Ameriprise 2009 Annual Report Download - page 162
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IRS ultimately proposes for issuance in this area will be subject to public notice and comment, at which time insurance companies and
other members of the public 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, but they may result in
the elimination of some or all of the separate account DRD tax benefit that the Company receives. Management believes that it is likely
that any such regulations would apply prospectively only. Additionally, included in the Administration’s 2011 Revenue Proposals is a
provision to modify the DRD for life insurance companies separate accounts, which if enacted could significantly reduce the DRD tax
benefits the Company receives, prospectively, beginning in 2011. For the year ended December 31, 2009, the Company recorded a benefit
of approximately $62 million related to the current year’s separate account DRD.
As a result of the Separation from American Express, the Company’s life insurance subsidiaries will not be able to file a consolidated U.S.
federal income tax return with the other members of the Company’s affiliated group until 2010.
The Company’s tax allocation agreement with American Express (the ‘‘Tax Allocation Agreement’’), dated as of September 30, 2005,
governs the allocation of consolidated U.S. federal and applicable combined or unitary state and local income tax liabilities between
American Express and the Company for tax periods prior to September 30, 2005. In addition, this Tax Allocation Agreement addresses
other tax-related matters.
The items comprising other comprehensive income (loss) are presented net of the following income tax provision (benefit) amounts:
Years Ended December 31,
2009 2008 2007
(in millions)
Net unrealized securities gains (losses) $ 753 $ (427) $ 10
Net unrealized derivatives gains (losses) 6 (1) (2)
Foreign currency translation adjustment 15 (4) (1)
Defined benefit plans 10 (34) 15
Net income tax provision (benefit) $ 784 $ (466) $ 22
22. Commitments and Contingencies
The Company is committed to pay aggregate minimum rentals under noncancelable operating leases for office facilities and equipment in
future years as follows:
(in millions)
2010 $91
2011 82
2012 71
2013 63
2014 58
Thereafter 253
Total $ 618
For the years ended December 31, 2009, 2008 and 2007, operating lease expense was $103 million, $92 million and $93 million,
respectively.
ANNUAL REPORT 2009 147