Sony 2005 Annual Report Download - page 54

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Sony Corporation 51
CONDENSED BALANCE SHEETS SEPARATING OUT THE FINANCIAL SERVICES SEGMENT (UNAUDITED)
Yen in millions
Sony without
Financial Services Financial Services Consolidated
Years ended March 31 2004 2005 2004 2005 2004 2005
Assets
Current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
699,698 990,191 2,692,436 2,592,849 3,363,355 3,556,171
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . .
256,316 259,371 592,895 519,732 849,211 779,103
Marketable securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
270,676 456,130 4,072 4,072 274,748 460,202
Notes and accounts receivable, trade . . . . . . . . . . . . . . . . . . .
72,273 77,023 943,590 952,692 1,011,189 1,025,362
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
100,433 197,667 1,151,879 1,116,353 1,228,207 1,291,504
Film costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
— 256,740 278,961 256,740 278,961
Investments and advances . . . . . . . . . . . . . . . . . . . . . . . . . .
2,274,510 2,378,966 358,629 445,446 2,512,950 2,745,689
Investments in Financial Services, at cost . . . . . . . . . . . . . .
—
—
176,905 187,400
—
—
Property, plant and equipment . . . . . . . . . . . . . . . . . . . . . . .
40,833 38,551 1,324,211 1,333,848 1,365,044 1,372,399
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
459,998 477,809 1,251,901 1,189,398 1,592,573 1,545,880
Deferred insurance acquisition costs . . . . . . . . . . . . . . . . . . . .
349,194 374,805 —
—349,194 374,805
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
110,804 103,004 1,251,901 1,189,398 1,243,379 1,171,075
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3,475,039 3,885,517 6,060,822 6,027,902 9,090,662 9,499,100
Liabilities and stockholders’ equity
Current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
648,803 708,613 2,373,550 2,137,480 2,982,215 2,809,368
Short-term borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
86,748 45,358 409,766 204,027 475,017 230,266
Notes and accounts payable, trade . . . . . . . . . . . . . . . . . . . . .
7,847 7,099 773,221 801,252 778,773 806,044
Deposits from customers in the banking business . . . . . . . . . .
378,851 546,718 ——378,851 546,718
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
175,357 109,438 1,190,563 1,132,201 1,349,574 1,226,340
Long-term liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,450,969 2,756,679 1,482,378 1,228,927 3,707,587 3,795,547
Long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
135,811 135,750 775,233 627,367 777,649 678,992
Accrued pension and severance costs . . . . . . . . . . . . . . . . . . .
10,183 14,362 358,199 338,040 368,382 352,402
Future insurance policy benefits and other . . . . . . . . . . . . . . . .
2,178,626 2,464,295 ——2,178,626 2,464,295
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
126,349 142,272 348,946 263,520 382,930 299,858
Minority interest in consolidated subsidiaries . . . . . . . . . . .
—5,476 17,554 18,471 22,858 23,847
Stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
375,267 414,749 2,187,340 2,643,024 2,378,002 2,870,338
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3,475,039 3,885,517 6,060,822 6,027,902 9,090,662 9,499,100
INVESTMENTS
Sony regularly evaluates its investment portfolio to identify other-
than-temporary impairments of individual securities. Factors that
are considered by Sony in determining whether an other-than-
temporary decline in value has occurred include: the length of
time and extent to which the market value of the security has
been less than its original cost, the financial condition, operating
results, business plans and estimated future cash flows of the
issuer of the security, other specific factors affecting the market
value, deterioration of issuer’s credit condition, sovereign risk,
and whether or not Sony is able to retain the investment for a
period of time sufficient to allow for the anticipated recovery in
market value.
In evaluating the factors for available-for-sale securities with
readily determinable fair values, management presumes a
decline in value to be other-than-temporary if the fair value of
the security is 20 percent or more below its original cost for an
extended period of time (generally a period of up to six to twelve
months). The presumption of an other-than-temporary impair-
ment in such cases may be overcome if there is evidence to
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