APC 2015 Annual Report Download - page 216

2015 REGISTRATION DOCUMENT SCHNEIDER ELECTRIC214
CONSOLIDATED FINANCIAL STATEMENTS AT DECEMBER31,2015
5NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
The fair value of investments quoted in an active market corresponds
to the stock price on the balance sheet date.
NVC Lighting investment was acquired in July 2011 in the
framework of a partnership that gives Schneider Electric an
exclusive access to NVC Lighting’s diffused and well established
channels. The cumulated change in fair value of NVC Lighting
investment determined on its price share and corresponding to a
loss of value of EUR104million at closing rate was recorded.
15.2 – Other non-current financial assets
Non Current fi nancial assets total EUR568million at December31, 2015.
15.3 – Current financial assets
Current fi nancial assets total EUR41million at December31, 2015
and include short-term investments.
Note16 Deferred taxes by type
Deferred taxes by type can be analyzed as follows:
Dec.31, 2015 Dec.31, 2014
Deferred tax assets
Tax credits and tax loss carryforwards 886 591
Provisions for pensions and other post-retirement benefi t obligations 483 590
Impairment of receivables and inventory 144 183
Non-deductible provisions for contingencies and accruals 347 260
Other 644 536
TOTAL DEFERRED TAX ASSETS 2,504 2,160
Deferred tax liabilities
Differences between tax and accounting depreciation (110) (108)
Trademarks and other intangible assets (409) (432)
Capitalized development costs (R&D) (94) (90)
Other (582) (486)
TOTAL DEFERRED TAX LIABILITIES (1,195) (1,116)
Deferred tax assets recorded in respect of tax loss carryforwards at December31, 2015 essentially concern France (EUR560million) and
the United States (EUR180million).