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Shareholders' Equity
 9 Months Ended
Sep. 30, 2019
Stockholders' Equity Note [Abstract]  
Shareholders' Equity [Text Block] Shareholders’ Equity
The following tables provide the amounts related to each component of OCI:
 
Three Months Ended September 30,
2019
 
2018
Pretax
 
Income Tax Benefit (Expense)
 
Net of Tax
Pretax
 
Income Tax Benefit (Expense)
 
Net of Tax
(in millions)
Net unrealized gains (losses) on securities:
 
 
 
 
 
 
 
 
 
 
 
Net unrealized gains (losses) on securities arising during the period (1)
$
294

 
$
(58
)
 
$
236

 
$
(106
)
 
$
25

 
$
(81
)
Reclassification of net (gains) losses on securities included in net income (2)
10

 
(2
)
 
8

 
(4
)
 
1

 
(3
)
Impact of DAC, DSIC, unearned revenue, benefit reserves and reinsurance recoverables
(195
)
 
41

 
(154
)
 
28

 
(6
)
 
22

Net unrealized gains (losses) on securities
109

 
(19
)
 
90

 
(82
)
 
20

 
(62
)
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation
(23
)
 
1

 
(22
)
 
(5
)
 
2

 
(3
)
Total other comprehensive income (loss)
$
86

 
$
(18
)
 
$
68

 
$
(87
)
 
$
22

 
$
(65
)

 
Nine Months Ended September 30,
2019
 
2018
Pretax
 
Income Tax Benefit (Expense)
 
Net of Tax
Pretax
 
Income Tax Benefit (Expense)
 
Net of Tax
(in millions)
Net unrealized gains (losses) on securities:
 
 
 
 
 
 
 
 
 
 
 
Net unrealized gains (losses) on securities arising during the period (1)
$
1,463

 
$
(259
)
 
$
1,204

 
$
(924
)
 
$
207

 
$
(717
)
Reclassification of net (gains) losses on securities included in net income (2)
5

 
(1
)
 
4

 
(14
)
 
3

 
(11
)
Impact of DAC, DSIC, unearned revenue, benefit reserves and reinsurance recoverables
(694
)
 
146

 
(548
)
 
347

 
(73
)
 
274

Net unrealized gains (losses) on securities
774

 
(114
)
 
660

 
(591
)
 
137

 
(454
)
 
 
 
 
 
 
 
 
 
 
 
 
Net unrealized gains (losses) on derivatives:
 
 
 
 
 
 
 
 
 
 
 
Reclassification of net (gains) losses on derivatives included in net income (3)
(1
)
 
—

 
(1
)
 
—

 
—

 
—

Net unrealized gains (losses) on derivatives
(1
)
 
—

 
(1
)
 
—

 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation
(32
)
 
1

 
(31
)
 
(21
)
 
3

 
(18
)
Total other comprehensive income (loss)
$
741

 
$
(113
)
 
$
628

 
$
(612
)
 
$
140

 
$
(472
)
(1) Includes OTTI losses on Available-for-Sale securities related to factors other than credit that were recognized in other comprehensive income (loss) during the period.
(2) Reclassification amounts are recorded in net investment income.
(3) Includes $1 million pretax gain reclassified to interest and debt expense for both the nine months ended September 30, 2019 and 2018, and nil and $1 million pretax loss reclassified to net investment income for the nine months ended September 30, 2019 and 2018, respectively.
Other comprehensive income (loss) related to net unrealized gains (losses) on securities includes three components: (i) unrealized gains (losses) that arose from changes in the market value of securities that were held during the period; (ii) (gains) losses that were previously unrealized, but have been recognized in current period net income due to sales of Available-for-Sale securities and due to the reclassification of noncredit OTTI losses to credit losses; and (iii) other adjustments primarily consisting of changes in insurance and annuity asset and liability balances, such as DAC, DSIC, unearned revenue, benefit reserves and reinsurance recoverables, to reflect the expected impact on their carrying values had the unrealized gains (losses) been realized as of the respective balance sheet dates.
The following tables present the changes in the balances of each component of AOCI, net of tax:
 
Net Unrealized Gains (Losses) on Securities
 
Net Unrealized Gains (Losses) on Derivatives
 
Defined
Benefit Plans
 
Foreign Currency Translation
 
Other
 
Total
(in millions)
Balance, July 1, 2019
$
590

 
$
7

 
$
(120
)
 
$
(207
)
 
$
(1
)
 
$
269

OCI before reclassifications
82

 
—

 
—

 
(22
)
 
—

 
60

Amounts reclassified from AOCI
8

 
—

 
—

 
—

 
—

 
8

Total OCI
90

 
—

 
—

 
(22
)
 
—

 
68

Balance, September 30, 2019
$
680

(1) 
$
7

 
$
(120
)
 
$
(229
)
 
$
(1
)
 
$
337

 
 
 
 
 
 
 
 
 
 
 
 
Balance, January 1, 2019
$
20

 
$
8

 
$
(120
)
 
$
(198
)
 
$
(1
)
 
$
(291
)
OCI before reclassifications
656

 
—

 
—

 
(31
)
 
—

 
625

Amounts reclassified from AOCI
4

 
(1
)
 
—

 
—

 
—

 
3

Total OCI
660

 
(1
)
 
—

 
(31
)
 
—

 
628

Balance, September 30, 2019
$
680

(1) 
$
7

 
$
(120
)
 
$
(229
)
 
$
(1
)
 
$
337

 
Net Unrealized Gains (Losses) on Securities
 
Net Unrealized Gains (Losses) on Derivatives
 
Defined
Benefit Plans
 
Foreign Currency Translation
 
Other
 
Total
(in millions)
Balance, July 1, 2018
$
93

 
$
8

 
$
(97
)
 
$
(182
)
 
$
(1
)
 
$
(179
)
OCI before reclassifications
(59
)
 
—

 
—

 
(3
)
 
—

 
(62
)
Amounts reclassified from AOCI
(3
)
 
—

 
—

 
—

 
—

 
(3
)
Total OCI
(62
)
 
—

 
—

 
(3
)
 
—

 
(65
)
Balance, September 30, 2018
$
31

(1) 
$
8

 
$
(97
)
 
$
(185
)
 
$
(1
)
 
$
(244
)
 
 
 
 
 
 
 
 
 
 
 
 
Balance, January 1, 2018
$
486

 
$
8

 
$
(97
)
 
$
(167
)
 
$
(1
)
 
$
229

Cumulative effect of adoption of equity securities guidance
(1
)
 
—

 
—

 
—

 
—

 
(1
)
OCI before reclassifications
(443
)
 
—

 
—

 
(18
)
 
—

 
(461
)
Amounts reclassified from AOCI
(11
)
 
—

 
—

 
—

 
—

 
(11
)
Total OCI
(454
)
 
—

 
—

 
(18
)
 
—

 
(472
)
Balance, September 30, 2018
$
31

(1) 
$
8

 
$
(97
)
 
$
(185
)
 
$
(1
)
 
$
(244
)
(1) Includes $1 million of noncredit related impairments on securities and net unrealized gains (losses) on previously impaired securities as of both September 30, 2019 and September 30, 2018.
For the nine months ended September 30, 2019 and 2018, the Company repurchased a total of 9.8 million shares and 7.7 million shares, respectively, of its common stock for an aggregate cost of $1.3 billion and $1.1 billion, respectively. In April 2017, the Company’s Board of Directors authorized an expenditure of up to $2.5 billion for the repurchase of shares of the Company’s common stock through June 30, 2019, which was exhausted in the second quarter of 2019. In February 2019, the Company’s Board of Directors authorized an additional repurchase up to $2.5 billion of the Company’s common stock through March 31, 2021. As of September 30, 2019, the Company had $1.7 billion remaining under this share repurchase authorization.
The Company may also reacquire shares of its common stock under its share-based compensation plans related to restricted stock awards and certain option exercises. The holders of restricted shares may elect to surrender a portion of their shares on the vesting date to cover their income tax obligation. These vested restricted shares are reacquired by the Company and the Company’s payment of the holders’ income tax obligations are recorded as a treasury share purchase.
For the nine months ended September 30, 2019 and 2018, the Company reacquired 0.3 million shares and 0.3 million shares, respectively, of its common stock through the surrender of shares upon vesting and paid in the aggregate $34 million and $43 million, respectively, related to the holders’ income tax obligations on the vesting date. Option holders may elect to net settle their vested awards resulting in the surrender of the number of shares required to cover the strike price and tax obligation of the options exercised. These shares are reacquired by the Company and recorded as treasury shares. For the nine months ended September 30, 2019 and 2018, the Company reacquired 0.5 million shares and 0.5 million shares, respectively, of its common stock through the net settlement of options for an aggregate value of $70 million and $82 million, respectively.
During the nine months ended September 30, 2019 and 2018, the Company reissued 0.7 million and 0.8 million, respectively, treasury shares for restricted stock award grants, performance share units and issuance of shares vested under advisor deferred compensation plans.