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The significant components of deferred tax assets and liabilities at March 31, 2011 and 2012 are as follows:
Yen
(millions)
U.S. Dollars
(thousands)
At March 31 2011 2012 2012
Deferred tax assets:
Tax loss carryforwards ¥ 145,132 ¥ 153,008 $ 1,865,951
Accrued retirement benefits 150,851 137,131 1,672,329
Excess of depreciation and amortization and impairment loss, etc. 54,591 50,013 609,915
Accrued bonus 43,489 40,906 498,854
Inventories 23,081 22,043 268,817
Provision for product warranties 6,250 8,255 100,671
Loss on revaluation of investment securities 9,615 6,153 75,037
Intercompany profit on inventories and property, plant and equipment 5,688 5,673 69,183
Provision for loss on repurchase of computers 6,056 5,024 61,268
Other 57,224 48,907 596,427
Gross deferred tax assets 501,977 477,113 5,818,451
Less: Valuation allowance (256,153) (253,902) (3,096,366)
Total deferred tax assets 245,824 223,211 2,722,085
Deferred tax liabilities:
Gains from establishment of stock holding trust for retirement benefit plan ¥(110,617) ¥ (96,860) $(1,181,220)
Unrealized gains on securities (9,639) (7,498) (91,439)
Tax allowable reserves (2,245) (1,364) (16,634)
Other (8,944) (8,159) (99,500)
Total deferred tax liabilities (131,445) (113,881) (1,388,793)
Net deferred tax assets ¥ 114,379 ¥ 109,330 $ 1,333,293
Net deferred tax assets are included in the consolidated balance sheets as follows:
Yen
(millions)
U.S. Dollars
(thousands)
At March 31 2011 2012 2012
Current assets—others ¥ 76,666 ¥ 72,519 $ 884,378
Investments and long-term loans—others 72,093 65,268 795,951
Current liabilities—others (50) (15) (183)
Long-term liabilities—others (34,330) (28,442) (346,854)
Net deferred tax assets ¥114,379 ¥109,330 $1,333,293
The Company and its wholly owned subsidiaries in Japan have adopted the consolidated tax return system of Japan.
In Japan, tax losses generated before March 31, 2008 and on and after April 1, 2008 can be carried forward up to 7 and 9 years,
respectively. Tax losses can be carried forward up to 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.
17. Business Combinations
No significant transactions.
130 FUJITSU LIMITED ANNUAL REPORT 2012