Fujitsu 2010 Annual Report Download - page 115

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The significant components of deferred tax assets and liabilities at March 31, 2009 and 2010 are as follows:
Yen
(millions)
U.S. Dollars
(thousands)
At March 31 2009 2010 2010
Deferred tax assets:
Accrued retirement benefits ¥ 140,185 ¥ 152,967 $ 1,644,806
Tax loss carryforwards 165,973 142,631 1,533,667
Excess of depreciation and amortization and impairment loss, etc 76,416 64,696 695,656
Accrued bonus 40,047 41,907 450,613
Inventories 25,044 23,977 257,817
Loss on revaluation of investment securities 13,366 12,725 136,828
Provision for loss on repurchase of computers 9,513 8,825 94,892
Provision for product warranties 5,386 4,959 53,323
Intercompany profit on inventories and property, plant and equipment 2,545 2,950 31,720
Other 54,705 66,567 715,774
Gross deferred tax assets 533,180 522,204 5,615,096
Less: Valuation allowance (284,938) (261,079) (2,807,301)
Total deferred tax assets 248,242 261,125 2,807,795
Deferred tax liabilities:
Gains from establishment of stock holding trust for retirement benefit plan ¥(110,617) ¥(110,617) $(1,189,430)
Unrealized gains on securities (35,620) (10,558) (113,527)
Tax allowable reserves (5,434) (3,444) (37,032)
Other (7,569) (7,448) (80,086)
Total deferred tax liabilities (159,240) (132,067) (1,420,075)
Net deferred tax assets ¥ 89,002 ¥ 129,058 $ 1,387,720
Net deferred tax assets are included in the consolidated balance sheets as follows:
Yen
(millions)
U.S. Dollars
(thousands)
At March 31 2009 2010 2010
Current assets—others ¥ 68,840 ¥ 76,308 $ 820,516
Investments and long-term loans—others 72,250 83,279 895,473
Current liabilities—others (7) (5) (54)
Long-term liabilities—others (52,081) (30,524) (328,215)
Net deferred tax assets ¥ 89,002 ¥129,058 $1,387,720
The Company and its wholly owned subsidiaries in Japan have adopted the consolidated tax return system of Japan.
Tax losses can be carried forward up to 7 years in Japan, 20 years in the United States, and indefinitely in the United Kingdom. Realization
depends on the abilities of the companies to generate sufficient taxable income prior to the expiration of the tax loss carryforwards. With
respect to deferred tax assets, we recorded a valuation allowance to cover the amount in excess of what we are likely to recover in the future.
10. Shareholders’ Equity
The number of authorized and issued shares of common stock at March 31, 2009 and 2010 is stated as follows:
At March 31 2009 2010
The number of authorized shares 5,000,000,000 5,000,000,000
The number of issued shares 2,070,018,213 2,070,018,213
113
FUJITSU LIMITED Annual Report 2010
Notes to Consolidated
Financial Statements