COMMITMENTS AND CONTINGENT LIABILITIES (Tables)

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Activity of Funding Agreements

The table below summarizes the Company’s activity of funding agreements with the FHLB.

Change in FHLB Funding Agreements during the Nine Months Ended September 30, 2024


	Outstanding Balance at December 31, 2023		Issued During the Period		Repaid During the Period		Long-term Agreements Maturing Within One Year		Long-term Agreements Maturing Within Five Years		Outstanding Balance at September 30, 2024
	(in millions)
Short-term funding agreements:
Due in one year or less	$	6,168	$	49,084	$	(49,534)	$	125	$	—	$	5,843
Long-term funding agreements:
Due in years two through five	799		—		—		(67)		—		732
Due in more than five years	648		—		—		(58)		—		590
Total long-term funding agreements	1,447		—		—		(125)		—		1,322
Total funding agreements (1)	$	7,615	$	49,084	$	(49,534)	$	—	$	—	$	7,165

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(1)The $2 million and $3 million difference between the funding agreements carrying value shown in fair value table for September 30, 2024 and December 31, 2023, respectively, reflects the remaining amortization of a hedge implemented and closed, which locked in the funding agreements borrowing rates.

The table below summarizes Equitable Financial’s activity of funding agreements under the FABN program.

Change in FABN Funding Agreements during the Nine Months Ended September 30, 2024


	Outstanding Balance at December 31, 2023		Issued During the Period		Repaid During the Period		Long-term Agreements Maturing Within One Year		Long-term Agreements Maturing Within Five Years		Foreign Currency Transaction Adjustment		Outstanding Balance at September 30, 2024
	(in millions)
Short-term funding agreements:
Due in one year or less	$	1,000	$	—	$	(500)	$	650	$	—	$	—	$	1,150
Long-term funding agreements:
Due in years two through five	4,984		—		—		(650)		—		24		4,358
Due in more than five years	300		—		—		—		—		—		300
Total long-term funding agreements	5,284		—		—		(650)		—		24		4,658
Total funding agreements (1)	$	6,284	$	—	$	(500)	$	—	$	—	$	24	$	5,808

_____________

(1)The $13 million and $17 million difference between the funding agreements notional value shown and carrying value table as of September 30, 2024 and December 31, 2023, respectively, reflects the remaining amortization of the issuance cost of the funding agreements and the foreign currency transaction adjustment.