REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS (Tables)

12 Months Ended

Dec. 31, 2020

Accounting Changes and Error Corrections [Abstract]

Financial Information Affected by Revisions and Change in Accounting Principle

The following tables present line items for prior period financial statements that have been affected by the revision. For these line items, the tables detail the amounts as previously reported, the impact upon those line items due to the revision, and the amounts as currently revised within the financial statements.

	December 31, 2019
	As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Consolidated Balance Sheets:
ASSETS
Investments:
Deferred policy acquisition costs	$	4,337	$	(115)	$	4,222
Amounts due from reinsurers	3,001		1		3,002
GMIB reinsurance contract asset, at fair value	2,466		—		2,466
Current and deferred income taxes	224		25		249
Other assets	3,050		—		3,050
Total Assets	$	228,041	$	(89)	$	227,952
LIABILITIES
Future policy benefits and other policyholders’ liabilities	33,976		3		33,979
Other liabilities	1,768		1		1,769
Total Liabilities	$	216,344	$	4	$	216,348
EQUITY
Retained earnings	2,242		(97)		2,145
Accumulated other comprehensive income (loss)	1,592		4		1,596
Total equity attributable to Equitable Financial	11,645		(93)		11,552
Total Equity	11,658		(93)		11,565
Total Liabilities, Redeemable Noncontrolling interest and Equity	$	228,041	$	(89)	$	227,952

	Year Ended December 31, 2019						Year Ended December 31, 2018
	As Previously Reported		Impact of Revisions		As Revised		As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Consolidated Statements of Income (Loss)
REVENUES
Policy charges and fee income	$	3,450	$	37	$	3,487	$	3,523	$	(8)	$	3,515
Net derivative gains (losses)	(3,820)		(11)		(3,831)		(1,010)		(24)		(1,034)
Other income	56		—		56		65		(1)		64
Total revenues	5,148		26		5,174		6,951		(33)		6,918
BENEFITS AND OTHER DEDUCTIONS
Policyholders' benefits	4,119		(31)		4,088		3,005		(45)		2,960
Interest credited to policyholders’ account balances	1,127		22		1,149		1,002		(23)		979
Commissions	629		—		629		620		5		625
Amortization of deferred policy acquisition costs	452		68		520		431		20		451
Other operating costs and expenses	912		—		912		2,918		1		2,919
Total benefits and deductions	7,578		59		7,637		8,432		(42)		8,390
Income (loss) from continuing operations, before income taxes	(2,430)		(33)		(2,463)		(1,481)		9		(1,472)
Income tax (expense) benefit from continuing operations	584		(5)		579		446		10		456
Net income (loss)	(1,846)		(38)		(1,884)		(921)		19		(902)
Net income (loss) attributable to Equitable Financial	$	(1,851)	$	(38)	$	(1,889)	$	(918)	$	19	$	(899)

	Year Ended December 31, 2019						Year Ended December 31, 2018
	As Previously Reported		Impact of Revisions		As Revised		As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Consolidated Statements of Comprehensive Income (Loss)
Net income (loss)	$	(1,846)	$	(38)	$	(1,884)	$	(921)	$	19	$	(902)
Change in unrealized gains (losses), net of reclassification adjustment	2,081		14		2,095		(1,230)		9		(1,221)
Other comprehensive income	2,083		14		2,097		(1,234)		9		(1,225)
Comprehensive income (loss)	237		(24)		213		(2,155)		28		(2,127)
Less: Comprehensive income (loss) attributable to noncontrolling interest	—		5		5		—		(3)		(3)
Comprehensive income (loss) attributable to Equitable Financial	$	237	$	(29)	$	208	$	(2,155)	$	31	$	(2,124)

	Year Ended December 31, 2019						Year Ended December 31, 2018
	As Previously Reported		Impact of Revisions		As Revised		As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Consolidated Statements of Equity:
Retained earnings, beginning of year	$	5,098	$	(59)	$	5,039	$	8,938	$	(78)	$	8,860
Net income (loss) attributable to Equitable Financial	(1,851)		(38)		(1,889)		(918)		19		(899)
Retained earnings, end of year	$	2,242	$	(97)	$	2,145	$	5,098	$	(59)	$	5,039
Accumulated other comprehensive income (loss), beginning of year	$	(491)	$	(10)	$	(501)	$	598	$	(19)	$	579
Other comprehensive income (loss)	2,083		14		2,097		(1,234)		9		(1,225)
Accumulated other comprehensive income (loss), end of year	$	1,592	$	4	$	1,596	$	(491)	$	(10)	$	(501)
Total Equitable Financial equity, end of year	$	11,645	$	(93)	$	11,552	$	12,416	$	(69)	$	12,347
Total equity, end of year	$	11,658	$	(93)	$	11,565	$	12,428	$	(69)	$	12,359

	December 31, 2019						December 31, 2018
	As Previously Reported		Impact of Revisions		As Revised		As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Consolidated Statements of Cash Flows:
Cash flow from operating activities:
Net income (loss) (1)	$	(1,846)	$	(38)	$	(1,884)	$	(358)	$	19	$	(339)
Adjustments to reconcile Net income (loss) to Net cash provided by (used in) operating activities:
Policy charges and fee income	(3,450)		(37)		(3,487)		(3,523)		8		(3,515)
Interest credited to policyholders' account balances	1,127		22		1,149		1,002		(23)		979
Net derivative (gains) losses	3,820		11		3,831		1,010		24		1,034
Amortization and depreciation	323		68		391		340		20		360
Capitalization of DAC	(648)		—		(648)		(597)		5		(592)
Future policy benefits	1,115		(31)		1,084		(284)		(46)		(330)
Current and deferred income taxes	(334)		5		(329)		(556)		(7)		(563)
Net cash provided by (used in) operating activities	$	(606)	$	—	$	(606)	$	1,418	$	—	$	1,418
Cash and cash equivalents, end of period	$	1,492	$	—	$	1,492	$	2,622	$	—	$	2,622

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(1) December 31, 2018 net income (loss) includes $563 million of discontinued operations that are not included in net income (loss) in the Consolidated Statement of Income (Loss).