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The Right Way Forward Business OverviewPerformance Overview Financial Section
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Annual Report 2009 73
December 15, 2008. The presentation and disclosure require-
ments shall be applied retrospectively for all periods presented
in the consolidated financial statements in which FAS 160 is ini-
tially applied. Management is evaluating the impact of adopting
FAS 160 on Toyota’s consolidated financial statements.
In December 2008, FASB issued FSP No. FAS 132(R)-1,
Employers’ Disclosures about Postretirement Benefit Plan Assets
(“FSP FAS 132(R)-1”). FSP FAS 132(R)-1 requires additional dis-
closures about postretirement benefit plan assets including
investment policies and strategies, categories of plan assets, fair
value measurements of plan assets, and significant concentra-
tions of risk. FSP FAS 132(R)-1 is effective for fiscal year ending
after December 15, 2009. Management does not expect this
FSP to have a material impact on Toyota’s consolidated financial
statements.
In April 2009, FASB issued FSP No. FAS 115-2 and FAS 124-2,
Recognition and Presentation of Other-Than-Temporary
Impairments (“FSP FAS 115-2 and FAS 124-2”). FSP FAS 115-2
and FAS 124-2 revises the recognition and presentation require-
ments for other-than-temporary impairments of debt securities,
and contains additional disclosure requirements related to debt
and equity securities. FSP FAS 115-2 and FAS 124-2 is effective
for interim period and fiscal year ending after June 15, 2009.
Management does not expect this FSP to have a material
impact on Toyota’s consolidated financial statements.
In May 2009, FASB issued FAS No. 165, Subsequent Events
(“FAS 165”). FAS 165 is intended to establish general standards of
accounting for and disclosure of events that occur after the bal-
ance sheet date but before financial statements are issued. FAS
165 is effective for interim period or fiscal year ending after June
15, 2009. Management does not expect this Statement to have a
material impact on Toyota’s consolidated financial statements.
Reclassifi cations
Certain prior year amounts have been reclassified to conform to
the presentations as of and for the year ended March 31, 2009.
During the year ended March 31, 2008, certain leases that his-
torically have been accounted for as operating leases, were cor-
rected to be accounted for as finance leases. This resulted in the
recognition of current and noncurrent finance receivables and
revenue from financing operations related to finance leases, and
the derecognition of vehicles and equipment on operating leas-
es, accumulated depreciation, revenue from financing opera-
tions related to operating leases, cost of financing operations
including depreciation expense, cash provided by operating
activities and cash used in investing activities, as of and for the
year ended March 31, 2008. At March 31, 2007, the adjustments
resulted in an increase in current assets and a decrease in non-
current assets. For the year ended March 31, 2007, the adjust-
ments resulted in decreases to both additions to equipment
leased to others and proceeds from sales of equipment leased
to others, and increases to both additions to finance receivables
and collection of finance receivables. These adjustments are
immaterial to Toyota’s consolidated financial statements for all
periods presented.
U.S. dollar amounts presented in the consolidated financial
statements and related notes are included solely for the conve-
nience of the reader and are unaudited. These translations
should not be construed as representations that the yen
amounts actually represent, or have been or could be converted
into, U.S. dollars. For this purpose, the rate of ¥98.23 = U.S. $1,
the approximate current exchange rate at March 31, 2009, was
used for the translation of the accompanying consolidated
financial amounts of Toyota as of and for the year ended March
31, 2009.
Cash payments for income taxes were ¥741,798 million, ¥921,798
million and ¥563,368 million ($5,735 million) for the years ended
March 31, 2007, 2008 and 2009, respectively. Interest payments
during the years ended March 31, 2007, 2008 and 2009 were
¥550,398 million, ¥686,215 million and ¥614,017 million ($6,251
million), respectively.
Capital lease obligations of ¥6,559 million, ¥7,401 million and
¥28,953 million ($295 million) were incurred for the years ended
March 31, 2007, 2008 and 2009, respectively.
During the years ended March 31, 2007, 2008 and 2009, Toyota
made several acquisitions, however the assets acquired and lia-
bilities assumed were not material.
U.S. dollar amounts:
3
Supplemental cash flow information:
4
Acquisitions and dispositions:
5