The Hartford 2013 Annual Report Download - page 215
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F-79
The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions, as
applicable. The Company is no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations for years prior to
2007. The audit of the years 2007-2011are expected to conclude in 2015, with no material impact on the consolidated financial condition
or results of operations. In addition, in 2011 the Company recorded a tax benefit of $52 as a result of a resolution of a tax matter with the
IRS for the computation of the dividends-received deduction (“DRD”) for years 1998, 2000 and 2001. Management believes that
adequate provision has been made in the financial statements for any potential assessments that may result from tax examinations and
other tax-related matters for all open tax years.
The Company’s unrecognized tax benefits were unchanged during the years ended December 31, 2013, 2012 and 2011, remaining at $48
as of December 31, 2013 and 2012. This entire amount, if it were recognized, would affect the effective tax rate in the period it is
released.
The Company classifies interest and penalties (if applicable) as income tax expense in the consolidated financial statements. The
Company recognized interest income (expense) of $5, $0, and $5 during the years ended December 31, 2013, 2012 and 2011,
respectively. The Company had approximately $1 of interest payable and $1 of interest receivable accrued as of December 31, 2013 and
2012, respectively. The Company does not believe it would be subject to any penalties in any open tax years and, therefore, has not
booked any accrual for penalties.
A reconciliation of the tax provision at the U.S. Federal statutory rate to the provision for income taxes is as follows:
For the years ended December 31,
2013 2012 2011
Tax provision (benefit) at U.S. Federal statutory rate $ 22 $ (203) $ 70
Tax-exempt interest (138) (141) (148)
Dividends received deduction (139) (145) (206)
Valuation allowance (2) — (85)
Other 10 8 (4)
Provision (benefit) for income taxes $ (247) $ (481) $ (373)
Table of Contents THE HARTFORD FINANCIAL SERVICES GROUP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
14. Income Taxes (continued)