Income Taxes (Tables)

6 Months Ended

Jun. 30, 2015

Income Tax Disclosure [Abstract]

Income Tax Provision (Benefit)

Our income tax provision includes the following components:

	For the Three Months Ended June 30,					For the Six Months Ended June 30,
(in millions)	2015			2014		2015			2014
Current tax provision	$	9.0		$	2.9	$	8.8		$	4.3
Deferred tax (benefit) provision related to:
Future tax deductions		(2.9	)		3.0		2.6			33.2
Valuation allowance change		0.7			0.2		(1.0	)		(28.9	)
Income tax provision	$	6.8		$	6.1	$	10.4		$	8.6

Schedule of Pre-Tax Income (Loss) and Effective Income Tax Rates

For the three and six months ended June 30, 2015 and 2014, pre-tax income (loss) attributable to our operations and the operations’ effective tax rates were as follows:

	For the Three Months Ended June 30,
(in millions)	2015							2014
	Pre-Tax Income (Loss)				Effective Tax Rate			Pre-Tax Income (Loss)				Effective Tax Rate
Bermuda	$	18.3				0.0	%	$	25.0				0.0	%
United States		20.2				27.0	%		20.9				24.1	%
United Kingdom		(2.9	)			-46.9	%		(5.4	)			-19.4	%
Belgium		0.1				16.5	%		—		(1)		64.2	%
Brazil		(1.2	)			0.0	%		5.1				0.0	%
United Arab Emirates		0.1				0.0	%		(0.1	)			0.0	%
Ireland		(0.1	)			0.0	%		—		(1)		0.0	%
Malta		0.2				0.0	%		(0.6	)			0.0	%
Switzerland		—		(1)		-36.7	%		(0.2	)			18.2	%
Pre-tax income	$	34.7						$	44.7
	For the Six Months Ended June 30,
(in millions)	2015							2014
	Pre-Tax Income (Loss)				Effective Tax Rate			Pre-Tax Income (Loss)				Effective Tax Rate
Bermuda	$	44.0				0.0	%		46.9				0.0	%
United States		48.7				23.0	%		35.7				22.7	%
United Kingdom		7.2				-12.0	%		1.9				25.4	%
Belgium		(0.1	)			-24.2	%		—		(1)		43.3	%
Brazil		(3.0	)			0.0	%		5.1				0.0	%
United Arab Emirates		0.1				0.0	%		(1.0	)			0.0	%
Ireland		(0.1	)			0.0	%		—		(1)		0.0	%
Malta		0.3				0.0	%		(1.0	)			0.0	%
Switzerland		—		(1)		-18.6	%		(0.2	)			21.0	%
Pre-tax income	$	97.1						$	87.4

⁽¹⁾ Pre-tax income for the respective year was less than $0.1 million.

Reconciliation of Difference Between Provision for Income Taxes and Expected Tax Provision at Weighted Average Tax Rate

A reconciliation of the difference between the provision for income taxes and the expected tax provision at the weighted average tax rate is as follows:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
(in millions)	2015			2014			2015			2014
Income tax provision at expected rate	$	6.2		$	9.8		$	17.4		$	14.5
Tax effect of:
Tax-exempt interest		(1.0	)		(1.1	)		(1.9	)		(2.3	)
Dividends received deduction		(0.6	)		(0.6	)		(1.2	)		(1.2	)
Valuation allowance change		0.7			0.2			(1.0	)		(28.9	)
Other permanent adjustments, net		—			(1.0	)		0.2			(0.9	)
Adjustment for annualized rate		0.3			(2.6	)		(0.2	)		(1.8	)
United States state tax (benefit) expense		—			(0.1	)		(2.5	)		—
Capital loss carryforward from prior merger		—			—			—			29.8
Other foreign adjustments		0.4			—			0.1			—
Prior period adjustments to deferred		—			(1.0	)		—			(1.0	)
Prior year foreign taxes recovered		—			—			(1.2	)		—
Foreign exchange adjustments		0.6			2.3			0.4			0.1
Foreign withholding taxes		0.2			0.2			0.3			0.3
Income tax provision	$	6.8		$	6.1		$	10.4		$	8.6
Income tax provision (benefit) - Foreign	$	1.4		$	1.0		$	(0.8	)	$	0.4
Income tax provision - United States, Federal		5.2			5.0			14.7			7.8
Income tax (benefit) provision  - United States, state		—			(0.1	)		(3.8	)		0.1
Foreign withholding tax - United States		0.2			0.2			0.3			0.3
Income tax provision	$	6.8		$	6.1		$	10.4		$	8.6