Google 2011 Annual Report Download - page 109
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We have not provided U.S. income taxes and foreign withholding taxes on the undistributed earnings of
foreign subsidiaries as of December 31, 2011 because we intend to permanently reinvest such earnings outside the
U.S. If these foreign earnings were to be repatriated in the future, the related U.S. tax liability may be reduced by
any foreign income taxes previously paid on these earnings. As of December 31, 2011, the cumulative amount of
earnings upon which U.S. income taxes have not been provided is approximately $24.8 billion. Determination of
the amount of unrecognized deferred tax liability related to these earnings is not practicable.
Deferred Tax Assets
Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of
assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant
components of our deferred tax assets and liabilities are as follows (in millions):
As of December 31,
2010 2011
Deferred tax assets:
Stock-based compensation expense ............................................... $ 299 $ 288
State taxes ..................................................................... 207 138
Capital loss from impairment of equity investments .................................. 292 285
Settlement with the Authors Guild and AAP ......................................... 39 35
Depreciation and amortization ..................................................... 20 0
Vacation accruals ................................................................ 35 52
Deferred rent .................................................................... 34 43
Accruals and reserves not currently deductible ...................................... 244 268
Acquired net operating losses ..................................................... 132 156
State tax credit .................................................................. 0 55
Other ........................................................................... 0 11
Total deferred tax assets ..................................................... 1,302 1,331
Valuation allowance ......................................................... (292) (333)
Total deferred tax assets net of valuation allowance ............................. 1,010 998
Deferred tax liabilities:
Depreciation and amortization ..................................................... 0 (479)
Identified intangibles ............................................................. (308) (398)
Unrealized gains on investments and other ......................................... (56) (90)
Other prepaids .................................................................. (95) (70)
Other ........................................................................... (27) (33)
Total deferred tax liabilities ................................................... (486) (1,070)
Net deferred tax assets (liabilities) ...................................................... $ 524 $ (72)
80