Income Tax (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Total income tax expense (benefit) is allocated as follows:

	Year Ended December 31
	2017			2016			2015
	(in millions of dollars)
Net Income	$	409.8		$	416.3		$	371.2
Stockholders' Equity - Additional Paid-in Capital
Stock-Based Compensation	—			(0.3		)	(3.6		)
Stockholders' Equity - Accumulated Other Comprehensive Income
Change in Net Unrealized Gain on Securities Before Adjustment	328.1			318.0			(892.5		)
Change in Adjustment to Deferred Acquisition Costs and Reserves for Future Policy and Contract Benefits, Net of Reinsurance	(245.0		)	(200.6		)	856.6
Change in Net Gain on Cash Flow Hedges	(24.4		)	(25.4		)	(4.3		)
Change in Foreign Currency Translation Adjustment	—			—			(0.1		)
Change in Unrecognized Pension and Postretirement Benefit Costs	(8.3		)	(34.2		)	3.2
Total	$	460.2		$	473.8		$	330.5

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the income tax provision at the U.S. federal statutory rate to the income tax rate as reported in our consolidated statements of income is as follows:

	Year Ended December 31
	2017		2016		2015
Statutory Income Tax	35.0	%	35.0	%	35.0	%
Foreign Rate Differential, Inclusive of Foreign Rate Changes	(1.1	)	(2.2	)	(2.5	)
U.S. Deferred Tax Liability Remeasurement	(7.0	)	—		—
Deemed Repatriation Tax on Foreign Earnings and Profit (E&P)	4.7		—		—
Tax Credits	(1.5	)	(1.6	)	(1.4	)
Other Items, Net	(0.9	)	(0.3	)	(1.1	)
Effective Tax	29.2	%	30.9	%	30.0	%

Schedule of Deferred Tax Assets and Liabilities

Our net deferred tax liability consists of the following:

	December 31
	2017		2016
	(in millions of dollars)
Deferred Tax Liability
Deferred Acquisition Costs	$	118.6	$	174.9
Fixed Assets	52.8		80.7
Invested Assets	1,074.0		1,427.6
Other	42.3		63.2
Gross Deferred Tax Liability	1,287.7		1,746.4
Deferred Tax Asset
Reserves	908.0		1,308.5
Employee Benefits	188.7		307.4
Other	12.3		17.4
Gross Deferred Tax Asset	1,109.0		1,633.3
Less: Valuation Allowance	20.3		17.2
Net Deferred Tax Asset	1,088.7		1,616.1
Net Deferred Tax Liability	$	199.0	$	130.3

Schedule of Income before Income Tax, Domestic and Foreign

Our consolidated statements of income include amounts subject to both domestic and foreign taxation. The income and related tax expense (benefit) are as follows:

	Year Ended December 31
	2017			2016			2015
	(in millions of dollars)
Income Before Tax
Domestic	$	1,289.0		$	1,215.8		$	1,057.8
Foreign	115.0			131.9			180.5
Total	$	1,404.0		$	1,347.7		$	1,238.3
Current Tax Expense (Benefit)
Federal	$	374.9		$	414.8		$	280.5
State and Local	0.4			0.3			—
Foreign	26.0			(29.4		)	61.6
Total	401.3			385.7			342.1
Deferred Tax Expense (Benefit)
Federal	14.2			(14.6		)	56.9
State and Local	(0.3		)	(2.1		)	—
Foreign	(5.4		)	47.3			(27.8		)
Total	8.5			30.6			29.1
Total	$	409.8		$	416.3		$	371.2

Summary of Positions for which Significant Change in Unrecognized Tax Benefits is Reasonably Possible

Our consolidated statements of income include the following changes in unrecognized tax benefits:

	December 31
	2017			2016		2015
	(in millions of dollars)
Balance at Beginning of Year	$	1.5		$	0.8	$	19.8
Additions for Tax Positions Related to Prior Years	—			0.7		—
Additions for Tax Positions Related to Current Year	—			—		—
Settlements with Tax Authorities	—			—		(19.0		)
Lapse of the Applicable Statute of Limitations	(0.1		)	—		—
Balance at End of Year	1.4			1.5		0.8
Less Tax Attributable to Temporary Items Included Above	—			—		—
Total Unrecognized Tax Benefits That if Recognized Would Affect the Effective Tax Rate	$	1.4		$	1.5	$	0.8