Unum 2008 Annual Report Download - page 128
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124
Included in 2008 operating results is a refund of interest of $7.6 million before tax and $4.9 million after tax primarily attributable to
tax years 1986 through 1996.
During 2006, we reversed income tax liabilities of approximately $91.9 million related primarily to group relief benefits obtained from
the use of net operating losses in a foreign jurisdiction in which our businesses operate as the result of final determinations on those
years. Also included in 2006 operating results is income of $2.6 million before tax and $3.9 million after tax attributable to the receipt of
interest and tax refunds on prior year tax items in excess of what was previously provided.
As of December 31, 2008, we had no net operating loss carryforward in the U.S. and $4.1 million net operating loss carryforwards in
foreign jurisdictions for which a full valuation allowance has been established because, in our judgment, we will most likely not realize a tax
benefit for these losses. The $1.5 million decrease from 2007 in the valuation allowance is due primarily to utilization of loss carryforwards
during 2008 as well as the fluctuation in the British pound sterling to dollar exchange rate.
Total income taxes paid during 2008, 2007, and 2006 were $369.0 million, $189.9 million, and $129.2 million, respectively.
Long-term and short-term debt consists of the following:
December 31
(in millions of dollars) 2007
Senior Secured Notes, variable due 2037, callable at or above par $ 800.0
Senior Secured Notes, variable due 2036, callable at or above par 112.5
Notes @ 7.375% due 2032, callable at or above par 39.5
Notes @ 6.75% due 2028, callable at or above par 166.4
Notes @ 7.25% due 2028, callable at or above par 200.0
Notes @ 6.85%, due 2015, callable at or above par 333.2
Notes @ 7.625% due 2011, callable at or above par 225.1
Notes @ 5.859% due 2009 150.0
Notes @ 7.0% due 2018, non-callable 200.0
Medium-term Notes @ 7.0% to 7.2% due 2023 to 2028, non-callable 62.0
Junior Subordinated Debt Securities @ 7.405% due 2038 226.5
2,515.2
Notes @ 5.859% due 2009 —
Notes @ 5.997% due 2008 175.0
Repurchase Agreements, Weighted Average @ 2.71% due 2009 —
175.0
$2,690.2
Collateralized debt, which consists of the senior secured notes, ranks highest in priority, followed by unsecured notes, which consists
of notes and medium-term notes, followed by junior subordinated debt securities. The junior subordinated debt securities due 2038 are callable
under limited, specified circumstances. The remaining callable debt may be redeemed, in whole or in part, at any time.
The aggregate contractual principal maturities are $190.5 million in 2009, $225.1 million in 2011, and $2,034.5 million in 2015 and thereafter.