Toshiba 2009 Annual Report Download - page 84

Download and view the complete annual report

Please find page 84 of the 2009 Toshiba annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 108

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108

32
Notes to Consolidated Financial Statements
Toshiba Corporation and Subsidiaries
M arch 31, 2009
The proceeds from sales of available-for-sale securities for the years ended March 31, 2009 and 2008 were ¥1,995 million
($20,357 thousand) and ¥175 million, respectively. The gross realized gains on those sales for the years ended March 31,
2009 and 2008 were ¥1,017 million ($10,378 thousand) and ¥49 million, respectively. The gross realized losses on those sales
for the years ended March 31, 2009 and 2008 were ¥496 million ($5,061 thousand) and ¥217 million, respectively.
Included in other expense are charges of ¥42,399 million ($432,643 thousand) and ¥13,379 million related to other-than-
temporary declines in the marketable and non-marketable equity securities for the years ended March 31, 2009 and 2008,
respectively.
At March 31, 2009, the cost and fair value of available-for-sale securities in an unrealized loss position over 12 consecutive
months were not significant.
Aggregate cost of non-marketable equity securities accounted for under the cost method totaled ¥50,232 million ($512,571
thousand) and ¥41,075 million at March 31, 2009 and 2008, respectively. At March 31, 2009, investments with an aggregate
cost of ¥49,531 million ($505,418 thousand) were not evaluated for impairment because (a)the Company did not estimate
the fair values of those investments as it was not practicable to estimate the fair value of the investment and (b)the Company
did not identify any events or changes in circumstances that might have had significant adverse effects on the fair values of
those investments.
7. SECURITIZATIONS
The Company has transferred certain trade notes receivable and trade accounts receivable under several securitization pro-
grams. These securitization transactions are accounted for as a sale in accordance with SFAS No. 140, Accounting for
T ransfers and Servicing of Financial Assets and Extinguishments of Liabilities, a replacement of FASB Statement 125, because the
Company has relinquished control of the receivables. Accordingly, the receivables sold under these facilities are excluded
from the accompanying consolidated balance sheets.
Under the asset-backed securitization program entered into in Europe, the Company holds subordinated retained inter-
ests for certain trade notes receivable and trade accounts receivable. As of March 31, 2009 and 2008, the fair value of retained
interests were ¥10,762 million ($109,816 thousand) and ¥9,888 million, respectively.
The Company recognized losses of ¥2,590 million ($26,429 thousand) and ¥3,283 million on the securitizations of receiv-
ables for the years ended March 31, 2009 and 2008, respectively.
Subsequent to sale, the Company retains collection and administrative responsibilities for the receivables. Servicing fees
received by the Company approximate the prevailing market rate. Related servicing assets or liabilities are immaterial to the
Company’s financial position.
The table below summarizes certain cash flows received from and paid to special purpose entities (“SPEs”) on the above
securitization transactions.
Thousands of
M illions of yen U.S. dollars
Year ended M arch 31 2009 2008 2009
Proceeds from new securitizations ¥863,058 ¥956,759 $8,806,714
Servicing fees received 428 474 4,367
Purchases of delinquent and foreclosed receivables 2,418 972 24,673
Quantitative information about delinquencies, net credit losses, and components of securitized receivables as of and for the
years ended March 31, 2009 and 2008 are as follows:
M illions of yen
Total principal amount Amount 90 days
of receivables or more past due Net credit losses
M arch 31 Year ended M arch 31
2009 2008 2009 2008 2009 2008
Accounts receivable ¥1,199,380 ¥1,475,252 ¥22,412 ¥27,122 ¥4,454 ¥5,102
Notes receivable 137,575 167,567 36 51 486 356
Total managed portfolio 1,336,955 1,642,819 ¥22,448 ¥27,173 ¥4,940 ¥5,458
Securitized receivables (230,312) (301,976)
Total receivables ¥1,106,643 ¥1,340,843