HP 2015 Annual Report Download - page 136

Table of Contents
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The significant components of deferred tax assets and deferred tax liabilities were as follows:
Current and long-term deferred tax assets and liabilities included in the Consolidated Balance Sheets as follows:
Excess tax benefits of $64 million were recorded resulting from the exercise of employee stock options and other employee stock programs in fiscal
2015. Tax deficits of approximately $43 million and $149 million were recorded as a result of employee stock program activity and exercise of employee
stock options, as a decrease in stockholders' equity in fiscal 2014 and 2013, respectively.
HP periodically engages in intercompany advanced royalty payment and licensing arrangements that may result in advance payments between
subsidiaries in different tax jurisdictions. When the local
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Loss carryforwards $ 8,749 $ — $ 9,476 $ —
Credit carryforwards 453 — 2,377 —
Unremitted earnings of foreign subsidiaries — 8,450 — 7,828
Inventory valuation 120 7 152 8
Intercompany transactions—profit in inventory 147 — 136 —
Intercompany transactions—excluding inventory 6,952 — 4,403 —
Fixed assets 377 64 383 74
Warranty 549 — 616 —
Employee and retiree benefits 1,872 31 2,790 57
Accounts receivable allowance 136 1 107 1
Intangible assets 74 546 212 596
Restructuring 239 — 354 —
Deferred revenue 1,235 5 1,143 12
Other 2,215 1,486 1,573 1,145
Gross deferred tax assets and liabilities 23,118 10,590 23,722 9,721
Valuation allowances (9,878) — (11,915) —
Net deferred tax assets and liabilities $ 13,240 $ 10,590 $ 11,807 $ 9,721
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Current deferred tax assets $ 2,242 $ 2,754
Current deferred tax liabilities (168) (284)
Long-term deferred tax assets 871 740
Long-term deferred tax liabilities (295) (1,124)
Net deferred tax assets net of deferred tax liabilities $ 2,650 $ 2,086
Source: HP INC, 10-K, December 16, 2015 Powered by Morningstar® Document Research℠
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