Shares and Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2023

Stockholders' Equity Note [Abstract]

Preferred stock authorized, issued and outstanding (number of shares) was as follows:


	As of December 31,
	2023			2022
	Shares Authorized	Shares Issued	Shares Outstanding	Shares Authorized	Shares Issued	Shares Outstanding
9.250% Fixed Rate Reset Non-Cumulative
Preferred Stock, Series C	20,000	20,000	20,000	20,000	20,000	20,000
9.000% Non-Cumulative Preferred Stock,
Series D	20,000	20,000	20,000	20,000	20,000	20,000
Not designated	9,960,000	–	–	9,960,000	–	–
Total preferred shares	10,000,000	40,000	40,000	10,000,000	40,000	40,000


	For the Years Ended December 31,
	2023				2022
Series	Dividend Per Share		Aggregate Dividend		Dividend Per Share	Aggregate Dividend
Series C	$	1,792.19	$	36	–	–
Series D	2,306.25		46		–	–
Total	$	4,098.44	$	82	–	–

Schedule of Common Stock Outstanding Roll Forward

The changes in our common stock (number of shares) were as follows:


	For the Years Ended December 31,
	2023	2022	2021
Common Stock
Balance as of beginning-of-year	169,220,511	177,193,515	192,329,691
Stock compensation/issued for benefit plans	445,626	692,491	1,106,572
Retirement/cancellation of shares	–	(8,665,495)	(16,242,748)
Balance as of end-of-year	169,666,137	169,220,511	177,193,515
Common Stock as of End-of-Year
Basic basis	169,666,137	169,220,511	177,193,515
Diluted basis	170,633,123	170,483,323	179,789,097

Reconciliation of the Denominator Calculations of Basic and Diluted Earnings per Share

A reconciliation of the denominator (number of shares) in the calculations of basic and diluted earnings (loss) per common share was as follows:


	For the Years Ended December 31,
	2023	2022	2021
Weighted-average shares, as used in basic calculation	169,562,903	171,034,695	187,359,884
Shares to cover non-vested stock	568,491	968,005	1,357,245
Average stock options outstanding during the year	25,345	989,123	1,844,117
Assumed acquisition of shares with assumed proceeds and benefits from
exercising stock options (at average market price for the year)	(21,949)	(783,232)	(1,419,165)
Shares repurchasable from measured but unrecognized stock option expense	(944)	(21,006)	(43,314)
Average deferred compensation shares	604,809	512,570	538,845
Weighted-average shares, as used in diluted calculation (1)	170,738,655	172,700,155	189,637,612

(1) Due to reporting a net loss for the year ended December 31, 2023, basic shares were used in the diluted EPS calculation for this year as the use of diluted shares would have resulted in a lower loss per share.

Components and Changes in AOCI

The following summarizes the components and changes in AOCI (in millions):


	For the Years Ended December 31,
	2023		2022		2021
Unrealized Gain (Loss) on Fixed Maturity AFS Securities and Certain
Other Investments
Balance as of beginning-of-year	$	(8,916)	$	9,616	$	9,611
Cumulative effect from adoption of new accounting standards	–		–		3,584
Unrealized holding gains (losses) arising during the year	2,413		(25,552)		(4,673)
Change in foreign currency exchange rate adjustment	179		(322)		(142)
Change in future contract benefits and policyholder account balances, net of reinsurance	1,306		2,291		893
Income tax benefit (expense)	(849)		5,039		838
Less:
Reclassification adjustment for gains (losses) included in net income (loss)	(860)		(15)		626
Income tax benefit (expense)	181		3		(131)
Balance as of end-of-year	$	(5,188)	$	(8,916)	$	9,616




Unrealized Gain (Loss) on Derivative Instruments
Balance as of beginning-of-year	$	388	$	(85)	$	(402)
Cumulative effect from adoption of new accounting standard	–		–		25
Unrealized holding gains (losses) arising during the year	243		378		246
Change in foreign currency exchange rate adjustment	(169)		312		152
Income tax benefit (expense)	(15)		(144)		(85)
Less:
Reclassification adjustment for gains (losses) included in net income (loss)	91		92		26
Income tax benefit (expense)	(19)		(19)		(5)
Balance as of end-of-year	$	375	$	388	$	(85)
Market Risk Benefit Non-Performance Risk Gain (Loss)
Balance as of beginning-of-year	$	1,741	$	1,951	$	–
Cumulative effect from adoption of new accounting standard	–		–		2,874
Adjustment arising during the year	(854)		(266)		(1,174)
Income tax benefit (expense)	183		56		251
Balance as of end-of-year	$	1,070	$	1,741	$	1,951
Policyholder Liability Discount Rate Remeasurement Gain (Loss)
Balance as of beginning-of-year	$	747	$	(1,265)	$	–
Cumulative effect from adoption of new accounting standard	–		–		(1,856)
Adjustment arising during the year	(206)		2,559		751
Income tax benefit (expense)	46		(547)		(160)
Balance as of end-of-year	$	587	$	747	$	(1,265)
Foreign Currency Translation Adjustment
Balance as of beginning-of-year	$	(34)	$	(14)	$	(12)
Foreign currency translation adjustment arising during the year	8		(20)		(2)
Balance as of end-of-year	$	(26)	$	(34)	$	(14)
Funded Status of Employee Benefit Plans
Balance as of beginning-of-year	$	(278)	$	(219)	$	(266)
Adjustment arising during the year	(13)		(74)		56
Income tax benefit (expense)	(3)		15		(9)
Balance as of end-of-year	$	(294)	$	(278)	$	(219)

Schedule of Reclassifications Out of AOCI

The following summarizes the reclassifications out of AOCI (in millions) and the associated line item in the Consolidated Statements of Comprehensive Income (Loss):


	For the Years Ended December 31,
	2023		2022		2021
Unrealized Gain (Loss) on Fixed Maturity AFS
Securities and Certain Other Investments
Reclassification	$	(869)	$	(15)	$	626	Realized gain (loss)
Associated change in future contract benefits	9		–		–		Benefits
Reclassification before income
tax benefit (expense)	(860)		(15)		626		Income (loss) before taxes
Income tax benefit (expense)	181		3		(131)		Federal income tax expense (benefit)
Reclassification, net of income tax	$	(679)	$	(12)	$	495	Net income (loss)

Unrealized Gain (Loss) on Derivative
Instruments
Interest rate contracts	$	(1)	$	2	$	3	Net investment income
Interest rate contracts	31		(11)		(23)		Interest and debt expense
Foreign currency contracts	54		62		48		Net investment income
Foreign currency contracts	7		39		(2)		Realized gain (loss)
Reclassifications before income
tax benefit (expense)	91		92		26		Income (loss) before taxes
Income tax benefit (expense)	(19)		(19)		(5)		Federal income tax expense (benefit)
Reclassifications, net of income tax	$	72	$	73	$	21	Net income (loss)