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EQUITY (Tables) | 12 Months Ended
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Dec. 31, 2022
Equity [Abstract] |
Schedule of Stock by Class | Preferred stock authorized, issued and outstanding was as follows:
|  | December 31, 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 |
Schedule of Dividends Declared | Dividends declared per share were as follows for the periods indicated:
|  |  | Year ended December 31,
|  |  |  |  | 2022 |  | 2021 |  | 2020
Series A dividends declared |  |  |  |  | $ | 1,313 |  |  | $ | 1,313 |  |  | $ | 1,378 |
Series B dividends declared |  |  |  |  | $ | 1,238 |  |  | $ | 1,238 |  |  | $ | 426 |
Series C dividends declared |  |  |  |  | $ | 1,075 |  |  | $ | 1,006 |  |  | $ | — |
Dividends declared per share of common stock were as follows for the periods indicated:
|  |  | Year Ended December 31,
|  |  |  |  | 2022 |  | 2021 |  | 2020
Dividends declared |  |  |  |  | $ | 0.78 |  |  | $ | 0.71 |  |  | $ | 0.66 |
Schedule of Accumulated Other Comprehensive Income (Loss) | AOCI represents cumulative gains (losses) on items that are not reflected in net income (loss). The balances as of December 31, 2022, and 2021 follow:
| December 31,
| 2022 |  | 2021 |  |
| (in millions)
Unrealized gains (losses) on investments | $ | (9,324) |  |  | $ | 3,898 |  |  |
Market risk benefits - instrument-specific credit risk component | 668 |  |  | (912) |  |  |
Liability for future policy benefits - current discount rate component | 355 |  |  | (1,003) |  |  |
Defined benefit pension plans | (650) |  |  | (669) |  |  |
Foreign currency translation adjustments | (91) |  |  | (45) |  |  |
Total accumulated other comprehensive income (loss) | (9,042) |  |  | 1,269 |  |  |
Less: Accumulated other comprehensive income (loss) attributable to noncontrolling interest | (50) |  |  | (34) |  |  |
Accumulated other comprehensive income (loss) attributable to Holdings | $ | (8,992) |  |  | $ | 1,303 |  |  |
Schedule of Components of Accumulated Other Comprehensive Income (Loss), Net of Taxes | The components of OCI, net of taxes for the years ended December 31, 2022, 2021 and 2020 follow:
|  |  | Year Ended December 31,
|  |  |  |  | 2022 |  | 2021 |  | 2020
|  |  |  | (in millions)
Change in net unrealized gains (losses) on investments: |  |  |  |  |  |  |  |  |
Net unrealized gains (losses) arising during the period (1) |  |  |  |  | $ | (13,637) |  |  | $ | (2,467) |  |  | $ | 4,887 |
(Gains) losses reclassified into net income (loss) during the period (2) |  |  |  |  | 685 |  |  | (698) |  |  | (653) |
Net unrealized gains (losses) on investments |  |  |  |  | (12,952) |  |  | (3,165) |  |  | 4,234 |
Adjustments for policyholders’ liabilities, DAC, insurance liability loss recognition and other (4) |  |  |  |  | 346 |  |  | 704 |  |  | (1,278) |
Change in unrealized gains (losses), net of adjustments (net of deferred income tax expense (benefit) of $(1,364), $(654), and $786) |  |  |  |  | (12,606) |  |  | (2,461) |  |  | 2,956 |
Change in LFPB discount rate and MRB credit risk, net of tax |  |  |  |  |  |  |  |  |
Changes in market risk benefits - instrument-specific credit risk (net of deferred income tax expense (benefit) of $332, $13 and $0) |  |  |  |  | 1,249 |  |  | 50 |  |  | — |
Changes in liability for future policy benefits - current discount rate (net of deferred income tax expense (benefit) of $285, $74 and $0) |  |  |  |  | 1,074 |  |  | 279 |  |  | — |
Change in defined benefit plans: |  |  |  |  |  |  |  |  |
Reclassification to Net income (loss) of amortization of net prior service credit included in net periodic cost (3) |  |  |  |  | 18 |  |  | 266 |  |  | 48 |
Change in defined benefit plans (net of deferred income tax expense (benefit) of ($1), $68, and $14) |  |  |  |  | 18 |  |  | 266 |  |  | 48 |
Foreign currency translation adjustments: |  |  |  |  |  |  |  |  |
Foreign currency translation gains (losses) arising during the period |  |  |  |  | (46) |  |  | (11) |  |  | 22 |
Foreign currency translation adjustment |  |  |  |  | (46) |  |  | (11) |  |  | 22 |
Total other comprehensive income (loss), net of income taxes |  |  |  |  | (10,311) |  |  | (1,877) |  |  | 3,026 |
Less: Other comprehensive income (loss) attributable to noncontrolling interest |  |  |  |  | (16) |  |  | 1 |  |  | 7 |
Other comprehensive income (loss) attributable to Holdings |  |  |  |  | $ | (10,295) |  |  | $ | (1,878) |  |  | $ | 3,019 |
Cumulative effect of adoption of ASU 2018-02, Long Duration Targeted Improvements (net of deferred income tax expense (benefit) of $0, $(181), and $0) |  |  |  |  | $ | — |  |  | $ | (682) |  |  | $ | — |
Change in Accumulated other comprehensive income (loss) attributable to Holdings |  |  |  |  | $ | (10,295) |  |  | $ | (2,560) |  |  | $ | 3,019 |
______________ (1)For 2022, unrealized gains (losses) arising during the period is presented net of a valuation allowance of $1.6 billion established during the fourth quarter of 2022. The Company established the valuation allowance against its deferred tax assets related to unrealized capital losses in the available for sale securities portfolio. See Note 16 of the Notes to these Consolidated Financial Statements for details on the valuation allowance. (2)See “reclassification adjustments” in Note 3 of the Notes to these Consolidated Financial Statements. Reclassification amounts presented net of income tax expense (benefit) of $182 million, $186 million, and $(174) million for the years ended December 31, 2022, 2021 and 2020, respectively. (3)These AOCI components are included in the computation of net periodic costs. See Note 16 of the Notes to these Consolidated Financial Statement. (4)DAC is pre-LDTI and only reported in 2020.

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