Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

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

	Years Ended December 31,
In millions	2022		2021		2020
Domestic	$	(148)	$	(445)	$	(578)
Foreign		—		—		—
Income (loss) from continuing operations before income taxes	$	(148)	$	(445)	$	(578)

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

	Years Ended December 31,
In millions	2022		2021		2020
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,
	2022		2021		2020
Federal income tax computed at the statutory rate		21.0%		21.0%		21.0%
Increase (reduction) in taxes resulting from:
Change in valuation allowance		(9.4)%		(20.6)%		(20.3)%
Deferred inventory adjustments		(9.3)%		0.0%		0.0%
Excessive Remuneration Sec. 162(m)		(1.7)%		(0.4)%		(0.3)%
Other		(1.1)%		0.0%		(0.4)%
Effective tax rate		(0.5)%		0.0%		0.0%

Deferred tax assets and liabilities

	As of
In millions	December 31, 2022		December 31, 2021
Deferred tax liabilities:
Unearned premium revenue	$	36	$	40
Deferred acquisition costs		4		5
Net gains on financial instruments at fair value and foreign exchange		121		—
Net unrealized gains and losses in accumulated other comprehensive income		—		21
Net deferred taxes on VIEs		27		34
Total gross deferred tax liabilities		188		100
Deferred tax assets:
Compensation and employee benefits		8		8
Accrued interest		259		233
Loss and loss adjustment expense reserves		148		45
Net operating loss		814		777
Foreign tax credits		57		58
Other-than-temporary impairments and capital loss carryforward		16		9
Net gains and losses on financial instruments at fair value and foreign exchange		—		28
Net unrealized gains and losses in accumulated other comprehensive income		72		—
Other		13		4
Total gross deferred tax assets		1,387		1,162
Valuation allowance		1,199		1,062
Net deferred tax asset	$	—	$	—