Nikon 2013 Annual Report Download - page 53

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NIKON CORPORATION ANNUAL REPORT 2013
FINANCIAL SECTION
Millions of Yen Thousands of U.S. Dollars
March 31, 2013
Carrying
Amount
Fair
Value
Unrealized
Gain/Loss
Carrying
Amount
Fair
Value
Unrealized
Gain/Loss
Cash and cash equivalents ¥110,095 ¥110,095 $1,170,597 $1,170,597
Notes and accounts receivable—trade 130,430 130,430 1,386,816 1,386,816
Investment securities 53,423 53,423 568,029 568,029
Investments in and advances to
unconsolidated subsidiaries
and associated companies 233 568 ¥ 335 2,475 6,037 $ 3,562
Total ¥294,181 ¥294,516 ¥ 335 $3,127,917 $3,131,479 $ 3,562
Short-term borrowings ¥ 13,740 ¥ 13,740 $ 146,089 $ 146,089
Notes and accounts payable—trade 124,677 124,677 1,325,645 1,325,645
Long-term loans 27,600 27,940 ¥ (340) 293,462 297,079 $ (3,617)
Bonds 40,000 41,561 (1,561) 425,304 441,904 (16,600)
Accrued expenses 54,505 54,505 579,536 579,536
Income taxes payable 1,396 1,396 14,841 14,841
Derivatives (5,257) (5,257) (55,892) (55,892)
Total ¥256,661 ¥258,562 ¥(1,901) $2,728,985 $2,749,202 $(20,217)
Cash and cash equivalents:
The carrying values of cash and cash equivalents approximate
fair value because of their short maturities.
Notes and accounts receivable—trade:
The carrying values of notes and accounts receivable—trade
approximate fair value because of their short maturities.
Carrying amounts and fair values of notes and accounts
receivables—trade are the amounts after deduction of the
allowance for doubtful receivables.
Investment securities and investments in and advances to
unconsolidated subsidiaries and associated companies:
The fair values of investment securities and investments in
and advances to unconsolidated subsidiaries and associated
companies are measured at the quoted market price of the
stock exchange. Investment securities and investments in
and advances to unconsolidated subsidiaries and associated
companies whose fair value is not readily determinable (the
carrying values of ¥1,058 million and ¥13,992 million as of
March 31, 2012 and ¥1,052 million and ¥12,664 million ($11,186
thousand and $134,647 thousand) as of March 31, 2013 are
excluded because it is difficult to estimate the fair values
and impossible to estimate the future cash flows.
Note and accounts payable, short-term borrowings
and income tax payable:
The carrying values of those accounts approximate fair value
because of their short maturities.
Accrued expenses:
The carrying values of accrued expenses approximate fair
value because of their short maturities.
Long-term loans:
The fair values of long-term loans are determined by discount-
ing the future cash flows related to the loans at the rate
assumed based on yield of government bonds and credit
spread. Certain long-term loans with variable interest rates
are hedged items of interest rate swaps which qualify for
hedge accounting and meet specific matching criteria. The fair
value of such long-term loans with variable interest rates are
determined by discounting the principal and interest, as if the
interest rates under the interest rate swaps were originally
applied to the underlying to loans, at the rate assumed based
on indices such as yield of government bonds and credit
spread.
Long-term loans include the current portion of long-term
debt.
Bonds:
The fair values of bonds are determined by the market price,
if it is available, or by discounting the future cash flows related
to the debt at the rate assumed based on interest rates on
government securities and credit risk.
Bonds are included in long-term debt in the consolidated
balance sheet.