3M 2012 Annual Report Download - page 76
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70
NOTE 7. Income Taxes
Income Before Income Taxes
(Millions)
2012
2011
2010
United States
$
2,902
$
2,516
$
2,778
International
3,449
3,515
2,977
Total
$
6,351
$
6,031
$
5,755
Provision for Income Taxes
(Millions)
2012
2011
2010
Currently payable
Federal
$
743
$
431
$
837
State
75
51
73
International
918
861
796
Deferred
Federal
(3)
181
55
State
10
12
43
International
97
138
(212)
Total
$
1,840
$
1,674
$
1,592
Components of Deferred Tax Assets and Liabilities
(Millions)
2012
2011
Deferred tax assets:
Accruals not currently deductible
Employee benefit costs
$
115
$
96
Product and other claims
161
155
Miscellaneous accruals
137
133
Pension costs
969
1,183
Stock-based compensation
415
483
Net operating/capital loss carryforwards
304
392
Foreign tax credits
285
286
Inventory
189
174
Other - net
18
―
Gross deferred tax assets
2,593
2,902
Valuation allowance
(29)
(82)
Total deferred tax assets
$
2,564
$
2,820
Deferred tax liabilities:
Product and other insurance receivables
$
(60)
$
(63)
Accelerated depreciation
(858)
(745)
Intangible amortization
(808)
(799)
Other
―
(84)
Total deferred tax liabilities
$
(1,726)
$
(1,691)
Net deferred tax assets
$
838
$
1,129
The net deferred tax assets are included as components of Other Current Assets, Other Assets, Other Current Liabilities,
and Other Liabilities within the Consolidated Balance Sheet. See Note 4 “Supplemental Balance Sheet Information” for
further details.
As of December 31, 2012, the Company had tax effected federal, state, and international operating loss, capital loss, and
tax credit carryovers of approximately $43 million, $11 million, and $250 million (before valuation allowances),
respectively. The federal tax attribute carryovers will expire after seventeen to nineteen years, the state after five to ten
years, and the majority of international after seven years with the remaining international expiring in one year or with an
indefinite carryover period. The tax attributes being carried over arise as certain jurisdictions may have tax losses or may