(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 | ) |