Deferred tax assets and liabilities are attributable to the following: Recognized deferred tax assets and liabilities Assets Liabilities Net (Assets)/Liabilities Dec 31, 2011 Dec 31, 2010 Dec 31, 2011 Dec 31, 2010 Dec 31, 2011 Dec 31, 2010 Property, plant and equipment $ — $ — $ 56,592 $ 54,328 $ 56,592 $ 54,328 Intangible assets 1,343 1,656 47,349 45,988 46,006 44,332 Derivatives — — 7,159 11,161 7,159 11,161 Inventory reserves 1,518 1,339 — — (1,518) (1,339) Employee benefit plans 25,363 22,627 — — (25,363) (22,627) Share-based payments 3,044 1,959 — — (3,044) (1,959) Provisions 7,067 7,557 — — (7,067) (7,557) Other items — — 7,727 7,599 7,727 7,599 Tax loss carry-forwards 15,817 19,818 — — (15,817) (19,818) $ 54,152 $ 54,956 $ 118,827 $ 119,076 $ 64,675 $ 64,120 Balance Dec 31, 2010 Liability/(Asset) Recognized in income statement Acquisitions Translation and others Recognized in other comprehensive income Balance Dec 31, 2011 Liability/(Asset) Property, plant and equipment $ 54,328 $ 1,508 $ — $ 756 $ — $ 56,592 Intangible assets 44,332 1,020 — 654 — 46,006 Derivatives 11,161 (1,905) — — (2,097) 7,159 Inventory reserves (1,339) (157) — (22) — (1,518) Employee benefit plans (22,627) (1,894) — (224) (618) (25,363) Share-based payments (1,959) (1,068) — (17) — (3,044) Provisions (7,557) 588 — (98) — (7,067) Other items 7,599 85 — 43 — 7,727 Tax loss carry-forwards (19,818) 4,014 — (13) — (15,817) $ 64,120 $ 2,191 $ — $ 1,079 $ (2,715) $ 64,675 Balance Jan 1, 2010 Liability/(Asset) Recognized in income statement Acquisitions Translation and others Recognized in other comprehensive income Balance Dec 31, 2010 Liability/(Asset) Property, plant and equipment $ 57,743 $ (1,476) $ (172) $ (1,767) $ — $ 54,328 Intangible assets 40,046 5,748 (203) (1,259) — 44,332 Derivatives 10,032 — — — 1,129 11,161 Inventory reserves (1,445) 55 — 51 — (1,339) Employee benefit plans (20,124) (2,488) — 412 (427) (22,627) Share-based payments (924) (1,044) — 9 — (1,959) Provisions (9,438) 1,604 — 277 — (7,557) Other items 7,848 (178) — (71) — 7,599 Tax loss carry-forwards (18,068) (2,203) — 28 425 (19,818) $ 65,670 $ 18 $ (375) $ (2,320) $ 1,127 $ 64,120 66 CCL Industries Inc. 2011 Annual Report NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Years ended December 31, 2011 and 2010 (In thousands of Canadian dollars, except share and per share information)