Components of Deferred Tax Assets and Liabilities | | | | | | |
| | | | | | | | |
(Millions) | | 2013 | | 2012 |
Deferred tax assets: | | | | | | |
| Accruals not currently deductible | | | | | | |
| | Employee benefit costs | | $ | 140 | | $ | 115 |
| | Product and other claims | | | 155 | | | 161 |
| | Miscellaneous accruals | | | 130 | | | 137 |
| Pension costs | | | 447 | | | 969 |
| Stock-based compensation | | | 322 | | | 415 |
| Net operating/capital loss carryforwards | | | 225 | | | 304 |
| Foreign tax credits | | | 316 | | | 285 |
| Inventory | | | 221 | | | 189 |
| Other - net | | | ― | | | 18 |
Gross deferred tax assets | | | 1,956 | | | 2,593 |
Valuation allowance | | | (23) | | | (29) |
Total deferred tax assets | | $ | 1,933 | | $ | 2,564 |
| | | | | | | | |
Deferred tax liabilities: | | | | | | |
| Product and other insurance receivables | | $ | (46) | | $ | (60) |
| Accelerated depreciation | | | (813) | | | (858) |
| Intangible amortization | | | (780) | | | (808) |
| Other | | | (7) | | | ― |
Total deferred tax liabilities | | $ | (1,646) | | $ | (1,726) |
| | | | | | | | |
Net deferred tax assets | | $ | 287 | | $ | 838 |