Assurant 2014 Annual Report Download - page 120
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ASSURANT, INC. – 2014 Form 10-KF-32
8 Income Taxes
7. Premiums and Accounts Receivable
Receivables are reported net of an allowance for uncollectible amounts. A summary of such receivables is as follows:
As of December 31,
2014 2013
Insurance premiums receivable* $ 1,275,440 $ 941,460
Other receivables 201,758 175,357
Allowance for uncollectible amounts (31,568) (36,646)
TOTAL $ 1,445,630 $ 1,080,171
* Increase is primarily related to amounts due from agents related to Assurant Solutions mobile business and amounts due under the Affordable Care
Act’s Risk Adjustment Program.
8. Income Taxes
The Company and the majority of its subsidiaries are subject to U.S. tax and fi le a U.S. consolidated federal income tax
return. Information about domestic and foreign pre-tax income as well as current and deferred tax expense follows:
Years Ended December 31,
2014 2013 2012
Pre-tax income:
Domestic $ 632,738 $ 716,172 $ 686,571
Foreign 111,399 73,527 71,180
TOTAL PRE-TAX INCOME $ 744,137 $ 789,699 $ 757,751
Years Ended December 31,
2014 2013 2012
Current expense:
Federal & state $ 162,483 $ 129,204 $ 169,394
Foreign 46,593 35,188 33,520
Total current expense 209,076 164,392 202,914
Deferred expense (benefi t):
Federal & state 72,645 131,336 71,372
Foreign (8,491) 5,064 (240)
Total deferred expense 64,154 136,400 71,132
TOTAL INCOME TAX EXPENSE $ 273,230 $ 300,792 $ 274,046
The provision for foreign taxes includes amounts attributable to income from U.S. possessions that are considered foreign
under U.S. tax laws. International operations of the Company are subject to income taxes imposed by the jurisdiction in
which they operate.
A reconciliation of the federal income tax rate to the Company’s effective income tax rate follows:
December 31,
2014
2013
2012
Federal income tax rate: 35.0% 35.0% 35.0%
Reconciling items:
Tax exempt interest (1.2) (1.0) (1.3)
Dividends received deduction (0.7) (0.7) (0.6)
Foreign earnings(a) (2.2) 1.1 0.5
Non deductible compensation 3.8 3.4 1.1
Non deductible health insurer fee 1.1 — —
IRS audit settlement (0.3) — 1.0
Other 1.2 0.3 0.5
EFFECTIVE INCOME TAX RATE: 36.7% 38.1% 36.2%
(a) Results for all years primarily include tax expense/(benefit) associated with the earnings of certain non-U.S. subsidiaries that are deemed
reinvested indefinitely and realization of foreign tax credits for certain other subs. In addition, 2014 reflects a one-time benefit of 2.6% related
to the conversion of Canadian branch operations of certain U.S. companies to foreign corporate entities.