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Review of OperationsMessages from Management Mazda’s Environmental and
Safety Technology
Corporate Information Financial Section
Deferred tax assets and liabilities reflect the estimated tax effects of loss carryforwards and accumulated
temporary differences between assets and liabilities for financial accounting purposes and those for tax purposes. The
significant components of deferred tax assets and liabilities as of March 31, 2009 and 2008 were as follows:
Thousands of
Millions of yen U.S. dollars
As of March 31 2009 2008 2009
Deferred tax assets:
Allowance for doubtful receivables ¥ 2,219 ¥ 1,655 $ 22,643
Employees’ severance and retirement benefits 34,989 40,043 357,031
Loss on impairment of long-lived assets 12,982 6,691 132,469
Accrued bonuses and other reserves 25,723 37,875 262,480
Inventory valuation 10,089 4,281 102,949
Valuation loss on investment securities, etc. 1,202 1,206 12,265
Net operating loss carryforwards 47,615 12,736 485,867
Other 63,065 70,568 643,520
Total gross deferred tax assets 197,884 175,055 2,019,224
Less valuation allowance (45,888) (21,014) (468,244)
Total deferred tax assets 151,996 154,041 1,550,980
Deferred tax liabilities:
Reserves under Special Taxation Measures Law (6,662) (7,193) (67,980)
Other (5,769) (10,254) (58,867)
Total deferred tax liabilities (12,431) (17,447) (126,847)
Net deferred tax assets ¥139,565 ¥136,594 $1,424,133
The net deferred tax assets are included in the following accounts in the consolidated balance sheets:
Thousands of
Millions of yen U.S. dollars
As of March 31 2009 2008 2009
Current assets—Deferred taxes ¥ 67,985 ¥ 92,594 $ 693,724
Investments and other assets—Deferred taxes 72,940 45,516 744,286
Current liabilities—Other (261) (5) (2,663)
Other long-term liabilities (1,099) (1,511) (11,214)
Net deferred tax assets ¥139,565 ¥136,594 $1,424,133
14. PRIOR YEAR INCOME TAXES
Prior year income taxes recorded in the year ended March 31, 2008 are primarily for the taxes that the Company was
subject to following a tax audit by the Hiroshima Regional Taxation Bureau. As a result of the tax audit, the Company
had reassessed and corrected certain prior year income tax filings to pay additional income taxes and penalties in
accordance with the reassessment in January 2008. These additional income taxes and penalties, which amounted to
a total of ¥6,290 million, were recognized as prior year income taxes in the consolidated statement of operations for
the year ended March 31, 2008.
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