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30 TOSHIBA Annual Report 2012
Toshiba Corporation and Subsidiaries
March 31, 2012
Notes to Consolidated Financial Statements
5. FAIR VALUE MEASUREMENTS
ASC No.820 “Fair Value Measurements” defines fair value as the price that would be received to sell an asset or paid to
transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy
prioritizes the inputs to valuation techniques used to measure fair value into three broad levels below;
Level 1 - Quoted prices for identical assets or liabilities in active markets.
Level 2 - Quoted prices for similar assets or liabilities in active markets.
Quoted prices for identical or similar instruments in markets that are not active.
Inputs other than quoted prices that are observable.
Inputs that are derived principally from or corroborated by observable market data by correlation or other
means.
Level 3 - Instruments whose significant inputs are unobservable.
Assets and liabilities measured at fair value on a recurring basis
Assets and liabilities that are measured at fair value on a recurring basis at March 31, 2012 and 2011 are as follows:
Millions of yen
March 31, 2012 Level 1 Level 2 Level 3 Total
Assets:
Marketable securities:
Equity securities ¥ 174,388 ¥ 428 ¥ − ¥ 174,816
Debt securities − − 3,067 3,067
Derivative assets:
Forward exchange contracts − 4,609 − 4,609
Total assets ¥ 174,388 ¥ 5,037 ¥ 3,067 ¥ 182,492
Liabilities:
Derivative liabilities:
Forward exchange contracts ¥ − ¥ 5,908 ¥ − ¥ 5,908
Interest rate swap agreements − 1,663 − 1,663
Currency swap agreements − 465 − 465
Total liabilities ¥ − ¥ 8,036 ¥ − ¥ 8,036
Millions of yen
March 31, 2011 Level 1 Level 2 Level 3 Total
Assets:
Marketable securities:
Equity securities ¥ 201,138 ¥ 673 ¥ − ¥ 201,811
Debt securities − − 5 5
Derivative assets:
Forward exchange contracts − 6,325 − 6,325
Interest rate swap agreements − 2 − 2
Currency swap agreements − 1,716 − 1,716
Total assets ¥ 201,138 ¥ 8,716 ¥ 5 ¥ 209,859
Liabilities:
Derivative liabilities:
Forward exchange contracts ¥ − ¥ 2,993 ¥ − ¥ 2,993
Interest rate swap agreements − 2,407 − 2,407
Currency swap agreements − 1,241 − 1,241
Total liabilities ¥ − ¥ 6,641 ¥ − ¥ 6,641