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Income Tax (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]

Pre-tax income for the years ended December 31, 2021, 2020 and 2019 consists of the following (dollars in millions): 

						2021						2020						2019
Pre-tax income – U.S.						$	327					$	79					$	871
Pre-tax income – foreign						364						474						261
Total pre-tax income						$	691					$	553					$	1,132

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The provision for income tax expense for the years ended December 31, 2021, 2020 and 2019 consists of the following (dollars in millions):

						2021						2020						2019
Current income tax expense (benefit):
U.S.						$	91					$	75					$	(9)
Foreign						72						79						60
Total current						163						154						51
Deferred income tax expense (benefit):
U.S.						(127)						(60)						182
Foreign						38						44						29
Total deferred						(89)						(16)						211
Total provision for income taxes						$	74					$	138					$	262

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

The Company’s effective tax rate differed from the U.S. federal income tax statutory rate of 21% as a result of the following for the years ended December 31, 2021, 2020 and 2019 (dollars in millions):

						2021						2020						2019
Tax provision at U.S. statutory rate						$	145					$	116					$	238
Increase (decrease) in income taxes resulting from:
Tax rate differences on income in other jurisdictions						51						21						2
Differences in tax basis in foreign jurisdictions						(4)						(32)						(23)
Deferred tax valuation allowance						(18)						10						56
Amounts related to uncertain tax positions						(119)						10						8
Equity based compensation						(1)						(1)						(8)
Corporate rate changes						29						13						(1)
GILTI, net of credits						11						13						—
Subpart F for non-full inclusion companies						2						—						1
Foreign tax credits						(10)						(7)						(6)
Return to provision adjustments						(17)						(4)						(6)
Other, net						5						(1)						1
Total provision for income taxes						$	74					$	138					$	262
Effective tax rate (1)						10.6		%				24.9		%				23.1		%

(1)    The Company rounds amounts in the financial statements to millions and calculates the effective tax rate from the underlying whole-dollar amounts. Thus certain amounts may not recalculate based on the numbers due to rounding.

Schedule Of Income Tax Expense Benefit Intraperiod Tax Allocation [Table Text Block]

Total income taxes for the years ended December 31, 2021, 2020 and 2019 were as follows (dollars in millions):

						2021						2020						2019
Provision for income taxes						$	74					$	138					$	262
Income tax from OCI and additional paid-in-capital:
Net unrealized holding gain (loss) on debt and equity securities recognized for financial reporting purposes						(520)						611						681
Foreign currency translation						23						(9)						3
Unrealized pension and post retirement						7						(1)						(5)
Total income taxes provided						$	(416)					$	739					$	941

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The tax effects of temporary differences that give rise to significant portions of the deferred income tax assets and liabilities at December 31, 2021 and 2020, are presented in the following tables (dollars in millions):

						2021						2020
Deferred income tax assets:
Nondeductible accruals						$	85					$	92
Net operating loss carryforward						251						254
Tax Credit Carryforward						50						—
Other						3						—
Subtotal						389						346
Valuation allowance						(218)						(251)
Total deferred income tax assets						171						95
Deferred income tax liabilities:
Deferred acquisition costs						754						775
Policy reserves and other reinsurance liabilities						1,085						1,105
Invested assets						793						1,043
Outside basis difference foreign subsidiaries						260						354
Foreign currency translation						66						40
Anticipated future tax credit reduction						58						20
Other						—						2
Total deferred income tax liabilities						3,016						3,339
Net deferred income tax liabilities						$	2,845					$	3,244
Balance sheet presentation of net deferred income tax liabilities:
Included in other assets						$	41					$	19
Included in deferred income taxes						2,886						3,263
Net deferred income tax liabilities						$	2,845					$	3,244

Summary of Operating Loss Carryforwards [Table Text Block]

The following table presents consolidated net operating losses (“NOL”) as of December 31, 2021 (dollars in millions):

			2021
NOL with no expiration and with no valuation allowance			$	100
NOL with a full valuation allowance			187
NOL with no expiration and a partial valuation allowance			631
NOL with expiration dates between 2025 and 2041 with no valuation allowance			2
Total net operating loss carryforwards			$	920

Summary of Income Tax Contingencies [Table Text Block]

A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2021, 2020 and 2019, is as follows (dollars in millions):

						Total Unrecognized Tax Benefits
						2021						2020						2019
Beginning balance, January 1						$	342					$	333					$	325
Additions for tax positions of prior years						2						281						264
Reductions for tax positions of prior years						(312)						(278)						(262)
Additions for tax positions of current year						2						6						6
Ending balance, December 31						$	34					$	342					$	333

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