XML 74 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)

The following schedule discloses significant components of income tax expense (benefit) for each year presented:

						Year Ended December 31,
						2023						2022						2021
						(in millions)
Current tax expense (benefit):
U.S.						$	(4)					$	214					$	1,094
State and local						25						15						24
Foreign						667						480						770
Total current tax expense (benefit)						688						709						1,888
Deferred tax expense (benefit):
U.S.						323						(789)						275
State and local						0						1						(1)
Foreign						(398)						(200)						(167)
Total deferred tax expense (benefit)						(75)						(988)						107
Total income tax expense (benefit) on income (loss) before equity in earnings of operating joint ventures						613						(279)						1,995
Income tax expense (benefit) on equity in earnings of operating joint ventures						34						25						33
Income tax expense (benefit) on discontinued operations						0						0						0
Income tax expense (benefit) reported in equity related to:
Other comprehensive income (loss)						(837)						2,555						1,151
Total income taxes						$	(190)					$	2,301					$	3,179

Schedule of Effective Income Tax Rate Reconciliation

The differences between income taxes expected at the U.S. federal statutory income tax rate of 21% applicable for 2023, 2022 and 2021, and the reported income tax expense (benefit) are summarized as follows:

						Year Ended December 31,
						2023						2022(1)						2021(1)
						(in millions)
Expected federal income tax expense (benefit)						$	645					$	(397)					$	2,275
Non-taxable investment income						(162)						(86)						(292)
Foreign taxes at other than U.S. rate						191						122						163
Low-income housing and other tax credits						(106)						(128)						(126)
Changes in tax law						(99)						(11)						10
GILTI						5						101						(1)
Sale of subsidiary						0						86						(25)
Noncontrolling interest						(4)						5						(14)
Non-deductible expenses						29						21						11
Change in valuation allowance						111						16						13
State taxes (net of federal benefit)						20						13						18
Other						(17)						(21)						(37)
Reported income tax expense (benefit)						$	613					$	(279)					$	1,995
Effective tax rate						20.0		%				14.7		%				18.4		%

__________

(1)Prior period amounts have been updated to conform to current period presentation.

Schedule of Deferred Tax Assets and Liabilities

						As of December 31,
						2023						2022
						(in millions)
Deferred tax assets:
Net unrealized investment losses						$	4,047					$	5,903
Policyholders’ dividends						213						59
Net operating and capital loss carryforwards						178						186
Employee benefits						332						329
Investments						2,883						2,486
Goodwill and other intangibles						335						351
Deferred tax assets before valuation allowance						7,988						9,314
Valuation allowance						(290)						(159)
Deferred tax assets after valuation allowance						7,698						9,155
Deferred tax liabilities:
Insurance reserves						2,742						5,695
Deferred policy acquisition costs						3,897						3,683
Value of business acquired						166						188
Other						969						636
Deferred tax liabilities						7,774						10,202
Net deferred tax asset (liability)(1)						$	(76)					$	(1,047)

__________

(1)As of December 31, 2023, includes net deferred tax assets of $542 million and $403 million related to the Company’s U.S. operations and Bermuda operations, respectively. As of December 31, 2022, includes a net deferred tax asset of $925 million and $201 million, related to the Company’s U.S. operations and Brazil operations, respectively.

Operating And Capital Loss Carryforwards

The valuation allowance includes amounts recorded in connection with deferred tax assets as follows:

						Federal						State						Foreign Operations						Total
						(in millions)
Balance at January 1, 2021						$	15					$	116					$	12					$	143
Charged to costs and expenses						5						(8)						9						6
Other adjustments						0						(1)						(1)						(2)
Balance at December 31, 2021						20						107						20						147
Charged to costs and expenses						2						16						10						28
Other adjustments						0						(14)						(2)						(16)
Balance at December 31, 2022						22						109						28						159
Charged to costs and expenses						3						0						8						11
Other adjustments						0						23						97						120
Balance at December 31, 2023						$	25					$	132					$	133					$	290

The following table sets forth the amount and expiration dates of federal, state and foreign operating, capital loss and tax credit carryforwards for tax purposes, as of the periods indicated:

						As of December 31,
						2023						2022
						(in millions)
Federal net operating and capital loss carryforwards						$	0					$	0
State net operating and capital loss carryforwards(1)						$	1,670					$	1,781
Foreign net operating and capital loss carryforwards(2)						$	356					$	295
Federal foreign tax credit carryforwards(3)						$	18					$	15

__________

(1)Certain state net operating loss carryforwards expire between 2024 and 2043, whereas others have an unlimited carryforward.

(2)$32 million expires between 2024 and 2038 and $324 million has an unlimited carryforward.

(3)Expires between 2028 and 2033. These relate to foreign non-general basket tax credits.

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 2023, 2022, and 2021, foreign deferred withholding or other foreign income taxes have not been provided. The net tax liability that may arise if the 2022 earnings were remitted which includes any foreign exchange impacts, is immaterial.

						At December 31,
						2023						2022						2021
						(in millions)
Undistributed earnings of foreign subsidiaries (assuming indefinite reinvestment only for Withholding or other non-U.S. Taxes)						$	291					$	238					$	209

Unrecognized Tax Benefits Reconciliation

The following table reconciles the total amount of unrecognized tax benefits at the beginning and end of the periods indicated:

						2023						2022						2021
						(in millions)
Balance at January 1,						$	84					$	12					$	17
Increases in unrecognized tax benefits—prior years						13						81						4
(Decreases) in unrecognized tax benefits—prior years						0						(1)						(9)
Increases in unrecognized tax benefits—current year						36						0						0
(Decreases) in unrecognized tax benefits—current year						0						(8)						0
Settlements with taxing authorities						0						0						0
Balance at December 31,						$	133					$	84					$	12
Unrecognized tax benefits that, if recognized, would favorably impact the effective rate						$	133					$	84					$	12

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:

						2023						2022						2021
						(in millions)
Interest and penalties recognized in the Consolidated Statements of Operations						$	7					$	8					$	4

						2023						2022
						(in millions)
Interest and penalties recognized in liabilities in the Consolidated Statements of Financial Position						$	22					$	15

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, 2023:

Major Tax Jurisdiction						Open Tax Years
United States						2014-2023
Japan						Fiscal years ended March 31, 2019-2023

X

- References

No definition available.

+ Details

Name:	pru_AmountsRecognizedInConsolidatedFinancialStatementsForTaxRelatedInterestAndPenaltiesTableTextBlock
Namespace Prefix:	pru_
Data Type:	dtr-types1:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	pru_OpenTaxYearsByMajorTaxJurisdictionsTableTextBlock
Namespace Prefix:	pru_
Data Type:	dtr-types1:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	pru_OperatingAndCapitalLossCarryforwardsTableTextBlock
Namespace Prefix:	pru_
Data Type:	dtr-types1:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	pru_UndistributedEarningsOfForeignSubsidiariesAssumingPermanentReinvestmentTableTextBlock
Namespace Prefix:	pru_
Data Type:	dtr-types1:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Unrecognized Tax Benefits Reconciliation [Table Text Block]

+ References

No definition available.

+ Details

Name:	pru_UnrecognizedTaxBenefitsReconciliationTableTextBlock
Namespace Prefix:	pru_
Data Type:	dtr-types1:textBlockItemType
Balance Type:	na
Period Type:	duration

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