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35
TOSHIBA Annual Report 2012
7. SECURITIZATIONS
The Group has transferred certain trade notes and accounts receivable under several securitization programs. These
securitization transactions are accounted for as a sale in accordance with ASC No.860, because the Group has relinquished
control of the receivables. Accordingly, the receivables transferred under these facilities are excluded from the
accompanying consolidated balance sheets.
The Group recognized losses of ¥673 million ($8,207 thousand) and ¥1,043 million on the transfers of receivables for the
years ended March 31, 2012 and 2011, respectively.
Subsequent to transfers, the Group retains collection and administrative responsibilities for the receivables. Servicing
fees received by the Group approximate the prevailing market rate. Related servicing assets or liabilities are immaterial to
the Group's financial position.
The table below summarizes certain cash flows received from and paid to special purpose entities (“SPEs”) on the above
securitization transactions.
Millions of yen Thousands of
U.S. dollars
Year ended March 31 2012 2011 2012
Proceeds from new securitizations ¥ 370,431 ¥ 462,295 $ 4,517,451
Quantitative information about delinquencies, net credit losses, and components of securitized receivables as of and for
the years ended March 31, 2012 and 2011 are as follows:
Millions of yen
Total principal amount
of receivables Amount 90 days
or more past due Net credit losses
March 31 Year ended March 31
2012 2011 2012 2011 2012 2011
Accounts receivable ¥ 1,405,469 ¥ 1,189,602 ¥ 44,839 ¥ 30,975 ¥ 2,013 ¥ 2,226
Notes receivable 92,134 98,482 13 19 189 348
Total managed portfolio 1,497,603 1,288,084 ¥ 44,852 ¥ 30,994 ¥ 2,202 ¥ 2,574
Securitized receivables (121,154) (144,285)
Total receivables ¥ 1,376,449 ¥ 1,143,799
Thousands of U.S. dollars
Total principal amount
of receivables Amount 90 days
or more past due Net credit losses
March 31, 2012 Year ended March 31, 2012
Accounts receivable $ 17,139,866 $ 546,817 $ 24,549
Notes receivable 1,123,585 159 2,305
Total managed portfolio 18,263,451 $ 546,976 $ 26,854
Securitized receivables (1,477,488)
Total receivables $ 16,785,963
8. INVENTORIES
Inventories at March 31, 2012 and 2011 consist of the following:
Millions of yen
Thousands of
U.S. dollars
March 31 2012 2011 2012
Finished products ¥ 299,344 ¥ 338,754 $ 3,650,537
Work in process:
Long-term contracts 96,003 92,285 1,170,768
Other 315,218 269,439 3,844,122
Raw materials 173,699 163,904 2,118,280
¥ 884,264 ¥ 864,382 $ 10,783,707