Assurant 2014 Annual Report Download - page 122
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ASSURANT, INC. – 2014 Form 10-KF-34
10 Property and Equipment
The Company’s ability to realize deferred tax assets depends
on its ability to generate suffi cient taxable income of the
same character within the carryback or carryforward periods.
In assessing future taxable income, the Company considered
all sources of taxable income available to realize its deferred
tax asset, including the future reversal of existing temporary
differences, future taxable income exclusive of reversing
temporary differences and carryforwards, taxable income
in carryback years and tax-planning strategies. If changes
occur in the assumptions underlying the Company’s tax
planning strategies or in the scheduling of the reversal of the
Company’s deferred tax liabilities, the valuation allowance
may need to be adjusted in the future.
Other than for certain wholly owned Canadian subsidiaries,
deferred taxes have not been provided on the undistributed
earnings of wholly owned foreign subsidiaries since the
Company intends to indefi nitely reinvest the earnings in these
other jurisdictions. The cumulative amount of undistributed
earnings for which the Company has not provided deferred
income taxes is $162,696. Upon distribution of such earnings
in a taxable event, the Company would incur additional U.S.
income taxes of $971 net of anticipated foreign tax credits.
At December 31, 2014, the Company and its subsidiaries had $202,099 of net operating loss carryforwards in certain foreign
subsidiaries that will expire if unused as follows:
Expiration Year Amount
2015 – 2019 $ 29,438
2020 – 2024 6,074
2025 – 2029 5,791
2030 – 2034 26,217
Unlimited 134,579
$ 202,099
9. Deferred Acquisition Costs
Information about deferred acquisition costs is as follows:
December 31,
2014 2013 2012
Beginning balance $ 3,128,931 $ 2,861,163 $ 2,492,857
Costs deferred and other(1) 1,306,390 1,729,613 1,762,560
Amortization (1,477,581) (1,461,845) (1,394,254)
ENDING BALANCE $ 2,957,740 $ 3,128,931 $ 2,861,163
(1) Includes foreign currency translation, the adjustment described in the Use of Estimates section of Note 2 and the reclassification of assets held
for sale as described in Note 4.
10. Property and Equipment
Property and equipment consists of the following:
As of December 31,
2014 2013
Land $ 14,359 $ 14,359
Buildings and improvements 258,680 249,034
Furniture, fi xtures and equipment 519,146 477,617
TOTAL 792,185 741,010
Less accumulated depreciation (514,540) (487,380)
TOTAL $ 277,645 $ 253,630
Depreciation expense for 2014, 2013 and 2012 amounted to $47,670, $50,652 and $49,595, respectively. Depreciation expense
is included in underwriting, general and administrative expenses in the consolidated statements of operations.