XML 49 R36.htm IDEA: XBRL DOCUMENT
v3.22.4

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Reconciliation between the Company's federal income tax (expense) benefit at statutory rates and the recorded income tax (expense) benefit | The following table presents a reconciliation between the Company's income tax expense at statutory rates and the recorded income tax expense.
Years ended December 31 |  |  |  |  |
(In millions) | 2022 |  | 2021 |  | 2020
Income tax expense at statutory rates | $ | (227) |  |  | $ | (312) |  |  | $ | (172) |
Tax benefit from tax exempt income | 41 |  |  | 51 |  |  | 52 |
Foreign taxes and credits | 15 |  |  | (3) |  |  | 2 |
State income tax expense | (10) |  |  | (13) |  |  | (6) |
Other tax expense | (6) |  |  | (5) |  |  | (7) |
Income tax expense | $ | (187) |  |  | $ | (282) |  |  | $ | (131) |
Current and deferred components of the Company's income tax (expense) benefit | The following table presents the current and deferred components of the Company's income tax expense.
Years ended December 31 |  |  |  |  |
(In millions) | 2022 |  | 2021 |  | 2020
Current tax expense | $ | (221) |  |  | $ | (235) |  |  | $ | (180) |
Deferred tax benefit (expense) | 34 |  |  | (47) |  |  | 49 |
Total income tax expense | $ | (187) |  |  | $ | (282) |  |  | $ | (131) |
Significant components of the Company's deferred tax assets and liabilities | The deferred tax effects of the significant components of the Company's deferred tax assets and liabilities are presented in the following table.
December 31 |  |  |
(In millions) | 2022 |  | 2021
Deferred Tax Assets: |  |  |
Insurance reserves: |  |  |
Property and casualty claim and claim adjustment expense reserves | $ | 188 |  |  | $ | 173 |
Unearned premium reserves | 190 |  |  | 193 |
Deferred Revenue | 64 |  |  | 64 |
Employee benefits | 35 |  |  | 46 |
Deferred retroactive reinsurance benefit | 89 |  |  | 90 |
Net unrealized losses | 706 |  |  | — |
Other assets | 116 |  |  | 88 |
Gross deferred tax assets | 1,388 |  |  | 654 |
Deferred Tax Liabilities: |  |  |
Investment valuation differences | 59 |  |  | 93 |
Deferred acquisition costs | 113 |  |  | 99 |
Net unrealized gains | — |  |  | 272 |
Software and hardware | 21 |  |  | 27 |
Other liabilities | 17 |  |  | 21 |
Gross deferred tax liabilities | 210 |  |  | 512 |
Net deferred tax asset | $ | 1,178 |  |  | $ | 142 |

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