Assurant 2015 Annual Report Download - page 119
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ASSURANT, INC. – 2015 Form 10-K F-33
8 Income Taxes
December 31, 2014
Fair Value
Carrying Value Total Level 1 Level 2 Level 3
Financial Assets
Commercial mortgage loans on real estate $ 1,272,616 $ 1,448,215 $ —$—$ 1,448,215
Policy loans 48,272 48,272 48,272 — —
Other investments 10,896 10,896 — — 10,896
TOTAL FINANCIAL ASSETS $1,331,784 $1,507,383 $48,272 $ — $ 1,459,111
Financial Liabilities
Policy reserves under investment products
(Individual and group annuities, subject to
discretionary withdrawal)(1)
$ 743,951 $ 764,949 $ —$—$ 764,949
Funds withheld under reinsurance 75,161 75,161 75,161 — —
Debt 1,171,079 1,296,139 —1,296,139 —
Obligations under securities agreements 95,986 95,986 95,986 — —
TOTAL FINANCIAL LIABILITIES $2,086,177 $2,232,235 $171,147 $1,296,139 $764,949
(1) Only the fair value of the Company’s policy reserves for investment-type contracts (those without significant mortality or morbidity risk) is
reflected in the table above.
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,
2015 2014
Insurance premiums receivable $ 1,092,136 $ 1,275,440
Other receivables 196,277 201,758
Allowance for uncollectible amounts (27,696) (31,568)
TOTAL $1,260,717 $1,445,630
8� Income Taxes
The Company and the majority of its subsidiaries are subject to U.S. tax and 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,
2015 2014 2013
Pre-tax income:
Domestic $ 126,797 $ 632,738 $ 716,172
Foreign 74,384 111,399 73,527
TOTAL PRE-TAX INCOME $201,181 $744,137 $789,699
Years Ended December 31,
2015 2014 2013
Current expense:
Federal & state $ 40,643 $ 162,483 $ 129,204
Foreign 22,851 46,593 35,188
Total current expense 63,494 209,076 164,392
Deferred expense (benet):
Federal & state 173 72,645 131,336
Foreign (4,041) (8,491) 5,064
Total deferred (benet) expense (3,868) 64,154 136,400
TOTAL INCOME TAX EXPENSE $59,626 $273,230 $300,792