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EQUITY
 3 Months Ended
Mar. 31, 2020
Equity [Abstract]  
EQUITY EQUITY
Dividends to Shareholders
Dividends declared per share of each class of stock were as follows for the periods indicated:
 
Three Months Ended March 31,
 
2020
 
2019
Dividends declared per share of common stock
$
0.15

 
$
0.13

Dividends declared per depositary share (1)
$
0.39

 
$
—

_______________
(1)
Represents a 1/1,000th interest in a share of preferred stock.
Share Repurchase
On November 6, 2019, Holdings’ Board of Directors authorized a $400 million share repurchase program with an expiration date of December 31, 2020. On February 26, 2020, Holdings’ Board of Directors authorized an increase of $600 million to the capacity of this program as well as the extension of the term of the program until March 31, 2021. Under this program, Holdings may, from time to time through March 31, 2021, purchase up to $1.0 billion of its common stock but it is not obligated to purchase any particular number of shares. Repurchases may be effected in the open market, through derivative, accelerated repurchase and other negotiated transactions and through prearranged trading plans complying with Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
During the quarter ended March 31, 2020, the Holdings repurchased 13.7 million shares of its common stock in the open market. As of March 31, 2020, Holdings had capacity of approximately $395 million remaining in its stock repurchase program.
Accumulated Other Comprehensive Income (Loss)
AOCI represents cumulative gains (losses) on items that are not reflected in Net income (loss). The balances as of March 31, 2020 and 2019 follow:
 
March 31,
 
2020
 
2019
 
(in millions)
Unrealized gains (losses) on investments
$
3,272

 
$
430

Defined benefit pension plans
(955
)
 
(919
)
Foreign currency translation adjustments
(78
)
 
(63
)
Total accumulated other comprehensive income (loss)
2,239

 
(552
)
Less: Accumulated other comprehensive income (loss) attributable to noncontrolling interest
(50
)
 
(39
)
Accumulated other comprehensive income (loss) attributable to Holdings
$
2,289

 
$
(513
)

The components of OCI, net of taxes for the three months ended March 31, 2020 and 2019 follow:

Three Months Ended March 31,
 
2020
 
2019
 
(in millions)
Change in net unrealized gains (losses) on investments:

 

Net unrealized gains (losses) arising during the period
$
1,513

 
$
1,342

(Gains) losses reclassified into net income (loss) during the period (1)
(47
)
 
9

Net unrealized gains (losses) on investments
1,466

 
1,351

Adjustments for policyholders’ liabilities, DAC, insurance liability loss recognition and other
(32
)
 
(517
)
Change in unrealized gains (losses), net of adjustments (net of deferred income tax expense (benefit) of $382 and $218)
1,434

 
834

Change in defined benefit plans:

 

Reclassification to Net income (loss) of amortization of net prior service credit included in net periodic cost
28

 
49

Change in defined benefit plans (net of deferred income tax expense (benefit) of $7 and $12)
28

 
49

Foreign currency translation adjustments:

 

Foreign currency translation gains (losses) arising during the period
(21
)
 
(1
)
(Gains) losses reclassified into net income (loss) during the period
—

 
—

Foreign currency translation adjustment
(21
)
 
(1
)
Total other comprehensive income (loss), net of income taxes
1,441

 
882

Less: Other comprehensive income (loss) attributable to noncontrolling interest
(8
)
 
(1
)
Other comprehensive income (loss) attributable to Holdings
$
1,449

 
$
883

_______________
(1)
See “Reclassification adjustments” in Note 3. Reclassification amounts presented net of income tax expense (benefit) of $(12) million and $2 million for the three months ended March 31, 2020 and 2019, respectively
Investment gains and losses reclassified from AOCI to Net income (loss) primarily consist of realized gains (losses) on sales and credit losses of AFS securities and are included in Total investment gains (losses), net on the consolidated statements of income (loss). Amounts reclassified from AOCI to Net income (loss) as related to defined benefit plans primarily consist of amortization of net (gains) losses and net prior service cost (credit) recognized as a component of net periodic cost and reported in Compensation and benefits in the consolidated statements of income (loss). Amounts presented in the table above are net of tax.