Income Tax (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Provision for income tax from continuing operations

The provision for income tax was as follows:

	Years Ended December 31,
	2021		2020		2019
	(In millions)
Current:
Federal	$	5	$	—	$	(35)
Deferred:
Federal	(76)		(433)		(303)
Provision for income tax expense (benefit)	$	(71)	$	(433)	$	(338)

Income tax for continuing operations effective rate reconciliation

The reconciliation of the income tax provision at the statutory tax rate to the provision for income tax as reported was as follows:

	Years Ended December 31,
	2021			2020			2019
	(Dollars in millions)
Tax provision at statutory rate	$	(1)		$	(365)		$	(241)
Tax effect of:
Dividends received deduction	(34)			(38)			(38)
Tax credits	(15)			(24)			(29)
Change in valuation allowance	18			—			—
Return to provision	12			2			(5)
Adjustments to deferred tax	(48)			(6)			(22)
Other, net	(3)			(2)			(3)
Provision for income tax expense (benefit)	$	(71)		$	(433)		$	(338)
Effective tax rate	1,654		%	25		%	30		%

Components of deferred tax assets and liabilities

Net deferred income tax assets and liabilities consisted of the following at:

	December 31,
	2021		2020
	(In millions)
Deferred income tax assets:
Net operating loss carryforwards	$	1,253	$	1,485
Tax credit carryforwards	150		133
Employee benefits	4		4
Intangibles	45		62
Other	5		—
Total deferred income tax assets	1,457		1,684
Less: Valuation allowance	18		—
Total net deferred income tax assets	1,439		1,684
Deferred income tax liabilities:
Net unrealized investment gains	1,039		1,443
Policyholder liabilities and receivables	429		894
DAC	688		604
Investments, including derivatives	264		200
Other	—		4
Total deferred income tax liabilities	2,420		3,145
Net deferred income tax asset (liability)	$	(981)	$	(1,461)

Summary of Operating Loss Carryforwards [Table Text Block]

The following table sets forth the net operating loss carryforwards for tax purposes at December 31, 2021.

	Net Operating Loss Carryforwards
	(In millions)
Expiration
2032-2037	$	2,049
Indefinite	3,918
	$	5,967

Summary of Tax Credit Carryforwards

The following table sets forth the general business credits and foreign tax credits available for carryforward for tax purposes at December 31, 2021.

	Tax Credit Carryforwards
	General Business Credits		Foreign Tax Credits
	(In millions)
Expiration
2022-2025	$	—	$	18
2026-2030	—		96
2031-2035	—		19
2036-2040	17		—
Indefinite	—		—
	$	17	$	133

Reconciliation of unrecognized tax benefits

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

	Years Ended December 31,
	2021		2020		2019
	(In millions)
Balance at January 1,	$	34	$	34	$	34
Additions for tax positions of prior years	—		—		—
Reductions for tax positions of prior years	—		—		—
Additions for tax positions of current year	—		—		—
Reductions for tax positions of current year	—		—		—
Settlements with tax authorities	—		—		—
Balance at December 31,	$	34	$	34	$	34
Unrecognized tax benefits that, if recognized would impact the effective rate	$	34	$	34	$	34