Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income (loss) from continuing operations before provision (benefit) for income taxes

Income (loss) from continuing operations before provision (benefit) for income taxes consisted of:

	Years Ended December 31,
In millions	2023			2022			2021
Domestic	$	(484	)	$	(148	)	$	(445	)
Foreign		-			-			-
Income (loss) from continuing operations before income taxes	$	(484	)	$	(148	)	$	(445	)

Income tax expense (benefit) on income (loss) and shareholder' equity

		Years Ended December 31,
In millions		2023		2022		2021
Current taxes:
	Federal	$	-	$	-	$	-
	State		-		-		-
	Foreign		-		1		-
Deferred taxes:
	Federal		-		-		-
	Foreign		-		-		-
Provision (benefit) for income taxes			-		1		-
Income taxes charged (credited) to shareholders' equity related to:
	Change in unrealized gains (losses) on AFS securities		-		-		-
	Change in AFS securities with OTTI		-		-		-
	Change in foreign currency translation		-		-		-
Total income taxes charged (credited) to shareholders' equity			-		-		-
Total effect of income taxes		$	-	$	1	$	-

Income tax rate reconciliation from statutory to effective tax rate

		Years Ended December 31,
		2023			2022			2021
Federal income tax computed at the statutory rate			21.0	%		21.0	%		21.0	%
Increase (reduction) in taxes resulting from:
	Change in valuation allowance		(18.8	)%		(9.4	)%		(20.6	)%
	Deferred inventory adjustments		(1.3	)%		(9.3	)%		0.0	%
	Excessive Remuneration Sec. 162(m)		(1.1	)%		(1.7	)%		(0.4	)%
	Other		0.2	%		(1.1	)%		0.0	%
Effective tax rate			0.0	%		(0.5	)%		0.0	%

Deferred tax assets and liabilities

		As of
In millions		December 31, 2023		December 31, 2022
Deferred tax liabilities:
	Unearned premium revenue	$	34	$	36
	Deferred acquisition costs		7		4
	Net gains on financial instruments at fair value and foreign exchange		92		121
	Net deferred taxes on VIEs		11		27
Total gross deferred tax liabilities			144		188
Deferred tax assets:
	Compensation and employee benefits		7		8
	Accrued interest		292		259
	Loss and loss adjustment expense reserves		62		148
	Net operating loss		871		814
	Foreign tax credits		56		57
	Other-than-temporary impairments and capital loss carryforward		55		16
	Net unrealized gains and losses in accumulated other comprehensive income		30		72
	Other		16		13
Total gross deferred tax assets			1,389		1,387
	Valuation allowance		1,245		1,199
Net deferred tax asset		$	-	$	-