Black & Decker 2011 Annual Report Download - page 100

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88
GEOGRAPHIC AREAS
(Millions of Dollars)
2011
2010
2009
Net Sales
United States………………………………………………………..
$ 5,240.7 $ 4,610.1
$ 2,165.9
Canada………………………………………………………………
655.7 566.6
253.3
Other Americas……………………………………………………..
837.5 424.6
99.4
France……………………………………………………………….
706.6 671.6
470.5
Other Europe………………………………………………………..
2,208.7 1,325.7
481.0
Asia………………………………………………………………….
727.2 745.3
212.5
Consolidated………………………………………………………...
$ 10,376.4 $ 8,343.9
$ 3,682.6
Property, Plant & Equipment
United States…………………………………………..……………
$ 575.2 $ 520.0
$ 292.8
Canada………………………………………………………………
24.3 20.7
14.0
Other Americas……………………………………………………..
98.4 187.2
12.5
France……………………………………………………………….
60.1 56.7
49.4
Other Europe………………………………………………………..
264.1 182.7
107.9
Asia………………………………………………………………….
228.8 188.7
87.7
Consolidated………………………………………………………...
$ 1,250.9 $ 1,156.0
$ 564.3
Q. INCOME TAXES
Significant components of the Company’s deferred tax assets and liabilities at the end of each fiscal year were as follows:
(Millions of Dollars)
2011
2010
Deferred tax liabilities:
Depreciation .......................................................................................................................
$ 53.7
$ 42.3
Amortization of intangibles ...............................................................................................
965.1
778.8
Liability on undistributed foreign earnings ........................................................................
421.8
442.9
Discharge of indebtedness .................................................................................................
26.1
15.5
Inventories .........................................................................................................................
29.0
19.0
Other ..................................................................................................................................
103.9
62.9
Total deferred tax liabilities ...............................................................................................
$ 1,599.6
$ 1,361.4
Deferred tax assets:
Employee benefit plans ......................................................................................................
$ 417.4
$ 329.0
Doubtful accounts ..............................................................................................................
17.2
12.1
Accruals .............................................................................................................................
139.8
147.2
Restructuring charges ........................................................................................................
9.6
30.1
Debt amortization ..............................................................................................................
24.7
33.5
Operating loss and tax credit carryforwards ......................................................................
361.5
330.6
Other ..................................................................................................................................
176.6
47.7
Total deferred tax assets ..............................................................................................................
$ 1,146.8
$ 930.2
Net Deferred Tax Liabilities before Valuation Allowance
................................
.....................
$ 452.8
$ 431.2
Valuation allowance
................................
................................
................................
..................
$ 308.7
$ 265.8
Net Deferred Tax Liabilities after Valuation Allowance
................................
.......................
$ 761.5
$ 697.0
Net operating loss carry forwards of $765.0 million as of December 31, 2011, are available to reduce future tax obligations of certain
U.S. and foreign companies. The net operating loss carry forwards have various expiration dates beginning in 2012 with certain
jurisdictions having indefinite carry forward periods. The U.S. federal capital loss carry forward of $84.9 million expires in 2015. The
U.S. foreign tax credit carry forwards of $51.5 million and research and development tax credit carry forwards of $7.3 million begin
expiring in 2019 and 2030, respectively.