Philips 2015 Annual Report Download - page 132

Group nancial statements 12.9
132 Annual Report 2015
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 2015 and 2014 respectively are presented in
the tables below.
Deferred tax assets are recognized for temporary
dierences, unused tax losses, and unused tax credits
to the extent that realization of the related tax benets
is probable. The ultimate realization of deferred tax
assets is dependent upon the generation of future
taxable income in the countries where the deferred tax
assets originated and during the periods when the
deferred tax assets become deductible. Management
considers the scheduled reversal of deferred tax
liabilities, projected future taxable income, and tax
planning strategies in making this assessment.
The net deferred tax assets of EUR 2,594 million (2014:
EUR 2,353 million) consist of deferred tax assets of EUR
2,758 million (2014: EUR 2,460 million) in countries with
a net deferred tax asset position and deferred tax
liabilities of EUR 164 million (2014: EUR 107 million) in
Philips Group
Deferred tax assets and liabilities in millions of EUR
2015
Balance as of
January 1, 2015
recognized in
income
statement other1)
Balance as of
December 31,
2015 Assets Liabilities
Intangible assets (980) 131 (240) (1,089) 195 (1,284)
Property, plant and equipment 73 (50) (4) 19 63 (44)
Inventories 311 10 33 354 360 (6)
Prepaid pensions 98 (142) 41 (3) - (3)
Other receivables 49 - 2 51 57 (6)
Other assets 24 13 (20) 17 31 (14)
Provisions:
- pensions 562 (23) 30 569 569 -
- guarantees 4 (1) - 3 3 -
- termination benets 109 (40) 1 70 71 (1)
- other postretirement benets 71 1 (2) 70 70 -
- other provisions 783 (3) 5 785 805 (20)
Other liabilities 209 (33) 19 195 216 (21)
Deferred tax assets on tax loss
carryforwards (including tax credit
carryforwards) 1,040 132 381 1,553 1,553 -
Set-o deferred tax positions (1,235) 1,235
Net deferred tax assets 2,353 (5) 246 2,594 2,758 (164)
1) Other includes the movements of assets and liabilities recognized in OCI, which includes foreign currency translation dierences, and acquisitions and
divestments.
Philips Group
Deferred tax assets and liabilities in millions of EUR
2014
Balance as of
January 1, 2014
recognized in
income
statement other1)
Balance as of
December 31,
2014 Assets Liabilities
Intangible assets (871) 59 (168) (980) 114 (1,094)
Property, plant and equipment 58 9 6 73 120 (47)
Inventories 264 24 23 311 317 (6)
Prepaid pension (1) (40) 139 98 99 (1)
Other receivables 50 6 (7) 49 58 (9)
Other assets 32 (8) - 24 45 (21)
Provisions:
- pensions 426 (49) 185 562 562 -
- guarantees 29 (25) - 4 4 -
- termination benets 97 23 (11) 109 109 -
- other postretirement benets 57 2 12 71 71 -
- other provisions 567 126 90 783 791 (8)
Other liabilities 192 (1) 18 209 226 (17)
Deferred tax assets on tax loss
carryforwards (including tax credit
carryforwards) 699 110 231 1,040 1,040 -
Set-o deferred tax positions (1,096) 1,096
Net deferred tax assets 1,599 236 518 2,353 2,460 (107)
1) Other includes the movements of assets and liabilities recognized in OCI, which includes foreign currency translation dierences, and acquisitions and
divestments.