Olympus 2014 Annual Report Download - page 44

10. Notes and Accounts Payable
Notes and accounts payable as of March 31, 2013 and 2014 consisted of the following:
Millions of yen
Thousands of
U.S. dollars
2013 2014 2014
Unconsolidated subsidiaries and affi liates ............................................................................................. ¥ 31 ¥ 108 $ 1,049
Trade .................................................................................................................................................... 42,241 45,301 439,815
Total ..................................................................................................................................................... ¥42,272 ¥45,409 $440,864
11. Retirement Benefi t Plans
(1) For the year ended March 31, 2013
Employees of the Company and consolidated subsidiaries have defi ned funded pension plans and unfunded retirement allowance plans.
TheCompany and certain consolidated subsidiaries have defi ned contribution pension plans.
Directors and corporate auditors of several domestic consolidated subsidiaries have unfunded retirement allowance plans.
The amounts of pension payments and retirement allowances are generally determined on the basis of length of service and basic salary
atthe time of termination of service.
It is the Company’s policy to fund amounts required to maintain suffi cient plan assets to provide for accrued benefi ts. The plan assets
consist principally of interest-bearing bonds and listed equity securities.
Provision for retirement benefi t recognized in the consolidated balance sheet as of March 31, 2013 consisted of the following:
Millions of yen
2013
Projected benefi t obligation .............................................................................................................................................................................. ¥ 157,826
Fair value of plan assets ................................................................................................................................................................................... (152,476)
Unrecognized prior service costs ..................................................................................................................................................................... 4,796
Unrecognized actuarial loss ............................................................................................................................................................................. (2,234)
Prepaid pension costs ..................................................................................................................................................................................... 20,339
Retirement benefi ts for employees ................................................................................................................................................................... 28,251
Retirement benefi t for directors and corporate auditors .................................................................................................................................... 142
Total provision for retirement benefi t ................................................................................................................................................................. ¥ 28,393
Retirement benefi t expenses for employees included in the consolidated statement of operations for the year ended March 31, 2013
consisted of the following:
Millions of yen
2013
Service costs ................................................................................................................................................................................................... ¥ 8,965
Interest cost on projected benefi t obligation ..................................................................................................................................................... 4,051
Expected return on plan assets ....................................................................................................................................................................... (5,744)
Amortization of actuarial loss ........................................................................................................................................................................... 8,255
Amortization of prior service costs ................................................................................................................................................................... (1,889)
Retirement benefi t expenses ............................................................................................................................................................................ 13,638
Payment for defi ned contribution plans ............................................................................................................................................................ 543
Total ................................................................................................................................................................................................................ ¥14,181
The discount rate used by the Company was mainly 2.0% for the year ended March 31, 2013. The rate of expected return on plan assets
used by the Company was mainly 4.0% for the year ended March 31, 2013. The estimated amount of all retirement benefi ts to be paid at
the future retirement date was allocated equally to each period over the estimated years of total service. Prior service costs were amortized
by the straight-line method for mainly fi ve years for the year ended March 31, 2013, and actuarial gains or losses were amortized by the
straight-line method for mainly fi ve years for the year ended March 31, 2013.
Extra severance payments for voluntary retirement of ¥1,336 million ($12,971 thousand) for the year ended March 31, 2013 are not
included in the above table (Note 21 “Extra Severance Payments for Voluntary Retirement”).
8. Short-Term Borrowings
Short-term borrowings consisted principally of bank loans. The annual interest rates on these borrowings ranged from 0.45% to 12.00%
and from 0.50% to 5.32% as of March 31, 2013 and 2014, respectively.
9. Long-Term Debt
Long-term debt as of March 31, 2013 and 2014 consisted of the following:
Millions of yen
Thousands of
U.S. dollars
2013 2014 2014
(Unsecured long-term debt)
2.15% yen bonds, due July 2018 ......................................................................................................... ¥ 25,000 ¥ 25,000 $ 242,718
1.94% yen bonds, due March 2017 ...................................................................................................... 20,000 20,000 194,175
1.58% yen bonds, due July 2013 ......................................................................................................... 20,000 ——
1.69% yen bonds, due March 2013 ...................................................................................................... 15,000 ——
1.98% yen bonds, due September 2016 .............................................................................................. 10,000 10,000 97,087
2.53% loan from a Japanese bank, due September 2017 .................................................................... 35,000 35,000 339,806
2.70% loan from a Japanese bank, due July 2018 ............................................................................... 33,100 33,100 321,359
2.51% loan from a Japanese bank, due December 2014 ..................................................................... 27,500 ——
3.78% loan from a Japanese bank, due March 2015 ............................................................................ 25,856 ——
2.33% loan from a Japanese bank, due September 2015 .................................................................... 23,000 23,000 223,301
2.29% loan from a Japanese bank, due September 2014 .................................................................... 21,900 21,900 212,621
1.89% loan from a Japanese bank, due March 2016 ............................................................................ 20,000 20,000 194,175
2.62% loan from a Japanese bank, due September 2014 .................................................................... 20,000 ——
2.65% loan from a Japanese bank, due September 2018 .................................................................... 20,000 20,000 194,175
2.49% loan from a Japanese bank, due September 2016 .................................................................... 20,000 20,000 194,175
1.98% loan from a Japanese bank, due December 2017 ..................................................................... 20,000 20,000 194,175
2.64% loan from a Japanese bank, due August 2017 ........................................................................... 20,000 20,000 194,175
2.01% loan from a Japanese bank, due August 2014 ........................................................................... 20,000 20,000 194,175
2.69% loan from a Japanese bank, due December 2014 ..................................................................... 12,000 ——
1.51% loan from a Japanese bank, due March 2015 ............................................................................ 10,000 10,000 97,087
2.25% loan from a Japanese bank, due September 2019 .................................................................... 20,000 20,000 194,175
1.58% loan from a Japanese bank, due May 2015 ............................................................................... 17,000 17,000 165,049
2.28% loan from a Japanese bank, due May 2019 ............................................................................... 18,000 18,000 174,757
2.00% loan from a Japanese bank, due May 2019 ............................................................................... 10,000 10,000 97,087
2.04% loan from a Japanese bank, due May 2021 ............................................................................... 15,000 15,000 145,631
Other loans from foreign banks ............................................................................................................. 200 200 2,282
Other loans from Japanese banks ........................................................................................................ 17,996 20,630 200,291
(Secured long-term debt) ......................................................................................................................
Other loans from Japanese banks ........................................................................................................ 4,201 ——
520,753 398,865 3,872,476
Less-current maturities ......................................................................................................................... (97,873) (52,051) (505,350)
¥422,880 ¥346,814 $3,367,126
As of March 31, 2014, the aggregate annual maturities of long-term debt were as follows:
Fiscal years ending March 31, Millions of yen
Thousands of
U.S. dollars
2015 .................................................................................................................................................................................. ¥ 52,051 $ 505,350
2016 .................................................................................................................................................................................. 72,415 703,058
2017 .................................................................................................................................................................................. 51,313 498,184
2018 .................................................................................................................................................................................. 75,757 735,505
2019 .................................................................................................................................................................................. 78,429 761,447
2020 and thereafter ........................................................................................................................................................... 68,900 668,932
Total .................................................................................................................................................................................. ¥398,865 $3,872,476
Notes to the Consolidated Financial Statements
85
OLYMPUS Annual Report 2014
84 OLYMPUS Annual Report 2014