Unum 2009 Annual Report Download - page 123

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121
Unum 2009 Annual Report
A reconciliation of the income tax expense (benefit) attributable to income from continuing operations before income tax, computed
at U.S. federal statutory tax rates, to the income tax expense (benefit) as included in our consolidated statements of income, is as follows:
Year Ended December 31
(in millions of dollars) 2009 2008 2007
Statutory Income Tax 35.0% 35.0% 35.0%
Foreign Items (0.8) (2.0) (1.2)
Other Items, Net (0.2) (0.1) (1.2)
Effective Tax 34.0% 32.9% 32.6%
Our deferred income tax asset and liability consists of the following:
December 31
(in millions of dollars) 2009 2008
Deferred Tax Liability
Deferred Acquisition Costs $309.5 $ 297.9
Unrealized Gains and Losses 382.5 —
Other 145.0 99.5
Gross Deferred Tax Liability 837.0 397.4
Deferred Tax Asset
Invested Assets 329.8 349.4
Unrealized Gains and Losses — 212.0
Employee Benefits 210.9 233.4
Other 27.3 45.5
Gross Deferred Tax Asset 568.0 840.3
Less Valuation Allowance 4.2 4.1
Net Deferred Tax Asset 563.8 836.2
Total Net Deferred Tax (Asset) Liability $273.2 $(438.8)