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SCHEDULE II - PARENT COMPANY
 12 Months Ended
Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract]  
SCHEDULE II - PARENT COMPANY
Balance Sheets (Parent Company)
December 31, 2022 and 2021
December 31,
20222021
(in millions, except share amounts)
ASSETS
Investment in consolidated subsidiaries$2,652 $11,960 
Fixed maturities available-for-sale, at fair value (amortized cost of $737 and $884)
693 874 
Other equity investments139 92 
Other invested assets448 — 
Total investments3,932 12,926 
Cash and cash equivalents711 867 
Goodwill and other intangible assets, net1,242 1,255 
Loans to affiliates990 755 
Receivable from affiliates714 585 
Current and deferred income taxes assets541 600 
Other assets265 44 
Total Assets$8,395 $17,032 
LIABILITIES
Short-term debt$520 $— 
Long-term debt3,322 3,839 
Employee benefits liabilities777 853 
Loans from affiliates1,900 1,900 
Payable to affiliates394 48 
Other liabilities81 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 capital2,299 1,919 
Treasury stock, at cost, 143,336,502 and 129,628,107 shares, respectively
(3,297)(2,850)
Retained earnings9,825 8,413 
Accumulated other comprehensive income (loss)(8,992)1,303 
Total equity attributable to Holdings1,401 10,351 
Total Liabilities and Equity Attributable to Holdings$8,395 $17,032 

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
202220212020
(in millions)
REVENUES
Equity in income (losses) from continuing operations of consolidated subsidiaries$2,282 $2,042 $(668)
Net investment income (loss)66 26 26 
Investment gains (losses), net— (12)— 
Total revenues2,348 2,056 (642)
EXPENSES
Interest expense248 241 229 
Other operating costs and expenses33 58 40 
Total expenses281 299 269 
Income (loss) from continuing operations, before income taxes2,067 1,757 (911)
Income tax (expense) benefit86 (2)263 
Net income (loss) attributable to Holdings2,153 1,755 (648)
Less: Preferred stock dividends80 79 53 
Net income (loss) available to Holdings' common shareholders$2,073 $1,676 $(701)
COMPREHENSIVE INCOME (LOSS)
Net income (loss)$2,153 $1,755 $(648)
Other comprehensive income (loss) net of income taxes:
Change in net unrealized gains (losses) on investments(6)(85)47 
Change in defined benefit plans10 251 53 
Equity in net other comprehensive income (loss) from continuing operations of consolidated subsidiaries(10,299)(2,726)2,919 
Total other comprehensive income (loss), net of income taxes(10,295)(2,560)3,019 
Comprehensive income (loss)$(8,142)$(805)$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
202220212020
(in millions)
Net income (loss) attributable to Holdings$2,153 $1,755 $(648)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Equity in net (earnings) loss of subsidiaries(2,282)(2,042)668 
Non-cash long term incentive compensation expense64 15 27 
Amortization and depreciation57 60 40 
Equity (income) loss limited partnerships(29)(19)(8)
Dividends from subsidiaries1,801 792 2,877 
Changes in:
Current and deferred taxes83 (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 $131 
Short-term investments550 — — 
Other5 — — 
Payment for the purchase/origination of:
Fixed maturities, available-for-sale— — (1,011)
Short-term investments(1,000)— — 
Other(16)(7)(21)
Net issuance on credit facilities to affiliates(235)(80)(115)
Proceeds from the sale of subsidiary— 215 — 
Net cash provided by (used in) investing activities$(565)$338 $(1,016)
Cash flows from financing activities:
Issuance of preferred stock $— $293 $494 
Repayment of long-term debt — (280)— 
Proceeds from loans from affiliates— 1,000 — 
Repayments of loans from affiliates— — (300)
Shareholder dividends paid(294)(296)(297)
Preferred dividends paid(80)(79)(53)
Purchase of treasury shares(849)(1,637)(430)
Capital contribution to subsidiaries(225)(815)(350)
Other, net33 (53)— 
Net cash provided by (used in) financing activities$(1,415)$(1,867)$(936)
Change in cash and cash equivalents(156)(1,105)619 
Cash and cash equivalents, beginning of year867 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 22 of the Notes to the Consolidated Financial Statements.
6)    SHARE REPURCHASE
See Note 22 of the Notes to the Consolidated Financial Statements.