Ricoh 2002 Annual Report Download - page 44

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Short-term borrowings as of March 31, 2001 and 2002 consist of the following:
Thousands of
U.S. dollars
2 0 0 2
$ 7 8 0 ,3 3 1
4 3 0 ,9 0 2
$ 1 ,2 1 1 ,2 3 3
9 . SHORT-TERM BORROWINGS AND TRADE NOTES RECEIVABLE DISCOUNTED WITH BANKS
Borrowings, principally from banks
Comm ercial paper
Millions of yen
2 0 0 2
¥103,784
5 7 ,3 1 0
¥161,094
¥131,902
63,868
¥195,770
2001
Weighted average
interest rate
2002
1 .3 %
1 .5
3.3%
2.2
nancial institutions regarding line of credit and overdrawing, and hold the issuing
program s of com mercial paper and medium -term notes. The unused lines of cred-
it am ounted to ¥527,925 million and ¥580,785 million ( $4,366,805 thousand) as
of March 31, 2001 and 2002, respectively, of which ¥323,101 million and ¥342,045
million ( $2,571,767 thousand) related to com m ercial paper and m edium-term
notes program s at prevailing interest rates.
The Company and certain of its subsidiaries regularly discount trade notes receiv-
able on a full recourse basis with banks. These trade notes receivable discounted
are contingent liabilities. The weighted average interest rates on these trade notes
receivable discounted were 4.8% as of March 31, 2001 and 2.8% as of March 31,
2002, respectively.
The Company and certain of its subsidiaries enter into the contracts with fi-
2001
Deferred incom e taxes ( Current Assets)
Lease deposits and other
Accrued expenses and other
Deferred incom e taxes ( Long-Term Liabilities)
Thousands of
U.S. dollars
2 0 0 2
Millions of yen
2 0 0 2
2001
$ 4 0 2 ,3 1 6
4 4 9 ,1 1 2
( 4 ,2 1 8 )
( 2 3 0 ,0 1 5 )
$ 6 1 7 ,1 9 5
¥ 5 3 ,5 0 8
5 9 ,7 3 2
( 5 6 1 )
( 3 0 ,5 9 2 )
¥ 8 2 ,0 8 7
¥ 54,306
37,361
( 416)
( 20,625)
¥ 70,626
Assets:
Intercompany profits and inventory write-downs
Accrued expenses
Depreciation
Accrued pension and severance costs
Net operating losses carryforward
Other
Less— Valuation allowance
Liabilities:
Sales-type leases
Undistributed earnings of foreign subsidiaries and affiliates
Net unrealized holding gains on available-for-sale securities
Other
Net deferred tax assets
Thousands of
U.S. dollars
2 0 0 2
$ 1 8 6 ,1 2 8
1 3 4 ,3 3 1
3 4 ,8 8 7
3 1 2 ,2 0 3
1 4 3 ,4 5 9
1 6 1 ,4 0 6
9 7 2 ,4 1 4
( 8 4 ,9 6 3 )
$ 8 8 7 ,4 5 1
$ ( 37 ,3 2 3 )
( 9 2 ,4 1 4 )
( 6 7 ,1 5 8 )
( 7 3 ,3 6 1 )
$ ( 2 7 0 ,2 5 6 )
$ 6 1 7 ,1 9 5
Millions of yen
2002
2001
¥ 25,247
19,993
3,570
31,230
14,439
11,826
106,305
( 8,403)
¥ 97,902
¥ ( 5,577)
( 9,626)
( 9,397)
( 2,676)
¥ ( 27,276)
¥ 70,626
¥ 2 4 ,7 5 5
1 7 ,8 6 6
4 ,6 4 0
4 1 ,5 2 3
1 9 ,0 8 0
2 1 ,4 6 7
1 2 9 ,3 3 1
( 1 1 ,3 0 0 )
¥118,031
¥ ( 4 ,9 6 4 )
( 1 2 ,2 9 1 )
( 8 ,9 3 2 )
( 9 ,7 5 7 )
¥ ( 3 5 ,9 4 4 )
¥ 8 2 ,0 8 7
Net deferred tax assets as of March 31, 2001 and 2002 are included in the consolidated balance sheets as follows:
The net changes in the total valuation allowance for the years ended March
31, 2000, 2001 and 2002 were a decrease of ¥114 m illion and increases of ¥246
million and ¥2,897 million ( $21,782 thousand) , respectively.
The valuation allowance was established to reduce the deferred tax assets to
the am ount that is expected to be realized. The valuation allowance principally
relates to the tax effects of net operating losses recorded by certain subsidiaries.
As of March 31, 2002, certain subsidiaries had net operating losses carried for-
ward for incom e tax purposes of approximately ¥53,146 million ( $399,594 thou-
sand) which were available to reduce future incom e taxes, if any. Approximately
¥25,019 m illion ( $188,113 thousand) of the operating losses expire within a five-
year period while the rem ainder principally have an indefinite carryforward period.