Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Current and Deferred Components of Income Tax Expense

The current and deferred components of income tax expense are as follows:

Year Ended December 31	2023		2022		2021
(In millions)
Income tax expense (benefit):
Federal:
Current	$	267	$	241	$	239
Deferred	81		(60)		193
State and city:
Current	20		25		13
Deferred	31		15		13
Foreign	52		2		17
Total	$	451	$	223	$	475

Reconciliation between Federal Income Tax Expense at Statutory Rates and Actual Income Tax Expense

The components of U.S. and foreign income before income tax and a reconciliation between the federal income tax expense at statutory rates and the actual income tax expense is as follows:

Year Ended December 31	2023		2022		2021
(In millions)
Income before income tax:
U.S.	$	1,798	$	973	$	2,036
Foreign	198		141		124
Total	$	1,996	$	1,114	$	2,160
Income tax expense at statutory rate	$	419	$	235	$	454
Increase (decrease) in income tax expense resulting from:
Exempt investment income	(28)		(38)		(48)
Foreign related tax differential	1		(15)		(2)
Taxes related to domestic affiliate					40
Valuation allowance	2		1		1
State taxes	48		36		24
Other	9		4		6
Income tax expense	$	451	$	223	$	475

Deferred Tax Assets and Liabilities

The following table summarizes deferred tax assets and liabilities:

December 31	2023		2022
(In millions)
Deferred tax assets:
Insurance reserves:
Property and casualty claim and claim adjustment expense reserves	$	202	$	178
Unearned premium reserves	213		198
Policyholder reserves	160		75
Deferred revenue	70		72
Employee benefits	86		98
Deferred retroactive reinsurance benefit	88		89
Net operating loss carryforwards	44		55
Net unrealized losses	416		709
Other	159		147
Total deferred tax assets	1,438		1,621
Valuation allowance	(18)		(16)
Net deferred tax assets	1,420		1,605
Deferred tax liabilities:
Deferred acquisition costs	(126)		(113)
Property, plant and equipment	(938)		(810)
Basis differential in investment in subsidiary	(502)		(502)
Other liabilities	(198)		(149)
Total deferred tax liabilities	(1,764)		(1,574)
Net deferred tax assets (liabilities) (a)	$	(344)	$	31
(a) Includes deferred tax assets reflected in Other assets on the Consolidated Balance Sheets at December 31, 2023 and 2022	$	54	$	274