Volvo 2004 Annual Report Download - page 69

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67
Specification of deferred tax assets and tax liabilities 2002 2003 2004
Deferred tax assets:
Unused tax loss carryforwards 5,725 5,370 3,223
Other unused tax credits 343 329 259
Intercompany profit in inventories 280 236 294
Valuation allowance for doubtful receivables 536 523 587
Provisions for warranties 997 975 966
Provisions for post-employment benefits 4,971 4,687 4,300
Provisions for restructuring measures 622 370 220
Other deductible temporary differences 2,950 2,756 2,891
16,424 15,246 12,740
Valuation allowance (3,063) (2,718) (2,592)
Deferred tax assets after deduction for valuation allowance 13,361 12,528 10,148
Deferred tax liabilities:
Accelerated depreciation on property, plant and equipment 2,059 1,979 2,047
Accelerated depreciation on leasing assets 684 1,062 815
LIFO valuation of inventories 1,075 350 160
Capitalized product and software development 951 1,071 1,350
Untaxed reserves 564 688 126
Other taxable temporary differences 1,329 1,119 1,058
6,662 6,269 5,556
Deferred tax assets, net 16,699 6,259 4,592
1 Deferred taxes are partially recognized in the balance sheet on a net basis after taking into account offsetting possibilities.
Note 10Minority interests
Note 11 Intangible and tangible assets
Minority interests in net income (loss) and in shareholders’ equity consisted mainly of the minority interests in Volvo Aero Norge AS (22%), in
Volvo Aero Services LP (5%) and Wuxi da Hao Power Co, Ltd (30%).
Value in Value in Value in
balance balance Acquired and Reclassi- balance
sheet sheet Capital Sales/ divested Translation fications sheet
Acquisition costs 2002 2003 expenditures scrapping operations 4differences and other 2004
Goodwill 14,787 14,977 – (17) (473) (239) (64) 14,184
Entrance fees, aircraft
engine programs 2,116 2,221 483 – – – 54 2,758
Product and software development 3,949 4,892 1,714 – – (38) 1 6,569
Other intangible assets 2,122 1,596 90 (27) 35 (15) 55 1,734
Total intangible assets 22,974 23,686 2,287 (44) (438) (292) 46 25,245
Buildings 16,688 16,820 983 (297) 188 (261) (505) 16,928
Land and land improvements 4,169 4,124 37 (113) 23 (27) (56) 3,988
Machinery and equipment 138,425 40,107 3,370 (1,608) (256) (679) (1,404) 39,530
Construction in progress
including advance payments 2,111 1,811 1,400 (6) – (53) (717) 2,435
Total property, plant and equipment 61,393 62,862 5,790 (2,024) (45) (1,020) (2,682) 62,881
Assets under operating leases 39,367 34,354 4,406 (3,893) 144 (948) (3,064) 30,999
Total tangible assets 100,760 97,216 10,196 (5,917) 99 (1,968) (5,746) 93,880
1 Machinery and equipment pertains mainly to production equipment.