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ASSURANT, INC. – 2013 Form 10-K F-31
7 Income Taxes
6. 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,
2013 2012
Insurance premiums receivable $ 941,460 $ 718,148
Other receivables 175,357 143,250
Allowance for uncollectible amounts (36,646) (31,371)
TOTAL $ 1,080,171 $ 830,027
7. 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 (benefi t) follows:
Years Ended December 31,
2013 2012 2011
Pre-tax income
Domestic $ 716,172 $ 686,571 $ 637,708
Foreign 73,527 71,180 68,419
TOTAL PRE-TAX INCOME $ 789,699 $ 757,751 $ 706,127
Year Ended December 31,
2013 2012 2011
Current expense:
Federal & state $ 129,204 $ 169,394 $ 233,576
Foreign 35,188 33,520 8,970
Total current expense 164,392 202,914 242,546
Deferred expense (benefi t):
Federal & state 131,336 71,372 (89,732)
Foreign 5,064 (240) 14,357
Total deferred expense (benefi t) 136,400 71,132 (75,375)
TOTAL INCOME TAX EXPENSE $ 300,792 $ 274,046 $ 167,171
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,
2013
2012
2011
Federal income tax rate: 35.0% 35.0% 35.0%
Reconciling items:
Tax exempt interest (1.0) (1.3) (1.3)
Dividends received deduction (0.7) (0.6) (0.6)
Foreign earnings(a) 1.1 0.5 0.7
Change in valuation allowance 0 0 (11.5)
Goodwill 0 0 0
Non deductible compensation 3.4 1.1 0
IRS audit settlement 0 1.0 0
Other 0.3 0.5 1.4
EFFECTIVE INCOME TAX RATE: 38.1% 36.2% 23.7%
(a) Results for all years primarily includes 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.