XML 46 R35.htm IDEA: XBRL DOCUMENT v3.22.2.2
Income Taxes (Tables)
 9 Months Ended
Sep. 30, 2022
Income Tax Disclosure [Abstract]  
Schedule of Deferred Tax Assets and Liabilities
Deferred and Current Tax Assets (Liabilities) (1)
As of
September 30, 2022December 31, 2021
(in millions)
Net deferred tax assets (liabilities)$185 $(33)
Net current tax assets (liabilities)13 (43)
____________________
(1)     Included in “other assets” or “other liabilities” on the condensed consolidated balance sheets.
Effective Tax Rate Reconciliation A reconciliation of the difference between the provision for income taxes and the expected tax provision at statutory rates in taxable jurisdictions is presented below.
Effective Tax Rate Reconciliation  
 Third QuarterNine Months
 2022202120222021
 (in millions)
Expected tax provision (benefit)$(6)$(6)$6 $16 
Tax-exempt interest(3)(4)(10)(12)
Noncontrolling interest1 — (5)(2)
Return to provision adjustment(20)(4)(20)(4)
State taxes2 (2)10 5 
Foreign taxes(1)4 9 6 
Taxes on reinsurance— (4)(1)(1)
Stock based compensation— 1 4 1 
Other— — 1 (1)
Total provision (benefit) for income taxes$(27)$(15)$(6)$8 
Effective tax rate123.5 %(313.3)%(12.1)%6.0 %
Pretax Income (Loss) by Tax Jurisdiction The following tables present pre-tax income and revenue by jurisdiction.
 
Pre-tax Income (Loss) by Tax Jurisdiction
 Third QuarterNine Months
 2022202120222021
 (in millions)
U.S.$3 $(10)$112 $92 
Bermuda10 31 27 67 
U.K. (30)(13)(75)(9)
Other(5)(3)(15)(5)
Total$(22)$5 $49 $145 
Revenue by Tax Jurisdiction
Revenue by Tax Jurisdiction
 Third QuarterNine Months
 2022202120222021
 (in millions)
U.S.$60 $181 $435 $465 
Bermuda4 32 43 90 
U.K.(21)(1)(39)29 
Other(2)— (8)1 
Total$41 $212 $431 $585