Aetna 2011 Annual Report Download - page 106
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Annual Report- Page 100
13. Income Taxes
The components of our income tax provision in 2011, 2010 and 2009 were as follows:
(Millions)
Current taxes:
Federal
State
Total current taxes
Deferred taxes (benefits):
Federal
State
Total deferred income taxes
Total income taxes
2011
$ 935.8
101.0
1,036.8
50.0
5.3
55.3
$ 1,092.1
2010
$ 555.9
22.8
578.7
288.3
10.4
298.7
$ 877.4
2009
$ 657.4
61.2
718.6
(81.1)
(12.8)
(93.9)
$ 624.7
Income taxes were different from the amount computed by applying the statutory federal income tax rate to income
before income taxes as follows:
(Millions)
Income before income taxes
Tax rate
Application of the tax rate
Tax effect of:
Valuation allowance
Other, net
Income taxes
2011
$ 3,077.8
35%
1,077.2
—
14.9
$ 1,092.1
2010
$ 2,644.2
35%
925.5
(36.6)
(11.5)
$ 877.4
2009
$ 1,901.2
35%
665.4
(19.4)
(21.3)
$ 624.7
The significant components of our net deferred tax assets at December 31, 2011 and 2010 were as follows:
(Millions)
Deferred tax assets:
Reserve for anticipated future losses on discontinued products
Employee and postretirement benefits
Investments, net
Deferred policy acquisition costs
Insurance reserves
Net operating losses
Severance and facilities
Other
Gross deferred tax assets
Less: Valuation allowance
Deferred tax assets, net of valuation allowance
Deferred tax liabilities:
Unrealized gains on investment securities
Goodwill and other acquired intangible assets
Cumulative depreciation and amortization
Total gross deferred tax liabilities
Net deferred tax assets (1)
2011
$ 160.6
550.4
102.4
40.6
139.8
46.8
48.5
83.1
1,172.2
35.7
1,136.5
333.3
396.1
228.7
958.1
$ 178.4
2010
$ 201.0
488.8
133.8
41.9
107.2
33.2
19.3
71.0
1,096.2
33.0
1,063.2
227.7
267.0
211.6
706.3
$ 356.9
(1) Includes $387.2 million and $327.0 million classified as current assets at December 31, 2011 and 2010, respectively.
Includes $208.8 million classified as long-term liabilities and $29.9 million classified as long-term assets at December 31,
2011 and 2010, respectively.