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45
Annual Report 2014
* Derivative transactions subject to special accounting treatment applied to interest rate swaps are treated in combination with long-term
borrowings as hedged items. Hence their fair value is included in that of long-term borrowings.
Note: Fair value is based on the quotes presented by the fi nancial institutions.
Millions of yen
Thousands of U.S.
dollars
2014 2014
Hedged item Contract
amount
Contract
amount over
1 year Fair
value Contract
amount
Contract
amount over
1 year Fair
value
Pay fi xed/receive fl oating Short-term borrowings ¥ 25,000 ¥ 20,000 ¥ (411) $ 245,098 $ 196,078 $ (4,029)
Long-term borrowings 3,168 1,004 * 31,058 9,843 *
Total ¥ 28,168 ¥ 21,004 ¥ (411) $ 276,156 $ 205,921 $ (4,029)
Millions of yen
2013
Hedged item Contract
amount
Contract
amount over
1 year Fair
value
Pay fi xed/receive fl oating Short-term borrowings ¥ 25,000 ¥ 25,000 ¥ (670)
Long-term borrowings 4,136 2,168 *
Total ¥ 29,136 ¥ 27,168 ¥ (670)
18. LEASES
Lease payments relating to fi nance leases started before March 31, 2008, accounted for as operating leases in the accompanying consolidated
fi nancial statements amounted to ¥97million ($950 thousand) and ¥379 million for the years ended March 31, 2014 and 2013, respectively.
The leases which were started on or before March 31, 2008 are principally accounted for as operating leases.
Leased assets held under fi nance leases accounted for as operating leases at March 31, 2014 and 2013 were as follows:
Depreciation is computed by applying the straight-line method over the estimated useful lives of the related assets assuming that the Company
guarantees a nil residual value at the end of the term of each lease.
The following is a schedule of future minimum lease payments under fi nance leases accounted for as operating leases:
Millions of yen
Thousands of U.S.
dollars
2014 2013 2014
Machinery and equipment ¥ 175 ¥ 774 $ 1,715
Other 6 20 58
Less: Accumulated depreciation 160 689 1,568
Total ¥ 21 ¥ 105 $ 205
Year ending March 31, Millions of yen Thousands of U.S.dollars
2015 ¥ 15 $ 147
2016 and thereafter 8 78
Total ¥ 24 $ 235
Minimum rental payments subsequent to March 31, 2014 required under operating leases with noncancelable lease terms in excess of one year
are summarized as follows:
Year ending March 31, Millions of yen Thousands of U.S.dollars
2015 ¥ 2,352 $ 23,058
2016 and thereafter 10,412 102,078
Total ¥ 12,765 $ 125,147
(3) Interest rate swaps