Yamaha 2002 Annual Report Download - page 32

Yamaha Corporation Annual Report 2002 Notes to Consolidated Financial Statements
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The assets pledged as collateral for long-term debt and certain other current liabilities at March 31, 2002 were as
follows:
Thousands of
Millions of Yen U.S. Dollars
Bank deposits ....................................................................................................................................... ¥ 30 $ 225
Marketable securities ........................................................................................................................... 60 450
Property, plant and equipment, net of accumulated depreciation ......................................................... 13,651 102,447
Investment securities............................................................................................................................ 2,423 18,184
............................................................................................................................................................. ¥16,165 $121,313
The aggregate annual maturities of long-term debt subsequent to March 31, 2002 are summarized as follows:
Thousands of
Year ending March 31, Millions of Yen U.S. Dollars
2003 ..................................................................................................................................................... ¥ 4,363 $ 32,743
2004 ..................................................................................................................................................... 34,762 260,878
2005 ..................................................................................................................................................... 3,728 27,977
2006 ..................................................................................................................................................... 1,019 7,647
2007 and thereafter .............................................................................................................................. 4,423 33,193
............................................................................................................................................................. ¥48,295 $362,439
6. OTHER INCOME (EXPENSES)
The components of “Other, net” in “Other income (expenses)” for the years ended March 31, 2002 and 2001 were
as follows:
Thousands of
Millions of Yen U.S. Dollars
2002 2001 2002
Loss on foreign exchange......................................................................................................... ¥ (352) ¥ (879) $(2,642)
Additional retirement benefits................................................................................................. (1,061) — (7,962)
Other, net ................................................................................................................................ 1,079 1,299 8,098
................................................................................................................................................ ¥ (334) ¥ 420 $(2,507)
7. INCOME TAXES
Income taxes applicable to the Company and its domestic subsidiaries comprised corporation tax, inhabitants’ taxes
and enterprise tax which, in the aggregate, resulted in a statutory tax rate of approximately 41% for the years ended
March 31, 2002 and 2001. Income taxes of the foreign subsidiaries are based generally on the tax rates applicable in
their countries of incorporation.
The major components of deferred tax assets and liabilities as of March 31, 2002 and 2001 are summarized
as follows:
Thousands of
Millions of Yen U.S. Dollars
2002 2001 2002
Deferred tax assets:
Write-downs of inventories................................................................................................ ¥ 1,880¥1,806 $ 14,109
Allowance for doubtful receivables ................................................................................... 1,188 1,245 8,916
Depreciation...................................................................................................................... 9,336 8,551 70,064
Unrealized loss on investment securities........................................................................... 7,447 1,245 55,887
Accrued employees’ bonuses ............................................................................................ 2,629 2,625 19,730
Warranty reserve............................................................................................................... 971 1,006 7,287
Retirement benefits and long-term accounts payable—other............................................ 20,569 25,092 154,364
Tax loss carried forward .................................................................................................... 19,667 14,606 147,595
Other................................................................................................................................. 8,808 5,779 66,101
.............................................................................................................................................. 72,499 61,960 544,083
Valuation allowance.......................................................................................................... (33,682) (21,198) (252,773)
Total deferred tax assets........................................................................................................ 38,816 40,761 291,302
Deferred tax liabilities:
Reserve for deferred gain on properties............................................................................. (1,693) (1,476) (12,705)
Unrealized gain on securities ............................................................................................ (589) — (4,420)
Other................................................................................................................................. (1,199) (1,499) (8,998)
Total deferred tax liabilities ..................................................................................................(3,481) (2,975) (26,124)
Net deferred tax assets .......................................................................................................... ¥35,335 ¥37,785 $265,178