Konica Minolta 2014 Annual Report Download - page 63

7. Short-Term Debt, Long-Term Debt and Lease
Obligations
Short-term debt is primarily unsecured and generally represents
bank overdrafts. The amounts as of March 31, 2014 and 2013
were ¥37,078 million ($360,260 thousand) and ¥67,398 million,
respectively, with weighted-average interest rates of approxi-
mately 1.0% and 0.8%, respectively.
Long-term debt as of March 31, 2014 and 2013, including the
current portion, is as follows:
Bonds
Millions of yen
Interest
rate
Thousands of
U.S. dollars
2014 2013 2014 2014
1st Unsecured Bonds
due in 2015 ................ ¥20,000 ¥20,000 0.609% $194,326
2nd Unsecured Bonds
due in 2017 ................ 10,000 10,000 0.956% 97,163
3rd Unsecured Bonds
due in 2016 ................ 20,000 20,000 0.610% 194,326
4th Unsecured Bonds
due in 2018 ................ 20,000 20,000 0.902% 194,326
¥70,000 ¥70,000 $680,140
Less—Current portion
included in current
liabilities ....................... — — —
Bonds, less current
portion ......................... ¥70,000 ¥70,000 $680,140
Long-term debt
Millions of yen
Interest
rate
Thousands of
U.S. dollars
2014 2013 2014 2014
Loans principally
from banks, due
through 2022 ............. ¥89,045 ¥87,498 $865,187
Less—Current
portion included in
current liabilities ......... (27,003) (23,990) 0.5% (262,369)
Long-term loans,
less current portion .... ¥62,042 ¥63,507 1.0% $602,818
The aggregate annual maturities of long-term loans at March 31,
2014 are as follows:
Amount
Fiscal year Millions of yen
Thousands of
U.S. dollars
2015............................................. ¥ 5,001 $ 48,591
2016............................................. 4,001 38,875
2017............................................. 9,001 87,456
2018............................................. 3,000 29,149
2019 and thereafter ..................... 41,038 398,737
Lease obligations
Lease obligations are included in other liabilities.
Millions of yen
Interest
rate*
Thousands of
U.S. dollars
2014 2013 2014 2014
Lease obligations,
due through 2026 ...... ¥6,131 ¥5,340 — $59,571
Less—Current
portion included in
current liabilities ......... (1,907) (1,609) — (18,529)
Lease obligations,
less current portion .... ¥4,223 ¥3,730 — $41,032
* Since the book value of lease obligations includes the equivalent of interest payable,
interest rates of lease obligations are not represented in the table above.
The aggregate annual maturities of long-term lease obligations at
March 31, 2014 are as follows:
Amount
Fiscal year Millions of yen
Thousands of
U.S. dollars
2015............................................. ¥2,279 $22,143
2016............................................. 1,086 10,552
2017............................................. 555 5,393
2018............................................. 179 1,739
2019 and thereafter ..................... 122 1,185
8. Income Taxes
The income taxes of the Company and its domestic consolidated
subsidiaries comprise corporate income taxes, local inhabitants’
taxes and enterprise taxes.
The reconciliation of the Japanese statutory income tax rate
to the effective income tax rate for the years ended March 31,
2014 and 2013 is as follows:
2014 2013
Statutory income tax rate ............................ 38.0% 38.0%
Decrease in valuation allowance .............. (79.2) (5.4)
Tax credits for research and
development costs and others ............... (2.0) (0.8)
Non-taxable income ................................. (2.3) (0.9)
Difference in statutory tax rates of
foreign subsidiaries ................................ (7.6) (2.4)
Expenses not deductible for tax purposes ... 4.0 2.7
Amortization of goodwill .......................... 15.6 11.2
Retained earnings of foreign subsidiaries ... 6.3 2.7
Ineffective portion of unrealized
gains/losses ............................................ 15.7 3.3
Effect of liquidation of consolidated
subsidiaries ............................................ (8.9) —
Expiration of net losses carried forward ... 9.6 7.4
Effects of changes in corporate tax rates ... 9.1 —
Other, net ................................................. 8.5 (0.6)
Effective income tax rate per consolidated
statements of income ................................ 6.7% 55.2%
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KONICA MINOLTA, INC. Annual Report 2014