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Investments in Operating Joint Ventures (Tables) | 12 Months Ended
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Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract] |
Equity Method Investments | The following tables set forth summarized combined financial information for significant LP/LLC interests accounted for under the equity method, including the Company’s investments in operating joint ventures that are described in more detail in Note 9. Changes between periods in the tables below reflect changes in the activities within the operating joint ventures and LPs/LLCs, as well as changes in the Company’s level of investment in such entities:
|  | December 31,
|  | 2023 |  | 2022
|  | (in millions)
STATEMENTS OF FINANCIAL POSITION |  |  |  |
Total assets(1) |  | $ | 681,739 |  |  | $ | 707,192 |
Total liabilities(2) |  | $ | 61,785 |  |  | $ | 83,634 |
Partners’ capital |  | 619,954 |  |  | 623,558 |
Total liabilities and partners’ capital |  | $ | 681,739 |  |  | $ | 707,192 |
Total liabilities and partners’ capital included above |  | $ | 14,895 |  |  | $ | 13,683 |
Equity in LP/LLC interests not included above |  | 968 |  |  | 726 |
Carrying value |  | $ | 15,863 |  |  | $ | 14,409 |
__________ (1)Amount represents gross assets of each fund where the Company has a significant investment. These assets consist primarily of investments in real estate, investments in securities and other miscellaneous assets. (2)Amount represents gross liabilities of each fund where the Company has a significant investment. These liabilities consist primarily of third party borrowed funds, securities repurchase agreements and other miscellaneous liabilities.
|  | Years Ended December 31,
|  | 2023 |  | 2022 |  | 2021
|  | (in millions)
STATEMENTS OF OPERATIONS |  |  |  |  |  |
Total revenue(1) |  | $ | 43,325 |  |  | $ | 28,299 |  |  | $ | 128,429 |
Total expenses(2) |  | (14,551) |  |  | (3,608) |  |  | (21,235) |
Net earnings (losses) |  | $ | 28,774 |  |  | $ | 24,691 |  |  | $ | 107,194 |
Equity in net earnings (losses) included above |  | $ | 620 |  |  | $ | 641 |  |  | $ | 2,085 |
Equity in net earnings (losses) of LP/LLC interests not included above |  | 22 |  |  | 16 |  |  | 161 |
Total equity in net earnings (losses) |  | $ | 642 |  |  | $ | 657 |  |  | $ | 2,246 |
__________ (1)Amount represents gross revenue of each fund where the Company has a significant investment. This revenue consists of income from investments in real estate, investments in securities and other income. (2)Amount represents gross expenses of each fund where the Company has a significant investment. These expenses consist primarily of interest expense, investment management fees, salary expenses and other expenses. The following table sets forth information related to the Company’s investments in operating joint ventures as of and for the years ended December 31:
|  | 2023(1) |  | 2022 |  | 2021(2)
|  | (in millions)
Investment in operating joint ventures |  | $ | 1,192 |  |  | $ | 1,211 |  |  | $ | 1,306 |
Dividends received from operating joint ventures |  | $ | 66 |  |  | $ | 81 |  |  | $ | 116 |
After-tax equity in earnings of operating joint ventures |  | $ | 49 |  |  | $ | (62) |  |  | $ | 98 |
__________ (1)In September of 2023, the Company acquired a 20% equity interest as a limited partner in Prismic. See Note 1 for additional information. (2)In March of 2021, the Company sold its 35% ownership stake in Pramerica SGR, an asset management joint venture within PGIM. See Note 1 for additional information.

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- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 + Details
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