XML 128 R60.htm IDEA: XBRL DOCUMENT v3.24.0.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Income Tax Expense

			For the years ended December 31,
			2023			2022			2021
Income tax expense (benefit)
Current - U.S. federal			$	582		$	550		$	486
Foreign			—			(1)			2
Total current			582			549			488
Deferred - U.S. federal			6			(124)			52
Foreign			(4)			18			(6)
Total deferred			2			(106)			46
Total income tax expense			$	584		$	443		$	534

Income Tax Rate Reconciliation

Income Tax Rate Reconciliation

			For the years ended December 31,
			2023			2022			2021
Tax provision at U.S. federal statutory rate			$	648		$	474		$	611
Nontaxable net investment income			(41)			(29)			(67)
Other			(23)			(2)			(10)
Provision for income taxes			$	584		$	443		$	534

Deferred Tax Assets (Liabilities)

Deferred Tax Assets (Liabilities)

			As of December 31,
			2023			2022
Deferred tax assets
Loss reserves and tax discount			$	517		$	437
Unearned premium reserve and other underwriting related reserves			483			442
Employee benefits			172			167
Net unrealized losses on investments			387			668
Net operating loss carryover			45			37
Other			1			19
Total deferred tax assets			1,605			1,770
Valuation allowance			(12)			(27)
Deferred tax assets, net of valuation allowance			1,593			1,743
Deferred tax liabilities
Deferred acquisition costs			(163)			(146)
Investment-related items			(110)			(48)
Other depreciable and amortizable assets			(147)			(112)
Total deferred tax liabilities			(420)			(306)
Net deferred tax asset			$	1,173		$	1,437

Roll-forward of Unrecognized Tax Benefits

Rollforward of Unrecognized Tax Benefits

			For the years ended December 31,
			2023			2022			2021
Balance, beginning of period			$	22		$	16		$	15
Gross increases - tax positions in current period			5			6			6
Lapse of statute of limitations			(1)			—			(5)
Balance, end of period			$	26		$	22		$	16

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
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-9

+ 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
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-2

+ 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
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 12
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-12

+ 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 unrecognized tax benefits for which a material change is reasonably possible in the next twelve months, typically including the nature of the uncertainty, the event(s) that could cause a material change, and an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made. An unrecognized tax benefit is the difference between a tax position taken in a tax return and the amounts recognized in the financial statements for which it is more likely than not, based on the technical merits of the position, that the tax position will not be sustained upon examination.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-15

+ Details

Name:	us-gaap_SummaryOfPositionsForWhichSignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration