Johnson Controls 2014 Annual Report Download - page 107

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Deferred taxes were classified in the consolidated statements of financial position as follows (in millions):
September 30,
2014 2013
Other current assets $ 558 $ 567
Other noncurrent assets 1,834 1,349
Other current liabilities (51)(4)
Other noncurrent liabilities (427)(58)
Net deferred tax asset $ 1,914 $ 1,854
Temporary differences and carryforwards which gave rise to deferred tax assets and liabilities included (in millions):
September 30,
2014 2013
Deferred tax assets
Accrued expenses and reserves $ 197 $ 439
Employee and retiree benefits 243 173
Net operating loss and other credit carryforwards 3,233 2,752
Research and development 118 146
3,791 3,510
Valuation allowances (1,285)(1,172)
2,506 2,338
Deferred tax liabilities
Property, plant and equipment 128 128
Intangible assets 275 196
Other 189 160
592 484
Net deferred tax asset $ 1,914 $ 1,854
Note that the above tables exclude the amounts of deferred tax assets and liabilities for fiscal 2014 and 2013 that have been
transferred to assets held for sale and liabilities held for sale within the consolidated statement of financial position.
At September 30, 2014, the Company had available net operating loss carryforwards of approximately $5.5 billion, of which $2.5
billion will expire at various dates between 2015 and 2034, and the remainder has an indefinite carryforward period. The Company
had available U.S. foreign tax credit carryforwards at September 30, 2014 of $1,170 million, which will expire at various dates
between 2016 and 2022. The valuation allowance, generally, is for loss carryforwards for which realization is uncertain because
it is unlikely that the losses will be realized given the lack of sustained profitability and/or limited carryforward periods in certain
countries.
19. SEGMENT INFORMATION
Effective October 1, 2013, the Company reorganized the reportable segments within its Building Efficiency business to align with
its new management reporting structure and business activities. Prior to this reorganization, Building Efficiency was comprised
of five reportable segments for financial reporting purposes: North America Systems, North America Service, Global Workplace
Solutions, Asia and Other. As a result of this change, Building Efficiency is now comprised of four reportable segments for financial
reporting purposes, with the only change being the combination of North America Systems and North America Service into one
reportable segment called North America Systems and Service. Historical information has been revised to reflect the new Building
Efficiency reportable segment structure.
At March 31, 2014, the Company determined that its previously reported Automotive Experience Electronics segment met the
criteria to be classified as a discontinued operation, which required retrospective application to financial information for all periods
presented. Refer to Note 3, "Discontinued Operations," of the notes to consolidated financial statements for further information
regarding the Company's discontinued operations.