2023 Q2 Form 10-Q Financial Statement

#000133398623000010 Filed on May 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $4.269B $3.244B
YoY Change -17.4% -17.75%
Cost Of Revenue $1.571B $1.577B
YoY Change 71.88% 48.77%
Gross Profit $2.698B $1.667B
YoY Change -36.58% -42.2%
Gross Profit Margin 63.2% 51.39%
Selling, General & Admin $566.0M $583.0M
YoY Change 9.27% -2.02%
% of Gross Profit 20.98% 34.97%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $156.0M $224.0M
YoY Change -18.32% 1020.0%
% of Gross Profit 5.78% 13.44%
Operating Expenses $1.187B $1.158B
YoY Change -5.87% -11.81%
Operating Profit $1.511B $509.0M
YoY Change -49.52% -67.6%
Interest Expense -$972.0M -$902.0M
YoY Change -2044.0% -2019.15%
% of Operating Profit -64.33% -177.21%
Other Income/Expense, Net
YoY Change
Pretax Income $539.0M -$459.0M
YoY Change -75.94% -158.32%
Income Tax -$292.0M -$725.0M
% Of Pretax Income -54.17%
Net Earnings $733.0M $163.0M
YoY Change -57.58% -71.55%
Net Earnings / Revenue 17.17% 5.02%
Basic Earnings Per Share $2.06 $0.45
Diluted Earnings Per Share $2.06 $0.45
COMMON SHARES
Basic Shares Outstanding 356.1M shares 361.8M shares
Diluted Shares Outstanding 356.1M shares 364.1M shares

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.693B $5.018B
YoY Change 50.58% -12.17%
Cash & Equivalents $7.693B $5.018B
Short-Term Investments
Other Short-Term Assets $879.0M $1.055B
YoY Change -49.69%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $19.02B $16.73B
YoY Change -18.3% -25.71%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $93.66B $92.20B
YoY Change 5.01% -2.71%
Other Assets $7.078B $7.090B
YoY Change -6.14% -14.42%
Total Long-Term Assets $250.0B $244.8B
YoY Change 8.59% -4.06%
TOTAL ASSETS
Total Short-Term Assets $19.02B $16.73B
Total Long-Term Assets $250.0B $244.8B
Total Assets $269.0B $261.5B
YoY Change 6.12% -5.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $751.0M
YoY Change -100.0% -45.82%
Long-Term Debt Due $6.687B $5.995B
YoY Change 23.26% 30.16%
Total Short-Term Liabilities $13.62B $12.83B
YoY Change 8.07% -1.33%
LONG-TERM LIABILITIES
Long-Term Debt $3.819B $3.819B
YoY Change -32.98% -28.19%
Other Long-Term Liabilities $245.1B $238.1B
YoY Change 7.58% -4.57%
Total Long-Term Liabilities $3.819B $3.819B
YoY Change -98.36% -98.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.62B $12.83B
Total Long-Term Liabilities $3.819B $3.819B
Total Liabilities $263.2B $255.4B
YoY Change 6.94% -4.62%
SHAREHOLDERS EQUITY
Retained Earnings $10.33B $9.806B
YoY Change -3.67% 5.3%
Common Stock $4.000M $4.000M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.553B $3.754B
YoY Change
Total Liabilities & Shareholders Equity $269.0B $261.5B
YoY Change 6.12% -5.82%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $733.0M $163.0M
YoY Change -57.58% -71.55%
Depreciation, Depletion And Amortization $156.0M $224.0M
YoY Change -18.32% 1020.0%
Cash From Operating Activities $361.0M -$587.0M
YoY Change -484.04% -19.59%
INVESTING ACTIVITIES
Capital Expenditures $39.00M $18.00M
YoY Change -305.26%
Acquisitions
YoY Change
Other Investing Activities -$1.048B -$30.00M
YoY Change -32.73% -74.14%
Cash From Investing Activities -$1.087B -$1.430B
YoY Change -31.07% 736.26%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.394B $2.749B
YoY Change 206.32% 91.3%
NET CHANGE
Cash From Operating Activities 361.0M -$587.0M
Cash From Investing Activities -1.087B -$1.430B
Cash From Financing Activities 3.394B $2.749B
Net Change In Cash 2.668B $742.0M
YoY Change -573.89% 41.33%
FREE CASH FLOW
Cash From Operating Activities $361.0M -$587.0M
Capital Expenditures $39.00M $18.00M
Free Cash Flow $322.0M -$605.0M
YoY Change -529.33%

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CY2023Q1 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:72.438%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.034%"/><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:12.498%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></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;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%">March 31, 2023</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-bottom: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:400;line-height:120%">December 31, 2022</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%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">5,626</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</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%">5,692 </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%">102</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%">68 </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%">5,728</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%">5,760 </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:14pt"><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 $3,117 and $3,171) (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%">2,945</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%">2,948 </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 $5 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%">1,647</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%">1,645 </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%">561</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%">569 </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%">2</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 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%">201</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%">187 </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%">5,356</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%">5,349 </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:14pt"><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%">372</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%">411 </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: $36 and $47</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(136)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(177)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Maximum future earnings to be recognized from Closed Block assets and liabilities</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">$</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%">236</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%">234 </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>
CY2023Q1 us-gaap Closed Block Liabilities Future Policy Benefits And Policyholder Account Balances
ClosedBlockLiabilitiesFuturePolicyBenefitsAndPolicyholderAccountBalances
5626000000 usd
CY2022Q4 us-gaap Closed Block Liabilities Future Policy Benefits And Policyholder Account Balances
ClosedBlockLiabilitiesFuturePolicyBenefitsAndPolicyholderAccountBalances
5692000000 usd
CY2023Q1 us-gaap Closed Block Liabilities Policyholder Dividend Obligation
ClosedBlockLiabilitiesPolicyholderDividendObligation
0 usd
CY2022Q4 us-gaap Closed Block Liabilities Policyholder Dividend Obligation
ClosedBlockLiabilitiesPolicyholderDividendObligation
0 usd
CY2023Q1 us-gaap Closed Block Liabilities Other Closed Block Liabilities
ClosedBlockLiabilitiesOtherClosedBlockLiabilities
102000000 usd
CY2022Q4 us-gaap Closed Block Liabilities Other Closed Block Liabilities
ClosedBlockLiabilitiesOtherClosedBlockLiabilities
68000000 usd
CY2023Q1 us-gaap Closed Block Liabilities
ClosedBlockLiabilities
5728000000 usd
CY2022Q4 us-gaap Closed Block Liabilities
ClosedBlockLiabilities
5760000000 usd
CY2023Q1 us-gaap Closed Block Investments Fixed Maturity Available For Sale Amortized Cost
ClosedBlockInvestmentsFixedMaturityAvailableForSaleAmortizedCost
3117000000 usd
CY2022Q4 us-gaap Closed Block Investments Fixed Maturity Available For Sale Amortized Cost
ClosedBlockInvestmentsFixedMaturityAvailableForSaleAmortizedCost
3171000000 usd
CY2023Q1 eqh Closed Block Investments Debt Securities Availableforsale Allowancefor Credit Loss
ClosedBlockInvestmentsDebtSecuritiesAvailableforsaleAllowanceforCreditLoss
0 usd
CY2022Q4 eqh Closed Block Investments Debt Securities Availableforsale Allowancefor Credit Loss
ClosedBlockInvestmentsDebtSecuritiesAvailableforsaleAllowanceforCreditLoss
0 usd
CY2023Q1 us-gaap Assets Designated To Closed Block Fixed Maturity Available For Sale At Fair Value
AssetsDesignatedToClosedBlockFixedMaturityAvailableForSaleAtFairValue
2945000000 usd
CY2022Q4 us-gaap Assets Designated To Closed Block Fixed Maturity Available For Sale At Fair Value
AssetsDesignatedToClosedBlockFixedMaturityAvailableForSaleAtFairValue
2948000000 usd
CY2023Q1 eqh Assets Designated To Closed Block Mortgage Loans On Real Estate Credit Losses
AssetsDesignatedToClosedBlockMortgageLoansOnRealEstateCreditLosses
-5000000 usd
CY2022Q4 eqh Assets Designated To Closed Block Mortgage Loans On Real Estate Credit Losses
AssetsDesignatedToClosedBlockMortgageLoansOnRealEstateCreditLosses
-4000000 usd
CY2023Q1 us-gaap Assets Designated To Closed Block Mortgage Loans On Real Estate
AssetsDesignatedToClosedBlockMortgageLoansOnRealEstate
1647000000 usd
CY2022Q4 us-gaap Assets Designated To Closed Block Mortgage Loans On Real Estate
AssetsDesignatedToClosedBlockMortgageLoansOnRealEstate
1645000000 usd
CY2023Q1 us-gaap Assets Designated To Closed Block Policy Loans
AssetsDesignatedToClosedBlockPolicyLoans
561000000 usd
CY2022Q4 us-gaap Assets Designated To Closed Block Policy Loans
AssetsDesignatedToClosedBlockPolicyLoans
569000000 usd
CY2023Q1 us-gaap Assets Designated To Closed Block Cash And Cash Equivalents
AssetsDesignatedToClosedBlockCashAndCashEquivalents
2000000 usd
CY2022Q4 us-gaap Assets Designated To Closed Block Cash And Cash Equivalents
AssetsDesignatedToClosedBlockCashAndCashEquivalents
0 usd
CY2023Q1 us-gaap Assets Designated To Closed Block Other Closed Block Assets1
AssetsDesignatedToClosedBlockOtherClosedBlockAssets1
201000000 usd
CY2022Q4 us-gaap Assets Designated To Closed Block Other Closed Block Assets1
AssetsDesignatedToClosedBlockOtherClosedBlockAssets1
187000000 usd
CY2023Q1 us-gaap Assets Designated To Closed Block
AssetsDesignatedToClosedBlock
5356000000 usd
CY2022Q4 us-gaap Assets Designated To Closed Block
AssetsDesignatedToClosedBlock
5349000000 usd
CY2023Q1 us-gaap Excess Of Reported Closed Block Liabilities Over Assets Designated To Closed Block
ExcessOfReportedClosedBlockLiabilitiesOverAssetsDesignatedToClosedBlock
372000000 usd
CY2022Q4 us-gaap Excess Of Reported Closed Block Liabilities Over Assets Designated To Closed Block
ExcessOfReportedClosedBlockLiabilitiesOverAssetsDesignatedToClosedBlock
411000000 usd
CY2023Q1 us-gaap Closed Block Dividend Obligation Change In Unrealized Investment Gains Losses
ClosedBlockDividendObligationChangeInUnrealizedInvestmentGainsLosses
0 usd
CY2022 us-gaap Closed Block Dividend Obligation Change In Unrealized Investment Gains Losses
ClosedBlockDividendObligationChangeInUnrealizedInvestmentGainsLosses
0 usd
CY2023Q1 eqh Closed Block Operations Deferred Income Tax Expense Benefit
ClosedBlockOperationsDeferredIncomeTaxExpenseBenefit
-36000000 usd
CY2022Q4 eqh Closed Block Operations Deferred Income Tax Expense Benefit
ClosedBlockOperationsDeferredIncomeTaxExpenseBenefit
-47000000 usd
CY2023Q1 eqh Net Unrealized Investment Gains Losses Net Of Deferred Income Tax Expense Benefit And Policyholder Dividend Obligation
NetUnrealizedInvestmentGainsLossesNetOfDeferredIncomeTaxExpenseBenefitAndPolicyholderDividendObligation
-136000000 usd
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CY2023Q1 eqh Advances From Funding Agreement Within Five Years Noncurrent
AdvancesFromFundingAgreementWithinFiveYearsNoncurrent
0 usd
CY2023Q1 eqh Equity Commitment
EquityCommitment
1300000000 usd
CY2023Q1 srt Mortgage Loans On Real Estate Face Amount Of Mortgages
MortgageLoansOnRealEstateFaceAmountOfMortgages
764000000 usd
CY2023Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
6 segment
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
177000000 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
530000000 usd
CY2023Q1 eqh Adjusted Operating Income Loss
AdjustedOperatingIncomeLoss
364000000 usd
CY2022Q1 eqh Adjusted Operating Income Loss
AdjustedOperatingIncomeLoss
499000000 usd
CY2022Q1 us-gaap Legal Fees
LegalFees
59000000 usd
CY2023Q1 us-gaap Revenues
Revenues
2357000000 usd
CY2023Q1 eqh Non Cash Valuation Adjustment
NonCashValuationAdjustment
3000000 usd
CY2023Q1 us-gaap Noncurrent Assets
NoncurrentAssets
261500000000 usd
CY2022Q4 us-gaap Noncurrent Assets
NoncurrentAssets
252702000000 usd
CY2023Q1 eqh Statutory Accounting Practices Number Of Prescribed And Permitted Practices
StatutoryAccountingPracticesNumberOfPrescribedAndPermittedPractices
3 prescribedandpermittedpractice
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
361900000 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
388600000 shares
CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2200000 shares
CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
3100000 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
364100000 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
391700000 shares
CY2023Q1 us-gaap Profit Loss
ProfitLoss
266000000 usd
CY2022Q1 us-gaap Profit Loss
ProfitLoss
597000000 usd
CY2023Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
89000000 usd
CY2022Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
67000000 usd
CY2022 eqh Non Cash Valuation Adjustment
NonCashValuationAdjustment
7000000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
177000000 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
530000000 usd
CY2023Q1 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
14000000 usd
CY2022Q1 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
14000000 usd
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
163000000 usd
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
163000000 usd
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
516000000 usd
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
516000000 usd
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.45
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.33
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.45
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.32
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2500000 shares
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3300000 shares
CY2022Q4 eqh Ownership Interest In Joint Venture Expected After Five Years
OwnershipInterestInJointVentureExpectedAfterFiveYears
1
CY2022Q4 eqh Ownership Interest In Joint Venture Maximum Limit Expected Period
OwnershipInterestInJointVentureMaximumLimitExpectedPeriod
P5Y
CY2023Q1 us-gaap Direct Premiums Earned
DirectPremiumsEarned
290000000 usd
CY2022Q1 us-gaap Direct Premiums Earned
DirectPremiumsEarned
250000000 usd
CY2023Q1 us-gaap Assumed Premiums Earned
AssumedPremiumsEarned
52000000 usd
CY2022Q1 us-gaap Assumed Premiums Earned
AssumedPremiumsEarned
50000000 usd
CY2023Q1 us-gaap Ceded Premiums Earned
CededPremiumsEarned
66000000 usd
CY2022Q1 us-gaap Ceded Premiums Earned
CededPremiumsEarned
53000000 usd
CY2023Q1 us-gaap Premiums Earned Net
PremiumsEarnedNet
276000000 usd
CY2022Q1 us-gaap Premiums Earned Net
PremiumsEarnedNet
247000000 usd
CY2023Q1 eqh Direct Chargesand Fee Income
DirectChargesandFeeIncome
777000000 usd
CY2022Q1 eqh Direct Chargesand Fee Income
DirectChargesandFeeIncome
834000000 usd
CY2023Q1 eqh Ceded Insurance Commissions And Fees
CededInsuranceCommissionsAndFees
-189000000 usd
CY2022Q1 eqh Ceded Insurance Commissions And Fees
CededInsuranceCommissionsAndFees
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CY2023Q1 eqh Policy Chargesand Fee Income
PolicyChargesandFeeIncome
588000000 usd
CY2022Q1 eqh Policy Chargesand Fee Income
PolicyChargesandFeeIncome
650000000 usd
CY2023Q1 us-gaap Policyholder Benefits And Claims Incurred Gross
PolicyholderBenefitsAndClaimsIncurredGross
859000000 usd
CY2022Q1 us-gaap Policyholder Benefits And Claims Incurred Gross
PolicyholderBenefitsAndClaimsIncurredGross
917000000 usd
CY2023Q1 us-gaap Reinsurance Effect On Claims And Benefits Incurred Amount Assumed
ReinsuranceEffectOnClaimsAndBenefitsIncurredAmountAssumed
36000000 usd
CY2022Q1 us-gaap Reinsurance Effect On Claims And Benefits Incurred Amount Assumed
ReinsuranceEffectOnClaimsAndBenefitsIncurredAmountAssumed
55000000 usd
CY2023Q1 us-gaap Reinsurance Effect On Claims And Benefits Incurred Amount Ceded
ReinsuranceEffectOnClaimsAndBenefitsIncurredAmountCeded
165000000 usd
CY2022Q1 us-gaap Reinsurance Effect On Claims And Benefits Incurred Amount Ceded
ReinsuranceEffectOnClaimsAndBenefitsIncurredAmountCeded
170000000 usd
CY2023Q1 us-gaap Policyholder Benefits And Claims Incurred Net
PolicyholderBenefitsAndClaimsIncurredNet
730000000 usd
CY2022Q1 us-gaap Policyholder Benefits And Claims Incurred Net
PolicyholderBenefitsAndClaimsIncurredNet
802000000 usd
CY2023Q1 eqh Direct Interest Credited To Policyholders Account Balances
DirectInterestCreditedToPolicyholdersAccountBalances
464000000 usd
CY2022Q1 eqh Direct Interest Credited To Policyholders Account Balances
DirectInterestCreditedToPolicyholdersAccountBalances
338000000 usd
CY2023Q1 eqh Interest Credited To Policyholders Account Balances Ceded
InterestCreditedToPolicyholdersAccountBalancesCeded
-1000000 usd
CY2022Q1 eqh Interest Credited To Policyholders Account Balances Ceded
InterestCreditedToPolicyholdersAccountBalancesCeded
-25000000 usd
CY2023Q1 us-gaap Interest Credited To Policyholders Account Balances
InterestCreditedToPolicyholdersAccountBalances
463000000 usd
CY2022Q1 us-gaap Interest Credited To Policyholders Account Balances
InterestCreditedToPolicyholdersAccountBalances
313000000 usd
CY2023Q1 eqh Reinsurance Retention Policy Per Life Single Lives Amount Retained
ReinsuranceRetentionPolicyPerLifeSingleLivesAmountRetained
25000000 usd
CY2023Q1 eqh Reinsurance Retention Policy Per Life Joint Lives Amount Retained
ReinsuranceRetentionPolicyPerLifeJointLivesAmountRetained
30000000 usd
CY2023Q1 eqh Reinsurance Due From Reinsurer Fair Value Disclosure
ReinsuranceDueFromReinsurerFairValueDisclosure
10676000000 usd
CY2022Q4 eqh Reinsurance Due From Reinsurer Fair Value Disclosure
ReinsuranceDueFromReinsurerFairValueDisclosure
10423000000 usd
CY2023Q1 us-gaap Reinsurance Recoverables On Paid Losses
ReinsuranceRecoverablesOnPaidLosses
8453000000 usd
CY2022Q4 us-gaap Reinsurance Recoverables On Paid Losses
ReinsuranceRecoverablesOnPaidLosses
8471000000 usd
CY2023Q1 eqh Reinsurance Recoverable Amount Due To Reinsurers
ReinsuranceRecoverableAmountDueToReinsurers
1428000000 usd
CY2022Q4 eqh Reinsurance Recoverable Amount Due To Reinsurers
ReinsuranceRecoverableAmountDueToReinsurers
1533000000 usd

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eqh-20230331_lab.xml Edgar Link unprocessable
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