MetLife 2013 Annual Report Download - page 210
Download and view the complete annual report
Please find page 210 of the 2013 MetLife annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156
-
157
-
158
-
159
-
160
-
161
-
162
-
163
-
164
-
165
-
166
-
167
-
168
-
169
-
170
-
171
-
172
-
173
-
174
-
175
-
176
-
177
-
178
-
179
-
180
-
181
-
182
-
183
-
184
-
185
-
186
-
187
-
188
-
189
-
190
-
191
-
192
-
193
-
194
-
195
-
196
-
197
-
198
-
199
-
200 -
201 -
202 -
203 -
204 -
205 -
206 -
207 -
208 -
209 -
210 -
211 -
212 -
213 -
214 -
215 -
216 -
217 -
218 -
219 -
220 -
221
-
222
-
223
-
224
 |
 |
MetLife, Inc.
Notes to the Consolidated Financial Statements — (Continued)
19. Income Tax (continued)
The Company classifies interest accrued related to unrecognized tax benefits in interest expense, included within other expenses, while penalties are
included in income tax expense.
Interest was as follows:
Years Ended December 31,
2013 2012 2011
(In millions)
Interest recognized in the consolidated statements of operations ........................................ $20 $ 2 $ 31
December 31,
2013 2012
(In millions)
Interest included in other liabilities in the consolidated balance sheets .................................... $257 $237
The Company had penalties of $3 million which were included in the unrecognized tax benefits for the year ended December 31, 2013. The
Company had no penalties for the years ended December 31, 2012 and 2011.
The U.S. Treasury Department and the IRS have indicated that they intend to address through regulations the methodology to be followed in
determining the dividends received deduction (“DRD”), related to variable life insurance and annuity contracts. The DRD reduces the amount of dividend
income subject to tax and is a significant component of the difference between the actual tax expense and expected amount determined using the
federal statutory tax rate of 35%. Any regulations that the IRS ultimately proposes for issuance in this area will be subject to public notice and comment,
at which time insurance companies and other interested parties will have the opportunity to raise legal and practical questions about the content, scope
and application of such regulations. As a result, the ultimate timing and substance of any such regulations are unknown at this time. For the years ended
December 31, 2013 and 2012, the Company recognized an income tax benefit of $164 million and $152 million, respectively, related to the separate
account DRD. The 2013 benefit included a benefit of $6 million related to a true-up of the 2012 tax return. The 2012 benefit included a benefit of less
than $1 million related to a true-up of the 2011 tax return.
202 MetLife, Inc.