Archer Daniels Midland 2010 Annual Report Download - page 72

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68
Archer Daniels Midland Company
Notes to Consolidated Financial Statements (Continued)
Note 12.
Income Taxes (Continued)
Significant components of deferred tax liabilities and assets are as follows.
2010
2009
(In millions)
Deferred tax liabilities
Property, plant, and equipment
$ 677
$ 599
Equity in earnings of affiliates
187
142
Inventories
33
64
Other
143
80
$ 1,040
$ 885
Deferred tax assets
Pension and postretirement benefits
$ 358
$ 301
Stock compensation
59
59
Foreign tax credit carryforwards, net
34
27
Foreign tax loss carryforwards, net
97
4
State tax attributes, net
24
7
Other
120
170
$ 692
$ 568
Net deferred tax liabilities
$ 348
$ 317
Current deferred tax assets (liabilities) included in other assets
(accrued expenses)
91
(9)
Non-current deferred tax liabilities
$ 439
$ 308
Reconciliation of the statutory federal income tax rate to the Company‘s effective tax rate on earnings is as follows:
2010
2009
2008
Statutory rate
35.0%
35.0%
35.0%
State income taxes, net of
federal tax benefit
0.3
1.0
1.3
Foreign earnings taxed at rates
other than the U.S. statutory rate
(8.9)
(9.2)
(4.6)
WIHL Liquidation
0.5
6.6
–
Other
(1.1)
(0.9)
(0.6)
Effective rate
25.8%
32.5%
31.1%
The Company made income tax payments of $604 million, $1.0 billion and $859 million in 2010, 2009, and 2008,
respectively.