Ricoh 2003 Annual Report Download - page 43

41
Thousands of
U.S. dollars
2 0 0 3
$239,474
476,441
$715,915
Borrowings, principally from banks
Commercial paper
Millions of yen
2 0 0 3
¥ 2 8 ,2 5 8
5 6 ,2 2 0
¥ 8 4 ,4 7 8
¥103,784
57,310
¥161,094
2002
Weighted average
interest rate
2003
1 .8 %
0 .9
1.3%
1.5
2002
Deferred income taxes and other ( Current Assets)
Lease deposits and other ( Non-Current Assets)
Accrued expenses and other ( Current Liabilities)
Deferred income taxes ( Long-Term Liabilities)
Thousands of
U.S. dollars
2 0 0 3
Millions of yen
2 0 0 3
2002
$ 355,873
840,712
(2,043)
(259,771)
$ 934,771
¥ 4 1 ,9 9 3
9 9 ,2 0 4
(241)
(30,653)
¥110,303
¥ 35,508
59,732
(561)
( 30,592)
¥ 64,087
Assets:
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 3
$ 2 2 1 ,8 9 8
3 4 ,0 1 7
7 1 3 ,8 1 4
1 1 7 ,2 8 0
2 6 6 ,6 1 0
1 ,3 5 3 ,6 1 9
( 7 7 ,9 0 7 )
$1 ,2 7 5 ,7 1 2
$ ( 6 0 ,2 7 1 )
( 1 0 8 ,4 8 3 )
( 7 5 ,9 0 7 )
( 9 6 ,2 8 0 )
$ ( 3 4 0 ,9 4 1 )
$ 9 3 4 ,7 7 1
Millions of yen
2003
2002
¥ 17,866
4,640
41,523
19,080
28,222
111,331
( 11,300)
¥100,031
¥ ( 4,964)
( 12,291)
( 8,932)
( 9,757)
¥ ( 35,944)
¥ 64,087
¥ 2 6 ,1 8 4
4 ,0 1 4
8 4 ,2 3 0
1 3 ,8 3 9
3 1 ,4 6 0
1 5 9 ,7 2 7
( 9 ,1 9 3 )
¥150,534
¥ ( 7 ,1 1 2 )
( 1 2 ,8 0 1 )
( 8 ,9 5 7 )
( 1 1 ,3 6 1 )
¥ ( 4 0 ,2 3 1 )
¥110,303
Net deferred tax assets as of March 31, 2002 and 2003 are included in the consolidated balance sheets as follows:
The net changes in the total valuation allowance for the years ended March
31, 2001, 2002 and 2003 were increases of ¥246 million and ¥2,897 million and a
decrease of ¥2,107 m illion ( $17,856 thousand) , respectively.
In assessing the realizability of deferred tax assets, Ricoh considers whether it
is more likely than not that som e portion or all of the deferred tax assets will not
be realized. The ultimate realization of deferred tax assets is dependent upon the
generation of future taxable income during the periods in which those tem porary
differences becom e deductible. Ricoh considers the scheduled reversal of deferred
tax liabilities, proj ected future taxable income, and tax planning strategies in
making this assessment. Based upon the level of historical taxable incom e and
projections for future taxable incom e over the periods in which the deferred tax
assets are deductible, Ricoh believes it is m ore likely than not that the benefits of
these deductible differences, net of the existing valuation allowance will be real-
ized. The am ount of the deferred tax asset considered realizable, however, would
be reduced if estim ates of future taxable income during the carryforward period
are reduced.
As of March 31, 2003, certain subsidiaries had net operating losses carried
forward for income tax purposes of approxim ately ¥36,434 million ( $308,763
thousand) which were available to reduce future incom e taxes, if any. Approxi-
mately ¥26,225 m illion ( $222,246 thousand) of the operating losses expire within
a five-year period while the remainder principally have an indefinite carryforward
period.
Short-term borrowings as of March 31, 2002 and 2003 consist of the following:
9 . SHORT-TERM BORROWINGS AND TRADE NOTES RECEIVABLE DISCOUNTED WITH BANKS