MCDONALDS CORP | 2013 | FY | 3

Net deferred tax liabilities consisted of:
In millions
December 31, 2013
 
 
2012

Property and equipment
 
 
$
1,812.4

 
$
1,713.9

Other
 
 
639.8

 
636.4

Total deferred tax liabilities
 
 
2,452.2

 
2,350.3

Property and equipment
 
 
(407.9
)
 
(403.6
)
Employee benefit plans
 
 
(388.9
)
 
(362.9
)
Intangible assets
 
 
(210.1
)
 
(258.0
)
Deferred foreign tax credits
 
 
(192.3
)
 
(179.5
)
Operating loss carryforwards
 
 
(154.0
)
 
(92.4
)
Other
 
 
(347.6
)
 
(319.4
)
Total deferred tax assets
before valuation allowance
 
 
(1,700.8
)
 
(1,615.8
)
Valuation allowance
 
 
172.8

 
127.0

Net deferred tax liabilities
 
 
$
924.2

 
$
861.5

Balance sheet presentation:
 
 
 
 
 
Deferred income taxes
 
 
$
1,647.7

 
$
1,531.1

Other assets-miscellaneous
 
 
(621.4
)
 
(603.6
)
Current assets-prepaid expenses
and other current assets
 
(102.1
)
 
(66.0
)
Net deferred tax liabilities
 
 
$
924.2

 
$
861.5

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