v3.22.2
Equity (Tables)
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6 Months Ended |
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| Equity [Abstract] |
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| Preferred Stock Authorized, Issued and Outstanding |
| | | | | | | | | | | | | | | | | | | | | | | Shares Authorized | | Shares Issued | | Shares Outstanding | 6.600% Non-Cumulative Preferred Stock, Series A | | 17,000 | | | 17,000 | | | 17,000 | | 6.750% Non-Cumulative Preferred Stock, Series B | | 16,100 | | | 16,100 | | | 16,100 | | 5.375% Non-Cumulative Preferred Stock, Series C | | 23,000 | | | 23,000 | | | 23,000 | | 4.625% Non-Cumulative Preferred Stock, Series D | | 14,000 | | | 14,000 | | | 14,000 | | | Not designated | | 99,929,900 | | | — | | | — | | | Total | | 100,000,000 | | | 70,100 | | | 70,100 | |
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| Preferred Stock Dividends Declared |
The per share and aggregate dividend declared for BHF’s preferred stock by series was as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2022 | | 2021 | | 2022 | | 2021 | | Series | | Per Share | | Aggregate | | Per Share | | Aggregate | | Per Share | | Aggregate | | Per Share | | Aggregate | | | (In millions, except per share data) | | A | | $ | 412.50 | | | $ | 7 | | | $ | 412.50 | | | $ | 7 | | | $ | 825.00 | | | $ | 14 | | | $ | 825.00 | | | $ | 14 | | | B | | $ | 421.88 | | | 7 | | | $ | 421.88 | | | 7 | | | $ | 843.76 | | | 14 | | | $ | 843.76 | | | 14 | | | C | | $ | 335.94 | | | 8 | | | $ | 335.94 | | | 7 | | | $ | 671.88 | | | 16 | | | $ | 802.52 | | | 18 | | | D | | $ | 289.06 | | | 4 | | | $ | — | | | — | | | $ | 684.11 | | | 9 | | | $ | — | | | — | | | Total | | | | $ | 26 | | | | | $ | 21 | | | | | $ | 53 | | | | | $ | 46 | |
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| Components of Accumulated Other Comprehensive Income (Loss) [Table Text Block] |
Information regarding changes in the balances of each component of AOCI was as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2022 | | 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 March 31, 2022 | $ | 167 | | | $ | 252 | | | $ | (13) | | | $ | (43) | | | $ | 363 | | | OCI before reclassifications | (4,690) | | | 265 | | | (24) | | | (2) | | | (4,451) | | | Deferred income tax benefit (expense) (2) | 964 | | | (34) | | | 5 | | | 1 | | | 936 | | | AOCI before reclassifications, net of income tax | (3,559) | | | 483 | | | (32) | | | (44) | | | (3,152) | | | Amounts reclassified from AOCI | 81 | | | (5) | | | — | | | 2 | | | 78 | | | Deferred income tax benefit (expense) (2) | (17) | | | — | | | — | | | — | | | (17) | | | Amounts reclassified from AOCI, net of income tax | 64 | | | (5) | | | — | | | 2 | | | 61 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Balance at June 30, 2022 | $ | (3,495) | | | $ | 478 | | | $ | (32) | | | $ | (42) | | | $ | (3,091) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2021 | | 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 March 31, 2021 | $ | 3,387 | | | $ | 55 | | | $ | (14) | | | $ | (39) | | | $ | 3,389 | | | OCI before reclassifications | 1,385 | | | 114 | | | 1 | | | — | | | 1,500 | | | Deferred income tax benefit (expense) (2) | (291) | | | (24) | | | — | | | 1 | | | (314) | | | AOCI before reclassifications, net of income tax | 4,481 | | | 145 | | | (13) | | | (38) | | | 4,575 | | | Amounts reclassified from AOCI | 32 | | | (4) | | | — | | | (1) | | | 27 | | | Deferred income tax benefit (expense) (2) | (7) | | | 1 | | | — | | | — | | | (6) | | | Amounts reclassified from AOCI, net of income tax | 25 | | | (3) | | | — | | | (1) | | | 21 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 4,506 | | | $ | 142 | | | $ | (13) | | | $ | (39) | | | $ | 4,596 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2022 | | 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) | | $ | 3,982 | | | $ | 238 | | | $ | (7) | | | $ | (41) | | | $ | 4,172 | | | OCI before reclassifications | (9,561) | | | 284 | | | (32) | | | (4) | | | (9,313) | | | Deferred income tax benefit (expense) (2) | 1,986 | | | (38) | | | 7 | | | 1 | | | 1,956 | | | AOCI before reclassifications, net of income tax | (3,593) | | | 484 | | | (32) | | | (44) | | | (3,185) | | | Amounts reclassified from AOCI | 124 | | | (7) | | | — | | | 2 | | | 119 | | | Deferred income tax benefit (expense) (2) | (26) | | | 1 | | | — | | | — | | | (25) | | | Amounts reclassified from AOCI, net of income tax | 98 | | | (6) | | | — | | | 2 | | | 94 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | (3,495) | | | $ | 478 | | | $ | (32) | | | $ | (42) | | | $ | (3,091) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2021 | | 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) | | $ | 5,646 | | | $ | 115 | | | $ | (8) | | | $ | (37) | | | $ | 5,716 | | | OCI before reclassifications | (1,463) | | | 46 | | | (6) | | | (2) | | | (1,425) | | | Deferred income tax benefit (expense) (2) | 308 | | | (10) | | | 1 | | | 1 | | | 300 | | | AOCI before reclassifications, net of income tax | 4,491 | | | 151 | | | (13) | | | (38) | | | 4,591 | | | Amounts reclassified from AOCI | 19 | | | (11) | | | — | | | (1) | | | 7 | | | Deferred income tax benefit (expense) (2) | (4) | | | 2 | | | — | | | — | | | (2) | | | Amounts reclassified from AOCI, net of income tax | 15 | | | (9) | | | — | | | (1) | | | 5 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 4,506 | | | $ | 142 | | | $ | (13) | | | $ | (39) | | | $ | 4,596 | |
__________________ (1)See Note 4 for information on offsets to investments related to future policy benefits, DAC, VOBA and DSI. (2)The effects of income taxes on amounts recorded to AOCI are also recognized in AOCI. These income tax effects are released from AOCI when the related activity is reclassified into results from operations.
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| Reclassification out of Accumulated Other Comprehensive Income (Loss) [Table Text Block] |
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
June 30, | | Six Months Ended
June 30, | | | | | 2022 | | 2021 | | 2022 | | 2021 | | | | | (In millions) | | | | Net unrealized investment gains (losses): | | | | | | | | | | | | Net unrealized investment gains (losses) | | $ | (55) | | | $ | (31) | | | $ | (94) | | | $ | (15) | | | Net investment gains (losses) | | | | | | | | | | | | | Net unrealized investment gains (losses) | | (26) | | | (1) | | | (30) | | | (4) | | | Net derivative gains (losses) | | Net unrealized investment gains (losses), before income tax | | (81) | | | (32) | | | (124) | | | (19) | | | | | Income tax (expense) benefit | | 17 | | | 7 | | | 26 | | | 4 | | | | | Net unrealized investment gains (losses), net of income tax | | (64) | | | (25) | | | (98) | | | (15) | | | | | Unrealized gains (losses) on derivatives - cash flow hedges: | | | | | | | | | | | | Interest rate swaps | | 3 | | | — | | | 4 | | | 1 | | | Net derivative gains (losses) | | Interest rate swaps | | 1 | | | 1 | | | 2 | | | 2 | | | Net investment income | | | | | | | | | | | | | | | | | | | | | | | | Foreign currency swaps | | 1 | | | 3 | | | 1 | | | 8 | | | Net derivative gains (losses) | | Gains (losses) on cash flow hedges, before income tax | | 5 | | | 4 | | | 7 | | | 11 | | | | | Income tax (expense) benefit | | — | | | (1) | | | (1) | | | (2) | | | | | Gains (losses) on cash flow hedges, net of income tax | | 5 | | | 3 | | | 6 | | | 9 | | | | | Defined benefit plans adjustment: | | | | | | | | | | | | Amortization of net actuarial gains (losses) | | (2) | | | 1 | | | (2) | | | 1 | | | | | | | | | | | | | | | | Amortization of defined benefit plans, before income tax | | (2) | | | 1 | | | (2) | | | 1 | | | | | Income tax (expense) benefit | | — | | | — | | | — | | | — | | | | | Amortization of defined benefit plans, net of income tax | | (2) | | | 1 | | | (2) | | | 1 | | | | | Total reclassifications, net of income tax | | $ | (61) | | | $ | (21) | | | $ | (94) | | | $ | (5) | | | |
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- DefinitionTabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.
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