Isuzu 2002 Annual Report Download - page 26

ISUZU MOTORS LIMITED ANNUAL REPORT 2002
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The annual maturities of long-term debt at March 31,
2002 are as follows:
Millions of Thousands of
Yen U.S. Dollars
2003 . . . . . . . . . . . . . . . . . . . . . . . . . ¥89,637 $672,699
2004 . . . . . . . . . . . . . . . . . . . . . . . . . 61,804 463,823
2005 . . . . . . . . . . . . . . . . . . . . . . . . . 33,312 250,001
Thereafter . . . . . . . . . . . . . . . . . . . . 29,023 217,812
The assets pledged as collateral for certain loans and
other liabilities at March 31, 2002 were as follows:
Millions of Thousands of
Yen U.S. Dollars
Cash and time deposits . . . . . . . . . ¥13,155 $ 98,729
Notes and accounts receivable . . . 123,038 923,365
Inventories . . . . . . . . . . . . . . . . . . . . 13,029 97,782
Building and structures . . . . . . . . . 88,884 667,047
Machinery and equipment . . . . . . . 79,650 597,752
Land . . . . . . . . . . . . . . . . . . . . . . . . . 252,597 1,895,664
Securities . . . . . . . . . . . . . . . . . . . . . 22,533 169,107
Others . . . . . . . . . . . . . . . . . . . . . . . . 3,914 29,377
5. Retirement Benefits Obligation and Pension Plan
(1) Retirement benefits obligation as of March 31, 2002.
Millions of Thousands of
Yen U.S. Dollars
Projected benefits obligation at
end of the year . . . . . . . . . . . . . . . . ¥(200,007) $(1,500,991)
Fair value of plan assets . . . . . . . . . 71,397 535,814
Accrued retirement and severance
benefits on balance sheets . . . . . . 98,562 739,682
Net . . . . . . . . . . . . . . . . . . . . . . . . . . ¥(30,047) $ (225,493)
Unrecognized actuarial net loss . . . (31,182) 234,015
Unrecognized prior service cost . . 1,135 8,521
Total . . . . . . . . . . . . . . . . . . . . . . . . . ¥(30,047) $ (225,493)
(2) Retirement benefit cost for the year ended March 31,
2002.
Millions of Thousands of
Yen U.S. Dollars
Service cost . . . . . . . . . . . . . . . . . . . ¥11,535 $ 86,570
Interest cost on projected
benefit obligation . . . . . . . . . . . . . 5,522 41,443
Expected return on plan assets . . . (2,778) (20,853)
Amortization of actuarial
net loss (gain) . . . . . . . . . . . . . . . . 2,430 18,240
Amortization of prior service cost . . (574) (4,310)
Net periodic pension cost . . . . . . . . ¥16,135 $121,091
(3) Actuarial assumptions used to determine costs and
obligations for retirement.
2002
Discount rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.0%
Expected rate of return on plan assets . . . . . . . 1.5~5.5%
Recognition period of prior service cost . . . . . . 1 year
Amortization period of actuarial net loss (gain) . . 10 years
Amortization period of net obligation
arising from accounting changes . . . . . . . . . . 1 year
6. Income Taxes
Accrued income taxes in the balance sheets include cor-
poration taxes, inhabitant taxes and enterprise taxes.
Income taxes in the statements of operations
include corporation taxes and inhabitant taxes and
enterprise taxes.
The significant components of the Company’s
deferred tax assets and liabilities as of March 31, 2002
were as follows:
Millions of Thousands of
Yen U.S. Dollars
Deferred tax assets:
Retirement benefits . . . . . . . . . . . ¥ 33,806 $ 253,703
Loss from revaluation of
securities and allowance for
doubtful accounts . . . . . . . . . . . 39,372 295,478
Accrued expenses . . . . . . . . . . . . 6,237 46,811
Bonus payment reserve . . . . . . . 2,422 18,178
Inventory write-down . . . . . . . . . 1,229 9,228
Loss carried forward . . . . . . . . . . 51,587 387,151
Unrealized gain . . . . . . . . . . . . . . 10,329 77,517
Other . . . . . . . . . . . . . . . . . . . . . . . 29,529 221,608
Valuation allowance . . . . . . . . . . (93,986) (705,342)
Deferred tax liabilities
Reserve for deferred income
tax of fixed assets . . . . . . . . . (5,808) (43,591)
Depreciation adjustment of
foreign subsidiaries . . . . . . . . (18,870) (141,618)
Other . . . . . . . . . . . . . . . . . . . . . . . . (645) (4,845)
Total deferred tax assets . . . . . . . . ¥ 55,202 $ 414,279
Deferred tax liabilities:
Reserve for deferred income tax
of fixed assets . . . . . . . . . . . . . . 173 1,298
Depreciation adjustment of
foreign subsidiaries . . . . . . . . . . 2,952 22,156
Other . . . . . . . . . . . . . . . . . . . . . . . 1,436 10,784
Total deferred tax liabilities . . . . . . ¥4,562 $ 34,239
7. Common Stock and Capital Surplus
During the fiscal year ended March 31, 2002, the Com-
pany issued no shares of common stock in connection
with conversion of convertible bonds.