Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

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,
	2023		2022		2021
	(in millions)
Current income tax
Federal	$	518	$	509	$	551
State and local	124		93		79
Foreign	18		25		47
Total current income tax	660		627		677
Deferred income tax
Federal	45		155		113
State and local	(14)		6		—
Foreign	(13)		(6)		(22)
Total deferred income tax	18		155		91
Total income tax provision	$	678	$	782	$	768

Schedule of geographic sources of pretax income

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

	Years Ended December 31,
	2023		2022		2021
	(in millions)
United States	$	3,199	$	3,824	$	3,961
Foreign	35		107		224
Total	$	3,234	$	3,931	$	4,185

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,
	2023		2022		2021
Tax at U.S. statutory rate	21.0	%	21.0	%	21.0	%
Changes in taxes resulting from:
State taxes, net of federal benefit	2.7		2.0		1.5
Non-deductible expenses	1.1		0.5		0.4
Incentive compensation	(1.5)		(1.0)		(1.3)
Low income housing tax credits	(1.0)		(1.1)		(1.6)
Other, net	(1.3)		(1.5)		(1.7)
Income tax provision	21.0	%	19.9	%	18.3	%

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,
	2023		2022 (1)
	(in millions)
Deferred income tax assets
Insurance and annuity benefits including corresponding hedges	$	1,244	$	1,404
Deferred compensation including corresponding hedges	545		480
Investments including net unrealized on Available-for-Sale securities	335		512
Net operating loss	74		63
Other	127		134
Gross deferred income tax assets	2,325		2,593
Less: valuation allowance	65		65
Total deferred income tax assets	2,260		2,528
Deferred income tax liabilities
Deferred acquisition costs	390		420
Goodwill and intangibles	313		301
Other	131		158
Gross deferred income tax liabilities	834		879
Net deferred income tax assets	$	1,426	$	1,649

(1) Prior period amounts have been reclassified to conform to current year presentation and primarily relate to derivative activity being presented with the liabilities they are hedging and remaining investments being presented together inclusive of net unrealized on Available-for-Sale securities.

Reconciliation rollforward of gross unrecognized tax benefits

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

	2023		2022		2021
	(in millions)
Balance at January 1	$	138	$	125	$	110
Additions for tax positions related to the current year	26		12		21
Reductions for tax positions related to the current year	(3)		(1)		(1)
Additions for tax positions of prior years	80		5		5
Reductions for tax positions of prior years	(85)		(1)		(8)
Reductions due to lapse of statutes of limitations	(5)		—		(1)
Audit settlements	(1)		(2)		(1)
Balance at December 31	$	150	$	138	$	125