XML 93 R48.htm IDEA: XBRL DOCUMENT
v3.20.4

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Reconciliation of the change in the amount of unrecognized tax benefits |
Reconciliation of the change in the amount of unrecognized tax benefits
|  | For the years ended December 31,
($ in millions) |  | 2020 |  | 2019 |  | 2018
Balance – beginning of year |  | $ | 70 |  |  | $ | 70 |  |  | $ | 55 |
Increase for tax positions taken in a prior year |  | — |  |  | — |  |  | 3 |
Increase for tax positions taken in the current year |  | — |  |  | — |  |  | 12 |
Decrease for settlements |  | (58) |  |  | — |  |  | — |
Balance – end of year |  | $ | 12 |  |  | $ | 70 |  |  | $ | 70 |
Components of the deferred income tax assets and liabilities |
Components of the deferred income tax assets and liabilities
|  | As of December 31,
($ in millions) |  | 2020 |  | 2019
Deferred tax assets |  |  |  |
Unearned premium reserves |  | $ | 659 |  |  | $ | 642 |
Pension |  | 161 |  |  | 197 |
Accrued compensation |  | 139 |  |  | 147 |
Discount on loss reserves |  | 79 |  |  | 78 |
Other postretirement benefits |  | 36 |  |  | 49 |
Net operating loss carryover |  | 23 |  |  | 26 |
Other assets |  | 68 |  |  | 54 |
Total deferred tax assets |  | 1,165 |  |  | 1,193 |
Deferred tax liabilities |  |  |  |
DAC |  | (858) |  |  | (847) |
Unrealized net capital gains |  | (856) |  |  | (507) |
Investments |  | (394) |  |  | (567) |
Life and annuity reserves |  | (216) |  |  | (222) |
Intangible assets |  | (87) |  |  | (98) |
Other liabilities |  | (109) |  |  | (106) |
Total deferred tax liabilities |  | (2,520) |  |  | (2,347) |
Net deferred tax liability |  | $ | (1,355) |  |  | $ | (1,154) |
Components of the net operating loss carryforwards |
Components of the net operating loss carryforwards as of December 31, 2020
($ in millions) |  | 20-Year Carryforward Expires in 2025-2037 |  | Indefinite Carryforward Period |  | Total
US Federal |  | $ | 36 |  |  | $ | 8 |  |  | $ | 44 |
Foreign |  | — |  |  | 68 |  |  | 68 |
Total |  | $ | 36 |  |  | $ | 76 |  |  | $ | 112 |
Components of income tax expense |
Components of income tax expense
|  | For the years ended December 31,
($ in millions) |  | 2020 |  | 2019 |  | 2018
Current |  | $ | 1,499 |  |  | $ | 991 |  |  | $ | 704 |
Deferred |  | (116) |  |  | 251 |  |  | (236) |
Total income tax expense |  | $ | 1,383 |  |  | $ | 1,242 |  |  | $ | 468 |
Reconciliation of the statutory federal income tax rate to the effective income tax rate on income from operations |
Reconciliation of the statutory federal income tax rate to the effective income tax rate
|  | For the years ended December 31,
($ in millions) |  | 2020 |  | 2019 |  | 2018
Income before income taxes |  | $ | 6,959 |  |  |  | $ | 6,089 |  |  |  | $ | 2,628 |  |
Statutory federal income tax rate on income from operations |  | 1,461 |  | 21.0 | % |  | 1,279 |  | 21.0 | % |  | 552 |  | 21.0 | %
Tax credits |  | (45) |  | (0.7) |  |  | (33) |  | (0.5) |  |  | (34) |  | (1.3) |
Share-based payments |  | (30) |  | (0.4) |  |  | (24) |  | (0.4) |  |  | (16) |  | (0.6) |
Tax-exempt income |  | (24) |  | (0.3) |  |  | (27) |  | (0.4) |  |  | (24) |  | (0.9) |
State income taxes |  | 35 |  | 0.5 |  |  | 41 |  | 0.7 |  |  | 27 |  | 1.0 |
Tax Legislation benefit |  | — |  | — |  |  | — |  | — |  |  | (29) |  | (1.1) |
Other |  | (14) |  | (0.2) |  |  | 6 |  | — |  |  | (8) |  | (0.3) |
Effective income tax rate on income from operations |  | $ | 1,383 |  | 19.9 | % |  | $ | 1,242 |  | 20.4 | % |  | $ | 468 |  | 17.8 | %

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in unrecognized tax benefits, excluding amounts pertaining to examined tax returns. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=84230637&loc=SL6600010-109319 + Details
Name: | us-gaap_ScheduleOfUnrecognizedTaxBenefitsExcludingAmountsPertainingToExaminedTaxReturnsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of pertinent information, such as tax authority, amounts, and expiration dates, of net operating loss carryforwards, including an assessment of the likelihood of utilization. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32559-109319 + Details
Name: | us-gaap_SummaryOfOperatingLossCarryforwardsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration