Nikon 2000 Annual Report Download - page 25

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23
A reconciliation between the normal effective statutory tax rate for the year ended March 31, 2000 and 1999, and the actual effective tax
rates reflected in the consolidated statements of operation were as follows:
Year ended March 31,
2000 1999
Normal statutory tax rate 42% 48%
Nontaxable consolidated adjustment 13.9 (25)
Valuation allowance change (26.1) (9.1)
Effect of tax rate reduction (5.0)
Other-net 2.5 (4.4)
Actual effective tax rate 32.3% 4.5%
8. RESEARCH AND DEVELOPMENT COSTS
Research and development costs incurred were ¥ 17,798 million ( $ 167,667 thousand ) and ¥ 18,729 million for the years ended March 31, 2000
and 1999, respectively.
9. LEASE PAYMENTS
Total lease payments under financing lease arrangements that do not transfer ownership of the leased property to the Company and its domes-
tic subsidiaries were ¥ 3,479 million ( $ 32,773 thousand ) and ¥4,735 million for the years ended March 31, 2000 and 1999, respectively.
Pro forma information of leased property such as acquisition cost, accumulated depreciation, obligation under finance lease, and deprecia-
tion expense of finance leases that do not transfer ownership of the leased property to the leasee on an “as if capitalized” basis for the years
ended March 31, 2000 and 1999 were as follows:
Millions of Yen Thousands of U.S. Dollars
2000 2000
Machinery Furniture Machinery Furniture
and and and and
Equipment Fixtures Total Equipment Fixtures Total
Acquisition cost ¥ 6,002 ¥ 9,036 ¥15,038 $56,544 $85,122 $141,666
Accumulated depreciation 2,815 4,974 7,789 26,524 46,852 73,376
Net leases property ¥ 3,187 ¥ 4,062 ¥ 7,249 $30,020 $38,270 $ 68,290
Millions of Yen
1999
Machinery Furniture
and and
Equipment Fixtures Total
Acquisition cost ¥10,854 ¥ 10,916 ¥21,770
Accumulated depreciation 5,375 5,240 10,615
Net leases property ¥ 5,479 ¥ 5,676 ¥11,155
Obligations under finance leases at March 31, 2000 and 1999 were as follows:
Thousands of
Millions of Yen U.S. Dollars
2000 1999 2000
Due within one year ¥ 2,811 ¥ 3,863 $ 26,478
Due after one year 4,438 7,292 41,812
¥ 7,249 ¥11,155 $ 68,290
The amount of obligations under finance leases includes the imputed interest expense portion.
Depreciation expense, which is not reflected in the accompanying consolidated statement of operations, computed by the straight-line
method, was ¥3,479 million ( $32,773 thousand ) and ¥4,735 million for the year ended March 31, 2000 and 1999, respectively.
The minimum rental commitments under noncancellable operating leases at March 31, 2000 and 1999 were as follows :
Thousands of
Millions of Yen U.S. Dollars
2000 1999 2000
Due within one year ¥ 732 ¥ 958 $ 6,896
Due after one year 1,034 1,368 9,744
¥ 1,766 ¥ 2,326 $ 16,640