XML 32 R19.htm IDEA: XBRL DOCUMENT
v3.22.2.2

EQUITY | 9 Months Ended
--- | ---
Sep. 30, 2022
Equity [Abstract] |
EQUITY | EQUITY Preferred Stock 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 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 |  |  |
Common Stock 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 |  |  |
Share Repurchase On February 9, 2022, the Company’s Board of Directors authorized a new $1.2 billion share repurchase program. Under this program, the Company may, from time to time purchase shares of its common stock through various means. The Company may choose to suspend or discontinue the repurchase program at any time. The repurchase program does not obligate the Company to purchase any particular number of shares. As of September 30, 2022, Holdings had authorized capacity of approximately $578 million remaining in its share repurchase program. Holdings repurchased a total of 7.0 million, 15.6 million, 23.2 million and 38.2 million shares of its common stock at an average price of $28.67, $29.50, $30.17, and $30.56 per share, respectively through open market repurchases, ASRs and privately negotiated transactions during the three and nine months ended September 30, 2022 and 2021. Holdings purchased 4.7 million and 0 shares of its common stock through open market purchases in the three months ended September 30, 2022 and 2021. During the nine months ended September 30, 2022 and 2021, Holdings repurchased 12.6 million and 3.2 million shares of its common stock through open market repurchases. In April 2022, Holdings entered into an ASR with a third-party financial institution to repurchase an aggregate of $100 million of Holdings’ common stock. Pursuant to the ASR, Holdings made a prepayment of $100 million and initially received 2.6 million shares. The ASR terminated during April 2022, at which time 684,700 additional shares of common stock were received. In May 2022, Holdings entered into an ASR with a third-party financial institution to repurchase an aggregate of $150 million of Holdings’ common stock. Pursuant to the ASR, Holdings made a prepayment of $150 million and initially received 4.3 million shares. The ASR terminated during July 2022, at which time 1.2 million additional shares of common stock were received. In September 2022, Holdings entered into an ASR contract with a third-party financial institution to repurchase an aggregate of $37.5 million of Holdings’ common stock. Pursuant to the ASR, Holdings made a prepayment of $37.5 million and received initial delivery of 1.1 million shares. The ASR is scheduled to terminate on November 4, 2022, at which time additional shares may be delivered or returned depending on the daily volume weighted average price of Holdings’ common stock. Accumulated Other Comprehensive Income (Loss) AOCI represents cumulative gains (losses) on items that are not reflected in net 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 |  |  |
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. Investment gains and losses reclassified from AOCI to net income (loss) primarily consist of realized gains (losses) on sales and credit losses of AFS securities and are included in total investment gains (losses), net on the consolidated statements of income (loss). Amounts reclassified from AOCI to net income (loss) as related to defined benefit plans primarily consist of amortization of net (gains) losses and net prior service cost (credit) recognized as a component of net periodic cost and reported in compensation and benefits in the consolidated statements of income (loss). Amounts presented in the table above are net of tax.

X
- References No definition available. + Details
Name: | us-gaap_EquityAbstract
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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI https://asc.fasb.org/topic&trid=2208762 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644 Reference 6: 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 https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (g) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 16 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496180-112644 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (i) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 15: 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 https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 6 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008 + Details
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration