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36 TOSHIBA Annual Report 2013
Toshiba Corporation and Subsidiaries
March 31, 2013
Notes to Consolidated Financial Statements
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 ¥490 million ($5,213 thousand) and ¥673 million on the transfers of receivables for the
years ended March 31, 2013 and 2012, respectively.
Subsequent to the 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 2013 2012 2013
Proceeds from new securitizations ¥ 304,237 ¥ 370,431 $ 3,236,564
Quantitative information about delinquencies, net credit losses, and components of securitized receivables as of and for
the years ended March 31, 2013 and 2012 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
2013 2012 2013 2012 2013 2012
Accounts receivable ¥ 1,445,002 ¥ 1,405,469 ¥ 35,900 ¥ 44,839 ¥ 1,637 ¥ 2,013
Notes receivable 78,960 92,134 12 13 − 189
Total managed portfolio 1,523,962 1,497,603 ¥ 35,912 ¥ 44,852 ¥ 1,637 ¥ 2,202
Securitized receivables (104,412) (121,154)
Total receivables ¥ 1,419,550 ¥ 1,376,449
Thousands of U.S. dollars
Total principal amount
of receivables
Amount 90 days
or more past due Net credit losses
March 31, 2013 Year ended March 31, 2013
Accounts receivable $ 15,372,362 $ 381,915 $ 17,415
Notes receivable 840,000 128 −
Total managed portfolio 16,212,362 $ 382,043 $ 17,415
Securitized receivables (1,110,766)
Total receivables $ 15,101,596
8. INVENTORIES
Inventories at March 31, 2013 and 2012 consist of the following:
Millions of yen
Thousands of
U.S. dollars
March 31 2013 2012 2013
Finished products ¥ 331,107 ¥ 299,267 $ 3,522,415
Work in process:
Long-term contracts 99,764 96,003 1,061,319
Other 394,597 315,218 4,197,841
Raw materials 177,640 173,699 1,889,787
¥ 1,003,108 ¥ 884,187 $ 10,671,362