Pepsi 2015 Annual Report Download - page 112
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Table of Contents
95
Deferred tax liabilities and assets are comprised of the following:
Deferred tax liabilities 2015 2014
Debt guarantee of wholly-owned subsidiary $ 842 $ 842
Property, plant and equipment 2,023 2,174
Intangible assets other than nondeductible goodwill 3,920 4,068
Other 299 264
Gross deferred tax liabilities 7,084 7,348
Deferred tax assets
Net carryforwards 1,279 1,329
Share-based compensation 240 265
Retiree medical benefits 343 388
Other employee-related benefits 547 646
Pension benefits 424 263
Deductible state tax and interest benefits 186 158
Other 933 1,100
Gross deferred tax assets 3,952 4,149
Valuation allowances (1,136) (1,230)
Deferred tax assets, net 2,816 2,919
Net deferred tax liabilities $ 4,268 $ 4,429
Deferred taxes are included within the following balance sheet accounts:
2015 2014
Assets:
Prepaid expenses and other current assets $ 691 $ 875
Liabilities:
Deferred income taxes $ 4,959 $ 5,304
A summary of our valuation allowance activity is as follows:
2015 2014 2013
Balance, beginning of year $ 1,230 $ 1,360 $ 1,233
(Benefit)/provision (26) (25) 111
Other (deductions)/additions (68) (105) 16
Balance, end of year $ 1,136 $ 1,230 $ 1,360
For additional unaudited information on our income tax policies, including our reserves for income taxes,
see “Our Critical Accounting Policies” in Management’s Discussion and Analysis of Financial Condition
and Results of Operations.