Nikon 2014 Annual Report Download - page 65

Download and view the complete annual report

Please find page 65 of the 2014 Nikon annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 88

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88

The aggregate annual maturities of long-term debt at March 31, 2014 are as follows:
Years Ending March 31 Millions of Yen
Thousands of
U.S. Dollars
2015 ¥ 11,302 $ 109,812
2016 15,854 154,041
2017 13,356 129,770
2018 10,226 99,359
2019 105 1,016
Thereafter 61,778 600,262
Total ¥112,621 $1,094,260
At March 31, 2014, the following assets were pledged as collateral for long-term debt:
Millions of Yen
Thousands of
U.S. Dollars
2014 2014
Investment securities ¥1,625 $15,794
Liabilities secured by the above assets were as follows:
Millions of Yen
Thousands of
U.S. Dollars
2014 2014
Long-term debt, including current portion ¥4,700 $45,667
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 require, 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.
Year Ended March 31, 2014
(1) The changes in defined benefit obligation for the year ended March 31, 2014, were as follows:
Millions of Yen
Thousands of
U.S. Dollars
2014 2014
Balance at beginning of year ¥117,252 $1,139,251
Current service cost 3,933 38,211
Interest cost 2,539 24,674
Actuarial gains (1,467) (14,252)
Benefits paid (6,374) (61,929)
Past service cost 30 289
Others 2,217 21,544
Balance at end of year ¥118,130 $1,147,788
63
NIKON REPORT 2014