Tecumseh Products 2014 Annual Report Download - page 61

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59
Significant components of our deferred tax assets and liabilities as of December 31, were as follows:
(in millions) 2014 2013
Deferred tax assets:
Other postretirement liabilities $ 9.4 $ 6.3
Product warranty and self-insured risks 0.4 0.3
Tax carry forwards 292.3 292.9
Other accruals and miscellaneous 22.1 22.6
Subtotal 324.2 322.1
Valuation allowance (313.5)(305.2)
Total deferred tax assets 10.7 16.9
Deferred tax liabilities:
Property, plant & equipment 5.9 7.8
Pension ——
Unrealized gains on securities 2.9 6.4
Other 1.8 2.6
Total deferred tax liabilities 10.6 16.8
Net deferred tax assets $ 0.1 $ 0.1
Deferred tax details included in the Consolidated Balance Sheets at December 31, are as follows:
(in millions) 2014 2013
Deferred tax assets:
Deferred tax assets - Short term $ 0.5 $ 0.8
Deferred tax assets - Long Term 1.0 1.1
Total deferred tax assets 1.5 1.9
Deferred tax liabilities*:
Deferred tax liabilities - Short Term 1.0 1.1
Deferred tax liabilities - Long Term 0.4 0.7
Total deferred tax liabilities 1.4 1.8
Net deferred tax (liabilities) assets $ 0.1 $ 0.1
*Deferred tax liabilities are included in Other liabilities within the balance sheet.
At December 31, 2014, we had the following tax carry forwards:
(in millions) Amounts Expiration
U.S. Federal Net Operating Loss $ 184.1 2027-2034
U.S. State Net Operating Loss 17.3 2016-2034
Foreign Net Operating Losses 53.5 Unlimited
U.S. Tax Credits 37.1 2015-2031
U.S. Alternative Minimum Tax Credit 0.3 Unlimited
Total operating loss and tax credit carry forwards $ 292.3
Income taxes are allocated between continuing operations, discontinued operations and other comprehensive income because
all items, including discontinued operations, should be considered for purposes of determining the amount of tax benefit that
results from a loss from continuing operations and that could be allocated to continuing operations. We apply this concept by
tax jurisdiction, and in periods in which there is a pre-tax loss from continuing operations and pre-tax income in another
category, such as discontinued operations or other comprehensive income, the tax benefit allocated to continuing operations is
determined by taking into account the pre-tax income of other categories.
Deferred income tax assets are evaluated quarterly to determine if valuation allowances are required or should be adjusted. All
available evidence, both positive and negative using a more likely than not standard, is considered to determine if valuation
allowances should be established against deferred tax assets. This assessment considers, among other matters, the nature,
frequency and severity of recent losses, forecasts of future profitability, the duration of statutory carry forward periods,