Olympus 2015 Annual Report Download - page 48

10. Notes and Accounts Payable
Notes and accounts payable as of March 31, 2014 and 2015 consisted of the following:
Millions of yen
Thousands of
U.S. dollars
2014 2015 2015
Unconsolidated subsidiaries and affiliates .............................................................................................. ¥ 108 ¥ 667 $ 5,558
Trade ..................................................................................................................................................... 45,301 38,488 320,734
Total ...................................................................................................................................................... ¥45,409 ¥39,155 $326,292
11. Retirement Benefit Plans
Employees of the Company and certain consolidated subsidiaries have defined funded pension plans, defined contribution plans and
unfunded retirement allowance plans. The Company and certain consolidated subsidiaries have cash balance plans by applying a point
pension system to defined 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 sufficient plan assets to provide for accrued benefits.
The changes in retirement benefit obligation during the years ended March 31, 2014 and 2015 were as follows (excluding retirement
benefit obligation for the consolidated subsidiaries adopting the simplified method):
Millions of yen
Thousands of
U.S. dollars
2014 2015 2015
Retirement benefit obligation at April 1 ................................................................................................... ¥155,208 ¥171,637 $1,430,308
Cumulative effects of changes in accounting policies ............................................................................. — (142) (1,183)
Restated balance at April 1 .................................................................................................................... 155,208 171,495 1,429,125
Service cost ........................................................................................................................................... 6,003 6,230 51,917
Interest cost .......................................................................................................................................... 4,854 4,713 39,275
Actuarial (gain) loss ................................................................................................................................ (274) 14,925 124,375
Retirement benefit paid .......................................................................................................................... (4,385) (5,486) (45,717)
Transfer to defined contribution plans in foreign subsidiary ..................................................................... — (11,553) (96,275)
Prior service cost ................................................................................................................................... (3) 6 50
Effect of foreign exchange translation .................................................................................................... 10,072 9,939 82,825
Effect of changing from simplified method to standard method .............................................................. — 1,888 15,733
Other ..................................................................................................................................................... 162 104 867
Retirement benefit obligation at March 31 .............................................................................................. ¥171,637 ¥192,261 $1,602,175
The changes in plan assets during the years ended March 31, 2014 and 2015 were as follows:
Millions of yen
Thousands of
U.S. dollars
2014 2015 2015
Plan assets at April 1 ............................................................................................................................. ¥152,476 ¥175,196 $1,459,967
Expected return on plan assets ............................................................................................................. 7,106 7,795 64,958
Actuarial gain ......................................................................................................................................... 3,058 13,662 113,850
Contributions by the Company .............................................................................................................. 5,418 5,568 46,400
Retirement benefit paid .......................................................................................................................... (3,927) (5,113) (42,608)
Transfer to defined contribution plans in foreign subsidiary ..................................................................... — (11,553) (96,275)
Effect of foreign exchange translation .................................................................................................... 11,025 5,996 49,967
Other ..................................................................................................................................................... 40 (152) (1,267)
Retirement benefit obligation at March 31 .............................................................................................. ¥175,196 ¥191,399 $1,594,992
8. Short-Term Borrowings
Short-term borrowings consisted principally of bank loans. The annual interest rates on these borrowings ranged from 0.50% to 5.32% and
from 0.50% to 5.04% as of March 31, 2014 and 2015, respectively.
9. Long-Term Debt
Long-term debt as of March 31, 2014 and 2015 consisted of the following:
Millions of yen
Thousands of
U.S. dollars
2014 2015 2015
(Unsecured long-term debt)
2.15% yen bonds, due July 2018 .......................................................................................................... ¥ 25,000 ¥ 25,000 $ 208,333
1.94% yen bonds, due March 2017....................................................................................................... 20,000 20,000 166,667
1.98% yen bonds, due September 2016 ............................................................................................... 10,000 10,000 83,333
2.53% loan from a Japanese bank, due September 2017 ..................................................................... 35,000 35,000 291,667
2.70% loan from a Japanese bank, due July 2018 ................................................................................ 33,100 33,100 275,833
2.33% loan from a Japanese bank, due September 2015 ..................................................................... 23,000 23,000 191,667
2.29% loan from a Japanese bank, due September 2014 ..................................................................... 21,900 — —
1.89% loan from a Japanese bank, due March 2016 ............................................................................. 20,000 20,000 166,667
2.65% loan from a Japanese bank, due September 2018 ..................................................................... 20,000 20,000 166,667
2.49% loan from a Japanese bank, due September 2016 ..................................................................... 20,000 20,000 166,667
1.98% loan from a Japanese bank, due December 2017 ...................................................................... 20,000 — —
2.64% loan from a Japanese bank, due August 2017 ............................................................................ 20,000 20,000 166,667
2.01% loan from a Japanese bank, due August 2014 ............................................................................ 20,000 — —
1.51% loan from a Japanese bank, due March 2015 ............................................................................. 10,000 — —
2.25% loan from a Japanese bank, due September 2019 ..................................................................... 20,000 20,000 166,667
1.58% loan from a Japanese bank, due May 2015 ................................................................................ 17,000 17,000 141,667
2.28% loan from a Japanese bank, due May 2019 ................................................................................ 18,000 18,000 150,000
2.00% loan from a Japanese bank, due May 2019 ................................................................................ 10,000 10,000 83,333
2.04% loan from a Japanese bank, due May 2021 ................................................................................ 15,000 15,000 125,000
Other loans from foreign banks .............................................................................................................. 235 216 1,800
Other loans from Japanese banks ......................................................................................................... 15,549 12,618 105,149
(Secured long-term debt)
Other loans from Japanese banks ......................................................................................................... 5,081 6,369 53,075
398,865 325,303 2,710,859
Less–Current maturities ......................................................................................................................... (52,051) (72,017) (600,142)
¥346,814 ¥253,286 $2,110,717
As of March 31, 2015, the aggregate annual maturities of long-term debt were as follows:
Years ending March 31 Millions of yen
Thousands of
U.S. dollars
2016................................................................................................................................................................................... ¥ 72,017 $ 600,142
2017................................................................................................................................................................................... 53,025 441,875
2018................................................................................................................................................................................... 57,117 475,975
2019................................................................................................................................................................................... 79,721 664,342
2020................................................................................................................................................................................... 48,205 401,708
2021 and thereafter ............................................................................................................................................................ 15,218 126,817
Total ................................................................................................................................................................................... ¥325,303 $2,710,859
Notes to the Consolidated Financial Statements
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OLYMPUS Annual Report 2015
92 OLYMPUS Annual Report 2015