XML 57 R37.htm IDEA: XBRL DOCUMENT v3.25.0.1
SCHEDULE II - PARENT COMPANY
 12 Months Ended
Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]  
SCHEDULE II - PARENT COMPANY
Balance Sheets (Parent Company)
December 31, 2024 and 2023
December 31,
20242023
(in millions, except share amounts)
ASSETS
Investment in consolidated subsidiaries$2,848 $3,972 
Fixed maturities available-for-sale, at fair value (amortized cost of $(251) and $507)
248 487 
Other equity investments359 119 
Total investments3,455 4,578 
Cash and cash equivalents1,628 1,392 
Goodwill and other intangible assets, net1,216 1,229 
Loans to affiliates710 900 
Receivable from affiliates873 728 
Current and deferred income taxes assets753 696 
Other assets230 168 
Total Assets$8,865 $9,691 
LIABILITIES
Long-term debt$3,833 $3,820 
Employee benefits liabilities758 798 
Loans from affiliates1,900 1,900 
Payable to affiliates680 494 
Other liabilities109 30 
Total Liabilities$7,280 $7,042 
EQUITY ATTRIBUTABLE TO HOLDINGS
Preferred stock and additional paid-in capital, $1 par value and $25,000 liquidation preference
$1,507 $1,562 
Common stock, $0.01 par value, 2,000,000,000 shares authorized; 477,801,636 and 491,003,966 shares issued, respectively; 309,900,248 and 333,877,990 shares outstanding, respectively
5 5 
Additional paid-in capital2,336 2,328 
Treasury stock, at cost, 167,901,388 and 157,125,976 shares, respectively
(4,198)(3,712)
Retained earnings10,647 10,243 
Accumulated other comprehensive income (loss)(8,712)(7,777)
Total equity attributable to Holdings1,585 2,649 
Total Liabilities and Equity Attributable to Holdings$8,865 $9,691 

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, 2024, 2023, AND 2022
Year Ended December 31,
202420232022
(in millions)
REVENUES
Equity in income (losses) from continuing operations of consolidated subsidiaries$1,439 $1,355 $2,282 
Net investment income (loss)120 106 66 
Investment gains (losses), net3 — — 
Other income1 — — 
Total revenues1,563 1,461 2,348 
EXPENSES
Interest expense298 291 248 
Other operating costs and expenses43 37 33 
Total expenses341 328 281 
Income (loss) from continuing operations, before income taxes1,222 1,133 2,067 
Income tax (expense) benefit85 169 86 
Net income (loss) attributable to Holdings1,307 1,302 2,153 
Less: Preferred stock dividends80 80 80 
Net income (loss) available to Holdings' common shareholders$1,227 $1,222 $2,073 
COMPREHENSIVE INCOME (LOSS)
Net income (loss)$1,307 $1,302 $2,153 
Other comprehensive income (loss) net of income taxes:
Change in net unrealized gains (losses) on investments368 24 (6)
Change in defined benefit plans60 (10)10 
Equity in net other comprehensive income (loss) from continuing operations of consolidated subsidiaries(1,363)1,201 (10,299)
Total other comprehensive income (loss), net of income taxes(935)1,215 (10,295)
Comprehensive income (loss)$372 $2,517 $(8,142)

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, 2024, 2023, AND 2022
Year Ended December 31,
202420232022
(in millions)
Net income (loss) attributable to Holdings$1,307 $1,302 $2,153 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Investment (gains) losses
(3)— — 
Equity in net (earnings) loss of subsidiaries(1,439)(1,355)(2,282)
Non-cash long term incentive compensation expense91 13 64 
Amortization and depreciation46 46 57 
Equity (income) loss limited partnerships(1)6 (29)
Dividends from subsidiaries1,499 2,442 1,801 
Changes in:
Current and deferred taxes(68)(150)83 
Other, net(6)90 (23)
Net cash provided by (used in) operating activities$1,426 $2,394 $1,824 
Cash flows from investing activities:
Proceeds from the sale/maturity/prepayment of:
Fixed maturities, available-for-sale$1,270 $228 $131 
Short-term investments7 1,000 550 
Other6 — 5 
Payment for the purchase/origination of:
Fixed maturities, available-for-sale(481)(10)— 
Short-term investments— (544)(1,000)
Other— (10)(16)
Net issuance on credit facilities to affiliates190 90 (235)
Proceeds from the sale of subsidiary— — — 
Other, net5 — — 
Net cash provided by (used in) investing activities$997 $754 $(565)
Cash flows from financing activities:
Redemption of preferred stock
$(55)$— $— 
Issuance of long-term debt— 497 — 
Change in short-term financings— (520)— 
Repayment of long-term debt (565)— — 
Proceeds from loans from affiliates— — — 
Shareholder dividends paid(302)(301)(294)
Preferred dividends paid(80)(80)(80)
Purchase of treasury shares(1,014)(919)(849)
Capital contribution to subsidiaries— (1,142)(225)
Purchase of AllianceBernstein Units(185)— — 
Other, net14 (2)33 
Net cash provided by (used in) financing activities$(2,187)$(2,467)$(1,415)
Change in cash and cash equivalents236 681 (156)
Cash and cash equivalents, beginning of period1,392 711 867 
Cash and cash equivalents, end of period$1,628 $1,392 $711 
Supplemental cash flow information:
Interest paid$192 $185 $185 
Income taxes (refunded) paid$(17)$2 $153 
Non-cash transactions from investing and financing activities:
Change in investment in subsidiary to equity investment
$138 $— $— 
Change in investment in subsidiary from issuance of AB Units for CarVal acquisition
$— $— $314 
Non-cash dividends from subsidiaries$— $— $22 
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 was amended and restated as of August 30, 2024, extending the maturity date to August 31, 2029. There were no other significant changes included in the amendment. The EQH Facility 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. As of December 31, 2024 and 2023, AB had $710 million and $900 million outstanding under the EQH Facility with interest rates of approximately 4.3% and 5.3%, 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, 2024 and 2023, was $1.0 billion.
In November 2019, Holdings received a $900 million loan from Equitable Financial that matured November 4, 2024. The loan was reissued on November 4, 2024, with an interest rate of one- month CME Term SOFR plus 1.25%. The loan matures on November 4, 2029. The amount outstanding on the loan at both December 31, 2024 and 2023 was $900 million.
Interest cost related to loans from affiliates totaled $88 million, $90 million and $60 million for the years ended December 31, 2024, 2023 and 2022, 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.