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27. DERIVATIVES AND HEDGING ACTIVITIES
As of March 31, 2010 and 2009, there were no derivative transactions outstanding for which hedge accounting has not been applied.
The notional amounts and the estimated fair value of the derivative instruments outstanding as of March 31, 2010, for which hedge
accounting has been applied are summarized as follows:
Millions of yen
Hedged items
Notional amount Estimated fair
value Calculation of fair valueAs of March 31, 2010 Total Over one year
Foreign exchange forward contracts
accounted for by benchmark method:
Prices provided
by financial
institution *2
Sell: Accounts receivable
Australian dollars ¥ 1,245 ¥– ¥ 1,298
Canadian dollars 1,368 – 1,436
Euros 10,021 – 10,173
Buy: Accounts payable
U.S. dollars 90 – 92
Sterling pound 7–7
Euros 23 – 23
Foreign exchange forward contracts
accounted for by allocated method:
Market prices
Sell: Accounts receivable
Australian dollars 141 – *1
Canadian dollars 21 –
Euros 1,750 –
Total ¥14,671 ¥– ¥ –
Thousands of U.S. dollars (Note 3)
Hedged items
Notional amount Estimated fair
value Calculation of fair valueAs of March 31, 2010 Total Over one year
Foreign exchange forward contracts
accounted for by benchmark method:
Prices provided
by financial
institution (*2)
Sell: Accounts receivable
Australian dollars $ 13,381 $– $ 13,951
Canadian dollars 14,703 – 15,434
Euros 107,706 – 109,340
Buy: Accounts payable
U.S. dollars 967 – 989
Sterling pound 75 – 75
Euros 247 – 247
Foreign exchange forward contracts
accounted for by allocated method:
Market prices
Sell: Accounts receivable
Australian dollars 1,515 – *1
Canadian dollars 226 –
Euros 18,809 –
Total $157,685 $– $ –
*1 The estimated fair value is included in the fair value of accounts receivable, since the foreign exchange forward contracts are accounted for as part of accounts receivable under the allocated
method in hedge accounting.
*2 The estimated fair value is the fair value of the notional amount, and the net value of assets and liabilities arising from derivatives was ¥271 million ($2,913 thousand).
Annual Report 2010 69
Financial Section