XML 76 R54.htm IDEA: XBRL DOCUMENT
v3.22.4

Income Tax (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Provision for income tax from continuing operations | The provision for income tax was as follows:
| Years Ended December 31,
| 2022 |  | 2021 |  | 2020
| (In millions)
Current: |  |  |  |  |
U.S. federal | $ | 159 |  |  | $ | 62 |  |  | $ | 271 |
U.S. state and local | 45 |  |  | 38 |  |  | 27 |
Non-U.S. | 1,074 |  |  | 795 |  |  | 882 |
Subtotal | 1,278 |  |  | 895 |  |  | 1,180 |
Deferred: |  |  |  |  |
U.S. federal | 536 |  |  | 837 |  |  | (115) |
U.S. state and local | — |  |  | (2) |  |  | 1 |
Non-U.S. | (1,513) |  |  | (179) |  |  | 443 |
Subtotal | (977) |  |  | 656 |  |  | 329 |
Provision for income tax expense (benefit) | $ | 301 |  |  | $ | 1,551 |  |  | $ | 1,509 |
Income (loss) from continuing operations before income tax expense (benefit) from domestic and foreign operations | The Company’s income (loss) before income tax expense (benefit) was as follows:
| Years Ended December 31,
| 2022 |  | 2021 |  | 2020
| (In millions)
Income (loss): |  |  |  |  |
U.S. | $ | 2,681 |  |  | $ | 4,841 |  |  | $ | 2,970 |
Non-U.S. | 178 |  |  | 3,285 |  |  | 3,957 |
Total | $ | 2,859 |  |  | $ | 8,126 |  |  | $ | 6,927 |
Income tax for continuing operations effective rate reconciliation | The reconciliation of the income tax provision at the U.S. statutory rate to the provision for income tax as reported was as follows:
| Years Ended December 31,
| 2022 |  | 2021 |  | 2020
| (In millions)
Tax provision at U.S. statutory rate | $ | 601 |  |  | $ | 1,706 |  |  | $ | 1,455 |
Tax effect of: |  |  |  |  |
Dividend received deduction | (20) |  |  | (40) |  |  | (34) |
Tax-exempt income | 15 |  |  | (36) |  |  | (45) |
Prior year tax (1), (2) | (15) |  |  | (127) |  |  | (27) |
Low income housing tax credits | (143) |  |  | (178) |  |  | (202) |
Other tax credits | (44) |  |  | (46) |  |  | (45) |
Foreign tax rate differential (3), (4), (5) | (110) |  |  | 267 |  |  | 414 |
Change in valuation allowance | — |  |  | 1 |  |  | (5) |
Other, net | 17 |  |  | 4 |  |  | (2) |
Provision for income tax expense (benefit) | $ | 301 |  |  | $ | 1,551 |  |  | $ | 1,509 |
__________________ (1)As discussed further below, prior year tax primarily includes non-cash benefits related to uncertain tax positions of $32 million and $117 million for the years ended December 31, 2022 and 2021, respectively. (2)For the year ended December 31, 2020, prior year tax primarily includes a $40 million tax benefit related to an Internal Revenue Service (“IRS”) audit matter. (3)For the year ended December 31, 2022, foreign tax rate differential includes tax charges of $12 million related to the U.S. tax on Global Intangible Low-Taxed Income (“GILTI”) of which $33 million is a current year charge offset by a $21 million tax benefit revising the 2021 estimate. (4)For the year ended December 31, 2021, foreign tax rate differential includes tax charges of $50 million related to the disposition of MetLife Poland and Greece, $41 million related to the sale of MetLife Seguros and $30 million related to the U.S. tax on GILTI, which included a $42 million 2021 charge offset by a $12 million tax benefit revising the 2020 estimate. See Note 3 for information on the Company’s business dispositions. (5)For the year ended December 31, 2020, foreign tax rate differential includes tax charges of $60 million and $24 million related to the sales of MetLife Seguros de Retiro and MetLife Russia, respectively, and $43 million related to the U.S. tax on GILTI. See Note 3 for information on the Company’s business dispositions.
Components of deferred tax assets and liabilities | Deferred income tax represents the tax effect of the differences between the book and tax bases of assets and liabilities. Net deferred income tax assets and liabilities consisted of the following at:
| December 31,
| 2022 |  | 2021
| (In millions)
Deferred income tax assets: |  |  |
Policyholder liabilities and receivables | $ | 1,496 |  |  | $ | 3,787 |
Net operating loss carryforwards (1) | 238 |  |  | 235 |
Employee benefits | 475 |  |  | 583 |
Capital loss carryforwards | 15 |  |  | 9 |
Tax credit carryforwards (2) | 590 |  |  | 825 |
Net unrealized investment losses | 5,319 |  |  | — |
Litigation-related and government mandated | 90 |  |  | 95 |
Other | 67 |  |  | — |
Total gross deferred income tax assets | 8,290 |  |  | 5,534 |
Less: Valuation allowance (1) | 291 |  |  | 299 |
Total net deferred income tax assets | 7,999 |  |  | 5,235 |
Deferred income tax liabilities: |  |  |
Investments, including derivatives | 1,691 |  |  | 4,167 |
Intangibles | 1,096 |  |  | 1,188 |
Net unrealized investment gains | — |  |  | 5,551 |
DAC | 2,707 |  |  | 3,471 |
Other | — |  |  | 362 |
Total deferred income tax liabilities | 5,494 |  |  | 14,739 |
Net deferred income tax asset (liability) | $ | 2,505 |  |  | $ | (9,504) |
__________________ (1)The Company has recorded a deferred tax asset of $238 million related to U.S. state and non-U.S. net operating loss carryforwards and an offsetting valuation allowance for the year ended December 31, 2022. Certain net operating loss carryforwards will expire between 2023 and 2042, whereas others have an unlimited carryforward period. (2)Tax credit carryforwards for the year ended December 31, 2022 primarily reflect general business credits expiring between 2039 and 2042 and are increased by $44 million related to unrecognized tax benefits.
Reconciliation of unrecognized tax benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits was as follows:
| Years Ended December 31,
| 2022 |  | 2021 |  | 2020
| (In millions)
Balance at January 1, | $ | 163 |  |  | $ | 272 |  |  | $ | 256 |
Additions for tax positions of prior years | 42 |  |  | 19 |  |  | 16 |
Reductions for tax positions of prior years (1) | (93) |  |  | (112) |  |  | (1) |
Additions for tax positions of current year | 22 |  |  | 5 |  |  | 12 |
Reductions for tax positions of current year | (3) |  |  | (18) |  |  | — |
Settlements with tax authorities | (2) |  |  | (3) |  |  | (1) |
Lapses of statute of limitations | — |  |  | — |  |  | (10) |
Balance at December 31, | $ | 129 |  |  | $ | 163 |  |  | $ | 272 |
Unrecognized tax benefits that, if recognized, would impact the effective rate | $ | 80 |  |  | $ | 103 |  |  | $ | 203 |
__________________ (1) The decreases in 2022 and 2021 are primarily related to non-cash benefits from tax audit settlements. Interest was as follows:
| Years Ended December 31,
| 2022 |  | 2021 |  | 2020
| (In millions)
Interest expense (benefit) recognized on the consolidated statements of operations (1) | $ | — |  |  | $ | (36) |  |  | $ | 12 |
|  |  | December 31,
|  |  | 2022 |  | 2021
|  |  | (In millions)
Interest included in other liabilities on the consolidated balance sheets |  |  | $ | 15 |  |  | $ | 15 |
__________________ (1) For the year ended December 31, 2021, the interest benefit is primarily related to a tax audit settlement of $10 million which was recorded in other expenses and a reclassification of $26 million to current income tax payable.

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 https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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 https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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 https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(1)(Note 1)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + 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 https://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32840-109319 + Details
Name: | us-gaap_SummaryOfIncomeTaxContingenciesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration