Movements in the net deferred tax assets and (liabilities) recognised by the Group were as follows:
| Post- employment benefits $ million |
Tax losses $ million |
Net investment in subsidiaries $ million |
Accrued expenses $ million |
Long-lived assets $ million |
Inventories $ million |
Other items $ million |
Total $ million |
|
|---|---|---|---|---|---|---|---|---|
| As at 29 December 2007 | 90.7 | 9.6 | (2.8) | 45.4 | (122.4) | (40.8) | 23.3 | 3.0 |
| Disposal of subsidiaries | (0.8) | – | – | (1.7) | 5.2 | 0.8 | (1.2) | 2.3 |
| (Charge)/credit to profit or loss | (16.9) | (4.2) | (0.5) | (0.4) | 19.9 | (4.3) | 5.2 | (1.2) |
| Credited outside profit or loss | 25.3 | – | – | – | – | – | 5.8 | 31.1 |
| Currency translation differences | (0.6) | (0.8) | – | (1.3) | 1.4 | 0.2 | 1.0 | (0.1) |
| As at 3 January 2009 | 97.7 | 4.6 | (3.3) | 42.0 | (95.9) | (44.1) | 34.1 | 35.1 |
| Acquisition of subsidiaries | – | – | – | – | (6.9) | – | – | (6.9) |
| (Charge)/credit to profit or loss | (15.5) | 11.5 | (2.0) | 0.3 | 2.5 | 15.0 | 1.9 | 13.7 |
| Credited outside profit or loss | 14.9 | – | – | – | – | – | 0.7 | 15.6 |
| Currency translation differences | 0.1 | 0.4 | – | 0.6 | (0.8) | 0.1 | (0.3) | 0.1 |
| As at 2 January 2010 | 97.2 | 16.5 | (5.3) | 42.9 | (101.1) | (29.0) | 36.4 | 57.6 |
Deferred tax assets and liabilities presented in the Group's balance sheet are as follows:
| As at 2 January 2010 $ million |
As at 3 January 2009 $ million |
|
|---|---|---|
| Deferred tax assets | 82.9 | 64.8 |
| Deferred tax liabilities | (25.3) | (29.7) |
| 57.6 | 35.1 |
As at 2 January 2010, the Group had operating tax losses amounting to $1,918.6 million, of which $1,654.1 million can be carried forward indefinitely and $264.5 million have expiry dates between 2010 and 2029. As at 2 January 2010, the Group recognised a deferred tax asset of $16.2 million in respect of these losses.
As at 2 January 2010, the Group had capital tax losses amounting to $838.8 million, of which $449.3 million can be carried forward indefinitely, $3.1 million expire in 2012 and $386.4 million expire in 2013. As at 2 January 2010, the Group recognised a deferred tax asset of $0.3 million in respect of these losses.
As at 2 January 2010, the Group had foreign and other tax credits amounting to $35.3 million, of which $10.2 million can be carried forward indefinitely and $25.1 million expire between 2013 and 2027. As at 2 January 2010, the Group recognised a deferred tax asset in respect of these tax credits of $5.2 million.
Deferred tax is not provided on the undistributed earnings of foreign subsidiaries where management has the ability, and intends, to reinvest such amounts indefinitely. As at 2 January 2010, the Group's share of the undistributed earnings of foreign subsidiaries on which deferred tax was not provided was $3,225.7 million (3 January 2009: $3,180.5 million). A determination of the amount of the unrecognised deferred tax liability has not been made because it is not practical to do so. A portion of these earnings can be distributed without incurring additional taxes.