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Equity
 9 Months Ended
Sep. 30, 2019
Equity [Abstract]  
Equity 11. Equity
Preferred Stock
Preferred stock authorized, issued and outstanding was as follows at both September 30, 2019 and December 31, 2018:
Series
 
Shares
Authorized
 
Shares
Issued
 
Shares
Outstanding
Floating Rate Non-Cumulative Preferred Stock, Series A
 
27,600,000

 
24,000,000

 
24,000,000

5.25% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C
 
1,500,000

 
1,500,000

 
1,500,000

5.875% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series D
 
500,000

 
500,000

 
500,000

5.625% Non-Cumulative Preferred Stock, Series E
 
32,200

 
32,200

 
32,200

Series A Junior Participating Preferred Stock
 
10,000,000

 
—

 
—

Not designated
 
160,367,800

 
—

 
—

Total
 
200,000,000

 
26,032,200

 
26,032,200


The declaration, record and payment dates, as well as per share and aggregate dividend amounts, for MetLife, Inc.’s preferred stock were as follows for the nine months ended September 30, 2019 and 2018:
Declaration Date
 
Record Date
 
Payment Date
 
Preferred Stock Dividend
Series A
 
Series C
 
Series D
 
Series E
Per 
Share
 
Aggregate
 
Per
Share
 
Aggregate
 
Per
Share
 
Aggregate
 
Per
Share
 
Aggregate
 
 
 
 
 
 
(In millions, except per share data)
August 15, 2019
 
September 1, 2019
 
September 16, 2019
 
$
0.253

 
$
6

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

August 15, 2019
 
August 31, 2019
 
September 16, 2019
 
—

 
—

 
—

 
—

 
29.375

 
15

 
351.563

 
11

May 15, 2019
 
May 31, 2019
 
June 17, 2019
 
0.261

 
6

 
26.250

 
39

 
—

 
—

 
351.563

 
12

March 5, 2019
 
February 28, 2019
 
March 15, 2019
 
0.250

 
6

 
—

 
—

 
—

 
—

 
—

 
—

February 15, 2019
 
February 28, 2019
 
March 15, 2019
 
—

 
—

 
—

 
—

 
29.375

 
15

 
351.563

 
11

Total
 
 
 
 
 
$
0.764

 
$
18


$
26.250

 
$
39

 
$
58.750

 
$
30

 
$
1,054.689

 
$
34

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
August 15, 2018
 
August 31, 2018
 
September 17, 2018
 
$
0.256

 
$
6

 
$
—

 
$
—

 
$
28.233

 
$
14

 
$
394.531

 
$
12

May 15, 2018
 
May 31, 2018
 
June 15, 2018
 
0.256

 
7

 
26.250

 
39

 
—

 
—

 
—

 
—

March 5, 2018
 
February 28, 2018
 
March 15, 2018
 
0.250

 
6

 
—

 
—

 
—

 
—

 
—

 
—

Total
 
 
 
 
 
$
0.762

 
$
19

 
$
26.250

 
$
39

 
$
28.233

 
$
14

 
$
394.531

 
$
12


Common Stock
For the nine months ended September 30, 2019 and 2018, MetLife, Inc. repurchased 44,035,255 shares and 59,602,926 shares of its common stock, respectively, through open market purchases for $2.0 billion and $2.8 billion, respectively.
MetLife, Inc. announced that its Board of Directors authorized common stock repurchases as follows:
 
 
 
 
Authorization Remaining at
Announcement Date
 
Authorization Amount
 
September 30, 2019
 
 
(In millions)
July 31, 2019
 
$
2,000

 
$
1,235

November 1, 2018
 
$
2,000

 
$
—

May 22, 2018
 
$
1,500

 
$
—

November 1, 2017
 
$
2,000

 
$
—


Under these authorizations, MetLife, Inc. may purchase its common stock from the MetLife Policyholder Trust in the open market (including pursuant to the terms of a pre-set trading plan meeting the requirements of Rule 10b5-1 under the Securities Exchange Act of 1934 (“Exchange Act”)), and in privately negotiated transactions. Common stock repurchases are subject to the discretion of MetLife, Inc.’s Board of Directors and will depend upon the Company’s capital position, liquidity, financial strength and credit ratings, general market conditions, the market price of MetLife, Inc.’s common stock compared to management’s assessment of the stock’s underlying value, applicable regulatory approvals, and other legal and accounting factors.
The declaration, record and payment dates, as well as per share and aggregate dividend amounts, for MetLife, Inc.’s common stock were as follows for the nine months ended September 30, 2019 and 2018:
Declaration Date
 
Record Date
 
Payment Date
 
Common Stock Dividend
Per Share
 
Aggregate
 
 
 
 
 
 
(In millions, except per share data)
July 8, 2019
 
August 6, 2019
 
September 13, 2019
 
$
0.440

 
$
413

April 23, 2019
 
May 7, 2019
 
June 13, 2019
 
$
0.440

 
419

January 7, 2019
 
February 5, 2019
 
March 13, 2019
 
$
0.420

 
405

 
 
 
 
 
 
 
 
$
1,237

 
 
 
 
 
 
 
 
 
July 6, 2018
 
August 6, 2018
 
September 13, 2018
 
$
0.420

 
$
419

April 24, 2018
 
May 7, 2018
 
June 13, 2018
 
$
0.420

 
428

January 5, 2018
 
February 5, 2018
 
March 13, 2018
 
$
0.400

 
416

 
 
 
 
 
 
 
 
$
1,263


See Note 17 for information on a common stock dividend declared subsequent to September 30, 2019.
Stock-Based Compensation Plans
Performance Shares and Performance Units
Final Performance Shares are paid in shares of MetLife, Inc. common stock. Final Performance Units are payable in cash equal to the closing price of MetLife, Inc. common stock on a date following the last day of the three-year performance period. The performance factor for the January 1, 2016 – December 31, 2018 performance period was 87.7%, which was determined within a possible range from 0% to 175%. This factor has been applied to the 1,594,846 Performance Shares and 212,464 Performance Units associated with that performance period that vested on December 31, 2018. As a result, in the first quarter of 2019, MetLife, Inc. issued 1,398,680 shares of its common stock (less withholding for taxes and other items, as applicable), excluding shares that payees choose to defer, and MetLife, Inc. or its affiliates paid the cash value of 186,331 Performance Units (less withholding for taxes and other items, as applicable).
Dividend Restrictions
Insurance Operations
For the nine months ended September 30, 2019, American Life Insurance Company paid a dividend of $600 million to MetLife, Inc., for which regulatory approval was obtained as required.
See Note 15 of the Notes to Consolidated Financial Statements included in the 2018 Annual Report for additional information on dividend restrictions.
Accumulated Other Comprehensive Income (Loss)
Information regarding changes in the balances of each component of AOCI attributable to MetLife, Inc. was as follows:
 
 
Three Months
Ended
September 30, 2019
 
 
Unrealized
Investment Gains
(Losses), Net of
Related Offsets (1)
 
Unrealized
Gains (Losses)
on Derivatives
 
Foreign
Currency
Translation
Adjustments
 
Defined
Benefit
Plans
Adjustment
 
Total
 
 
(In millions)
Balance, beginning of period
 
$
16,340

 
$
2,041

 
$
(4,766
)
 
$
(1,984
)
 
$
11,631

OCI before reclassifications
 
4,064

 
658

 
(404
)
 
—

 
4,318

Deferred income tax benefit (expense)
 
(829
)
 
(140
)
 
(2
)
 
—

 
(971
)
AOCI before reclassifications, net of income tax
 
19,575

 
2,559

 
(5,172
)
 
(1,984
)
 
14,978

Amounts reclassified from AOCI
 
(84
)
 
337

 
—

 
29

 
282

Deferred income tax benefit (expense)
 
18

 
(75
)
 
—

 
(6
)
 
(63
)
Amounts reclassified from AOCI, net of income tax
 
(66
)
 
262

 
—

 
23

 
219

Balance, end of period
 
$
19,509

 
$
2,821

 
$
(5,172
)
 
$
(1,961
)
 
$
15,197

 
 
 
Three Months
Ended
September 30, 2018
 
 
Unrealized
Investment Gains
(Losses), Net of
Related Offsets (1)
 
Unrealized
Gains (Losses)
on Derivatives
 
Foreign
Currency
Translation
Adjustments
 
Defined
Benefit
Plans
Adjustment
 
Total
 
 
(In millions)
Balance, beginning of period
 
$
8,538

 
$
1,165

 
$
(4,670
)
 
$
(2,179
)
 
$
2,854

OCI before reclassifications
 
(1,953
)
 
(295
)
 
(240
)
 
131

 
(2,357
)
Deferred income tax benefit (expense)
 
436

 
(22
)
 
15

 
(27
)
 
402

AOCI before reclassifications, net of income tax
 
7,021

 
848

 
(4,895
)
 
(2,075
)
 
899

Amounts reclassified from AOCI
 
(30
)
 
4

 
—

 
31

 
5

Deferred income tax benefit (expense)
 
7

 
96

 
—

 
(7
)
 
96

Amounts reclassified from AOCI, net of income tax
 
(23
)
 
100

 
—

 
24

 
101

Balance, end of period
 
$
6,998

 
$
948

 
$
(4,895
)
 
$
(2,051
)
 
$
1,000


 
 
Nine Months
Ended
September 30, 2019
 
 
Unrealized
Investment Gains
(Losses), Net of
Related Offsets (1)
 
Unrealized
Gains (Losses)
on Derivatives
 
Foreign
Currency
Translation
Adjustments
 
Defined
Benefit
Plans
Adjustment
 
Total
 
 
(In millions)
Balance, beginning of period
 
$
7,042

 
$
1,613

 
$
(4,905
)
 
$
(2,028
)
 
$
1,722

OCI before reclassifications
 
16,263

 
1,305

 
(266
)
 
(2
)
 
17,300

Deferred income tax benefit (expense)
 
(3,634
)
 
(287
)
 
(1
)
 
—

 
(3,922
)
AOCI before reclassifications, net of income tax
 
19,671

 
2,631

 
(5,172
)
 
(2,030
)
 
15,100

Amounts reclassified from AOCI
 
(213
)
 
221

 
—

 
88

 
96

Deferred income tax benefit (expense)
 
48

 
(49
)
 
—

 
(19
)
 
(20
)
Amounts reclassified from AOCI, net of income tax
 
(165
)
 
172

 
—

 
69

 
76

Cumulative effects of changes in accounting principles
 
4

 
22

 
—

 
—

 
26

Deferred income tax benefit (expense), cumulative effects of changes in accounting principles
 
(1
)
 
(4
)
 
—

 
—

 
(5
)
Cumulative effects of changes in accounting principles, net of income tax (2)
 
3

 
18

 
—

 
—

 
21

Balance, end of period
 
$
19,509

 
$
2,821

 
$
(5,172
)
 
$
(1,961
)
 
$
15,197

 
 
 
 
 
 
 
 
 
 
 
 
 
Nine Months
Ended
September 30, 2018
 
 
Unrealized
Investment Gains
(Losses), Net of
Related Offsets (1)
 
Unrealized
Gains (Losses)
on Derivatives
 
Foreign
Currency
Translation
Adjustments
 
Defined
Benefit
Plans
Adjustment
 
Total
 
 
(In millions)
Balance, beginning of period
 
$
12,757

 
$
905

 
$
(4,390
)
 
$
(1,845
)
 
$
7,427

OCI before reclassifications
 
(8,860
)
 
(506
)
 
(657
)
 
130

 
(9,893
)
Deferred income tax benefit (expense)
 
1,977

 
77

 
24

 
(27
)
 
2,051

AOCI before reclassifications, net of income tax
 
5,874

 
476

 
(5,023
)
 
(1,742
)
 
(415
)
Amounts reclassified from AOCI
 
98

 
309

 
—

 
93

 
500

Deferred income tax benefit (expense)
 
(22
)
 
(47
)
 
—

 
(20
)
 
(89
)
Amounts reclassified from AOCI, net of income tax
 
76

 
262

 
—

 
73

 
411

Cumulative effects of changes in accounting principles
 
(425
)
 
—

 
—

 
—

 
(425
)
Deferred income tax benefit (expense), cumulative effects of changes in accounting principles
 
1,473

 
210

 
36

 
(382
)
 
1,337

Cumulative effects of changes in accounting principles, net of income tax (3)
 
1,048

 
210

 
36

 
(382
)
 
912

Sale of subsidiary (4)
 
—

 
—

 
92

 
—

 
92

Balance, end of period
 
$
6,998

 
$
948

 
$
(4,895
)
 
$
(2,051
)
 
$
1,000

__________________
(1)
See Note 6 for information on offsets to investments related to future policy benefits, DAC, VOBA and DSI, and the policyholder dividend obligation.
(2)
See Note 1 for further information on adoption of new accounting pronouncements.
(3)
See Note 1 of the Notes to the Consolidated Financial Statements included in the 2018 Annual Report for further information on adoption of new accounting pronouncements.
(4)
See Note 3 of the Notes to the Consolidated Financial Statements included in the 2018 Annual Report.
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
September 30,
 
Nine Months
Ended
September 30,
 
 
 
 
2019
 
2018
 
2019

2018
 
 
 
 
(In millions)
 
 
Net unrealized investment gains (losses):
 
 
 
 
 
 
 
 
 
 
Net unrealized investment gains (losses)
 
$
84

 
$
101

 
$
200

 
$
(36
)
 
Net investment gains (losses)
Net unrealized investment gains (losses)
 
(12
)
 
9

 
(15
)
 
9

 
Net investment income
Net unrealized investment gains (losses)
 
12

 
(80
)
 
28

 
(71
)
 
Net derivative gains (losses)
Net unrealized investment gains (losses), before income tax
 
84

 
30

 
213

 
(98
)
 
 
Income tax (expense) benefit
 
(18
)
 
(7
)
 
(48
)
 
22

 
 
Net unrealized investment gains (losses), net of income tax
 
66

 
23

 
165

 
(76
)
 
 
Unrealized gains (losses) on derivatives - cash flow hedges:
 
 
 
 
 
 
 
 
 
 
Interest rate derivatives
 
5

 
5

 
16

 
15

 
Net investment income
Interest rate derivatives
 
1

 
—

 
(1
)
 
—

 
Net investment gains (losses)
Interest rate derivatives
 
—

 
(2
)
 
—

 
18

 
Net derivative gains (losses)
Interest rate derivatives
 
1

 
—

 
2

 
1

 
Other expenses
Foreign currency exchange rate derivatives
 
—

 
(1
)
 
(3
)
 
(2
)
 
Net investment income
Foreign currency exchange rate derivatives
 
(344
)
 
—

 
(236
)
 
—

 
Net investment gains (losses)
Foreign currency exchange rate derivatives
 
—

 
(6
)
 
—

 
(342
)
 
Net derivative gains (losses)
Foreign currency exchange rate derivatives
 
—

 
—

 
1

 
1

 
Other expenses
Gains (losses) on cash flow hedges, before income tax
 
(337
)
 
(4
)
 
(221
)
 
(309
)
 
 
Income tax (expense) benefit
 
75

 
(96
)
 
49

 
47

 
 
Gains (losses) on cash flow hedges, net of income tax
 
(262
)
 
(100
)
 
(172
)
 
(262
)
 
 
Defined benefit plans adjustment: (1)
 
 
 
 
 
 
 
 
 
 
Amortization of net actuarial gains (losses)
 
(36
)
 
(37
)
 
(108
)
 
(108
)
 
 
Amortization of prior service (costs) credit
 
7

 
6

 
20

 
15

 
 
Amortization of defined benefit plan items, before income tax
 
(29
)
 
(31
)
 
(88
)
 
(93
)
 
 
Income tax (expense) benefit
 
6

 
7

 
19

 
20

 
 
Amortization of defined benefit plan items, net of income tax
 
(23
)
 
(24
)
 
(69
)
 
(73
)
 
 
Total reclassifications, net of income tax
 
$
(219
)
 
$
(101
)
 
$
(76
)
 
$
(411
)
 
 
__________________
(1)
These AOCI components are included in the computation of net periodic benefit costs. See Note 13.