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Income Taxes (Tables) | 6 Months Ended
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Jun. 30, 2017
Text Block [Abstract] |
Income tax rate reconciliation from statutory to effective tax rate |
|  | Three Months Ended June 30, |  | Six Months Ended June 30, |
In millions |  | 2017 |  | 2016 |  | 2017 |  | 2016 |
Income (loss) before income taxes |  | $ | (210) |  | $ | (55) |  | $ | (330) |  | $ | (156) |
Provision (benefit) for income taxes |  | $ | 1,019 |  | $ | (28) |  | $ | 971 |  | $ | (51) |
Effective tax rate |  |  | -485.2% |  |  | 50.9% |  |  | -294.2% |  |  | 32.7% |
Deferred tax assets and liabilities |
|  |  |  | As of |
| In millions |  | June 30, 2017 |  | December 31, 2016 |
| Deferred tax liabilities: |  |  |  |  |  |  |
|  | Unearned premium revenue |  | $ | 140 |  | $ | 143 |
|  | Deferral of cancellation of indebtedness income |  |  | 34 |  |  | 46 |
|  | Deferred acquisition costs |  |  | 37 |  |  | 42 |
|  | Net gains on financial instruments at fair value and foreign exchange |  |  | - |  |  | 4 |
|  | Partnership basis difference |  |  | 29 |  |  | 36 |
|  | Basis difference in foreign subsidiaries |  |  | 2 |  |  | 64 |
|  | Net deferred taxes on VIEs |  |  | 14 |  |  | - |
|  | Other |  |  | 34 |  |  | 23 |
| Total gross deferred tax liabilities |  |  | 290 |  |  | 358 |
| Deferred tax assets: |  |  |  |  |  |  |
|  | Compensation and employee benefits |  |  | 17 |  |  | 19 |
|  | Accrued interest |  |  | 198 |  |  | 177 |
|  | Loss and loss adjustment expense reserves |  |  | 104 |  |  | 142 |
|  | Net operating loss |  |  | 976 |  |  | 929 |
|  | Foreign tax credits |  |  | 62 |  |  | 7 |
|  | Net unrealized losses on insured derivatives |  |  | 29 |  |  | 29 |
|  | Net losses on financial instruments at fair value and foreign exchange |  |  | 23 |  |  | - |
|  | Net unrealized losses in accumulated other comprehensive income |  |  | 12 |  |  | 6 |
|  | Alternative minimum tax credit carryforward |  |  | 26 |  |  | 26 |
| Total gross deferred tax assets |  |  | 1,447 |  |  | 1,335 |
|  | Valuation allowance |  |  | 1,157 |  |  | 7 |
| Net deferred tax asset |  | $ | - |  | $ | 970 |

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32537-109319 + Details
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- 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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32687-109319 + Details
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