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35
TOSHIBA Annual Report 2014
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 ¥381 million ($3,699 thousand) and ¥490 million on the transfers of receivables for the
years ended March 31, 2014 and 2013, 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 2014 2013 2014
Proceeds฀from฀new฀securitizations ¥ 287,921 ¥ 304,237 $ 2,795,350
Quantitative information about delinquencies, net credit losses, and components of securitized receivables as of and for
the years ended March 31, 2014 and 2013 are as follows:
Millions of yen
Total principal amount
of receivable
Amount 90 days
or more past due Net credit losses
March 31 Year ended March 31
2014 2013 2014 2013 2014 2013
Accounts฀receivable ¥ 1,530,565 ¥ 1,445,002 ¥ 43,552 ¥ 35,900 ¥ 2,391 ¥ 1,637
Notes receivable 89,511 78,960 12 12 117 −
Total managed portfolio 1,620,076 1,523,962 ¥ 43,564 ¥ 35,912 ¥ 2,508 ¥ 1,637
Securitized receivables (96,858) (104,412)
Total receivables ¥ 1,523,218 ¥ 1,419,550
Thousands of U.S. dollars
Total principal amount
of receivables
Amount 90 days
or more past due Net credit losses
March 31, 2014 Year ended March 31, 2014
Accounts฀receivable $ 14,859,854 $ 422,835 $ 23,214
Notes receivable 869,039 116 1,136
Total managed portfolio 15,728,893 $ 422,951 $ 24,350
Securitized receivables (940,369)
Total receivables $ 14,788,524
8. INVENTORIES
Inventories at March 31, 2014 and 2013 consist of the following:
Millions of yen
Thousands of
U.S. dollars
March 31 2014 2013 2014
Finished products ¥ 323,254 ¥ 331,107 $ 3,138,388
Work฀in฀process:
Long-term฀contracts 82,694 99,764 802,855
Other 359,642 394,597 3,491,670
Raw฀materials 168,428 177,640 1,635,223
¥ 934,018 ¥ 1,003,108 $ 9,068,136