Toyota 2007 Annual Report Download - page 116

114 ANNUAL REPORT 2007
March 31, 2006 and 2007, respectively. In accordance with cus-
tomary practice in Japan, the distributions from surplus are not
accrued in the financial statements for the corresponding peri-
od, but are recorded in the subsequent accounting period after
shareholders’ approval has been obtained. Retained earnings at
March 31, 2007 include amounts representing year-end cash
dividends of ¥223,856 million ($1,896 million), ¥70 ($0.59) per
share, which were approved at the Ordinary General
Shareholders’ Meeting, held on June 22, 2007.
Retained earnings at March 31, 2007 include ¥1,232,413 mil-
lion ($10,440 million) relating to equity in undistributed earnings
of companies accounted for by the equity method.
On June 23, 2004, at the Ordinary General Shareholders’
Meeting, the shareholders of the parent company approved to
purchase up to 65 million shares of its common stock at a cost
up to ¥250,000 million during the period until the next Ordinary
General Shareholders’ Meeting which was held on June 23,
2005, and in accordance with former Japanese Commercial
Code, also approved to change the Articles of Incorporation 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 approximately 59 million of
shares.
On June 23, 2005, the shareholders of the parent company
approved to purchase up to 65 million shares of its common
stock at a cost up to ¥250,000 million during the period until the
next Ordinary General Shareholders’ Meeting which was held
on June 23, 2006. As a result, the parent company repurchased
approximately 38 million shares during the approved period
of time.
On June 23, 2006, at the Ordinary General Shareholders’
Meeting, the shareholders of the parent company approved to
purchase up to 30 million shares of its common stock at a cost
up to ¥200,000 million during the purchase period of one year
from the following day. As a result, the parent company repur-
chased approximately 28 million shares during the approved
period of time.
On June 22, 2007, at the Ordinary General Shareholders’
Meeting, the shareholders of the parent company approved to
purchase up to 30 million shares of its common stock at a cost
up to ¥250,000 million during the purchase period of one year
from the following day. These approvals by the shareholders
are not required under the current regulation.
In years prior to 1997 (beginning of preparation for consoli-
dated financial statements in accordance with accounting prin-
ciples generally accepted in the United States of America),
Toyota had made free distributions of shares to its shareholders
for which no accounting entry is required in Japan. Had the
distributions been accounted for in a manner used by compa-
nies in the United States of America, ¥2,576,606 million ($21,826
million) would have been transferred from retained earnings to
the appropriate capital accounts.
Detailed components of accumulated other comprehensive income at March 31, 2006 and 2007 and the related changes, net of
taxes for the years ended March 31, 2005, 2006 and 2007 consist of the following:
Yen in millions
Foreign Minimum Accumulated
currency Unrealized pension Pension other
translation gains on liability liability comprehensive
adjustments securities adjustments adjustments income (loss)
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)
Other comprehensive income ................................. 268,410 244,629 4,937 — 517,976
Balances at March 31, 2006 .................................. (170,923) 620,008 (11,769) — 437,316
Other comprehensive income ................................. 130,746 38,800 3,499 — 173,045
Adjustment to initially apply FAS 158...................... — — 8,270 82,759 91,029
Balances at March 31, 2007 .................................. ¥(40,177) ¥658,808 ¥ — ¥82,759 ¥ 701,390
U.S. dollars in millions
Foreign Minimum Accumulated
currency Unrealized pension Pension other
translation gains on liability liability comprehensive
adjustments securities adjustments adjustments income (loss)
Balances at March 31, 2006 .................................. $(1,448) $5,252 $(99) $ — $3,705
Other comprehensive income ................................. 1,107 329 29 — 1,465
Adjustment to initially apply FAS 158...................... — — 70 701 771
Balances at March 31, 2007 .................................. $ (341) $5,581 $ — $701 $5,941