XML 84 R57.htm IDEA: XBRL DOCUMENT v3.22.4

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

Income tax (benefit) expense on continuing operations consists of the following:

			Year Ended December 31,
			2022						2021						2020
			(In millions)
Current			$	331					$	656					$	379
Deferred			67						57						(57)
			$	398					$	713					$	322

Schedule of Components of Income Tax Expense (Benefit)

Total income tax expense was allocated as follows:

			Year Ended December 31,
			2022						2021						2020
			(In millions)
Net earnings from continuing operations			$	398					$	713					$	322
Other comprehensive (loss) earnings:
Unrealized (loss) gain on investments and other financial instruments			(947)						(141)						332
Unrealized (loss) gain on foreign currency translation and cash flow hedging			(4)						—						1
Other comprehensive earnings attributable to noncontrolling interest			8						—						—
Minimum pension liability adjustment			2						(2)						4
Total income tax (benefit) expense allocated to other comprehensive earnings			(941)						(143)						337
Total income taxes			$	(543)					$	570					$	659

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the federal statutory rate to our effective tax rate is as follows:

			Year Ended December 31,
			2022						2021						2020
Federal statutory rate			21.0		%				21.0		%				21.0		%
State income taxes, net of federal benefit			2.2						1.6						2.5
Stock compensation			(0.1)						(0.2)						(0.3)
Tax credits			(0.7)						(0.2)						(0.4)
Consolidated partnerships			(0.2)						(0.1)						(0.3)
Tax gain on parent shares held			(1.0)						0.5						—
Valuation allowance for deferred tax assets			6.1						(0.3)						(3.0)
Change in tax status benefit			—						—						(2.0)
Benefit on Capital Loss Carryback			(1.5)						—						—
Non-deductible expenses and other, net			0.1						0.8						0.5
Effective tax rate			25.9		%				23.1		%				18.0		%

Schedule of Deferred Tax Assets and Liabilities

The significant components of deferred tax assets and liabilities consist of the following:

			December 31,
			2022						2021
			(In millions)
Deferred Tax Assets:
Employee benefit accruals			$	103					$	111
Net operating loss carryforwards			38						27
Derivatives			67						—
Accrued liabilities			5						1
Allowance for uncollectible accounts receivable			5						5
Pension plan			1						2
Tax credits			74						77
State income taxes			5						8
Investment securities			952						—
Capital loss carryover			8						41
Life insurance and claim related adjustments			669						854
Funds held under reinsurance agreements			37						52
Other			21						33
Total gross deferred tax asset			1,985						1,211
Less: valuation allowance			151						33
Total deferred tax asset			$	1,834					$	1,178
Deferred Tax Liabilities:
Title plant			$	(53)					$	(52)
Amortization of goodwill and intangible assets			(117)						(140)
Other			(2)						(2)
Investment securities			—						(401)
Depreciation			(32)						(29)
Partnerships			(122)						(182)
Value of business acquired			(350)						(249)
Derivatives			—						(68)
Deferred acquisition costs			(243)						(102)
Transition reserve on new reserve method			(25)						(34)
Funds held under reinsurance agreements			(183)						(74)
Title Insurance reserve discounting			(31)						(50)
Total deferred tax liability			$	(1,158)					$	(1,383)
Net deferred tax asset (liability)			$	676					$	(205)

Reconciliation of Beginning and Ending Unrecognized Tax Benefits

A reconciliation of the beginning and ending unrecognized tax benefits is as follows:

						Year ended December 31,
						2022						2021
						(In millions)
Beginning balance						$	60					$	64
Additions based on positions taken in current year						1						—
Reductions related to statute of limitation lapses and audit payments						(61)						(4)
Ending balance						$	—					$	60

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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319

+ 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319

+ 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(1)(Note 1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Name:	us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the change in unrecognized tax benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 55
-Paragraph 217
-URI https://asc.fasb.org/extlink&oid=126976462&loc=d3e36027-109320

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15A
-URI https://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319

+ Details

Name:	us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration