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TOYOTA ANNUAL REPORT 2012
Toyota Global Vision Changes for Making
Ever-Better Cars President
ʼ
s Message Medium- to Long-Term
Growth Initiatives Special Feature Management and
Corporate Information Investor Information
Business and
Performance Review Financial Section
Notes to Consolidated Financial Statements
financial instruments that contain credit risk
related contingent features that are in a net
liability position after being offset by collateral as
of March 31, 2012 is ¥9,987 million
(
$122 million
)
.
The aggregate fair value amount of assets that
are already posted as collateral as of March 31,
2012 is ¥16,109 million
(
$196 million
)
. If the ratings
of Toyota decline below specified thresholds,
the maximum amount of assets to be posted or
for which Toyota could be required to settle the
contracts is ¥9,987 million
(
$122 million
)
as of
March 31, 2012.
Other financial instruments: 21
Toyota has certain financial instruments,
including financial assets and liabilities which
arose in the normal course of business.
These financial instruments are executed with
creditworthy financial institutions, and virtually
all foreign currency contracts are denominated in
U.S. dollars, euros and other currencies of major
industrialized countries. Financial instruments
involve, to varying degrees, market risk as
instruments are subject to price fluctuations,
and elements of credit risk in the event a
counterparty should default. In the unlikely event
the counterparties fail to meet the contractual
The following table summarizes the estimated fair values of Toyota
ʼ
s financial instruments, excluding
marketable securities and other securities investments and affiliated companies and derivative financial
instruments. See note 26 to the consolidated financial statements for three levels of input which are
used to measure fair value.
terms of a foreign currency or an interest rate
instrument, Toyota
ʼ
s risk is limited to the fair
value of the instrument. Although Toyota may be
exposed to losses in the event of non-performance
by counterparties on financial instruments, it
does not anticipate significant losses due to the
nature of its counterparties. Counterparties
to Toyota
ʼ
s financial instruments represent,
in general, international financial institutions.
Additionally, Toyota does not have a significant
exposure to any individual counterparty. Toyota
believes that the overall credit risk related to its
financial instruments is not significant.
Yen in millions
March 31, 2011
Assets
(
Liabilities
)
Carrying
amount Estimated
fair value
Cash and cash equivalents ¥2,080,709 ¥2,080,709
Time deposits 203,874 203,874
Total finance receivables, net 8,680,882 8,971,523
Other receivables 306,201 306,201
Short-term borrowings
(
3,179,009
) (
3,179,009
)
Long-term debt including the current portion
(
9,200,130
) (
9,274,881
)
Yen in millions
March 31, 2012
Carrying
amount
Estimated fair value
Assets
(
Liabilities
)
Level 1 Level 2 Level 3 Total
Cash and cash equivalents ¥1,679,200 ¥1,444,276 ¥ 234,924 ¥
̶
¥1,679,200
Time deposits 80,301
̶
80,301
̶
80,301
Total finance receivables, net 8,879,731
̶
̶
9,137,936 9,137,936
Other receivables 408,547
̶
̶
408,547 408,547
Short-term borrowings
(
3,450,649
)̶
(
3,256,078
) (
194,571
) (
3,450,649
)
Long-term debt including the current portion
(
8,533,549
)̶
(
7,835,970
) (
847,223
) (
8,683,193
)
U.S. dollars in millions
March 31, 2012
Carrying
amount
Estimated fair value
Assets
(
Liabilities
)
Level 1 Level 2 Level 3 Total
Cash and cash equivalents $ 20,431 $17,573 $ 2,858 $
̶
$ 20,431
Time deposits 977
̶
977
̶
977
Total finance receivables, net 108,039
̶
̶
111,181 111,181
Other receivables 4,971
̶
̶
4,971 4,971
Short-term borrowings
(
41,984
)̶
(
39,617
) (
2,367
) (
41,984
)
Long-term debt including the current portion
(
103,827
)̶
(
95,340
) (
10,308
) (
105,648
)
0820
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