v3.8.0.1

Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2017
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | The following schedule discloses significant components of income tax expense (benefit) for each year presented:
|  | Year Ended December 31,
|  | 2017 |  | 2016 |  | 2015
|  | (in millions)
Current tax expense (benefit): |  |  |  |  |  |
U.S. |  | $ | (47 | ) |  | $ | 31 |  |  | $ | 738 |
State and local |  | 11 |  |  | 9 |  |  | 3 |
Foreign |  | 594 |  |  | 595 |  |  | 622 |
Total current tax expense (benefit) |  | 558 |  |  | 635 |  |  | 1,363 |
Deferred tax expense (benefit): |  |  |  |  |  |
U.S. |  | (2,552 | ) |  | 132 |  |  | 585 |
State and local |  | 0 |  |  | 5 |  |  | 4 |
Foreign |  | 556 |  |  | 563 |  |  | 120 |
Total deferred tax expense (benefit) |  | (1,996 | ) |  | 700 |  |  | 709 |
Total income tax expense (benefit) on income (loss) before equity in earnings of operating joint ventures |  | (1,438 | ) |  | 1,335 |  |  | 2,072 |
Income tax expense (benefit) on equity in earnings of operating joint ventures |  | 33 |  |  | 11 |  |  | (1 | )
Income tax expense (benefit) on discontinued operations |  | 0 |  |  | 0 |  |  | 0 |
Income tax expense (benefit) reported in equity related to: |  |  |  |  |  |
Other comprehensive income |  | 784 |  |  | 1,305 |  |  | (2,213 | )
Stock-based compensation programs |  | (2 | ) |  | (30 | ) |  | (22 | )
Total income taxes |  | $ | (623 | ) |  | $ | 2,621 |  |  | $ | (164 | )
Schedule of Effective Income Tax Rate Reconciliation | The differences between income taxes expected at the U.S. federal statutory income tax rate of 35% and the reported income tax expense (benefit) are summarized as follows:
|  | Year Ended December 31,
|  | 2017 |  | 2016 |  | 2015
|  | (in millions)
Expected federal income tax expense (benefit) |  | $ | 2,270 |  |  | $ | 1,997 |  |  | $ | 2,719 |
Non-taxable investment income |  | (369 | ) |  | (352 | ) |  | (341 | )
Foreign taxes at other than U.S. rate |  | (249 | ) |  | (172 | ) |  | (51 | )
Low-income housing and other tax credits |  | (126 | ) |  | (118 | ) |  | (116 | )
Changes in tax law |  | (2,858 | ) |  | 0 |  |  | (108 | )
Other |  | (106 | ) |  | (20 | ) |  | (31 | )
Reported income tax expense (benefit) |  | $ | (1,438 | ) |  | $ | 1,335 |  |  | $ | 2,072 |
Effective tax rate |  | (22.2 | )% |  | 23.4 | % |  | 26.7 | %
Schedule of Deferred Tax Assets and Liabilities |
|  | As of December 31,
|  | 2017 |  | 2016
|  | (in millions)
Deferred tax assets: |  |  |  |
Insurance reserves |  | $ | 821 |  |  | $ | 1,856 |
Policyholders’ dividends |  | 1,262 |  |  | 1,849 |
Net operating and capital loss carryforwards |  | 281 |  |  | 190 |
Employee benefits |  | 635 |  |  | 789 |
Investments |  | 862 |  |  | 1,166 |
Deferred tax assets before valuation allowance |  | 3,861 |  |  | 5,850 |
Valuation allowance |  | (214 | ) |  | (163 | )
Deferred tax assets after valuation allowance |  | 3,647 |  |  | 5,687 |
Deferred tax liabilities: |  |  |  |
Net unrealized investment gains |  | 9,062 |  |  | 10,551 |
Deferred policy acquisition costs |  | 3,625 |  |  | 4,443 |
Unremitted foreign earnings |  | 119 |  |  | 380 |
Value of business acquired |  | 414 |  |  | 715 |
Other |  | 41 |  |  | 393 |
Deferred tax liabilities |  | 13,261 |  |  | 16,482 |
Net deferred tax liability |  | $ | (9,614 | ) |  | $ | (10,795 | )
Valuation Allowance For State Local And Foreign Deferred Tax Assets | The valuation allowance includes amounts recorded in connection with deferred tax assets as follows:
|  | As of December 31,
|  | 2017 |  | 2016
|  | (in millions)
Valuation allowance related to state and local deferred tax assets |  | $ | 196 |  |  | $ | 138 |
Valuation allowance related to foreign operations deferred tax assets |  | 18 |  |  | 25 |
Total valuation allowance |  | $ | 214 |  |  | $ | 163 |
Operating And Capital Loss Carryforwards | The following table sets forth the amount and expiration dates of federal, state and foreign operating losses, capital loss and tax credit carryforwards for tax purposes, as of the periods indicated:
|  | As of December 31,
|  | 2017 |  | 2016
|  | (in millions)
Federal net operating and capital loss carryforwards |  | $ | 0 |  |  | $ | 0 |
State net operating and capital loss carryforwards(1) |  | $ | 5,806 |  |  | $ | 4,201 |
Foreign operating loss carryforwards(2) |  | $ | 58 |  |  | $ | 45 |
Alternative minimum tax credits(3) |  | $ | 0 |  |  | $ | 66 |
__________
(1) | Expires between 2018 and 2037.
(2) | $16 million expires between 2020 and 2035 and $42 million has an unlimited carryforward.
(3) | Effective in 2018, the alternative minimum tax is repealed for corporations.
Undistributed Earnings Of Foreign Subsidiaries Assuming Permanent Reinvestment | The following table sets forth the undistributed earnings of foreign subsidiaries, where the Company assumes indefinite reinvestment of such earnings and for which, in 2017, 2016, and 2015, U.S. deferred taxes have not been provided, and for which, in 2017, foreign deferred withholding taxes have not been provided. The net tax liability that may arise if the 2017 earnings were remitted can range from $0 to $302 million. The actual amount of this tax liability is dependent upon the resolution of uncertainty created by the Tax Act of 2017 in determining the amount of such withholding taxes that would be creditable against the Company's U.S. income tax liability.
|  | At December 31,
|  | 2017 |  | 2016 |  | 2015
|  | (in millions)
Undistributed earnings of foreign subsidiaries (assuming indefinite reinvestment for all tax purposes)(1) |  | N/A |  |  | $ | 4,231 |  |  | $ | 3,215 |
Undistributed earnings of foreign subsidiaries (assuming indefinite reinvestment only for Withholding Taxes) |  | $ | 2,603 |  |  | N/A |  |  | N/A |
__________
(1) | Consistent with the Tax Act of 2017, the Company provides U.S. income tax for all unremitted earnings of the Company’s foreign affiliates as of December 31, 2017.
Unrecognized Tax Benefits Reconciliation | The following table reconciles the total amount of unrecognized tax benefits at the beginning and end of the periods indicated.
|  | 2017 |  | 2016 |  | 2015
|  | (in millions)
Balance at January 1, |  | $ | 26 |  |  | $ | 6 |  |  | $ | 6 |
Increases in unrecognized tax benefits—prior years |  | 11 |  |  | 10 |  |  | 0 |
(Decreases) in unrecognized tax benefits—prior years |  | (5 | ) |  | 0 |  |  | 0 |
Increases in unrecognized tax benefits—current year |  | 14 |  |  | 10 |  |  | 0 |
(Decreases) in unrecognized tax benefits—current year |  | 0 |  |  | 0 |  |  | 0 |
Settlements with taxing authorities |  | (1 | ) |  | 0 |  |  | 0 |
Balance at December 31, |  | $ | 45 |  |  | $ | 26 |  |  | $ | 6 |
Unrecognized tax benefits that, if recognized, would favorably impact the effective rate |  | $ | 45 |  |  | $ | 26 |  |  | $ | 6 |
Amounts Recognized In Consolidated Financial Statements For Tax Related Interest And Penalties | The amounts recognized in the consolidated financial statements for tax-related interest and penalties for the years ended December 31 are as follows:
|  | 2017 |  | 2016 |  | 2015
|  | (in millions)
Interest and penalties recognized in the Consolidated Statements of Operations |  | $ | (3 | ) |  | $ | 1 |  |  | $ | 0 |
|  | 2017 |  | 2016
|  | (in millions)
Interest and penalties recognized in liabilities in the Consolidated Statements of Financial Position |  | $ | 1 |  |  | $ | 5 |
Open Tax Years By Major Tax Jurisdictions | Listed below are the tax years that remain subject to examination, by major tax jurisdiction, as of December 31, 2017:
Major Tax Jurisdiction |  | Open Tax Years
United States |  | 2014-2016
Japan |  | Fiscal years ended March 31, 2013-2017
Korea |  | Fiscal year ended March 31, 2013, the periods ended December 31, 2013-2016

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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://www.xbrl.org/2003/role/presentationRef -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
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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://www.xbrl.org/2003/role/presentationRef -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
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