EQUITY (Tables)

3 Months Ended

Mar. 31, 2020

Equity [Abstract]

Dividends Declared

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	$	—

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(1)

Represents a 1/1,000th interest in a share of preferred stock.

Schedule of 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	)

Components of Accumulated Other Comprehensive Income (Loss), Net of Taxes

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

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(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