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Income Taxes (Tables)
 6 Months Ended
Jun. 30, 2022
Income Tax Disclosure [Abstract]  
Schedule of Deferred Tax Assets and Liabilities
Deferred and Current Tax Assets (Liabilities) (1)
As of
June 30, 2022December 31, 2021
(in millions)
Net deferred tax assets (liabilities)$110 $(33)
Net current tax assets (liabilities)19 (43)
____________________
(1)     Included in “other assets” or “other liabilities” on the condensed consolidated balance sheets.
Effective Tax Rate Reconciliation A reconciliation of the difference between the provision for income taxes and the expected tax provision at statutory rates in taxable jurisdictions is presented below.
Effective Tax Rate Reconciliation  
 Second QuarterSix Months
 2022202120222021
 (in millions)
Expected tax provision (benefit)$(2)$23 $12 $22 
Tax-exempt interest(4)(4)(7)(8)
Noncontrolling interest(5)(1)(6)(2)
State taxes4 4 8 7 
Foreign taxes9 — 10 2 
Stock based compensation2 — 4 — 
Other(1)1 — 2 
Total provision (benefit) for income taxes$3 $23 $21 $23 
Effective tax rate(12.9)%18.5 %30.3 %16.5 %
Pretax Income (Loss) by Tax Jurisdiction The following tables present pre-tax income and revenue by jurisdiction.
 
Pre-tax Income (Loss) by Tax Jurisdiction
 Second QuarterSix Months
 2022202120222021
 (in millions)
U.S.$25 $106 $109 $102 
Bermuda(10)16 17 36 
U.K. (31)3 (45)4 
Other(6)— (10)(2)
Total$(22)$125 $71 $140 
Revenue by Tax Jurisdiction
Revenue by Tax Jurisdiction
 Second QuarterSix Months
 2022202120222021
 (in millions)
U.S.$106 $150 $375 $284 
Bermuda6 28 39 58 
U.K.(18)17 (18)30 
Other(4)1 (6)1 
Total$90 $196 $390 $373