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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Taxes

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

​

​	​	​	​	​	​	​	​	​	​	​
​	​	For the year ended December 31,
​		2021			2020			2019
​	​	(in millions)
Current income taxes (benefits):	​	​	​	​	​	​	​	​	​	​
U.S. federal	​	$	110.3	​	$	15.8	​	$	31.9	​
State	​	​	19.4	​		5.0	​		18.1	​
Foreign	​	​	38.3	​		55.4	​		45.6	​
Tax benefit of operating loss carryforward	​	​	(1.2)	​		(3.3)	​		(3.0)	​
Total current income taxes	​	​	166.8	​		72.9	​		92.6	​
Deferred income taxes (benefits):	​	​	​	​	​	​	​	​	​	​
U.S. federal	​	​	154.6	​		143.6	​		108.6	​
State	​	​	16.6	​		11.5	​		6.9	​
Foreign	​	​	(11.8)	​		37.0	​		41.1	​
Total deferred income taxes	​	​	159.4	​		192.1	​		156.6	​
Income taxes	​	$	326.2	​	$	265.0	​	$	249.2	​

​

Income Before Income Taxes, Domestic and Foreign (Table)

​

​	​	​	​	​	​	​	​	​	​	​
​	​	For the year ended December 31,								​
​		2021			2020			2019
​	​	(in millions)								​
Domestic		$	1,889.1		$	1,323.2		$	1,351.9	​
Foreign	​	​	194.5	​	​	370.3	​	​	341.4	​
Total income before income taxes		$	2,083.6		$	1,693.5		$	1,693.3	​

​

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

​

​	​	​	​	​	​	​	​
​	​	For the year ended December 31,
​		2021		2020		2019
U.S. corporate income tax rate		21	%	21	%	21	%
Dividends received deduction	​	(4)	​	(4)	​	(5)	​
Tax credits	​	(2)	​	(3)	​	(3)	​
Impact of equity method presentation	​	(1)	​	(1)	​	(2)	​
State income taxes	​	1	​	1	​	1	​
Local country permanent tax adjustments	​	—	​	—	​	1	​
Other	​	1	​	2	​	2	​
Effective income tax rate	​	16	%	16	%	15	%

Changes in Unrecognized Tax Benefits (Table)

​

​	​	​	​	​	​	​	​	​	​	​
​	​	For the year ended December 31,
​		2021			2020			2019
​	​	(in millions)
Balance at beginning of period	​	$	46.9	​	$	61.6	​	$	42.1	​
Additions based on tax positions related to the current year	​	​	1.8	​		1.3	​		0.1	​
Additions for tax positions of prior years	​	​	—	​		17.4	​		23.1	​
Reductions for tax positions related to the current year	​	​	(3.2)	​		(3.2)	​		(3.2)	​
Reductions for tax positions of prior years	​	​	—	​		—	​		(0.5)	​
Settlements	​	​	—	​	​	(14.5)	​	​	—	​
Expired statute of limitations	​	​	—	​	​	(15.7)	​	​	—	​
Balance at end of period (1)	​	$	45.5	​	$	46.9	​	$	61.6	​

(1) If recognized, $1.6 million of the above amount of unrecognized tax benefits would reduce our 2021 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,
​		2021			2020
​	​	(in millions)
Deferred income tax assets:	​	​	​	​	​	​	​
Insurance liabilities	​	$	—	​	$	552.4	​
Net operating and capital loss carryforwards	​	​	68.2	​		69.2	​
Tax credit carryforwards	​	​	—	​	​	4.6	​
Employee benefits	​	​	377.9	​		389.1	​
Other deferred income tax assets	​	​	—	​	​	62.2	​
Gross deferred income tax assets	​	​	446.1	​		1,077.5	​
Valuation allowance	​	​	(28.0)	​		(18.4)	​
Total deferred income tax assets	​	​	418.1	​		1,059.1	​
Deferred income tax liabilities:	​	​	​	​		​	​
Deferred acquisition costs	​	​	(582.3)	​	​	(522.6)	​
Investments, including derivatives	​	​	(304.2)	​		(402.0)	​
Net unrealized gains on available-for-sale securities	​	​	(1,118.1)	​		(1,762.1)	​
Real estate	​	​	(141.6)	​		(158.5)	​
Intangible assets	​	​	(408.0)	​		(387.5)	​
Insurance liabilities	​	​	(44.2)	​		—	​
Other deferred income tax liabilities	​	​	(54.9)	​		(43.4)	​
Total deferred income tax liabilities	​	​	(2,653.3)	​		(3,276.1)	​
Total net deferred income tax liabilities	​	$	(2,235.2)	​	$	(2,217.0)	​

​

Net Deferred Income Taxes by Jurisdiction (Table)

​

​	​	​	​	​	​	​	​
​	​	December 31,
​		2021			2020
​	​	(in millions)
Deferred income tax assets:	​	​	​	​	​	​	​
State	​	$	61.2	​	$	81.1	​
Foreign	​	​	23.8	​	​	32.7	​
Net deferred income tax assets	​	​	85.0	​		113.8	​
Deferred income tax liabilities:	​	​	​	​	​	​	​
U.S. federal	​	​	(2,023.6)	​		(2,011.8)	​
Foreign	​	​	(296.6)	​		(319.0)	​
Net deferred income tax liabilities	​	​	(2,320.2)	​		(2,330.8)	​
Total net deferred income tax liabilities	​	$	(2,235.2)	​	$	(2,217.0)	​

​

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