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Brighthouse Life Insurance Co – ‘10-K’ for 12/31/19 – ‘R39’

On:  Wednesday, 3/4/20, at 5:48pm ET   ·   As of:  3/5/20   ·   For:  12/31/19   ·   Accession #:  733076-20-4   ·   File #:  33-03094

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  As Of               Filer                 Filing    For·On·As Docs:Size

 3/05/20  Brighthouse Life Insurance Co     10-K       12/31/19  148:30M

Annual Report   —   Form 10-K   —   Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                       HTML   3.89M 
 2: EX-23.1     Consent of Experts or Counsel                       HTML     41K 
 3: EX-31.1     Certification -- §302 - SOA'02                      HTML     46K 
 4: EX-31.2     Certification -- §302 - SOA'02                      HTML     46K 
 5: EX-32.1     Certification -- §906 - SOA'02                      HTML     42K 
 6: EX-32.2     Certification -- §906 - SOA'02                      HTML     42K 
117: R1          Document and Entity Information                     HTML     95K  
62: R2          Consolidated Balance Sheets                         HTML    151K 
13: R3          Consolidated Balance Sheets (Parenthetical)         HTML     56K 
98: R4          Consolidated Statements of Operations               HTML     98K 
118: R5          Consolidated Statements Of Comprehensive Income     HTML     74K  
63: R6          Consolidated Statements of Equity                   HTML     92K 
14: R7          Consolidated Statements of Cash Flows               HTML    179K 
101: R8          Business, Basis of Presentation and Summary of      HTML    137K  
                Significant Accounting Policies                                  
115: R9          Segment Information                                 HTML    284K  
59: R10         Organizational Changes                              HTML     45K 
42: R11         Insurance                                           HTML    231K 
89: R12         Deferred Policy Acquisition Costs, Value of         HTML    129K 
                Business Acquired and Other Policy-Related                       
                Intangibles                                                      
143: R13         Reinsurance                                         HTML    249K  
60: R14         Investments                                         HTML    582K 
43: R15         Derivatives                                         HTML    424K 
91: R16         Fair Value                                          HTML    547K 
144: R17         Long-term Debt                                      HTML     85K  
58: R18         Equity                                              HTML    227K 
44: R19         Other Revenues and Other Expenses                   HTML     73K 
96: R20         Income Tax                                          HTML    173K 
116: R21         Contingencies, Commitments and Guarantees           HTML     67K  
61: R22         Related Party Transactions                          HTML     60K 
12: R23         Subsequent Events                                   HTML     44K 
99: R24         Consolidated Summary of Investments - Other Than    HTML     95K 
                Investments in Related Parties                                   
119: R25         Condensed Financial Information (Parent Company)    HTML    266K  
64: R26         Consolidated Supplementary Insurance Information    HTML    165K 
15: R27         Consolidated Reinsurance                            HTML    117K 
100: R28         Business, Basis of Presentation and Summary of      HTML    231K  
                Significant Accounting Policies (Policies)                       
114: R29         Segment Information (Tables)                        HTML    275K  
147: R30         Insurance (Tables)                                  HTML    216K  
94: R31         Deferred Policy Acquisition Costs, Value of         HTML    207K 
                Business Acquired and Other Policy-Related                       
                Intangibles (Tables)                                             
41: R32         Reinsurance (Tables)                                HTML    210K 
57: R33         Investments (Tables)                                HTML    539K 
146: R34         Derivatives (Tables)                                HTML    588K  
93: R35         Fair Value (Tables)                                 HTML    523K 
40: R36         Long-term Debt (Tables)                             HTML     62K 
56: R37         Equity (Tables)                                     HTML    213K 
148: R38         Other Expenses (Tables)                             HTML     65K  
92: R39         Income Tax (Tables)                                 HTML    176K 
122: R40         Business, Basis of Presentation and Summary of      HTML     55K  
                Significant Accounting Policies (Narrative)                      
                (Details)                                                        
105: R41         Segment Information (Operating Results) (Details)   HTML    102K  
26: R42         Segment Information (Assets and Liabilities)        HTML     61K 
                (Details)                                                        
77: R43         Segment Information (Reconciliation of Operating    HTML     55K 
                Revenues to Total Revenues) (Details)                            
121: R44         Segment Information (Premiums, Universal Life and   HTML     50K  
                Investment-Type Product Policy Fees and Other                    
                Revenues by Major Product Group) (Details)                       
104: R45         Segment Information (Narrative) (Details)           HTML     41K  
25: R46         Organizational Changes (Details)                    HTML     53K 
76: R47         Insurance (Insurance Liabilities) (Details)         HTML     51K 
124: R48         Insurance Insurance (Future Policy Benefits -       HTML     65K  
                Narrative) (Details)                                             
102: R49         Insurance (Guarantees) (Details)                    HTML     90K  
79: R50         Insurance (Guarantees Related to Annuity            HTML     57K 
                Contracts) (Details)                                             
133: R51         Insurance (Guarantees Related to Universal and      HTML     54K  
                Variable Life Contracts) (Details)                               
53: R52         Insurance (Fund Groupings) (Details)                HTML     53K 
37: R53         Insurance (Obligations Under Funding Agreements -   HTML     60K 
                Narrative) (Details)                                             
80: R54         Deferred Policy Acquisition Costs, Value of         HTML     76K 
                Business Acquired and Other Policy-Related                       
                Intangibles (DAC and VOBA) (Details)                             
134: R55         Deferred Policy Acquisition Costs, Value of         HTML     53K  
                Business Acquired and Other Policy-Related                       
                Intangibles (DAC and VOBA by Segment) (Details)                  
54: R56         Deferred Policy Acquisition Costs, Value of         HTML     61K 
                Business Acquired and Other Policy-Related                       
                Intangibles (Deferred Sales Inducements) (Details)               
38: R57         Deferred Policy Acquisition Costs, Value of         HTML     71K 
                Business Acquired and Other Policy-Related                       
                Intangibles (Estimated Future Amortization)                      
                (Details)                                                        
81: R58         Reinsurance (Effects of Reinsurance on Earnings)    HTML    101K 
                (Details)                                                        
132: R59         Reinsurance (Effects of Reinsurance on Balance      HTML     69K  
                Sheet) (Details)                                                 
69: R60         Reinsurance (Effects of Affiliated Reinsurance on   HTML    101K 
                Statements of Operations) (Details)                              
18: R61         Reinsurance (Effects of Affiliated Reinsurance on   HTML     66K 
                Balance Sheets) (Details)                                        
110: R62         Reinsurance (Narrative) (Details)                   HTML     94K  
127: R63         Reinsurance (Related Party Narrative) (Details)     HTML    139K  
70: R64         Investments (Fixed Maturity Securities AFS by       HTML     81K 
                Sector) (Details)                                                
19: R65         Investments (Maturities of Fixed Maturity           HTML     76K 
                Securities) (Details)                                            
111: R66         Investments (Continuous Gross Unrealized Losses     HTML     84K  
                for Fixed Maturity Securities AFS by Sector)                     
                (Details)                                                        
128: R67         Investments (Mortgage Loans by Portfolio Segment)   HTML     62K  
                (Details)                                                        
66: R68         Investments (Credit Quality of Mortgage Loans)      HTML     98K 
                (Details)                                                        
23: R69         Investments (Net Unrealized Investment Gains        HTML     62K 
                (Losses)) (Details)                                              
34: R70         Investments (Changes in Net Unrealized Investment   HTML     56K 
                Gains (Losses)) (Details)                                        
48: R71         Investments (Securities Lending) (Details)          HTML     55K 
140: R72         Investments (Securities Lending Remaining Tenor)    HTML     51K  
                (Details)                                                        
85: R73         Investments (Invested Assets on Deposit, Held In    HTML     48K 
                Trust and Pledged as Collateral) (Details)                       
33: R74         Investments (Variable Interest Entities) (Details)  HTML     50K 
47: R75         Investments (Net Investment Income) (Details)       HTML     64K 
139: R76         Investments (Components of Net Investment Gains     HTML     59K  
                (Losses)) (Details)                                              
84: R77         Investments (Sales or Disposals of Fixed Maturity   HTML     50K 
                Securities) (Details)                                            
29: R78         Investments (Fixed Maturity Securities AFS -        HTML     47K 
                Narrative) (Details)                                             
51: R79         Investments (Continuous Gross Unrealized Losses     HTML     57K 
                for Fixed Maturity Securities AFS by Sector -                    
                Narrative) (Details)                                             
35: R80         Investments (Mortgage Loans - Narrative) (Details)  HTML     67K 
50: R81         Investments (Other Invested Assets - Narrative)     HTML     43K 
                (Details)                                                        
141: R82         Investments (Securities Lending - Narrative)        HTML     51K  
                (Details)                                                        
87: R83         Investments (Invested Assets on Deposit, Held in    HTML     47K 
                Trust and Pledged as Collateral-Narrative)                       
                (Details)                                                        
32: R84         Investments (Purchased Credit Impaired Investments  HTML     51K 
                - Narrative) (Details)                                           
45: R85         Investments (Collectively Significant Equity        HTML     61K 
                Method Investments - Narrative) (Details)                        
138: R86         Investments (Variable Interest Entities -           HTML     41K  
                Narrative) (Details)                                             
82: R87         Investments (Net Investment Income - Narrative)     HTML     45K 
                (Details)                                                        
30: R88         Investments (Related Party Investment Transactions  HTML     64K 
                - Narrative) (Details)                                           
52: R89         Derivatives (Primary Risks Managed by Derivatives)  HTML    116K 
                (Details)                                                        
68: R90         Derivatives Derivatives (Derivatives Pertaining to  HTML    123K 
                Hedged Items) (Details)                                          
16: R91         Derivatives (Credit Derivatives) (Details)          HTML     53K 
109: R92         Derivatives (Estimated Fair Value of Derivatives    HTML     82K  
                Assets and Liabilities after Master Netting                      
                Agreements and Cash Collateral) (Details)                        
125: R93         Derivatives (Credit Risk on Freestanding            HTML     48K  
                Derivatives) (Details)                                           
71: R94         Derivatives (Narrative) (Details)                   HTML     43K 
21: R95         Fair Value (Recurring Fair Value Measurements)      HTML    172K 
                (Details)                                                        
112: R96         Fair Value (Quantitative Information) (Details)     HTML     65K  
130: R97         Fair Value (Unobservable Input Reconciliation)      HTML    150K  
                (Details)                                                        
65: R98         Fair Value (Financial Instruments Carried at Other  HTML     84K 
                Than Fair Value) (Details)                                       
22: R99         Long-term Debt (Details)                            HTML     57K 
129: R100        Long-term Debt (Narrative) (Details)                HTML    132K  
113: R101        Equity (Statutory Net Income) (Details)             HTML     46K  
20: R102        Equity Equity (Statutory Capital and Surplus)       HTML     47K 
                (Details)                                                        
72: R103        Equity Equity (Dividend Restrictions) (Details)     HTML     52K 
126: R104        Equity (Components of Accumulated Other             HTML     99K  
                Comprehensive Income (Loss)) (Details)                           
108: R105        Equity (Reclassifications Out of Accumulated Other  HTML     78K  
                Comprehensive Income (Loss)) (Details)                           
17: R106        Equity (Capital Transactions - Narrative)           HTML     48K 
                (Details)                                                        
67: R107        Equity (Statutory Equity & Income - Narrative)      HTML     47K 
                (Details)                                                        
131: R108        Equity Equity (Captive Equity and Income -          HTML     50K  
                Narrative) (Details)                                             
107: R109        Equity (Dividend Restrictions - Narrative)          HTML     49K  
                (Details)                                                        
83: R110        Other Revenues and Other Expenses (Other            HTML     43K 
                Revenues-Narrative) (Details)                                    
137: R111        Other Revenues and Other Expenses (Other Expenses)  HTML     62K  
                (Details)                                                        
46: R112        Income Tax (Provision for Income Tax from           HTML     66K 
                Continuing Operations) (Details)                                 
31: R113        Income Tax (Reconciliation of Income Tax Provision  HTML     77K 
                between US Statutory Rate and As Reported for                    
                Continuing Operations) (Details)                                 
86: R114        Income Tax (Net Deferred Income Tax Assets and      HTML     80K 
                Liabilities) (Details)                                           
142: R115        Income Tax (Net Operating Loss Carryforwards)       HTML     46K  
                (Details)                                                        
49: R116        Income Tax (Tax Credit Carryforwards) (Details)     HTML     63K 
36: R117        Income Tax (Reconciliation of Unrecognized Tax      HTML     58K 
                Benefits) (Details)                                              
88: R118        Income Tax (Narrative) (Details)                    HTML     66K 
136: R119        Contingencies, Commitments and Guarantees           HTML     45K  
                (Contingencies - Narrative) (Details)                            
75: R120        Contingencies, Commitments and Guarantees           HTML     46K 
                (Commitments - Narrative) (Details)                              
24: R121        Contingencies, Commitments and Guarantees           HTML     50K 
                (Guarantees - Narrative) (Details)                               
103: R122        Related Party Transaction (Related Party            HTML     66K  
                Transaction - Narrative) (Details)                               
120: R123        Subsequent Events (Details)                         HTML     49K  
78: R124        Consolidated Summary of Investments - Other Than    HTML     95K 
                Investments in Related Parties (Details)                         
27: R125        Condensed Financial Information (Parent Company)    HTML    164K 
                (Condensed Balance Sheets) (Details)                             
106: R126        Condensed Financial Information (Parent Company)    HTML     59K  
                Condensed Financial Information (Parent Company)                 
                (Condensed Balance Sheets - Phantom) (Details)                   
123: R127        Condensed Financial Information (Parent Company)    HTML    102K  
                (Condensed Statements of Operations) (Details)                   
74: R128        Condensed Financial Information (Parent Company)    HTML    153K 
                (Condensed Statements of Cash Flows) (Details)                   
28: R129        Condensed Financial Information (Parent Company)    HTML     54K 
                (Investment in Subsidiaries Footnote) (Details)                  
39: R130        Consolidated Supplementary Insurance Information    HTML     69K 
                (Balance Sheet Items) (Details)                                  
55: R131        Consolidated Supplementary Insurance Information    HTML     70K 
                (Income Statement Items) (Details)                               
135: R132        Consolidated Reinsurance (Details)                  HTML     82K  
145: XML         IDEA XML File -- Filing Summary                      XML    301K  
97: XML         XBRL Instance -- bhinsurance-1231201910k_htm         XML  10.39M 
90: EXCEL       IDEA Workbook of Financial Reports                  XLSX    217K 
 8: EX-101.CAL  XBRL Calculations -- bhl-20191231_cal                XML    346K 
 9: EX-101.DEF  XBRL Definitions -- bhl-20191231_def                 XML   1.75M 
10: EX-101.LAB  XBRL Labels -- bhl-20191231_lab                      XML   3.32M 
11: EX-101.PRE  XBRL Presentations -- bhl-20191231_pre               XML   2.38M 
 7: EX-101.SCH  XBRL Schema -- bhl-20191231                          XSD    327K 
73: JSON        XBRL Instance as JSON Data -- MetaLinks              683±  1.11M 
95: ZIP         XBRL Zipped Folder -- 0000733076-20-000004-xbrl      Zip    793K

‘R39’   —   Income Tax (Tables)

This is an IDEA Financial Report.  [ Alternative Formats ]

 
v3.19.3.a.u2
Income Tax (Tables)
 12 Months Ended
Income Tax Disclosure [Abstract]  
Provision for income tax from continuing operations
The provision for income tax was as follows:
 
Years Ended December 31,
 
2019
 
2018
 
2017
 
(In millions)
Current:
 
 
 
 
 
Federal
$
(35
)
 
$
(178
)
 
$
368

Foreign
—

 
—

 
18

Subtotal
(35
)

(178
)
 
386

Deferred:
 
 
 
 
 
Federal
(303
)
 
331

 
(1,124
)
Foreign
—

 
—

 
—

Subtotal
(303
)
 
331

 
(1,124
)
Provision for income tax expense (benefit)
$
(338
)
 
$
153

 
$
(738
)
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,
 
2019
 
2018
 
2017
 
(In millions)
Tax provision at statutory rate
$
(241
)
 
$
235

 
$
(567
)
Tax effect of:
 
 
 
 
 
Excess loss account - Separation from MetLife (1)
—

 
(2
)
 
1,088

Rate revaluation due to tax reform (2)
—

 
—

 
(696
)
Dividend received deduction (3)
(38
)
 
(40
)
 
(116
)
Prior year tax
—

 
(1
)
 
(4
)
Tax credits
(29
)
 
(24
)
 
(29
)
Release of valuation allowance
—

 
(11
)
 
—

Goodwill impairment
—

 
—

 
(288
)
Sale of subsidiary
—

 
—

 
(136
)
Other, net
(30
)
 
(4
)
 
10

Provision for income tax expense (benefit)
$
(338
)
 
$
153

 
$
(738
)
Effective tax rate
30
%
 
14
%
 
46
%
 
_______________
(1)
For the year ended December 31, 2017, the Company recognized a non-cash charge to provision for income tax expense and corresponding capital contribution from MetLife. This tax obligation was in connection with the Separation. MetLife, Inc. is responsible for this obligation through the Tax Separation Agreement.
(2)
For the year ended December 31, 2017, the Company recognized a $696 million benefit in net income from remeasurement of net deferred tax liabilities in connection with the Tax Act.
(3)
For the year ended December 31, 2018, the Tax Act changed the dividend received deduction amount applicable to insurance companies to a 70% company share and a 50% dividend received deduction for eligible dividends. The dividend received deduction reduces the amount of dividend income subject to tax and is a significant component of the difference between the actual tax expense and expected amount determined using the statutory tax rate.
Components of deferred tax assets and liabilities Net deferred income tax assets and liabilities consisted of the following at:
 
 
2019
 
2018
 
(In millions)
Deferred income tax assets:
 
 
 
Investments, including derivatives (1)
$
213

 
$
44

Net operating loss carryforwards
1,082

 
1,025

Tax credit carryforwards
105

 
58

Employee benefits
4

 
4

Intangibles
97

 
159

Other
18

 
—

Total deferred income tax assets
1,519

 
1,290

Deferred income tax liabilities:
 
 
 
Policyholder liabilities and receivables (1)
1,307

 
1,386

Net unrealized investment gains
858

 
198

DAC
655

 
633

Other
—

 
17

Total deferred income tax liabilities
2,820

 
2,234

Net deferred income tax asset (liability)
$
(1,301
)
 
$
(944
)

_______________
(1)
The Company reclassified certain components of the 2018 net deferred income tax asset (liability) upon completion of a Separation related deferred tax basis study in 2019. Total deferred income tax assets and total deferred income tax liabilities increased by $44 million at December 31, 2018 as compared to the amounts previously presented. There was no change in total net deferred income tax asset (liability) resulting from these reclassifications at December 31, 2018.
Summary of Operating Loss Carryforwards [Table Text Block]
The following table sets forth the net operating loss carryforwards for tax purposes at December 31, 2019.
 
 
Net Operating Loss Carryforwards
 
 
(In millions)
Expiration
 
2034-2038
$
3,034

Indefinite
2,119

 
$
5,153
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, 2019.
 
Tax Credit Carryforwards
 
General Business Credits
 
Foreign Tax Credits
 
(In millions)
Expiration
 
 
 
2020-2024
$
—

 
$
18

2025-2029
—

 
70

2030-2034
—

 
—

2035-2039
17

 
—

Indefinite
—

 
—

 
$
17

 
$
88
Reconciliation of unrecognized tax benefits
A reconciliation of the beginning and ending amount of unrecognized tax benefits was as follows:
 
Years Ended December 31,
 
2019
 
2018
 
2017
 
(In millions)
Balance at January 1,
$
34

 
$
22

 
$
38

Additions for tax positions of prior years
—

 
12

 
—

Reductions for tax positions of prior years
—

 
—

 
(4
)
Additions for tax positions of current year
—

 
—

 
3

Reductions for tax positions of current year
—

 
—

 
(2
)
Settlements with tax authorities
—

 
—

 
(13
)
Balance at December 31,
$
34

 
$
34

 
$
22

Unrecognized tax benefits that, if recognized would impact the effective rate
$
34

 
$
34

 
$
22

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-K’ Filing    Date    Other Filings
Filed as of:3/5/20
Filed on:3/4/20
For Period end:12/31/19
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