Sharp 2015 Annual Report Download - page 40

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Remeasurement of deferred tax assets and liabilities due to a change in income tax rate
Pursuant to the promulgation on March 31, 2015, of “Partial Amendment of the Income Tax Act, etc.”
(Act No. 9 of 2015) and “Partial Amendment of the Local Tax Act, etc.” (Act No. 2 of 2015), the corpo-
rate tax rate will be reduced for fiscal years beginning on or after April 1, 2015.
As a result, the effective statutory tax rates, which are used to measure deferred tax assets and de-
ferred tax liabilities will be reduced to 32.8% from 35.5% for temporary differences that are expected to
be reversed in the fiscal year which starts on or after April 1, 2015 and to 32.0% from 35.5% for tempo-
rary differences that are expected to be reversed in the fiscal year which starts on or after April 1, 2016.
This change had an immaterial impact on financial statements for the year ended March 31, 2015.
5. Short-term Borrowings and Long-term Debt
Short-term borrowings including current portion of long-term debt as of March 31, 2014 and 2015
consisted of the following:
The weighted average interest rates of short-term borrowings as of March 31, 2014 and 2015 were
2.2%, respectively.
Long-term debt as of March 31, 2014 and 2015 consisted of the following:
Yen
(millions)
2014 2015
Bank loans ¥ 626,528 ¥ 637,915
Current portion of long-term debt 166,670 211,032
¥ 793,198 ¥ 848,947
Yen
(millions)
2014 2015
0.0%—9.1% loans principally from banks, due 2014 to 2031 ¥ 284,508 ¥ 255,581
2.068% unsecured straight bonds, due 2019 10,000 10,000
0.846% unsecured straight bonds, due 2014 100,000 —
1.141% unsecured straight bonds, due 2016 20,000 20,000
1.604% unsecured straight bonds, due 2019 30,000 30,000
0.500% unsecured Pound discount notes issued by
a consolidated subsidiary, due 2014 340 —
Lease obligations 22,143 20,780
466,991 336,361
Less—Current portion included in short-term borrowings (166,670) (211,032)
¥ 300,321 ¥ 125,329
The aggregate annual maturities of long-term debt as of March 31, 2015 were as follows:
Yen
(millions)
Years ending March 31
2017 ¥ 37,861
2018 24,048
2019 31,969
2020 31,187
2021 and thereafter 264
¥ 125,329
Notes to the Consolidated Financial Statements
38
Notes to the Consolidated
Financial Statements
Financial Section
Segment Outline
Medium-Term Management Plan
for Fiscal 2015 through 2017
Investor Information
Directors, Audit & Supervisory Board
Members and Executive Officers
Risk Factors
Corporate Governance
Contents
Corporate Social
Responsibility (CSR)
Message to our Shareholders
Fiscal 2014 Review by
Product Group
Financial Highlights
SHARP Annual Report 2015
Consolidated
Subsidiaries
Independent Auditor’s
Report
Consolidated Statements of
Cash Flows
Consolidated Statements of
Changes in Net Assets
Consolidated Statements of
Comprehensive Income
Consolidated Statements of
Operations
Consolidated Balance Sheets
Financial Review
Five-Year Financial Summary