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Income Taxes (Tables)

3 Months Ended

Mar. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Deferred Tax Assets and Liabilities

Deferred and Current Tax Assets (Liabilities) (1)

			As of
			March 31, 2022						December 31, 2021
			(in millions)
Net deferred tax assets (liabilities)			$	42					$	(33)
Net current tax assets (liabilities)			(61)						(43)

____________________

(1)     Included in “other assets” or “other liabilities” on the condensed consolidated balance sheets.

Effective Tax Rate Reconciliation

A reconciliation of the difference between the provision for income taxes and the expected tax provision at statutory rates in taxable jurisdictions is presented below.

Effective Tax Rate Reconciliation  

			First Quarter
			2022						2021
			(in millions)
Expected tax provision (benefit)			$	14					$	(1)
Tax-exempt interest			(3)						(4)
State taxes			4						3
Foreign taxes			1						2
Stock based compensation			2						—
Total provision (benefit) for income taxes			$	18					$	—
Effective tax rate			20.0		%				(0.9)		%

Pretax Income (Loss) by Tax Jurisdiction

The following tables present pre-tax income and revenue by jurisdiction.

Pre-tax Income (Loss) by Tax Jurisdiction

			First Quarter
			2022						2021
			(in millions)
U.S.			$	84					$	(4)
Bermuda			27						20
U.K.			(14)						1
Other			(4)						(2)
Total			$	93					$	15

Revenue by Tax Jurisdiction

Revenue by Tax Jurisdiction

			First Quarter
			2022						2021
			(in millions)
U.S.			$	269					$	134
Bermuda			33						30
U.K.			—						13
Other			(2)						—
Total			$	300					$	177

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Tabular disclosure of revenue between domestic and foreign jurisdictions.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(1)(Note 1))
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