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SCHEDULE II - PARENT COMPANY | 12 Months Ended
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Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract] |
SCHEDULE II - PARENT COMPANY | Balance Sheets (Parent Company) December 31, 2022 and 2021
| December 31,
| 2022 |  | 2021
| (in millions, except share amounts)
ASSETS |  |  |
Investment in consolidated subsidiaries | $ | 2,929 |  |  | $ | 13,128 |
Fixed maturities available-for-sale, at fair value (amortized cost of $737 and $884) | 693 |  |  | 874 |
Other equity investments | 139 |  |  | 92 |
Other invested assets | 448 |  |  | — |
Total investments | 4,209 |  |  | 14,094 |
Cash and cash equivalents | 711 |  |  | 867 |
Goodwill and other intangible assets, net | 1,242 |  |  | 1,255 |
Loans to affiliates | 990 |  |  | 755 |
Receivable from affiliates | 714 |  |  | 585 |
Current and deferred income taxes assets | 521 |  |  | 600 |
Other assets | 265 |  |  | 44 |
Total Assets | $ | 8,652 |  |  | $ | 18,200 |
LIABILITIES |  |  |
Short-term debt | $ | 520 |  |  | $ | — |
Long-term debt | 3,322 |  |  | 3,839 |
Employee benefits liabilities | 777 |  |  | 853 |
Loans from affiliates | 1,900 |  |  | 1,900 |
Payable to affiliates | 394 |  |  | 48 |
Other liabilities | 81 |  |  | 41 |
Total Liabilities | $ | 6,994 |  |  | $ | 6,681 |
EQUITY ATTRIBUTABLE TO HOLDINGS |  |  |
Preferred stock and additional paid-in capital, $1 par value and $25,000 liquidation preference | $ | 1,562 |  |  | $ | 1,562 |
Common stock, $0.01 par value, 2,000,000,000 shares authorized; 508,418,442 and 520,918,331 shares issued, respectively; 365,081,940 and 391,290,224 shares outstanding, respectively | 4 |  |  | 4 |
Additional paid-in capital | 2,299 |  |  | 1,919 |
Treasury stock, at cost, 143,336,502 and 129,628,107 shares, respectively | (3,297) |  |  | (2,850) |
Retained earnings | 9,924 |  |  | 8,880 |
Accumulated other comprehensive income (loss) | (8,834) |  |  | 2,004 |
Total equity attributable to Holdings | 1,658 |  |  | 11,519 |
Total Liabilities and Equity Attributable to Holdings | $ | 8,652 |  |  | $ | 18,200 |
The financial information of Equitable Holdings, Inc. should be read in conjunction with the Consolidated Financial Statements and Notes thereto. STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) (PARENT COMPANY) YEARS ENDED DECEMBER 31, 2022, 2021, AND 2020
| 2022 |  | 2021 |  | 2020
| (in millions)
REVENUES |  |  |  |  |
Equity in income (losses) from continuing operations of consolidated subsidiaries | $ | 1,935 |  |  | $ | (152) |  |  | $ | (668) |
Net investment income (loss) | 66 |  |  | 26 |  |  | 26 |
Investment gains (losses), net | — |  |  | (12) |  |  | — |
Total revenues | 2,001 |  |  | (138) |  |  | (642) |
EXPENSES |  |  |  |  |
Interest expense | 248 |  |  | 241 |  |  | 229 |
Other operating costs and expenses | 33 |  |  | 58 |  |  | 40 |
Total expenses | 281 |  |  | 299 |  |  | 269 |
Income (loss) from continuing operations, before income taxes | 1,720 |  |  | (437) |  |  | (911) |
Income tax (expense) benefit | 65 |  |  | (2) |  |  | 263 |
Net income (loss) attributable to Holdings | 1,785 |  |  | (439) |  |  | (648) |
Less: Preferred stock dividends | 80 |  |  | 79 |  |  | 53 |
Net income (loss) available to Holdings' common shareholders | $ | 1,705 |  |  | $ | (518) |  |  | $ | (701) |
COMPREHENSIVE INCOME (LOSS) |  |  |  |  |
Net income (loss) | $ | 1,785 |  |  | $ | (439) |  |  | $ | (648) |
Other comprehensive income (loss) net of income taxes: |  |  |  |  |
Change in net unrealized gains (losses) on investments | (6) |  |  | (85) |  |  | 47 |
Change in defined benefit plans | 10 |  |  | 251 |  |  | 53 |
Equity in net other comprehensive income (loss) from continuing operations of consolidated subsidiaries | (10,842) |  |  | (2,025) |  |  | 2,919 |
Total other comprehensive income (loss), net of income taxes | (10,838) |  |  | (1,859) |  |  | 3,019 |
Comprehensive income (loss) | $ | (9,053) |  |  | $ | (2,298) |  |  | $ | 2,371 |
The financial information of Equitable Holdings, Inc. should be read in conjunction with the Consolidated Financial Statements and Notes thereto. STATEMENTS OF CASH FLOWS (PARENT COMPANY) YEARS ENDED DECEMBER 31, 2022, 2021, AND 2020
| 2022 |  | 2021 |  | 2020
| (in millions)
Net income (loss) attributable to Holdings | $ | 1,785 |  |  | $ | (439) |  |  | $ | (648) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |  |  |  |  |
Equity in net (earnings) loss of subsidiaries | (1,935) |  |  | 152 |  |  | 668 |
Non-cash long term incentive compensation expense | 64 |  |  | 15 |  |  | 27 |
Amortization and depreciation | 57 |  |  | 60 |  |  | 40 |
Equity (income) loss limited partnerships | (29) |  |  | (19) |  |  | (8) |
Dividends from subsidiaries | 1,801 |  |  | 792 |  |  | 2,877 |
Changes in: |  |  |  |  |
Current and deferred taxes | 104 |  |  | (151) |  |  | (250) |
Other, net | (23) |  |  | 14 |  |  | (135) |
Net cash provided by (used in) operating activities | $ | 1,824 |  |  | $ | 424 |  |  | $ | 2,571 |
Cash flows from investing activities: |  |  |  |  |
Proceeds from the sale/maturity/prepayment of: |  |  |  |  |
Fixed maturities, available-for-sale | $ | 131 |  |  | $ | 210 |  |  | $ | 131 |
Short-term investments | 550 |  |  | — |  |  | — |
Other | 5 |  |  | — |  |  | — |
Payment for the purchase/origination of: |  |  |  |  |
Fixed maturities, available-for-sale | — |  |  | — |  |  | (1,011) |
Short-term investments | (1,000) |  |  | — |  |  | — |
Other | (16) |  |  | (7) |  |  | (21) |
Net issuance on credit facilities to affiliates | (235) |  |  | (80) |  |  | (115) |
Proceeds from the sale of subsidiary | — |  |  | 215 |  |  | — |
Net cash provided by (used in) investing activities | $ | (565) |  |  | $ | 338 |  |  | $ | (1,016) |
Cash flows from financing activities: |  |  |  |  |
Issuance of preferred stock | $ | — |  |  | $ | 293 |  |  | $ | 494 |
Repayment of long-term debt | — |  |  | (280) |  |  | — |
Proceeds from loans from affiliates | — |  |  | 1,000 |  |  | — |
Repayments of loans from affiliates | — |  |  | — |  |  | (300) |
Shareholder dividends paid | (294) |  |  | (296) |  |  | (297) |
Preferred dividends paid | (80) |  |  | (79) |  |  | (53) |
Purchase of treasury shares | (849) |  |  | (1,637) |  |  | (430) |
Capital contribution to subsidiaries | (225) |  |  | (815) |  |  | (350) |
Other, net | 33 |  |  | (53) |  |  | — |
Net cash provided by (used in) financing activities | $ | (1,415) |  |  | $ | (1,867) |  |  | $ | (936) |
Change in cash and cash equivalents | (156) |  |  | (1,105) |  |  | 619 |
Cash and cash equivalents, beginning of year | 867 |  |  | 1,972 |  |  | 1,353 |
Cash and cash equivalents, end of year | $ | 711 |  |  | $ | 867 |  |  | $ | 1,972 |
Supplemental cash flow information: |  |  |  |  |
Interest paid | $ | 185 |  |  | $ | 209 |  |  | $ | 196 |
Income taxes (refunded) paid | $ | 153 |  |  | $ | 153 |  |  | $ | (265) |
Non-cash transactions from investing and financing activities: |  |  |  |  |
Change in investment in subsidiary from issuance of AB Units for CarVal acquisition | $ | 314 |  |  | $ | — |  |  | $ | — |
Non-cash dividends from subsidiaries | $ | 22 |  |  | $ | — |  |  | $ | — |
Dividend of AB Units from subsidiary | $ | — |  |  | $ | 23 |  |  | $ | — |
The financial information of Equitable Holdings, Inc. should be read in conjunction with the Consolidated Financial Statements and Notes thereto. NOTES TO PARENT COMPANY FINANCIAL STATEMENTS 1) BASIS OF PRESENTATION The financial information of Holdings should be read in conjunction with the Consolidated Financial Statements and Notes thereto. The Company is the holding company for a diversified financial services organization. 2) LOANS TO AFFILIATES On November 4, 2019, Holdings made available to AB a $900 million committed, unsecured senior credit facility (the “EQH Facility”). The EQH Facility matures on November 4, 2024 and is available for AB's general business purposes. Borrowings by AB under the EQH Facility generally bear interest at a rate per annum based on prevailing overnight commercial paper rates. The EQH Facility contains affirmative, negative and financial covenants which are substantially similar to those in AB’s committed bank facilities. The EQH Facility also includes customary events of default substantially similar to those in AB’s committed bank facilities, including provisions under which, upon the occurrence of an event of default, all outstanding loans may be accelerated and/or the lender’s commitment may be terminated. Amounts under the EQH Facility may be borrowed, repaid and re-borrowed by AB from time to time until the maturity of the facility. AB or Holdings may reduce or terminate the commitment at any time without penalty upon proper notice. Holdings also may terminate the facility immediately upon a change of control of the general partner. In As of December 31, 2022 and 2021, $900 million and $755 million were outstanding under the EQH Facility with interest rates of approximately 4.3% and 0.2%, respectively, respectively. 3) LOANS FROM AFFILIATES In June 2021, Holdings received a $1.0 billion 10-year term loan from Equitable Financial. The loan has an interest rate of 3.23% and matures in June 2031. As of December 31, 2022 and 2021, $1.0 billion was outstanding on the loan. In November 2019, Holdings received a $900 million loan from Equitable Financial. The loan has an interest rate of one- month LIBOR plus 1.33%. The loan matures on November 4, 2024. As of December 31, 2022 and 2021, $900 million was outstanding on the loan. Interest cost related to loans from affiliates totaled $60 million, $30 million and $32 million for the years ended December 31, 2022, 2021 and 2020, respectively. 4) INCOME TAXES Holdings and certain of its consolidated subsidiaries and affiliates file a consolidated federal income tax return. Holdings has tax sharing agreements with certain of its subsidiaries and generally will either receive or pay these subsidiaries for utilization of the subsidiaries’ tax benefits or expense. Holdings settles these amounts annually. 5) ISSUANCE OF SERIES A, SERIES B AND SERIES C FIXED RATE NONCUMULATIVE PERPETUAL PREFERRED STOCK See Note 20 of the Notes to the Consolidated Financial Statements. 6) SHARE REPURCHASE See Note 20 of the Notes to the Consolidated Financial Statements.

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -URI https://asc.fasb.org/extlink&oid=126898705&loc=d3e5864-122674 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI https://asc.fasb.org/extlink&oid=126929396&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
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