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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Income (loss) from continuing operations before provision (benefit) for income taxes |
|  | Years Ended December 31, |
In millions |  | 2022 |  |  |  | 202 1 |  |  |  |  | 202 0 |
Domestic |  | $ | (148) |  |  |  | $ | (445) |  |  |  |  |  | $ | (578) |
Foreign |  |  | — |  |  |  |  | — |  |  |  |  |  |  | — |
Income (loss) from continuing operations before income taxes |  | $ | (148) |  |  |  | $ | (445) |  |  |  |  |  | $ | (578) |
Income tax expense (benefit) on income (loss) and shareholder' equity |
|  | Years Ended December 31, |
In millions |  | 2022 |  |  | 2021 |  |  | 2020 |
Current taxes: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | — |  |  | $ | — |  |  | $ | — |
State |  |  | — |  |  |  | — |  |  |  | — |
Foreign |  |  | 1 |  |  |  | — |  |  |  | — |
Deferred taxes: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | — |  |  |  | — |  |  |  | — |
Foreign |  |  | — |  |  |  | — |  |  |  | — |
Provision (benefit) for income taxes |  |  | 1 |  |  |  | — |  |  |  | — |
Income taxes charged (credited) to shareholders’ equity related to: |  |  |  |  |  |  |  |  |  |  |  |
Change in unrealized gains (losses) on AFS securities |  |  | — |  |  |  | — |  |  |  | — |
Change in AFS securities with OTTI |  |  | — |  |  |  | — |  |  |  | — |
Change in foreign currency translation |  |  | — |  |  |  | — |  |  |  | — |
Total income taxes charged (credited) to shareholders’ equity |  |  | — |  |  |  | — |  |  |  | — |
Total effect of income taxes |  | $ | 1 |  |  | $ | — |  |  | $ | — |
Income tax rate reconciliation from statutory to effective tax rate |
|  | Years Ended December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Federal income tax computed at the statutory rate |  |  | 21.0% |  |  |  | 21.0% |  |  |  | 21.0% |
Increase (reduction) in taxes resulting from: |  |  |  |  |  |  |  |  |  |  |  |
Change in valuation allowance |  |  | (9.4)% |  |  |  | (20.6)% |  |  |  | (20.3)% |
Deferred inventory adjustments |  |  | (9.3)% |  |  |  | 0.0% |  |  |  | 0.0% |
Excessive Remuneration Sec. 162(m) |  |  | (1.7)% |  |  |  | (0.4)% |  |  |  | (0.3)% |
Other |  |  | (1.1)% |  |  |  | 0.0% |  |  |  | (0.4)% |
Effective tax rate |  |  | (0.5 )% |  |  |  | 0.0% |  |  |  | 0.0% |
Deferred tax assets and liabilities |
|  | As of |
In millions |  | December 31, 2022 |  |  | December 31, 2021 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Unearned premium revenue |  | $ | 36 |  |  | $ | 40 |
Deferred acquisition costs |  |  | 4 |  |  |  | 5 |
Net gains on financial instruments at fair value and foreign exchange |  |  | 121 |  |  |  | — |
Net unrealized gains and losses in accumulated other comprehensive income |  |  | — |  |  |  | 21 |
Net deferred taxes on VIEs |  |  | 27 |  |  |  | 34 |
Total gross deferred tax liabilities |  |  | 188 |  |  |  | 100 |
Deferred tax assets: |  |  |  |  |  |  |  |
Compensation and employee benefits |  |  | 8 |  |  |  | 8 |
Accrued interest |  |  | 259 |  |  |  | 233 |
Loss and loss adjustment expense reserves |  |  | 148 |  |  |  | 45 |
Net operating loss |  |  | 814 |  |  |  | 777 |
Foreign tax credits |  |  | 57 |  |  |  | 58 |
Other-than-temporary impairments and capital loss carryforward |  |  | 16 |  |  |  | 9 |
Net gains and losses on financial instruments at fair value and foreign exchange |  |  | — |  |  |  | 28 |
Net unrealized gains and losses in accumulated other comprehensive income |  |  | 72 |  |  |  | — |
Other |  |  | 13 |  |  |  | 4 |
Total gross deferred tax assets |  |  | 1,387 |  |  |  | 1,162 |
Valuation allowance |  |  | 1,199 |  |  |  | 1,062 |
Net deferred tax asset |  | $ | — |  |  | $ | — |

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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 https://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 https://asc.fasb.org/extlink&oid=121826272&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://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
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