Nikon 2013 Annual Report Download - page 50

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48
10. Selling, General and Administrative Expenses
Selling, general and administrative expenses for the fiscal years ended March 31, 2012 and 2013 principally consisted of
the following:
Millions of Yen
Thousands of
U.S. Dollars
2012 2013 2013
Advertising expenses ¥74,389 ¥83,815 $891,178
Provision for doubtful receivables 35 (461) (4,904)
Provision of warranty costs 2,967 4,212 44,784
Employees’ salaries 30,479 32,855 349,339
Net periodic retirement benefit costs 3,520 2,357 25,057
Employees’ bonuses and others 16,583 17,682 188,003
Research and development costs 68,701 76,497 813,364
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% and 38.0% for the fiscal years ended March 31, 2012
and 2013.
The tax effects of significant temporary differences and tax loss carryforwards, which result in deferred tax assets and liabilities
at March 31, 2012 and 2013, were as follows:
Millions of Yen
Thousands of
U.S. Dollars
2012 2013 2013
Deferred tax assets:
Write-down of inventories ¥33,873 ¥33,433 $355,480
Warranty reserve 2,051 6,590 70,073
Liability for employees’ retirement benefits 3,860 232 2,463
Depreciation and amortization 15,487 16,560 176,078
Accrued bonuses 4,117 3,654 38,853
Other 11,701 6,096 64,816
Total ¥71,089 ¥66,565 $707,763
Deferred tax liabilities:
Deferred gains on sales of property replaced ¥ 2,878 ¥ 2,730 $ 29,031
Unrealized gain on available-for-sale securities 3,816 40,571
Undistributed earnings of foreign subsidiaries 6,604 8,272 87,951
Other 1,424 2,022 21,500
Total ¥10,906 ¥16,840 $179,053
Net deferred tax assets ¥60,183 ¥49,725 $528,710
A valuation allowance of ¥3,797 million in 2012 and ¥4,660 million ($49,553 thousand) in 2013 was deducted from the amounts
calculated above.