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[58] MITSUBISHI MOTORS CORPORATION Annual Report 2001
The significant components of deferred tax assets and liabilities as of March 31, 2001 and 2000 were as follows:
In thousands of
In millions of yen U.S. dollars
2001 2000 2001
Deferred tax assets:
Net operating loss carry forward ¥ 145,671 ¥113,247 $1,175,714
Accrued retirement benefits —8,858 —
Accrued allowance for retirement benefits 57,412 —463,374
Foreign income tax credit —8,631 —
Other temporary differences 102,074 28,766 823,842
Less valuation allowance on assets (109,507) (102,617) (883,834)
Total deferred tax assets 195,650 56,886 1,579,096
Deferred tax liabilities:
Reserves under Special Taxation Measures Law (20,158) (21,053) (162,696)
Differences between cost of investments and
underlying net equity at fair value (19,575) (19,575) (157,990)
Accelerated depreciation (20,657) (17,939) (166,723)
Other temporary differences (45,982) (1,878) (371,122)
Total deferred tax liabilities (106,375) (60,448) (858,555)
Net deferred tax assets (liabilities) ¥ 89,275 ¥(3,561) $ 720,541
Deferred tax assets and liabilities at March 31, 2001 and 2000 are included in the consolidated balance sheets as follows:
In thousands of
In millions of yen U.S. dollars
2001 2000 2001
Deferred income taxes ¥ 97,102 ¥19,637 $ 783,713
Long-term prepaid expenses and other 11,261 1,483 90,888
Other current liabilities (25) (30) (202)
Deferred tax liabilities (19,062) (24,651) (153,850)
Net deferred tax assets (liabilities) ¥ 89,275 ¥(3,561) $ 720,541