INTERNATIONAL BUSINESS MACHINES CORP | 2013 | FY | 3


Deferred Tax Assets
($ in millions)
At December 31:20132012*
Retirement benefits$ 3,704$ 5,870
Share-based and other compensation 1,262 1,666
Domestic tax loss/credit carryforwards 982 954
Deferred income 964 1,018
Foreign tax loss/credit carryforwards 651 681
Bad debt, inventory and warranty reserves 592 586
Depreciation 382 456
Other 1,774 1,659
Gross deferred tax assets 10,311 12,890
Less: valuation allowance 734 1,187
Net deferred tax assets$ 9,577$ 11,703
* Reclassified to conform with 2013 presentation.
Deferred Tax Liabilities
($ in millions)
At December 31:20132012*
Depreciation$ 1,346$ 1,378
Retirement benefits 1,219 257
Goodwill and intangible assets 1,173 957
Leases 1,119 2,216
Software development costs 558 542
Deferred transition costs 424 440
Other 841 993
Gross deferred tax liabilities$ 6,680$ 6,783
* Reclassified to conform with 2013 presentation.

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