on securities: |  |  |  |  |
Net unrealized gains (losses) on securities arising during the period (1) | $ | (622) |  |  | $ | 137 |  |  | $ | (485) |
Reclassification of net (gains) losses on securities included in net income (2) | (561) |  |  | 118 |  |  | (443) |
Impact of benefit reserves and reinsurance recoverables | 8 |  |  | (1) |  |  | 7 |
Net unrealized gains (losses) on securities | (1,175) |  |  | 254 |  |  | (921) |
Net unrealized gains (losses) on derivatives: |  |  |  |  |
Reclassification of net (gains) losses on derivatives included in net income (3) | (1) |  |  | — |  |  | (1) |
Net unrealized gains (losses) on derivatives | (1) |  |  | — |  |  | (1) |
Effect of changes in discount rate assumptions on certain long-duration contracts | 361 |  |  | (77) |  |  | 284 |
Effect of changes in instrument-specific credit risk on MRBs | 127 |  |  | (27) |  |  | 100 |
Defined benefit plans: |  |  |  |  |
Prior service credits | (3) |  |  | 1 |  |  | (2) |
Net gains (losses) | 70 |  |  | (15) |  |  | 55 |
Defined benefit plans | 67 |  |  | (14) |  |  | 53 |
Foreign currency translation | (16) |  |  | 3 |  |  | (13) |
Total other comprehensive income (loss) | $ | (637) |  |  | $ | 139 |  |  | $ | (498) |
(1) Includes impairments on Available-for-Sale securities related to factors other than credit that were recognized in OCI during the period. (2) Reclassification amounts are recorded in Net investment income. (3) Includes a $1 million, $1 million and $1 million pretax gain reclassified to Interest and debt expense. Other comprehensive income (loss) related to net unrealized gains (losses) on securities includes three components: (i) unrealized gains (losses) that arose from changes in the market value of securities that were held during the period; (ii) (gains) losses that were previously unrealized, but have been recognized in current period net income due to sales of Available-for-Sale securities and due to the reclassification of noncredit losses to credit losses; and (iii) other adjustments primarily consisting of changes in insurance and annuity asset and liability balances, such as benefit reserves and reinsurance recoverables, to reflect the expected impact on their carrying values had the unrealized gains (losses) been realized as of the respective balance sheet dates. The following table presents the changes in the balances of each component of AOCI, net of tax:
| Net Unrealized Gains (Losses) on Securities |  | Net Unrealized Gains (Losses) on Derivatives |  | Effect of Changes in Discount Rate Assumptions |  | Effect of Changes in Instrument-Specific Credit Risk on MRBs |  | Defined Benefit Plans |  | Foreign Currency Translation |  | Other |  | Total
(in millions)
Balance at January 1, 2021 | $ | 1,247 |  |  | $ | 5 |  |  | $ | — |  |  | $ | — |  |  | $ | (204) |  |  | $ | (154) |  |  | $ | (1) |  |  | $ | 893 |
Cumulative effect of adoption of long-duration contracts guidance | 707 |  |  | — |  |  | (1,217) |  |  | (527) |  |  | — |  |  | — |  |  | — |  |  | (1,037) |
OCI before reclassifications | (478) |  |  | — |  |  | 284 |  |  | 100 |  |  | 36 |  |  | (13) |  |  | — |  |  | (71) |
Amounts reclassified from AOCI | (443) |  |  | (1) |  |  | — |  |  | — |  |  | 17 |  |  | — |  |  | — |  |  | (427) |
Total OCI | (921) |  |  | (1) |  |  | 284 |  |  | 100 |  |  | 53 |  |  | (13) |  |  | — |  |  | (498) |
Balance at December 31, 2021 | 1,033 |  |  | 4 |  |  | (933) |  |  | (427) |  |  | (151) |  |  | (167) |  |  | (1) |  |  | (642) |
OCI before reclassifications | (3,143) |  |  | — |  |  | 861 |  |  | 407 |  |  | 61 |  |  | (171) |  |  | — |  |  | (1,985) |
Amounts reclassified from AOCI | 67 |  |  | (1) |  |  | — |  |  | — |  |  | 15 |  |  | — |  |  | — |  |  | 81 |
Total OCI | (3,076) |  |  | (1) |  |  | 861 |  |  | 407 |  |  | 76 |  |  | (171) |  |  | — |  |  | (1,904) |
Balance at December 31, 2022 | (2,043) |  |  | 3 |  |  | (72) |  |  | (20) |  |  | (75) |  |  | (338) |  |  | (1) |  |  | (2,546) |
OCI before reclassifications | 779 |  |  | 2 |  |  | (54) |  |  | (65) |  |  | 14 |  |  | 80 |  |  | — |  |  | 756 |
Amounts reclassified from AOCI | 23 |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | 24 |
Total OCI | 802 |  |  | 2 |  |  | (54) |  |  | (65) |  |  | 15 |  |  | 80 |  |  | — |  |  | 780 |
Balance at December 31, 2023 | $ | (1,241) |  |  | $ | 5 |  |  | $ | (126) |  |  | $ | (85) |  |  | $ | (60) |  |  | $ | (258) |  |  | $ | (1) |  |  | $ | (1,766) |
For the years ended December 31, 2023, 2022 and 2021, the Company repurchased a total of 5.9 million shares, 6.6 million shares and 7.1 million shares, respectively, of its common stock for an aggregate cost of $2.0 billion, $1.9 billion and $1.8 billion, respectively. In January 2022, the Company’s Board of Directors authorized an additional $3.0 billion for the repurchase of the Company’s common stock through March 31, 2024, which was exhausted in the fourth quarter of 2023. In July 2023, the Company’s Board of Directors authorized an additional $3.5 billion for the repurchase of the Company’s common stock through September 30, 2025. As of December 31, 2023, the Company had $3.1 billion remaining under this share repurchase authorization. The Company may also reacquire shares of its common stock under its share-based compensation plans related to restricted stock awards and certain option exercises. The holders of restricted shares may elect to surrender a portion of their shares on the vesting date to cover their income tax obligation. These vested restricted shares are reacquired by the Company and the Company’s payment of the holders’ income tax obligations are recorded as a treasury share purchase. For the years ended December 31, 2023, 2022 and 2021, the Company reacquired 0.3 million shares, 0.3 million shares and 0.3 million shares, respectively, of its common stock through the surrender of shares upon vesting and paid in the aggregate $99 million, $99 million and $69 million, respectively, related to the holders’ income tax obligations on the vesting date. Option holders may elect to net settle their vested awards resulting in the surrender of the number of shares required to cover the strike price and tax obligation of the options exercised. These shares are reacquired by the Company and recorded as treasury shares. For the years ended December 31, 2023, 2022 and 2021, the Company reacquired 0.4 million shares, 0.5 million shares and 1.3 million shares, respectively, of its common stock through the net settlement of options for an aggregate value of $150 million, $145 million and $306 million, respectively. For the years ended December 31, 2023, 2022 and 2021, the Company reissued 0.6 million, 0.8 million and 0.4 million, respectively, treasury shares for restricted stock award grants, performance share units, and issuance of shares vested under advisor deferred compensation plans.

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