Share Capital (Tables)

3 Months Ended

Mar. 31, 2020

The number of preferred shares issued and outstanding is represented in the table below:



	As of
in millions	March 31, 2020	December 31, 2019
Preferred shares issued ⁽¹⁾	4.0	4.0
Preferred shares outstanding ⁽¹⁾	4.0	4.0

__________


(1)	Preferred shares are held by MassMutual and are subject to a lock-up period of five years, which disallows the sale of preferred shares by MassMutual during the five-year period beginning on the original issue date of May 24, 2019.

The number of common shares and common share equivalents issued are represented in the table below:



	As of
In millions	March 31, 2020		December 31, 2019
Common shares issued	566.1		566.1
Less: Treasury shares for which dividend and voting rights do not apply	(107.2	)	(112.8	)
Common shares outstanding	458.9		453.3

The details of the forward contracts as of March 31, 2020 and December 31, 2019, are as follows:



In millions, except strike price	March 31, 2020
	Common Shares Purchased	Initial Strike Price		Forward Price		Hedge Completion Date	Total Treasury Shares Recorded		Settlement Date	Total Liability Recorded
$200 million - entered on May 13, 2019	9.8	$	20.51	$	12.00	05/30/2019	$	198.7	01/04/2021	$	(116.6	)
$200 million - entered on July 2, 2019	10.0	$	20.00	$	12.00	07/30/2019	$	193.7	04/01/2021	$	(117.7	)
$100 million - entered on August 27, 2019	6.0	$	16.59	$	12.00	09/27/2019	$	102.6	04/01/2021	$	(73.5	)
	25.8						$	495.0		$	(307.8	)



In millions, except strike price	December 31, 2019
	Common Shares Purchased	Initial Strike Price		Forward Price		Hedge Completion Date	Total Treasury Shares Recorded		Settlement Date	Total Liability Recorded
$200 million - entered on May 13, 2019	9.8	$	20.51	$	20.51	05/30/2019	$	198.7	01/04/2021	$	(199.1	)
$200 million - entered on July 2, 2019	10.0	$	20.00	$	20.00	07/30/2019	$	193.7	04/01/2021	$	(195.3	)
$100 million - entered on August 27, 2019	6.0	$	16.59	$	16.59	09/27/2019	$	102.6	04/01/2021	$	(102.1	)
	25.8						$	495.0		$	(496.5	)