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EMPLOYEE BENEFIT PLANS (Tables)
12 Months Ended
Dec. 31, 2022
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,
2022

20212020
 
 (in millions)
Service cost$6 $$
Interest cost57 46 77 
Expected return on assets(159)(154)(147)
Actuarial (gain) loss1 
Net amortization65 99 103 
Impact of settlement6 
Net periodic pension expense (benefit)$(24)$$47 
Components of Net Post-Retirement Benefits Costs
Year Ended December 31,
 202220212020
 
(in millions)
Service cost$2 $$
Interest cost10 13 
Net amortization6 
Net periodic post-retirement benefits costs$18 $19 $24 
Components of net post-employment benefits costs follow:
Year Ended December 31,
 202220212020
 
(in millions)
Service cost$1 $$
Interest cost — — 
Net amortization — (5)
Net (gain) loss — — 
Net periodic post-employment benefits costs$1 $$(4)
Schedule of Accumulated and Projected Benefit Obligations
Changes in the PBO of the Company’s qualified and non-qualified plans were comprised of:
 
20222021
 
(in millions)
Projected benefit obligation, beginning of year$2,900 $3,180 
Interest cost57 45 
Actuarial (gains)/losses (1)(487)(95)
Benefits paid(190)(198)
Settlements(26)(32)
Projected benefit obligation, end of year$2,254 2,900 
______________
(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:
 20222021
 
(in millions)
Pension plan assets at fair value, beginning of year$2,808 $2,744 
Actual return on plan assets(515)259 
Benefits paid(158)(165)
Annuity purchases(25)(30)
Pension plan assets at fair value, end of year2,110 2,808 
PBO2,254 2,900 
Excess of PBO over pension plan assets, end of year$144 $92 
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,
20222021
(in millions)
Accumulated post-retirement benefits obligation, beginning of year $466 $516 
Service cost 2 
Interest cost 10 
Contributions and benefits paid (20)(28)
Actuarial (gains) losses (109)(32)
Accumulated post-retirement benefits obligation, end of year $349 $466 
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan
 December 31,
 20222021
 
 (in millions)
Projected benefit obligation$2,254 $2,900 
Accumulated benefit obligation$2,254 $2,900 
Fair value of plan assets$2,110 $2,808 
Schedule of Net Periodic Benefit Cost Not Yet Recognized
The following table discloses the amounts included in AOCI as of December 31, 2022 and 2021 that have not yet been recognized as components of net periodic pension cost.
 December 31,
 20222021
 
 (in millions)
Unrecognized net actuarial (gain) loss$744 $620 
Unrecognized prior service cost (credit)(1)(1)
Total$743 $619 
The following table discloses the amounts included in AOCI as of December 31, 2022 and 2021 that have not yet been recognized as components of net periodic post-retirement benefits cost:
December 31,
20222021
(in millions)
Unrecognized net actuarial (gains) losses $17 $135 
Unrecognized prior service (credit) (24)(26)
Total $(7)$109 
Schedule of Allocation of Plan Assets
The following table discloses the allocation of the fair value of total qualified pension plan assets as of December 31, 2022 and 2021:
 December 31,
 20222021
Fixed maturities46.4 %47.2 %
Equity securities21.4 29.7 
Equity real estate22.6 16.5 
Cash and short-term investments4.0 2.5 
Other5.6 4.1 
Total100.0 %100.0 %
Schedule of Fair Values of Plan Assets Within Fair Value Hierarchy
The following tables disclose the fair values of qualified pension plan assets and their level of observability within the fair value hierarchy as of December 31, 2022 and 2021, respectively.
Level 1
Level 2
Total
(in millions)
December 31, 2022:
Fixed Maturities:
     Corporate$ $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 equity308 59 367 
Mutual funds30  30 
Collective Trust 61 61 
Cash and cash equivalents47  47 
Short-term investments 34 34 
Total Assets at Fair Value385 1,132 1,517 
Investments measured at NAV  600 
Total Investments at Fair Value$385 $1,132 $2,117 
December 31, 2021:
Fixed Maturities:
Corporate$— $842 $842 
U.S. Treasury, government and agency— 426 426 
States and political subdivisions— 16 16 
Foreign governments— 18 18 
Common equity, REITs and preferred equity576 108 684 
Mutual funds62 — 62 
Collective Trust— 99 99 
Cash and cash equivalents19 — 19 
Short-term investments— 46 46 
Total Assets at Fair Value657 1,555 2,212 
Investments measured at NAV— — 593 
Total Investments at Fair Value$657 $1,555 $2,805 
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 as of December 31, 2022 and 2021.
Practical Expedient Disclosure as of December 31, 2022 and 2021
Investment
Fair Value
Redemption Frequency
(If currently eligible)
Redemption Notice Period
Unfunded Commitments
 (in millions)
December 31, 2022:
Private Equity Fund$79 N/A (1) (2)N/A$16 
Private Real Estate Investment Trust 468 QuarterlyOne Quarter 
Hedge Fund53 Calendar Quarters (3)Previous Quarter End$10 
Total (4)$600 
December 31, 2021:
Private Equity Fund$72 N/A (1)(2)N/A$19 
Private Real Estate Investment Trust457 QuarterlyOne Quarter— 
Hedge Fund65 Calendar Quarters (3)Previous Quarter End$
Total (4)$594 
_______________
(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 $111 million and $109 million as of December 31, 2022 and 2021, respectively.
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets
The table below presents a reconciliation for all Level 3 fair values of qualified pension plan assets as of December 31, 2022, 2021 and 2020, respectively:
Level 3 Instruments
Fair Value Measurements
Private Real Estate Investment Trusts
Other Equity Investments
Fixed Maturities
(in millions)
Balance, January 1, 2022$ $ $(1)
Actual return on plan assets — Sales/Settlements  (1)
Balance, December 31, 2022$ $ $(2)
Balance, January 1, 2021$— $— $— 
Actual return on plan assets — Sales/Settlements— — (1)
Balance, December 31, 2021$— $— $(1)
Balance, January 1, 2020$— $— $
Actual return on plan assets — Sales/Settlements— — (1)
Balance, December 31, 2020$— $— $— 
Schedule of Assumptions Used
The following table discloses assumptions used to measure the Company’s pension benefit obligations and net periodic pension cost at and for the years ended December 31, 2022 and 2021.
December 31,
20222021
Discount rates:
Equitable Financial QP5.13%2.55%
Equitable Excess Retirement Plan5.09%2.47%
MONY Life Retirement Income Security Plan for Employees5.22%2.78%
AB Qualified Retirement Plan5.50%2.55%
Other defined benefit plans4.93%-5.22%2.05%-2.78%
Periodic cost4.84% - 5.20%1.18%-2.78%
Cash balance interest crediting rate for pre-April 1, 2012 accruals4.00%4.00%
Cash balance interest crediting rate for post-April 1, 2012 accruals0.25%0.50%
Rates of compensation increase:
Benefit obligation5.96%5.97%
Periodic cost6.37%6.33%
Expected long-term rates of return on pension plan assets (periodic cost)6.25%6.25%
The assumed discount rates for measuring the post-retirement benefit obligations as of December 31, 2022 and 2021 were determined in substantially the same manner as described above for measuring the pension benefit obligations. 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, 2022 and 2021.
December 31,
20222021
Discount rates:
Benefit obligation 5.07%-5.20%2.43%-2.72%
Periodic cost 2.71%-4.58%2.34%-2.52%
Schedule of Health Care Cost Trend Rates
Assumed Healthcare Cost Trend Rates used to Measure the Expected Cost of Benefits
December 31,
20222021
Following year5.4%5.1%
Ultimate rate to which cost increase is assumed to decline3.9%4.0%
Year in which the ultimate trend rate is reached20962094
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, 2023, 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, 2022 and include benefits attributable to estimated future employee service.
Postretirement Benefits
Health
Calendar Year
Pension Benefits
Life Insurance
Gross Estimate Payment
Estimated Medicare Part D Subsidy
Net Estimate Payment
(in millions)
2023$210,551 $ $ $ $ 
2024$245,066 $ $ $ $ 
2025$198,657 $ $ $ $ 
2026$188,175 $ $ $ $ 
2027$180,393 $ $ $ $ 
2028 to 2032$2,280,266 $ $ $ $