Toyota 2005 Annual Report Download - page 102

100 >NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
limitation of time, subject to the approval of the Board of
Directors. In October 2001, the Japanese Commercial
Code was changed to allow the company to purchase
treasury stock without limitation of reason during the
whole period until the next Ordinary General
Shareholders’ Meeting by the resolution of the Board of
Directors up to the limitation of number of shares and
aggregated acquisition costs approved at the Ordinary
General Shareholders’ Meeting. In response to the
Japanese Commercial Code revision, on June 26, 2002, at
the Ordinary General Shareholders’ Meeting, the share-
holders of the parent company approved the amendment
of the stock repurchase policy in the Articles of Incorpora-
tion to be deleted the limitation of the purpose of
purchasing treasury stock noted above. As a result,
Toyota’s unused authorized shares for the repurchase of
shares of common stock under the legacy policy elapsed.
In the same Shareholders’ Meeting, the shareholders of the
parent company also approved the purchase as treasury
stock of up to 170 million shares at a cost up to ¥600,000
million during the period until the next Ordinary General
Shareholders’ Meeting which was held on June 26, 2003.
As a result, the parent company repurchased approxi-
mately 170 million shares during the year ended March
31, 2003. On June 26, 2003, at the Ordinary General
Shareholders’ Meeting, the shareholders of the parent
company again approved to purchase up to 150 million of
its common stock at a cost up to ¥400,000 million during
the period until the next Ordinary General Shareholders’
Meeting which was held on June 23, 2004. According
to this authorization, the parent company purchased
approximately 113 million shares of its treasury stock
during the approved period of time. On June 23, 2004, at
the Ordinary Shareholders’ Meeting, the shareholders of
the parent company again approved to purchase up to 65
million of its common stock at a cost of up to ¥250,000
million during the period until the next Ordinary General
Shareholders’ Meeting which was held on June 23, 2005,
and, in response to the Japanese Commercial Code revi-
sion, also approved to change the Articles of Incorpora-
tion to authorize the Board of Directors to repurchase
treasury stock on the basis of its resolution. During this
approved period of time, the parent company purchased
59 million of shares. In addition, on June 23, 2005, the
shareholders of the parent company approved to purchase
up to 65 million of its common stock at a cost of up to
¥250,000 million during the period until the resolution of
next Ordinary General Shareholders’ Meeting. These
approvals by the shareholders on and after the resolution
in the Ordinary General Shareholders’ Meeting on June
23, 2004 are not required under the current regulation.
In years prior to 1997, Toyota had made free distri-
butions of shares to its shareholders for which no account-
ing entry is required in Japan. Had the distributions been
accounted for in a manner used by companies in the
United States of America, ¥2,576,606 million ($23,993
million) would have been transferred from retained
earnings to the appropriate capital accounts.
Detailed components of accumulated other comprehen-
sive loss at March 31, 2004 and 2005 and the related
changes, net of taxes for the years ended March 31, 2003,
2004 and 2005 consist of the following:
Yen in millions
Foreign Minimum Net gains Accumulated
currency Unrealized pension (losses) on other
translation gains (losses) liability derivative comprehensive
adjustments on securities adjustments instruments income (loss)
Balances at March 31, 2002.......................................... ¥(172,488) ¥ 33,747 ¥(127,773) ¥(790) ¥(267,304)
Other comprehensive income (loss) ............................ (139,285) (26,495) (171,978) 790 (336,968)
Balances at March 31, 2003.......................................... (311,773) 7,252 (299,751) — (604,272)
Other comprehensive income (loss) ............................ (203,257) 329,672 273,265 — 399,680
Balances at March 31, 2004.......................................... (515,030) 336,924 (26,486) — (204,592)
Other comprehensive income....................................... 75,697 38,455 9,780 — 123,932
Balances at March 31, 2005.......................................... ¥(439,333) ¥375,379 ¥ (16,706) ¥ — ¥ (80,660)
U.S. dollars in millions
Foreign Minimum Net gains Accumulated
currency Unrealized pension (losses) on other
translation gains liability derivative comprehensive
adjustments on securities adjustments instruments income (loss)
Balances at March 31, 2004.......................................... $(4,796) $3,137 $(246) $ — $(1,905)
Other comprehensive income....................................... 705 358 91 — 1,154
Balances at March 31, 2005.......................................... $(4,091) $3,495 $(155) $ — $(751)