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Equity | 3 Months Ended
--- | ---
Mar. 31, 2024
Equity [Abstract] |
Equity | 10. Equity Preferred Stock Preferred stock shares authorized, issued and outstanding were as follows at both March 31, 2024 and December 31, 2023:
|  | Shares Authorized |  | Shares Issued |  | Shares Outstanding
6.600% Non-Cumulative Preferred Stock, Series A |  | 17,000 |  |  | 17,000 |  |  | 17,000 |
6.750% Non-Cumulative Preferred Stock, Series B |  | 16,100 |  |  | 16,100 |  |  | 16,100 |
5.375% Non-Cumulative Preferred Stock, Series C |  | 23,000 |  |  | 23,000 |  |  | 23,000 |
4.625% Non-Cumulative Preferred Stock, Series D |  | 14,000 |  |  | 14,000 |  |  | 14,000 |
Not designated |  | 99,929,900 |  |  | — |  |  | — |
Total |  | 100,000,000 |  |  | 70,100 |  |  | 70,100 |
The per share and aggregate dividends declared for BHF’s preferred stock by series were as follows:
|  |  |  | Three Months Ended March 31,
|  |  |  |  |  | 2024 |  | 2023
Series |  |  |  |  |  |  |  |  |  | Per Share |  | Aggregate |  | Per Share |  | Aggregate
|  |  |  | (In millions, except per share data)
A |  |  |  |  |  |  |  |  |  | $ | 412.50 |  |  | $ | 7 |  |  | $ | 412.50 |  |  | $ | 7 |
B |  |  |  |  |  |  |  |  |  | $ | 421.88 |  |  | 7 |  |  | $ | 421.88 |  |  | 7 |
C |  |  |  |  |  |  |  |  |  | $ | 335.94 |  |  | 8 |  |  | $ | 335.94 |  |  | 8 |
D |  |  |  |  |  |  |  |  |  | $ | 289.06 |  |  | 4 |  |  | $ | 289.06 |  |  | 4 |
Total |  |  |  |  |  |  |  |  |  |  |  | $ | 26 |  |  |  |  | $ | 26 |
Common Stock Repurchase Program During the three months ended March 31, 2024 and 2023, BHF repurchased 1,247,311 and 1,200,124 shares, respectively, of its common stock through open market purchases pursuant to 10b5-1 plans for $62 million for both periods. At March 31, 2024, BHF had $731 million remaining under its common stock repurchase program. Accumulated Other Comprehensive Income (Loss) Information regarding changes in the balances of each component of AOCI was as follows:
|  | Three Months Ended March 31, 2024
|  | Unrealized Investment Gains (Losses), Net of Related Offsets (1) |  | Unrealized Gains (Losses) on Derivatives |  | Changes in Nonperformance Risk on Market Risk Benefits |  | Changes in Discount Rates on the Liability for Future Policy Benefits |  | Other (2) |  | Total
|  | (In millions)
Balance at December 31, 2023 |  | $ | (4,317) |  |  | $ | 277 |  |  | $ | (1,881) |  |  | $ | 720 |  |  | $ | (45) |  |  | $ | (5,246) |
OCI before reclassifications |  | (820) |  |  | 53 |  |  | 215 |  |  | 315 |  |  | (9) |  |  | (246) |
Deferred income tax benefit (expense) (3) |  | 171 |  |  | (11) |  |  | (45) |  |  | (66) |  |  | 2 |  |  | 51 |
AOCI before reclassifications, net of income tax |  | (4,966) |  |  | 319 |  |  | (1,711) |  |  | 969 |  |  | (52) |  |  | (5,441) |
Amounts reclassified from AOCI |  | 36 |  |  | (3) |  |  | — |  |  | — |  |  | 1 |  |  | 34 |
Deferred income tax benefit (expense) (3) |  | (7) |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | (6) |
Amounts reclassified from AOCI, net of income tax |  | 29 |  |  | (2) |  |  | — |  |  | — |  |  | 1 |  |  | 28 |
Balance at March 31, 2024 |  | $ | (4,937) |  |  | $ | 317 |  |  | $ | (1,711) |  |  | $ | 969 |  |  | $ | (51) |  |  | $ | (5,413) |
|  | Three Months Ended March 31, 2023
|  | Unrealized Investment Gains (Losses), Net of Related Offsets (1) |  | Unrealized Gains (Losses) on Derivatives |  | Changes in Nonperformance Risk on Market Risk Benefits |  | Changes in Discount Rates on the Liability for Future Policy Benefits |  | Other (2) |  | Total
|  | (In millions)
Balance at December 31, 2022 |  | $ | (6,194) |  |  | $ | 504 |  |  | $ | (1,378) |  |  | $ | 1,020 |  |  | $ | (58) |  |  | $ | (6,106) |
OCI before reclassifications |  | 1,414 |  |  | (40) |  |  | (7) |  |  | (397) |  |  | 2 |  |  | 972 |
Deferred income tax benefit (expense) (3) |  | (296) |  |  | 8 |  |  | 2 |  |  | 83 |  |  | (1) |  |  | (204) |
AOCI before reclassifications, net of income tax |  | (5,076) |  |  | 472 |  |  | (1,383) |  |  | 706 |  |  | (57) |  |  | (5,338) |
Amounts reclassified from AOCI |  | 61 |  |  | — |  |  | — |  |  | — |  |  | 3 |  |  | 64 |
Deferred income tax benefit (expense) (3) |  | (13) |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | (14) |
Amounts reclassified from AOCI, net of income tax |  | 48 |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | 50 |
Balance at March 31, 2023 |  | $ | (5,028) |  |  | $ | 472 |  |  | $ | (1,383) |  |  | $ | 706 |  |  | $ | (55) |  |  | $ | (5,288) |
__________________ (1)See Note 7 for information on offsets to investments related to future policy benefits. (2)Includes OCI related to foreign currency translation and defined benefit plan gains and losses. (3)The effects of income taxes on amounts recorded to AOCI are also recognized in AOCI. These income tax effects are released from AOCI when the related activity is reclassified into results from operations. Information regarding amounts reclassified out of each component of AOCI was as follows:
AOCI Components |  |  |  |  | Amounts Reclassified from AOCI |  | Consolidated Statements of Operations and Comprehensive Income (Loss) Locations
|  |  |  | Three Months Ended March 31, |  |
|  |  |  |  |  | 2024 |  | 2023 |  |
|  |  |  |  | (In millions) |  |
Net unrealized investment gains (losses): |  |  |  |  |  |  |  |  |  |
Net unrealized investment gains (losses) |  |  |  |  |  | $ | (34) |  |  | $ | (68) |  |  | Net investment gains (losses)
Net unrealized investment gains (losses) |  |  |  |  |  | (2) |  |  | 7 |  |  | Net derivative gains (losses)
Net unrealized investment gains (losses), before income tax |  |  |  |  |  | (36) |  |  | (61) |  |  |
Income tax (expense) benefit |  |  |  |  |  | 7 |  |  | 13 |  |  |
Net unrealized investment gains (losses), net of income tax |  |  |  |  |  | (29) |  |  | (48) |  |  |
Unrealized gains (losses) on derivatives - cash flow hedges: |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  |  |  |  |  | 3 |  |  | 1 |  |  | Net investment income
Foreign currency swaps |  |  |  |  |  | — |  |  | (1) |  |  | Net derivative gains (losses)
Gains (losses) on cash flow hedges, before income tax |  |  |  |  |  | 3 |  |  | — |  |  |
Income tax (expense) benefit |  |  |  |  |  | (1) |  |  | — |  |  |
Gains (losses) on cash flow hedges, net of income tax |  |  |  |  |  | 2 |  |  | — |  |  |
Defined benefit plans adjustment: |  |  |  |  |  |  |  |  |  |
Amortization of net actuarial gains (losses) |  |  |  |  |  | (1) |  |  | (3) |  |  |
Amortization of defined benefit plans, before income tax |  |  |  |  |  | (1) |  |  | (3) |  |  |
Income tax (expense) benefit |  |  |  |  |  | — |  |  | 1 |  |  |
Amortization of defined benefit plans, net of income tax |  |  |  |  |  | (1) |  |  | (2) |  |  |
Total reclassifications, net of income tax |  |  |  |  |  | $ | (28) |  |  | $ | (50) |  |  |

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