Toshiba 2014 Annual Report Download - page 119

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31
TOSHIBA Annual Report 2014
Thousands of U.S. dollars
March 31, 2014 Level 1 Level 2 Level 3 Total
Assets:
Marketable฀securities:
Equity securities $ 2,221,223 $ 728 $ − $ 2,221,951
Debt securities − − 44,194 44,194
Derivative assets:
Forward฀exchange฀contracts − 24,437 − 24,437
Currency฀swap฀agreements − 631 − 631
Currency options − 175 − 175
Total assets $ 2,221,223 $ 25,971 $ 44,194 $ 2,291,388
Liabilities:
Derivative liabilities:
Forward฀exchange฀contracts $ − $ 24,243 $ − $ 24,243
Interest฀rate฀swap฀agreements − 27,146 − 27,146
Total liabilities $ − $ 51,389 $ − $ 51,389
Marketable 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 represent corporate debt securities and valued based on unobservable inputs
as the markets for the assets are not active at the measurement date.
Derivative instruments
Derivative instruments principally represent forward currency exchange contracts and interest rate swap agreements,
which are classified 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.
Analyses of the changes in Level 3 assets measured at fair value on a recurring basis for the years ended March 31, 2014
and 2013 are as follows:
Millions of yen
Year ended March 31, 2014 Marketable securities
Balance at beginning of year ¥ 3,742
Total gains or losses (realized or unrealized):
Included in other comprehensive income (loss):
Net unrealized gains and losses on securities 364
Purchases −
Sales −
Issuances 446
Settlements −
Balance at end of year ¥ 4,552