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Yen
(millions)
At March 31, 2012
Carrying value in
consolidated
balance sheet Fair value Variance
Current assets
(1) Cash and cash equivalents ¥ 266,698 ¥ 266,698 ¥ —
(2) Short-term investments 7,227 7,227 —
(3) Receivables, trade 901,316
Allowance for doubtful accounts*1(12,802)
888,514 888,514 —
Investments and other non-current assets*2
(4) Investments in and long-term loans
to affiliates 21,381 40,603 19,222
(5) Others 81,118 81,118 —
Total assets 1,264,938 1,284,160 19,222
Current liabilities
(1) Short-term borrowings and current
portion of long-term debt 128,922 128,922 —
(2) Lease obligations 15,794 15,794 —
(3) Payables, trade 617,755 617,755 —
(4) Accrued expenses 342,541 342,541 —
Long-term liabilities
(5) Long-term debt 252,226 258,811 6,585
(6) Lease obligations 27,735 27,911 176
Total liabilities 1,384,973 1,391,734 6,761
Derivative transactions*3
(i) Transactions which do not qualify
for hedge accounting [3,236] [3,236] —
(ii) Transactions which qualify for
hedge accounting 626 626 —
Total derivative transactions [2,610] [2,610] —
*1 It comprises the allowance for doubtful accounts in respect to Receivables, trade, short-term loan receivable and others.
*2 Unlisted securities classified in shares in affiliates or available-for-sale securities are defined as “Financial Instruments for which it is extremely difficult to deter-
mine the fair value,” because no market price is available and it is not possible to estimate the future cash flow in accordance with “Accounting Standard for
Financial Instruments” (Accounting Standards Board of Japan, Statement No. 10, dated March 10, 2008) and “Implementation Guidance on Disclosures about Fair
Value of Financial Instruments” (Accounting Standards Board of Japan Guidance No. 19, dated March 25, 2011). Accordingly unlisted securities are not included in
the “Investments and other non-current assets” stated above. The carrying values of the stocks in the consolidated balance sheet as of March 31, 2012 and 2013
are ¥46,598 million and ¥46,643 million ($496,202 thousand), consisting of Investments in and long-term loans to affiliates: ¥18,087 million and ¥19,118
million ($203,383 thousand) and Others: ¥28,511 million and ¥27,525 million ($292,819 thousand) respectively.
*3 The net amount of the assets and liabilities is shown. If the net amount is a liability, it is written in parentheses [ ].
Calculation method relating to fair value of Financial Instruments
Current assets:
(1) Cash and cash equivalents, (2) Short-term investments and (3) Receivables, trade
The fair value of these items approximates the carrying value due to the short maturity of these instruments.
Investments and other non-current assets:
(4) Investments in and long-term loans to affiliates and (5) Others
The fair value of securities is based on the market price on the stock exchanges, and fair value of bonds is based on quotes obtained from the financial institu-
tions or on the market price on the stock exchanges.
Current liabilities:
(1) Short-term borrowings and current portion of long-term debt, (2) Lease obligations, (3) Payables, trade and (4) Accrued expenses
The fair value of these items approximates the carrying value due to the short maturity of these instruments.
Long-term liabilities:
(5) Long-term debt and (6)Lease obligations
The fair value of bonds which have a market price is based on the market price. The fair value of bonds for which there is no market price is calculated by discount-
ing the sum of future principal and interest payments to the present value at a rate taking into account the remaining term and the credit risk of bonds.
The fair value of long-term debt and lease obligations is calculated by discounting the sum of future principal and interest payments to the present value at the
rate expected in another loan or lease transaction with the same conditions.
Impairment losses on investment securities
For the years ended March 31, 2012 and 2013
No significant losses were recorded.
Available-for-sale securities with fair value that has declined by 50% or more against their acquisition costs are generally booked as an impairment loss. Those that have
declined in a range of 30% or more but less than 50% are impaired if the decline is deemed to be irrecoverable. Available-for-sale securities with no available fair value are
generally impaired when issuers’ net assets in the balance sheet decrease to more than 50% below the acquisition cost due to a deterioration of issuers’ financial conditions.
128 FUJITSU LIMITED ANNUAL REPORT 2013