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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2011
Income Taxes [Abstract] |
Income (Loss) From Operations Before Provision (Benefit) For Income Taxes |
|  | Years ended December 31, |
In millions |  | 2011 |  |  | 2010 |  |  | 2009 |
Domestic |  | $ | (2,231) |  |  | $ | (146 | ) |  | $ | 1,100 |
Foreign |  |  | (8) |  |  |  | 51 |  |  |  | 117 |
Income (loss) before income taxes |  | $ | (2,239) |  |  | $ | (95 | ) |  | $ | 1,217 |
Income Tax Expense (Benefit) On Income (Loss) And Shareholders' Equity |
|  | Years ended December 31, |
In millions |  | 2011 |  |  | 2010 |  |  | 2009 |
Current taxes: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | (1) |  |  | $ | 91 |  |  | $ | (488 | )
State |  |  | 1 |  |  |  | (17) |  |  |  | 5 |
Foreign |  |  | 15 |  |  |  | (1) |  |  |  | (25 | )
Deferred taxes: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (919) |  |  |  | (239) |  |  |  | 1,046 |
State |  |  | 0 |  |  |  | — |  |  |  | — |
Foreign |  |  | (16) |  |  |  | 18 |  |  |  | 45 |
Provision (benefit) for income taxes |  |  | (920) |  |  |  | (148) |  |  |  | 583 |
Income taxes charged (credited) to shareholders' equity related to: |  |  |  |  |  |  |  |  |  |  |  |
Total adjustments due to the adoption of new accounting standards |  |  | — |  |  |  | (21) |  |  |  | (3 | )
Change in unrealized gains and losses on investments |  |  | 119 |  |  |  | 112 |  |  |  | 526 |
Change in other-than-temporary impairment losses |  |  | 3 |  |  |  | (4) |  |  |  | (50 | )
Change in fair value of derivative instruments |  |  | 3 |  |  |  | (7) |  |  |  | 46 |
Change in foreign currency translation |  |  | (1) |  |  |  | 2 |  |  |  | 4 |
Share-based compensation |  |  | 4 |  |  |  | 3 |  |  |  | 5 |
Total income taxes charged (credited) to shareholders' equity |  |  | 128 |  |  |  | 85 |  |  |  | 528 |
Total effect of income taxes |  | $ | (792) |  |  | $ | (63) |  |  | $ | 1,111 |
Effective Income Tax Rate Reconciliation From Statutory Rate Due To The Tax Effect |
|  | Years ended December 31, |
|  | 2011 |  |  | 2010 |  |  | 2009 |
Federal income tax computed at the statutory rates |  |  | 35.0% |  |  |  | 35.0% |  |  |  | 35.0% |
Increase (reduction) in taxes resulting from: |  |  |  |  |  |  |  |  |  |  |  |
Tax-exempt interest |  |  | 1.5% |  |  |  | 40.2% |  |  |  | (3.1)% |
Mark-to-market on warrants |  |  | 0.3% |  |  |  | (11.2)% |  |  |  | 0.0% |
Change in valuation allowance |  |  | 6.2% |  |  |  | 119.4% |  |  |  | 13.8% |
Change in uncertain tax positions |  |  | (1.0)% |  |  |  | (22.3)% |  |  |  | 0.0% |
State income tax, net of federal benefit |  |  | 0.0% |  |  |  | 11.5% |  |  |  | 0.3% |
Deferred tax inventory adjustment |  |  | 0.0% |  |  |  | (13.6)% |  |  |  | 0.7% |
Foreign taxes |  |  | 0.1% |  |  |  | (1.8)% |  |  |  | (1.6)% |
Other |  |  | (1.0)% |  |  |  | (1.4)% |  |  |  | 2.8% |
Effective tax rate |  |  | 41.1% |  |  |  | 155.8% |  |  |  | 47.9% |
Deferred Tax Assets And Liabilities |
|  | As of December 31, |
In millions |  | 2011 |  |  | 2010 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Unearned premium revenue |  | $ | 174 |  |  | $ | 61 |
Loss and loss adjustment expense reserves |  |  | 31 |  |  |  | 493 |
Deferral of cancellation of indebtedness income |  |  | 119 |  |  |  | 119 |
Deferred acquisition costs |  |  | 123 |  |  |  | 144 |
Investments in VIEs |  |  | 154 |  |  |  | 173 |
Other |  |  | — |  |  |  | 216 |
Total gross deferred tax liabilities |  |  | 601 |  |  |  | 1,206 |
Deferred tax assets: |  |  |  |  |  |  |  |
Compensation and employee benefits |  |  | 40 |  |  |  | 40 |
Net operating loss and tax credit carryforwards |  |  | 330 |  |  |  | 274 |
Capital loss carryforward and other-than-temporary impairments |  |  | 236 |  |  |  | 376 |
Net unrealized losses on insured derivatives |  |  | 1,614 |  |  |  | 1,442 |
Net losses on financial instruments at fair value and foreign exchange |  |  | 58 |  |  |  | 41 |
Net unrealized losses in accumulated other comprehensive income |  |  | 105 |  |  |  | 229 |
Alternative minimum tax credit carryforward |  |  | 22 |  |  |  | 45 |
Net deferred taxes on VIEs |  |  | 73 |  |  |  | 43 |
Other |  |  | 104 |  |  |  | — |
Total gross deferred tax assets |  |  | 2,582 |  |  |  | 2,490 |
Valuation allowance |  |  | 236 |  |  |  | 376 |
Net deferred tax asset |  | $ | 1,745 |  |  | $ | 908 |
Change In Unrecognized Tax Benefit |
In millions |  |  |
Unrecognized tax positions as of January 1, 2009 |  | $ | 19 |
The gross amount of the increase (decrease) in UTB as a result of tax positions taken: |  |  |  |
During a prior year |  |  | 2 |
The amounts of decreases in the UTB related to settlement with taxing authorities: |  |  | (11) |
Unrecognized tax positions as of December 31, 2009 |  | $ | 10 |
The gross amount of the increase (decrease) in UTB as a result of tax positions taken: |  |  |  |
During a prior year |  |  | 21 |
The reduction to UTB as a result of the applicable statute of limitations |  |  | (5 | )
Unrecognized tax positions as of December 31, 2010 |  | $ | 26 |
The gross amount of the increase (decrease) in UTB as a result of tax positions taken: |  |  |  |
During a prior year |  |  | 21 |
Unrecognized tax positions as of December 31, 2011 |  | $ | 47 |

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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://www.xbrl.org/2003/role/presentationRef -Topic 740 -SubTopic 10 -Publisher FASB -Number -Article -Subparagraph -Name Accounting Standards Codification -Paragraph 9 -Section 50 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of unrecognized tax benefits for which a material change is reasonably possible in the next twelve months, typically including the nature of the uncertainty, the event(s) that could cause a material change, and an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made. An unrecognized tax benefit is the difference between a tax position taken in a tax return and the amounts recognized in the financial statements for which it is more likely than not, based on the technical merits of the position, that the tax position will not be sustained upon examination. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Interpretation (FIN) -Number 48 -Paragraph 21 -Subparagraph d -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 + Details
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