December 31, | 2013 | 2012 | ||||||
Deferred tax assets: | ||||||||
Property, plant and equipment | $ | 102 | $ | 89 | ||||
Trademarks and other intangible assets | 63 | 77 | ||||||
Equity method investments (including foreign currency translation adjustment) | 243 | 209 | ||||||
Derivative financial instruments | 50 | 116 | ||||||
Other liabilities | 1,102 | 1,178 | ||||||
Benefit plans | 1,237 | 1,808 | ||||||
Net operating/capital loss carryforwards | 790 | 782 | ||||||
Other | 225 | 320 | ||||||
Gross deferred tax assets | $ | 3,812 | $ | 4,579 | ||||
Valuation allowances | (586 | ) | (487 | ) | ||||
Total deferred tax assets1,2 | $ | 3,226 | $ | 4,092 | ||||
Deferred tax liabilities: | ||||||||
Property, plant and equipment | $ | (2,417 | ) | $ | (2,204 | ) | ||
Trademarks and other intangible assets | (4,192 | ) | (4,133 | ) | ||||
Equity method investments (including foreign currency translation adjustment) | (1,070 | ) | (712 | ) | ||||
Derivative financial instruments | (147 | ) | (140 | ) | ||||
Other liabilities | (69 | ) | (144 | ) | ||||
Benefit plans | (473 | ) | (495 | ) | ||||
Other | (810 | ) | (929 | ) | ||||
Total deferred tax liabilities3 | $ | (9,178 | ) | $ | (8,757 | ) | ||
Net deferred tax liabilities | $ | (5,952 | ) | $ | (4,665 | ) | ||
1 | Noncurrent deferred tax assets of $328 million and $403 million were included in the line item other assets in our consolidated balance sheets as of December 31, 2013 and 2012, respectively. |
2 | Current deferred tax assets of $211 million and $244 million were included in the line item prepaid expenses and other assets in our consolidated balance sheets as of December 31, 2013 and 2012, respectively. |
3 | Current deferred tax liabilities of $339 million and $331 million were included in the line item accounts payable and accrued expenses in our consolidated balance sheets as of December 31, 2013 and 2012, respectively. |