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Income Tax (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023, 2022 and 2021 consists of the following (dollars in millions): 

						2023						2022						2021
Pre-tax income – U.S.						$	898					$	294					$	1,112
Pre-tax income – foreign						262						424						273
Total pre-tax income						$	1,160					$	718					$	1,385

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

The provision for income tax expense for the years ended December 31, 2023, 2022 and 2021 consists of the following (dollars in millions):

						2023						2022						2021
Current income tax expense (benefit):
U.S.						$	(18)					$	10					$	91
Foreign						58						120						71
Total current						40						130						162
Deferred income tax expense (benefit):
U.S.						236						32						19
Foreign						(25)						35						34
Total deferred						211						67						53
Total provision for income taxes						$	251					$	197					$	215

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, 2023, 2022 and 2021 (dollars in millions):

						2023						2022						2021
Tax provision at U.S. statutory rate						$	244					$	150					$	291
Increase (decrease) in income taxes resulting from:
Tax rate differences on income in other jurisdictions						14						35						53
Differences in tax basis in foreign jurisdictions						4						10						(4)
Deferred tax valuation allowance						15						(4)						18
Amounts related to uncertain tax positions						(2)						3						(119)
Equity based compensation						2						(2)						(1)
Corporate rate changes						—						7						2
GILTI, net of credits						—						21						11
Subpart F for non-full inclusion companies						28						60						2
Foreign tax credits						(42)						(72)						(24)
Return to provision adjustments						(9)						(13)						(17)
Other, net						(3)						2						3
Total provision for income taxes						$	251					$	197					$	215
Effective tax rate (1)						21.8		%				27.3		%				15.6		%

(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, 2023, 2022 and 2021 were as follows (dollars in millions):

						2023						2022						2021
Provision for income taxes						$	251					$	197					$	215
Income tax from OCI and additional paid-in-capital:
Net unrealized investment gains (losses) recognized in OCI						449						(2,542)						(530)
Liability for future policyholder benefits						(161)						2,224						580
Market risk benefits						(3)						5						(11)
Foreign currency translation						22						35						23
Unrealized pension and postretirement						(2)						7						7
Total income taxes provided						$	556					$	(74)					$	284

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, 2023 and 2022 are presented in the following tables (dollars in millions):

						2023						2022
Deferred income tax assets:
Nondeductible accruals						$	96					$	90
Net operating loss carryforward						272						295
Capital loss carryforwards						15						—
Tax credit carryforward						108						80
Invested assets						1,092						1,334
Anticipated future foreign tax credit						267						—
Other						—						12
Subtotal						1,850						1,811
Valuation allowance						(567)						(235)
Total deferred income tax assets						1,283						1,576
Deferred income tax liabilities:
Deferred acquisition costs						833						835
Policy reserves and other reinsurance liabilities						1,789						1,653
Invested assets						—						—
Outside basis difference foreign subsidiaries						152						166
Foreign currency translation						179						103
Anticipated future tax credit reduction						—						86
Other						80						—
Total deferred income tax liabilities						3,033						2,843
Net deferred income tax liabilities						$	1,750					$	1,267
Balance sheet presentation of net deferred income tax liabilities:
Included in other assets						$	112					$	116
Included in deferred income taxes						1,862						1,383
Net deferred income tax liabilities						$	1,750					$	1,267

Summary of Operating Loss Carryforwards [Table Text Block]

The following table presents consolidated net operating loss carryforwards (“NOL”) as of December 31, 2023 (dollars in millions):

			2023
NOL with no expiration and with no valuation allowance			$	423
NOL with a full valuation allowance			126
NOL with no expiration and a partial valuation allowance			505
NOL with expiration date of 2034 and no valuation allowance			12
Total net operating loss carryforwards			$	1,066

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, 2023, 2022 and 2021 is as follows (dollars in millions):

						Total Unrecognized Tax Benefits
						2023						2022						2021
Beginning balance, January 1						$	36					$	34					$	342
Additions for tax positions of prior years						9						3						2
Reductions for tax positions of prior years						(15)						(4)						(312)
Additions for tax positions of current year						3						3						2
Ending balance, December 31						$	33					$	36					$	34

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