Canon 2003 Annual Report Download - page 64

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62
The aggregate annual maturities of long-term debt
outstanding at December 31, 2003 were as follows
Millions Thousands of
of yen U.S. dollars
2004 ¥ 36,195 $ 338,271
2005 24,757 231,374
2006 2,893 27,038
2007 12,100 113,084
2008 19,376 181,084
Later years 134 1,252
¥95,455 $ 892,103
Property, plant and equipment with a book value at December
31, 2003 of ¥11,358 million ($106,150 thousand) were
mortgaged to secure loans from banks.
As is customary in Japan, both short-term and long-term bank
loans are made under general agreements which provide that
security and guarantees for present and future indebtedness will
be given upon request of the bank, and that the bank shall have
the right to offset cash deposits against obligations that have
become due or, in the event of default, against all obligations due
to the bank. Long-term agreements with lenders other than banks
also generally provide that Canon must give additional security
upon request of the lender.
The 1-2/10% Japanese yen convertible debentures due 2005
are convertible into approximately 1,721,000 shares of common
stock at a fixed conversion price of ¥1,497.00 ($13.99) per share,
not less than the fair market value of the Company’s common
stock on the date of issuance, at December 31, 2003. The
debentures are redeemable at the option of the Company between
January 1, 2004 and December 31, 2004 at premiums of 1%, and
at par thereafter, or, under particular circumstances, at par.
The 1-3/10% Japanese yen convertible debentures due 2008
are convertible into approximately ¥6,117,000 shares of common
stock at a fixed conversion price of ¥1,497.00 ($13.99) per share,
not less than the fair market value of the Company’s common
stock on the date of issuance, at December 31, 2003. The
debentures are redeemable at the option of the Company between
January 1, 2004 and December 31, 2007 at premiums ranging
from 4% to 1%, and at par thereafter, or, under particular
circumstances, at par.
The decrease of convertible debt due to conversion in the
years ended December 31, 2003, 2002 and 2001 were ¥3,297
million ($30,813 thousand), ¥3,908 million and ¥981 million,
respectively.
CANON INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED
(10) Trade Payables
Trade payables are summarized as follows:
Thousands of
Millions of yen U.S. dollars
2003 2002 2003
Notes ¥47,771 62,894 $446,458
Accounts 343,410 345,570 3,209,439
¥391,181 408,464 $3,655,897