Ricoh 2009 Annual Report Download - page 54

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53 ANNUAL REPORT 2009
Net deferred tax assets as of March 31, 2008 and 2009 are included in the consolidated balance sheets as follows:
The Company and its domestic subsidiaries are subject to a National Corporate tax of 30%, an inhabitant tax of approximately 6% and a
deductible Enterprise tax approximately 8%, which in the aggregate resulted in the normal statutory tax rate of approximately 41%. The
normal statutory tax rate differs from the effective tax rate for the years ended March 31, 2007, 2008 and 2009 as a result of the following:
Nondeductible expenses include directors’ bonuses and entertainment expenses.
The tax effects of temporary differences and carryforwards giving rise to the consolidated deferred tax assets and liabilities as of March 31,
2008 and 2009 are as follows:
2007 2008
2009
Normal statutory tax rate
41% 41%
41%
Nondeductible expenses and tax-exempt income 0 1
1
Tax benefits not recognized on operating losses of certain consolidated subsidiaries
1 2
45
Utilization of net operating loss carryforward not previously recognized
(1) (3)
(8)
Tax credit for increased research and development expense
(3) (4)
(3)
Unrecognized tax benefits
– 3
13
Taxes on undistributed earnings of overseas subsidiaries
1 (1)
(8)
Prior period tax accrual adjustment
0 0
(5)
Other, net (2) (3)
(4)
Effective tax rate 37% 36%
72%
Thousands of
Millions of Yen U.S. Dollars
2008
2009 2009
Deferred tax assets:
Accrued expenses ¥ 24,263
¥ 23,830 $ 240,707
Property, plant and equipment
3,858
2,892 29,212
Accrued pension and severance costs
40,341
61,632 622,545
Net operating loss carryforwards
12,684
26,308 265,737
Other
23,193
23,713 239,525
¥104,339
¥138,375 $1,397,727
Less - Valuation allowance (10,661)
(24,172) (244,161)
Total deferred tax assets
¥ 93,678
¥114,203 $1,153,566
Thousands of
Millions of Yen U.S. Dollars
2008
2009 2009
Deferred tax liabilities:
Sales-type leases ¥ (6,555)
¥ (5,657) $ (57,141)
Undistributed earnings of foreign subsidiaries and affiliates
(20,664)
(11,574) (116,909)
Net unrealized holding gains on available for-sale securities
(333)
(278) (2,808)
Basis difference of acquired intangible assets
(10,498)
(24,194) (244,384)
Other
(7,673)
(7,151) (72,233)
Total deferred tax liabilities
¥(45,723)
¥(48,854) $(493,475)
Net deferred tax assets ¥ 47,955
¥ 65,349 $ 660,091
Thousands of
Millions of Yen U.S. Dollars
2008
2009 2009
Deferred income taxes and other (Current Assets)
¥ 41,581
¥ 43,774 $ 442,162
Lease deposits and other (Non-current Assets)
43,528
53,740 542,828
Accrued expenses and other (Current Liabilities)
(781)
(1,701) (17,182)
Deferred income taxes (Long-Term Liabilities)
(36,373)
(30,464) (307,717)
¥ 47,955
¥ 65,349 $ 660,091