ADP 2015 Annual Report Download - page 69

The significant components of deferred income tax assets and liabilities and their balance sheet classifications are as follows:
Years ended June 30,
2016
2015
Deferred tax assets:
Accrued expenses not currently deductible
$ 262.8
$ 240.6
Stock-based compensation expense
74.6
72.3
Net operating losses
46.0
47.5
Other
70.8
23.5
454.2
383.9
Less: valuation allowances
(15.4)
(23.7)
Deferred tax assets, net
$ 438.8
$ 360.2
Deferred tax liabilities:
Prepaid retirement benefits
$ 77.2
$ 147.9
Deferred revenue
43.2
36.6
Fixed and intangible assets
171.4
122.5
Prepaid expenses
118.0
108.5
Unrealized investment gains, net
176.2
71.9
Tax on unrepatriated earnings
—
5.1
Other
3.6
1.9
Deferred tax liabilities
$ 589.6
$ 494.4
Net deferred tax liabilities
$ 150.8
$ 134.2
The prospective adoption of ASU 2015-17 resulted in no current deferred tax assets included in other current assets and no current deferred tax liabilities
included in accrued expenses and other current liabilities on the Consolidated Balance Sheets at June 30, 2016 . There are $33.0 million of current deferred tax
assets included in other current assets on the Consolidated Balance Sheets at June 30, 2015 . There are $57.0 million of current deferred tax liabilities included in
accrued expenses and other current liabilities on the Consolidated Balance Sheets at June 30, 2015 . There are $100.3 million and $61.9 million of long-term
deferred tax assets included in other assets on the Consolidated Balance Sheets at June 30, 2016 and 2015 , respectively.
Income taxes have not been provided on undistributed earnings of certain foreign subsidiaries in an aggregate amount of approximately $443.2 million as
of June 30, 2016 , 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 $50.2 million as of June 30, 2016 , of which $29.8 million expire
through 2036 and $20.4 million have an indefinite utilization period. As of June 30, 2016 , the Company has approximately $39.0 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 2031 .
The Company has state net operating loss carry-forwards of approximately $242.3 million as of June 30, 2016 , which expire through 2035 .
The Company has recorded valuation allowances of $15.4 million and $23.7 million at June 30, 2016 and 2015 , respectively, to reflect the estimated
amount of domestic and foreign deferred tax assets that may not be realized.
Income tax payments were approximately $651.6 million , $773.3 million , and $821.5 million for fiscal 2016 , 2015 , and 2014 , respectively.
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