2023 Q1 Form 10-K Financial Statement

#000133398623000004 Filed on February 21, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $3.244B $3.366B $14.02B
YoY Change -17.75% -12.68% 27.01%
Cost Of Revenue $1.577B $1.576B $3.385B
YoY Change 48.77% 7.87% 5.19%
Gross Profit $1.667B $1.790B $10.63B
YoY Change -42.2% -25.23% 35.99%
Gross Profit Margin 51.39% 53.18% 75.85%
Selling, General & Admin $583.0M $520.0M $2.199B
YoY Change -2.02% -13.04% -6.82%
% of Gross Profit 34.97% 29.05% 20.68%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $224.0M $227.0M $542.0M
YoY Change 1020.0% 40.99% 37.91%
% of Gross Profit 13.44% 12.68% 5.1%
Operating Expenses $1.158B $1.188B $4.930B
YoY Change -11.81% -10.81% 1.4%
Operating Profit $509.0M $602.0M $5.702B
YoY Change -67.6% -43.31% 92.9%
Interest Expense -$902.0M -$1.475B $201.0M
YoY Change -2019.15% 147.9% -17.62%
% of Operating Profit -177.21% -245.02% 3.53%
Other Income/Expense, Net
YoY Change
Pretax Income -$459.0M -$921.0M $2.525B
YoY Change -158.32% -298.06% -1594.08%
Income Tax -$725.0M -$208.0M $499.0M
% Of Pretax Income 19.76%
Net Earnings $163.0M -$815.0M $1.785B
YoY Change -71.55% -420.87% -506.61%
Net Earnings / Revenue 5.02% -24.21% 12.73%
Basic Earnings Per Share $0.45 $4.52
Diluted Earnings Per Share $0.45 -$2.21 $4.49
COMMON SHARES
Basic Shares Outstanding 361.8M shares 370.0M shares 377.6M shares
Diluted Shares Outstanding 364.1M shares 379.9M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.018B $4.281B $4.281B
YoY Change -12.17% -17.48% -17.48%
Cash & Equivalents $5.018B $4.281B $4.281B
Short-Term Investments
Other Short-Term Assets $1.055B $1.522B $1.522B
YoY Change 1.2%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $16.73B $25.34B $25.34B
YoY Change -25.71% 12.8% 12.8%
LONG-TERM ASSETS
Property, Plant & Equipment $520.0M
YoY Change -18.37%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $92.20B $89.06B $89.06B
YoY Change -2.71% -11.89% -11.89%
Other Assets $7.090B $8.720B $8.772B
YoY Change -14.42% 24.66% 24.07%
Total Long-Term Assets $244.8B $228.1B $228.1B
YoY Change -4.06% -15.45% -15.45%
TOTAL ASSETS
Total Short-Term Assets $16.73B $25.34B $25.34B
Total Long-Term Assets $244.8B $228.1B $228.1B
Total Assets $261.5B $253.5B $253.5B
YoY Change -5.82% -13.27% -13.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $618.0M $618.0M
YoY Change -19.53%
Deferred Revenue
YoY Change
Short-Term Debt $751.0M $759.0M $1.909B
YoY Change -45.82% 725.0% 48.79%
Long-Term Debt Due $5.995B $6.130B $6.130B
YoY Change 30.16% 14.52% 14.52%
Total Short-Term Liabilities $12.83B $14.23B $14.23B
YoY Change -1.33% 10.29% 4.1%
LONG-TERM LIABILITIES
Long-Term Debt $3.819B $3.322B $5.693B
YoY Change -28.19% -71.96% -51.95%
Other Long-Term Liabilities $238.1B $229.7B $229.7B
YoY Change -4.57% -9.55% -9.28%
Total Long-Term Liabilities $3.819B $3.322B $235.4B
YoY Change -98.5% -98.75% -11.19%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.83B $14.23B $14.23B
Total Long-Term Liabilities $3.819B $3.322B $235.4B
Total Liabilities $255.4B $249.6B $251.8B
YoY Change -4.62% -10.44% -10.31%
SHAREHOLDERS EQUITY
Retained Earnings $9.806B $9.924B
YoY Change 5.3% 11.76%
Common Stock $4.000M $4.000M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $3.297B
YoY Change 15.68%
Treasury Stock Shares 143.3M shares
Shareholders Equity $3.754B $1.658B $1.658B
YoY Change
Total Liabilities & Shareholders Equity $261.5B $253.5B $253.5B
YoY Change -5.82% -13.27% -13.27%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income $163.0M -$815.0M $1.785B
YoY Change -71.55% -420.87% -506.61%
Depreciation, Depletion And Amortization $224.0M $227.0M $542.0M
YoY Change 1020.0% 40.99% 37.91%
Cash From Operating Activities -$587.0M -$106.0M -$851.0M
YoY Change -19.59% -73.63% 12.57%
INVESTING ACTIVITIES
Capital Expenditures $18.00M $65.00M $167.0M
YoY Change -340.74% -239.17%
Acquisitions -$40.00M
YoY Change
Other Investing Activities -$30.00M -$3.150B -$80.00M
YoY Change -74.14% 66.93% -139.02%
Cash From Investing Activities -$1.430B -$3.215B -$7.487B
YoY Change 736.26% 67.97% -41.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $849.0M
YoY Change -48.14%
Debt Paid & Issued, Net $0.00
YoY Change -100.0%
Cash From Financing Activities $2.749B 3.588B $7.646B
YoY Change 91.3% 53.99% -38.89%
NET CHANGE
Cash From Operating Activities -$587.0M -106.0M -$851.0M
Cash From Investing Activities -$1.430B -3.215B -$7.487B
Cash From Financing Activities $2.749B 3.588B $7.646B
Net Change In Cash $742.0M 267.0M -$748.0M
YoY Change 41.33% 1807.14% -21.43%
FREE CASH FLOW
Cash From Operating Activities -$587.0M -$106.0M -$851.0M
Capital Expenditures $18.00M $65.00M $167.0M
Free Cash Flow -$605.0M -$171.0M -$1.018B
YoY Change -54.4% 60.06%

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CY2022Q4 eqh Future Annual Rate Of Return Gross Maximum
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CY2022 eqh Unincorporated Business Tax Ubt Rate Percent
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CY2022Q4 eqh Notes Issued By Consolidated Variable Interest Entity Unpaid Outstanding Balance And Short Term Borrowing
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CY2022 us-gaap Use Of Estimates
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<div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Assumption Updates and Model Changes</span></div><div style="margin-bottom:9pt;padding-left:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company conducts its annual review of its assumptions during the third quarter of each year. The annual review encompasses assumptions underlying the valuation of unearned revenue liabilities, embedded derivatives for our insurance business, liabilities for future policyholder benefits, DAC and DSI assets.</span></div><div style="margin-bottom:9pt;padding-left:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">However, the Company updates its assumptions as needed in the event it becomes aware of economic conditions or events that could require a change in assumptions that it believes may have a significant impact to the carrying value of product liabilities and assets and consequently materially impact its earnings in the period of the change.</span></div><div style="margin-bottom:9pt;padding-left:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Due to the extraordinary economic conditions driven by the COVID-19 pandemic in the first quarter of 2020, the Company updated its interest rate assumption to grade from the current interest rate environment to an ultimate five-year historical average over a 10-year period. As such, the 10-year U.S. Treasury yield grades from the current level to an ultimate 5-year average of 2.25%.</span></div><div style="margin-bottom:9pt;padding-left:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The low interest rate environment and update to the interest rate assumption caused a loss recognition event for the Company’s life interest-sensitive products, as well as to certain run-off business. This loss recognition event caused an acceleration of DAC amortization on the life interest-sensitive products and an increase in the premium deficiency reserve on the run-off business in the first quarter of 2020.</span></div>
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CY2021 eqh Debt Securities Available For Sale Securities Gross Realized Gains Cost Basis Methodology Of Securities Sold
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CY2021 eqh Net Investment Income Loss Trading Securities Realized Gain Loss
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CY2020 eqh Net Investment Income Loss Trading Securities Realized Gain Loss
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CY2022 us-gaap Schedule Of Closed Block Assets And Liabilities
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<div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Summarized financial information for the Company’s Closed Block is as follows:</span></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:69.075%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:13.958%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.530%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.937%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:120%">December 31,</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:120%">2022</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">2021</span></td></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="9" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:120%">(in millions)</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Closed Block Liabilities:</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Future policy benefits, policyholders’ account balances and other</span></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">5,688</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,928 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Policyholder dividend obligation</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">—</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other liabilities</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">68</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">39 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total Closed Block liabilities</span></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">5,756</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,967 </span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr style="height:15pt"><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td colspan="3" style="background-color:#cceeff;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td colspan="3" style="background-color:#cceeff;border-top:0.5pt solid #000000;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Assets Designated to the Closed Block:</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Fixed maturities AFS, at fair value (amortized cost of $3,171 and $3,185) (allowance for credit losses of $0 and $0)</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2,948</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,390 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mortgage loans on real estate (net of allowance for credit losses of $4 and $4)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">1,645</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,771 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Policy loans</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">569</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">602 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Cash and other invested assets</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">—</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">63 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other assets</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">155</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">90 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total assets designated to the Closed Block</span></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">5,317</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,916 </span></td><td style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr style="height:15pt"><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td colspan="3" style="background-color:#cceeff;border-top:0.5pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td colspan="3" style="background-color:#cceeff;border-top:0.5pt solid #000000;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Excess of Closed Block liabilities over assets designated to the Closed Block</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">439</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">51 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Amounts included in AOCI:</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Net unrealized investment gains (losses), net of policyholders’ dividend obligation: $0 and $0; and net of income tax: $47 and ($43)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(166)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">172 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Maximum future earnings to be recognized from Closed Block assets and liabilities</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">273</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">223 </span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div>
CY2022Q4 us-gaap Closed Block Liabilities Future Policy Benefits And Policyholder Account Balances
ClosedBlockLiabilitiesFuturePolicyBenefitsAndPolicyholderAccountBalances
5688000000 usd
CY2021Q4 us-gaap Closed Block Liabilities Future Policy Benefits And Policyholder Account Balances
ClosedBlockLiabilitiesFuturePolicyBenefitsAndPolicyholderAccountBalances
5928000000 usd
CY2022Q4 us-gaap Closed Block Liabilities Policyholder Dividend Obligation
ClosedBlockLiabilitiesPolicyholderDividendObligation
0 usd
CY2021Q4 us-gaap Closed Block Liabilities Policyholder Dividend Obligation
ClosedBlockLiabilitiesPolicyholderDividendObligation
0 usd
CY2022Q4 us-gaap Closed Block Liabilities Other Closed Block Liabilities
ClosedBlockLiabilitiesOtherClosedBlockLiabilities
68000000 usd
CY2021Q4 us-gaap Closed Block Liabilities Other Closed Block Liabilities
ClosedBlockLiabilitiesOtherClosedBlockLiabilities
39000000 usd
CY2022Q4 us-gaap Closed Block Liabilities
ClosedBlockLiabilities
5756000000 usd
CY2021Q4 us-gaap Closed Block Liabilities
ClosedBlockLiabilities
5967000000 usd
CY2022Q4 us-gaap Closed Block Investments Fixed Maturity Available For Sale Amortized Cost
ClosedBlockInvestmentsFixedMaturityAvailableForSaleAmortizedCost
3171000000 usd
CY2021Q4 us-gaap Closed Block Investments Fixed Maturity Available For Sale Amortized Cost
ClosedBlockInvestmentsFixedMaturityAvailableForSaleAmortizedCost
3185000000 usd
CY2021Q4 us-gaap Assets Designated To Closed Block
AssetsDesignatedToClosedBlock
5916000000 usd
CY2022Q4 us-gaap Excess Of Reported Closed Block Liabilities Over Assets Designated To Closed Block
ExcessOfReportedClosedBlockLiabilitiesOverAssetsDesignatedToClosedBlock
439000000 usd
CY2022Q4 eqh Closed Block Investments Debt Securities Availableforsale Allowancefor Credit Loss
ClosedBlockInvestmentsDebtSecuritiesAvailableforsaleAllowanceforCreditLoss
0 usd
CY2021Q4 eqh Closed Block Investments Debt Securities Availableforsale Allowancefor Credit Loss
ClosedBlockInvestmentsDebtSecuritiesAvailableforsaleAllowanceforCreditLoss
0 usd
CY2022Q4 us-gaap Assets Designated To Closed Block Fixed Maturity Available For Sale At Fair Value
AssetsDesignatedToClosedBlockFixedMaturityAvailableForSaleAtFairValue
2948000000 usd
CY2021Q4 us-gaap Assets Designated To Closed Block Fixed Maturity Available For Sale At Fair Value
AssetsDesignatedToClosedBlockFixedMaturityAvailableForSaleAtFairValue
3390000000 usd
CY2022Q4 eqh Assets Designated To Closed Block Mortgage Loans On Real Estate Credit Losses
AssetsDesignatedToClosedBlockMortgageLoansOnRealEstateCreditLosses
-4000000 usd
CY2021Q4 eqh Assets Designated To Closed Block Mortgage Loans On Real Estate Credit Losses
AssetsDesignatedToClosedBlockMortgageLoansOnRealEstateCreditLosses
-4000000 usd
CY2022Q4 us-gaap Assets Designated To Closed Block Mortgage Loans On Real Estate
AssetsDesignatedToClosedBlockMortgageLoansOnRealEstate
1645000000 usd
CY2021Q4 us-gaap Assets Designated To Closed Block Mortgage Loans On Real Estate
AssetsDesignatedToClosedBlockMortgageLoansOnRealEstate
1771000000 usd
CY2022Q4 us-gaap Assets Designated To Closed Block Policy Loans
AssetsDesignatedToClosedBlockPolicyLoans
569000000 usd
CY2021Q4 us-gaap Assets Designated To Closed Block Policy Loans
AssetsDesignatedToClosedBlockPolicyLoans
602000000 usd
CY2022Q4 us-gaap Assets Designated To Closed Block Cash And Cash Equivalents
AssetsDesignatedToClosedBlockCashAndCashEquivalents
0 usd
CY2021Q4 us-gaap Assets Designated To Closed Block Cash And Cash Equivalents
AssetsDesignatedToClosedBlockCashAndCashEquivalents
63000000 usd
CY2022Q4 us-gaap Assets Designated To Closed Block Other Closed Block Assets1
AssetsDesignatedToClosedBlockOtherClosedBlockAssets1
155000000 usd
CY2021Q4 us-gaap Assets Designated To Closed Block Other Closed Block Assets1
AssetsDesignatedToClosedBlockOtherClosedBlockAssets1
90000000 usd
CY2022Q4 us-gaap Assets Designated To Closed Block
AssetsDesignatedToClosedBlock
5317000000 usd
CY2021Q4 us-gaap Excess Of Reported Closed Block Liabilities Over Assets Designated To Closed Block
ExcessOfReportedClosedBlockLiabilitiesOverAssetsDesignatedToClosedBlock
51000000 usd
CY2022Q4 us-gaap Closed Block Liabilities Policyholder Dividend Obligation
ClosedBlockLiabilitiesPolicyholderDividendObligation
0 usd
CY2021Q4 us-gaap Closed Block Liabilities Policyholder Dividend Obligation
ClosedBlockLiabilitiesPolicyholderDividendObligation
0 usd
CY2022Q4 eqh Closed Block Operations Deferred Income Tax Expense Benefit
ClosedBlockOperationsDeferredIncomeTaxExpenseBenefit
-47000000 usd
CY2021Q4 eqh Closed Block Operations Deferred Income Tax Expense Benefit
ClosedBlockOperationsDeferredIncomeTaxExpenseBenefit
43000000 usd
CY2022Q4 eqh Net Unrealized Investment Gains Losses Net Of Deferred Income Tax Expense Benefit And Policyholder Dividend Obligation
NetUnrealizedInvestmentGainsLossesNetOfDeferredIncomeTaxExpenseBenefitAndPolicyholderDividendObligation
-166000000 usd
CY2021Q4 eqh Net Unrealized Investment Gains Losses Net Of Deferred Income Tax Expense Benefit And Policyholder Dividend Obligation
NetUnrealizedInvestmentGainsLossesNetOfDeferredIncomeTaxExpenseBenefitAndPolicyholderDividendObligation
172000000 usd
CY2022Q4 us-gaap Closed Block Assets And Liabilities Maximum Future Earnings To Be Recognized
ClosedBlockAssetsAndLiabilitiesMaximumFutureEarningsToBeRecognized
273000000 usd
CY2021Q4 us-gaap Closed Block Assets And Liabilities Maximum Future Earnings To Be Recognized
ClosedBlockAssetsAndLiabilitiesMaximumFutureEarningsToBeRecognized
223000000 usd
CY2022 us-gaap Closed Block Operations Premiums
ClosedBlockOperationsPremiums
125000000 usd
CY2021 us-gaap Closed Block Operations Premiums
ClosedBlockOperationsPremiums
144000000 usd
CY2020 us-gaap Closed Block Operations Premiums
ClosedBlockOperationsPremiums
157000000 usd
CY2022 us-gaap Closed Block Operations Net Investment Income
ClosedBlockOperationsNetInvestmentIncome
221000000 usd
CY2021 us-gaap Closed Block Operations Net Investment Income
ClosedBlockOperationsNetInvestmentIncome
237000000 usd
CY2020 us-gaap Closed Block Operations Net Investment Income
ClosedBlockOperationsNetInvestmentIncome
251000000 usd
CY2022 us-gaap Closed Block Operations Realized Investment Gains Losses
ClosedBlockOperationsRealizedInvestmentGainsLosses
-3000000 usd
CY2021 us-gaap Closed Block Operations Realized Investment Gains Losses
ClosedBlockOperationsRealizedInvestmentGainsLosses
4000000 usd
CY2020 us-gaap Closed Block Operations Realized Investment Gains Losses
ClosedBlockOperationsRealizedInvestmentGainsLosses
0 usd
CY2022 us-gaap Closed Block Operations Revenue
ClosedBlockOperationsRevenue
343000000 usd
CY2021 us-gaap Closed Block Operations Revenue
ClosedBlockOperationsRevenue
385000000 usd
CY2020 us-gaap Closed Block Operations Revenue
ClosedBlockOperationsRevenue
408000000 usd
CY2022 eqh Closed Block Operations Policyholder Benefit And Dividends
ClosedBlockOperationsPolicyholderBenefitAndDividends
328000000 usd
CY2021 eqh Closed Block Operations Policyholder Benefit And Dividends
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