EQUITY (Tables)
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12 Months Ended |
Dec. 31, 2021 |
Equity [Abstract] |
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Schedule of Stock by Class |
Preferred stock authorized, issued and outstanding was as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2021 | | December 31, 2020 | 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 | | | — | | | — | | | — | | Total | | 64,000 | | | 64,000 | | | 64,000 | | | 52,000 | | | 52,000 | | | 52,000 | |
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Dividends Declared |
Dividends declared per share were as follows for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | Year ended December 31, | | | | | | 2021 | | 2020 | | 2019 | Series A dividends declared | | | | | $ | 1,313 | | | $ | 1,378 | | | $ | — | | Series B dividends declared | | | | | $ | 1,238 | | | $ | 426 | | | $ | — | | Series C dividends declared | | | | | $ | 1,006 | | | $ | — | | | $ | — | | | | | | | | | | | |
Dividends declared per share of common stock were as follows for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | | | | | 2021 | | 2020 | | 2019 | Dividends declared | | | | | $ | 0.71 | | | $ | 0.66 | | | $ | 0.58 | |
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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, 2021, and 2020 follow: | | | | | | | | | | | | | | | December 31, | | 2021 | | 2020 | | | | (in millions) | Unrealized gains (losses) on investments | $ | 2,684 | | | $ | 4,797 | | | | Defined benefit pension plans | (669) | | | (935) | | | | Foreign currency translation adjustments | (45) | | | (34) | | | | Total accumulated other comprehensive income (loss) | 1,970 | | | 3,828 | | | | Less: Accumulated other comprehensive income (loss) attributable to noncontrolling interest | (34) | | | (35) | | | | Accumulated other comprehensive income (loss) attributable to Holdings | $ | 2,004 | | | $ | 3,863 | | | |
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Components of Accumulated Other Comprehensive Income (Loss), Net of Taxes |
The components of OCI, net of taxes for the years ended December 31, 2021, 2020 and 2019 follow: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Year Ended December 31, | | | | |
| 2021 | | 2020 | | 2019 | | | | | (in millions) | Change in net unrealized gains (losses) on investments: | | | | | | | | | | Net unrealized gains (losses) arising during the period | | | | | $ | (2,467) | | | $ | 4,887 | | | $ | 3,301 | | (Gains) losses reclassified into net income (loss) during the period (1) | | | | | (698) | | | (653) | | | (161) | | Net unrealized gains (losses) on investments | | | | | (3,165) | | | 4,234 | | | 3,140 | | Adjustments for policyholders’ liabilities, DAC, insurance liability loss recognition and other | | | | | 1,052 | | | (1,278) | | | (882) | | Change in unrealized gains (losses), net of adjustments (net of deferred income tax expense (benefit) of $(562), $786, and $595) | | | | | (2,113) | | | 2,956 | | | 2,258 | | Change in defined benefit plans: | | | | | | | | | | Reclassification to Net income (loss) of amortization of net prior service credit included in net periodic cost (2) | | | | | 266 | | | 48 | | | (15) | | Change in defined benefit plans (net of deferred income tax expense (benefit) of $68, $14, and $10) | | | | | 266 | | | 48 | | | (15) | | Foreign currency translation adjustments: | | | | | | | | | | Foreign currency translation gains (losses) arising during the period | | | | | (11) | | | 22 | | | 5 | | (Gains) losses reclassified into net income (loss) during the period | | | | | — | | | — | | | — | | Foreign currency translation adjustment | | | | | (11) | | | 22 | | | 5 | | Total other comprehensive income (loss), net of income taxes | | | | | (1,858) | | | 3,026 | | | 2,248 | | Less: Other comprehensive income (loss) attributable to noncontrolling interest | | | | | 1 | | | 7 | | | (4) | | Other comprehensive income (loss) attributable to Holdings | | | | | $ | (1,859) | | | $ | 3,019 | | | $ | 2,252 | |
______________ (1)See “reclassification adjustments” in Note 3 of the Notes to these Consolidated Financial Statements. Reclassification amounts presented net of income tax expense (benefit) of $186 million, $(174) million, and $(43) million for the years ended December 31, 2021, 2020 and 2019, respectively. (2)These AOCI components are included in the computation of net periodic costs (see Note 14 of the Notes to these Consolidated Financial Statement).
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