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Income Taxes
 9 Months Ended
Sep. 30, 2012
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 three and nine months ended September 30, 2012 and 2011:
 
Three Months Ended September 30,
 
2012
 
2011
 
 
 
(As revised)
Income (loss) before income taxes
$
237.8

 
$
22.3

Statutory rate
35.0
%
 
35.0
%
Income tax expense (benefit) at federal statutory rate
83.2

 
7.8

Tax effect of:
 
 
 
Dividends received deduction
(36.2
)
(1) 
9.6

Valuation allowance
(1.0
)
(1) 
(117.0
)
Tax credits
(0.5
)
(1) 
(0.5
)
Other
0.1

 
0.1

Income tax expense (benefit) for three months ended September 30
$
45.6

 
$
(100.0
)
(1) These amounts were allocated to Other comprehensive income in accordance with the exception described in ASC 740-20-45-7.
 
 
 
Nine Months Ended September 30,
 
2012
 
2011
 
 
 
(As revised)
Income (loss) before income taxes
$
(78.0
)
 
$
141.9

Statutory rate
35.0
%
 
35.0
%
Income tax expense (benefit) at federal statutory rate
(27.3
)
 
49.7

Tax effect of:
 
 
 
Dividends received deduction
(58.3
)
(1) 
(19.3
)
Valuation allowance
59.5

(1) 
(127.0
)
Audit settlements
—

 
3.3

Tax credits
(1.5
)
(1) 
(1.5
)
Other
0.2

 
0.3

Income tax expense (benefit) for nine months ended September 30
$
(27.4
)
 
$
(94.5
)
(1) Certain of these amounts were allocated to Other comprehensive income in accordance with the exception described in ASC 740-20-45-7.


Valuation allowances are provided when it is considered unlikely that deferred tax assets will be realized. As of September 30, 2012 and December 31, 2011, the Company had a tax valuation allowance of $217.6 and $158.1, respectively, that was allocated to Net income (loss) and $(25.5) and $(146.0), respectively, that was allocated to Other comprehensive income. Therefore, as of September 30, 2012, the Company has a tax valuation allowance of $180.0 related to excess deferred tax assets over deferred tax liabilities and $12.1 related to foreign tax credits.  As of December 31, 2011, the Company had a tax valuation allowance of $12.1 related to foreign tax credits, the benefit of which is uncertain.

Tax Regulatory Matters

In the first quarter of 2012, the Internal Revenue Service ("IRS") completed its examination of ING U.S., Inc’s Consolidated income tax return for tax year 2010, which included the Company's taxable income.  The 2010 settlement did not have a material impact on the Company’s financial position.

The Company is currently under audit by the IRS and has agreed to participate in the Compliance Assurance Program for the tax years 2011 and 2012.