Voya 2014 Annual Report Download - page 360

Voya Financial, 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:
Year Ended December 31,
2014 2013 2012
Current tax expense (benefit):
Federal ..................................... $ 87.0 $ 84.6 $ 51.3
State ....................................... 1.4 (6.4) (5.3)
Total current tax expense (benefit) ........... 88.4 78.2 46.0
Deferred tax expense (benefit):
Federal ..................................... (1,829.6) (112.5) (49.4)
State ....................................... (11.0) 1.8 (1.8)
Total deferred tax expense (benefit) .......... (1,840.6) (110.7) (51.2)
Total income tax expense (benefit) ................... $(1,752.2) $ (32.5) $ (5.2)
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:
Year Ended December 31,
2014 2013 2012
Income (loss) before income taxes .................. $ 785.2 $ 758.1 $ 606.0
Tax rate ....................................... 35.0% 35.0% 35.0%
Income tax expense (benefit) at federal statutory rate . . . 274.8 265.3 212.1
Tax effect of:
Valuation allowance ......................... (1,850.0) (86.6) (48.3)
Dividend received deduction ................... (99.0) (119.3) (101.3)
Audit settlement ............................ (1.7) (4.1) (4.3)
State tax expense (benefit) .................... 2.0 5.9 (8.8)
Noncontrolling interest ....................... (83.2) (66.5) (48.4)
Tax credits ................................. 1.8 (14.8) (19.6)
Nondeductible expenses ...................... 1.2 (14.6) 14.2
Other ..................................... 1.9 2.2 (0.8)
Income tax expense (benefit) ...................... $(1,752.2) $ (32.5) $ (5.2)
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