Omron 2005 Annual Report Download - page 69

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67
Inventory valuation ............................................................................................................................
Accrued bonuses and vacations .......................................................................................................
Termination and retirement benefits.................................................................................................
Enterprise taxes.................................................................................................................................
Intercompany profits .........................................................................................................................
Marketable securities ........................................................................................................................
Property, plant and equipment..........................................................................................................
Allowance for doubtful receivables...................................................................................................
Minimum pension liability adjustment ..............................................................................................
Other temporary differences.............................................................................................................
Tax credit carryforwards....................................................................................................................
Operating loss carryforwards............................................................................................................
Subtotal..............................................................................................................................................
Valuation allowance...........................................................................................................................
Total ...............................................................................................................................................
2005
Thousands of U.S. dollars
Deferred
tax liabilities
$—
—
—
—
—
74,336
—
393
—
35,645
—
—
110,374
—
$110,374
Deferred
tax assets
$25,561
48,654
88,720
12,421
26,075
—
13,178
28,084
272,533
114,645
41,224
44,056
715,151
(67,925)
$647,226
The total valuation allowance increased by ¥150 million ($1,402
thousand) in 2005 and decreased by ¥1,230 million and ¥1,226
million in 2004 and 2003, respectively.
As of March 31, 2005, the Company and certain subsidiaries
had operating loss carryforwards approximating ¥12,505 million
($116,869 thousand) available for reduction of future taxable
income, the majority of which expire by 2010.
The Company has not provided for Japanese income taxes
on unremitted earnings of certain subsidiaries to the extent that
they are believed to be indefinitely reinvested. The unremitted
earnings of the foreign subsidiaries which are considered to be
indefinitely reinvested and for which Japanese income taxes have
not been provided were ¥54,813 million ($512,271 thousand) and
¥47,638 million at March 31, 2005 and 2004, respectively.
Dividends received from domestic subsidiaries are expected to
be substantially free of tax.
2005
20032004
2005
Net sales.......................................................................................
Total assets ..................................................................................
$ 2,065,056
$ 1,663,907
Millions of yen Thousands of
U.S. dollars
¥ 194,498
¥ 158,300
¥ 208,540
¥ 162,630
¥ 220,961
¥ 178,038
12. Foreign Operations
Net sales and total assets of foreign subsidiaries for the years ended March 31, 2005, 2004 and 2003 were as follows: