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Annual Report 2014 49
Financial Section
According to the promulgation of “The Act for Partial Amend-
ment of the Income Tax Act, etc,” (Act No. 10 of 2014) on
March 31, 2014, the special corporate tax for reconstruction is
not imposed from the fiscal year which starts from April 1, 2014.
By this promulgation, the effective tax rate which the Company
used for the calculation of deferred tax assets and deferred
tax liabilities that are expected to be settled in FY2014 has been
changed from 37.9% to 35.5%. This change had an immaterial
impact on financial statements for the year ended March 31, 2014.
Short-term borrowings including current portion of long-term debt as of March 31, 2012, 2013 and 2014 consisted of the following:
The weighted average interest rates of short-term borrowings as of March 31, 2012, 2013 and 2014 were 0.5%, 1.8% and 2.2%,
respectively.
Net deferred tax assets as of March 31, 2012, 2013 and 2014 were included in the consolidated balance sheets as follows:
5. Short-term Borrowings and Long-term Debt
Yen
(millions)
U.S. Dollars
(thousands)
2012 2013 2014 2014
Bank loans ¥ 199,085 ¥ 610,254 ¥ 626,528 $ 6,142,431
Commercial paper 351,000 — — —
Current portion of long-term debt 47,912 313,859 166,670 1,634,020
¥ 597,997 ¥ 924,113 ¥ 793,198 $ 7,776,451
Yen
(millions)
U.S. Dollars
(thousands)
2012 2013 2014 2014
Deferred tax assets (Current Assets) ¥ 90,394 ¥ 19,369 ¥ 23,733 $ 232,676
Other assets (Investments and Other Assets) 11,421 11,571 16,173 158,559
Other current liabilities (15) (343) (96) (941)
Deferred tax liabilities (Long-term Liabilities) (29,304) (14,044) (10,904) (106,902)
Net deferred tax assets ¥ 72,496 ¥ 16,553 ¥ 28,906 $ 283,392