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38 Nikon Annual Report 2008
7. Short-term Borrowings and Long-term Debt
Short-term borrowings at March 31, 2008 and 2007 consisted of the following:
Thousands of
Millions of Yen U.S. Dollars
2008 2007 2008
Short-term loans, principally from banks:
2008: 1.15250%-1.23083%
2007: 0.85250%-5.05000% ¥ 8,500 ¥ 15,514 $ 84,839
Total ¥ 8,500 ¥ 15,514 $ 84,839
Long-term debt at March 31, 2008 and 2007 consisted of the following:
Thousands of
Millions of Yen U.S. Dollars
2008 2007 2008
Loans, principally from banks and insurance companies:
2008: 0.7400%-4.3600% due 2008-2013
2007: 0.5900%-4.3600% due 2008-2013 ¥ 18,535 ¥ 20,312 $ 184,992
Bonds 49,500 69,500 494,061
Total 68,035 89,812 679,053
Less: Current portion (7,822 ) (21,942) (78,068)
Long-term debt, less current portion ¥ 60,213 ¥ 67,870 $ 600,985
5. Inventories
6. Long-Lived Assets
Inventories at March 31, 2008 and 2007 consisted of the following:
Thousands of
Millions of Yen U.S. Dollars
2008 2007 2008
Finished and semi-finished products ¥ 104,252 ¥ 86,201 $ 1,040,543
Work in process 128,584 130,674 1,283,398
Raw materials and supplies 31,885 29,526 318,245
Total ¥ 264,721 ¥ 246,401 $ 2,642,186
The Group reviewed its long-lived assets for impairment as of the period ended March 31, 2007 and, as a result, recognized
an impairment loss of ¥589 million for certain assets of the CMP division, which include buildings and structures, machin-
ery and equipment, and other assets, because a deterioration of the business environment eroded its profitability for the
year ended March 31, 2007. The carrying amount of the relevant assets was written down to the recoverable amount. The
impairment loss was included in loss on restructuring of business in other expenses.
The recoverable amount of the assets was measured at their net selling price. Those assets which have no possibility of
being used or are difficult to sell are measured at memorandum price.
The carrying values of debt securities by contractual maturities for securities classified as available-for-sale at March 31,
2008 and 2007 were as follows:
Thousands of
Millions of Yen U.S. Dollars
2008 2007 2008
Available Available Available
for sale for sale for sale
Due in one year or less ¥ ¥ 1 $
Due after one year through five years 0 1 4
Total ¥ 0 ¥ 2 $ 4
Proceeds from sales of available-for-sale securities for the fiscal years ended March 31, 2008 and 2007 were ¥2,444
million ($24,394 thousand) and ¥28 million, respectively. Gross realized gains and losses on these sales were ¥1,637
million ($16,338 thousand) and ¥94 million ($939 thousand), respectively for the fiscal year ended March 31, 2008 and
gross realized gains on these sales computed on the moving average cost basis were ¥24 million, for the fiscal year
ended March 31, 2007.