Income Tax (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Provision for income tax from continuing operations

The provision for income tax was as follows:

	Years Ended December 31,
	2016			2015			2014
	(In millions)
Current:
Federal	$	(57	)	$	281		$	(364	)
Foreign	6			—			6
Subtotal	(51		)	281			(358		)
Deferred:
Federal	(1,720		)	(66		)	355
Foreign	—			—			(2		)
Subtotal	(1,720		)	(66		)	353
Provision for income tax expense (benefit)	$	(1,771	)	$	215		$	(5	)

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) from domestic and foreign operations were as follows:

	Years Ended December 31,
	2016			2015		2014
	(In millions)
Income (loss):
Domestic	$	(4,720	)	$	1,041	$	(174	)
Foreign	12			13		464
Total	$	(4,708	)	$	1,054	$	290

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,
	2016			2015			2014
	(In millions)
Tax provision at U.S. statutory rate	$	(1,648	)	$	369		$	102
Tax effect of:
Dividend received deduction	(105		)	(127		)	(114		)
Prior year tax	23			(4		)	(20		)
Tax credits	(20		)	(16		)	(14		)
Foreign tax rate differential	2			(5		)	—
Goodwill impairment	(20		)	—			12
Sale of subsidiary	(6		)	—			24
Other, net	3			(2		)	5
Provision for income tax expense (benefit)	$	(1,771	)	$	215		$	(5	)

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,
	2016		2015
	(In millions)
Deferred income tax assets:
Policyholder liabilities and receivables	$	2,841	$	1,638
Investments, including derivatives	373		—
Tax credit carryforwards	180		168
Other	52		39
Total deferred income tax assets	3,446		1,845
Deferred income tax liabilities:
Investments, including derivatives	—		132
Intangibles	391		521
Net unrealized investment gains	736		837
DAC	1,301		1,158
Total deferred income tax liabilities	2,428		2,648
Net deferred income tax asset (liability)	$	1,018	$	(803	)

Summary of Tax Credit Carryforwards

The following table sets forth the general business credits, foreign tax credits, and other credit carryforwards for tax purposes as of December 31, 2016.

	Tax Credit Carryforwards
	General Business Credits		Foreign Tax Credits		Other
	(In millions)
Expiration
2017-2021	$	—	$	—	$	—
2022-2026	—		35		—
2027-2031	—		—		—
2032-2036	7		—		—
Indefinite	—		—		145
	$	7	$	35	$	145

Reconciliation of unrecognized tax benefits

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

	Years Ended December 31,
	2016			2015			2014
	(In millions)
Balance at January 1,	$	42		$	38		$	26
Additions for tax positions of prior years	1			5			15
Reductions for tax positions of prior years	(9		)	—			(5		)
Additions for tax positions of current year	5			3			2
Settlements with tax authorities	(2		)	(4		)	—
Balance at December 31,	$	37		$	42		$	38
Unrecognized tax benefits that, if recognized would impact the effective rate	$	37		$	32		$	28

Interest was as follows:

	Years Ended December 31,
	2016		2015		2014
	(In millions)
Interest recognized on the consolidated statements of operations	$	1	$	—	$	—
			December 31,
			2016		2015
			(In millions)
Interest included in other liabilities on the consolidated balance sheets			$	1	$	2