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Annual Report 2012 55
Financial Section
In response to the issuance on December 2, 2011 of
the “Act regulating revision of part of the Income Tax Act
and other related laws/regulations, in order to establish
a taxation system that reflects structural changes in the
economy and society” and the “Act regarding securing
funds necessary for implementing programs promoting
recovery from the Great East Japan Earthquake,” the
Company has changed the statutory tax rate used for cal-
culating the deferred tax assets and deferred tax liabilities
as of March 31, 2012 from 40.6% to 37.9% for revenue
and payments made between the forecast period of April
1, 2012 and March 31, 2015. Those on or after April 1,
2015 will both be changed to 35.5%.
Due to this change, the net deferred tax assets
decreased by ¥1,951 million ($24,086 thousand) and de-
ferred gains (losses) on hedges decreased by ¥256 million
($3,160 thousand), while deferred income tax calculated
for the year ended March 31, 2012 increased by ¥2,054
million ($25,358 thousand) and net unrealized holding
gains (losses) on securities increased by ¥359 million
($4,432 thousand).
5. Short-term Borrowings and Long-term Debt
The weighted average interest rates of short-term borrowings as of March 31, 2011 and 2012 were 0.8% and 0.5%, respectively.
Short-term borrowings including current portion of long-term debt as of March 31, 2011 and 2012 consisted of the following:
Bank loans
Commercial paper
Current portion of long-term debt
0.0%–8.0% unsecured loans principally from banks, due 2011 to 2034
0.970% unsecured straight bonds, due 2012
1.165% unsecured straight bonds, due 2012
1.423% unsecured straight bonds, due 2014
2.068% unsecured straight bonds, due 2019
0.846% unsecured straight bonds, due 2014
1.141% unsecured straight bonds, due 2016
1.604% unsecured straight bonds, due 2019
0.000% unsecured convertible bonds with subscription rights
to shares, due 2013
0.250%–1.177% unsecured Euroyen notes issued by a consolidated
subsidiary, due 2012 to 2013
0.500% unsecured Pound discount notes issued by
a consolidated subsidiary, due 2011 to 2012
lease obligations
Less-Current portion included in short-term borrowings
¥ 104,522
139,766
43,042
¥ 287,330
¥ 149,554
20,000
10,000
30,000
10,000
100,000
20,000
30,000
201,783
5,046
290
26,289
602,962
(43,042)
¥ 559,920
¥ 199,085
351,000
47,912
¥ 597,997
¥ 126,188
20,000
—
30,000
10,000
100,000
20,000
30,000
201,068
6,996
130
32,690
577,072
(47,912)
¥ 529,160
$ 2,457,840
4,333,333
591,506
$ 7,382,679
$ 1,557,876
246,914
—
370,370
123,457
1,234,568
246,914
370,370
2,482,321
86,370
1,605
403,580
7,124,345
(591,506)
$ 6,532,839
2011
2011
2012
2012
Yen
(millions)
Yen
(millions)
2012
2012
U.S. Dollars
(thousands)
U.S. Dollars
(thousands)
Long-term debt as of March 31, 2011 and 2012 consisted of the following:
The following is a summary of the terms for conversion and redemption of the convertible bonds with subscription
rights to shares:
0.000% unsecured convertible bonds with subscription rights to shares, due 2013 ¥ 2,531.00
Conversion price
Yen