XML 46 R32.htm IDEA: XBRL DOCUMENT

Equity (Tables)

9 Months Ended

Sep. 30, 2020

We have three series of preferred stock: 6.35% Fixed-to-Floating Rate Perpetual Non-Cumulative Preference Shares, Series A (Series A); 5.625% Fixed Rate Perpetual Non-Cumulative Preference Shares, Series B (Series B); and 6.375% Fixed-Rate Reset Perpetual Non-Cumulative Preference Shares, Series C (Series C) as summarized below:


	Series A		Series B		Series C
Authorized, issued and outstanding	34,500		13,800		24,000
Liquidation preference per share	$	25,000	$	25,000	$	25,000

Share Repurchase Authorization


	Series A		Series B		Series C
Authorized, issued and outstanding	34,500		13,800		24,000
Liquidation preference per share	$	25,000	$	25,000	$	25,000

The following summarizes the activity on our share repurchase authorization:


	Nine months ended September 30,
(In millions)	2020		2019
Beginning balance	$	640	$	150
Additional authorization	—		717
Repurchases	(416)		(544)
Ending balance	$	224	$	323


(In millions)			Nine months ended September 30, 2020

Class A
Beginning balance			143.2
Issued shares			35.9
Forfeited shares			(0.1)
Repurchased shares			(13.2)
Converted from Class B shares			25.4
Converted from Class M shares			0.3
Ending balance			191.5
Class B
Beginning balance			25.4


Converted to Class A shares			(25.4)

Ending balance			—
Class M-1
Beginning balance			3.3
Converted to Class A shares			(0.2)


Converted to warrants			(3.1)
Ending balance			—
Class M-2
Beginning balance			0.8

Converted to Class A shares			0.0


Converted to warrants			(0.8)
Ending balance			—
Class M-3
Beginning balance			1.0

Converted to Class A shares			0.0


Converted to warrants			(1.0)
Ending balance			—
Class M-4
Beginning balance			4.0

Converted to Class A shares			(0.1)

Converted to warrants			(3.6)
Repurchased shares			(0.3)
Ending balance			—

Accumulated Other Comprehensive Income

The following provides the details of AOCI and changes in AOCI:


(In millions)	Unrealized investment gains (losses) on AFS securities without a credit allowance		Unrealized investment gains (losses) on AFS securities with a credit allowance		DAC, DSI, VOBA and future policy benefits adjustments on AFS securities		Unrealized gains (losses) on hedging instruments		Foreign currency translation and other adjustments		Accumulated other comprehensive income (loss)
Balance at June 30, 2020	$	3,444	$	(702)	$	(873)	$	320	$	(5)	$	2,184

Other comprehensive income (loss) before reclassifications	646		768		(306)		(178)		10		940
Less: Reclassification adjustments for gains (losses) realized in net income (loss)1	85		—		(20)		—		—		65
Less: Income tax expense (benefit)	107		153		(61)		(42)		—		157
Less: Other comprehensive income (loss) attributable to NCI	(10)		14		—		8		2		14
Balance at September 30, 2020	$	3,908	$	(101)	$	(1,098)	$	176	$	3	$	2,888

1 Recognized in investment related gains (losses) on the condensed consolidated statements of income.


(In millions)	Unrealized investment gains (losses) on AFS securities		DAC, DSI, VOBA and future policy benefits adjustments on AFS securities		Unrealized gains (losses) on hedging instruments		Foreign currency translation and other adjustments		Accumulated other comprehensive income (loss)
Balance at June 30, 2019	$	2,349	$	(661)	$	77	$	(5)	$	1,760
Other comprehensive income (loss) before reclassifications	1,132		(392)		124		(1)		863
Less: Reclassification adjustments for gains (losses) realized in net income (loss)1	7		(2)		—		—		5
Less: Income tax expense (benefit)	232		(82)		26		—		176

Balance at September 30, 2019	$	3,242	$	(969)	$	175	$	(6)	$	2,442

1 Recognized in investment related gains (losses) on the condensed consolidated statements of income.


(In millions)	Unrealized investment gains (losses) on AFS securities without a credit allowance		Unrealized investment gains (losses) on AFS securities with a credit allowance		DAC, DSI, VOBA and future policy benefits adjustments on AFS securities		Unrealized gains (losses) on hedging instruments		Foreign currency translation and other adjustments		Accumulated other comprehensive income (loss)
Balance at December 31, 2019	$	3,102	$	—	$	(879)	$	61	$	(3)	$	2,281
Adoption of accounting standards	4		(4)		(6)		—		—		(6)
Other comprehensive income (loss) before reclassifications	1,403		(116)		(358)		140		9		1,078
Less: Reclassification adjustments for gains (losses) realized in net income (loss)1	306		—		(87)		—		—		219
Less: Income tax expense (benefit)	213		(23)		(58)		33		—		165
Less: Other comprehensive income (loss) attributable to NCI	82		4		—		(8)		3		81
Balance at September 30, 2020	$	3,908	$	(101)	$	(1,098)	$	176	$	3	$	2,888

1 Recognized in investment related gains (losses) on the condensed consolidated statements of income.


(In millions)	Unrealized investment gains (losses) on AFS securities		DAC, DSI, VOBA and future policy benefits adjustments on AFS securities		Unrealized gains (losses) on hedging instruments		Foreign currency translation and other adjustments		Accumulated other comprehensive income (loss)
Balance at December 31, 2018	$	(628)	$	121	$	39	$	(4)	$	(472)
Other comprehensive income (loss) before reclassifications	4,889		(1,391)		171		(2)		3,667
Less: Reclassification adjustments for gains (losses) realized in net income (loss)1	35		(10)		—		—		25
Less: Income tax expense (benefit)	984		(291)		35		—		728

Balance at September 30, 2019	$	3,242	$	(969)	$	175	$	(6)	$	2,442

1 Recognized in investment related gains (losses) on the condensed consolidated statements of income.

Dividends Declared

The following summarizes dividends declared and paid per preferred stock share by series:


	Three months ended September 30,				Nine months ended September 30,
(Per share)	2020		2019		2020		2019
Series A	$	396.87	$	485.07	$	1,190.63	$	485.07
Series B	351.57		—		1,054.69		—
Series C	482.55		—		482.55		—

The following summarizes dividends declared and paid in the aggregate on the preferred stock by series:


	Three months ended September 30,				Nine months ended September 30,
(In millions)	2020		2019		2020		2019
Series A	$	14	$	17	$	41	$	17
Series B	4		—		14		—
Series C	12		—		12		—
Total dividends declared and paid	$	30	$	17	$	67	$	17

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=65888546&loc=d3e21300-112643

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21553-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 480
-SubTopic 10
-Section S99
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=65877616&loc=d3e177068-122764

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21488-112644

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21484-112644

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details