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Rewarded with a smile
by exceeding your expectations
Annual Report 2011
TOYOTA MOTOR CORPORATION
Year ended March 31, 2011
0808

Table of contents

  • Page 1
    Rewarded with a smile by exceeding your expectations Annual feport 2011 Year ended March 31, 2011 TOYOTA MOTOR CORPORATION

  • Page 2
    ... future mobility that links people with products and services Toyota's Global Vision not only calls for building better cars, but also expresses our goal of contributing to the creation of better communities. Toyota is developing new products and services for the future of mobility, with the goal of...

  • Page 3
    ...good quality, affordable price." We seek to realize this goal by cultivating global personnel who maintain the spirit of Toyota's culture of craftsmanship ( monozukuri ) and skill proficiency. Achieve equal weightings in unit sales between industrialized nations and emerging markets Emerging markets...

  • Page 4
    ... technologies, but also to create new value in vehicles in such areas as design, high-tech communications and quality, so that people can see, touch and feel that value when using our products. Our goal is to build cars that impress by being one step ahead in innovation. Product Development...

  • Page 5
    ... will bring smiles . By offering safety and quality that exceed expectations, we are contributing to achieving the goal of next-generation mobility: zero traffic fatalities. Three-Pronged Integrated Approach People Vehicles Traffic Environment Special feature: Toyota's Safety Technology 5

  • Page 6
    ...of Financial Condition and Results of Operations Consolidated Financial Statements Notes to Consolidated Financial Statements Management's Annual Report on Internal Control over Financial Reporting Report of Independent Registered Public Accounting Firm Investor Information New Management Structure...

  • Page 7
    ... at a time, to recovery and revival. For Toyota, 2010 was a year in which a series of quality issues spurred us to return to our roots and to work on restoring trust by rebuilding relationships with our customers, dealers and suppliers. In returning to the spirit of manufacturing and car building...

  • Page 8
    ... to announce our financial, production, and sales forecasts in June. When we announced our Global Vision, we noted the need to quickly establish a revenue base that provides operating income of around ¥1 trillion, even with an exchange rate of ¥85 to the U.S. dollar and sales of 7.5 million units...

  • Page 9
    ... business. Goals of Our Vision fegional entities to drive further evolution of "Customer First" and "genchi genbutsu " The Toyota Global Vision offers automobile manufacturing that exceeds customer expectations and a new mobility society based on the Toyota Precepts, the Toyota Guiding Principles...

  • Page 10
    ... in North America that covers everything from development through production and supply to other countries. Furthermore, we linked up in May of last year with Tesla Motors in an effort to create the future mobility society through joint efforts in advanced IT technologies and IT industry. Europe We...

  • Page 11
    ... the needs of customers around the world, the values of society and Toyota's advanced technologies. Delivering such cars with the right timing means expanding production capacity in emerging markets in accordance with the expansion of these markets and revising model production in developed markets...

  • Page 12
    ... control of energy data and information, with trials of the system conducted beginning this September over smart grids in Toyota City. Toyota will continue to conduct trials and tie-ins with other industries, with the goal of marketing the system. Our goal is to offer new products and services...

  • Page 13
    ... which is the ultimate goal of the future mobility society. The real question is how do we relate to people and communities. What are our goals? The following section provides a comprehensive overview of Toyota's approach to safety, focusing on our safety technologies. TOYOTA ANNUAL REPORT 2011 13

  • Page 14
    ... Stability Control) and GOA (Global Outstanding Assessment) in 1995 and PCS (Pre-Crash Safety System) in 2003, each of which was the first of its kind in the world. Toyota will continue to lead the world in developing active safety technology that supports the driver in Vehicles Traffic Environment...

  • Page 15
    ... true in the case of pedestrian accidents, in which body positions change moment by moment, making it difficult to examine what happened where. To meet that challenge, in 2000 Toyota and Toyota Central R&D Labs developed human models known as THUMS (Total Human Model for Safety), starting...

  • Page 16
    ... equipped with cardiovascular monitors that check for abnormalities while the steering wheel is gripped. In the future, we aim to commercialize systems that can assist daily health maintenance. Active safety technology VSC (Vehicle Stability Control) When this driver support system senses a loss...

  • Page 17
    ... Safety Management Concept, Toyota is pursuing safety by linking the various safety systems installed in vehicles. We also intend to secure product safety by thoroughly incorporating data from simulation and accident analyses, as well as feedback from customers, in our technology development. In...

  • Page 18
    ... âˆ'0.3 % change 2009 Per Share Data: Net Income (Loss) attributable to Toyota Motor Corporation*2 Annual Cash Dividends Shareholders' Equity Stock Information (March 31): Stock Price Market Capitalization (Yen in millions, U.S. dollars in millions) 2010 2011 2011 2011 vs. 2010 Net Revenues...

  • Page 19
    ...) 2009 Vehicle Production by Region: Japan Overseas Total North America Europe Asia Central and South America Oceania Africa Consolidated Total Vehicle Sales by Region: Japan Overseas Total North America Europe Asia Central and South America Oceania Africa Middle East Other Consolidated Total 1,945...

  • Page 20
    ... by our customers and society, and continues its efforts to manufacture vehicles that meet the needs of countries and regions and strengthen its initiatives regarding environmentally friendly models. Market Environment and Performance Summary During the fiscal year ended March 31, 2011, Automotive...

  • Page 21
    ... Tohoku Core of domestic production/Hub of new technology and new manufacturing method development Hub for mid-sized and Lexus brand vehicle production Specializing in compact cars Development of technological innovation Application of mass production innovation TOYOTA ANNUAL REPORT 2011 21

  • Page 22
    ... development, management personnel training and other efforts. Financial Services Operations Organization Toyota Motor Corporation Toyota Financial Services Corporation Overseas Sales Finance Companies Toyota Finance Corporation Toyota Asset Management Co., Ltd. TOYOTA ANNUAL REPORT 2011...

  • Page 23
    ... business operations, which constitute the core business in this segment, to Toyota Housing Corporation effective October 2010. The aim of this move is to integrate the operational organization and enhance specialization, as well as to consolidate development, production and sales under a management...

  • Page 24
    ... 2010, all housing operation production and technical development functions were transferred from Toyota Motor Corporation to Toyota Housing Corporation. Biotechnology and Afforestation Business Toyota is making every effort to contribute to the creation of a resource recycling society through our...

  • Page 25
    ...charging time Remote air-conditioning Car batteries Used as a household power source in emergencies Storage battery Stores electricity generated by solar panels Supporting ECO life Home power consumption monitor Appliances remote control Charging outlet ＊HEMS ： Home Energy Management System...

  • Page 26
    ... at shops for employees. At Toyota's Tokyo office lobby: Hosting markets selling produce and processed items from Tohoku and Kanto. At Toyota's headquarters, Nagoya and Tokyo offices: Selling processed food items from Tohoku and Kanto in our company stores. Provision of personnel Toyota dispatched...

  • Page 27
    ... Technology Development Toyota operates a global R&D organization with the primary goal of building automobiles that precisely meet the needs of customers in every region of the world. In Japan, R&D operations are led by Toyota Central Research & Development Laboratories, Inc., which works closely...

  • Page 28
    ...that we value as important management resources. Intellectual Property Systems Vehicle development & evaluation, certification, collection of technical information Toyota Europe Design Development Brussels, Belgium Derby, U.K. Nice, France Toyota Motor Engineering & Manufacturing North America, Inc...

  • Page 29
    ... Global Environment, and Sustainable Development of Society through Manufacturing Since its foundation, Toyota has continuously strived to contribute to the sustainable development of society through the manufacturing and provision of innovative and quality products and services that lead the times...

  • Page 30
    ...-executive position to promote management that is in close contact with work sites. Executive general managers are to be employees such as grand chief engineers responsible for vehicle development, general managers responsible for technology and plant general managers. TOYOTA ANNUAL REPORT 2011 30

  • Page 31
    ... Shinichi Sasaki Business Development / IT / Purchasing / Japan Sales Business / Customer Service / Quality Yasumori Ihara Corporate Planning Div. / Purchasing Group Yoko Wake Satoshi Ozawa Europe Operations / General Administration & Human Resources / Accounting TOYOTA ANNUAL REPORT 2011 31

  • Page 32
    ... report under the Financial Instruments and Exchange Law of Japan and Form 20-F under the U.S. Securities Exchange Act, and also holds extraordinary committee meetings from time to time whenever necessary. Toyota's Corporate Governance System Toyota formulated and announced the Toyota Global Vision...

  • Page 33
    ... relevant rules. 2) Toyota will ensure accurate financial reporting by issuing documentation on the financial flow and the control system, etc., and by properly and promptly disclosing information through the Disclosure Committee. 3) Toyota will manage various risks relating to safety, quality, the...

  • Page 34
    ... of the operations of the subsidiaries by exchanging information with those subsidiaries, periodically and as needed. (7) System concerning employees who assist the Corporate Auditors when required Toyota will establish a Corporate Auditors Department and assign a number of full-time staff to...

  • Page 35
    ... industry reorganization. Factors affecting competition include product quality and features, safety, reliability, fuel economy, the amount of time required for innovation and development, pricing, customer service and financing terms. Increased competition may lead to lower vehicle unit sales...

  • Page 36
    ... changing customer preferences or changes in the regulatory environment in the major markets in which it operates. Toyota's inability to maintain well-developed sales techniques and distribution networks may result in decreased sales and market share and may adversely affect its financial condition...

  • Page 37
    ... events, it may result in disruptions and delays in the operations of Toyota's business. Should significant or prolonged disruptions or delays related to Toyota's business operations occur, it may adversely affect Toyota's financial condition and results of operations. TOYOTA ANNUAL REPORT 2011 37

  • Page 38
    ... Model Lineup by Country & Region Japanese Production and Dealer Sites Product Lineup Product Lineup Technological Development History of Technological Development from 1990 Number of Vehicles Produced in Japan by Model Number of Vehicles Registered in Japan by Model TOYOTA ANNUAL REPORT 2011...

  • Page 39
    ... a consolidated operating margin of 5% and operating income of around ¥1 trillion even under such severe conditions as an exchange rate of ¥85 to the U.S. dollar, and consolidated unit sales of 7.5 million. I believe that the profitability called for in the Global Vision represents a "bottom line...

  • Page 40
    ... other eco-cars and develop it globally, while making efforts to increase sales in emerging markets by working to strengthen locally produced core models, such as IMVs and newly developed subcompact models. I believe we should work to realize a geographically balanced business structure that favors...

  • Page 41
    ...and Investor Information Selected Financial Summary (U.S. GAAP) Toyota Motor Corporation Fiscal years ended March 31 Yen in millions 2002 For the Year: Net Revenues: Sales of Products Financing Operations Total Costs and Expenses: Cost of Products Sold Cost of Financing Operations Selling, General...

  • Page 42
    ...and Investor Information Selected Financial Summary (U.S. GAAP) Toyota Motor Corporation Fiscal years ended March 31 Yen in millions % change 2007 For the Year: Net Revenues: Sales of Products Financing Operations Total Costs and Expenses: Cost of Products Sold Cost of Financing Operations Selling...

  • Page 43
    ... and Investor Information Consolidated Segment Information Toyota Motor Corporation Fiscal years ended March 31 Yen in millions % change 2006 Business Segment: Net Revenues: Automotive Financial Services All Other Intersegment Elimination Consolidated Operating Income (Loss): Automotive Financial...

  • Page 44
    ... Informytion Financial Section and Investor Information Consolidated Quarterly Financial Summary Toyota Motor Corporation Fiscal years ended March 31 Yen in billions 2010 First Quarter Net Revenues % Change Operating Income (Loss) % Change Operating Income Margin Income (Loss) before Income Taxes...

  • Page 45
    ..., • the mix of vehicle models and options sold, • the level of parts and service sales, • the levels of price discounts and other sales incentives and marketing costs, • the cost of customer warranty claims and other customer satisfaction actions, • the cost of research and development and...

  • Page 46
    ... customers is an important value added service. Therefore, Toyota has expanded its network of finance subsidiaries in order to offer financial services in many countries. Toyota's competitors for retail financing and retail leasing include commercial banks, credit unions and other finance companies...

  • Page 47
    ... relates primarily to sales proceeds from Toyota's non-domestic operations from vehicles produced in Japan. Toyota believes that the location of its production facilities in different parts of the world has significantly reduced the level of transaction risk. As part of its globalization strategy...

  • Page 48
    ..., production volume, market share information, vehicle model plans and plant location costs to allocate resources within the automotive operations. Results of Operations - Fiscal 2011 Compared with Fiscal 2010 Yen in millions Year ended March 31, 2011 vs. 2010 Change 2010 Net revenues: Japan North...

  • Page 49
    ... Toyota's net revenues from external customers by product category and by business. Yen in millions Year ended March 31, 2011 vs. 2010 Change Asia Other* Total * "Other" consists of Central and South America, Oceania and Africa. 2010 Vehicles Parts and components for overseas production Parts...

  • Page 50
    ... Business ynd Performynce Review Mynygement ynd Corporyte Informytion Financial Section and Investor Information Management's Discussion and Analysis of Financial Condition and Results of Operations Japan Thousands of units Year ended March 31, 2011 vs. 2010 Change 2010 Toyota's consolidated...

  • Page 51
    ... and Investor Information Management's Discussion and Analysis of Financial Condition and Results of Operations Asia Thousands of units Year ended March 31, 2011 vs. 2010 Change Operating Costs and Expenses Yen in millions Year ended March 31, 2011 vs. 2010 Change 2010 Toyota's consolidated...

  • Page 52
    ...an unprecedented high level mainly in the United States and the prices of used Toyota and Lexus brands' vehicles also remaining at a high level, partially offset by the ¥15.0 billion increase in provision for credit losses and charge-offs in relation to the Great East Japan Earthquake. R&D Expenses...

  • Page 53
    ... to the Great East Japan Earthquake. North America Yen in millions 2011 vs. 2010 Change Europe Yen in millions 2011 vs. 2010 Change 16 12 8 4 0 -4 '07 '08 '09 '10 '11 Changes in operating income and loss: Effect of fluctuation in foreign currency translation rates Effect of cost reduction efforts...

  • Page 54
    ... Information The following is a discussion of results of operations for each of Toyota's operating segments. The amounts presented are prior to intersegment elimination. Yen in millions Year ended March 31, 2011 vs. 2010 Change 2010 Automotive Financial Services All Other Net revenues Operating...

  • Page 55
    ...used Toyota and Lexus brands' vehicles also remaining at a high level. Results of Operations - Fiscal 2010 Compared with Fiscal 2009 Yen in millions Year ended March 31, 2010 vs. 2009 Change 2009 Net revenues: Japan North America Europe Asia Other* Intersegment elimination/unallocated amount Total...

  • Page 56
    ... operating leases. Thousands of units Year ended March 31, 2010 vs. 2009 Change 2009 Toyota's consolidated vehicle unit sales 1,945 2010 2,163 Amount 218 Yen in millions Percentage +11.2% Year ended March 31, 2010 vs. 2009 Change 2009 Net revenues: Sales of products Financial services Total...

  • Page 57
    ... ynd Corporyte Informytion Financial Section and Investor Information Management's Discussion and Analysis of Financial Condition and Results of Operations North America Thousands of units Year ended March 31, 2010 vs. 2009 Change 2009 Toyota's consolidated vehicle unit sales 2,212 2010 2,098...

  • Page 58
    ... to the prior fiscal year as a result of a downturn in the markets. Operating Costs and Expenses Yen in millions Year ended March 31, 2010 vs. 2009 Change 2009 Operating costs and expenses Cost of products sold Cost of financing operations Selling, general and administrative Total ¥17,468,416 987...

  • Page 59
    ... above. In fiscal 2009, Toyota accrued the cost of the customer satisfaction measures related to Tacoma pick-up trucks in North America in order to address the possibility of rust developing on the frame of a portion of older model Tacoma pick-up trucks manufactured in North America between 1995 and...

  • Page 60
    ... Financial Section and Investor Information Management's Discussion and Analysis of Financial Condition and Results of Operations Operating Income and Loss Yen in millions 2010 vs. 2009 Change Changes in operating income and loss: Effect of decrease in vehicle unit sales and changes in sales mix...

  • Page 61
    ... Financial Section and Investor Information Management's Discussion and Analysis of Financial Condition and Results of Operations Asia Yen in millions 2010 vs. 2009 Change Changes in operating income and loss: Effect of increase in production volume and vehicle unit sales and other operational...

  • Page 62
    ... operating income include cost reduction efforts. On the other hand, factors decreasing operating income include the assumed exchange rate of a stronger Japanese yen against the U.S. dollar in fiscal 2012 compared with the prior fiscal year as well as decreases in TOYOTA ANNUAL REPORT 2011...

  • Page 63
    ...the Company - Business Overview" for a more detailed information of the Great East Japan Earthquake. The foregoing statements are forward-looking statements based upon Toyota's management's assumptions and beliefs regarding exchange rates, market demand for Toyota's products, economic conditions and...

  • Page 64
    ...prior fiscal year due to changes of pension plans in subsidiaries. See note 19 to the consolidated financial statements for further discussion. Toyota's treasury policy is to maintain controls on all exposures, to adhere to stringent counterparty credit standards, and to actively monitor marketplace...

  • Page 65
    ...installment payments, and as of March 31, 2011, ranged from one month to 35 years. However, they are generally shorter than the Off-Balance-Sheet Arrangements Toyota uses its securitization program as part of its funding through special purpose entities for its financial services operations. Toyota...

  • Page 66
    ...; and • end-of-life vehicles must meet actual re-use of 80% and re-use as material or energy of 85%, respectively, of vehicle weight by 2006, rising to 85% and 95%, respectively, by 2015. See note 23 to the consolidated financial statements for further discussion. TOYOTA ANNUAL REPORT 2011 66

  • Page 67
    ... Investor Information Management's Discussion and Analysis of Financial Condition and Results of Operations suppliers. The foregoing evaluations are inherently uncertain, as they require material estimates and some products' warranties extend for several years. Consequently, actual warranty costs...

  • Page 68
    ... costs and obligations are the discount rates and the expected rates of returns on plan assets. Toyota determines the discount rates mainly based on the rates of high 1 percent increase in vehicle return rate 1 percent increase in end-of-term market values ¥1,164 ¥4,490 quality fixed income...

  • Page 69
    ... the consolidated financial statements. Toyota monitors and manages these financial exposures as an integral part of its overall risk management program, which recognizes the unpredictability of financial markets and seeks to reduce the potentially adverse effects on Toyota's operating results. The...

  • Page 70
    ... Information Consolidated Balance Sheets Toyota Motor Corporation March 31, 2010 and 2011 Yen in millions U.S. dollars in millions 2011 2011 Yen in millions U.S. dollars in millions 2011 2011 ASSETS Current assets Cash and cash equivalents Time deposits Marketable securities Trade accounts...

  • Page 71
    ...Investor Information Consolidated Statements of Income Toyota Motor Corporation For the years ended March 31, 2009, 2010 and 2011 Yen in millions U.S. dollars in millions 2009 Net revenues Sales of products Financing operations Costs and expenses Cost of products sold Cost of financing operations...

  • Page 72
    .../Vision Speciyl Feyture Business ynd Performynce Review Mynygement ynd Corporyte Informytion Financial Section and Investor Information Consolidated Statements of Shareholders' Equity Toyota Motor Corporation For the years ended March 31, 2009, 2010 and 2011 Yen in millions Common stock...

  • Page 73
    Messyge/Vision Speciyl Feyture Business ynd Performynce Review Mynygement ynd Corporyte Informytion Financial Section and Investor Information Consolidated Statements of Shareholders' Equity Toyota Motor Corporation For the years ended March 31, 2009, 2010 and 2011 U.S. dollars in millions ...

  • Page 74
    Messyge/Vision Speciyl Feyture Business ynd Performynce Review Mynygement ynd Corporyte Informytion Financial Section and Investor Information Consolidated Statements of Cash Flows Toyota Motor Corporation For the years ended March 31, 2009, 2010 and 2011 Yen in millions U.S. dollars in ...

  • Page 75
    ...equipment leasing and certain other financial services primarily to its dealers and their customers to support the sales of vehicles and other products manufactured by Toyota. 2 Summary of significant accounting policies: The parent company and its subsidiaries in Japan and its foreign subsidiaries...

  • Page 76
    ... account balance is considered impaired when it is probable that Toyota will be unable to collect all amounts due (including principal and interest) based on current information and events according to the terms of the contract. Factors such as payment history, TOYOTA ANNUAL REPORT 2011 76

  • Page 77
    ... projected return rates and loss severity include historical and market information on used vehicle sales, trends in lease returns and new car markets, and general economic conditions. Management evaluates the foregoing factors, develops several potential loss scenarios, and reviews allowance levels...

  • Page 78
    ... by dealers and acquired by certain consolidated subsidiaries. Such subsidiaries are also the lessors of certain property that they acquire directly. Vehicles and equipment on operating leases are depreciated primarily on a straight-line method over the lease term, generally from 2 to 5 years, to...

  • Page 79
    ... from the fiscal year ended March 31, 2011. The adoption of this guidance did not have a material impact on Toyota's consolidated financial statements. In June 2009, FASB issued updated guidance of accounting for and disclosure of consolidation. This guidance changes how a company determines when...

  • Page 80
    ... Toyota maintains long-term investment securities, included in "Marketable securities and other securities investments" and issued by a number of non-public companies which are recorded at cost, as their fair values were not readily determinable. Management employs a systematic methodology to assess...

  • Page 81
    ...495,759 Working capital ¥593,516 44 0 578 ¥594,138 The contractual maturities of retail receivables, the future minimum lease payments on finance leases and wholesale and other dealer loans at March 31, 2011 are summarized as follows: Yen in millions U.S. dollars in millions Years ending March...

  • Page 82
    Messyge/Vision Speciyl Feyture Business ynd Performynce Review Mynygement ynd Corporyte Informytion Financial Section and Investor Information Notes to Consolidated Financial Statements The tables below show the recorded investment for each credit quality of the finance receivable within the ...

  • Page 83
    Messyge/Vision Speciyl Feyture Business ynd Performynce Review Mynygement ynd Corporyte Informytion Financial Section and Investor Information Notes to Consolidated Financial Statements Yen in millions March 31, 2011 9 Inventories: Total ¥30,206 13,017 ¥43,223 2010 ¥10,885 40,755 771 ...

  • Page 84
    ... Section and Investor Information Notes to Consolidated Financial Statements 11 Allowance for doubtful accounts and credit losses: An analysis of activity within the allowance for doubtful accounts relating to trade accounts and notes receivable for the years ended March 31, 2009, 2010 and 2011 is...

  • Page 85
    Messyge/Vision Speciyl Feyture Business ynd Performynce Review Mynygement ynd Corporyte Informytion Financial Section and Investor Information Notes to Consolidated Financial Statements Yen in millions For the years ended March 31, U.S. dollars in millions Account balances and transactions ...

  • Page 86
    ...,908 (33,347) $ 77,561 Less - Current portion due within one year Toyota provides product warranties for certain defects mainly resulting from manufacturing based on warranty contracts with its customers at the time of sale of products. Toyota accrues estimated warranty costs to be incurred in the...

  • Page 87
    .../Vision Speciyl Feyture Business ynd Performynce Review Mynygement ynd Corporyte Informytion Financial Section and Investor Information Notes to Consolidated Financial Statements The net changes in liabilities for quality assurances above for the years ended March 31, 2009, 2010 and 2011...

  • Page 88
    ... allowance mainly relates to deferred tax assets of the consolidated subsidiaries with operating loss carryforwards for tax purposes that are not expected to be realized. The net changes in the total valuation allowance for deferred tax assets for the years ended March 31, 2009, 2010 and 2011...

  • Page 89
    ...March 31, 2009, 2010 and 2011, respectively, were not material. Toyota remains subject to income tax examination for the tax returns related to the years beginning on and after January 1, 2004 and 2000, with various tax jurisdictions in Japan and foreign countries, respectively. The Corporation Act...

  • Page 90
    ... day. As a result, the parent company repurchased approximately 14 million shares during the approved period of time. These approvals by the shareholders are not required under the current regulation. Tax effects allocated to each component of other comprehensive income (loss) for the years ended...

  • Page 91
    ... Feyture Business ynd Performynce Review Mynygement ynd Corporyte Informytion Financial Section and Investor Information Notes to Consolidated Financial Statements 18 Stock-based compensation: In June 1997, the parent company's shareholders approved a stock option plan for board members. In...

  • Page 92
    ... Business ynd Performynce Review Mynygement ynd Corporyte Informytion Financial Section and Investor Information Notes to Consolidated Financial Statements 19 Employee benefit plans: Pension and severance plans Upon terminations of employment, employees of the parent company and subsidiaries...

  • Page 93
    ... Investor Information Notes to Consolidated Financial Statements Amounts recognized in accumulated other comprehensive income (loss) as of March 31, 2010 and 2011 are comprised of the following: Yen in millions March 31, U.S. dollars in millions March 31, Other changes in plan assets and benefit...

  • Page 94
    ... the fair value of classes of plan assets as of March 31, 2010 and 2011. See note 26 to the consolidated financial statements for three levels of input which are used to measure fair value. Yen in millions Level 1 Equity securities March 31, 2010 Level 2 Level 3 Total Common stocks Commingled...

  • Page 95
    ...Feyture Business ynd Performynce Review Mynygement ynd Corporyte Informytion Financial Section and Investor Information Notes to Consolidated Financial Statements The following tables summarize the changes in Level 3 plan assets measured at fair value for the years ended March 31, 2010 and 2011...

  • Page 96
    .../Vision Speciyl Feyture Business ynd Performynce Review Mynygement ynd Corporyte Informytion Financial Section and Investor Information Notes to Consolidated Financial Statements Fair value and gains or losses on derivative financial instruments The following table summarizes the fair values...

  • Page 97
    ... Toyota accounts for these derivative financial instruments as economic hedges with changes in the fair value recorded directly into current period earnings. Unrealized gains or (losses) on undesignated derivative financial instruments reported in the cost of financing operations for the years ended...

  • Page 98
    ...51) $212 Commitments outstanding at March 31, 2011 for the purchase of property, plant and equipment and other assets totaled ¥83,506 million ($1,004 million). Guarantees Toyota enters into contracts with Toyota dealers to guarantee customers' payments of their installment payables that arise from...

  • Page 99
    ... Court of the State of California, County of Los Angeles in a putative bondholder class action filed on behalf of purchasers of Toyota and Toyota Motor Credit Corporation bonds traded on foreign securities exchanges. The complaint alleges violations of California securities law, fraud, breach of...

  • Page 100
    .../Vision Speciyl Feyture Business ynd Performynce Review Mynygement ynd Corporyte Informytion Financial Section and Investor Information Notes to Consolidated Financial Statements resolving TQ10-002, Toyota denied that it violated the Motor Vehicle Safety Act or its implementing regulations...

  • Page 101
    ... the year ended March 31, 2009: Yen in millions Financial Services Inter-segment Elimination/ Unallocated Amount Consolidated Automotive Financial Services All Other Net revenues Sales to external customers Inter-segment sales and transfers Total Operating expenses Operating income (loss) Assets...

  • Page 102
    ... Corporyte Informytion Financial Section and Investor Information Notes to Consolidated Financial Statements Geographic Information As of and for the year ended March 31, 2009: Yen in millions Inter-segment Elimination/ Unallocated Amount Consolidated Japan North America U.S. dollars in millions...

  • Page 103
    ... Marketable securities Trade accounts and notes receivable, less allowance for doubtful accounts Inventories Prepaid expenses and other current assets Total current assets Investments and other assets Property, plant and equipment Total Non-Financial Services Businesses assets Financial Services...

  • Page 104
    ...Section and Investor Information Notes to Consolidated Financial Statements Statements of income Yen in millions March 31, U.S. dollars in millions March 31, 2009 Non-Financial Services Businesses Net revenues Costs and expenses Cost of revenues Selling, general and administrative Total costs and...

  • Page 105
    ... for doubtful accounts and credit losses Pension and severance costs, less payments Losses on disposal of fixed assets Unrealized losses on available-for-sale securities, net Deferred income taxes Equity in (earnings) losses of affiliated companies Changes in operating assets and liabilities...

  • Page 106
    ...Investor Information Notes to Consolidated Financial Statements Statements of cash flows Yen in millions For the year ended March 31, 2011 Non-Financial Financial Services Services Businesses Businesses Consolidated U.S. dollars in millions For the year ended March 31, 2011 Non-Financial Financial...

  • Page 107
    ... Financial Section and Investor Information Notes to Consolidated Financial Statements 25 Per share amounts: Reconciliations of the differences between basic and diluted net income (loss) attributable to Toyota Motor Corporation per share for the years ended March 31, 2009, 2010 and 2011...

  • Page 108
    ... value using assumptions such as interest rate, loss severity and other factors. U.S. dollars in millions March 31, 2011 Level 1 Assets Cash equivalents Time deposits Marketable securities and other securities investments Government bonds Common stocks Other Derivative financial instruments Total...

  • Page 109
    ...Investor Information Notes to Consolidated Financial Statements The following table summarizes the changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the periods ended March 31, 2009, 2010 and 2011: Yen in millions For the year ended March 31, 2009 Marketable...

  • Page 110
    ... on this evaluation, management concluded that Toyota's internal control over financial reporting was effective as of March 31, 2011. PricewaterhouseCoopers Aarata, an independent registered public accounting firm that audited the consolidated financial statements included in this report, has also...

  • Page 111
    ...and Investor Information Report of Independent Registered Public Accounting Firm To the Shareholders and Board of Directors of Toyota Jidosha Kabushiki Kaisha ("Toyota Motor Corporation") In our opinion, the accompanying consolidated balance sheets and the related consolidated statements of income...

  • Page 112
    ...Financial Section and Investor Information Investor Information (As of March 31, 2011) Corporate Data Company Name: Established: Common Stock: Fiscal Year-End: Toyota Motor Corporation August 28, 1937 ¥397,049 million March 31 Corporate Web Site: Number of Affiliates: [Consolidated Subsidiaries...

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