Unum 2007 Annual Report Download - page 114
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Notes to Consolidated Financial Statements
112 Unum 2007 Annual Report
The Homeland Investment Act of 2004 also provided a deduction of 85 percent of certain foreign earnings that were repatriated
during 2005, up to a maximum of $500.0 million. For the portion of unremitted foreign earnings of our non-U.S. operations that had been
considered to be permanently reinvested, we had not previously provided U.S. income taxes. During 2005, we repatriated $454.8 million
in unremitted foreign earnings from our U.K. subsidiary. We recorded current taxes payable of approximately $15.3 million on those previously
unremitted foreign earnings and recorded a tax benefit of approximately $18.6 million as a result of the reversal of the deferred tax liability
related to the unremitted earnings. We consider the remaining amounts of unremitted earnings as permanently invested in our foreign
subsidiaries. The determination of the tax liability related to the remaining unremitted earnings is not practicable.
Our consolidated statements of income include amounts subject to both domestic and foreign taxation. The income and related tax
expense (benefit) are as follows:
Year Ended December 31
(in millions of dollars) 2007 2006 2005
Income Before Tax
United States — Federal $ 703.9 $ 249.0 $ 529.8
Foreign 311.1 229.6 179.8
Total $ 1,015.0 $ 478.6 $ 709.6
Current Tax Expense
United States — Federal $ 214.0 $ 110.2 $ 69.9
Foreign 72.9 43.9 50.3
Total 286.9 154.1 120.2
Deferred Tax Expense (Benefit)
United States — Federal 38.6 (21.3) 75.2
Foreign 10.2 (65.2) 0.6
Total 48.8 (86.5) 75.8
Total Income Tax Expense $ 335.7 $ 67.6 $ 196.0
During 2007, the U.K. enacted a tax rate decrease from 30 percent to 28 percent. The tax benefit recognized in operations as a result
of this decrease was $1.7 million.