Nikon 2002 Annual Report Download - page 31

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29
Thousands of
Millions of Yen U.S. Dollars
2002 2001 2002
Deferred tax assets:
Inventories write down ¥10,913 ¥16,581 $81,895
Warranty reserve 2,465 2,120 18,498
Liability for employees' retirement benefits 9,207 5,433 69,097
Depreciation and amortization 9,635 7,927 72,303
Net operating loss carryforwards 2,019 46 15,157
Other 5,522 10,120 41,443
Total ¥39,761 ¥42,227 $298,393
Deferred tax liabilities:
Deferred gains on sales of property to be replaced 3,402 2,468 25,532
Unrealized gain on available-for-sale securities 781 3,414 5,864
Undistributed earnings of foreign subsidiaries 2,569 2,545 19,281
Other 3,254 1,974 24,418
Total ¥10,006 ¥10,401 $75,095
Net deferred tax assets ¥29,755 ¥31,826 $223,298
A valuation allowance of ¥1,489 million ($11,175 thousand) in 2002 and ¥2,764 million in 2001 were deducted from the amounts calculated
above, respectively.
A reconciliation between the normal effective statutory tax rate for the fiscal years ended March 31, 2002 and 2001, and the actual effective
tax rates reflected in the consolidated statements of income were as follows:
Year ended March 31,
2002 2001
Normal statutory tax rate 42% 42%
Consolidation adjustment on unrealizable profits in inventories 238.8 (16.7 )
Undistributed earnings of associated companies 8.5
Dividends from foreign subsidiaries not applicable to foreign tax credits 53.5 1.5
Tax rate differences in foreign subsidiaries (26.1 ) (4.4 )
Other-net 9.7 (1.1 )
Actual effective tax rate 317.9% 29.8%
11. RESEARCH AND DEVELOPMENT COSTS
Research and development costs incurred were ¥27,313 million ($204,977 thousand) and ¥22,794 million for the fiscal years ended March 31,
2002 and 2001, respectively.
12. LEASE PAYMENTS
Total lease payments under financing lease arrangements that do not transfer ownership of the leased property to the Company and its domestic
subsidiaries were ¥3,533 million ($26,518 thousand) and ¥3,492 million for the fiscal years ended March 31, 2002 and 2001, respectively.
The minimum rental commitments under noncancelable operating leases at March 31, 2002 and 2001 were as follows:
Thousands of
Millions of Yen U.S. Dollars
2002 2001 2002
Due within one year ¥1,231 ¥1,001 $9,240
Due after one year 2,448 1,645 18,367
Total ¥3,679 ¥2,646 $27,607