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Income Taxes
 6 Months Ended
Jun. 30, 2021
Income Tax Disclosure [Abstract]  
Income Taxes
11. INCOME TAXES
INCOME TAX EXPENSE
Income Tax Rate Reconciliation
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Tax provision at U.S. federal statutory rate$233 $125 $297 $197 
Tax-exempt interest(10)(12)(21)(24)
Increase in deferred tax valuation allowance 6 7 7 13 
Sale of business(5)— (5)— 
Tax law change(7)— (7)— 
Other (12)4 (12)9 
Provision for income taxes$205 $124 $259 $195 

OTHER TAX MATTERS
Unrecognized tax benefits were $15 and $14 at the beginning and end of the periods ended June 30, 2021 and 2020, respectively. The entire amount of unrecognized tax benefits, if recognized, would affect the effective tax rate in the period of the release. The Company believes it is reasonably possible approximately $5 of its currently unrecognized tax benefits associated with dividends from segregated asset accounts of the life and annuity business sold in 2018 may be recognized by the end of 2021 as a result of a lapse in the applicable statute of limitations. This liability is subject to a tax indemnification agreement and has a corresponding receivable included in other
assets which would also be taken down upon lapse of the statute of limitations.
On June 10, 2021, the United Kingdom enacted Finance Bill 2021, which included an increase in the corporate tax rate from 19% to 25%, effective April 1, 2023. In the three and six months ended June 30, 2021, the Company recorded a tax benefit of $7, which reflects the estimated benefit of the change in tax rate on the deferred tax assets and liabilities of its U.K. subsidiaries.
As of June 30, 2021, the Company has foreign net operating losses of $17 for which a valuation allowance of $3 has been established. While the foreign net operating losses ("NOLs") do not expire, this assessment reflects uncertainty in the Company's ability to generate sufficient taxable income in the near term in those specific jurisdictions.
Management has assessed the need for a valuation allowance against its deferred tax assets based on tax character and jurisdiction. In making the assessment, management considered future taxable temporary difference reversals, future taxable income exclusive of reversing temporary differences and carryovers, taxable income in open carry back years and other tax planning strategies which management views as prudent and feasible.
The federal income tax audits for the Company have been completed through 2013, and the Company is not currently under federal income tax examination for any open years. The statute of limitations is closed through the 2016 tax year with the exception of NOL carryforwards utilized in open tax years. Management believes that adequate provision has been made in the Company's Condensed Consolidated Financial Statements for any potential adjustments that may result from tax examinations and other tax-related matters for all open tax years.