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Annual Report 2013 45
Financial Section
In response to the issuance on December 2, 2011 of the “Act
regulating revision of part of the Income Tax Act and other re-
lated laws/regulations, in order to establish a taxation system
that reflects structural changes in the economy and society” and
the “Act regarding securing funds necessary for implementing
programs promoting recovery from the Great East Japan Earth-
quake,” the Company has changed the statutory tax rate used
for calculating the deferred tax assets and deferred tax liabilities
as of March 31, 2012 from 40.6% to 37.9% for revenue and
payments made between the forecast period of April 1, 2012
and March 31, 2015. Those on or after April 1, 2015 will both
be changed to 35.5%.
Due to this change, the net deferred tax assets decreased by
¥1,951 million and deferred gains (losses) on hedges decreased
by ¥256 million, while deferred income tax calculated for the
year ended March 31, 2012 increased by ¥2,054 million and
net unrealized holding gains (losses) on securities increased by
¥359 million.
Short-term borrowings including current portion of long-term debt as of March 31, 2011, 2012 and 2013 consisted of the following:
The weighted average interest rates of short-term borrowings as of March 31, 2011, 2012 and 2013 were 0.8%, 0.5% and 1.8%,
respectively.
Net deferred tax assets as of March 31, 2011, 2012 and 2013 were included in the consolidated balance sheets as follows:
5. Short-term Borrowings and Long-term Debt
Yen
(millions)
U.S. Dollars
(thousands)
2011 2012 2013 2013
Bank loans ¥ 104,522 ¥ 199,085 ¥ 610,254 $ 6,561,871
Commercial paper 139,766 351,000 — —
Current portion of long-term debt 43,042 47,912 313,859 3,374,828
¥ 287,330 ¥ 597,997 ¥ 924,113 $ 9,936,699
Yen
(millions)
U.S. Dollars
(thousands)
2011 2012 2013 2013
Deferred tax assets (Current Assets) ¥ 93,810 ¥ 90,394 ¥ 19,369 $ 208,269
Other assets (Investments and Other Assets) 101,259 11,421 11,571 124,419
Other current liabilities (6) (15) (343) (3,688)
Deferred tax liabilities (Long-term Liabilities) (11,600) (29,304) (14,044) (151,011)
Net deferred tax assets ¥ 183,463 ¥ 72,496 ¥ 16,553 $ 177,989