3M 2014 Annual Report Download - page 75
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69
NOTE 7. Income Taxes
Income Before Income Taxes
(Millions)
2014
2013
2012
United States
$
3,815
$ 3,194
$ 2,902
International
3,211
3,368
3,449
Total
$
7,026
$ 6,562
$ 6,351
Provision for Income Taxes
(Millions)
2014
2013
2012
Currently payable
Federal
$
1,103
$ 948
$ 743
State
108
91
75
International
1,008
901
918
Deferred
Federal
(171)
(123)
(3)
State
(9)
(2)
10
International
(11)
26
97
Total
$
2,028
$ 1,841
$ 1,840
Components of Deferred Tax Assets and Liabilities
(Millions)
2014
2013
Deferred tax assets:
Accruals not currently deductible
Employee benefit costs $
148
$
140
Product and other claims 152
155
Miscellaneous accruals 137
130
Pension costs 1,312
447
Stock-based compensation 290
322
Net operating/capital loss carryforwards 175
225
Foreign tax credits 360
316
Inventory 221
221
Gross deferred tax assets 2,795
1,956
Valuation allowance
(22)
(23)
Total deferred tax assets $
2,773
$
1,933
Deferred tax liabilities:
Product and other insurance receivables $
(31)
$
(46)
Accelerated depreciation
(804)
(813)
Intangible amortization
(719)
(780)
Other
(61)
(7)
Total deferred tax liabilities $
(1,615)
$
(1,646)
Net deferred tax assets $
1,158
$
287
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, 2014, the Company had tax effected operating loss, capital loss, and tax credit carryovers for federal
(approximately $24 million), state (approximately $3 million), and international (approximately $148 million), with all
amounts before valuation allowances. The federal tax attribute carryovers will expire after 15 to 16 years, the state after