Seagate 2011 Annual Report Download - page 91
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Table of Contents
SEAGATE TECHNOLOGY PLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial
reporting purposes and the amounts used for income tax purposes. The significant components of the Company's deferred tax assets and
liabilities were as follows:
The deferred tax asset valuation allowance decreased by approximately $82 million in fiscal year 2012, decreased by approximately
$18 million in fiscal year 2011 and decreased by approximately $133 million in fiscal year 2010.
At June 29, 2012, the Company recorded $490 million of net deferred tax assets. The realization of these deferred tax assets is primarily
dependent on the Company's ability to generate sufficient U.S. and certain non-
U.S. taxable income in future periods. Although realization is not
assured, the Company's management believes that it is more likely than not that these deferred tax assets will be realized. The amount of deferred
tax assets considered realizable, however, may increase or decrease in subsequent periods when the Company reevaluates the underlying basis
for its estimates of future U.S. and certain non-U.S. taxable income.
85
Fiscal Years Ended
(Dollars in millions)
June 29,
2012
July 1,
2011
Deferred tax assets
Accrued warranty
$
116
$
130
Inventory valuation accounts
68
68
Receivable reserves
18
18
Accrued compensation and benefits
117
117
Depreciation
112
126
Restructuring accruals
8
10
Other accruals and deferred items
45
50
Net operating losses and tax credit carry
-
forwards
1,074
1,087
Other assets
8
10
Total Deferred tax assets
1,566
1,616
Valuation allowance
(1,064
)
(1,146
)
Net Deferred tax assets
502
470
Deferred tax liabilities
Unremitted earnings of certain non
-
U.S. entities
(11
)
(8
)
Trading Securities
—
Unrealized Gain
—
(
2
)
Accrued compensation
(1
)
—
Depreciation
—
(
5
)
Total Deferred tax liabilities
(12
)
(15
)
Net Deferred tax assets
490
455
Deferred taxes on inter
-
company transactions
—
7
Total Deferred tax assets
$
490
$
462
As Reported on the Balance Sheet
Current assets
—
Deferred income taxes
$
104
$
99
Non
-
current assets
—
Deferred income taxes
396
374
Other current liabilities
(10
)
(11
)
Total Deferred income taxes
$
490
$
462