XML 135 R32.htm IDEA: XBRL DOCUMENT v3.23.2
Revenue from Contracts with Customers (Tables)
 6 Months Ended
Jun. 30, 2023
Revenue from Contract with Customer [Abstract]  
Schedule of disaggregated revenue by segment
The following tables present revenue disaggregated by segment on an adjusted operating basis with a reconciliation of segment revenues to those reported on the Consolidated Statements of Operations:
Three Months Ended June 30, 2023
Advice & Wealth ManagementAsset ManagementRetirement & Protection SolutionsCorporate & OtherTotal SegmentsNon-operating
Revenue		Total
(in millions)
Management and financial advice fees:
Asset management fees:
Retail$— $490 $— $— $490 $— $490 
Institutional— 157 — — 157 — 157 
Advisory fees1,154 — — — 1,154 — 1,154 
Financial planning fees104 — — — 104 — 104 
Transaction and other fees96 48 14 — 158 — 158 
Total management and financial advice fees1,354 695 14 — 2,063 — 2,063 
Distribution fees:
Mutual funds179 51 — — 230 — 230 
Insurance and annuity222 39 82 — 343 — 343 
Off-balance sheet brokerage cash84 — — — 84 — 84 
Other products84 — — — 84 — 84 
Total distribution fees569 90 82 — 741 — 741 
Other revenues59 7 — — 66 — 66 
Total revenue from contracts with customers1,982 792 96 — 2,870 — 2,870 
Revenue from other sources (1)
492 16 762 151 1,421 53 1,474 
Total segment gross revenues2,474 808 858 151 4,291 53 4,344 
Banking and deposit interest expense(131)— — (3)(134)— (134)
Total segment net revenues2,343 808 858 148 4,157 53 4,210 
Elimination of intersegment revenues(211)(19)(104)3 (331)(3)(334)
Total net revenues$2,132 $789 $754 $151 $3,826 $50 $3,876 
Three Months Ended June 30, 2022
Advice & Wealth ManagementAsset ManagementRetirement & Protection SolutionsCorporate & OtherTotal SegmentsNon-operating
Revenue		Total
(in millions)
Management and financial advice fees:
Asset management fees:
Retail$— $543 $— $— $543 $— $543 
Institutional— 173 — — 173 — 173 
Advisory fees1,144 — — — 1,144 — 1,144 
Financial planning fees99 — — — 99 — 99 
Transaction and other fees97 54 15 — 166 — 166 
Total management and financial advice fees1,340 770 15 — 2,125 — 2,125 
Distribution fees:
Mutual funds186 58 — — 244 — 244 
Insurance and annuity216 42 88 — 346 — 346 
Off-balance sheet brokerage cash (2)
54 — — — 54 — 54 
Other products86 — — — 86 — 86 
Total distribution fees542 100 88 — 730 — 730 
Other revenues54 1 — — 55 — 55 
Total revenue from contracts with customers1,936 871 103 — 2,910 — 2,910 
Revenue from other sources (1)
123 10 657 119 909 9 918 
Total segment gross revenues2,059 881 760 119 3,819 9 3,828 
Banking and deposit interest expense(3)— — — (3)— (3)
Total segment net revenues2,056 881 760 119 3,816 9 3,825 
Elimination of intersegment revenues(221)(11)(105)— (337)(2)(339)
Total net revenues$1,835 $870 $655 $119 $3,479 $7 $3,486 
Six Months Ended June 30, 2023
Advice & Wealth ManagementAsset ManagementRetirement & Protection SolutionsCorporate & OtherTotal SegmentsNon-operating
Revenue		Total
(in millions)
Management and financial advice fees:
Asset management fees:
Retail$— $981 $— $— $981 $— $981 
Institutional— 309 — — 309 — 309 
Advisory fees2,263 — — — 2,263 — 2,263 
Financial planning fees205 — — — 205 — 205 
Transaction and other fees185 96 28 — 309 — 309 
Total management and financial advice fees2,653 1,386 28 — 4,067 — 4,067 
Distribution fees:
Mutual funds354 103 — — 457 — 457 
Insurance and annuity433 77 162 — 672 — 672 
Off-balance sheet brokerage cash210 — — — 210 — 210 
Other products165 — — — 165 — 165 
Total distribution fees1,162 180 162 — 1,504 — 1,504 
Other revenues117 12 — — 129 — 129 
Total revenue from contracts with customers3,932 1,578 190 — 5,700 — 5,700 
Revenue from other sources (1)
910 29 1,492 281 2,712 100 2,812 
Total segment gross revenues4,842 1,607 1,682 281 8,412 100 8,512 
Banking and deposit interest expense(234)— — (7)(241)— (241)
Total segment net revenues4,608 1,607 1,682 274 8,171 100 8,271 
Elimination of intersegment revenues(412)(36)(206)7 (647)(6)(653)
Total net revenues$4,196 $1,571 $1,476 $281 $7,524 $94 $7,618 
Six Months Ended June 30, 2022
Advice & Wealth ManagementAsset ManagementRetirement & Protection SolutionsCorporate & OtherTotal SegmentsNon-operating
Revenue		Total
(in millions)
Management and financial advice fees:
Asset management fees:
Retail$— $1,187 $— $— $1,187 $— $1,187 
Institutional— 368 — — 368 — 368 
Advisory fees2,335 — — — 2,335 — 2,335 
Financial planning fees196 — — — 196 — 196 
Transaction and other fees189 109 31 — 329 — 329 
Total management and financial advice fees2,720 1,664 31 — 4,415 — 4,415 
Distribution fees:
Mutual funds390 123 — — 513 — 513 
Insurance and annuity437 88 183 — 708 — 708 
Off-balance sheet brokerage cash (2)
70 — — — 70 — 70 
Other products174 — — — 174 — 174 
Total distribution fees1,071 211 183 — 1,465 — 1,465 
Other revenues107 6 — — 113 — 113 
Total revenue from contracts with customers3,898 1,881 214 — 5,993 — 5,993 
Revenue from other sources (1)
205 17 1,314 235 1,771 46 1,817 
Total segment gross revenues4,103 1,898 1,528 235 7,764 46 7,810 
Banking and deposit interest expense(5)— — — (5)— (5)
Total segment net revenues4,098 1,898 1,528 235 7,759 46 7,805 
Elimination of intersegment revenues(449)(23)(217)— (689)(5)(694)
Total net revenues$3,649 $1,875 $1,311 $235 $7,070 $41 $7,111 
(1) Revenues not included in the scope of the revenue from contracts with customers standard. The amounts primarily consist of revenue associated with insurance and annuity products and investment income from financial instruments.
(2) Prior to the fourth quarter of 2022, Off-balance sheet brokerage cash was included in Other products. Prior periods have been updated to be comparative.