COMMITMENTS AND CONTINGENT LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of Activity of Funding Agreements

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

Change in FHLB Funding Agreements during the Three Months Ended March 31, 2023


	Outstanding Balance at December 31, 2022		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 March 31, 2023
	(in millions)
Short-term funding agreements:
Due in one year or less	$	6,130	$	14,066	$	(14,201)	$	—	$	—	$	5,995
Long-term funding agreements:
Due in years two through five	1,679		—		—		—		—		1,679
Due in more than five years	692		—		—		—		—		692
Total long-term funding agreements	2,371		—		—		—		—		2,371
Total funding agreements (1)	$	8,501	$	14,066	$	(14,201)	$	—	$	—	$	8,366

_____________

(1)The $3 million and $4 million difference between the funding agreements carrying value shown in fair value table for March 31, 2023 and December 31, 2022, 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 Three Months Ended March 31, 2023


	Outstanding Balance at December 31, 2022		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 March 31, 2023
	(in millions)
Short-term funding agreements:
Due in one year or less	$	1,500	$	—	$	—	$	—	$	—	$	—	$	1,500
Long-term funding agreements:
Due in years two through five	4,000		300		—		—		750		—		5,050
Due in more than five years	1,585		—		—		—		(750)		7		842
Total long-term funding agreements	5,585		300		—		—		—		7		5,892
Total funding agreements (1)	$	7,085	$	300	$	—	$	—	$	—	$	7	$	7,392

_____________

(1)The $25 million and $66 million difference between the funding agreements notional value shown and carrying value table as of March 31, 2023 and December 31, 2022, respectively, reflects the remaining amortization of the issuance cost of the funding agreements and the foreign currency transaction adjustment.