Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2015

Stockholders' Equity

Reconciliation of Outstanding Shares (Table)

	Series A preferred stock			Series B preferred stock			Common stock
	(in millions)
Outstanding shares at January 1, 2013		3.0			10.0			293.8
Shares issued		—			—			5.8
Treasury stock acquired		—			—			(4.4	)
Outstanding shares at December 31, 2013		3.0			10.0			295.2
Shares issued		—			—			3.4
Treasury stock acquired		—			—			(4.7	)
Outstanding shares at December 31, 2014		3.0			10.0			293.9
Shares issued		—			—			3.5
Treasury stock acquired		—			—			(6.0	)
Preferred stock redemption		(3.0	)		(10.0	)		—
Outstanding shares at December 31, 2015		—			—			291.4

Other Comprehensive Income (Loss) (Table)

	For the year ended December 31, 2015
	Pre-Tax			Tax			After-Tax
	(in millions)
Net unrealized losses on available-for-sale securities during the period	$	(1,713.7	)	$	589.0		$	(1,124.7	)
Reclassification adjustment for losses included in net income (1)		15.1			(5.4	)		9.7
Adjustments for assumed changes in amortization patterns		201.2			(70.4	)		130.8
Adjustments for assumed changes in policyholder liabilities		779.0			(265.5	)		513.5
Net unrealized losses on available-for-sale securities		(718.4	)		247.7			(470.7	)
Noncredit component of impairment losses on fixed maturities, available-for-sale during the period		29.4			(10.2	)		19.2
Adjustments for assumed changes in amortization patterns		(0.9	)		0.3			(0.6	)
Adjustments for assumed changes in policyholder liabilities		0.7			(0.2	)		0.5
Noncredit component of impairment losses on fixed maturities, available-for-sale (2)		29.2			(10.1	)		19.1
Net unrealized gains on derivative instruments during the period		58.4			(20.4	)		38.0
Reclassification adjustment for gains included in net income (3)		(36.9	)		12.5			(24.4	)
Adjustments for assumed changes in amortization patterns		19.5			(6.9	)		12.6
Adjustments for assumed changes in policyholder liabilities		(10.8	)		3.8			(7.0	)
Net unrealized gains on derivative instruments		30.2			(11.0	)		19.2
Foreign currency translation adjustment		(543.6	)		72.0			(471.6	)
Unrecognized postretirement benefit obligation during the period		(142.5	)		55.5			(87.0	)
Amortization of prior service cost and actuarial loss included in net periodic benefit cost (4)		81.2			(33.3	)		47.9
Net unrecognized postretirement benefit obligation		(61.3	)		22.2			(39.1	)
Other comprehensive loss	$	(1,263.9	)	$	320.8		$	(943.1	)

	For the year ended December 31, 2014
	Pre-Tax			Tax			After-Tax
	(in millions)
Net unrealized gains on available-for-sale securities during the period	$	1,087.9		$	(425.2	)	$	662.7
Reclassification adjustment for gains included in net income (1)		(73.2	)		24.4			(48.8	)
Adjustments for assumed changes in amortization patterns		(63.4	)		22.2			(41.2	)
Adjustments for assumed changes in policyholder liabilities		(458.4	)		210.4			(248.0	)
Net unrealized gains on available-for-sale securities		492.9			(168.2	)		324.7
Noncredit component of impairment losses on fixed maturities, available-for-sale during the period		102.0			(35.6	)		66.4
Adjustments for assumed changes in amortization patterns		(4.7	)		1.7			(3.0	)
Adjustments for assumed changes in policyholder liabilities		(2.2	)		0.7			(1.5	)
Noncredit component of impairment losses on fixed maturities, available-for-sale (2)		95.1			(33.2	)		61.9
Net unrealized gains on derivative instruments during the period		100.3			(35.1	)		65.2
Reclassification adjustment for losses included in net income (3)		3.8			(1.7	)		2.1
Adjustments for assumed changes in amortization patterns		(12.8	)		4.5			(8.3	)
Adjustments for assumed changes in policyholder liabilities		3.2			(1.1	)		2.1
Net unrealized gains on derivative instruments		94.5			(33.4	)		61.1
Foreign currency translation adjustment		(374.7	)		38.1			(336.6	)
Unrecognized postretirement benefit obligation during the period		(445.5	)		176.3			(269.2	)
Amortization of prior service cost and actuarial loss included in net periodic benefit cost (4)		22.1			(8.1	)		14.0
Net unrecognized postretirement benefit obligation		(423.4	)		168.2			(255.2	)
Other comprehensive loss	$	(115.6	)	$	(28.5	)	$	(144.1	)

	For the year ended December 31, 2013
	Pre-Tax			Tax			After-Tax
	(in millions)
Net unrealized losses on available-for-sale securities during the period	$	(1,686.5	)	$	559.5		$	(1,127.0	)
Reclassification adjustment for losses included in net income (1)		61.1			(20.9	)		40.2
Adjustments for assumed changes in amortization patterns		252.8			(88.5	)		164.3
Adjustments for assumed changes in policyholder liabilities		575.7			(193.4	)		382.3
Net unrealized losses on available-for-sale securities		(796.9	)		256.7			(540.2	)
Noncredit component of impairment losses on fixed maturities, available-for-sale during the period		24.5			(8.3	)		16.2
Adjustments for assumed changes in amortization patterns		(14.4	)		5.1			(9.3	)
Noncredit component of impairment losses on fixed maturities, available-for-sale (2)		10.1			(3.2	)		6.9
Net unrealized losses on derivative instruments during the period		(46.3	)		16.8			(29.5	)
Reclassification adjustment for losses included in net income (3)		11.6			(4.3	)		7.3
Adjustments for assumed changes in amortization patterns		10.9			(3.8	)		7.1
Adjustments for assumed changes in policyholder liabilities		20.5			(7.2	)		13.3
Net unrealized losses on derivative instruments		(3.3	)		1.5			(1.8	)
Foreign currency translation adjustment		(282.6	)		13.2			(269.4	)
Unrecognized postretirement benefit obligation during the period		426.7			(149.3	)		277.4
Amortization of prior service cost and actuarial loss included in net periodic benefit cost (4)		84.9			(29.7	)		55.2
Net unrecognized postretirement benefit obligation		511.6			(179.0	)		332.6
Other comprehensive loss	$	(561.1	)	$	89.2		$	(471.9	)

(1)	Pre-tax reclassification adjustments relating to available-for-sale securities are reported in net realized capital gains (losses) on the consolidated statements of operations.
(2)	Represents the net impact of (1) unrealized gains resulting from reclassification of previously recognized noncredit impairment losses from OCI to net realized capital gains (losses) for fixed maturities with bifurcated OTTI that had additional credit losses or fixed maturities that previously had bifurcated OTTI that have now been sold or are intended to be sold and (2) unrealized losses resulting from reclassification of noncredit impairment losses for fixed maturities with bifurcated OTTI from net realized capital gains (losses) to OCI.
(3)	See Note 5, Derivative Financial Instruments — Cash Flow Hedges, for further details.
(4)	Pre-tax amortization of prior service cost and actuarial loss included in net periodic benefit cost, which is comprised of amortization of prior service cost (benefit) and recognized net actuarial (gain) loss, is reported in operating expenses on the consolidated statements of operations. See Note 11, Employee and Agent Benefits — Components of Net Periodic Benefit Cost, for further details.

Accumulated Other Comprehensive Income (Loss) (Table)

	Net unrealized gains on available-for-sale securities			Noncredit component of impairment losses on fixed maturities available-for-sale			Net unrealized gains (losses) on derivative instruments			Foreign currency translation adjustment			Unrecognized postretirement benefit obligation			Accumulated other comprehensive income (loss)
	(in millions)
Balances at January 1, 2013	$	1,418.3		$	(173.9	)	$	(8.7	)	$	(106.9	)	$	(488.5	)	$	640.3
Other comprehensive loss during the period, net of adjustments		(580.4	)		—			(9.1	)		(254.6	)		277.4			(566.7	)
Amounts reclassified from AOCI		40.2			6.9			7.3			—			55.2			109.6
Other comprehensive loss		(540.2	)		6.9			(1.8	)		(254.6	)		332.6			(457.1	)
Balances at December 31, 2013		878.1			(167.0	)		(10.5	)		(361.5	)		(155.9	)		183.2
Other comprehensive loss during the period, net of adjustments		373.5			—			59.0			(325.3	)		(269.2	)		(162.0	)
Amounts reclassified from AOCI		(48.8	)		61.9			2.1			—			14.0			29.2
Other comprehensive loss		324.7			61.9			61.1			(325.3	)		(255.2	)		(132.8	)
Balances at December 31, 2014		1,202.8			(105.1	)		50.6			(686.8	)		(411.1	)		50.4
Other comprehensive loss during the period, net of adjustments		(480.4	)		—			43.6			(451.1	)		(87.0	)		(974.9	)
Amounts reclassified from AOCI		9.7			19.1			(24.4	)		—			47.9			52.3
Other comprehensive loss		(470.7	)		19.1			19.2			(451.1	)		(39.1	)		(922.6	)
Purchase of subsidiary shares from noncontrolling interest		—			—			—			(10.3	)		—			(10.3	)
Balances at December 31, 2015	$	732.1		$	(86.0	)	$	69.8		$	(1,148.2	)	$	(450.2	)	$	(882.5	)

Redeemable Noncontrolling Interest (Table)

        Following is a reconciliation of the changes in the redeemable noncontrolling interest (in millions):

Balance at January 1, 2013	$	60.4
Net income attributable to redeemable noncontrolling interest		13.6
Reclassification from stockholders' equity (1)		173.9
Redeemable noncontrolling interest assumed related to acquisition		1.2
Distributions to redeemable noncontrolling interest		(13.9	)
Purchase of subsidiary shares from redeemable noncontrolling interest		(2.4	)
Change in redemption value of redeemable noncontrolling interest		19.2
Foreign currency translation adjustment		(4.8	)
Balance at December 31, 2013		247.2
Net income attributable to redeemable noncontrolling interest		9.0
Contributions from redeemable noncontrolling interest		9.5
Distributions to redeemable noncontrolling interest		(16.1	)
Purchase of subsidiary shares from redeemable noncontrolling interest (2)		(215.2	)
Change in redemption value of redeemable noncontrolling interest		28.9
Foreign currency translation adjustment		(5.3	)
Balance at December 31, 2014		58.0
Net income attributable to redeemable noncontrolling interest		4.9
Contributions from redeemable noncontrolling interest		56.1
Distributions to redeemable noncontrolling interest		(15.1	)
Purchase of subsidiary shares from redeemable noncontrolling interest		(6.0	)
Change in redemption value of redeemable noncontrolling interest		6.6
Foreign currency translation adjustment		(18.8	)
Balance at December 31, 2015	$	85.7

(1)

During the third quarter of 2013, we identified a classification error of certain of our noncontrolling interests. The classification error had no impact on net income, but did impact earnings per share to the extent the redemption value of the redeemable noncontrolling interest exceeded the fair value. We evaluated the classification error and related earnings per share impact based on qualitative and quantitative factors in accordance with SEC Staff Accounting Bulletins 99 and 108 and concluded the impact was not material in the current or any prior quarterly or annual periods presented. During the third quarter of 2013, we recorded a $173.9 million increase to redeemable noncontrolling interest and a corresponding decrease to stockholders' equity. See related discussion in Note 18, Earnings Per Common Share.

(2)

During the third quarter of 2014, we increased our ownership stake in Columbus Circle Investors.