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Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2020

Stockholders' Equity

Common Stock Dividends (Table)

​

​	​	​	​	​	​	​
​	​	For the three months ended
​	​	March 31,
​		2020			2019
​	​	​	​	​	​	​
Dividends declared per common share	​	$	0.56		$	0.54

​

Reconciliation of Outstanding Common Shares (Table)

​

​	​	​	​	​
​	​	For the three months ended
​	​	March 31,
​		2020		2019
​	​	(in millions)
Beginning balance		276.6		279.5
Shares issued		1.2		1.8
Treasury stock acquired		(4.4)		(3.1)
Ending balance		273.4		278.2

​

Other Comprehensive Income (Loss) (Table)

​

​	​	​	​	​	​	​	​	​	​
​	​	For the three months ended
​	​	March 31, 2020
​		Pre-Tax			Tax			After-Tax
​	​	(in millions)
Net unrealized losses on available-for-sale securities during the period	​	$	(2,777.7)	​	$	600.3	​	$	(2,177.4)
Reclassification adjustment for gains included in net income (1)	​		(9.5)	​		2.6	​		(6.9)
Adjustments for assumed changes in amortization patterns	​		332.5	​		(69.8)	​		262.7
Adjustments for assumed changes in policyholder liabilities	​		662.2	​		(152.2)	​		510.0
Net unrealized losses on available-for-sale securities	​		(1,792.5)	​		380.9	​		(1,411.6)
​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​
Net unrealized gains on derivative instruments during the period	​		66.2	​		(14.2)	​		52.0
Reclassification adjustment for gains included in net income (3)	​		(5.6)	​		1.5	​		(4.1)
Adjustments for assumed changes in amortization patterns	​		(0.3)	​		—	​		(0.3)
Adjustments for assumed changes in policyholder liabilities	​		1.2	​		(0.2)	​		1.0
Net unrealized gains on derivative instruments	​		61.5	​		(12.9)	​		48.6
​	​	​	​	​	​	​	​	​	​
Foreign currency translation adjustment during the period	​	​	(336.6)	​	​	10.8	​	​	(325.8)
Reclassification adjustment for losses included in net income (4)	​	​	31.5	​	​	—	​	​	31.5
Foreign currency translation adjustment	​		(305.1)	​		10.8	​		(294.3)
​	​	​	​	​	​	​	​	​	​
Unrecognized postretirement benefit obligation during the period	​	​	0.6	​	​	(0.1)	​	​	0.5
Amortization of amounts included in net periodic benefit cost (5)	​		14.4	​		(3.9)	​		10.5
Net unrecognized postretirement benefit obligation	​		15.0	​		(4.0)	​		11.0
​	​	​	​	​	​	​	​	​	​
Other comprehensive loss	​	$	(2,021.1)	​	$	374.8	​	$	(1,646.3)

​

​

​	​	​	​	​	​	​	​	​	​
​	​	For the three months ended
​	​	March 31, 2019
​		Pre-Tax			Tax			After-Tax
​	​	(in millions)
Net unrealized gains on available-for-sale securities during the period	​	$	1,817.0	​	$	(392.5)	​	$	1,424.5
Reclassification adjustment for losses included in net income (1)	​		8.7	​	​	(1.7)	​	​	7.0
Adjustments for assumed changes in amortization patterns	​		(122.1)	​	​	25.7	​	​	(96.4)
Adjustments for assumed changes in policyholder liabilities	​		(300.3)	​	​	69.5	​	​	(230.8)
Net unrealized gains on available-for-sale securities	​		1,403.3	​	​	(299.0)	​	​	1,104.3
​	​	​	​	​	​	​	​	​	​
Noncredit component of impairment losses on fixed maturities, available-for-sale during the period	​		(2.8)	​	​	0.6	​	​	(2.2)
Adjustments for assumed changes in amortization patterns	​		(0.4)	​	​	0.1	​	​	(0.3)
Noncredit component of impairment losses on fixed maturities, available-for-sale (2)	​		(3.2)	​	​	0.7	​	​	(2.5)
​	​	​	​	​	​	​	​	​	​
Net unrealized losses on derivative instruments during the period	​		(8.5)	​	​	1.8	​	​	(6.7)
Reclassification adjustment for gains included in net income (3)	​		(2.3)	​	​	0.3	​	​	(2.0)
Adjustments for assumed changes in amortization patterns	​		1.9	​	​	(0.4)	​	​	1.5
Adjustments for assumed changes in policyholder liabilities	​		3.6	​	​	(0.9)	​	​	2.7
Net unrealized losses on derivative instruments	​		(5.3)	​	​	0.8	​	​	(4.5)
​	​	​	​	​	​	​	​	​	​
Foreign currency translation adjustment during the period	​	​	40.9	​	​	(2.6)	​	​	38.3
Reclassification adjustment for gains included in net income	​	​	(0.4)	​	​	—	​	​	(0.4)
Foreign currency translation adjustment	​		40.5	​		(2.6)	​		37.9
​	​	​	​	​	​	​	​	​	​
Amortization of amounts included in net periodic benefit cost (5)	​		15.7	​	​	(4.2)	​	​	11.5
Net unrecognized postretirement benefit obligation	​		15.7	​	​	(4.2)	​	​	11.5
​	​	​	​	​	​	​	​	​	​
Other comprehensive income	​	$	1,451.0	​	$	(304.3)	​	$	1,146.7

(1) Pre-tax reclassification adjustments relating to available-for-sale securities are reported in net realized capital gains (losses) on the consolidated statements of operations.

(2) Prior to 2020, represents the net impact of (1) unrealized gains resulting from reclassification of previously recognized noncredit impairment losses from OCI to net realized capital gains (losses) for fixed maturities with bifurcated OTTI that had additional credit losses or fixed maturities that previously had bifurcated OTTI that have now been sold or are intended to be sold and (2) unrealized losses resulting from reclassification of noncredit impairment losses for fixed maturities with bifurcated OTTI from net realized capital gains (losses) to OCI.

(3) See Note 4, Derivative Financial Instruments, under the caption “Effect of Fair Value and Cash Flow Hedges on Consolidated Statements of Operations” for further details.

(4) The 2020 pre-tax reclassification adjustment primarily related to the release of the cumulative translation adjustment from the dissolution of a foreign subsidiary.

(5) Amount is comprised of amortization of prior service cost (benefit) and recognized net actuarial (gain) loss, which is reported in operating expenses on the consolidated statements of operations. See Note 7, Employee and Agent Benefits, under the caption “Components of Net Periodic Benefit Cost” for further details.

Accumulated Other Comprehensive Income (Loss) (Table)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Noncredit

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net unrealized

​

component of

​

Net unrealized

​

Foreign

​

Unrecognized

​

Accumulated

​

​

gains on

​

impairment losses

​

gains

​

currency

​

postretirement

​

other

​

​

available-for-sale

​

on fixed maturities

​

on derivative

​

translation

​

benefit

​

comprehensive

​

securities (1)

available-for-sale (2)

instruments

adjustment

obligation

income (loss)

​

​

(in millions)

Balances as of January 1, 2019

​

$

190.0

​

$

(47.1)

​

$

64.4

​

$

(1,259.5)

​

$

(512.9)

​

$

(1,565.1)

Other comprehensive income during the period, net of adjustments

​

1,097.3

​

​

(2.5)

​

​

(2.5)

​

​

37.8

​

​

—

​

​

1,130.1

Amounts reclassified from AOCI

​

7.0

​

​

—

​

​

(2.0)

​

​

(0.4)

​

​

11.5

​

​

16.1

Other comprehensive income

​

1,104.3

​

​

(2.5)

​

​

(4.5)

​

​

37.4

​

​

11.5

​

​

1,146.2

Balances as of March 31, 2019

​

$

1,294.3

​

$

(49.6)

​

$

59.9

​

$

(1,222.1)

​

$

(501.4)

​

$

(418.9)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balances as of January 1, 2020

​

$

2,806.0

​

$

(44.1)

​

$

53.4

​

$

(1,341.8)

​

$

(435.6)

​

$

1,037.9

Other comprehensive loss during the period, net of adjustments

​

(1,404.4)

​

​

—

​

​

52.7

​

​

(316.9)

​

​

0.5

​

​

(1,668.1)

Amounts reclassified from AOCI

​

(6.9)

​

​

—

​

​

(4.1)

​

​

31.5

​

​

10.5

​

​

31.0

Other comprehensive loss

​

(1,411.3)

​

​

—

​

​

48.6

​

​

(285.4)

​

​

11.0

​

​

(1,637.1)

Effects of implementation of accounting change related to credit losses, net

​

​

(44.1)

​

​

44.1

​

​

—

​

​

—

​

​

—

​

​

—

Balances as of March 31, 2020

​

$

1,350.6

​

$

—

​

$

102.0

​

$

(1,627.2)

​

$

(424.6)

​

$

(599.2)

(1) Net unrealized losses on available-for-sale debt securities for which an allowance for credit loss has been recorded were $3.3 million as of March 31, 2020.

(2) Prior to the implementation of authoritative guidance in 2020, the noncredit component of impairment losses on fixed maturities, available-for-sale was included as a separate component of stockholders' equity.

​

Redeemable Noncontrolling Interest (Table)

​

​	​	​	​	​	​	​
​	​	For the three months ended
​	​	March 31,
​		2020			2019
​	​	(in millions)
Balance at beginning of period	​	$	264.9	​	$	391.2
Net income (loss) attributable to redeemable noncontrolling interest	​		(23.7)	​		20.3
Contributions from redeemable noncontrolling interest	​	​	34.2	​	​	143.7
Distributions to redeemable noncontrolling interest	​		(29.7)	​		(20.3)
Change in redemption value of redeemable noncontrolling interest	​	​	0.6	​	​	2.7
Other comprehensive income (loss) attributable to redeemable noncontrolling interest	​		(6.6)	​		0.1
Balance at end of period	​	$	239.7	​	$	537.7

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