McKesson 2016 Annual Report Download - page 95
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McKESSON CORPORATION
FINANCIAL NOTES (Continued)
Deferred tax balances consisted of the following:
March 31,
(In millions) 2016 2015
Assets
Receivable allowances $ 110 $ 83
Deferred revenue 77 72
Compensation and benefit related accruals 710 681
Net operating loss and credit carryforwards 367 316
Other 275 266
Subtotal 1,539 1,418
Less: valuation allowance (267) (229)
Total assets 1,272 1,189
Liabilities
Inventory valuation and other assets (2,619) (2,333)
Fixed assets and systems development costs (326) (324)
Intangibles (981) (1,073)
Other (21) (61)
Total liabilities (3,947) (3,791)
Net deferred tax liability $(2,675) $(2,602)
Current net deferred tax asset (1) $— $ 27
Current net deferred tax liability (1) — (1,820)
Long-term deferred tax asset 59 50
Long-term deferred tax liability (2,734) (859)
Net deferred tax liability $(2,675) $(2,602)
(1) Upon the adoption of the amended accounting guidance, we reclassified current net deferred tax liabilities
and current net deferred tax assets as noncurrent on our consolidated balance sheet as of March 31, 2016.
Our March 31, 2015 balances were not retrospectively reclassified.
We assess the available positive and negative evidence to determine whether deferred tax assets are more
likely than not to be realized. As a result of this assessment, valuation allowances have been recorded on certain
deferred tax assets in various tax jurisdictions. The valuation allowance was approximately $267 million and
$229 million in 2016 and 2015. The increase of $38 million in valuation allowances in the current year relate
primarily to net operating losses incurred in certain tax jurisdictions for which no tax benefit was recognized.
We have federal, state and foreign net operating loss carryforwards of $35 million, $1,790 million and
$889 million. Federal and state net operating losses will expire at various dates from 2017 through 2036.
Substantially all of our foreign net operating losses have indefinite lives.
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