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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Income before Income Tax, Domestic and Foreign | Income tax expense (benefit) on continuing operations consists of the following:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (In millions)
Current | $ | 241 |  |  | $ | 331 |  |  | $ | 656 |
Deferred | (49) |  |  | 108 |  |  | 157 |
| $ | 192 |  |  | $ | 439 |  |  | $ | 813 |
Schedule of Components of Income Tax Expense (Benefit) | Total income tax expense was allocated as follows:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (In millions)
Net earnings from continuing operations | $ | 192 |  |  | $ | 439 |  |  | $ | 813 |
Other comprehensive earnings (loss): |  |  |  |  |
Unrealized gain (loss) on investments and other financial instruments | 275 |  |  | (1,198) |  |  | (160) |
Unrealized gain (loss) on foreign currency translation and cash flow hedging | 2 |  |  | (4) |  |  | — |
Changes in current discount rate - future policy benefits | (50) |  |  | 203 |  |  | 33 |
Changes in instrument - specific credit risk - market risk benefits | (9) |  |  | 18 |  |  | 3 |
F&G 15% Distribution | (35) |  |  | 9 |  |  | — |
Minimum pension liability adjustment | — |  |  | 2 |  |  | (2) |
Total income tax expense (benefit) allocated to other comprehensive earnings | 183 |  |  | (970) |  |  | (126) |
Total income tax expense (benefit) | $ | 375 |  |  | $ | (531) |  |  | $ | 687 |
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,
| 2023 |  | 2022 |  | 2021
Federal statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State income taxes, net of federal benefit | 2.4 |  |  | 2.0 |  |  | 1.4 |
Stock compensation | (0.2) |  |  | (0.1) |  |  | (0.2) |
Tax credits | (1.8) |  |  | (0.7) |  |  | (0.2) |
Valuation allowance for deferred tax assets | 5.0 |  |  | 5.4 |  |  | (0.4) |
Benefit on Capital Loss Carryback | — |  |  | (1.3) |  |  | — |
Officers Compensation | 1.2 |  |  | 0.4 |  |  | 0.2 |
Non-deductible expenses and other, net | 0.1 |  |  | (1.3) |  |  | 1.0 |
Effective tax rate | 27.7 | % |  | 25.4 | % |  | 22.8 | %
Schedule of Deferred Tax Assets and Liabilities | The significant components of deferred tax assets and liabilities consist of the following:
| December 31,
| 2023 |  | 2022
| (In millions)
Deferred Tax Assets: |  |  |
Employee benefit accruals | $ | 116 |  |  | $ | 104 |
Net operating loss carryforwards | 84 |  |  | 38 |
Derivatives | — |  |  | 67 |
Tax credits | 119 |  |  | 74 |
Investment securities | 686 |  |  | 952 |
Capital loss carryover | 38 |  |  | 8 |
Life insurance and claim related adjustments | 547 |  |  | 433 |
Funds held under reinsurance agreements | 500 |  |  | 37 |
Market Risk Benefits | 61 |  |  | 32 |
Bermuda corporate income tax net operating loss carryforward | 24 |  |  | — |
Other | 26 |  |  | 36 |
Total gross deferred tax asset | 2,201 |  |  | 1,781 |
Less: valuation allowance | 197 |  |  | 151 |
Total deferred tax asset | $ | 2,004 |  |  | $ | 1,630 |
Deferred Tax Liabilities: |  |  |
Title plant | $ | (53) |  |  | $ | (53) |
Amortization of goodwill and intangible assets | (98) |  |  | (117) |
Other | (8) |  |  | (2) |
Depreciation | (29) |  |  | (32) |
Partnerships | (152) |  |  | (122) |
Value of business acquired | (304) |  |  | (339) |
Deferred acquisition costs | (361) |  |  | (209) |
Transition reserve on new reserve method | (17) |  |  | (25) |
Funds held under reinsurance agreements | (621) |  |  | (187) |
Title Insurance reserve discounting | (18) |  |  | (31) |
Total deferred tax liability | $ | (1,661) |  |  | $ | (1,117) |
Net deferred tax asset | $ | 343 |  |  | $ | 513 |
Reconciliation of Beginning and Ending Unrecognized Tax Benefits | A reconciliation of the beginning and ending unrecognized tax benefits is as follows (in millions):
|  | Year ended December 31,
|  | 2023 |  | 2022
Beginning balance |  | $ | — |  |  | $ | 60 |
Additions based on positions taken in current year |  | — |  |  | 1 |
Reductions related to IRS accepting refund, statute of limitation lapses and audit payments |  | — |  |  | (61) |
Ending balance |  | $ | — |  |  | $ | — |

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