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41
NIKON CORPORATION ANNUAL REPORT 2012
FINANCIAL SECTION
4. Inventories
Inventories at March 31, 2011 and 2012 consisted of the following:
Millions of Yen
Thousands of
U.S. Dollars
2011 2012 2012
Finished and semifinished products ¥103,758 ¥118,899 $1,446,639
Work in process 106,536 112,143 1,364,441
Raw materials and supplies 26,113 31,992 389,234
Total ¥236,407 ¥263,034 $3,200,314
5. Long-lived Assets
The Nikon Group classifies by business segment the smallest
units that create generally independent cash flows as well as
important idle assets.
The Group reviewed its long-lived assets for impairment as
of March 31, 2011 and recognized an impairment loss of ¥398
million as other expense for machinery, equipment, furniture
and structures in Japan, Asia and Europe. This is because
these assets were unutilized assets and the recoverable
amounts were lower than the carrying amounts.
The Group reviewed goodwill for impairment as of March 31,
2012. As a result, the Group recognized an impairment loss of
¥6,497 million ($57,148 thousand) as “Loss on impairment of
long-lived assets” for the industrial instruments sector of
Instruments Business due to the decrease of expected cash
flows generated from the sector. The recoverable amount of
that goodwill was measured at its value in use and the dis-
count rate used for computation of present value of future
cash flows was 6.6%.
Unutilized assets were ¥2 million ($29 thousand) for
machinery and equipment and ¥3 million ($14 thousand)
for other.
6. Short-Term Borrowings and Long-Term Debt
Short-term borrowings at March 31, 2011 and 2012 consisted of the following:
Millions of Yen
Thousands of
U.S. Dollars
2011 2012 2012
Short-term loans, principally from banks:
2011: 0.50950%–2.42000%
2012: 0.40120%–4.50000% ¥14,972 ¥13,650 $166,079
Total ¥14,972 ¥13,650 $166,079
Long-term debt at March 31, 2011 and 2012 consisted of the following:
Millions of Yen
Thousands of
U.S. Dollars
2011 2012 2012
Loans, principally from banks and insurance companies:
2011: 0.44625%–1.95250% due 2011–2016
2012: 0.64500%–1.95250% due 2012–2017 ¥26,460 ¥27,600 $335,807
Obligations under finance leases 6,043 5,118 62,264
Bonds 40,000 40,000 486,677
Total 72,503 72,718 884,748
Less: Current portion (4,183) (6,864) (83,510)
Long-term debt, less current portion ¥68,320 ¥65,854 $801,238