Annual Report 2012


>> P.58

THETAXEFFECTSOFTEMPORARYDIFFERENCESWHICHGAVERISETOSIGNIfiCANTPORTIONSOFTHEDEFERREDTAXASSETSANDLIABILITIESATMARCH31,2012AND2011AREANALYZEDASFOLLOWS:MILLIONSOFYENTHOUSANDSOFU.S.DOLLARS201220112012DEFERREDTAXASSETS:ALLOWANCEFOREMPLOYEES’RETIREMENTBENEfiTS¥2,615¥2,752$31,817LOSSONIMPAIRMENTOFfiXEDASSETS1,35088016,425ELIMINATIONOFINTERCOMPANYPROfiT94599111,498NON-DEDUCTIBLEALLOWANCES2,2372,36827,217ACCOUNTSANDNOTESPAYABLE—TRADE4,4813,49554,520DEFERREDLOSSONHEDGES11,80318,641143,606LOSSONDEVALUATIONOFINVESTMENTSINSECURITIES1,1891,06214,466UNREALIZEDHOLDINGLOSSONINVESTMENTSINSECURITIES2,694—32,778NETOPERATINGLOSSCARRYFORWARDS29,67116,172361,005OTHER6,0227,04273,270GROSSDEFERREDTAXASSETS63,00753,403766,602VALUATIONALLOWANCE(2,479)(2,737)(30,162)TOTALDEFERREDTAXASSETS60,52850,666736,440DEFERREDTAXLIABILITIES:RESERVEFORSPECIALDEPRECIATION(694)(999)(8,444)DEFERREDGAINONTANGIBLEfiXEDASSETSFORTAXPURPOSES(1,468)(1,818)(17,861)UNREALIZEDHOLDINGGAINONINVESTMENTSINSECURITIES—(1,463)—ACCELERATEDDEPRECIATIONINOVERSEASSUBSIDIARIES(1,088)(1,624)(13,238)TAXEFFECTOFUNDISTRIBUTEDEARNINGSOFOVERSEASSUBSIDIARIESANDAFfiLIATESACCOUNTEDFORBYTHEEQUITYMETHOD(555)(539)(6,753)OTHER(2,757)(1,328)(33,543)TOTALDEFERREDTAXLIABILITIES(6,562)(7,771)(79,839)NETDEFERREDTAXASSETS¥53,966¥42,895$656,6019.LEASESTHEFOLLOWINGPROFORMAAMOUNTSREPRESENTTHEACQUISITIONCOSTS,AC-CUMULATEDDEPRECIATIONANDNETBOOKVALUEOFTHELEASEDPROPERTYATMARCH31,2012AND2011,WHICHWOULDHAVEBEENREflECTEDINTHEACCOMPANYINGCONSOLIDATEDBALANCESHEETSIFfiNANCELEASEACCOUNT-INGHADBEENAPPLIEDTOTHEfiNANCELEASESCURRENTLYACCOUNTEDFORASOPERATINGLEASES:MILLIONSOFYENATMARCH31,2012VESSELSEQUIPMENTOTHERTOTALACQUISITIONCOSTS¥22,413¥31,358¥1,760¥55,531ACCUMULATEDDEPRECIATION(5,043)(27,526)(1,064)(33,633)NETBOOKVALUE¥17,370¥3,832¥696¥21,898MILLIONSOFYENATMARCH31,2011VESSELSEQUIPMENTOTHERTOTALACQUISITIONCOSTS¥22,413¥34,844¥2,284¥59,541ACCUMULATEDDEPRECIATION(4,070)(27,374)(1,322)(32,766)NETBOOKVALUE¥18,343¥7,470¥962¥26,775THE“REFORMBILLFORPARTIALREVISIONOFINCOMETAXLAW,ETC.INRESPONSETOTHECHANGINGECONOMICSTRUCTURE”ANDTHE“SPECIALMEASURESFORSECURETHEFUNDSTOREALIZETHERESTORATIONOFTHEDAMAGESFOLLOWINGTHEGREATEASTJAPANEARTHQUAKE”WEREPROMULGATEDONDECEMBER2,2011ANDSTATUTORYTAXRATESWILLBECHANGEDFORTHEfiSCALYEARSBEGIN-NINGONORAFTERAPRIL1,2012.THECOMPANYANDITSDOMESTICSUBSIDIARIESCHANGEDTHESTATU-TORYTAXRATEUSEDTOMEASUREDEFERREDTAXASSETSANDLIABILITIESMAIN-LYFROM37.6%TO34.2%FORTEMPORARYDIFFERENCESEXPECTEDTOBESETTLEDORREALIZEDINTHEfiSCALYEARSFROMAPRIL1,2012TOMARCH31,2015,ANDMAINLYFROM37.6%TO31.7%FORTEMPORARYDIFFERENCESEXPECTEDTOBESETTLEDORREALIZEDINTHEfiSCALYEARSBEGINNINGAPRIL1,2015ANDTHEREAFTER.ASARESULTOFTHISCHANGE,THENETAMOUNTOFDEFERREDTAXAS-SETS(NETOFDEFERREDTAXLIABILITIES)DECREASEDBY¥8,214MILLION($99,939THOUSAND),ANDINCOMETAXES-DEFERRED(DEBIT)INCREASEDBY¥5,865MILLION($71,359THOUSAND)ASOFANDFORTHEYEARENDEDMARCH31,2012.58ANNUALREPORT2012


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