Nikon 2010 Annual Report Download - page 46

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44
10. Selling, General and Administrative Expenses
Selling, general and administrative expenses for the fi scal years ended March 31, 2010 and 2009 principally consisted of the following:
Millions of Yen
Thousands of
U.S. Dollars
2010 2009 2010
Advertising expenses ¥63,067 ¥74,891 $677,851
Provision for doubtful receivables 916 4,868 9,851
Provision of warranty costs 5,553 5,833 59,679
Employees’ salaries 31,984 32,483 343,771
Net periodic retirement benefi t cost 4,456 3,354 47,891
Employees’ bonuses and others 13,142 14,851 141,246
Research and development costs 60,261 61,489 647,689
11. Income Taxes
The Company and its domestic subsidiaries are subject to Japanese national and local income taxes which, in the aggregate, resulted in a normal
effective statutory tax rate of approximately 40.6% for the fi scal years ended March 31, 2010 and 2009.
The tax effects of signifi cant temporary differences and loss carry-forwards which result in deferred tax assets and liabilities at March 31, 2010
and 2009, were as follows:
Millions of Yen
Thousands of
U.S. Dollars
2010 2009 2010
Deferred tax assets:
Write-down of inventories ¥34,434 ¥24,869 $370,099
Warranty reserve 1,855 1,961 19,938
Liability for employees’ retirement benefi ts 9,756 8,128 104,858
Depreciation and amortization 14,802 17,592 159,092
Unrealized loss on available-for-sale securities 2,512
Accrued bonus 3,539 2,801 38,038
Other 13,985 7,529 150,321
Total ¥78,371 ¥65,392 $842,346
Deferred tax liabilities:
Deferred gains on sales of property to be replaced 3,874 4,315 41,642
Unrealized gain on available-for-sale securities 1,790 19,238
Undistributed earnings of foreign subsidiaries 4,803 3,858 51,628
Other 1,464 1,254 15,735
Total ¥11,931 ¥ 9,427 $128,243
Net deferred tax assets ¥66,440 ¥55,965 $714,103
A valuation allowance of ¥4,438 million ($44,702 thousand) in 2010 and ¥3,085 million in 2009 were deducted from the amounts calculated above,
respectively.