Mercedes 2001 Annual Report Download - page 95

Download and view the complete annual report

Please find page 95 of the 2001 Mercedes annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 130

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130

Net deferred income tax assets and liabilities in
the consolidated balance sheets are as follows:
3,010 425 2,436 1,576
(4,851) (4,761) (5,480) (4,938)
(1,841) (4,336) (3,044) (3,362)
Deferred tax assets
Deferred tax liabilities
Deferred tax
liabilities, net
Total
At December 31,
2001
Total thereof
non-
current
At December 31,
2000
thereof
non-
current
(in millions of €)
Expense (benefit) for income
taxes before extraordinary
items
Income tax expense of
extraordinary items
Income tax benefit from
changes in accounting
principles
Stockholders’ equity for
employee stock option
expense in excess of amounts
recognized for financial
purposes
Stockholders’ equity for items
in other comprehensive
income
(777) 1,999 4,533
–324 470
–(53) –
––(31)
(507) (338) (155)
(1,284) 1,932 4,817
1999
Year ended December 31,
20002001
(in millions of €)
DaimlerChrysler recorded deferred tax liabilities
for non-German withholding taxes of €371 million
(2000: €351 million) on €7,421 million (2000: €7,028
million) in cumulative undistributed earnings of non-
German subsidiaries and additional German tax of
€143 million (2000: €135 million) on the future payout
of these foreign dividends because the earnings are not
intended to be permanently reinvested in those opera-
tions.
The Group did not provide income taxes or non-
German withholding taxes on €13,899 million (2000:
€15,543 million) in cumulative earnings of non-German
subsidiaries because the earnings are intended to be in-
definitely reinvested in those operations. It is not prac-
ticable to estimate the amount of unrecognized deferred
tax liabilities for these undistributed foreign earnings.
Including the items charged or credited directly to
related components of stockholders’ equity and the ex-
pense (benefit) for income taxes of extraordinary items
and from changes in accounting principles, the expense
(benefit) for income taxes consists of the following:
10. Cumulative Effects of Changes in Accounting
Principles
Beneficial Interests in Securitized Financial Assets: Adop-
tion of EITF 99-20 - As of July 1, 2000, DaimlerChrysler
adopted EITF 99-20 which specifies, among other
things, how a transferor that retains an interest in a
securitization transaction, or an enterprise that pur-
chases a beneficial interest, should account for interest
income and impairment. The cumulative effect of adopt-
ing EITF 99-20 was a charge of €99 million (net of
income tax benefits of €58 million).
Derivative Financial Instruments and Hedging
Activities: Adoption of SFAS 133 and SFAS 138 -
DaimlerChrysler elected to adopt SFAS 133 on January
1, 2000. Upon adoption of this Statement,
DaimlerChrysler recorded a net transition adjustment
gain of €12 million (net of income tax expense of €5
million) in the statement of income (loss) and a net
transition adjustment loss of €349 million (net of in-
come tax benefit of €367 million) in accumulated other
comprehensive income. Adoption of SFAS 138 did not
have an impact on the Group’s consolidated statement
of income (loss).
Notes to Consolidated Statements of Income (Loss) 91