Nikon 2002 Annual Report Download - page 32

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30
Pro forma information of leased property carried by finance leases that do not transfer ownership of the leased property to the lessee on an
“as if capitalized” basis as of and for the fiscal years ended March 31, 2002 and 2001 was as follows:
Millions of Yen Thousands of U.S. Dollars
2002 2002
Machinery Furniture Machinery Furniture
and and and and
Equipment Fixtures Total Equipment Fixtures Total
Acquisition cost ¥8,292 ¥ 8,834 ¥ 17,126 $ 62,226 $ 66,296 $ 128,522
Accumulated depreciation 4,697 5,238 9,935 35,246 39,311 74,557
Net leased property ¥3,595 ¥ 3,596 ¥ 7,191 $ 26,980 $ 26,985 $ 53,965
Millions of Yen
2001
Machinery Furniture
and and
Equipment Fixtures Total
Acquisition cost ¥ 8,490 ¥ 9,730 ¥ 18,220
Accumulated depreciation 5,439 5,550 10,989
Net leased property ¥ 3,051 ¥ 4,180 ¥ 7,231
Obligations under finance leases at March 31, 2002 and 2001 were as follows:
Thousands of
Millions of Yen U.S. Dollars
2002 2001 2002
Due within one year ¥2,711 ¥3,023 $20,348
Due after one year 4,480 4,208 33,617
Total ¥7,191 ¥7,231 $53,965
The amount of obligations under finance leases includes the imputed interest expense portion.
Depreciation expense, which is not reflected in the accompanying consolidated statements of operations, computed by the straight-line method,
was ¥3,533 million ($26,518 thousand) and ¥3,492 million for the fiscal years ended March 31, 2002 and 2001, respectively.
13. DERIVATIVES
The Group enters into derivative contracts, including foreign exchange forward contracts, currency option contracts, foreign currency swap contracts
and interest rate swap contracts to hedge foreign exchange risk and interest rate exposures. The Group does not hold or issue derivatives for trad-
ing purposes. Derivatives are subject to market risk and credit risk. Market risk is the exposure created by potential fluctuations in market condi-
tions, including in changes in interest or foreign exchange rates. Credit risk is the possibility that a loss may result from a counterparty’s failure to
perform according to the terms and conditions of the contract.
Because the counterparties to those derivative contracts are limited to major international financial institutions, the Group does not anticipate
any losses arising from credit risk.
Derivative transactions entered into by the Group have been made in accordance with internal policies which regulate the authorization and
credit limit amount.