Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Taxes

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

	For the year ended December 31,
	2019		2018		2017
	(in millions)
Current income taxes (benefits):
U.S. federal	$	31.9	$	(48.9)	$	(4.4)
State		18.1		10.3		48.9
Foreign		45.6		51.7		38.1
Tax benefit of operating loss carryforward		(3.0)		(13.5)		(21.5)
Total current income taxes (benefits)		92.6		(0.4)		61.1
Deferred income taxes (benefits):
U.S. federal		108.6		224.3		(208.2)
State		6.9		19.2		42.5
Foreign		41.1		(12.4)		32.3
Total deferred income taxes (benefits)		156.6		231.1		(133.4)
Income taxes (benefits)	$	249.2	$	230.7	$	(72.3)

Income Before Income Taxes, Domestic and Foreign (Table)

	For the year ended December 31,
	2019		2018		2017
	(in millions)
Domestic	$	1,365.1	$	1,658.1	$	1,848.5
Foreign		328.2		126.3		403.7
Total income before income taxes	$	1,693.3	$	1,784.4	$	2,252.2

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

	For the year ended December 31,
	2019		2018		2017
U.S. corporate income tax rate	21	%	21	%	35	%
Dividends received deduction	(5)		(4)		(8)
Tax credits	(3)		(3)		(2)
Impact of equity method presentation	(2)		(1)		(2)
Impact of the Tax Cuts and Jobs Act	—		(3)		(25)
Interest exclusion from taxable income	—		(1)		(1)
State income taxes	1		1		2
Local country permanent tax adjustments	1		1		—
Other	2		2		(2)
Effective income tax rate	15	%	13	%	(3)	%

Changes in Unrecognized Tax Benefits (Table)

	For the year ended December 31,
	2019		2018		2017
	(in millions)
Balance at beginning of period	$	42.1	$	194.1	$	207.8
Additions based on tax positions related to the current year		0.1		0.8		7.2
Additions for tax positions of prior years		23.1		43.7		20.2
Reductions for tax positions related to the current year		(3.2)		(10.6)		(3.3)
Reductions for tax positions of prior years		(0.5)		(23.2)		(1.1)
Settlements		—		(162.7)		(36.7)
Balance at end of period (1)	$	61.6	$	42.1	$	194.1

(1) If recognized, $4.4 million of the above amount of unrecognized tax benefits would reduce our 2019 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,
	2019		2018
	(in millions)
Deferred income tax assets:
Investments, including derivatives	$	237.0	$	165.6
Insurance liabilities		143.2		—
Net operating and capital loss carryforwards		71.1		80.8
Tax credit carryforwards		106.0		163.3
Employee benefits		338.9		327.3
Foreign currency translation		14.0		28.1
Other deferred income tax assets		45.2		33.8
Gross deferred income tax assets		955.4		798.9
Valuation allowance		(16.7)		(17.0)
Total deferred income tax assets		938.7		781.9
Deferred income tax liabilities:
Deferred acquisition costs		(562.9)		(615.8)
Investments, including derivatives		(443.7)		(298.1)
Net unrealized gains on available-for-sale securities		(1,039.9)		(98.1)
Real estate		(147.9)		(144.9)
Intangible assets		(342.3)		(310.0)
Insurance liabilities		—		(60.2)
Other deferred income tax liabilities		(75.0)		(71.9)
Total deferred income tax liabilities		(2,611.7)		(1,599.0)
Total net deferred income tax liabilities	$	(1,673.0)	$	(817.1)

Net Deferred Income Taxes by Jurisdiction (Table)

	December 31,
	2019		2018
	(in millions)
Deferred income tax assets:
State	$	94.9	$	108.2
Foreign		28.7		33.1
Net deferred income tax assets		123.6		141.3
Deferred income tax liabilities:
U.S. federal		(1,507.6)		(708.2)
Foreign		(289.0)		(250.2)
Net deferred income tax liabilities		(1,796.6)		(958.4)
Total net deferred income tax liabilities	$	(1,673.0)	$	(817.1)