INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2015

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
2015:
Current		$	1,063		$	225			$	1,288
Deferred		42			(1		)		41
Total income tax expense		$	1,105		$	224			$	1,329
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

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)	2015				2014				2013
Income taxes based on U.S. statutory rates		$	1,352			$	1,572			$	1,685
Utilization of foreign tax credit		(27		)		(32		)		(37		)
Nondeductible expenses		3				5				6
Other, net		1				(5		)		4
Income tax expense		$	1,329			$	1,540			$	1,658

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)	2015				2014				2013
Statements of earnings		$	1,329			$	1,540			$	1,658
Other comprehensive income (loss):
Unrealized foreign currency translation gains (losses) during period		16				(419		)		253
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) on investment securities during period		(931		)		2,237				(904		)
Reclassification adjustment for realized (gains) losses on investment securities included in net earnings		21				19				19
Unrealized gains (losses) on derivatives during period		0				(3		)		(4		)
Pension liability adjustment during period		(7		)		(31		)		55
Total income tax expense (benefit) related to items of other comprehensive income (loss)		(901		)		1,803				(581		)
Additional paid-in capital (exercise of stock options)		4				(7		)		(8		)
Total income taxes		$	432			$	3,336			$	1,069

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)	2015			2014
Deferred income tax liabilities:
Deferred policy acquisition costs		$	2,282		$	2,209
Unrealized gains on investment securities		1,684			2,584
Premiums receivable		139			139
Policy benefit reserves		1,313			1,376
Depreciation		61			51
Other		0			20
Total deferred income tax liabilities		5,479			6,379
Deferred income tax assets:
Other basis differences in investment securities		1,422			1,331
Unfunded retirement benefits		15			16
Other accrued expenses		7			4
Policy and contract claims		113			99
Foreign currency loss on Japan branch		208			327
Deferred compensation		181			226
Capital loss carryforwards		0			26
Other		95			0
Total deferred income tax assets		2,041			2,029
Net deferred income tax liability		3,438			4,350
Current income tax liability		902			943
Total income tax liability		$	4,340		$	5,293

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)	2015			2014
Balance, beginning of year	$	309		$	328
Additions for tax positions of prior years	0			2
Reductions for tax positions of prior years	(45		)	(21		)
Balance, end of year	$	264		$	309