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43
NIKON CORPORATION ANNUAL REPORT 2013
FINANCIAL SECTION
4. Inventories
Inventories at March 31, 2012 and 2013 consisted of the following:
Millions of Yen
Thousands of
U.S. Dollars
2012 2013 2013
Finished and semifinished products ¥118,899 ¥116,505 $1,238,754
Work in process 112,143 119,760 1,273,368
Raw materials and supplies 31,992 33,148 352,448
Total ¥263,034 ¥269,413 $2,864,570
5. Long-Lived Assets
The Nikon Group classifies by business segment or its sub
segment the smallest units that create independent cash flows
as well as important idle assets.
The Group reviewed goodwill for impairment as of March 31,
2012. As a result, the Group recognized an impairment loss of
¥6,497 million 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 discount rate used for
computation of present value of future cash flows was 6.6%.
For the fiscal year ended March 31, 2012, the Group recog-
nized an impairment loss of ¥6 million as “Loss on impairment
of long-lived assets” for unutilized machinery, equipment,
furniture and structures.
The Group reviewed its long-lived assets for impairment
as of March 31, 2013 and recognized an impairment loss of
¥664 million as “Loss on impairment of long-lived assets”
for machinery, equipment, furniture and structures in Japan,
Asia, and Europe. This is because fair values of these assets
were lower than the carrying amounts.
6. Short-Term Borrowings and Long-Term Debt
Short-term borrowings at March 31, 2012 and 2013 consisted of the following:
Millions of Yen
Thousands of
U.S. Dollars
2012 2013 2013
Short-term loans, principally from banks:
2012: 0.40120%–4.50000%
2013: 0.45000%−8.75000% ¥13,650 ¥13,740 $146,089
Total ¥13,650 ¥13,740 $146,089
Long-term debt at March 31, 2012 and 2013 consisted of the following:
Millions of Yen
Thousands of
U.S. Dollars
2012 2013 2013
Loans, principally from banks and insurance companies:
2012: 0.64500%−1.95250% due 2012−2017
2013: 0.63125%−1.95250% due 2014−2023 ¥27,600 ¥27,600 $293,462
Obligations under finance leases 5,118 4,008 42,621
Bonds 40,000 40,000 425,304
Total 72,718 71,608 761,387
Less: Current portion (6,864) (6,703) (71,271)
Long-term debt, less current portion ¥65,854 ¥64,905 $690,116