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SIGNIFICANT ACCOUNTING POLICIES (Tables)
 3 Months Ended
Mar. 31, 2017
Accounting Policies [Abstract]  
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block]
The following table presents the effects of the revision to the Company’s previously reported consolidated statements of earnings (loss), comprehensive income (loss), statements of equity and statements of cash flows for the first quarter ended March 31, 2016:
 
As previously reported
 
Adjustments
 
As Revised
 
(In Millions)
 
 
 
 
 
 
Statements of Earnings (Loss):
 
 
 
Revenues:
 
 
 
 
 
Universal life and investment-type product policy fee income
$
901

 
$
(86
)
 
$
815

Premiums
126

 
89

 
215

Increase (decrease in the fair value of the GMIB reinsurance contract asset
1,637

 
(8
)
 
1,629

Total Revenues
5,034

 
(5
)
 
5,029

Benefits and other deductions:
 
 
 
 
 
Policyholders' benefits
1,150

 
(32
)
 
1,118

Interest credited to Policyholder's Account Balances
277

 
(32
)
 
245

Amortization of deferred policy acquisition costs
(10
)
 
10

 
—

Total benefits and other deductions
2,580

 
(54
)
 
2,526

 
 
 
 
 
 
Earnings (loss) from operations, before income taxes
2,454

 
49

 
2,503

Income tax (expense) benefit
(734
)
 
(17
)
 
(751
)
 
 
 
 
 
 
Net earnings (loss)
1,720

 
32

 
1,752

 
 
 
 
 
 
Net Earnings (Loss) Attributable to AXA Equitable
$
1,603

 
$
32

 
$
1,635

 
 
 
 
 
 
 
 
 
 
 
 
Statements of Comprehensive Income (Loss):
 
 
 
 
 
 
 
 
 
Net earnings (loss)
$
1,720

 
$
32

 
$
1,752

Comprehensive income (loss)
2,509

 
32

 
2,541

Comprehensive Income (Loss) Attributable to AXA Equitable
$
2,389

 
$
32

 
$
2,421

 
 
 
 
 
 
Statements of Equity:
 
 
 
 
 
 
 
 
 
 
 
Retained earnings, beginning of year
$
8,958

 
$
(62
)
 
$
8,896

Net earnings (loss)
1,603

 
32

 
1,635

Retained earnings, end of period
10,561

 
(30
)
 
10,531

 
 
 
 
 
 
Total AXA Equitable’s equity, end of period
16,894

 
(30
)
 
16,864

 
 
 
 
 
 
Noncontrolling interest, beginning of year
3,086

 
(27
)
 
3,059

Noncontrolling interest, end of period
3,069

 
(27
)
 
3,042

 
 
 
 
 
 
Total Equity, End of Period
$
19,963

 
$
(57
)
 
$
19,906



 
As previously reported
 
Adjustments
 
As Revised
 
(In Millions)
 
 
 
 
 
 
Statements of Cash flows:
 
 
 
 
 
Cash flow from operating activities:
 
 
 
 
Net earnings (loss)
$
1,720

 
$
32

 
$
1,752

Universal life and investment-type product policy fee income
(901
)
 
86

 
(815
)
Interest credited to policyholders’ account balances
277

 
(32
)
 
245

(Increase) decrease in the fair value of the reinsurance contract asset
(1,637
)
 
8

 
(1,629
)
Realized and unrealized (gains) losses on trading securities
(66
)
 
8

 
(58
)
Changes in:
 
 
 
 
 
Variable interest entities
(2
)
 
2

 
—

Future policy benefits
572

 
(32
)
 
540

Reinsurance recoverable
(145
)
 
(89
)
 
(234
)
Deferred Policy Acquisition costs
(10
)
 
10

 
—

Current and deferred income taxes
733

 
17

 
750

Accounts payable and accrued expenses
(2
)
 
2

 
—

Other
50

 
79

 
129

Net cash provided by (used in) operating activities
$
99

 
$
91

 
$
190

 
 
 
 
 
 
Cash flows from financing activities:
 
 
 
 
 
    (Decrease) increase in overdrafts payable
—

 
(91
)
 
(91
)
Net cash provided by (used in) financing activities
$
1,468

 
$
(91
)
 
$
1,377



The following table presents the effects of the revision to the Company's previously reported consolidated balance sheets as of December 31, 2016 and 2015:
 
As previously reported
 
Adjustments
 
As Revised
 
December 31,
 
December 31,
 
December 31,
 
2016
 
2015
 
2016
 
2015
 
2016
 
2015
 
(In Millions)
 
 
 
 
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
 
 
 
DAC
$
4,301

 
$
4,469

 
$
(86
)
 
$
(5
)
 
$
4,215

 
$
4,464

Amounts due from reinsurers
4,635

 
4,466

 
—

 
21

 
4,635

 
4,487

Guaranteed minimum income benefit
reinsurance asset, at fair value
10,309

 
10,570

 
—

 
8

 
10,309

 
10,578

Other assets
4,260

 
4,634

 
—

 
13

 
4,260

 
4,647

Total Assets
$
203,764

 
$
194,626

 
$
(86
)
 
$
37

 
$
203,678


$
194,663

 
 
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 

 

Policyholders' account balance
$
38,782

 
$
33,033

 
$
60

 
$
(120
)
 
$
38,842

 
$
32,913

Future policyholders' benefits and other policyholders' liabilities
25,358

 
24,531

 
69

 
288

 
25,427

 
24,819

Current and deferred taxes
3,816

 
4,647

 
(74
)
 
10

 
3,742

 
4,657

Other liabilities
2,108

 
2,586

 
—

 
(52
)
 
2,108

 
2,534

Total Liabilities
186,945

 
177,018

 
55

 
126

 
187,000

 
177,144

Equity:
 
 
 
 
 
 
 
 


 


Retained Earnings
7,983

 
8,958

 
(141
)
 
(62
)
 
7,842


8,896

AXA Equitable Equity
13,331

 
14,509

 
(141
)
 
(62
)
 
13,190

 
14,447

Noncontrolling interest
3,085

 
3,086

 
—

 
(27
)
 
3,085

 
3,059

Equity
16,416

 
17,595

 
(141
)
 
(89
)
 
16,275

 
17,506

 
 
 
 
 
 
 
 
 


 


Total Liabilities and Equity
$
203,764

 
$
194,626

 
$
(86
)
 
$
37

 
$
203,678


$
194,663


The following table presents the effects of the revision to the Company’s previously reported consolidated statements of earnings (loss), statements comprehensive income (loss), statements of equity and cash flows for the years ended December 31, 2016, 2015 and 2014:

 
As previously reported
 
Adjustments
 
As Revised
 
Year Ended December 31,
 
Year Ended December 31,
 
Year Ended December 31,
 
2016
 
2015
 
2014
 
2016
 
2015
 
2014
 
2016
 
2015
 
2014
 
(In Millions)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Earnings (Loss):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Universal life and investment-type product policy fee income
$
3,423

 
$
3,208

 
$
3,115

 
$
12

 
$
133

 
$
67

 
$
3,435

 
$
3,341

 
$
3,182

Premiums
880

 
854

 
874

 
—

 
—

 
—

 
880

 
854

 
874

Increase (decrease in the fair value of the GMIB reinsurance contract asset
(261
)
 
(141
)
 
3,964

 
(8
)
 
—

 
(2
)
 
(269
)
 
(141
)
 
3,962

Total Revenues
9,705

 
9,819

 
15,640

 
4

 
133

 
65

 
9,709

 
9,952

 
15,705

Benefits and other deductions:
 
 
 
 
 
 
 
 
 
 
 


 


 


Policyholders' benefits
2,893

 
2,799

 
3,708

 
(39
)
 
67

 
366

 
2,854

 
2,866

 
4,074

Interest credited to Policyholder's Account Balances
1,555

 
978

 
1,186

 
100

 
(72
)
 
(109
)
 
1,655

 
906

 
1,077

Amortization of deferred policy acquisition costs
162

 
(331
)
 
(413
)
 
81

 
19

 
38

 
243

 
(312
)
 
(375
)
Other operating costs and expenses
1,458

 
1,415

 
1,692

 
—

 
82

 
(24
)
 
1,458

 
1,497

 
1,668

Total benefits and other deductions
9,274

 
8,169

 
9,525

 
142

 
96

 
271

 
9,416

 
8,265

 
9,796

 
 
 
 
 
 
 
 
 
 
 
 
 


 


 


Earnings (loss) from operations, before income taxes
431

 
1,650

 
6,115

 
(138
)
 
37

 
(206
)
 
293

 
1,687

 
5,909

Income tax (expense) benefit
113

 
(186
)
 
(1,695
)
 
86

 
(11
)
 
73

 
199

 
(197
)
 
(1,622
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net earnings (loss)
544

 
1,464

 
4,420

 
(52
)
 
26

 
(133
)
 
492

 
1,490

 
4,287

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Less: net (earnings) loss attributable to the noncontrolling interest
(469
)
 
(403
)
 
(387
)
 
(27
)
 
—

 
—

 
(496
)
 
(403
)
 
(387
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Earnings (Loss) Attributable to AXA Equitable
$
75

 
$
1,061

 
$
4,033

 
$
(79
)
 
$
26

 
$
(133
)
 
$
(4
)
 
$
1,087

 
$
3,900

 
 
 
 
 
 
 
 
 
 
 
 
 


 


 


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Comprehensive Income (Loss):
 
 
 
 
 
 
 


 


 


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net earnings (loss)
$
544

 
$
1,464

 
$
4,420

 
$
(52
)
 
$
26

 
$
(133
)
 
$
492

 
$
1,490

 
$
4,287

Comprehensive income (loss)
306

 
554

 
5,345

 
(52
)
 
26

 
(133
)
 
254

 
580

 
5,212

Less: Comprehensive (income) loss attributable to noncontrolling interest
(452
)
 
(388
)
 
(358
)
 
(27
)
 
—

 
—

 
(479
)
 
(388
)
 
(358
)
Comprehensive Income (Loss) Attributable to AXA Equitable
$
(146
)
 
$
166

 
$
4,987

 
$
(79
)
 
$
26

 
$
(133
)
 
$
(225
)
 
$
192

 
$
4,854

 
 
 
 
 
 
 
 
 
 
 
 
 


 


 




 
As previously reported
 
Adjustments
 
As Revised
 
Year Ended December 31,
 
Year Ended December 31,
 
Year Ended December 31,
 
2016
 
2015
 
2014
 
2016
 
2015
 
2014
 
2016
 
2015
 
2014
 
(In Millions)
 
 
Statements of Equity:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Capital in excess of par value, beginning of year
$
5,321

 
$
5,957

 
$
5,934

 
$
—

 
$
—

 
$
(26
)
 
$
5,321

 
$
5,957

 
$
5,908

Deferred tax on dividend of AB Units
—

 
(35
)
 
(26
)
 
—

 
—

 
26

 
—

 
(35
)
 
—

Capital in excess of par value, end of year
5,339

 
5,321

 
5,957

 
—

 
—

 
—

 
5,339

 
5,321

 
5,957

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Retained earnings, beginning of year
$
8,958

 
$
8,809

 
$
5,205

 
$
(62
)
 
$
(88
)
 
$
(3
)
 
$
8,896

 
$
8,721

 
$
5,202

Stockholder dividends
(1,050
)
 
912

 
(429
)
 
—

 
—

 
48

 
$
(1,050
)
 
$
912

 
$
(381
)
Net earnings (loss)
75

 
1,061

 
4,033

 
(79
)
 
26

 
(133
)
 
(4
)
 
1,087

 
3,900

Retained earnings, end of period
7,983

 
8,958

 
8,809

 
(141
)
 
(62
)
 
(88
)
 
7,842

 
8,896

 
8,721

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total AXA Equitable’s equity, end of period
13,331

 
14,509

 
15,119

 
(141
)
 
(62
)
 
(88
)
 
13,190

 
14,447

 
15,031

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Noncontrolling interest, beginning of year
3,086

 
2,989

 
2,903

 
(27
)
 
(27
)
 
21

 
3,059

 
2,962

 
2,924

Net earnings (loss) attributable to noncontrolling interest
464

 
403

 
387

 
27

 
—

 
—

 
491

 
403

 
387

Dividend of AB Units by AXA Equitable to AXA Financial
—

 
145

 
48

 
—

 
—

 
(48
)
 
—

 
145

 
—

Noncontrolling interest, end of year
3,085

 
3,086

 
2,989

 
—

 
(27
)
 
(27
)
 
3,085

 
3,059

 
2,962

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Equity, End of Period
$
16,416

 
$
17,595

 
$
18,108

 
$
(141
)
 
$
(89
)
 
$
(88
)
 
$
16,275

 
$
17,506

 
$
18,020

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statements of Cash flows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash flow from operating activities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net earnings (loss)
$
544

 
$
1,464

 
$
4,420

 
$
(52
)
 
$
26

 
$
(133
)
 
$
492

 
$
1,490

 
$
4,287

Universal life and investment-type product policy fee income
(3,423
)
 
(3,208
)
 
(3,115
)
 
(12
)
 
(133
)
 
(67
)
 
(3,435
)
 
(3,341
)
 
(3,182
)
Interest credited to policyholders’ account balances
1,555

 
978

 
1,186

 
100

 
(72
)
 
(109
)
 
1,655

 
906

 
1,077

(Increase) decrease in the fair value of the reinsurance contract asset
261

 
141

 
(3,964
)
 
8

 
—

 
2

 
269

 
141

 
(3,962
)
Amortization of deferred cost of reinsurance asset
159

 
39

 
302

 
—

 
82

 
(24
)
 
159

 
121

 
278

Changes in:
 
 
 
 
 
 
 
 
 
 
 
 


 


 


Future policy benefits
783

 
934

 
1,647

 
(39
)
 
67

 
366

 
744

 
1,001

 
2,013

 
As previously reported
 
Adjustments
 
As Revised
 
Year Ended December 31,
 
Year Ended December 31,
 
Year Ended December 31,
 
2016
 
2015
 
2014
 
2016
 
2015
 
2014
 
2016
 
2015
 
2014
 
(In Millions)
 
 
Deferred Policy Acquisition costs
162

 
(331
)
 
(413
)
 
81

 
19

 
38

 
243

 
(312
)
 
(375
)
Current and deferred income taxes
(771
)
 
258

 
1,448

 
(86
)
 
11

 
(73
)
 
(857
)
 
269

 
1,375

Other
31

 
111

 
(98
)
 
—

 
82

 
39

 
31

 
193

 
(59
)
Net cash provided by (used in) operating activities
$
(461
)
 
$
(244
)
 
$
(639
)
 
$
—

 
$
82

 
$
39

 
$
(461
)
 
$
(162
)
 
$
(600
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Policyholders' accounts balance deposits
$
9,342

 
$
5,757

 
$
6,011

 
$
404

 
$
484

 
$
494

 
$
9,746

 
$
6,241

 
$
6,505

Policyholders' accounts balance transfer (to) from Separate Accounts
1,606

 
1,045

 
815

 
(404
)
 
(484
)
 
(494
)
 
1,202

 
561

 
321

(Decrease) increase in overdrafts payable
(85
)
 
—

 
—

 
—

 
(82
)
 
(39
)
 
(85
)
 
(82
)
 
(39
)
Net cash provided by (used in) financing activities
$
5,751

 
$
3,034

 
$
3,843

 
$
—

 
$
(82
)
 
$
(39
)
 
$
5,751

 
$
2,952

 
$
3,804