Share Capital

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

SHARE CAPITAL

SHARE CAPITAL

The preferred shares issued in connection with the acquisition of OppenheimerFunds have a $0.20 par value, liquidation preference of $1,000 per share and fixed cash dividend rate of 5.90% per annum, payable quarterly on a non-cumulative basis. Shares of preferred stock are not redeemable prior to the 21st anniversary of their original issue date of May 24, 2019. The number of preferred shares issued and outstanding is represented in the table below:

	As of
in millions	June 30, 2021	December 31, 2020
Preferred shares issued (1)	4.0	4.0
Preferred shares outstanding (1)	4.0	4.0

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(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	June 30, 2021	December 31, 2020
Common shares issued	566.1	566.1
Less: Treasury shares for which dividend and voting rights do not apply	(104.7)	(107.0)
Common shares outstanding	461.4	459.1

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In 2019, the company entered into three forward contracts to purchase 25.8 million of its common shares. The forward contract entered on May 13, 2019 settled on January 4, 2021 for $117.0 million, the forward contract entered on July 2, 2019 settled on April 1, 2021 for $120.0 million and the forward contract entered on August 27, 2019 settled on April 1, 2021 for $72.3 million. As the forward contracts have been fully settled and the corresponding collateral received has been returned to the counterparty as of June 30, 2021, there was no liability on the forward contracts and no corresponding net collateral (December 31, 2020: total liability related to the forward contracts was $309.0 million and the corresponding net collateral received was $104.1 million).