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Income Tax (Tables)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]    
Provision for income tax from continuing operations
The provision for income tax was as follows:
Years Ended December 31,
202320222021
(In millions)
Current:
U.S. federal
$381 $159 $62 
U.S. state and local
46 45 38 
Non-U.S.
1,240 1,074 795 
Subtotal
1,667 1,278 895 
Deferred:
U.S. federal
(591)1,234 872 
U.S. state and local
(4)— (2)
Non-U.S.
(512)(1,450)(123)
Subtotal
(1,107)(216)747 
Provision for income tax expense (benefit)
$560 $1,062 $1,642 
  
Income (loss) from continuing operations before income tax expense (benefit) from domestic and foreign operations
The Company’s income (loss) before income tax expense (benefit) was as follows:
Years Ended December 31,
202320222021
(In millions)
Income (loss):
U.S.
$(95)$5,785 $4,924 
Non-U.S.
2,257 579 3,594 
Total
$2,162 $6,364 $8,518 
  
Income tax for continuing operations effective rate reconciliation  
The reconciliation of the income tax provision at the U.S. statutory rate to the provision for income tax as reported was as follows:
Years Ended December 31,
202320222021
(In millions)
Tax provision at U.S. statutory rate$454 $1,337 $1,789 
Tax effect of:
Dividend received deduction(18)(20)(40)
Tax-exempt income(34)15 (36)
Prior year tax (1)(12)(15)(127)
Low income housing tax credits(116)(143)(178)
Other tax credits(39)(44)(46)
Foreign tax rate differential (2), (3), (4)
312 (85)275 
Changes in tax law (5)
(198)— — 
Change in valuation allowance (5)
187 — 1 
Other, net24 17 4 
Provision for income tax expense (benefit)$560 $1,062 $1,642 
__________________
(1)As discussed further below, prior year tax primarily includes non-cash benefits related to uncertain tax positions of $32 million and $117 million for the years ended December 31, 2022 and 2021, respectively.
(2)For the year ended December 31, 2023, foreign tax rate differential includes tax charges of $28 million related to the pending disposition of MetLife Malaysia and $22 million related to the U.S. tax on Global Intangible Low-Taxed Income (“GILTI”) of which $28 million is a current year charge, offset by a $6 million tax benefit revising the 2022 estimate. See Note 3 for further information on the Company’s business dispositions.
(3)For the year ended December 31, 2022, foreign tax rate differential includes tax charges of $12 million related to the U.S. tax on GILTI of which $33 million is a current year charge, offset by a $21 million tax benefit revising the 2021 estimate.
(4)For the year ended December 31, 2021, foreign tax rate differential includes tax charges of $50 million related to the disposition of MetLife Poland and Greece, $41 million related to the sale of MetLife Seguros and $30 million related to the U.S. tax on GILTI, which included a $42 million 2021 charge, offset by a $12 million tax benefit revising the 2020 estimate. See Note 3 for information on the Company’s business dispositions.
(5)For the year ended December 31, 2023, changes in tax law include tax benefits of $198 million and a change in valuation allowance includes a tax charge of $198 million related to adjustments of deferred taxes due to the enactment of the Bermuda Corporate Income Tax (“BCIT”), as discussed further below.
Components of deferred tax assets and liabilities
Deferred income tax represents the tax effect of the differences between the book and tax bases of assets and liabilities. Net deferred income tax assets and liabilities consisted of the following at:
December 31,
20232022
(In millions)
Deferred income tax assets:
Policyholder liabilities and receivables
$3,476 $758 
Net operating loss carryforwards (1)
256 238 
Employee benefits
523 475 
Capital loss carryforwards
29 15 
Tax credit carryforwards (2)
82 590 
Net unrealized investment losses4,308 5,946 
Litigation-related and government mandated
101 90 
Other393 67 
Total gross deferred income tax assets
9,168 8,179 
Less: Valuation allowance (1)
496 291 
Total net deferred income tax assets
8,672 7,888 
Deferred income tax liabilities:
Investments, including derivatives
2,054 1,691 
Intangibles
1,004 1,096 
DAC
3,929 3,612 
Total deferred income tax liabilities
6,987 6,399 
Net deferred income tax asset (liability)$1,685 $1,489 
__________________
(1)The Company has recorded a deferred tax asset of $256 million related to U.S. state and non-U.S. net operating loss carryforwards and an offsetting valuation allowance for the year ended December 31, 2023. Certain net operating loss carryforwards will expire between 2024 and 2042, whereas others have an unlimited carryforward period. The Company’s deferred tax asset for the year ended December 31, 2023 includes $198 million recognized due to the BCIT with an offsetting valuation allowance as management believes it is more likely than not that the deferred tax asset will not be realized.
(2)Tax credit carryforwards for the year ended December 31, 2023 primarily reflect foreign tax credits which have no expiration date.
  
Reconciliation of unrecognized tax benefits
A reconciliation of the beginning and ending amount of unrecognized tax benefits was as follows:
Years Ended December 31,
202320222021
(In millions)
Balance at January 1,$129 $163 $272 
Additions for tax positions of prior years27 42 19 
Reductions for tax positions of prior years (1)(30)(93)(112)
Additions for tax positions of current year5 22 5 
Reductions for tax positions of current year— (3)(18)
Settlements with tax authorities— (2)(3)
Balance at December 31,$131 $129 $163 
Unrecognized tax benefits that, if recognized, would impact the effective rate
$90 $80 $103 
__________________
(1)    For the years ended December 31, 2022 and 2021, primarily includes reductions related to non-cash benefits from tax audit settlements.
Interest was as follows:
Years Ended December 31,
202320222021
(In millions)
Interest expense (benefit) recognized on the consolidated statements of operations (1)
$7 $— $(36)
December 31,
20232022
(In millions)
Interest included in other liabilities on the consolidated balance sheets$22 $15 
__________________
(1)    For the year ended December 31, 2021, the interest benefit is primarily related to a tax audit settlement of $10 million which was recorded in other expenses and a reclassification of $26 million to current income tax payable.