Mazda 2015 Annual Report Download - page 55

9
SHORT-TERM DEBT AND LONG-TERM DEBT
Short-term debt as of March 31, 2015 and 2014 consisted of loans, principally from banks
with interest averaging 1.42% and 1.39% for the respective years.
Long-term debt as of March 31, 2015 and 2014 consisted of the following:
Millions of yen
Thousands of
U.S. dollars
As of March 31 2015 2014 2015
Domestic unsecured bonds due serially 2014 through
2019 at rate of 0.25% to 1.87% per annum ¥ 40,450(*) ¥ 40,550 $ 337,083
Loans principally from banks, maturing through 2072:
Secured loans 48,946
81,004
407,883
Unsecured loans 489,964
510,938
4,083,034
Lease obligations, maturing through 2022 4,982
4,960
41,517
Sub total 584,342
637,452
4,869,517
Amount due within one year (96,132)
(109,715)
(801,100)
Total ¥488,210
¥ 527,737
$4,068,417
(*) As of March 31, 2015, certain of these unsecured bonds amounting to ¥450 million ($3,750 thousand) are bank- guaranteed under the
condition that assets are pledged to the bank as collateral by the issuer of the bonds.
The annual interest rates applicable to long-term loans and lease obligations outstand-
ing averaged 1.68% and 1.51%, respectively, for obligations due within one year and
1.95% and 1.47%, respectively, for obligations due after one year at March 31, 2015.
The annual interest rates applicable to long-term loans and lease obligations outstand-
ing averaged 1.29% and 1.95%, respectively, for obligations due within one year and
1.89% and 2.01%, respectively, for obligations due after one year at March 31, 2014.
As is customary in Japan, general agreements with banks include provisions that secu-
rity and guarantees will be provided if requested by banks. Banks have the right to offset
cash deposited with them against any debt or obligation that becomes due and, in the case
of default or certain other specified events, against all debts payable to banks.
The annual maturities of long-term debt at March 31, 2015 were as follows:
Year ending March 31 Millions of yen
Thousands of
U.S. dollars
2016
¥ 96,132 $ 801,100
2017 144,066 1,200,550
2018 91,647 763,725
2019 97,157 809,642
2020 46,835 390,292
Thereafter 108,505 904,208
Total ¥584,342 $4,869,517
The assets pledged as collateral for short-term debt of ¥33,973 million ($283,108 thou-
sand) and ¥30,412 million, and long-term debt of ¥49,396 million ($411,633 thousand) and
¥81,554 million at March 31, 2015 and 2014, respectively, were as follows:
Millions of yen
Thousands of
U.S. dollars
As of March 31 2015 2014 2015
Property, plant and equipment, at net book value ¥412,999 ¥396,511
$3,441,658
Inventories 61,797
70,739
514,975
Other 63,498
63,247
529,150
Total ¥538,294 ¥530,497
$4,485,783
10 EMPLOYEES’ SEVERANCE AND RETIREMENT BENEFITS
The Group has contributory defined contribution plans and defined benefit plans, and non-
contributory defined benefit plans. For the accounting policies for retirement benefits, refer
to Note 2, “Employees’ severance and retirement benefits”.
Reconciliations of beginning and ending balances of the retirement benefit obligations
and the plan assets for the years ended March 31, 2015 and 2014 were as follows:
Millions of yen
Thousands of
U.S. dollars
For the years ended March 31 2015 2014 2015
Movements in retirement benefit obligations:
Balance at beginning of year ¥301,619
¥300,322
$2,513,492
C umulative effects of changes in
accounting policies (3,082)
— (25,683)
Restated balance 298,537 300,322
2,487,809
Service cost 9,900
10,417
82,500
Interest cost 4,611
4,694
38,425
Actuarial gains/(losses) 14,543
6,819
121,192
Benefits paid (16,074)
(16,311)
(133,950)
Past service costs —
(7,456)
—
Other 2,735
3,134
22,792
Balance at end of year ¥314,252
¥301,619
$2,618,768
Mazda Annual Report 2015
53
C
CONTENTS
Growth Strategy
Message from Management
Introduction
Review of Operations
Foundations Underpinning
Sustainable Growth