HP 2014 Annual Report Download - page 135

HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
Note 6: Taxes on Earnings (Continued)
As of October 31, 2014, HP had recorded deferred tax assets for various tax credit carryforwards
as follows:
Initial
Valuation Year of
Carryforward Allowance Expiration
In millions
U.S. foreign tax credits ................................. $1,321 $ 47 2021
U.S. research and development and other credits .............. 662 — 2018
Tax credits in state and foreign jurisdictions .................. 394 204 2015
Balance at end of year ................................. $2,377 $251
Deferred Tax Asset Valuation Allowance
The deferred tax asset valuation allowance and changes were as follows:
As of October 31
2014 2013 2012
In millions
Balance at beginning of year ................................. $11,390 $10,223 $ 9,057
Income tax expense ....................................... 184 1,644 865
Other comprehensive income, currency translation and charges to other
accounts .............................................. 341 (477) 301
Balance at end of year ..................................... $11,915 $11,390 $10,223
Total valuation allowances increased by $525 million and $1.2 billion in fiscal 2014 and 2013,
respectively. These increases were associated primarily with foreign net operating losses.
Note 7: Balance Sheet Details
Balance sheet details were as follows:
Accounts Receivable, Net
As of October 31
2014 2013
In millions
Accounts receivable ............................................... $14,064 $16,208
Allowance for doubtful accounts ..................................... (232) (332)
$13,832 $15,876
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