Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Taxes

Income Tax Expense (Benefit) from Continuing Operations (Table)

	For the year ended December 31,
	2015			2014			2013
	(in millions)
Current income taxes:
U.S. federal	$	225.9		$	242.1		$	109.5
State		12.3			4.7			7.7
Foreign		32.6			67.6			69.7
Tax benefit of operating loss carryforward		(52.0	)		(163.0	)		(134.1	)
Total current income taxes		218.8			151.4			52.8
Deferred income taxes (benefits):
U.S. federal		79.1			148.0			155.1
State		(1.0	)		(32.8	)		(3.1	)
Foreign		(119.3	)		51.9			(16.9	)
Total deferred income taxes (benefits)		(41.2	)		167.1			135.1
Total income taxes	$	177.6		$	318.5		$	187.9

Reconciliation Between U.S. Corporate Income Tax Rate and Effective Income Tax Rate from Continuing Operations (Table)

	For the year ended December 31,
	2015			2014			2013
U.S. corporate income tax rate		35	%		35	%		35	%
Dividends received deduction		(11	)		(10	)		(10	)
Merger of Chilean legal entities		(7	)		—			—
Impact of equity method presentation		(3	)		(2	)		(3	)
Tax credits		(2	)		(2	)		—
Interest exclusion from taxable income		(1	)		(1	)		(2	)
Foreign tax rate differential		—			(2	)		(2	)
Impact of court ruling on some uncertain tax positions		3			—			—
Impact of enactment of tax legislation		—			4			1
Other		(2	)		(1	)		(2	)
Effective income tax rate		12	%		21	%		17	%

Changes in Unrecognized Tax Benefits (Table)

	For the year ended December 31,
	2015			2014
	(in millions)
Balance at beginning of period	$	172.4		$	108.9
Additions based on tax positions related to the current year		12.9			12.9
Additions for tax positions of prior years		45.9			62.5
Reductions for tax positions related to the current year		(8.7	)		(8.4	)
Reductions for tax positions of prior years		(3.5	)		(0.2	)
Settlements		—			(3.3	)
Balance at end of period (1)	$	219.0		$	172.4

(1) Of this amount, $79.5 million, if recognized, would reduce the 2015 effective income tax rate. We recognize interest and penalties related to uncertain tax positions in operating expenses.

Components of Net Deferred Income Taxes (Table)

	December 31,
	2015			2014
	(in millions)
Deferred income tax assets:
Insurance liabilities	$	85.8		$	390.8
Investments, including derivatives		368.8			395.1
Net operating loss carryforwards		80.9			128.4
Tax credit carryforwards		227.4			163.2
Employee benefits		534.8			506.6
Foreign currency translation		123.4			61.8
Other deferred income tax assets		64.3			94.5
Gross deferred income tax assets		1,485.4			1,740.4
Valuation allowance		(11.9	)		(4.1	)
Total deferred income tax assets		1,473.5			1,736.3
Deferred income tax liabilities:
Deferred acquisition costs		(866.1	)		(774.2	)
Investments, including derivatives		(379.6	)		(411.1	)
Net unrealized gains on available-for-sale securities		(431.2	)		(1,004.6	)
Real estate		(123.1	)		(133.9	)
Intangible assets		(235.4	)		(314.2	)
Other deferred income tax liabilities		(39.3	)		(42.8	)
Total deferred income tax liabilities		(2,074.7	)		(2,680.8	)
Total net deferred income tax liabilities	$	(601.2	)	$	(944.5	)

Net Deferred Income Taxes by Jurisdiction (Table)

	December 31,
	2015			2014
	(in millions)
Deferred income tax assets:
State	$	53.3		$	35.3
Foreign		42.7			55.5
Net deferred income tax assets		96.0			90.8
Deferred income tax liabilities:
U.S. federal		(459.5	)		(663.7	)
Foreign		(237.7	)		(371.6	)
Net deferred income tax liabilities		(697.2	)		(1,035.3	)
Total net deferred income tax liabilities	$	(601.2	)	$	(944.5	)