Avon 2015 Annual Report Download - page 106
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Deferred tax assets (liabilities) resulting from temporary differences in the recognition of income and expense for tax and financial reporting
purposes at December 31 consisted of the following:
2015 2014
Deferred tax assets:
Accrued expenses and reserves $ 183.4 $ 220.3
Pension and postretirement benefits 129.2 160.0
Asset revaluations 13.3 12.1
Capitalized expenses 171.0 175.9
Depreciation and amortization 29.3 16.9
Deferred loss on foreign currency 44.3 40.3
Share-based compensation 62.7 62.0
Restructuring initiatives 21.7 24.2
Postemployment benefits 5.1 6.8
Tax loss carryforwards 781.9 844.2
Foreign tax credit carryforwards 689.6 622.3
Minimum tax and business credit carryforwards 56.5 57.1
All other 58.5 54.4
Valuation allowance (1,972.1) (1,362.6)
Total deferred tax assets 274.4 933.9
Deferred tax liabilities:
Depreciation and amortization (13.8) (24.6)
Unremitted foreign earnings (89.2) (14.3)
Prepaid expenses (7.0) (8.7)
Capitalized interest (9.2) (9.5)
All other (4.6) (25.8)
Total deferred tax liabilities (123.8) (82.9)
Net deferred tax assets $ 150.6 $ 851.0
The December 31, 2014 presentation of deferred tax balances has been revised to include $120.6 of state net operating loss deferred tax
asset and related valuation allowance of $120.6 as well as $39.0 of net state deferred tax assets for various temporary differences and a
related valuation allowance of $39.0. This did not have an impact on our Consolidated Balance Sheet for all periods presented.
Deferred tax assets (liabilities) at December 31 were classified as follows:
2015 2014
Deferred tax assets:
Prepaid expenses and other $ – $205.2
Other assets 172.8 678.8
Total deferred tax assets 172.8 884.0
Deferred tax liabilities:
Income taxes – (.3)
Long-term income taxes (22.2) (32.7)
Total deferred tax liabilities (22.2) (33.0)
Net deferred tax assets $150.6 $851.0
See Note 2, New Accounting Standards, for discussion on our adoption of ASU 2015-17, Income Taxes, Balance Sheet Classification of
Deferred Taxes.
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