Income Taxes |
6 Months Ended |
|---|---|
Jun. 30, 2015 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Income Taxes The effective tax rate was 16% and 24% for the six months ended June 30, 2015 and 2014, respectively. For the six months ended June 30, 2015, the effective tax rate differs from the U.S. statutory tax rate of 35% primarily as a result of tax-exempt investment income and foreign tax credits for foreign taxes paid. In previous periods, foreign taxes paid were not available for use as tax credits against the Company's U.S. provision for income taxes. Based on the Company's estimated earnings from foreign operations in 2015, the Company expects that significant foreign taxes paid, both in the current period and prior periods, will be available for use as credits against its U.S. provision for income taxes in 2015. These projected tax credits will expire in 2025. For the six months ended June 30, 2014, the effective tax rate differs from the U.S. statutory tax rate of 35% primarily as a result of tax-exempt investment income. The decrease in the effective tax rate in 2015 compared to 2014 was primarily due to the impact of the foreign tax credits described above. This decrease was partially offset by the impact of anticipating a smaller tax benefit related to tax-exempt investment income, which resulted from having higher estimated income before income taxes in 2015 compared to 2014. The effective tax rate for the quarter ended June 30, 2015 was 8%. The difference in the effective tax rate for the quarter ended June 30, 2015 compared to the effective tax rate for the six months ended June 30, 2015 is due to a decrease in the 2015 estimated annual effective tax rate as of June 30, 2015 compared to the estimated annual effective tax rate as of March 31, 2015. The decrease in the estimated annual effective tax rate as of June 30, 2015 compared to that estimated as of March 31, 2015 was primarily due to a decrease in the Company's estimate of projected foreign income that is subject to U.S. tax for 2015. |