ADP 2014 Annual Report Download - page 69

The significant components of deferred income tax assets and liabilities and their balance sheet classifications are as follows:
Y ears ended June 30,
2015
2014
Deferred tax assets:
Accrued expenses not currently deductible
$ 240.6
$ 216.7
Stock-based compensation expense
72.3
75.6
Net operating losses
47.5
59.6
Other
23.5
31.4
383.9
383.3
Less: valuation allowances
(23.7)
(35.5)
Deferred tax assets, net
$ 360.2
$ 347.8
Deferred tax liabilities:
Prepaid retirement benefits
$ 147.9
$ 183.7
Deferred revenue
36.6
42.5
Fixed and intangible assets
122.5
116.1
Prepaid expenses
108.5
98.5
Unrealized investment gains, net
71.9
112.3
Tax on unrepatriated earnings
5.1
14.1
Other
1.9
—
Deferred tax liabilities
$ 494.4
$ 567.2
Net deferred tax liabilities
$ 134.2
$ 219.4
There are $33.0 million and $21.6 million of current deferred tax assets included in other current assets on the Consolidated Balance Sheets at June 30, 2015 and
2014 , respectively. There are $61.9 million and $72.2 million of long-term deferred tax assets included in other assets on the Consolidated Balance Sheets at
June 30, 2015 and 2014 , respectively. There are $57.0 million and $97.3 million of current deferred tax liabilities included in accrued expenses and other current
liabilities on the Consolidated Balance Sheets at June 30, 2015 and 2014 , respectively.
Income taxes have not been provided on undistributed earnings of certain foreign subsidiaries in an aggregate amount of approximately $417.6 million as of
June 30, 2015 , as the Company considers such earnings to be permanently reinvested
outside of the United States. The additional U.S. income tax that would arise on repatriation of the remaining undistributed earnings could be offset, in part, by
foreign tax credits on such repatriation. However, it is impracticable to estimate the amount of net income tax that might be payable.
The Company has estimated foreign net operating loss carry-forwards of approximately $57.4 million as of J une 30, 2015 , of which $42.8 million expire through
2035 and $14.6 million has an indefinite utilization period. As of June 30, 2015 , the Company has approximately $50.2 million of federal net operating loss carry-
forwards from acquired companies. The net operating losses have an annual utilization limitation pursuant to section 382 of the Internal Revenue Code and expire
through 2030 .
The Company has state net operating loss carry-forwards of approximately $164.1 million as of J une 30, 2015 , which expire through 2034 .
The Company has recorded valuation allowances of $23.7 million and $35.5 million at June 30, 2015 and 2014 , respectively, to reflect the estimated amount of
domestic and foreign deferred tax assets that may not be realized.
Income tax payments were approximately $773.3 million , $821.5 million , and $691.0 million for fiscal 2015 , 2014 , and 2013 , respectively.
As of June 30, 2015 , 2014 , and 2013 the Company's liabilities for unrecognized tax benefits, which include interest and penalties, were $27.1 million , $56.5
million , and $67.0 million respectively. The amount that, if recognized, would impact the
65