INTEL CORP | 2013 | FY | 3

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts for income tax purposes. Significant components of our deferred tax assets and liabilities at the end of each period were as follows:
(In Millions)
 
Dec 28,
2013
 
Dec 29,
2012
Deferred tax assets:
 
 
 
 
Accrued compensation and other benefits
 
$
1,047

 
$
1,125

Share-based compensation
 
564

 
638

Deferred income
 
672

 
637

Inventory
 
733

 
506

Unrealized losses on investments and derivatives
 
—

 
36

State credits and net operating losses
 
378

 
297

Other, net
 
654

 
654

Gross deferred tax assets
 
4,048

 
3,893

Valuation allowance
 
(456
)
 
(389
)
Total deferred tax assets
 
$
3,592

 
$
3,504

Deferred tax liabilities:
 
 
 
 
Property, plant and equipment
 
$
(2,023
)
 
$
(2,325
)
Licenses and intangibles
 
(687
)
 
(778
)
Convertible debt
 
(911
)
 
(856
)
Unrealized gains on investments and derivatives
 
(815
)
 
—

Investment in non-U.S. subsidiaries
 
(244
)
 
(213
)
Other, net
 
(281
)
 
(269
)
Total deferred tax liabilities
 
$
(4,961
)
 
$
(4,441
)
Net deferred tax assets (liabilities)
 
$
(1,369
)
 
$
(937
)
 
 
 
 
 
Reported as:
 
 
 
 
Current deferred tax assets
 
$
2,594

 
$
2,117

Non-current deferred tax assets
 
434

 
358

Non-current deferred tax liabilities
 
(4,397
)
 
(3,412
)
Net deferred tax assets (liabilities)
 
$
(1,369
)
 
$
(937
)

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