AMERICAN EXPRESS CO | 2013 | FY | 3


The significant components of deferred tax assets and liabilities as of December 31 are reflected in the following table:

(Millions)  2013  2012
Deferred tax assets:      
 Reserves not yet deducted for tax purposes $ 3,813 $ 3,828
 Employee compensation and benefits   721   761
 Other   546   537
  Gross deferred tax assets   5,080   5,126
  Valuation allowance   (121)   (162)
  Deferred tax assets after valuation allowance   4,959   4,964
Deferred tax liabilities:      
 Intangibles and fixed assets   1,325   1,346
 Deferred revenue   453   403
 Deferred interest   363   378
 Asset Securitization   130   73
 Other   245   306
  Gross deferred tax liabilities   2,516   2,506
Net deferred tax assets $ 2,443 $ 2,458

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