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71
HOYA Annual Report 2009
No. 9
INCOME TAXES
The Company and its consolidated domestic subsidiaries are subject to Japanese national and local income taxes which, in the aggre-
gate, resulted in a normal effective statutory tax rate of approximately 40.4% for the years ended March 31, 2009, 2008 and 2007.
Significant components of deferred tax assets and liabilities as of March 31, 2009 and 2008 were as follows:
Millions of Yen
Thousands of
U.S. Dollars
2009 2008 2009
Current:
Deferred tax assets:
Inventories—loss on write-down ¥ 5,734 ¥ 5,120 $ 58,370
Accrued bonuses to employees 1,833 2,835 18,656
Additional retirement benefits paid to employees 1,310 —13,339
Loss carry forwards 1,039 —10,575
Inventories—intercompany unrealized profits 507 2,002 5,162
Accrued enterprise taxes 284 1,592 2,886
Accrued loss on remediation of soil pollution and others —601 —
Other 2,281 4,553 23,225
Less valuation allowance (1,864) (1,590) (18,971)
Total 11,124 15,113 113,242
Deferred tax liabilities:
Undistributed earnings of overseas subsidiaries and affiliated companies (2,482) (2,600) (25,267)
Other (2,273) (1,749) (23,140)
Total (4,755) (4,349) (48,407)
Net deferred tax assets ¥ 6,369 ¥10,764 $ 64,835
Non-Current:
Deferred tax assets:
Loss carry forwards ¥18,051 ¥20,161 $183,767
Asset adjustment account 13,699 20,012 139,459
Loss on impairment of long-lived assets 3,707 531 37,738
Unrealized gain on investment securities 3,607 2,569 36,720
Amortization of goodwill and property, plant and equipment 1,851 1,017 18,842
Allowance for doubtful receivables 548 131 5,581
Other 2,317 2,302 23,586
Less valuation allowance (6,345) (4,804) (64,597)
Total 37,435 41,919 381,096
Deferred tax liabilities:
Depreciation expense (222) (292) (2,259)
Reserves for deferred income taxes on fixed assets (171) (198) (1,746)
Reserves for special depreciation and other (154) (289) (1,565)
Other (245) (166) (2,493)
Total (792) (945) (8,063)
Net deferred tax assets ¥36,643 ¥40,974 $373,033