Valero 2015 Annual Report Download - page 111
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Table of Contents
VALERO ENERGY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
The tax effects of significant temporary differences representing deferred income tax assets and liabilities were as follows (in millions):
December 31,
2015
2014
Deferred income tax assets:
Tax credit carryforwards $ 33
$ 37
Net operating losses (NOLs) 423
436
Inventories 72
160
Compensation and employee benefit liabilities 331
358
Environmental liabilities 80
92
Other 139
178
Total deferred income tax assets 1,078
1,261
Less: Valuation allowance (435)
(393)
Net deferred income tax assets 643
868
Deferred income tax liabilities:
Property, plant, and equipment 6,725
6,682
Deferred turnaround costs 394
356
Inventories 287
426
Investments 226
152
Other 71
73
Total deferred income tax liabilities 7,703
7,689
Net deferred income tax liabilities $ 7,060
$ 6,821
We had the following income tax credit and loss carryforwards as of December 31, 2015 (in millions):
Amount
Expiration
U.S. state income tax credits $ 51
2016 through 2027
U.S. state NOLs (gross amount) 7,302
2016 through 2035
International NOLs 1,465
Unlimited
We have recorded a valuation allowance as of December 31, 2015 and 2014 due to uncertainties related to our ability to utilize some of
our deferred income tax assets, primarily consisting of certain U.S. state income tax credits and NOLs, and international NOLs, before
they expire. The valuation allowance is based on our estimates of taxable income in the various jurisdictions in which we operate and
the period over which deferred income tax assets will be recoverable. During 2015, the valuation allowance increased by $42 million,
primarily due to increases in U.S. state NOLs. The realization of net deferred income tax assets recorded as of December 31, 2015 is
primarily dependent upon our ability to generate future taxable income in certain U.S. states and international jurisdictions.
105