Western Digital 2015 Annual Report Download - page 84
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WESTERN DIGITAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Deferred Taxes
Temporary differences and carryforwards, which give rise to a significant portion of deferred tax assets and
liabilities as of July 3, 2015 and June 27, 2014 were as follows (in millions):
2015 2014
Deferred tax assets:
Sales related reserves and accrued expenses not currently deductible ............... $ 50 $ 38
Accrued compensation and benefits not currently deductible .................... 138 190
Domestic net operating loss carryforward ................................... 137 130
Business credit carryforward ............................................. 167 155
Long-lived assets ..................................................... 49 58
Other .............................................................. 65 65
Total deferred tax assets .............................................. 606 636
Deferred tax liabilities:
Long-lived assets ..................................................... (126) (152)
Other .............................................................. (10) (11)
Total deferred tax liabilities ........................................... (136) (163)
Valuation allowances .................................................. (166) (128)
Deferred tax assets, net ............................................... $304 $345
Deferred tax assets:
Current portion (included in other current assets) ............................. $167 $184
Non-current portion (included in other non-current assets) ..................... 273 324
Total deferred tax assets .............................................. 440 508
Deferred tax liabilities:
Current portion (included in other current assets) ............................. (1) (2)
Non-current portion (included in other non-current assets) ..................... (135) (161)
Total deferred tax liabilities ........................................... (136) (163)
Deferred tax assets, net ............................................... $304 $345
The net deferred tax asset valuation allowance increased by $38 million in 2015 and decreased by $5 million in
2014. The valuation allowance is based on the Company’s assessment that it is more likely than not that certain
deferred tax assets will not be realized in the foreseeable future.
In addition to the deferred tax assets presented above, the Company had additional NOL benefits related to
stock-based compensation deductions of $90 million and $11 million at July 3, 2015 and June 27, 2014, respectively.
During 2015, the Company generated an additional $97 million of benefits related to stock-based compensation
deductions, of which $19 million were utilized in 2015 and recorded to shareholders’ equity.
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