Equity (Tables)

9 Months Ended

Sep. 30, 2020

Equity [Abstract]

Preferred Stock

Preferred stock shares authorized, issued and outstanding were as follows at:

	September 30, 2020			December 31, 2019
	Shares Authorized	Shares Issued	Shares Outstanding	Shares Authorized	Shares Issued	Shares 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 designated	99,966,900	—	—	99,983,000	—	—
Total	100,000,000	33,100	33,100	100,000,000	17,000	17,000

Preferred Stock Dividends Declared

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 A				Series B
Declaration Date	Record Date	Payment Date	Per Share		Aggregate		Per Share		Aggregate
			(In millions, except per share data)
August 17, 2020	September 10, 2020	September 25, 2020	$	412.50	$	7	$	595.31	$	10
May 15, 2020	June 10, 2020	June 25, 2020	412.50		7		—		—
February 14, 2020	March 10, 2020	March 25, 2020	412.50		7		—		—
			$	1,237.50	$	21	$	595.31	$	10
August 15, 2019	September 10, 2019	September 25, 2019	$	412.50	$	7	$	—	$	—
May 15, 2019	June 10, 2019	June 25, 2019	412.50		7		—		—
			$	825.00	$	14	$	—	$	—

Components of 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 Adjustment		Total
	(In millions)
Balance at June 30, 2020	$	4,517	$	500	$	(24)	$	(28)	$	4,965
OCI before reclassifications	707		(185)		9		(2)		529
Deferred income tax benefit (expense)	(149)		39		(1)		—		(111)
AOCI before reclassifications, net of income tax	5,075		354		(16)		(30)		5,383
Amounts reclassified from AOCI	8		(11)		—		—		(3)
Deferred income tax benefit (expense)	(1)		2		—		—		1
Amounts reclassified from AOCI, net of income tax	7		(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 Adjustment		Total
	(In millions)
Balance at June 30, 2019	$	2,564	$	181	$	(20)	$	(23)	$	2,702
OCI before reclassifications	970		160		(3)		—		1,127
Deferred income tax benefit (expense)	(204)		(33)		—		—		(237)
AOCI before reclassifications, net of income tax	3,330		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 Adjustment		Total
	(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 tax	5,066		358		(16)		(30)		5,378
Amounts reclassified from AOCI	20		(16)		—		—		4
Deferred income tax benefit (expense)	(4)		3		—		—		(1)
Amounts reclassified from AOCI, net of income tax	16		(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 Adjustment		Total
	(In millions)
Balance at December 31, 2018	$	576	$	187	$	(27)	$	(20)	$	716
OCI before reclassifications	3,515		201		4		(3)		3,717
Deferred income tax benefit (expense)	(738)		(42)		—		—		(780)
AOCI before reclassifications, net of income tax	3,353		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.

Reclassification out of Accumulated Other Comprehensive Income (Loss)

Information regarding amounts reclassified out of each component of AOCI was as follows:

AOCI Components	Amounts Reclassified from AOCI								Consolidated Statements of Operations and Comprehensive Income (Loss) Locations
	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(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) benefit	1		(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 swaps	1		1		2		2		Net investment income
Foreign currency swaps	10		—		13		19		Net derivative gains (losses)
Gains (losses) on cash flow hedges, before income tax	11		1		16		49
Income tax (expense) benefit	(2)		—		(3)		(10)
Gains (losses) on cash flow hedges, net of income tax	9		1		13		39
Total reclassifications, net of income tax	$	2	$	25	$	(3)	$	86