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v3.25.4

Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Schedule of Consolidated Income Tax Expense | The consolidated income tax expense consists of the following ($ in millions):
|  | Year Ended December 31,
|  | 2025 |  | 2024 |  | 2023
Income (loss) from continuing operations before income tax expense (benefit) |  |  |  |  |
U.S. Federal | $ | (6,727) |  |  | $ | 3,529 |  |  | $ | 3,686 |
Foreign (1) | (1) |  |  | 728 |  |  | (88) |
Total | $ | (6,728) |  |  | $ | 4,257 |  |  | $ | 3,598 |
Income tax expense (benefit) from continuing operations |  |  |  |  |
Current tax expense (benefit) |  |  |  |  |
Federal | $ | 77 |  |  | $ | 798 |  |  | $ | 833 |
State and local | (69) |  |  | 142 |  |  | 132 |
Foreign | — |  |  | — |  |  | 1 |
Total current tax expense | $ | 8 |  |  | $ | 940 |  |  | $ | 966 |
Deferred tax expense (benefit) |  |  |  |  |
Federal | $ | (29) |  |  | $ | 8 |  |  | $ | (71) |
State and local | (30) |  |  | 7 |  |  | 33 |
Foreign | — |  |  | 8 |  |  | (29) |
Total deferred tax expense (benefit) | $ | (59) |  |  | $ | 23 |  |  | $ | (67) |
Total income tax expense (benefit) |  |  |  |  |
Federal | $ | 48 |  |  | $ | 806 |  |  | $ | 762 |
State and local | (99) |  |  | 149 |  |  | 165 |
Foreign | — |  |  | 8 |  |  | (28) |
Total income tax expense (benefit) | $ | (51) |  |  | $ | 963 |  |  | $ | 899 |
(1) | Foreign income from continuing operations includes the Company's Cayman Islands reinsurance entity. The Company has elected for its Cayman Islands entity to be taxed as a U.S. corporation and pays U.S. tax at the 21% tax rate. The U.S. tax resulting from this entity is included in Federal income tax expense. This entity ceased operations in 2025.
Schedule of Reconciliation of Tax Provision at the U.S. Federal Statutory Rate to Income Tax Expense | The reconciliation of the tax provision at the U.S. federal statutory rate to income tax expense (benefit) is as follows ($ in millions):
|  | Year Ended December 31,
|  | 2025 |  | 2024 |  | 2023
|  | Total |  | % |  | Total |  | % |  | Total |  | %
Earnings (loss) from continuing operations, before income tax expense | $ | (6,728) |  |  |  |  | $ | 4,257 |  |  |  |  | $ | 3,598 |  |  |
Tax provision at the U.S. federal statutory rate | (1,413) |  |  | 21.0 | % |  | 894 |  |  | 21.0 | % |  | 756 |  |  | 21.0 | %
Federal |  |  |  |  |  |  |  |  |  |  |
Effect of cross-border tax laws |  |  |  |  |  |  |  |  |  |  |
Global Intangible Low-Taxed Income (GILTI) | (2) |  |  | — | % |  | 44 |  |  | 1.0 | % |  | 4 |  |  | 0.1 | %
Cayman Islands |  |  |  |  |  |  |  |  |  |  |
Statutory income tax rate differential (1) | — |  |  | — | % |  | 142 |  |  | 3.3 | % |  | 62 |  |  | 1.7 | %
Other | 2 |  |  | — | % |  | 2 |  |  | — | % |  | (21) |  |  | (0.6) | %
Tax credits | — |  |  | — | % |  | (14) |  |  | (0.3) | % |  | (5) |  |  | (0.1) | %
Changes in valuation allowances | (1) |  |  | — | % |  | (12) |  |  | (0.3) | % |  | (2) |  |  | (0.1) | %
Nontaxable or nondeductible items |  |  |  |  |  |  |  |  |  |  |
Nondeductible compensation | 31 |  |  | (0.5) | % |  | 37 |  |  | 0.9 | % |  | 29 |  |  | 0.8 | %
Nondeductible goodwill | 1,409 |  |  | (20.9) | % |  | — |  |  | — | % |  | — |  |  | — | %
Nontaxable or nondeductible divestiture (gains) losses | 3 |  |  | — | % |  | (97) |  |  | (2.3) | % |  | (9) |  |  | (0.3) | %
Other nontaxable or nondeductible items | 19 |  |  | (0.3) | % |  | (1) |  |  | — | % |  | (6) |  |  | (0.2) | %
Other |  |  |  |  |  |  |  |  |  |  |
Excess tax detriment (benefit) on stock awards | 4 |  |  | (0.1) | % |  | (3) |  |  | (0.1) | % |  | (59) |  |  | (1.6) | %
Other | (24) |  |  | 0.4 | % |  | 9 |  |  | 0.2 | % |  | 26 |  |  | 0.7 | %
Foreign tax effects |  |  |  |  |  |  |  |  |  |  |
United Kingdom |  |  |  |  |  |  |  |  |  |  |
Nondeductible goodwill | — |  |  | — | % |  | (34) |  |  | (0.8) | % |  | 83 |  |  | 2.3 | %
Other | — |  |  | — | % |  | 12 |  |  | 0.3 | % |  | (26) |  |  | (0.7) | %
Cayman Islands |  |  |  |  |  |  |  |  |  |  |
Statutory income tax rate differential (1) | — |  |  | — | % |  | (142) |  |  | (3.3) | % |  | (62) |  |  | (1.7) | %
Other jurisdictions | — |  |  | — | % |  | 7 |  |  | 0.2 | % |  | (16) |  |  | (0.4) | %
Changes in unrecognized tax benefits | (92) |  |  | 1.4 | % |  | 24 |  |  | 0.6 | % |  | 27 |  |  | 0.8 | %
State income taxes, net of federal income tax benefit (2) | 13 |  |  | (0.2) | % |  | 95 |  |  | 2.2 | % |  | 118 |  |  | 3.3 | %
Income tax (benefit) expense | $ | (51) |  |  | 0.8 | % |  | $ | 963 |  |  | 22.6 | % |  | $ | 899 |  |  | 25.0 | %
(1) | The Company has elected for its Cayman Islands reinsurance entity to be taxed as a U.S. corporation and pays U.S. tax at the 21% tax rate. The taxability of this entity does not represent a reconciling item between the U.S. federal rate and the Company's effective tax rate. This entity ceased operations in 2025.
(2) | During the year ended December 31, 2025, state taxes in Pennsylvania comprised greater than 50% of the tax effect in this category. During the year ended December 31, 2024, state taxes in California, Florida and Illinois comprised greater than 50% of the tax effect in this category. During the year ended December 31, 2023, state taxes in California and Florida comprised greater than 50% of the tax effect in this category.
Schedule of Income Taxes Paid | Income taxes paid are as follows ($ in millions):
|  | Year Ended December 31,
|  | 2025 |  | 2024 |  | 2023
U.S. Federal (1) | $ | 364 |  |  | $ | 930 |  |  | $ | 698 |
California | 27 |  |  | * |  | *
Florida | 23 |  |  | * |  | *
Pennsylvania | * |  | * |  | 53 |
Other (2) | 34 |  |  | 71 |  |  | 138 |
Total U.S. State and Local | 84 |  |  | 71 |  |  | 191 |
Foreign | — |  | 1 |  | (2)
Total income taxes paid, net | $ | 448 |  |  | $ | 1,002 |  |  | $ | 887 |
(1) | Includes amounts paid to purchase transferable tax credits of $78 million, $100 million and $49 million during the years ended December 31, 2025, 2024 and 2023, respectively.
(2) | Includes amounts paid to purchase transferable tax credits of $23 million, $15 million and $10 million during the years ended December 31, 2025, 2024 and 2023, respectively.
* | The amount of income taxes paid to these jurisdictions during the year does not meet the 5% disaggregation threshold.
Schedule of Tax Effects of Temporary Differences Which Give Rise to Deferred Tax Assets and Liabilities | The tax effects of temporary differences which give rise to deferred tax assets and liabilities are presented below ($ in millions):
| December 31, 2025 |  | December 31, 2024
Deferred tax assets: |  |  |
Medical claims liability | $ | 178 |  |  | $ | 178 |
Nondeductible liabilities | 69 |  |  | 81 |
Net operating loss and other carryforwards | 106 |  |  | 70 |
Compensation accruals | 105 |  |  | 93 |
Premium and trade receivables | 88 |  |  | 72 |
Operating lease liability | 196 |  |  | 231 |
Unrealized gain/loss | 13 |  |  | 153 |
Software development costs | 178 |  |  | 246 |
Other | 48 |  |  | 92 |
Deferred tax assets | 981 |  |  | 1,216 |
Valuation allowance | (67) |  |  | (77) |
Net deferred tax assets | $ | 914 |  |  | $ | 1,139 |
Deferred tax liabilities: |  |  |
Goodwill and intangible assets | $ | 1,376 |  |  | $ | 1,518 |
Fixed assets | 198 |  |  | 135 |
Investments in subsidiaries and joint ventures (outside basis) | 68 |  |  | — |
Right-of-use asset | 78 |  |  | 88 |
Other | 27 |  |  | 82 |
Deferred tax liabilities | 1,747 |  |  | 1,823 |
Net deferred tax liabilities | $ | (833) |  |  | $ | (684) |
Schedule of Unrecognized Tax Benefits Roll Forward | The Company maintains a reserve for uncertain tax positions that may be challenged by a tax authority. A rollforward of the beginning and ending amount of uncertain tax positions, exclusive of related interest and penalties, is as follows ($ in millions):
|  | Year Ended December 31,
|  | 2025 |  | 2024
Gross unrecognized tax benefits, January 1 | $ | 340 |  |  | $ | 439 |
Gross increases: |  |  |
Current year tax positions | 12 |  |  | 16 |
Prior year tax positions | 4 |  |  | 31 |
Gross decreases: |  |  |
Settlements (1) | (8) |  |  | (133) |
Prior year tax positions | (8) |  |  | (6) |
Statute of limitation lapses | (110) |  |  | (7) |
Gross unrecognized tax benefits, December 31 | $ | 230 |  |  | $ | 340 |
(1) | Settlements for the year ended December 31, 2024 primarily reflected the resolution of an item that had no net impact on the Consolidated Statement of Operations.

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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/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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