Kodak 2011 Annual Report Download - page 91

realized and accordingly, recorded a tax benefit of $154 million associated with the release of the valuation allowance on those deferred tax assets.
Deferred Tax Assets and Liabilities
Deferred tax assets (liabilities) are reported in the following components within the Consolidated Statement of Financial Position:
As of December 31, 2011, the Company had available domestic and foreign net operating loss carryforwards for income tax purposes of approximately
$3,806 million, of which approximately $592 million have an indefinite carryforward period. The remaining $3,214 million expire between the years 2012
and 2031. Utilization of these net operating losses may be subject to limitations in the event of significant changes in stock ownership of the Company. As
of December 31, 2011, the Company had unused foreign tax credits and investment tax credits of
The significant components of deferred tax assets and liabilities were as follows:
As of December 31,
(in millions)
2011
2010
Deferred tax assets
Pension and postretirement
obligations
$
925
$
809
Restructuring programs
5
7
Foreign tax credit
661
477
Inventories
33
23
Investment tax credit
172
160
Employee deferred compensation
69
80
Depreciation
30
28
Research and development costs
232
184
Tax loss carryforwards
1,178
1,181
Other
406
423
Total deferred tax assets
$
3,711
$
3,372
Deferred tax liabilities
Leasing
37
47
Other deferred debt
16
15
Unremitted foreign earnings
430
-
Other
168
175
Total deferred tax liabilities
651
237
Net deferred tax assets before valuation
allowance
3,060
3,135
Valuation allowance
2,560
2,335
Net deferred tax assets
$
500
$
800
As of December 31,
(in millions)
2011
2010
Deferred income taxes (current)
$
58
$
120
Other long
-
term assets
452
695
Accrued income taxes
(3
)
(7
)
Other long-term liabilities
(7
)
(8
)
Net deferred tax assets
$
500
$
800
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