Income Taxes	9 Months Ended
Sep. 30, 2014
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes It is our policy to estimate taxes for interim periods based on estimated annual effective tax rates which are derived, in part, from expected annual pre-tax income. However, the change in the deferred income balances, income tax benefit and expense and related valuation allowance for the three and nine months ended September 30, 2014 have been computed based on the first nine months of 2014 as a discrete period. The tax benefit of $15.5 million for the three months ended September 30, 2014 is comprised of an $11.4 million current tax benefit and a $4.1 million deferred tax benefit. The tax benefit of $11.5 million for the nine months ended September 30, 2014 is comprised of a $3.8 million current tax benefit and a $7.7 million deferred tax benefit. The deferred tax benefit results from the application of the intraperiod tax allocation rules that allow for the benefitting of a current year loss in continuing operations when an increase to the valuation allowance is not required due to the existence of current year income reported elsewhere in the financial statements (e.g., discontinued operations, other comprehensive income). Included in the $3.8 million current tax benefit is a $4.4 million benefit attributable to the prior year provision to filed return true-up. The $4.1 million deferred tax expense attributable to the true-up has been fully offset by a decrease in the valuation allowance. We recorded a deferred tax asset, net of deferred tax liabilities and valuation allowances, of $12.8 million as of September 30, 2014. Consistent with prior periods, it is considered appropriate to recognize a full valuation allowance against all categories of net deferred tax assets other than gross unrealized losses on available-for-sale debt securities, due to the significant negative evidence of historical cumulative U.S. GAAP losses and the uncertainty of consistent future U.S. GAAP earnings. We have concluded that a valuation allowance on the deferred tax assets attributable to available-for-sale debt securities with gross unrealized losses was not required due to our ability and intent to hold these securities until recovery of fair value or contractual maturity, thereby avoiding realization of tax basis capital losses. This conclusion is consistent with prior periods. Consistent with the above, for the three months ended September 30, 2014, we recognized a net decrease in the valuation allowance of $6.3 million. For the nine months ended September 30, 2014, we recognized a net increase in the valuation allowance of $5.2 million. Accounting guidance requires that changes in the valuation allowance be allocated to various financial statement components of income or loss. The net deferred tax assets decreased by $15.2 million for the nine months ended September 30, 2014, which was attributable to available-for-sale debt securities with gross unrealized losses. The Company is included in Phoenix’s consolidated, combined, unitary or separate income tax returns in the U.S. federal, various state and foreign jurisdictions. The Company is no longer subject to U.S. federal income tax examinations by tax authorities for years before 2011. Based upon the timing and status of our current examinations by taxing authorities, we do not believe that it is reasonably possible that any changes to the balance of unrecognized tax benefits occurring within the next 12 months will result in a significant change to the results of operations, financial condition or liquidity. In addition, we do not anticipate that there will be additional payments made or refunds received within the next 12 months with respect to the years under audit. We do not anticipate any increases to the existing unrecognized tax benefits that would have a significant impact on the financial position of the Company.

Income Taxes

It is our policy to estimate taxes for interim periods based on estimated annual effective tax rates which are derived, in part, from expected annual pre-tax income. However, the change in the deferred income balances, income tax benefit and expense and related valuation allowance for the three and nine months ended September 30, 2014 have been computed based on the first nine months of 2014 as a discrete period.

The tax benefit of $15.5 million for the three months ended September 30, 2014 is comprised of an $11.4 million current tax benefit and a $4.1 million deferred tax benefit. The tax benefit of $11.5 million for the nine months ended September 30, 2014 is comprised of a $3.8 million current tax benefit and a $7.7 million deferred tax benefit. The deferred tax benefit results from the application of the intraperiod tax allocation rules that allow for the benefitting of a current year loss in continuing operations when an increase to the valuation allowance is not required due to the existence of current year income reported elsewhere in the financial statements (e.g., discontinued operations, other comprehensive income). Included in the $3.8 million current tax benefit is a $4.4 million benefit attributable to the prior year provision to filed return true-up. The $4.1 million deferred tax expense attributable to the true-up has been fully offset by a decrease in the valuation allowance.

We recorded a deferred tax asset, net of deferred tax liabilities and valuation allowances, of $12.8 million as of September 30, 2014. Consistent with prior periods, it is considered appropriate to recognize a full valuation allowance against all categories of net deferred tax assets other than gross unrealized losses on available-for-sale debt securities, due to the significant negative evidence of historical cumulative U.S. GAAP losses and the uncertainty of consistent future U.S. GAAP earnings.

We have concluded that a valuation allowance on the deferred tax assets attributable to available-for-sale debt securities with gross unrealized losses was not required due to our ability and intent to hold these securities until recovery of fair value or contractual maturity, thereby avoiding realization of tax basis capital losses. This conclusion is consistent with prior periods.

Consistent with the above, for the three months ended September 30, 2014, we recognized a net decrease in the valuation allowance of $6.3 million. For the nine months ended September 30, 2014, we recognized a net increase in the valuation allowance of $5.2 million. Accounting guidance requires that changes in the valuation allowance be allocated to various financial statement components of income or loss. The net deferred tax assets decreased by $15.2 million for the nine months ended September 30, 2014, which was attributable to available-for-sale debt securities with gross unrealized losses.

The Company is included in Phoenix’s consolidated, combined, unitary or separate income tax returns in the U.S. federal, various state and foreign jurisdictions. The Company is no longer subject to U.S. federal income tax examinations by tax authorities for years before 2011.

Based upon the timing and status of our current examinations by taxing authorities, we do not believe that it is reasonably possible that any changes to the balance of unrecognized tax benefits occurring within the next 12 months will result in a significant change to the results of operations, financial condition or liquidity. In addition, we do not anticipate that there will be additional payments made or refunds received within the next 12 months with respect to the years under audit. We do not anticipate any increases to the existing unrecognized tax benefits that would have a significant impact on the financial position of the Company.