Nissan 2004 Annual Report Download - page 65

The significant components of deferred tax assets and liabilities at March 31, 2004 and 2003 were as follows:
Thousands of
Millions of yen U.S. dollars
2003 2002 2003
As of Mar. 31, 2004 Mar. 31, 2003 Mar. 31, 2004
Deferred tax assets:.................................................................................................................................
Net operating loss carryforwards ........................................................................................... ¥ 40,150 ¥ 86,643 $ 378,773
Accrued retirement benefits .................................................................................................... 162,926 159,828 1,537,038
Accrued warranty costs............................................................................................................ 44,381 47,359 418,689
Other ............................................................................................................................................. 299,344 316,634 2,824,000
Gross deferred tax assets............................................................................................................ 546,801 610,464 5,158,500
Valuation allowance....................................................................................................................... (36,689) (66,439) (346,123)
Total deferred tax assets .............................................................................................................. 510,112 544,025 4,812,377
Deferred tax liabilities:...................................................................................................................
Reserves under Special Taxation Measures Law, etc. ...................................................... (306,316) (266,326) (2,889,773)
Difference between cost of investments and
their underlying net equity at fair value
.......................................................................................
(72,508) (68,517) (684,038)
Unrealized holding gain on securities
.............................................................................................
(2,853) (1,362) (26,915)
Other ............................................................................................................................................. (91,028) (102,452) (858,755)
Total deferred tax liabilities........................................................................................................... (472,705) (438,657) (4,459,481)
Net deferred tax assets ................................................................................................................ ¥ 37,407 ¥ 105,368 $ 352,896
14. RETAINED EARNINGS
Other changes in retained earnings for each of the three years in the period ended March 31, 2004 were as follows:
Thousands of
Millions of yen U.S. dollars
2003 2002 2001 2003
For the years ended Mar. 31, 2004 Mar. 31, 2003 Mar. 31, 2002 Mar. 31, 2004
Adjustments for revaluation of the accounts
of the consolidated subsidiaries based on
general price-level accounting(Note 1(b)) ........................................................... ¥ 9,460 ¥14,464 ¥ 1,455 $ 89,245
Loss on disposal of treasury stock ............................................................................ (8,171) (2,664) – (77,085)
Effect of adoption of a new accounting
standard for retirement benefit by a consolidated
subsidiary in the United Kingdom(Note 2(b)) ...................................................... (18,132) ––(171,056)
Adjustments to retained earnings at beginning of
the year for inclusion in or exclusion from consolidation
or the equity method of accounting for subsidiaries
and affiliates, and certain other adjustments................................................... (4,176) (7,854) (2,465) (39,396)
................................................................................................................................. ¥(21,019) ¥ 3,946 ¥(1,010) $(198,292)
Nissan Annual Report 2003 63