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49
TOSHIBA Annual Report 2013
Millions of yen
Thousands of
U.S. dollars
Year ended March 31 2013 2012 2013
Expected income tax expense ¥ 59,110 ¥ 59,251 $ 628,830
Increase (decrease) in taxes resulting from:
Tax credits (5,605) (1,009) (59,628)
Non-deductible expenses for tax purposes 5,220 2,650 55,532
Net changes in valuation allowance 10,374 (25,749) 110,362
Net decrease in deferred tax assets by enacted changes
in tax laws and rates − 36,508 −
The difference between the current effective statutory
tax rate and the future effective statutory tax rate 3,815 9,148 40,585
Tax rate difference relating to foreign subsidiaries (10,449) (10,793) (111,160)
Deferred tax liabilities on undistributed earnings of
foreign subsidiaries and affiliates 1,499 (6,425) 15,947
Other (4,137) 642 (44,011)
Income tax expense ¥ 59,827 ¥ 64,223 $ 636,457
The significant components of deferred tax assets and deferred tax liabilities as of March 31, 2013 and 2012 are as follows:
Millions of yen
Thousands of
U.S. dollars
March 31 2013 2012 2013
Gross deferred tax assets:
Inventories ¥ 21,571 ¥ 19,176 $ 229,479
Accrued pension and severance costs 128,343 123,326 1,365,351
Tax loss carryforwards 235,891 243,085 2,509,479
Pension liability adjustment 177,590 203,581 1,889,255
Accrued expenses 83,820 82,064 891,702
Depreciation and amortization 32,525 34,343 346,011
Other 135,120 123,950 1,437,447
814,860 829,525 8,668,724
Valuation allowance for deferred tax assets (199,819) (194,351) (2,125,734)
Deferred tax assets ¥ 615,041 ¥ 635,174 $ 6,542,990
Gross deferred tax liabilities:
Inventories ¥ (1,291) ¥ (4,570) $ (13,734)
Property, plant and equipment (24,107) (15,987) (256,457)
Unrealized gains on securities (45,406) (31,593) (483,043)
Gain on securities contributed to employee retirement benefit trusts (15,239) (19,269) (162,117)
Undistributed earnings of foreign subsidiaries and affiliates (41,883) (32,870) (445,564)
Goodwill and other intangible assets (90,735) (76,534) (965,266)
Other (19,914) (17,616) (211,851)
Deferred tax liabilities (238,575) (198,439) (2,538,032)
Net deferred tax assets ¥ 376,466 ¥ 436,735 $ 4,004,958
Deferred tax liabilities included in other current liabilities and other liabilities at March 31, 2013 and 2012 were ¥106,252
million ($1,130,340 thousand) and ¥88,564 million, respectively.
The net changes in the total valuation allowance for the years ended March 31, 2013 and 2012 were an increase of
¥5,468 million ($58,170 thousand) and a decrease of ¥75,288 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, 2013 were
not significant. The amounts of adjustments for the year ended March 31, 2012 were ¥36,041 million.