Philips 2008 Annual Report Download - page 225

Deferred tax assets and liabilities
Net deferred tax assets relate to the following balance sheet captions, and tax loss carryforwards (including
tax credit carryforwards), of which the movements during the years 2008 and 2007 respectively are as follows:
balance Dec. 31,
2007
recognized in
income
recognized in
equity
acquisitions/
deconsolidations other
balance Dec. 31,
2008
Intangible assets (371) (170) −(768) 11 (1,298)
Property, plant and equipment 65 (185) −(26) −(146)
Inventories 132 −−9 6 147
Prepaid pension costs (685) (83) 243 −15 (510)
Other receivables 21 19 −3 (2) 41
Other assets 34 12 10 1 4 61
Provisions:
- pensions 353 (120) 182 5 12 432
- guarantees 13 (3) −(2) 1 9
- termination benefits 19 42 −−−61
- other postretirement benefits 116 10 (16) −(2) 108
- other provisions 129 589 (24) 32 25 751
Other liabilities 93 (12) −−(5) 76
Tax loss carryforwards (including tax
credit carryforwards) 700 (86) −24 (23) 615
Net deferred tax assets 619 13 395 (722) 42 347
Other provisions include a EUR 251 million deferred tax asset position of legal claims for asbestos.
The column ‘other’ includes foreign currency translation differences of EUR 56 million (assets) which were
recognized in equity and balance sheet changes amounting to EUR 14 million (liabilities).
balance Dec. 31,
2006
recognized in
income
recognized in
equity
acquisitions/
deconsolidations other
balance Dec. 31,
2007
Intangible assets (492) 85 −38 (2) (371)
Property, plant and equipment 26 47 −(1) (7) 65
Inventories 150 (15) −−(3) 132
Prepaid pension costs (529) (122) (46) 22 (10) (685)
Other receivables 48 (28) −−121
Other assets 346 (185) −(127) −34
Provisions:
- pensions 331 50 8 −(36) 353
- guarantees 15 (2) −−−13
- termination benefits 23 (4) −−−19
- other postretirement benefits 68 54 2 −(8) 116
- other provisions 318 (182) −(7) −129
Other liabilities 52 22 14 −593
Tax loss carryforwards (including tax
credit carryforwards) 449 99 −26 126 700
Net deferred tax assets 805 (181) (22) (49) 66 619
The column ‘other’ includes foreign currency translation differences of EUR 36 million (liabilities) which were
recognized in equity, balance sheet changes amounting to EUR 105 million (assets) which are part of the tax
loss carryforward line item, and discontinued operations of EUR 3 million (liabilities) which were recognized
in the profit and loss account.
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Philips Annual Report 2008 225
254
Corporate governance
250
Reconciliation of
non-US GAAP information
262
Ten-year overview
266
Investor information