Fujitsu 2014 Annual Report Download - page 150
Download and view the complete annual report
Please find page 150 of the 2014 Fujitsu annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140 -
141 -
142 -
143 -
144 -
145 -
146 -
147 -
148 -
149 -
150 -
151 -
152 -
153 -
154 -
155 -
156 -
157 -
158 -
159 -
160 -
161
-
162
-
163
-
164
-
165
-
166
-
167
-
168
 |
 |
The reconciliations between the statutory income tax rates and the effective income tax rates for the years ended March 31, 2013
and 2014 are as follows:
Years ended March 31 2013 2014
Statutory income tax rates 37.9% 37.9%
Increase (Decrease) in tax rates:
Decrease in deferred tax assets in accordance with changes in tax rate — 4.7%
Amortization and impairment loss of goodwill (28.1%) 4.0%
Tax credit 6.3% (3.8%)
Non-deductible expenses for tax purposes (5.6%) 3.3%
Tax effect on equity in earnings of affiliates, net 4.9% (2.6%)
Non-taxable income 1.6% (0.9%)
Valuation allowance for deferred tax assets (59.7%) (0.8%)
Other (3.8%) (1.9%)
Effective income tax rates (46.5%) 39.9%
The significant components of deferred tax assets and liabilities at March 31, 2013 and 2014 are as follows:
Yen
(millions)
U.S. Dollars
(thousands)
At March 31 2013 2014 2014
Deferred tax assets:
Net defined benefit liability ¥ 163,277 ¥ 236,351 $ 2,294,670
Tax loss carryforwards 168,947 185,716 1,803,068
Excess of depreciation and amortization and impairment loss, etc. 57,949 55,092 534,874
Accrued bonus 40,164 40,887 396,961
Inventories 25,751 27,579 267,757
Intercompany profit on inventories and property, plant and equipment 6,039 5,636 54,718
Loss on revaluation of investment securities 4,845 5,535 53,738
Provision for product warranties 8,026 5,318 51,631
Provision for loss on repurchase of computers 4,555 4,188 40,660
Other 65,774 70,172 681,282
Gross deferred tax assets 545,327 636,474 6,179,359
Less: Valuation allowance (311,301) (337,320) (3,274,951)
Total deferred tax assets 234,026 299,154 2,904,408
Deferred tax liabilities:
Gains from establishment of stock holding trust for retirement benefit plan ¥ (96,860) ¥ (96,887) $ (940,650)
Unrealized gains on securities (13,551) (19,810) (192,330)
Tax allowable reserves (734) (165) (1,602)
Other (7,679) (8,322) (80,796)
Total deferred tax liabilities (118,824) (125,184) (1,215,379)
Net deferred tax assets ¥ 115,202 ¥ 173,970 $ 1,689,029
As described in “1. Significant Accounting Policies,” from the beginning of the year ended March 31, 2014, the Company’s consolidated
subsidiaries outside Japan have applied IAS 19 “Employee Benefits” (issued June 16, 2011). These changes in accounting policies are
applied retrospectively, and the consolidated financial statements for the year ended March 31, 2013 reflect this retrospective application.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
148 FUJITSU LIMITED ANNUAL REPORT 2014