10. Deferred tax assets and liabilities

Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes relate to the same fiscal authority.

The net value of deferred tax liabilities is as follows:

CHF million 2014 2013
At January 1 279.7 16.3
Deferred income tax expense – 8.8 – 11.8
Tax charged to comprehensive income 40.5 274.4
Currency translation – 0.9 0.8
At December 31 310.5 279.7

Deferred tax assets and liabilities were generated from the following balance sheet positions:

CHF million 2014 2013
Deferred tax assets    
Property, plant, and equipment 13.9 4.7
Intangible assets – –
Pension assets and liabilities 37.3 17.5
Receivables 7.8 7.9
Inventories 22.4 12.4
Payables and accruals 68.7 38.7
Other 4.6 5.1
Deferred tax assets gross 154.8 86.3
Netting – 93.7 – 64.4
Total 61.1 21.9
     
Deferred tax liabilities    
Property, plant, and equipment 43.6 42.5
Intangible assets 31.8 –
Pension assets and liabilities 362.5 304.9
Receivables 7.6 1.9
Inventories 4.5 4.3
Payables and accruals 14.5 11.0
Derivative assets and liabilities 0.3 0.8
Other 0.4 0.6
Deferred tax liabilities gross 465.2 366.0
Netting – 93.7 – 64.4
Total 371.6 301.6
     
Net deferred tax 310.5 279.7

Tax Loss Carry-forwards

Deferred tax assets are recognized for tax loss carry-forwards to the extent that the realization of the related tax benefit through future taxable profits is probable. The expiration of tax loss carry-forwards are:

CHF million 2014 2013
Between one and five years 2.8 12.2
Between six and ten years 14.7 24.2
Over ten years 1.6 8.0
Total 19.1 44.4

Tax loss carry-forwards utilized in 2014 amounted to CHF 10.2 million (CHF 47.9 million in 2013).