COMMITMENTS AND CONTINGENT LIABILITIES (Tables)

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

The table below summarizes the Company’s activity of funding agreements with the FHLB.

Change in FHLB Funding Agreements during the Nine Months Ended September 30, 2022


	Outstanding Balance at December 31, 2021		Issued During the Period		Repaid During the Period		Long-term Agreements Maturing Within One Year		Long-term Agreements Maturing Within Five Years		Outstanding Balance at September 30, 2022
	(in millions)
Short-term funding agreements:
Due in one year or less	$	5,353	$	40,964	$	(41,132)	$	153	$	—	$	5,338
Long-term funding agreements:
Due in years two through five	1,290		647		—		(153)		—		1,784
Due in more than five years	—		705		—		—		—		705
Total long-term funding agreements	1,290		1,352		—		(153)		—		2,489
Total funding agreements (1)	$	6,643	$	42,316	$	(41,132)	$	—	$	—	$	7,827

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(1)The $4 million and $4 million difference between the funding agreements carrying value shown in fair value table for September 30, 2022 and December 31, 2021, respectively, reflects the remaining amortization of a hedge implemented and closed, which locked in the funding agreements borrowing rates.

The table below summarizes Equitable Financial’s activity of funding agreements under the FABN program.

Change in FABN Funding Agreements during the Nine Months Ended September 30, 2022


	Outstanding Balance at December 31, 2021		Issued During the Period		Repaid During the Period		Long-term Agreements Maturing Within One Year		Long-term Agreements Maturing Within Five Years		Foreign Currency Transaction Adjustment		Outstanding Balance at September 30, 2022
	(in millions)
Short-term funding agreements:
Due in one year or less	$	—	$	—	$	—	$	1,000	$	—	$	—	$	1,000
Long-term funding agreements:
Due in years two through five	4,600		—		—		(1,000)		500		—		4,100
Due in more than five years	2,119		—		—		—		(500)		(79)		1,540
Total long-term funding agreements	6,719		—		—		(1,000)		—		(79)		5,640
Total funding agreements (1)	$	6,719	$	—	$	—	$	—	$	—	$	(79)	$	6,640

_____________

(1)The $28 million and $70 million difference between the funding agreements notional value shown and carrying value table as of September 30, 2022 and December 31, 2021, respectively, reflects the remaining amortization of the issuance cost of the funding agreements and the foreign currency transaction adjustment.