Casio 2000 Annual Report Download - page 33

31
Thousands of
Millions of yen U.S. dollars
20 0 0 1999 200 0
Future lease payments
Due within one year ¥ 61 ¥ 49 $ 575
Due over one year 129 119 1,217
Total ¥190 ¥168 $1,792
Total lease expenses ¥ 66 ¥ 37 $ 623
Total assumed depreciation cost ¥ 60 ¥ 34 $ 566
Total assumed interest cost ¥ 6 ¥ 3 $ 57
11. LEASE TRANSACTIONS
(1) Lessee
The amounts of outstanding future lease payments due at March 31, 2000 and 1999 and total lease expenses (including total as-
sumed depreciation cost and total assumed interest cost) as lessee for the years ended March 31, 2000 and 1999 were as follows:
9. EMPLOYEES’ SEVERANCE AND RETIREMENT BENEFITS
The annual contributions to the funded pension plan, which
consist of current period costs and amortization of prior ser-
vice costs and interest thereon over 20 years, are determined
by the actuarial method and charged to income when paid.
Charges with respect to severance and retirement benefits
included in costs and expenses were ¥2,446 million ($23,076
thousand) and ¥2,439 million for the years ended March 31,
2000 and 1999, respectively.
Significant components of deferred tax assets and liabilities as of March 31, 2000 and 1999 were as follows:
Thousands of
Millions of yen U.S. dollars
20 0 0 1999 200 0
Deferred tax assets:
Net operating loss carryforwards ¥(7,198 ¥15,197 $(67,906
Property, plant and equipment 2,870 2,829 27,075
Inventories 2,358 5,407 22,245
Allowance for doubtful accounts 1,525 1,377 14,387
Accrued expenses (Bonuses to employees) 1,318 —12,434
Other 3,838 3,098 36,208
Gross deferred tax assets 19,107 17,908 180,255
Valuation allowance (5,827) (4,812) (54,972)
Total deferred tax assets 13,280 13,096 125,283
Deferred tax liabilities:
Effect of valuation difference (2,913) —(27,481)
Property, plant and equipment (672) (656) (6,340)
Other (146) (145) (1,377)
Total deferred tax liabilities (3,731) (801) (35,198)
Net deferred tax assets ¥(9,549 ¥12,295 $(90,085
10. SHAREHOLDERS’ EQUITY
At the current conversion prices, 15,849 thousand shares of
common stock were issuable at March 31, 2000 upon full
conversion of the 1.9% convertible bonds.
In accordance with the Code, certain issues of shares of
common stock, including conversions of convertible bonds
and exercise of warrants, are required to be credited to the
common stock account to the extent of the greater of par
value or at least 50% of the proceeds. The remaining
amounts are credited to additional paid-in capital.
The maximum amount that the Company can distribute
as dividends is calculated based on the unconsolidated finan-
cial statements of the Company in accordance with the Code.
As a result, the retained earnings of the Company available
for cash dividends at March 31, 2000 subject to shareholders’
approval, amounted to ¥54,368 million ($512,906 thou-
sand).