Boeing 2012 Annual Report Download - page 82
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70
Significant components of our deferred tax assets, net of deferred tax liabilities, at December 31 were as
follows:
2012 2011
Retiree health care accruals $2,867 $2,820
Inventory and long-term contract methods of income recognition, fixed assets
and other (net of valuation allowance of $27 and $27) (7,151) (5,189)
Partnerships and joint ventures (162) (228)
Other employee benefits accruals 1,427 1,352
In-process research and development related to acquisitions 37 51
Net operating loss, credit and capital loss carryovers (net of valuation allowance
of $94 and $74) 307 488
Pension asset 6,232 5,315
Customer and commercial financing (1,078) (1,471)
Unremitted earnings of non-U.S. subsidiaries (49) (66)
Other net unrealized losses (17) 69
Net deferred tax assets(1) $2,413 $3,141
(1) Of the deferred tax asset for net operating loss and credit carryovers, $201 expires in years ending
from December 31, 2013 through December 31, 2032 and $106 may be carried over indefinitely.
Net deferred tax assets at December 31 were as follows:
2012 2011
Deferred tax assets $16,580 $16,181
Deferred tax liabilities (14,046) (12,939)
Valuation allowance (121) (101)
Net deferred tax assets $2,413 $3,141
The measurement of deferred tax assets is reduced by a valuation allowance if, based upon available
evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. Included
in the net deferred tax assets at December 31, 2012 and 2011 are deferred tax assets in the amounts of
$10,210 and $9,743 related to Accumulated other comprehensive loss.
We have provided for U.S. deferred income taxes and foreign withholding tax in the amount of $49 on
undistributed earnings not considered permanently reinvested in our non-U.S. subsidiaries. We have not
provided for U.S. deferred income taxes or foreign withholding tax on the remainder of undistributed
earnings from our non-U.S. subsidiaries because such earnings are considered to be permanently
reinvested and it is not practicable to estimate the amount of tax that may be payable upon distribution.
As of December 31, 2012 and 2011, the amounts accrued for the payment of income tax-related interest
and penalties included in the Consolidated Statements of Financial Position were as follows: interest of
$11 and $48 and penalties of $11 and $10. The amounts of interest benefit were $43, $94, and $105 for
the years ended December 31, 2012, 2011 and 2010, respectively. The interest benefit recorded during
2012 was primarily related to the settlement of non-US audits. The interest benefits recorded during 2011
and 2010 were primarily related to the 2004-2006 and 1998-2003 federal audit settlements, respectively.