2023 Q3 Form 10-Q Financial Statement

#000133398623000028 Filed on August 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $3.624B $4.269B
YoY Change 20.44% -17.4%
Cost Of Revenue $693.0M $1.571B
YoY Change 10.88% 71.88%
Gross Profit $2.931B $2.698B
YoY Change 22.94% -36.58%
Gross Profit Margin 80.88% 63.2%
Selling, General & Admin $593.0M $566.0M
YoY Change 4.77% 9.27%
% of Gross Profit 20.23% 20.98%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $196.0M $156.0M
YoY Change -9.26% -18.32%
% of Gross Profit 6.69% 5.78%
Operating Expenses $1.208B $1.187B
YoY Change 3.42% -5.87%
Operating Profit $1.723B $1.511B
YoY Change 41.69% -49.52%
Interest Expense $55.00M -$972.0M
YoY Change 7.84% -2044.0%
% of Operating Profit 3.19% -64.33%
Other Income/Expense, Net
YoY Change
Pretax Income $1.475B $539.0M
YoY Change 252.03% -75.94%
Income Tax $340.0M -$292.0M
% Of Pretax Income 23.05% -54.17%
Net Earnings $1.064B $733.0M
YoY Change 289.74% -57.58%
Net Earnings / Revenue 29.36% 17.17%
Basic Earnings Per Share $3.03 $2.06
Diluted Earnings Per Share $3.02 $2.06
COMMON SHARES
Basic Shares Outstanding 347.4M shares 356.1M shares
Diluted Shares Outstanding 348.0M shares 356.1M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.096B $7.693B
YoY Change 47.28% 50.58%
Cash & Equivalents $6.096B $7.693B
Short-Term Investments
Other Short-Term Assets $928.0M $879.0M
YoY Change -30.49% -49.69%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $17.31B $19.02B
YoY Change -19.07% -18.3%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $93.12B $93.66B
YoY Change 5.22% 5.01%
Other Assets $7.280B $7.078B
YoY Change -11.69% -6.14%
Total Long-Term Assets $242.9B $250.0B
YoY Change 8.35% 8.59%
TOTAL ASSETS
Total Short-Term Assets $17.31B $19.02B
Total Long-Term Assets $242.9B $250.0B
Total Assets $260.3B $269.0B
YoY Change 5.97% 6.12%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0% -100.0%
Long-Term Debt Due $7.460B $6.687B
YoY Change 39.75% 23.26%
Total Short-Term Liabilities $13.20B $13.62B
YoY Change 4.88% 8.07%
LONG-TERM LIABILITIES
Long-Term Debt $3.820B $3.819B
YoY Change -5.12% -32.98%
Other Long-Term Liabilities $231.9B $245.1B
YoY Change 3.6% 7.58%
Total Long-Term Liabilities $3.820B $3.819B
YoY Change -98.32% -98.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.20B $13.62B
Total Long-Term Liabilities $3.820B $3.819B
Total Liabilities $256.3B $263.2B
YoY Change 6.62% 6.94%
SHAREHOLDERS EQUITY
Retained Earnings $11.16B $10.33B
YoY Change 2.99% -3.67%
Common Stock $3.000M $4.000M
YoY Change -25.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.642B $3.553B
YoY Change
Total Liabilities & Shareholders Equity $260.3B $269.0B
YoY Change 5.97% 6.12%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $1.064B $733.0M
YoY Change 289.74% -57.58%
Depreciation, Depletion And Amortization $196.0M $156.0M
YoY Change -9.26% -18.32%
Cash From Operating Activities $410.0M $361.0M
YoY Change 418.99% -484.04%
INVESTING ACTIVITIES
Capital Expenditures $25.00M $39.00M
YoY Change -130.12% -305.26%
Acquisitions
YoY Change
Other Investing Activities -$2.424B -$1.048B
YoY Change -0.7% -32.73%
Cash From Investing Activities -$2.449B -$1.087B
YoY Change -2.97% -31.07%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 470.0M 3.394B
YoY Change -68.94% 206.32%
NET CHANGE
Cash From Operating Activities 410.0M 361.0M
Cash From Investing Activities -2.449B -1.087B
Cash From Financing Activities 470.0M 3.394B
Net Change In Cash -1.569B 2.668B
YoY Change 68.35% -573.89%
FREE CASH FLOW
Cash From Operating Activities $410.0M $361.0M
Capital Expenditures $25.00M $39.00M
Free Cash Flow $385.0M $322.0M
YoY Change 137.65% -529.33%

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us-gaap Schedule Of Closed Block Assets And Liabilities
ScheduleOfClosedBlockAssetsAndLiabilities
<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><td style="width:72.438%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.034%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.530%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.498%"></td><td style="width:0.1%"></td></tr><tr style="height:14pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:0 1pt"></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%">June 30, 2023</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></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:400;line-height:120%">December 31, 2022</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><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><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></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%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">5,564</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</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"></td></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><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></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:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></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%">129</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><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></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:400;line-height:100%">68 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></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%">5,693</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><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></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: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"></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:0.5pt solid #000000;padding:0 1pt"></td></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><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></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 $3,065 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%">2,857</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><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></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:400;line-height:100%">2,948 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></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%">1,649</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><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></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:400;line-height:100%">1,645 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></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%">556</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><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></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:400;line-height:100%">569 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></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%">16</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><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></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:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></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%">221</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><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></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:400;line-height:100%">187 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></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%">5,299</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><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></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: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"></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:0.5pt solid #000000;padding:0 1pt"></td></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%">394</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><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></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:400;line-height:100%">411 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></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><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></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: $44 and $47</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(164)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(177)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Maximum future earnings to be recognized from Closed Block assets and liabilities</span></td><td style="background-color:#cceeff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">$</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%">230</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><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></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: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"></td></tr></table></div>
CY2023Q2 us-gaap Closed Block Liabilities Future Policy Benefits And Policyholder Account Balances
ClosedBlockLiabilitiesFuturePolicyBenefitsAndPolicyholderAccountBalances
5564000000 usd
CY2023Q2 us-gaap Closed Block Liabilities Other Closed Block Liabilities
ClosedBlockLiabilitiesOtherClosedBlockLiabilities
129000000 usd
CY2022Q4 us-gaap Closed Block Liabilities Other Closed Block Liabilities
ClosedBlockLiabilitiesOtherClosedBlockLiabilities
68000000 usd
CY2023Q2 us-gaap Closed Block Liabilities
ClosedBlockLiabilities
5693000000 usd
CY2022Q4 us-gaap Closed Block Liabilities
ClosedBlockLiabilities
5760000000 usd
CY2023Q2 us-gaap Closed Block Investments Fixed Maturity Available For Sale Amortized Cost
ClosedBlockInvestmentsFixedMaturityAvailableForSaleAmortizedCost
3065000000 usd
CY2022Q4 us-gaap Closed Block Investments Fixed Maturity Available For Sale Amortized Cost
ClosedBlockInvestmentsFixedMaturityAvailableForSaleAmortizedCost
3171000000 usd
CY2023Q2 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
CY2023Q2 us-gaap Assets Designated To Closed Block Fixed Maturity Available For Sale At Fair Value
AssetsDesignatedToClosedBlockFixedMaturityAvailableForSaleAtFairValue
2857000000 usd
CY2022Q4 us-gaap Assets Designated To Closed Block Fixed Maturity Available For Sale At Fair Value
AssetsDesignatedToClosedBlockFixedMaturityAvailableForSaleAtFairValue
2948000000 usd
CY2023Q2 eqh Assets Designated To Closed Block Mortgage Loans On Real Estate Credit Losses
AssetsDesignatedToClosedBlockMortgageLoansOnRealEstateCreditLosses
-4000000 usd
CY2022Q4 eqh Assets Designated To Closed Block Mortgage Loans On Real Estate Credit Losses
AssetsDesignatedToClosedBlockMortgageLoansOnRealEstateCreditLosses
-4000000 usd
CY2023Q2 us-gaap Assets Designated To Closed Block Mortgage Loans On Real Estate
AssetsDesignatedToClosedBlockMortgageLoansOnRealEstate
1649000000 usd
CY2022Q4 us-gaap Assets Designated To Closed Block Mortgage Loans On Real Estate
AssetsDesignatedToClosedBlockMortgageLoansOnRealEstate
1645000000 usd
CY2023Q2 us-gaap Assets Designated To Closed Block Policy Loans
AssetsDesignatedToClosedBlockPolicyLoans
556000000 usd
CY2022Q4 us-gaap Assets Designated To Closed Block Policy Loans
AssetsDesignatedToClosedBlockPolicyLoans
569000000 usd
CY2023Q2 us-gaap Assets Designated To Closed Block Cash And Cash Equivalents
AssetsDesignatedToClosedBlockCashAndCashEquivalents
16000000 usd
CY2022Q4 us-gaap Assets Designated To Closed Block Cash And Cash Equivalents
AssetsDesignatedToClosedBlockCashAndCashEquivalents
0 usd
CY2023Q2 us-gaap Assets Designated To Closed Block Other Closed Block Assets1
AssetsDesignatedToClosedBlockOtherClosedBlockAssets1
221000000 usd
CY2022Q4 us-gaap Assets Designated To Closed Block Other Closed Block Assets1
AssetsDesignatedToClosedBlockOtherClosedBlockAssets1
187000000 usd
CY2023Q2 us-gaap Assets Designated To Closed Block
AssetsDesignatedToClosedBlock
5299000000 usd
CY2022Q4 us-gaap Assets Designated To Closed Block
AssetsDesignatedToClosedBlock
5349000000 usd
CY2023Q2 us-gaap Excess Of Reported Closed Block Liabilities Over Assets Designated To Closed Block
ExcessOfReportedClosedBlockLiabilitiesOverAssetsDesignatedToClosedBlock
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CY2022Q2 us-gaap Interest Credited To Policyholders Account Balances
InterestCreditedToPolicyholdersAccountBalances
310000000 usd
us-gaap Interest Credited To Policyholders Account Balances
InterestCreditedToPolicyholdersAccountBalances
964000000 usd
us-gaap Interest Credited To Policyholders Account Balances
InterestCreditedToPolicyholdersAccountBalances
623000000 usd
eqh Reinsurance Retention Policy Per Life Single Lives Amount Retained
ReinsuranceRetentionPolicyPerLifeSingleLivesAmountRetained
25000000 usd
eqh Reinsurance Retention Policy Per Life Joint Lives Amount Retained
ReinsuranceRetentionPolicyPerLifeJointLivesAmountRetained
30000000 usd
us-gaap Reinsurance Retention Policy Excess Retention Percentage
ReinsuranceRetentionPolicyExcessRetentionPercentage
1
CY2023Q2 eqh Reinsurance Due From Reinsurer Fair Value Disclosure
ReinsuranceDueFromReinsurerFairValueDisclosure
9931000000 usd
CY2022Q4 eqh Reinsurance Due From Reinsurer Fair Value Disclosure
ReinsuranceDueFromReinsurerFairValueDisclosure
10423000000 usd
CY2023Q2 us-gaap Reinsurance Recoverables On Paid Losses
ReinsuranceRecoverablesOnPaidLosses
8395000000 usd
CY2022Q4 us-gaap Reinsurance Recoverables On Paid Losses
ReinsuranceRecoverablesOnPaidLosses
8471000000 usd
CY2023Q2 eqh Reinsurance Recoverable Amount Due To Reinsurers
ReinsuranceRecoverableAmountDueToReinsurers
1404000000 usd
CY2022Q4 eqh Reinsurance Recoverable Amount Due To Reinsurers
ReinsuranceRecoverableAmountDueToReinsurers
1533000000 usd
CY2023Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2023Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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