Insurance (Tables)

12 Months Ended

Dec. 31, 2022

Insurance [Abstract]

Insurance Liabilities

Insurance liabilities are comprised of future policy benefits, policyholder account balances and other policy-related balances. Information regarding insurance liabilities by segment, as well as Corporate & Other, was as follows at:

	December 31,
	2022		2021
	(In millions)
U.S.	$	171,693	$	162,999
Asia	125,523		125,839
Latin America	17,674		15,564
EMEA	10,635		13,031
MetLife Holdings	100,407		102,291
Corporate & Other	1,029		1,221
Total	$	426,961	$	420,945

Liabilities for Guarantees

Information regarding the liabilities for guarantees (excluding base policy liabilities and embedded derivatives) relating to annuity and universal and variable life contracts was as follows:

	Annuity Contracts				Universal and Variable Life Contracts
	GMDBs and GMWBs		GMIBs		Secondary Guarantees		Paid-Up Guarantees		Total
	(In millions)
Direct and Assumed:
Balance at January 1, 2020	$	465	$	894	$	3,762	$	427	$	5,548
Incurred guaranteed benefits (1)	195		240		602		26		1,063
Paid guaranteed benefits	(21)		(5)		(99)		(45)		(170)
Balance at December 31, 2020	639		1,129		4,265		408		6,441
Incurred guaranteed benefits (1)	133		87		(37)		43		226
Paid guaranteed benefits	(29)		(7)		(102)		(47)		(185)
Reclassified to liabilities held-for-sale (2)	—		(32)		—		—		(32)
Balance at December 31, 2021	743		1,177		4,126		404		6,450
Incurred guaranteed benefits (1)	247		(269)		(261)		104		(179)
Paid guaranteed benefits	(39)		(14)		(120)		(44)		(217)
Balance at December 31, 2022	$	951	$	894	$	3,745	$	464	$	6,054
Ceded:
Balance at January 1, 2020	$	—	$	10	$	349	$	281	$	640
Incurred guaranteed benefits	(11)		(3)		96		43		125
Paid guaranteed benefits	9		—		(18)		(32)		(41)
Balance at December 31, 2020	(2)		7		427		292		724
Incurred guaranteed benefits	(6)		2		57		30		83
Paid guaranteed benefits	8		—		(33)		(34)		(59)
Reclassified to liabilities held-for-sale (2)	—		—		—		—		—
Balance at December 31, 2021	—		9		451		288		748
Incurred guaranteed benefits	(8)		(1)		29		33		53
Paid guaranteed benefits	8		—		(24)		(32)		(48)
Balance at December 31, 2022	$	—	$	8	$	456	$	289	$	753
Net:
Balance at January 1, 2020	$	465	$	884	$	3,413	$	146	$	4,908
Incurred guaranteed benefits	206		243		506		(17)		938
Paid guaranteed benefits	(30)		(5)		(81)		(13)		(129)
Balance at December 31, 2020	641		1,122		3,838		116		5,717
Incurred guaranteed benefits	139		85		(94)		13		143
Paid guaranteed benefits	(37)		(7)		(69)		(13)		(126)
Reclassified to liabilities held-for-sale (2)	—		(32)		—		—		(32)
Balance at December 31, 2021	743		1,168		3,675		116		5,702
Incurred guaranteed benefits	255		(268)		(290)		71		(232)
Paid guaranteed benefits	(47)		(14)		(96)		(12)		(169)
Balance at December 31, 2022	$	951	$	886	$	3,289	$	175	$	5,301

__________________

(1)Secondary guarantees include the effects of foreign currency translation of ($268) million, ($260) million and $125 million at December 31, 2022, 2021 and 2020, respectively.

(2)See Note 3 for information on the Company’s business dispositions.

Fund Groupings

Account balances of contracts with guarantees were invested in separate account asset classes as follows at:

	December 31,
	2022		2021
	(In millions)
Fund Groupings:
Equity	$	20,875	$	29,346
Balanced	12,657		17,393
Bond	4,036		5,041
Money Market	305		218
Total	$	37,873	$	51,998

Guarantees related to Annuity, Universal and Variable Life Contracts

Information regarding the Company’s guarantee exposure, which includes direct and assumed business, but excludes offsets from hedging or ceded reinsurance, if any, was as follows at:

	December 31,
	2022						2021
	In the Event of Death			At Annuitization			In the Event of Death			At Annuitization
	(Dollars in millions)
Annuity Contracts:
Variable Annuity Guarantees:
Total account value (1), (2), (3)	$	46,345		$	16,953		$	62,281		$	23,121
Separate account value (1)	$	30,066		$	15,584		$	42,043		$	21,508
Net amount at risk (2)	$	5,338	(4)	$	433	(5)	$	1,490	(4)	$	500	(5)
Average attained age of contractholders	68 years			68 years			68 years			66 years
Other Annuity Guarantees:
Total account value (1), (3)	N/A			$	4,101		N/A			$	5,002
Net amount at risk	N/A			$	188	(6)	N/A			$	196	(6)
Average attained age of contractholders	N/A			57 years			N/A			56 years

	December 31,
	2022				2021
	Secondary Guarantees		Paid-Up Guarantees		Secondary Guarantees		Paid-Up Guarantees
	(Dollars in millions)
Universal and Variable Life Contracts:
Total account value (1), (3)	$	11,948	$	2,570	$	13,678	$	2,694
Net amount at risk (7)	$	80,623	$	11,824	$	78,762	$	12,657
Average attained age of policyholders	55 years		67 years		55 years		66 years

__________________

(1)The Company’s annuity and life contracts with guarantees may offer more than one type of guarantee in each contract. Therefore, the amounts listed above may not be mutually exclusive.

(2)Includes amounts, which are not reported on the consolidated balance sheets, from assumed variable annuity guarantees from the Company’s former operating joint venture in Japan.

(3)Includes the contractholders’ investments in the general account and separate account, if applicable.

(4)Defined as the death benefit less the total account value, as of the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts on the balance sheet date and includes any additional contractual claims associated with riders purchased to assist with covering income taxes payable upon death.

(5)Defined as the amount (if any) that would be required to be added to the total account value to purchase a lifetime income stream, based on current annuity rates, equal to the minimum amount provided under the guaranteed benefit. This amount represents the Company’s potential economic exposure to such guarantees in the event all contractholders were to annuitize on the balance sheet date, even though the contracts contain terms that allow annuitization of the guaranteed amount only after the 10th anniversary of the contract, which not all contractholders have achieved.

(6)Defined as either the excess of the upper tier, adjusted for a profit margin, less the lower tier, as of the balance sheet date or the amount (if any) that would be required to be added to the total account value to purchase a lifetime income stream, based on current annuity rates, equal to the minimum amount provided under the guaranteed benefit. These amounts represent the Company’s potential economic exposure to such guarantees in the event all contractholders were to annuitize on the balance sheet date.

(7)Defined as the guarantee amount less the account value, as of the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts on the balance sheet date.

Schedule of liability recorded and collateral pledged for funding agreements

Certain subsidiaries have also entered into funding agreements with FHLBNY and a subsidiary of the Federal Agricultural Mortgage Corporation, a federally chartered instrumentality of the U.S. (“Farmer Mac”). The liability for such funding agreements is included in policyholder account balances. Information related to such funding agreements was as follows at:

	Liability				Collateral
	December 31,
	2022		2021		2022			2021
	(In millions)
FHLBNY (1)	$	14,940	$	15,750	$	17,857	(2)	$	17,981	(2)
Farmer Mac (3)	$	2,050	$	2,050	$	2,148		$	2,159

__________________

(1)Represents funding agreements issued to FHLBNY in exchange for cash and for which it has been granted a lien on certain assets, some of which are in the custody of FHLBNY, including residential mortgage-backed securities (“RMBS”), to collateralize obligations under such funding agreements. The applicable subsidiary of the Company is permitted to withdraw any portion of the collateral in the custody of FHLBNY as long as there is no event of default and the remaining qualified collateral is sufficient to satisfy the collateral maintenance level. Upon any event of default by such subsidiary, FHLBNY’s recovery on the collateral is limited to the amount of such subsidiary’s liability to FHLBNY.

(2)Advances are collateralized primarily by mortgage-backed securities presented at estimated fair value. The remaining collateral is mortgage loans presented at carrying value.

(3)Represents funding agreements issued to a subsidiary of Farmer Mac. The obligations under these funding agreements are secured by a pledge of certain eligible agricultural mortgage loans and may, under certain circumstances, be secured by other qualified collateral. The amount of collateral presented is at carrying value.

Invested assets on deposit, held in trust and pledged as collateral are presented below at estimated fair value for all asset classes, except mortgage loans, which are presented at carrying value and were as follows at:

	December 31,
	2022		2021
	(In millions)
Invested assets on deposit (regulatory deposits)	$	1,514	$	1,872
Invested assets held in trust (external reinsurance agreements) (1)	881		1,114
Invested assets pledged as collateral (2)	25,442		24,261
Total invested assets on deposit, held in trust and pledged as collateral	$	27,837	$	27,247

__________________

(1)Represents assets held in trust related to third-party reinsurance agreements. Excludes assets held in trust related to reinsurance agreements between wholly-owned subsidiaries of $1.9 billion and $2.1 billion at December 31, 2022 and 2021, respectively.

(2)The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements (see Note 4), derivative transactions (see Note 9), secured debt and short-term debt related to repurchase agreements (see Note 13), and a collateral financing arrangement (see Note 14).

Short-duration Insurance Contracts, Claims Development

Group Life - Term

	Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance																				At December 31, 2022
	Years Ended December 31,																				Total IBNR Liabilities Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
	(Unaudited)
Incurral Year	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022
	(Dollars in millions)
2013	$	6,637	$	6,713	$	6,719	$	6,720	$	6,730	$	6,720	$	6,723	$	6,724	$	6,726	$	6,726	$	1	213,283
2014			6,986		6,919		6,913		6,910		6,914		6,919		6,920		6,918		6,920		1		216,148
2015					7,040		7,015		7,014		7,021		7,024		7,025		7,026		7,026		1		218,782
2016							7,125		7,085		7,095		7,104		7,105		7,104		7,107		2		220,671
2017									7,432		7,418		7,425		7,427		7,428		7,428		3		263,546
2018											7,757		7,655		7,646		7,650		7,651		6		251,446
2019													7,935		7,900		7,907		7,917		11		252,015
2020															8,913		9,367		9,389		23		297,022
2021																	10,555		10,795		64		327,725
2022																			9,640		1,129		276,784
Total																			80,599
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance																			(77,480)
All outstanding liabilities for incurral years prior to 2013, net of reinsurance																			22
Total unpaid claims and claim adjustment expenses, net of reinsurance																			$	3,141

	Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance
	Years Ended December 31,
	(Unaudited)
Incurral Year	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022
	(In millions)
2013	$	5,216	$	6,614	$	6,664	$	6,678	$	6,711	$	6,715	$	6,720	$	6,721	$	6,723	$	6,724
2014			5,428		6,809		6,858		6,869		6,902		6,912		6,915		6,916		6,917
2015					5,524		6,913		6,958		6,974		7,008		7,018		7,022		7,024
2016							5,582		6,980		7,034		7,053		7,086		7,096		7,100
2017									5,761		7,292		7,355		7,374		7,400		7,414
2018											6,008		7,521		7,578		7,595		7,629
2019													6,178		7,756		7,820		7,853
2020															6,862		9,103		9,242
2021																	8,008		10,476
2022																			7,101
Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance																			$	77,480

Group Long-Term Disability

	Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance																				At December 31, 2022
	Years Ended December 31,																				Total IBNR Liabilities Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
	(Unaudited)
Incurral Year	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022
	(Dollars in millions)
2013	$	1,008	$	1,027	$	1,032	$	1,049	$	1,070	$	1,069	$	1,044	$	1,032	$	1,025	$	1,027	$	—	21,139
2014			1,076		1,077		1,079		1,101		1,109		1,098		1,097		1,081		1,078		—		22,853
2015					1,082		1,105		1,093		1,100		1,087		1,081		1,067		1,086		—		21,216
2016							1,131		1,139		1,159		1,162		1,139		1,124		1,123		—		17,973
2017									1,244		1,202		1,203		1,195		1,165		1,181		—		16,328
2018											1,240		1,175		1,163		1,147		1,170		—		15,214
2019													1,277		1,212		1,169		1,177		—		15,392
2020															1,253		1,223		1,155		6		15,719
2021																	1,552		1,608		43		19,189
2022																			1,695		760		9,970
Total																			12,300
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance																			(6,251)
All outstanding liabilities for incurral years prior to 2013, net of reinsurance																			1,496
Total unpaid claims and claim adjustment expenses, net of reinsurance																			$	7,545

	Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance
	Years Ended December 31,
	(Unaudited)
Incurral Year	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022
	(In millions)
2013	$	43	$	234	$	382	$	475	$	551	$	622	$	676	$	722	$	764	$	798
2014			51		266		428		526		609		677		732		778		818
2015					50		264		427		524		601		665		718		764
2016							49		267		433		548		628		696		750
2017									56		290		476		579		655		719
2018											54		314		497		594		666
2019													57		342		522		620
2020															59		355		535
2021																	95		505
2022																			76
Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance																			$	6,251

Group Disability & Group Life

	Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance																				At December 31, 2022
	Years Ended December 31,																				Total IBNR Liabilities Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
	(Unaudited)
Incurral Year	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022
	(Dollars in millions)
2013	$	129	$	130	$	151	$	146	$	145	$	153	$	153	$	156	$	157	$	155	$	5	6,597
2014			257		241		222		222		233		229		230		230		224		8		6,865
2015					243		232		235		229		239		241		245		241		13		6,792
2016							203		206		195		208		210		215		216		19		4,707
2017									263		244		252		270		277		272		30		5,619
2018											321		293		305		315		309		56		5,982
2019													347		324		339		335		79		5,966
2020															385		359		331		127		5,030
2021																	367		382		211		5,659
2022																			487		399		3,461
Total																			2,952
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance																			(2,006)
All outstanding liabilities for incurral years prior to 2013, net of reinsurance																			11
Total unpaid claims and claim adjustment expenses, net of reinsurance																			$	957

	Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance
	Years Ended December 31,
	(Unaudited)
Incurral Year	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022
	(In millions)
2013	$	38	$	86	$	105	$	118	$	129	$	142	$	138	$	146	$	149	$	150
2014			60		125		156		175		197		198		208		213		216
2015					71		134		167		180		204		218		225		229
2016							57		117		134		167		181		190		197
2017									77		138		183		224		240		242
2018											84		155		209		243		252
2019													93		170		221		257
2020															85		153		203
2021																	77		171
2022																			89
Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance																			$	2,006

Protection Life

	Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance																				At December 31, 2022
	Years Ended December 31,																				Total IBNR Liabilities Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
	(Unaudited)
Incurral Year	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022
	(Dollars in millions)
2013	$	152	$	215	$	221	$	222	$	221	$	223	$	224	$	224	$	224	$	216	$	—	30,204
2014			229		350		360		328		332		332		333		333		324		—		38,375
2015					300		431		401		406		406		407		401		391		—		44,496
2016							318		416		427		434		435		436		426		—		38,800
2017									327		319		319		318		318		308		—		30,819
2018											305		295		293		294		292		1		29,563
2019													329		301		304		301		2		32,017
2020															497		498		502		10		42,318
2021																	632		550		34		51,077
2022																			436		163		30,066
Total																			3,746
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance																			(3,347)
All outstanding liabilities for incurral years prior to 2013, net of reinsurance																			6
Total unpaid claims and claim adjustment expenses, net of reinsurance																			$	405

	Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance
	Years Ended December 31,
	(Unaudited)
Incurral Year	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022
	(In millions)
2013	$	149	$	208	$	212	$	213	$	212	$	214	$	216	$	217	$	218	$	210
2014			204		306		311		314		318		320		321		323		314
2015					244		345		366		373		379		382		383		373
2016							225		402		421		429		431		434		427
2017									194		291		307		310		314		305
2018											153		261		272		277		274
2019													171		260		280		278
2020															216		431		442
2021																	326		456
2022																			268
Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance																			$	3,347

Protection Health

	Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance																				At December 31, 2022
	Years Ended December 31,																				Total IBNR Liabilities Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
	(Unaudited)
Incurral Year	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022
	(Dollars in millions)
2013	$	227	$	256	$	258	$	259	$	256	$	256	$	256	$	256	$	256	$	257	$	—	104,402
2014			236		262		264		262		261		261		262		262		263		—		98,132
2015					203		230		232		231		230		231		231		231		—		87,596
2016							266		306		303		303		303		303		304		—		106,665
2017									385		358		359		358		358		358		—		121,591
2018											412		433		410		409		409		—		144,503
2019													137		179		173		172		1		132,150
2020															497		488		486		5		149,147
2021																	638		641		13		167,881
2022																			696		67		140,625
Total																			3,817
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance																			(3,679)
All outstanding liabilities for incurral years prior to 2013, net of reinsurance																			1
Total unpaid claims and claim adjustment expenses, net of reinsurance																			$	139

	Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance
	Years Ended December 31,
	(Unaudited)
Incurral Year	2013		2014		2015		2016		2017		2018		2019		2020		2021		2022
	(In millions)
2013	$	227	$	256	$	258	$	259	$	256	$	256	$	256	$	256	$	256	$	257
2014			234		260		263		259		259		259		259		259		260
2015					203		230		229		230		230		230		231		231
2016							250		299		302		302		303		303		304
2017									314		354		356		356		357		358
2018											352		401		404		405		407
2019													115		163		166		169
2020															420		475		480
2021																	564		624
2022																			589
Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance																			$	3,679

Short-duration Insurance Contracts, Schedule of Historical Claims Duration

The following is supplementary information about average historical claims duration at December 31, 2022:

	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
Years	1	2	3	4	5	6	7	8	9	10
Group Life - Term	76.8%	20.8%	0.8%	0.3%	0.5%	0.1%	0.1%	—%	—%	—%

The following is supplementary information about average historical claims duration at December 31, 2022:

	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
Years	1	2	3	4	5	6	7	8	9	10
Group Long-Term Disability	4.8%	21.7%	15.2%	9.0%	7.0%	6.1%	5.0%	4.3%	3.9%	3.3%

The following is supplementary information about average historical claims duration at December 31, 2022:

	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
Years	1	2	3	4	5	6	7	8	9	10
Group Disability & Group Life	25.4%	25.3%	14.0%	10.6%	7.0%	3.9%	2.0%	3.0%	1.6%	0.6%

The following is supplementary information about average historical claims duration at December 31, 2022:

	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
Years	1	2	3	4	5	6	7	8	9	10
Protection Life	58.3%	32.3%	4.0%	1.0%	0.5%	—%	—%	(0.5)%	(1.1)%	(4.0)%

The following is supplementary information about average historical claims duration at December 31, 2022:

	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance
Years	1	2	3	4	5	6	7	8	9	10
Protection Health	84.7%	13.4%	0.8%	0.2%	—%	0.1%	0.1%	0.1%	0.2%	0.2%

Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability

The reconciliation of the net incurred and paid claims development tables to the liability for unpaid claims and claims adjustment expenses on the consolidated balance sheet was as follows at:

	December 31, 2022
	(In millions)
Short-Duration:
Unpaid claims and allocated claims adjustment expenses, net of reinsurance:
U.S.:
Group Life - Term	$	3,141
Group Long-Term Disability	7,545
Total			$	10,686
Asia - Group Disability & Group Life			957
Latin America:
Protection Life	405
Protection Health	139
Total			544
Other insurance lines - all segments combined			1,938
Total unpaid claims and allocated claims adjustment expenses, net of reinsurance			14,125
Reinsurance recoverables on unpaid claims:
U.S.:
Group Life - Term	8
Group Long-Term Disability	205
Total			213
Asia - Group Disability & Group Life			427
Latin America:
Protection Life	11
Protection Health	18
Total			29
Other insurance lines - all segments combined			289
Total reinsurance recoverable on unpaid claims			958
Total unpaid claims and allocated claims adjustment expense			15,083
Unallocated claims adjustment expenses			3
Discounting			(1,326)
Liability for unpaid claims and claim adjustment liabilities - short-duration			13,760
Liability for unpaid claims and claim adjustment liabilities - all long-duration lines			6,653
Total liability for unpaid claims and claim adjustment expense (included in future policy benefits and other policy-related balances)			$	20,413

Liabilities for Unpaid Claims and Claim Expenses

Information regarding the liabilities for unpaid claims and claim adjustment expenses was as follows:

	Years Ended December 31,
	2022		2021		2020
	(In millions)
Balance at January 1,	$	20,013	$	18,591	$	19,216
Less: Reinsurance recoverables	3,121		2,417		2,377
Net balance at January 1,	16,892		16,174		16,839
Incurred related to:
Current year	27,285		28,270		27,272
Prior years (1)	766		934		192
Total incurred	28,051		29,204		27,464
Paid related to:
Current year	(20,051)		(21,111)		(20,230)
Prior years	(7,395)		(7,256)		(6,241)
Total paid	(27,446)		(28,367)		(26,471)
Reclassified to liabilities held-for-sale (2)	—		(55)		(1,658)
Dispositions (2)	—		(64)		—
Net balance at December 31,	17,497		16,892		16,174
Add: Reinsurance recoverables	2,916		3,121		2,417
Balance at December 31,	$	20,413	$	20,013	$	18,591

__________________

(1)For the years ended December 31, 2022, 2021 and 2020, incurred claim activity and claim adjustment expenses associated with prior years increased due to events incurred in prior years but reported in the current year. The increases in both 2022 and 2021 incurred claim activity and claim adjustment expenses associated with prior years is primarily due to the impacts related to the COVID-19 pandemic, partially offset by additional premiums recorded for experience-rated contracts that are not reflected in the table above.

(2)See Note 3 for information on the Company’s business dispositions.