Income Taxes	9 Months Ended
Sep. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Note 9. Income Taxes At September 30, 2015, we recorded a net deferred tax liability of $232 million on our Consolidated Statements of Financial Position. Of this amount, $51 million is a net deferred tax asset attributable to Indemnity and $283 million is a net deferred tax liability attributable to the Exchange. There was no deferred tax valuation allowance recorded at September 30, 2015. Our effective tax rate is calculated after consideration of permanent differences related to our investment revenues. Given that these amounts represent over 98% of the total permanent differences, the effective tax rate is approximately 35% for both Indemnity and the Exchange when the investment related permanent differences are excluded.

Income Taxes

9 Months Ended

Sep. 30, 2015

Note 9. Income Taxes

At September 30, 2015, we recorded a net deferred tax liability of $232 million on our Consolidated Statements of Financial Position. Of this amount, $51 million is a net deferred tax asset attributable to Indemnity and $283 million is a net deferred tax liability attributable to the Exchange. There was no deferred tax valuation allowance recorded at September 30, 2015. Our effective tax rate is calculated after consideration of permanent differences related to our investment revenues. Given that these amounts represent over 98% of the total permanent differences, the effective tax rate is approximately 35% for both Indemnity and the Exchange when the investment related permanent differences are excluded.