Casio 2013 Annual Report Download - page 34

The annual maturities of lease obligations at March 31, 2013:
Year ending March 31 Millions of Yen
Thousands of
U.S. Dollars
2014 ¥623 $6,628
2015 480 5,106
2016 312 3,319
2017 150 1,596
2018 84 894
Thereafter 173 1,840
The lines of credit with the main financial institutions agreed as of March 31, 2013 and 2012:
Millions of Yen
Thousands of
U.S. Dollars
2013 2012 2013
Line of credit ¥57,450 ¥57,815 $611,170
Unused 57,450 57,815 611,170
9. Income Taxes
The following table summarizes the significant differences between statutory tax rate and the Group’s
actual income tax rate for financial statement purposes for the years ended March 31, 2013 and 2012.
2013 2012
Statutory tax rate —% 40.7%
Increase (reduction) in tax resulting from:
Nondeductible expenses (Entertainment, etc.) —11.2
Difference in statutory tax rate (included in foreign subsidiaries) —(150.2)
Valuation allowance —179.4
Equity in earnings or losses of affiliates —122.8
Impact of organizational restructuring —(816.3)
Decreasing adjustment in deferred tax assets at the year-end due
to statutory tax rate —292.9
Other —41.5
Actual income tax rate —% (278.0)%
Note: In the fiscal year ended March 31, 2013, the difference between the statutory tax rate and the actual income tax rate after application of
deferred tax accounting was negligible. Accordingly, disclosure has been omitted.
Significant components of deferred tax assets and liabilities as of March 31, 2013 and 2012:
Millions of Yen
Thousands of
U.S. Dollars
2013 2012 2013
Deferred tax assets:
Net operating loss carryforwards ¥ 26,609 ¥ 27,637 $ 283,075
Provision for retirement benefits and the related expenses 6,594 7,369 70,149
Accrued expenses (bonuses to employees) 1,939 1,888 20,628
Inventories 1,866 2,555 19,851
Property, plant and equipment 1,343 1,175 14,287
Other 5,554 9,460 59,085
Gross deferred tax assets 43,905 50,084 467,075
Valuation allowance (19,740) (22,171) (210,000)
Total deferred tax assets 24,165 27,913 257,075
Deferred tax liabilities:
Valuation difference on available-for-sale securities (2,226) (1,119) (23,681)
Unrealized holding gain (1,651) (1,651) (17,564)
Reserve for advanced depreciation of noncurrent assets (96) (104) (1,021)
Other (64) (62) (681)
Total deferred tax liabilities (4,037) (2,936) (42,947)
Net deferred tax assets ¥ 20,128 ¥ 24,977 $ 214,128
10. Provision for Retirement Benefits
Provision for retirement benefits at March 31, 2013 and 2012:
Millions of Yen
Thousands of
U.S. Dollars
2013 2012 2013
Projected benefit obligation ¥ 52,607 ¥ 77,051 $ 559,649
Less fair value of pension plan assets* (56,095) (47,142) (596,756)
Unrecognized actuarial differences (13,580) (23,899) (144,468)
Unrecognized prior service costs 17,196 5,285 182,936
Prepaid pension cost 2,572 —27,362
Provision for retirement benefits ¥ 2,700 ¥ 11,295 $ 28,723
* Including employee retirement benefit trust
Notes: 1. Certain subsidiaries have adopted the simplified method to calculate projected benefit obligation.
2. For 2013
The Company and its consolidated subsidiaries transferred part of the defined benefit plan to a defined contribution plan. The effect
of this transfer was as follows:
Decrease in projected benefit obligations ¥14,834 million $157,809 thousand
Unrecognized actuarial differences (4,578) (48,702)
Unrecognized prior service costs 985 10,479
Increase in prepaid pension cost ¥ 2,495 million $ 26,543 thousand
Decrease in provision for retirement benefits 8,746 93,043
Furthermore, the Company plans to transfer ¥10,856 million ($115,489 thousand) in assets to the defined contribution plan over a
period of 8 years from the fiscal year ended March 31, 2013. Untransferred assets of ¥8,836 million ($94,000 thousand) as of March
31, 2013 were recorded as accounts payable-other under current liabilities and other under noncurrent liabilities.
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