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EQUITY (Tables) | 9 Months Ended
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Sep. 30, 2022
Equity [Abstract] |
Schedule of Stock by Class | Preferred stock authorized, issued and outstanding was as follows:
|  | September 30, 2022 |  | December 31, 2021
Series |  | Shares Authorized |  | Shares Issued |  | Shares Outstanding |  | Shares Authorized |  | Shares Issued |  | Shares Outstanding
Series A |  | 32,000 |  |  | 32,000 |  |  | 32,000 |  |  | 32,000 |  |  | 32,000 |  |  | 32,000 |
Series B |  | 20,000 |  |  | 20,000 |  |  | 20,000 |  |  | 20,000 |  |  | 20,000 |  |  | 20,000 |
Series C |  | 12,000 |  |  | 12,000 |  |  | 12,000 |  |  | 12,000 |  |  | 12,000 |  |  | 12,000 |
Total |  | 64,000 |  |  | 64,000 |  |  | 64,000 |  |  | 64,000 |  |  | 64,000 |  |  | 64,000 |
Dividends Declared | Dividends declared per share were as follows for the periods indicated:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021 |  |
Series A dividends declared | $ | 328 |  |  | $ | 328 |  |  | $ | 984 |  |  | $ | 984 |  |  |
Series B dividends declared | $ | — |  |  | $ | — |  |  | $ | 619 |  |  | $ | 619 |  |  |
Series C dividends declared | $ | 269 |  |  | $ | 269 |  |  | $ | 806 |  |  | $ | 738 |  |  |
Dividends declared per share of common stock were as follows for the periods indicated:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021 |  |
Dividends declared | $ | 0.20 |  |  | $ | 0.18 |  |  | $ | 0.58 |  |  | $ | 0.53 |  |  |
Schedule of Accumulated Other Comprehensive Income (Loss) | The balances as of September 30, 2022 and December 31, 2021 follow:
| September 30, |  | December 31, |  |
| 2022 |  | 2021 |  |
| (in millions)
Unrealized gains (losses) on investments | $ | (7,210) |  |  | $ | 2,684 |  |  |
Defined benefit pension plans | (608) |  |  | (669) |  |  |
Foreign currency translation adjustments | (120) |  |  | (45) |  |  |
Total accumulated other comprehensive income (loss) | (7,938) |  |  | 1,970 |  |  |
Less: Accumulated other comprehensive income (loss) attributable to noncontrolling interest | (62) |  |  | (34) |  |  |
Accumulated other comprehensive income (loss) attributable to Holdings | $ | (7,876) |  |  | $ | 2,004 |  |  |
Components of Accumulated Other Comprehensive Income (Loss), Net of Taxes | The components of OCI, net of taxes for the three and nine months ended September 30, 2022 and 2021 follow:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021 |  |
| (in millions)
Change in net unrealized gains (losses) on investments: |  |  |  |  |  |  |  |  |
Net unrealized gains (losses) arising during the period | $ | (3,195) |  |  | $ | (310) |  |  | $ | (12,929) |  |  | $ | (2,547) |  |  |
(Gains) losses reclassified into net income (loss) during the period (1) | 245 |  |  | (131) |  |  | 678 |  |  | (617) |  |  |
Net unrealized gains (losses) on investments | (2,950) |  |  | (441) |  |  | (12,251) |  |  | (3,164) |  |  |
Adjustments for policyholders’ liabilities, DAC, insurance liability loss recognition and other | 624 |  |  | 318 |  |  | 2,357 |  |  | 1,108 |  |  |
Change in unrealized gains (losses), net of adjustments (net of deferred income tax expense (benefit) of $(619), $(32), $(2,630) and $(546)) | (2,326) |  |  | (123) |  |  | (9,894) |  |  | (2,056) |  |  |
Change in defined benefit plans: |  |  |  |  |  |  |  |  |
Reclassification to Net income (loss) of amortization of net prior service credit included in net periodic cost | 16 |  |  | 22 |  |  | 61 |  |  | 77 |  |  |
Change in defined benefit plans (net of deferred income tax expense (benefit) of $(4), $6, $(13), and $20) | 16 |  |  | 22 |  |  | 61 |  |  | 77 |  |  |
Foreign currency translation adjustments: |  |  |  |  |  |  |  |  |
Foreign currency translation gains (losses) arising during the period | (30) |  |  | (9) |  |  | (75) |  |  | (13) |  |  |
Foreign currency translation adjustment | (30) |  |  | (9) |  |  | (75) |  |  | (13) |  |  |
Total other comprehensive income (loss), net of income taxes | (2,340) |  |  | (110) |  |  | (9,908) |  |  | (1,992) |  |  |
Less: Other comprehensive income (loss) attributable to noncontrolling interest | (12) |  |  | (3) |  |  | (28) |  |  | (5) |  |  |
Other comprehensive income (loss) attributable to Holdings | $ | (2,328) |  |  | $ | (107) |  |  | $ | (9,880) |  |  | $ | (1,987) |  |  |
_______________ (1)See “Reclassification adjustment” in Note 3 of the Notes to these Consolidated Financial Statements. Reclassification amounts presented net of income tax expense (benefit) of $(65) million, $35 million, $(180) million, and $164 million for the three and nine months ended September 30, 2022 and 2021, respectively.

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