Nikon 1998 Annual Report Download - page 26

24 Nikon Corporation
Long-Term Debt
Long-term debt at March 31, 1998 and 1997 was comprised of the following:
Thousands of
Millions of Yen U.S. Dollars
1998 1997 1998
Loans, principally from banks and insurance companies:
1998, 1.32%–9.185% due 1998–2004
1997, 1.31%–9.185% due 1997–2004 ¥22,171 ¥25,039 $167,843
Bonds 90,000 85,000 681,300
112,171 110,039 849,143
Less: Current portion (13,676) (23,935) (103,534)
Long-term debt, less current portion ¥98,495 ¥86,104 $745,609
The aggregate annual maturities of long-term debt for the years following March 31, 1998 are as follows:
Thousands of
Millions of Yen U.S. Dollars
1999 ¥ 13,676 $103,534
2000 11,838 89,618
2001 16,213 122,734
2002 23,532 178,138
2003 15,007 113,604
Thereafter 31,904 241,515
¥112,171 $849,143
The following is a summary of the terms of bonds which the Company and/or any subsidiary may at any time purchase at any
price in the open market or otherwise.
The bonds purchased or otherwise acquired by the Company and/or any subsidiary may be held or resold or, at the discretion of
the Company and/or such subsidiary, may be canceled (together with any unmatured coupons attached thereto or purchased
therewith).
Thousands of
Millions of Yen U.S. Dollars
Issued in To be redeemed in 1998 1997 1998
6.05% Euro-yen unsecured bonds July 1992 October 1997 ¥— ¥10,000 $ —
6.2% Euro-yen unsecured bonds July 1992 October 1999 10,000 10,000 75,700
6.1% Euro-yen unsecured bonds August 1992 November 1997 —5,000 —
4.85% Euro-yen unsecured bonds September 1994 December 2001 10,000 10,000 75,700
4.4% yen unsecured bonds January 1995 January 2001 10,000 10,000 75,700
4.0% yen unsecured bonds January 1995 January 1999 10,000 10,000 75,700
2.95% yen unsecured bonds February 1996 February 2003 10,000 10,000 75,700
2.7% yen unsecured bonds February 1996 February 2002 10,000 10,000 75,700
2.45% yen unsecured bonds March 1997 March 2004 10,000 10,000 75,700
2.7% yen unsecured bonds June 1997 June 2003 10,000 —75,700
2.5% yen unsecured bonds November 1997 November 2007 10,000 —75,700
¥90,000 ¥85,000 $681,300
Income Taxes
The Company is subject to a number of taxes based on income, such as corporate income tax, inhabitants tax and enterprise tax,
which in the aggregate resulted in a normal statutory tax rate of approximately 51% for 1998 and 1997. The effective tax rates
reflected in the accompanying consolidated statements of income differed from the normal statutory tax rate due principally to tem-
porary differences and expenses permanently not deductible for income tax purposes.
Common Stock and Additional Paid-In Capital
The Commercial Code of Japan requires at least 50% of the issue price of new shares, with a minimum of the par value thereof, to
be designated as stated capital as determined by resolution of the Board of Directors. Proceeds in excess of amounts designated
as stated capital are credited to additional paid-in capital.
24 Nikon Corporation
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