XML 54 R43.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Income (loss) from continuing operations before provision (benefit) for income taxes | Income (loss) from continuing operations before provision (benefit) for income taxes consisted of:
|  | Years Ended December 31, |
In millions |  | 2024 |  |  | 2023 |  |  | 2022 |
Domestic |  | $ | (441 | ) |  | $ | (484 | ) |  | $ | (148 | )
Foreign |  |  | - |  |  |  | - |  |  |  | - |
Income (loss) from continuing operations before income taxes |  | $ | (441 | ) |  | $ | (484 | ) |  | $ | (148 | )
Income tax expense (benefit) on income (loss) and shareholder' equity |
|  |  | Years Ended December 31, |
In millions |  | 2024 |  |  | 2023 |  |  | 2022 |
Current taxes: |  |  |  |  |  |  |  |  |
| Federal |  | $ | - |  |  | $ | - |  |  | $ | - |
| State |  |  | - |  |  |  | - |  |  |  | - |
| Foreign |  |  | - |  |  |  | - |  |  |  | 1 |
Deferred taxes: |  |  |  |  |  |  |  |  |
| Federal |  |  | - |  |  |  | - |  |  |  | - |
| Foreign |  |  | - |  |  |  | - |  |  |  | - |
Provision (benefit) for income taxes |  | $ | - |  |  | $ | - |  |  | $ | 1 |
Income tax rate reconciliation from statutory to effective tax rate |
|  |  | Years Ended December 31, |
|  |  | 2024 |  |  | 2023 |  |  | 2022 |
Federal income tax computed at the statutory rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
Increase (reduction) in taxes resulting from: |  |  |  |  |  |  |  |  |
| Change in valuation allowance |  |  | (18.9 | )% |  |  | (18.8 | )% |  |  | (9.4 | )%
| Deferred inventory adjustments |  |  | (0.9 | )% |  |  | (1.3 | )% |  |  | (9.3 | )%
| Excessive Remuneration Sec. 162(m) |  |  | (0.4 | )% |  |  | (1.1 | )% |  |  | (1.7 | )%
| Other |  |  | (0.8 | )% |  |  | 0.2 | % |  |  | (1.1 | )%
Effective tax rate |  |  | 0.0 | % |  |  | 0.0 | % |  |  | (0.5 | )%
Deferred tax assets and liabilities |
|  |  |  | As of |
In millions |  |  | December 31, 2024 |  |  | December 31, 2023 |
Deferred tax liabilities: |  |  |  |  |  |  |
| Unearned premium revenue |  |  | $ | 30 |  |  | $ | 34 |
| Deferred acquisition costs |  |  |  | 6 |  |  |  | 7 |
| Net gains on financial instruments at fair value and foreign exchange |  |  |  | 32 |  |  |  | 102 |
| Net deferred taxes on VIEs |  |  |  | 2 |  |  |  | 11 |
Total gross deferred tax liabilities |  |  |  | 70 |  |  |  | 154 |
Deferred tax assets: |  |  |  |  |  |  |
| Compensation and employee benefits |  |  |  | 4 |  |  |  | 7 |
| Accrued interest |  |  |  | 326 |  |  |  | 292 |
| Loss and loss adjustment expense reserves |  |  |  | 40 |  |  |  | 62 |
| Net operating loss |  |  |  | 918 |  |  |  | 871 |
| Foreign tax credits |  |  |  | 55 |  |  |  | 56 |
| Other-than-temporary impairments and capital loss carryforward |  |  |  | 51 |  |  |  | 55 |
| Net unrealized gains and losses in accumulated other comprehensive income |  |  |  | 27 |  |  |  | 30 |
| Other |  |  |  | 29 |  |  |  | 26 |
Total gross deferred tax assets |  |  |  | 1,450 |  |  |  | 1,399 |
| Valuation allowance |  |  |  | 1,380 |  |  |  | 1,245 |
Net deferred tax asset |  |  | $ | - |  |  | $ | - |

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://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + 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://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + 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://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(1)(Note 1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1 + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration