EQUITY (Tables)

9 Months Ended

Sep. 30, 2020

Equity [Abstract]

Schedule of Stock by Class

Preferred stock authorized, issued and outstanding was as follows:

	September 30, 2020			December 31, 2019
Series	Shares Authorized	Shares Issued	Shares Outstanding	Shares Authorized	Shares Issued	Shares Outstanding
Series A (1)	32,000	32,000	32,000	32,000	32,000	32,000
Series B (2)	20,000	20,000	20,000	—	—	—
Total	52,000	52,000	52,000	32,000	32,000	32,000

Dividends Declared

Dividends declared per share were as follows for the periods indicated:

	Three Months Ended September 30,				Nine months ended September 30,
	2020		2019		2020		2019
Series A dividends declared	$	328.13	$	—	$	1,049.99	$	—
Series B dividends declared	$	—	$	—	$	—	$	—

Dividends declared per share of common stock were as follows for the periods indicated:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Dividends declared	$	0.17	$	0.15	$	0.49	$	0.43

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 September 30, 2020 and 2019 follow:

	September 30,
	2020		2019
	(in millions)
Unrealized gains (losses) on investments	$	5,115	$	2,459
Defined benefit pension plans	(912)		(883)
Foreign currency translation adjustments	(56)		(74)
Total accumulated other comprehensive income (loss)	4,148		1,502
Less: Accumulated other comprehensive income (loss) attributable to noncontrolling interest	(40)		(44)
Accumulated other comprehensive income (loss) attributable to Holdings	$	4,188	$	1,546

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

The components of OCI, net of taxes for the three and nine months ended September 30, 2020 and 2019 follow:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(in millions)
Change in net unrealized gains (losses) on investments:
Net unrealized gains (losses) arising during the period	$	309	$	1,279	$	4,675	$	4,002
(Gains) losses reclassified into net income (loss) during the period (1)	(26)		(158)		(225)		(153)
Net unrealized gains (losses) on investments	283		1,121		4,450		3,849
Adjustments for policyholders’ liabilities, DAC, insurance liability loss recognition and other	(54)		(375)		(1,177)		(975)
Change in unrealized gains (losses), net of adjustments (net of deferred income tax expense (benefit) of $61, $198, $870 and $759)	229		746		3,273		2,874
Change in defined benefit plans:
Reclassification to Net income (loss) of amortization of net prior service credit included in net periodic cost	21		18		71		85
Change in defined benefit plans (net of deferred income tax expense (benefit) of $6, $7, $19 and $25)	21		18		71		85
Foreign currency translation adjustments:
Foreign currency translation gains (losses) arising during the period	16		(12)		1		(12)
Foreign currency translation adjustment	16		(12)		1		(12)
Total other comprehensive income (loss), net of income taxes	266		752		3,345		2,947
Less: Other comprehensive income (loss) attributable to noncontrolling interest	6		(5)		1		(7)
Other comprehensive income (loss) attributable to Holdings	$	260	$	757	$	3,344	$	2,954

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(1)See “Reclassification adjustments” in Note 3. Reclassification amounts presented net of income tax expense (benefit) of $(7) million, $(42) million, $(60) million, and $(41) million for the three and nine months ended September 30, 2020 and 2019, respectively