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Income Taxes
 3 Months Ended
Mar. 31, 2014
Income Tax Disclosure [Abstract]  
Income Taxes
Income Taxes

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:
 
Three Months Ended March 31,
 
2014
 
2013
Income (loss) before income taxes
$
302.3

 
$
(214.3
)
Tax rate
35.0
%
 
35.0
%
Income tax expense (benefit) at federal statutory rate
105.8

 
(75.0
)
Tax effect of:
 
 
 
Valuation allowance
(53.0
)
 
104.2

Dividend received deduction 
(25.8
)
 
(21.9
)
Audit settlement
(1.1
)
 
(2.1
)
State tax expense (benefit)
6.5

 
4.1

Noncontrolling interest
(4.7
)
 
4.7

Tax credits 
—

 
(4.6
)
Non-deductible expenses
0.4

 
4.3

Other
2.6

 
(2.5
)
Income tax expense (benefit)
$
30.7

 
$
11.2



Valuation allowances are provided when it is considered unlikely that deferred tax assets will be realized. As of March 31, 2014 and December 31, 2013 the Company had total valuation allowances of approximately $2.8 billion. As of March 31, 2014 and December 31, 2013, $3.1 billion and $3.2 billion, respectively, of these valuation allowances were allocated to continuing operations, and $(354.1) as of the end of each period were allocated to Other comprehensive income related to realized and unrealized capital losses.

For the three months ended March 31, 2014 and 2013, the total increases (decreases) in the valuation allowance were $(53.0) and $104.2, respectively, which were allocated to continuing operations. There were no changes in the valuation allowance allocated to Other comprehensive income for the three months ended March 31, 2014 and 2013.

Tax Regulatory Matters

During April 2014, the IRS completed its examination of the Company's returns through tax year 2012. The 2012 audit settlement did not have a material impact on the financial statements. The Company is currently under audit by the IRS, and it is expected that the examination of tax year 2013 will be finalized within the next twelve months. The Company and the IRS have agreed to participate in the Compliance Assurance Program for the tax years 2013 and 2014.

The Company does not expect any material changes to the unrecognized tax benefits within the next year.