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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Taxes |
Income Tax Expense (Benefit) from Continuing Operations | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31, |
​ |  | 2023 |  | 2022 |  | 2021 |
​ | ​ | (in millions) |
Current income taxes (benefits): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. federal | ​ | $ | 81.5 | ​ | $ | (56.3) | ​ | $ | 110.3 | ​
State | ​ | ​ | 20.1 | ​ | ​ | 20.7 | ​ |  | 19.4 | ​
Foreign | ​ | ​ | 38.8 | ​ | ​ | 53.1 | ​ |  | 38.0 | ​
Tax benefit of operating loss carryforward | ​ | ​ | (14.5) | ​ | ​ | (9.5) | ​ |  | (1.2) | ​
Total current income taxes | ​ | ​ | 125.9 | ​ | ​ | 8.0 | ​ |  | 166.5 | ​
Deferred income taxes (benefits): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. federal | ​ | ​ | (63.2) | ​ | ​ | 1,189.7 | ​ |  | 118.0 | ​
State | ​ | ​ | 0.1 | ​ | ​ | 8.0 | ​ |  | 16.6 | ​
Foreign | ​ | ​ | 5.9 | ​ | ​ | (16.2) | ​ |  | (17.2) | ​
Total deferred income taxes (benefits) | ​ | ​ | (57.2) | ​ | ​ | 1,181.5 | ​ |  | 117.4 | ​
Income taxes | ​ | $ | 68.7 | ​ | $ | 1,189.5 | ​ | $ | 283.9 | ​
​
Income Before Income Taxes, Domestic and Foreign | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31, | ​
​ |  | 2023 |  | 2022 |  | 2021 |
​ | ​ | (in millions) | ​
Domestic |  | $ | 412.8 |  | $ | 5,766.1 |  | $ | 1,715.2 | ​
Foreign | ​ | ​ | 326.0 | ​ | ​ | 220.9 | ​ | ​ | 195.7 | ​
Total income before income taxes |  | $ | 738.8 |  | $ | 5,987.0 |  | $ | 1,910.9 | ​
​
Reconciliation Between U.S. Corporate Income Tax Rate and Effective Income Tax Rate from Continuing Operations | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31, |
​ |  | 2023 |  | 2022 |  | 2021 |
U.S. corporate income tax rate |  | 21 | % | 21 | % | 21 | %
Dividends received deduction | ​ | (10) | ​ | (1) | ​ | (4) | ​
Tax credits | ​ | (8) | ​ | (1) | ​ | (2) | ​
Impact of equity method presentation | ​ | (4) | ​ | — | ​ | (1) | ​
Interest exclusion from taxable income | ​ | (3) | ​ | — | ​ | (1) | ​
Foreign currency inflation | ​ | (1) | ​ | — | ​ | — | ​
Impact of noncontrolling interest presentation | ​ | (1) | ​ | — | ​ | — | ​
Global Intangible Low-Taxed Income | ​ | 7 | ​ | 1 | ​ | 1 | ​
Low income housing tax credit amortization | ​ | 5 | ​ | — | ​ | — | ​
State income taxes | ​ | 2 | ​ | — | ​ | 2 | ​
Valuation allowance | ​ | 1 | ​ | — | ​ | — | ​
Other | ​ | — | ​ | — | ​ | (1) | ​
Effective income tax rate | ​ | 9 | % | 20 | % | 15 | %
Changes in Unrecognized Tax Benefits | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31, |
​ |  | 2023 |  | 2022 |  | 2021 |
​ | ​ | (in millions) |
Balance at beginning of period | ​ | $ | 42.2 | ​ | $ | 45.5 | ​ | $ | 46.9 | ​
Additions based on tax positions related to the current year | ​ | ​ | 0.3 | ​ | ​ | — | ​ |  | 1.8 | ​
Reductions for tax positions related to the current year | ​ | ​ | (3.2) | ​ | ​ | (3.3) | ​ |  | (3.2) | ​
Balance at end of period (1) | ​ | $ | 39.3 | ​ | $ | 42.2 | ​ | $ | 45.5 | ​
(1) | If recognized, $1.6 million of the amount of unrecognized tax benefits would reduce our 2023 effective income tax rate. We recognize interest and penalties related to uncertain tax positions in operating expenses within the consolidated statements of operations.
Components of Net Deferred Income Taxes | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, |
​ |  | 2023 |  | 2022 |
​ | ​ | (in millions) |
Deferred income tax assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net operating and capital loss carryforwards | ​ | $ | 123.0 | ​ | $ | 86.1 | ​
Tax credit carryforwards | ​ | ​ | 64.2 | ​ | ​ | 65.8 | ​
Net unrealized losses on available-for-sale securities | ​ | ​ | 1,092.9 | ​ | ​ | 1,572.3 | ​
Employee benefits | ​ | ​ | 315.4 | ​ | ​ | 305.3 | ​
Gross deferred income tax assets | ​ | ​ | 1,595.5 | ​ | ​ | 2,029.5 | ​
Valuation allowance | ​ | ​ | (58.8) | ​ | ​ | (42.9) | ​
Total deferred income tax assets | ​ | ​ | 1,536.7 | ​ | ​ | 1,986.6 | ​
Deferred income tax liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred acquisition costs | ​ | ​ | (679.2) | ​ | ​ | (639.6) | ​
Investments, including derivatives | ​ | ​ | (240.9) | ​ | ​ | (224.7) | ​
Funds withheld embedded derivative | ​ | ​ | (575.5) | ​ | ​ | (767.1) | ​
Real estate | ​ | ​ | (136.7) | ​ | ​ | (141.0) | ​
Intangible assets | ​ | ​ | (384.2) | ​ | ​ | (386.9) | ​
Insurance liabilities | ​ | ​ | (886.1) | ​ | ​ | (814.3) | ​
Other deferred income tax liabilities | ​ | ​ | (6.3) | ​ | ​ | (30.3) | ​
Total deferred income tax liabilities | ​ | ​ | (2,908.9) | ​ | ​ | (3,003.9) | ​
Total net deferred income tax liabilities | ​ | $ | (1,372.2) | ​ | $ | (1,017.3) | ​
​
Net Deferred Income Taxes by Jurisdiction | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, |
​ |  | 2023 |  | 2022 |
​ | ​ | (in millions) |
Deferred income tax assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​
State | ​ | $ | 77.9 | ​ | $ | 83.1 | ​
Foreign | ​ | ​ | 163.2 | ​ | ​ | 223.8 | ​
Net deferred income tax assets | ​ | ​ | 241.1 | ​ | ​ | 306.9 | ​
Deferred income tax liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. federal | ​ | ​ | (1,312.9) | ​ | ​ | (1,051.0) | ​
Foreign | ​ | ​ | (300.4) | ​ | ​ | (273.2) | ​
Net deferred income tax liabilities | ​ | ​ | (1,613.3) | ​ | ​ | (1,324.2) | ​
Total net deferred income tax liabilities | ​ | $ | (1,372.2) | ​ | $ | (1,017.3) | ​
​

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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://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
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- Definition Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + 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 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 19 -SubTopic 10 -Topic 740 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-19 + Details
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