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Notes to Consolidated Financial Statements
Significant components of the deferred tax assets and liabilities at March 31, 2012 and 2011 are as follows:
Millions of yen
Thousands of
U.S. dollars
2012 2011 2012
Deferred tax assets:
Net operating loss carryforwards............................................................ ¥ 30,578 ¥ 31,238 $ 372,040
Fixed assets........................................................................................... 17,340 21,131 210,974
Accrued pension and severance costs................................................... 10,314 11,353 125,490
Accrued expenses.................................................................................. 13,278 13,993 161,553
Inventories.............................................................................................. 6,798 6,978 82,711
Intercompany profits............................................................................... 6,994 6,272 85,096
Investment securities.............................................................................. 3,830 5,217 46,599
Accrued contributions of transfer to defined contribution plans............... 723 1,269 8,797
Allowance for doubtful receivables.......................................................... 752 1,017 9,150
Other...................................................................................................... 18,664 22,562 227,083
109,271 121,030 1,329,493
Less—Valuation allowance.................................................................. (37,311) (41,143) (453,961)
Total deferred tax assets...................................................................... 71,960 79,887 875,532
Deferred tax liabilities:
Net unrealized holding gains on available-for-sale securities.................... (37,572) (50,248) (457,136)
Prepaid pension cost.............................................................................. (12,336) (14,886) (150,091)
Undistributed earnings of consolidated subsidiaries and affiliates............ (14,028) (13,187) (170,678)
Reserve for deferred gains on sales of fixed assets................................. (1,453) (6,095) (17,678)
Excess of fair value over the book value of assets and
liabilities of consolidated subsidiaries at the acquisition dates............... (4,336) (4,936) (52,756)
Accelerated depreciation of overseas consolidated subsidiaries.............. (2,624) (2,095) (31,926)
Other...................................................................................................... (2,146) (2,738) (26,110)
Total deferred tax liabilities................................................................... (74,495) (94,185) (906,375)
Net deferred tax liabilities..................................................................... ¥ (2,535) ¥ (14,298) $ (30,843)
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SUMITOMO ELECTRIC Annual Report 2012