AbbVie 2014 Annual Report Download - page 100
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13NOV201221352027
Deferred Tax Assets and Liabilities
as of December 31 (in millions) 2014 2013
Deferred tax assets
Compensation and employee benefits $ 627 $ 279
Accruals and reserves 376 252
Chargebacks and rebates 297 333
Deferred revenue 382 348
Depreciation 53 64
State income taxes 62 67
Other 230 122
Net operating losses and other credit carryforwards 125 115
Total deferred tax assets 2,152 1,580
Valuation allowances (172) (43)
Total net deferred tax assets $1,980 $ 1,537
Deferred tax liabilities
Excess of book basis over tax basis of intangible assets $ (331) $ (508)
Repatriation of foreign earnings (326) (606)
Total deferred tax liabilities $ (657) $(1,114)
Net deferred tax asset $1,323 $ 423
Gross federal net operating loss carryforwards as of December 31, 2014 were $19 million and are
available for use through 2030. Gross state net operating loss and tax credit carryforwards as of
December 31, 2014 were $1.1 billion and $91 million, respectively. The state tax carryforwards expire in
periods between 2017 and 2034. As of December 31, 2014, foreign net operating loss carryforwards were
$113 million. The majority of the foreign loss carryforwards do not have an expiration period.
As of December 31, 2014 and 2013, the company had valuation allowances of $172 million and
$43 million, respectively, principally related to state net operating losses and credit carryforwards that are
not expected to be realized.
Deferred income taxes have not been provided on approximately $23 billion of the undistributed
earnings of foreign subsidiaries as these earnings have been indefinitely reinvested for continued use in
foreign operations. Due to the complexities in tax laws and assumptions that would have to be made, it is
not practicable to estimate the amount of income taxes that would be due if these earnings were
distributed.
Unrecognized Tax Benefits
years ended December 31 (in millions) 2014 2013 2012
Balance as of January 1 $247 $ 1,140 $1,039
Increase due to current year tax positions 115 195 370
Increase due to prior year tax positions 67 — 1
Decrease due to prior year tax positions (6) — (220)
Settlements — — (50)
Lapse of statutes of limitations (2) — —
Separation-related adjustments — (1,088) —
Balance as of December 31 $421 $ 247 $1,140
94 2014 Form 10-K