Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of components of income tax provision

The components of income tax provision attributable to continuing operations were as follows:

	Years Ended December 31,
	2022		2021		2020
	(in millions)
Current income tax
Federal	$	509	$	551	$	527
State and local	93		79		63
Foreign	25		47		28
Total current income tax	627		677		618
Deferred income tax
Federal	(1)		(62)		(309)
State and local	3		(3)		(16)
Foreign	(6)		(22)		4
Total deferred income tax	(4)		(87)		(321)
Total income tax provision	$	623	$	590	$	297

Schedule of geographic sources of pretax income

The geographic sources of pretax income from continuing operations were as follows:

	Years Ended December 31,
	2022		2021		2020
	(in millions)
United States	$	3,075	$	3,126	$	1,685
Foreign	107		224		146
Total	$	3,182	$	3,350	$	1,831

Schedule of reasons for aggregate income tax provision differences to U.S. statutory rate

The principal reasons that the aggregate income tax provision attributable to continuing operations is different from that computed by using the U.S. statutory rate of 21% were as follows:

	Years Ended December 31,
	2022		2021		2020
Tax at U.S. statutory rate	21.0	%	21.0	%	21.0	%
Changes in taxes resulting from:
State taxes, net of federal benefit	2.4		1.8		2.1
Low income housing tax credits	(1.4)		(2.0)		(4.3)
Incentive compensation	(1.3)		(1.6)		(1.4)
Dividends received deduction	(1.1)		(1.0)		(2.1)
Other, net	—		(0.6)		0.9
Income tax provision	19.6	%	17.6	%	16.2	%

Schedule of significant components of deferred income tax assets and liabilities

The significant components of the Company’s deferred income tax assets and liabilities, which are included net within Other assets or Other liabilities, were as follows:

	December 31,
	2022		2021
	(in millions)
Deferred income tax assets
Liabilities for policyholder account balances, future policy benefits and claims	$	2,397	$	1,996
Net unrealized losses on Available-for-Sale securities	542		—
Deferred compensation	477		586
Other	198		179
Gross deferred income tax assets	3,614		2,761
Less: valuation allowance	65		32
Total deferred income tax assets	3,549		2,729
Deferred income tax liabilities
Investment related	924		565
Deferred acquisition costs	463		481
Intangible assets	216		209
Goodwill	85		77
Net unrealized gains on Available-for-Sale securities(1)	—		182
Other	160		196
Gross deferred income tax liabilities	1,848		1,710
Net deferred income tax assets	$	1,701	$	1,019

(1) See Note 28 for a summary of the revision to the Company’s previously reported Consolidated Financial Statements.

Reconciliation rollforward of gross unrecognized tax benefits

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits was as follows:

	2022		2021		2020
	(in millions)
Balance at January 1	$	125	$	110	$	100
Additions based on tax positions related to the current year	12		21		11
Reductions based on tax positions related to the current year	(1)		(1)		(1)
Additions for tax positions of prior years	5		5		10
Reductions for tax positions of prior years	(1)		(8)		(4)
Reductions due to lapse of statute of limitations	—		(1)		(5)
Audit settlements	(2)		(1)		(1)
Balance at December 31	$	138	$	125	$	110