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TableofContents
ProvisionforIncomeTaxes
(Millions)  2015  2014  2013
Currentlypayable       
Federal $ 1,338 $ 1,103  $ 948 
State 101 108  91 
International 566 1,008  901 
Deferred       
Federal  (55)  (171)  (123)
State 6   (9)  (2)
International 26 (11) 26 
Total $ 1,982 $ 2,028  $ 1,841 
ComponentsofDeferredTaxAssetsandLiabilities
(Millions)  2015  2014 
Deferredtaxassets:    
Accrualsnotcurrentlydeductible    
Employeebenefitcosts $ 175 $ 148 
Productandotherclaims 146 152 
Miscellaneousaccruals 114 137 
Pensioncosts 1,120 1,312 
Stock-basedcompensation 305 290 
Netoperating/capitallosscarryforwards 109 175 
Foreigntaxcredits 25 360 
Inventory   46 52 
Other — 30 
Grossdeferredtaxassets 2,040 2,656 
Valuationallowance  (31)  (22)
Totaldeferredtaxassets $ 2,009 $ 2,634 
   
Deferredtaxliabilities:    
Productandotherinsurancereceivables $ (28) $ (31)
Accelerateddepreciation  (736)  (804)
Intangibleamortization  (1,017)  (719)
Currencytranslation   (199)  (91)
Other  (70) — 
Totaldeferredtaxliabilities $ (2,050) $ (1,645)
   
Netdeferredtaxassets(liabilities) $ (41) $ 989 
ThenetdeferredtaxassetsareincludedascomponentsofOtherAssetsandOtherLiabilitieswithintheConsolidatedBalanceSheet.
SeeNote5“SupplementalBalanceSheetInformation”forfurtherdetails.
AsofDecember31,2015,theCompanyhadtaxeffectedoperatinglosses,capitallosses,andtaxcreditcarryoversforfederal
(approximately$31million),state(approximately$2million),andinternational(approximately$76million),withallamounts
beforevaluationallowances.Thefederaltaxattributecarryoverswillexpireafter15to20years,thestateafterfiveto10years,and
themajorityofinternationalafterfouryearswiththeremaininginternationalexpiringinoneyearorwithanindefinitecarryover
period.Thetaxattributesbeingcarriedoverariseascertainjurisdictionsmayhavetaxlossesormayhaveinabilitiestoutilizecertain
losseswithoutthesametypeoftaxableincome.AsofDecember31,2015,theCompanyhasprovided$31millionofvaluation
allowanceagainstcertainofthesedeferredtaxassetsbasedonmanagement’sdeterminationthatitismore-likely-than-notthatthe
taxbenefitsrelatedtotheseassetswillnotberealized.
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