An analysis of the net deferred tax position is set forth below:
| (€ million) | 2017 | 2016 | 2015 | |||||||||
| Deferred taxes on: | ||||||||||||
| Consolidation adjustments (intragroup margin in inventory) | 969 | 1,095 | 1,074 | |||||||||
| Provision for pensions and other employee benefits | 1,263 | 1,538 | 1,522 | |||||||||
| Remeasurement of other acquired intangible assets(a) | (1,713) | (2,797) | (3,370) | |||||||||
| Recognition of acquired property, plant and equipment at fair value | (36) | (44) | (48) | |||||||||
| Equity interests in subsidiaries and investments in other entities(b) | (592) | (818) | (833) | |||||||||
| Tax losses available for carry-forward | 1,059 | 1,070 | 1,162 | |||||||||
| Stock options and other share-based payments | 88 | 126 | 131 | |||||||||
| Accrued expenses and provisions deductible at the time of payment(c) | 1,344 | 2,202 | 2,061 | |||||||||
| Other | 303 | 5 | 120 | |||||||||
| Net deferred tax asset/(liability) | 2,685 | 2,377 | 1,819 | |||||||||
| (a) |
Includes the following deferred tax liabilities as of December 31, 2017: €176 million relating to the remeasurement of the other intangible assets of Aventis, and €929 million relating to Genzyme. |
| (b) |
In some countries, Sanofi is liable for withholding taxes and other tax charges when dividends are distributed. Consequently, Sanofi recognizes a deferred tax liability on the reserves of French and foreign subsidiaries (approximately €51.0 billion) which it regards as likely to be distributed in the foreseeable future. In determining the amount of the deferred tax liability as of December 31, 2017, Sanofi took into account changes in the ownership structure of certain subsidiaries, and the effects of changes in the taxation of dividends in France following the ruling of the Court of Justice of the European Union in the Steria case and the resulting amendments to the 2015 Finance Act. |
| (c) |
Includes deferred tax assets related to restructuring provisions, amounting to €212 million as of December 31, 2017, €334 million as of December 31, 2016, and €394 million as of December 31, 2015. |