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Notes to the Financial Statements
144 Ford Motor Company | 2009 Annual Report
NOTE 23. INCOME TAXES (Continued)
Components of Deferred Tax Assets and Liabilities
The components of deferred tax assets and liabilities at December 31 were as follows (in millions):
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   
7RWDOGHIHUUHGWD[OLDELOLWLHV
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  
1HWGHIHUUHGWD[DVVHWVOLDELOLWLHV 
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   
Operating loss carryforwards for tax purposes were $5.8 billion at December 31, 2009. A substantial portion of these
losses begin to expire in 2029; the remaining losses will begin to expire in 2018. Capital loss carryforwards for tax
purposes were $465 million at December 31, 2009. Tax credits available to offset future tax liabilities are $2.9 billion. A
substantial portion of these credits have a remaining carryforward period of 10 years or more. Tax benefits of operating
loss and tax credit carryforwards are evaluated on an ongoing basis, including a review of historical and projected future
operating results, the eligible carryforward period, and other circumstances.
Effective September 30, 2006, the balance of deferred taxes primarily at our U.S. entities has changed from a net
deferred tax liability position to a net deferred tax asset position. Due to the cumulative losses we have incurred at these
operations and their near-term financial outlook, at December 31, 2009 we have a valuation allowance of $17.5 billion
against the net deferred tax asset.