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3. InventoriesMerchandise and finished goods, work in process, and raw materials and supplies as of March 31, 2017 and 2016 were as follows: Millions of yen Thousands ofU.S. dollars201720162017Merchandise and finished goods¥13,031 ¥10,956 $116,156Work in process11,95111,513106,527Raw materials and supplies9,6018,59685,583Total¥34,584¥31,066$308,2674. Selling, General and Administrative ExpensesMajor items included in selling, general and administrative expenses for the years ended March 31, 2017 and 2016 were as follows: Millions of yen Thousands ofU.S. dollars201720162017Transportation and warehousing expenses¥ 5,125 ¥ 5,274 $ 45,682 Provision for allowance for doubtful accounts(12)48(109)Salaries and allowances7,7438,01169,021Retirement benefit expenses4232843,774Provision for directors’ bonuses9593853Depreciation and amortization1,0921,0689,740Research and development expenses7,6397,64468,094Other14,15613,507126,185Total¥36,264 ¥35,932 $323,2435. Research and Development ExpensesResearch and development expenses, all of which were included in selling, general and administrative expenses, for the years ended March 31, 2017 and 2016 were ¥7,639 million (U.S.$68,094 thousand) and ¥7,644 million, respectively.6. Gain on Sales of Noncurrent AssetsGain on sales of noncurrent assets was related to sales of land for the year ended March 31, 2017 and sales of buildings and structures for the year ended March 31, 2016.7. Special Retirement ExpensesThe Company has recognized special retirement expenses for downsizing of consolidated subsidiaries in the U.S. for the year ended March 31, 2016.8. Loss on Abolishment of Retirement Benefit PlanThe Company has recognized settlement loss for partial settlement of a retirement benefit plan of consolidated subsidiaries in the U.S. for the year ended March 31, 2016.9. Loss on Temporary Suspension of ProductionThe Company has recognized extraordinary loss for temporary suspension of production at a manufacturing plant operated by a subsidiary in Indonesia due to a labor strike for the year ended March 31, 2016.10. Impairment Loss on Property, Plant and EquipmentThe Company has recognized impairment loss on the following classes of assets for the year ended March 31, 2017:Major useLocationCategoryMillions of yenThousands ofU.S. dollars Pressure-sensitive adhesive related products manufacturing equipmentMassachusetts State, U.S.A.Machinery, equipment and vehicles¥34$304(1)Circumstances leading to the recognition of impairment lossThe impairment loss above has been recognized because the asset has decreased in profitability.(2)Method of calculating recoverable amountsThe recoverable amounts of the assets above are the net realizable value and based on a third-party appraisal value.63LINTEC ANNUAL REPORT 2017

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