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INCOME TAXES (Tables)

6 Months Ended

Jun. 30, 2021

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The components of income tax expense are as follows (dollars in millions):

			Three months ended												Six months ended
			June 30,												June 30,
			2021						2020						2021						2020
Current tax expense (benefit)			$	22.8					$	11.7					$	36.8					$	(51.9)
Deferred tax expense			.8						11.7						29.4						59.5
Income tax expense calculated based on estimated annual effective tax rate			23.6						23.4						66.2						7.6
Income tax benefit on discrete items:
Carryback of net operating losses to years with a higher statutory corporate rate pursuant to provisions of the CARES Act (as defined below)			—						—						—						(34.0)
Total income tax expense (benefit)			$	23.6					$	23.4					$	66.2					$	(26.4)

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the U.S. statutory corporate tax rate to the estimated annual effective rate, reflected in the consolidated statement of operations is as follows: 

			Six months ended
			June 30,
			2021						2020
U.S. statutory corporate rate			21.0		%				21.0		%
Non-taxable income and nondeductible benefits, net			—						(.3)
State taxes			1.7						1.4
Estimated annual effective tax rate calculated before discrete items			22.7						22.1
Impact on effective tax rate from discrete items:
Carryback of net operating losses to years with a higher statutory corporate rate pursuant to provisions of the CARES Act			—						(98.8)
Effective tax rate			22.7		%				(76.7)		%

Schedule of Deferred Tax Assets and Liabilities

The components of the Company's income tax assets and liabilities are summarized below (dollars in millions):

			June 30, 2021						December 31, 2020
Deferred tax assets:
Net federal operating loss carryforwards			$	291.4					$	339.2
Net state operating loss carryforwards			1.5						2.7
Insurance liabilities			394.6						386.4
Indirect costs allocable to self-constructed real estate assets			130.8						105.7
Other			29.8						43.0
Gross deferred tax assets			848.1						877.0
Deferred tax liabilities:
Investments			(40.2)						(29.5)
Present value of future profits and deferred acquisition costs			(124.3)						(133.8)
Accumulated other comprehensive income			(551.9)						(604.3)
Gross deferred tax liabilities			(716.4)						(767.6)
Net deferred tax assets			131.7						109.4
Current income taxes prepaid			86.9						90.0
Income tax assets, net			$	218.6					$	199.4

Summary of Operating Loss Carryforwards

We have $1.4 billion of federal NOLs as of June 30, 2021, as summarized below (dollars in millions):

						Net operating loss
Year of expiration						carryforwards
2023						$	801.0
2025						85.2
2026						149.9
2027						10.8
2028						80.3
2029						213.2
2030						.3
2031						.2
2032						44.4
2033						.6
2034						.9
2035						.8
Total federal non-life NOLs						$	1,387.6

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of pertinent information, such as tax authority, amounts, and expiration dates, of net operating loss carryforwards, including an assessment of the likelihood of utilization.

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