HP 2011 Annual Report Download - page 130
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HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
Note 14: Taxes on Earnings (Continued)
The provision for (benefit from) taxes on earnings was as follows for the following fiscal years
ended October 31:
2011 2010 2009
In millions
U.S. federal taxes:
Current ................................................. $ 390 $ 484 $ 47
Deferred ................................................ (590) 231 956
Non-U.S. taxes:
Current ................................................. 1,177 1,345 1,156
Deferred ................................................ 611 21 (356)
State taxes:
Current ................................................. 141 187 173
Deferred ................................................ 179 (55) (221)
$1,908 $2,213 $1,755
The significant components of deferred tax assets and deferred tax liabilities were as follows for
the following fiscal years ended October 31:
2011 2010
Deferred Deferred Deferred Deferred
Tax Tax Ta x Ta x
Assets Liabilities Assets Liabilities
In millions
Loss carryforwards ................................ $ 9,793 $ — $ 9,832 $ —
Credit carryforwards .............................. 2,739 — 733 —
Unremitted earnings of foreign subsidiaries .............. — 8,209 — 7,529
Inventory valuation ............................... 236 12 153 10
Intercompany transactions—profit in inventory ........... 418 — 514 1
Intercompany transactions—excluding inventory .......... 1,529 — 2,339 —
Fixed assets ..................................... 255 63 163 15
Warranty ....................................... 747 — 723 48
Employee and retiree benefits ....................... 1,819 18 2,800 29
Accounts receivable allowance ....................... 262 2 290 9
Capitalized research and development .................. 294 — 597 —
Purchased intangible assets .......................... 125 2,738 11 1,885
Restructuring .................................... 233 — 404 13
Equity investments ................................ 58 6 59 —
Deferred revenue ................................ 1,025 38 975 24
Other ......................................... 2,296 233 1,587 251
Gross deferred tax assets and liabilities ................. 21,829 11,319 21,180 9,814
Valuation allowance ............................... (9,057) — (8,755) —
Total deferred tax assets and liabilities ................. $12,772 $11,319 $12,425 $9,814
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