Nikon 2013 Annual Report Download - page 46

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44
The aggregate annual maturities of long-term debt at March 31, 2013 are as follows:
Year Ending March 31 Millions of Yen
Thousands of
U.S. Dollars
2014 ¥ 6,703 $ 71,271
2015 11,138 118,431
2016 15,655 166,455
2017 13,177 140,111
2018 10,117 107,566
2019 and thereafter 14,818 157,553
Total ¥71,608 $761,387
At March 31, 2013, the following assets were pledged as collateral for the long-term debt:
Millions of Yen
Thousands of
U.S. Dollars
2013 2013
Investment securities ¥5,214 $55,442
Liabilities secured by the above assets were as follows:
Millions of Yen
Thousands of
U.S. Dollars
2013 2013
Long-term debt, including current portion ¥4,700 $49,973
As is customary in Japan, the Company maintains substantial deposit balances with banks from which it has borrowed. Such
deposit balances are not legally or contractually restricted as to withdrawal.
General agreements with respective banks provide, as is customary in Japan, that additional collateral must be provided under
certain circumstances if requested by such banks, and that certain banks have the right to offset cash deposited with them against
any long-term or short-term debt or obligation that becomes due and, in case of default and certain other specified events, against
all other debts payable to the banks. The Group has never been requested to provide any additional collateral.
7. Retirement and Pension Plans
The Company has a defined-benefit corporate pension plan
(cash balance plan) and a defined-contribution pension plan,
and its consolidated domestic subsidiaries have a defined-
benefit corporate pension plan and unfunded retirement
benefit plans. Certain domestic subsidiaries have a smaller
enterprise retirement allowance mutual aid system. Certain
foreign subsidiaries also have a defined-benefit plan and
a defined-contribution pension plan.
The Group accounted for the liability for retirement benefits
based on the projected benefit obligations and plan assets at
the balance sheet date.
The Company decided to abolish the Retirement Benefits Plan
for Directors and Audit & Supervisory Board Members at the
close of the Annual General Shareholders’ Meeting held on June
29, 2011, and to make a final payment of retirement benefits
corresponding to the service period of each of its directors and
audit & supervisory board members, in accordance with the
resolution at the Annual General Shareholders’ Meeting. This
led to a reduction to zero of the provision for retirement benefits
for officers, which used to be included in retirement benefit
obligation, and the posting of the amount of final payment as
long-term accounts payable—other.
Consequently, provision for retirement benefits for Officers
is excluded from retirement benefit obligation.