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48 TOSHIBA Annual Report 2012
Toshiba Corporation and Subsidiaries
March 31, 2012
Notes to Consolidated Financial Statements
Millions of yen
Thousands of
U.S. dollars
Year ended March 31 2012 2011 2012
Expected income tax expense ¥ 62,029 ¥ 79,588 $ 756,451
Increase (decrease) in taxes resulting from:
Tax credits (1,009) (1,765) (12,305)
Non-deductible expenses for tax purposes 2,650 3,271 32,317
Net changes in valuation allowance (26,315) (6,984) (320,915)
Net decrease in deferred tax assets by enacted changes
in tax laws and rates 36,508 − 445,220
The difference between the current effective statutory
tax rate and the future effective statutory tax rate 9,148 − 111,561
Tax rate difference relating to foreign subsidiaries (12,126) (11,624) (147,878)
Deferred tax liabilities on undistributed earnings of
foreign subsidiaries and affiliates (6,425) (20,267) (78,354)
Other 504 (1,499) 6,147
Income tax expense ¥ 64,964 ¥ 40,720 $ 792,244
The significant components of deferred tax assets and deferred tax liabilities as of March 31, 2012 and 2011 are as follows:
Millions of yen
Thousands of
U.S. dollars
March 31 2012 2011 2012
Gross deferred tax assets:
Inventories ¥ 19,176 ¥ 20,297 $ 233,854
Accrued pension and severance costs 123,382 119,503 1,504,658
Tax loss carryforwards 244,691 262,127 2,984,037
Pension liability adjustment 203,581 215,914 2,482,695
Accrued expenses 81,789 105,932 997,427
Depreciation and amortization 34,395 46,023 419,451
Other 124,072 128,940 1,513,073
831,086 898,736 10,135,195
Valuation allowance for deferred tax assets (197,569) (269,639) (2,409,378)
Deferred tax assets ¥ 633,517 ¥ 629,097 $ 7,725,817
Gross deferred tax liabilities:
Inventories ¥ (4,570) ¥ (4,236) $ (55,732)
Property, plant and equipment (15,987) (10,125) (194,963)
Unrealized gains on securities (31,593) (37,698) (385,280)
Gain on securities contributed to employee retirement benefit trusts (19,269) (17,381) (234,988)
Undistributed earnings of foreign subsidiaries and affiliates (32,870) (38,043) (400,854)
Goodwill and other intangible assets (58,553) (60,767) (714,061)
Other (18,931) (18,573) (230,866)
Deferred tax liabilities (181,773) (186,823) (2,216,744)
Net deferred tax assets ¥ 451,744 ¥ 442,274 $ 5,509,073
Deferred tax liabilities included in other current liabilities and other liabilities at March 31, 2012 and 2011 were ¥71,898
million ($876,805 thousand) and ¥75,515 million, respectively.
The net changes in the total valuation allowance for the years ended March 31, 2012 and 2011 were a decrease of
¥72,070 million ($878,902 thousand) and ¥14,588 million, respectively.
The amounts of adjustments of the beginning-of-the-year balance of the valuation allowance because of a change in
judgment about the realizability of the related deferred tax assets in future years for the year ended March 31, 2012 were
¥36,041 million ($439,524 thousand). The amounts of adjustments for the year ended March 31, 2011 were ¥11,389 million.