XML 89 R63.htm IDEA: XBRL DOCUMENT v3.24.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of income (loss) from continuing operations before income tax expense (benefit) by U.S. and foreign location
The following table presents income (loss) from continuing operations before income tax expense (benefit) by U.S. and foreign location in which such pre-tax income (loss) was earned or incurred:
Years Ended December 31,
(in millions)202320222021
U.S.$1,885 $12,431 $11,041 
Foreign1,973 1,868 2,306 
Total$3,858 $14,299 $13,347 
Schedule of income tax expense (benefit) attributable to pre-tax income (loss) from continuing operations
The following table presents the income tax expense (benefit) attributable to pre-tax income (loss) from continuing operations:
Years Ended December 31,
(in millions)202320222021
Foreign and U.S. components of actual income tax expense (benefit):
U.S.:
Current$68 $246 $(216)
Deferred(564)2,363 2,443 
Foreign:
Current423 271 171 
Deferred53 145 43 
Total$(20)$3,025 $2,441 
Schedule of reconciliation between actual income tax (benefit) expense and statutory U.S. federal amount computed by applying the federal income tax rate
Our actual income tax expense (benefit) differs from the statutory U.S. federal amount computed by applying the federal income tax rate due to the following:
Years Ended December 31,202320222021
(dollars in millions)Pre-Tax
Income
(Loss)
Tax
Expense
(Benefit)
Percent of
Pre-Tax
Income
(Loss)
Pre-Tax
Income
(Loss)
Tax
Expense
(Benefit)
Percent of
Pre-Tax
Income
(Loss)
Pre-Tax
Income
(Loss)
Tax
Expense
(Benefit)
Percent of
Pre-Tax
Income
(Loss)
U.S. federal income tax at statutory rate
$3,858 $810 21.0 %$14,298 $3,003 21.0 %$13,347 $2,802 21.0 %
Adjustments:
Tax exempt interest
(14)(0.4)(18)(0.1)(18)(0.1)
Uncertain tax positions(a)
162 4.2 (17)(0.1)(9)(0.1)
Reclassifications from AOCI
(45)(1.2)(81)(0.6)(109)(0.8)
Dispositions of subsidiaries(b)
(382)(9.9)— — 11 0.1 
Non-controlling interest
14 0.4 (31)(0.2)(97)(0.7)
Non-deductible transfer pricing charges
16 0.4 12 0.1 16 0.1 
Dividends received deduction
(60)(1.6)(36)(0.3)(37)(0.3)
Effect of foreign operations(c)
176 4.6 150 1.0 136 1.0 
Share-based compensation payments excess tax effect
(31)(0.8)(19)(0.1)16 0.1 
State and local income taxes
10 0.3 47 0.3 38 0.3 
Expiration of tax attribute carryforwards
  — — 16 0.1
Tax audit resolution(a)
(494)(12.8)— — (935)(7.0)
Affiliated dividend income, net of dividends received deduction59 1.5 — — — — 
Other(d)
116 3.1 40 0.4 (107)(0.8)
Valuation allowance:
Continuing operations
(357)(9.3)(25)(0.2)718 5.4 
Consolidated total amounts
3,858 (20)(0.5)14,298 3,025 21.2 $13,347 2,441 18.3 
Amounts attributable to discontinued operations   (1)— — — — — 
Amounts attributable to continuing operations
$3,858 $(20)(0.5)%$14,299 $3,025 21.2 %$13,347 $2,441 18.3 %
(a)Refer to the Accounting for Uncertainty in Income Taxes section below for further discussion on 2023 and 2021 tax audit resolution activity.
(b)Tax implications of the sales of certain AIG and Corebridge subsidiaries, including Validus Re and Laya, as well as tax implications of Corebridge secondary offerings and the announced sale of AIG Life.
(c)Effect of foreign operations is primarily related to income and losses in our foreign operations taxed at statutory tax rates different than 21 percent, and foreign income subject to U.S. taxation.
(d)Primarily includes tax charges associated with tax adjustments related to prior year returns.
Schedule of components of the net deferred tax asset
The following table presents the components of the net deferred tax assets (liabilities):
December 31,
(in millions)20232022
Deferred tax assets:
Losses and tax credit carryforwards$6,107 $6,868 
Basis differences on investments3,441 2,652 
Life policy reserves1,589 1,622 
Accruals not currently deductible, and other89 392 
Investments in foreign subsidiaries66 — 
Loss reserve discount424 352 
Loan loss and other reserves51 62 
Unearned premium reserve reduction87 294 
Fixed assets and intangible assets1,487 1,081 
Unrealized losses related to available for sale debt securities4,728 6,519 
Employee benefits344 382 
Market risk benefit1,010 827 
Other356 458 
Total deferred tax assets19,779 21,509 
Deferred tax liabilities:
Investments in foreign subsidiaries (41)
Deferred policy acquisition costs(1,853)(1,847)
Fortitude Re funds withheld embedded derivative(711)(862)
Total deferred tax liabilities(2,564)(2,750)
Net deferred tax assets before valuation allowance17,215 18,759 
Valuation allowance(3,116)(4,250)
Net deferred tax assets (liabilities)$14,099 $14,509 
Schedule of consolidated income tax group credits carryforwards
The following table presents AIG's U.S. consolidated federal income tax group tax losses and credits carryforwards.
December 31, 2023Tax
Carryforward Period Ending Tax Year(b)
Unlimited Carryforward Period
and Carryforward Periods(b)
(in millions)GrossEffected2024202520262027202820292030 - After
Net operating loss carryforwards$21,968 $4,613 $— $— $— $— $2,660 $178 $1,775 
Other carryforwards67 — — — — — — 67 
Total AIG U.S. consolidated federal income tax group tax losses and credits carryforwards on a U.S. GAAP basis(a)
$4,680 $— $— $— $— $2,660 $178 $1,842 
(a)Financial reporting basis reflects the impact of unrecognized tax benefits for tax years in which tax attributes can be realized through carryback upon settlement.
(b)Carryforward periods are based on U.S. tax laws governing utilization of tax attributes. Expiration periods are based on the year the carryforward was generated
Schedule of net deferred tax assets (liabilities)
The following table presents the net deferred tax assets (liabilities) at December 31, 2023 and 2022 on a U.S. GAAP basis:
December 31,
(in millions)20232022
Net U.S. deferred tax assets$11,317 $10,831 
Net deferred tax assets (liabilities) in AOCI4,286 5,881 
Valuation allowance(2,006)(3,128)
Subtotal13,597 13,584 
Net foreign, state and local deferred tax assets1,958 2,342 
Valuation allowance(1,110)(1,122)
Subtotal848 1,220 
Subtotal - Net U.S., foreign, state and local deferred tax assets14,445 14,804 
Net foreign, state and local deferred tax liabilities(346)(295)
Total AIG net deferred tax assets (liabilities)$14,099 $14,509 
Schedule of reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits
The following table presents a reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits, excluding interest and penalties:
Years Ended December 31,
(in millions)202320222021
Gross unrecognized tax benefits, beginning of year$1,191 $1,157 $2,343 
Increases in tax positions for prior years200 29 22 
Decreases in tax positions for prior years(4)(33)(1,233)
Increases in tax positions for current year 59 37 
Lapse in statute of limitations (21)— 
Settlements — (12)
Gross unrecognized tax benefits, end of year$1,387 $1,191 $1,157