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EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2023

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,
			2023						2022						2021
			(in millions)
Service cost			$	8					$	6					$	6
Interest cost			119						57						46
Expected return on assets			(150)						(159)						(154)
Prior Period Svc Cost Amortization			(3)						—						—
Actuarial (gain) loss			—						1						1
Net amortization			43						65						99
Impact of settlement			—						6						6
Net periodic pension expense (benefit)			$	17					$	(24)					$	4

Components of Net Post-Retirement Benefits Costs

			Year Ended December 31,
			2023						2022						2021
			(in millions)
Service cost			$	1					$	2					$	2
Interest cost			17						10						8
Net amortization			(3)						6						9
Net periodic post-retirement benefits costs			$	15					$	18					$	19

Components of net post-employment benefits costs follow:

			Year Ended December 31,
			2023						2022						2021
			(in millions)
Service cost			$	—					$	1					$	1
Interest cost			—						—						—
Net amortization			—						—						—
Net (gain) loss			—						—						—
Net periodic post-employment benefits costs			$	—					$	1					$	1

Schedule of Accumulated and Projected Benefit Obligations

Changes in the PBO of the Company’s qualified and non-qualified plans were comprised of:

			Year Ended December 31,
			2023						2022
			(in millions)
Projected benefit obligation, beginning of year			$	2,254					$	2,900
Interest cost			107						57
Actuarial (gains)/losses (1)			60						(487)
Benefits paid			(191)						(190)
Settlements			(12)						(26)
Projected benefit obligation, end of year			$	2,218					$	2,254

______________

(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:

			Year Ended December 31,
			2023						2022
			(in millions)
Pension plan assets at fair value, beginning of year			$	2,110					$	2,808
Actual return on plan assets			149						(515)
Benefits paid and fees			(159)						(158)
Settlements			(12)						(25)
Other			18						—
Pension plan assets at fair value, end of year			2,106						2,110
PBO			2,218						2,254
Excess of PBO Over Pension Plan Assets			$	112					$	144

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,
			2023						2022
			(in millions)
Accumulated post-retirement benefits obligation, beginning of year			$	349					$	466
Service cost			1						2
Interest cost			17						10
Contributions and benefits paid			(19)						(20)
Actuarial (gains) losses			5						(109)
Accumulated post-retirement benefits obligation, end of year			$	353					$	349

Schedule of Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan

			December 31,
			2023						2022
			(in millions)
Projected benefit obligation			$	2,218					$	2,254
Accumulated benefit obligation			$	2,218					$	2,254
Fair value of plan assets			$	2,106					$	2,110

Schedule of Net Periodic Benefit Cost Not Yet Recognized

The following table discloses the amounts included in AOCI that have not yet been recognized as components of net periodic pension cost.

			December 31,
			2023						2022
			(in millions)
Unrecognized net actuarial (gain) loss			$	759					$	744
Unrecognized prior service cost (credit)			(1)						(1)
Total			$	758					$	743

The following table discloses the amounts included in AOCI that have not yet been recognized as components of net periodic post-retirement benefits cost:

			December 31,
			2023						2022
			(in millions)
Unrecognized net actuarial (gains) losses			$	22					$	17
Unrecognized prior service (credit)			(21)						(24)
Total			$	1					$	(7)

Schedule of Allocation of Plan Assets

The following table discloses the allocation of the fair value of total qualified pension plan assets:

			December 31,
			2023						2022
Fixed maturities			49.3		%				46.4		%
Equity securities			24.1						21.4
Equity real estate			19.6						22.6
Cash and short-term investments			1.9						4.0
Other			5.1						5.6
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:

			Level 1						Level 2												Total
			(in millions)
December 31, 2023:
Fixed Maturities:
Corporate			$	—					$	656											$	656
U.S. Treasury, government and agency			—						367												367
States and political subdivisions			—						7												7
Foreign governments			—						15												15
Common equity, REITs and preferred equity			327						89												416
Mutual funds			14						—												14

			Level 1						Level 2												Total
			(in millions)
Collective Trust			—						72												72
Cash and cash equivalents			12						—												12
Short-term investments			—						27												27
Total Assets at Fair Value			353						1,233												1,586
Investments measured at NAV			—						—												520
Total Investments at Fair Value			$	353					$	1,233											$	2,106
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

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:

Practical Expedient Disclosure as of December 31, 2023 and 2022

Investment			Fair Value						Redemption Frequency (If currently eligible)						Redemption Notice Period						Unfunded Commitments
			(in millions)
December 31, 2023:
Private Equity Fund			$	71					N/A (1) (2)						N/A						$	14
Private Real Estate Investment Trust			399						Quarterly						One Quarter						—
Hedge Fund			50						Calendar Quarters (3)						Previous Quarter End						$	17
Total (4)			$	520
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

_______________

(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 $96 million and $111 million as of December 31, 2023 and 2022, respectively.

Schedule of Assumptions Used

The following table discloses assumptions used to measure the Company’s pension benefit obligations and net periodic pension cost:

			December 31,
			2023						2022
Discount rates:
Equitable Financial QP			4.92%						5.13%
Equitable Excess Retirement Plan			4.88%						5.09%
MONY Life Retirement Income Security Plan for Employees			5.00%						5.22%
AB Qualified Retirement Plan			5.40%						5.50%
Other defined benefit plans			4.74% - 5.00%						4.93% - 5.22%
Periodic cost			4.70% - 5.71%						4.84% - 5.20%
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			2.50%						0.25%
Rates of compensation increase:
Benefit obligation			5.91%						5.96%
Periodic cost			6.36%						6.37%
Expected long-term rates of return on pension plan assets (periodic cost)			7.00%						6.25%

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, 2023 and 2022.

			December 31,
			2023						2022
Discount rates:
Benefit obligation			4.87% - 4.98%						5.07% - 5.20%
Periodic cost			5.07% - 5.20%						2.71% - 4.58%

Schedule of Health Care Cost Trend Rates

Assumed Healthcare Cost Trend Rates used to Measure the Expected Cost of Benefits

			December 31,
			2023						2022
Following year			7.0%						5.4%
Ultimate rate to which cost increase is assumed to decline			3.9%						3.9%
Year in which the ultimate trend rate is reached			2098						2096

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, 2024, 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, 2023 and include benefits attributable to estimated future employee service.

			Postretirement Benefits
Calendar Year			Pension Benefits
			(in millions)
2024			$	209,009
2025			$	242,979
2026			$	191,808
2027			$	184,396
2028			$	177,961
2029 to 2033			$	2,130,383

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