Toshiba 2009 Annual Report Download - page 82

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30
Notes to Consolidated Financial Statements
Toshiba Corporation and Subsidiaries
M arch 31, 2009
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, 2009 are as follows:
M illions of yen
M arch 31, 2009 Level 1 Level 2 Level 3 Tot al
Assets:
M arketable securities ¥ 135,283 ¥ 1,499 ¥ 3,045 ¥ 139,827
Derivative assets — 1,015 — 1,015
Subordinated retained interests — — 10,762 10,762
Total assets ¥ 135,283 ¥ 2,514 ¥ 13,807 ¥ 151,604
Liabilities:
Derivative liabilities ¥ — ¥ 12,947 ¥ — ¥ 12,947
Total liabilities ¥ — ¥ 12,947 ¥ — ¥ 12,947
Thousands of U.S. dollars
M arch 31, 2009 Level 1 Level 2 Level 3 Tot al
Assets:
M arketable securities $ 1,380,439 $ 15,296 $ 31,071 $ 1,426,806
Derivative assets — 10,357 — 10,357
Subordinated retained interests — — 109,816 109,816
Total assets $ 1,380,439 $ 25,653 $140,887 $ 1,546,979
Liabilities:
Derivative liabilities $ — $ 132,113 $ — $ 132,113
Total liabilities $ — $ 132,113 $ — $ 132,113
M arketable securities
Level 1 securities represent marketable equity securities listed in active markets, which are valued based on quoted market prices in
active markets with sufficient volume and frequency of transactions. Level 2 securities represent marketable equity securities listed
in less active markets, which are valued based on quoted market prices for identical assets in inactive markets. Level 3 securities rep-
resent corporate debt securities and valued based on unobservable inputs as the markets for the assets are not active at the measure-
ment date.
Derivative instruments
Derivative instruments principally represent forward currency exchange contracts and interest rate swap agreement, which are clas-
sified within Level 2. They are valued based on inputs that can be corroborated with the observable inputs such as foreign currency
exchange rate, LIBOR and others.
Subordinated retained interests
Subordinated retained interests are valued based on unobservable inputs and classified within Level 3. They are valued based on the
internal valuation models and the Company’s own assumptions.
An analysis of the changes in Level 3 assets measured at fair value on a recurring basis for the year ended March 31, 2009 is shown
below:
M illions of yen
Subordinated
M arketable retained
Year ended M arch 31, 2009 securit ies interests Total
Balance at beginning of year ¥ 3,515 ¥ 9,888 ¥ 13,403
Total gain or losses (realized or unrealized):
Included in earnings (losses) ———
Included in other comprehensive income (loss) 0—0
Purchases, issuances and settlements (470) 874 404
Balance at end of year ¥ 3,045 ¥ 10,762 ¥ 13,807