Pioneer 2014 Annual Report Download - page 46

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New tax reform laws enacted in 2014 in Japan changed the normal effective statutory tax rate for the fiscal year
beginning on or after April 1, 2014 from 38% to 36%. The effect of this change was immaterial.
Net deferred tax assets as of March 31, 2014 and 2013, were included in the following accounts:
Millions of Yen
Thousands of
U.S. Dollars
2014 2013 2014
Current assets:
Deferred tax assets ¥ 4,542 ¥ 4,925 $ 44,097
Investments and other assets:
Deferred tax assets 5,697 5,728 55,311
Long-term liabilities:
Other long-term liabilities ¥(1,547) ¥(1,487) $(15,020)
10. Research and Development Costs
Research and development costs charged to income were ¥26,891 million ($261,078 thousand) and ¥33,671 million
for the years ended March 31, 2014 and 2013, respectively.
11. Leases
The Group leases certain land, machinery and equipment, office space, warehouses, computer equipment and
employees’ residential facilities.
The minimum rental commitments under noncancelable operating leases as of March 31, 2014 and 2013, were
as follows:
Millions of Yen
Thousands of
U.S. Dollars
2014 2013 2014
Operating leases: 　
Due within one year ¥1,602 ¥1,381 $15,553
Due over one year 3,547 2,999 34,437
Total ¥5,149 ¥4,380 $49,990
The Group recorded insurance proceeds, for which the
amounts were fixed, as insurance income for disaster
in the consolidated statement of operations for the
year ended March 31, 2014. They were ¥568 million
($5,515 thousand) on damaged property, plant and
equipment and inventories for its consolidated sub-
sidiaries resulting from the flooding that occurred in
Thailand during October 2011 and ¥62 million ($602
thousand) on damaged buildings and structures for
its consolidated subsidiaries resulting from the snow
disaster that occurred in Japan during February 2014.
The Group recorded insurance proceeds, for which
the amounts were fixed, on damaged property, plant
and equipment and inventories for its consolidated
subsidiaries which were damaged by the flooding that
occurred in Thailand during October 2011, as insur-
ance income for disaster in the consolidated statement
of operations for the year ended March 31, 2013.
12. Insurance Income for Disaster
13. Restructuring Costs
Restructuring costs for the year ended March 31, 2014, were mainly for the organization restructuring expenses of
foreign subsidiaries.
Restructuring costs for the year ended March 31, 2013, were mainly for the special termination benefits.
44 Pioneer Corporation
Annual Report 2014