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EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2022
Retirement Benefits [Abstract] |
Schedule of Net Benefit Costs | Components of net periodic pension expense for the Company’s qualified and non-qualified plans were as follows:
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
| (in millions)
Service cost | $ | 6 |  |  | $ | 6 |  |  | $ | 6 |
Interest cost | 57 |  |  | 46 |  |  | 77 |
Expected return on assets | (159) |  |  | (154) |  |  | (147) |
Actuarial (gain) loss | 1 |  |  | 1 |  |  | 1 |
Net amortization | 65 |  |  | 99 |  |  | 103 |
Impact of settlement | 6 |  |  | 6 |  |  | 7 |
Net periodic pension expense (benefit) | $ | (24) |  |  | $ | 4 |  |  | $ | 47 |
Components of Net Post-Retirement Benefits Costs
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
| (in millions)
Service cost | $ | 2 |  |  | $ | 2 |  |  | $ | 2 |
Interest cost | 10 |  |  | 8 |  |  | 13 |
Net amortization | 6 |  |  | 9 |  |  | 9 |
Net periodic post-retirement benefits costs | $ | 18 |  |  | $ | 19 |  |  | $ | 24 |
Components of net post-employment benefits costs follow:
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
| (in millions)
Service cost | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |
Interest cost | — |  |  | — |  |  | — |
Net amortization | — |  |  | — |  |  | (5) |
Net (gain) loss | — |  |  | — |  |  | — |
Net periodic post-employment benefits costs | $ | 1 |  |  | $ | 1 |  |  | $ | (4) |
Schedule of Accumulated and Projected Benefit Obligations | Changes in the PBO of the Company’s qualified and non-qualified plans were comprised of:
| 2022 |  | 2021 |  |
| (in millions) |  |
Projected benefit obligation, beginning of year | $ | 2,900 |  |  | $ | 3,180 |  |  |
Interest cost | 57 |  |  | 45 |  |  |
Actuarial (gains)/losses (1) | (487) |  |  | (95) |  |  |
Benefits paid | (190) |  |  | (198) |  |  |
Settlements | (26) |  |  | (32) |  |  |
Projected benefit obligation, end of year | $ | 2,254 |  |  | 2,900 |  |  |
______________ (1)Actuarial gains and losses are a product of changes in the discount rate as shown below. The following table discloses the change in plan assets and the funded status of the Company’s qualified pension plans and non-qualified pension plans:
| 2022 |  | 2021 |  |
| (in millions)
Pension plan assets at fair value, beginning of year | $ | 2,808 |  |  | $ | 2,744 |  |  |
Actual return on plan assets | (515) |  |  | 259 |  |  |
Benefits paid | (158) |  |  | (165) |  |  |
Annuity purchases | (25) |  |  | (30) |  |  |
Pension plan assets at fair value, end of year | 2,110 |  |  | 2,808 |  |  |
PBO | 2,254 |  |  | 2,900 |  |  |
Excess of PBO over pension plan assets, end of year | $ | 144 |  |  | $ | 92 |  |  |
Changes in the accumulated benefits obligation of the Company’s post-retirement plans recognized in the accompanying consolidated financial statements are described in the following table: Accumulated Post-Retirement Benefits Obligation
| December 31, |
| 2022 |  | 2021 |
| (in millions) |
Accumulated post-retirement benefits obligation, beginning of year | $ | 466 |  |  | $ | 516 |  |
Service cost | 2 |  |  | 2 |  |
Interest cost | 10 |  |  | 8 |  |
Contributions and benefits paid | (20) |  |  | (28) |  |
Actuarial (gains) losses | (109) |  |  | (32) |  |
Accumulated post-retirement benefits obligation, end of year | $ | 349 |  |  | $ | 466 |  |
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan |
| December 31,
| 2022 |  | 2021
| (in millions)
Projected benefit obligation | $ | 2,254 |  |  | $ | 2,900 |
Accumulated benefit obligation | $ | 2,254 |  |  | $ | 2,900 |
Fair value of plan assets | $ | 2,110 |  |  | $ | 2,808 |
Schedule of Net Periodic Benefit Cost Not Yet Recognized | The following table discloses the amounts included in AOCI as of December 31, 2022 and 2021 that have not yet been recognized as components of net periodic pension cost.
| December 31,
| 2022 |  | 2021
| (in millions)
Unrecognized net actuarial (gain) loss | $ | 744 |  |  | $ | 620 |
Unrecognized prior service cost (credit) | (1) |  |  | (1) |
Total | $ | 743 |  |  | $ | 619 |
The following table discloses the amounts included in AOCI as of December 31, 2022 and 2021 that have not yet been recognized as components of net periodic post-retirement benefits cost:
| December 31,
| 2022 |  | 2021
| (in millions)
Unrecognized net actuarial (gains) losses | $ | 17 |  |  | $ | 135 |
Unrecognized prior service (credit) | (24) |  |  | (26) |
Total | $ | (7) |  |  | $ | 109 |
Schedule of Allocation of Plan Assets | The following table discloses the allocation of the fair value of total qualified pension plan assets as of December 31, 2022 and 2021:
| December 31,
| 2022 |  | 2021
Fixed maturities | 46.4 | % |  | 47.2 | %
Equity securities | 21.4 |  |  | 29.7 |
Equity real estate | 22.6 |  |  | 16.5 |
Cash and short-term investments | 4.0 |  |  | 2.5 |
Other | 5.6 |  |  | 4.1 |
Total | 100.0 | % |  | 100.0 | %
Schedule of Fair Values of Plan Assets Within Fair Value Hierarchy | The following tables disclose the fair values of qualified pension plan assets and their level of observability within the fair value hierarchy as of December 31, 2022 and 2021, respectively.
| Level 1 |  | Level 2 |  |  |  | Total
| (in millions)
December 31, 2022: |  |  |  |  |  |  |
Fixed Maturities: |  |  |  |  |  |  |
Corporate | $ | — |  |  | $ | 619 |  |  |  |  | $ | 619 |
U.S. Treasury, government and agency | — |  |  | 336 |  |  |  |  | 336 |
States and political subdivisions | — |  |  | 8 |  |  |  |  | 8 |
Foreign governments | — |  |  | 15 |  |  |  |  | 15 |
Common equity, REITs and preferred equity | 308 |  |  | 59 |  |  |  |  | 367 |
Mutual funds | 30 |  |  | — |  |  |  |  | 30 |
Collective Trust | — |  |  | 61 |  |  |  |  | 61 |
Cash and cash equivalents | 47 |  |  | — |  |  |  |  | 47 |
Short-term investments | — |  |  | 34 |  |  |  |  | 34 |
Total Assets at Fair Value | 385 |  |  | 1,132 |  |  |  |  | 1,517 |
Investments measured at NAV | — |  |  | — |  |  |  |  | 600 |
Total Investments at Fair Value | $ | 385 |  |  | $ | 1,132 |  |  |  |  | $ | 2,117 |
December 31, 2021: |  |  |  |  |  |  |
Fixed Maturities: |  |  |  |  |  |  |
Corporate | $ | — |  |  | $ | 842 |  |  |  |  | $ | 842 |
U.S. Treasury, government and agency | — |  |  | 426 |  |  |  |  | 426 |
States and political subdivisions | — |  |  | 16 |  |  |  |  | 16 |
Foreign governments | — |  |  | 18 |  |  |  |  | 18 |
Common equity, REITs and preferred equity | 576 |  |  | 108 |  |  |  |  | 684 |
Mutual funds | 62 |  |  | — |  |  |  |  | 62 |
Collective Trust | — |  |  | 99 |  |  |  |  | 99 |
Cash and cash equivalents | 19 |  |  | — |  |  |  |  | 19 |
Short-term investments | — |  |  | 46 |  |  |  |  | 46 |
Total Assets at Fair Value | 657 |  |  | 1,555 |  |  |  |  | 2,212 |
Investments measured at NAV | — |  |  | — |  |  |  |  | 593 |
Total Investments at Fair Value | $ | 657 |  |  | $ | 1,555 |  |  |  |  | $ | 2,805 |
Schedule of Employee Benefit Plan, Practical Expedient | The following table lists investments for which NAV is calculated; NAV is used as a practical expedient to determine the fair value of these investments as of December 31, 2022 and 2021. Practical Expedient Disclosure as of December 31, 2022 and 2021
Investment | Fair Value |  | Redemption Frequency (If currently eligible) |  | Redemption Notice Period |  | Unfunded Commitments
| (in millions)
December 31, 2022: |  |  |  |  |  |  |
Private Equity Fund | $ | 79 |  |  | N/A (1) (2) |  | N/A |  | $ | 16 |
Private Real Estate Investment Trust | 468 |  |  | Quarterly |  | One Quarter |  | — |
Hedge Fund | 53 |  |  | Calendar Quarters (3) |  | Previous Quarter End |  | $ | 10 |
Total (4) | $ | 600 |  |  |  |  |  |  |
December 31, 2021: |  |  |  |  |  |  |
Private Equity Fund | $ | 72 |  |  | N/A (1)(2) |  | N/A |  | $ | 19 |
Private Real Estate Investment Trust | 457 |  |  | Quarterly |  | One Quarter |  | — |
Hedge Fund | 65 |  |  | Calendar Quarters (3) |  | Previous Quarter End |  | $ | 5 |
Total (4) | $ | 594 |  |  |  |  |  |  |
_______________ (1)Cannot sell or transfer ownership interest without prior written consent to transfer, and by meeting several criteria (e.g., does not adversely affect other investors). (2)Cannot sell interest in the vehicle without prior written consent of the managing member. (3)March, June, September and December. (4)Includes equity method investments of $111 million and $109 million as of December 31, 2022 and 2021, respectively.
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets | The table below presents a reconciliation for all Level 3 fair values of qualified pension plan assets as of December 31, 2022, 2021 and 2020, respectively: Level 3 Instruments Fair Value Measurements
| Private Real Estate Investment Trusts |  | Other Equity Investments |  | Fixed Maturities |  |
| (in millions)
Balance, January 1, 2022 | $ | — |  |  | $ | — |  |  | $ | (1) |  |  |
Actual return on plan assets — Sales/Settlements | — |  |  | — |  |  | (1) |  |  |
Balance, December 31, 2022 | $ | — |  |  | $ | — |  |  | $ | (2) |  |  |
Balance, January 1, 2021 | $ | — |  |  | $ | — |  |  | $ | — |  |  |
Actual return on plan assets — Sales/Settlements | — |  |  | — |  |  | (1) |  |  |
Balance, December 31, 2021 | $ | — |  |  | $ | — |  |  | $ | (1) |  |  |
Balance, January 1, 2020 | $ | — |  |  | $ | — |  |  | $ | 1 |  |  |
Actual return on plan assets — Sales/Settlements | — |  |  | — |  |  | (1) |  |  |
Balance, December 31, 2020 | $ | — |  |  | $ | — |  |  | $ | — |  |  |
Schedule of Assumptions Used | The following table discloses assumptions used to measure the Company’s pension benefit obligations and net periodic pension cost at and for the years ended December 31, 2022 and 2021.
| December 31,
| 2022 |  | 2021
Discount rates: |  |  |
Equitable Financial QP | 5.13% |  | 2.55%
Equitable Excess Retirement Plan | 5.09% |  | 2.47%
MONY Life Retirement Income Security Plan for Employees | 5.22% |  | 2.78%
AB Qualified Retirement Plan | 5.50% |  | 2.55%
Other defined benefit plans | 4.93%-5.22% |  | 2.05%-2.78%
Periodic cost | 4.84% - 5.20% |  | 1.18%-2.78%
Cash balance interest crediting rate for pre-April 1, 2012 accruals | 4.00% |  | 4.00%
Cash balance interest crediting rate for post-April 1, 2012 accruals | 0.25% |  | 0.50%
Rates of compensation increase: |  |  |
Benefit obligation | 5.96% |  | 5.97%
Periodic cost | 6.37% |  | 6.33%
Expected long-term rates of return on pension plan assets (periodic cost) | 6.25% |  | 6.25%
The assumed discount rates for measuring the post-retirement benefit obligations as of December 31, 2022 and 2021 were determined in substantially the same manner as described above for measuring the pension benefit obligations. The following table discloses the range of discrete single equivalent discount rates and related net periodic cost at and for the years ended December 31, 2022 and 2021.
| December 31,
| 2022 |  | 2021
Discount rates: |  |  |
Benefit obligation | 5.07%-5.20% |  | 2.43%-2.72%
Periodic cost | 2.71%-4.58% |  | 2.34%-2.52%
Schedule of Health Care Cost Trend Rates | Assumed Healthcare Cost Trend Rates used to Measure the Expected Cost of Benefits
| December 31,
| 2022 |  | 2021
Following year | 5.4% |  | 5.1%
Ultimate rate to which cost increase is assumed to decline | 3.9% |  | 4.0%
Year in which the ultimate trend rate is reached | 2096 |  | 2094
Schedule of Expected Benefit Payments | The following table provides an estimate of future benefits expected to be paid in each of the next five years, beginning January 1, 2023, and in the aggregate for the five years thereafter. These estimates are based on the same assumptions used to measure the respective benefit obligations as of December 31, 2022 and include benefits attributable to estimated future employee service.
|  |  | Postretirement Benefits
|  |  |  |  | Health
Calendar Year | Pension Benefits |  | Life Insurance |  | Gross Estimate Payment |  | Estimated Medicare Part D Subsidy |  | Net Estimate Payment
| (in millions)
2023 | $ | 210,551 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
2024 | $ | 245,066 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
2025 | $ | 198,657 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
2026 | $ | 188,175 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
2027 | $ | 180,393 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
2028 to 2032 | $ | 2,280,266 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |

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