Aetna 2013 Annual Report Download - page 131
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Annual Report- Page 125
13. Income Taxes
The components of our income tax provision in 2013, 2012 and 2011 were as follows:
(Millions) 2013 2012 2011
Current taxes:
Federal $ 901.9 $ 731.5 $ 935.8
State 55.7 48.4 101.0
Total current taxes 957.6 779.9 1,036.8
Deferred taxes (benefits):
Federal 63.0 112.8 50.0
State 8.0 (5.2) 5.3
Total deferred income taxes 71.0 107.6 55.3
Total income taxes $ 1,028.6 $ 887.5 $ 1,092.1
Income taxes were different from the amount computed by applying the statutory federal income tax rate to income
before income taxes as follows:
(Millions) 2013 2012 2011
Income before income taxes $ 2,940.5 $ 2,545.4 $ 3,077.8
Tax rate 35% 35% 35%
Application of the tax rate 1,029.2 890.9 1,077.2
Tax effect of:
Other, net (.6) (3.4) 14.9
Income taxes $ 1,028.6 $ 887.5 $ 1,092.1
The significant components of our net deferred tax assets at December 31, 2013 and 2012 were as follows:
(Millions) 2013 2012
Deferred tax assets:
Reserve for anticipated future losses on discontinued products $ 225.2 $ 157.4
Employee and postretirement benefits 130.9 474.1
Investments, net 76.0 79.2
Deferred policy acquisition costs 21.9 28.5
Insurance reserves 237.4 166.8
Debt fair value adjustments 62.0 —
Net operating losses 176.2 134.8
Severance and facilities 30.1 20.4
Litigation-related settlement 43.5 43.0
Other 106.3 77.6
Gross deferred tax assets 1,109.5 1,181.8
Less: Valuation allowance 139.3 134.4
Deferred tax assets, net of valuation allowance 970.2 1,047.4
Deferred tax liabilities:
Unrealized gains on investment securities 192.8 458.9
Goodwill and other acquired intangible assets 861.9 400.9
Cumulative depreciation and amortization 258.2 234.6
Total gross deferred tax liabilities 1,312.9 1,094.4
Net deferred tax assets (1) $ (342.7) $ (47.0)
(1) Includes $521.5 million and $426.5 million classified as current assets at December 31, 2013 and 2012, respectively. Includes $864.2
million and $473.5 million classified as long-term liabilities at December 31, 2013 and 2012, respectively.