Voya 2013 Annual Report Download - page 339

ING U.S., Inc.
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
15. Income Taxes
Income tax expense (benefit) consisted of the following for the periods indicated:
Years Ended December 31,
2013 2012 2011
Current tax expense (benefit):
Federal ....................................... $ 84.6 $ 51.3 $ (18.0)
State ......................................... (6.4) (5.3) (22.0)
Total current tax expense (benefit) ............. 78.2 46.0 (40.0)
Deferred tax expense (benefit):
Federal ....................................... (112.5) (49.4) 213.0
State ......................................... 1.8 (1.8) 2.0
Total deferred tax expense (benefit) ............ (110.7) (51.2) 215.0
Total income tax expense (benefit) ..................... $ (32.5) $ (5.2) $175.0
Income taxes were different from the amount computed by applying the federal income tax rate to income (loss)
before income taxes for the following reasons for the periods indicated:
Years Ended December 31,
2013 2012 2011
Income (loss) before income taxes .................... $758.1 $ 606.0 $277.8
Tax rate ......................................... 35.0% 35.0% 35.0%
Income tax expense (benefit) at federal statutory rate ..... 265.3 212.1 97.2
Tax effect of:
Valuation allowance ........................... (86.6) (48.3) 175.0
Dividend received deduction ..................... (119.3) (101.3) (74.0)
Audit settlement ............................... (4.1) (4.3) 13.0
State tax expense (benefit) ....................... 5.9 (8.8) 17.0
Noncontrolling interest ......................... (66.5) (48.4) (67.0)
Tax credits ................................... (14.8) (19.6) (19.0)
Non-deductible expenses ........................ (14.6) 14.2 32.0
Other ....................................... 2.2 (0.8) 0.8
Income tax expense (benefit) ......................... $ (32.5) $ (5.2) $175.0
329