CISCO SYSTEMS, INC. | 2013 | FY | 3

The following table presents the breakdown between current and noncurrent net deferred tax assets (in millions):
 
July 27, 2013
 
July 28, 2012
Deferred tax assets—current
$
2,616

 
$
2,294

Deferred tax liabilities—current
(114
)
 
(123
)
Deferred tax assets—noncurrent
1,539

 
2,270

Deferred tax liabilities—noncurrent
(399
)
 
(133
)
Total net deferred tax assets
$
3,642

 
$
4,308


The components of the deferred tax assets and liabilities are as follows (in millions):
 
July 27, 2013
 
July 28, 2012
ASSETS
 
 
 
Allowance for doubtful accounts and returns
$
390

 
$
433

Sales-type and direct-financing leases
167

 
162

Inventory write-downs and capitalization
216

 
127

Investment provisions
214

 
261

IPR&D, goodwill, and purchased intangible assets
123

 
119

Deferred revenue
1,624

 
1,618

Credits and net operating loss carryforwards
681

 
721

Share-based compensation expense
783

 
1,059

Accrued compensation
486

 
481

Other
560

 
583

Gross deferred tax assets
5,244

 
5,564

Valuation allowance
(98
)
 
(60
)
Total deferred tax assets
5,146

 
5,504

LIABILITIES
 
 
 
Purchased intangible assets
(1,101
)
 
(809
)
Depreciation
(169
)
 
(131
)
Unrealized gains on investments
(211
)
 
(222
)
Other
(23
)
 
(34
)
Total deferred tax liabilities
(1,504
)
 
(1,196
)
Total net deferred tax assets
$
3,642

 
$
4,308

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