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Investments in Operating Joint Ventures (Tables)
 12 Months Ended
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,

20232022
 (in millions)
STATEMENTS OF FINANCIAL POSITION
Total assets(1)$681,739 $707,192 
Total liabilities(2)$61,785 $83,634 
Partners’ capital619,954 623,558 
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 above968 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,

202320222021
 (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 above22 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)20222021(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.