Boeing 2015 Annual Report Download - page 86
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70
Prior year balances of deferred tax (liabilities)/assets have been revised to reflect current year presentation.
Significant components of our deferred tax (liabilities)/assets at December 31 were as follows:
2015 2014
Inventory and long-term contract methods of income recognition (10,401) (10,156)
Pension benefits 6,303 6,145
Retiree health care benefits 2,513 2,572
Fixed assets, intangibles and goodwill (net of valuation allowance $16 and
$18) (1,837) (1,782)
Other employee benefits 1,339 1,477
Customer and commercial financing (777) (853)
Accrued expenses and reserves 609 733
Net operating loss, credit and capital loss carryovers (net of valuation
allowance of $89 and $63)(1) 216 266
Other (92) (292)
Net deferred tax (liabilities)/assets(2) ($2,127) ($1,890)
(1) Of the deferred tax asset for net operating loss and credit carryovers, $208 expires in years ending
from December 31, 2016 through December 31, 2035 and $8 may be carried over indefinitely.
(2) Included in the net deferred tax (liabilities)/assets as of December 31, 2015 and 2014 are deferred
tax assets in the amounts of $7,277 and $8,007 related to Accumulated other comprehensive loss.
Net deferred tax (liabilities)/assets at December 31 were as follows:
2015 2014
Deferred tax assets $13,128 $14,219
Deferred tax liabilities (15,150) (16,028)
Valuation allowance (105) (81)
Net deferred tax (liabilities)/assets ($2,127) ($1,890)
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.
As discussed in Note 1, during the year ended December 31, 2015, the Company retrospectively adopted
ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes. The effects of the accounting change
on the December 31, 2014 Statement of Financial Position were as follows:
2014
Revised As Reported
Current deferred tax asset $18
Non-current deferred tax asset 317 6,576
Current deferred tax liability (8,484)
Non-current deferred tax liability (2,207)
Net deferred tax (liabilities)/assets ($1,890) ($1,890)
We have provided for U.S. deferred income taxes and foreign withholding tax in the amount of $35 on
undistributed earnings not considered indefinitely 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 of approximately $700 because such earnings are considered to