Pentax 2002 Annual Report Download - page 46

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44
shareholders at the general shareholders' meeting and dispose of such treasury stock by resolution of the Board of Directors
after March 31, 2002. The repurchased amount of treasury stock cannot exceed the amount available for future dividend plus
amount of stated capital, additional paid-in capital or legal reserve to be reduced in the case where such reduction was resolved
at the general shareholders’ meeting.
The Code permits companies to transfer a portion of additional paid-in capital and legal reserve to stated capital by resolu-
tion of the Board of Directors. The Code also permits companies to transfer a portion of unappropriated retained earnings,
available for dividends, to stated capital by resolution of the shareholders.
Dividends are approved by the shareholders at a meeting held subsequent to the fiscal year to which the dividends are
applicable. Semiannual interim dividends may also be paid upon resolution of the Board of Directors, subject to certain
limitations imposed by the Code.
Under the Code, the amount available for dividends is based on retained earnings as recorded on the Company’s books. At
March 31, 2002, retained earnings recorded on the Company’s books were ¥148,147 million ($1,113,887 thousand), which
are available for future dividends subject to approval of the shareholders and legal reserve requirements.
No»11 income taxes
The Company and its domestic subsidiaries are subject to Japanese national and local income taxes which, in the aggregate,
resulted in a normal effective statutory tax rate of approximately 41.7% for the years ended March 31, 2002, 2001 and 2000.
The tax effects of significant temporary differences which resulted in deferred tax assets and liabilities at March 31, 2002
and 2001 are as follows:
Thousands of
Millions of Yen U.S. Dollars
2002 2001 2002
Current:
Deferred tax assets:
Amortization of goodwill ¥1,266 ¥1,265 $ 9,519
Accrued bonuses to employees 1,090 870 8,195
Inventories-intercompany unrealized profits 921 1,068 6,925
Accrued enterprise taxes 351 737 2,639
Other 622 1,174 4,677
Total 4,250 5,114 31,955
Deferred tax liabilities:
Prepaid pension cost 518 487 3,895
Other 117 127 879
Total 635 614 4,774
Net deferred tax assets ¥3,615 ¥4,500 $27,181
Non-current:
Deferred tax assets:
Amortization of goodwill ¥2,910 ¥4,328 $21,880
Accrued retirement benefits 2,548 2,520 19,158
Devaluation of property, plant and equipment
and software 677 641 5,090
Allowance for doubtful receivables 247 626 1,857
Other 2,254 1,730 16,947
Total 8,636 9,845 64,932
Deferred tax liabilities:
Reserves for special depreciation and other 1,001 1,019 7,526
Other 224 171 1,684
Total 1,225 1,190 9,210
Net deferred tax assets ¥7,411 ¥8,655 $55,722