Coca Cola 2007 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, 2007 2006
Deferred tax assets:
Property, plant and equipment $45$58
Trademarks and other intangible assets 76 75
Equity method investments (including translation adjustment) 238 354
Other liabilities 845 190
Benefit plans 881 1,056
Net operating/capital loss carryforwards 554 593
Other 266 224
Gross deferred tax assets 2,905 2,550
Valuation allowances (611) (678)
Total deferred tax assets1,2 $ 2,294 $ 1,872
Deferred tax liabilities:
Property, plant and equipment $ (670) $ (630)
Trademarks and other intangible assets (1,925) (504)
Equity method investments (including translation adjustment) (841) (622)
Other liabilities (90) (82)
Benefit plans (226) (190)
Other (157) (200)
Total deferred tax liabilities3$ (3,909) $ (2,228)
Net deferred tax liabilities $ (1,615) $ (356)
1Noncurrent deferred tax assets of $66 million and $168 million were included in the consolidated
balance sheets line item other assets at December 31, 2007 and 2006, respectively.
2Current deferred tax assets of $238 million and $117 million were included in the consolidated
balance sheets line item prepaid expenses and other assets at December 31, 2007 and 2006,
respectively.
3Current deferred tax liabilities of $29 million and $33 million were included in the consolidated
balance sheets line item accounts payable and accrued expenses at December 31, 2007 and 2006,
respectively.
As of December 31, 2007 and 2006, we had approximately $610 million and $93 million, respectively, of net
deferred tax liabilities located in countries outside the United States.
116