Nikon 2004 Annual Report Download - page 35

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33
Year ended March 31,
A valuation allowance of ¥3,228 million ($30,546 thousand) in 2004 and ¥2,520 million in 2003 were deducted from the amounts
calculated above, respectively.
A reconciliation between the normal effective statutory tax rate for the fiscal years ended March 31, 2004 and 2003, and the actual
effective tax rates reflected in the consolidated statements of income were as follows:
Normal statutory tax rate
Consolidated adjustment on unrealizable profits in inventories
Dividends from foreign subsidiaries not applicable to foreign tax credits
Tax rate differences in foreign subsidiaries
Increase (decrease) in valuation allowance
Effect on tax levied based on paid-in capital
Other-net
Actual effective tax rate
2003
42%
11.6
(14.4)
4.4
(12.2)
(0.6)
(4.0)
26.8%
2004
42%
10.3
6.1
5.3
5.2
5.5
74.4%
11. RESEARCH AND DEVELOPMENT COSTS
Research and development costs incurred were ¥30,165 million ($285,413 thousand) and ¥27,506 million for the fiscal years ended March 31,
2004 and 2003, respectively.
12. LEASE PAYMENTS
Total lease payments under financing lease arrangements that do not transfer ownership of the leased property to the Company and its domestic
subsidiaries were ¥2,519 million ($23,838 thousand) and ¥2,929 million for the fiscal years ended March 31, 2004 and 2003, respectively.
The minimum rental commitments under noncancelable operating leases at March 31, 2004 and 2003 were as follows:
Due within one year
Due after one year
Total
Thousands of
U.S. Dollars
2004
$10,507
18,623
$29,130
2003
¥1,230
2,676
¥3,906
2004
¥1,110
1,969
¥3,079
Millions of Yen
Pro forma information of leased property carried by finance leases that do not transfer ownership of the leased property to the lessee on
an “as if capitalized” basis as of and for the fiscal years ended March 31, 2004 and 2003 was as follows:
Acquisition cost
Accumulated depreciation
Net leased property
Total
$121,282
63,066
$58,216
Furniture
and
Fixtures
$59,686
33,963
$25,723
Machinery
and
Equipment
$61,596
29,103
$32,493
Thousands of U.S. Dollars
2004
Total
¥12,818
6,665
¥6,153
Furniture
and
Fixtures
¥6,308
3,589
¥2,719
Machinery
and
Equipment
¥6,510
3,076
¥3,434
Millions of Yen
2004
Acquisition cost
Accumulated depreciation
Net leased property
Total
¥14,215
7,450
¥6,765
Furniture
and
Fixtures
¥7,035
3,924
¥3,111
Machinery
and
Equipment
¥7,180
3,526
¥3,654
Millions of Yen
2003