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v3.22.2

Income Taxes (Tables) | 6 Months Ended
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Jun. 30, 2022
Income Tax Disclosure [Abstract] |
Schedule of Deferred Tax Assets and Liabilities | Deferred and Current Tax Assets (Liabilities) (1)
| As of
| June 30, 2022 |  | December 31, 2021
| (in millions)
Net deferred tax assets (liabilities) | $ | 110 |  |  | $ | (33) |
Net current tax assets (liabilities) | 19 |  |  | (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
| Second Quarter |  | Six Months
| 2022 |  | 2021 |  | 2022 |  | 2021
| (in millions)
Expected tax provision (benefit) | $ | (2) |  |  | $ | 23 |  |  | $ | 12 |  |  | $ | 22 |
Tax-exempt interest | (4) |  |  | (4) |  |  | (7) |  |  | (8) |
Noncontrolling interest | (5) |  |  | (1) |  |  | (6) |  |  | (2) |
State taxes | 4 |  |  | 4 |  |  | 8 |  |  | 7 |
Foreign taxes | 9 |  |  | — |  |  | 10 |  |  | 2 |
Stock based compensation | 2 |  |  | — |  |  | 4 |  |  | — |
Other | (1) |  |  | 1 |  |  | — |  |  | 2 |
Total provision (benefit) for income taxes | $ | 3 |  |  | $ | 23 |  |  | $ | 21 |  |  | $ | 23 |
Effective tax rate | (12.9) | % |  | 18.5 | % |  | 30.3 | % |  | 16.5 | %
Pretax Income (Loss) by Tax Jurisdiction | The following tables present pre-tax income and revenue by jurisdiction. Pre-tax Income (Loss) by Tax Jurisdiction
| Second Quarter |  | Six Months
| 2022 |  | 2021 |  | 2022 |  | 2021
| (in millions)
U.S. | $ | 25 |  |  | $ | 106 |  |  | $ | 109 |  |  | $ | 102 |
Bermuda | (10) |  |  | 16 |  |  | 17 |  |  | 36 |
U.K. | (31) |  |  | 3 |  |  | (45) |  |  | 4 |
Other | (6) |  |  | — |  |  | (10) |  |  | (2) |
Total | $ | (22) |  |  | $ | 125 |  |  | $ | 71 |  |  | $ | 140 |
Revenue by Tax Jurisdiction | Revenue by Tax Jurisdiction
| Second Quarter |  | Six Months
| 2022 |  | 2021 |  | 2022 |  | 2021
| (in millions)
U.S. | $ | 106 |  |  | $ | 150 |  |  | $ | 375 |  |  | $ | 284 |
Bermuda | 6 |  |  | 28 |  |  | 39 |  |  | 58 |
U.K. | (18) |  |  | 17 |  |  | (18) |  |  | 30 |
Other | (4) |  |  | 1 |  |  | (6) |  |  | 1 |
Total | $ | 90 |  |  | $ | 196 |  |  | $ | 390 |  |  | $ | 373 |

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