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 2015 2014
At January 1 310.5 279.7
Deferred income tax expense 29.6 – 8.8
Tax charged to comprehensive income 102.2 40.5
Recognition of defined benefit plan 1) – 14.6 –
Currency translation 2.2 – 0.9
At December 31 429.9 310.5

1) See note 18.

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

CHF million 2015 2014
Deferred tax assets    
Property, plant, and equipment 2.5 13.9
Pension assets and liabilities 44.7 37.3
Receivables 7.1 7.8
Inventories 19.9 22.4
Payables and accruals 45.1 68.7
Other 45.3 4.6
Deferred tax assets gross 165.0 154.8
Netting – 133.2 – 93.7
Total 31.8 61.1
     
Deferred tax liabilities    
Property, plant, and equipment 35.1 43.6
Intangible assets 45.9 31.8
Pension assets and liabilities 469.4 362.5
Receivables 6.9 7.6
Inventories 4.1 4.5
Payables and accruals 14.0 14.5
Derivative assets and liabilities – 0.3
Other 19.5 0.4
Deferred tax liabilities gross 594.9 465.2
Netting – 133.2 – 93.7
Total 461.7 371.6
     
Net deferred tax 429.9 310.5

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 tax loss carry-forwards of which no deferred tax assets are recognised expire as follows:

CHF million 2015 2014
Between one and five years 6.2 2.8
Between six and ten years 12.6 14.7
Over ten years 2.9 1.6
Total 21.7 19.1

Tax loss carry-forwards utilized in 2015 amounted to CHF 1.1 million (CHF 10.2 million in 2014).