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Federal Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2021
Federal Income Taxes [Abstract] |
Federal Income Tax Expense | For the Years Ended December 31, 2021 2020 2019 Current$ 12 $ (61)$ 181 Deferred 221 (15) (148)Federal income tax expense (benefit)$ 233 $ (76)$ 33
Reconciliation of effective tax rate differences | For the Years Ended December 31, 2021 2020 2019 Income (loss) before taxes$ 1,638 $ 423 $ 919 Federal statutory rate 21% 21% 21% Federal income tax expense (benefit) at federal statutory rate 344 89 193 Effect of: Tax-preferred investment income (1) (88) (98) (99)Tax credits (26) (39) (40)Excess tax benefits from stock-based compensation - 3 (9)Tax impact associated with the Tax Cuts and Jobs Act (2) - (37) (17)Other items 3 6 5 Federal income tax expense (benefit) $ 233 $ (76)$ 33 Effective tax rate 14% -18% 4% (1)Relates primarily to separate account dividends eligible for the dividends-received deduction. (2)In 2019, we recognized a $17 million tax benefit from the impact of the reduced corporate tax rate under the Tax Cuts and Jobs Act (the “Tax Act”) on our election to revalue policyholder tax reserves. In 2020, we recognized a $37 million tax benefit attributable to the carry back of a 2020 net operating loss under the provisions of the Coronavirus Aid, Relief, and Economic Security Act, which provides for a five-year carryback period.
Federal Income Tax Asset Liability | As of December 31, 2021 2020 Current$ 142 $ 147 Deferred (2,800) (3,256)Total federal income tax asset (liability)$ (2,658)$ (3,109)
Significant components of deferred tax assets and liabilities | As of December 31, 2021 2020 Deferred Tax Assets Future contract benefits and other contract holder funds$ 3,527 $ 2,377 Reinsurance related embedded derivative asset 43 82 Compensation and benefit plans 198 212 Intangibles 25 27 Tax credits 58 19 Net operating losses 292 218 Other 129 36 Total deferred tax assets$ 4,272 $ 2,971 Deferred Tax Liabilities DAC$ 426 $ 382 VOBA 149 167 Net unrealized gain on fixed maturity AFS securities 2,877 4,001 Net unrealized gain on trading securities 66 90 Investment activity 3,331 1,249 Other 223 338 Total deferred tax liabilities$ 7,072 $ 6,227 Net deferred tax asset (liability)$ (2,800)$ (3,256)
Reconciliation Of Unrecognized Tax Benefits | For the Years Ended December 31, 2021 2020 Balance as of beginning-of-year$ 51 $ 48 Increases for prior year tax positions 2 - Increases for current year tax positions - 3 Balance as of end-of-year$ 53 $ 51

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- 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 http://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
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- 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 http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
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