Mondelez 2014 Annual Report Download - page 102
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Table of Contents
The tax effects of temporary differences that gave rise to deferred income tax assets and liabilities consisted of the following:
At December 31, 2014, the company has pre-tax loss carryforwards of $3,432 million, of which $1,430 million will expire at various
dates between 2015 and 2033 and the remaining $2,002 million can be carried forward indefinitely.
Our significant valuation allowances reside within our operating subsidiaries in Mexico, Ireland and various other jurisdictions.
At December 31, 2014, applicable U.S. federal income taxes and foreign withholding taxes had not been provided on approximately
$13.2 billion of accumulated earnings of non-U.S. subsidiaries that are expected to be indefinitely reinvested. It is impractical for us
to determine the amount of unrecognized deferred tax liabilities on these indefinitely reinvested earnings. Future tax law changes or
changes in the needs of our non-U.S. subsidiaries could require us to recognize deferred tax liabilities on a portion, or all, of our
accumulated earnings that were previously expected to be indefinitely reinvested.
The changes in our unrecognized tax benefits were:
99
As of December 31,
2014
2013
(in millions)
Deferred income tax assets:
Accrued postretirement and postemployment benefits
$
227
$
176
Accrued pension costs
588
417
Other employee benefits
272
259
Accrued expenses
410
364
Loss carryforwards
656
553
Other
431
428
Total deferred income tax assets
2,584
2,197
Valuation allowance
(345
)
(335
)
Net deferred income tax assets
$
2,239
$
1,862
Deferred income tax liabilities:
Intangible assets
$
(5,843
)
$
(6,094
)
Property, plant and equipment
(784
)
(876
)
Other
(439
)
(468
)
Total deferred income tax liabilities
(7,066
)
(7,438
)
Net deferred income tax liabilities
$
(4,827
)
$
(5,576
)
For the Years Ended December 31,
2014
2013
2012
(in millions)
January 1
$
1,189
$
1,164
$
1,522
Increases from positions taken during prior periods
143
94
119
Decreases from positions taken during prior periods
(247
)
(132
)
(198
)
Increases from positions taken during the current period
147
131
264
Decreases relating to settlements with taxing authorities
(203
)
(7
)
(257
)
Reductions resulting from the lapse of the applicable statute
of limitations
(64
)
(55
)
(23
)
Impact of Spin
-
Off
–
–
(
261
)
Currency / other
(113
)
(6
)
(2
)
December 31
$
852
$
1,189
$
1,164