Walgreens 2015 Annual Report Download - page 107
Download and view the complete annual report
Please find page 107 of the 2015 Walgreens annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97 -
98 -
99 -
100 -
101 -
102 -
103 -
104 -
105 -
106 -
107 -
108 -
109 -
110 -
111 -
112 -
113 -
114 -
115 -
116 -
117 -
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
 |
 |
The deferred tax assets and liabilities included in the Consolidated Balance Sheets consist of the following (in
millions):
2015 2014
Deferred tax assets
Postretirement benefits $ 130 $ 247
Compensation and benefits 224 166
Insurance 68 98
Accrued rent 167 166
Outside basis difference 73 —
Bad debts 67 65
Tax attributes 341 430
Stock compensation 119 131
Other 93 75
1,282 1,378
Less: Valuation allowance 125 223
Total deferred tax assets 1,157 1,155
Deferred tax liabilities
Accelerated depreciation 1,234 1,244
Inventory 420 407
Intangible assets 1,822 64
Equity method investment 333 387
Deferred income 889 208
4,698 2,310
Net deferred tax liabilities $3,541 $1,155
At August 31, 2015, the Company has recorded deferred tax assets of $341 million, primarily reflecting the
benefit of $399 million in U.S. federal, $478 million in state and $476 million in non-U.S. ordinary and capital
losses. Of these deferred tax assets, $218 million will expire at various dates from 2016 through 2034. The
residual deferred tax assets of $123 million have no expiry date.
The Company believes it is more likely than not that the benefit from certain deferred tax assets will not be
realized. In recognition of this risk, the Company has recorded a valuation allowance of $125 million against
those deferred tax assets as of August 31, 2015.
Income taxes paid were $1.3 billion, $1.2 billion and $1.2 billion for fiscal years 2015, 2014 and 2013,
respectively.
ASC Topic 740, Income Taxes, provides guidance regarding the recognition, measurement, presentation and
disclosure in the financial statements of tax positions taken or expected to be taken on a tax return, including the
decision whether to file in a particular jurisdiction. As of August 31, 2015, unrecognized tax benefits of $224
million were reported as long-term liabilities on the Consolidated Balance Sheets while $73 million were
reported as current tax liabilities. Both of these amounts include interest and penalties, when applicable.
- 103 -