Fujitsu 2013 Annual Report Download - page 138

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The significant components of deferred tax assets and liabilities at March 31, 2012 and 2013 are as follows:
Yen
(millions)
U.S. Dollars
(thousands)
At March 31 2012 2013 2013
Deferred tax assets:
Tax loss carryforwards ¥ 153,008 ¥ 168,947 $ 1,797,309
Accrued retirement benefits 137,131 126,516 1,345,915
Excess of depreciation and amortization and impairment loss, etc. 50,013 57,949 616,479
Accrued bonus 40,906 40,164 427,277
Inventories 22,043 25,751 273,947
Provision for product warranties 8,255 8,026 85,383
Intercompany profit on inventories and property, plant and equipment 5,673 6,039 64,245
Loss on revaluation of investment securities 6,153 4,845 51,543
Provision for loss on repurchase of computers 5,024 4,555 48,457
Other 48,907 65,774 699,723
Gross deferred tax assets 477,113 508,566 5,410,277
Less: Valuation allowance (253,902) (274,540) (2,920,638)
Total deferred tax assets 223,211 234,026 2,489,638
Deferred tax liabilities:
Gains from establishment of stock holding trust for retirement benefit plan ¥ (96,860) ¥ (96,860) $(1,030,426)
Unrealized gains on securities (7,498) (13,551) (144,160)
Tax allowable reserves (1,364) (734) (7,809)
Other (8,159) (7,679) (81,691)
Total deferred tax liabilities (113,881) (118,824) (1,264,085)
Net deferred tax assets ¥ 109,330 ¥ 115,202 $ 1,225,553
Net deferred tax assets are included in the consolidated balance sheets as follows:
Yen
(millions)
U.S. Dollars
(thousands)
At March 31 2012 2013 2013
Current assets—Deferred tax assets ¥ 72,519 ¥ 81,988 $ 872,213
Investments and other non-current assets—Deferred tax assets 65,268 67,018 712,957
Current liabilities—Others (15) (23) (245)
Long-term liabilities—Deferred tax liabilities (28,442) (33,781) (359,372)
Net deferred tax assets ¥109,330 ¥115,202 $1,225,553
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, the Group 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.
136 FUJITSU LIMITED ANNUAL REPORT 2013