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  "documentTitle": "Nidec Corp. (6594 JP)",
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  "authorName": "Carson C. Block",
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  "notes": "The slide uses a critical, investigative tone to challenge the quality of Nidec's reported earnings.",
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      "text": "We believe that in recent years, Nidec misleadingly and artificially boosted its reported profitability and growth in profits through highly questionable write-offs it took in FY 2012.",
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      "text": "We believe that in recent years, Nidec misleadingly and artificially boosted its reported profitability and growth in profits through highly questionable write-offs it took in FY 2012.",
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      "text": "Nidec discloses that these foreign tax benefits accounted for 7.8%, 6.7%, and 5.5% of Nidec's diluted EPS in FY 2013 – FY 2015.",
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      "text": "...As a result, our losses related to fixed assets and personnel expenses related to severance payments increased ¥12,704 million and ¥1,762 million, respectively, for the year ended March 31, 2013 compared to the previous year.",
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      "text": "“...As a result, our losses related to fixed assets and personnel expenses related to severance payments increased ¥12,704 million and ¥1,762 million, respectively, for the year ended March 31, 2013 compared to the previous year.” — FY 2012 20-F",
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      "text": "13 FY 2015 20-F, p. 47. 14 FY 2015 20-F, p. 46. 15 Nagamori (emphasis added) Q3 FY 2012 call... 16 FY2012 20-F, p. 61.",
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      "text": "Nidec Boosted Reported Profitability Through Highly Questionable and Possibly Improper Write-offs",
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