XML 28 R16.htm IDEA: XBRL DOCUMENT
v3.21.2

Stockholders' Equity | 6 Months Ended
--- | ---
Jun. 30, 2021
Stockholders' Equity |
Stockholders' Equity | 9. Stockholders’ Equity Common Stock Dividends ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended | ​ | For the six months ended
​ | ​ | June 30, | ​ | June 30,
​ |  | 2021 |  | 2020 |  | 2021 |  | 2020
Dividends declared per common share | ​ | $ | 0.61 |  | $ | 0.56 | ​ | $ | 1.17 |  | $ | 1.12
​ Reconciliation of Outstanding Common Shares ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended | ​ | For the six months ended
​ | ​ | June 30, | ​ | June 30,
​ |  | 2021 |  | 2020 |  | 2021 |  | 2020
​ | ​ | (in millions)
Beginning balance |  | 272.5 |  | 273.4 |  | 273.3 |  | 276.6
Shares issued |  | 0.7 |  | 0.6 |  | 2.1 |  | 1.8
Treasury stock acquired |  | (4.2) |  | — |  | (6.4) |  | (4.4)
Ending balance |  | 269.0 |  | 274.0 |  | 269.0 |  | 274.0
​ In November 2018, our Board of Directors (“Board”) authorized a share repurchase program of up to $500.0 million of our outstanding common stock, which was completed in February 2020. In February 2020, our Board authorized a share repurchase program of up to $900.0 million of our outstanding common stock, which has no expiration date. In June 2021, our Board authorized a share repurchase program of up to $1.2 billion of our outstanding common stock, which has no expiration date. Shares repurchased under these programs are accounted for as treasury stock, carried at cost and reflected as a reduction to stockholders’ equity. Other Comprehensive Income (Loss) ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended |  | For the six months ended
​ | ​ | June 30, 2021 | ​ | June 30, 2021
​ |  | Pre-Tax |  | Tax |  | After-Tax |  | Pre-Tax |  | Tax |  | After-Tax
​ | ​ | (in millions)
Net unrealized gains (losses) on available-for-sale securities during the period | ​ | $ | 1,361.5 | ​ | $ | (273.0) | ​ | $ | 1,088.5 | ​ | $ | (1,915.2) | ​ | $ | 427.5 | ​ | $ | (1,487.7)
Reclassification adjustment for (gains) losses included in net income (1) | ​ |  | 26.2 | ​ | ​ | (5.7) | ​ | ​ | 20.5 | ​ | ​ | (1.2) | ​ | ​ | — | ​ | ​ | (1.2)
Adjustments for assumed changes in amortization patterns | ​ |  | (55.5) | ​ | ​ | 11.7 | ​ | ​ | (43.8) | ​ | ​ | 89.1 | ​ | ​ | (18.7) | ​ | ​ | 70.4
Adjustments for assumed changes in policyholder liabilities | ​ |  | (318.8) | ​ | ​ | 44.5 | ​ | ​ | (274.3) | ​ | ​ | 1,096.5 | ​ | ​ | (260.5) | ​ | ​ | 836.0
Net unrealized gains (losses) on available-for-sale securities | ​ |  | 1,013.4 | ​ | ​ | (222.5) | ​ | ​ | 790.9 | ​ | ​ | (730.8) | ​ | ​ | 148.3 | ​ | ​ | (582.5)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net unrealized gains on derivative instruments during the period | ​ |  | 21.8 | ​ | ​ | (4.6) | ​ | ​ | 17.2 | ​ | ​ | 22.5 | ​ | ​ | (4.7) | ​ | ​ | 17.8
Reclassification adjustment for gains included in net income (2) | ​ |  | (4.7) | ​ | ​ | 1.0 | ​ | ​ | (3.7) | ​ | ​ | (9.1) | ​ | ​ | 1.9 | ​ | ​ | (7.2)
Adjustments for assumed changes in policyholder liabilities | ​ |  | 0.4 | ​ | ​ | — | ​ | ​ | 0.4 | ​ | ​ | 1.4 | ​ | ​ | (0.3) | ​ | ​ | 1.1
Net unrealized gains on derivative instruments | ​ |  | 17.5 | ​ | ​ | (3.6) | ​ | ​ | 13.9 | ​ | ​ | 14.8 | ​ | ​ | (3.1) | ​ | ​ | 11.7
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign currency translation adjustment | ​ | ​ | 35.9 | ​ | ​ | (0.5) | ​ | ​ | 35.4 | ​ | ​ | (20.2) | ​ | ​ | (0.6) | ​ | ​ | (20.8)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Unrecognized postretirement benefit obligation during the period | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (9.1) | ​ | ​ | 1.9 | ​ | ​ | (7.2)
Amortization of amounts included in net periodic benefit cost (4) | ​ |  | 13.0 | ​ | ​ | (3.4) | ​ | ​ | 9.6 | ​ | ​ | 26.0 | ​ | ​ | (6.9) | ​ | ​ | 19.1
Net unrecognized postretirement benefit obligation | ​ |  | 13.0 | ​ | ​ | (3.4) | ​ | ​ | 9.6 | ​ | ​ | 16.9 | ​ | ​ | (5.0) | ​ | ​ | 11.9
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other comprehensive income (loss) | ​ | $ | 1,079.8 | ​ | $ | (230.0) | ​ | $ | 849.8 | ​ | $ | (719.3) | ​ | $ | 139.6 | ​ | $ | (579.7)
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended | ​ | For the six months ended
​ | ​ | June 30, 2020 | ​ | June 30, 2020
​ |  | Pre-Tax |  | Tax |  | After-Tax |  | Pre-Tax |  | Tax |  | After-Tax
​ | ​ | (in millions)
Net unrealized gains on available-for-sale securities during the period | ​ | $ | 4,195.7 | ​ | $ | (900.4) | ​ | $ | 3,295.3 | ​ | $ | 1,418.0 | ​ | $ | (300.1) | ​ | $ | 1,117.9
Reclassification adjustment for gains included in net income (1) | ​ |  | (47.9) | ​ |  | 11.0 | ​ |  | (36.9) | ​ |  | (57.4) | ​ |  | 13.6 | ​ |  | (43.8)
Adjustments for assumed changes in amortization patterns | ​ |  | (336.4) | ​ |  | 70.6 | ​ |  | (265.8) | ​ |  | (3.9) | ​ |  | 0.8 | ​ |  | (3.1)
Adjustments for assumed changes in policyholder liabilities | ​ |  | (1,232.5) | ​ |  | 277.6 | ​ |  | (954.9) | ​ |  | (570.3) | ​ |  | 125.4 | ​ |  | (444.9)
Net unrealized gains on available-for-sale securities | ​ |  | 2,578.9 | ​ |  | (541.2) | ​ |  | 2,037.7 | ​ |  | 786.4 | ​ |  | (160.3) | ​ |  | 626.1
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net unrealized gains (losses)on derivative instruments during the period | ​ |  | (10.8) | ​ |  | 3.1 | ​ |  | (7.7) | ​ |  | 55.4 | ​ |  | (11.1) | ​ |  | 44.3
Reclassification adjustment for gains included in net income (2) | ​ |  | (12.6) | ​ |  | 1.8 | ​ |  | (10.8) | ​ |  | (18.2) | ​ |  | 3.3 | ​ |  | (14.9)
Adjustments for assumed changes in amortization patterns | ​ |  | 1.0 | ​ |  | (0.2) | ​ |  | 0.8 | ​ |  | 0.7 | ​ |  | (0.2) | ​ |  | 0.5
Adjustments for assumed changes in policyholder liabilities | ​ |  | 1.7 | ​ |  | (0.4) | ​ |  | 1.3 | ​ |  | 2.9 | ​ |  | (0.6) | ​ |  | 2.3
Net unrealized gains (losses) on derivative instruments | ​ |  | (20.7) | ​ |  | 4.3 | ​ |  | (16.4) | ​ |  | 40.8 | ​ |  | (8.6) | ​ |  | 32.2
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign currency translation adjustment during the period | ​ | ​ | 30.0 | ​ | ​ | (13.6) | ​ | ​ | 16.4 | ​ | ​ | (306.6) | ​ | ​ | (2.8) | ​ | ​ | (309.4)
Reclassification adjustment for losses included in net income (3) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 31.5 | ​ | ​ | — | ​ | ​ | 31.5
Foreign currency translation adjustment | ​ |  | 30.0 | ​ |  | (13.6) | ​ |  | 16.4 | ​ |  | (275.1) | ​ |  | (2.8) | ​ |  | (277.9)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Unrecognized postretirement benefit obligation during the period | ​ | ​ | — | ​ | ​ | (0.1) | ​ | ​ | (0.1) | ​ | ​ | 0.6 | ​ | ​ | (0.2) | ​ | ​ | 0.4
Amortization of amounts included in net periodic benefit cost (4) | ​ |  | 14.4 | ​ |  | (3.9) | ​ |  | 10.5 | ​ |  | 28.8 | ​ |  | (7.8) | ​ |  | 21.0
Net unrecognized postretirement benefit obligation | ​ |  | 14.4 | ​ |  | (4.0) | ​ |  | 10.4 | ​ |  | 29.4 | ​ |  | (8.0) | ​ |  | 21.4
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other comprehensive income | ​ | $ | 2,602.6 | ​ | $ | (554.5) | ​ | $ | 2,048.1 | ​ | $ | 581.5 | ​ | $ | (179.7) | ​ | $ | 401.8
(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) | 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.
(3) | The 2020 pre-tax reclassification adjustment primarily related to the release of the cumulative translation adjustment from the dissolution of a foreign subsidiary. The adjustment was reported in net realized capital gains (losses) on the consolidated statements of operations.
(4) | 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) ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | 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 |  | instruments |  | adjustment |  | obligation |  | income (loss)
​ | ​ | (in millions)
Balances as of April 1, 2020 | ​ | $ | 1,350.6 | ​ | $ | — | ​ | $ | 102.0 | ​ | $ | (1,627.2) | ​ | $ | (424.6) | ​ | $ | (599.2)
Other comprehensive income during the period, net of adjustments | ​ |  | 2,074.5 | ​ | ​ | — | ​ | ​ | (5.6) | ​ | ​ | 18.3 | ​ | ​ | (0.1) | ​ | ​ | 2,087.1
Amounts reclassified to AOCI | ​ |  | (36.9) | ​ | ​ | — | ​ | ​ | (10.8) | ​ | ​ | — | ​ | ​ | 10.5 | ​ | ​ | (37.2)
Other comprehensive income | ​ |  | 2,037.6 | ​ | ​ | — | ​ | ​ | (16.4) | ​ | ​ | 18.3 | ​ | ​ | 10.4 | ​ | ​ | 2,049.9
Balances as of June 30, 2020 | ​ | $ | 3,388.2 | ​ | $ | — | ​ | $ | 85.6 | ​ | $ | (1,608.9) | ​ | $ | (414.2) | ​ | $ | 1,450.7
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balances as of April 1, 2021 | ​ | $ | 2,764.9 | ​ | $ | — | ​ | $ | 16.0 | ​ | $ | (1,368.9) | ​ | $ | (458.2) | ​ | $ | 953.8
Other comprehensive income during the period, net of adjustments | ​ |  | 770.4 | ​ | ​ | — | ​ | ​ | 17.6 | ​ | ​ | 35.6 | ​ | ​ | — | ​ | ​ | 823.6
Amounts reclassified from AOCI | ​ |  | 20.5 | ​ | ​ | — | ​ | ​ | (3.7) | ​ | ​ | — | ​ | ​ | 9.6 | ​ | ​ | 26.4
Other comprehensive income | ​ |  | 790.9 | ​ | ​ | — | ​ | ​ | 13.9 | ​ | ​ | 35.6 | ​ | ​ | 9.6 | ​ | ​ | 850.0
Balances as of June 30, 2021 | ​ | $ | 3,555.8 | ​ | $ | — | ​ | $ | 29.9 | ​ | $ | (1,333.3) | ​ | $ | (448.6) | ​ | $ | 1,803.8
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | 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
​ | ​ | (in millions)
Balances as of January 1, 2020 | ​ | $ | 2,806.0 | ​ | $ | (44.1) | ​ | $ | 53.4 | ​ | $ | (1,341.8) | ​ | $ | (435.6) | ​ | $ | 1,037.9
Other comprehensive income during the period, net of adjustments | ​ |  | 670.1 | ​ | ​ | — | ​ | ​ | 47.1 | ​ | ​ | (298.6) | ​ | ​ | 0.4 | ​ | ​ | 419.0
Amounts reclassified to AOCI | ​ |  | (43.8) | ​ | ​ | — | ​ | ​ | (14.9) | ​ | ​ | 31.5 | ​ | ​ | 21.0 | ​ | ​ | (6.2)
Other comprehensive income | ​ |  | 626.3 | ​ | ​ | — | ​ | ​ | 32.2 | ​ | ​ | (267.1) | ​ | ​ | 21.4 | ​ | ​ | 412.8
Effects of implementation of accounting change related to credit losses, net | ​ | ​ | (44.1) | ​ | ​ | 44.1 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Balances as of June 30, 2020 | ​ | $ | 3,388.2 | ​ | $ | — | ​ | $ | 85.6 | ​ | $ | (1,608.9) | ​ | $ | (414.2) | ​ | $ | 1,450.7
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balances as of January 1, 2021 | ​ | $ | 4,138.3 | ​ | $ | — | ​ | $ | 18.2 | ​ | $ | (1,312.9) | ​ | $ | (460.5) | ​ | $ | 2,383.1
Other comprehensive loss during the period, net of adjustments | ​ |  | (581.3) | ​ | ​ | — | ​ | ​ | 18.9 | ​ | ​ | (20.4) | ​ | ​ | (7.2) | ​ | ​ | (590.0)
Amounts reclassified from AOCI | ​ |  | (1.2) | ​ | ​ | — | ​ | ​ | (7.2) | ​ | ​ | — | ​ | ​ | 19.1 | ​ | ​ | 10.7
Other comprehensive loss | ​ |  | (582.5) | ​ | ​ | — | ​ | ​ | 11.7 | ​ | ​ | (20.4) | ​ | ​ | 11.9 | ​ | ​ | (579.3)
Balances as of June 30, 2021 | ​ | $ | 3,555.8 | ​ | $ | — | ​ | $ | 29.9 | ​ | $ | (1,333.3) | ​ | $ | (448.6) | ​ | $ | 1,803.8
(1) | Net unrealized losses on available-for-sale debt securities for which an allowance for credit loss has been recorded were $29.3 million and $5.7 million as of June 30, 2021 and 2020, respectively.
(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.
​ Noncontrolling Interest Interests held by unaffiliated parties in consolidated entities are reflected in noncontrolling interest, which represents the noncontrolling partners’ share of the underlying net assets of our consolidated subsidiaries. Noncontrolling interest that is not redeemable is reported in the equity section of the consolidated statements of financial position. The noncontrolling interest holders in certain of our consolidated entities maintain an equity interest that is redeemable at the option of the holder, which may be exercised on varying dates. Since redemption of the noncontrolling interest is outside of our control, this interest is excluded from stockholders’ equity and reported separately as redeemable noncontrolling interest on the consolidated statements of financial position. Our redeemable noncontrolling interest primarily relates to consolidated sponsored investment funds for which interests are redeemed at fair value from the net assets of the funds. For our redeemable noncontrolling interest related to other consolidated subsidiaries, redemptions are required to be purchased at fair value or a value based on a formula that management intended to reasonably approximate fair value based on a fixed multiple of earnings over a measurement period. The carrying value of the redeemable noncontrolling interest is compared to the redemption value at each reporting period. Any adjustments to the carrying amount of the redeemable noncontrolling interest for changes in redemption value prior to exercise of the redemption option are determined after the attribution of net income or loss of the subsidiary and are recognized in the redemption value as they occur. Adjustments to the carrying value of redeemable noncontrolling interest result in adjustments to additional paid-in capital and/or retained earnings. Adjustments are recorded in retained earnings to the extent the redemption value of the redeemable noncontrolling interest exceeds its fair value and will impact the numerator in our earnings per share calculations. All other adjustments to the redeemable noncontrolling interest are recorded in additional paid-in capital. Following is a reconciliation of the changes in the redeemable noncontrolling interest (in millions): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended | ​ | For the six months ended
​ | ​ | June 30, | ​ | June 30,
​ | ​ | 2021 | ​ | 2020 |  | 2021 |  | 2020
​ | ​ | (in millions)
Balance at beginning of period | ​ | $ | 263.5 | ​ | $ | 239.7 | ​ | $ | 255.6 | ​ | $ | 264.9
Net income (loss) attributable to redeemable noncontrolling interest | ​ | ​ | 8.6 | ​ | ​ | 15.7 | ​ |  | 6.8 | ​ |  | (8.0)
Contributions from redeemable noncontrolling interest | ​ | ​ | 70.2 | ​ | ​ | 40.4 | ​ | ​ | 88.0 | ​ | ​ | 74.6
Distributions to redeemable noncontrolling interest | ​ | ​ | (6.8) | ​ | ​ | (18.1) | ​ |  | (23.1) | ​ |  | (47.8)
Purchase of subsidiary shares from redeemable noncontrolling interest (1) | ​ | ​ | (5.4) | ​ | ​ | — | ​ | ​ | (5.4) | ​ | ​ | —
Change in redemption value of redeemable noncontrolling interest | ​ | ​ | 0.4 | ​ | ​ | (2.5) | ​ | ​ | 8.6 | ​ | ​ | (1.9)
Other comprehensive income (loss) attributable to redeemable noncontrolling interest | ​ | ​ | 0.1 | ​ | ​ | (2.5) | ​ | ​ | 0.1 | ​ | ​ | (9.1)
Balance at end of period | ​ | $ | 330.6 | ​ | $ | 272.7 | ​ | $ | 330.6 | ​ | $ | 272.7
(1) | In second quarter 2021, we acquired the remaining interest in Principal Innovations, Inc. and its wholly owned subsidiary, RobustWealth, Inc.

X
- References No definition available. + Details
Name: | us-gaap_StockholdersEquityNoteAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration