Mattel 2011 Annual Report Download - page 76
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Deferred income taxes are provided principally for tax credit carryforwards, research and development
expenses, net operating loss carryforwards, employee compensation-related expenses and certain other reserves
that are recognized in different years for financial statement and income tax reporting purposes. Mattel’s deferred
income tax assets (liabilities) are composed of the following:
December 31,
2011 2010
(In thousands)
Tax credit carryforwards .................................................. $124,404 $ 134,044
Research and development expenses ......................................... 183,270 184,132
Loss carryforwards ....................................................... 54,351 54,747
Allowances and reserves .................................................. 133,068 138,938
Deferred compensation .................................................... 100,122 115,822
Postretirement benefits .................................................... 76,587 63,707
Other .................................................................. 56,185 49,395
Gross deferred income tax assets ........................................ 727,987 740,785
Intangible assets ......................................................... (132,320) (116,919)
Other .................................................................. (10,563) (8,649)
Gross deferred income tax liabilities ..................................... (142,883) (125,568)
Deferred income tax asset valuation allowances ................................ (42,286) (44,917)
Net deferred income tax assets .............................................. $542,818 $ 570,300
Net deferred income tax assets are reported in the consolidated balance sheets as follows:
December 31,
2011 2010
(In thousands)
Prepaid expenses and other current assets ...................................... $110,422 $135,612
Other noncurrent assets ..................................................... 473,832 477,320
Accrued liabilities ......................................................... (194) (319)
Other noncurrent liabilities .................................................. (41,242) (42,313)
$542,818 $570,300
As of December 31, 2011, Mattel has federal and foreign loss carryforwards totaling $140.4 million and tax
credit carryforwards of $124.4 million, which does not include carryforwards that do not meet the threshold for
recognition in the financial statements. Utilization of these loss and tax credit carryforwards is subject to annual
limitations. Mattel’s loss and tax credit carryforwards expire in the following periods:
Loss
Carryforwards
Tax Credit
Carryforwards
(In millions)
2012 – 2016 ....................................................... $ 65.4 $ 72.7
Thereafter ......................................................... 2.2 46.1
No expiration date .................................................. 72.8 5.6
Total ......................................................... $140.4 $124.4
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