SHARE CAPITAL (Tables)

12 Months Ended

Dec. 31, 2021

Movements in Shares Issued and Outstanding

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


	As of
in millions	December 31, 2021	December 31, 2020
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:


In millions	December 31, 2021	December 31, 2020	December 31, 2019


Common shares issued	566.1	566.1	566.1
Less: Treasury shares for which dividend and voting rights do not apply	(104.9)	(107.0)	(112.8)
Common shares outstanding	461.2	459.1	453.3

Details of Forward Contracts

The details of the forward contracts for the year ended December 31, 2020 are as follows:


	Year ended December 31, 2020
In millions, except strike price and forward prices	Common Shares Purchased	Initial Strike Price		Forward Price		Hedge Completion Date	Value of 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	$	117.0
$200 million - entered on July 2, 2019	10.0	$	20.00	$	12.00	07/30/2019	$	193.7	04/01/2021	$	119.4
$100 million - entered on August 27, 2019	6.0	$	16.59	$	12.00	09/27/2019	$	102.6	04/01/2021	$	72.6
	25.8						$	495.0		$	309.0

Movements in Treasury Shares

Movements in Treasury Shares comprise:


	Year ended
In millions	December 31, 2021	December 31, 2020	December 31, 2019
Beginning balance	121.6	128.2	103.0
Acquisition of common shares	2.7	3.4	34.7
Distribution of common shares	(8.4)	(9.3)	(9.2)
Common shares distributed to meet ESPP obligation	(0.2)	(0.7)	(0.3)

Ending balance	115.7	121.6	128.2