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Marketable securities and other securities investments:
6
0822
Financial Section and
Investor Information
Business and
Performance Review
Special FeatureMessage/Vision
Management and
Corporate Information
Notes to Consolidated Financial Statements
Marketable securities and other securities investments include government bonds and common stocks
for which the aggregate cost, gross unrealized gains and losses and fair value are as follows:
Yen in millions
March 31, 2010
Cost
Gross unrealized
gains Gross unrealized
losses
Fair value
Available-for-sale
Government bonds ¥2,695,248 ¥ 24,228 ¥ 64,647 ¥2,654,829
Common stocks 555,526 369,670 72,421 852,775
Other 403,776 17,588 1 421,363
Total ¥3,654,550 ¥411,486 ¥137,069 ¥3,928,967
Securities not practicable to determine fair value
Common stocks ¥ 95,304
Other 25,173
Total ¥ 120,477
Yen in millions
March 31, 2011
Cost
Gross unrealized
gains Gross unrealized
losses
Fair value
Available-for-sale
Government bonds ¥3,174,236 ¥ 21,712 ¥ 68,778 ¥3,127,170
Common stocks 670,405 398,140 108,316 960,229
Other 561,387 15,940 376 576,951
Total ¥4,406,028 ¥435,792 ¥177,470 ¥4,664,350
Securities not practicable to determine fair value
Common stocks ¥ 109,203
Other 23,069
Total ¥ 132,272
U.S. dollars in millions
March 31, 2011
Cost
Gross unrealized
gains Gross unrealized
losses
Fair value
Available-for-sale
Government bonds $38,175 $ 261 $ 827 $37,609
Common stocks 8,063 4,788 1,303 11,548
Other 6,751 192 4 6,939
Total $52,989 $5,241 $2,134 $56,096
Securities not practicable to determine fair value
Common stocks $ 1,313
Other 278
Total $ 1,591
Government bonds include 76% of Japanese
government bonds, and 24% of U.S. and European
government bonds as of March 31, 2010, and
77% of Japanese government bonds, and 23% of
U.S. and European government bonds as of
March 31, 2011. Listed stocks on the Japanese
stock markets represent 88% and 86% of common
stocks which are included in available-for-sale as
of March 31, 2010 and 2011, respectively. “Other”
includes primarily commercial paper.
Unrealized losses continuing over a 12 month
period or more in the aggregate were not material
at March 31, 2010 and 2011.
As of March 31, 2010 and 2011, maturities of
government bonds and other included in
available-for-sale are mainly from 1 to 10 years.
Proceeds from sales of available-for-sale
securities were ¥800,422 million, ¥77,025 million
and ¥189,037 million ($2,273 million) for the years
ended March 31, 2009, 2010 and 2011,
respectively. On those sales, gross realized gains
were ¥35,694 million, ¥3,186 million and ¥8,974
million ($108 million) and gross realized losses
were ¥1,856 million, ¥7 million and ¥87 million ($1
million), respectively.
During the years ended March 31, 2009,
2010 and 2011, Toyota recognized impairment
losses on available-for-sale securities of ¥220,920
million, ¥2,486 million and ¥7,915 million ($95
million), respectively, which are included in “Other
income (loss), net” in the accompanying
consolidated statements of income. Impairment
losses recognized during the year ended March
31, 2009 primarily include a loss for an other-than-
temporary impairment on a certain investment for
which Toyota previously recorded an exchange
gain.
In the ordinary course of business, Toyota
maintains long-term investment securities,
included in “Marketable securities and other
securities investments” and issued by a number
of non-public companies which are recorded at
cost, as their fair values were not readily
determinable. Management employs a systematic
methodology to assess the recoverability of such
investments by reviewing the financial viability of
the underlying companies and the prevailing
market conditions in which these companies
operate to determine if Toyota’s investment in
each individual company is impaired and whether
the impairment is other-than-temporary. Toyota
periodically performs this impairment test for
significant investments recorded at cost. If the
impairment is determined to be other-than-
temporary, the carrying value of the investment is
written-down by the impaired amount and the
losses are recognized currently in operations.
80
TOYOTA ANNUAL REPORT 2011