Johnson Controls 2015 Annual Report Download - page 106

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106
"Capitalization" within the "Liquidity and Capital Resources" section of Item 7 for discussion of domestic and foreign cash
projections.
Deferred taxes were classified in the consolidated statements of financial position as follows (in millions):
September 30,
2015 2014
Other current assets $ 624 $ 558
Other noncurrent assets 1,327 1,834
Other current liabilities (49)(51)
Other noncurrent liabilities (420)(427)
Net deferred tax asset $ 1,482 $ 1,914
Temporary differences and carryforwards which gave rise to deferred tax assets and liabilities included (in millions):
September 30,
2015 2014
Deferred tax assets
Accrued expenses and reserves $ 210 $ 197
Employee and retiree benefits 270 243
Net operating loss and other credit carryforwards 2,471 3,233
Research and development 64 118
Joint ventures and partnerships 231 —
Other 16 —
3,262 3,791
Valuation allowances (1,256)(1,285)
2,006 2,506
Deferred tax liabilities
Property, plant and equipment 124 128
Intangible assets 400 275
Joint ventures and partnerships — 37
Other — 152
524 592
Net deferred tax asset $ 1,482 $ 1,914
Note that the above tables exclude the amounts of deferred tax assets and liabilities for fiscal 2014 that have been transferred to
assets held for sale and liabilities held for sale within the consolidated statements of financial position.
At September 30, 2015, the Company had available net operating loss carryforwards of approximately $4.8 billion, of which $1.7
billion will expire at various dates between 2016 and 2035, and the remainder has an indefinite carryforward period. The Company
had available U.S. foreign tax credit carryforwards at September 30, 2015 of $934 million, which will expire at various dates
between 2020 and 2024. The valuation allowance, generally, is for loss carryforwards for which realization is uncertain because
it is unlikely that the losses will be realized given the lack of sustained profitability and/or limited carryforward periods in certain
countries.
19. SEGMENT INFORMATION
At March 31, 2015, the Company determined that its GWS segment met the criteria to be classified as a discontinued operation,
which required retrospective application to financial information for all periods presented. Refer to Note 3, "Discontinued
Operations," of the notes to consolidated financial statements for further information regarding the Company's discontinued
operations.