Pioneer 2016 Annual Report Download - page 45

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New tax reform laws enacted in 2016 in Japan changed the normal effective statutory tax rate for the fiscal year
beginning on or after April 1, 2016, from approximately 33% to approximately 31%. The effect of these changes
was immaterial.
Net deferred tax assets as of March 31, 2016 and 2015, were included in the following accounts:
Millions of Yen
Thousands of
U.S. Dollars
2016 2015 2016
Current assets:
Deferred tax assets ¥4,027 ¥4,563 $35,637
Investments and other assets:
Deferred tax assets 1,159 2,049 10,257
Long-term liabilities:
Other long-term liabilities ¥ (997) ¥ (781) $ (8,823)
11. Research and Development Costs
14. Gain on Business Transfer
Research and development costs charged to income were ¥24,804 million ($219,504 thousand) and ¥28,196 million
for the years ended March 31, 2016 and 2015, respectively.
Gain on business transfer for the years ended March 31, 2016 and 2015, was due to the transfer of the Group’s
business relating to development, manufacturing and sale of DJ equipment.
12. Leases
The Group leases certain machinery and equipment, office space, warehouses and computer equipment.
The minimum rental commitments under noncancellable operating leases as of March 31, 2016 and 2015, were
as follows:
Millions of Yen
Thousands of
U.S. Dollars
2016 2015 2016
Operating leases:
Due within one year ¥1,453 ¥1,621 $12,858
Due over one year 2,374 3,050 21,009
Total ¥3,827 ¥4,671 $33,867
13. Restructuring Costs
Restructuring costs for the years ended March 31, 2016 and 2015, were mainly for additional retirement benefits for
an early retirement incentive plan.
43
Pioneer Corporation Annual Report 2016