Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Taxes

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

	For the year ended December 31,
	2017			2016			2015
	(in millions)
Current income taxes:
U.S. federal	$	(4.4	)	$	38.6		$	225.9
State		48.9			(1.9	)		12.3
Foreign		38.1			36.6			32.6
Tax benefit of operating loss carryforward		(21.5	)		(17.5	)		(52.0	)
Total current income taxes		61.1			55.8			218.8
Deferred income taxes (benefits):
U.S. federal		(208.2	)		171.7			79.1
State		42.5			(20.6	)		(1.0	)
Foreign		32.3			23.0			(119.3	)
Total deferred income taxes (benefits)		(133.4	)		174.1			(41.2	)
Total income taxes	$	(72.3	)	$	229.9		$	177.6

Income Before Income Taxes, Domestic and Foreign (Table)

	For the year ended December 31,
	2017		2016		2015
	(in millions)
Domestic	$	1,848.5	$	1,261.4	$	1,195.3
Foreign		403.7		330.3		235.5
Total income before income taxes	$	2,252.2	$	1,591.7	$	1,430.8

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

	For the year ended December 31,
	2017			2016			2015
U.S. corporate income tax rate		35	%		35	%		35	%
Impact of the Tax Cuts and Jobs Act		(25	)		—			—
Dividends received deduction		(8	)		(10	)		(11	)
Impact of equity method presentation		(2	)		(3	)		(3	)
Tax credits		(2	)		(2	)		(2	)
Interest exclusion from taxable income		(1	)		(1	)		(1	)
State income taxes		2			—			—
Merger of Chilean legal entities		—			—			(7	)
Impact of court ruling on some uncertain tax positions		—			—			3
Other		(2	)		(5	)		(2	)
Effective income tax rate		(3	)%		14	%		12	%

Changes in Unrecognized Tax Benefits (Table)

	For the year ended December 31,
	2017			2016
	(in millions)
Balance at beginning of period	$	207.8		$	219.0
Additions based on tax positions related to the current year		7.2			0.8
Additions for tax positions of prior years		20.2			0.8
Reductions for tax positions related to the current year		(3.3	)		(12.6	)
Reductions for tax positions of prior years		(1.1	)		(0.2	)
Settlements		(36.7	)		—
Balance at end of period (1)	$	194.1		$	207.8

  (1) If recognized, $51.7 million of the above amount of unrecognized tax benefits would reduce our 2017 effective income tax rate. We recognize interest and penalties related to uncertain tax positions in operating expenses within the consolidated statements of operations.

Components of Net Deferred Income Taxes (Table)

	December 31,
	2017			2016
	(in millions)
Deferred income tax assets:
Insurance liabilities	$	26.3		$	100.8
Investments, including derivatives		205.8			352.7
Net operating and capital loss carryforwards		68.3			78.7
Tax credit carryforwards		307.5			275.7
Employee benefits		314.5			500.8
Foreign currency translation		20.4			105.0
Other deferred income tax assets		42.7			49.1
Gross deferred income tax assets		985.5			1,462.8
Valuation allowance		(5.2	)		(7.3	)
Total deferred income tax assets		980.3			1,455.5
Deferred income tax liabilities:
Deferred acquisition costs		(587.0	)		(899.7	)
Investments, including derivatives		(343.9	)		(460.4	)
Net unrealized gains on available-for-sale securities		(597.9	)		(536.7	)
Real estate		(147.1	)		(117.5	)
Intangible assets		(235.1	)		(256.0	)
Repatriation toll charge		(19.8	)		—
Other deferred income tax liabilities		(93.6	)		(53.7	)
Total deferred income tax liabilities		(2,024.4	)		(2,324.0	)
Total net deferred income tax liabilities	$	(1,044.1	)	$	(868.5	)

Net Deferred Income Taxes by Jurisdiction (Table)

	December 31,
	2017			2016
	(in millions)
Deferred income tax assets:
State	$	10.9		$	67.8
Foreign		37.5			36.1
Net deferred income tax assets		48.4			103.9
Deferred income tax liabilities:
U.S. federal		(803.9	)		(733.3	)
Foreign		(288.6	)		(239.1	)
Net deferred income tax liabilities		(1,092.5	)		(972.4	)
Total net deferred income tax liabilities	$	(1,044.1	)	$	(868.5	)