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10.Income taxesNet deferred tax assets at March 31, 2012 and 2013 are summarized as follows:Millions of yenThousands ofU.S. dollars201220132013Deferred tax assets:Allowance for employees' retirement benefits¥8,807¥9,234$98,234Intercompany profit on inventories and property, plant and equipment7,3576,51469,298Depreciation4,6905,55359,074Accrued enterprise taxes3,3281,89520,160Investment securities1,1461,14612,192Other10,26312,037128,053Gross deferred tax assets35,59136,379387,011Valuation allowance(1,157)(1,157)(12,309)Total deferred tax assets34,43435,222374,702Deferred tax liabilities:Undistributed earnings of affiliated companies(8,875)(10,270)(109,256)Other(3,032)(2,836)(30,169)Total deferred tax liabilities(11,907)(13,106)(139,425)Net deferred tax assets (liabilities)¥22,527¥22,116$235,277For the years ended March 31, 2011, 2012 and 2013, a reconciliation of the statutory income tax rate tothe effective income tax rate was as follows:201120122013Japanese statutory income tax rate40.0%??Tax exemption(1.1)??Dividend income not taxable(0.8)??Tax rate difference of foreign subsidiaries(1.7)??Elimination of dividends received0.8??Loss associated with the dissolution of joint venture???amortization of goodwill0.9??Equity in earnings of affiliates(0.6)??Undistributed earnings of affiliated companies(0.3)??Other0.4??Effective income tax rate37.6%??Note: The notes to the current consolidated Financial Statements do not refer to the difference between theJapanese statutory income tax rate and the effective tax rate, as it is not more than five hundredths of thestatutory income tax rate.22●ANNUAL REPORT 2013