Sony 1999 Annual Report Download - page 59

57
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Sony Corporation Annual Report 1999
9. Marketable securities and securities investments and other
and cost pertaining to available-for-sale securities are
as follows:
Yen in millions
March 31, 1998 March 31, 1999
Gross Gross Gross Gross
unrealized unrealized unrealized unrealized
Cost gains losses Fair value Cost gains losses Fair value
Available-for-sale:
Debt securities . . ¥613,905 ¥27,146 ¥2,135 ¥638,916 ¥746,005 ¥36,632 ¥12,187 ¥770,450
Equity securities . . 60,049 65,486 4,220 121,315 57,712 13,774 3,156 68,330
Total. . . . . . . . ¥673,954 ¥92,632 ¥6,355 ¥760,231 ¥803,717 ¥50,406 ¥15,343 ¥838,780
Dollars in thousands
March 31, 1999
Gross Gross
unrealized unrealized
Cost gains losses Fair value
Available-for-sale:
Debt securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $6,216,708 $305,267 $101,558 $6,420,417
Equity securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 480,933 114,783 26,300 569,416
Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $6,697,641 $420,050 $127,858 $6,989,833
Marketable securities and securities investments and
other as of March 31, 1998 and 1999 include short-term
investments in monetary trusts and long-term advances
to third parties of ¥131,662 million and ¥101,618 million
($846,817 thousand), respectively.
At March 31, 1999, debt securities mainly consist of
Japanese government and municipal bonds and corpo-
rate debt securities due within 1 to 15 years.
Proceeds from sales of available-for-sale securities
were ¥347,790 million, ¥359,815 million and ¥621,045
million ($5,175,375 thousand) for the years ended
March 31, 1997, 1998 and 1999, respectively. On those
sales, gross realized gains computed on the average cost
basis were ¥19,174 million, ¥18,028 million and ¥9,475
million ($78,958 thousand) and gross realized losses
were ¥9,877 million, ¥13,793 million and ¥3,554 million
($29,617 thousand), respectively.
In December 1998, Sony Corporation contributed
certain marketable equity securities, not including
those of its subsidiaries and affiliated companies, to
an employee retirement benefit trust, with no cash
proceeds thereon. The fair value of these securities at
the time of contribution was ¥81,413 million
($678,442 thousand). Upon contribution of these
available-for-sale securities, the net unrealized gain
was realized and was disclosed as “gain on securities
contribution to employee retirement benefit trust” on
the statement of income. Since the unrealized gain,
net of tax, had already been recorded as accumulated
other comprehensive income, the contribution itself
did not impact the amount of comprehensive income.
The net change in unrealized gain or loss on trading
securities that has been included in earnings during
the years ended March 31, 1997, 1998 and 1999 was
insignificant.
In the ordinary course of business, Sony maintains
long-term investment securities, included in securities
investments and other, issued by a number of nonpublic
companies. The aggregate carrying amounts of the in-
vestments in nonpublic companies were ¥60,527 million
and ¥41,203 million ($343,358 thousand) at March 31,
1998 and 1999, respectively. The corresponding fair
values at those dates were not computed as such
estimation was not readily determinable.
Marketable securities and securities investments and
other include debt and equity securities of which the
aggregate fair value, gross unrealized gains and losses
10. Short-term borrowings and long-term debt
Short-term borrowings comprise the following:
Yen in millions Dollars in thousands
March 31 March 31,
1998 1999 1999
Loans, principally from banks, with weighted-average interest rates of
3.99% and 2.34% per annum at March 31, 1998 and 1999, respectively . . ¥112,636 ¥40,877 $340,642
Commercial paper with interest of 6.15% per annum . . . . . . . . . . . . . . 1,981 ——
¥114,617 ¥40,877 $340,642