Notes to the Consolidated Financial Statements (11) Deferred income taxes Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes relate to the same fiscal authority. The net book values are as follows: in CHF million 2018 2017* Recovery of deferred tax balances More than 1 year (124.5) (84.0) Less than 1 year 137.3 146.2 Total 12.8 62.2 Components of deferred tax balances Inventories 53.4 54.4 Fixed and intangible assets (3.6) 3.2 Provisions and employee benefits 72.3 64.5 Receivables (182.8) (140.7) Tax losses 9.5 9.1 Trade payables and contract liabilities 37.4 44.5 Other 26.6 27.2 Total 12.8 62.2 of which recognized as deferred tax assets 128.8 154.1 of which recognized as deferred tax liabilities (116.0) (91.9) * Restated, see note 2.2 The movements in net deferred tax assets (liabilities) during the reporting period are as follows: in CHF million Inventories Fixed and Provisions Receivables Tax Trade Other Total intangible and losses payables assets employee and benefits contract liabilities Net deferred income tax assets/(liabilities) Opening balance at January 1, 2018 54.4 3.2 64.5 (140.7) 9.1 44.5 27.2 62.2 Changes in scope of consolidation – (0.9) – – 0.2 – – (0.7) (Charged)/credited to income statement 1.0 (3.2) 7.7 (48.5) 0.5 (5.7) 0.1 (48.1) (Charged)/credited to OCI – – 1.0 – – – – 1.0 Currency translation adjustment (2.0) (2.7) (0.9) 6.4 (0.3) (1.4) (0.7) (1.6) Closing balance at December 31, 2018 53.4 (3.6) 72.3 (182.8) 9.5 37.4 26.6 12.8 Opening balance at January 1, 2017* 57.0 16.6 78.7 (107.9) 12.8 38.0 31.1 126.3 Changes in scope of consolidation 0.2 (15.7) 0.6 0.3 – – 0.3 (14.3) (Charged)/credited to income statement (3.2) (4.0) (2.9) (21.0) (3.8) 4.5 (3.8) (34.2) (Charged)/credited to OCI – – (13.7) – – – – (13.7) Currency translation adjustment 0.4 6.3 1.8 (12.1) 0.1 2.0 (0.4) (1.9) Closing balance at December 31, 2017* 54.4 3.2 64.5 (140.7) 9.1 44.5 27.2 62.2 * Restated, see note 2.2 2018 Financial Report | 46