MetLife 2006 Annual Report Download - page 134
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Deferred income tax represents the tax effect of the differences between the book and tax basis of assets and liabilities. Net deferred
income tax assets and liabilities consisted of the following:
2006 2005
December 31,
(In millions)
Deferred income tax assets:
Policyholderliabilitiesandreceivables............................................ $4,078 $4,774
Netoperatinglosscarryforwards ............................................... 1,368 1,017
Employeebenefits......................................................... 472 36
Capitallosscarryforwards.................................................... 156 75
Taxcreditcarryforwards..................................................... — 102
Intangibles.............................................................. 22 82
Litigation-related.......................................................... 65 64
Other................................................................. 198 178
6,359 6,328
Less:Valuationallowance.................................................... 239 199
6,120 6,129
Deferred income tax liabilities:
Investments............................................................. 1,839 1,563
DAC.................................................................. 5,433 4,989
Netunrealizedinvestmentgains................................................ 994 1,041
Other................................................................. 132 242
8,398 7,835
Netdeferredincometaxliability.................................................. $(2,278) $(1,706)
Domestic net operating loss carryforwards amount to $3,508 million at December 31, 2006 and will expire beginning in 2015. Foreign
net operating loss carryforwards amount to $493 million at December 31, 2006 and were generated in various foreign countries with
expiration periods of five years to infinity. Capital loss carryforwards amount to $447 million at December 31, 2006 and will expire beginning
in 2010.
The Company has recorded a valuation allowance related to tax benefits of certain foreign net operating loss carryforwards. The
valuation allowance reflects management’s assessment, based on available information, that it is more likely than not that the deferred
income tax asset for certain foreign net operating loss carryforwards will not be realized. The tax benefit will be recognized when
management believes that it is more likely than not that these deferred income tax assets are realizable. In 2006, the Company recorded
$40 million of additional deferred income tax valuation allowance related to certain foreign net operating loss carryforwards.
F-51MetLife, Inc.
METLIFE, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)