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Shareholders' Equity
 9 Months Ended
Sep. 30, 2019
Equity [Abstract]  
Shareholders' Equity
Shareholders' Equity

Other Comprehensive Income
 
The following tables present the changes in each component of AOCI and the effect of reclassifications out of AOCI on the respective line items in net income.

Changes in Accumulated Other Comprehensive Income by Component
Third Quarter 2019

 
Net Unrealized
Gains (Losses) on Investments with no OTTI
 
Net Unrealized
Gains (Losses) on Investments with OTTI
 
Net Unrealized Gains (Losses) on FG VIEs’ Liabilities with Recourse due to ISCR
 
Cumulative
Translation
Adjustment
 
Cash Flow 
Hedge
 
Total 
AOCI
 
(in millions)
Balance, June 30, 2019
$
301

 
$
51

 
$
(27
)
 
$
(38
)
 
$
8

 
295

Other comprehensive income (loss) before reclassifications
57

 
(21
)
 
(2
)
 
—

 
—

 
34

Less: Amounts reclassified from AOCI to:
 
 
 
 
 
 
 
 
 
 
 
Net realized investment gains (losses)
29

 
(12
)
 
—

 
—

 
—

 
17

Fair value gains (losses) on FG VIEs
—

 
—

 
(3
)
 
—

 
—

 
(3
)
Total before tax
29

 
(12
)
 
(3
)
 
—

 
—

 
14

Tax (provision) benefit
(5
)
 
—

 
1

 
—

 
—

 
(4
)
Total amount reclassified from AOCI, net of tax
24

 
(12
)
 
(2
)
 
—

 
—

 
10

Net current period other comprehensive income (loss)
33

 
(9
)
 
—

 
—

 
—

 
24

Balance, September 30, 2019
$
334

 
$
42

 
$
(27
)
 
$
(38
)
 
$
8

 
$
319


























Changes in Accumulated Other Comprehensive Income by Component
Third Quarter 2018

 
Net Unrealized
Gains (Losses) on Investments with no OTTI
 
Net Unrealized
Gains (Losses) on Investments with OTTI
 
Net Unrealized Gains (Losses) on FG VIEs’ Liabilities with Recourse due to ISCR
 
Cumulative
Translation
Adjustment
 
Cash Flow 
Hedge
 
Total 
AOCI
 
(in millions)
Balance, June 30, 2018
$
83

 
$
124

 
$
(31
)
 
$
(32
)
 
$
8

 
$
152

Other comprehensive income (loss) before reclassifications
(59
)
 
(16
)
 
(5
)
 
(3
)
 
—

 
(83
)
Less: Amounts reclassified from AOCI to:
 
 
 
 
 
 
 
 
 
 
 
Net realized investment gains (losses)
1

 
(8
)
 
—

 
—

 
—

 
(7
)
Fair value gains (losses) on FG VIEs
—

 
—

 
(2
)
 
—

 
—

 
(2
)
Total before tax
1

 
(8
)
 
(2
)
 
—

 
—

 
(9
)
Tax (provision) benefit
(1
)
 
1

 
—

 
—

 
—

 
—

Total amount reclassified from AOCI, net of tax
—

 
(7
)
 
(2
)
 
—

 
—

 
(9
)
Net current period other comprehensive income (loss)
(59
)
 
(9
)
 
(3
)
 
(3
)
 
—

 
(74
)
Balance, September 30, 2018
$
24

 
$
115

 
$
(34
)
 
$
(35
)
 
$
8

 
$
78



Changes in Accumulated Other Comprehensive Income by Component
Nine Months 2019

 
Net Unrealized
Gains (Losses) on Investments with no OTTI
 
Net Unrealized
Gains (Losses) on Investments with OTTI
 
Net Unrealized Gains (Losses) on FG VIEs’ Liabilities with Recourse due to ISCR
 
Cumulative
Translation
Adjustment
 
Cash Flow 
Hedge
 
Total 
AOCI
 
(in millions)
Balance, December 31, 2018
$
59

 
$
94

 
$
(31
)
 
$
(37
)
 
$
8

 
$
93

Other comprehensive income (loss) before reclassifications
312

 
(68
)
 
(6
)
 
(1
)
 
—

 
237

Less: Amounts reclassified from AOCI to:
 
 
 
 
 
 
 
 
 
 
 
Net realized investment gains (losses)
43

 
(30
)
 
—

 
—

 
—

 
13

Net investment income
2

 
14

 
—

 
—

 
—

 
16

Fair value gains (losses) on FG VIEs
—

 
—

 
(13
)
 
—

 
—

 
(13
)
Total before tax
45

 
(16
)
 
(13
)
 
—

 
—

 
16

Tax (provision) benefit
(8
)
 
—

 
3

 
—

 
—

 
(5
)
Total amount reclassified from AOCI, net of tax
37

 
(16
)
 
(10
)
 
—

 
—

 
11

Net current period other comprehensive income (loss)
275

 
(52
)
 
4

 
(1
)
 
—

 
226

Balance, September 30, 2019
$
334

 
$
42

 
$
(27
)
 
$
(38
)
 
$
8

 
$
319



Changes in Accumulated Other Comprehensive Income by Component
Nine Months 2018

 
Net Unrealized
Gains (Losses) on
Investments with no OTTI
 
Net Unrealized
Gains (Losses) on
Investments with OTTI
 
Net Unrealized Gains (Losses) on FG VIEs’ Liabilities with Recourse due to ISCR
 
Cumulative
Translation
Adjustment
 
Cash Flow 
Hedge
 
Total 
AOCI
 
(in millions)
Balance, December 31, 2017
$
273

 
$
120

 
$
—

 
$
(29
)
 
$
8

 
$
372

Effect of adoption of ASU 2016-01 (1)
1

 
—

 
(33
)
 
—

 
—

 
(32
)
Other comprehensive income (loss) before reclassifications
(245
)
 
(21
)
 
(6
)
 
(6
)
 
—

 
(278
)
Less: Amounts reclassified from AOCI to:
 
 
 
 
 
 
 
 
 
 
 
Net realized investment gains (losses)
6

 
(19
)
 
—

 
—

 
—

 
(13
)
Fair value gains (losses) on FG VIEs
—

 
—

 
(6
)
 
—

 
—

 
(6
)
Total before tax
6

 
(19
)
 
(6
)
 
—

 
—

 
(19
)
Tax (provision) benefit
(1
)
 
3

 
1

 
—

 
—

 
3

Total amount reclassified from AOCI, net of tax
5

 
(16
)
 
(5
)
 
—

 
—

 
(16
)
Net current period other comprehensive income (loss)
(250
)
 
(5
)
 
(1
)
 
(6
)
 
—

 
(262
)
Balance, September 30, 2018
$
24

 
$
115

 
$
(34
)
 
$
(35
)
 
$
8

 
$
78


____________________
(1)
On January 1, 2018, the Company adopted ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10) - Recognition and Measurement of Financial Assets and Financial Liabilities, resulting in a cumulative-effect reclassification of a $32 million loss, net of tax, from retained earnings to AOCI.

Share Repurchases

On February 27, 2019, the Board of Directors authorized the repurchase of $300 million of common shares and on August 7, 2019 authorized the repurchase of another $300 million of common shares. As of November 7, 2019, the Company was authorized to purchase $299 million of its common shares. The Company expects to repurchase shares from time to time in the open market or in privately negotiated transactions. The timing, form and amount of the share repurchases under the program are at the discretion of management and will depend on a variety of factors, including funds available at the parent company, other potential uses for such funds, market conditions, the Company's capital position, legal requirements and other factors. The repurchase program may be modified, extended or terminated by the Board of Directors at any time. It does not have an expiration date.
Share Repurchases

Period
 
Number of Shares Repurchased
 
Total Payments
(in millions)
 
Average Price Paid Per Share
2018 (January 1 - March 31)
 
2,787,936

 
$
98

 
$
35.20

2018 (April 1 - June 30)
 
4,163,190

 
152

 
36.48

2018 (July 1 - September 30)
 
3,299,049

 
130

 
39.41

2018 (October 1 - December 31)
 
2,992,932

 
120

 
40.09

Total 2018
 
13,243,107

 
$
500

 
$
37.76

2019 (January 1 - March 31)
 
1,908,605

 
79

 
41.62

2019 (April 1 - June 30)
 
2,519,130

 
111

 
43.89

2019 (July 1 - September 30)
 
3,400,677

 
150

 
44.11

2019 (October 1 - November 7)
 
1,276,692

 
59

 
45.98

Total 2019
 
9,105,104

 
$
399

 
$
43.79