XML 65 R37.htm IDEA: XBRL DOCUMENT v3.24.0.1
SCHEDULE II - PARENT COMPANY
 12 Months Ended
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract]  
SCHEDULE II - PARENT COMPANY
Balance Sheets (Parent Company)
December 31, 2023 and 2022
December 31,
20232022
(in millions, except share amounts)
ASSETS
Investment in consolidated subsidiaries$3,972 $2,652 
Fixed maturities available-for-sale, at fair value (amortized cost of $507 and $737)
487 693 
Other equity investments119 139 
Other invested assets— 448 
Total investments4,578 3,932 
Cash and cash equivalents1,392 711 
Goodwill and other intangible assets, net1,229 1,242 
Loans to affiliates900 990 
Receivable from affiliates728 714 
Current and deferred income taxes assets696 541 
Other assets168 265 
Total Assets$9,691 $8,395 
LIABILITIES
Short-term debt$— $520 
Long-term debt3,820 3,322 
Employee benefits liabilities798 777 
Loans from affiliates1,900 1,900 
Payable to affiliates494 394 
Other liabilities30 81 
Total Liabilities$7,042 $6,994 
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; 491,003,966 and 508,418,442 shares issued, respectively; 333,877,990 and 365,081,940 shares outstanding, respectively
5 4 
Additional paid-in capital2,328 2,299 
Treasury stock, at cost, 157,125,976 and 143,336,502 shares, respectively
(3,712)(3,297)
Retained earnings10,243 9,825 
Accumulated other comprehensive income (loss)(7,777)(8,992)
Total equity attributable to Holdings2,649 1,401 
Total Liabilities and Equity Attributable to Holdings$9,691 $8,395 

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, 2023, 2022, AND 2021
Year Ended December 31,
202320222021
(in millions)
REVENUES
Equity in income (losses) from continuing operations of consolidated subsidiaries$1,355 $2,282 $2,042 
Net investment income (loss)106 66 26 
Investment gains (losses), net— — (12)
Total revenues1,461 2,348 2,056 
EXPENSES
Interest expense291 248 241 
Other operating costs and expenses37 33 58 
Total expenses328 281 299 
Income (loss) from continuing operations, before income taxes1,133 2,067 1,757 
Income tax (expense) benefit169 86 (2)
Net income (loss) attributable to Holdings1,302 2,153 1,755 
Less: Preferred stock dividends80 80 79 
Net income (loss) available to Holdings' common shareholders$1,222 $2,073 $1,676 
COMPREHENSIVE INCOME (LOSS)
Net income (loss)$1,302 $2,153 $1,755 
Other comprehensive income (loss) net of income taxes:
Change in net unrealized gains (losses) on investments24 (6)(85)
Change in defined benefit plans(10)10 251 
Equity in net other comprehensive income (loss) from continuing operations of consolidated subsidiaries1,201 (10,299)(2,726)
Total other comprehensive income (loss), net of income taxes1,215 (10,295)(2,560)
Comprehensive income (loss)$2,517 $(8,142)$(805)

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, 2023, 2022, AND 2021
Year Ended December 31,
202320222021
(in millions)
Net income (loss) attributable to Holdings$1,302 $2,153 $1,755 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Equity in net (earnings) loss of subsidiaries(1,355)(2,282)(2,042)
Non-cash long term incentive compensation expense13 64 15 
Amortization and depreciation46 57 60 
Equity (income) loss limited partnerships6 (29)(19)
Dividends from subsidiaries2,442 1,801 792 
Changes in:
Current and deferred taxes(150)83 (151)
Other, net90 (23)14 
Net cash provided by (used in) operating activities$2,394 $1,824 $424 
Cash flows from investing activities:
Proceeds from the sale/maturity/prepayment of:
Fixed maturities, available-for-sale$228 $131 $210 
Short-term investments1,000 550 — 
Other— 5 — 
Payment for the purchase/origination of:
Fixed maturities, available-for-sale(10)— — 
Short-term investments(544)(1,000)— 
Other(10)(16)(7)
Net issuance on credit facilities to affiliates90 (235)(80)
Proceeds from the sale of subsidiary— — 215 
Net cash provided by (used in) investing activities$754 $(565)$338 
Cash flows from financing activities:
Issuance of preferred stock $— $— $293 
Issuance of long-term debt497 — — 
Change in short-term financings(520)— — 
Repayment of long-term debt — — (280)
Proceeds from loans from affiliates— — 1,000 
Shareholder dividends paid(301)(294)(296)
Preferred dividends paid(80)(80)(79)
Purchase of treasury shares(919)(849)(1,637)
Capital contribution to subsidiaries(1,142)(225)(815)
Other, net(2)33 (53)
Net cash provided by (used in) financing activities$(2,467)$(1,415)$(1,867)
Change in cash and cash equivalents681 (156)(1,105)
Cash and cash equivalents, beginning of year711 867 1,972 
Cash and cash equivalents, end of year$1,392 $711 $867 
Supplemental cash flow information:
Interest paid$185 $185 $209 
Income taxes (refunded) paid$2 $153 $153 
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 both December 31, 2023 and 2022, $900 million was outstanding under the EQH Facility with interest rates of approximately 5.3% and 4.3%, 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. The amount outstanding on the loan at both December 31, 2023 and 2022, was $1.0 billion.
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. The amount outstanding on the loan at both December 31, 2023 and 2022 was $900 million.
Interest cost related to loans from affiliates totaled $90 million, $60 million and $30 million for the years ended December 31, 2023, 2022 and 2021, 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.