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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Schedule of components of income tax provision | The components of income tax provision attributable to continuing operations were as follows:
| Years Ended December 31,
2022 |  | 2021 |  | 2020
(in millions)
Current income tax |  |  |  |  |
Federal | $ | 509 |  |  | $ | 551 |  |  | $ | 527 |
State and local | 93 |  |  | 79 |  |  | 63 |
Foreign | 25 |  |  | 47 |  |  | 28 |
Total current income tax | 627 |  |  | 677 |  |  | 618 |
Deferred income tax |  |  |  |  |
Federal | (1) |  |  | (62) |  |  | (309) |
State and local | 3 |  |  | (3) |  |  | (16) |
Foreign | (6) |  |  | (22) |  |  | 4 |
Total deferred income tax | (4) |  |  | (87) |  |  | (321) |
Total income tax provision | $ | 623 |  |  | $ | 590 |  |  | $ | 297 |
Schedule of geographic sources of pretax income | The geographic sources of pretax income from continuing operations were as follows:
| Years Ended December 31,
| 2022 |  | 2021 |  | 2020
| (in millions)
United States | $ | 3,075 |  |  | $ | 3,126 |  |  | $ | 1,685 |
Foreign | 107 |  |  | 224 |  |  | 146 |
Total | $ | 3,182 |  |  | $ | 3,350 |  |  | $ | 1,831 |
Schedule of reasons for aggregate income tax provision differences to U.S. statutory rate | The principal reasons that the aggregate income tax provision attributable to continuing operations is different from that computed by using the U.S. statutory rate of 21% were as follows:
| Years Ended December 31,
2022 |  | 2021 |  | 2020
Tax at U.S. statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Changes in taxes resulting from: |  |  |  |  |
State taxes, net of federal benefit | 2.4 |  |  | 1.8 |  |  | 2.1 |
Low income housing tax credits | (1.4) |  |  | (2.0) |  |  | (4.3) |
Incentive compensation | (1.3) |  |  | (1.6) |  |  | (1.4) |
Dividends received deduction | (1.1) |  |  | (1.0) |  |  | (2.1) |
Other, net | — |  |  | (0.6) |  |  | 0.9 |
Income tax provision | 19.6 | % |  | 17.6 | % |  | 16.2 | %
Schedule of significant components of deferred income tax assets and liabilities | The significant components of the Company’s deferred income tax assets and liabilities, which are included net within Other assets or Other liabilities, were as follows:
| December 31,
2022 |  | 2021
(in millions)
Deferred income tax assets
Liabilities for policyholder account balances, future policy benefits and claims | $ | 2,397 |  |  | $ | 1,996 |
Net unrealized losses on Available-for-Sale securities | 542 |  |  | — |
Deferred compensation | 477 |  |  | 586 |
Other | 198 |  |  | 179 |
Gross deferred income tax assets | 3,614 |  |  | 2,761 |
Less: valuation allowance | 65 |  |  | 32 |
Total deferred income tax assets | 3,549 |  |  | 2,729 |
Deferred income tax liabilities |  |  |
Investment related | 924 |  |  | 565 |
Deferred acquisition costs | 463 |  |  | 481 |
Intangible assets | 216 |  |  | 209 |
Goodwill | 85 |  |  | 77 |
Net unrealized gains on Available-for-Sale securities(1) | — |  |  | 182 |
Other | 160 |  |  | 196 |
Gross deferred income tax liabilities | 1,848 |  |  | 1,710 |
Net deferred income tax assets | $ | 1,701 |  |  | $ | 1,019 |
(1) See Note 28 for a summary of the revision to the Company’s previously reported Consolidated Financial Statements.
Reconciliation rollforward of gross unrecognized tax benefits | A reconciliation of the beginning and ending amount of gross unrecognized tax benefits was as follows:
| 2022 |  | 2021 |  | 2020
| (in millions)
Balance at January 1 | $ | 125 |  |  | $ | 110 |  |  | $ | 100 |
Additions based on tax positions related to the current year | 12 |  |  | 21 |  |  | 11 |
Reductions based on tax positions related to the current year | (1) |  |  | (1) |  |  | (1) |
Additions for tax positions of prior years | 5 |  |  | 5 |  |  | 10 |
Reductions for tax positions of prior years | (1) |  |  | (8) |  |  | (4) |
Reductions due to lapse of statute of limitations | — |  |  | (1) |  |  | (5) |
Audit settlements | (2) |  |  | (1) |  |  | (1) |
Balance at December 31 | $ | 138 |  |  | $ | 125 |  |  | $ | 110 |

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- 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
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- 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
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- 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
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