Mattel 2014 Annual Report Download - page 79
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Deferred income taxes are provided principally for tax credit carryforwards, research and development
expenses, net operating loss carryforwards, employee compensation-related expenses, and certain other reserves
that are recognized in different years for financial statement and income tax reporting purposes. Mattel’s deferred
income tax assets (liabilities) are composed of the following:
December 31,
2014 2013
(In thousands)
Tax credit carryforwards .................................................. $ 54,674 $ 77,396
Research and development expenses ......................................... 189,694 187,477
Loss carryforwards ....................................................... 172,347 124,201
Allowances and reserves .................................................. 233,434 202,141
Deferred compensation .................................................... 91,530 111,850
Postretirement benefits .................................................... 50,235 37,479
Intangible assets ......................................................... 30,803 —
Other .................................................................. 68,604 66,599
Gross deferred income tax assets ........................................ 891,321 807,143
Intangible assets ......................................................... (298,444) (282,737)
Other .................................................................. (3,868) (5,555)
Gross deferred income tax liabilities ..................................... (302,312) (288,292)
Deferred income tax asset valuation allowances ................................ (133,297) (64,641)
Net deferred income tax assets .............................................. $455,712 $ 454,210
The table of deferred tax assets and liabilities as shown above does not include $4.6 million of deferred tax
assets for net operating losses as of December 31, 2013 that arose directly from tax deductions attributable to
windfall income tax benefits. In 2014, these deferred tax assets were realized and additional paid-in-capital was
increased by $4.6 million. Mattel uses tax law ordering when determining when excess tax benefits have been
realized.
Net deferred income tax assets are reported in the consolidated balance sheets as follows:
December 31,
2014 2013
(In thousands)
Prepaid expenses and other current assets ..................................... $195,841 $ 195,872
Other noncurrent assets ................................................... 385,434 373,638
Accrued liabilities ........................................................ (181) (109)
Other noncurrent liabilities ................................................. (125,382) (115,191)
$ 455,712 $ 454,210
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