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Equity
 9 Months Ended
Sep. 30, 2020
Equity [Abstract]  
Equity 8. Equity
Preferred Stock
Preferred stock shares authorized, issued and outstanding were as follows at:
September 30, 2020December 31, 2019
Shares AuthorizedShares IssuedShares OutstandingShares AuthorizedShares IssuedShares Outstanding
6.600% Non-Cumulative Preferred Stock, Series A
17,000 17,000 17,000 17,000 17,000 17,000 
6.750% Non-Cumulative Preferred Stock, Series B
16,100 16,100 16,100 — — — 
Not designated99,966,900 — — 99,983,000 — — 
Total100,000,000 33,100 33,100 100,000,000 17,000 17,000 
In May 2020, BHF issued depositary shares (the “Series B Depositary Shares”), each representing a 1/1,000th ownership interest in a share of its perpetual 6.750% non-cumulative preferred stock, Series B (the “Series B Preferred Stock”) and in the aggregate representing 16,100 shares of Series B Preferred Stock, with a stated amount of $25,000 per share, for aggregate net cash proceeds of $390 million. Dividends, if declared, will accrue and be payable quarterly, in arrears, at an annual rate of 6.750% on the stated amount per share. In connection with the issuance of the Series B Depositary Shares and the underlying Series B Preferred Stock, BHF incurred $13 million of issuance costs, which have been recorded as a reduction of additional paid-in capital.
The declaration, record and payment dates, as well as per share and aggregate dividend amounts for BHF’s preferred stock by series for the nine months ended September 30, 2020 and 2019 were as follows:
Series ASeries B
Declaration DateRecord DatePayment DatePer ShareAggregatePer ShareAggregate
(In millions, except per share data)
August 17, 2020September 10, 2020September 25, 2020$412.50 $7 $595.31 $10 
May 15, 2020June 10, 2020June 25, 2020412.50 7 — — 
February 14, 2020March 10, 2020March 25, 2020412.50 7 — — 
$1,237.50 $21 $595.31 $10 
August 15, 2019September 10, 2019September 25, 2019$412.50 $7 $— $— 
May 15, 2019June 10, 2019June 25, 2019412.50 7 — — 
$825.00 $14 $— $— 
Common Stock Repurchase Program
On February 6, 2020, BHF authorized the repurchase of up to an additional $500 million of its common stock. Repurchases under this authorization may be made through open market purchases, including pursuant to 10b5-1 plans or pursuant to accelerated stock repurchase plans, or through privately negotiated transactions, from time to time at management’s discretion in accordance with applicable legal requirements. On May 11, 2020, the Company announced that it had temporarily suspended repurchases of its common stock. On August 24, 2020, the Company resumed repurchases of its common stock, as was announced on August 21, 2020.
During the nine months ended September 30, 2020 and 2019, BHF repurchased 15,119,010 and 8,395,371 shares, respectively, of its common stock through open market purchases pursuant to 10b5-1 plans for $376 million and $314 million, respectively. At September 30, 2020, BHF had $177 million remaining under its common stock repurchase program.
Accumulated Other Comprehensive Income (Loss)
Information regarding changes in the balances of each component of AOCI was as follows:
Three Months Ended September 30, 2020
Unrealized
Investment Gains
(Losses), Net of
Related Offsets (1)		Unrealized
Gains (Losses)
on Derivatives		Foreign
Currency
Translation
Adjustments		Defined Benefit Plans AdjustmentTotal
(In millions)
Balance at June 30, 2020$4,517 $500 $(24)$(28)$4,965 
OCI before reclassifications707 (185)9 (2)529 
Deferred income tax benefit (expense)(149)39 (1)— (111)
AOCI before reclassifications, net of income tax5,075 354 (16)(30)5,383 
Amounts reclassified from AOCI8 (11)— — (3)
Deferred income tax benefit (expense)(1)2 — — 1 
Amounts reclassified from AOCI, net of income tax7 (9)— — (2)
Balance at September 30, 2020$5,082 $345 $(16)$(30)$5,381 
Three Months Ended September 30, 2019
Unrealized
Investment Gains
(Losses), Net of
Related Offsets (1)		Unrealized
Gains (Losses)
on Derivatives		Foreign
Currency
Translation
Adjustments		Defined Benefit Plans AdjustmentTotal
(In millions)
Balance at June 30, 2019$2,564 $181 $(20)$(23)$2,702 
OCI before reclassifications970 160 (3)— 1,127 
Deferred income tax benefit (expense)(204)(33)— — (237)
AOCI before reclassifications, net of income tax3,330 308 (23)(23)3,592 
Amounts reclassified from AOCI(30)(1)— — (31)
Deferred income tax benefit (expense)6 — — — 6 
Amounts reclassified from AOCI, net of income tax(24)(1)— — (25)
Balance at September 30, 2019$3,306 $307 $(23)$(23)$3,567 
Nine Months Ended September 30, 2020
Unrealized
Investment Gains
(Losses), Net of
Related Offsets (1)		Unrealized
Gains (Losses)
on Derivatives		Foreign
Currency
Translation
Adjustments		Defined Benefit Plans AdjustmentTotal
(In millions)
Balance at December 31, 2019$3,111 $172 $(15)$(28)$3,240 
OCI before reclassifications (2)2,475 235 9 (2)2,717 
Deferred income tax benefit (expense)(520)(49)(10)— (579)
AOCI before reclassifications, net of income tax5,066 358 (16)(30)5,378 
Amounts reclassified from AOCI20 (16)— — 4 
Deferred income tax benefit (expense)(4)3 — — (1)
Amounts reclassified from AOCI, net of income tax16 (13)— — 3 
Balance at September 30, 2020$5,082 $345 $(16)$(30)$5,381 
Nine Months Ended September 30, 2019
Unrealized
Investment Gains
(Losses), Net of
Related Offsets (1)		Unrealized
Gains (Losses)
on Derivatives		Foreign
Currency
Translation
Adjustments		Defined Benefit Plans AdjustmentTotal
(In millions)
Balance at December 31, 2018$576 $187 $(27)$(20)$716 
OCI before reclassifications3,515 201 4 (3)3,717 
Deferred income tax benefit (expense)(738)(42)— — (780)
AOCI before reclassifications, net of income tax3,353 346 (23)(23)3,653 
Amounts reclassified from AOCI(59)(49)— — (108)
Deferred income tax benefit (expense)12 10 — — 22 
Amounts reclassified from AOCI, net of income tax(47)(39)— — (86)
Balance at September 30, 2019$3,306 $307 $(23)$(23)$3,567 
__________________
(1)See Note 4 for information on offsets to investments related to future policy benefits, DAC, VOBA and DSI.
(2)Includes $3 million related to the adoption of ASU 2016-13, see Note 1.
Information regarding amounts reclassified out of each component of AOCI was as follows:
AOCI ComponentsAmounts Reclassified from AOCIConsolidated Statements of Operations and Comprehensive Income (Loss) Locations
Three Months Ended
September 30,		Nine Months Ended
September 30,
2020201920202019
(In millions)
Net unrealized investment gains (losses):
Net unrealized investment gains (losses)$1 $31 $(6)$86 Net investment gains (losses)
Net unrealized investment gains (losses)(9)(1)(14)(27)Net derivative gains (losses)
Net unrealized investment gains (losses), before income tax(8)30 (20)59 
Income tax (expense) benefit1 (6)4 (12)
 Net unrealized investment gains (losses), net of income tax(7)24 (16)47 
Unrealized gains (losses) on derivatives - cash flow hedges:
Interest rate swaps— — 1 28 Net derivative gains (losses)
Interest rate swaps1 1 2 2 Net investment income
Foreign currency swaps10 — 13 19 Net derivative gains (losses)
Gains (losses) on cash flow hedges, before income tax11 1 16 49 
Income tax (expense) benefit(2)— (3)(10)
Gains (losses) on cash flow hedges, net of income tax9 1 13 39 
Total reclassifications, net of income tax$2 $25 $(3)$86