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HELD-FOR-SALE | 6 Months Ended
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Jun. 30, 2023
Discontinued Operations and Disposal Groups [Abstract] |
HELD-FOR-SALE | HELD-FOR-SALE Assets and liabilities related to the business classified as HFS are separately reported in the consolidated balance sheets beginning in the period in which the business is classified as HFS. AB Bernstein Research Services On November 22, 2022, AB and Société Générale, a leading European bank, announced plans to form a joint venture combining their respective cash equities and research businesses. Upon closing, AB will own a 49% interest in the joint venture and Société Générale will own a 51% interest in the joint venture, with an option to reach 100% ownership after five years. The consummation of the joint venture is subject to customary closing conditions, including regulatory clearances. Due to the expected timing of regulatory approvals, the closing is expected to occur in the first half of 2024. The assets and liabilities of AB's research services business recorded at fair value, less cost to sell have been classified as held-for-sale in our Consolidated Financial Statements. As a result of classifying these assets as held-for-sale, AB recognized a non-cash valuation adjustment of $3 million, $6 million and $7 million on the consolidated statement of income, to recognize the net carrying value at lower of cost or fair value, less costs to sell for the three and six months ended June 30, 2023 an d as of December 31, 2022, respectively. Approximately $4 million in costs to sell have been paid as of June 30, 2023. The following table summarizes the assets and liabilities classified as held-for-sale as of June 30, 2023 and December 31, 2022 on the Company’s consolidated balance sheet:
|  | June 30, 2023 (1) |  | December 31, 2022 (1)
|  | (in millions)
Cash and cash equivalents |  | $ | 155 |  |  | $ | 159 |
Broker-dealer related receivables |  | 73 |  |  | 74 |
Trading securities, at fair value |  | 28 |  |  | 25 |
Goodwill and other intangible assets ,net |  | 164 |  |  | 175 |
Other assets (2) |  | 146 |  |  | 129 |
Total assets held-for-sale |  | $ | 566 |  |  | $ | 562 |
Broker-dealer related payables |  | $ | 38 |  |  | $ | 33 |
Customers related payables |  | 14 |  |  | 10 |
Other liabilities |  | 77 |  |  | 65 |
Total liabilities held-for-sale |  | $ | 129 |  |  | $ | 108 |
____________ (1) The assets and liabilities classified as held-for-sale are reported within our Investment Management & Research segment. (2) Other assets includes a valuation adjustment of $(9) million and $(7) million, as of June 30, 2023 and December 31, 2022, respectively. These assets and liabilities are reported under the Investment Management & Research segment. The Company has determined that AB’s exit from the research business did not represent a strategic shift that had a major effect on AB’s or the Company’s consolidated results of operations, and therefore, are not classified as discontinued operations.

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//360/tableOfContent + Details
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