LEASES (Tables)

12 Months Ended

Dec. 31, 2024

Balance Sheet Classification of Operating Lease Assets and Liabilities


		December 31,
	Balance Sheet Line Item	2024		2023
		(in millions)
Assets
Operating lease assets	Other assets	$	168	$	192
Liabilities
Operating lease liabilities	Other liabilities	$	185	$	210

The table below summarizes the components of lease costs for the years ended December 31, 2024, 2023 and 2022.

Lease Costs


	Year Ended December 31,
	2024		2023		2022
	(in millions)
Operating lease cost	$	39	$	61	$	77
Variable operating lease cost	5		15		12
Sublease income	—		(19)		(19)

Net lease cost	$	44	$	57	$	70

The below table presents the Company’s weighted-average remaining operating lease term and weighted-average discount rate.

Weighted Averages - Remaining Operating Lease Term and Discount Rate


	December 31,
	2024		2023
Weighted-average remaining operating lease term	8 years		8 years
Weighted-average discount rate for operating leases	4.50	%	4.30	%

Supplemental cash flow information related to leases was as follows:

Lease Liabilities Information


	Year Ended December 31,
	2024		2023		2022
	(in millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	36	$	83	$	92
Non-cash transactions:
Leased assets obtained in exchange for new operating lease liabilities	$	13	$	92	$	7

Maturities of lease liabilities as of December 31, 2024 are as follows:

Maturities of Lease Liabilities


	December 31, 2024
	(in millions)
Operating Leases:
2025	$	37
2026	35
2027	31
2028	27
2029	19
Thereafter	77
Total lease payments	226
Less: Interest	(41)
Present value of lease liabilities	$	185

Equitable Financial Life Insurance Co 10-K