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INCOME TAXES | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
INCOME TAXES | INCOME TAXES The provision for income taxes consisted of the following for the years ended December 31, 2024, 2023 and 2022:
| 2024 |  | 2023 |  | 2022
| (in millions)
Current provision: |  |  |  |  |
Federal | $ | 566 |  |  | $ | 915 |  |  | $ | 755 |
States and Puerto Rico | 39 |  |  | 85 |  |  | 107 |
Total current provision | 605 |  |  | 1,000 |  |  | 862 |
Deferred benefit | (192) |  |  | (164) |  |  | (100) |
Provision for income taxes | $ | 413 |  |  | $ | 836 |  |  | $ | 762 |
The provision for income taxes was different from the amount computed using the federal statutory rate for the years ended December 31, 2024, 2023 and 2022 due to the following:
| 2024 |  | 2023 |  | 2022
| (in millions)
Income tax provision at federal statutory rate | $ | 340 |  |  | $ | 698 |  |  | $ | 750 |
States, net of federal benefit, and Puerto Rico | 36 |  |  | 61 |  |  | 49 |
Tax exempt investment income | (3) |  |  | (3) |  |  | (3) |
Nondeductible executive compensation | 31 |  |  | 19 |  |  | 30 |
State lookback review refund claims | (17) |  |  | — |  |  | — |
Tax effect from sale of Gentiva Hospice | — |  |  | — |  |  | (72) |
Unrecognized Tax Benefits | 29 |  |  | 37 |  |  | — |
Other, net | (3) |  |  | 24 |  |  | 8 |
Provision for income taxes | $ | 413 |  |  | $ | 836 |  |  | $ | 762 |
Deferred income tax balances reflect the impact of temporary differences between the tax bases of assets or liabilities and their reported amounts in our consolidated financial statements, and are stated at enacted tax rates expected to be in effect when the reported amounts are actually recovered or settled. Principal components of our net deferred tax balances at December 31, 2024 and 2023 were as follows:
| Assets (Liabilities)
| 2024 |  | 2023
| (in millions)
Net operating loss carryforward | $ | 93 |  |  | $ | 84 |
Compensation and other accrued expense | 171 |  |  | 218 |
Benefits payable | 217 |  |  | 150 |
Deferred acquisition costs | 39 |  |  | 43 |
Other | 6 |  |  | 16 |
Unearned revenues | 6 |  |  | 5 |
Investment securities | 510 |  |  | 419 |
Total deferred income tax assets | 1,042 |  |  | 935 |
Valuation allowance | (85) |  |  | (73) |
Total deferred income tax assets, net of valuation allowance | 957 |  |  | 862 |
Depreciable property and intangible assets | (502) |  |  | (642) |
Prepaid expenses | (172) |  |  | (156) |
Other | (23) |  |  | (16) |
Total deferred income tax liabilities | (697) |  |  | (814) |
Total net deferred income tax assets (liabilities) | $ | 260 |  |  | $ | 48 |
Amounts recognized in the consolidated balance sheets: |  |  |
Other long-term assets | $ | 260 |  |  | $ | 48 |
All deferred tax assets and liabilities are classified as noncurrent in our consolidated balance sheets as other long-term assets and liabilities at December 31, 2024 and 2023, respectively. At December 31, 2024, we had approximately $16 million of federal net operating losses and approximately $1.1 billion of pre-apportioned state and Puerto Rico net operating losses to carry forward. A portion of these loss carryforwards, if not used to offset future taxable income, will expire from 2025 through 2042. The balance of the net operating loss carryforwards has no expiration date. Due to limitations and uncertainty regarding our ability to use some of the loss carryforwards and certain other deferred tax assets, a valuation allowance of $85 million was established. For the remainder of the net operating loss carryforwards and other cumulative temporary differences, based on our historical record of producing taxable income and profitability, we have concluded that future operating income will be sufficient to recover these deferred tax assets. We file income tax returns in the United States and Puerto Rico. The U.S. Internal Revenue Service, or IRS, has completed its examinations of our consolidated income tax returns for 2022 and prior years. Our 2023 tax return is in the post-filing review period under the Compliance Assurance Process, or CAP. Our 2024 tax return is under advance review by the IRS under CAP. With a few exceptions, which are immaterial in the aggregate, we are no longer subject to state, local and foreign tax examinations for years before 2021. We are not aware of any material adjustments that may be proposed as a result of any ongoing or future examinations. We do not have material uncertain tax positions reflected in our consolidated balance sheets.

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