Boeing 2014 Annual Report Download - page 81
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69
Significant components of our deferred tax (liabilities)/assets at December 31 were as follows:
2014 2013
Inventory and long-term contract methods of income recognition, fixed assets
and other (net of valuation allowance of $18 and $20) ($11,589) ($9,948)
Pension benefits 6,145 3,099
Retiree health care benefits 2,572 2,458
Other employee benefits 1,477 1,773
Customer and commercial financing (853) (990)
Net operating loss, credit and capital loss carryovers (net of valuation
allowance of $63 and $105)(1) 266 362
Other net unrealized losses 110 26
Unremitted earnings of non-U.S. subsidiaries (37) (44)
In-process research and development related to acquisitions 10 23
Partnerships and joint ventures 9(62)
Net deferred tax (liabilities)/assets(2) ($1,890) ($3,303)
(1) Of the deferred tax asset for net operating loss and credit carryovers, $252 expires in years ending
from December 31, 2015 through December 31, 2034 and $14 may be carried over indefinitely.
(2) Included in the net deferred tax (liabilities)/assets as of December 31, 2014 and 2013 are deferred
tax assets in the amounts of $8,007 and $5,818 related to Accumulated other comprehensive loss.
Net deferred tax (liabilities)/assets at December 31 were as follows:
2014 2013
Deferred tax assets $14,219 $12,486
Deferred tax liabilities (16,028) (15,664)
Valuation allowance (81) (125)
Net deferred tax (liabilities)/assets ($1,890) ($3,303)
The measurement of deferred tax assets is reduced by a valuation allowance if, based upon available
evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.
We have provided for U.S. deferred income taxes and foreign withholding tax in the amount of $37 on
undistributed earnings not considered indefinitely reinvested in our non-U.S. subsidiaries. We have not
provided for U.S. deferred income taxes or foreign withholding tax on the remainder of undistributed
earnings from our non-U.S. subsidiaries of approximately $800 because such earnings are considered to
be indefinitely reinvested and it is not practicable to estimate the amount of tax that may be payable upon
distribution.
As of December 31, 2014 and 2013, the amounts accrued for the payment of income tax-related interest
and penalties included in the Consolidated Statements of Financial Position were as follows: interest of
$17 and $12 and penalties of $5 and $8. The amounts of interest benefit included in the Consolidated
Statements of Operations were $17, $4, and $43 for the years ended December 31, 2014, 2013 and 2012,
respectively. The interest benefit recorded during 2012 was primarily related to the settlement of non-US
audits.