Halliburton 2011 Annual Report Download - page 118
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103
The primary components of our deferred tax assets and liabilities were as follows:
December 31
Millions of dollars 2011 2010
Gross deferred tax assets:
Employee compensation and benefits $ 345 $ 313
Net operating loss carryforwards 139 52
Accrued liabilities 64 77
Insurance accruals 48 47
Software revenue recognition 44 50
Inventory 30 28
Capitalized research and experimentation 29 44
Other 110 106
Total gross deferred tax assets 809 717
Gross deferred tax liabilities:
Depreciation and amortization 648 631
Joint ventures, partnerships, and unconsolidated affiliates 38 48
Other 68 57
Total gross deferred tax liabilities 754 736
Valuation allowances – net operating loss carryforwards 44 22
Net deferred income tax asset (liability) $ 11 $ (41)
At December 31, 2011, we had a total of $346 million of foreign net operating loss carryforwards,
of which $211 million will expire from 2012 through 2032. The balance will not expire due to indefinite
expiration dates.