INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The components of income tax expense (benefit) applicable to pretax earnings for the years ended December 31 were as follows:

(In millions)	Foreign			U.S.				Total
2014:
Current		$	995		$	84			$	1,079
Deferred		125			336				461
Total income tax expense		$	1,120		$	420			$	1,540
2013:
Current		$	934		$	302			$	1,236
Deferred		299			123				422
Total income tax expense		$	1,233		$	425			$	1,658
2012:
Current		$	513		$	303			$	816
Deferred		950			(330		)		620
Total income tax expense		$	1,463		$	(27	)		$	1,436

Schedule of Effective Income Tax Rate Reconciliation

The principal reasons for the differences and the related tax effects for the years ended December 31 were as follows:

(In millions)	2014				2013				2012
Income taxes based on U.S. statutory rates		$	1,572			$	1,685			$	1,506
Utilization of foreign tax credit		(32		)		(37		)		(53		)
Nondeductible expenses		5				6				8
Other, net		(5		)		4				(25		)
Income tax expense		$	1,540			$	1,658			$	1,436

Schedule of Income Tax Expense Benefit Intraperiod Tax Allocation

Total income tax expense for the years ended December 31 was allocated as follows:

(In millions)	2014				2013				2012
Statements of earnings		$	1,540			$	1,658			$	1,436
Other comprehensive income (loss):
Unrealized foreign currency translation gains (losses) during period		(419		)		253				363
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) on investment securities during period		2,237				(904		)		904
Reclassification adjustment for realized (gains) losses on investment securities included in net earnings		19				19				(174		)
Unrealized gains (losses) on derivatives during period		(3		)		(4		)		(8		)
Pension liability adjustment during period		(31		)		55				(7		)
Total income tax expense (benefit) related to items of other comprehensive income (loss)		1,803				(581		)		1,078
Additional paid-in capital (exercise of stock options)		(7		)		(8		)		(12		)
Total income taxes		$	3,336			$	1,069			$	2,502

Schedule of Deferred Tax Assets and Liabilities

The income tax effects of the temporary differences that gave rise to deferred income tax assets and liabilities as of December 31 were as follows:

(In millions)	2014			2013
Deferred income tax liabilities:
Deferred policy acquisition costs		$	2,209		$	2,406
Unrealized gains on investment securities		2,584			533
Premiums receivable		139			134
Policy benefit reserves		1,376			1,451
Depreciation		51			54
Other		20			22
Total deferred income tax liabilities		6,379			4,600
Deferred income tax assets:
Other basis differences in investment securities		1,331			1,129
Unfunded retirement benefits		16			16
Other accrued expenses		4			23
Policy and contract claims		99			111
Foreign currency loss on Japan branch		327			189
Deferred compensation		226			182
Capital loss carryforwards		26			514
Total deferred income tax assets		2,029			2,164
Net deferred income tax liability		4,350			2,436
Current income tax liability		943			1,282
Total income tax liability		$	5,293		$	3,718

Summary of Income Tax Contingencies

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows for the years ended December 31:

(In millions)	2014			2013
Balance, beginning of year	$	328		$	401
Additions for tax positions of prior years	2			1
Reductions for tax positions of prior years	(21		)	(74		)
Balance, end of year	$	309		$	328