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 | ||||