ManpowerGroup 2014 Annual Report Download - page 73
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ManpowerGroup | Annual Report 2014 71
Notes to Consolidated Financial Statements
Deferred income taxes are recorded on temporary differences at the tax rate expected to be in effect when the temporary
differences reverse. Temporary differences, which gave rise to the deferred taxes, were as follows:
December 31 2014 2013
Current Future Income Tax Benefits (Expense)
Accrued payroll taxes and insurance $ 11.4 $ 17.9
Employee compensation payable 28.1 26.5
Pension and postretirement benefits (5.2) (4.7)
Repatriation of non-United States earnings (53.1) (16.7)
Other 50.8 46.0
Valuation allowance (4.1) (15.7)
27.9 53.3
Noncurrent Future Income Tax Benefits (Expense)
Accrued payroll taxes and insurance 21.4 19.7
Pension and postretirement benefits 65.7 54.9
Intangible assets (124.7) (122.1)
Net operating losses 129.7 151.0
Other 43.3 70.3
Valuation allowance (103.8) (111.4)
31.6 62.4
Total future tax benefits $ 59.5 $ 115.7
Current tax asset $ 52.2 $ 66.2
Current tax liability (20.6) (4.4)
Noncurrent tax asset 54.0 68.2
Noncurrent tax liability (26.1) (14.3)
Total future tax benefits $ 59.5 $ 115.7
The current tax liability is recorded in accrued liabilities, the noncurrent tax asset is recorded in other assets and the
noncurrent tax liability is recorded in other long-term liabilities in the Consolidated Balance Sheets.
We have United States Federal and non-United States net operating loss carryforwards and United States state net
operating loss carryforwards totaling $435.5 and $317.6, respectively, as of December 31, 2014. The net operating loss
carryforwards expire as follows:
United States Federal
and Non-United States
United States
State
2015 $ 3.3 $ 3.8
2016 7.4 2.0
2017 5.6 6.8
2018 4.0 6.0
2019 9.9 —
Thereafter 48.8 299.0
No expirations 356.5 —
Total net operating loss carryforwards $435.5 $317.6