Apple 2004 Annual Report Download - page 91
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As of September 25, 2004 and September 27, 2003, the significant components of the Company's deferred tax assets and liabilities were (in
millions):
As of September 25, 2004, the Company had operating loss carryforwards for federal tax purposes of approximately $446 million, which expire
from 2011 through 2024. A portion of these carryforwards was acquired from NeXT and other acquisitions, the utilization of which is subject to
certain limitations imposed by the Internal Revenue Code. The Company also has Federal credit carryforwards and various state and foreign tax
loss and credit carryforwards, the tax effect of which is approximately $132 million and which expire between 2005 and 2024. The remaining
benefits from tax losses and credits do not expire. As of September 25, 2004, a valuation allowance of $30 million was recorded against the
deferred tax asset for the benefits of tax losses that may not be realized. The valuation allowance relates primarily to the operating loss
carryforwards acquired from NeXT and other acquisitions. Management believes it is more likely than not that forecasted income, including
income that may be generated as a result of certain tax planning strategies, together with the tax effects of the deferred tax liabilities, will be
sufficient to fully recover the remaining deferred tax assets.
87
2004
2003
Deferred tax assets:
Accounts receivable and inventory reserves
$
32
$
35
Accrued liabilities and other reserves
195
155
Basis of capital assets and investments
65
47
Tax losses and credits
329
204
Other
26
11
Total deferred tax assets
647
452
Less valuation allowance
30
30
Net deferred tax assets
617
422
Deferred tax liabilities:
Unremitted earnings of subsidiaries
413
398
Total deferred tax liabilities
413
398
Net deferred tax asset
$
204
$
24