Avon 2011 Annual Report Download - page 77
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Deferred tax assets (liabilities) at December 31 were classified as follows:
2011 2010
Deferred tax assets:
Prepaid expenses and other $ 319.0 $347.4
Other assets 759.5 544.3
Total deferred tax assets 1,078.5 891.7
Deferred tax liabilities:
Income taxes (19.3) (3.4)
Long-term income taxes (24.5) (30.0)
Total deferred tax liabilities (43.8) (33.4)
Net deferred tax assets $1,034.7 $858.3
The valuation allowance primarily represents amounts for foreign tax loss carryforwards. The basis used for recognition of deferred tax assets
included the profitability of the operations, related deferred tax liabilities and the likelihood of utilizing tax credit carryforwards during the
carryover periods. The net increase in the valuation allowance of $83.4 during 2011 was mainly due to several of our foreign entities
continuing to incur losses during 2011, thereby increasing the tax loss carryforwards for which a valuation allowance was provided.
Income from continuing operations, before taxes for the years ended December 31 was as follows:
2011 2010 2009
United States $ (395.1) $ (228.7) $ (156.0)
Foreign 1,137.7 1,174.1 1,069.7
Total $ 742.6 $ 945.4 $ 913.7
The provision for income taxes for the years ended December 31 was as follows:
2011 2010 2009
Federal:
Current $ (91.6) $ (20.8) $ (17.5)
Deferred (43.3) (56.3) (42.1)
(134.9) (77.1) (59.6)
Foreign:
Current 505.9 470.5 476.2
Deferred (146.2) (38.5) (121.4)
359.7 432.0 354.8
State and other:
Current (1.5) 3.6 2.1
Deferred (7.1) (8.3) (2.8)
(8.6) (4.7) (0.7)
Total $ 216.2 $350.2 $ 294.5
A V O N 2011 F-17