Casio 2005 Annual Report Download - page 32

30 CASIO COMPUTER CO., LTD.
The annual maturities of long-term debt at March 31, 2005 were as follows:
Thousands of
Year ending March 31 Millions of Yen U.S. Dollars
2006 .......................................................................................................... ¥39,655 $370,607
2007 .......................................................................................................... 20,705 193,505
2008 .......................................................................................................... 32,000 299,065
2009 .......................................................................................................... 25,500 238,318
2010 .......................................................................................................... 10,500 98,131
Thereafter .................................................................................................. 25,450 237,850
The line of credit with the main financial institutions agreed as of March 31, 2005 and 2004 was as follows:
Thousands of
Millions of Yen U.S. Dollars
2005 2004 2005
Line of credit .............................................................................................. ¥60,300 ¥59,010 $563,551
Unused....................................................................................................... 60,300 59,010 563,551
8. INCOME TAXES
The Company and consolidated domestic subsidiaries used the statutory income tax rate of 40.7% for calculation of deferred
income tax assets and liabilities at March 31, 2005 and 2004.
The following table summarizes the significant differences between statutory tax rate and the Group’s tax rate for financial
statement purposes for the years ended March 31, 2005 and 2004:
2005 2004
Statutory tax rate .............................................................................................................................. 40.7% 42.1%
Increase (Reduction) in tax resulting from:
Nondeductible expenses (Entertainment, etc.).............................................................................. 0.4 0.6
Nontaxable income (Dividends received deduction, etc.) .............................................................. (1.2) (1.2)
Difference in statutory tax rate (included in foreign subsidiaries) .................................................. (1.3) (1.7)
Income tax credits........................................................................................................................ (5.6) —
Inhabitants’ per capita taxes and other ....................................................................................... —0.5
Effect of change in statutory tax rate ........................................................................................... —1.2
Prior periods adjustment of income tax ........................................................................................ —(5.5)
Other........................................................................................................................................... (1.5) (1.2)
Effective tax rate ............................................................................................................................... 31.5% 34.8%
Significant components of deferred tax assets and liabilities as of March 31, 2005 and 2004 were as follows:
Thousands of
Millions of Yen U.S. Dollars
2005 2004 2005
Deferred tax assets:
Employees’ severance and retirement benefits ....................................... ¥6,015 ¥5,738 $56,215
Inventories............................................................................................. 3,444 2,459 32,187
Accrued expenses (bonuses to employees)............................................. 2,972 2,764 27,776
Property, plant and equipment .............................................................. 1,705 1,113 15,934
Intangible fixed assets............................................................................ 1,549 —14,476
Net operating loss carryforwards ........................................................... —3,413 —
Other .................................................................................................... 11,070 10,754 103,458
Gross deferred tax assets ............................................................................ 26,755 26,241 250,046
Valuation allowance ................................................................................... (1,872) (3,305) (17,495)
Total deferred tax assets ........................................................................ 24,883 22,936 232,551
Deferred tax liabilities:
Unrealized holding gains on securities ................................................... (2,402) (2,192) (22,449)
Effect of valuation difference................................................................. (1,878) (1,878) (17,551)
Property, plant and equipment .............................................................. (283) (331) (2,645)
Other .................................................................................................... (181) (125) (1,691)
Total deferred tax liabilities .................................................................... (4,744) (4,526) (44,336)
Net deferred tax assets .......................................................................... ¥20,139 ¥18,410 $188,215