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Revenue from Contracts with Customers (Tables)

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of disaggregated revenue by segment

The following tables present revenue disaggregated by segment on an adjusted operating basis with a reconciliation of segment revenues to those reported on the Consolidated Statements of Operations:

			Three Months Ended September 30, 2024
			Advice & Wealth Management						Asset Management						Retirement & Protection Solutions						Corporate & Other						Total Segments						Non-operating Revenue						Total
			(in millions)
Management and financial advice fees:
Asset management fees:
Retail			$	—					$	540					$	—					$	—					$	540					$	—					$	540
Institutional			—						143						—						—						143						—						143
Model delivery(2)			—						21						—						—						21						—						21
Advisory fees			1,451						—						—						—						1,451						—						1,451
Financial planning fees			111						—						—						—						111						—						111
Transaction and other fees			97						52						14						—						163						—						163
Total management and financial advice fees			1,659						756						14						—						2,429						—						2,429
Distribution fees:
Mutual funds			209						57						—						—						266						—						266
Insurance and annuity			266						41						87						—						394						—						394
Off-balance sheet brokerage cash			32						—						—						—						32						—						32
Other products			107						—						—						—						107						—						107
Total distribution fees			614						98						87						—						799						—						799
Other revenues			66						5						—						(1)						70						—						70
Total revenue from contracts with customers			2,339						859						101						(1)						3,298						—						3,298
Revenue from other sources (1)			566						23						872						123						1,584						56						1,640
Total segment gross revenues			2,905						882						973						122						4,882						56						4,938
Banking and deposit interest expense			(163)						—						—						(7)						(170)						—						(170)
Total segment net revenues			2,742						882						973						115						4,712						56						4,768
Elimination of intersegment revenues			(237)						(24)						(113)						7						(367)						(4)						(371)
Total net revenues			$	2,505					$	858					$	860					$	122					$	4,345					$	52					$	4,397

			Three Months Ended September 30, 2023
			Advice & Wealth Management						Asset Management						Retirement & Protection Solutions						Corporate & Other						Total Segments						Non-operating Revenue						Total
			(in millions)
Management and financial advice fees:
Asset management fees:
Retail			$	—					$	499					$	—					$	—					$	499					$	—					$	499
Institutional			—						148						—						—						148						—						148
Model delivery(2)			—						17						—						—						17						—						17
Advisory fees			1,228						—						—						—						1,228						—						1,228
Financial planning fees			102						—						—						—						102						—						102
Transaction and other fees			94						50						14						—						158						—						158
Total management and financial advice fees			1,424						714						14						—						2,152						—						2,152
Distribution fees:
Mutual funds			184						53						—						—						237						—						237
Insurance and annuity			226						39						82						—						347						—						347
Off-balance sheet brokerage cash			58						—						—						—						58						—						58
Other products			84						—						—						—						84						—						84
Total distribution fees			552						92						82						—						726						—						726
Other revenues			57						2						—						—						59						—						59
Total revenue from contracts with customers			2,033						808						96						—						2,937						—						2,937
Revenue from other sources (1)			525						18						780						149						1,472						13						1,485
Total segment gross revenues			2,558						826						876						149						4,409						13						4,422
Banking and deposit interest expense			(151)						—						—						(6)						(157)						—						(157)
Total segment net revenues			2,407						826						876						143						4,252						13						4,265
Elimination of intersegment revenues			(217)						(21)						(104)						5						(337)						(3)						(340)
Total net revenues			$	2,190					$	805					$	772					$	148					$	3,915					$	10					$	3,925

			Nine Months Ended September 30, 2024
			Advice & Wealth Management						Asset Management						Retirement & Protection Solutions						Corporate & Other						Total Segments						Non-operating Revenue						Total
			(in millions)
Management and financial advice fees:
Asset management fees:
Retail			$	—					$	1,592					$	—					$	—					$	1,592					$	—					$	1,592
Institutional			—						424						—						—						424						—						424
Model delivery(2)			—						60						—						—						60						—						60
Advisory fees			4,115						—						—						—						4,115						—						4,115
Financial planning fees			333						—						—						—						333						—						333
Transaction and other fees			291						154						44						—						489						—						489
Total management and financial advice fees			4,739						2,230						44						—						7,013						—						7,013
Distribution fees:
Mutual funds			604						169						—						—						773						—						773
Insurance and annuity			773						120						255						—						1,148						—						1,148
Off-balance sheet brokerage cash			122						—						—						—						122						—						122
Other products			321						—						—						—						321						—						321
Total distribution fees			1,820						289						255						—						2,364						—						2,364
Other revenues			192						10						—						—						202						—						202
Total revenue from contracts with customers			6,751						2,529						299						—						9,579						—						9,579
Revenue from other sources (1)			1,709						56						2,514						369						4,648						156						4,804
Total segment gross revenues			8,460						2,585						2,813						369						14,227						156						14,383
Banking and deposit interest expense			(514)						—						—						(22)						(536)						—						(536)
Total segment net revenues			7,946						2,585						2,813						347						13,691						156						13,847
Elimination of intersegment revenues			(698)						(71)						(327)						21						(1,075)						(9)						(1,084)
Total net revenues			$	7,248					$	2,514					$	2,486					$	368					$	12,616					$	147					$	12,763

			Nine Months Ended September 30, 2023
			Advice & Wealth Management						Asset Management						Retirement & Protection Solutions						Corporate & Other						Total Segments						Non-operating Revenue						Total
			(in millions)
Management and financial advice fees:
Asset management fees:
Retail			$	—					$	1,480					$	—					$	—					$	1,480					$	—					$	1,480
Institutional			—						425						—						—						425						—						425
Model delivery(2)			—						49						—						—						49						—						49
Advisory fees			3,491						—						—						—						3,491						—						3,491
Financial planning fees			307						—						—						—						307						—						307
Transaction and other fees			279						146						42						—						467						—						467
Total management and financial advice fees			4,077						2,100						42						—						6,219						—						6,219
Distribution fees:
Mutual funds			538						156						—						—						694						—						694
Insurance and annuity			659						116						244						—						1,019						—						1,019
Off-balance sheet brokerage cash			268						—						—						—						268						—						268
Other products			249						—						—						—						249						—						249
Total distribution fees			1,714						272						244						—						2,230						—						2,230
Other revenues			174						14						—						—						188						—						188
Total revenue from contracts with customers			5,965						2,386						286						—						8,637						—						8,637
Revenue from other sources (1)			1,435						47						2,272						430						4,184						113						4,297
Total segment gross revenues			7,400						2,433						2,558						430						12,821						113						12,934
Banking and deposit interest expense			(385)						—						—						(13)						(398)						—						(398)
Total segment net revenues			7,015						2,433						2,558						417						12,423						113						12,536
Elimination of intersegment revenues			(629)						(57)						(310)						12						(984)						(9)						(993)
Total net revenues			$	6,386					$	2,376					$	2,248					$	429					$	11,439					$	104					$	11,543

(1) Revenues not included in the scope of the revenue from contracts with customers standard. The amounts primarily consist of revenue associated with insurance and annuity products and investment income from financial instruments.

(2) Current year disclosure has been expanded to separately state model delivery revenue. Prior periods have been updated to conform to current year presentation.

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- Definition

Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

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- References

No definition available.

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