Coca Cola 2006 Annual Report Download - page 118
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THE COCA-COLA COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 17: INCOME TAXES (Continued)
The tax effects of temporary differences and carryforwards that give rise to deferred tax assets and liabilities
consist of the following (in millions):
December 31, 2006 2005
Deferred tax assets:
Property, plant and equipment $58$60
Trademarks and other intangible assets 75 64
Equity method investments (including translation adjustment) 354 445
Other liabilities 190 200
Benefit plans 866 649
Net operating/capital loss carryforwards 593 750
Other 224 295
Gross deferred tax assets 2,360 2,463
Valuation allowances (678) (786)
Total deferred tax assets1,2 $ 1,682 $ 1,677
Deferred tax liabilities:
Property, plant and equipment $ (630) $ (641)
Trademarks and other intangible assets (504) (278)
Equity method investments (including translation adjustment) (622) (674)
Other liabilities (82) (80)
Other (200) (170)
Total deferred tax liabilities3$ (2,038) $ (1,843)
Net deferred tax liabilities $ (356) $ (166)
1Noncurrent deferred tax assets of $168 million and $192 million were included in the consolidated
balance sheets line item other assets at December 31, 2006 and 2005, respectively.
2Current deferred tax assets of $117 million and $153 million were included in the consolidated
balance sheets line item prepaid expenses and other assets at December 31, 2006 and 2005,
respectively.
3Current deferred tax liabilities of $33 million and $159 million were included in the consolidated
balance sheets line item accounts payable and accrued expenses at December 31, 2006 and 2005,
respectively.
As of December 31, 2006 and 2005, we had approximately $93 million of net deferred tax liabilities and
$116 million of net deferred tax assets, respectively, located in countries outside the United States.
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