General Motors 2015 Annual Report Download - page 96
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Table of Contents
Income tax expense at U.S. federal statutory income tax rate $ 1,933
$ 753
$ 1,977
State and local tax expense 115
73
145
Non-U.S. income taxed at other than 35% (28)
(72)
(168)
U.S. tax on Non-U.S. income (417)
(8)
543
Change in valuation allowance (3,666)
(402)
182
Change in tax laws 29
602
146
Research and manufacturing incentives (367)
(279)
(490)
Goodwill impairment —
41
124
Settlements of prior year tax matters —
(275)
(473)
Realization of basis differences in affiliates —
(256)
—
Foreign currency remeasurement 209
124
(21)
Financial penalty under the DPA(a) 315
Other adjustments (20)
(73)
162
Total income tax expense (benefit) $ (1,897)
$ 228
$ 2,127
_________
(a) Refer to Note 15 for additional information on the DPA.
Deferred income tax assets and liabilities at December 31, 2015 and 2014 reflect the effect of temporary differences between amounts of assets, liabilities
and equity for financial reporting purposes and the bases of such assets, liabilities and equity as measured by tax laws, as well as tax loss and tax credit
carryforwards. The following table summarizes the components of temporary differences and carryforwards that give rise to deferred tax assets and liabilities
(dollars in millions):
Postretirement benefits other than pensions $ 2,712
$ 2,958
Pension and other employee benefit plans 6,502
7,503
Warranties, dealer and customer allowances, claims and discounts 5,495
5,512
Property, plants and equipment 1,981
2,323
U.S. capitalized research expenditures 7,413
8,588
U.S. operating loss and tax credit carryforwards(a) 8,623
7,631
Non-U.S. operating loss and tax credit carryforwards(b) 5,826
6,505
Miscellaneous 3,316
3,286
Total deferred tax assets before valuation allowances 41,868
44,306
Less: valuation allowances (5,021)
(9,659)
Total deferred tax assets 36,847
34,647
Intangible assets 590
416
Net deferred tax assets $ 36,257
$ 34,231
_________
(a) At December 31, 2015 U.S. operating loss and tax credit carryforwards of $8.0 billion expire by 2035 if not utilized and the remaining balance of $607 million may be carried
forward indefinitely.
(b) At December 31, 2015 Non-U.S. operating loss and tax credit carryforwards of $1.7 billion expire by 2035 if not utilized and the remaining balance of $4.1 billion may be
carried forward indefinitely.
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