Kimberly-Clark 2007 Annual Report Download - page 92

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KIMBERLY-CLARK CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Income before income taxes is earned in the following tax jurisdictions:
Year Ended December 31
2007 2006 2005
(Millions of dollars)
United States ..................................................... $1,456.2 $1,359.7 $1,562.3
Other countries ................................................... 861.3 485.2 406.6
Total income before income taxes .................................... $2,317.5 $1,844.9 $1,968.9
Deferred income tax assets (liabilities) are composed of the following:
December 31
2007 2006
(Millions of dollars)
Net current deferred income tax asset attributable to:
Accrued expenses ........................................................ $ 105.2 $ 144.7
Pension, postretirement and other employee benefits ............................ 78.4 76.0
Inventory ............................................................... (21.3) (38.7)
Other .................................................................. 63.4 47.5
Valuation allowances ..................................................... (8.3) (10.3)
Net current deferred income tax asset ............................................ $ 217.4 $ 219.2
Net current deferred income tax liability attributable to:
Other payables .......................................................... $ (9.4) $ (2.4)
Pension and other employee benefits ......................................... .2 (8.5)
Other .................................................................. (11.4) (4.1)
Net current deferred income tax liability .......................................... $ (20.6) $ (15.0)
Net noncurrent deferred income tax asset attributable to:
Income tax loss carryforwards .............................................. $ 288.5 $ 311.8
State tax credits .......................................................... 99.1 100.1
Pension and other postretirement benefits ..................................... 97.7 215.7
Accumulated depreciation ................................................. (23.9) (145.4)
Other .................................................................. 38.0 41.1
Valuation allowances ..................................................... (226.6) (245.4)
Net noncurrent deferred income tax asset included in other assets ...................... $ 272.8 $ 277.9
Net noncurrent deferred income tax liability attributable to:
Accumulated depreciation ................................................. $(934.9) $(866.0)
Pension, postretirement and other employee benefits ............................ 534.5 478.8
Foreign tax credits and loss carryforwards ..................................... 324.7 354.5
Installment sales ......................................................... (185.6) (189.4)
Other .................................................................. (24.8) (53.3)
Valuation allowances ..................................................... (83.6) (115.7)
Net noncurrent deferred income tax liability ....................................... $(369.7) $(391.1)
Valuation allowances decreased $52.4 million in 2007 and $102.9 million in 2006. The decrease in 2007
was related to the reversal of valuation allowances on deferred tax assets at certain majority-owned subsidiaries
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