XML 62 R47.htm IDEA: XBRL DOCUMENT v3.8.0.1
QUARTERLY INTERIM FINANCIAL INFORMATION (UNAUDITED) (Tables)
 12 Months Ended
Dec. 31, 2017
Quarterly Financial Data [Abstract]  
Schedule of quarterly interim financial information
 
Three Months Ended
 
March 31    
 
June 30    
 
September 30
 
December 31
 
(in millions)
2017
 
 
 
 
 
 
 
Total Revenues
$
2,314

 
$
4,548

 
$
2,429

 
$
2,442

Total benefits and other deductions
$
2,489

 
$
2,514

 
$
2,409

 
$
2,066

Net income (loss)
$
(54
)
 
$
1,615

 
$
121

 
$
1,712

2016
 
 
 
 
 
 
 
Total Revenues
$
3,901

 
$
3,297

 
$
2,153

 
$
(213
)
Total benefits and other deductions
$
2,441

 
$
2,424

 
$
2,013

 
$
1,638

Net income (loss)
$
1,075

 
$
600

 
$
175

 
$
(1,144
)
Schedule of error corrections and prior period adjustments
 
December 31, 2016
 
As Previously Reported
 
Impact of Adjustments(1)
 
As Restated
 
(In millions)
Assets:
 
 
 
 
 
Deferred policy acquisition costs
$
4,852

 
$
206

 
$
5,058

Guaranteed minimum income benefit reinsurance asset, at fair value
10,316

 
(2
)
 
10,314

Total assets
204,352

 
204

 
204,556

 
 
 
 
 
 
Liabilities:
 
 
 
 
 
Future policyholders' benefits and other policyholders' liabilities
28,939

 
(38
)
 
28,901

Current and deferred taxes
2,751

 
83

 
2,834

Total liabilities
189,504

 
45

 
189,549

 
 
 
 
 
 
Equity:
 
 
 
 
 
Retained earnings
6,005

 
145

 
6,150

Accumulated other comprehensive income (loss)
3

 
14

 
17

Total equity attributable to AXA Equitable
11,349

 
159

 
11,508

Total equity
14,445

 
159

 
14,604

 
 
 


 
 
Total liabilities, redeemable controlling interest and equity
$
204,352

 
$
204

 
$
204,556


(1)
In the Form 8-K filed on December 21, 2017, the Company reported in Exhibit 99.1 to reflect a change in accounting principle as well as to correct errors in the previously issued financial statements. Subsequent to the filing of the Form 8-K, the Company identified certain additional errors that were material to the previously disclosed financial information that impact the pre-change in accounting principle financial information that is being restated, and thus these figures differ from what was reported in the Form 8-K.

 
As Previously Reported
 
Impact of Adjustments (1)
 
As Restated
 
As Revised
 
Year Ended December 31,
 
Year Ended December 31,
 
Year Ended December 31,
 
2016
 
2015
 
2016
 
2015
 
2016
 
2015
 
(In millions)
Statements of Income (Loss):
 
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
 
 
 
 
Premiums
854

 
828

 
26

 
24

 
880

 
852

Net derivative gains (losses)
(1,163
)
 
(1,075
)
 
(48
)
 
(86
)
 
(1,211
)
 
(1,161
)
Total revenues
9,160

 
9,023

 
(22
)
 
(62
)
 
9,138

 
8,961

Benefits and other deductions:
 
 
 
 
 
 
 
 
 
 
 
Policyholders' benefits
2,745

 
2,457

 
26

 
17

 
2,771

 
2,474

Interest credited to policyholder's account balances
1,079

 
973

 
(50
)
 
(86
)
 
1,029

 
887

Amortization of deferred policy acquisition costs, net
287

 
(254
)
 
(235
)
 
11

 
52

 
(243
)
Total benefits and other deductions
8,775

 
7,981

 
(259
)
 
(58
)
 
8,516

 
7,923

 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from operations, before income taxes
385

 
1,042

 
237

 
(4
)
 
622

 
1,038

Income tax (expense) benefit
168

 
23

 
(84
)
 
(1
)
 
84

 
22

 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
553

 
1,065

 
153

 
(5
)
 
706

 
1,060

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) attributable to AXA Equitable
$
57

 
$
667

 
$
153

 
$
(5
)
 
$
210

 
$
662

 
 
 
 
 
 
 
 
 
 
 
 
Statements of Comprehensive Income (Loss):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
$
553

 
$
1,065

 
$
153

 
$
(5
)
 
$
706

 
$
1,060

Change in unrealized gains (losses), net of reclassification adjustment
(208
)
 
(828
)
 
14

 
(4
)
 
(194
)
 
(832
)
Total other comprehensive income (loss), net of income taxes
(229
)
 
(857
)
 
14

 
(4
)
 
(215
)
 
(861
)
Comprehensive income (loss)
324

 
208

 
167

 
(9
)
 
491

 
199

Comprehensive income (loss) attributable to AXA Equitable
$
(155
)
 
$
(175
)
 
$
167

 
$
(9
)
 
$
12

 
$
(184
)

(1)
In the Form 8-K filed on December 21, 2017, the Company reported in Exhibit 99.1 to reflect a change in accounting principle as well as to correct errors in the previously issued financial statements. Subsequent to the filing of the Form 8-K, the Company identified certain additional errors that were material to the previously disclosed financial information for the year ended December 31, 2016 that impact the pre-change in accounting principle financial information that is being restated and identified certain additional errors that were not material to the previously disclosed financial information for the year ended December 31, 2015, and thus these figures differ from what was reported in the Form 8-K.

 
As Previously Reported
 
Impact of Adjustments (1)
 
As Restated
 
As Revised
 
Year Ended December 31,
 
Year Ended December 31,
 
Year Ended December 31,
 
2016
 
2015
 
2016
 
2015
 
2016
 
2015
 
(In millions)
Statements of Equity:
 
 
 
 
 
 
 
 
 
 
 
Retained earnings, beginning of year
$
6,998

 
$
7,243

 
$
(8
)
 
$
(3
)
 
$
6,990

 
$
7,240

Net income (loss) attributable to AXA Equitable
57

 
667

 
153

 
(5
)
 
210

 
662

Retained earnings, end of period
6,005

 
6,998

 
145

 
(8
)
 
6,150

 
6,990

Accumulated other comprehensive income (loss), beginning of year
215

 
285

 
—

 
4

 
215

 
289

Other comprehensive income (loss)
(212
)
 
(842
)
 
14

 
(4
)
 
(198
)
 
(846
)
Accumulated other comprehensive income (loss), end of year
3

 
215

 
14

 
—

 
17

 
215

Total AXA Equitable’s equity, end of period
11,349

 
12,536

 
159

 
(8
)
 
11,508

 
12,528

 
 
 
 
 
 
 
 
 
 
 
 
Total Equity, End of Period
$
14,445

 
$
15,595

 
$
159

 
$
(8
)
 
$
14,604

 
$
15,587

 
 
 
 
 
 
 
 
 
 
 
 
Statements of Cash flows:
 
 
 
 
 
 
 
 
 
 
 
Cash flow from operating activities:
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
$
553

 
$
1,065

 
$
153

 
$
(5
)
 
$
706

 
$
1,060

Interest credited to policyholders’ account balances
1,079

 
973

 
(50
)
 
(86
)
 
1,029

 
887

Net derivative (gains) loss
1,163

 
1,075

 
48

 
86

 
1,211

 
1,161

Changes in:
 
 
 
 
 
 
 
 
 
 
 
Deferred policy acquisition costs
287

 
(254
)
 
(235
)
 
11

 
52

 
(243
)
Current and deferred income taxes
(826
)
 
49

 
84

 
1

 
(742
)
 
50

Other
(161
)
 
(92
)
 
—

 
(7
)
 
(161
)
 
(99
)
Net cash provided by (used in) operating activities
$
(461
)
 
$
(324
)
 
$
—

 
$
—

 
$
(461
)
 
$
(324
)

(1)
In the Form 8-K filed on December 21, 2017, the Company reported in Exhibit 99.1 to reflect a change in accounting principle as well as to correct errors in the previously issued financial statements. Subsequent to the filing of the Form 8-K, the Company identified certain additional errors that were material to the previously disclosed financial information as of and for the year ended December 31, 2016 that impact the pre-change in accounting principle financial information that is being restated and identified certain additional errors that were not material to the previously disclosed financial information as of and for the year ended December 31, 2015, and thus these figures differ from what was reported in the Form 8-K.

 
As Previously Reported
 
Impact of Revisions
 
As Revised and Adjusted Herein
 
Impact of Accounting Change
 
As Revised
 
(In millions)
Three Months Ended September 30, 2017
 
 
 
 
 
 
 
 
 
Total Revenues
$
2,520

 
$
(91
)
 
$
2,429

 
$
—

 
$
2,429

Total benefits and other deductions
$
2,581

 
$
(172
)
 
$
2,409

 
$
—

 
$
2,409

Net income (loss)
$
66

 
$
55

 
$
121

 
$
—

 
$
121

 
 
 
 
 
 
 
 
 
 
Three Months Ended June 30, 2017
 
 
 
 
 
 
 
 
 
Total Revenues
$
4,488

 
$
(138
)
 
$
4,350

 
$
198

 
$
4,548

Total benefits and other deductions
$
2,691

 
$
(45
)
 
$
2,646

 
$
(132
)
 
$
2,514

Net income (loss)
$
1,459

 
$
(59
)
 
$
1,400

 
$
215

 
$
1,615

 
 
 
 
 
 
 
 
 
 
Three Months Ended March 31, 2017
 
 
 
 
 
 
 
 
 
Total Revenues
$
1,989

 
$
(67
)
 
$
1,922

 
$
392

 
$
2,314

Total benefits and other deductions
$
2,562

 
$
(143
)
 
$
2,419

 
$
70

 
$
2,489

Net income (loss)
$
(313
)
 
$
50

 
$
(263
)
 
$
209

 
$
(54
)
 
 
 
 
 
 
 
 
 
 
Three Months Ended December 31, 2016
 
 
 
 
 
 
 
 
 
Total Revenues
$
(1,942
)
 
$
75

 
$
(1,867
)
 
$
1,654

 
$
(213
)
Total benefits and other deductions
$
1,627

 
$
73

 
$
1,700

 
$
(62
)
 
$
1,638

Net income (loss)
$
(2,259
)
 
$
—

 
$
(2,259
)
 
$
1,115

 
$
(1,144
)
 
 
 
 
 
 
 
 
 
 
Three Months Ended September 30, 2016
 
 
 
 
 
 
 
 
 
Total Revenues
$
2,006

 
$
(8
)
 
$
1,998

 
$
155

 
$
2,153

Total benefits and other deductions
$
2,036

 
$
(22
)
 
$
2,014

 
$
(1
)
 
$
2,013

Net income (loss)
$
22

 
$
51

 
$
73

 
$
102

 
$
175

 
 
 
 
 
 
 
 
 
 
Three Months Ended June 30, 2016
 
 
 
 
 
 
 
 
 
Total Revenues
$
4,157

 
$
12

 
$
4,169

 
$
(872
)
 
$
3,297

Total benefits and other deductions
$
2,581

 
$
(5
)
 
$
2,576

 
$
(152
)
 
$
2,424

Net income (loss)
$
1,061

 
$
7

 
$
1,068

 
$
(468
)
 
$
600

 
 
 
 
 
 
 
 
 
 
Three Months Ended March 31, 2016
 
 
 
 
 
 
 
 
 
Total Revenues
$
4,927

 
$
110

 
$
5,037

 
$
(1,136
)
 
$
3,901

Total benefits and other deductions
$
2,473

 
$
67

 
$
2,540

 
$
(99
)
 
$
2,441

Net income (loss)
$
1,720

 
$
29

 
$
1,749

 
$
(674
)
 
$
1,075

The following tables present line items for September 30, 2017 financial information that has been affected by the revisions. This information has been corrected from the information previously presented in the Q3 2017 Form 10-Q. For these items, the tables detail the amounts as previously reported and the impact upon those line items due to the revisions and the amounts as currently revised.
 
As Previously Reported
 
Impact of Revisions
 
As Revised
 
(In millions)
As of September 30, 2017
 
 
 
 
 
Assets:
 
 
 
 
 
DAC
4,550

 
353

 
4,903

Amounts due from reinsurers
5,016

 
(12
)
 
5,004

Guaranteed minimum income benefit reinsurance asset, at fair value
10,933

 
(33
)
 
10,900

Other Assets
4,258

 
18

 
4,276

Total Assets
$
219,069

 
$
326

 
$
219,395

 
 
 
 
 
 
Liabilities:
 
 
 
 
 
Future policyholders' benefits and other policyholders' liabilities
29,423

 
29

 
29,452

Current and deferred taxes
3,148

 
117

 
3,265

Total Liabilities
202,669

 
146

 
202,815

 
 
 
 
 
 
Equity:
 
 
 
 
 
Retained Earnings
7,265

 
211

 
7,476

Accumulated other comprehensive income (loss)
362

 
(31
)
 
331

AXA Equitable Equity
12,990

 
180

 
13,170

Equity
15,959

 
180

 
16,139

Total Liabilities and Equity
$
219,069

 
$
326

 
$
219,395


 
As Previously Reported
 
Impact of Revisions
 
As Revised
 
(In millions)
Three Months Ended September 30, 2017
 
 
 
 
 
Statements of Income (Loss):
 
 
 
 
 
Revenues:
 
 
 
 
 
Policy charges and fee income
$
914

 
$
(7
)
 
$
907

Premiums
204

 
4

 
208

Net derivative gains (losses)
(318
)
 
(88
)
 
(406
)
Total revenues
2,520

 
(91
)
 
2,429

Benefits and other deductions:
 
 
 
 
 
Policyholders' benefits
995

 
(88
)
 
907

Interest credited to policyholders' account balances
350

 
(105
)
 
245

Amortization of deferred policy acquisition costs, net
(33
)
 
21

 
(12
)
Total benefits and other deductions
2,581

 
(172
)
 
2,409

 
 
 
 
 
 
Income (loss) from operations, before income taxes
(61
)
 
81

 
20

Income tax (expense) benefit
127

 
(26
)
 
101

 
 
 
 
 
 
Net income (loss)
66

 
55

 
121

 
 
 
 
 
 
Net income (loss) attributable to AXA Equitable
$
(56
)
 
$
55

 
$
(1
)
 
 
 
 
 
 
Statements of Comprehensive Income (Loss):
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
$
66

 
$
55

 
$
121

Change in unrealized gains (losses), net of reclassification adjustment
(55
)
 
(24
)
 
(79
)
Other comprehensive income
(52
)
 
(24
)
 
(76
)
Comprehensive income (loss)
14

 
31

 
45

Comprehensive income (loss) attributable to AXA Equitable
$
(140
)
 
$
31

 
$
(109
)
 
As Previously Reported
 
Impact of Revisions
 
As Revised
 
(In millions)
Nine Months Ended September 30, 2017
 
 
 
 
 
Statements of Income (Loss):
 
 
 
 
 
Revenues:
 
 
 
 
 
Policy charges and fee income
$
2,626

 
$
(21
)
 
$
2,605

Premiums
645

 
20

 
665

Net derivative gains (losses)
1,376

 
(384
)
 
992

Total revenues
9,673

 
(385
)
 
9,288

Benefits and other deductions:
 
 
 
 
 
Policyholders' benefits
3,308

 
(62
)
 
3,246

Interest credited to policyholders' account balances
1,008

 
(279
)
 
729

Amortization of deferred policy acquisition costs, net
15

 
(47
)
 
(32
)
Total benefits and other deductions
7,800

 
(388
)
 
7,412

 
 
 
 
 
 
Income (loss) from operations, before income taxes
1,873

 
3

 
1,876

Income tax (expense) benefit
(196
)
 
(1
)
 
(197
)
Net income (loss)
1,677

 
2

 
1,679

Net income (loss) attributable to AXA Equitable
$
1,324

 
$
2

 
$
1,326

 
 
 
 
 
 
Statements of Comprehensive Income (Loss):
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
$
1,677

 
$
2

 
$
1,679

Change in unrealized gains (losses), net of reclassification adjustment
362

 
(47
)
 
315

Other comprehensive income
380

 
(47
)
 
333

Comprehensive income (loss)
2,057

 
(45
)
 
2,012

Comprehensive income (loss) attributable to AXA Equitable
$
1,685

 
$
(45
)
 
$
1,640

 
As Previously Reported
 
Impact of Revisions
 
As Revised
 
(In millions)
Nine Months Ended September 30, 2017
 
 
 
 
 
Statements of Equity:
 
 
 
 
 
Retained earnings, beginning of year
$
5,941

 
$
209

 
$
6,150

Net income (loss)
1,324

 
2

 
1,326

Retained earnings, end of period
7,265

 
211

 
7,476

Accumulated other comprehensive income, beginning of year
1

 
16

 
17

Other comprehensive income (loss)
361

 
(47
)
 
314

Accumulated other comprehensive income, end of period
362

 
(31
)
 
331

Total AXA Equitable’s equity, end of period
12,990

 
180

 
13,170

 
 
 
 
 
 
Total Equity, End of Period
$
15,959

 
$
180

 
$
16,139

 
As Previously Reported
 
Impact of Revisions
 
As Revised
 
(In millions)
Nine Months Ended September 30, 2017
 
 
 
 
 
Statements of Cash flows:
 
 
 
 
 
Cash flow from operating activities:
 
 
 
 
 
Net income (loss)
$
1,677

 
$
2

 
$
1,679

Policy charges and fee income
(2,626
)
 
21

 
(2,605
)
Interest credited to policyholders’ account balances
1,008

 
(279
)
 
729

Net derivative (gains) loss
(1,376
)
 
384

 
(992
)
Changes in:
 
 
 
 
 
Deferred Policy Acquisition costs
15

 
(47
)
 
(32
)
Future policy benefits
1,289

 
(81
)
 
1,208

Net cash provided by (used in) operating activities
$
994

 
$
—

 
$
994

The following tables present line items for June 30, 2017 financial information that has been affected by the revisions and the change in accounting principle. This information has been corrected from the information previously presented in the Q2 2017 Form 10-Q. For these items, the tables detail the amounts as previously reported, the impact upon those line items due to the revisions, as revised after the revisions, the impacts of the change in accounting principle and the amounts as currently revised.
 
As Previously Reported
 
Impact of Revisions
 
As Revised and Adjusted Herein
 
Impact of Accounting Change
 
As Revised
 
(In millions)
As of June 30, 2017
 
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
 
Other equity investments
$
1,477

 
$
(21
)
 
$
1,456

 
$
—

 
$
1,456

Other invested assets
2,622

 
32

 
2,654

 
—

 
2,654

Total investments
62,111

 
11

 
62,122

 
—

 
62,122

DAC
4,141

 
247

 
4,388

 
525

 
4,913

Amounts due from reinsurers
4,870

 
19

 
4,889

 
—

 
4,889

Guaranteed minimum income benefit reinsurance contract asset, at fair value
11,290

 
(30
)
 
11,260

 
—

 
11,260

Total Assets
$
214,941

 
$
247

 
$
215,188

 
$
525

 
$
215,713

 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
Policyholders' account balance
$
41,531

 
$
(15
)
 
$
41,516

 
$
—

 
$
41,516

Future policyholders' benefits and other policyholders' liabilities
26,799

 
79

 
26,878

 
2,801

 
29,679

Current and deferred taxes
4,000

 
65

 
4,065

 
(798
)
 
3,267

Other liabilities
2,531

 
(9
)
 
2,522

 
—

 
2,522

Total Liabilities
196,972

 
120

 
197,092

 
2,003

 
199,095

 
 
 
 
 
 
 
 
 
 
Equity:
 
 
 
 
 
 
 
 
 
Retained Earnings
8,779

 
150

 
8,929

 
(1,450
)
 
7,479

Accumulated other comprehensive income (loss)
493

 
(34
)
 
459

 
(28
)
 
431

AXA Equitable Equity
14,635

 
116

 
14,751

 
(1,478
)
 
13,273

Noncontrolling interest
2,973

 
11

 
2,984

 
—

 
2,984

Equity
17,608

 
127

 
17,735

 
(1,478
)
 
16,257

 
 
 
 
 
 
 
 
 
 
Total Liabilities and Equity
$
214,941

 
$
247

 
$
215,188

 
$
525

 
$
215,713


  
 
As Previously Reported
 
Impact of Revisions
 
As Revised and Adjusted Herein
 
Impact of Accounting Change
 
As Revised
 
(In millions)
Three Months Ended June 30, 2017
 
 
 
 
 
 
 
 
 
Statements of Income (Loss):
 
 
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
 
 
Policy charges and fee income
$
865

 
$
50

 
$
915

 
$
(68
)
 
$
847

Premiums
216

 
9

 
225

 
—

 
225

Net derivative gains (losses)
1,693

 
(197
)
 
1,496

 
266

 
1,762

Total revenues
4,488

 
(138
)
 
4,350

 
198

 
4,548

Benefits and other deductions:
 
 
 
 
 
 
 
 
 
Policyholders' benefits
1,452

 
46

 
1,498

 
(134
)
 
1,364

Amortization of deferred policy acquisition costs, net
(82
)
 
31

 
(51
)
 
2

 
(49
)
Interest credited to policyholders’ account balances
321

 
(116
)
 
205

 
—

 
205

Other operating costs and expenses
155

 
(6
)
 
149

 
—

 
149

Total benefits and other deductions
2,691

 
(45
)
 
2,646

 
(132
)
 
2,514

 
 
 
 
 
 
 
 
 
 
Income (loss) from operations, before income taxes
1,797

 
(93
)
 
1,704

 
330

 
2,034

Income tax (expense) benefit
(338
)
 
34

 
(304
)
 
(115
)
 
(419
)
Net income (loss)
1,459

 
(59
)
 
1,400

 
215

 
1,615

 
 
 
 
 
 
 
 
 
 
Net income (loss) attributable to AXA Equitable
$
1,346

 
$
(59
)
 
$
1,287

 
$
215

 
$
1,502

 
 
 
 
 
 
 
 
 
 
Statements of Comprehensive Income (Loss):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
$
1,459

 
$
(59
)
 
$
1,400

 
$
215

 
$
1,615

Change in unrealized gains (losses), net of reclassification adjustment
314

 
(29
)
 
285

 
8

 
293

Other comprehensive income
294

 
(29
)
 
265

 
8

 
273

Comprehensive income (loss)
1,753

 
(88
)
 
1,665

 
223

 
1,888

Comprehensive income (loss) attributable to AXA Equitable
$
1,660

 
$
(88
)
 
$
1,572

 
$
223

 
$
1,795



 
As Previously Reported
 
Impact of Revisions
 
As Revised and Adjusted Herein
 
Impact of Accounting Change
 
As Revised
 
(In millions)
Six Months Ended June 30, 2017
 
 
 
 
 
 
 
 
 
Statements of Income (Loss):
 
 
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
 
 
Policy charges and fee income
$
1,761

 
$
72

 
$
1,833

 
$
(135
)
 
$
1,698

Premiums
441

 
16

 
457

 
—

 
457

Net derivative gains (losses)
969

 
(296
)
 
673

 
725

 
1,398

Total revenues
6,477

 
(208
)
 
6,269

 
590

 
6,859

Benefits and other deductions:
 
 
 
 
 
 
 
 
 
Policyholders' benefits
2,343

 
60

 
2,403

 
(65
)
 
2,338

Interest credited to policyholders' account balances
658

 
(174
)
 
484

 
—

 
484

Amortization of deferred policy acquisition costs, net
43

 
(66
)
 
(23
)
 
3

 
(20
)
Other operating costs and expenses
539

 
(9
)
 
530

 
—

 
530

Total benefits and other deductions
5,253

 
(189
)
 
5,064

 
(62
)
 
5,002

 
 
 
 
 
 
 
 
 
 
Income (loss) from operations, before income taxes
1,224

 
(19
)
 
1,205

 
652

 
1,857

Income tax (expense) benefit
(78
)
 
8

 
(70
)
 
(228
)
 
(298
)
Net income (loss)
1,146

 
(11
)
 
1,135

 
424

 
1,559

 
 
 
 
 
 
 
 
 
 
Net income (loss) attributable to AXA Equitable
$
915

 
$
(11
)
 
$
904

 
$
424

 
$
1,328

 
 
 
 
 
 
 
 
 
 
Statements of Comprehensive Income (Loss):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
$
1,146

 
$
(11
)
 
$
1,135

 
$
424

 
$
1,559

Change in unrealized gains (losses), net of reclassification adjustment
458

 
(48
)
 
410

 
(24
)
 
386

Other comprehensive income
473

 
(48
)
 
425

 
(24
)
 
401

Comprehensive income (loss)
1,619

 
(59
)
 
1,560

 
400

 
1,960

Comprehensive income (loss) attributable to AXA Equitable
$
1,401

 
$
(59
)
 
$
1,342

 
$
400

 
$
1,742



 
As Previously Reported
 
Impact of Revisions
 
As Revised and Adjusted Herein
 
Impact of Accounting Change
 
As Revised
 
(In millions)
Six Months Ended June 30, 2017
 
 
 
 
 
 
 
 
 
Statements of Equity:
 
 
 
 
 
 
 
 
 
Retained earnings, beginning of year
$
7,864

 
$
161

 
$
8,025

 
$
(1,874
)
 
$
6,151

Net income (loss)
915

 
(11
)
 
904

 
424

 
1,328

Retained earnings, end of period
8,779

 
150

 
8,929

 
(1,450
)
 
7,479

 
 
 
 
 
 
 
 
 
 
Accumulated other comprehensive income, beginning of year
7

 
14

 
21

 
(4
)
 
17

Other comprehensive income (loss)
486

 
(48
)
 
438

 
(24
)
 
414

Accumulated other comprehensive income, end of period
493

 
(34
)
 
459

 
(28
)
 
431

 
 
 
 
 
 
 
 
 
 
Total AXA Equitable’s equity, end of period
14,635

 
116

 
14,751

 
(1,478
)
 
13,273

 
 
 
 
 
 
 
 
 
 
Noncontrolling interest, beginning of year
3,085

 
11

 
3,096

 
—

 
3,096

Noncontrolling interest, end of period
2,973

 
11

 
2,984

 
—

 
2,984

 
 
 
 
 
 
 
 
 
 
Total Equity, End of Period
$
17,608

 
$
127

 
$
17,735

 
$
(1,478
)
 
$
16,257


 
As Previously Reported
 
Impact of Revisions
 
As Revised and Adjusted Herein
 
Impact of Accounting Change
 
As Revised
 
(In millions)
Six Months Ended June 30, 2017
 
 
 
 
 
 
 
 
 
Statements of Cash flows:
 
 
 
 
 
 
 
 
 
Cash flow from operating activities:
 
 
 
 
 
 
 
 
 
Net income (loss)
$
1,146

 
$
(11
)
 
$
1,135

 
$
424

 
$
1,559

Policy charges and fee income
(1,761
)
 
(72
)
 
(1,833
)
 
135

 
(1,698
)
Interest credited to policyholders’ account balances
658

 
(174
)
 
484

 
—

 
484

Net derivative (gains) loss
(969
)
 
296

 
(673
)
 
(725
)
 
(1,398
)
Changes in:
 
 
 
 
 
 
 
 
 
Future policy benefits
1,381

 
(13
)
 
1,368

 
(65
)
 
1,303

Reinsurance recoverable
(251
)
 
57

 
(194
)
 
—

 
(194
)
Deferred policy acquisition costs
43

 
(66
)
 
(23
)
 
3

 
(20
)
Current and deferred income taxes
(16
)
 
(8
)
 
(24
)
 
228

 
204

Other
93

 
(9
)
 
84

 
—

 
84

Net cash provided by (used in) operating activities
$
(75
)
 
$
—

 
$
(75
)
 
$
—

 
$
(75
)
e Q1 2017 Form 10-Q. For these items, the tables detail the amounts as previously reported, the impact upon those line items due to the revisions, as revised after the revisions, the impacts of the change in accounting principle and the amounts as currently revised.
 
As Previously Reported
 
Impact of Revisions
 
As Revised and Adjusted Herein
 
Impact of Accounting Change
 
As Revised
 
(In millions)
As of March 31, 2017 
 
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
 
Other equity investments
$
1,463

 
$
(23
)
 
$
1,440

 
$
—

 
$
1,440

Other invested assets
2,050

 
34

 
2,084

 
—

 
2,084

Total investments
60,406

 
11

 
60,417

 
—

 
60,417

DAC
4,068

 
367

 
4,435

 
526

 
4,961

Amounts due from reinsurers
4,639

 
8

 
4,647

 
—

 
4,647

Guaranteed minimum income benefit
reinsurance asset, at fair value
9,795

 
3

 
9,798

 
—

 
9,798

Total Assets
$
209,098

 
$
389

 
$
209,487

 
$
526

 
$
210,013

 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
Policyholders' account balance
$
40,308

 
$
(16
)
 
$
40,292

 
$
—

 
$
40,292

Future policyholders' benefits and other policyholders' liabilities
25,496

 
51

 
25,547

 
3,144

 
28,691

Current and deferred taxes
3,523

 
120

 
3,643

 
(917
)
 
2,726

Other liabilities
2,496

 
(3
)
 
2,493

 
—

 
2,493

Total Liabilities
192,712

 
152

 
192,864

 
2,227

 
195,091

 
 
 
 
 
 
 
 
 
 
Equity:
 
 
 
 
 
 
 
 
 
Retained Earnings
7,411

 
232

 
7,643

 
(1,665
)
 
5,978

Accumulated other comprehensive income (loss)
179

 
(6
)
 
173

 
(36
)
 
137

AXA Equitable Equity
12,934

 
226

 
13,160

 
(1,701
)
 
11,459

Noncontrolling interest
3,035

 
11

 
3,046

 
—

 
3,046

Equity
15,969

 
237

 
16,206

 
(1,701
)
 
14,505

 
 
 
 
 
 
 
 
 
 
Total Liabilities and Equity
$
209,098

 
$
389

 
$
209,487

 
$
526

 
$
210,013



 
As Previously Reported
 
Impact of Revisions
 
As Revised and Adjusted Herein
 
Impact of Accounting Change
 
As Revised
 
(In millions)
Three Months Ended March 31, 2017
 
 
 
 
 
 
 
 
 
Statements of Income (Loss):
 
 
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
 
 
Policy charges and fee income
$
896

 
$
23

 
$
919

 
$
(67
)
 
$
852

Premiums
225

 
7

 
232

 
—

 
232

Net derivative gains (losses)
(724
)
 
(97
)
 
(821
)
 
459

 
(362
)
Total revenues
1,989

 
(67
)
 
1,922

 
392

 
2,314

Benefits and other deductions:
 
 
 
 
 
 
 
 
 
Policyholders' benefits
891

 
15

 
906

 
69

 
975

Interest credited to policyholders' account balances
337

 
(58
)
 
279

 
—

 
279

Amortization of deferred policy acquisition costs, net
125

 
(97
)
 
28

 
1

 
29

Other operating costs and expenses
384

 
(3
)
 
381

 
—

 
381

Total benefits and other deductions
2,562

 
(143
)
 
2,419

 
70

 
2,489

 
 
 
 
 
 
 
 
 
 
Income (loss) from operations, before income taxes
(573
)
 
76

 
(497
)
 
322

 
(175
)
Income tax (expense) benefit
260

 
(26
)
 
234

 
(113
)
 
121

Net income (loss)
(313
)
 
50

 
(263
)
 
209

 
(54
)
 
 
 
 
 
 
 
 
 
 
Net income (loss) attributable to AXA Equitable
$
(431
)
 
$
50

 
$
(381
)
 
$
209

 
$
(172
)
 
 
 
 
 
 
 
 
 
 
Statements of Comprehensive Income (Loss):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
$
(313
)
 
$
50

 
$
(263
)
 
$
209

 
$
(54
)
Change in unrealized gains (losses), net of reclassification adjustment
144

 
(20
)
 
124

 
(32
)
 
92

Other comprehensive income
179

 
(20
)
 
159

 
(32
)
 
127

Comprehensive income (loss)
(134
)
 
30

 
(104
)
 
177

 
73

Comprehensive income (loss) attributable to AXA Equitable
$
(259
)
 
$
30

 
$
(229
)
 
$
177

 
$
(52
)

 
As Previously Reported
 
Impact of Revisions
 
As Revised and Adjusted Herein
 
Impact of Accounting Change
 
As Revised
 
(In millions)
Three Months Ended March 31, 2017
 
 
 
 
 
 
 
 
 
Statements of Equity:
 
 
 
 
 
 
 
 
 
Retained earnings, beginning of year
$
7,842

 
$
182

 
$
8,024

 
$
(1,874
)
 
$
6,150

Net income (loss)
(431
)
 
50

 
(381
)
 
209

 
(172
)
Retained earnings, end of period
7,411

 
232

 
7,643

 
(1,665
)
 
5,978

Accumulated other comprehensive income, beginning of year
7

 
14

 
21

 
(4
)
 
17

Other comprehensive income (loss)
172

 
(20
)
 
152

 
(32
)
 
120

Accumulated other comprehensive income, end of period
179

 
(6
)
 
173

 
(36
)
 
137

 
 
 
 
 
 
 
 
 
 
Total AXA Equitable’s equity, end of period
12,934

 
226

 
13,160

 
(1,701
)
 
11,459

 
 
 
 
 
 
 
 
 
 
Noncontrolling interest, beginning of year
3,085

 
11

 
3,096

 
—

 
3,096

Noncontrolling interest, end of period
3,035

 
11

 
3,046

 
—

 
3,046

 
 
 
 
 
 
 
 
 
 
Total Equity, End of Period
$
15,969

 
$
237

 
$
16,206

 
$
(1,701
)
 
$
14,505


 
As Previously Reported
 
Impact of Revisions
 
As Revised and Adjusted Herein
 
Impact of Accounting Change
 
As Revised
 
(In millions)
Three Months Ended March 31, 2017
 
 
 
 
 
 
 
 
 
Statements of Cash flows:
 
 
 
 
 
 
 
 
 
Net income (loss)
$
(313
)
 
$
50

 
$
(263
)
 
$
209

 
$
(54
)
Policy charges and fee income
(896
)
 
(23
)
 
(919
)
 
67

 
(852
)
Interest credited to policyholders’ account balances
337

 
(58
)
 
279

 
—

 
279

Net derivative (gains) loss
724

 
97

 
821

 
(459
)
 
362

Changes in:
 
 
 
 
 
 
 
 
 
Deferred policy acquisition costs
125

 
(97
)
 
28

 
1

 
29

Future policy benefits
185

 
(13
)
 
172

 
69

 
241

Reinsurance recoverable
(44
)
 
21

 
(23
)
 
—

 
(23
)
Current and deferred income taxes
(327
)
 
26

 
(301
)
 
113

 
(188
)
Other
180

 
(3
)
 
177

 
—

 
177

Net cash provided by (used in) operating activities
$
18

 
$
—

 
$
18

 
$
—

 
$
18